European assets are reaching session lows after comments by Jean-Claude Juncker, the Prime Minister of Luxembourg. He stated that the steps to contain the EU debt crisis have been “largely insufficient”, and Greek debt negotiations “ultra-difficult”.
U.S. stock index futures pared losses after initial claims for U.S. jobless benefits fell last week by 12,000 to 367,000 (the 4-week MA is at 375,750) in the week ended Jan. 28, according to Labor Department figures released today in Washington. The median estimate in a Bloomberg News survey of 46 economists was projected at 371,000. Productivity as measured by worked output per four increased +0.7% annually, following a +1.9% gain in the prior quarter.
Facebook has officially filed to raise $5 billion in what will be the largest Internet IPO on record. Facebook named Morgan Stanley as the lead underwriter on the IPO and reported a 24x increase in sales of the past four years to $3.71 billion in 2011. According to people familiar with the matter, they are considering a valuation of between $75-$100 billion dollars. “The $100 billion valuation that’s being tossed around just puts it at a level we’ve never seen,” said Jeffrey Sica, chief investment officer of Morristown, New Jersey-based Sica Wealth Management LLC, which oversees $1 billion. “They have to be able to show that not only do they deserve to be at that level, but they have multiple channels to create new revenue.”