Morning News: Clearwire, Paychex, Progress, Bed Bath & Beyond

Morning News: Clearwire, Paychex, Progress, Bed Bath & Beyond
By Katrina.Tuliao ( [CC BY 2.0], via Wikimedia Commons

Morning Market Update

Stocks that are expected to trade actively in U.S. trading on Thursday include Clearwire Corporation (NASDAQ:CLWR), Herman Miller, Inc. (NASDAQ:MLHR), Progress Software Corporation (NASDAQ:PRGS), Paychex, Inc. (NASDAQ:PAYX), Select Income REIT (NYSE:SIR) and Bed Bath & Beyond Inc. (NASDAQ:BBBY).

Morning News: Clearwire, Paychex, Progress, Bed Bath & Beyond

Market Levels

  • U.S. Stock Futures: Dow Futures- 14,880.00 (+0.38%), S&P Futures- 1,603.50 (+0.50%), Nasdaq Futures- 2,895.25 (+0.42%)
  • World Markets: Shanghai: 1,950.01 (-0.08%), Nikkei 225: 13,213.55 (+2.96%), Hang Seng Index: 20,440.08 (+0.50%), TSEC: 7,883.90 (+1.27%), FTSE 100: 6,194.76 (+0.47%), EURO STOXX 50: 2,603.78 (+0.04%), BSE Sensex: 18,875.95 (+1.75%)
  • Currencies: EUR/USD: 1.3022 (+0.15%), USD/JPY: 98.15 (+0.29%), GBP/USD: 1.5284 (-0.18%), USD/CAD: 1.0461 (-0.25%), USD/CNY: 6.1489 (+0.03%), AUD/USD: 0.9295 (+0.35%)
  •  Metals: Gold: $1,233.20 (+0.28%), Silver: $18.68 (+0.50%), Platinum: $1,320.70 (+1.30%), Copper: $3.06 (+0.46%)
  • 10-year U.S. Treasury: 2.53% (+0.02), 30-year U.S. Treasury: 3.58% (+0.02)

Market & Economy Update

U.S. stocks surged after Commerce Department made a downward revision to the Q1 U.S. GDP growth from 2.4 percent to 1.8 percent. Consumer spending was hampered by a recent increase in payroll taxes. The lukewarm readings fueled expectations that the Fed may avoid tapering its monetary policy.

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Stock markets in Europe showed a strong growth after European finance ministers finally reached an agreement on how troubled banks will be rescued and who will bear the losses. Bank’s creditors and shareholders will be first to take the hit, followed by depositors above 100,000 euros in savings.

Stocks To Watch

Clearwire Corporation (NASDAQ:CLWR)

Dish Network announced it will withdraw its bid for Clearwire. The announcement comes after Clearwire shareholders unanimously supported a rival offer by Sprint Nextel Corp. Dish had offered to pay $4.40 per share, which was dwarfed by Sprint’s bid to buy the remaining shares of Clearwire it doesn’t already own for $5 a share. Clearwire shares were down 2.16 percent in the early trading session to $4.98.

Herman Miller, Inc. (NASDAQ:MLHR)

The office furniture company’s fourth quarter earnings surged 97 percent. Revenues were also better than estimates. However, the company issued downbeat earnings forecast for the current quarter amid weakness in domestic healthcare and government markets. Shares plunged 4.56 percent to $25.93.

Progress Software Corporation (NASDAQ:PRGS)

The business software company swung to a second quarter profit amid rising revenues from software licenses. Revenues increased 12 percent  to $81.7 million, while net income rose to $3.9 million. The company posted a loss of $1.9 million in the same period last year. Shares soared 7.48 percent in the early session to $23.70.

Paychex, Inc. (NASDAQ:PAYX)

The company’s fourth quarter earnings rose just 0.2 percent as solid revenue growth was offset by higher expenses. Excluding one-time items, earnings came at 38 cents a share. Paychex projected a weak guidance for the current quarter. Shares plummeted 3.26 percent to $36.75 in the early session.

Select Income REIT (NYSE:SIR)

Select Income has announced to offer 8 million shares. The real estate investment trust said proceeds from the sale will be used to pay off debts and for general corporate purposes. As of April 26, the company has 39.3 million shares. The stock went down 7.39 percent to $27.56 in the early session.

Bed Bath & Beyond Inc. (NASDAQ:BBBY)

The retail store chain’s first quarter profits dropped 2.1 percent due to smaller tax benefits and an increase in expenses. The company reported a profit of 93 cents a share. Shares went off 0.92 percent to $69.36 in the early session.

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