News Summary for August 3, 2011
This is your Benzinga news summary and traders' outlook for Wednesday, August 3, 2011, covering headlines from overnight and Wednesday's pre-market session.
Today in domestic pre-market trading, U.S. equity futures are set to rebound today after moving into negative territory for the year accompanied by concerns of a slowing economy. At last check, Dow futures are up over 40 points as Moody's and Fitch maintains the U.S. debt rating at AAA, however, assigns a negative outlook.
Overseas, European markets were lower this morning. Britain's FTSE 100 fell 1.1% and France's CAC 40 slid 0.6% on the session. Asian stocks ended the session lower as well. China's Shanghai Index fell 0.3%, Japan's Nikkei 225 tumbled 2.1%, and Hong Kong's Hang Seng Index slid 1.9%.
On the economic calendar, MBA Mortgage Applications came in this morning at 7.1% versus a -5.0% prior reading. Challenger Job Cuts came in at 59.4% versus a 5.3% prior reading. ADP Employment Change is due at 8:15 a.m.; the ISM Non-Manufacturing Index and Factory Orders are set to be reported at 10:00 a.m.
On the commodity front, gold and silver futures are higher in pre-market trading, with gold hitting new all-time highs over night at $1675.90 per ounce. Energy futures are lower with crude oil down about $0.50 at $93.02 per barrel and gasoline futures trading lower by about 1%. Natural gas futures are trading flat this morning and copper futures are lower by 0.75% this morning.
On the earnings front, Comcast (NASDAQ: CMCSA) reported Q2 EPS of $0.42 on revenues of $14.33 billion; The Street was looking for $0.41 per share on revenues of $13.83 billion.
Time Warner (NYSE: TWX) reported Q2 EPS of $0.60 on revenues of $7 billion; The Street was looking for $0.56 per share on revenues of $6.81 billion.
Agrium (NYSE: AGU) reported Q2 EPS of $4.54 on revenues of $6.2 billion; The Street was looking for $4.29 per share on revenues of $5.48 billion.
In corporate news, Global Traffic Network (NASDAQ: GNET) today announced that it has entered into a definitive merger agreement to be acquired by an affiliate of GTCR for $14 per share.
This concludes your news summary for August 3, 2011.
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