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US EQUITIES OPENING HEADLINES INCLUDING: Google's YouTube is set to make an investment in music video site Vevo

January 17 2013, 2:09pm
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US equities are set to open in positive territory with participants showing an increased risk appetite after positive earnings reports from Goldman Sachs and eBay yesterday, sentiment was also buoyed by a slew of positive US data pre-market including US Housing Starts and Weekly Jobless Data. Looking ahead in the session several Fed members are scheduled to speak and Philadelphia Fed is due at 1500GMT/0900CST.

US Building Permits (Dec) M/M 903K vs. Exp. 905K (Prev. 899K, Rev. 900K) 

US Building Permits % (Dec) M/M 0.3% vs. Exp. 0.5% (Prev. 3.6%, Rev. 3.7%)

US Housing Starts (Dec) M/M 954K vs. Exp. 890K (Prev. 861K, Rev. 851K) 

US Housing Starts (Dec) M/M 12.1% vs. Exp. 3.3% (Prev. -3.0%, Rev. -4.3%)

US Continuing Claims (Jan 5) W/W 3214K vs. Exp. 3155K (Prev. 3109K, Rev. 3127K) 

US Initial Jobless Claims (Jan 12) W/W 335K vs. Exp 369K (Prev. 371K, Rev. 372K); Labor spokesman says no states estimated jobless claims data, says part of the drop may be an adjustment issue.

FTSE (+0.27%), CAC (+1.06%), DAX (+0.57%), SMI (+1.00%), IBEX (+0.84%), EURO STOXX (+0.68%) prices taken at 1343GMT

DJI

Corporate Earnings

N/A

Other News

Boeing – As a result of the recent issues, the FAA and its European equivalent the EASA have issued a directive requiring Co.’s 787 temporarily cease operations. (Newswires)

Dell - Silver Lake are said to be near obtaining financing for a leveraged buyout of Co., elsewhere KKR says they are not bidding on Co. at this time but did consider LBO. Furthermore Temasek Holdings say they are not interested in investing in Co. as part of Silver Lake consortium according to sources. (Newswires)

Amgen - Co. says no new safety findings identifies in study and trial didn't meet primary endpoint. (Newswires) 

S&P 500

Corporate Earnings

Citigroup - Q4 EPS ex-items USD 0.69 vs. Exp. USD 0.96, Q4 revenue USD 18.66bln vs. Exp. USD 18.92bln, Q4 net interest margin expanded to 2.93%, Q4 net credit losses declined 25% (USD 3.1bln), Q4 loan loss reserve release of USD 86mln. (Newswires)

Bank of America - Q4 EPS USD 0.03 (does not compare with estimate), (Q4 Ex-some items USD 0.29) vs. Exp. USD 0.20, Q4 Adj. revenue USD 19.61bln vs. Exp. USD 21.00bln, Q4 total net revenue USD 18.89bln, Q4 has USD 0.16 fees on Fannie Mae, Q4 has USD 0.06 provision on foreclosure pact. CFO says capital and liquidity remain strong and credit continues to improve (Newswires)

UnitedHealth - Q4 EPS USD 1.20 vs. Exp. USD 1.20, reaffirms forecast for 2013, Q4 revenue USD 28.8bln vs. Exp. USD 28.3bln. (Newswires)

Blackrock - Q4 adjusted EPS USD 3.96 vs. Exp. USD 3.73, expands buyback by added 7.5mln shares and boosts dividend to USD 1.68 from USD 1.50 (exp. USD 1.70), Q4 revenue USD 2.54bln vs. Exp. USD 2.5bln. (Newswires)

Fifth Third - Q4 EPS USD 0.43 (may not compare with Exp. USD 0.41) includes USD 0.09 debt extinguishment, Q4 includes USD 0.01 on negative effect on warrant valuation and USD 0.01 charge on Visa swap and also USD 0.02 charge on reserve boost.(Newswires)

Kinder Morgan - Q4 cont ops EPS USD 061. vs. Exp USD 0.63, Q4 sales USD 3.08bln vs Exp. USD 2.86bln. (Newswires)

