This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Stock Futures Rise as Jobless Claims Fall

NEW YORK (TheStreet) -- U.S. stock futures were rising Thursday as U.S. jobless claims decline. Worries about Iraq, however, put a damper on the upbeat sentiment brought about by the Federal Reserve's supportive interest rate guidance on Wednesday.

Dow Jones Industrial Average futures were up 2 points to 16,820, S&P 500 futures were up 0.25 points to 1,949.25, Nasdaq futures were up 3.2 points to 3,799.

Peter Cardillo, chief market economist at Rockwell Global Capital, said his short-term intermediate objective on the S&P 500 remains at 1,965 even as the Iraq fear factor grows, given that the S&P 500 and the other leading indices have not departed far from their record highs in spite of that.

Remarks from the Federal Open Market Committee infused U.S. markets with renewed vigor on Wednesday. After spending much of the morning in the doldrums, the benchmark index S&P 500 booked a new record high, fueled by the Fed's assurances this recovery still has legs. Federal Reserve Chair Janet Yellen indicated the world's most powerful central bank will keep interest rates low for some time even as it pared its monthly bond buying program by $10 billion to $35 billion.

In Europe, stocks were staging a relief rally after the Fed's policy announcement.

The spiking instability in Iraq, however, was offsetting some of the cheerfulness. The Wall Street Journal reported that the Obama administration is signaling that it wants a new government in Iraq without Prime Minister Nouri al-Maliki, convinced the Shiite leader is unable to reconcile with the nation's Sunni minority and stabilize a volatile political landscape.

Initial jobless claims for the week ended June 13, fell 6,000 to 312,000. Other economic releases expected Thursday include the Philadelphia Fed Index for June at 10 a.m. EDT, and leading indicators for May at 10 a.m.

Stocks to watch Thursday  include BlackBerry (BBRY - Get Report), American Apparel (APP), Oracle (ORCL), Facebook (FB), General Electric (GE) and (AMZN).

BlackBerry was surging more than 11.5% in premarket trading after reporting a narrower-than-expected first-quarter loss per share on an adjusted basis of 11 cents vs. the consensus loss per share estimate of 26 cents. The company also managed to book a small net profit of $23 million vs. a loss of $423 million in the year-earlier quarter. BlackBerry also announced on Wednesday that the Amazon Appstore will be available with the launch of the BlackBerry 10.3 operating system this fall.

The board of American Apparel voted to oust founder Dov Charney as chairman and notified him of its intent to remove him as president and CEO, following a contractually required 30-day period before he can be terminated. Oracle is forecast by Wall Street on Thursday to report fiscal fourth-quarter earnings of 95 cents a share on revenue of $11.48 billion. Facebook's Web site went down briefly on Thursday, affecting both desktop and mobile phone users. General Electric will propose selling its rail signaling business to Alstom's transport arm and have Alstom remain a shareholder of its power grid business in an improved offer for the energy arm of Alstom, French daily Le Figaro reported. Shares of rose 2.7% on Wednesday after the company released the Fire phone, a new smartphone that will be closely tied to the products and services it sells via its new Firefly feature. It also has the ability to render images in 3-D.

-- By Andrea Tse in New York

June 19 Premarket Briefing: 10 Things You Should Know

European Stocks Stage a Relief Rally

S&P 500 Lands New Record High as Fed Says Recovery Still Has Legs

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
APP $0.01 -26.70%
BBRY $6.86 -2.80%
FB $117.93 -0.54%
GOOG $695.02 -0.46%
TSLA $234.44 -3.00%


Chart of I:DJI
DOW 17,685.64 -205.52 -1.15%
S&P 500 2,058.40 -23.03 -1.11%
NASDAQ 4,758.1620 -59.4320 -1.23%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs