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Before the bell 12-8-06: Waiting for payroll report

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Stock futures are mixed in early morning trade, pointing to a higher start for the S&P 500 and a lower start for the Nasdaq.

Finally today, the monthly -- November -- job report many have been waiting for will be released at 8:30 a.m. Eastern. Economists expectations of the increase in nonfarm payrolls range narrowly between 105,000 jobs added in November (Briefing.com) to 110,000 jobs (Reuters) to 112,000 (MarketWatch). 92,000 jobs were added in October.

The jobs reports, however tends to send mixed signals as the unemployment rate and hourly wages, which are also reported at the same time, can sometimes paint a different picture. Unemployment rate is expected to rise slightly to 4.5% from October's 4.4% (a five-year low). Hourly wages is seen growing 0.3% compared to 0.4% in the previous month.

While the dollar strengthened somewhat against the yen and the euro, oil prices also rose back above $63 a barrel.

In Japan, trader in Tokyo were disappointed by economic data as gross domestic product figures for the July-September quarter were revised down to an annual pace of 0.8% instead of the previously announced 2.0%. Domestic demand and consumer spending shrunk. Other Asian market were down on Friday.

In corporate news:

Oracle Corp. (NASDAQ:ORCL) boosted its offer for Indian banking software provider i-flex Solutions Ltd. to $1.3 billion, trying to raise its stake in the company to 90%.

After pulling the account from Interpublic Group, and after firing a marketing executive. Wal-Mart Stores Inc. (NYSE:WMT) now reopens the bidding for its $580 million advertising account.

Hewlett-Packard Co. (NYSE:HPQ) agreed to pay $14.5 million (€10.9 million) to settle an unfair business practices lawsuit following the company's attempt to uncover the source of leaks.

3M Co. (NYSE:MMM), a Dow component, was downgraded to neutral from overweight at Prudential Equity Group.

Symbol Lookup
IndexesChangePrice
DJIA+44.2910,291.26
NASDAQ+15.822,166.90
S&P 500+5.501,098.51

Last updated: November 12, 2009: 07:05 AM

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