Futures Flat On Mixed Global Stocks Overnight
U.S. equity futures were little changed in early pre-market
trade following mixed returns from global stocks overnight. Eyes
will be on some more key earnings this morning for direction as
well as one key economic data point.
In other news around the markets:
) has reached a settlement with Fannie Mae (OTC:
) and Freddie Mac (OTC:
) totaling $885 million to settle claims over mortgage backed
securities. Japan's inflation turned positive in June as CPI rose
0.2 percent in June after declining 0.1 percent in May. PBOC
Governor Zhou said that there were downward pressures on the
Chinese economy overnight and hinted that large-scale stimulus from
either the government or the central bank will not come. He said
the PBOC will continue to focus on liberalizing interest rates.
S&P 500 futures fell 0.3 points to 1,683.70. The EUR/USD was
higher at 1.3291. Spanish 10-year government bond yields rose 1
basis point to 4.65 percent. Italian 10-year government bond yields
rose 1 basis point to 4.41 percent. Gold rose 0.07 percent to
$1,330.40 per ounce.
Asian shares were mixed overnight as Japanese shares sank on
comments from economy minister Amari that tax hikes were still to
come later this year. The Japanese Nikkei 225 Index fell 2.97
percent and the Topix Index declined 2.93 percent. In Hong Kong,
the Hang Seng Index gained 0.31 percent and the Shanghai Composite
Index fell 0.51 percent in China. Also, the Korean Kospi rose 0.06
percent and Australian shares rose 0.13 percent.
European shares were higher in early trade. The Spanish IBEX
Index gained 0.85 percent and the Italian FTSE MIB Index rose 0.18
percent. Meanwhile, the German DAX gained 0.02 percent and the
French CAC 40 Index rose 0.89 percent while U.K. shares rose 0.07
Commodities were mostly lower overnight despite the dollar
trading lower. WTI Crude futures fell 0.66 percent to $104.79 per
barrel and Brent Crude futures fell 0.5 percent to $107.11 per
barrel. Copper futures fell 0.88 percent to $315.75 per pound. Gold
was higher and silver futures fell 0.44 percent to $20.07 per
Currency markets were on the move overnight as the dollar
weakened across the board. The EUR/USD was higher at 1.3291 and the
dollar fell against the yen to 98.65. Overall, the Dollar Index
fell 0.4 percent on weakness against the yen, the Canadian dollar,
the Swiss franc, the euro, and the pound.
Earnings Reported Yesterday
Key companies that reported earnings Thursday include:
) reported a second quarter loss of $0.02 per share vs. an expected
profit of $0.06 per share on revenue of $15.7 billion vs. the
expected $15.74 billion. Bristol-Myers Squibb (NYSE:
) reported second quarter EPS of $0.44, in line, on revenue of
$4.05 billion, also in line. General Motors (NYSE:
) reported second quarter EPS of $0.84 vs. $0.75 expected on
revenue of $39.1 billion vs. $38.37 billion expected. Biogen Idec
) reported second quarter EPS of $2.30 vs. $1.93 a year ago on
revenue of $1.7 billion vs. $1.62 billion expected. Dow Chemical
) reported second quarter EPS of $0.64 vs. $0.63 expected on
revenue of $14.6 billion vs. $14.48 billion expected. 3M (NYSE:
) reported second quarter EPS of $1.71, in line, on revenue of $7.8
billion vs. $7.77 billion expected. Starbucks (NASDAQ:
) reported second quarter EPS of $0.55 vs. $0.53 expected. Boston
) reported second quarter EPS of $0.18 vs. $0.09 expected on
revenue of $1.81 billion vs. $1.78 billion expected.
Stocks moving in the pre-market included:
) shares declined 2.54 percent pre-market after missing earnings
estimates. Starbucks (NASDAQ:
) shares rose 6.28 percent pre-market following its earnings report
and some positive guidance, particularly in the K-Cups space.
Vertex Pharmaceuticals (NASDAQ:
) shares declined 9.27 percent pre-market as the company announced
that the FDA has put a hold on one of its clinical studies for its
Hepatitis-C drug VX-135. EnteroMedics (NASDAQ:
) shares rose 19.63 percent pre-market as the company announced
that the FDS has accepted for review its application to launch its
new anti-obesity product.
Notable companies expected to report earnings Friday
) is expected to report second quarter EPS of $1.57 vs. $1.62 a
year ago on revenue of $58.48 billion vs. $63.00 billion a year
ago. LyondellBasell (NYSE:
) is expected to report second quarter EPS of $1.62 vs. $1.66 a
year ago on revenue of $11.3 billion vs. $11.25 billion a year ago.
Lear Corp. (NYSE:
) is expected to report second quarter EPS of $1.37 vs. $1.35 a
year ago on revenue of $3.91 billion vs. $3.66 billion a year ago.
) is expected to report second quarter EPS of $1.11 vs. $1.02 a
year ago on revenue of $2.91 billion vs. $2.82 billion a year ago.
) is expected to report third quarter EPS of $0.48 vs. $1.01 a year
ago on revenue of $2.71 billion vs. $4.46 billion a year ago.
On the economics calendar Friday, the Reuters/University of
Michigan Consumer Sentiment Index is due out.
Good luck and good trading.
Tune into Benzinga's PreMarket Info show with Dennis Dick and
For a recap of Thursday's market action, read Benzinga's daily
market wrap .
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