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TradeTheNews.com US Market Update: Traders Focused on Heavy Earnings Flow
TradeTheNews.com US Market Update: Traders Focused
on Heavy Earnings Flow
Thu, 24 Oct 2013 11:17 AM EST
- (UK) Oct CBI Industrial Trends Total Orders: -4 v +10e; Selling Prices: -2 v
+4e; Business Optimism: 24 v 17e
- (RU) Russia Gold and Forex Reserve w/e Oct 18th: $511.1B v $509.8B prior
- (BR) Brazil Sept Unemployment Rate: 5.4% v 5.3%e
- (US) Initial Jobless Claims: 350K v
340Ke; Continuing Claims: 2.874M v 2.87Me
- (US) Aug Trade Balance: -$38.8B v -$39.4Be
- (US) Oct Preliminary Markit US PMI
Manufacturing: 51.1 v 52.5e; lowest reading since Oct 2012
- (MX) Mexico Aug Economic Activity Y/Y: 0.8% v 1.0%e
- (US) Aug JOLTs Job Openings: M v 3.765Me
- (US) Weekly EIA Natural Gas Inventories (week of Oct 18th): +87 bcf v +77-81
- European and US equity indices have seen choppy trading this morning but
remain in positive territory as we enter the heaviest part of earnings season.
As of writing the DJIA is up 0.52%, the S&P500 is up 0.16% and the Nasdaq
is up 0.44%.
- The greenback continues to be on the
defensive as EUR/USD hit fresh two-year highs in the early going this morning
after the Markit PMI Manufacturing survey missed expectations. Note that the
Markit PMI Output index saw its first contraction reading since September 2009.
The jobless claims continue to tick higher, although the data is noisy due to a
lingering backlog of applications in California makes it difficult to get a
good read on conditions. The four-week moving average for new claims rose to
- Ford saw record Q3 profits and raised
its total FY13 outlook to be higher y/y. However the company also logged
sizable items for European restructuring, where the firm is still seeing
losses. On the conference call, Ford warned it is still a long way off from
returning cash to shareholders. Shares of Ford gained 2.5% or so before the
open, but have given up much of those gains in cash trading. GM is up modestly.
- AT&T was right in line with consensus expectations in its Q3 report, with
moderate y/y earnings and revenue growth. Net adds in the prepaid and postpaid
units were higher y/y, while other subscriber metrics were solid. Shares had
run higher into earnings and are trading down 2% in the early going today.
- Shares of United Airlines are flat on
the session after the carrier missed expectations in its Q3 report. The
CEO stated that management was "not satisfied with our financial
performance, and are taking prompt actions to increase our revenue and operate
more efficiently across the company."
- Carl Icahn disclosed his letter to Apple CEO Cook this morning, after
discussing it on CNBC yesterday afternoon. Icahn has boosted his stake in Apple to 4.7M shares from 4M prior, for a
total 0.5% stake worth $2.47B. The letter asks Apple to commit to an
immediate $150B share repurchase and Icahn pledges he will not sell his shares
into the tender.
- Among the notable decliners this morning is Cash America, with shares down 12% this morning after the firm steeply
cut its FY13 guidance and offered an initial FY14 outlook way below consensus.
Cameron International is down 11% after missing expectations and offering weak
Q4 guidance. The firm blamed customers delaying orders and pricing pressure in
North America midstream segment. Shares of Xerox are off 8% on weak Q3 earnings
and lower FY13 guidance.
- Among the notable gainers are ITT Educational Services, with shares up nearly
13% after the firm crushed earning expectations and saw a nice bump in new
student enrollments. Pulte Homes is up 6.7% after beating top- and bottom-line
expectations in its Q3, although the firm's new orders did drop 17% y/y in the
quarter, in line with industry trends. RYL is up nearly 5% in sympathy, and
other homebuilders are also gaining.
- (EU) EU Leaders begin two-day summit
- (EU) EU Trade Min De Gutch and EU Rehn at EU-China dialogue in Brussels
- (BR) Brazil Sept Federal Debt Data
- (AR) Argentina Oct Consumer Confidence Index: No est v 48.65 prior
- (EU) EU Leaders begin Two-Day Summit in Brussels
- 12:00 (FR) France Sept Net Change Jobseekers: No est v -50.0K prior; Total
Jobseekers: No est v 3.236M prior
- 12:45 (UK) BOE Gov Carney in London
- 13:00 (US) Treasury to sell $7B in 30-Year TIPS Reopening
- 19:00 (KR) South Korea Q3 Preliminary GDP Q/Q: 0.9%e v 1.1% prior; Y/Y: 3.2%e
v 2.3% prior
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