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Thursday October 24, 2013 - 15:41:08 GMT
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| | Email US Market Update: Traders Focused on Heavy Earnings Flow US Market Update: Traders Focused on Heavy Earnings Flow
Thu, 24 Oct 2013 11:17 AM EST

***Economic Data***
- (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 bcf expected

- 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 348K.

- 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.

***Looking Ahead***
- (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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