Investors may be excited by today’s debut of Facebook (FB) on Wall Street, but they’re clearly not excited these days by much else about the U.S. stock market.
European debt fears and soft U.S. economic data have helped send the Dow lower in 11 of the past 12 sessions, with the S&P 500 riding a 10-of-12 losing wave. The major averages are on track for their biggest weekly losses since the week that ended November 25, 2011.
You may be hard pressed to find anyone who hasn’t heard that the largest internet IPO in history will debut today – Facebook (FB) is expected to start trading at 11am on the Nasdaq. The IPO price is $38 per share, at the high end of the expected range.
U.S investors focused on worrying about Europe and watching Facebook will be undistracted by economic data today, as the calendar is completely blank. The earnings calendar is also light, though we will get the latest numbers from retailers AnnTaylor (ANN), Foot Locker (FL), and Casual Male (CMRG).
Salesforce.com (CRM) is among the stocks that could possibly draw attention from Facebook: its shares rose in after-hours trading after the company reported quarterly profit of $0.37 per share, excluding certain items, three cents above estimates. The software maker also raised its full year outlook as growth remains strong in all its regions.
Autodesk (ADSK) could be under pressure today, after the software producer’s current quarter forecast fell below Street estimates. Autodesk’s first quarter revenue did exceed analyst expectations, helped by new licenses for its design software.
Boston Scientific (BSX) has received FDA approval for a new vascular stent, designed to open blocked arteries in patients with a type of vascular disease known as iliac artery stenosis.
Kinder Morgan (KMI) will replace El Paso (EP) in the S&P 500 after Kinder completes its acquisition of its energy rival. The deal is expected to be completed next Thursday.
United Continental’s (UAL) pilots union leaders are calling for a strike vote. The move comes as the union and the airline fail to reach agreement on a new contract.
Yahoo (YHOO) is in the news on several fronts: interim CEO Ross Levinsohn has reshuffled his executive team, and AllThingsD reports that the company is in the final stages of a deal to sell part of its stake in Alibaba back to that company.
The JPMorgan Chase (JPM) unit involved in the recently revealed $2 billion trading loss holds $100 billion in risky bonds, according to the FT. The paper says the bonds are similar to ones that helped fuel the 2008 financial crisis.
Verizon (VZ) has unveiled a new plan that will limit Verizon Wireless unlimited data plans to customers who pay full price for phones. If customers use an upgrade discount to buy a phone, they won’t be eligible for Verizon’s $30/month unlimited data plan.
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