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US EQUITIES OPENING HEADLINES INCLUDING: First Horizon announces USD 100mln increase in stock buyback program

January 24 2013, 2:03pm
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US equity futures are mixed, and indicate a sharply lower open for the Nasdaq. The reason for the weakness in the Nasdaq was Apple's earnings report after market yesterday which missed street expectations, causing Apple to drop 10% in after market trade and signalling a halt in the 6-day rally in US equities. However positive macro data from the US and Europe may boost sentiment marginally in the Dow and the S&P 500, but the indices, especially the Nasdaq, are likely to be weighed on by Apple. Looking ahead in the session rescheduled DoE’s are due at 1600GMT/1000CST and Microsoft are due to report earnings after market.

Equities in Europe are trading flat to minor negative territory, led lower by tech stocks after Apple earnings yesterday. In Germany this morning, Apple shares were trading 10% lower at the open. The latest macro data from Europe underpinned the bleak outlook for the block: French, German and Eurozone wide Manufacturing PMIs remain well below the key 50 expansionary level. Finally, Nokia reported consensus beating Q4 earnings report, however shares quickly reserved the initial move higher after the company approved the “Nokia Equity Program 2013”.

US Manufacturing PMI (Jan P) M/M 56.1 vs. Exp. 53.0 (Prev. 54.0) 

US Continuing Claims (Jan 12) W/W 3157K vs. Exp. 3200K (Prev. 3214K, Rev. 3228K) 

US Initial Jobless Claims (Jan 19) W/W 330K vs. Exp 355K (Prev. 335K)

FTSE (+0.57%), CAC (+0.23%), DAX (+0.10%), SMI (+0.50%), IBEX (+0.15%), EURO STOXX (+0.06%) prices taken at 1343GMT

DJI

Corporate Earnings

N/A

Other News

Pfizer – Co. reports top-line efficacy results from a phase 4 study; says met primary end point. (Newswires)

Coca-Cola – Co.’s CFO says they are looking at bolt-on acquisitions, acquisitions will play role in healthier options. (Newswires)

S&P 500

Corporate Earnings

Lockheed Martin - Q4 EPS USD 1.73 (on USD 0.05 job cut costs) vs. USD 1.81. Q4 revenue USD 12.10bln vs. Exp. USD 11.15bln. Sees 2013 revenue USD 44.5-46.0bln vs. Exp. USD 45.27bln. (Newswires)

3M - Q4 EPS USD 1.41 vs. Exp. USD 1.41; reaffirms forecast, Q4 revenues USD 7.39bln vs. Exp. USD 7.17bln, Q4 Electro & communications sales USD 776mln, Q4 Display & graphics sales USD 910mln. (Newswires)

Raytheon - Q4 EPS Cont. Ops USD 1.41 vs. Exp. USD 1.31. Q4 revenue USD 6.44bln vs. Exp. USD 6.41bln. (Newswires)

Xerox - Q4 adjusted EPS USD 0.30 vs. Exp. USD 0.29, reaffirm forecast for 2013, Q4 revenue USD 5.92bln vs. Exp. USD 5.89bln. (Newswires)

Union Pacific - Q4 EPS USD 2.19 vs. Exp. USD 2.16, Q4 revenue USD 5.25bln vs. Exp. USD 5.30bln, Bought back USD 248mln of shares in Q4. (Newswires)

Bristol Myers - Q4 Adj. EPS USD 0.47 vs. Exp. 0.42, Q4 net sales 4.20bln vs. Exp. 4.14bln, Q4 gross margin 74.3%, Sees 2013 Adj. EPS USD 1.78-1.88 vs. Exp. USD 1.84. Abilify USD 819mln vs. Exp. USD 709.3mln, Reyataz USD 394mln vs. Exp. 417mln, Sustiva USD 383mln vs. Exp. 411mln, Baraclude USD 360mln vs. Exp. 360mln, Orencia USD 325mln vs. Exp. USD 321.3mln, Yervoy USD 211mln vs. Exp. USD 190.7mln, Plavix USD 49mln vs. Exp. USD 55mln. (Newswires)

Baxter- Q4 adjusted EPS USD 1.26 vs. Exp. USD 1.26. Q4 revenues USD 3.75bln vs. Exp. USD 3.72bln. (Newswires)

Stanley Black & Decker - Q4 adjusted EPS USD 1.37 vs. Exp. USD 1.28, Q4 revenue USD 2.7bln vs. Exp. USD 2.62bln.(Newswires)

WW Grainger - Q4 EPS USD 2.42 vs. Exp. USD 2.61, Q4 net sales USD 2.23bln vs. Exp. USD 2.24bln, Reaffirms 2013 EPS guidance. (Newswires)

Stryker - Q4 Adj. EPS USD 1.14 vs. Exp. USD 1.12; reaffirms forecast for year. Q4 revenue USD 2.34bln vs. Exp. USD 2.30bln. (Newswires)

Dover - Q4 Adj. EPS USD 1.09 vs. Exp. USD 1.07. Q4 revenue USD 2.01bln vs. Exp. USD 2.00bln. (Newswires)

