Changing Of The Guard And Lowered Expectations: Morning Buzzers
U.S. stock futures tanked after March served up yet another disappointing labor market report. The Bureau of Labor Statistics reported that while the U-3 headline unemployment rate technically edged down to 7.6 percent in March, there were just 88,000 additions to private non-farm payrolls. This is a far cry from expectations for about 200,000 additions.
At 8:45 a.m.: DJIA: -0.93%, S&P 500: -1.07%, NASDAQ: -1.05%.
Here’s what’s buzzing on Friday morning:
Hewlett-Packard (NYSE:HPQ) closed Thursday up 1.78 percent and retreated fractionally in post-market trading. The company announced that chairman of the board Ray Lane and two other directors will step down. Lane commented: “After reflecting on the stockholder vote last month, I’ve decided to step down as executive chairman to reduce any distraction from HP’s ongoing turnaround.”
F5 Networks (NASDAQ:FFIV) fell as much as 17.5 percent in post-market trading after the networking company announced that second-quarter results are expected to come in below guidance. The company is now expecting revenue of $350.2 million instead of in a range between $370 and $380 million. Earnings are expected in a range between $0.79 to $0.80 per share, instead of in a range between $1.06 and $1.07 per share.
Boeing (NYSE:BA) is charging forward with the re-certification process for the 787 Dreamliner aircraft that was grounded as the result of batter malfunction. After weeks of redesign and testing, the Federal Aviation Administration is scheduled to ride along on a test flight as early as Friday.
Disney (NYSE:DIS) will reportedly be laying off workers from its studio and consumer product divisions within the next two weeks. People with knowledge of the matter tell Reuters that the cuts will be focused in the marketing and home video units. This follows news that Disney will begin layoffs at the recently-acquired video-game arm of Lucas Film.