PNC Financial - Q4 EPS USD 1.24 (may not compare with Exp. USD 1.48) and Ex-items USD 1.71. Q4 total revenue USD 4.07bln vs. Exp. USD 3.94bln, Q4 provision for credit losses was USD 318mln, Q4 goodwill impairment charge USD 45mln.(Newswires)

BB&T - Q4 EPS USD 0.71 vs. Exp. USD 0.71, Q4 revenue USD 2.5bln vs. Exp. USD 2.46bln. (Newswires)

Fastenal - Q4 EPS USD 0.33 vs. Exp. USD 0.33, Q4 net sales USD 757.2mln vs. Exp. USD 760.8mln, Co. declares cash dividend of USD 0.10 per share. (Newswires)

Other News

Amphenol – Co. sees Q1 2013 share view USD 0.88, revenue view USD 1.09bln. (Newswires)

Companies going ex-dividend: Apache (USD 0.17), CR Bard (USD 0.20), Hormel Foods (USD 0.17) 

Companies paying dividend: Discover Financial Services (USD 0.14), Fifth Third Bancorp (USD 0.10), FMC (USD 0.135), Iron Mountain (USD 0.27)

Nasdaq 100

Corporate Earnings

Ebay - Q4 EPS USD 0.70 vs. Exp USD 0.70, Q4 sales USD 4.0bln vs Exp. USD 3.98bln, Q1 adj EPS USD 0.60-0.62 vs. Exp. USD 0.64. (Newswires)

Other News

Apple – Goldman Sachs estimates product shipment estimates of iPhones 48.4mln, iPads 23.4mln, Macs 5.1mln and iPods 12.3mln. (Newswires)

eBay – Co. sees PayPal mobile generating more than USD 20bln in volume in 2013, says Q4’12 busiest in PayPal's history (Newswires)

Google – Co.'s YouTube is set to make an investment in music video site Vevo. (AllThingsD)

Facebook - Co. launches free calling for US iPhone users through its messaging service, however free video calls will not be available. (The Verge) 

Broker Moves

Upgrades

Juniper – Co. upgraded to overweight from neutral at JPMorgan.

eBay - Co. price target raised to USD 62 from USD 54 at Pacific Crest.

Medtronic – Co. upgraded to outperform from neutral at Credit Suisse.

Netflix – Co. price target raised to USD 102 from USD 65 at Piper Jaffray.

First Solar – Co. price target raised to USD 30 from USD 21 at Jefferies.

Assurant – Co. upgraded to market perform from underperform at Raymond James.

Downgrades

Apple – Co. price target lowered to USD 725 from USD 770 at JPMorgan.

Goldman Sachs – Co. downgraded to Hold from Buy at Sandler O'Neill

Boeing – Co. downgraded to underweight from hold at BB&T.

Cisco – Co. downgraded to underweight from neutral at JPMorgan.

Yum! Brands – Co. downgraded to hold from buy at Argus.

Waters – Co. downgraded to market perform from outperform at Wells Fargo.

VIVUS – Co. downgraded to sell from hold at Brean Capital.

Agilent – Co. downgraded to outperform from buy at CLSA.

American Electric – Co. downgraded to equal weight from overweight at Morgan Stanley.

American Electric Power – Co. downgraded to equal weight from overweight by Morgan Stanley.

Aflac – Co. downgraded to market perform from outperform at Raymond James.

Mead Johnson – Co. downgraded to neutral from overweight at JPMorgan.

Regeneron – Co. downgraded to hold from buy at Brean Capital.

NextEra Energy – Co. downgraded to equal weight from overweight at Morgan Stanley.

Other News

Herbalife - Q4 prelim USD 1.02-1.05 vs. Exp. USD 1.01, sees Q4 net sales up 19.9%, sees FY net sales up 17.9%. (Newswires)

Nu Skin – Co. sees FY12 revenue USD 2.17bln vs. Exp. USD 2.11bln, sees Q4 EPS USD 0.94 – 0.96 vs. Exp. USD 0.83. (Newswires)

Trauson Holdings – Co has been acquired by Stryker for USD 764mln in cash. (Newswires)

USD Index down 0.20% at 1345GMT (0745CST)

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