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next stop djia 11K I think...jobs data good this AM...still long PMI...day off for snow?
Futures
North/Latin America
INDEX VALUE CHANGE OPEN HIGH LOW TIME
DJIA INDEX 10,213.00 -11.00 10,232.00 10,252.00 10,206.00 08:45
S&P 500 1,094.20 -3.00 1,097.40 1,100.00 1,093.70 08:47
NASDAQ 100 1,765.25 -3.75 1,771.00 1,773.25 1,765.00 08:45
Futures
North/Latin America
INDEX VALUE CHANGE OPEN HIGH LOW TIME
DJIA INDEX 10,213.00 -11.00 10,232.00 10,252.00 10,206.00 08:45
S&P 500 1,094.20 -3.00 1,097.40 1,100.00 1,093.70 08:47
NASDAQ 100 1,765.25 -3.75 1,771.00 1,773.25 1,765.00 08:45
No pinks on this board; big boards only...sorry
BEFORE THE BELL -2: US HOT STOCKS TO WATCHLast update: 2/3/2010 8:26:36 AM
By Donna Kardos Yesalavich
Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--U.S. stock futures turned slightly positive Wednesday morning after Automatic Data Processing reported a smaller-than-expected drop in private-sector jobs for January.
Dow Jones Industrial Average futures were up 1 point recently, while Standard & Poor's 500 futures edged up less than a point and Nasdaq Composite futures climbed 2 points. Prior to the report, Dow futures had been down 10 points, while S&P 500 futures were off 2 points and Nasdaq futures were off 2 points.
The ADP survey of the private employment sector estimated 22,000 jobs were lost in January, compared to expectations for 30,000 decline. The report precedes Friday's more closely followed nonfarm payroll data from the government.
The small declines in futures prior to ADP's report followed mixed earnings reports.
The media sector was in focus as Comcast doubled its profit and News Corp. and Time Warner returned to profitability. Comcast shares were flat premarket, while Time Warner slipped 0.8% but News Corp., which owns the publisher of this report, jumped 5.3%.
Pfizer fell 1.3% premarket. The drug giant said its fourth-quarter profit more than doubled to $767 million, but the result lagged Wall Street estimates. It also scaled back 2012 revenue estimates.
In other markets, the dollar was lower against the euro but higher against the yen. Crude-oil futures edged higher, while gold futures slipped. Treasurys were lower, with the 10-year note down 7/32 to yield 3.664%. Wednesday's action comes after stocks marched higher Tuesday thanks to strong housing data, putting the market on its best two-day winning streak in nearly three months.
Still to come, the ISM service sector index for January will be released at 10 a.m., EST. -By Donna Kardos Yesalavich, Dow Jones Newswires; 212-416-2188; donna.yesalavich@dowjones.com
Among the companies whose shares are expected to actively trading in Wednesday's session are Home Diagnostics Inc. (HDIX), MetLife Inc. (MET) and News Corp. (NWS).
Home Diagnostics Inc. (HDIX), which makes diabetes testing supplies, said Wednesday it will be bought by Nipro Corp. (8086.TO) for about $215 million. Japanese medical-device maker Nipro will pay $11.50 a share for Home Diagnostics, a 90% premium to Home Diagnostics' closing price Tuesday. Shares soared 84% to $11.15 premarket.
MetLife's (MET) fourth-quarter profit plunged 70% as investment losses took their toll, but the insurer topped its expectations for operating earnings and posted double-digit growth. Shares fell 2.8% to $35.36 in after-hours trading.
News Corp. (NWS) swung to a second-quarter profit led by continued strength at its cable programming and film entertainment divisions after its prior-year results were dragged into the red by revenue declines and impairment charges. The company, which owns this newswire and The Wall Street Journal, also raised its six-month dividend for both classes of stock by 25% to 7.5 cents. Class A shares (NWSA) climbed 5.8% to $13.50 after hours, while Class B shares rose 4.3% to $15.69.
Tesoro Corp. (TSO) swung to a fourth-quarter loss as the oil refiner posted higher costs and a $43 million write-down. Shares fell 4.6% to $12.38 in late trading as the red ink was more than expected.
Ace Ltd.'s (ACE) fourth-quarter profit soared as the commercial insurer benefited from a big rebound in investments and growth in premiums. Shares rose 1.6% to $50.37 in after-hours trading as earnings topped analysts' expectations.
