By Barbara Kollmeyer, MarketWatch
Ctrip soars on Priceline stake
Ctrip soars on Priceline stake
MADRID (MarketWatch) -- Stock futures moved modestly higher on
Thursday, but gains weren't meaningful, as the market awaited a
press conference from the European Central Bank, which left key
rates unchanged.
Weekly jobless claims were also ahead, while Russia was in the
headlines after revealing the specifics of its food-import ban,
introduced in retaliation against sanctions.
Futures for the Dow Jones Industrial Average (DJU4) rose 27
points to 16,422, while the S&P 500 index (SPU4) gained 4.2
points to 1,919. Futures for the Nasdaq-100 index (NDU4) tacked on
5 points to 3,873.75.
Weekly jobless claims data will be released at 8:30 a.m. Eastern
Time. Economists polled by MarketWatch expect initial jobless
claims to edge up to 305,000 in the seven days ended Aug. 2, from
302,000 in the prior week. If claims stay low, that will be taken
by some as a sign that companies plan to hire modestly and avoid
big layoffs.
At 3 p.m. Eastern Time, the Federal Reserve will report on
consumer credit for June.
European questions
Stock futures stayed more or less where they were after the ECB
said it would leave key rates unchanged. Wall Street put on a
lackluster performance on Wednesday, with the S&P 500 index
(SPX) finishing flat at 1,920.23 and the Dow Jones Industrial
Average (DJI) inching up 0.1% to 16,443.34. Also: A big week for
IPOs could have sparked last week's S&P selloff.
Analysts will now be looking for ECB President Mario Draghi to
use his monthly news conference to elaborate on rate cuts of two
months ago. The press conference is scheduled for 8:30 a.m. Eastern
Time. See ECB preview: The charts that should keep Mario Draghi up
at night
The Q&A session is expected to be dominated by questions
about the impact of sanctions on Russia to the euro zone, as well
as worrying developments in some of the region's biggest economies,
such as Germany. Adidas AG posted a 16% profit drop and said it
won't meet its 2015 profit outlook.
Meanwhile, Russia has banned a wide range of foodstuffs from the
U.S., members of the European Union and other nations.
European stocks had trouble getting started, with the main Stoxx
600 index flat. In Asia, the Shanghai Composite Index tumbled 1.3%
and Hong Kong's Hang Seng Index fell to its lowest settlement in
nearly two weeks as casino shares dropped.
Corporate front
Mylan Inc.(MYL) eased 1% in premarket after posting a 30% fall
in earnings as higher expenses masked a revenue rise for the
generic-drug company.
Shares of Keurig Green Mountain Inc.(GMCR) may follow up a
late-session loss with more downside in premarket trading. The
coffee company reported quarterly sales below estimates.
Priceline Group Inc.(PCLN) said after the close of markets on
Wednesday that it plans to take a $500 million stake in Ctrip.com
International Ltd. (CTRP), China's largest online travel company.
The two companies already have a commercial agreement. Ctrip
rallied 12% in premarket trading.
Shares of iDreamSky Technology Ltd. (DSKY) will begin trading on
the Nasdaq Thursday. The company describes itself as the biggest
independent mobile-game publishing platform in China. Read more
about what to know about the iDreamSky IPO.
Also read: A big week for IPOs could have sparked last week's
S&P selloff.
In other markets, gold prices (GCU4) pulled back but held above
the $1,300-an-ounce level, while oil (CLU4) eased off and the
dollar (DXY) inched higher.
More must-reads from MarketWatch:
This market expert sees stocks up another 70%
These eight health-care stocks could rise up to 75%
Cash-rich spending spree is sign of a growing tech bubble
Subscribe to WSJ: http://online.wsj.com?mod=djnwires