Wall Street is trying to break a week-long losing streak. Futures have been up this morning, in what has been a rare appearance of the green. Yesterday the Dow shed 61 points, and the S&P retreated further from 1,700. Two things that could move markets today are a new estimate of GDP which came in at an annual rate of 2.5% shy of expectations and weekly jobless claims which were significantly below estimates of 330,000 at 305,000. Yahoo Finance Senior Columnist Mike Santoli has more in the video above.
It's proving to be a real "fine" time for JPMorgan (JPM). There are several reports this morning that the bank could be forced to pay $11-billion to settle cases with the Feds. That's up from a figure of $7-billion being floated just yesterday. JPM faces a number of criminal and civil cases stemming from problematic mortgage-backed securities. The stock is up nearly a percent in the premarket, following an advance of nearly 3% yesterday. However, it's still down 3.5% over the past week in the wake of the London Whale settlement. Right now, shares are up 16% so far in 2013.
You'll no longer be able to pick a BlackBerry (BBRY) at T-Mobile. The cell carrier says it's pulling the devices from shelves. It's the latest indication that the Q10 and Z10 phones have gotten crushed by Apple (AAPL) and Android offerings. And the company itself seems to be shriveling too, even as it moves towards a buyout. Shares are up slightly at this hour, but fell more than 6% yesterday. That brings their 5-day performance to a loss of 22%, and year-to-date the stock is now down 32%.
Twitter has teamed-up with the NFL. Soon the social media service will feature game highlights, and other content from the league. The announcement comes as Twitter readies for an IPO. In fact, it has just added JP Morgan and Morgan Stanley (MS) to the banks that will help with the offering.
STOCKS TO WATCH
J.C. Penney (JCP) has been down as much as 12% this morning, following a 15% plunge yesterday. Reuters is reporting that Penney wants to raise as much as $1-billion in new equity. The goal here: to build up cash reserves ahead of the holiday season. Yesterday's drop in the stock brought shares prices to their lowest level in 13 years. Even before this morning's drop, shares were down 49% year-to-date.
Bed, Bath & Beyond (BBBY) has been up as much as 6.5% since reporting earnings after yesterday's closing bell. The company nudged past estimates on both the top and bottom lines making $1.16 a share on $2.82-billion in revenues. The numbers represent an 11% increase in profits over last year, and same-store sales were up nearly 4%. Prior to the report, the stock was up 32% year-to-date.
Nike (NKE) reports after the closing bell, in what could be called the new "kick-off" to earnings season. The company is expected to post profits of 78-cents a share up from 64-cents last year on revenue just shy of $7-billion. At this point, the stock is up 33% year-to-date, and 44% in the last 52-weeks, leading some to question whether the stock has had too much of a run-up. Analyst Brian Yarbrough at Edward Jones tells the Wall Street Journal he'll be watching for a slowdown in North America or a failure to resume modest growth in China.
Caesars (CZR) has been down more than 6% since yesterday's close, following a drop of more than 7% during the regular session. Caesars has announced a secondary offering of 10-million shares, diluting what's already on the market. This, coming from a company that's been reporting quarterly losses, plus a drop in traffic at its casinos. As of yesterday's close, Caesar's stock has been up 182% year-to-date.
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