Apr 23 2014 | 10:12 AM

From The Trading Floor: Equities are retreating a bit this morning after 6 straight days of advancement on a mixed bag of earnings and weaker economic data

  • Mortgage Applications fell by -3.3% for the week ending April 18th

  • The Markit Economics preliminary US. Manufacturing Index decreased to 55.4 in April from a final reading of 55.5 a month earlier

  • Sales of new US. Homes unexpectedly plunged in March by -14.5% to 384,000, its lowest level in 8 months

  • Procter & Gamble reports Q3 EPS $1.04, consensus $1.02. Reports Q3 revenue $20.56B, consensus $20.68B.

  • Yum! Brands reports Q1 EPS ex-items 87c, consensus 85c. Reports Q1 revenue $2.72B, consensus $2.8B

  • China's manufacturing sector has contracted for a fourth consecutive month in April, although the HSBC PMI gauge has edged up to 48.3 from 48 in March. "Domestic demand showed mild improvement and deflationary pressures eased...
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Apr 22 2014 | 10:19 AM

From The Trading Floor: Earnings in combination with M&A activity in the Pharma sector have given the markets a spark this morning.

  • FHFA House Price Index for February came in at 0.6% slightly ahead of the 0.5% estimate

  • The Richmond Fed Manufacturing Index came in at 7 vs the 2 consensus

  • US. March Existing Home Sales fall 0.2% to 4.59 million rate exceeding the 4.56 million estimate

  • Valeant and Bill Ackman's Pershing Square are teaming up to make a bid for Allergan (AGN) that could be worth over $45B.

  • Novartis has agreed to acquire GlaxoSmithKline's (GSK) oncology products for an initial $14.5B and up to $1.5B in development milestones. In return, GSK will buy the Swiss company's vaccines business for $5.25B upfront and as much as $1.8B in milestones, as well as royalties.

  • Novartis has also agreed to sell its animal-health division to Eli Lilly (LLY) for around $5.4B....
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Apr 21 2014 | 10:08 AM

From The Trading Floor: Equities are trading in cautious to positive territory this morning after the S&P posted its biggest weekly gain since July due to some better than expected earnings and economic reports.

  • March Chicago Fed national activity index came in at 0.2 which is what the estimate was but well lower than the revised February reading that was 0.53

  • Leading economic indicator for March came in at 0.8 vs 0.7 consensus.

  • 150 S&P 500 companies report this week

  • Ukraine stays in focus. A gun battle in the eastern part of Ukraine over the weekend has rolled back some of the optimism from last week on progress over the efforts to "de-escalate" the crisis.

  • Politicians in Europe passed new legislation that requires companies to disclose information on how they address environment, social, and governance issues. Statements by firms on their policies on bribery and corruption matters...
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Apr 16 2014 | 10:05 AM

From The Trading Floor: This morning we are getting an early bounce in equities, not dissimilar to yesterday, on good earnings and economic reports

  • Mortgage Applications for the week ending April 11th rose by 4.3%

  • Housing Starts for the month of March rose to 946,000 from the revised 920,000 the month earlier but fell a little shy of consensus.

  • Industrial Production rose by 0.7%, more than forecast in March after a February gain that was twice as big as previously estimated.

  • The Fed releases the Beige Book results at 2:00

  • Moeils & Co. (MC) priced 6.5 million shares at $25. It opened at $27.00 on a print of 618,038 shares.

  • China's GDP growth slowed to its lowest level in 18 months in Q1, moderating to 7.4% on year from 7.7% in Q4 but topping forecasts for 7.3%. The figure is below the government's target of 7.5%

  • Ukrainian troops have entered the center of...
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