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business newsPre-Market Primer: Facebook to File IPO Today
By
Vincent Trivett
Feb 01, 2012 9:20 am
Greek debt talks are wrapping up and good manufacturing data is expected.
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US futures are looking bullish today as investors look forward to positive manufacturing data to be released after the bell.
Here's futures for the main indices at a glance:
The markets are punishing Amazon (AMZN) after yesterday's disappointing earnings report. The Walmart (WMT) of the Web reported profits that far exceeded expectations but revenues missed by nearly $1 billion. In the pre-market Amazon is down 18.04 pts (-9.23%).
Facebook will be filing the biggest and most anticipated tech IPO of all time today. The social network will be floating about $5 billion, less than 10% of the company, on public markets. Total valuation of Facebook is rumored to be between $70 and $100 billion. Morgan Stanley (MS) is the lead underwriter of the deal.
Whirlpool Corp (WHR) reported a drop in quarterly sales this morning. Demand for Whirlpool appliances is strongly tied to the housing market in the US. Demand was also weak in Europe and emerging markets. The strong dollar and rising raw materials cost aren't helping. Whirlpool also blames Samsung, LG, and Mexican suppliers of dumping appliances and selling them below market value.
European regulators nixed the merger between Deutsche Bourse and NYSE (NYX). The European Commission said that the merger would stifle competition.
European markets are all rallying on the news that negotiations between Greece and its creditors could be resolved today. Greek FinMin Venizelos says that they're "one step from closing" talks and meeting a voluntary resolution, avoiding a default. Greek bondholders would receive a "GDP sweetener" deal with their new bonds, where if growth in Greece were to improve, their NPV (net present value) writedown would be reduced by 0.5 to 3 percentage points.
Bad news for the China bears. Chinese manufacturing grew even more than expected in January. The official PMI rose to 50.5
A little preview for Friday morning's employment situation report: The payroll company ADP reported a net increase of 170,000 jobs for January. Not very encouraging. Economists were expecting 182,000 and last month it came in at 325,000. On Friday, the consensus estimate for change in non-farm payrolls is 150,000.
Twitter: @vincent_trivett
Here's futures for the main indices at a glance:
The markets are punishing Amazon (AMZN) after yesterday's disappointing earnings report. The Walmart (WMT) of the Web reported profits that far exceeded expectations but revenues missed by nearly $1 billion. In the pre-market Amazon is down 18.04 pts (-9.23%).
Facebook will be filing the biggest and most anticipated tech IPO of all time today. The social network will be floating about $5 billion, less than 10% of the company, on public markets. Total valuation of Facebook is rumored to be between $70 and $100 billion. Morgan Stanley (MS) is the lead underwriter of the deal.
Whirlpool Corp (WHR) reported a drop in quarterly sales this morning. Demand for Whirlpool appliances is strongly tied to the housing market in the US. Demand was also weak in Europe and emerging markets. The strong dollar and rising raw materials cost aren't helping. Whirlpool also blames Samsung, LG, and Mexican suppliers of dumping appliances and selling them below market value.
European regulators nixed the merger between Deutsche Bourse and NYSE (NYX). The European Commission said that the merger would stifle competition.
European markets are all rallying on the news that negotiations between Greece and its creditors could be resolved today. Greek FinMin Venizelos says that they're "one step from closing" talks and meeting a voluntary resolution, avoiding a default. Greek bondholders would receive a "GDP sweetener" deal with their new bonds, where if growth in Greece were to improve, their NPV (net present value) writedown would be reduced by 0.5 to 3 percentage points.
Bad news for the China bears. Chinese manufacturing grew even more than expected in January. The official PMI rose to 50.5
A little preview for Friday morning's employment situation report: The payroll company ADP reported a net increase of 170,000 jobs for January. Not very encouraging. Economists were expecting 182,000 and last month it came in at 325,000. On Friday, the consensus estimate for change in non-farm payrolls is 150,000.
Twitter: @vincent_trivett
No positions in stocks mentioned.
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