U.S. Morning Call: China PMI falls; Schulze pursues Best Buy
Tuesday, October 02, 2012 - 03:00
Oct 3 - China's normally robust services sector weakened sharply in September to its lowest point since November 2010; and founder Richard Schulze continues his pursuit of the beleaguered Best Buy.
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We and China two words we've been hearing a lot lately and speaking of two word combinations. Backing down not in best -- founder Richard Schulze vocabulary. Let's kick up your morning call for Wednesday. US stock futures point to a mixed open this morning after a flat close yesterday. Investors can down the hours to the first presidential debate of the 2012 election. President Barack Obama and Mitt Romney will begin in ninety minutes to lure undecided voters to their camp. Over sixty million people are expected to watch the first of three debates tonight taking place in Denver at 9 PM eastern. A couple of key data points due out later today we begin with ADP employment report for September. Economists polled by Reuters expect 143000. Private sector jobs were created last month. Lower than the 201000. Jobs forecast in August. Also due out this morning the institute for supply management September index for the services sector that's expected to show a decline as well. No appearance it's not much brighter picture either the country's normally robust services sector weakened sharply in September to its lowest point in almost two years. Economists -- slow growth in manufacturing finally trickling through the rest of the Chinese economy. Shares of best buy up over 5%. In the premarket. After dogged founder Richard -- presses on with his efforts to by the struggling retailer. Lawyers exclusively hearing from sources that shuttles and at least for a private equity firms have started examining best buys books. The first steps leading to what could be an eleven billion dollar buyout. Among the firms helping the ex chairman conduct due diligence RT PG capital Apollo global management. Cerberus capital and Leonard green and partners. I've heard -- -- obsessive -- but this must be a new level of persistence. Ever -- stocks to watch Meg Whitman talks to investors HP's annual meeting in San Francisco today. Shareholders will want to know how she plans to -- to share price has lost more value this year that almost any major tech firm. Family Dollar reported higher quarterly profit this morning. The discount retailer helped by food sales but margins remain under pressure and the company recorded a charge from litigation settlement with some workers. Monsanto expected to post it wider loss sports fourth quarter in a period that is traditionally its weakest due to seasonality seats -- -- And America's second largest -- marry not likely to report weak results after the bell on softness in some international markets. That's according copper Wednesday follow us on Twitter at Reuters Insider for the latest headlines and check out our orders YouTube channel at Reuters dot com slash writers TV. I'm Lisa Bernard it is Reuters.
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