Fed Wednesday is upon us. Investors have all their attention turned towards the Fed policy statement that will be released this afternoon. Most expect the QE taper to kicked until sometime in the new year. Surprises could still happen, so expect the statement to be parsed more than a political talking point.
Data wise, there is plenty this morning to give the Federal Reserve cover to keep the QE policy intact. ADP numbers show a sluggish labor market, dominated by service industry jobs. Not exactly the robust labor pool they were hoping for.
A quick check of the averages have all three trading off their highs. The Dow is up 6 points, while the Nasdaq and S&P are both up 1 point.
Stocks to Watch
Oxygen Biotherapeutics, Inc. (NASDAQ:OXBT) is up 50.6% this morning at $2.27. Oxygen and Phyxius Pharma announced this morning new evidence that levosimendan can reduce mortality in heart surgery patients.
Oxygen Biotherapeutics has a definitive agreement in place with Phyxius to acquire certain assets including U.S. and Canadian development and commercialization rights to levosimendan.
DreamWorks Animation (NASDAQ:DWA) is up 17.5% today at $32.71. DreamWorks beat estimates after earnings $0.12 per share. Analysts were expecting the company to break even. Revenue also came in above expectations.
TASER International Inc. (NASDAQ:TASR) is up 14.1% today at $17.94. TASER beat on third quarter earnings by $0.02 per share. The company reported earnings of $0.10 per share. Revenue spiked 22% year over year to $35.2 million, beating estimates of $32.98 million.
NCI, Inc. (NASDAQ:NCIT) is up 13.6% today at $5.83. NCI announced positive earnings yesterday. EPS and revenue beat estimates. Guidance was also higher than analyst predictions.
NCI announced this morning they were awarded a $9.4 million contract for the Air Force Distributed Common Ground System Data Storage and Dissemination System.
Prana Biotechnology Limited (NASDAQ:PRAN) is up nearly 20% this morning. The company just announced the publication of an article that shows PBT2 reverses memory loss in normal aging.