By Barbara Kollmeyer, MarketWatch
Lumber Liquidators, Box, Shake Shack among the movers
NEW YORK (MarketWatch) -- U.S. stock futures added to modest
gains and pointed to a positive day on Wall Street after a slew of
mixed economic reports on Thursday.
Retail sales
(http://www.marketwatch.com/story/retail-sales-drop-06-in-february-in-3rd-straight-decline-2015-03-12)slumped
in February for the third month in a row, missing forecasts that
pointed to a rise. Weekly jobless claims sank
(http://www.marketwatch.com/story/jobless-claims-drop-36000-to-289000-labor-market-stable-2015-03-12)by
more than expected to 289,000 in a sign that the labor market is
improving at a healthy pace. Meanwhile, U.S. import prices
(http://www.marketwatch.com/story/us-import-prices-climb-04-in-february-2015-03-12)climbed
last month for the first time in nine months.
Investors have been pouring over economic data for clues whether
the Federal Reserve would raise interest rates in the middle of
this year. While the key jobs report last Friday came in far better
than expected, other indictors, such as inventories and factory
orders, had pointed to a slowdown.
Futures for the Dow Jones Industrial Average (DJH5) were up 81
points, or 0.5%, to 17,719, while those for the S&P 500 index
(SPH5) were up 8.5 points, or 0.4%, to 2,048.25. Futures for the
Nasdaq-100 index (NDH5) were ahead by about 14.75 points, or 0.3%,
to 4,322.25.
Across global markets, the Nikkei 225 index
(http://www.marketwatch.com/story/japan-stocks-rise-to-15-year-high-2015-03-12)
rallied 1.4% to a 15-year high , while the Stoxx Europe 600
(http://www.marketwatch.com/story/resource-firms-lift-european-stocks-for-second-straight-day-2015-03-12)
added about 0.3%. The euro
(http://www.marketwatch.com/story/euro-hits-fresh-12-year-low-against-dollar-2015-03-12-21033857)(EURUSD)
dipped to a fresh 12-year low of around $1.0494 during Asia trade,
but moved back up to around $1.0639, while the dollar (USDJPY) also
eased against the yen.
Adding to the growing list of central banks cutting rates, South
Korea surprised markets
(http://www.marketwatch.com/story/south-korea-cuts-interest-rate-to-record-low-2015-03-11)
by easing its base rate a quarter of a percentage points to a
record low of 1.75%. That comes on the heels of a rate cut by
Thailand's central bank Wednesday.
Need to Know: Ignore the dollar and embrace the next stock dip
(http://www.marketwatch.com/story/ignore-the-dollar-and-embrace-the-next-dip-2015-03-12)
Retail sales on the radar: Wall Street had a slightly less
painful day on Wednesday
(http://www.marketwatch.com/story/us-stocks-futures-claw-back-some-ground-after-wall-street-meltdown-2015-03-11),
though major indexes still slipped 0.2% across the board as
investors continued to ponder the timing of the next Federal
Reserve rate hike. Policy makers could issue new guidance after
their March 17-18 meeting.
Also see: This was the best-performing stock sector for 87 years
(http://www.marketwatch.com/story/buy-the-best-performing-stock-sector-for-87-years-2015-03-11)
Stocks to watch: Shares of Citigroup Inc. (C) rose 3% in thin
premarket trading after it was among 28 of 31 big banks that got
the Fed's approval to return capital to investors
(http://www.marketwatch.com/story/federal-reserve-rejects-2-banks-capital-plans-in-stress-tests-2015-03-11).
The Fed late Wednesday rejected the capital plans of two large
banks, the U.S. units of Deutsche Bank AG (DB) and Banco Santander
SA (SAN).
Shares of Acadia Pharmaceuticals Inc
(http://www.marketwatch.com/story/shake-shack-shares-fall-6-after-earnings-miss-2015-03-11).(ACAD)
were down 25% in premarket trade after the drug maker said late
Wednesday it would delay submitting a new-drug application for
Nuplazid until later this year.
Shares of Box Inc.(BOX) were down 12% after the company, which
launched its IPO in January, posted a wider-than-expected loss
(http://www.marketwatch.com/story/box-inc-reports-wider-than-expected-loss-2015-03-11)on
higher costs.
Shake Shack Inc
(http://www.marketwatch.com/story/shake-shack-shares-fall-6-after-earnings-miss-2015-03-11).(SHAK)
was off about 6% after the burger chain missed fourth-quarter
earnings forecasts. Krispy Kreme Doughnuts Inc.(KKD) fell sharply
after the company posted disappointing sales growth
(http://www.marketwatch.com/story/krispy-kreme-reports-disappointing-sales-growth-2015-03-11-17485364).
Dollar General Corp. (DG) shares rallied after the retailer
posted quarterly results that matched Street estimates
(http://www.marketwatch.com/story/dollar-general-meets-on-profit-to-open-730-storese-in-2015-2015-03-12)
on profit and announced that it planned on opening 730 stores this
year.
Lumber Liquidators Holdings Inc. (LL) is up about 6%, after the
company came out and said same-store sales are down about 12.7%
since health concerns were raised in a "60 Minutes" report.
Hovanian Enterprises Inc.(HOV) is due to report results ahead of
the market open on Thursday.
Alibaba Group Holding Ltd.(BABA) will invest $200 million in a
deal for Snapchat that brings the messaging company's value up to
$15 billion, according to sources cited by The Wall Street Journal
(http://www.wsj.com/articles/alibaba-invests-in-snapchat-1426128199).
Valeant Pharmaceuticals Inc
(http://www.marketwatch.com/story/valeant-committed-to-salix-deal-despite-endo-offer-2015-03-11).(VRX)
said late Wednesday it remains "firmly committed" to its
$158-a-share offer for Salix Pharmaceuticals Ltd.(SLXP) despite a
higher bid from Endo International(ENDP).
Other markets: U.S. crude prices
(http://www.marketwatch.com/story/gold-rebounds-but-remains-near-november-lows-2015-03-12)(CLJ5)
rose but gains were muted after rising oil-supply data, while gold
prices
(http://www.marketwatch.com/story/gold-rebounds-but-remains-near-november-lows-2015-03-12)(GCJ5)
showed signs of a rebound.
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