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| Email Friday, May 18, 2012 11:36:32 AM TradeTheNews.com US Market Update: Facebook Mania Distracts from EuropeDJIA -29 S&P500 +3.2 NASDAQ -15
***Economic Data***
- (ES) Spain Mar Trade Balance: -€3.3B v -€3.8B prior
- (BR) Brazil Mar Economic Activity M/M: -0.4% v +0.5%e; Y/Y: 0.9% v 2.4%e
- (IN) India Forex Reserves w/e May11th: $291.8B v $293.2B prior
- (PL) Poland Apr Employment M/M: -0.1% v +0.1%e; Y/Y: 0.3% v 0.5%e
- (PL) Poland Apr Avg Gross Wages M/M: -1.3% v -0.8%e; Y/Y: 3.4% v 3.9%e
- (CL) Chile Q1 Current Account: -$346M v -$700Me
- (CL) Chile Q1 GDP Q/Q: 1.4% v 1.4%e, Y/Y: 5.6% v 5.6%e
- (CA) Canada Apr Consumer Price Index M/M: 0.4% v 0.3%e, Y/Y: 2.0% v 1.9%e; CPI Index: 122.2 v 121.7 prior
- (CA) Canada Apr CPI Core M/M: 0.4% v 0.2%e; Y/Y: 2.1% v 1.9%e- Trading in US and European markets has been choppy this morning as cross currents from Facebook mania and events in Europe keep traders on their toes. Volume is very elevated in US trade thanks to options expirations. The media frenzy surrounding Facebook has crowded out nearly everything else during the US session this morning; shares of the social media giant opened this morning at $42.05 after some minor snafus. In Europe, Moody's downgraded the Spanish banking sector yesterday evening, although the move was widely telegraphed and came as a surprise to no one. There were reports that Moody's cut is giving the banks ammunition to press Madrid to reinstitute a short-selling ban on financials, which is in turn boosting confidence. In addition, EU Trade Commissioner De Gucht told a Belgian newspaper that contingency plans are being drafted to deal with a potential Greek euro exit, prompting denials from the EU Commission. EUR/USD sank as low as 1.2645 overnight before bouncing back to 1.2740 in the US morning, although peripheral bond spreads remain highly elevated, with the Spanish 10-year was trading as high as 6.33%. President Obama is hosting the G8 in Washington this weekend, and while no major policy developments are expected, there has been plenty of chatter this week that leaders will discuss potential plans to calm markets and cope with potential Greece exit scenarios.
- In retail earnings, Footlocker is up 10% after topping both earnings and revenue expectations and racking up a big 9.7% comp sales gain in Q1. On the conference call, the CFO said that sales trends also improved in March and April. High-end department store name Nordstrom missed earnings targets and only reiterated its disappointing FY12 outlook, although investors are still keeping the name in positive territory. Ann, Inc spiked on the open following a somewhat better-than-expected Q1 report. ANN is up 2.5% mid morning.
- Semi industry manufacturing equipment provider Applied Materials saw declines in both earnings and revenue in its Q2, although the firm narrowly beat expectations. The firm's guidance for Q3 was not much better, and for FY12 the firm said it would meet the high end of its prior guidance range. Mobile phone chip maker Marvell Q1 results were strong and its Q2 guidance was stronger, thanks to excellent demand from the Chinese mobile market. AMAT and MRCL have given up slight gains to trade flat on the session. In other tech news, Salesforce.com more or less met expectations on very strong revenue growth y/y and also raised its full-year earnings outlook into line with expectations. Executives were very optimistic on the call, saying that there biggest challenge was coping with the huge amount of demand coming their way. CRM is up 10%.
***Looking Ahead***
- (US) G8 Summit in Camp David
- 11:00 (US) Fed to purchase $4.50-5.25B in Notes
- 15:00 (AR) Argentina Mar Economic Activity Index M/M: No est v 0.3% prior; Y/Y: 4.8%e v 5.2% prior
- 17:00 (CO) Colombia Mar Industrial Production Y/Y: No est v 4.50%***Weekend***
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- NATO Summit in Chicago
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