Pre-market Trading Report, Feb. 21, 2014: The Dow Jones Industrial Average jumped 92 points on Thursday to finish at 16,133.23. The Nasdaq rose 0.7% to 4,267.55, while the S&P increased 11 points to close at 1,839.78.
Here's what's ahead for today's market:
Five Biggest Stories in the Stock Market Today, Feb. 21, 2014:DJ Industrial Ave Theoretical (m) N/A: DJIA Feb 20 loading chart... Price: 16,133.23 | Ch: 92.67 (0.6%)- The App Wars Continue: Engadget.com reports that Google Inc. (Nasdaq: GOOG) is developing an app that will allow users to automatically log into local WiFi hotspots around the country. The company will likely partner with firms like Starbucks Corp. (Nasdaq: SBUX) coffee shops that already have extensive WiFi infrastructure. The app is undergoing testing and would be available on Apple Inc.'s (Nasdaq: AAPL) iOS platform and rival Android.
- Ackman's HerbaLife Bet Folds: Bill Ackman, the outspoken hedge-fund manager of Pershing Square Capital, has now lost 49% of his short position on HerbaLife Ltd (NYSE: HLF), according to The Wall Street Journal.Ackman famously bet against the firm, spurring a battle of the billionaires between himself and Carl Icahn, who had a long position in the company. During an investor dinner in early February, the company announced the Herbalife position was the biggest loser in the firm's 10-year history.
- Doubling Down: Despite becoming the scapegoat for the U.S. speed skating team's poor performance in Sochi, Under Armour Inc. (NYSE: UA) announced it will renew a team sponsorship agreement through 2022. The company will "double down" on investment in the controversial "Mach 39" suit until the 2018 Olympic Games, according to reports.
- Ukraine Defaults Likely: Though an agreement is likely on the table to quell the violence in Ukraine, Standard & Poor's is predicting that the nation is likely to default on its financial obligations. The ratings agency downgraded the country's long-term rating from 'CCC+' to 'CCC'. S&P noted that the planned $15 billion in Russian financial assistance set before July of 2014 is now in a stage of uncertainty, given the current political situation. This amount constitutes 8% of Ukraine's total GDP.
- Bad News on Discount Deals: Although Groupon Inc. (Nasdaq: GRPN) reported upbeat fourth-quarter results, shares plummeted in post-market hours by more than 14%. The company cited increased customer acquisition costs. Groupon lost $0.12 per share, equal to the same quarterly result from last year. Despite the bad news, CEO Eric Lefkofsky was positive on the company's momentum in holiday shopping sales and strong December mobile sales.
- Existing Home Sales at 10:00 a.m.
- St. Louis Federal Reserve Bank President James Bullard Speaks at 1:10 p.m.
- Dallas Federal Reserve Bank President Richard Fisher Speaks at 1:45 p.m.
- Consensus earnings per share for Dish Network (Nasdaq: DISH) is $0.41.
- Consensus earnings per share for Barnes Group (NYSE: B) is $0.52.
- Consensus earnings per share for Boise Cascade (NYSE: BCC) is $0.18.
- Consensus earnings per share for Ecolab (NYSE: ECL) is $1.05.
- Consensus earnings per share for Donaldson Company (NYSE: DCI) is $0.36.
- Consensus earnings per share for EchoStar (Nasdaq: SATS) is $0.09.
- Consensus earnings per share for Starz (Nasdaq: STRZA) is $0.45.
- World Wrestling Entertainment Inc. (WWE), Teleflex (TFX), Charter Communications (CHTR), Geeknet (NASDAQ: GKNT), Pinnacle West Capital (NYSE: PNW), Ruth's Hospitality Group (NASDAQ: RUTH), Eldorado Gold (NYSE: EGO).
The Hottest Pre-market Story Today: The One Thing You Must Know to Hit It Big with a Biotech Stock
Tags: Dow Jones Industrial Average, earnings, earnings calendar, earnings reports, pre-market trading, pre-market trading report, S&P 500, stock market news, stock market news today, Stock Market Today, today's earnings, Todays Stock Market, today’s market news, Today’s stock market newsThe post Pre-market Trading Report: What's Moving the Stock Market Today appeared first on Money Morning - Only the News You Can Profit From.