JPMorgan Reports Earnings and Chipotle Cuts Outlook: Morning Buzzers
Stock futures were mixed on Wednesday morning following a bevy of mixed economic news from around the world. Japan’s Nikkei index dropped over 2.5 percent, while the World Bank cut its global GDP growth outlook.
At 8:55 a.m.: S&P: -0.16%, Dow: -0.40%, NASDAQ: +0.13%.
The Consumer Price Index for All Urban Consumers was unchanged in December, according to the Bureau of Labor Statistics. The CPI-U climbed 1.7 percent over the past 12 months, while the core index less food and energy climbed 0.1 percent.
Japan’s two largest airlines, All Nippon Airways and Japan Airlines, have grounded their fleets of Boeing (NYSE:BA) 787 Dreamliners after one was forced to make an emergency landing after battery issues on a domestic flight. Japan’s transport ministry categorized the problem as “serious” but said the grounding of 24 total planes was voluntary. This comes amid a review of the plane by the Federal Aviation Administration in the U.S. Shares of Boeing were off as much as 3.3 percent in the pre-market…
Shares of JPMorgan Chase (NYSE:JPM) were off as much as 1 percent in the pre-market after the bank released its fourth-quarter earnings. Revenue rose 10 percent year over year, while net income increased 53 percent to $1.39 per diluted share for the same period. The bank still faces regulatory sanctions related to a huge trading loss last year.
Shares of Chipotle Mexican Grill (NYSE:CMG) fell as much as 7.8 percent in the pre-market after the company announced fourth-quarter projections below analyst estimates. The restaurant is expecting diluted earnings per share between $1.92 and $1.97, below the $2.09 analysts were looking for.
Dell (NASDAQ:DELL), currently in the throws of buyout speculation, has surged 21.5 percent over the past 5 trading days. But the rally is apparently running out of steam, and catalyzed by a downgrade from analysts at Argus (from “Buy” to “Hold”) shares were off 3.3 percent in the pre-market.
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