Filed under: Before the bell, Earnings reports, Deals, Google (GOOG), Apple Inc (AAPL), Dell (DELL), Berkshire Hathaway (BRK.A), Market matters, Penney (J.C.) (JCP), Merrill Lynch (MER), Kohl’s Corp (KSS), Abercrombie and Fitch (ANF), Economic data, Nordstrom, Inc (JWN), Oil, Union Pacific Corporation (UNP), MBIA Inc (MBI)
U.S. stock futures were higher Friday morning, indicating stock markets could possibly extend Thursday’s rally as the dollar rose and oil prices fell further. The dollar continues to make gains on the back of growing evidence of global economic softness. Still, several economic readings are due out this day, including the New York Empire Say manufacturing index , capacity utilization and industrial production — all before the opening bell.
Retail will be in focus this day after two Kohl’s Corp (NYSE: KSS) and Nordstrom (NYSE: JWN) reported late Thursday, and J.C. Penney (NYSE: JCP) and Abercrombie & Fitch (NYSE: ANF) are due to report before the opening bell.
Kohl’s Corp shares could begin higher as premarket indication has them trading 2.3% higher, while Nordstrom’s are trading 4% lower in premarket action. Kohl’s quarterly profit fell 12% from a year ago, but the retailer lifted its fiscal year profit forecast. Meanwhile, upper scale Nordstrom, reported a 21% drop in second-quarter profits and cut full year outlook.
ANF said second-quarter profit fell on lower sales of jeans and T-shirts and forecast full-year earnings per share that trailed some analysts’ estimates. JCP also saw profit decline but beat estimates and issued lower guidance.
Autodesk (NASDAQ: ADSK) shares are trading 10% higher in premarket action after the design software maker reported stronger-than-forecast second-quarter earnings Thursday after the close.
Bond insurers MBIA (NYSE: MBI) and Ambac (NYSE: ABK) spiked 7.7% and 16.2% respectively premarket after Standard & Poor’s affirmed its AA credit rating on the two companies and stated further downgrades were unlikely.
Berkshire Hathaway (NYSE: BRK.A), the investment firm run by billionaire Warren Buffett, revealed a stake in the energy wholesaler NRG Energy (NYSE: NRG) and acquired additional shares of train operator Union Pacific (NYSE: UNP). NRG is climbing 5.7% in premarket trading.
Merrill Lynch (NYSE: MER) will institute a hiring freeze for the remainder of 2008, and will avoid paying UK taxes for decades after it charged $29 billion of losses to its London-based subsidiary, the Financial Times wrote.
Republic Services (NYSE: RSG) overnight rejected the takeover bid from Waste Management (NYSE: WMI), saying its proposed merger with Allied Waste Industries (NYSE: AW) is more favorable. It also is declining to have discussions and negotiations with Waste Management.
BuisnessWeek has an interesting article on the man Dell Inc. (NASDAQ: DELL) has put in charge of its entry to the digital entertainment market. The former Apple Inc. (NASDAQ: AAPL) executive will try to overtake Apple’s dominant hold of the market.
The New York Times reports that T-Mobile will be the first carrier to offer a mobile phone powered by Google (NASDAQ: GOOG)’s Android software.
Share This
Share This
As if the getting-older-by-the-minute Yahoo Inc. (NASDAQ: YHOO) didn’t need another mark against it, the web pioneer and stubborn company recently provided information on the costs it incurred in fending off a successful Microsoft Corporation (NASDAQ: MSFT) bid this summer. The final tab: $36 million.
Entries (RSS)