Alliance Data Systems Corp.'s (ADS) fourth-quarter profit fell 10% as higher revenue couldn't offset a bigger loss from discontinued operations. Shares of the loyalty-program and private-label card operator slid 4% to $59 in late trading.
AOL Inc. (AOL) swung to a fourth-quarter profit amid year-earlier charges as the company continued to see its Internet subscribers decline in its first report since it was spun off from Time Warner Inc. (TWX). Results topped analysts' expectations, sending shares up 3.2% to $25.44 premarket.
Auxilium Pharmaceuticals Inc. (AUXL) said the U.S. Food and Drug Administration has given marketing approval to its Xiaflext injection for the treatment of adult Dupuytren's contracture, a condition that affects the connective tissue that lies beneath the skin of the palm. The company expects a late-March launch of the drug. Shares rose 10% to $31 in light premarket trading.
C.H. Robinson Worldwide Inc.'s (CHRW) fourth-quarter profit slid 1.3% as the trucking and logistics company reported lower margins and revenue. Shares fell 8.6% at $52.50 in after-hours trading as the company's earnings were below expectations.
Fiserv Inc.'s (FISV) fourth-quarter earnings soared 90% as the provider of information technology to the financial and insurance industries shed prior-year charges and revenue rose slightly. Chief Executive Jeffrey Yabuki said record December sales helped drive growth in sales, which topped expectations, helping push shares up 1.8% to $47.25 in late trading.
GT Solar International Inc. (SOLR) shares jumped 8.3% to $6.50 in after-hours trading after it reported fiscal third-quarter results that topped Street estimates. GT Solar also raised the lower end of its fiscal 2010 earnings and revenue guidance.
JDS Uniphase Corp.'s (JDSU) loss in its fiscal second quarter--its eighth loss in a row--narrowed on higher margins following a prior-year $691.6 million goodwill write-down. Shares gained 2.9% to $8.61 after hours as the fiber-optic equipment company forecast fiscal third-quarter revenue above Street estimates.
Labopharm Inc. (DDSS) said the U.S. Food and Drug Administration has approved its Oleptro tablets for the treatment of major depressive disorder in adults. The drug uses Labopharm's Contramid technology that controls the release of active substances in oral medications, and is the company's second Contramid-technology-based drug the FDA has approved in a little over a year. Shares jumped 22% to $3.18 premarket.
Navios Maritime Partners LP (NMM) said it will offer 3.5 million common units and use the proceeds to fund its fleet expansion and for general partnership purposes. The offering will dilute current units outstanding by about 14%. Units fell 7.8% to $15.13 premarket.
Polo Ralph Lauren Corp. (RL) fiscal third-quarter earnings rose 5.5%, above analysts' estimates, as the apparel maker sales to department stores remained weak but its own selling improved. The company strengthened its sales outlook for the year, but shares fell 4.6% to $81.75 premarket.
Silicon Storage Technology Inc. (SSTI) has scrapped a buyout deal in favor of being acquired for about $284 million by Microchip Technology Inc. (MCHP). Silicon's shares rose 5.2% to $2.83 premarket.
Toyota Motor Corp.'s (TM) burgeoning crisis hit the shores of Japan Wednesday as Japan's transport ministry asked the embattled auto maker to investigate 14 complaints it had received related to the newest Prius hybrid model, the best-selling car in the country last year. American depositary shares fell 3.5% to $75.48 premarket.
Western Union Co. (WU) fourth-quarter earnings fell 6.6% as the company was pessimistic about business this year. Shares dropped 4.4% to $18.02 premarket as the world's largest payment transfer company expects a modest recovery in the global remittance market in 2010 but not as much as analysts did.
-Dow Jones Newswires; write to hotstocks@dowjones.com (END) Dow Jones NewswiresFebruary 03, 2010 08:26 ET (13:26 GMT)
Futures
North/Latin America
INDEX VALUE CHANGE OPEN HIGH LOW TIME
DJIA INDEX 10,215.00 -9.00 10,232.00 10,252.00 10,215.00 08:02
S&P 500 1,095.30 -1.90 1,097.40 1,100.00 1,095.20 08:02
NASDAQ 100 1,766.50 -2.50 1,771.00 1,773.25 1,766.00 08:02
GM all
European Shares Higher; Miners Gain
Published: Wednesday, 3 Feb 2010 | 7:46 AM ET By: Reuters
European shares were slightly higher at midday on Wednesday, extending a winning run to four sessions, with miners rising on stronger metals prices as Greece's deficit woes continued to worry some investors.
