Stocks that are expected to trade actively in U.S. markets on Wednesday include: Time Warner Cable Inc (NYSE:TWC), Tesla Motors Inc (NASDAQ:TSLA), Abercrombie & Fitch Co. (NYSE:ANF), Whole Foods Market, Inc. (NASDAQ:WFM) and QUALCOMM, Inc. (NASDAQ:QCOM).
U.S.: DJIA 15618.22 (-0.13%), S&P 500 1,762.97 (-0.28%), NASDAQ 3,939.86 (0.08%).
Europe: FTSE 6,752.79 (0.09%), DAX 9,044.44 (0.39%), CAC 40 4,288.96 (0.84%).
Asia Pacific: NIKKEI 14337.31 (0.79%), SHANGHAI 2,139.61 (-0.82%), HSI 23036.94(-0.01%), ASX 200 5,433.81 (0.03%), KOSPI 2013.67 (-0.01%).
Commodities: Oil 94.14 (0.82%), NAT GAS 3.463 (-0.09%), Gold 1,317.60 (0.73%), Silver 21.915 (1.29%), Wheat 659.25 (0.50%), Corn 424.50 (-0.12%).
Currency: EUR/USD 1.3504 (0.22%), GBP/USD 1.6096 (0.32%), USD/JPY 98.58 (0.09%).
10 year Treasury bond: 2.661 (-0.013).
Market & Economic Update
U.S. stock futures advances: On Wednesday, the Dow Jones Industrial Average index futures gained 0.5%, Standard & Poor’s 500 index futures climbed 0.4% and Nasdaq 100 index futures gained 0.4%, pointing to a higher opening. The major indices dropped on Tuesday. The S&P 500 index tanked 0.3% to 1,762.97. The Dow came down 0.1% to 15,618.22. The NASDAQ composite added less than 0.1% at 3,939.86.
European market up: Shares on the European exchange climbed after some companies posted impressive results, beating expectations. The FTS Eurofirst 300 surged 6.62 points or 0.5% to 1,298.20. Dutch banking group ING and Adecco beat the forecast while Lafarge confirmed lowering of its debt target for the current year, as well as 2014.
Asian markets flat: The Nikkei rose 0.8% to 14,337.31 following gains made by Toyota Corp after the automaker increased its earnings guidance, while some of the other companies also bounced back after reporting poor earnings. Hong Kong shares closed flat at 23,036.9 points on Wednesday as investors maintained sidelined ahead of the Friday’s release of Chinese macroeconomic data and a meeting of the Communist party to discuss policy.
Stocks To Watch
Time Warner Cable Inc (NYSE:TWC)
Time Warner is expected to post third quarter earnings of $0.89 per share on revenue of $6.94 billion. Shares of Time Warner surged 0.03% to $68.25 in after-hours trading. Time Warner is deviating from its past trends, and is in talks with potential bidders to sell its stake in the Time Warner Center. The company is also gearing up to shift into a new Manhattan building bringing the whole of its New York operation together.
Tesla Motors Inc (NASDAQ:TSLA)
Tesla reported that it narrowed its third quarter loss to 32 cents per share compared to losses of $1.05 per share in the previous quarter. Earnings per share on an adjusted basis came in at 12 cents per share. Tesla locked in higher revenue for the third quarter, to $431.3 million from $50.1 million a year ago. However, shares of the company tanked more than 9% in the after-hours, following the news that Tesla could ship only 5,500 Model S this quarter, which was more than company’s guidance, but below expectations of some analysts.
Abercrombie & Fitch Co. (NYSE:ANF)
Abercrombie & Fitch posted lower same-store sales that declined 14%, whereas total sales dropped 12% to $1.03 billion in the third quarter. The company announced shuttering all standalone Gilly Hicks stores although the brand will continue to be sold online and at Hollister stores. Shares of Abercrombie & Fitch skidded over 6% in after-hours trading.
Whole Foods Market, Inc. (NASDAQ:WFM)
Whole Foods is expected to post fourth quarter earnings of 31 cents per share. According to analyst Bob Summers at Susquehanna, the company is well positioned to draw benefits from expanding units, comparable store sales and earnings at attractive rates along with increasing trends in health and wellness. Whole Foods will have limited upside though the company has posted stronger earnings, according to analyst.
QUALCOMM, Inc. (NASDAQ:QCOM)
Qualcomm Inc. is likely to post fiscal fourth-quarter earnings of $1.09 a share. Wall Street is looking forward to higher fourth quarter results from the company. Revenue is expected to come in at $6.34 billion for the quarter, 30% higher than the previous quarter total of $4.87 billion. For the full fiscal, revenue is expected to come in at $24.73 billion.