US equity futures point to a marginally higher open after the S&P 500 reached all-time highs yesterday following the FOMC decision and press conference. Today’s weekly jobs data came in broadly in-line with expectations and failed to give any further upside momentum to equity futures. Today sees Oracle report after market where they are expected to report an EPS of USD 0.96.
Stocks traded higher since the get-go in Europe (Eurostoxx 50, +1.14%), with materials sector outperforming on the back of higher commodity prices, which itself were largely a product of a weaker USD. In terms of notable equity movers, EDF shares traded sharply lower in Europe, trading at its lowest level in 4-months, after the French energy minister Royal blocked a planned tariff hike in August. On the other hand, Rolls Royce shares surged 5% after the company announced GBP 1bln buyback.
FTSE (+0.78%), CAC (+1.04%), DAX (+0.91%), SMI (+0.24%), IBEX (+1.12%), FTSE MIB (+1.15%), EURO STOXX (+1.38%) prices taken at 1331BST
Best Performing Sectors in the STOXX Europe 600: Industrials (+1.05%), Materials (+0.99%), Energy (+0.94%) Worst Performing Sectors in the STOXX Europe 600: Health Care (+0.42%), Telecommunications Services (+0.58%), Consumer Staples (+0.71%)
• US Initial Jobless Claims (June 14) W/W 312K vs. Exp. 313K (Prev. 317K, Rev. 318K)
• US Continuing Claims (June 7) W/W 2561K vs. Exp. 2600K (Prev. 2614K, Rev. 2615K)
BlackBerry (BBRY) - Q1 loss per share ex-items USD 0.11 vs. Exp. loss USD 0.25. Q1 revenue USD 966mln vs. Exp. USD 963.17mln.
KBR (KBR) - Q1 loss per share USD 0.29 vs. Exp. USD 0.38. Q1 revenue USD 1.6bln vs. Exp. USD 1.77bln. Co. is to undertake strategic review of businesses.
Kroger (KR) - Q1 EPS USD 1.09 vs. USD 1.05. Q1 revenue USD 32.96bln vs. Exp. USD 32.6bln.
IHS Inc. (IHS) – Q2 adjusted EPS USD 1.47 vs. Exp. USD 1.44. Q2 revenue USD 568.01mln vs. Exp. USD 551.27mln.
Rite Aid (RAD) – Q1 EPS USD 0.04 vs. Exp. USD 0.04. Q1 revenue USD 6.47bln vs. Exp. USD 6.43bln. Q1 SSS up 3.1%.
Earnings from after-market yesterday (18th June 2014)
Clarcor (CLC) - Q2 adjusted EPS USD 0.76 vs. Exp. USD 0.62. Q2 revenue USD 386.6mln vs. Exp. USD 364.3mln.
Jabil Circuit (JBL) - Q3 core loss per share USD 0.06 vs. Exp. loss per share USD 0.10. Q3 revenue USD 3.8bln vs. Exp. USD 3.6bln.
Pier 1 Imports (PIR) - Q1 EPS USD 0.16 vs. Exp. USD 0.20. Q1 revenue USD 419.1mln vs. Exp. USD422.81M
Red Hat (RHT) - Q1 EPS USD 0.34 vs. Exp. USD 0.33. Q1 revenue USD 424mln vs. Exp. USD 413.98mln. Co. sees FY 2015 EPS USD 1.52-1.54 vs. Exp. USD 1.55.
