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Pre-Market: Best Buy Beats Expectations; Jobless Claims Rise Unexpectedly
Chinese and Japanese manufacturing strengthen.
Alex Brokaw    

Stock futures pointed toward a higher open on Thursday. Before the opening bell, Dow Jones (INDEXDJX:.DJI) futures rose 0.11% to 16,517. Futures on the S&P 500 (INDEXSP:.INX) were up 0.10% to 1,886.70. Nasdaq (INDEXNASDAQ:.IXIC) futures moved higher, rising 0.17% to 3,639.50.

Stocks

Best Buy (NYSE:BBY) delivered first-quarter earnings far beyond analysts expectations, posting earnings of $0.33 per a share with $9.04 billion in sales. Estimates had been $0.20 per share on $9.21 billion in sales. However, Best Buy is projecting a weaker second and third quarter, believing sales will fall between negative and low single digits then as the consumer electronics retail industry continues to decline. Best Buy isn't the only retailer reporting earnings today. Be on the lookout for results from Dollar Tree (NASDAQ:DLTR), Ross Stores (NASDAQ:ROST), Gap (NYSE:GAP), and Hewlett-Packard (NYSE:HPQ). Shares of Best Buy were trading down 3.94% ahead the open.

Unilever (NYSE:UN) is selling its North American pasta sauce business, which includes the Ragu and Bertolli brands to Japan's Mizkan Group for $2.15 billion. Unilever is shifting its focus to higher-margin personal care products. Mizkan, a 210-year-old rice vinegar and condiment maker has been diversifying its business with acquisitions outside of the Japanese market. Ragu and Bertolli, which have an annual revenue of $600 million, will help Mizkan expand its international footprint. Unilever fell 0.73% in pre-market trading.

Tobacco kings Reynolds American (NYSE:RAI) and Lorillard Inc. (NYSE:LO) are reportedly in advanced talks over a merger that could involve another tobacco company, British American Tobacco (LON:BATS), backing the merger. British American Tobacco owns 42% of Reynolds. Together, Reynolds and Lorillard would have a combined market value of close to $55 billion. The news of a deal sent shares of both companies higher yesterday. This morning, Reynolds was down 0.49%. Lorillard fell 0.21%.

Chinese online retail giant JD.com Inc (NASDAQ:JD) will begin trading on the Nasdaq today after raising $1.78 billion in its initial public offering. The offering marks the biggest ever Chinese Internet company listing in New York, with 93.7 million shares selling for $19 apiece. JD.com precedes Alibaba, which filed to go public in the US this month.

Economy

Jobless claims increased unexpectedly by 28,000 to 326,000 last week. The total number of beneficiaries (people receiving jobless benefits) dropped 13,000 -- the lowest level since December 2007. The Chicago Fed National Activity Index showed a sharp decline in the economy in April, with the index falling to -0.32 verses 0.34 in March. At 9:45 a.m., the Markit PMI Manufacturing Index Flash will be released. At 10:00 a.m., existing home sales and leading indicators will arrive. The Kansas City Manufacturing Survey will be delivered at 11:00 a.m. At 4:30 p.m. the Fed will release both the money supply and its balance sheet.

Global Markets

Asian stock climbed overnight, with the regional MSCI Asia Pacific Index reaching its highest level in three months. Chinese manufacturing activity strengthened in May, but still remains in contraction. Japanese manufacturing activity gained as well in May from April, but activity is still shrinking at a reading of 49.9. In Europe, most stocks saw gains after Chinese manufacturing data beat estimates, and the Federal Reserve's FOMC minutes showed the inflation rate was expected to stay below its target. In the UK, consumer spending rose by 0.8% in the first quarter, the tenth straight increase the country has seen. In France, the recovery weakened as the manufacturing and services contracted.

Twitter: @brokawbrokaw
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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.
Pre-Market: Best Buy Beats Expectations; Jobless Claims Rise Unexpectedly
Chinese and Japanese manufacturing strengthen.
Alex Brokaw    

Stock futures pointed toward a higher open on Thursday. Before the opening bell, Dow Jones (INDEXDJX:.DJI) futures rose 0.11% to 16,517. Futures on the S&P 500 (INDEXSP:.INX) were up 0.10% to 1,886.70. Nasdaq (INDEXNASDAQ:.IXIC) futures moved higher, rising 0.17% to 3,639.50.

Stocks

Best Buy (NYSE:BBY) delivered first-quarter earnings far beyond analysts expectations, posting earnings of $0.33 per a share with $9.04 billion in sales. Estimates had been $0.20 per share on $9.21 billion in sales. However, Best Buy is projecting a weaker second and third quarter, believing sales will fall between negative and low single digits then as the consumer electronics retail industry continues to decline. Best Buy isn't the only retailer reporting earnings today. Be on the lookout for results from Dollar Tree (NASDAQ:DLTR), Ross Stores (NASDAQ:ROST), Gap (NYSE:GAP), and Hewlett-Packard (NYSE:HPQ). Shares of Best Buy were trading down 3.94% ahead the open.

Unilever (NYSE:UN) is selling its North American pasta sauce business, which includes the Ragu and Bertolli brands to Japan's Mizkan Group for $2.15 billion. Unilever is shifting its focus to higher-margin personal care products. Mizkan, a 210-year-old rice vinegar and condiment maker has been diversifying its business with acquisitions outside of the Japanese market. Ragu and Bertolli, which have an annual revenue of $600 million, will help Mizkan expand its international footprint. Unilever fell 0.73% in pre-market trading.

