Day Ahead: Wall Street Takes a Step Back

 | Mar 12, 2014 | 8:32 AM EDT  | Comments
  • Comment
  • Print Print
  • Print
Stock quotes in this article:

gm

,

tsla

,

mw

,

josb

Wall Street was preparing for another down day in the markets Wednesday morning. U.S. futures were sliding, in a sign that Tuesday's selloff may not be over. The weakness reached overseas to European and Asian markets, which responded negatively to continuing fears of slowing growth in China and an ensuing slowdown in the global economy.

Meanwhile, with little economic data to mull over today, U.S. companies were filling the news gap. Shares of Action Alerts PLUS holding General Motors (GM) could be under pressure when the bell rings: The Justice Department has reportedly launched a criminal investigation of the automaker's handling of its massive recall for faulty ignition switches.

And Tesla (TSLA) shares face an uphill journey after New Jersey banned direct sales of its electric cars statewide.

Men's Wearhouse (MW) finally sewed up a deal to buy up rival men's clothier Jos. A. Banks (JOSB) Tuesday after months of haggling, and then disappointed investors by delivering a much wider loss in the fourth quarter than analysts had expected.

Among earnings reports before the bell, Express (EXPR) shares tumbled by 15% in premarket trading after the retailer missed earnings estimates by $0.02 per share and issued disappointing guidance.

Late Tuesday, casino operator Caesars Entertainment (CZR) booked a wider loss for the fourth quarter; snack maker Diamond Foods (DMND) bested earnings calls by a penny; and electronic payment company VeriFone (PAY) surpassed profit and sales estimates, giving the stock a nearly 10% premarket boost. Look for results from home furnisher Williams-Sonoma (WSM) after the bell.

Earlier Wednesday, the Mortgage Bankers' Association said home loan applications fell just 1% last week, though the overall index is down 17% from where it was at this time a year ago.

In analyst moves, Deutsche Bank downgraded shares of AIG (AIG) to Hold and upgraded VeriFone (PAY) to Hold, while Barclays cut Urban Outfitters (URBN) to Equal Weight.

Columnist Conversations

Kass:
Monitise has announced the sale of additional stock to Telefonica, Santander and Master Card. Expands relation...
Lang:
Lights, Camera, ACTION! This move lately in GPRO has been stellar, up nearly 12% over the past couple of sess...
For just under two weeks MCD has been bumping up against a very solid wall of resistance. The $96.95 to ...
Texas Instruments is surging today. Shares are up over 2.7% and are moving further into new 52W high gro...

BEST IDEAS

REAL MONEY'S BEST IDEAS

Columnist Tweets

BROKERAGE PARTNERS

Except as otherwise indicated, quotes are delayed. Quotes delayed at least 20 minutes for all exchanges. Market Data provided by Interactive Data. Company fundamental data provided by Morningstar. Earnings and ratings provided by Zacks. Mutual fund data provided by Valueline. ETF data provided by Lipper. Powered and implemented by Interactive Data Managed Solutions.


TheStreet Ratings updates stock ratings daily. However, if no rating change occurs, the data on this page does not update. The data does update after 90 days if no rating change occurs within that time period.

IDC calculates the Market Cap for the basic symbol to include common shares only. Year-to-date mutual fund returns are calculated on a monthly basis by Value Line and posted mid-month.