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| | US Market | | The major U.S. index futures are pointing to a higher opening on Wednesday, with sentiment showing modest optimism even amid mixed earnings. European stocks are retreating amid mixed earnings and are largely unmoved by a report that showed that German consumer confidence is set to improve. The domestic markets now await the new home sales report due to be released shortly after the markets open, although a strong rebound is unlikely, given muted expectations for the housing data amid inclement weather.
U.S. stocks ended Tuesday's session modestly lower, as profit taking kept sentiment subdued for much of the session amid mixed economic catalysts and mostly positive earnings. The major averages started higher but retreated into negative territory in early trading. After paring their losses over the course of the morning, the indexes moved above the unchanged line and held in the green until late afternoon trading. The averages reversed course yet again in late trading and languished in the red thereafter before closing modestly lower.
The Dow Industrials ended down 27.48 points or 0.17 percent at 16,180, the S&P 500 Index closed 2.49 points or 0.13 percent lower at 1,854 and the Nasdaq Composite ended at 4,288, down 5.38 points or 0.13 percent.
Eighteen of the thirty Dow components closed lower and two stocks ended unchanged, while the remaining ten stocks advanced. Boeing , Goldman Sachs , JP Morgan Chase and Cisco Systems retreated sharply, while Home Depot rallied close to 4 percent in reaction to its financial results.
Brokerage and Gold stocks were among the worst performers of the session, while biotechnology stocks rose notably. Airline and retail stocks also found buying interest.
On the economic front, the Conference Board reported that its consumer confidence index fell to 78.1 in February from 79.4 in January. The expectations index slipped 5.1 points to 75.7, while the present situation index rose to 77.3 from 81.7.
Meanwhile, the results of house price surveys by S&P and the Federal Housing Finance Agency showed that house prices increased more than expected in December.
The Dow Industrials succumbed to some profit taking-related weakness on Tuesday, although it still held above its 50-day MA currently at 16,121. The level could continue to offer support to the index. However, if the index breaks the level to the downside, it has support around 16,043, 15,965 and its 21-day MA currently at 15,880. Notwithstanding yesterday's weakness, the index is still trading at overbought levels, with its 14-day relative strength index currently at 81.97. However, if the mood turns positive, 16,295, 16,372 and 16,464 could serve as resistance levels. |
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| | US Economic Reports |  | | CADUSD | Oil | Gold | Allbanc |  |  |  |  | | Please click on the images to view our interactive charts | | | The Commerce Department is scheduled to release its new home sales report for January at 10 am ET. Economists estimate new home sales to come in at a seasonally adjusted annual rate of 400,000 in January compared to a 414,000 rate in December.
New home sales fell to a worse than expected 414,000 units on a seasonally adjusted annual basis in December from a downwardly revised reading of 445,000 for the previous month. Inventories as measured by the months of supply rose to 5 months from 4.7 in November. The median price of a new home edged up 0.6 percent month-over-month and rose 4.6 percent year-over-year to $270,200 in December.
The Energy Information Administration is due to release its petroleum status report for the week ended February 21st at 10:30 am ET.
Crude oil inventories rose by 1 million barrels to 362.3 million barrels in the week ended February 14th. Inventories were in the upper half of the average range for this time of the year.
Gasoline stockpiles edged up by 0.3 million barrels and were well above the upper limit of the average range. On the other hand, distillate inventories slipped by 0.3 million barrels and remained well below the lower limit of the average range. Refinery capacity utilization averaged 87 percent over the four weeks ended February 14th, the same rate over the four weeks ended February 7th.
The Treasury will release the results of its auction of 5-year notes at 1 pm ET.
Boston Federal Reserve Bank President Eric Rosengren is due to speak on the economic outlook in Boston at 12 pm ET. Cleveland Federal Reserve Bank President Sandra Pianalto will speak on the history of the Federal Reserve in Wooster, Ohio at 7:30 pm 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 | | | Target reported better than expected fourth quarter results but issued weak earnings guidance for 2014. Home improvement retailer Lowe's reported better than expected earnings, while its revenues missed estimate and it also issued weak guidance for 2014. However, the company announced a $5 billion stock repurchase program.
DreamWorks Animation reported fourth quarter earnings of 20 cents per share on revenues of $204.3 million, with the revenues missing the consensus estimate.
AmSurg reported fourth quarter net earnings from continuing operations of 60 cents per share on revenues of $284.6 million, up 17 percent year-over-year. For 2014, the company expects net earnings from continuing operations of $2.45-$2.49 per share on revenues of $1.12 billion to $1.15 billion. The results exceeded estimates, but the guidance was weak.
