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US EQUITIES OPENING HEADLINES INCLUDING: Sources are speculating that the Microsoft’s Xbox 720 will be released in 2013

2:02 pm
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US equity futures indicate a higher open as rumours swirl regarding the prospect of liquidity measures regarding coordinated action

boosted equity markets which have recovered well from disappointing EU PMI data.

• US Durables Goods Orders (Apr) M/M 0.2% vs. Exp. 0.2% (Prev. -4.2%, Rev. to -3.7%)

• US Durables Ex. Transportation (Apr) M/M -0.6% vs. Exp. 0.8% (Prev. -1.1%, Rev. to -0.8%)

• US Cap. Goods Orders Non-Def Ex. Air (Apr) M/M -1.9% vs. Exp. 0.8% (Prev. -0.8%, Rev. to -2.2%)

• US Continuing Claims (May 12) W/W 3260K vs. Exp. 3250K (Prev. 3265K, Rev. 3289K)

• US Initial Jobless Claims (May 19) W/W 370K vs. Exp. 370K (Prev. 370K, Rev. 372K)

• FTSE (+1.53%), CAC (+1.30%), DAX (+0.77%), SMI (+0.78%), IBEX (+1.89%), EURO STOXX (+1.28%) prices taken at 1343BST

DJIA

Earnings:

Hewlett-Packard – Q2 adjusted EPS USD 0.98 vs. exp USD 0.91; Q2 revenue USD 30.7bln vs. Exp. USD 29.95bln. (Newswires)

- Co. sees Q3 adjusted EPS USD 0.94-0.97 vs. Exp. USD 1.02

- Co. sees FY 2012 EPS USD 4.05-4.10, previously saw USD 4.00, vs. Exp. USD 4.02

- Q2 services revenue down 1% Y/Y

- Q2 Personal Systems Group revenue flat Y/Y

- Co. announced they are to layoff about 27,000 employees as part of their restructuring

Other news:

Microsoft – Sources are speculating that the co.’s Xbox 720 will be released in 2013, while the PlayStation 4 is set to arrive in 2014. (CNet)

Coca-Cola – According to Barron’s the co. could warrant a price/earnings ratio of 18x earnings, in line with historic averages and it could reach USD 80 a share. (Barron’s)

Johnson & Johnson - An FDA panel has voted 6-4 against a new use for the co.’s blood thinner Xarelto to reduce life-threatening blood clots, saying too much information was missing from company studies to accurately gauge the drug's benefit. (Associated Press)

Hewlett-Packard – Co. CEO Meg Whitman told analysts on its earnings conference call that Autonomy suffered "very disappointing" licensing revenues in Q2. Lynch will be replaced by software head Bill Veghte. (theflyonthewall.com)

Companies going ex-dividend: Johnson & Johnson (USD 0.6100)

S&P 500

Earnings:

HJ Heinz - Q4 adjusted EPS USD 0.81 vs. Exp. USD 0.79; Q3 revenue USD 3.05bln vs. Exp. USD 3.07bln. (Newswires)

- Co. sees FY 2013 organic sales growth at least 4%

- Co. sees FY 2013 EPS USD 3.52-3.62 vs. Exp. USD 3.60

Fred's - Q1 EPS USD 0.28 vs. Exp. USD 0.27, Q1 revenue USD 500.5mln vs. Exp. USD 501.1mln. (Newswires)

- Co. sees Q2 EPS USD 0.15-0.17

Patterson Cos - Q4 adjusted EPS USD 0.61 vs. Exp. USD 0.57, Q4 revenue USD 936.30mln vs. Exp. USD 915.67mln. (Newswires)

- Co. sees FY 2013 EPS USD 2.10-2.16

Tiffany - Q1 EPS USD 0.64 vs. Exp. USD 0.69; cuts forecast for year sales, Q1 revenue USD 819.21mln vs. Exp. USD 819.06mln. (Newswires)

- Q1 comp sales up 4%

- Co. cuts FY12 EPS view to USD 3.70-3.80 from USD 3.95-4.05 vs. Exp. USD 3.97

Costco - Q3 EPS USD 0.88 vs. Exp. USD 0.87, Q3 total revenue USD 22.32bln vs. Exp. USD 22.21bln. (Newswires)

- Q3 same store sales were up 5%

Other news:

Goldman Sachs – Co. is to announce a USD 40bln clean energy investment target for the next decade, with the plan covering investment and financing in several sectors. (Newswires)

News Corp/Time Warner - According to sources close to the process, News Corp is out of the race to buy Turkey's ATV television from Calik Holding. Time Warner and Dubai-based Abraaj Capital remain interested in bidding. (Newswires)

NYSE Euronext – Co. announced there have been no discussions with Facebook on a listing switch. (Newswires)

Chesapeake Energy – Co. have identified for sale during 2012 non-core assets with an expected value of USD 9.5-11bln. (Newswires)

Newell Rubbermaid – Co. reaffirmed their FY12 EPS guidance of USD 1.63-1.69 vs. Exp. USD 1.68 and FY12 core sales growth of 2%-3%. (Newswires)

