Peter Schacknow, Senior Producer, CNBC Breaking News Desk
U.S. stocks are poised for a sharply higher open on this final trading day of the second quarter, after EU leaders agreed on a pact for long term fiscal union.
That may give the Dow, the S&P 500, and the Nasdaq the chance to wipe out their losses for the week, and solidifies the possibility for their first concurrent June gains since 2004. However, the major averages will still post sharp losses for the second quarter.
We’ll get a handful of economic reports this morning, starting with May figures on personal income and consumer spending at 8:30am ET. Economists look for a 0.2 percent gain in personal income, which would match the April increase. Consumer spending is expected to come in unchanged after April’s 0.3 percent rise.
At 9:45am ET, the Chicago PMI is seen dropping slightly to 52.0 for June from 52.7 in May.
The University of Michigan’s consumer sentiment index is out at 9:55am ET, with consensus forecasts calling for a final June reading of 74.3, compared to the preliminary June figure of 74.1 and May’s final 79.3.
This morning’s earnings calendar is light, but will feature quarterly numbers from Constellation Brands (STZ) and KB Home (KBH).
Research In Motion (RIMM) leads our list of stocks to watch, posting a quarterly loss of $0.37 per share, much wider than consensus estimates of a $0.03 per share loss. Revenue also came in light, with the BlackBerry maker saying the next several quarters would be “very challenging”. The company is also pushing back the launch of its new BlackBerry 10 operating system to early 2013.
Nike (NKE) is reporting quarterly profit of $1.17 per share, 20 cents below estimates, with revenues also falling short of consensus. Higher raw material costs are among the factors cited, as Nike misses Street estimates for the first time in two years.
Ford Motor (F) says its international losses will triple during the second quarter, largely because of weaker European sales.
Goldman Sachs (GS) is cutting several dozen jobs from its U.S. operations, as it seeks to cut costs because of slowing capital market activity.
ServiceNow (NOW) has priced its IPO at $18.00, with the provider of cloud-based services for business set to begin trading on the New York Stock Exchange this morning.
Anheuser-Busch InBev (BUD) has completed the purchase of the half of Grupo Model that it didn’t already own for $20.1 billion. In a related deal, Constellation Brands (STZ) bought the 50 percent of Crown Imports that it didn’t already own from AB InBev. Crown had been a joint venture between Constellation and Modelo.
Royal Bank of Scotland (RBS) will be fined $233 million in connection with the same Libor manipulation probe that saw Barclays (BCS) assessed $454 million Thursday. That’s according to the Times of London.
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