Stock futures pointed toward a higher open on Wednesday. Before the opening bell, Dow Jones (INDEXDJX:.DJI) futures rose 0.09% to 16,891. Nasdaq (INDEXNASDAQ:.IXIC) futures moved higher, rising 0.08% to 3,887.75. Futures on the S&P 500 (INDEXSP:.INX) were up 0.10% to 1,967.70.
Constellation Brands (NYSE:STZ), the New York-based beverage maker whose brands include Corona and Robert Mondavi wines, reports
earnings this morning around the opening. Constellation, whose stock has risen 65% year-on-year, reported a 92% rise in profits in the fourth quarter of fiscal year 2014 and is expected to report earnings of $0.93 per share in the first quarter of 2015. Constellation recently acquired Grupo Modelo, pitting it against Anheuser-Busch InBev
(NYSE:BUD) in the US market and abroad. Shares of Constellation rose 5.87% ahead of the opening bell.
Auto recalls keep coming, now from Hyundai (OTCMKTS:HYMLF), which is calling
back 58,000 2010 to 2012 Elantra Touring cars in North America. The company explained that a support bracket could become loose during airbag deployment and cause injury. The Korean automaker recalled 190,000 2011 to 2013 Elantras in March 2013 for potential airbag problems. The news comes two days after General Motors
(NYSE:GM) announced it would recall another 6.8 million vehicles for ignition-switch flaws. The new recalls raise GM's second-quarter charges to $1.2 billion from a previously announced $700 million. Shares of GM were up 0.24% in pre-market trading.
Roche Holding AG (OTCMKTS:RHHBY), the Swiss pharmaceutical company whose product line includes Tamiflu, Accutane, and Boniva, is willing to pay
as much as $1.7 billion for privately-held biotech firm Seragon Pharmaceuticals. Seragon, which develops breast cancer treatments, would be acquired by Roche's San Francisco-based unit Genentech in a two-part deal -- $725 million cash up front and a $1 billion if Seragon's products reach specific milestones. Pending regulatory approval, the acquisition is expected to close in the third quarter.
United Parcel Service (NYSE:UPS) will invest
$1 billion in its European operations over the next three to five years, focusing mainly on its logistics centers. Much of the investment will be dedicated to Germany, one of the quickest growing markets for the package deliver company. According to Chief Financial Officer Kurt Kuehn, UPS is set to reveal a new strategy in November, which will include acquisition in the health-care sector, where deliveries of temperature-sensitive medications has been a challenge.
A slew of US jobs data is out this morning. The ADP Jobs report showed the US economy added 281,000 jobs in June, with small business providing the most new jobs. New jobs in the construction sector were notable, seeing the highest increase since February 2006. Gallup's US payroll to the population employment rate rose to 45% in June, up from 44.5% a month earlier. The current rate is one of the highest since Gallup launched the metric in 2010 -- a high of 45.7% was measured in October 2012. Gallup's job creation index remained unchanged since last month at +27, which is the highest score in six years of tracking the net-highering measure. The Challenger job-cut report for June is overdue and will imaginably be released some time this morning. The MBA's mortgage purchase index fell 1% while its refinancing index rose 0.1% over the past week. The US Census will report factory orders at 10:00 a.m. The EIA petroleum inventories will follow at 10:30 a.m. At 11:00 a.m., Federal Reserve Chairwoman Janet Yellen will deliver a speech on monetary policy at the International Monetary Fund's central banking conference in Washington, DC.
Asian stocks moved
higher overnight after US indices hit records on strong manufacturing data. Chinese equities recorded
their longest winning streak in three weeks as Beijing continued its efforts to stabilize the country's slowing economy. European shares advanced
ahead of US jobs and factory orders, extending yesterday's session. Portugal and Ireland are both active
in the bond markets today, as the two countries peel away from international financial aid. Portugal will offer a new 10-year US-dollar-denominated government bond, while Ireland is buying back government bonds maturing in 2016. Across the Atlantic, amid concern that Argentina will default on interest payments, Standard & Poor's has placed
the country's CCC-/C unsolicited long- and short-term financial currency rating on watch.
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