Wall Street showed its
Tuesday, after the Federal Open Market Committee (FOMC) unveiled
the minutes from its latest meeting, and traders seem poised to
follow in those footsteps today. A few interesting developments
could unfold throughout the session, in the form of:
- the deluge of economic data set to hit the Street, with the
Automatic Data Processing (
in early focus,
- the depleting interest in
- a face-off between the
S&P 500 Index (
recently supportive 14-day moving average
Among equities, weaker prices and lower demand are cutting into
SanDisk's (SNDK )
top line, while
Mitcham Industries' (MIND )
earnings results have pushed its shares higher ahead of the bell.
Heading into today's busy session, futures on the Dow Jones
Industrial Average (DJIA) are flirting with a triple-digit loss
right out of the gate.
And now, on to the numbers...
Currencies and Commodities
U.S. dollar index
is pointed 0.2% higher this morning, with the greenback trading
- Ahead of inventories,
in retreat mode
, with the front-month contract 0.8% lower at $103.20 per
are on pace to swallow a 2.3% loss in today's session, with
gold for June delivery last seen at $1,633.50 an ounce.
After last night's close,
(SNDK - 50.05) downwardly revised its fiscal first-quarter revenue
outlook, citing weak pricing and demand. For the quarter ended
April 1, the data storage issue is now calling for revenue to
arrive around $1.2 billion, down from its previous projection for
$1.3 billion to $1.35 billion. SNDK also expects gross margin to
fall below its prior 39% to 42% forecast. Analysts, meanwhile, are
calling for revenue of $1.34 billion. SNDK is scheduled to release
its full earnings results on Thursday, April 19. SNDK is down 6.8%
in pre-market trading.
Mitcham Industries (MIND - 24.32)
banked a fiscal fourth-quarter profit of $10.2 million, or 77 cents
per share, up from $1.8 million, or 17 cents per share, in the
year-ago period. Meanwhile, revenue jumped by 88% to $37 million.
Specifically, equipment leasing revenues -- excluding equipment
sales -- rose by 87%, while Seamap equipment sales climbed by 78%.
Analysts, on average, were expecting earnings of 57 cents per share
on sales of $31 million. MIND is up 11% ahead of the bell.
Earnings and Economic Data
Jobs data starts to trickle in today, with the release of ADP's
for March. Also on tap is the
ISM services index
, and the usual update on
. The earnings calendar includes reports from Acuity Brands (
), AngioDynamics (
, PriceSmart (PSMT), and
Ruby Tuesday (RT)
. Keep your browser at
for more news as it breaks.
Asian markets ended lower today, tracking Tuesday's gloomy
session on Wall Street. A stronger U.S. dollar weighed on energy
and resource stocks, while Fast Retailing led the laggards in Tokyo
after a disappointing same-store sales report. Traders also
digested another round of anxiety-inducing economic data, as
Australia swung to a surprise trade deficit in February on weaker
coal shipments to China. By the close, Japan's Nikkei fell 2.3%,
and South Korea's Kospi shed 1.5%. Markets in China and Hong Kong
are closed for holiday.
The selling mood has spread to Europe, with the major regional
benchmarks planted firmly south of breakeven at midday. Banks are
among the notable decliners, thanks to a lackluster bond sale by
fiscally strapped Spain. Meanwhile, as widely expected, the
European Central Bank (ECB) opted to hold its main lending rate
steady at the current record low of 1%. At last check, London's
FTSE 100 has lost 1.3%, the French CAC 40 is off 1.5%, and the
German DAX is down 1.7%.
Equity option activity on the Chicago Board Options Exchange
(CBOE) saw 1,175,201 call contracts traded on Tuesday, compared to
692,535 put contracts. The resultant single-session put/call ratio
arrived at 0.59, while the 21-day moving average was 0.60.
Unusual Put and Call Activity:
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