TradeTheNews.com US market update

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Share this story: | | E-mail Wednesday, February 01, 2012 11: 07: 18 AM

TradeTheNews.com US market update

Dow + 140 S & P + 14 + 27 NASDAQ
B. economic data.
-(CZ) Czech Jan budget balance (CZK): + 21.0B v 142.8B prior
-(PE) Peru Jan consumer price index M/M: - 0.1% v + 0.2%er; Y/Y: 4.2% v 4.4%e; Wholesaler M/M:-0.5% v + 0.4% prior
-Prior (BR) Brazil Jan PMI manufacturing: 50.6 v 49.1
-(US) MBA mortgage applications w/e Jan 27th: - 2.9% v - 5.0% prior
-(US) Jan NAPM Milwaukee: 58.4 v 57 5e
-(US) Jan ADP employment change: + v + 182Ke 170K
-(SG) Singapore Jan purchasing manager index: 48.7 v 49 4e; Electronics sector index: 50.5 v 50 1e
-(US) Dec construction spending M/M: 1.5% v 0.5%e
-(US) Jan ISM manufacturing: 54.1 v 54 5e; Prices paid: 55.5 v 50 0e
-(MX) Mexico Dec remittances: v $1.8B $1.9Be
-(US) weekly DOE energy inventories: crude: M vs. + 3Me; Gasoline: K vs. + 250Ke; Distillate: K V - 1.5ME; Utilization: % vs. 81.9% w/w

-January manufacturing data from China and the US continue to lift global equity markets this morning. Europe surged on the China PMI, and US market gains are being sustained by the ok showing in the ISM manufacturing report, including a nice showing in the prices paid component. The January ADP employment report begins the lead-up to Friday's January payrolls and employment reports. The report this morning what a bit weaker than expected, although the series is not considered terribly predictive. Crude continues its slide lower, with the front-month WTI contract only a bit above the $98 handle. The US long bond is down nearly a full point pushing its yield back up towards 3% today's better risk environment.

-Insurance giants Etna and Aflac are headed in opposite directions this morning following contrasting Q4 results. Shares of Aetna are up 4% and heading higher after the firm topped profit expectations and offered positive commentary on membership trends in FY12 (offsetting slightly lower FY12 guidance). Aflac missed consensus earnings and revenue estimates slightly, and its initial look at FY12 what subpar. Shares of Aflac are down 3%.

-Amazon has thrown investors for a loop for a second consecutive quarter in a row and shares of AMZN are down nearly 10% this morning. Fourth quarter profits were down sharply y/y for a second quarter in a row, even as revenue continued growing respectably. Margins recovered from last quarter's terrible showing, but are still way below trend. However it what the firm's guidance that what most worrisome, as the firm warned it could lose money in Q1. Direction expectation Broadcom broadly met expectations in its Q4 report and Q1 guidance, and so modestly increased its dividend. Seagate topped profit expectations thanks to big improvements in margins. Note that reports out overnight suggest Facebook is believed to be readying its first IPO filing for release this week, and investors are eagerly awaiting the first concrete numbers on the's firm revenue and profits since documents were leaked by Goldman Sachs about two years ago.

-Marathon's two successor firms reported results this morning. Marathon Petroleum (MPC), the spun-out downstream arm, got hit hard by crude prices in the quarter and racked up a big quarterly loss, even as revenue substantially outperformed direction expectation expectations. Exploration firm Marathon Oil (MRO) so slightly missed earnings expectations, although revenue what way ahead. Shares of MPC are up 8%, but down from the impressive + 12% heights seen just after the open. MRO is making modest, steady gains, up 1.5%.

-In other movers, staffing giant manpower is up more than 14% after beating profit direction expectation expectations and racking up strong revenue growth in Q4, although the firm's guidance for Q1 What Basic. Whirlpool is up nearly 12% on very strong profits and very strong FY12 guidance. Skeptics have pointed out that there were troubling revenue declines in the firm's operations Europe, Asia, and Latin America.

-The greenback what off its worst level by the mid-NY morning, aided by rhetoric from US and EU officials. Fed's Plosser commented that US monetary policy which not aimed at devaluing the USD while EU President van Rompuy noted that a weaker euro would help the region's economy in the near term. Fitch analyst Riley commented that Portugal was near-term risk for euro zone but what our if the country needed another bailout. EUR/USD has pushed back above 1.32 as dealers are watching the 2012 high of 1.3223 with key interest.

B. Looking ahead.
-(RU) Russia Jan reserve fund: No. est v $25.2B prior; Wellbeing Fund: No. est v $86.8B prior
-11: 00 (US) President Obama speaks on economy
-11: 10 (IR) EU Ashton address EU Parliament on Iran's nuclear program
-11: 20 (EU) ECB's Weidmann speaks in Dusseldorf
-12: 00 (BR) Brazil Jan trade balance:-$ 1.4Be v $3.8B
-12: 00 (IT) Italy Jan new car registrations Y/Y: No. est v - 15.3% prior
-12: 00 (EU) EU's Reding speaks in Brussels
-12: 30 (PT) Portugal fin min Gaspar
-13: 00 (IT) Italy Jan budget balance: no est v €8.0B prior; Budget balance YTD: no est v €61.5B prior
-17: 00 (US) Jan domestic of vehicle sales: 10.50Me v 10.45M prior; Total vehicle sales: 13.60Me v 13.48M prior (revised)
-17: 30 (IT) Italy PM Monti
01-04 FEB (DE) German Chancellor Angela Merkel travels to China for official visit

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