NYSE Morning Update 04/27/12

Ahead of the Bell: Dow futures are trading up 25 points and S&P futures are trading up 3.5 points. There was little mention of Europe yesterday as investors seemed cheered over a positive earnings season to date, despite a few misses yesterday, and encouraging new home sales results. Continued cheer over US earnings and optimism over the pending GDP numbers are driving futures this morning.



  • On the economic calendar today, the Employment Cost Index is expected to be +0.5%; the first quarter change in GDP is estimated to be up 2.5%, and Personal Consumption is expected to be up 2.3% all measures are expected out before the market opens.

  • The dollar is down against the euro and Japanese yen and down against the British pound.  Gold is trading at $1,655. Crude oil is currently trading at $104 a barrel.

  • Yesterday, stocks rose following positive US corporate earnings reports and a higher than expected rise in pending home sales that reached a near two-year high.

  • Happy Friday and have a nice weekend.

Thursday’s Close


DJIA up 113.90 pts/+0.87% to 13,204.62


S&P up 9.29 pts/+0.67% to 1,399.98


Nasdaq up 20.98 pts/+0.69% to 3,050.61


Friday’s Futures


Dow Futures up 23.00


S&P Futures up 3.50


Nasdaq Fut up 11.00


Overseas Markets


FTSE +23.35/+0.41%


CAC 40 +28.35/+0.88%


NIKKEI 225 -40.94/-0.43%


HANG SENG -68.26/-0.33%


Overseas:  World stock markets were mixed today.  European markets shrugged off an S&P downgrade of Spain thanks to strength in construction and material stocks lead by encouraging sales results from construction firm Vinci.  Asian stock were lower after the Bank of Japan's move to boost its bond buying failed to promote confidence among investors over the fragile economy.


Economic Reports:  Employment Cost Index expected to be +0.5%, QoQ GDP change estimated at +2.5% and Personal Consumption estimated at +2.3% at 8:30 a.m.


Top Headlines:     



  • NYSE Euronext (NYX) announced that its Board accepted the resignation of Ricardo Salgado from the Company’s Board after failing to receive a majority of shareholder votes for reelection.  Sources cited that Mr. Salgado’s unsatisfactory attendance rate at board meetings was the reason for the loss of shareholder support.

  • News Corporation’s (NWS) Rupert Murdoch claimed that he was misled by former editors as he was questioned over allegations of unlawful reporting practices at the company’s former News of World tabloid.

  • Goldman Sachs (GS) is reportedly in the crosshairs of U.S. prosecutors and securities regulators as they look into whether banker, Matthew Korenberg, shared inside information about certain healthcare deals with Galleon traders.

Commodities/Currency:


Gold: down $6.40 to $1,654.10
Oil: down $0.38 to $104.17

EUR/USD: +0.0048 to 1.3235
USD/JPY:  -0.32 to 80.71
GBP/USD:  +0.0046 to 1.6223


Volatility Index (VIX): As of the close of business Thursday, April 26, the VIX is down 0.58 at 16.24


Companies Reporting Quarterly Earnings:     


Amazon (AMZN) reported EPS of $0.28 vs. estimates of $0.07; revenue was $13.18 billion, better than the $12.9 billion expected by analysts.


Procter & Gamble Co. (PG) reported adjusted EPS of $0.94 vs. estimates of $0.93; revenue was $20.19 billion, slightly lower than the $20.32 billion expected by analysts.


Ford (F) reported adjusted EPS of $0.39 vs. estimates of $0.35; revenue was $32.4 billion, better than the $31.27 billion expected by analysts.


Merck (MRK) reported adjusted EPS of $0.99 vs. estimates of $0.98; revenue was $11.7, lower than the $11.82 billion expected by analysts.


Today’s Opening and Closing Bells:


Acquity Group Ltd. (NYSE:AQ) Execute Vice President, Matt Schmeltz will ring the Opening BellTM in honor of the company’s IPO.


J.C. Penney Company, Inc. is celebrating their 110th Anniversary of Founding and the company’s transformation campaign.  In honor of the occasion, CEO Ron Johnson will ring the Closing BellTM.


  


 


 


Nothing herein constitutes an offer to sell or a solicitation of an offer to buy any security or a recommendation of any security or trading practice. Some information included above has been aggregated from multiple public third-party financial news sources for informational purposes only and redistributed to the NYSE Euronext community.  NYSE Euronext does not control the content provided by these sources and does not guarantee the accuracy, integrity or quality of such content.    


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