Peter Schacknow, Senior Producer, CNBC Breaking News Desk
Worries about Europe’s future continue to be an overriding theme for Wall Street, even though Monday’s mixed session was a much better outcome than futures were predicting before the open. Those futures are once again pointing to a lower open on Wall Street this morning.
This morning’s economic calendar includes the April reading on small business sentiment from the National Federation of Independent Business at 7:30am ET, and the Labor Department’s March “JOLTS” survey, which measures job openings and labor turnover.
The Treasury will sell $32 billion in 3-year notes today, with the results available shortly after 1pm ET. This week’s sales also include $24 billion in 10-year notes tomorrow, and $16 billion in 30-year bonds Thursday.
This morning’s earnings reports include Discovery Communications (DISCA), DirecTV (DTV), Fossil (FOSL), Perrigo (PRGO), Molson Coors (TAP), and Tenet Healthcare (THC), while Dow component Walt Disney (DIS) is the most prominent company scheduled to issue quarterly earnings after today’s closing bell.
Electronic Arts (EA) leads our list of stocks to watch this morning – the nation’s biggest maker of video games did beat estimates by a penny with earnings of $0.17 per share for its fourth quarter, but the stock is being hit by a softer than expected current quarter forecast.
Wynn Resorts (WYNN) fell short for the first quarter, reporting profit of $1.33 per share versus estimates of $1.41. The casino operator did see a sizable jump in revenue from Macau, but Wynn kept a smaller portion of revenue from its Las Vegas table games during the quarter.
Rackspace Hosting (RAX) earned $0.17 per share for its first quarter, a penny below estimates. The provider of data hosting services saw its bottom line impacted by a rise in expenses, as the company expanded its workforce and its data centers.
Dendreon (DNDN) shares took a hit in after-hours trading, as sales of its Provenge prostate cancer vaccine rose 6.5% in the first quarter over the prior quarter, and the company predicted low single-digit growth for the second quarter. Analysts are concerned that profit margins for the company’s only approved product aren’t high enough.
Churchill Downs (CHDN) earned $0.08 per share for the first quarter, versus analyst forecasts for a loss of $0.11. The race track operator says 20 percent revenue growth in its online business segment was responsible for much of its growth over the prior year.
Pitney Bowes (PBI) reported first quarter profit of $0.52 per share, excluding certain items, two cents above estiamtes. It’s also raising its 2012 forecast to $2.22 - $2.42 per share from its prior guidance of $2.05 - $2.25 per share. The document services company continues to report falling revenue, but tax benefits are helping its bottom line.
Yahoo (YHOO) – CEO Scott Thompson has apologized to employees for controversy surrounding his resume, while Yahoo’s board met late Monday afternoon to discuss the growing controversy.
Sprint (S) – The Ontario Teachers’ Pension Plan plans to vote against the re-election of Chief Executive Officer Dan Hesse to the Sprint board, saying it’s doing so because of poor linkages between performance and pay. The pension plan holds an approximately four percent stake in Sprint.
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