Market Overview

US Stock Futures Flat Ahead Of Economic Data, Wal-Mart Earnings

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US Stock Futures Flat Ahead Of Economic Data, Wal-Mart Earnings
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Pre-open movers

US stock futures traded mostly flat in early pre-market trade, ahead of economic data and earnings from Wal-Mart Stores (NYSE: WMT). The consumer price index for April, the Empire State manufacturing index for May and initial jobless claims data will be released at 8:30 a.m. ET. Data on Industrial production for April will be released at 9:15 a.m. ET, while the general conditions index of the Philadelphia Fed's Survey and the NAHB housing market index for May will be released at 10:00 a.m. ET. Futures for the Dow Jones Industrial Average dropped 2 points to 16,585.00, while the Standard & Poor's 500 index futures fell 1.30 points to 1,884.00. Futures for the Nasdaq 100 index gained 1.50 points to 3,597.75.

A Peek Into Global Markets

European markets were mixed today, with the Spanish Ibex Index dropping 0.56%, STOXX Europe 600 Index rising 0.01%. German DAX 30 index climbed 0.14%, French CAC 40 Index fell 0.17% and London's FTSE 100 Index gained 0.12%. The euro-zone GDP expanded 0.2% in the first quarter, versus estimates of a 0.4% gain.

In Asian markets, Japan's Nikkei Stock Average dropped 0.75%, Hong Kong's Hang Seng Index rose 0.66%, China's Shanghai Composite Index fell 1.12% and India's BSE Sensex surged 0.38%.

Broker Recommendation

Analysts at FBR Capital downgraded Urban Outfitters (NASDAQ: URBN) from “outperform” to “market perform.” The target price for Urban Outfitters has been lowered from $44 to $37.

Urban Outfitters' shares closed at $36.67 yesterday.

Breaking news

  • Kindred Healthcare (NYSE: KND) today announced a proposal to acquire all of the outstanding shares of common stock of Gentiva Health Services (NASDAQ: GTIV) for a combination of $7.00 per share in cash and $7.00 of Kindred common stock. To read the full news, click here.
  • Sorrento Therapeutics (NASDAQ: SRNE) announced the pricing of an underwritten public offering of 4,765,000 shares of common stock at a public offering price of $5.25 per share. To read the full news, click here.
  • Harmonic (NASDAQ: HLIT) announced today that its board of directors has approved an $80 million increase to the Company's ongoing share repurchase program. To read the full news, click here.
  • In a move to expand significantly its portfolio of leading solutions for peripheral interventions, Boston Scientific (NYSE: BSX) has entered into a definitive agreement to acquire the Interventional Division of Bayer AG for $415 million in cash, including fees for transitional services. To read the full news, click here.

Posted-In: FBR Capital US Stock FuturesNews Eurozone Futures Global Pre-Market Outlook Markets

 

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