Stock Market Preview – Renren (RENN) Jabil Circuit (JBL) PNC (PNC) REGAL-BELOIT (RBC) Spotlight

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(Best Syndication News) Markets in Asia were mixed Monday while European stock markets are opening lower (see chart below).

World Markets

The Nikkei 225 index in Japan closed 2.92 (+0.03%) points higher to 9,354.32. Most other markets around the world were lower. The Shanghai composite index was down 0.80 percent and the Hang Seng was down 0.44 percent.

The S&P ASX 200, which tracks the Australian Stock Exchange, closed down 33.20 (-0.74%) to 4,451.70. The BSE Sensex, which tracks the Bombay Stock Exchange, fell 348.24 points (-1.95%) to 17,522.29.

Markets in Europe are down. The CAC 40 in France was down 1.37 percent, the DAX in Germany was down 1.37 percent and the FTSE 100 in England was down 1.03 percent (10:15 AM GMT).

Specific Stocks

The share price of Renren Inc (NYSE:RENN) shot up 0.25 (3.69%) to $7.03 on Friday. After the market closes today the company will release their Q1 2011 Earnings Statement. Renren operates a social networking Internet platform in China.

The share price closed at $9.35 on Friday June 10, and then bounced around last week, mostly down. Last Monday the company announced a deal with China Merchants Bank (HKSE: 3968.HK) to co-brand credit cards with social “features”. It didn’t’ seem to help the share price.

The Street is expecting a -$0.04 eps.

The share price of Jabil Circuit, Inc. (NYSE:JBL) fell 0.31 (-1.67%) to $18.29. The company provides electronics design and manufacturing. When the market closes on Tuesday Jabil will provide their Q3 2011 Earnings Release.

Concerns were raised when Research In Motion Limited (TSE:RIM) announced that they will miss analyst expectations. Jabil is a supplier of RIM and CISCO.

The share price of PNC Financial Services (NYSE:PNC) fell 1.68 (-2.82%) to $57.79. Today the company announced a definitive agreement to buy RBC Bank (USA) for $3.45 billion, or $112 million discount to tangible book value. The Pittsburg based bank said the purchase will give them an opportunity to enter the southeast market. The company will hold a conference call at 8:00 am EST.

The share price of REGAL-BELOIT CORPORATION (RBC) advanced 0.47 (0.74%) to $64.35. A week ago Friday the company announced that they would buy Australian Fan and Motor Company (AFMC). Thursday before the announcement the share price $66.40.

By: Tom Madison
Business Report

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Market Preview:

Monday World Markets 1 Day 1 Day 1 Week 30-Day 100-Day 100-Day
Pt Change % Change % Change % Change % Change Min
9,354.32 Nikkei 225 Japan 2.92 0.03% -0.99% -4.73% -8.96% 8,605.15
2,622.63 Shanghai China -21.02 -0.80% -2.89% -9.27% -6.31% 2,622.63
21,599.51 Hang Seng Hong -95.75 -0.44% -4.04% -7.44% -8.02% 21,599.51
5,656.17 FTSE 100 England * -58.77 -1.03% -2.03% -6.03% -5.06% 138.97
3,771.37 CAC 40 France * -52.37 -1.37% -0.95% -6.94% -7.40% 2,146.77
7,074.73 DAX Germany * -89.32 -1.25% -0.15% -5.69% -1.52% 6,513.84
4,451.70 S&P ASX 200 Aus -33.20 -0.74% -2.42% -5.80% -6.32% 4,451.70
17,522.29 BSE Sensex Bombay* -348.24 -1.95% -4.07% -5.35% -2.77% 17,463.04

* Markets not closed

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