Stock futures were pointed slightly lower on Thursday after HSBC released more data showing contraction in China’s manufacturing sector. The news rippled through European markets overnight and has put a damper on pre-market U.S. trading. News out of Europe was mixed. Investors showed a taste for Spanish bonds, allowing the country to raise �4.8 billion, ahead of expectations for �4.5 billion. But a euro zone composite PMI fell to its lowest level since 2009, worse than expected.
U.S. jobless claims fell by 3,000 to 382,000 last week. “The 4 week average is now 378k vs 376k last week�to the highest since late June,” noted Miller Tabak strategist Peter Boockvar. Manufacturing activity in Philadelphia comes out at 10 a.m.
Dow futures fell 57 points; S&P 500 futures fell 7 points. Oil futures continued to slip.
Bank of America (BAC) fell 1.5% in pre-market trading after announcing a plan to cut its workforce by 16,000 by the end of the year.
Green Mountain Coffee Roasters (GMCR) fell 3.9% after Starbucks (SBUX) announced� a new line of single-serve coffees called Verismo, as well as new brewers.
Nike (NKE) rose 0.9% after announcing a new $8 billion buyback.
Railroads fell after a profit warning from Norfolk Southern (NSC).
Rite Aid (RAD) rose 2.3% after posting a narrower than expected loss.
Bed Bath & Beyond (BBBY) dropped 6.1% on a disappointing earnings report.
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