April 16 Premarket Briefing: 10 Things You Should Know
Here are 10 things you should know for Wednesday, April 16:
1.-- U.S. stock futures were rising after growth in China, the world's second-largest economy, expanded 7.4% from a year earlier, the slowest expansion since the third quarter of 2012, but better than forecasts.
European stocks were higher in early trading. Asian stocks ended the session with gains. Japan's Nikkei 225 index jumped 3%.
2.-- The economic calendar in the U.S. on Wednesday includes housing starts and building permits for March at 8:30 a.m. EDT, industrial production and capacity utilization for March at 9:15 a.m., and the Federal Reserve's "Beige Book" for April at 2 p.m.
3.-- U.S. stocks on Tuesday recovered to close higher following midday losses.
The Dow Jones Industrial Average gained 0.55% to close at 16,262.56, while the S&P 500 rose 0.58% to 1,842.98. The Nasdaq rose 0.29% to 4,034.16.
4. -- Intel
Excluding items, Intel earned 38 cents a share in the quarter, down from 40 cents a share in the same period a year earlier. Analysts were looking for earnings of 37 cents a share.
The semiconductor giant reported revenue of $12.8 billion, up from $12.58 billion in the prior year's quarter, but below analysts' estimates of $12.81 billion.
5. -- Bank of America
Adjusted earnings are predicted to rise to 27 cents a share from 20 cents a year earlier.
6. -- Yahoo!
Sunnyvale, Calif.-based Yahoo! posted adjusted earnings of 38 cents a share in the quarter on revenue of $1.09 billion, excluding traffic acquisition costs (TAC).
For the quarter, the company noted that display revenue ex-TAC was $409 million, a 2% increase from a year earlier, as the number of ads increased 7% year over year. The price per ad, however, continued to trend lower, falling 5% in the first quarter.
Search revenue jumped 9% year over year, rising to $444 million excluding TAC, as paid clicks increased about 6% from first quarter of 2013, and price-per-click rose about 8%.
7. -- Profit at Chinese e-commerce giant Alibaba more than doubled in the fourth quarter to more than $1.3 billion as revenue at thecompany topped $3 billion.
The company's revenue growth and rising profit margins augur well an expected initial public offering in the United States.
Yahoo! is a 24% owner of Alibaba.
8. -- Google