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US EQUITIES OPENING HEADLINES INCLUDING: Wal-Mart plans to hire over 100,000 veterans in the US over the next five years.
January 15 2013, 2:17pm
US equities are set to open in negative territory amid caution regarding the imminent debt ceiling debate in Washington. Markets had a choppy reaction to a mixed tranche of data at 1330GMT/0730CST including lower than expected Empire Manufacturing and a beat on December Retail Sales. Looking ahead in the session API Inventories are due at 2130GMT and Fed’s Plosser is due to speak at 1730GMT.
US PPI (Dec) M/M -0.2% vs. Exp -0.1% (Prev. -0.8%)
US PPI (Dec) Y/Y 1.3% vs. Exp. 1.4% (Prev. 1.5%)
US PPI Ex. Food & Energy (Dec) M/M 0.1% vs. Exp. 0.2% (Prev. 0.1%)
US PPI Ex. Food & Energy (Dec) Y/Y 2.0% vs. Exp. 2.1% (Prev. 2.2%)
US Empire Manufacturing (Jan) M/M -7.78 vs. Exp. 0.00 (Prev. -8.10, Rev. -7.30)
Employment Index -4.30 (Prev. –9.68)
New Orders Index -7.18 (Prev. -3.44)
Prices paid index 22.58 (Prev. 16.13)
6-Month Outlook Index 22.41 (Prev 17.95)
US Advance Retail Sales (Dec) M/M 0.5% vs. Exp. 0.2% (Prev. 0.3%, Rev. 0.4%)
US Retail Sales Less Autos (Dec) M/M 0.3% vs. Exp. 0.2% (Prev. 0.0%, Rev. -0.1%)
US Retail Sales Ex Auto & Gas (Dec) M/M 0.6% vs. Exp. 0.4% (Prev. 0.7%, Rev. 0.6%)
ICSC Chain Stores Sales (Jan 15) W/W -0.6% vs Prev. -4.2%
US ICSC Chain Store Sales (Jan 15) Y/Y 3.3% vs. Prev. 4.0%.
FTSE (-0.22%), CAC (-0.41%), DAX (-1.04%), SMI (+0.50%), IBEX (-1.08%), EURO STOXX (-0.80%) prices taken at 1343GMT
DJI
Corporate Earnings
N/A
Other News
Boeing – Co and American Airlines, enter restructured aircraft purchase agreement. Under the terms of the agreement American Airlines have firm aircraft orders for 171 aircraft, with the option to 111 aircraft. Elsewhere Co. and negotiators who represent 23,000 engineers are expected to resume contract talks tomorrow following delivery of the full terms of the company's latest offer. (Newswires)
Wal-Mart – Co. plans to hire over 100,000 veterans in the US over the next five years. (Newswires)
Pfizer - According to a official close to the matter Co.’s four business units may be combined into two, spurring analysts to believe Co. may be split in half. (Newswires)
S&P 500
Corporate Earnings
Lennar – Q4 EPS USD 0.56 vs. Exp. USD 0.44, reports Q4 revenue USD 1.35bln vs. Exp. USD 1.31bln. (Newswires)
Forest Laboratories - Q3 Adj. Loss per share USD 0.21 vs. Exp. Loss per share USD 0.08, Q3 Revenue USD 722.7mln vs. Exp. USD 774.4mln. Sees Year Adj. EPS lower end of USD 0.45 - 0.60 vs. Exp. USD 0.54. (Newswires)
Other News
RadioShack/Target – Co.’s are to dissolve their mobile partnership after failing to establish an agreement that would be profitable to both companies. (Newswires)
Capital One Financial – Co.’s December delinquencies fell to 3.61% vs. Prev. 3.71%, December credit card write-offs fell to 4.35% vs. Prev. 4.46%. (Newswires)
Lululemon – Co. sees Q4 EPS USD0.74 vs. previous outlook USD 0.71 – 0.73 vs. Exp. USD 0.74. (Newswires)
Viacom – Co.’s Paramount Pictures unit has settled a lawsuit with Melrose Investors 2 LP after they said they received no returns on a USD 375mln investment. (Newswires)
ConocoPhillips – Co. are to sell Cedar Creek Anticline properties for USD 1.05bln. (Newswires)
Companies going ex-dividend: EOG Resources (USD 0.17)
Companies paying dividend: Avalonbay Communities (USD 0.970), Cardinal Health (USD 0.275), Cincinnati Financial (USD 0.407), Kimco Realty (USD 0.210)
Nasdaq 100
Corporate Earnings
N/A
Other News
Apple – Co.’s entry-level iPhone may adopt plastic chassis instead of reinforced glass to save cost. (DigiTimes)
Facebook – Co.is preparing redesign of mobile news feed, there is no timetable on the release date. (TechCrunch)
Dell – Dell may face a repatriation penalty for bringing its USD 14.2bln in cash, most of which is held offshore, back to the US as part of a going private transaction, a penalty that may complicate the matter according to a report. Elsewhere Co.’s buyout could be done at USD 15- USD 16 per share according to Deutsche Bank (WSJ/ Newswires)
Broker Moves
Upgrades
Dell – Co. price target raised to USD 13.50 from USD 10.50 at UBS.
Cliffs Natural – Co. upgraded to buy from hold at Deutsche Bank.
Symantec – Co. upgraded to overweight from equal weight at Morgan Stanley.
Green Mountain Coffee Roasters - Co. raised to buy from hold at Argus.
Celgene –Co. price target raised to USD 112 from USD 100 at Brean Capital.
FMC Technologies - Co. added to best ideas list at Morgan Stanley.
Downgrades
Microsoft – Co. price target lowered to USD 35 from USD 39 at Atlantic Equities.
Apple – Co. price target cut to USD 530 from USD 660 at Nomura; rating neutral.
TNT Express – Co. downgraded to neutral from buy at Citigroup.
Logitech – Co. downgraded to underperform from neutral at Credit Suisse.
Veeco – Co. downgraded to neutral from overweight at Piper Jaffray.
Altera – Co. downgraded to neutral from buy at Lazard Capital.
Vertex – Co. downgraded to neutral from buy at Lazard Capital.
American Express – Co. downgraded to underweight from neutral at JPMorgan.
Apollo Investment – Co. downgraded to neutral from overweight at JPMorgan
Other News
Atlas Pipeline Partners – Co. has entered in to a new contract with SandRidge Energy. (Newswires)
Santarus – Co. receives FDA approval of Uceris, sees FY13 revenue USD 320mln -USD 325mln vs. Exp. USD 301.25mln. (Newswires)
Polycom – Co. and AT&T enter into a strategic agreement to advance video meetings. (Newswires)
Synergy Pharmaceuticals/ Callisto Pharmaceuticals - Co.’s merger has been approved by holders. (Newswires)
Rocky Mountain Properties – Co. has been acquired by Denbury Resources for USD 1.05bln. (Newswires)
USD Index up 0.13% at 1345GMT (0745CST)
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