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Wednesday August 7, 2013 - 15:51:15 GMT
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| | Email US Market Update: Equities Dip Lower after Mixed Earnings US Market Update: Equities Dip Lower after Mixed Earnings
Wed, 07 Aug 2013 11:27 AM EST

***Economic Data***
- (DE) Germany Jun Industrial Production M/M: 2.4% v 0.3%e; Y/Y: +2.0% v -0.3%e
- (PT) Portugal Q2 Unemployment Rate: 16.4% v 17.7% prior
- (IE) Ireland Jun Industrial Production M/M: +8.7% v -2.1% prior; Y/Y: +3.1% v -7.3% prior
- (US) MBA Mortgage Applications w/e Aug 2nd: +0.2% v -3.7% prior
- (IE) Ireland July Consumer Confidence Index: 68.2 v 70.6 prior
- (BR) Brazil July IBGE Inflation IPCA M/M: 0.0% v 0.0%e; Y/Y: 6.3% v 6.2%e
- (CA) Canada Jun Building Permits M/M: -10.3% v -2.3%e; first decline in six months
- (CL) Chile July Trade Balance: -$300M v -$325Me; Total Exports: $6.5B v $6.5B prior; Total Imports: $6.7B v $5.9B prior
- (CL) Chile July Copper Exports: $3.4B v $3.4B prior
- (MX) Mexico May Gross Fixed Investment: -0.7% v -0.5%e
- (HU) Hungary July YTD Budget Balance (HUF): -851.2B v -721.7B prior
- (CA) Canada July Ivey Purchasing Managers Index: 48.4 v 57.0e; PMI Unadj: 45.7 v 56.6 prior
- (US) Weekly DOE Inventories: Crude: -1.32M v -1.5Me; Gasoline: +135K v -500Ke; Distillate: +470K v -500Ke

- The 1700 level is providing fierce resistance in the S&P500 and traders seem to be looking for any excuse not to send equities any higher. Earnings news has been mixed and there are no strong catalysts in the session. Trading volumes remain very soft. As of writing, the DJIA is -0.48%, the S&P500 is down 0.56% and the Nasdaq is down 0.66%.

- After the BoE's quarterly inflation report, the focus FX markets was squarely on sterling. Traders seemed disappointed with the new 7% unemployment rate threshold for more easing and the conditions (or "knockouts") on the threshold that would likely make the BoE tighten policy. These include risks to financial stability, inflation above 2.5% and higher inflation expectations. GBP/USD surged off session lows around 1.5205 to probe towards 1.5500 area.

- Solar names are getting hit in the wake of First Solar's lousy Q2 earnings. Both EPS and revenue widely missed analysts' expectations and the firm cut its FY13 forecast. Both solar module and systems sales were lower in the quarter. Additionally, FSLR cut a deal to acquire GE's solar unit. Terms were not disclosed, although GE acquired a 1.75M share stake in FSLR. Note that there have been rumors for years that GE could acquire FSLR. Shares of FSLR are down 13%.

- Disney mostly met consensus expectations in its Q3 report, however the disclosure that it would take a loss of $160-190M on the 'Lone Ranger' film plus projections for lower TV revenue in Q4 is hitting the name. Shares of DIS are down 3%. In other media repeports, Time Warner is up 2% on solid Q2 outperformance and better guidance, while Live Nation is up 10% after crushing earnings expectations.

- Shares of Marathon are taking a hit despite seemingly decent results. Quarterly net profits rose modestly but slightly missed expectations, while revenue beat. Production was down slightly q/q and the firm raised its quarterly dividend 12%. Shares of MRO are down 6%.

- Health insurance name WellCare is up more than 10% on excellent Q2 results. Revenue rose approximately 30% y/y thanks in part to a whopping 72% gain in medicare subscribers. WellCare's revenue has been rising for over two years as membership increased via multiple acquisitions.

- After declining more than 3% in the premarket, shares of small biotech BioCryst Pharmaceuticals regained their losses and are up 3% now on news that the British Medical Journal was reporting H7N9 bird flu in China is likely being spread between humans.

***Looking Ahead***
- 12:30 (US) Fed's Plosser speaks on economy in Washington
- 13:00 (US) Treasury to sell 10-Year Notes
- 13:40 (US) Fed's Pianalto speaks in Cleveland
- 14:00 (IT) Berlusconi Senate membership questioned by Parliament
- 15:00 (US) Jun Consumer Credit: $15.0Be v $19.6B prior
- 19:50 (JP) Japan Jun Current Account Balance: 400Me v 540.7B prior; Adj Current Account: 711.8Be v 623.3B prior
- 19:50 (JP) Japan Jun Trade Balance: -128.7Be v -906.7B prior
- 21:30 (AU) Australia July Employment Change: +6.0Ke v 10.3K prior; Unemployment Rate: 5.8%e v 5.7% prior
- (CN) China July Trade Balance: $26.2Be v $27.1B prior; Exports Y/Y: +0.5%e v -3.1% prior; Imports Y/Y: -0.1%e v -0.7% prior




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