US Stocks Give Up Most Pre-Market Gains on Disappointment Wells Fargo's Q2 EPS Merely Matched Consensus

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U.S. investors' early rebound Friday morning from a week of declines on Middle East tension and a possible new bank failure in Portugal was short-lived, as investors were disappointed that Wells Fargo's ( WFC ) Q2 earnings failed to top Street views, dragging bank shares down with it.

Having earlier been higher, the S&P 500 and the Dow Jones Industrial Average hovered around the flatline recently, although the Nasdaq 100 stayed firmly in the black.

There were no economic data on tap but later Friday, the Philadelphia, Chicago and Atlanta Federal Reserve Bank presidents are due to appear at the Rocky Mountain Economic Summit in Jackson Hole, Wyoming.

In equities, Lorillard ( LO ) was on track for an all-time high with a gain of nearly 5% before the market open, after the maker of Newport cigarettes confirmed it is in talks to possibly be acquired by rival Reynolds American ( RAI ), while the two may sell assets to U.K.-based Imperial Tobacco. RAI was up 0.3% at $63 in recent pre-market trading , near the record high of $63.39 it reached Thursday.

Wells Fargo shares were down by 1.3% pre-market, and weighed on other bank stocks ahead of more Q2 reports from the sector coming next week. Bank of America ( BAC ) slipped 0.2%, JPMorgan ( JPM ) was down 0.4%, Citigroup (C) and Goldman Sachs (GS) slipped 0.3%, while Morgan Stanley (MS) was down 1.4%.

U.S. PRE-MARKET INDICATORS

-Dow Jones Industrial down 0.01%

-S&P 500 futures up 0.01%

-Nasdaq 100 futures up 0.16%

-Nasdaq-100 Pre-Market Indicator up 0.12%

GLOBAL SENTIMENT

Nikkei down 0.34%

Hang Seng down 0.02%

Shanghai Composite up 0.24%

FTSE-100 up 0.10%

DAX-30 up 0.02%

PRE-MARKET SECTOR WATCH

(+) Large cap tech: unchanged to higher

(+) Chip stocks: unchanged to higher

(+) Software stocks: unchanged to higher

(+) Hardware stocks: unchanged to higher

(+) Internet stocks: higher

(+) Drug stocks: unchanged to higher

(-) Financial stocks: lower

(+/-) Retail stocks: mixed

(+/-) Industrial stocks: mixed

(+/-) Airlines: mixed

(+) Autos: unchanged to higher

UPSIDE MOVERS

(+) AMZN (-1.6%) Reportedly seeks regulatory OK to test drone technology

(+) INFY (+1.0%) Q1 EPS beats views while FY15 guidance disappoints

(+) HALO (+5.0%) JPMorgan initiates coverage with outperform rating

(+) DGLY (+12.5%) Extends gains on VuLink patent, shipping of product

(+) JOEZ (+20.4%) Reports jump in Q2 net sales

(+) YHOO (+0.3%) Alibaba reportedly plans IPO by end of month

DOWNSIDE MOVERS

(-) FAST (-3.0%) Q2 revenue misses views

(-) ASPX (-1.2%) Prices 3.2 million share sale at 3% discount

(-) CTT (-1.5%) To sell 12.5 million shares at $11.75 each

(-) RCII (-11.7%) Preliminary Q2 results short of views

(-) FINL (-2.0%) Sterne Agee cuts rating to neutral vs buy

(-) FSC (-3.9%) Plans sale of 13.25 million shares

(-) ISLE (-8.1%) CFO Black departs, succeeded by Eric Hausler

(-) WLB (-0.7%) Prices 1.5 million share sale at 5.4% discount



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


This article appears in: Investing , Commodities

Referenced Stocks: WFC , LO , RAI , BAC , JPM

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