Career News 24/7: 10 Things You Need To Know Before The Opening Bell, August 23, 2012

Thursday, August 23, 2012

10 Things You Need To Know Before The Opening Bell, August 23, 2012

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Thursday, August 23, 2012

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

Markets in Asia rallied in overnight trade, with Hong Kong's Hang Seng up 1.2 percent. Shares in Europe are moderately higher and U.S. futures point to a positive open.
Chinese manufacturing declined further in August, new data out of Markit Economics shows. The flash PMI reading fell to 47.8 from 49.3 a month earlier. Any reading below 50 indicates contraction.
The Bank of China posted its slowest quarterly profit growth in more than three years. The country's fourth largest lender saw first-half profits rise 7.7 percent to 71.6 billion yuan ($11.3 billion), slightly above estimates. The BoC is the first of the big four banks in China to report earnings.
Eurozone flash PMI continued to show manufacturing on the decline in the region. Even as German manufacturing rose to a three-month high, the 17-nation composite reading advanced 10 basis points to 46.6 in August from a month earlier. A traveler in Greece sent us these depressing pictures and explained why the economy is a wreck >
SEC Chairman Mary Schapiro cancelled a highly anticipated vote on new money-market mutual-fund regulations, after a key leader expected to vote with her switched positions. Luis Aguilar, the Democrat who was expected to change his vote, said he was no longer comfortable supporting the proposal as is and wants to re-evaluate the entire cash management industry. Nearly every economist we speak to says the same thing will spur the economy.
Hewlett-Packard reported net revenues fell some 5 percent to $29.7 billion during the third quarter, in line with analyst forecasts. The company said it earned $2 billion, or $1.00 a share. However, HP lowered the high end of its guidance for full-year earnings, down three cents to a range of $4.05 to $4.07 a share. The world's largest companies reveal what's happening in the economy >
Qantas canceled an order for 35 Boeing 787's worth $8.5 billion at list price after posting its first net loss in at least 17 years. Australia's flag carrier reported a loss of $258 million for the year ending in June after fuel costs rose 18 percent. This marked the largest cancellation yet for the 787 program.
Sony will lay off some 1,000 employees within its mobile operation, or 15 percent of the unit's staff. Most of the cuts will hit its headquarters in Sweden.
U.S. economic announcements kick off at 8:30 a.m. with initial jobless claims. Economists forecast claims fell 1,000 to 365,000 during the week. At 8:58 a.m. Markit reports U.S. preliminary PMI. A reading of 51.5 on the index is expected. Closing out the day at 10:00 a.m. is new home sales, which are forecast to increase to an annualized pace of 365,000 sales in July. Follow it all live on Money Game >
Earnings on tap today include Big Lots and Salesforce.com. The retailer is expected to post earnings per share of $0.42 while the internet company earns $0.39 a share. These are the 45 stocks big hedge funds love most.

Bonus: Taylor Swift allegedly crashed a wedding in Boston and refused to leave even after being asked twice by the mother of the bride.




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