Tobacco kings Reynolds American (NYSE:RAI) and Lorillard Inc. (NYSE:LO) are reportedly in advanced talks over a merger that could involve another tobacco company, British American Tobacco (LON:BATS), backing the merger. British American Tobacco owns 42% of Reynolds. Together, Reynolds and Lorillard would have a combined market value of close to $55 billion. The news of a deal sent shares of both companies higher yesterday. This morning, Reynolds was down 0.49%. Lorillard fell 0.21%.

Chinese online retail giant JD.com Inc (NASDAQ:JD) will begin trading on the Nasdaq today after raising $1.78 billion in its initial public offering. The offering marks the biggest ever Chinese Internet company listing in New York, with 93.7 million shares selling for $19 apiece. JD.com precedes Alibaba, which filed to go public in the US this month.

Economy

Jobless claims increased unexpectedly by 28,000 to 326,000 last week. The total number of beneficiaries (people receiving jobless benefits) dropped 13,000 -- the lowest level since December 2007. The Chicago Fed National Activity Index showed a sharp decline in the economy in April, with the index falling to -0.32 verses 0.34 in March. At 9:45 a.m., the Markit PMI Manufacturing Index Flash will be released. At 10:00 a.m., existing home sales and leading indicators will arrive. The Kansas City Manufacturing Survey will be delivered at 11:00 a.m. At 4:30 p.m. the Fed will release both the money supply and its balance sheet.

Global Markets

Asian stock climbed overnight, with the regional MSCI Asia Pacific Index reaching its highest level in three months. Chinese manufacturing activity strengthened in May, but still remains in contraction. Japanese manufacturing activity gained as well in May from April, but activity is still shrinking at a reading of 49.9. In Europe, most stocks saw gains after Chinese manufacturing data beat estimates, and the Federal Reserve's FOMC minutes showed the inflation rate was expected to stay below its target. In the UK, consumer spending rose by 0.8% in the first quarter, the tenth straight increase the country has seen. In France, the recovery weakened as the manufacturing and services contracted.

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.
Pre-Market: Best Buy Beats Expectations; Jobless Claims Rise Unexpectedly
Chinese and Japanese manufacturing strengthen.
Alex Brokaw    

Stock futures pointed toward a higher open on Thursday. Before the opening bell, Dow Jones (INDEXDJX:.DJI) futures rose 0.11% to 16,517. Futures on the S&P 500 (INDEXSP:.INX) were up 0.10% to 1,886.70. Nasdaq (INDEXNASDAQ:.IXIC) futures moved higher, rising 0.17% to 3,639.50.

Stocks

Best Buy (NYSE:BBY) delivered first-quarter earnings far beyond analysts expectations, posting earnings of $0.33 per a share with $9.04 billion in sales. Estimates had been $0.20 per share on $9.21 billion in sales. However, Best Buy is projecting a weaker second and third quarter, believing sales will fall between negative and low single digits then as the consumer electronics retail industry continues to decline. Best Buy isn't the only retailer reporting earnings today. Be on the lookout for results from Dollar Tree (NASDAQ:DLTR), Ross Stores (NASDAQ:ROST), Gap (NYSE:GAP), and Hewlett-Packard (NYSE:HPQ). Shares of Best Buy were trading down 3.94% ahead the open.

Unilever (NYSE:UN) is selling its North American pasta sauce business, which includes the Ragu and Bertolli brands to Japan's Mizkan Group for $2.15 billion. Unilever is shifting its focus to higher-margin personal care products. Mizkan, a 210-year-old rice vinegar and condiment maker has been diversifying its business with acquisitions outside of the Japanese market. Ragu and Bertolli, which have an annual revenue of $600 million, will help Mizkan expand its international footprint. Unilever fell 0.73% in pre-market trading.

Tobacco kings Reynolds American (NYSE:RAI) and Lorillard Inc. (NYSE:LO) are reportedly in advanced talks over a merger that could involve another tobacco company, British American Tobacco (LON:BATS), backing the merger. British American Tobacco owns 42% of Reynolds. Together, Reynolds and Lorillard would have a combined market value of close to $55 billion. The news of a deal sent shares of both companies higher yesterday. This morning, Reynolds was down 0.49%. Lorillard fell 0.21%.

Chinese online retail giant JD.com Inc (NASDAQ:JD) will begin trading on the Nasdaq today after raising $1.78 billion in its initial public offering. The offering marks the biggest ever Chinese Internet company listing in New York, with 93.7 million shares selling for $19 apiece. JD.com precedes Alibaba, which filed to go public in the US this month.

Economy

Jobless claims increased unexpectedly by 28,000 to 326,000 last week. The total number of beneficiaries (people receiving jobless benefits) dropped 13,000 -- the lowest level since December 2007. The Chicago Fed National Activity Index showed a sharp decline in the economy in April, with the index falling to -0.32 verses 0.34 in March. At 9:45 a.m., the Markit PMI Manufacturing Index Flash will be released. At 10:00 a.m., existing home sales and leading indicators will arrive. The Kansas City Manufacturing Survey will be delivered at 11:00 a.m. At 4:30 p.m. the Fed will release both the money supply and its balance sheet.

Global Markets

Asian stock climbed overnight, with the regional MSCI Asia Pacific Index reaching its highest level in three months. Chinese manufacturing activity strengthened in May, but still remains in contraction. Japanese manufacturing activity gained as well in May from April, but activity is still shrinking at a reading of 49.9. In Europe, most stocks saw gains after Chinese manufacturing data beat estimates, and the Federal Reserve's FOMC minutes showed the inflation rate was expected to stay below its target. In the UK, consumer spending rose by 0.8% in the first quarter, the tenth straight increase the country has seen. In France, the recovery weakened as the manufacturing and services contracted.

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.
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