Futures lower ahead of earnings

11 S&P 500 companies are set to report Thursday.

By Benzinga Jan 16, 2013 9:13AM
zurbar age fotostockU.S. equity futures slipped ahead of key earnings reports as the season enters its busy stage over the next few weeks. Eleven S&P 500 components are set to report earnings Wednesday.

In other news, the Italian global trade balance shrunk in November but less than expected, declining to 2.36 billion euros from a downward-revised 2.42 billion but much better than economist estimates of a 1.91 billion euro balance.

Germany auctioned benchmark 10-year bunds to yield 1.56%, higher than the 1.4% seen at the previous auction.

New car registrations in the European Union dropped a massive 16.3% in December and fell 8.2% in all of 2012 to 12.05 million vehicles.


  • S&P 500 futures fell 3.7 points to 1,461.50.
  • The EUR/USD was was slightly lower at 1.3303.
  • Spanish 10-year government bond yields rose to 5.036%.
  • Italian 10-year government bond yields rose to 4.232%.
  • Gold futures fell 0.27% to $1,679.40 per ounce.
  • Click here for more of Benzinga's Top News stories.
Asian markets
Asian shares were mostly lower overnight on yen strength and on weak Chinese Foreign Direct Investment data. The Japanese Nikkei Index fell 2.56% and the Shanghai Composite Index fell 0.72% while the Hang Seng Index fell 0.1%. Also, the Korean Kospi fell 0.32% and Australian shares rose 0.46%.

European markets
European shares were lower overnight led lower by Italian shares following the trade data. The Spanish Ibex Index declined 0.78% and the Italian MIB Index fell 1.31% in early trade. Meanwhile, the German DAX fell 0.24% while the French CAC declined 0.35% and U.K. shares fell 0.5%.

Commodities
Commodities were mixed overnight with oil futures rising modestly and metal futures lagging. WTI crude futures rose 0.14% to $93.41 per barrel and Brent crude futures rose 0.17% to $110.49 per barrel. Copper futures declined 0.37% to $362.35 per pound as Chinese weakness weighed on the market. Gold was lower and silver futures fell 0.77% to $31.29 per ounce.

Currencies
Currency markets continued to reverse recent moves as the yen gained and the Aussie dollar declined. The EUR/USD was lower at 1.3303 and the dollar fell 0.78% against the yen to 88.10. Overall, the Dollar Index fell 0.13% with the yen Swiss franc weakness being offset by strength against the Canadian dollar, the pound, and the Swedish krone. Also, the Australian dollar declined 0.14% against the greenback and the yen strength was seen most in the EUR/JPY cross, declining 0.7%, and the AUD/JPY cross, declining 0.83%.

Premarket movers
Stocks moving in the premarket included:
  • Carnival Corporation (CCL) shares rose 1.59% as the company moved to dismiss U.S. lawsuits relating to the Costa Concordia case.
  • Boeing (BA) shares fell 5.3% premarket as another 787 jet, this one owned by ANA Airlines, caught on fire and the airline grounded all 787's.
  • Dell (DELL) shares fell 2.43% after gaining more than 7% Tuesday following reports that the company could be a private equity target.
  • EBay (EBAY) shares fell 0.68% ahead of its earnings report.
Earnings
Notable companies expected to report earnings Wednesday include:
  • EBay (EBAY) is expected to report fourth quarter earnings per share of $0.69 vs. $0.60 a year ago.
  • Goldman Sachs (GS) is expected to report fourth quarter EPS of $3.66 vs. $1.84 a year ago.
  • JPMorgan Chase (JPM) is expected to report fourth quarter EPS of $1.19 vs. $0.90 a year ago.
  • M&T Bancorp (MTB) is expected to report fourth quarter EPS of $2.18 vs. $1.04 a year ago.
  • The Bank of New York Mellon (BK) is expected to report fourth quarter EPS of $0.54 vs. $0.42 a year ago.
Economics
On the economics calendar Wednesday, MBA Purchase Applications and the Consumer Price Index are expected to be released, followed by TIC flows and Industrial Production Data. After, the NAHB Housing market Index is due to be released and the EIA Petroleum Report is due out followed by the Beige Book. In addition, Naryana Kocherlakota is set to speak twice Wednesday and Richard Fisher of the Dallas Fed is set to speak. Overnight, Spanish and French bond auctions, Australian employment data, and the ECB's monthly report should set the market's tone.

More from Benzinga
Click here for your free two week trial of Benzinga Pro!
0Comments

DATA PROVIDERS

Copyright © 2014 Microsoft. All rights reserved.

Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.

STOCK SCOUTER

StockScouter rates stocks from 1 to 10, with 10 being the best, using a system of advanced mathematics to determine a stock's expected risk and return. Ratings are displayed on a bell curve, meaning there will be fewer ratings of 1 and 10 and far more of 4 through 7.

133
133 rated 1
286
286 rated 2
441
441 rated 3
737
737 rated 4
614
614 rated 5
606
606 rated 6
621
621 rated 7
441
441 rated 8
317
317 rated 9
122
122 rated 10
12345678910

Top Picks

SYMBOLNAMERATING
BBBYBED BATH & BEYOND INC10
TWXTIME WARNER Inc10
COPCONOCOPHILLIPS9
HDHOME DEPOT Inc9
VZVERIZON COMMUNICATIONS9
More

VIDEO ON MSN MONEY

ABOUT

Top Stocks provides analysis about the most noteworthy stocks in the market each day, combining some of the best content from around the MSN Money site and the rest of the Web.

Contributors include professional investors and journalists affiliated with MSN Money.

Follow us on Twitter @topstocksmsn.