A $100 Billion Bid and More Mixed Earnings: Morning Buzzers
Stock futures pointed to a higher open on Thursday. Data released by the U.S. Department of Labor show that the number of Americans filing for unemployment insurance fell 16,000 to 339,000. The four-week moving average declined 4,500 to 357,500.
Futures at 8:45 a.m.: DJIA: +0.30%, S&P 500: +0.46%, NASDAQ: +0.65%.
Here’s what’s buzzing on Thursday morning:
Verizon (NYSE:VZ) has reportedly hired advisers to help prepare a $100 billion cash-and-stock bid for Vodafone’s (NASDAQ:VOD) 45 percent stake in Verizon Wireless. Two people familiar with the matter tell Reuters that Verizon is still building the proposal, but could aggressively push the deal as soon as it is put together. Verizon stock was up about 1.1 percent in pre-market trading, while Vodafone was up about 3.8 percent.
QUALCOMM (NASDAQ:QCOM) reported strong fiscal second-quarter results on Wednesday after the closing bell, but issued a relatively weak guidance that had shares down nearly 5 percent in pre-market trading. Fiscal second-quarter revenue increased 23.89 percent to $6.12 billion, beating the average estimate of $6.07 billion. Adjusted earnings increased 15.84 percent to $1.17 per share, beating estimates for $1.16 per share. The company expects full-year earnings in a range between $4.40 and $4.55 per share, on the lower end of expectations for $4.54 per share.
Samsung (SSNLF.PK) attracted some attention when Lee Don Joo, president of the strategic marketing office at Samsung Mobile, said that “pre-order demand [for the Galaxy S4] is much strong than expected, so it’s difficult to rapidly boost supply in the short term.” Sprint (NYSE:S) and T-Mobile (DTEGF.PK) have both delayed launching the phone as a result…
Cliffs Natural Resources (NYSE:CLF) was up more than 7 percent in pre-market trading. The company reported that revenue decreased 9.78 percent to $1.14 billion, below estimates for $1.19 billion. Adjusted earnings decreased 29.41 percent to $0.60 per share, beating the mean estimate of $0.32 per share.
Zynga (NASDAQ:ZNGA) was off was much as 9.2 percent in pre-market trading. The beleaguered social game developer reported that revenue fell 17.87 percent to $263.6 million, ahead of estimates for $209.79 million. Adjusted earnings per share fell 83.3 percent to $0.01 per share, ahead of estimates for a loss of $0.04 per share. The company forecast future sales that fell short of some expectations.
Exxon Mobil (NYSE:XOM) was off about 0.70 percent. The company reported first-quarter profit of $2.12 per share, which beat estimates for $2.05 per share.
UPS (NYSE:UPS) reported first-quarter earnings of $1.04 per share, which beat estimates by 3 cents. Shares were up about 1.3 percent in pre-market trading.
3M Company (NYSE:MMM) was off about 3.3 percent in pre-market trading. The company reported earnings of $1.61 per share, which missed estimates by 4 cents.
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