Demonstrations in New York City continued for another day as hundreds gathered to protest a grand jury’s decision not to bring charges against Daniel Pantaleo for his part in a confrontation that ended with the death of an unarmed African-American man. A video of the incident has gone viral, bringing attention to a growing sense of distrust between civilians and police. The protests have remained peaceful so far, with hundreds gathering in main intersections to block traffic and complying when dispersed by police.
In other news around the markets:
- The European Central Bank announced on Thursday that it was not prepared to act yet, citing falling crude prices and weakening inflation as reason to remain cautious. ECB President Mario Draghi assured investors that the bank was willing and ready to act, but said the bank wants to see how inflation progresses before deciding what type of easing would be best for the region.
- Oil prices continued their tumble after Saudi Arabia said Thursday that it was planning to discount oil sales to the U.S. and Asia. Just days after the kingdom played a major role in blocking OPEC from a supply cut, many believe this decision to discount prices is an effort to protect Saudi market share.
- Barnes & Noble BKS announced that it will buy out Microsoft Corporation's MSFT 16.8 percent stake in Nook Media LLC. The U.S. bookstore will pay $125 million to complete the deal, and has agreed to create e-reading apps designed specifically for Microsoft Windows.
- The fast growing ride-share services Uber Technologies has received another round of funding worth $41 billion which will allow the company to develop a mobile app that allows users to book a ride from professional or non-professional drivers. Uber has been growing rapidly this year despite opposition from taxi companies and regulators who have challenged the service’s safety and validity, so a portion of the funding has been earmarked for defending the company’s services.
Asian Markets
Asian markets were mostly higher with the exception of the Shenzhen composite, which lost 1.45 percent. The NIKKEI was up 0.19 percent, the Shanghai composite gained 1.36 percent, the Hang Seng index rose 0.71 percent and the KOSPI was flat.
European Markets
Europe’s markets were up across the board; the FTSE rose 0.69 percent, the STOXX 600 was up 1.17 percent, the DAX gained 1.34 percent, the CAC 40 was up 1.36 percent and the MIB rose 2.10 percent.
Energy futures were lower; Brent futures lost 0.66 percent and WTI futures were down 0.84 percent. Gold and silver lost 0.36 percent and 0.81 percent respectively, while industrial metals were mostly higher with the exception of tin, which fell 0.22 percent.
The euro was steady at $1.2365, and gained 0.42 percent against the yen, but lost 0.27 percent against the pound. The dollar was also higher against the yen, up 0.48 percent, but the greenback lost 0.04 percent against the pound.
Earnings
Notable earnings released on Thursday included:
- Kroger KR reported third-quarter EPS of $0.69 on revenue of $25 billion, compared to last year’s EPS of $0.53 on revenue of $22.50 billion.
- Dollar General DG reported third quarter EPS of $0.78 on revenue of $4.72 billion, compared to last year’s EPS of $0.72 on revenue of $4.38 billion.
- Sears Holdings SHLD reported a third quarter loss of $2.71 per share on revenue of $7.21 billion, compared to last year’s loss of $2.95 per share on revenue of $8.27 billion.
- Barnes & Noble, Inc. BKS reported second quarter EPS of $0.12 on revenue of $1.69 billion, compared to last year’s EPS of $0.15 on revenue of $1.73 billion.
Stocks moving in the Premarket included:
- Carnival Corporation CCL was up 1.22 percent in premarket trade after rising 1.28 perking on Thursday.
- Apple Inc. AAPL rose 0.27 percent in premarket trade after falling 2.95 percent over the past week.
- Berkshire Hathaway Inc. (NYSE: BRK-B) was up 0.23 percent in premarket trade after rising 1.26 percent over the past five days.
- Intel INTC rose 0.19 percent in premarket trade after gaining 1.52 percent over the past week.
Notable releases expected on Friday include:
- Genesco Inc. DG report third quarter EPS of $1.28 on revenue of $722 million, compared to last year’s EPS of $1.43 on revenue of $666.33 million.
- Big Lots, Inc. BIG reported a third quarter loss of $0.06 per share on revenue of $1.11 billion, compared to last year’s loss of $0.16 per share on revenue of $1.14 billion.
Economics
Notable economic releases expected on Friday include eurozone GDP, Spanish industrial production, U.S. nonfarm payrolls, the U.S. unemployment rate, the U.S. trade balance, the Canadian trade balance.
For a recap of Thursday’s market action, click here.
Tune into Benzinga’s pre-market info show with Dennis Dick and Joel Elconin here.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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