Morning Market Update

Morning Market

Stocks that are expected to trade actively in U.S. markets on Tuesday include: Apple Inc. (NASDAQ:AAPL), Health Management Associates Inc (NYSE:HMA), Lennar Corporation (NYSE:LEN), Navistar International Corp (NYSE:NAV), Walgreen Company (NYSE:WAG), Sonic Corporation (NASDAQ:SONC).
Market Levels:

US: Dow Futures: 14651.00 (0.43%), S&P 500 Futures: 1577.00 (0.69%), NASDAQ Futures: 2864.25 (0.71%)
Europe: CAC: 3644.95 (1.35%), DAX: 7810.67 (1.51%), FTSE: 6095.03 (1.08%)
Asia-Pacific: Australia: 4656.00 (-0.28%), China: 1959.51 (-0.19%), Hong Kong: 19855.72 (0.21%), Japan: 12969.34 (-0.72%).
Metals: Gold: 1284.30 (0.56%), Silver: 19.70 (1.09%), Copper: 3.08 (1.69%)
Energy: Crude Oil: 95.61 (0.45%), Natural Gas: 3.76 (0.48%)
Commodities: Corn: 5.47 (-1.80%), Soya Bean: 12.81 (0.30%), Wheat: 6.92 (-2.34%)
Currency: EUR/USD: 1.3093 (-0.21%), GBP/USD: 1.5438 (0.03%), USD/JPY: 97.6600 (-0.07%)
10-year US Treasury: 2.547% (0.010)

Market and Economic News Update:
U.S. stock-index futures gain: U.S. stock-index futures are pointing to a higher open on Tuesday following better than expected durable goods orders data. Durable goods orders increased 3.6 percent in May, beating expectations for a 3 percent gain. In other economic news, home prices climbed more than forecast in the 12 months through April, according to the latest S&P/Case-Shiller Home Price Indices. Also on the economic front, Conference Board’s Consumer Confidence Index will also be closely watched, with analysts projecting a reading of 75.5 for June, down from 76.2 in May.
European markets rally: European markets recovered from a 2013 low on Tuesday as investors await a slew of U.S. data to gauge the state of the world’s largest economy. The CAC 40 (INDEXEURO:PX1) jumped 1.4 percent to 3644.95, while the DAX (INDEXDB:DAX) soared 1.5 percent to 7810.67. The FTSE 100 (INDEXFTSE:UKX) added 1.1 percent to 6095.03, helped by broad gains in mining stocks. The euro zone blue-chip ESTX 50 PR.EUR (INDEXSTOXX:SX5E) (Euro Stoxx 50) was up 1.3 percent in recent trading.
Asian markets end lower: Asian stocks fell in a choppy session on Tuesday following yesterday’s sharp sell-off. The SSE Composite Index (SHA:000001) (Shanghai Composite Index) rebounded from lows to close down 0.2 percent amid rumors that the country’s central bank will meet with financial regulators to address liquidity concerns. The NIKKEI 225 (INDEXNIKKEI:NI225) fell below the 13,000-mark as a strong currency dragged export stocks into the negative territory. The S&P/ASX 200 (INDEXASX:XJO) index slid 0.3 percent, with resource stocks leading the index lower.

Stocks in News:

Apple Inc. (NASDAQ:AAPL)

An Intellectual Property Court in Tokyo has upheld a lower court ruling that Samsung did not infringe Apple Inc. (NASDAQ:AAPL)’s patent for synchronizing music and video data across smart phones and tablets. The decision comes a week after Apple won a separate patent infringement case against Samsung in a Tokyo district court.

Health Management Associates Inc (NYSE:HMA)

Health Management Associates Inc (NYSE:HMA)’s largest single shareholder, Glenview Capital, nominated a slate of eight candidates for the company’s board of directors, according to an early Tuesday filing. Last month, the hospital operator adopted a shareholder-rights plan, with a 15 percent trigger, after Glenview Capital disclosed a roughly 14.6 percent holding in the company. Class A shares of Health Management Associates closed Monday at $15.49 and were up in pre-open trading.

Lennar Corporation (NYSE:LEN)

The country’s third largest homebuilder by revenue reported better than expected second-quarter results, helped by strong orders and deliveries. Excluding items, profit came in at 43 cents a share, 10 cents above the average analysts’ estimate. Revenue jumped 53 percent to $1.43 billion, also edging past expectations of $1.33 billion. Home deliveries increased 39 percent, while the average selling price climbed 13 percent from the year-ago period.

Navistar International Corp (NYSE:NAV)

The heavy duty truck maker said executive vice president and chief financial officer, Andrew Cederoth, will leave at the end of the month as part of a planned transition to a new CFO. Senior vice president and treasurer James Moran will temporarily oversee the company’s financial operations, as it appoints a permanent replacement for Cederoth. Shares plunged following the announcement.
Walgreen Company (NYSE:WAG)

Walgreen Company (NYSE:WAG) posted weaker than expected quarterly results, as the biggest U.S. drugstore chain cited a weak economy and sluggish front-end sales. Excluding items, the company earned 85 cents per share, 6 cents below the average analysts’ estimate. Revenue rose 3 percent to $18.31 billion, also missing expectations for $18.4 billion. Shares slipped more than 5 percent in light pre-market trading.

Sonic Corporation (NASDAQ:SONC)

The fast-food restaurant chain reported fiscal third quarter earnings of 26 cents a share, in line with expectations, on sales of $147 million, trailing estimates for $148 million. Sonic reaffirmed its full-year guidance for low-single-digit percentage revenue growth in locations open at least a year. Shares declined in early-hours trading.

Economic Calendar for Tuesday, June 25, 2013:

07:45 A.M. ET: ICSC-Goldman Store Sales
08:30 A.M. ET: Durable Goods Orders (May)
08:30 A.M. ET: Durable Goods Orders ex-Transportation (May)
08:55 A.M. ET: Redbook Index (YoY) (June 16)
08:55 A.M. ET: Redbook Index (MoM) (Jun 16)
09:00 A.M. ET: FHFA House Price Index (MoM) (May)
09:00 A.M. ET: S&P/Case-Shiller Home Price Indices (YoY) (April)
10:00 A.M. ET: Consumer Confidence (June)
10:00 A.M. ET: New Home Sales (MoM) (May)
10:00 A.M. ET: Richmond Fed Manufacturing Index (June)
11:30 A.M. ET: 4-Week Bill Auction
11:30 A.M. ET: 52-Week Bill Auction
01:00 P.M. ET: 2-Year Note Auction