Twitter, Exxon, and GE Are Today's Premarket Movers

Premarket movers today, April 30, 2014: U.S. stock futures are in the red this morning as the market awaits an update from the Federal Open Market Committee's (FOMC) two-day meeting.

Here's what else is making headlines in the stock market today.

Five Biggest Stories in Today's Stock Market, April 30, 2014

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• Brave New World: It was just a matter of time, but who thought it would happen this soon? According to the World Bank, the United States will lose its prestige as the world's largest economy in 2014. China is about to overtake the U.S, much sooner than the previous 2019 estimate. The United States has been the world's largest economy since 1872, when it overtook the United Kingdom
• Twitter Trials Continue: Shares of Twitter Inc. (Nasdaq: TWTR) plunged by more than 10% in afterhours trading after its user base failed to meet investor expectations. The company reported that it had 255 million monthly active users, a 5.8 jump from the previous quarter. The stock has now fallen below its initial public offering price.
• Roof of the World: It appears that Exxon Mobil Corp. (NYSE: XOM) will be under increased scrutiny over its plans to drill in the Arctic Circle thanks to new sanctions on Russian businessmen. The company had planned to begin drilling in the Arctic's remote Kara Sea through a partnership with OAO Rosneft. However, the U.S. has placed sanctions on Rosneft's Chief Executive Officer Igor Sechin. The company says that its project is still on schedule, and the U.S. Treasury Department says that Exxon can still do business. However, the sanctions bring a new level of scrutiny. The Arctic project will be among the company's most expensive projects ever, costing at least $600 million.
• A Deal on Paper: According to the Wall Street Journal, Alstom SA will accept a $12 billion offer from General Electric Co. (NYSE: GE) for its energy business. The deal would be a boon for the U.S. company, providing a strategic leg up on its German rival Siemens, which was also considering a purchase of the French manufacturer of power turbines and electricity transmission systems.
• Bad News for Homeowners: According to the U.S. Census, homeownership has hit its lowest levels since the mid-1990s. Census data shows that there are still fewer homeowners than before the Great Recession, and that banks have been forced to take control of more assets than previously anticipated. However, the Census also shows that more young Americans are moving out of their parents' houses and into rentals, which is a positive step for the housing market over the long term.

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Full U.S. Economic Calendar April 30, 2014

• MBA Purchase Applications at 7 a.m.
• ADP Employment Report at 8:15 a.m.
• First-Quarter GDP at 8:30 a.m.
• Employment Cost Index at 8:30 a.m.
• Treasury Refunding Announcement at 8:30 a.m.
• 3-Yr Note Announcement at 8:30 a.m.
• 10-Yr Note Announcement at 8:30 a.m.
• 30-Yr Bond Announcement at 8:30 a.m.
• Chicago PMI at 9:45 a.m.
• EIA Petroleum Status Report at 10:30 a.m.
• FOMC Meeting announcement at 2 p.m.
• Farm Prices at 3 p.m.

Key Companies Reporting Earnings April 30, 2014

• Consensus earnings per share for Time Warner Inc. (NYSE: TWX) is $0.88.
• Consensus earnings per share for Phillips 66 (NYSE: PSX) is $1.34.
• Consensus earnings per share for Exelon Corp. (NYSE: EXC) is $0.72.
• Consensus earnings per share for Thomson Reuters Corp. (NYSE: TRI) is $0.39.
• Consensus earnings per share for Hess Corp. (NYSE: HES) is $1.01.
• Consensus earnings per share for WellPoint Inc. (NYSE: WLP) is $2.12.
• Consensus earnings per share for Cenovus Energy Inc. (NYSE: CVE) is $0.45.
• Consensus earnings per share for NextEra Energy Inc. (NYSE: NEE) is $1.09.
• Consensus earnings per share for Dominion Resources Inc. (NYSE: D) is $0.96.
• Consensus earnings per share for Southern Co. (NYSE: SO) is $0.55.
• Consensus earnings per share for Automatic Data Processing Inc. (NYSE: ADP) is $1.08.
• Consensus earnings per share for Actavis Inc. (NYSE: ACT) is $3.29.

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