Join        Login             Stock Quote

Futures Flat After GDP Data; Groupon (GRPN) Plunges

 February 28, 2013 08:57 AM

(By Balachander) U.S. stock-index futures pointed to a flat opening on the Wall Street, weighed by a lower-than-expected GDP data. 

Mini Dow Industrial Average futures rose 2 points to 14,062. The Nasdaq futures rose 4.75 points to 2,742.75. Standard and Poor's 500 futures added 1.40 points to 1,517.

A report from the Bureau of Economic Analysis showed U.S. GDP grew at an annual rate of 0.1 percent in the fourth quarter from a contraction of 0.1 percent initially estimated last month. Expectations, though, were for a growth of 0.5 percent. In the third quarter, real GDP increased 3.1 percent.

The number of Americans who continued to receive jobless benefits dropped more than forecast last week, a government data showed. Jobless claims declined 22,000 to 344,000 for the week ended Feb. 23 from a revised 366,000, while economists projected 360,000 applications.

[Related -Sears (SHLD) Puts Active As Stock Touches Lowest Since Sept. 5th]

Meanwhile, Chicago-area purchasing managers' index for January is due for release at 9:45 am ET, with expectations of a reading of 54.3.

On Wednesday, U.S. stocks closed on a sharply higher note, up more than 1 percent, buoyed by a set of better-than-expected data on pending home sales and durable goods orders.  

Hot Stocks Of The Day: KSS, JCP, GRPN, SHLD, MCP, RGR, BKS

Kohl's Corp. (NYSE: KSS) shed 3.88 percent in premarket after the department store chain guided first-quarter and full-year earnings below consensus. The company posted a 17 percent drop in fourth-quarter earnings as margins fell sharply.

[Related -Macy's, Inc. (NYSE:M): Cyber-Monday’S Biggest Winner?]

J.C. Penney Company Inc. (NYSE: JCP) tumbled 17.30 percent in premarket after the department store chain posted a quarterly loss as sales plunged and margins contracted sharply.

Groupon Inc. (NASDAQ: GRPN) plunged 26.95 percent in premarket after the daily deal website posted a quarterly loss and gave a downbeat revenue forecast.

Sears Holdings Corp. (NASDAQ: SHLD) gained 2.32 percent in premarket after the retailer announced fourth-quarter earnings and revenue that topped market expectations, helped by improvement in margins.

Molycorp Inc. (NYSE: MCP) stumbled 7.69 percent in premarket after the rare earth oxide (REO) producer delayed its 10-K filing over an impairment charge to be recorded for the fourth quarter.

Sturm, Ruger & Co. (NYSE: RGR) added 2.13 percent in premarket after the maker of firearms posted better-than-expected earnings on strong demand.

Barnes & Noble Inc. (NYSE: BKS) shed 2.82 percent in premarket after the bookstore chain posted a quarterly loss amid lower sales and NOOK inventory charges.  

Global Markets

European markets traded in green, with Germany's DAX up 0.59 percent to trade at 7,721.10. France's CAC40 added 0.09 percent to trade at 3,694.94. The U.K.'s FTSE 100 rose 0.28 percent to trade at 6,344.24.

Among Asian markets, the Shanghai Composite Index rose 2.26 percent to end at $2,365.59. Japan's Nikkei 225 climbed 2.71 percent to end at 11,559.36. Hong Kong's Hang Seng Index added 1.96 percent to close at 23,020.27. India's Sensex closed at 18,861.54, down 1.52 percent.   

Commodity & Currency Scan

Ahead of the opening bell, crude oil futures traded 0.09 percent higher at $92.68 per barrel. Gold futures retreated 0.33 percent to $1,5980.80 per ounce.

In the currency market, the euro slid 0.11 percent against the U.S. dollar to 1.3125, while the British pound added 0.29 percent to 1.5203. The dollar inched up 0.01 percent against the Japanese yen at 92.2500.



Post Comment -- Login is required to post message
Alert for new comments:
Your email:
Your Website:

rss feed

Latest Stories

article imageHas Warren Buffett Found The Best Investment In Oil?

Shares of oil stocks plunged again as the price of West Texas Intermediate wiped out nearly half of its read on...

article imageDemand For Safe-Haven Bonds Surged Last Week

The crowd piled into investment-grade bonds last week as economic worries triggered an exodus out of risky read on...

article imageThoughts on MetLife and AIG

In some ways, this is a boring time in insurance investing.  A lot of companies seem cheap on a book and/or read on...

article imageA 2016 Recession Would Be Different

If the US or the Eurozone entered a recession this year, a few macroeconomic variables would look very read on...

Popular Articles

Daily Sector Scan
Partner Center

Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.