Feb. 27 Premarket Briefing: 10 Things You Should Know
Here are 10 things you should know for Thursday, Feb. 27:
1.-- U.S. stock futures were pointing to a lower open for Wall Street on Thursday while European shares declined on rising tensions in Ukraine.
Asian stocks ended the session mixed. Japan's Nikkei 225 closed lower by 0.3%
2.-- The economic calendar in the U.S. on Thursday includes weekly initial jobless claims at 8:30 a.m. EST, and durable-goods orders for January at 8:30 a.m. Federal Reserve Chairwoman Janet Yellen is scheduled to testify before the Senate Banking Committee in Washington at 10 a.m.
3.-- U.S. stocks on Wednesday closed little changed after January's new home sales beat expectations, while retailers dominated gains.
The S&P 500 effectively finished unchanged at 1,845.16, while the Dow Jones Industrial Average gained 0.13% to close at 16,200.34. The Nasdaq rose 0.1% to 4,292.06.
4.-- Reports were emerging that dozens of heavily armed pro-Russia gunmen have seized control of local government buildings in the Ukrainian region of Crimea.
While Russia has raised questions over the legitimacy of the new Ukrainian authorities after President Viktor Yanukovych fled Kiev last week and has initiated surprise military drills, Ukraine has put its domestic security forces on high alert and urged Russian forces not to leave their base in southern Crimea.
5.-- Tesla Motors
The carmaker said it expects to reach production unit rates of 500,000 cars per year by 2020 because of the Gigafactory, faster than Morgan Stanley analyst Adam Jonas had noted.
Tesla said because of Gigafactory, battery costs would come down more than 30% by 2017, when the mass market, Gen III vehicle is slated to appear.
The factory is expected to require anywhere from between 500 and 1,000 acres, taking up 10 million square feet and housing up to 6,500 employees.
Tesla said it is choosing among four states to get the battery packs to its plant in Fremont, Calif.: Arizona, Texas, Nevada and New Mexico.
The company and its partners will invest between $4 and $5 billion into the plant by 2020, with $2 billion coming from Tesla alone. Tesla didn't specify who would be partnering on the plant.
Tesla shares rose 3.3% in premarket trading on Thursday to $261.41.
6. -- Best Buy
Net income after paying preferred dividends totaled $293 million, or 83 cents a share, a reversal from a year-earlier loss of $409 million, or $1.21 a share.
Excluding results from discontinued operations, net income was $1.24 cents a share, topping the forecasts of $1.01 a share.
Revenue fell 3% to $14.47 billion. Analysts expected revenue of $14.66 billion.