Futures flat on mixed global stocks overnight

US markets are set to start the session unchanged as investors digest some key earnings results and await consumer sentiment data.

By Benzinga Jul 26, 2013 8:49AM

zurbar age fotostockBy Matthew Kanterman


U.S. equity futures were little changed in early premarket trade following mixed global markets overnight. Eyes will be on some more key earnings this morning for direction as well as on a key economic report.


In other news, UBS (UBS) has reached a settlement with Fannie Mae (FNMA) and Freddie Mac (FMCC) totaling $885 million to settle claims over mortgage backed securities.


Japan's inflation turned positive in June as CPI rose 0.2% in June after declining 0.1% in May.


PBOC Governor Zhou said that there were downward pressures on the Chinese economy overnight and hinted that large-scale stimulus from either the government or the central bank will not come. He said the PBOC will continue to focus on liberalizing interest rates.

  • S&P 500 futures fell 0.3 points to 1,683.70.

  • The EUR/USD was higher at 1.3291.

  • Spanish 10-year government bond yields rose 1 basis point to 4.65%.

  • Italian 10-year government bond yields rose 1 basis point to 4.41%.

  • Gold rose 0.07% to $1,330.40 per ounce.

Asian markets

Asian markets were mixed overnight as Japanese shares sank on comments from Economy Minister Akira Amari that tax hikes were still to come later this year. The Japanese Nikkei 225 Index fell 2.97% and the Topix Index declined 2.93%. In Hong Kong, the Hang Seng Index gained 0.31% and the Shanghai Composite Index fell 0.51% in China. Also, the Korean Kospi rose 0.06% and Australian shares rose 0.13%.


European markets

European shares were higher in early trade. The Spanish IBEX Index gained 0.85% and the Italian FTSE MIB Index rose 0.18%. Meanwhile, the German DAX gained 0.02% and the French CAC 40 Index rose 0.89% while U.K. shares rose 0.07%.


Commodities

Commodities were mostly lower overnight despite the dollar trading lower. WTI crude futures fell 0.66% to $104.79 per barrel and Brent crude futures fell 0.5% to $107.11 per barrel. Copper futures fell 0.88% to $315.75 per pound. Gold was higher and silver futures fell 0.44% to $20.07 per ounce.


Currencies

Currency markets were on the move overnight as the dollar weakened across the board. The EUR/USD was higher at 1.3291 and the dollar fell against the yen to 98.65. Overall, the Dollar Index fell 0.4% on weakness against the yen, the Canadian dollar, the Swiss franc, the euro, and the pound.


Earnings reported Thursday

Key companies that reported earnings Thursday include:

  • Amazon (AMZN) reported a second quarter loss of $0.02 per share vs. an expected profit of $0.06 per share on revenue of $15.7 billion vs. the expected $15.74 billion.

  • Bristol-Myers Squibb (BMY) reported second quarter earnings per share of $0.44, in line, on revenue of $4.05 billion, also in line.

  • General Motors (GM) reported second quarter earnings per share of $0.84 vs. $0.75 expected on revenue of $39.1 billion vs. $38.37 billion expected.

  • Biogen Idec (BIIB) reported second quarter earnings per share of $2.30 vs. $1.93 a year ago on revenue of $1.7 billion vs. $1.62 billion expected.

  • Dow Chemical (DOW) reported second quarter earnings per share of $0.64 vs. $0.63 expected on revenue of $14.6 billion vs. $14.48 billion expected.

  • 3M (MMM) reported second quarter earnings per share of $1.71, in line, on revenue of $7.8 billion vs. $7.77 billion expected.

  • Starbucks (SBUX) reported second quarter earnings per share of $0.55 vs. $0.53 expected.

  • Boston Scientific (BSX) reported second quarter earnings per share of $0.18 vs. $0.09 expected on revenue of $1.81 billion vs. $1.78 billion expected.

Premarket movers

Stocks moving in the premarket included:

  • Amazon (AMZN) shares declined 2.54% premarket after missing earnings estimates.

  • Starbucks (SBUX) shares rose 6.28% premarket following its earnings report and some positive guidance, particularly in the K-Cups space.

  • Vertex Pharmaceuticals (VRTX) shares declined 9.27% premarket as the company announced that the FDA has put a hold on one of its clinical studies for its Hepatitis-C drug VX-135.

  • EnteroMedics (ETRM) shares rose 19.63% premarket as the company announced that the FDS has accepted for review its application to launch its new anti-obesity product.

Earnings

Notable companies expected to report earnings Friday include:

  • Total (TOT) is expected to report second quarter earnings per share of $1.57 vs. $1.62 a year ago on revenue of $58.48 billion vs. $63.00 billion a year ago.

  • LyondellBasell (LYB) is expected to report second quarter earnings per share of $1.62 vs. $1.66 a year ago on revenue of $11.3 billion vs. $11.25 billion a year ago.

  • Lear Corp. (LEA) is expected to report second quarter earnings per share of $1.37 vs. $1.35 a year ago on revenue of $3.91 billion vs. $3.66 billion a year ago.

  • Aon (AON) is expected to report second quarter earnings per share of $1.11 vs. $1.02 a year ago on revenue of $2.91 billion vs. $2.82 billion a year ago.

  • Tyco (TYC) is expected to report third quarter earnings per share of $0.48 vs. $1.01 a year ago on revenue of $2.71 billion vs. $4.46 billion a year ago.

Economics

On the economics calendar Friday, the Reuters/University of Michigan consumer sentiment index is due out.


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