Major European IndexesGB;FTSE5279.92-3.39-0.06%536,860,011CAC40-FR3809.35-2.78-0.07%50,436,991DAX-XE5698.6-11.06-0.19%58,209,832
The FTSEurofirst 300 index of top European shares was up 0.2 percent at 1,029.11 points. Miners rose on stronger metals prices as Greece's deficit woes continued to worry some investors.
The index is up more than 59 percent from a lifetime low it hit last March, with several major economies having emerged from recession.
Greece's National Bank, EFG Eurobank, Piraeus Bank and Alpha Bank rose between 1.5 and 4.8 percent.
But investors continue to worry about Greece needing to be bailed out by other EU members, one factor that contributed to the benchmark index losing more than 3 percent in January.
"The positives outweigh the negatives. We expect equity markets to resume their uptrend," said Tammo Greetfeld, equity strategist at UniCredit Group.
"We think the positive economic backdrop is intact. And earnings so far, such as Nokia, and the dividend announcements have been positive. But there are several risk factors, such as Greece's deficit," Greetfeld said.
Miners extended the previous session's gains, supported by stronger metals prices. Anglo American, [AAL-LN 2474.50 18.50 (+0.75%)] BHP Billiton, [BLT-LN 1949.00 2.00 (+0.1%)] Kazakhmys, [KAZ-LN 1341.00 10.00 (+0.75%)] Rio Tinto, [RIO-LN 3299.50 8.50 (+0.26%)] Vedanta and Xstrata [XTA-LN 1101.50 5.50 (+0.5%)] rose between 0.9 and 2.4 percent.
Oils, too, were stronger with crude prices back above $77 a barrel.
Gainers included Total up 0.5 percent. BP [BP-LN 578.30 6.30 (+1.1%)] rose 1.1 percent, making up a little of the ground it lost on Tuesday following badly received results.
Pharmaceuticals provided much of the downside. Roche fell 1.9 percent after its 2009 profit just missed expectations with a 10 percent rise. The Swiss drugmaker, however, confirmed its forecast for double-digit profit growth this year.
AstraZeneca [AZN-LN 2837.00 -94.00 (-3.21%)] shed 3.3 percent as shares traded ex-dividend and sentiment was knocked by concerns it may soon release negative clinical trials results for its experimental bowel cancer drug Recentin.
Across Europe, Britain's FTSE 100, Germany's DAX and France's CAC 40 added between 0.2 and 0.4 percent Shares drew some support from a rally on Wall Street overnight, on data showing rising sales of previously owned homes and better-than-expected earnings.
Later in the session, investors' attention will turn to the U.S. ADP national private sector employment report for January, ahead of Friday's non-farm payroll numbers for December, for fresh clues on the health of the economy.
Scania Motors Higher
Among individual companies, Sweden's Scania AB rose 8.8 percent after it reported a smaller in decline in profit than analysts had expected, helped by cost cuts and a stabilizing truck market.
Rival Volvo, which reports on Friday, rose 2.9 percent.
Shares in Electrolux sank 13.6 percent after the Swedish white goods giant posted a fourth quarter core profit that undershot market expectations and said it sees no sign of a strong recovery in 2010.
Some macro data on Wednesday suggesting consumer demand remains weak and the economic recovery fragile.
Euro zone retail sales were flat in December, traditionally one of the busiest months of the year.
The euro zone's dominant service sector expanded at a slower pace in January than in the previous month as a country divergence widened but firms grew more optimistic about the year ahead, Markit's final Eurozone Services Purchasing Managers' Index showed.
Copyright 2010 Reuters.
Asian Stocks Advance on U.S. Home Sales Data, Commodities Gain
By Will McSheehy and Shani Raja
Feb. 3 (Bloomberg) -- Asian stocks rose for a second day and commodity prices advanced after a report showed U.S. pending home sales increased, spurring confidence in the recovery of the world’s biggest economy.
The MSCI Asia Pacific Index jumped 1.2 percent to 118.97 as of 5 p.m. in Tokyo, taking its advance in the past two days to 2 percent. Futures on the Standard & Poor’s 500 Index rose 0.2 percent. The Dow Jones Stoxx 600 gained 0.2 percent to 251.30 at 8 a.m. in London. Copper for three-month delivery advanced for a third day, gaining 0.8 percent to $6,872 a metric ton. Aluminum added 0.7 percent to $2,134 a ton.
