The futures market is marginally lower for the fifth consecutive
day after a steep upward revision to Q3 GDP and upbeat initial
jobless claims leaves the financial markets vulnerable now that the
Fed has plenty of ammunition to reduce fiscal stimulus in early
2014. The Nasdaq, however, is holding onto a slim gain, bolstered
by gains in Apple (
) after the tech-giant's deal with China Mobile (
) to offer iPhones to the Chinese market was reportedly
Ahead of the morning's data, stock market participants retreated
to the sidelines cautiously optimistic that this morning's data,
specifically GDP, would eliminate any recent fears for the Fed to
respond to better economic conditions. But the revision to Q3 GDP
to 3.6% from 2.8% coupled with a 23,000 drop in claims sent futures
back into negative territory.
And the lack of direction early this morning wasn't exclusive to
the U.S. Global equity markets were also treading water, waiting
for direction from the U.S. along with any indication that the
European Central Bank might initiate quantitative easing similar to
that in the U.S. to stimulate the sluggish European economy.
Early this morning, both the Bank of England and European
Central Bank left their key lending rates unchanged at 0.25% and
0.50%, respectively. However, with French unemployment notching
higher and Spanish industrial production contracting 0.8%, the ECB
might be forced to introduce unique stimulus measures to avoid
cutting the lending rate to 0%.
-Dow Jones Industrial down 0.19%
-S&P 500 futures down 0.04%
-Nasdaq 100 futures up 0.16%
Nikkei down 1.50%
Hang Seng down 0.07%
Shanghai Composite down 0.21%
FTSE-100 up 0.04%
DAX-30 up 0.07%
PRE-MARKET SECTOR WATCH
(+/-) Large cap tech: mixed
(+) Chip stocks: higher
(-) Software stocks: lower
(+/-) Hardware stocks: mixed
(+/-) Internet stocks: mixed
(-) Drug stocks: lower
(-) Financial stocks: lower
(-) Retail stocks: lower
(-) Industrial stocks: lower
(+) Airlines: higher
(+) Autos higher
MEI (+23.6%) The company reported adjusted Q2 2014 income was
$19.8 million, or $0.51 per share, compared with $5.0 million, or
$0.13 per share, a year ago.
CONN (+16.71%) Q3 adjusted diluted earnings per share of $0.71
for the quarter. Consolidated revenues increased 50.6% over last
year to $310.9 million versus the consensus for $0.64 per share on
$291 million in revenue.
CBMX (+41.20%) The American College of Obstetricians and
Gynecologists is now recommending chromosomal microarray analysis
as the first-line genetic test in pregnancies showing fetal
abnormalities on an ultrasound screen.
TD, TD.TO (-1.52%) Reported Q4 adjusted earnings of C$1.90,
below the analyst consensus of C$1.99 per share. Revenue was C$7
billion, vs. expectations of C$6.3 billion.
ARO (-4.06%) Reported weaker-than-expected Q3 results late
Wednesday and expressed caution about its outlook.
LGP (-5.4%) Commences 3.1 million stock offering
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