Earnings Boost Futures With Apple and Facebook Leading

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Strong earnings in the tech sector and market-friendly durable goods orders were fueling a rally in the futures market this morning as the Nasdaq 100 futures index handily outperformed its equity counterparts. Investors poured into tech stocks after both Apple ( AAPL ) and Facebook ( FB ) reported better than expected Q1 earnings after the close on Wednesday. In addition, AAPL announced a 7-for-1 stock split and increased dividend, sending the stock nearly 9% higher in pre-market trading .

This morning's flood of earnings included an earnings beat for General Motors ( GM ), Caterpillar ( CAT ) and Aetna ( AET ), but misses for UPS (UPS) and Verizon (VZ).

The economic data before the open was mixed, but it was durable goods orders and its impressive gain of 2.6% last month that raised eyebrows, beating estimates for a 2.0% gain. Excluding transportation orders, durable goods rose 2.0%, more than twice what analysts were looking for.


Initial jobless claims, however, was much worse than expected, increasing 24,000 for the week ended April 19, much more than the 9,000 gain that was expected. Claims for the week prior were revised upward by 1,000 to 305,000.

-Dow Jones Industrial up 0.22%

-S&P 500 futures up 0.47%

-Nasdaq 100 futures up 1.69%

SENTIMENT

Nikkei down 0.97%

Hang Seng up 0.24%

FTSE-100 up 0.63%

DAX-30 up 0.41%

PRE-MARKET SECTOR WATCH

(+/-) Large cap tech: higher

(+/-) Chip stocks: higher

(+/-) Software stocks: higher

(+/-) Hardware stocks: higher

(+/-) Internet stocks: higher

(+/-) Drug stocks: higher

(+/-) Financial stocks: higher

(+/-) Retail stocks: higher

(+/-) Industrial stocks: higher

(+/-) Airlines: higher

(+/-) Autos higher

UPSIDE MOVERS:

(+) KOOL (+15.62%) Maxim Group initiated coverage with a buy rating and a price target of $7

(+) ZMH (+16.46%) Announced plans to acquire Biomet in $13.3 bln deal and beat earnings estimates

(+) CTXS (+5.82%) Earnings and revenue beat overshadowed its below-consensus guidance for the second quarter.

DOWNSIDE MOVERS:

(-) XLNX (-5.00%) Downgraded by Credit Suisse to a neutral rating from outperform.

(-) QCOM (-3.79%) Beat Q2 expectations but set mixed guidance, and disclosed an SEC probe.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


This article appears in: Investing , Commodities

Referenced Stocks: AAPL , FB , GM , CAT , AET

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