Updated from 6:47 a.m. EDT
Here are 10 things you should know for Wednesday, April 16:
1.-- U.S. stock futures were rising after growth in China, the world's second-largest economy, expanded 7.4% from a year earlier, the slowest expansion since the third quarter of 2012, but better than forecasts.
European stocks were higher in early trading. Asian stocks ended the session with gains. Japan's Nikkei 225 index jumped 3%.
2.-- The economic calendar in the U.S. on Wednesday includes housing starts and building permits for March at 8:30 a.m. EDT, industrial production and capacity utilization for March at 9:15 a.m., and the Federal Reserve's "Beige Book" for April at 2 p.m.
3.-- U.S. stocks on Tuesday recovered to close higher following midday losses.The Dow Jones Industrial Average gained 0.55% to close at 16,262.56, while the S&P 500 rose 0.58% to 1,842.98. The Nasdaq rose 0.29% to 4,034.16. 4. -- Intel (INTC) reported first-quarter earnings that topped Wall Street estimates although revenue came in just below analysts' forecasts. Excluding items, Intel earned 38 cents a share in the quarter, down from 40 cents a share in the same period a year earlier. Analysts were looking for earnings of 37 cents a share. The semiconductor giant reported revenue of $12.8 billion, up from $12.58 billion in the prior year's quarter, but below analysts' estimates of $12.81 billion.
Intel shares fell 1% in premarket trading to $26.50. 5. -- Bank of America (BAC) reported a first-quarter loss of 5 cents a share. The bank recorded $6 billion of litigation expenses in the period.
Analysts were expecting a profit of 5 cents a share.
The stock fell 0.6% in premarket trading to $16.30.
6. -- Yahoo! (YHOO) reported first-quarter earnings on Tuesday that beat Wall Street estimates. Sunnyvale, Calif.-based Yahoo! posted adjusted earnings of 38 cents a share in the quarter on revenue of $1.09 billion, excluding traffic acquisition costs (TAC). For the quarter, the company noted that display revenue ex-TAC was $409 million, a 2% increase from a year earlier, as the number of ads increased 7% year over year. The price per ad, however, continued to trend lower, falling 5% in the first quarter.
Search revenue jumped 9% year over year, rising to $444 million excluding TAC, as paid clicks increased about 6% from first quarter of 2013, and price-per-click rose about 8%.
Yahoo! shares rose 7.7% to $36.85 in premarket trading on Wednesday. 7. -- Profit at Chinese e-commerce giant Alibaba more than doubled in the fourth quarter to more than $1.3 billion as revenue at thecompany topped $3 billion.
The company's revenue growth and rising profit margins augur well an expected initial public offering in the United States.
Yahoo! is a 24% owner of Alibaba. 8. -- Google (GOOG) reports earnings after Wednesday's closing bell and analysts expect the search giant to post profit of $6.40 a share on revenue of $15.52 billion. Google executives said Tuesday the company is planning a "modular" smartphone that consumers can configure with different features. Google envisions hardware modules, such as a camera or blood-sugar monitor, that would be available in an "app store," like its own Google Play store for software applications, The Wall Street Journal reported.
Google shares rose 1.3% to $543.25 in premarket trading. 9. -- Swiss bank Credit Suisse (CS) said net profit fell 34% in the first quarter, more than expected, as bond-market woes hurt earnings at its investment banking business.
Profit dropped to 859 million Swiss francs ($979 million) from 1.303 billion francs in the same quarter a year earlier. The figure was short of analysts' estimates of 1.1 billion francs.
The bank said Wednesday it saw lower revenue and earnings at its investment banking division, which faced "a challenging market environment." The division saw less client activity in bond sales and trading and took a 297-million-franc loss on businesses it considers non-strategic and is planning to sell or wind down. It also cited difficulties in emerging markets.
The stock fell 2.9% in premarket trading.
10. -- Ford (F) is building a limited-edition Mustang GT to honor the car's 50th anniversary. The company will only build 1,964 special cars, honoring the year the Mustang first went on sale. The 50 Year Limited Edition will come in one of the two colors of Ford's logo: white or blue. Buyers can choose a manual or automatic transmission. -- Written by Joseph Woelfel
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