Ahead of the Bell: Dow futures are trading down19 points and S&P futures are trading down 2 points. Surprising German factory activity and stronger than expected trade data from China, along with better than forecasted UK industrial output and jobs growth in Australia and New Zealand have boosted global investor sentiment. China’s annual consumer inflation however, rose more than anticipated in April. Spain’s manufacturing sector shrank in March which could prompt the ECB to ease its monetary policy further to support the euro zone economy.
- On the economic calendar today, initial jobless claims for the week ended May 4 will be released before the market opens and 335K is expected, vs. 324K the week before. Wholesale trade data for March is due out after the market opens and a 0.4% increase is expected, compared to a 0.3% drop the month prior.
- The dollar is up against the euro and the Japanese yen and down against the British pound. Gold is trading at $1,468. Crude oil is currently trading at $96 a barrel.
- Yesterday, stocks traveled higher as the S&P 500 closed at an all-time high for the fifth consecutive day amid better than expected economic data from Germany and China was able to keep the rally going.
- On CNBC today, Stephen Schwarzman, Chairman and Chief Executive Officer of Blackstone Group, talked about separating the CEO and chairman’s role. Schwarzman said this is a European style management structure. He pointed out, every European financial institution that got into financial crisis had this structure and it did not prevent the firm from falling into the disaster. This exercise has not shown the desired objective, as it did not prevent financial firms from getting into catastrophe. Schwarzman is more focus on the lead director than structural change. The lead director can step in anytime where he or she sees fit and take over.
- Have a great day!
Wednesday’s Close
DJIA up 48.92 pts/+0.32%/ 15,105.12
S&P up 6.73 pts/+0.41%/ 1,632.69
Nasdaq up 16.64 pts/+0.49%/ 3,413.27
Thursday’s Futures
Dow Futures down 19.27 pts/-0.13%
S&P Futures down 2.50 pts/-0.12%
Nasdaq Futures down 8.25 pts/-0.27%
Overseas Markets
FTSE -0.05%
CAC 40 -0.03%
NIKKEI 225 -0.66%
HANG SENG -0.14%
Overseas: World stock markets are up today. European and Asian markets are up on optimism world central banks will provide more stimulus to support the global recovery.
Economic Reports: Initial Jobless Claims (335K expected) at 8:30 a.m.; Wholesale Trade (+0.4% expected) at 10:00 a.m
Top Headlines:
- Reports indicate Facebook Inc. (FB) is in talks to acquire Israeli mobile satellite navigation start-up Waze for approximately $1 billion.
- According to reports private equity firm Oaktree Capital (OAK) in talks to merge its German office real estate unit Acorn with competitor Prime Office, which will become a publically traded company with assets worth about $2.3 billion euros.
- Nokia Corporation (NOK) unveiled a new $99 Asha 501 smartphone aim to make the device more affordable for the developing world, design with bold color, a high-quality build, and an innovative user interface.
Commodities/Currency:
Gold:up $5.70 to $1,468.50
Oil:down 0.35 to $96.27
EUR/USD 1.3141 -0.0016
USD/JPY 98.7205 -0.2120
GBP/USD 1.5567 +0.0026
Volatility Index (VIX): As of the close of business Wednesday, May 8, the VIX is down 0.17 at 12.66
Companies Reporting Quarterly Earnings:
Harsco reports Q1 EPS 9c, vs. Est 5c and Q1 revenue $715M, vs. Est $714.9M.
Natural Gas Services reports Q1 EPS 32c, vs. Est 26c and Q1 revenue $24M, vs. Est $21.66M.
Verso Paper reports Q1 EPS (72c) vs. ($1.40) a year ago and Q1 revenue $333.22M, vs. Est $368.00M.
Today’s Opening and Closing Bells:
Cyan Celebrates IPO on the New York Stock Exchange Cyan Chairman and CEO Mark Floyd will ring the opening bell.
The AES Corporation Visits the NYSE. President and Chief Executive Officer Andrés Gluski will ring the closing bell.
Paras Madho
Corporate Actions & Market Watch
NYSE Euronext | Global Corporate Client Group
11 Wall Street | New York NY 10005
P: (212) 656-5404
pmadho@nyx.com
Exclusive Market Intelligence, Insight, and Network: www.NYSEConnect.com
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