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: GoPro Begins Trading on Nasdaq; Barclays Faces Allegations From NY State Attorney


China discovers $15.2 billion in falsified gold-backed loans.

Stock futures pointed toward a slightly higher open on Thursday. Before the opening bell, Dow Jones (INDEXDJX:.DJI) futures rose 0.05% to 16,779. Nasdaq (INDEXNASDAQ:.IXIC) futures moved lower, rising 0.07% to 3,816.50.  Futures on the S&P 500 (INDEXSP:.INX) were up 0.02% to 1,949.70.


Wearable HD-camera maker GoPro (NASDAQ:GPRO) will ring the opening bell at the Nasdaq MarketSite in New York City this morning, a day after it raised $472.2 million in an IPO priced at $24 -- the high end of the range. GoPro's cameras -- which grew to popularity among high-intensity sports enthusiasts like surfers and paragliders -- generated close to $1 billion in revenue in 2013, from which the company cut a $60.6 million profit. That's double the profit GoPro took in in 2013. However, there's been some concern among investors after GoPro's revenue fell 8% to 235.7 million and its profits fell 55% to $0.08 per share in the first quarter of 2014.

Barclays PLC (NYSE:BCS) is facing allegations from the New York State attorney general Eric Schneiderman that it used false marketing to dupe investors into thinking their money was in a safe place when in fact it had been put into dark-pool trading operations. Barclays operates one of the world's largest dark pools -- trading operations that keep trading information unavailable until after trades are completed. Schneiderman has accused Barclays of hiding the fact from institutional investors that a known predatory high-frequency trading firm was operating in the dark pool. Barclays fell 4.71% in pre-market trading after falling to a 19-month low on the London Stock Exchange.

Cigarette-maker Philip Morris (NYSE:PM) cut its 2014 earnings forecast, expecting to earn $4.87 to $4.97 instead of the $5.09 to $5.19 expected earlier. Philip Morris blames a "complex and truly atypical" year, citing challenges in the European Union and Asia. It does, however, expect adjusted profits to rise in 2014 by 6% to 8%. Shares of Philip Morris were down 2.14% ahead of the open.

Nike (NYSE:NKE) is scheduled to report fiscal year fourth-quarter after the closing bell today, with an expected sales boost thanks to the World Cup. In the previous quarter, Nike saw 13% revenue growth. This quarter, it's expecting high single-digit percentage growth with a 25-basis-point expansion in gross margins. Shares of Nike were up 0.26% in pre-market trading.


Personal income increased by $58.8 billion, or 0.4%, in May, while disposable personal income increased by $55.6 billion, or 0.4%. Personal income made a jump from April, when it increased by $49.9 billion, while DPI made less of a jump, having risen by 50.8% in April. Initial jobless claims fell by 2000 in the past week to 312,000. The four-week average is now at 314,250, jobless claims having remained in the range of 310,000 to 315,000 in that time. At 9:45 a.m, Bloomberg reports its Consumer Comfort Index. The EIA delivers its weekly natural gas inventory at 10:30 a.m. At 11:00 a.m., the Kansas City Fed releases its manufacturing survey. The Results of the $29 billion seven-year note auction are due at 1:00 pm. St. Louis Federal Reserve president James Bullard speaks on monetary policy and income inequality in New York at 1:05 p.m. At 4:30 p.m., the Fed releases its balance sheet and the money supply.

Global Markets

Asian stocks moved higher overnight, reacting positively to revised US GDP data, which was negative. In China, the country's chief auditor found $15.2 billion in loans had been backed by falsified gold transactions, the first official confirmation of illegal activity that has been suspected for years. As Heather Timmons wrote on the issue in Quartz earlier this month, the discovery of wrongdoing could "create a ripple effect of credit squeezes and defaults" in the country. Meanwhile, Chinese banks have joined Japan's in lending to Australia, with the four biggest Chinese banks ramping up lending by 50% in the past year. In Europe, stocks broke four days of declined with moves higher, as merger-and-acquisition activity picked up and stirred investor action.

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.
Featured Videos