Before The Bell – What To Expect In The Market Today
US stock futures for the NASDAQ are up 8.75 points to 1,846; S&P 500 is up 5.6 points to 1,092.16; DOW is up 37.00 points to 10,389.54 on Wednesday 8:15 AM EST. At 8:30 AM EST, the US Department of Labor will release first-time claims for jobless benefits for the week ended August 14. Economists in a Reuters survey forecast a total of 476,000 new filings compared with 484,000 in the prior week. At 10 AM EST, the US July leading economic indicators and the Philadelphia Federal Reserve Bank August business activity survey will be released.
It's earnings day today - Companies like Hewlett Packard (NYSE: HPQ), Dell (NASDAQ: DELL), GAP Inc. (NYSE: GPS), SalesForce.com (NYSE: CRM), Intuit Inc. (NASDAQ: INTU), GameStop Corp. (NYSE: GME), and Aeropostale Inc. (NYSE: ARO) being the major firms announcing their earnings today, it’s going to be a busy day for analysts and investors. GPS, INTU, CRM, and Marvell Technology Group (NASDAQ: MRVL) are higher ahead of earnings.
Sears released its earnings today. Sears Holdings Corp (NYSE: SHLD), said its second-quarter net loss shrank to $39 million, or $0.35 a share, from $94 million, or $0.79 a share, in the earlier quarter. The company reported an adjusted net loss of $0.19 per share compared to $0.17 per share in the previous year. SHLD is at $70, up more than 40% in today’s pre-market.
Williams-Sonoma Inc (NYSE: WSM) reported its second quarter earnings, at $0.31, beating the consensus of $0.22. WSM’s Q2 revenue came in at $775.6 million, as compared to the estimates of $757.85 million. WSM is at $29, up 2.36% in today’s pre-market.
Staples (NASDAQ: SPLS) reported earnings of $0.18 a share, but “warned” of a change in tax rate that is liable to cut its 2010 earnings by around $0.06 a share. SPLS is at $19.50, down 0.76% in today’s pre-market.
Dollar Tree Inc. (NASDAQ: DLTR) reported today that its second-quarter net income rose to $78 million, or $0.61 a share, from $56.9 million, or $0.42 a share, same time, previous year. Sales rose to $1.38 billion, from $1.22 billion. Wall Street analysts expected DLTR to earn $0.54 a share on revenue of $1.35 billion, according to analysts’ by FactSet Research. DLTR is at $43.18, up 3.25% in today’s pre-market.
Dick's Sporting Goods Inc. (NYSE: DKS) reported a higher-than-expected 32% jump in fiscal second-quarter profit. DKS raised its current-year earnings forecast, this time by $0.03 to $1.49 a share. It also projected a third-quarter profit of $0.15 to $0.16 cents a share on a 1% to 2% increase in same-store sales. Analysts’ polled by Thomson Reuters forecast $0.18 a share.DKS is at $27.51, up 0.70% in pre-market.
Intel Corp (NASDAQ: INTC) is to acquire McAfee Inc. (NYSE: MFE) for $48 a share, or $7.68 billion. As a result, MFE is at $47.41, up 58.40% in today’s pre-market. More details are awaited. INTC is at $19.20, down 1.99% in pre-market. Read more.
General Motors Co. filed for its long-awaited IPO in the previous session. GM plans to list its stock in both NYSE and TSE.
Weekly jobless claims hit 500,000, against analysts’ predictions of 476,000. Initial claims for state unemployment benefits increased 12,000 to a seasonally adjusted 500,000 in the week ended Aug. 14, the highest since mid-November, according to the Labor Department. Read more.
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