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TradeTheNews.com US Mid-Session Update: Equities Shake Off Earlier Weakness; Nasdaq Near All-Time Highs
Thu, 23 Apr 2015 11:59 AM EST
- (IE) Ireland Mar PPI M/M: 3.4% v 0.9% prior; Y/Y: 9.5% v 5.2% prior
- (RU) Russia Gold and Forex Reserve w/e Apr 17th: $350.5B v $354.1B prior
- (US) Initial Jobless Claims: 295K v 287Ke; Continuing Claims: 2.325M v 2.29Me
- (MX) Mexico Feb IGAE Economic Activity Index (Monthly GDP) Y/Y: 2.3% v 2.4%e
- (US) Markit Apr Preliminary
Manufacturing PMI: 54.2 v 55.7e
- (US) Mar New Home Sales: 481K v 515Ke
- (US) Weekly EIA Natural Gas Inventories: +90 bcf vs. +86 to +90 bcf expected
Weak PMI reports out of Europe, disappointing March new home sales numbers and
caution ahead of the Eurogroup meeting on Friday limited equities earlier
today. But after Europe closed, with
the CAC and DAX near session lows, things have improved a bit. Note that the
Nasdaq is testing all-time highs this morning. Big gains in energy names
on rising crude prices are leading things higher. As of writing, the DJIA is up
0.16%, the S&P500 is flat and the Nasdaq is up 0.23%.
Unlike the big improvement in yesterday's March existing home sales, today's March new home sales data was disappointing.
Existing home sales had bounced higher off the weather-impacted February
numbers, but the March new home sales declined more than 10% from February's
total. Analysts highlight that the series is highly erratic and subject
to big revisions, but the XHB is off 1.5% in any case. A more significant
factor for housing names this morning is Pulte Homes, which widely missed earnings and revenue targets,
with performance weighed down with construction delays. PHM is off more than
8%, while other major homebuilders are down 3-4%. In other data, Markit's
preliminary PMI index for April fell to 54.2 in April from 55.7 in March.
There has been a raft of dicey Greece headlines heading into Eurogroup meeting
on Friday. A Greek official claimed a deal was very close and that no
"plan B" was under discussion. One notable report suggested that a potential deal may involve Greece
requesting that the ESM facility be used to buy Greek government bonds held by
the ECB, with the resulting proceeds used to pay for debt redemptions over the
summer. But more ominously, Greece's creditors were said to be
considering a "final ultimatum" if Greece further delays work on a
deal. EUR/USD dipped to 1.0665 during European trading, then turned around and
retook 1.0810 mid-morning.
Caterpillar gained more than 2.5% on a
fantastic earnings result in its first quarter, but shares of CAT have given up
all their gains and dropped into the red mid-morning. General Motors
meanwhile widely missed on earnings and revenue, and saw shares dip 4%.
Dow Chemical saw its earnings bulked up by asset sales, even as its revenue
declined 14% y/y, leaving DOW unchanged on the session. Competitor 3M missed
earnings expectations and cut its FY guidance. Both names warned FX negative
impacts on sales would be substantial for the full year.
Steel firms Nucor and Reliance Steel
disclosed very strong first quarter results, with both companies widely beating
earnings expectations. Both first cited improving industry conditions,
although pricing remains under pressure. NUE is up more than 9%, while RS is
only up 1.5%.
Airlines United Continental and Southwest reported very good results, citing
lower fuel prices and growing demand. Southwest said the strong booking trends
have continued so far in April. UAL is in the red, while LUV is up 2.5% or so.
Consumer names Pepsi and Procter & Gamble are both off 2% or so. Both names
saw flat profits and declining revenues; PG's revenue fell for the fifth
quarter in a row.
Facebook recouped all its post-market
losses heading into the open of cash trading this morning, and then gave up the
gains. The firm's results were very good across the board, but perhaps
not enough for some. Qualcomm is not improving after yesterday's FY15 guidance
cut, with shares still down more than 2%.
- 13:00 (US) Treasury to sell $18B in 5-Year TIPS
- 17:00 (KR) South Korea Apr Consumer Confidence: No est v 101 prior
- 23:00 (TH) Thailand Central Bank (BoT) to sell THB35B in 2018 FRN
- (AR) Argentina Apr Consumer Confidence Index: No est v 52.6 prior
- (BR) Brazil Apr CNI Industrial Confidence: No est v 37.5 prior
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