U.S. stock futures are lower on the 8.9-magnitude earthquake that hit Japan about seven hours ago. Global markets are selling off as a result of the disaster.Toyota, Nissan and Sony have all had to close production at some of their plants.
Investors are waiting for U.S. data on retail sales to come out later this morning.
In other news, Valero acquired Chevron’s refinery in Wales and Apple’s iPad 2 goes on sale today. There was also some earnings news out this morning.
Here is a roundup
- Aeropostale came in below expectations
- Semtech Corp posted a gain
- Ann Taylor is on tap to post earnings later
EARTHQUAKE IMPACT: Toyota stopped output at some of its plants. Shares are down over 2% in the pre-market.
EARTHQUAKE IMPACT: Two people were killed by a collapsing ceiling at a Honda plant. Shares are down over 1% in pre-market trading.
EARTHQUAKE IMPACT: Insurers including Swiss Re, Munich Re and Hannover Re have been slammed today because of their exposures to Japan.
EARNINGS DROP: Aeropostale earnings came out ahead of expectations with revenue of $839.3 million. Shares were down over 5% in after hours trading.
EARNINGS BEAT: Semtech Corp's fourth quarter earnings came out way ahead of expectations with revenue of $116.3 million. Shares were up 11% in after hours trading.
EARNINGS DROP: Hibbett Sports came in below expectations with revenue of $173.2 million, up 10% from Q4 in the prior year.
ACQUISITION DEAL: Valero Energy is going to pay $730 million for Chevron's Pembroke refinery in Wales. Shares of Chevron were down over 1% in pre-market trading.
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