(By Salman - iStockAnalyst Writer)
US stock futures retreated on Wednesday on weaker-than-expected ADP jobs data.
At 8:31 am ET, the S&P 500 futures declined 4 points to 992.50. The Dow Jones Industrial Average futures lost 30 points to 9273. The Nasdaq Composite futures retreated 3.25 points to 1592.25.
ADP survey on Wednesday reported that a total of 298,000 private-sector jobs were lost in May. Economists had projected a drop of 250,000 private sector jobs.
Early on Wednesday, video game publisher Take-Two Interactive (
TTWO) reported that it swung to a third quarter net loss of $55.5 million, or 72 cents a share, compared with earnings of $51.8 million, or 67 cents a share, in the prior year period. Excluding the effect of stock-options charges and other one-time items, the company said it would have lost 66 cents a share for the recent period. Revenue plunged 68% to $138.6 million.
Brown-Forman (NYSE: BF-B) announced that first-quarter net income for the three months ended July 31 jumped 38% to $121.4 million, or 81 cents a share, from $88.2 million, or 58 cents a share, in the same period last year. Revenue dropped 7% to $738 million.
Joy Global (NASDAQ:
JOYG) reported that third quarter net income declined to $124.3 million, or $1.21 a share, for the quarter ended July 31, from $113.1 million, or $1.03 a share, in the year ago quarter. Revenue rose 5.8% to $956.4 million.
Danaher (NYSE:
DHR) announced Wednesday that it it has agreed to buy the life sciences instrumentation business from MDS Inc. YSE:
MDS) for about $1.1 billion and cut 3,300 jobs along with 30 facilities as part of an ongoing restructuring program.
Walgreens (NYSE:
WAG) announced Wednesday that its August same-store sales rose 1.9%.
On the economic front, factory orders data is due for release at 10:00 a.m. ET. Later in the day, the FOMC minutes will be published at 14:00 ET.
US stocks finished with substantial losses on Tuesday amid concerns over the health of the financials.
European stocks retreated in afternoon trade. At 12:58 pm London time, the UK FTSE dropped 8.26 points or 0.17% to 4,811.44. The German DAX and French CAC decreased 0.43% and 0.49% respectively.
Asian stocks finished lower. The Nikkei 225 slumped 249.60 points or 2.37% to 10,280.46. The Hang Seng index of Hong Kong lost 350.30 points or 1.76% to 19,522.
NYMEX crude oil for October delivery climbed as much as 75 cents or 1.1% to $68.80 a barrel in electronic trading.
Disclosure: Author doesn’t own any of the stocks discussed here.