MasterCard - The Luxembourg-based General Court threw out the co.’s challenge against an EU ban on its cross-border credit card fees. (Newswires)

Dow Chemical – Co. announces USD 2.16bln award in K-Dow arbitration, and says ICC awards hold that PIC was liable. (Newswires)

Conagra – Co. are to affirm previously announced guidance of modest diluted EPS growth in Q4 of fiscal 2012. (Newswires)

Alexion to be added to S&P 500; Motorola Mobility deleted as of 5/24 close

Kinder Morgan to be added to S&P 500; El Paso deleted as of 5/24

Companies going ex-dividend: Keycorp (USD 0.0500), Mcgraw-Hill (USD 0.2550), Abercrombie & Fitch (USD 0.1750)

Companies paying dividend: Harman International (USD 0.0750), Vornado (USD 0.6900)

Nasdaq 100

Earnings:

NetApp - Q4 adjusted EPS USD 0.66 vs. Exp. USD 0.63, Q4 revenue USD 1.70bln vs. Exp. USD 1.68bln. (Newswires)

- Co. sees Q1 EPS between USD 0.10-0.15

Other news:

Apple – A General Electric-owned company is squaring up to the Co. in court over whether its patents were infringed when the Co. launched its iTunes platform. In other news, the Co. have said the US government’s lawsuit against the Co. concerning e-book pricing is fundamentally flawed, adding that the Co.’s actions were classic precompetitive conduct. (Newswires)

Google – Co. will make an initial shipment of around 600,000 units of its 7-inch tablet in June, with its official release set for July, according to upstream sources. (Digitimes) Smartphones powered by the Android mobile operating systems accounted for 59.0% of smartphones shipped in the first quarter of 2012, according to the International Data Corporation. (Newswires)

Teva – Co. CEO says taking a hard look at assets strategy, expecting a strategic update by year-end; sees 2012 non-GAAP EPS USD 5.30-5.40 and 2012 non-GAAP sales USD 10.5bln. (Newswires)

Yahoo - China Investment Corp is in advanced talks to buy a USD 2bln stake in Alibaba from Yahoo. (Newswires) In other news Yahoo unveiled its own Internet browser, called “Axis,” which it promoted as a way to instantly peek into different websites on a mobile device or computer without having to leave a primary search bar. (WSJ)

Research In Motion – According to reports the co.’s head of global sales, Patrick Spence is leaving the firm. (WSJ) In other news while the co.’s instant messaging service remains popular, sources report this could weaken as global sales of BlackBerrys falter and RIM softens efforts to leverage the messaging tool. (WSJ)

Hasbro – Co. and Paramount Pictures announced that the G.I. JOE sequel will now be delayed from June 2012 to March 29, 2013. (theflyonthewall.com)

Viacom to replace Teva in NASDAQ-100 Index

Broker moves

Upgrades:

Duke Energy – Co. upgraded to Buy from Neutral at UBS, Price target raised to USD 24 from USD 22

Westlake Chemical – Co. upgraded to Neutral from Sell at UBS, Price target is USD 54

National Oilwell – Co. upgraded to Buy from Hold at Societe Generale, Price target is USD 85

Arch Coal – Co. upgraded to Neutral from Sell at Goldman, Price target is USD 8

Watson Pharmaceuticals – Co. upgraded to Outperform from Market Perform at Wells Fargo, firm raised its price target range for shares to USD 84- 90 from USD 75-79

Downgrades:

Baker Hughes – Co. downgraded to Hold from Buy at Societe Generale, Price target lowered to USD 47 from USD 53

NetApp – Co. downgraded to Sector Perform from Outperform at RBC Capital, Price target cut to USD 30 from USD 52

RailAmerica – Co. downgraded to Neutral from Overweight at JPMorgan, Price target remains USD 26

Human Genome – Co. downgraded to Market Perform from Outperform at BMO, Price target lowered to USD 13 from USD 17

CNBC’s Jim Cramer on US corporate earnings

THURSDAY earnings: Costco and Tiffany report their earnings. Cramer said that Tiffany remains in the penalty box after last quarter's debacle, but Costco remains a favourite.

Other News

US Banks – Ohio Senator Brown is trying to push a law through the Congress to put an end to the ‘too big to fail’ problem, forcing a break-up of America’s six biggest banks. The proposal may come under heavy opposition as a previous proposal failed to be passed. (Newswires)

General Motors - The NHTSA has expanded its investigation into fires in General Motors' Chevy Cruze to 2012 model year as well as the 2011 model year with the probe now covering about 370,000 vehicles. (Newswires)

Pandora - Q1 loss per share USD 0.09 vs. Exp. loss per share USD 0.18, Q1 revenue USD 80.8mln vs. Exp. USD 74.34mln. (Newswires)

- Co. says active users reached 51.9mln growing 53% Y/Y

- Co. sees Q2 loss per share USD 0.03-0.05 vs. Exp. loss per share 0.03

- Co. sees Q2 revenue USD 99-101mln vs. Exp. USD 99.9mln

 

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