Nov. 14 Premarket Briefing: 10 Things You Should Know
Here are 10 things you should know for Thursday, Nov. 14:
1.-- U.S. stock futures were rising Thursday after prepared comments by incoming Federal Reserve chief Janet Yellen suggested the central bank won't reduce its economic stimulus until March 2014 at the earliest.
Yellen is scheduled to testify before the Senate banking committee later Thursday at her confirmation hearing.
European stocks were higher in early trading. Asian shares ended Thursday's session with gains. Japan's Nikkei 225 jumped 2.1%.
2.-- The economic calendar in the U.S. Thursday includes weekly initial jobless claims at 8:30 a.m. EST, the trade balance for September at 8:30 a.m., and preliminary productivity and unit labor costs for the third quarter at 8:30 a.m.
3.--U.S. stocks on Wednesday rose, boosted by a strong quarter from department store operator Macy's
The S&P 500 gained 0.81% to 1,782, while the Dow Jones Industrial Average added 0.45% to 15,821.63. The Nasdaq popped 1.16% to 3,965.58.
In response, Boeing said it would begin a bid process to find a home for its 777X production line.
Union members who called for a no vote did so in protest of Boeing's push to end a traditional pension plan and increase their health care costs. Workers would have received a $10,000 signing bonus if they approved the deal.
6.-- Networking-equipment giant Cisco
Cisco reported revenue of $12.1 billion, an increase of 2% from the prior year's quarter, but below analysts' forecasts of $12.34 billion.
Excluding items, Cisco reported earnings of 53 cents a share, up from 48 cents a share a year earlier. Analysts were looking for earnings of 51 cents a share.
CEO John Chambers highlighted the "inconsistent" macro environment that has affected some of the company's peers this earnings season. Weakness in emerging markets also weighed heavily on Cisco's numbers, the CEO said.
7.-- Snapchat co-founder Evan Spiegel in recent weeks spurned an all-cash offer from Facebook
The offer, and rebuff, came as Snapchat, the mobile messaging startup, is being wooed by other investors and potential acquirers, according to the Journal. Chinese Internet company Tencent had offered to lead an investment that would value Snapchat at $4 billion, the Journal reported.