“We’re getting more and more confirmation the cyclical recovery is on track,” said Nader Naeimi, a Sydney-based strategist at AMP Capital Investors, which oversees $90 billion. “The fundamentals continue to be supportive.”
Stocks rose after the National Association of Realtors said pending home sales rose 1 percent following a 16 percent drop in November. A nine-quarter earnings slump for S&P 500 companies is projected to have ended in the final three months of 2009, and almost 81 percent of earnings published since Jan. 11 topped the average of Wall Street estimates, according to data compiled by Bloomberg. Chinese shares climbed after National Bureau of Statistics Chief Economist Yao Jinyuan said China’s economic growth won’t fall below 8 percent this year, according to a Shanghai Securities News report today.
Housing Stocks
Seven stocks advanced on the MSCI Asia Pacific Index for every two that declined. The Hang Seng Index climbed 1.3 percent. The Shanghai Composite Index advanced 1.8 percent. The Bombay Stock Exchange’s Sensitive Index, or Sensex, gained 1.9 percent.
James Hardie Industries NV, the biggest seller of home siding in the U.S., jumped 3.8 percent to A$7.96, while Boral Ltd., a building materials company that gets 11 percent of its sales in the U.S., advanced 4.5 percent to A$5.60. Both stocks were upgraded to “buy” from “neutral” by UBS AG.
“The U.S. housing market is rebounding,” said Hiroichi Nishi, an equities manager at Nikko Cordial Securities Inc. in Tokyo. “The economy is definitely recovering. Exporters and commodity related shares will be the focus today.”
Nissan Motor Co., which derives more than a third of revenue from North America, gained 1.2 percent after saying vehicle sales in the U.S. rose 16 percent in January. BHP Billiton Ltd., the world’s largest mining company, added 2.6 percent to A$41.50, while Rio Tinto Group, the world’s third- largest mining company, added 1.4 percent to A$72.00.
Alumina Gains
Alumina Ltd. rose 1.5 percent to A$1.66 as Citigroup Inc. recommended investors buy shares of Alcoa Inc., the largest U.S. aluminum maker. Alumina operates the Alcoa World Alumina & Chemical venture with Alcoa.
The dollar traded at 90.48 yen from 90.38 yen and was unchanged at $1.395 per euro. The pound advanced against 15 of its 16 major counterparts on prospects the U.K. will curb easing measures as the nation emerges from its worst recession, rising 0.7 percent to 145.03 yen.
“Speculation some Bank of England’s policy makers will show a hawkish view on the outlook for the economy and monetary policy is supporting the pound,” said Toshiya Yamauchi, manager of foreign-exchange margin trading at Ueda Harlow in Tokyo.
South Korea’s won rose 0.9 percent to 1,149.25 per dollar on optimism a global economic recovery will boost appetite for emerging-market assets. The extra yield investors demand to own developing-nation dollar debt instead of U.S. Treasuries dropped 8 basis points to 3.01 percentage points, according to JPMorgan Chase & Co.’s EMBI+ Index.
Wrong Pricing
Investors have wrongly priced in an “orderly” withdrawal of stimulus measures, a rebound in bank lending and coordinated government policy to restore growth, Mohamed A. El-Erian, chief executive officer of Pacific Investment Management Co., wrote in a Bloomberg News column. That means Wall Street projections for equity gains in 2010 may prove incorrect, he said.
The 13 Wall Street strategists tracked by Bloomberg News project that the S&P 500 will rise 10 percent to 1,232 through Dec. 31, according to the average estimate.
Oil pared some of yesterday’s 3.8 percent gain, dropping to $77.21 a barrel in electronic trading after an industry report showed a larger-than-expected increase in crude stockpiles in the U.S., the world’s biggest energy consumer. Oil declined for the first day in three after the American Petroleum Institute reported crude inventories rose 4.72 million barrels last week.
To contact the reporters for this story: Will McSheehy in Singapore at wmcsheehy@bloomberg.netShani Raja in Sydney at sraja4@bloomberg.net
Last Updated: February 3, 2010 03:03 EST
Chinese Loan Rates Rise, Loan Clampdown Bites
Published: Wednesday, 3 Feb 2010 | 2:39 AM ET Text Size By: Reuters
A major Chinese bank has raised mortgage rates in one of the first signs of how the government's lending clampdown is rippling through the economy and could tame turbo-charged growth but spook investors.
Bank of China's decision to roll back mortgage discounts came after banks throughout the country aggressively called in loans in the second half of January to fall into line with the government's directive to slow lending.
