Target’s Earnings Miss and Bernanke’s Testimony: Morning Buzzers
Groupon (NASDAQ:GRPN) won’t release its earnings until after the closing bell, but shares traded up 1.2 percent in the pre-market anyway. Expectations that the beleaguered daily-deals site turned commerce platform will swing to a profit are high, with analysts looking for earnings of $0.03 per share, compared to a loss of $0.02 per share in the year-ago period. Revenue is expected to climb 26 percent to $638.41 million.
“I am pleased to say that today I signed New Jersey’s Internet Gaming Bill, opening the way for new opportunity to bolster our efforts to continue the revival of Atlantic City, its casinos and entertainment offerings,” wrote Governor Chris Christie in a statement. The news spurred investors bullish on the prospects of online real-money gambling to bid Zynga (NASDAQ:ZNGA) up as much as 3 percent in pre-market trading. Caesars Entertainment (NASDAQ:CZR) climbed as much as 5.1 percent in the pre-market.
Chairman of the Federal Reserve Ben Bernanke is expected to continue his adamant defense of quantitative easing as he testifies before the House Financial Services Committee on Wednesday. Bernanke’s comments on policy have helped ease concern that the Fed will be ending asset purchases before certain labor-market conditions are met.
Don’t Miss: Bernanke Talks Sequestration, Defends the Fed.