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: Apple Strikes Deal With World's Largest Carrier; US GDP Beats Expectations

By

Jobless claims dipped below 300,000 for the first time since September.

PrintPRINT
Stocks were mixed this morning as investors were cautious ahead of major economic data releases that could greatly influence the Federal Reserve's decision on monetary stimulus this month.

America's economy grew by more than expected in the third quarter, according to the government's preliminary estimate. GDP rose 3.6% annually in Q3, beating estimates of a 3.1% rise. Second-quarter GDP growth was 2.8%. Initial jobless claims fell by 23,000 last week to 298,000. This news bodes well for the economy and provides a bullish signal for tomorrow's jobs report, but investors might sell if they think that the economic data is good enough for the Fed to scale back its monthly rate of asset purchases.

Before the opening bell, Dow (INDEXDJX:.DJI) futures were down 0.03% to 15,881. S&P 500 (INDEXSP:.INX) futures were up 0.02% at 1,792.20 and futures on the Nasdaq Composite (INDEXNASDAQ:.IXIC) gained 0.13% to 3,487.00.

Bitcoin, the digital currency, dropped more than 30% overnight after China's central bank instructed banks not to trade it. Chinese tax-dodgers were among the biggest hoarders of the crypto-currency. The Bank of France also warned of Bitcoin's volatility with relation to legal currencies and the difficulty of converting it.

Apple (NASDAQ:AAPL) shares rose 1.5% in the pre-market on news that the company has struck a deal with China Mobile (NYSE:CHL) to offer iPhones on its network. With 700 million subscribers, China Mobile is the largest mobile carrier in the world. On December 18, it will unveil its 4G services. China Mobile's US-traded shares were up 2% before the opening bell this morning.

The Wall Street Journal reported that AT&T (NYSE:T) is considering bidding up to $2.75 billion for a slice of Verizon's (NYSE:VZ) 700-MHz spectrum. T-Mobile US (NASDAQ:TMUS) is also eyeing those same assets.

Jos. A. Bank Clothiers Inc (NASDAQ:JOSB) shares rose 4% in the pre-market after the company reported third-quarter earnings that beat expectations. The menswear retailer earned $0.49 per share in the past quarter.

Overseas indices are also a mixed bag this morning. Both the Bank of England and European Central Bank voted to keep interest rates of 0.5% and 0.25%, respectively. Japanese Prime Minister Shinzo Abe signed a 18.6-trillion-yen stimulus package aimed at offsetting the damage of a scheduled VAT hike that will go into effect in April. Most of the stimulus package is comprised of loans and pre-scheduled government spending. The yen dropped 0.3% today to 102.06 to the dollar.

Twitter: @vincent_trivett
< 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

Busy? Subscribe to our free newsletter!

Submit
 

WHAT'S POPULAR IN THE VILLE