Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

Pre-Market: 'Candy Crush' Maker Prices IPO; Men's Wearhouse Finally Closes Jos. A. Bank Deal

By

Copper led global markets lower overnight.

PrintPRINT
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.

Boeing (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.

Twitter: @brokawbrokaw
< Previous
  • 1
Next >
No positions in stocks mentioned.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.
PrintPRINT
 
Featured Videos

WHAT'S POPULAR IN THE VILLE