10 Things You Need To Know Before The Opening Bell
Good morning. Here's what you need to know.
- Asian markets were mixed in overnight trading with the Shanghai Composite rising 1.39 percent on speculation that government will boost consumption and loosen monetary policy. Europe is lower and U.S. futures are flat.
- Spain officially entered a recession. The Spanish economy contracted 0.3 percent in the first quarter, and shrank 0.4 percent year-over-year according to final figures.
- JP Morgan's loss has surged past its initial estimate of $2 billion, and is now at $3 billion. Hedge funds believe the bank is stuck in a position that it can't unwind from and they're betting against it.
- Wal-Mart reported earnings of $1.09 per share from continuing operations, above guidance. Same store sales were up 2.6 percent in part because of warm weather.
- Customers of the major Spanish bank Bankia have withdrawn over €1 billion from the bank in the past week. The stock was off 20 percent this morning.
- Initial jobless claims will be released at 8:30 a.m. ET, followed by the Philadelphia Fed Survey for May at 10 a.m. ET. Consensus is for a drop in initial claims to 365K and for a general business conditions index level of 10.
- Facebook announced yesterday that it was increasing the size of its IPO by 25 percent. 57 percent of the Facebook stock being offered in the IPO is now from insider selling. Goldman Sachs Group, Tiger Global Management, and Facebook director Peter Thiel have more than doubled the amount of stock they plan to sell.
- Royal Bank of Canada and Credit Suisse are among bidders for the non-U.S. wealth management business of Bank of America in a deal that could be worth $2 billion.
- Japan's economy grew 1 percent in the first quarter, beating expectations. Meanwhile, it had an annualized growth rate of 4.1 percent, but analysts warned that this growth can't be sustained.
- Bill Ackman was at the Ira Sohn conference yesterday pitching J.C. Penney. The company's stock had been battered and Ackman has been long J.C. Penney for a while, but he said the best investment ideas are contrarian and that the retailer could earn $6 per share by 2015.
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