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Wall Street drops ahead of jobs report

Thursday, June 04, 2015 - 01:52

Anxiety ahead of Friday's jobs report, and worries about the Greek debt situation weighed on stocks. Bobbi Rebell reports.

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Rising tensions regarding Greece weighed on U.S. markets one day ahead of the jobs report. Greece delayed a debt payment to the International Monetary Fund due Friday. Separately, the IMF warned the U.S. central bank not to raise rates until 2016, until there are clear signs of a pickup in wages and inflation. Another mega media merger likely in the works. The Wall Street Journal reports Dish Network and T-Mobile are in talks about merging. T-Mobile could make use of Dish's wireless spectrum to expand its network to take on bigger guns Verizon and AT&T. As for anti-trust issues? Reuters reporter Malathi Nayak: SOUNDBITE: MALATHI NAYAK, CORRESPONDENT, REUTERS (ENGLISH) SAYING: "This wouldn't be much of an issue considering the fact that T-Mobile is a small player in the wireless space, and it's more of a spectrum play." Shares of T-Mobile's rival, Verizon, fell. J.P. Morgan downgraded them to "neutral" from "overweight." It says it could take a few years for the AOL acquisition to substantially contribute to revenue, adding it prefers AT&T. Telephone's shares rose. The operator of the arts and crafts chain, Michaels, grew quarterly revenue despite bad weather and a strong dollar. Profit rose sharply but missed analysts' estimates. Shares dropped. A ratings downgrade took a bite out of Wendy's shares. Wedbush Securities lowered the burger chain to "neutral" from "outperform," saying valuation may be capped for now. J.M.Smucker's in a jam. Shares of the maker of Jif peanut butter and Smucker's jams fell after it issued an outlook and reported profit that both fell short of analysts' expectations. In Europe, the euro's rally paused along with the spike in bond yields. That led stocks to pare back much of their earlier losses, but the major indices still finished in the red.

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Wall Street drops ahead of jobs report

Thursday, June 04, 2015 - 01:52