Celgene - Q4 Adj. EPS USD 1.32 vs. Exp. USD 1.32; Affirms 2013 financial outlook, Q4 Total Revenue USD 1.45bln vs. Exp. USD 1.45bln, Q4 product sales USD 1.415bln. Q4 Revlimid sales up 17% to USD. 1.00bln.(Newswires)

Airgas - Q3 Adj. EPS USD 1.04 vs. Exp. USD 1.07; cuts forecast, Q3 revenues USD 1.21bln vs. Exp. 1.19bln. (Newswires)

McCormick - Q4 EPS USD 1.11 vs. Exp. 1.14. Q4 sales USD 1.15bln vs. Exp. USD 1.17bln. (Newswires)

KeyCorp - Q4 EPS USD 0.21 vs. Exp. USD 0.21. Q4 revenue USD 1.07bln vs. Exp. USD 1.06bln. (Newswires)

Other News

Goldman Sachs – Co. was found by a jury not have been negligent in arranging the USD 580mln sale of Dragon Systems to Lernout & Hauspie. (Newswires)

Ford - Work at Co.’s plant in Genk, Belgium resumed this week after the company and workers agreed to end a blockade that has stopped work at the plant since October. (Newswires)

First Horizon – Co. announces USD 100mln increase in stock buyback program. (Newswires)

Companies going ex-dividend: BNY Mellon (USD 0.13), Marsh & McLennan (USD 0.23), Unum (USD 0.13), Vornado Realty Trust (USD 0.73)

Nasdaq 100

Corporate Earnings

Apple - Q1 Adj. EPS USD 13.81 vs. Exp. USD 13.5. Q1 revenue USD 54.51bln vs. Exp. USD 54.9bln. Sees Q2 revenue USD 41-43bln vs. Exp. USD 45.48bln. Declares dividend of USD 2.65/share. Says international sales were 61% of Q1 revenue. Q1 Gross Margin 38.6% in line with expected. (Newswires)

Amgen - Q4 Adj. EPS USD 1.40 vs. Exp. Loss USD 1.39. Q4 revenue USD 4.42bln vs. Exp. USD 4.37bln. (Newswires)

Western Digital - Q2 EPS USD 2.09 vs. Exp. USD 1.82, Q2 revenue USD 3.82bln vs. Exp. USD 3.68bln. (Newswires)

SanDisk - Q4 EPS USD 1.05 vs Exp. USD 0.76, Q4 revenue USD 1.54bln vs. Exp. USD 1.53bln. (Newswires)

Netflix - Q4 EPS USD 0.13 vs. Exp. Loss USD 0.13. Q4 revenue USD 945.0mln vs. Exp. USD 934.5mln. Sees Q1 revenue USD 1.004bln – 1.031bln vs Exp. USD 969.2mln. Domestic streaming subs add 1.35mln – 2.50mln. International streamings subs add 0.48mln – 1.18mln. (Newswires)

Other News

Symantec – Co. says they are to reorganize management, will reduce middle-management workforce. (Newswires)

Gilead - Co. initiates Phase 3 clinical program for Tenefovir Alafenamide. (Newswires)

Broker Moves

Upgrades

Colgate-Palmolive – Co. added to focus list at Credit Suisse. 

Netflix – Co. price target raised to USD 160 from USD 100 at Citigroup; price target raised to USD 120 from USD 80 at Barclays.

Bed Bath & Beyond – Co. upgraded to outperform from perform at Oppenheimer.

UPS – Co. upgraded to buy from neutral at BofA/Merrill.

Stryker - Co. price target raised to USD 68 from USD 63 at RW Baird.

Cliffs Natural – Co. added to short-term buy list at Deutsche Bank.

Ross Stores – Co. upgraded to outperform from neutral at Credit Suisse.

Torchmark – Co. upgraded to buy from neutral at SunTrust.

Symantec - Co. price target raised to USD 25 from USD 22 at RBC Capital.

Emerson – Co. upgraded to buy from hold at Deutsche Bank.

Downgrades

Apple – Co. price target lowered to USD 575 from USD 800 at Deutsche Bank; downgraded to Sector Perform from Outperform at Scotia Capital; downgraded to hold from buy at Jefferies; removed from the Best Ideas List at Morgan Stanley.

Tiffany – Co. downgraded to hold from buy at Canaccord.

Safeway – Co. downgraded to underweight from equal weight at Barclays.

Altera – Co. downgraded to market perform from outperform at William Blair.

Coach – Co. downgraded to neutral from buy at ISI Group.

CVS Caremark - Co. removed from focus list at Credit Suisse.

MAP Pharmaceuticals – Co. downgraded to market perform from outperform at Leerink.

Weatherford – Co. downgraded to accumulate from buy at Tudor Pickering.

Air Products – Co. downgraded to neutral from positive at Susquehanna.

Allegheny Technologies – Co. downgraded to neutral from buy at Goldman.

Albermarle – Co. downgraded to neutral from buy at Citigroup.

Other News

Knight Capital – Co. reports Q4 adjusted EPS USD 0.05 vs. Exp. USD 0.03, reports Q4 revenue USD 287.7mln vs. Exp. USD 283.68mln. (Newswires)

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

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