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| | US Market | The major U.S. index futures are pointing to a lower opening on Thursday, with sentiment reflecting unease data suggesting an economic slowdown in the world's second largest economy. The soft data has served to stifle the positive sentiment generated by private sector activity in the eurozone. A report released earlier in the day showed that jobless claims rose by more than estimated. Earnings news has been mixed, although some of the tech earnings were encouraging. Sentiment going into the session may also depend on the existing home sales data due to be released after the markets open.
U.S. stocks closed mixed yet again on Wednesday, as traders digested mixed earnings news and remained cautious amid a lack of any meaningful economic data. The major averages opened on a mixed note, with The Dow Industrials opening lower, while the Nasdaq Composite and the S&P 500 Index started higher. The Nasdaq Composite moved roughly sideways until early afternoon trading. After climbing steadily till late afternoon trading, the index moved sideways yet again before closing up 17.24 points or 0.41 percent at 4,243.
The S&P 500 Index saw some volatility throughout the session, although it held above the unchanged line for the better part of the session before closing up 1.06 points or 0.06 percent at 1,845. Meanwhile, The Dow Industrials languished below the unchanged line throughout the session and ended 41.10 points or 0.25 percent lower at 16,373.
Nineteen of the thirty Dow components closed lower, with IBM (down 3.28 percent), DuPont (down 1.11 percent), General Electric (down 1.14 percent) and JP Morgan Chase leading the slide. On the other hand, Boeing , Disney and United Technologies rose notably.
Gold stocks retreated notably, while computer hardware, semiconductor, transportation and housing stocks gained ground.
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| | US Economic Reports |  | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | After reporting first-time claims for U.S. unemployment benefits at their lowest level in over a month in the previous week, the Labor Department released a report on Thursday showing a smaller than expected rebound in initial jobless claims in the week ended January 18th.
The report said initial jobless claims edged up to 326,000, an increase of 1,000 from the previous week's revised figure of 325,000. Economists had expected claims to climb to 330,000 from the 326,000 originally reported for the previous week.
The National Association of Realtors is due to release its existing home sales report for December at 10 am ET. The consensus estimates call for existing home sales to remain steady at a seasonally adjusted annual rate of 4.9 million.
Existing home sales fell to a seasonally adjusted annual rate of 4.90 million units in November from 5.12 million units in October. Single-family sales were down 3.8 percent month-over-month and condominium/co-ops sales fell 7.9 percent. Inventories measured in terms of months of supply rose to 5.1 months from 4.9 months. The median sales price of an existing home was down to $196,300 from $197,500. First time homebuyers accounted for 28 percent of total sales, which is well below the trend.
Around the same time, the Federal House Finance Agency will release its house price index for November. Economists expect house prices to have improved by 0.4 percent month-over-month on a seasonally adjusted annual basis following a 0.5 percent increase in October.
Also at 10 am ET, the Conference Board is scheduled to release its leading economic indicators index for December. The consensus estimate calls for a slowdown in the pace of growth in the leading economic indicators index to 0.1 percent.
The leading economic indicators index rose 0.8 percent month-over-month in November following a 0.1 percent increase in October. The board noted that improving labor markets and new orders in manufacturing combined with strong financial indicators were responsible for November’s gain. The lagging economic indicators index remained unchanged in November and the coincident economic indicators index rose 0.4 percent.
The Energy Information Administration will release its petroleum status report for the week ended January 17th at 11 am ET.
Crude oil stockpiles fell by 7.7 million barrels to 350.2 million barrels in the week ended January 10th. With the drop, inventories were near the upper limit of the average range. Distillate stockpiles rose by 6.2 million barrels, remaining in the middle of the average range.
Meanwhile, gasoline inventories rose by 1 million barrels just yet were below the lower limit of the average range. Refinery capacity utilization averaged 91.8 percent over the four weeks ended January 10th compared to 92.2 percent over the four weeks ended January 3rd.
The Treasury is set to make announcements concerning auctions of 2-year, 5-year and 7-year notes at 11 am ET. |
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| | Stocks in Focus | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | eBay (EBAY) reported fourth quarter non-GAAP earnings of 81 cents per share on revenues of $4.5 billion. The earnings were ahead of estimates, while the revenues missed estimates. For 2014, the company expects non-GAAP earnings of $2.95-$3 per share on net revenues of $18 billion to $18.50 billion. The guidance was lackluster. The company also said it expects more than 10 percent growth in non-GAAP earnings per share for 2015 on revenues of $20.50 billion to $21.50 billion.
McDonald’s (MCD) reported fourth quarter earnings that were ahead of expectations, while its revenues were shy of estimates. The company also said it expects January global comparable sales to be relatively flat.
On average, 28 analysts polled by Thomson Reuters expected the company to earn $1.39 per share for the quarter. Analysts' estimates typically exclude special items.