Regulators have also issued banks with strict lending quotas and begun demanding daily notification of loan volumes in order to avoid a credit surge at the start of year and keep lending flows more balanced over coming months, local media reported.
"If loans are called back, and more importantly, if it is increasingly difficult to get new credit, it will be bad for the real economy," said Zhang Lei, an analyst with Bohai Securities in Tianjin.
That, to a certain extent, has been the government's game-plan after annual GDP growth leapt to 10.7 percent in the fourth quarter, stoking fears about overheating and inflation.
But the tightening of liquidity has weighed heavily on investor sentiment. The benchmark Shanghai Composite Index tumbled 9 percent in January, more than the MSCI Asia ex-Japan index's 6 percent fall.
The credit clampdown and other measures to cool the real estate market have also started to bite, with property transaction volumes falling steeply and prices also easing in some cities, according to the China Real Estate Index Academy.
Bank of China, the country's third-largest bank by market capitalisation, said it would no longer offer home buyers the discount mortgage rates that the government had introduced in 2008 to stimulate the then-flagging property sector.
Nationwide property prices rose 7.8 percent year-on-year in December and soared even higher in some locales, driving the government to use taxes and credit controls to let the air out of any real-estate bubble.
Less Lending
The country's biggest banks lent heavily in January but less than in the same month last year, cutting their credit issuance under heavy government pressure, sources told Reuters.
China Construction Bank (CCB) extended 102 billion yuan ($15 billion) in new loans, while Bank of China lent about 150 billion yuan.
Industrial and Commercial Bank of China, the world's largest bank by asset value, lent about 110 billion yuan, which the 21st Century Business Herald said said was 50 billion yuan lower than its total at the mid-point of January.
Overall new yuan loans issued by Chinese banks fell to less than 1.1 trillion yuan as of Jan. 28 from 1.45 trillion yuan in the first 19 days of the month, after the central bank ordered lenders to recall some loans, according to the Caiing magazine website.
Banks appeared to be mainly paring back discounted bills, a form of short-term financing, which swelled loan totals at the start of last year and did more to fuel stock and property market speculation than real investment activity.
Still, analysts said monetary conditions remained quite loose with China targeting a hefty 7.5 trillion yuan in new credit over the full year, but that authorities wanted banks to better balance loans and desist from the kind of surge unleashed at the start of 2010.
"New lending is seen at 7.5 to 8 trillion yuan, which represents a 20 percent increase in credit. Such growth can not be said to be tightening," Yvonne Zhang, an analyst at Moody's in Beijing, said.
Quotas
Nevertheless, the government has made clear over the past two weeks that it has little faith in the banks arriving at that target in a reasonable manner by themselves and they must be watched every step of the way.
Beijing has set a banking sector-wide ceiling of 2.4 trillion yuan in new loans for the first quarter, the 21st Century Business Herald reported. That would be about one-third of the full-year 7.5 trillion target, adhering to the pattern of front-loaded lending seen in previous years.
The newspaper also said that authorities have allocated full-year loan quotas to each of the country's biggest banks:
600 billion yuan for Bank of China
850 billion yuan for ICBC
750 billion yuan for China Construction Bank
700 billion yuan for Agricultural Bank of China
The China Banking Regulatory Commission (CBRC) denied last month that it was implementing bank-specific loan quotas, which have been used in the past to strictly guide lending.
No Yuan Appreciation Before June: Roach
Copyright 2010 Reuters. Click for restrictions.
U.S. MBA Mortgage Applications Index Increased 21% Last Week
By Bob Willis
Feb. 3 (Bloomberg) -- The number of mortgage applications in the U.S. rose 21 percent last week to the highest level in more than a month as refinancing rebounded.
The Mortgage Bankers Association’s index rose to 620.7 in the week ended Jan. 29 from 513 in the prior week. The group’s refinancing gauge increased 26 percent, while the purchase gauge rose 10 percent.
The gain in purchase applications may be the first sign a renewed and expanded government tax credit is stirring demand after sales dropped late last year on expectations the incentive would expire. The market, faced with mounting foreclosures and 10 percent unemployment, may need continued government assistance to sustain gains in the second half of 2010.
“Both mortgage rates and house prices remain low, but the market lacks a catalyst for a vigorous recovery,” Michael Larson, an analyst at Weiss Research in Jupiter, Florida, said before the report. “We’re muddling through.”
The mortgage bankers group’s refinancing gauge increased to 2,854.8 from 2,260.4 the prior week. The purchase index rose to 237.8 from 215.6.
