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TradeTheNews.com US Market Update: Markets Move Lower on Ukraine Tensions,
TradeTheNews.com US Market Update: Markets Move Lower on Ukraine Tensions, Tech Weakness
Fri, 25 Apr 2014 11:13 AM EST
- (ES) Spain Sovereign Debt Rating published by Fitch
- (RU) Russia Central Bank (CBR) raised One-Week Auction Rate by 50bps to 7.50% (not expected)
- (BR) Brazil Apr FGV Consumer Confidence: 106.3 v 107.2 prior
- (BR) Brazil Apr FGV Construction Costs M/M: 0.7% v 0.6%e
- (IN) India Forex Reserves w/e April 18th: $309.4B v $309.4B prior
- (BE) Belgium Apr Business Confidence: -4.6 v -4.8e
- (MX) Mexico Feb Economic Activity IGAE Y/Y: 1.7% v 1.6%e
- (BR) Brazil Mar Current Account Balance: -$6.25B v -$6.3Be; Foreign Direct Investment (FDI): $4.99B v $3.5Be
- (US) April Preliminary Markit Services PMI: 54.2 v 55.5e
- (US) Apr Final University of Michigan: 84.1 v 83.0e
- (MX) Mexico Central Bank (Banxico) leaves Overnight Rate unchanged at 3.50%
- Tensions in Ukraine are being blamed for the selloff again this morning as western leaders hold a conference call to discuss possible new sanctions on Russia. In the background, broad swaths of tech names are moving lower for a second session, as the rotation out of momentum stocks continues. As of writing, the DJIA is down 0.96%, the S&P500 is down 0.78% and the Nasdaq is down 1.75%
- Russia's MICEX index fell for a fifth consecutive session after S&P cut Russia's sovereign rating to BBB-, the lowest level of investment grade, citing the massive capital outflows in the wake of the Ukraine crisis. This morning the Russian Central Bank raised three of its key rates in an attempt to shore up the ruble and overall markets, but left the main refi rate unchanged. The situation remains very tense in Ukraine, where the government has opted to encircle key pro-Russian stronghold Slovyansk, a day after heavy movement of Russian armor raised real fears an invasion was imminent.
- Amazon met expectations in its first quarter, grew revenue 23% y/y and boosted net income about 24%. However operating income shrank y/y and the firm's second quarter revenue guidance fell short of consensus expectations, so shares are sinking further after post-market losses, with AMZN down nearly 9% as of writing. Pandora is down 14.5% this morning after the company offered weak second quarter guidance. Growth in total listener hours continue to slow down.
- Shares of Colgate are up slightly this morning as flight-to-safety trades keep shares up in the general sell-off. Colgate's net profit declined 16% y/y, in line with expectations, exacerbated by the firm's Latin America unit taking a big one-time charge for the decline of the Venezuelan Bolivar. SBUX is back to unchanged after seeing modest gains in the post-market trading.
- Ford disappointed markets with a lower-than-expected bottom line in the first quarter. Profits declined y/y, although the car maker reaffirmed its profit outlook for 2014. The company has seen strong profit growth in recent quarters - and years - and hasn't been bedeviled with the kind of high-profile safety scandals of its rivals.
- Among the biggest gainers this morning is DeVry Education, with shares up 12% in the post-market and up 16% as of writing. The firm beat earnings expectations, but more importantly the long decline in new undergraduate enrollments seems to be bottoming out. The firm was upgraded by multiple analysts. On the downside, Cytokinetics is down 60% after the company disclosed that its BENEFIT-ALS study of tirasemtiv flopped.
- 12:00 (EU) EU President Van Rompuy in Brussels
- 12:00 (FR) France Mar Net Change Jobseekers: No est v +31.5K prior; Total Jobseekers: No est v 3.348M prior
- (CO) Colombia Central Bank Interest Rate Decision: Expected to leave Overnight Lending Rate unchanged at 3.25%
- 15:00 (AR) Argentina Mar Industrial Production M/M: No est v 0.2% prior; Y/Y: -2.5%e v -0.5% prior
- 15:00 (AR) Argentina Mar Trade Balance: $270Me v $44M prior
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