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For April 10, 2015, here are your stock futures, top market news, pre-market movers, and stocks to watch in the stock market today…
Stock Futures Today
DJIA futures were up 30 points, S&P futures rose 2.75 points, and Nasdaq futures were flat this morning. Markets are reacting to General Electric Co.'s (NYSE: GE) announcement of a major real estate deal. The Dow Jones Industrial Average gained 56 points on Thursday as oil prices rebounded and lifted energy stocks. But the dollar's strength limited the market's upside and fueled uncertainty over corporate profits as earnings season gets underway.
Top News in the Stock Market Today
- Shares of General Electric Co. (NYSE: GE) were up more than 7.5% this morning on news the company has taken several bold steps to boost its stock price. GE announced it will sell the bulk of its massive finance business GE Capital, a division that comprises nearly half of its profits, but whose risks have weighed down the stock long before the financial crisis. The company said it will sell or spin off several key units within the next two years. In addition, GE will sell roughly $26.5 billion in real estate to Blackstone Group (NYSE: BX), Wells Fargo & Co. (NYSE: WFC) and several other buyers. This is the largest commercial real estate deal since 2007 when Blackstone purchased office landlord Equity Office Properties Trust for $39 billion.
- The National Bureau of Statistics will announce March consumer producer price index figures for the nation of China. With the country's economic leaders hinting toward increased weakness in the country's economic data, it is increasingly possible that People's Bank of China may intercede in the markets.
- Oil Prices Today: Oil prices were moving up this morning as hopes for a deal between and Iran and the U.S. over the former's nuclear program weighed on investors' minds. Brent oil, priced in London, gained 0.5% this morning to hit $56.86 per barrel. WTI crude, priced in New York City, declined more than 0.3% to hit $50.61 per barrel.
Pre-Market Movers in the Stock Market Today: AAPL, GPS, GE
- Pre-Market Movers 1, GPS: Shares of Gap Inc. (Nasdaq: GPS) were down nearly 2% this morning after the company reported same-store sales fell 7% in March. That doubles the expected decline by analysts, who projected a drop of 3.5%. This is the 11th consecutive monthly decline for the company's retail sales.
- Pre-Market Movers 2, AAPL: Apple stock (Nasdaq: AAPL) retreated more than 0.4% this morning on news the tech giant has delayed the delivery date for many of its Apple Watch product orders until June. According to Apple blog MacRumors the company said models available for the April 24 delivery "quickly sold out."
Stocks to Watch Today: NFLX, C, AMZN, EBAY
- Stocks to Watch No. 1, NFLX: Shares of Netflix Inc. (Nasdaq: NFLX) will be in focus this afternoon after Citigroup Inc. (NYSE: C) announced it has upgraded shares of the streaming giant from "neutral" to "buy." The bank says it is unconcerned about competition from rivals like Amazon.com Inc. (Nasdaq: AMZN) – a factor that it believes is overly reflected in its stock price.
- Stocks to Watch No. 2, EBAY: PayPal, the digital payments division of eBay Inc. (Nasdaq: EBAY), announced the two companies have reached an agreement about transaction volume before its long-awaited spin-off later this year. According to reports, eBay plans to reduce the number of transactions it pumps through PayPal's payment channels, and said it will work to improve the rate volumes for its merchants over the next five years. This is one of the most anticipated spin-offs in years, and will be extremely profitable to investors who purchase eBay stock right now, according to Money Morning Tech Specialist Michael A. Robinson.
- Stocks to Watch, Earnings Roundup: Investors can expect earnings reports today from Daqo New Energy Corp. (Nasdaq: DQ) and Joe's Jeans Inc. (Nasdaq: JOEZ).
Today's U.S. Economic Calendar (all times EST)
- Richmond Federal Reserve Bank President Jeffrey Lacker will speak on outlook of the U.S. economy at Sarasota, Florida, at 8 a.m.
- Import and Export Prices at 8:30 a.m.
- Minneapolis Federal Reserve Bank President Narayana Kocherlakota will speak in Bloomington, Minn., at 12:20 p.m.
- Treasury Budget at 2 p.m.
About the Author
Garrett Baldwin is a globally recognized research economist, financial writer, and consultant with degrees from Northwestern, Johns Hopkins, Purdue, and Indiana University. He is a seasoned financial and political risk analyst, with a focus on stocks, hedge funds, private equity, blockchain, and housing policy. He has conducted risk assessment projects for clients in 27 countries, and consulted on policy and financial operations for some of the nation's largest financial institutions, including a $1.5 trillion credit fund, a $43 billion credit and auto loan giant, as well as two of the largest Wall Street banks by assets under management.
Garrett joined Money Map Press as an economist and researcher in 2011, specializing in alternative strategies with an emphasis on fundamental and technical analysis.