Paras Madho is a Director of the Market Watch & Corporate Actions, Global Corporate Client Group for NYSE Euronext (NYSE: NYX). In this...
Ahead of the Bell: Dow futures are trading up 40 points and S&P futures are trading up 4 points. Investors are concerned that the German and French plans for fiscal integration may be insufficient to contain the region's debt crisis from spreading to peripheral countries. The plan announced yesterday, by German Chancellor Angela Merkel and French President Nicolas Sarkozy calls for closer integration of the euro zone particularly with regards to governance. The plan also increases the size of the rescue fund for the debt laden region, rejects the idea for a common euro bond and of most concern to traders, proposes a financial transaction tax.
DJIA down 76.97 pts/-0.67%/11,405.93
S&P down 11.73 pts/-0.97%/1,192.76
Nasdaq down 31.75 pts/-1.24/2,523.45
Dow Futures up 40.00 pts/+0.36%
S&P Futures up 4.40 pts/+0.39%
Nasdaq Fut up 2.50 pts/+0.03%
CAC 40 +0.81%
NIKKEI 225 -0.55%
HANG SENG +0.38%
Overseas: World stock markets were down today. European and Asian markets are down as investors are concerned the German and French plans are not enough to stem the euro zone debt crisis.
Economic Reports: Producer Price Index expected to be flat 8:30 a.m.
Gold:up $5.10 to $1,791.85
Oil:up $1.02 to $87.59
EUR/USD 1.4442 +0.0042
USD/JPY 76.5550 -0.2700
GBP/USD 1.6428 -0.0024
Volatility Index (VIX): As of the close of business Tuesday, August 16, the VIX is up 1.50 at 32.85
Companies Reporting Quarterly Earnings:
Target (TGT): Q2 EPS of $1.03 beats by $0.06. Revenue of $16.24B (+4.6% Y/Y) beats by $90M. Sees Q3 EPS of $0.70-75, FY11 EPS of $4.15-4.30.
Flowers Foods (FLO): Q2 EPS of $0.23 misses by $0.03. Revenue of $642.6M (+5.7% Y/Y) beats by $5.3M.
Deere (DE): FQ3 EPS of $1.69 beats by $0.02. Revenue of $7.72B (+24.1% Y/Y) beats by $220M.
BJ's Wholesale Club (BJ): Q2 EPS of $0.84 beats by $0.07. Revenue of $2.98B (+10.8% Y/Y) misses by $2M.
Abercrombie & Fitch (ANF): Q2 EPS of $0.35 beats by $0.06. Revenue of $916.8M (+22.9% Y/Y) beats by $36.8M.
Chico's FAS (CHS): Q2 EPS of $0.25 beats by $0.01. Revenue of $551.4M (+18.5% Y/Y) beats by $15M.
Staples (SPLS): Q2 EPS of $0.22 beats by $0.02. Revenue of $5.82B (+5.2% Y/Y) beats by $170M. Sees FY11 EPS of $1.39-1.45.
Today’s Opening and Closing Bells:
Lake Shore Gold Celebrates Listing on NYSE Amex President and CEO Tony Makuch will ring the opening bell
Humana Inc. (HUM) to commemorate the company’s 50th anniversary. CEO Michael B. McCallister joined by co-founder David A. Jones, COO James E. Murray will ring the closing bell.