Pre-Market: Twitter Shares Retreat From High; Government Loses $10.5 Billion on General Motors Bailout

By Vincent Trivett  DEC 10, 2013 9:00 AM

You're welcome, GM.

 


Stock futures were slightly lower this morning as investors continue to worry about the future of monetary stimulus after upbeat economic data.

Before the opening bell today, Dow (INDEXDJX:.DJI) futures were down 0.16% to 16,000. After reaching an all-time record yesterday, S&P 500 (INDEXSP:.INX) futures fell 0.13% to 1,806.70 and futures on the Nasdaq Composite (INDEXNASDAQ:.IXIC) sank 0.11% to 3,514.75. Spot gold rose 1.1% to $1,247.50/oz.

Later today, the Bureau of Labor Services will release October's job openings and labor turnover survey (JOLTS), a less attention-grabbing but important employment indicator. The headline job openings number is expected to fall slightly to 3.905 million from 3.913 million. Wholesale trade in October, the total value of merchants' wholesale stocks, is expected to print a rise of 0.4%.

After rising more than 9% and hitting an all-time high yesterday, Twitter (NYSE:TWTR) shares fell 1% in pre-market trading. The company's valuation soared yesterday after it announced a new advertising offering called Tailored Audiences. It will let advertisers more accurately target users based on Web history.

The US government has sold its last remaining stake in General Motors (NYSE:GM), leaving it with a $10.5 billion loss for bailing out the automaker. During the crisis, the Treasury invested $49.5 billion into the company, but only took $39 billion out.

Lululemon Athletica (NASDAQ:LULU) named Laurent Potdevin, formerly of TOMS Shoes, to replace Christine Day as CEO. Dennis Wilson, who recently commented that the company's yoga products aren't for all body types, will step down as chairman.

Some encouraging data from China helped lift markets worldwide. Industrial production in November grew by 10% year-over-year, meeting expectations. Retail sales were better than forecast, rising 13.7%.

European countries reported somewhat lackluster industrial production numbers. France fell 0.3% month-over-month, missing expectations of a 0.2% rise. Italian industrial production rose 0.5%, and the UK rose 0.4%, both beating estimates. Italy's economy also ended two years of recession in the third quarter as GDP growth flatlined.

US regulators are ready to unveil the details of the Volcker Rule, the prohibition against proprietary trading by banks. The rule is likely to finally be approved today.

Twitter: @vincent_trivett
No positions in stocks mentioned.

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