U.S. Day Ahead: Facebook closes in on $38 IPO price
Tuesday, July 30, 2013 - 03:06
July 30 - Facebook closes in on its $38 IPO price. The government releases weak Q2 economic growth and the Fed talks tapering.. or not.
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Here's what's coming around the corner for Wednesday. Still irritated by the -- CBS blackout well let's talk more immediate with Comcast. This contest have a plan to turn around last place network NBC. Now -- on a 100% of the struggling network. Brian Roberts and we'll have to give investors signs that NBC will return to the glory days when -- bell and friends ruled the ratings. The good news from Comcast is that the cord cutting trend hasn't started to show in its earnings yet. In fact analysts expect Wednesday's second quarter results officials solid growth in its cable business. Earnings per share is estimated to come in at 63 cents on revenues of sixteen billion dollars vs fifty cent a year ago. Rival media giants CBS we'll also provide insight on the health of the ad market when it announces quarterly results. The parent company of broadcasters CBS and cable channel showtime may also comment on its negotiations with Time Warner Cable. Big infighting over increases in fees that CBS received from other cable and satellite operators. Lots of other companies reporting earnings DreamWorks MasterCard rap -- check the ticker at the bottom of your screen. Get ready for another dismal reading -- economic growth we get our first look at second quarter GDP. Economists polled by Reuters expect just a 1% increase down from one point eight in the first quarter. That's the third straight quarter of growth below 2%. We also get some labor numbers the ADP national employment report is released in the morning. Economists expect ADP to comment at a 180000. Jobs down from a 188. In June. It's out two days before the Labor Department's monthly jobs report. Any weakness in the labor market can add to the debate over the Fed's stimulus program. The Fed and its two day policy meeting on Wednesday it's expected to maintain its bond buying program at 85 billion dollars a month. But could commit in writing to scale back these purchases later this year. This space have you on the edge of your seat waiting for the stock to finally get back to its IPO priced at 38 dollars. Last time it was as high Mark Zuckerberg Sheryl Sandberg and team we're cheering the stock's debut from Menlo park California. The worries about -- -- now squashed by gains in ad revenue base the reported in this area. Morgan Stanley the lead underwriter for the IPO has a price target of only 37 dollars. JPMorgan and Goldman Sachs also underwriters have new price targets around 44 dollars. But first let's even manages to hit that magic IPO a number of 38 dollars. -- up 6% today its recent high 37 dollars and 63 cents. Bringing its market cap back you know 100 billion mark. You can follow us on Twitter at Reuters Insider and watch more videos and Reuters dot com slash later Stevie and I'm -- not bad this is writers.
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