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Eurozone PMI Sinks Global Stocks

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  • Description

    FBN’s Diane Macedo breaks down the stories moving the markets ahead of the trading day.

  • Duration 5:01
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On the -- Good morning everyone Wal-Mart is -- the mixed fourth quarter results the world's largest retailer reported a better than expected adjusted profit.

Of one dollar 67 cents a share nearly 9% increase from a year ago but revenue of 127 point nine billion dollars missed expectations.

The company also offered a subdued outlook for the current quarter as low income shoppers continue to be squeezed by the tough economy.

US same store sales for the quarter rose 1% from year ago which came in at the low end of the company's guidance.

Wal-Mart chief executive Michael duke says higher payroll taxes and gas prices had an impact on the company's results.

The retailer also raised its annual dividend 18%.

To one dollar 88 cents a share.

We'll also get -- new data on the labor market and consumer prices later this morning analysts estimate.

355000.

People filed for first time jobless benefits last week.

That would be up from the prior week's 341000.

Applications.

Meanwhile inflation is also expected to remain under control economists estimate January consumer prices will increase point 1% while the core rate.

Which excludes volatile food and energy prices expected to -- point 2% and we'll have both of those reports for you when they released at 8:30 AM eastern.

Checking the markets now yesterday's release of minutes from the latest fed meeting.

Is being felt stocks are down across the board policy makers expressed concern that the Fed's bond buying program.

Could eventually unsettle the markets and bring Hamas as for the Central Bank -- you can see markets US futures are down across the board Dow futures are down 2.3.

The S&P down three the NASDAQ down ten over in Europe.

The first reading on eurozone PMI for February came in below expectations for both manufacturing and services both still indicate contraction.

And CDC stocks there also in the red we have London and Frankfurt both down triple digits.

Meanwhile the Federal Trade Commission is warning consumers to be -- of some on authorized fees.

That may be hiding in your credit card statements are -- -- an -- has more on that from our newsroom hi Lauren made.

-- you check your credit card statement every month do you come through it.

Probably not at -- -- they should end this isn't message in a warnings not all credit card users out there to really.

Go through that statement very carefully because.

We just found out that a company called ideal financial solutions which has been shut down at the request of the Federal Trade Commission.

Charged hundreds of thousands of customers about thirty dollars each time but in total 25 million dollars charging them for things that they never bought.

They typically targeted financially struggling customers people who applied for payday loans things like that.

And charges because of this companies -- companies.

Month that's like thirty dollars hearing there debt to wealth was accompanied funding assurance.

A vanity of annex all of these sorts of names that you never heard of come up so consumers would -- call that number.

And then the company would say -- you but this credit counseling service and it's not the case so this is called cram.

And it's something that you should watch out west so check you credit -- -- very -- -- Lauren -- -- busy checking -- -- man -- -- That's actually the biggest time stuck at work according to his study by.

-- this time more than 30% of workers said that they check their email not checking it I -- -- writing emails and responding to emails.

One to two hours today is spent doing that other things that suck up -- time.

Would be surfing the web 27%.

Watching television 26%.

People aren't watching TV network can imagine.

I just procrastinating.

Sitting there -- thinking of being that you sitting could be doing.

And then meetings we've all been in his meetings sitting in LA OK we could've done as -- now.

Our conference call Clinton said -- a -- we here and talk and look at each other for like three hours.

It's of course find it there watching television -- -- Iraq and Fox Business Network and -- back at our house is proud of the worked at forget about the cat videos watch FBI.

Lawrence that it adding that it didn't they learn by.

Meanwhile the Justice Department reportedly is investigating JPMorgan Chase over allegations that Bear Stearns provided misleading information about its mortgage products.

Leading up to the financial crisis sources tell Reuters the DOJ is looking into whether Bear Stearns altered due diligence information.

That third party provided about the quality of mortgage loans packaged into securities JPMorgan acquired Bear Stearns in -- 2008 fire sale.

Encouraged by the government and that bank has been recently hit JPMorgan that is by a wave of lawsuits over Bear Stearns.

The increase are the latest legal headache for the bank which also face a separate investigations.

From a trading loss of more than six billion dollars and inquiries.

Into whether it's traders manipulated benchmark interest rates.

Let's take a look at commodities now oil and gold.

-- to the downside this morning -- -- about a dollar forty gold is down almost seven dollars.

And now here's the I man on Fox Business giving you the Howard across.

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