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Stock Market Preview for 11/30/2010

November 30, 2010

U.S. stock index futures are down this morning after a weak overnight session in Asian markets and a moderately lower start in Europe.

The primary trader focus continues to be on the ongoing debt crisis in the Eurozone, where the big losses continue to be in currency. The euro is down nearly 1 percent against the dollar this morning, helping push the price of commodities lower.

STXEnergy and materials are seeing some selling as a result. Foreign stocks are likely to be weaker today on the stronger dollar.

European equities are mixed, with banking stocks bearing the brunt of the selling, as was the case yesterday. U.S. Treasury markets are seeing inflows as assets rotate away from stocks and commodities.

In stock-specific news, Lowe’s reaffirmed its 2010 targets this morning but is not seeing active trading in the pre-market. Other retailers in the space, notably Home Depot, are weaker.

Merck named Kenneth Frazier as its new CEO starting in 2011. That stock is down this morning, in line with the S&P futures.

Seagate Technology is likely to be weaker today after the company announced after the close last night that it was terminating its plans to go privates. The shares are down over 4 percent in the pre-market on very heavy relative volume.

Symantec is trading higher after the New York Post reported that the company was hiring advisers to seek strategic alternatives. Research In Motion is bucking the downtrend, up 2 percent after Jefferies upgraded the stock to a “buy.”

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