Stock futures are higher this morning in preparation for a flood
of corporate earnings as upbeat Chinese manufacturing data and
strong earnings from 3M (
) and Ford (
) eases fears of a slowdown in the global economy. Although gains
in European equities were stifled by weak EU-zone manufacturing
indices, the markets are all in positive territory, following the
lead of their U.S. counterparts. Investors are not only encouraged
by third-quarter earnings, but by the expectation that generous
liquidity provided by the Fed will continue to fuel corporate
growth, offsetting any detrimental impact from the government
This morning's data on initial jobless claims and the balance of
trade did not have much of an impact on the financial markets with
the trade deficit narrowing only 0.7% and jobless claims declining
8,000 from the week prior, but coming in slightly higher than
estimates. With the Fed expected to remain sidelined until possibly
March 2014, all economic data from Q3 is unlikely to generate much
of a response.
-Dow Jones Industrial up 0.36%
-S&P 500 futures up 0.29%
-Nasdaq 100 futures up 0.25%
Nikkei up 0.42%
Hang Seng down 0.71%
Shanghai Composite down 0.86%
FTSE-100 up 0.49%
DAX-30 up 0.58%
PRE-MARKET SECTOR WATCH
(+) Large cap tech: higher
(+) Chip stocks: higher
(+/-) Software stocks: mixed
(+) Hardware stocks: higher
(+/-) Internet stocks: mixed
(+/-) Drug stocks: mixed
(+/-) Financial stocks: mixed
(+) Retail stocks: higher
(+/-) Industrial stocks: mixed
(+) Airlines: higher
(+) Autos higher
MCK (+7.65%) Agreed to acquire a majority stake in German
company Celesio for $8.3 billion, also beat earnings estimates with
FQ2 EPS of $2.27 on revenue of $33 billion.
LOGI (+9.20%) Reported Q2 2014 non-GAAP diluted EPS of $0.20, up
from $0.17 in the same period last year.
F (+3.54%) Q3 adjusted EPS of $0.45 beat estimates of $0.38 per
share and revenue was also better than estimates.
XRX (-1.58%) Beat EPS estimates but revenues of $5.26 billion
were below consensus of $5.34 billion.
KFN (-8.00%) Downgraded by analysts at FBR Capital to Market
Perform from Outperform.
ERIC (-5.94%) Q3 sales dropped 3% to $8.32 billion, missing
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