The average rate on a 30-year fixed loan fell to 5.01 percent from 5.02 percent the prior week, the group said. The rate reached 4.61 percent at the end of March, the lowest since the group’s records began in 1990.
At the current 30-year rate, monthly borrowing costs for each $100,000 of a loan would be $537.43, or about $17 less than a year ago, when the rate was 5.29 percent.
Locking In Rates
Homeowners may be trying to get a jump on a possible increase in mortgage rates after Federal Reserve policy makers last week reiterated a pledge to withdraw support for the market by March 31.
“There may be greater urgency to refinance now because the door to cheap mortgage money may close,” Chris Rupkey, chief financial economist at Bank of Tokyo-Mitsubishi UFJ Ltd. in New York, said before the report.
Home sales dropped as the expected expiration of the government tax credit at the end of November approached. Purchases of existing homes plunged 17 percent in December after rising 28 percent the prior three months as buyers tried to close before the deadline. New home sales fell 16 percent in the last two months of 2009.
The average rate on a 15-year fixed mortgage fell to 4.33 percent from 4.34 percent a week earlier, the mortgage bankers’ group said. The rate on a one-year adjustable mortgage decreased to 6.70 percent last week from 6.84 percent.
Refinancing Share
The share of applicants seeking to refinance a loan rose to 69.2 percent last week, the highest level in five weeks, from 67.6 percent the prior week.
Homebuilders are seeing some signs of improvement. D.R. Horton Inc., the second-largest U.S. homebuilder by revenue, reported its first quarterly profit since 2007 on sales and profit margins that exceeded analysts’ estimates.
“Our goal this year is profitability in each and every quarter and for the entire fiscal year,” Donald J. Tomnitz, president and chief executive officer, said during an earnings call yesterday. “We expect our September quarter will be the most challenging as a tax credit support for home sales will have expired.”
The Washington-based Mortgage Bankers Association’s loan survey, compiled every week, covers about half of all U.S. retail residential mortgage originations.
To contact the reporter on this story: Bob Willis in Washington at bwillis@bloomberg.net
Last Updated: February 3, 2010 07:00 EST
Oil 77.25
Futures
North/Latin America
INDEX VALUE CHANGE OPEN HIGH LOW TIME
DJIA INDEX 10,226.00 +2.00 10,232.00 10,252.00 10,219.00 07:43
S&P 500 1,096.70 -0.50 1,097.40 1,100.00 1,095.60 07:45
NASDAQ 100 1,769.00 +0.00 1,771.00 1,773.25 1,766.00 07:36
U.S. Index Futures Are Little Changed Before Services Report
By Daniela Silberstein
Feb. 3 (Bloomberg) -- U.S. stock-index futures were little changed as investors awaited a report that may show service industries expanded at the fastest pace in more than a year.
Alcoa Inc., the largest U.S. aluminum producer, and Barrick Gold Corp. rose in Germany with metals prices. News Corp. surged 9.8 percent as second-quarter profit beat analysts’ estimates. VeriSign Inc. sank 4.7 percent after reporting fourth-quarter profit that missed analyst estimates. Pfizer Inc. also declined in New York after the drugmaker said fourth-quarter profit missed analyst estimates.
S&P 500 futures expiring in March gained less than 0.1 percent to 1,098 at 12:29 p.m. in London. Dow Jones Industrial Average futures increased 0.1 percent to 10,233 and Nasdaq-100 Index futures rose 0.1 percent to 1,770.75.
“Economic numbers are in the foreground and will be crucial for the market as a lot of the fourth-quarter earnings are already out,” said Gerold Kuehne, who manages $172 million in U.S. equities at LLB Asset Management AG in Vaduz, Liechtenstein. “We’ll keep seeing breakouts to the upside and the downside in the market. Overall sentiment is positive.”
The S&P 500 yesterday capped its biggest two-day rally since October after profit at companies from Lexmark International Inc. to D.R. Horton Inc. topped estimates and pending home sales grew. The measure has surged 63 percent since March as governments and central banks around the world sought to encourage growth by maintaining low interest rates and committing more than $12 trillion to stimulate the economy.
Mohamed A. El-Erian, whose firm runs the world’s biggest mutual fund, said the largest stock market decline in 11 months may worsen amid persistent U.S. joblessness and economic growth that trails analysts’ forecasts.
