Strategic Finance
Yahoo Inc is a Buy say Barclays Capital |
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| Strategic Finance | |
| Written by Roberta Murray | |
| Thursday, 01 July 2010 | |
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A look at the markets today reveals more doom and gloom.
Yahoo Inc (NASDAQ:YHOO), the search engine, has received the backing of equity analysts at Barclays (LON:BARC) who have reaffirmed their Buy position on the stock. Futures in Yahoo are currently pointing up by 1.08%, suggesting it could be a positive start for the stock when Wall Street opens. Nasdaq futures are however lower by 0.23%. The latest market news out of the US indicates that new jobless claims likely fell last week for the second week in a row, but not by enough to signal a rapid increase in hiring. Economists forecast initial claims will drop to a seasonally adjusted 452,000 from 457,000 the previous week, according to a survey by Thomson Reuters. The Labor Department will issue the report on Thursday at 8:30 am EDT. Claims fell sharply two weeks ago, but that followed an unexpected jump the previous week. Claims have been stuck at around 450,000 since the beginning of this year. Requests for unemployment benefits dropped steadily last year after reaching a peak of 651,000 in March 2009. Economists say they will feel more confident that the economy is consistently creating jobs when initial claims fall below 425,000 per week. The figures come a day before the Labor Department is scheduled to release the June jobs report. That is expected to show a modest rebound in private-sector hiring. Overall, employers are expected to cut a net total of 110,000 positions, but that includes the loss of about 240,000 temporary census jobs. Private employers are projected to add 112,000 jobs, according to a survey of economists by Thomson Reuters. That would be an improvement from May, when businesses added only 41,000 workers. But the economy needs to generate at least 100,000 net new jobs per month to keep up with population growth, and probably twice that number to bring down the jobless rate.
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