- Casino stocks having a nice pre-market. Watch MPEL and LVS for morning movement.
- COOL, WNR both seetting up nicely this morning with WNR showing a possible swing setup to near 19.50
- SHZ on watch in trading range. Watch at 6.40
- Dollar is down (backfilling yesterday’s up move) which should allow equities some breathing room to move back up this morning.
- Housing starts and permits for future home construction rose more than expected in March, snapping back from the prior month’s winter depressed levels, government data showed on Tuesday.
- Earnings Stocks on Watch
Highlights summary from Egan Jones
- Asian stocks decline as Won, Kiwi drop after S&P cuts US rating outlook.
- Bank of Japan said to raise inflation forecast to 0.5% on commodity costs.
- Gold may top $1,500, extending rally to record, as US credit outlook cut.
- Greece to sell bills with two-year bond yields exceeding 20%: Euro Credit.
- Homebuilder confidence fell this month on sales outlook, NAHB Index shows.
- Oil drops to near $106 in Asia as concerns on US debt outlook grows.
- AIG said to near $600M sale of rail-car unit to Perella Weinberg Partners LP.
- AMD’s Q1 seen benefiting from flaw in Intel’s chips.
- Badger Meter posted Q1 earnings of 22 cents a share, missing avg estimate of 43 cents.
- Bank of NY Mellon’s March net income rose from $559M last year to $625M this year.
- Brown & Brown misses by $0.01, posts Q1 EPS of $0.32. Revs rose 3.9% to $262.2M.
- Citigroup profit falls less than estimated on consumer banking, reserves.
- Crane ups FY11 EPS view to $3.05-3.25 vs. $2.96 consensus; revs growth to ~10-12%.
- Eli Lilly’s net fell 15% on higher costs associated with a drug partnership and employee layoffs, revs rose 6%.
- Gannett’s earnings fell 23% as declining advertising revenue.
- GM is raising prices by an average of $123 a vehicle, cites rising materials costs.
- ICU Medical f’casts 2011 EPS of at least $2.50/sh vs. cons est of $2.35.
- Johnson & Johnson earnings $3.7B for March 2011 compared to $3.6B last year.
- KeyCorp swung to Q1 profit as credit quality improved, though revenue declined.
- LVMH reported a 17% jump in first-quarter sales, beating expectations.
- Novartis Q1 net off 4.3% at $2.82B, revenue up 16%, to reach $14.03B.
- Packaging Corp misses by $0.02, lowers Q2 EPS view to $0.35 vs. $0.45 cons.
- SABMiller PLC sold 3% more beer in Q4 and 2% more in the full year.
- TD Ameritrade’s profit rose 5.6%, as the company posted record trading volume.
- Texas Instruments sees Q2 EPS, revenue below est. on lower Japanese demand.
- US govt plans to sell a significant share of its remaining stake in GM this summer.
- Zions Bancorp swung to a Q1 profit of $14.8M from year-ago’s loss of $86.5M.
Strongest Sectors:
- Major Drugs led by NVS, JNJ (earnings)
- Metal Mining let by BHP.
- Gold trying to recover a little. Watching GSS
- Investment Services led by GS
- BAC and C both up slightly this morning. Might run some banking scans after market opens.
