By RTT News, September 20, 2013, 06:37:00 AM EDT
(RTTNews.com) - The sentiment on Wall Street remains cautious amid a lack of any major catalysts to render direction to the markets. The major U.S. index futures point to a narrowly mixed opening on Friday. The overbought levels of the markets may prevent traders from building on positions for fear of a lack of fundamental support for the markets. Additionally, a string of positive domestic data released yesterday could re-ignite fears concerning stimulus withdrawal as early as this year.
At 6:15 am ET, the Dow futures are trading down 1 point and the S&P 500 futures are edging down 0.30 points, while the Nasdaq 100 futures are gaining 2.50 points.
After seeing some strength in early trading on Thursday, U.S. stocks retreated on profit taking amid the release of some mixed corporate news and mostly positive economic data.
On the economic front, Kansas City Federal Reserve Bank President Esther George is scheduled to speak on the economy to Shadow Open Market Committee in New York at 12:30 am ET. Federal Reserve Governor Daniel Tarullo will speak on macroprudential regulation in New Haven, Connecticut at 12:40 am ET.
St. Louis Federal Reserve Bank President James Bullard is due to speak on monetary policy to New York Association for Business Economics at 12:55 pm ET. Minneapolis Federal Reserve Bank President Narayana Kocherlakota will talk at a conference on risk in options prices in New York at 1:45 am ET.
In corporate news, TIBCO ( TIBX ) reported third quarter non-GAAP earnings of 28 cents per share compared to 27 cents per share last year. Total revenues rose to $270.9 million from $255 million in the year-ago period. The results were better than expected.
Cintas ( CTAS ) reported first quarter earnings of 63 cents per share, up 5 percent from 60 cents per share in the year-ago period. Revenues rose to $792.87 million from $754.84 million in the year-ago period. The earnings were in line and the revenues exceeded estimates. To reflect the impact of its share buybacks, the company updated its 2014 earnings per share guidance to $2.70-$2.79, while it continues to expect revenues of $4.5 billion to $4.6 billion. The guidance was positive.
Texas Instruments ( TXN ) said it would increase its quarterly cash dividend by 7 percent to 30 cents per share.
Con Edison (ED) announced that its board has elected John McAvoy as its president and CEO, effective January 1st, 2014. McAvoy would replace Kevin Burke, who will retire as president and CEO on December 31st, 2013 after 40 years of service.
AK Steel ( AKS ) said it expects to report a loss of 22-27 cents per share for its third quarter, which includes a loss of 9 cents per share related to its previously disclosed unplanned Middletown Work blast furnace outage. Analysts expect a loss of 12 cents per share for the quarter.
Horace Mann (HMN) announced that its board has appointed Marita Zuraitis as its president and CEO and has also elected her to the board.
The major Asian markets that remained opened for trading closed lower amid some profit taking following yesterday's sharp rally. The Hong Kong, Chinese, Taiwanese and South Korean markets remained closed for public holiday.
Japan's Nikkei 225 average, which held mostly above the unchanged line with modest gains in the morning, retreated in the afternoon before closing down 23.76 points or 0.16 percent at 14,742. Resource, construction, real estate, financial stocks were the worst performers of the session. Export stocks also came under selling pressure.
Australia's All Ordinaries opened lower and languished below the unchanged line throughout the session. The index closed down 17.80 points or 0.34 percent at 5,271. Healthcare, material and financial stocks declined the most, leading the index lower.
India's Sensex plunged over 2 percent after the Reserve Bank of India headed by the new Governor Raghuram Rajan unexpected raised interest rates in order to curb inflation and also withdrew some of the measures introduced recently to prop up the falling rupee.
European stocks opened lower and languished in the red in early trading. However, since then they have recovered, although they are showing lackluster sentiment amid a lack of any major corporate and economic news.
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