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 Primer: Building Permits Blow Past Expectations, Facebook Shares Come Out of Lockup


The market is going to be flooded with Facebook shares, and the stock is already down by almost half the IPO price.


MINYANVILLE ORIGINAL Homebuilders broke ground on homes at an annualized rate of 746,000 in July. This rate is slower than the 760,000 rate in June. Building permits, however, blew past expectations to a 4-year high annualized rate of 812,000. As in previous months, multi-family buildings are going up faster than single-family buildings as more would-be homeowners opt to rent rather than buy.

Initial jobless claims increased to 366,000 last week from 361,000. This was roughly in line with economists' estimates of 365,000.

Stock futures extended gains after the data releases. Dow (^DJI) futures rose 0.14% to 13,154.00, S&P 500 (SPY) futures gained 0.24% to 1,406.80, and Nasdaq (^IXIC) futures were ahead by 0.29% to 2,746.50. Oil futures rose 0.33% to $94.64/barrel for WTI crude.

Cisco (CSCO) shares rose 7% after fiscal fourth quarter net profits rose 56%, beating expectations. The networking equipment company also promised to return half of its free cash flow to shareholders, and raised its quarterly dividend to $0.14.

Apple (AAPL) is in talks with Time Warner Cable (TWC) and other cable operators about making an Apple set-top box that can deliver cable content. The existing $99 Apple TV allows users to watch Internet content on their televisions, but not live cable and broadcast channels.

Facebook (FB) shares are set to decline today. The lockup period for early investors including Goldman Sachs (GS), Microsoft (MSFT), and several venture capital firms will end today, increasing the number of shares that can be freely traded by 60%. The 271.1 million shares that will be tradeable today amount to 10% of the total ownership of the company. Shares are down 7% in the pre-market.

John Corzine and executives at MF Global (MFGLQ) will not face criminal charges over the the unexplained loss of $1 billion and the collapse of the company.

Twitter: @vincent_trivett

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