Futures unchanged ahead of earnings
US markets are set for a flat open ahead of major corporate financial results as well as inflation and industrial production data.
U.S. equity futures were relatively unchanged ahead of a busy day for earnings. The heart of earnings season is beginning, a busy but exciting time.
In other news around the markets, Marathon Petroleum (MPC) announced after the close Monday that it expects a $0.12 per share charge this quarter and forecasts earnings per share between $1.75-1.85, which may not compare with the Street's consensus of $2.64.
The German ZEW economic sentiment came in below estimates, indicating that German economists are less optimistic than expected on the economy. The index fell to 36.3 from last month's 38.5. It was worse than the expected 39.6.
Think tank Asian Development Bank cut its 2013 China GDP growth forecast to 7.7% from 8.2% and sees 2014 growth of 7.5%.
S&P 500 futures fell 0.2 points to 1,677.30.
The EUR/USD was higher at 1.3084.
Spanish 10-year government bond yields fell 1 basis point to 4.72%.
Italian 10-year government bond yields fell 1 basis point to 4.46%.
Gold was flat at $1,283.50 per ounce.
Asian shares were mostly higher overnight on some positive comments from Economy Minister Akira Amari in Japan and continued sentiment that China's GDP figures were not that bad. The Japanese Nikkei 225 Index rose 0.64% and the Topix Index gained 0.71%. In Hong Kong, the Hang Seng Index rose 0.04% while the Shanghai Composite Index rose 0.31% in China. Also, the Korean Kospi fell 0.47% and Australian shares rose 0.1%.
European shares were mixed after the weak ZEW report. The Spanish Ibex Index fell 0.76% and the Italian FTSE MIB Index declined 0.2%. Meanwhile, the German DAX fell 0.37% and the French CAC 40 Index declined 0.42% while U.K. shares rose 0.13%.
Commodities were mixed as energy futures rose due to the U.S. heat wave, while metals slipped. WTI crude futures gained 0.1% to $106.43 per barrel and Brent crude futures rose 0.17% to $109.27 per barrel. Copper futures rose 0.16% to $314.95 per pound. Gold was flat and silver futures declined 0.17% to $19.81 per ounce.
Currency markets were on the move overnight as the Australian dollar saw large gains after positive comments in the Reserve Bank of Australia minutes. The EUR/USD was higher at 1.3084 and the dollar fell against the yen to 99.63. Overall, the Dollar Index fell 0.04% on weakness against the yen, the pound, the euro, and the Swiss franc. Notably, the Australian dollar rose 1.2% against the greenback overnight.
Earnings reported Monday
Key companies that reported earnings Monday include:
Citigroup (C) reported second quarter earnings per share of $1.25 vs. $1.18 expected on revenue of $20.5 billion vs. $19.79 billion expected.
Cintas (CTAS) reported fourth quarter earnings per share of $0.69 vs. $0.70 expected on revenue of $1.13 billion, in line. The company also issued weak full year earnings per share guidance.
Brown and Brown (BRO) reported second quarter earnings per share of $0.36 vs. $0.35 expected on revenue of $325.8 million vs. $318.3 million expected.
Stocks moving in the premarket included:
Marathon Petroleum Corp. (MPC) shares declined 3.15% on the guidance cut.
NQ Mobile (NQ) shares rose 8.89% premarket as the company boosted revenue guidance above analyst forecasts.
Koppers Holdings (KOP) shares declined 6.26% premarket as the company now sees earnings per share for the second quarter between $0.66-$0.70 vs. $0.90 forecast and also lower than the prior guidance of $1.00.
Berry Plastics (BERY) shares fell 3.64% premarket as the company announced a 15 million share secondary offering after the close and also issued some guidance for sales that was slightly weaker than forecast.
Notable companies expected to report earnings Tuesday include:
Johnson & Johnson (JNJ) is expected to report second quarter earnings per share of $1.39 vs. $1.30 a year ago on revenue of $17.71 billion vs. $16.48 billion a year ago.
Coca Cola (KO) is expected to report second quarter earnings per share of $0.63 vs. $0.61 a year ago on revenue of $12.97 billion vs. $13.08 billion a year ago.
Goldman Sachs (GS) is expected to report second quarter earnings per share of $2.82 vs. $1.78 a year ago on revenue of $7.98 billion vs. $6.63 billion a year ago.
Omnicom (OMC) is expected to report second quarter earnings per share of $1.09 on revenue of $3.66 billion vs. $3.56 billion a year ago.
CSX (CSX) is expected to report second quarter earnings per share of $0.47 vs. $0.49 a year ago on revenue of $3.02 billion vs. $3.01 billion a year ago.
Mosaic (MOS) is expected to report fourth quarter earnings per share of $1.15 vs. $1.26 a year ago on revenue of $2.54 billion.
Charles Schwab (SCHW) is expected to report second quarter earnings per share of $0.19 vs. $0.20 a year ago on revenue of $1.32 billion vs. $1.28 billion a year ago.
Yahoo (YHOO) is expected to report second quarter earnings per share of $0.30 vs. $0.27 on revenue of $1.08 billion, flat from a year ago.
On the economics calendar Tuesday, CPI and the weekly Redbook are due out followed by TIC flows, industrial productions and the NAHB housing market index. Also, Federal Reserve President Esther George is due to speak. Overnight, the British employment report and the minutes of the previous meeting of the Bank of England are due out.
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Investors are anxious to see if hiring can maintain its strong pace in the second half of the year.
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