Netflix (NFLX) reported fourth quarter earnings of 79 cents per share on revenues of $1.18 billion. The results were ahead of expectations. The company’s first quarter earnings guidance was also upbeat.
Western Digital’s (WDC) second quarter results were better than expected. SanDisk (SNDK) also reported fourth quarter earnings and revenues that beat estimates.
LSI Logic (LSI), which recently announced a deal to be acquired by Avago Technologies (AVGO) for $11.15 per share, also reported better than expected fourth quarter results.
Logitech (LOGI) reported third quarter non-GAAP earnings of 35 cents per share on total sales of $628 million. The results exceeded estimates. The company raised its full year guidance and currently expects non-GAAP operating income of $120 million to $125 million on sales of under $2.1 billion.
Jacobs Engineering (JEC) reported first quarter earnings of 71 cents per share on revenues of $3.1 billion. The earnings missed estimates, while the revenues were ahead of estimates. The company also said it continues to expect 2014 earnings of $3.35-$3.90 per share. The guidance was in line.
F5 Networks (FFIV) reported first quarter non-GAAP net income of $1.22 per share on revenues of $406.5 million. For the second quarter, the company expects non-GAAP earnings of $1.23-$1.26 per share on revenues of $408 million to $418 million. The results exceeded estimates and the guidance was positive.
Teradyne (TER) reported better than expected fourth quarter results, while it issued weak first quarter guidance.
Community Health (CYH) and Health Management (HMA) announced that they have reached an agreement with the FTC for Community Health’s impending acquisition of Health Management. The company expects the deal to be completed by the end of January 2014.
Altera (ALTR), Applied Micro (AMCC), Compuware (CPWR), Discover Financial Services (DFS), E*TRADE (ETFC), International Game Technology (IGT), Juniper Networks (JNPR), KLA-Tencor (KLAC), Maxim Integrated (MXIM), Microsoft (MSFT) and Starbucks (SBUX) are among the companies due to release their quarterly results after the close of trading. |
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| | European Market | | After a weak start, European stocks have cut their losses in early trading in reaction to preliminary private sector activity data from the region. The averages are currently lower.
In corporate news, U.K. low cost carrier easyJet reported higher quarterly revenues, helped by an increase in the number of passengers. Meanwhile, the company said it expects a wider loss for the first half of the fiscal year. Aviva said its CFO Pat Regan will leave the company to pursue other interests.
Flash estimates released by Markit showed that private sector activity in the eurozone strengthened at a faster than estimated clip. The composite private sector activity index climbed 1.1 points to 53.2 in January and came in ahead of the expected reading of 52.1. The manufacturing purchasing managers’ index was also above expectations at 53.9, while the service sector purchasing managers’ index rose 0.9 points to 51.9. |
| | Asian Markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | Most Asian markets retreated, with sentiment hurt by data showing a contraction in Chinese manufacturing activity. The uncertain sentiment on Wall Street overnight also rendered the mood cautious.
Japan’s Nikkei 225 average opened higher and held above the unchanged line till late afternoon trading. The averages declined thereafter, closing 125.07 points or 0.79 percent lower at 15,696. A majority of stocks declined, led by Unitika, Tokuyama, SoftBank, Mitsui Engineering, Ricoh and Yahoo Japan.
Australia’s All Ordinaries languished below the unchanged line for the bulk of the session before closing down 55.80 points or 1.05 percent at 5,276. The market witnessed broad based weakness, with energy and material stocks leading the way lower.
Hong Kong’s Hang Seng Index ended at 22,734, down 348.35 points or 1.51 percent, and China’s Shanghai Composite Index fell 9.57 points or 0.47 percent before closing at 2,042.
On the economic front, results of a preliminary survey by Markit and HSBC showed that China’s manufacturing sector unexpectedly contracted in January. The manufacturing purchasing managers’ index slipped 0.9 points to 49.6 in January. Economists expected a more modest drop to 50.4.
A separate report released by the Conference Board showed that its leading economic indicators index for China rose 0.4 percent month-over-month in December, the smallest increase in 9 months.
The results of a survey by the Melbourne Institute showed that inflation expectations in Australia is expected to rise by 2.3 percent year-over-year in January compared to expectations for a 2.1 percent increase. |
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| | Currency and Commodities Markets | | Crude oil futures are rising $0.28 to $97.01 a barrel after advancing $1.76 to $96.73 a barrel on Wednesday. An ounce of gold is currently-trading at $1,251.50 an ounce, down $11.50 from the previous session’s close of $1,238.60. On Wednesday, gold fell $3.20.
Among currencies, the U.S. dollar is trading at 104.06 yen compared to the 104.52 yen it fetched at the close of New York trading on Wednesday. The greenback is currently valued at $1.3631 compared to yesterday’s $1.3547. |
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