Good morning from the business news desk of the Star Tribune.
For investors, this morning has shaped up just like yesterday, with U.S. futures indicating a slight rise while shares in Asia and Europe fell overnight. The drop in Asia was even worse today than yesterday. Japan had a second day with stocks more than 2% lower. And shares in Hong Kong fell nearly 3%. Following the disappointing ISM data yesterday, the chatter in the investment web sites and morning newsletters is that Friday's unemployment data has become more important than usual. An indication that the jobs pictures is backtracking would give weight to the argument that the economy is slowing just as the Fed is doing less to help it out.
Techne Corp., the Minneapolis-based maker of hematology controls and biotech research products, reported a fourth-quarter profit that, in adjusted terms, amounted to 75 cents a share. That was 5 cents below expectations. Revenue grew 12%, in line with expectations.
After market close today, we'll see results from Ameriprise, Buffalo Wild Wings and C.H. Robinson.
Boston Scientific, a medtech company based in Massachusetts that has major operations in the Twin Cities, is also out with 4Q results and the company just beat guidance. Adjusted EPS was 21 cents, ahead of the forecasted range of 18 to 20 cents. Revenue was up 1% while revenue from operations was up 5%.
U.S. stocks are hanging on to their gains even after the factory orders data showed a reduction in December. The difference between today and yesterday? The expectation on the factory orders was for a decline of 1.8%. They fell only 1.5%. The manufacturing data yesterday came in below expectations and sent stock prices reeling.
Here's where the impact from the factory data can be seen...