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| | US Market | | The major U.S. index futures are pointing to a mixed opening on Wednesday, with the economic and earnings catalysts failing to give a clear direction to the markets. A private survey showed that the private sector in the U.S. added fewer jobs in January than had been anticipated. In line with the trend, earnings news flow has been mixed. Against this backdrop, traders may show unease in addition to their holdings, especially ahead of Friday’s non-farm payrolls report.
U.S. stocks rebounded on Tuesday, as traders went bargain hunting despite the absence of any major market moving catalysts. The major averages opened higher, with the S&P 500 Index and the Nasdaq Composite holding above the unchanged line throughout the session before closing moderately higher. But for momentary weakness in early trading, the Dow Industrials also remained mostly above the unchanged line.
The Dow added 72.44 points or 0.47 percent before closing at 15,445, while the S&P 500 Index ended up 13.31 points or 0.76 percent at 1,755 and the Nasdaq Composite Index closed at 4,032, up 34.56 points or 0.86 percent.
Nineteen of the thirty Dow components closed higher, while the remaining eleven stocks moved to the downside. DuPont, 3M Co. , Merck and Pfizer advanced notably, but United Technologies fell close to 1 percent.
Transportation, oil service, basic material and financial stocks were among the best performers of the session.
Despite yesterday’s rebound, the Dow Industrials stopped short of breaking above its 200-day MA currently at 15,474. If the recovery continues, the index could take another shot at this level. Further above, the index has resistances around 15,503, 15,560 and 15,628. On the downside, the index has support around 15,373 and 15,305. |
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| | US Economic Reports |  | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | Employment in the U.S. private sector increased by slightly less than expected in the month of January, according to a report released by ADP and Moody's Analytics. The report said private sector employment increased by 175,000 jobs in January following a downwardly revised increase of 227,000 jobs in December. Economists had expected private sector employment to rise by about 180,000 jobs compared to the addition of 238,000 jobs originally reported for the previous month.
The Treasury is set to make announcements concerning next week’s auctions of 3-year and 10-year notes and 30-year bonds at 9 am ET.
The Institute for Supply Management is due to the release the results of its service sector survey at 10 am ET. The consensus estimates call for an increase in the index to 53.9 in January from 53 in December. The non-manufacturing index unexpectedly fell to 53 in December from 53.9 in November. The new orders index fell 7 points to 49.4, the weakest since May 2009, and the order backlogs index declined 3 points to 46. Additionally, the export orders index moved down 6.5 points to 51.5, the lowest level since July. Meanwhile, the employment index rose 3.3 points. Of the 18 industries surveyed, only 8 saw growth.
Federal Reserve Governor Daniel Tarullo and SEC Chair Mary Jo White will testify on the impact of the Volcker rule before the House Financial Services Committee in Washington at 10 am ET.
Philadelphia Federal Reserve Bank President Charles Plosser is scheduled to speak on the economic outlook in Rochester at 12:30 pm ET. Additionally, Atlanta Federal Reserve Bank President Dennis Lockhart is due to speak on the economic outlook in Birmingham at 1:40 pm ET.
The Energy Information is due to release its weekly petroleum status report for the week ended January 31st at 10:30 am ET.
Crude oil stockpiles rose by 6.4 million barrels to 357.60 million barrels in the week ended January 24th. Inventories remained in the upper half of the average range.
Meanwhile, gasoline stockpiles fell by 0.8 million barrels yet were well above the upper limit of the average range. Distillate fuel inventories slipped 4.6 million barrels and were well below the lower limit of the average range.
Refinery capacity utilization averaged 89.2 percent over the four weeks ended January 24th compared to 90.3 percent over the four weeks ended January 17th. |
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| | Stocks in Focus | | | | FTSE 100 | Euronext | Dax perf | CAC 40 |  |  |  |  | | Please click on the images to view our interactive charts | | | Humana reported a loss for its fourth quarter, although its adjusted earnings exceeded estimates. Revenues were shy of estimates. The company reaffirmed its earnings guidance and raised its revenue guidance for 2014.
Time Warner’s reported better than expected fourth quarter results and raised its dividend.
Merck’s fourth quarter adjusted earnings came in line, while its revenues missed estimates. The company’s 2014 guidance was lukewarm. In a separate statement, Merck said it has signed three separate clinical collaboration agreements, through subsidiaries, with drug makers Amgen, Incyte and Pfizer to evaluate novel combination regimens with MK-3475, Merck's investigational immunotherapy cancer treatment. Financial terms of the deals were not disclosed.
Cognizant Technology reported fourth quarter earnings ahead of estimates and in line revenues. The company also sees at least 16.5 percent revenue growth for 2014. The company also announced a 2-for-one stock split.
Gilead Sciences reported fourth quarter non-GAAP earnings of 55 cents per share on revenues of $3.12 billion, up 21 percent year-over-year. The results exceeded estimates. For 2014, the company expects net product sales of $11.30 billion to $11.50 billion.
3M announced that its board approved a program to buy back up to $12 billion of its common stock.
JPMorgan Chase said it has reached a settlement with some government departments, including the Department of Justice. The settlement calls on the company to pay $614 million in cash to resolve claims related to its participation in a federal mortgage insurance program.
