Stock Futures Drop on Weak Private Payrolls Report
NEW YORK (TheStreet) -- U.S. stock futures were dropping Wednesday as January private payrolls data came in weaker than anticipated.
Automatic Data Processing on Wednesday reported that private employers added 175,000 jobs to payrolls in January, which was below consensus expectations of 185,000. The Labor Department reports nonfarm payrolls on Friday.
The rest of the economic calendar for Wednesday includes the ISM non-manufacturing index at 10 a.m. EST, while three Federal Reserve officials, including Fed Gov. Daniel Tarullo, Philadelphia Fed President Charles Plosser and Atlanta Fed President Dennis Lockhart, will speak.In company news, Twitter (TWTR) will report after the closing bell on Wednesday its first quarterly earnings as a public company. Wall Street is expecting the micoblogging social network to report a loss of 2 cents a share on revenue of $217.8 million. Time Warner (TWX) reported fourth-quarter earnings of $983 million, or $1.06 a share, compared with $1.11 billion, or $1.15 a share, in the year-earlier period. Adjusted profit was $1.17 a share. Revenue rose 5% to $8.57 billion.
Analysts forecast the media giant to post a fourth-quarter profit of $1.15 a share on revenue of $8.39 billion. Morgan Stanley (MS) reported late Tuesday afternoon that is would pay $1.25 billion to settle a mortgage-backed securities litigation with Fannie Mae (FNMA) and Freddie Mac (FMCC). Asian markets closed mixed on Wednesday. The Nikkei in Japan jumped 1.22%, while the Hang Seng in Hong Kong lost 0.6%. In Europe, the FTSE 100 in London was up 0.21%, and the DAX in Germany was off by 0.32%. -- Written by Joe Deaux in New York. >Contact by Email. Follow @JoeDeaux
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