Stock Market Today: A New Deal With Apple Helps This Stock Shine

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Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

Stocks look set to dip this morning. Index futures as of 7:50 a.m. EST point to a lower start for the stock market today, with the Dow Jones Industrial Average losing a moderate 62 points to begin the trading day.

Markets in Europe touched five-year highs overnight, even though the European Union dialed back its estimates for economic growth. Gross domestic product is now expected to rise by just 1.1% in the region next year, and unemployment should remain elevated at 12.2%. That gloomier forecast makes it more likely that the European Central Bank could lower rates when it meets later this week.

With that bigger picture in mind, here are a few stocks to watch in today's market.

Sapphire could be the next gorilla in the smartphone market. GT Advanced Technologies shares are on the move after the company announced a multiyear deal to supply Apple with a huge volume of sapphire material. Apple's use of the expensive substance is limited to iPhone fingerprint sensor and camera lens covers right now. However, sapphire holds promise as a lighter, more scratch-resistant surface that could eventually replace the glass in Apple's mobile devices. GT Advanced Technologies shares are up 24% in premarket trading.

Michael Kors is still on a roll. The company this morning reported a 39% spike in revenue and a 44.9% jump in profit to $0.71 a share for its fiscal 2014 second quarter. Comparable sales rocketed 23% higher as Kors continued to gain share from rivals such as Coach. Its luxury products are resonating with consumers these days, and Kors' setting up shop in department stores has also boosted sales. The company sees revenue coming in at $850 million next quarter, which would be a 33% improvement from last year's holiday quarter. The stock is up 2% in premarket trading.

Finally, CVS Caremark this morning logged a 19% rise in quarterly operating profit on a 5.8% boost in revenue in its third quarter. The company's pharmacy business grew by almost 8% thanks to a spike in claims and broader cost-inflation in the drug and pharmacy markets. CVS also raised its earnings outlook slightly and now expects to book adjusted earnings per share of between $3.94 and $3.97 for the full year. The stock is up 1.9% in premarket trading.

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Fool contributor Demitrios Kalogeropoulos owns shares of Apple. The Motley Fool recommends Apple and Coach. The Motley Fool owns shares of Apple and Coach. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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