Myriad Genetics reported second quarter earnings of 66 cents per share on total revenues of $204.06 million. The company raised its revenue guidance for 2014 to $740 million to $750 million and boosted its earnings guidance to $2.09-$2.12 per share. The results exceeded estimates and the guidance was positive. The company also announced a deal to buy Crescendo Bioscience for $270 million.
Jack Henry & Associates reported second quarter earnings of 61 cents per share on revenues of $302.5 million. The earnings exceeded estimates, while the revenues were below estimates. Healthcare Services Group reported fourth quarter results that trailed estimates.
Equity Residential reported fourth quarter normalized funds from operations of 77 cents per share on revenues of $2.39 billion. For the first quarter, the company expects normalized funds from operations of 68-72 cents per share, and for the full year, the company expects normalized funds from operations of $3.03-$3.13 per share. The results exceeded estimates but the guidance was lukewarm.
Genworth Financial reported fourth quarter operating income of 38 cents per share on revenues of $2.41 billion. The results exceeded estimates.
Ameriprise Financial reported fourth quarter operating earnings of $1.87 per share on operating revenues of $2.95 billion, up 10 percent. The results exceeded estimates.
DeVry reported second quarter adjusted earnings from continuing operations of 80 cents per share on revenues of $491.3 million, down 1.9 percent. The results were better than expected.
Hain Celestial reported second quarter adjusted earnings of 87 cents per share on net sales of $535 million. The earnings were in line, while the revenues were shy of estimates. For 2014, the company expects earnings of $3.07-$3.15 per share on net sales of $2.115 billion to $2.145 billion. The guidance was is in line.
Unum Group reported fourth quarter operating earnings of 85 cents per share on total revenues of $2.58 billion. The earnings were in line, while the revenues were slightly shy of estimates. For 2014, the company expects operating earnings per share growth of 5-10 percent. Akamai Technology, Allstate, Digital River, Education Management, Everest Re, Fiserv, FMC Corp. , Green Mountain Coffee, Lincoln National, Marathon Oil, O’Reilly Auto, Pandora Media, Prudential, Sierra Wireless, Tesoro, Twitter, ViaSat, Disney and XL Capital are among the companies due to release their quarterly results after the close of trading. |
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| | European Market | | After opening lower, the major European markets have turned mixed over the course of the trading day.
In corporate news, Swiss agri-input company Syngenta reported a decline in its full year profits and announced plans to step up cost cutting measures. U.K’s Homeserve said in a trading statement that it sees fiscal year pre-tax profit in line with the consensus forecast. Daily Mail & General also said its trading is in line with its expectations and the outlook for the year remains unchanged.
On the economic front, the British Retail Consortium reported shop price deflation in the U.K. increased to 1.0 percent from 0.8 percent in December. The reading marked the deepest level of deflation since the BRC's record keeping began in December 2008.
Revised estimates released by Markit showed that its composite index measuring activity in the manufacturing and the service sector in the eurozone expanded by less than estimated initially. The composite purchasing managers’ index rose 0.8 points to 52.9 in January, less than the flash estimate of 53.2. Eurostat reported that eurozone’s retail sales fell by a more than estimated 1.6 percent month-over-month in December. Another Markit survey showed that service sector activity in the U.K. expanded at a slower pace in January, with the index slipping 0.5 points to 58.3 |
| | Asian Markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | The Asian markets closed on a mixed note, as the optimism generated by Wall Street’s rebound overnight was curtailed by underlying economic concerns. The Australian, Hong Kong and Taiwanese markets retreated, while most other major markets advanced. The Chinese market remained closed for Lunar New Year holidays.
Bargain hunting lifted the Japanese markets, where the Nikkei 225 average plunged over 4 percent yesterday. The rebound was also aided by the weakening of the yen.
The Nikkei 225 average opened higher and moved roughly sideways in the morning. After pulling back in the mid-session, the index briefly dipped into negative territory in late afternoon trading only to move higher yet again and close up 171.91 points or 1.23 percent at 14,180.
Most export stocks advanced, while defensive utility, pharma and some resource stocks came under selling pressure. Panasonic rallied close to 19 percent in reaction to its financial results, and Oki Electric jumped 17.21 percent.
Meanwhile, Australia’s All Ordinaries opened higher and held above the unchanged line till late morning trading. Thereafter, the average moved below the flat line and languished in negative territory. The index ended down 25.40 points or 0.50 percent at 5,089. Most sectors, with the exception of consumer discretionary stocks, moved to the downside.
Hong Kong’s Hang Seng Index ended 128.39 points or 0.60 percent lower at 21,269.
On the economic front, a report by the Australian Industry Group showed that its index measuring service sector activity in Australia rose to 49.3 in January from 46.1 in December. This was the highest reading for the index since March 2013, although it remained below the boom-or-bust threshold of 50.
Japan’s Ministry of Health, Labor and Welfare reported that total labor cash earnings in Japan rose 0.8 percent year-over-year in December following the 0.6 percent increase in November. |
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| | Currency and Commodities Markets | | Crude oil futures are rising $0.77 to $97.96 a barrel after advancing $0.76 to $97.19 a barrel on Tuesday. An ounce of gold is currently at 1,267.30, up $16.10 from the previous session’s close of $1,251.20. On Tuesday, gold fell $8.70.
Among currencies, the U.S. dollar is trading at 101.23 yen compared to the 101.64 yen it fetched at the close of New York trading on Tuesday. Against the euro, the dollar is valued at $1.3517 compared to yesterday’s $1.3519. |
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