ISM Data
Investors have wrongly priced in an “orderly” withdrawal of stimulus measures, a rebound in bank lending and coordinated government policy to restore growth, the chief executive officer of Pacific Investment Management Co. wrote in a Bloomberg News column. That means Wall Street projections for gains in 2010 may prove incorrect and prices will slump, he said.
The Institute for Supply Management’s index of non- manufacturing companies, which make up almost 90 percent of the economy, rose to 51 from 49.8 in December, according the median estimate of 75 economists surveyed by Bloomberg News. The report is due at 10 a.m. New York time. Readings above 50 signal growth.
A separate report at 8:15 a.m. may show companies last month cut the fewest jobs in two years. Figures from ADP Employer Services may show private employers cut 30,000 jobs in January, according to the median estimate of economists.
Alcoa
Alcoa added 1.4 percent to $13.86 in Germany. Copper climbed for a third day as U.S. home and auto sales grew and the dollar dropped, improving the outlook for industrial metals demand. Aluminum, zinc, lead and nickel also climbed.
Barrick Gold, the world’s largest gold producer, gained 1 percent to $36.61 as the precious metal gained for a third day.
News Corp. surged 9.8 percent to $14.01. The media company that owns the Twentieth Century Fox film studio and the Wall Street Journal reported second-quarter profit that beat analysts’ estimates and raised its 2010 earnings forecast after “Avatar” broke box-office records.
VeriSign slid 4.7 percent to $22.33. The operator of computers that direct Internet traffic reported fourth-quarter profit excluding some items of 31 cents a share, missing the average analyst estimate in a Bloomberg survey by 10 percent. Deutsche Bank AG downgraded the stock to “hold” from “buy.”
Pfizer
Pfizer Inc. dropped 2 percent to $18.85 in pre-market trading in New York. The world’s biggest drugmaker predicted 2010 adjusted per-share profit of $2.10 to $2.20. Analysts estimated $2.25 in a Bloomberg survey, on average.
Twenty-seven companies on the S&P that are scheduled to report earnings today. Since Jan. 11, about 81 percent of the index’s members have topped the average analyst earnings-per- share estimate, according to Bloomberg data.
McDonald’s Corp. increased 1.7 percent to $65.09. Goldman Sachs Group Inc. added the world’s largest restaurant company to its “conviction buy” list.
To contact the reporter on this story: Daniela Silberstein in Zurich at dsilberstei2@bloomberg.net.
Last Updated: February 3, 2010 07:33 EST
U.S. January Job Cuts Fall From Year Earlier, Challenger Says
By Courtney Schlisserman
Feb. 3 (Bloomberg) -- Employers in the U.S. announced fewer job cuts in January than the same month last year, when the recession deepened and sparked to the biggest reduction in payrolls since 1949, a private survey showed.
Planned firings fell 70 percent last month to 71,482 from 241,749 in January 2009, according to data collected by the job placement firm Challenger, Gray & Christmas Inc. Announcements increased from a two-year low of 45,094 in December.
Companies are retaining staff as the economy rebounds from the worst recession since the 1930s. The pace of job cuts has slowed since employers shed 741,000 jobs in January 2009, Labor Department figures show.
“We are certainly starting 2010 on better footing than a year ago,” John A. Challenger, chief executive officer of the Chicago-based firm, said in a statement issued today. “It could be several months before hiring begins to accelerate but, in the meantime, employers are trying to hold on to the skilled workers they have counted on to get them through this downturn.”
Retail and telecommunications led all industries in job-cut announcements last month. Reductions were highest in New York, Arkansas, Delaware and California.
The Challenger report also showed companies in January announced plans to hire 31,381 workers, down from 35,592 in December.
The U.S. probably added 8,000 jobs in January, the second gain in three months, according to the median estimate of economists surveyed by Bloomberg News before a Labor Department report on Feb. 5. The unemployment rate held at 10 percent, according to the survey.
7.2 Million
The economy has lost 7.2 million jobs since the recession began in December 2007, the biggest slump in the post-World War II era. The unemployment rate reached 10.1 percent in October, the highest in 26 years.
General Electric Co. is among companies planning to hire. GE, whose power-plant equipment generates one-third of the world’s electricity, is adding workers in energy, health care and rail transportation in part because economic-stimulus policies have created demand, John Krenicki and John Rice, who are vice chairmen, said Jan. 28.
Factories have led the economic recovery, with production increasing to stabilize inventories and meet a rise in global demand. The Institute for Supply Management said on Feb. 1 that its index of manufacturing employment increased in January to the highest level since 2006.
