Despite Thursday's hard-fought
, stock futures are headed south this morning, after a wrench was
thrown into the Greek debt relief package late last night. After
Greek officials finally came to a deal on
laid out by the European Union (
), European Central Bank (ECB), and International Monetary Fund (
), euro-zone finance ministers suggested that the cash-strapped
nation should adopt deeper cuts before a bailout is approved.
Tensions continue to mount as the deadline for financial rescue
arrives next week -- Feb. 15, to be exact. On the domestic front,
Wall Street will sift through the Thomson Reuters/University of
Michigan consumer sentiment index and December trade data. Ahead of
the bell, the Dow Jones Industrial Average (DJIA) and Nasdaq
Composite (COMP) are poised to pull back from their recent
In earnings news, LinkedIn (LNKD - 76.39) banked a
fourth-quarter profit of $6.9 million, or 6 cents per share, up
from its year-ago earnings of $5.3 million, or 3 cents per share.
On an adjusted basis, LNKD earned 12 cents per share, while revenue
more than doubled to $167.7 million. The results comfortably
surpassed Wall Street's forecast for a profit of 7 cents per share
on $160 million in revenue. Looking ahead, LNKD anticipates
full-year revenue of $840 million to $860 million, crushing the
average analyst estimate of $828 million. At last check, LNKD is
readying for an 8.7% boost out of the gate.
Expedia (EXPE - 34.16) reported a fourth-quarter profit of $70.3
million, or 51 cents per share, down 1.4% from $71.3 million, or 50
cents per share, in the year-ago period. Excluding items, earnings
remained flat at 58 cents per share. Meanwhile, overall sales rose
by 6.7% to $787.1 million. Specifically, worldwide hotel revenue
climbed by 12%, whereas global air sales fell by 19%. Analysts, on
average, were expecting earnings of 53 cents per share on revenue
of $812.4 million. EXPE is off 3.8% in pre-market action.
Finally, Activison Blizzard (ATVI - 12.66) swung to a
fourth-quarter profit of $99 million, or 8 cents per share,
bouncing back from last year's loss of $233 million, or 20 cents
per share. On an adjusted basis, ATVI's profit arrived at 62 cents
per share, while revenue fell 6% to $2.41 billion. The video game
publisher's results topped expectations, as Wall Street was calling
for adjusted earnings of 56 cents per share on $2.2 billion in
revenue. The Santa Monica, Calif.-based business is predicting
current-quarter earnings of 3 cents per share on $525 million in
sales, while analysts are looking for earnings of 14 cents per
share on $771 million in sales. Ahead of the open, ATVI is up
Today's earnings docket will also feature reports from
), Arch Coal (
), NYSE Euronext (
), Treehouse Foods (THS), FLIR Systems (FLIR), and PPL Corp. (PPL).
Keep your browser at
for more news as it breaks.
The week wraps up with the December trade balance, January's
Treasury budget, and the aforementioned Thomson Reuters/University
of Michigan consumer sentiment index. Furthermore, Fed Chairman Ben
Bernanke will once again step up to the podium, with the central
banker slated to speak at the NAHB International Builders Show.
Equity option activity on the Chicago Board Options Exchange
(CBOE) saw 1,605,949 call contracts traded on Thursday, compared to
942,751 put contracts. The resultant single-session put/call ratio
arrived at 0.59, while the 21-day moving average was 0.58.
Stocks in Asia ended mostly lower today, thanks to continued
uncertainty out of Europe. After Thursday's meeting in Brussels,
euro-zone finance ministers declined to approve an aid package for
Greece until additional criteria are met, which prompted weakness
among banking names. Meanwhile, traders were also rattled by a
wider-than-forecast trade surplus for China, though analysts noted
that January's data was likely skewed by the Lunar New Year
holiday. By the close, Hong Kong's Hang Seng and South Korea's
Kospi lost a little more than 1% apiece, while Japan's Nikkei shed
0.6%, and China's Shanghai Composite edged up 0.1%.
The major European indexes are modestly lower at midday, as
Greece's newly struck austerity accord failed to win the immediate
approval of euro-zone officials. Finance ministers from the
17-nation bloc are looking for Athens to find an additional 325
million euros in spending cuts, and parliamentary ratification of
the package is another prerequisite. Eurogroup chair Jean-Claude
Juncker also warned that Greece had better be serious about putting
its austerity plans into practice, stating, "In short, no
disbursement before implementation." At last check, the German DAX
is down 1.7%, the French CAC 40 is off 1.3%, and London's FTSE 100
is 0.8% lower.
Currencies and Commodities
The greenback is pointed higher this morning, with the U.S.
dollar index up 0.6%. Crude oil, meanwhile, is backing away from
, with the front-month contract last seen 1.4% lower at $98.44 per
barrel. Similarly, gold futures are pointed lower, with the
malleable metal down 1.4% to trade at $1,717.70 an ounce.
Unusual Put and Call Activity:
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