Stock Futures Hold Gains After ADP Data
Meanwhile, the Bureau of Labor Statistics said that nonfarm labor productivity in the third quarter rose 2.9% after the previously reported increase of 1.9%. Economists predicted a 2.7% rise.
At 10 a.m., the Census Bureau is expected to say that factory orders were flat in October after rising by 4.8% in September.
Also at 10 a.m., the ISM Non-Manufacturing Index is predicted to show a decline to 53.5 in November from 54.2 in October.
The FTSE 100 in London was up 0.14% Wednesday, while the DAX in Germany was up 0.19%. Japan's Nikkei average finished up 0.39% and Hong Kong's Hang Seng index closed up by 2.15%.Gold for February delivery was rising $7.80 at $1,703.60 an ounce at the Comex division of the New York Mercantile Exchange, while January crude oil contracts were up 8 cents at $88.58 a barrel. The benchmark 10-year Treasury was up 1/32, diluting the yield to 1.605%. The dollar was up 0.13%, according to the U.S. dollar index. In corporate news, Netflix (NFLX) and Walt Disney (DIS) agreed on Tuesday to a movie-licensing deal. Netflix shares were down 0.52% and Disney shares were up 0.39% in premarket trading. Pandora Media (P) said third-quarter earnings more than tripled to $2 million as revenue rose 60% to $120 million but the Internet radio company on Tuesday issued a downbeat forecast for the fourth quarter. Shares were plunging more than 15%. Mattress Firm (MFRM) reduced its adjusted earnings outlook for the year as traffic at the specialty bedding retailer decelerates. Shares were dropping 21%. Chipmaker Altera (ATLR) said Tuesday it expects fourth-quarter sales to fall 8% to 10% from third-quarter sales of $495 million; it previously forecast sales to drop 6% to 8%. The company cited weak demand for its older products. Shares were declining 2%. Facebook (FB) shares were rising more than 1.5% as the social networker got ready to join the Nasdaq 100 later this month, replacing Infosys (INFY) in the index. The Securities and Exchange Commission launched an inquiry into a $10 million sale of stock by Big Lots (BIG) CEO Steven Fishman before the company announced news that sank the stock, a person familiar with the inquiry told The Wall Street Journal. Big Lots said that Fishman announced his retirement on Tuesday. The retailer said it hadn't been contacted by the SEC and that Fishman's retirement was coincidental to any regulatory interest, the newspaper reported. Shares were sliding 0.83%. Nokia (NOK) ADRs were popping more than 3% after the Finnish mobile phone company announced with China Mobile the Lumia 920T, the first TD-SCDMA Windows phone in China. Nokia also announced the introduction of the Nokia Lumia 620, the third and most affordable in its range of Windows Phone 8 smartphones. -- Written by Andrea Tse in New York.
>To contact the writer of this article, click here: Andrea Tse. Follow @Commodity_Bull
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV