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
) and Facebook (
) 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
This morning's flood of earnings included an earnings beat for
General Motors (
), Caterpillar (
) and Aetna (
), 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%
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
(+) 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.
(-) 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.
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