Albermale said its board announced a 15 percent increase in its quarterly dividend.
Weatherford reported fourth quarter non-GAAP earnings of 7 cents per share on revenues of $3.74 billion. The earnings were in line, while the revenues were slightly shy of estimates. The company reiterated its 2014 guidance for $1.10-$1.20 per share in non-GAAP earnings.
Papa John's reported fourth quarter adjusted earnings of 41 cents per share, in line with estimates, while its revenues rose 5.6 percent to $387.9 million, ahead of estimates. For 2014, the company expects non-GAAP earnings of $1.72-$1.80 per share on 5-7 percent revenue growth. The guidance was in line.
U.S. Steel updated its 2013 results to reflect additional after-tax benefits of $392 million. Accordingly, the company noted that its net loss narrowed to $11.56 per share from the initially reported $14.27 per share.
Nordson's first quarter results trailed expectations and its second quarter guidance was weak as well.
R.R. Donnelley reported fourth quarter non-GAAP earnings of 49 cents per share on net sales of $2.8 billion, up 3.6 percent. For 2014, the company expects net sales of $11.5 billion to $11.7 billion. The results were better than expected and the revenue guidance was positive.
Big 5 Sporting Goods reported fourth quarter earnings of 23 cents per share on net sales of $248 million. For the first quarter, the company expects same store sales in the negative high-single-digit range and earnings of 5-11 cents per share. The earnings beat estimates, while the guidance was weak.
Edison International reported fourth quarter core earnings of 81 cents per share on revenues of $2.94 billion. For 2014, the company expects core earnings of $3.60-$3.80 per share. The results exceeded estimates and the guidance was positive.
Autodesk , J.C. Penney , TiVo and Transocean are among the companies due to release their quarterly results after the close of trading. |
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| | European Market | | After seeing some strength in early trading, European stocks surrendered their gains and are currently lower.
In corporate news, Airbus reported a strong increase in its 2013 profits and said it expects commercial aircraft deliveries to be close to the levels in 2013. Holcim reported fourth quarter earnings that were ahead of estimates.
Bouygues' full year operating profit rose year-over-year despite competition hurting margins at its mobile phone unit. AB InBev's fourth quarter profits rose strongly, helped by cost cuts at its Mexico unit.
On the economic front, German consumer confidence is set to improve in March, a closely watched survey by GfK showed. The consumer confidence index rose to 8.5 points from 8.3 points in February. The index was forecast to remain unchanged at the originally estimated value of 8.2 for February.
Revised estimates released by the Office for National Statistics showed that the British economy grew as estimated in the fourth quarter. GDP expanded 0.7 percent from a quarter ago, in line with preliminary estimate published on January 28. The reading represented a moderation of growth from the 0.8 percent pace seen in the third quarter.
On a yearly basis, the economy grew 2.7 percent, revised down from 2.8 percent. The GDP growth for 2013 as a whole was downwardly revised marginally to 1.8 percent from 1.9 percent. |
| | Asian Markets | | | | USDCAD | USDEUR | USDGBP | USDJPY |  |  |  |  | | Please click on the images to view our interactive charts | | | The major Asian markets ended mixed, although the mood across the markets in the region was lackluster amid a lack of any solid trading catalysts. The Japanese, Indonesian, Malaysian and Singaporean markets retreated, while the rest of the major markets advanced.
Japan's Nikkei 225 average languished below the unchanged line throughout the session before closing down 80.63 points or 0.54 percent at 14,971. Export stocks moved to the downside, while defensive telecom, pharma, construction and utility stocks gained ground in the session.
Australia's All Ordinaries opened lower but trimmed its losses in early trading. After moving back and forth across the unchanged line till early afternoon trading, the average recovered and traded mostly above the unchanged line for the rest of the session. The index closed up 3 points or 0.06 percent at 5,447.
Energy stocks rallied strongly and healthcare and financial stocks also found buying interest, while material and defensive utility and telecom stocks retreated.
Hong Kong's Hang Seng Index closed at 22,437, up 120.24 points or 0.54 percent, and China's Shanghai Composite Index closed 7.04 points or 0.35 percent higher at 2,041. |
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| | Currency and Commodities Markets | | Crude oil futures are rising $0.59 to $102.42 a barrel after receding $0.99 to $101.83 a barrel on Tuesday. An ounce of Gold is trading at $1,333.50, down $9.20 from the previous session's close of $1,342.70. On Tuesday, Gold rose $4.70.
Among currencies, the U.S. dollar is trading at 102.23 Yen compared to the 102.24 Yen it fetched at the close of New York trading on Tuesday. Against the euro, the dollar is valued at $1.3718 compared to yesterday's $1.3745.
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