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April 4 Premarket Briefing: 10 Things You Should Know

Updated from 6:56 a.m. EDT

Here are 10 things you should know for Friday, April 4:    

1.-- U.S. stock futures were rising slightly Friday ahead of the U.S. jobs report.

European stocks rose modestly in early trading. Asian shares ended the session mixed. Japan's Nikkei 225 index fell 0.1%.

2.-- The economic calendar in the U.S. on Friday includes the nonfarm payrolls report for March at 8:30 a.m. EDT.

3.-- U.S. stocks on Thursday fell as jobs growth in the service sector hit its lowest level in a year and unemployment claims rose. The S&P 500 closed off 0.11% to 1,888.75 while the Dow Jones Industrial Average finished unchanged at 16,572.42. The Nasdaq dropped 0.91% to 4,237.74.

4. -- The federal government announced Thursday that it reached a $5.15 billion settlement with Anadarko Petroleum (APC) for the cleanup of thousands of long-contaminated sites nationwide. 

The settlement that resolves a legal battle over Tronox, a spinoff of Kerr-McGee, is the largest ever for environmental contamination, according to The Associated Press. The bulk of the money -- $4.4 billion -- will pay for environmental cleanup and be used to settle claims stemming from the legacy contamination. Anadarko acquired Tronox in 2006.

Anadarko shares rose 1% in premarket trading to $100.

5. -- Liberty Media (LMCA), the media company controlled by billionaire investor John Malone, is selling most of its 17% stake in Barnes & Noble (BKS), the nation's last major bookstore chain.

Liberty Media paid $204 million for the 17% stake in 2011. Liberty Media will hold a stake of under 2% after the sale.

Barnes & Noble shares fell 13.5% on Thursday to $19.12.

6. -- Generic drugmaker Mylan (MYL) is eyeing the takeover of Swedish rival Meda in a deal that would create a $23 billion pharmaceuticals business, The Financial Times reported.

Mylan has appointed advisers to help it put together a deal for Meda, according to people familiar with the situation, the FT said. The process is at a preliminary stage, however, and no deal is certain.

The exact value of a takeover couldn't be determined but a person familiar with the matter said Mylan is likely to pay a "significant" premium to Meda's market value, which stood at $4.5 billion at the end of Thursday's trading, the FT reported. 

Mylan shares rose 12.3% in premarket trading to $56.

7. -- Micron Technology (MU), the semiconductor specialist, beat Wall Street's estimates and swung to a profit in its fiscal second quarter.

The company reported revenue of $4.11 billion, a 98% increase from the same quarter a year earlier. Analysts were looking for sales of $3.99 billion.

On a GAAP basis, Micron earned 61 cents a share on net income of $731 million, a swing from a year-earlier loss of of $286 million, or 28 cents a share. 

Excluding items, Micron earned 85 cents a share on net income of $989 million, comfortably above Wall Street's estimate of 76 cents a share.

Micron shares rose 4.3% in premarket trading to $25.02.

8. -- CarMax (KMX) reported fourth-quarter earnings of $99.2 million, or 44 cents a share, down from year-earlier earnings of $107.2 million, or 46 cents a share. The latest quarter included an accounting adjustment of 8 cents a share.

Analysts were looking for profit of 53 cents a share. 

The stock fell 3.3% in premarket trading to $46.

9. -- The initial public offering for restaurant pick-up and delivery platform GrubHub was priced at $26 a share, above the $23-to-$25 a share range the company set forth earlier in its IPO process. The IPO will raise $192 million for GrubHub and value the company at about $2.1 billion.

10.-- David Letterman said during a taping of Thursday's edition of "Late Show" that he will step down in 2015, when his current contract with CBS expires.

-- Written by Joseph Woelfel

To contact the writer of this article, click here:Joseph Woelfel

To submit a news tip, send an email to:tips@thestreet.com.

Follow @josephwoe58

 

Copyright 2014 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. AP contributed to this report.

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