Stock futures headed lower following Tuesday's decline.
Before the bell, Dow
(INDEXDJX:.DJI) futures were down by 0.20% at 16,303. Futures on the S&P 500
(INDEXSP:.INX) dropped 0.24% to 1,860. Nasdaq
(INDEXNASDAQ:.IXIC) futures ticked down 0.27% to 3,678.
Maker of the smash-hit smartphone game Candy Crush, King Digital Entertainment Plc., priced
its initial public offering on Wednesday. King will offer 22.2 million shares at $21 to $24 per share, a $7.56 billion valuation. Sales of Candy Crush
fueled $1.9 billion in revenue for the Dublin-based company last year.
After five months of bidding, Men's Wearhouse (NYSE:MW) announced
it will buy rival retailer Jos. A. Bank
(NASDAQ:JOSB) for close to $1.8 billion. Men's Wearhouse says it will save $100 to $150 million annually thanks to the merger. Shares of Men's Wearhouse traded down 2% in pre-market trading, while Jos. A. Bank was up 0.05%.
In Japan, Toyota (NYSE:TM), Honda (NYSE:HMC), and Toshiba (OTCMKTS:TOSBF) have each agreed
to raise employee wages. For Toyota, it will be the first pay hike for its employees since 2008. The decisions came after pressure from the Japanese government to help fight deflation.
Krispy Kreme (NYSE:KKD) will deliver
fourth-quarter earnings at 4:30 p.m. The frosted-donut maker is expected to report earnings per share of $0.13, higher than last year's $0.11. An update on the expected release of its K-cup coffee packs is anticipated.
(NYSE:BA) has received
a $4.4 billion order from Indian budget airline SpiceJet for 42 737 MAX jets. Shares of Boeing were down 0.41% in pre-market trading. In related news, the International Air Transport Association cut its 2014 airline industry profit forecast by 5% to $1 billion. The drop was attributed
to the Ukrainian crisis and slower emerging market growth.
The Mortgage Bankers Association released its purchase application index this morning, showing applications at mortgage lenders dropped a marginal 1% over the past seven days. For other economic-indicator news, watch for the US Treasury budget at 2:00 p.m.
Asian markets fell overnight, and European stocks followed suit. Concerns over China's economic slowdown drove
equities and commodities lower. The losses were led by copper (seen as a measure of China's wealth), which saw benchmark prices dwindle to a four-year low. Meanwhile, the 18-country eurozone reported
an unexpected 0.2% decline in industrial output in January, as opposed to the 28-country European Union which reported industrial output gained 0.1%.
President Barack Obama will meet with Ukraine's interim Prime Minister Arseniy Yatsenyuk at the White House on Wednesday; he plans to offer aid to the embattled Ukraine. The Russian Foreign Office Ministry criticized the idea of any US aid, claiming it would
violate American law.
No positions in stocks mentioned.
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