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TradeTheNews.com US Market Update: Poor IBM Earnings Drag Down the Dow

TradeTheNews.com US Market Update: Poor IBM Earnings Drag Down the Dow
Wed, 22 Jan 2014 11:17 AM EST

***Economic Data***
- (ES) Spain Nov Trade Balance: -1.8B v -1.4B prior
- (PT) Portugal Nov Current Account Balance: -71.0M v -18.2M prior
- (US) MBA Mortgage Applications w/e Jan 17th: +4.7% v +11.9% prior
- (US) ICSC Chain Store Sales w/e Jan 18th: w/w -1.9%; y/y: +0.9%
- (BR) Brazil Jan CNI Industrial Confidence: 53.1 v 54.3 prior
- (US) Redbook Retail Sales w/e Jan 17th : +3.1% y/y, Jan MTD: -0.2% m/m; Jan MTD Y/Y: +3.0%

- As has become a regular feature of the December quarter earnings season, weak earnings reports from high-profile names are weighing on broader equity indices. As of writing, the DJIA is down 0.42%, the S&P500 is down 0.11% while the Nasdaq is up 0.11%.

- Shares of IBM are down more than 3% this morning after upsetting investors with some ugly-looking revenue trends in its fourth quarter results. Earning topped expectations and margins were decent, however overall revenue fell 5% y/y in the quarter. Hardware revenue dropped 26%, China revenue fell 23% (some say in retaliation for US government spying allegations), while overall Asia-Pacific revenue declined 16%.

- On the surface, AMD's fourth quarter results were not too bad, with EPS in line and revenue a bit stronger than expected, on solid y/y growth. The firm's first quarter guidance was not pretty, with a sizable decline in revenue expected, but largely in line with the consensus. Shares of AMD dropped 8% after hours and are down more than 10% presently.

- Texas Instrument largely met expectations in its fourth quarter, after the firm nearly doubled its profits y/y. The company warned that its first quarter results would be a bit lower than the consensus view, including items. The chipmaker also said it would cut 1,100 jobs worldwide to trim costs, and would reduce investments in certain markets. TXN is up around 2%.

- Defense names General Dynamics and United Technologies are gaining a few percent this morning, while Textron is up more than 6%. Given the continuing budget strife and sequester issues, defense firms did relatively well in the quarter. US defense revenue at the firms remains impaired, as expected, but GD and UTX managed to meet most expectations (UTX's revenues were a bit lower than estimates). Textron has thrived, with its civilian aircraft units delivering very solid growth. UTX's CEO said that budget developments in Washington DC have been somewhat positive, but the firm still sees a 3-5% decline in US aerospace sales in 2014.

- T-Mobile said it is planning to launch a new free checking/debit account service, Mobile Money, available to anyone with a T-Mobile phone number. The service allows users to make withdrawls from an ATM network (users are issued debit cards), deposit checks, pay bills electronically and transfer money. While it's not attractive to anybody who already has a bank account, it's worth keeping in mind that by some measures, every one-in-four or even one-in-three Americans lack access to basic banking services.

***Looking Ahead***
- 11:30 (US) Treasury to sell $15B in 4-Week Bills
- 12:00 (CN) Chinese Ambassador Zhang speaks at University of Toronto
- 13:30 (UK) BOE's McCafferty in Nottingham
- 14:00 (CA) Canada Dep PM Gilmour
- 16:00 (KR) South Korea Dec Department Store Sales Y/Y: No est v 5.3% prior; Discount Store sales Y/Y: No est v 1.0% prior
- 16:30 (US) Weekly API Weekly Oil Inventories
- 18:00 (KR) South Korea Q4 Preliminary GDP Q/Q: 0.9%e v 1.1% prior; Y/Y: 3.9%e v 3.3% prior
- 19:00 (AU) Australia Jan Consumer Inflation Expectation: No est v 2.1% prior
- 20:45 (CN) China Jan HSBC/Markit Flash Manufacturing PMI: 50.3w v 50.5 prior

 

 

 

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Amazing Trader EVENT RISK Calendar:


Mon 20 Nov
14:00 EZ- Draghi Speech
15:00 US- Leading Indicators
Tue 21 Nov
15:00 US- Existing Homes Sales
23:00 US- Yellen Speech
Wed 22 Nov
13:30 US- Weekly Jobless
13:30 US- Durable Goods
15:00 US- final University of Michigan Survey
15:30 US- EIA Crude
19:00 US- FOMC Minutes
Thu 23 Nov
US/JP- Holiday
All Day flash PMIs
13:30 CA- Retail Sales
Fri 24 Nov
All Day flash PMIs
09:00 DE- IFO Survey
US- Early Closes

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  • POTENTIAL PRICE RISK: HIGH Mon -- 14:00 GMT EZ- Draghi speaks in Brussels. Looking for any policy hints or bias


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  • POTENTIAL PRICE RISK: Medium Wed -- 13:30 GMT US- Weekly Jobless, Durable Goods
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John M. Bland, MBA
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