Markets Shrug-Off Weak Jobs Data

U.S. stock futures were slightly up this morning, as investors waited on jobless-claims data, which were off. Those filing for unemployment benefits in May rose by 6,000 in another sign that the U.S. labor market has cooled.

Futures for the Dow Jones Industrial Average gained 16 points to 12,445.00 and S&P 500 index futures rose 2.10 points to 1,310.90. Nasdaq 100 futures gained 2 points to 2,524.50.
 
U.S. stocks closed lower on Wednesday, with the Dow Jones Industrial Average dropping 0.62% to 12,496.38, the S&P 500 index declining 0.70% to 1,314.88 and the Nasdaq 100 index falling 0.86% to 2,818.61.

The Kroger Co. (NYSE: KR) is projected to post its Q1 earnings at $0.73 per share on revenue of $29.13 billion. Pier 1 Imports Inc. (NYSE: PIR) is estimated to post its Q1 EPS at $0.16 on revenue of $360.01 million.
 
Winnebago Industries Inc. (NYSE: WGO) is projected to report its Q3 EPS at $0.12 on revenue of $164.69 million. Smithfield Foods Inc. (NYSE: SFD) is estimated to post its Q4 earnings at $0.53 per share on revenue of $3.26 billion.
 
School Specialty Inc. (NASDAQ: SCHS) is projected to post a Q4 loss at $0.91 per share on revenue of $117.40 million.
 
C.R. Bard Inc. (NYSE: BCR) lifted its quarterly dividend to $0.20 per share from $0.19 per share. The company also announced its plans to buy back up to $500 million in stock.
 
Shares of Nokia Corp. (NYSE: NOK) dipped about 9.3% in pre-market trading after the company announced its plans to cut 10,000 jobs and shut plants by the end of 2013.

Europe And Asia
Moody's Investors Service lowered Spain's debt rating by three notches.
 
European markets were lower today. The STOXX Europe 600 Index fell 1.12%, London's FTSE 100 Index dropped 0.95%, French CAC 40 index fell 0.73% and German DAX 30 index declined 1.10%.
 
Asian markets ended lower, with Japan's Nikkei Stock Average falling 0.22%, Chinese Shanghai Composite dropping 0.99% and Australia's S&P/ASX 200 dropping 0.53%. Hong Kong's Hang Seng index declined 1.15% and India's Sensex tumbled 1.23%.
 
Crude oil for July delivery declined $0.18 to $82.45 a barrel. However, gold for August delivery dropped $0.50 to $1,618.90 an ounce.
 
The euro gained 0.19% against the U.S. dollar to trade at $1.2581.

Monica Gerson