Europe was battered as fears spiraled out of Spain whose bank Bankia shed over 20% today. Spain’s IBEX fell over 1.8% to its lowest level since 2003 and the FTSE 300 was down nearly 1%. Moody’s is set to report a cut to the credit ratings of 21 Spanish Banks tonight say “Expansion.”
Despite the bleak reports from abroad commodities are starting strong this morning with crude, natural gas, silver and gold all starting in the green, a welcome change.
Rosetta Genomics’, a top performer yesterday, has plunged in pre-trade this morning after announcing a direct offering of common shares at $3.50/share.
In other pre-trade news Target is trading up as Baird announced their shares look undervalued and that should gain market share from struggling rivals, they target $65/share.
The weekly jobless claims are at 370k, which is within the consensus range not a big change since the prior. Continuing claims continue their descent down 61,000 in data for the week of April 28th.
Contributer Chris Rygh is currently pursuing his MBA in Wisconsin and has a passion for the Market. Comments can be directed to ryghcw19@uww.edu