Morning Market Update

Stocks that are expected to trade actively in U.S. markets on Wednesday include: TiVo Inc. (NASDAQ:TIVO), Chico’s FAS, Inc. (NYSE:CHS), Joy Global Inc. (NYSE:JOY), Workday Inc (NYSE:WDAY), Avago Technologies Ltd (NASDAQ:AVGO), The Wet Seal, Inc. (NASDAQ:WTSL), Las Vegas Sands Corp. (NYSE:LVS).

 market news Morning News

Market Levels:

US: Dow Futures: 14772.00 (0.04%), S&P 500 Futures: 1628.50 (0.02%), NASDAQ Futures: 3061.25 (0.06%)
Europe: CAC: 3947.07 (-0.55%), DAX: 8125.10 (-1.45%), FTSE: 6409.04 (-0.50%)
Asia-Pacific: Australia: 5087.20 (-1.05%), China: 2101.30 (-0.11%), Hong Kong: 21524.65 (-1.63%), Japan: 13338.46 (-1.53%).
Metals: Gold: 1428.10 (0.56%), Silver: 24.90 (1.01%), Copper: 3.31 (-0.59%)
Energy: Crude Oil: 110.38 (1.26%), Natural Gas: 3.56 (-0.45%)
Commodities: Corn: 4.82 (-0.72%), Soya Bean: 13.65 (-0.35%), Wheat: 6.60 (-0.53%)
Currency: EUR/USD: 1.3354 (-0.29%), GBP/USD: 1.5502 (-0.29%), USD/JPY: 97.5200 (0.51%)
10-year US Treasury: 2.760% (0.051)

Market and Economic News Update:

U.S. stock-index futures largely unchanged: U.S. stock-index futures are pointing to a flat open on Wednesday following sharp losses in the previous trading session, as investors closely watch the Obama administration’s response to the alleged chemical weapons attack by Syria on its own citizens. In economic news, the National Association of Realtors is scheduled to release pending home sales data for July at 10 a.m. ET. The index fell 0.4 percent in June, following a 5.8 percent rise in May.

European markets fall: European markets are down in trade as investors shunned risky assets on concerns over a possible military strike on Syria. On the economic front, U.K. investors will closely follow the Bank of England’s Governor Mark Carney’s first major speech on policy since taking over at the helm of the central bank. The FTSE 100 (INDEXFTSE:UKX) edged 0.5 percent lower to 6409.04 points. The CAC 40 (INDEXEURO:PX1) shed 0.6 percent to 3947.07 points, while the DAX (INDEXDB:DAX) slid 1.5 percent to 8125.10. The euro zone blue-chip ESTX 50 PR.EUR (INDEXSTOXX:SX5E) (Euro Stoxx 50) was down 0.7 percent in recent trading.

Asian stocks tumble; Nikkei down 1.5%: Asian markets slumped in trade today after growing fears of U.S.-led military intervention in Syria sparked a global sell-off. The SSE Composite Index (SHA:000001) (Shanghai Composite Index) closed flat in a choppy session, bouncing between gains and losses in afternoon trade. The NIKKEI 225 (INDEXNIKKEI:NI225) ended at a one-week low amid declines in auto stocks. The resource-heavy S&P/ASX 200 (INDEXASX:XJO) index lost 1.1 percent, hurt by losses in global miners line BHP Billiton Limited (ASX:BHP) and Rio Tinto Limited (ASX:RIO).

Stocks in News:

TiVo Inc. (NASDAQ:TIVO)

TiVo Inc. (NASDAQ:TIVO) reported a second-quarter loss excluding items of 9 cents per share on revenue of $71 million, versus analysts’ estimates of a loss of 10 cents per share on sales of $73.62 million.. The digital-video recorder pioneer added 212,000 net subscribers in the quarter. For the current quarter, the company expects net income of $6 million to $8 million. In addition, TiVo said it settled Cisco Systems, Inc. (NASDAQ:CSCO) and Motorola Mobility lawsuits for $490 million. Shares are up in the pre-open session.

Chico’s FAS, Inc. (NYSE:CHS)

The apparel retailer earned 27 cents per share for the second quarter, 5 cents below the average analysts’ estimate. Sales for the quarter ended August 3 rose 1.2 percent to $649.5 million, also short of consensus of $678 million. Comparable store sales fell 2.6 percent, largely due to lower traffic and fewer customer transactions.

Joy Global Inc. (NYSE:JOY)

The mining equipment company posted fiscal third quarter profit excluding certain items of $1.70 per share, 33 cents above the consensus estimates. Sales dropped 5 percent to $1.32 billion, but managed to exceed Wall Street projections for $1.18 billion. However, Joy Global Inc.’s bookings, an indication of future sales, declined 36 percent to $695.4 million from $1.08 billion a year earlier, amid a stronger dollar and weaker commodity prices. Meanwhile, the company’s board had approved a $1 billion share-buyback program.

Workday Inc (NYSE:WDAY)

Workday Inc (NYSE:WDAY) posted second-quarter adjusted loss of 13 cents per share, narrower than a loss of 18 cents per share that Wall Street was forecasting. Revenue came in at $107.6 million, also ahead of expectations for $100.50 million. For the third quarter, the business software solutions provider sees revenue of $115 million to $118 million, compared to current estimates of $115.26 million.

Avago Technologies Ltd (NASDAQ:AVGO)

Shares of Avago Technologies Ltd (NASDAQ:AVGO) soared in pre-market trading after the company reported fiscal third-quarter earnings excluding items of 74 cents per share, easily beating analysts’ projections for 61 cents per share. Revenue stood at $644 million, above estimates of $623 million. The semiconductor company anticipates fourth-quarter revenue to rise 12 percent to 15 percent from the third quarter.

The Wet Seal, Inc. (NASDAQ:WTSL)

The teen retail chain posted fiscal second-quarter earnings of a penny a share, in line with estimates, on sales of $137.2 million that also edged past expectations for of $136.5 million. Same-store sales rose 3.7 percent during the period. For the current quarter, the company expects a loss of 2 to 3 cents per share, with same-store sales rising in the mid-single digits. Shares slipped in early-hours trading.

Las Vegas Sands Corp. (NYSE:LVS)

Las Vegas Sands Corp. (NYSE:LVS), the casino company controlled by major Republican donor Sheldon G. Adelson, has agreed to pay $47.4 million to end a federal probe into anti-money laundering practices. The case centered around suspicious deposits made by a high-stakes patron linked to drug trafficking. The federal government agreed not to prosecute the largest U.S.-based casino operator after it agreed to turn over money the gambler lost, U.S. Attorney Kevin Rosenberg said yesterday in an e-mailed statement.

Economic Calendar for Wednesday, August 28, 2013:

07:00 A.M. ET: MBA Purchase Applications
10:00 A.M. ET: Pending Home Sales (MoM) (July)
10:00 A.M. ET: Pending Home Sales (YoY) (July)
10:30 A.M. ET: EIA Crude Oil Stocks change (August 23)
01:00 P.M. ET: 5-Year Note Auction