U.S. stock futures pointed to a lower start for Wall Street on Thursday, extending losses after government data showed the number of workers applying for first-time jobless benefits unexpectedly rose last week. Read Indications column on U.S. stock index futures.
Global markets
European stocks moved lower Thursday, with banks leading the decline after the financial sector failed to get a boost in U.S. trading the previous day despite strong earnings from J.P. Morgan Chase & Co. (JPM 45.90, -0.35, -0.76%) See Europe Markets.
Chinese and Hong Kong stocks fell, leading many Asian markets lower on worries that official data to be released Friday will show Chinese consumer prices accelerated in March, in turn forcing Beijing to further tighten monetary policy. Read Asia Markets.
Breaking news
New applications by workers for unemployment benefits rose by 27,000 to a seasonally adjusted 412,000 in the week ended April 9, the Labor Department reported. Economists surveyed by MarketWatch had expected initial jobless claims to drop modestly, to 380,000.
U.S.producer prices rose a seasonally adjusted 0.7% in March, according to government data. The core rate, which excludes volatile food and energy prices, rose by 0.3%. Economists surveyed by MarketWatch had forecast a 0.8% overall increase in producer prices and a 0.2% rise in the core rate.
Toymaker Hasbro Inc. (HAS 44.49, -1.30, -2.84%) said first-quarter net profit, excluding a year-earlier tax gain, fell to 12 cents a share from 26 cents a year ago, while revenue was essentially flat at $672 million. Analysts polled by FactSet Research had produced a consensus estimate of 17 cents a share on sales of $659.1 million.
Fairchild Semiconductor (FCS 19.50, +0.32, +1.67%) reported first-quarter income of 39 cents a share on an adjusted basis, while sales rose 4% to $413 million. Wall Street analysts had expected earnings of $36 million on revenue of $413 million. The San Jose, Calif.-based company also said it expects second-quarter sales of $425 million to $435 million, above analysts’ forecasts of $423.6 million.
Shares of supermarket-chain operator Supervalu Inc. (SVU 10.30, +1.22, +13.44%) jumped in premarket trade after adjusted fourth-quarter earnings topped forecasts. The company said it would have earned 44 cents a share, excluding non-recurring items, and forecast fiscal 2012 profit in a range of of $1.20 to $1.40 a share. Analysts surveyed by FactSet had forecast, on average, earnings of 33 cents for the final three months of fiscal 2011 and $1.15 a share for fiscal 2012.
Duncan Energy Partners L.P. (DEP 40.11, +0.02, +0.05%) said it will boost its second-quarter cash payment to 45.8 cents per common unit, up 2.2% from the 44.8 cents paid in the first quarter.
Zipcar Inc., after Wednesday’s closing bell, priced its initial public offering at $18 a share, above its expected range of $14 to $16. Around 9.68 million shares are to be sold in the offering, with the company to trade under the symbol ZIP.
Arcos Dorados Holdings Inc. (ARCO 0.00, 0.00, 0.00%) priced its IPO at $17 a share, above its previously announced range of $13 to $15. The company is the world’s largest franchisee of McDonald’s Corp. (MCD 76.67, -0.22, -0.29%) restaurants.