Boeing (BA) - The UK's Air Accident Investigation Branch is calling for enhanced testing of and tougher standards for lithium batteries like the ones in an emergency locator on a Boeing 787 Dreamliner that caught fire last July. (BBG)
ExxonMobil (XOM) – Co. has begun a multi-billion USD expansion project in Baytown, Texas. (BBG)
General Electric (GE) - France is demanding GE to let France keep a minority stake in Alstom's energy business as a condition of approving the USD 16.9bln bid, over a rival offer from Siemens and Mitsubishi Heavy Industries. (FT)
Pfizer (PFE) – Co. announce two-year results from a phase 3 study for XELJANZ and the findings support safety and efficacy in patients with severely active rheumatoid arthritis who had not previously received methotrexate. (BBG)
United Technologies (UTX) – Co. reaffirms FY 2014 EPS guidance USD 6.65-6.85 vs. Exp. USD 6.85. (BBG)
Wal-Mart (WMT) – Co. is to grow its hypermarkets and e-commerce in China. (China Daily)
AutoZone (AZO) – Co. has authorised the repurchase of an additional USD 750mln of the company's common stock in connection with its ongoing share repurchase program. (BBG)
Cliffs Natural Resources (CLF) – Co. backs FY Capital Expenditure view of USD 275mln – USD 325mln. (BBG)
Eaton (ETN)/Triumph Group (TGI) – The two companies have signed an agreement that completely resolves all litigation issues between them with respect to actions pending in Mississippi and North Carolina. The parties have agreed that Eaton will pay USD 147.5mln as part of the settlement. (BBG)
PerkinElmer (PKI)/Agilent (A)/Danaher (DHR) - With Danaher having recently lost out to private equity firms on buyout targets it was seeking, analysts at Janney Montgomery Scott speculated that the conglomerate could set its sights on targets such as PerkinElmer, Agilent's life sciences unit. (BBG)
PSEG (PEG) – Co. backs FY 2014 operating EPS view USD 2.55-2.75 vs. Exp. USD 2.73. (BBG)
TE Connectivity (TEL)/Measurement Specialties (MEAS) – TE Connectivity has entered into a definitive agreement to acquire Measurement Specialties for USD 86 cash per share or a total transaction value of approximately USD 1.7bln, including assumption of net debt. (BBG)
Celgene (CELG) – Stokholders have approved a 2-for-1 stock split. (BBG)
Linkedin (LNKD) - Piper Jaffray believes the co. will report low to mid-teens internal growth for unique visitors in Q2, a step down from Q1 amid tougher comps. However Piper Jaffray sees more meaningful catalysts for shares in the second half of 2014. (BBG)
ALCO Stores (ALCS) – Co. announced that Wayne Peterson, SVP and CFO, has left the company, effective June 13. (BBG)
American Apparel (APP) – Co. has suspended Dov Charney from the role of CEO and named John Luttrell as interim CEO. (BBG) The change at the top means the company is likely up for sale. (NY Post) Barrick Gold (ABX) – Co.’s unit has been accused of bribing Tanzanian government officials. (WSJ)
CB&I (CBI) – Co. has been awarded a contract by AES (AES) subsidiary Indianapolis Power & Light Company valued at more than USD 500mln. (BBG)
Clearwater Paper (CLW) – Co. now sees Q2 revenue up 3-4% vs. Exp. up 4%. (BBG)
Education Realty (EDR) – Co.’s 21.3mln share spot secondary priced at USD 10.20. (BBG)
Entegris (ENTG) – Co. has raised its Q2 adj. EPS to USD 0.17-0.20 from USD 0.10-0.14 vs. Exp. USD 0.13. (BBG)
Five Oaks (OAKS) – Co. has filed to sell 3.5mln shares of common stock. (BBG)
Isis Pharmaceuticals (ISIS) – The New England Journal of Medicine has published a study on APOC3, which the Co. advancing an APOC3 antisense program into Phase 3. (BBG)
Level 3 Communications (LVLT) – Co. is working with China Mobile to introduce video cloud software to China. (BBG)
Lexmark International (LXK) – Co. announced that it will increase its cash tender offer price for all of the outstanding shares of Sweden-based ReadSoft. The revised offer is SEK 43.00 from the original offer of SEK 40.05. (BBG)
Markit (MRKT) – Co.’s 53.472mln share IPO priced at USD 24.00. (BBG)
Michael Kors (KORS) – Co. repeats 2015 revenue view of up to USD 4.1bln. (BBG)
Move, Inc. (MOVE) – Co. reported its websites are experiencing a distributed denial of service attack, which directs massive amounts of traffic to websites and makes internet services inaccessible. (BBG)
OncoMed (OMED) - The FDA has placed a partial clinical hold on Phase 1 trials of FZD8-Fc. (BBG)
Pandora (P) – Analysts at B. Riley say Co.’s new native ad unit tracking well with 1-2% of active listeners using it and pricing and gross margins above company averages. (BBG)
QIAGEN (QGEN) – Co. has received FDA approval of artus CMV RGQ MDx kit for human cytomegalovirus. (BBG)
Seadrill Partners (SDLP) – Co. announced that it plans to offer 6.1mln common units representing limited liability company interests in a public offering. (BBG)
Trina Solar (TSL) – Co. is to supply 60MW of PV modules to Xinyi Solar in China. (BBG)
T-Mobile (TMUS) – Co. announced an internet radio service with Rhapsody. Co. is also offering a 7-day Apple (AAPL) iPhone trial to tempt users to use its brand. (BBG)
Yingli Green (YGE) – Co. is to supply 12 MWp of solar modules to Malaysian projects. (BBG)