By Sara Sjolin, MarketWatch
Facebook slips premarket after revenue takes currency hit
U.S. stocks were poised for a pullback on Thursday, as futures
dropped amid a cascade of earnings reports led out by General
Motors, Procter & Gamble and Caterpillar.
Investors also are waiting for new home-sales data, coming a day
after a stellar reading on existing-home sales. A report on jobless
claims is also due.
Futures for the Dow Jones Industrial Average (YMM5) dropped 62
points, or 0.3%, to 17,882, while those for the S&P 500 index
(ESM5) fell 7.45 points, or 0.4%, to 2,092. Futures for the
Nasdaq-100 index (NQM5) gave up 15.25 points, or 0.3%, to 4,430.2,
indicating the benchmark will struggle to reach a record on
Thursday.
On Wednesday, the Nasdaq (RIXF) rose for a third straight
session (http://www.marketwatch.com/storyno-meta-for-guid) to sit
only 13 points below its record close, reached on March 10, 2000.
The other benchmarks also climbed, getting a boost from
better-than-expected earnings and the existing-homes data.
Data: Weekly jobless claims are due at 8:30 a.m. Eastern Time
Thursday. They are forecast to show 288,000 Americans filed for
unemployment benefits last week, down from 294,000 the previous
week, according to economists polled by MarketWatch.
At 9:45 a.m. Eastern, Markit's preliminary report on the
manufacturing purchasing managers index for April is due. Flash
PMIs out of Europe released earlier on Thursday showed growth
weakened at the start of the second quarter
(http://www.marketwatch.com/story/eurozone-economy-slows-in-april-pmis-show-2015-04-23).
More housing numbers are due on Thursday, with new-home sales
for March on tap at 10 a.m. Eastern. Economists surveyed by
MarketWatch expect the annual rate to drop to 504,000 after jumping
to a seven-year high in February
(http://www.marketwatch.com/story/what-winter-blahs-sales-of-new-homes-hit-7-year-peak-2015-03-24).
Earnings: On an very busy day for earnings, General
Motors(GM.XX) is projected to report first-quarter earnings of 95
cents a share ahead of the bell, according to a consensus survey by
FactSet.
Caterpillar Inc.(CAT) is expected to report first-quarter
earnings of $1.35 a share, while PepsiCo Inc.(PEP) is projected to
report first-quarter earnings of 79 cents a share.
Dow Chemical Co.(DOW) climbed 1% ahead of the bell after the
company posted better-than-forecast first quarter earnings.
Procter & Gamble Co.(PG) reported fiscal third-quarter
profit that matched estimates
(http://www.marketwatch.com/story/procter-gamble-sales-fall-short-of-estimates-2015-04-23),
but fell short on sales. Shares rose 0.6% premarket.
Dunkin' Brands Group Inc.(DNKN)reported first-quarter earnings
above analyst forecasts and boosted its 2015 outlook
(http://www.marketwatch.com/story/dunkin-brands-boosts-2015-outlook-2015-04-23),
sending the shares up 6.9% ahead of the market open.
Also reporting premarket, Eli Lilly & Co.(LLY) said adjusted
earnings per share rose to 87 cents, beating expectations of 76
cents.
Tech giants fill out the results docket after the market closes.
Google Inc.(GOOGL) is forecast to post first-quarter earnings
(http://www.marketwatch.com/story/what-to-watch-for-in-googles-earnings-2015-04-20)
of $6.61 a share, while Microsoft Corp. (MSFT) is expected to
report earnings
(http://www.marketwatch.com/story/what-to-watch-for-in-microsofts-earnings-2015-04-21)
of 51 cents a share in the first quarter.
Amazon.com Inc.(AMZN) is likely to post a loss
(http://www.marketwatch.com/story/what-to-watch-for-in-amazons-earnings-2015-04-20)
of 16 cents a share in the first quarter.
StarbucksCorp.(SBUX) is forecast to post fiscal second-quarter
earnings
(http://www.marketwatch.com/story/what-to-look-for-in-starbucks-earnings-2015-04-20)
of 33 cents a share.
Movers and shakers: Shares of Facebook Inc.(FB) lost 2% ahead of
the bell after the social-media company late Wednesday said
currency effects hit its first-quarter revenue
(http://www.marketwatch.com/story/facebook-revenue-hit-by-currency-impact-2015-04-22),
which came in below analyst expectations.
Qualcomm Inc.(QCOM) lost 2.4% premarket. The chip maker late
Wednesday reported a slump in second-quarter earnings
(http://www.marketwatch.com/story/qualcomm-beats-earnings-cuts-semiconductor-outlook-2015-04-22).
AT&T Inc. (T) ticked 0.8% higher on the back of a slightly
better-than-expected earnings report on Wednesday
(http://www.marketwatch.com/story/att-adds-441000-core-wireless-subscribers-2015-04-22-164851122).
U.S.-listed shares of Ericsson AB (ERICY) tanked 13% after the
Swedish telecom-equipment maker posted earnings below forecasts
(http://www.marketwatch.com/story/ericsson-posts-weaker-than-forecast-profit-2015-04-23),
saying higher operating costs and lower spending by the U.S.
network operators had weighed on its earnings.
Arris Group Inc. (ARRS) rallied 16% after the network-gear maker
said it is acquiring U.K. tech company Pace PLC for $2.1 billion.
Pace shares surged 33% in London.
Other markets:European stocks traded mostly lower
(http://www.marketwatch.com/storyno-meta-for-guid) after the
disappointing PMIs. Investors are also closely monitoring news
about Greece's reform talks ahead of a key meeting of eurozone
finance ministers on Friday. Greek Prime Minister Alexis Tsipras is
due to meet German Chancellor Angela Merkel in Brussels on
Thursday.
Asian markets closed mixed
(http://www.marketwatch.com/story/hong-kong-stocks-slip-after-soft-china-data-2015-04-23),
while metals traded higher. Oil prices
(http://www.marketwatch.com/storyno-meta-for-guid)(CLM5) slipped
and the ICE dollar index
(http://www.marketwatch.com/storyno-meta-for-guid)(DXY) was flat
around 97.96.
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