Stocks that are expected to trade actively in U.S. markets on Wednesday include: Potbelly Corp (NASDAQ:PBPB), Macy’s, Inc. (NYSE:M), Cisco Systems, Inc. (NASDAQ:CSCO), Chegg Inc. (NYSE:CHGG) and NetApp Inc. (NASDAQ:NTAP).
Market Level
U.S.: DJIA 15750.67 (-0.21%), S&P 500 1,767.69 (-0.24%), NASDAQ 3,919.92 (0.0%).
Europe: FTSE 6,673.69 (-0.79%), DAX 9,044.12 (-0.36%), CAC 40 4,249.16 (-0.34%).
Asia Pacific: NIKKEI 14567.16 (-0.15%), SHANGHAI 2,087.94 (-1.83%), HSI 22463.83 (-1.91%), ASX 200 5,319.18 (-1.37%), KOSPI 1963.56 (-1.60%).
Commodities: Oil 93.40 (0.39%), NAT GAS 3.637 (0.55%), Gold 1,274.20 (0.25%), Silver 20.77 (-0.04%), Wheat 646.00 (0.12%), Corn 433.00 (0.17%).
Currency: EUR/USD 1.3427 (-0.06%), GBP/USD 1.5888 (-0.10%), USD/JPY 99.44 (10.18%).
10 year Treasury bond: 2.754 (-0.023).
Market & Economic Update
U.S. market may open low: U.S. stock futures were down on Wednesday, taking cues from their Asian counterparts. Dow Jones industrial average index futures were down 0.2%, Standard & Poor’s 500 index futures lost 0.3% and Nasdaq index futures lost 0.45%. On Tuesday as well, the Dow and S&P 500 closed lower while the Nasdaq composite was up.
European markets down: Shares on the European exchange opened lower on Wednesday carrying forward the losses of the U.S. market. At 8:28 GMT, the FTSEurofirst 300 index lost 3.29 points or 0.3% at 1,287.63. In the previous session, the index was down 0.6%.
Asian markets down: Shares on the Japanese market were down from their three week high on Wednesday as investors were cautious over a possible withdrawal of the U.S. monetary policy. Some respite came from Sumitomo Mitsui Financial Group, which outperformed the estimates and raised its earnings outlook. The Nikkei lost 0.2% at 14,567.16, though it did gain in the morning. Shares on the Hong Kong exchange posted their biggest loss in three months owing to increased competition expected after the China’s Communist Party shifted its focus on markets. The Hang Seng Index closed down 1.9% at 22,463.8 points.
Stocks to Watch
Potbelly Corp (NASDAQ:PBPB)
After the close yesterday, Potbelly posted third-quarter adjusted profits of 15 cents a share, up from 12 cents a share last quarter. Profits beat the earnings expectation of 9 cents a share. In after hours of trading, shares of Potbelly gained 9.1%.
Chegg Inc. (NYSE:CHGG)
Chegg, which is an online textbook vendor popular with students, will list on New York Stock Exchange on Wednesday offering 15 million shares. Yesterday, the company revealed the pricing of the offering to be $12.50 a share, which was more than its earlier range called for. Research firm IPO Boutique reported that investors are looking forward to the offering.
Macy’s, Inc. (NYSE:M)
Macy’s reported its third-quarter earnings of 47 cents a share. Sterne Agee analysts, in a report issued on Monday, reiterated their Buy rating on Macy’s, but expect the company to lower its fiscal 2013 earnings-per-share outlook. Analyst noted, “Ultimately, we believe Macy’s would then be set up nicely to exceed 4Q expectations.”
Cisco Systems, Inc. (NASDAQ:CSCO)
Cisco is expected to report its fiscal first-quarter earnings of 51 cents a share. An analyst at Wedbush said, “We continue to believe Cisco is well positioned given its track record in navigating challenging environments, its broad portfolio of products and aggressive actions to take share from rivals who are struggling.”
NetApp Inc. (NASDAQ:NTAP)
NetApp Inc. will report its earnings after the closing bell today, and is expected to post earnings of 63 cents a share for the fiscal second quarter.
