June 27 Premarket Briefing: 10 Things You Should Know
Here are 10 things you should know for Friday, June 27:
1. -- U.S. stock futures were pointing to a lower open on Friday, with all three of the major U.S. indices each slipping by 0.1%. The Dow and the S&P 500 are looking at a loss for the week. Asian markets closed lower but European markets were up, recouping some losses from earlier in the week.
2. -- The economic calendar in the U.S. on Friday includes the final University of Michigan Sentiment Index for June at 9:55 a.m. EDT.
3. -- U.S. stocks on Thursday closed in the red after St. Louis Fed President James Bullard speculated of a Federal Reserve interest rate increase as early as March.
Speaking with reporters in New York, Bullard said, "Some of the things I'm saying today sound pretty optimistic about the economy, but we also have this negative first quarter, which was a vexing issue, and when I weighed those two I said, 'Well, maybe I'll just leave it at the end of the first quarter'."
The Dow Jones Industrial Average closed down 0.18% to 16,846.13. The S&P 500 fell 0.12% to 1,957.22. The Nasdaq fared better but closed down 0.02% to 4,379.05.4. -- Michaels, the arts and crafts specialty retailer that was taken private in 2006, begins trading Friday under the ticker "MIK". The company priced 27.8 million shares at $17 a share on Thursday evening, raising $472 million, according to a source close to the offering. The price, which was at the low-end of the range given in the company's regulatory filing, values the company at roughly $3.45 billion.
8. -- Chemical maker DuPont (DD) lowered it outlook for the second quarter and full year, blaming poor performance in its agriculture unit. Shares of DuPont were down more than 2% in pre-market trading. The company now expects full-year earnings per share in the range of $4 to $4.10, down from its previous forecast of $4.20 to $4.40.
9. -- The Supreme Court struck down as unconstitutional three recess appointments made by President Obama to the National Labor Relations Board. In a unanimous decision, the justices said the Senate was not truly in recess. The ruling leaves the door open to continuing the traditional practice of recess appointments while reining in the president's power. The case was brought to the Supreme Court by a Pepsi PEP bottler in Washington state.
10. -- United Tech's (UTX) Sikorsky unit won a $1.28 billion U.S. Air Force contract to develop four new combat search and rescue helicopters based on the design of the UH-60 Black Hawk. The company said the contract was "the first step in the eventual production and fielding of up to 112 aircraft with a potential value of approximately $7.9 billion."
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-- Written by Carlton Wilkinson Follow @CarltonTSC
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