Challenger’s data on firings does not always correlate with figures on payrolls or first-time jobless claims as reported by the government. Many job cuts are carried out through attrition or early retirement. Some employees whose jobs are eliminated find work elsewhere in their companies, and many announced staff reductions never take place because business improves. The totals also include foreign affiliates.
To contact the reporter on this story: Courtney Schlisserman in Washington at cschlisserma@bloomberg.net
Last Updated: February 3, 2010 07:30 EST
GM all
the jeopardy test is/was hard!!!!!!
wow!
this was her...in atlanta!:
I bet she was!
no no...I'm taking my test tonight to be a contestant...
lol!
yep...test starts 8 PM central time..
I hope!
hey stuffit...wish me luck
I have my test tonight to go on the game show Jeopardy...
who was watching CNLG?
PTC Wins Strategic Windchill Contract with One of the World's Largest Producers of Commercial Vehicles
7:32a ET January 27, 2010 (Business Wire)
PTC (Nasdaq: PMTC), The Product Development Company(R), today announced that Volvo Group has signed an agreement moving PTC from a directional decision to a firm strategic decision to use Windchill(R), PTC's PLM (Product Lifecycle Management) software, for Volvo Group's strategic VPDM (Virtual Product Data Management) program. This firm decision is the result of an exhaustive final validation that clearly demonstrated the value of the Windchill software and PTC's capability to execute as an organization.
Volvo Group is one of the world's leading manufacturers of trucks, buses and construction equipment, drive systems for marine and industrial applications, and aerospace components and services.
"We are excited to begin the next phase of what we expect will be a multi-year relationship with Volvo Group," said James E. Heppelmann, president and chief operating officer PTC. "Volvo has very sophisticated product development requirements: they operate in a fast-paced, global environment; they work with multiple, heterogeneous sources of data; they develop complex products, which are in many cases highly customized and have significant life cycles."
About PTC Solutions for the Automotive Industry
PTC's automotive design software tools enable effective automobile design and development in a heterogeneous environment and facilitate design and part reuse. Our automotive design software and collaboration tools make it easy to bring geographically dispersed design teams and production facilities together to dramatically reduce cycle times. Additionally, our dynamic publishing tools automate the technical publication creation process - shrinking costs and speeding up publishing times.
About PTC
old lotto board started up again...focusing on options now..:
http://investorshub.advfn.com/boards/board.aspx?board_id=7793
djia -34
we wish...
my old father will be here...I hope he doesn't have a heart attack with the crap that will come out of the guy...
where's SL?
longest turd lol
Oil 74.78
FAS 69$....wow...take a few days off and...
PMI trying
tonight your buddy will be on the tele
haha
j/k
......buckets ready?
Djia -22
fwiw Griff works at FLEX
Good afternoon all
interesting site to bookmark:
http://www.earnings.com/highlight.asp?month=20100124&day=20100125&date=20100125&client=cb
we'll see in the AM...
would be nice to see a green week even if tomm is red
maybe Obama drops this trading bill...
ughhhh...
Next Week's Events:
MONDAY
Earnings: Before - AKS, HAL ; After -AAPL, TXN, VMW
Other: Existing Homes Sales, Sundance Film Festival, BoJ Monetary Policy Meeting
TUESDAY
Earnings: Before - BHI, GLW, DAL, DD, EMC, JNJ, MHP, NVS, NUE, BTU, RF, WFT ; After - BXP, ELY, DV, MCK, YHOO
Other: Case-Shiller, Consumer Confidence, FOMC Meeting, DC Auto Show
WEDNESDAY
Earnings: Before - ABT, BLK, BA, CAT, COP, GD, HES, ROK, UAUA, VLO, WLP ; After - NFLX, NSX, QCOM, RYL, TER, VAR
Other: FOMC RATE DECISION, New Homes Sales, Crude Inventories, , Apple Event, State of the Union
THURSDAY
Earnings: Before - FLWS, MMM, MO, T, BMY, CELG, CL, LLY, GR, JBLU, LLL, MOT, POT, TXT, TWC, UA, ; After - AMZN, GNW, JNPR, MSFT, SNDK
Other: Initial Claims, Durable Goods, Jim Chanos Gives Speech on China Bubble (Oxford)
FRIDAY
Earnings: Before -ACI, CVX, FO, HON
Other: GDP-Adv., Chicago PMI, Universaty of Michigan Sentiment, Davos/World Economic Forum