T-Mobile US Debuts and Merck Misses the Mark: Morning Buzzers

Stock futures edged lower on Wednesday morning following an underwhelming jobs report. The ADP National Employment Report showed that private-sector employment increased by 119,000 from March to April, the slowest rate of growth since September and below expectations for an increase of 155,000.

Futures at 8:45 a.m.: DJIA: -0.13%, S&P 500: -0.06%, NASDAQ: +0.09%.

Here’s what’s buzzing on Wednesday morning:

Apple (NASDAQ:AAPL) edged up about 0.5 percent in pre-market trading on Wednesday. In order to finance its massive $60 billion share repurchase program without having to move in cash from overseas (and pay repatriation taxes), Apple sold $17 billion in corporate bonds, the largest offering in history. Data compiled by Bloomberg show that Apple issued $3 billion of floating-rate notes and $14 billion of fixed-rate notes in securities with maturing ranging from three to 30 years.

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Merck & Co. (NYSE:MRK) got the day off to a bad start after it reported first-quarter financial results that didn’t quite live up to analyst expectations. The drug manufacturer reported that revenue declined 9 percent to $1.67 billion, missing the average estimate of $11.09 billion. Adjusted earnings decreased 14 percent to $0.85 per share, but still beat the average estimate of $0.79 per share… (Read more.)

T-Mobile US (NYSE:TMUS) will begin trading on the New York Stock Exchange today. The move punctuates the completion of the combination of T-Mobile USA and MetroPCS Communications (NYSE:PCS). Using 2012 numbers, the combined entity would have had revenues of $24.8 billion, $6.4 billion adjusted EBITA, $2.7 billion in free cash flow, and 43 million subscribers.

Comcast Corp. (NASDAQ:CMCSA) was up about 1.9 percent in pre-market trading following its first-quarter earnings report. Revenue rose 2.9 percent to $15.31 billion, just shy of the average estimate of $15.41 billion. Adjusted earnings increased 13.3 percent to $0.51 per share, beating the average estimate of $0.50 per share.

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