Other companies reporting before the open include
The late roster features
Wednesday's economic calendar features the Mortgage Bankers Association's weekly application activity index at 7 a.m. ET; the ADP employment change report for February at 8:15 a.m. ET; the revised reads on productivity and unit labor costs for the fourth quarter at 8:30 a.m. ET; weekly crude inventories at 10:30 a.m. ET; and consumer credit for January at 2:00 p.m. ET.
The ADP report should get the most attention ahead of Friday's February employment change report, and the consensus is for an increase of 218,000. Ian Shepherdson, chief U.S. economist at
High Frequency Economics
, said a 200K reading from ADP would likely translate to a rise of close to 250,000 in non-farm payrolls on Friday.
And finally, Tuesday must feel like one of those days the music died they sing about for investors in
(P - Get Report)
, which dropped more than 20% in heavy
after the streaming music company surprised Wall Street with a
wider than expected loss
The company also dashed hopes that it would be profitable in the current fiscal year, forecasting a non-GAAP loss of 11 to 16 cents a share on revenue of $410 million to $420 million. The current average estimate of analysts polled by Thomson Reuters is for earnings of a penny per share on revenue of $418.3 million.
The stock was last quoted at $11.14, down 22%, on volume of more than 3 million, according to
. At that level, the shares are trading 30% below their mid-June IPO pricing at $16 per share.
The winner in extended trades was
(P - Get Report)
, which soared on news that it's received marketing approval for Surfaxin, a preventive treatment of respiratory distress syndrome in high-risk premature infants.
Discovery Labs, whose stock hit a new 52-week high of $4.57 in Tuesday's regular session, expects to be able to make the drug commercially available in the United States later this year. The shares soared as high as $6.85 in late trades, and were last quoted up more than 35% at $5.14 on volume of 2.4 million.
Written by Michael Baron in New York.
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