Markets Edge Lower After Yesterday’s Rally: Morning Buzzers
U.S. stock futures edged down on Wednesday, indicating a lower open on Wall Street. Better than expected German industrial data had European stocks edging higher in mid-day trading, but yesterday’s post-record enthusiasm seems to have already moderated.
China reported a 14.7 percent jump in exports and a 16.8 percent jump in imports, beating respective consensus estimates of 11.0 and 14.0 percent. Fueled by the growth, the nation’s trade balance swung from an $880 million deficit in March to a surplus of $18.2 billion in April, beating estimates for a surplus of $14.0 billion. Par for the course, analysts have expressed skepticism about the accuracy of these figures.
Heading into the open: DJIA: -0.13%, S&P 500: -0.20%, NASDAQ: –0.07%.
Here’s what’s buzzing on Wednesday morning:
J.C. Penney Company (NYSE:JCP) climbed as much as 3.35 percent in pre-market trading after reporting preliminary first-quarter financial information. The retailer anticipates total sales of approximately $2.635 billion, a 16.4 percent decline from the year-ago period, and a 16.6 percent decline in comparable-store sales. The company added that the sales decline is partially attributable to both construction activities as well as “its prior pricing and marketing strategies, which are being changed under new leadership.” J.C. Penney will report full results on May 16.
Whole Foods Market (NASDAQ:WFM) climbed as much as 8.2 percent in pre-market trading after reporting fiscal second-quarter results. Revenue increased 13.4 percent on the year to $3.0 billion, in line with the average analyst estimate. Adjusted earnings increased 18.8 percent on the year to $0.76 per share, beating the average analyst estimate of $0.73 per share. Same-store sales increased 6.9 percent during the same period. The company also raised its fiscal-2013 earnings outlook to a range between $2.86 and $2.89 per share, as well as a two-for-one stock split.
Electronic Arts (NASDAQ:EA) stock was up as much as 7 percent in pre-market trading following its fiscal fourth-quarter earnings report on Tuesday.Revenue decreased by 23.98 percent on the year to $1.04 billion, meeting the average analyst expectation. Adjusted earnings increased 223.5 percent to $0.55 per share, missing the average estimate of $0.58 per share.
Toyota Motor Corp. (NYSE:TM) posted strong results for the fiscal year ended March 31, sending shares up as much as 2.2 percent. Fueled by strong sales and a weak yen, the company posted a net profit of $3.17 billion, beating estimates.
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