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TradeTheNews.com US Market Update: Punting for All-Time High, Again
US Market Update: Punting for All-Time High, Again
Tue, 25 Feb 2014 11:32 AM EST
- (UK) UK Feb CBI Reported Sales: 37 v 15e
- (BR) Brazil Feb FGV Construction Costs: 0.4% v 0.7% prior-
- (US) ICSC/UBSW Chain Store Sales w/e Feb 22nd: w/w -0.6%; y/y: +1.4%
- (US) Redbook Retail Sales w/e Feb 22nd: +2.9% y/y, Feb MTD: -1.3% m/m; Feb
MTD y/y: +3.0%
- (US) US Dec S&P/CaseShiller 20
CityM/M: 0.76% v 0.60%E; Y/Y: 13.42% v 13.40%e; Home Price Index: 165.69 v
- (US) Feb Consumer Confidence Index
m/m: 78.1 v 80.0e
- (US) Feb Richmond Fed Manufacturing
Index: -6 v 5e
- (MX) Mexico Dec Retail Sales Y/Y: 2.2% v 0.4%e
- (MX) Mexico Q4 Current Account Balance -$4.6B v -$4.6Be
- The S&P500 did not manage to
close at all-time highs yesterday and US equity markets swooned from the open
this morning ahead of the consumer confidence and Richmond Fed manufacturing
survey misses, however all three leading US indices have bounced back
solidly and moved into positive territory. As of writing the DJIA is up 0.20%,
the S&P500 is up 0.11% and the Nasdaq is up 0.32%.
- Natural gas prices are tumbling
further this morning as the front-month contract starts rolling over.
The April contract opened at $5.46 and has tumbled to $4.96, down 9% or so, but
the March contract is up slightly, to $4.70. After opening at $102.80, front
month crude has dropped to $101.50.
- The lagging data in the December
S&P/CaseShiller price index indicated home prices fell for a second month
in the final month of 2013, although the data also showed prices were up
slightly in the final quarter of 2013, showing the year was the strongest for
the index since 2005. Robert Shiller said that home prices will continue
to go up in the first part of 2014, but could see some weakening later in the
- Toll Brothers' headline numbers in its first quarter were not terrible, with
earnings above expectations and revenue up very strongly on a y/y basis.
However the firm's metrics reflected the housing market slowdown seen in data
over recent months: orders fell 6%, the first decline in nearly three years.
Additionally, Toll trimmed its FY14
homes outlook slightly and said severe winter weather was holding back sales.
Shares were down more than 2% at one point but have bounced back with broader
- Home Depot more or less met expectations in its fourth quarter and hiked its
dividend by 20%. The firm's FY14 guidance was a little shy of expectations. Given the tough y/y comps from Sandy, slowing
housing markets plus the weather, Home Depot held up well in the quarter, with
comps up 4.4%. Shares of both HD and rival LOW (reports tomorrow) are up
more than 2% a piece.
- Shares of Office Depot are down
nearly 12% this morning after the firm widely missed revenue expectations in
its fourth quarter report. In addition, the company warned that FY14
revenue would decline on a y/y basis. Comps were also weak. Executives
counseled patience as the company works through the process of completing the
merger with Office Max.
- Macys had a mixed performance in its
fourth quarter, as earnings came in above par while revenue missed by a hair.
Revenue was down slightly y/y, while net income grew. The firm cited the
terrible winter weather for slowing momentum in the quarter, but said they were
looking forward to a positive spring sales season. Macys shares are up more
- 14:00ET US Fed Discount Rate Minutes
- 15:45ET New York Fed's William Dudley speaks at the 10th Asia-Pacific High
Level Meeting on Bank Supervision in Aukland, New Zealand
- 16:30ET API Crude Oil/Gasoline/Distillate Inventories
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