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US EQUITIES OPENING HEADLINES INCLUDING: Boeing has presented the employees union with its best-and-final contract offer

January 18 2013, 2:46pm
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US equities are set to open in minor positive territory as investor confidence continues following a slew of positive earnings reports including GE and Morgan Stanley. Yesterday the S&P 500 closed at its highest levels for 5 years and this is likely to be supported by positive Chinese GDP overnight. Looking ahead in the session US macro data is light, University of Michigan Confidence is due at 1455GMT/0855CST and API Monthly Report due at 1500GMT/0900CST.

European equities are mixed today, after opening markedly higher, echoing Asian counterparts with the Nikkei 225, Hang Seng and Shanghai Composite all closing the session with modest gains. The DAX once again underperforms against its European peers with ThyssenKrupp one of the worst performing stocks after today's trading update with investors calling for Chairman Gerhard Cromme to resign. 

FTSE (+0.58%), CAC (+0.13%), DAX (-0.16%), SMI (-0.75%), IBEX (+0.01%), EURO STOXX (-0.12%) prices taken at 1343GMT


Corporate Earnings

General Electric - Q4 EPS USD 0.44 (cont. ops. USD 0.41) vs. Exp. USD 0.43, Q4 revenue USD 39.3bln vs. Exp. USD 38.44bln, Q4 orders up 7% ex. wind and FX. (Newswires)

Intel - Q4 Operating EPS USD 0.48 vs. Exp. USD 0.45, Q4 revenue USD 13.5bln vs. Exp. USD 13.53bln, sees Q1 revenue USD 12.7bln plus or minus USD 500mln. (Newswires)

Other News

Boeing –Co. has presented the employees union with its best-and-final contract offer, agreeing with the union's approach to extend the terms of the previous contract for current employees. (Newswires)

Pfizer - EMA recommends Co.’s drug Bosulif, issues recommendations on drug approvals following monthly meeting of CHMP. (Newswires)

AT&T – Co. says lowered discount rate resulted in actuarial loss approx USD 12bln. Futhermore Co. says they are to record USD 10bln charge in Q4 related to pension and post employment benefits, sees near-term pressure on EPS.(Newswires)

Dell - Fitch says an LBO of Co. would exacerbate existing challenges. (Newswires)

Merck – Co. has suspended availability of Tredaptive, Pelzont and Travaclyn. (Newswires)

S&P 500

Corporate Earnings

Morgan Stanley - Q4 Adj. EPS USD 0.45 vs. Exp. USD 0.27, Q4 revenue USD 7.48bln vs. Exp. USD 7.09bln, tier 1 common ratio 14.7% as of Dec. 31. (Newswires)

Johnson Controls - Q1 EPS USD 0.52 vs. Exp. USD 0.51, reaffirms forecast for year view, Q1 net sales USD 10.42bln vs. Exp USD 10.27bln, sees Q2 EPS USD 0.40-0.42 vs. Exp. USD 0.52. (Newswires)

Suntrust - Q4 EPS USD 0.65 vs. Exp. USD 0.61, Q4 revenue USD 2.29bln vs. Exp. USD 2.31bln, Q4 tier 1 common equity ratio 10%, Q4 net interest margin at 3.36%. (Newswires)

Schlumberger - Q4 Adj. EPS USD 1.08 vs. Exp. USD 1.07, Q4 revenue USD 11.17bln vs. Exp. USD 10.80bln, oilfield services revenue up 5% sequentially, sees international E&P spending up around 10% in the coming year. Co. increases dividend 13.6% to USD 0.3125 per share.(Newswires)

Parker-Hannifin - Q2 EPS USD 1.19 vs. Exp. USD 1.11, Q2 revenue USD 3.07bln vs. Exp. USD 2.93bln. (Newswires) 

Capital One Financial - Q4 EPS USD 1.41 vs. Exp USD 1.52, Q4 revenue USD 5.62bln vs. Exp. USD 5.81bln.(Newswires)

Rockwell Collins - Q1 EPS USD 0.94 vs. Exp. USD 0.89, Q1 revenue USD 1.06bln vs. Exp.USD 1.04bln. (Newswires)

Progressive - Q4 EPS USD 0.41 vs. Exp. USD 0.34, Q4 net premiums earned USD 4.11bln. (Newswires)

State Street - Q4 operating EPS USD 1.11 vs. Exp. USD 1.01, Co. cutting 630 jobs, Q4 ROE 9.3%, Q4 revenue USD 2.45bln vs. Exp. USD 2.37bln. (Newswires)

Xilinx - Q3 EPS USD 0.38 vs. Exp USD 0.37, revenue USD 509.8mln vs. Exp. USD 528.1mln, sees Q4 gross margin about 66%. (Newswires)

Other News

Tiffany - extends expiration of share buy back programme, existing programme was due to run until January 31st 2013. (Newswires)

Vornado – Co. increases quarterly dividend to USD 0.73 per share. (Newswires)

Companies going ex-dividend: Clorox (USD 0.64), Lowes (USD 0.16) 

Companies paying dividend: Computer Sciences (USD 0.20), Intuit (USD 0.17)

Nasdaq 100

Corporate Earnings


Other News

Apple - According to sources, Sharp has nearly halted LCD panel production for Co., iPad demand has been hurt by consumer shift to iPad mini. (Newswires)

Broker Moves


Research in Motion – Co. upgraded to buy from hold at Jefferies. – Co. upgraded to outperform from sector perform at Pacific Crest.

Caterpillar – Co. upgraded to overweight from neutral at Piper Jaffray.

Netflix – Co. upgraded to buy from neutral at Janney Capital.

Las Vegas Sands – Co. upgraded to outperform from market perform at Wells Fargo.

Waters – Co. price target raised to USD 95 from USD 87 at RW Baird.

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

Amphenol – Co. price target raised to USD 76 from USD 69 at RBC Capital.

Wynn Resorts – Co. upgraded to outperform from market perform at Wells Fargo.

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


Capital One – Co. downgraded to neutral from buy at Janney Capital.

Visa – Co. downgraded to neutral from outperform at RW Baird.

Ball Corp. – Co. downgraded to hold from buy at Jefferies.

CSX – Co. downgraded to neutral from outperform at Credit Suisse.

Other News

McMoRan Exploration - Q4 loss per share USD 0.01, Q4 break-even cont ops vs. Exp. loss per share USD 0.13, Q4 revenue USD 84.2mln vs. Exp. USD 82.8mln, Q4 has impairment charges USD 34.5mln. (Newswires)

NuPathe – Co. announced that the FDA has approved Zecuity for the acute treatment of migraines. (Newswires)

USD Index up 0.26% at 1345GMT (0745CST)

Reg & E-Mini DOW/E-Mini NASDAQ/S&P/RUSSELL January 13 Options Expiry (1430GMT/0830CST), 

Reg NASDAQ/S&P500 January 13 Option Expiry (2115GMT/1515CST)

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