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Pre-Market: US Economy Adds 191,000 Private Sector Jobs; Shares of MannKind Double Ahead of Today's Session


The Gallup US Job Creation Index reached a six-year high.

Stock futures pointed toward a higher open on Wednesday.

Before the opening bell, Dow Jones (INDEXDJX:.DJI) futures rose 0.11% to 16,467. Futures on the S&P 500 (INDEXSP:.INX) were up 0.06% to 1,879.00. Nasdaq (INDEXNASDAQ:.IXIC) futures moved higher, rising 0.17% to 3,656.50.

Shares of development-stage biopharmaceutical company MannKind (NASDAQ:MNKD) were up by nearly 95% in pre-market trading, after an FDA advisory panel recommended approval of the company's inhalable insulin product Afrezza. The move is somewhat surprising, considering that reviews by the FDA's staff were critical of Afrezza, and that MannKind had failed twice before trying to gain approval for its drug, reports the New York Times.

The ADP national employment report showed the US economy added 191,000 private sector jobs in March. The Gallup US Job Creation Index, which measures net hiring activity, reached a six-year high of +23, rising two points from February. US factory orders will be released at 10:00 a.m. and are expected to rise in February after a January drop. The Mortgage Bankers Association's weekly measurement of US home loan applications showed loan applications grew 1% in the past week. EIA petroleum inventories arrive at 10:30 a.m., and Atlanta Federal Reserve Bank President Dennis Lockhart will deliver a speech on the economic outlook at 12:30 p.m.

Asian stocks rose for a sixth straight day, posting their longest gain in seven weeks as yesterday's positive US manufacturing data drove optimism among investors. European markets showed strength on the US data as well, with most stocks moving higher. In Germany, yields on government bonds (bunds) fell for a fourth straight day, while yields on the US 10-year Treasury rose two basis points. Copper gained as much 1% after a 8.2-magnitude earthquake hit northern Chile, leaving five dead and causing a two-meter-high tsunami. Anglo American (OTCMKTS:AAUKY) and Glencore Xstrata (LON:GLEN) both have mining operations in the region.

Monsanto (NYSE:MON) will report earnings at 9:30 a.m., with analysts expecting a strong second quarter. Consensus EPS is $3.09, a 12.8% increase from last year. Revenue is estimated to increase 6.2% to $5.81 billion. Monsanto's stock has fallen 2% over the last quarter amid increasing competition from other players in the space including Dow Chemical (NYSE:DOW) and DuPont (NYSE:DD). Shares of Monsanto rose 0.98% in pre-market trading.

Amazon (NASDAQ:AMZN) is expected to announce a new device at an event tomorrow that will let users stream videos from their Amazon video library as well as from services like Hulu and Netflix (NASDAQ:NFLX). The device will reportedly run on Google's (NASDAQ:GOOG) Android operating system, and compete with the likes of Apple (NASDAQ:AAPL) TV, Google Chromecast, and Roku. Shares of Amazon were up 0.69% in pre-market trading.

Apple is reportedly in talks with Japan's Renesas Electronics (OTCMKTS:RNECF) to buy out its 55% stake in a unit that produces chips for smartphone displays. Renesas' stake in Renesas SP Drivers, which is a joint venture with Sharp (OTCMKTS:SHCAY) and Powerchip (OTCMKTS:PWSCF), is estimated to be worth $479 million. Shares of Apple were up 0.16% before the opening bell. Renesas gained 6% in Tokyo overnight.

Twitter: @brokawbrokaw
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