, the world’s biggest brewer,fell despitereporting higher revenue and profitfor the first quarter thanks to higher prices.
Comcast and CBS traded higher Wednesday after both reported a rise in first-quarter profit after the bell on Tuesday. CNBC is 51 percent owned by Comcast.
In initial public offerings, RenRen, a Chinese social networking company, was priced at $14 a share, the high end of expectations. The deal is expected to be effective at 9 a.m. under the symbol "RENN."
And Dunkin Brands, owner of Dunkin Donuts and Baskin & Robbins,filed to launch an IPO of up to $400 million on the Nasdaq Global Select Market under the symbol "DNKN."
Also in Europe, Portuguese bond yields fell afterPortugal agreed a three-year 78-billion-euro ($116 billion) bailoutwith the European Union and International Monetary Fund.
Investors will now look ahead to the European Central Bank’s meeting on Thursday. The bank is expected to keep rates on hold after raising rates in April.
Commodity prices fell on Wednesday amid concerns over an economic slowdown in India, and slight strengthening in th edollar. Resource and energy stocks fell as well.
Commodity trader Glencore set a price range of 480-580 pence per share for its initial public offering. The first day of trading in London will be May 19. The price range values the company at around $61 billion at the mid-point of the range.
At 10 a.m., the Institute of Supply Management's non-manufacturing index will be released. It is expected to increase slightly to a reading of 57.4 from 57.3, according to Briefing.com. Weekly crude inventories will be reported by the govenrment at 10:30 a.m.
On Tap This Week:
WEDNESDAY: ISM non-manufacturing index, oil inventories, Fed's Lockhart speaks; earnings after-the-bell from Electronic Arts, MetLife, News Corp, Transocean and Whole Foods.
THURSDAY: Bank of England rate announcement, European Central Bank announcement, chain store sales, jobless claims, productivity and costs, Treasury STRIPS, money supply; Fed Chairman Bernanke speaks, Fed's Kocherlakota speaks, UPS shareholder meeting, Verizon shareholder meeting; earnings before-the-bell from GM, Cigna, CVS Caremark and after-the-bell from AIG, Kraft and Visa.
FRIDAY: Non-farm payroll report, consumer credit, Alcoa shareholder meeting, flash crash anniversary; earnings before-the-bell from Constellation Energy and tentatively after-the-bell from Berkshire Hathaway.
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