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Friday April 19, 2013 - 15:45:37 GMT
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| | Email US Market Update: Weak GE, IBM Earnings Weigh on the DJIA, Google Sets Nasdaq on Fire US Market Update: Weak GE, IBM Earnings Weigh on the DJIA, Google Sets Nasdaq on Fire
Fri, 19 Apr 2013 11:25 AM EST

***Economic Data***
- (ES) Spain Feb Trade Balance: -1.2B v -3.5B prior
- (IN) India Forex Reserves w/e Apr 12th: $295.2B v $293.8B prior
- (BR) Brazil Apr IBGE CPI IPCA-15 M/M: 0.5% v 0.5%e; 6.5% v 6.4% prior
- (CA) Canada Feb Wholesale Sales M/M: 0.0% v 0.5% prior
- (CA) Canada Mar Consumer Price Index M/M: 0.2% v 0.3%e; Y/Y: 1.0% v 1.1%e; Consumer Price Index: 122.9 v 122.7 prior
- (CA) Canada Mar CPI Core M/M: 0.2% v 0.2%e; Y/Y: 1.4% v 1.4%e
- (BE) Belgium Apr Consumer Confidence: -20.0 v -24.0 prior
- (MX) Mexico Mar Unemployment Rate: 4.5% v 4.7%

- US equities are taking their queue from the solid gains seen on the London and Paris markets, while the German DAX is struggling to get back into positive territory. SAP's weak results continue to hold back the German market. As of writing, the DJIA is down 0.1%, the S&P500 is up 0.7% and the Nasdaq is up 1.3%.

- Officials are gathered in Washington DC for the second day of the World Bank/IMF spring meetings. Japan has been a central focus, and the emerging theme is that Tokoyo gets a pass on its extraordinary easing campaign for now. German Finance Minister Schaeuble warned that Japan's policies are permissible only if they are temporary. Bundesbank President Weidmann emphasized that his remarks from earlier in the week had been misinterpreted and were not meant to signal a change in his position.

- The performance of the Dow versus the S&P500 and the Nasdaq is a central focus this morning. Poor earnings reports from IBM, GE and McDonalds are weighing heavily on the DJIA. McDonald's managed to eke out a higher Q1 profit even as global comp sales turned negative for the first time in a decade. The company also warned that sales for April are expected to fall slightly. IBM missed top- and bottom-line expectations, blaming the failure of several key deals. EPS from GE was up 16% y/y, beating consensus targets, but the firm trimmed the FY outlook for its industrial segment slightly. GE is down 4%, IBM is down 7% and MCD is down 2%.

- The Nasdaq is headed in the opposite direction to the Dow. Google's earnings were ahead of expectations, paid clicks saw another big double-digit gain and cost per click fell. Revenue at Motorola fell sequentially, but executives spent a lot of time talking about their big pipeline of new products, including mobile hardware built by Motorola. Shares of GOOG are up 2.4%.

- Shares of specialty chemicals name Celanese are up 13% in the early going. The firm blew out earnings expectations, saw very strong y/y profit growth on an adjusted basis and reiterated their strong FY13 outlook.

- Cult favorite Chipotle Mexican Grill is up 30% after the firm strongly outperformed the consensus earnings view, on double-digit y/y profit and revenue growth. The strong performance has earned CMG multiple analyst upgrades and price target hikes.

***Looking Ahead***
- 11:30 (CA) Canada Min MacKay speaks at Canadian Club
- 12:00 (US) Fed's Stein speaks on Credit Markets in Charlotte
- 13:30 (US) ECB member Liikanen speaks at Sifma in New York on EU Banks
- 15:00 (AR) Argentina Feb Economic Activity Index M/M: No est v 0.4% prior; Y/Y: 2.1%e v 3.2% prior
- 16:00 (US) Japan Fin Min Aso speaks on Abeonomics
- 17:00 (CO) Colombia Feb Retail Sales Y/Y: No est v 1.3% prior
- 17:00 (CO) Colombia Feb Industrial Production Y/Y: No est v -1.7% prior




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