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US Stocks Poised to Follow European Markets Higher on Earnings; Empire State Manufacturing Disappoints

U.S. stock futures were higher on Wednesday as quarterly earnings dominated the news flow and following upbeat European markets, where inflation picked up and confidence indicators improved.

This morning the Empire State manufacturing index slipped to a negative 1.19 from a positive 6.90 in March, missing estimates for it to have edged higher to 7.0. It also missed the wide consensus range which was between 3.0 and 10.2, according to data compiled by Econoday.

At 9:15 a.m., data on industrial production is expected to show a 0.3% decline in March compared to a 0.1% increase in February. The consensus range is between a 0.9% drop and a 0.3% increase.

Then, at 10:00 a.m., the National Association of Home Builders' housing market index is expected to have gained to 55 in April from 53 in March, with a consensus range between 53 and 57.

In equities, Intel ( INTC ) rose nearly 3% in recent pre-market trade after Q1 earnings met expectations and as it gave a guidance for Q2 while Bank of America ( BAC ) swung to a Q1 profit and said it sees "encouraging signs in customer and client activity." BAC gave up earlier gains and was most recently lower 0.6%. Delta Airlines ( DAL ) Q1 topped estimates even as revenue missed expectations and the stock was up 2.1%.

U.S. PRE-MARKET INDICATORS

-Dow Jones Industrial up 0.28%

-S&P 500 futures up 0.24%

-Nasdaq 100 futures up 0.21%

-Nasdaq 100 pre-market indicator up 0.29%

GLOBAL SENTIMENT

Nikkei down 0.20%

Hang Seng up 0.21%

Shanghai Composite down 1.30

FTSE-100 up 0.42%

DAX-30 up 0.42%

PRE-MARKET SECTOR WATCH

(+/-) Large cap tech: mixed

(+) Chip stocks: unchanged to higher

(+) Software stocks: unchanged to higher

(+) Hardware stocks: unchanged to higher

(+/-) Internet stocks: mixed

(+) Drug stocks: higher

(+/-) Financial stocks: mixed

(+) Retail stocks: unchanged

(+/-) Industrial stocks: mixed

(+/-) Airlines: mixed

(+) Autos: higher

UPSIDE MOVERS

(+) MCP (+38.0%) To provide rare earths to Siemens for wind turbine generators

(+) FOMX (+7.7%) Upsizes secondary offering to 6.5 million shares at $9.30 each

(+%) RSYS (+6.6%) Preliminary Q1 results top views

(+) AZN (+1.8%) Cancer antibody gets orphan drug status from FDA

(+) LXRX (+9.9%) Selects development candidate for neuropathic pain in BMY alliance

(+) SWHC (+8.8%) Reports upbeat Q4, 2015 guidance

(+) BLDP (+5.3%) Gets supply order to power 8 buses in China

(+) CLSN (+26.7%) Releases encouraging interim data on chest wall breast cancer drug

(+) PFE (+1.5%) Stops Paloma-3 breast cancer trial early; meets efficacy endpoint early

(+) MHR (-2.6%) Q1 production rises 66% on expanded drilling program

(+) WDC (+1.3%) Maxim initiates coverage with buy rating; $131 PT

(+) CASM (+2.7%) Gets FDA OK for cerebral tissue oxygen monitor in pediatric, neonatal patients

(+) GLMD (+2.9%) Roth Capital initiates coverage with buy rating; $20 PT

(+) HCA (+1.9%) Q1 preliminary results top views; boosts 2015 guidance

DOWNSIDE MOVERS

(-) ALU (-15.4%) NOK (+0.4%) to buy company in all-share deal

(-) STWD (-2.3%) To sell 12 million shares for $286 million gross proceeds

(-) PAL (-23.6%) To solicit sale of company, recapitalize

(-) BIOD (-1.0%) Prices sale of 32.6 million shares at $0.92 each

(-) PCP (-4.6%) Detail Q4 charges, sees EPS declining from year ago

(-) SAGE (-0.5%) Prices 2.3 million share sale at $52.50 each

(-) WLT (-16.9%) Exercises option to delay interest payment on loans

(-) MRCC (-4.1%) Starts public offering of shares

(-) SFS (-1.6%) Prices secondary offering of 10 million shares at $18.50 each

(-) USB (-0.8%) Q1 revenue misses estimates

(-) NUVA (-1.3%) Canaccord Genuity downgrades to hold vs buy

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

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


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

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