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Wednesday July 24, 2013 - 16:07:11 GMT
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| | Email US Market Update: Blue Chip Names Weigh on Equities US Market Update: Blue Chip Names Weigh on Equities
Wed, 24 Jul 2013 11:28 AM EST

***Economic Data***
- (UK) July CBI Industrial Trends Total Orders: -12 v -12e; Selling Prices: 3 v 4e; Business Optimism: 7 v 8e
- (US) MBA Mortgage Applications w/e July 19th: -1.2% v -2.6% prior
- (US) July Preliminary Markit US PMI Manufacturing: 53.2 v 52.6e; four-month high
- (US) Jun New Home Sales: 497K v 484Ke
- (US) Weekly DOE Inventories: DOE Crude: -2.83M v -2Me; Gasoline: -1.39M v -+1Me; Distillate: -1.23M v +1.5Me; Utilization: 92.3% v 92.5%

- Tepid corporate results out of AT&T and Caterpillar are holding back the DJIA and S&P500 this morning, while Apple and some other good tech reports are aiding the Nasdaq. As of writing, the DJIA is down 0.10%, the S&P500 is down 0.20% and the Nasdaq is up 0.44%.

- Yield differentials seem to have lifted the USD off session lows against the major pairs during the NY morning. EUR/USD moved off one-month highs of 1.3255 to reapproach the 1.32 handle while USD/JPY regained a foothold above parity.

- After a quarter of excellent sales gains, Ford crushed revenue expectations and tweaked its FY13 outlook higher, sending its shares up 2.3%. Boeing also had an excellent quarter, topping consensus views, allowing it to raise its FY13 outlook. Shares of BA gained a bit in the premarket then flatlined in mid-morning trade. Meanwhile Caterpillar is down 3% after missing expectations as its dealers continue to draw down inventories. Cat also cut its FY13 guidance.

- Shares of Apple sustaining gains of nearly 5% this morning after topping EPS estimates and delivering much better than expected iPhone shipments. CEO Cook confirmed the widely discussed line of cheaper iPhones for emerging markets and promised a "busy fall" of product roll-outs. Two other tech names are down sharply as trader take the opportunity to sell the names after earnings on weakening industry trends (despite decent quarterly numbers): BRCM is down 14% on fears of slowing smart phone sales while STX is down more than 8% on the continuing weakness in the PC market.

- Excellent Q2 results at VMWare are helping boost both shares of VMW and owner EMC, up 14% and 6%, respectively. VMWare hiked its FY13 outlook and offered very good Q3 guidance.

- AT&T is in the red this morning despite in-line quarterly results. The firm's overall net wireless subscriber additions was half the amount seen a year ago.

- The major US airlines are all up 3% or so a piece following strong quarterly results from American, Delta and US Airways. Both American and US Airways delivered solid profits on good gains in traffic, and the two firms are preparing to finish up their merger in Q3. Delta said 2013 would be one of the most profitable years ever for the company.

- Michael Dell and Silver Lake made their "best and final offer" this morning, raising their standing id to $13.75 from $13.65 prior. As a result of the new offer, the board again postponed the special meeting, to August 2nd from today.

***Looking Ahead***
- 12:00 (FR) France Jun Net Change Jobseekers: +10.5Ke v +0.1K prior Total Jobseekers: 3.282Me v 3.265K prior
- 12:00 (CA) Canada to sell 2 Year Notes
- 13:00 (US) Treasury to sell $35B in 5-Year Notes
- 15:00 (AR) Argentina Jun Shop Center Sales Y/Y: No est v 27.0% prior
- 17:00 (NZ) New Zealand Central Bank (RBNZ) Interest Rate Decision; Expected to leaves Official Cash Target Rate unchanged at 2,50%
- 19:00 (KR) South Korea Q2 Preliminary GDP Q/Q: 0.8%e v 0.8% prior; Y/Y: 2.0%e v 1.5% prior




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