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| | US Market | The major U.S. index futures are pointing to a mixed opening on Wednesday, with sentiment reflecting the uncertainty of traders amid the earnings news flow and a lack of any meaningful economic catalysts. With some earnings misses and bleak guidance coming in, traders may exercise restraint in building positions. We may see another session of consolidation, as traders seek more directional cues.
U.S. stocks closed Tuesday's session on a mixed note, with the positive sentiment generated by Chinese measures to lower money market rates was tempered by negative reaction to earnings by some blue chips.
The major averages opened higher in reaction to China's move to rein in money market rates. However, the lack of clarity due to the absence of any major domestic economic catalysts generated some weakness, with the averages declining steadily in early trading and dipping into negative territory by early afternoon trading. The Dow Industrials languished below the unchanged line for the rest of the session, hurt by negative reaction to earnings reports from Dow components such as Verizon , Travelers (TRV) and Johnson & Johnson . The index ended down 44.12 points or 0.27 percent at 16,414.
The S&P 500 Index recovered by the mid-session and hovered in positive territory for the rest of the session, closing up 5.10 points or 0.28 percent at 1,844. Meanwhile, the Nasdaq Composite, which dipped into negative territory only momentarily, advanced steadily in the afternoon before closing up 28.18 points or 0.67 percent at 4,226.
Eighteen of the thirty Dow components closed lower, with Verizon, Travelers, Johnson & Johnson, Intel , Goldman Sachs and Caterpillar leading the slide. On the other hand, McDonald's ended up 1.63 percent.
Airline, utility, Gold and financial stocks were among the best performers of the session, while steel stocks came under selling pressure.
The Dow Industrials settled above its 21-day MA (currently at 16,414) yesterday, ably supported by the key level. If the index falters and breaks below the level, the 16,360 and 16,297 levels could offer support. On the upside, the index has resistances around 16,480 and 16,533.
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| | Stocks in Focus |  | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | IBM (IBM) reported fourth quarter non-GAAP earnings of $6.13 per share on revenues of $27.7 billion, down 5 percent. The earnings beat estimates, while the revenues were below estimates. For 2014, the company expects non-GAAP earnings of at least $18 per share, ahead of estimates.
Texas Instruments (TXN) reported fourth quarter earnings of 46 cents per share, including 3 cents per share in charges, on revenues of $3.03 billion. The results exceeded estimates. For the first quarter, the company expects earnings of 36-44 cents per share on revenues of $2.83 billion to $3.07 billion. The guidance was lukewarm.
AMD (AMD) reported fourth quarter non-GAAP earnings of 6 cents per share on revenues of $1.59 billion, up 38 percent year-over-year. The earnings were in line, while the revenues were above expectations. For the first quarter, the company expects revenues to decline 16 percent, plus or minus 3 percent, sequentially.
Xilinx (XLNX) reported third quarter earnings of 61 cents per share, including a one-time benefit of 6 cents per share, on revenues of $587 million, down 2 percent year-over-year. The earnings beat estimates, while the revenues were shy of estimates. For the fourth quarter, the company expects sequential sales growth of 2-6 percent and gross margin of about 68 percent. The guidance was lukewarm.
ASML (ASML) reported higher earnings and sales for its fourth quarter. The company backed its first-half 2014 sales expectation and added that it plans to increase the dividend by 15 percent.
Motorola Solutions’ (MSI) fourth quarter profit and total sales were higher than in the year-ago quarter. At the same time, the company expects first quarter revenue to decline 4 to 6 percent.
Coach’s (COH) second quarter earnings per share and revenues were below Wall Street view. The company's second quarter profit declined from the year-ago quarter, as its performance in North America was impacted by substantially lower traffic in its stores and by its decision to limit access to its e-factory flash sales site.
ADTRAN (ADTN) reported fourth quarter non-GAAP earnings of 25 cents per share compared to 11 cents per share last year. Sales rose to $159.09 million from $139.76 million in the year-ago period. The results exceeded estimates.
Bob Evans (BOBE) lowered its third quarter guidance, citing severe winter weather in the northern Midwest and continued high sow costs.
CA Technologies (CA) reported third quarter earnings and revenues that surpassed estimates. The company also raised its outlook for 2014.
CIT Group (CIT) said its board has approved the repurchase of up to $300 million of its common stock.
Comerica (CMA) said its board approved a 12 percent increase in its dividend to 19 cents per share. Norfolk Southern (NSC) announced a 4 percent increase in its quarterly dividend to 54 cents per share.
eBay (EBAY), F5 Networks (FFIV), Jacobs (JEC), Logitech (LOGI), LSI Logic (LSI), Netflix (NFLX), Noble Corp. (NE), Polycom (PLCM), SanDisk (SNDK), Stryker (SYK), United Rentals (URI), Varian Medical (VAR) and Western Digital (WDC) are among the companies due to release their quarterly results after the close of trading. |
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| | European Market | | European stocks opened higher and are holding above the unchanged line in amid light news on both the corporate and economic fronts. |
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| | Asian Markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | Asian stocks ended mostly higher, helped by the China boost, although the Taiwanese market retreated modestly. The Chinese and the Japanese markets were the best performers of the region.
The People Bank’s of China added funds into the markets twice this week ahead of the Lunar New Year holiday, easing short-term rates. On Tuesday, the bank pumped 225 billion yuan through reverse repurchase agreements. The action is seen as an effort to ensure adequate liquidity, ensuring stability in the financial markets.
The Japanese market was the beneficiary of a weaker yen, which fell on an increase in risk appetite. The Nikkei 225 average opened higher and moved steadily higher in the morning before moving sideways in the afternoon. The index ended up 154.28 points or 0.99 percent at 15,796.
A majority of stocks rose, led by Alps Electric, Sumitomo Heavy Industries, Sharp, Taiyo Yuden and Nippon Light Metal Holdings. On the other hand, Mitsubishi Motors and Okuma declined sharply.
Australia’s All Ordinaries ignored some weakness in the morning and moved decisively higher in the mid-session. After seeing a short sharp spike in the mid-session, the index moved sideways, ending up 34.40 points or 0.65 percent at 5,342. Most sectors advanced, led by financial stocks, although energy and material stocks came under selling pressure.
Hong Kong’s Hang Seng Index closed at 23,033, up 104.17 points or 0.45 percent, and China’s Shanghai Composite ended 17.06 points or 0.86 percent higher at 2,008. |
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| | Currency and Commodities Markets | | In the first day of trading as the front month contract, crude oil futures for March delivery are currently rising $0.77 to $95.74 a barrel. The February futures expired at $94.99 a barrel on Tuesday, up $0.62 for the session.
Gold futures are currently slipping $1.40 to $1,240.40 an ounce. In the previous session, gold fell $10.10 to $1,241.80 an ounce.
Among currencies, the U.S. dollar is trading at 104.43 yen compared to the 104.04 yen it fetched at the close of New York trading on Tuesday. Against the euro, the dollar is valued at $1.3571 compared to yesterday’s $1.3561. |
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