Morning Briefing 11-13-2014 U.S. stock futures are rising Thursday ahead of data on U.S. employment and after global stocks gained. Sp futs +5, dow futs +45. European stocks were higher as positive corporate news led the benchmark indices back into positive territory. The Nikkei 225 in Tokyo gained 1.1% while Hong Kongs Hang Seng rose 0.3%. The economic calendar in the U.S. on Thursday includes weekly initial jobless claims at 8:30 a.m. EST, and the Job Openings and Labor Turnover Survey for September at 10 a.m. U.S. stocks on Wednesday finished mixed and the Dow Jones Industrial Average and S&P 500 snapped their five-day streak of record closing highs. The S&P 500 fell 0.07% to close at 2,038.25, the Dow edged 0.02% lower to 17,612.20, and theNasdaq added 0.32% to 4,675.13. Hasbro (HAS) is in early talks to buy DreamWorks Animation (DWA) , The Wall Street Journal reported, citing people familiar with the matter. News of the possible merger follows reports about six weeks ago that Japanese telecom giantSoftBank was in talks to acquire the animation studio. However, those talks cooled shortly after reports first surfaced, the Journal noted. Under the proposed deal, Hasbro would pay a mix of cash and stock, though an exact price has not yet been determined, a person familiar with the matter told The New York Times. Jeffrey Katzenberg, CEO of DreamWorks Animation, is seeking more than $30 a share, a significant premium over the closing stock price Wednesday of $22.37. Shares of DreamWorks jumped 25.2% in premarket trading on Thursday to $28. J.C. Penney (JCP) said its third-quarter loss narrowed from a year earlier but same-store sales in the period were flat. The retailer posted a loss of $188 million, or 62 cents a share. The adjusted loss in the quarter was 77 cents a share vs. Wall Street expectations of a loss of 83 cents. Revenue fell to $2.76 billion from $2.78 billion a year earlier. Analysts were expecting $2.82 billion. The stock fell 5.4% in premarket trading. Networking equipment maker Cisco (CSCO) posted fiscal first-quarter profit and revenue that were better than expected but issued second-quarter guidance that fell short of estimates. Cisco earned 54 cents a share on an adjusted basis as revenue rose 1% to $12.25 billion. Analysts expected the company to earn 53 cents a share on revenue of $12.16 billion. Cisco said it sees revenue in the second quarter rising between 4% and 5%, vs. expectations of a rise of 8%. The company also said Chief Financial Officer Frank Calderoni would step down Jan. 1. Cisco declined 1.9% in premarket trading. Walmart (WMT) , the worlds biggest retailer, posted third-quarter earnings of $1.15 a share on revenue of $118.08 billion. Wall Street predicted earnings of $1.12 a share on revenue of $118.32 billion. The stock rose 2% in premarket trading.
Posted on: Thu, 13 Nov 2014 13:25:00 +0000
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