TOP STORIES
US JOBLESS CLAIMS DROP BY 14K IN WEEK
Initial jobless claims tumble by 14,000 to a seasonally adjusted
351,000 in the week ending March 10, much higher than the
5,000-claim drop expected economists and the latest sign that the
labor market is improving.
US PRODUCER PRICES RISE 0.4%; CORE PPI UP 0.2%
U.S. wholesale prices increase an adjusted 0.4% in February, a
bit less than expected, but still the fastest growth pace in five
months, driven by rising gasoline costs. Excluding food and energy,
prices rise 0.2%, in line with estimates.
CISCO TO BUY NDS GROUP IN $4B DEAL
Cisco Systems plans to buy UK video software maker NDS Group for
$4 billion, plus an additional $1 billion in debt, a purchase the
technology giant says reflects its increased strategic focus on
video.
NY FED MARCH MANUFACTURING INDEX RISES TO 20.21
New York manufacturing activity accelerates in March. The Empire
State's business conditions index increases for the fourth
consecutive month to 20.21 from 19.53 in February. Economists
expected the index to drop to 17.9.
US STOCKS OPEN FLAT AFTER ECONOMIC DATA
Stocks start the day showing little direction as investors
digest firm readings on labor and manufacturing. Bank of America
and GE lead early DJIA gainers, while JP Morgan and Alcoa are
lower.
SEC CRACKS DOWN ON PRE-IPO TRADING
The Securities and Exchange Commission brings charges against
two money managers, alleging they misled and overcharged investors
on funds formed to buy shares of Facebook, Twitter and other
social-media companies.
CITI REJECTION STINGS PANDIT
Citigroup's failure to get regulators' approval to return
capital to shareholders caught executives and investors off guard
and dealt a blow to Chief Executive Vikram Pandit's efforts to
revive investor confidence in the bank.
OIL DRIFTS HIGHER, TRADES IN NARROW RANGE
Oil futures drift higher an docntinue to trade in a narrow range
as market chatter grows about whether pricey crude is headed for a
correction. Nymex April crude is up 55c to $105.98 a barrel.
IMF SEEN APPROVING €28B GREEK LOAN THURSDAY
The International Monetary Fund board is expected to approve a
€28 billion loan for debt-beleaguered Greece despite fears by some
members of political risks to the program, say people familiar with
the matter.
THIRD POINT SAYS YAHOO 'STONEWALLING' ON BOARD
Hedge Fund Third Point has told Yahoo it plans to file a
challenge for board seats at the embattled Internet firm "within
the week" after its board nominees received a chilly reception.
CHINA NET BUYER OF US TREASURYS IN JANUARY
China remains the top holder of U.S. Treasurys in January, but
Japan threatens to take over the no. 1 position as a net buyer with
another month of record holdings, the Treasury Department says.
China's holdings rise to $1.160 trillion, and Japan's rise to
$1.079 trillion.
======= DOW JONES NEWSWIRES ANALYSIS AND COMMENTARIES =======
HEARD ON THE STREET
RBI's Hands Are Tied For Now
India's central bankers could have taken the day off. The
Reserve Bank says it left the key rate unchanged --it really has no
other option, Harsh Joshi writes.
THE WALL STREET JOURNAL
Barclays Capital Trims Asia-Pacific Headcount
Barclays Capital has trimmed headcount in its investment banking
division across the Asia-Pacific region, according to people
familiar with the matter.
============ U.S. MARKETS ACTION ===========
DJIA down 18.31 points to 13174.50
NASDAQ up 0.68 points to 3041.78
S&P 500 down 0.88 points to 1393.32
10-year T-note 97 16/32 at 2.2816 yield
NYMEX Crude down $0.19 at $105.25/bbl
Dollar/Euro up 0.0016 at 1.3045