Career News 24/7: 10 Things You Need To Know Before The Opening Bell, December 15, 2011

Thursday, December 15, 2011

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Thursday, December 15, 2011

Good morning. Here's what you need to know.

Asian markets were lower in overnight trading, after the sell-off in the U.S. and a weak manufacturing survey in Japan. The Shanghai Composite fell 2.14% and the Nikkei was off 1.66%. Europe is higher and U.S. futures are moderately higher ahead of the market open.

The HSBC Flash China manufacturing PMI rose to 49 in December, up from 47.7 the previous month. Meanwhile, foreign investment in China fell in November, for the first time since 2009. Foreign investment was down 9.8% year-over-year to $8.8 billion and investment from the U.S. fell 23%. Don't Miss: 200 people in China reveal what's really going on in the economy >

Initial jobless claims, PPI data for November and the Empire State manufacturing survey for December will be released at 8:30 AM ET. Consensus is for a rise in jobless claims to 390K, a 0.2% month-over-month increase in core PPI and a rise in the general business conditions index level to 3. Follow the release at Money Game >

In earnings news, Blackberry maker Research In Motion is expected to announce Q3 earnings today. Analysts expect earnings of $1.22 a share. Earlier this month, the company said its Q3 revenue would be slightly lower than earlier projections of $5.3 billion - $5.6 billion. Meanwhile, FedEx posted Q2 earnings of of $1.57 per diluted share, on revenue of $10.59 billion.

Brazil is suing U.S.-based Chevron Corp for $10.6 billion in damages, because of environmental damage stemming from an offshore oil leak. The prosecutors are also looking to prevent Chevron from drilling in the Brazilian territory for an indefinite period.

Wafer fabrication equipment supplier Lam Research Corp, has agreed to buy Novellus Systems Inc for $3.3 billion in stock. Novellus stockholders will get 1.125 shares of Lam Research for each Novellus share, or a 28% premium to its closing price on Wednesday.

As the Friday deadline to pass a short-term or final spending bill approaches, concerns are mounting about a government shutdown. President Obama has called on lawmakers to pass another short-term spending bill to avoid a government shutdown. Earlier this week Democratic and Republican lawmakers said the "omnibus" spending bill is ready for a vote but the White House said there were always issues with the bill, and that there would be no final deal until President Obama agreed to it.

Industrial production for November will be released at 9:15 AM ET and the Philadelphia Fed Survey for December will be released at 10 AM ET. Consensus is for a 0.2% month-over-month increase in industrial production, and a rise in general business conditions level to 5. Follow the release at Money Game >