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A Peek Into The Markets: US Stock Futures Edge Lower Ahead Of Earnings, Economic Data

AVGO, DG, JBL, ULTA | March 14, 2019

Pre-open movers

U.S. stock futures traded slightly lower in early pre-market trade.

Oracle Corporation (NYSE: ORCL), Adobe Inc. (NASDAQ: ADBE), Jabil Inc. (NYSE: JBL), Broadcom Inc. (NASDAQ: AVGO) and Ulta Beauty, Inc. (NASDAQ: ULTA) will release earnings after the closing bell. Data on initial jobless claims for the latest week and import prices for February will be released at 8:30 a.m. ET. New home sales report for January is schedule for release at 10:00 a.m. ET.

Futures for the Dow Jones Industrial Average dropped 24 points to 25,711, while the Standard & Poor’s 500 index futures declined 3.5 points to 2,810.75. Futures for the Nasdaq 100 index fell 1.75 points to 7,266.

Oil prices traded lower as Brent crude futures fell 0.1 percent to trade at $67.50 per barrel, while US WTI crude futures fell 0.3 percent to trade at $58.09 a barrel. The Energy Information Administration’s weekly report on natural gas stocks in underground storage is schedule for release at 10:30 a.m. ET.

A Peek Into Global Markets

European markets were mostly higher today, with the Spanish Ibex Index rising 0.3 percent, STOXX Europe 600 Index climbing 0.3 percent and German DAX 30 index dropped 0.2 percent. The UK's FTSE index was trading higher by 0.4 percent, while French CAC 40 Index gained 0.4 percent.

In Asian markets, Japan’s Nikkei Stock Average fell 0.02 percent, Hong Kong’s Hang Seng Index climbed 0.15 percent, China’s Shanghai Composite Index fell 1.2 percent and India’s BSE Sensex rose 0.01 percent.

Broker Recommendation

Analysts at B. Riley FBR downgraded Tailored Brands Inc (NYSE: TLRD) from Buy to Neutral and lowered the price target from $20 to $11.

Tailored Brands shares fell 19.2 percent to $9.45 in pre-market trading.

Breaking News

Dollar General Corp. (NYSE: DG) reported weaker-than-expected earnings for its fourth quarter and issued weak 2019 outlook. The company raised its quarterly dividend from $0.29 to $0.32 per share and reported a $1 billion buyback plan.
Tailored Brands Inc (NYSE: TLRD) reported a narrower-than-expected loss for its fourth quarter, while sales missed estimates.
Genesco Inc. (NYSE: GCO) reported downbeat earnings for its fourth quarter and issued weak FY20 earnings forecast.
Cloudera Inc (NYSE: CLDR) reported a wider-than-expected loss for its fourth quarter, while sales exceeded estimates. The company issued weak first-quarter and full-year 2020 earnings guidance.