| CATEGORY: MARKET REPORT - US |
Fri 13 Apr 2012
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LONDON (SHARECAST) - -Citi survey sees increased expectations of QE3
DJI: -0.54%
Nasdaq Comp.: -1.14%
S&P 500: -0.75%
US equities are now holding near the lower part of today´s trading range following the release of weaker than expected confidence data from the University of Michigan.
Disappointing GDP figures out of China overnight are also damping sentiment. The economy grew by 8.1% in the first quarter of 2012, down from the 8.9% pace of expansion seen in the fourth quarter of last year. The data is not a disaster but it did represent an increased risk of a hard landing, Henrik Drusebjerg of Nordea Bank told Bloomberg.
Better-than-expected results presented by JP Morgan and Wells Fargo ahead of the opening bell were unable to give equities the necessary boost.
Also of interest, some observers have picked up on a survey carried out by Citigroup according to which 45% of respondents say they now see the Federal Reserve carrying out a third round of quantitative easing, versus the 60% who predicted such an outcome in the March survey.
MACROECONOMY
Preliminary consumer confidence from the University of Michigan for April fell to 75.7 points from the previous reading of 76.2 and below the 76.5 expected by analysts.
Core CPI for March came in at +0.2% month-on-month, in line with expectations.
CORPORATE NEWS
JP Morgan topped the consensus estimate with first quarter earnings per share of $1.31 compared to the $1.18 expected. Revenue also beat the consensus, coming in at $26.71bn versus the $24.4bn expected. Furthermore, JP Morgan approved a share buyback programme worth $15bn and raised its dividend to 30 cents. JP Morgan claimed it was "satisfied" with results.
Wells Fargo has presented its first quarter earnings per share which were slightly above the consensus estimate: $0.75 versus $0.73 expected and $0.67 a year earlier. Revenue also came in above the consensus at $21.6bn, instead of the $20.4bn expected.
Google topped estimates at yesterday's close. First quarter earnings per share totaled $10.08 compared to the $9.64 expected by the consensus. Revenue rose 24% to $8.14bn, in line with estimates. The company announced that it would split its shares by two-to-one.
Adobe announced a share buyback programme worth $2bn.
OTHER MARKETS
Crude oil futures are down by 0.54% to $103.08 mark on the NYMEX.
10-year Treasury bonds were up 10/32 dollars for a yield of 2.019%.
S&P 500 - Risers
Safeway Inc. (SWY) $21.33 +3.22%
Johnson Controls Inc. (JCI) $32.85 +3.20%
Yum! Brands Inc. (YUM) $72.75 +2.65%
Dow Chemical Co. (DOW) $33.39 +2.21%
Gap Inc. (GPS) $26.47 +1.96%
Allergan Inc. (AGN) $94.99 +1.93%
Public Service Enterprise Group Inc. (PEG) $29.93 +1.77%
Mastercard Inc. (MA) $441.15 +1.65%
Autodesk Inc. (ADSK) $41.12 +1.63%
VF Corp. (VFC) $149.11 +1.63%
S&P 500 - Fallers
E*TRADE Financial Corp. (ETFC) $10.04 -5.82%
Edwards Lifesciences Corp. (EW) $68.91 -5.08%
MEMC Electronic Materials (WFR) $3.55 -4.57%
First Horizon National Corp. (FHN) $9.77 -4.31%
Bank of America Corp. (BAC) $8.78 -4.25%
Janus Capital Group Inc. (JNS) $8.03 -4.23%
St Jude Medical Inc. (STJ) $38.66 -4.07%
Nabors Industries Ltd. (NBR) $16.29 -4.04%
Google Inc. (GOOG) $626.54 -3.76%
Morgan Stanley (MS) $17.54 -3.73%
Dow Jones I.A - Risers
Home Depot Inc. (HD) $51.05 +0.83%
Kraft Foods Inc. (KFT) $37.44 +0.82%
Caterpillar Inc. (CAT) $106.67 +0.22%
Microsoft Corp. (MSFT) $31.03 +0.19%
Procter & Gamble Co. (PG) $66.16 +0.11%
Pfizer Inc. (PFE) $21.93 +0.09%
Dow Jones I.A - Fallers
Bank of America Corp. (BAC) $8.78 -4.25%
JP Morgan Chase & Co. (JPM) $43.59 -2.79%
Hewlett-Packard Co. (HPQ) $24.53 -2.27%
Alcoa Inc. (AA) $9.95 -2.11%
General Electric Co. (GE) $19.00 -1.55%
Chevron Corp. (CVX) $101.46 -1.10%
Travelers Company Inc. (TRV) $58.47 -1.07%
United Technologies Corp. (UTX) $80.33 -1.03%
Merck & Co. Inc. (MRK) $37.90 -0.95%
American Express Co. (AXP) $57.51 -0.91%
Nasdaq 100 - Risers
Seagate Technology Plc (STX) $27.44 +1.70%
Autodesk Inc. (ADSK) $41.12 +1.63%
VeriSign Inc. (VRSN) $40.24 +1.39%
Starbucks Corp. (SBUX) $61.41 +1.29%
Citrix Systems Inc. (CTXS) $75.72 +1.15%
Fastenal Co. (FAST) $49.20 +0.68%
J.B. Hunt Transport Services Inc. (JBHT) $56.13 +0.52%
CA Inc. (CA) $26.81 +0.43%
Check Point Software Technologies Ltd. (CHKP) $62.77 +0.42%
O'Reilly Automotive Inc. (ORLY) $94.64 +0.38%
Nasdaq 100 - Fallers
Infosys Technologies Ltd. (INFY) $48.90 -13.86%
Illumina Inc. (ILMN) $47.25 -4.56%
Logitech International S.A. (LOGI) $7.97 -3.98%
Google Inc. (GOOG) $626.54 -3.76%
First Solar Inc. (FSLR) $21.20 -3.65%
Vertex Pharmaceuticals Inc. (VRTX) $36.37 -3.55%
Cognizant Technology Solutions Corp. (CTSH) $74.27 -3.24%
Warner Chilcott Plc (WCRX) $15.39 -3.06%
Research in Motion Ltd. (RIMM) $12.94 -3.03%
Nvidia Corp. (NVDA) $14.23 -3.03%
AB
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