Stocks That Are Hot When Employment Is Not
Shares of staffing agencies flirted with 52-week highs Wednesday, as the staffing and outsourcing services industry continues to benefit from an increase in temporary jobs.
The rally was helped by Los Angeles-based Korn/Ferry International, which beat profit forecasts Wednesday morning. It projected third-quarter earnings-per-share of 25 cents to 32 cents, exceeding the average analyst's expectation of 24 cents.
Staffing firms represent nearly half of all hiring in the private sector to date, according to surveys from the American Staffing Association. It's a space Simon Baker, a "Fast Money" trader and head of Baker Avenue Asset Management, will continue to watch throughout the trading day.
Baker is also monitoring the Japanese stock market. He noted that Texas Instruments said that Japan sales were strong in its most recent quarter.
Meanwhile, Karen Finerman of Metropolitan Capital Advisors is interested in Google and its Chrome netbook in particular. Its Chrome operating system was once believed to be destined for its tablets, but recent reports have suggested otherwise. It seems that Google’s tablets will have the Android operating system and Chrome will be in the netbook computers.
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CNBC.com with wires.