Tuesday Morning Market, Company, and Economic News

Tuesday Morning Market, Company, and Economic News

Every morning ValueWalk puts out a news report with the latest Tuesday Morning Market, Company, and Economic Newsnews in global stock markets, company news, and global economic news.

Market Levels

 * US: Dow Futures: 13165.00 (0.08%), S&P 500 Futures: 1394.50 (0.06%), NASDAQ Futures: 2720.00 (0.03%)

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* Europe: CAC: 3212.80 (0.00%), DAX: 6761.19 (0.00%), FTSE: 5759.64 (0.38%).

* Asia-Pacific: Australia: 4429.50 (0.75%), China: 2396.32 (0.00%), Hong Kong: 21094.21 (0.00%), India: 5248.15 (0.00%), Japan: 9350.95 (-1.82%).

* Metals: Gold: 1669.70 (0.33%), Silver: 31.16 (0.48%), Copper: 3.83 (-0.01%)

* Energy: Crude Oil: 104.76 (-0.10%), Natural Gas: 2.34 (2.41%)

* Commodities: Corn: 6.29 (1.48%), Soya Bean: 13.78 (1.40%), Wheat: 6.46 (0.89%)

* Currency: EUR/USD: 1.3266 (0.20%), GBP/USD: 1.6230 (-0.02%), USD/JPY: 79.8300 (0.01%)

* 10 year US Treasury: 1.905% (-0.011)

Financial and Economic News Update

 U.S. stock-index futures flat: U.S. stock index futures are pointing to a mixed open on Tuesday, as investors await data on manufacturing activity due later in the day. The Dow Jones industrial average, the S&P 500 and the NASDAQ futures were all trading marginally in the green. Today is likely to be a quiet session with many major global equity markets closed.

 British stocks trading higher: Most U.K. stocks were trading higher on Tuesday as Lloyds Banking Group PLC (LON:LLOY) reported profit that beat estimates. The FTSE 100 (INDEXFTSE:UKX) was 0.4 percent higher at 5759.64. The CAC 40 (INDEXEURO:PX1) and the German DAX (INDEXDB:DAX) were closed for trading.

 Asian markets end mixed: Asian markets ended mixed on Tuesday with the NIKKEI 225 (INDEXNIKKEI:NI225) sliding 1.8 percent lower due to renewed strength in the Japanese yen. The S&P/ASX 200 (INDEXASX:XJO) index ended 0.8 percent higher on the back of a bigger-than-expected interest rate cut from the Reserve Bank of Australia. The HANG SENG INDEX (INDEXHANGSENG:HSI), the SSE Composite Index (SHA:000001) (Shanghai Composite Index) and the 30-share Indian benchmark BSE SENSITIVE (INDEXBOM:SENSEX) index were closed today.


Company News Update


 * Pfizer Inc. (NYSE:PFE), the world’s largest drugmaker, reported better than expected first quarterly earnings as growth in China helped overcome revenue lost due to loss of market exclusivity of its blockbuster cholesterol drug Lipitor. The company however trimmed its per-share earnings estimate for the year.

* Avon Products, Inc. (NYSE:AVP), the world’s largest direct seller of cosmetics, reported first-quarter net profit that trailed analysts’ estimates. The New York beauty company said first-quarter profit tumbled 82 percent to $26.5 million, or 6 cents per share, from $143.6 million, or 33 cents per share, a year earlier.

* Archer Daniels Midland Company (NYSE:ADM), one of the world’s largest grain traders and processors, posted fiscal third quarter profit that beat analysts’ estimates. Earnings excluding restructuring costs and other adjustments were 78 cents, exceeding the 60 cents per share which analysts were expecting.

* Baltimore-based money manager Legg Mason, Inc. (NYSE:LM) reported fiscal fourth-quarter net income of $76.1 million, or 54 cents per share, compared with $69 million, or 45 cents per share, a year earlier. Analysts were expecting earnings of 47 cents per share.

* Sears Holding Corporation (NASDAQ:SHLD), the retailer controlled by hedge-fund manager Edward Lampert said fiscal first quarter domestic same-store sales fell 1.3 percent due to weak demand for appliances and consumer electronics items.

* Anadarko Petroleum Corporation (NYSE:APC), the second-largest U.S. independent oil and natural gas producer by market value, posted first-quarter earnings of 92 cents a share, topping analysts’ estimate of 83 cents a share.

* Herbalife Ltd. (NYSE:HLF), the seller of nutritional and weight-loss supplements, reported first quarter earnings and sales that topped analysts’ expectations, but forecast second-quarter earnings that fell short of street estimates.

* Shutterfly, Inc. (NASDAQ:SFLY), the photo sharing and printing website operator reported first-quarter revenue of $91.3 million, topping the $84.7 million that analysts were expecting, The Redwood City, California-based company also lifted its full-year revenue guidance.

* Chrysler Group LLC reported a 20 percent rise in U.S. new-vehicle sales last month, due to robust demand for Chrysler brand cars and trucks.


 * BP plc (LON:BP) (NYSE:BP), Europe’s second-biggest oil company, reported a weaker than expected first quarter profit of $4.8 billion, as asset sales lowered production.

* Lloyds Banking Group PLC (LON:LLOY) (NYSE:LYG), Britain’s biggest mortgage lender reported a modest first quarter net profit of 2 million pounds ($3.2 million), as the group set aside an extra 375 million pounds ($609 million) to cover claims from customers who were inappropriately sold payment-protection insurance.

* Imperial Tobacco Group PLC (LON:IMT) reported first-half earnings growth that matched analysts’ estimates, and increased its half-year dividend by 12.8 percent to 31.7 pence a share

* British defense company Chemring Group plc (LON:CHG) has been awarded a U.S. Army contract for the ground penetrating radar, Husky mounted detection system, worth $161 million.

* Spanish oil company Repsol YPF SA (MCE:REP) has blocked a shipment of liquefied natural gas to Argentina because the government failed to provide the Madrid-based company with a letter of credit, Bloomberg News reported.


 * Sharp Corporation (TYO:6753), Japan’s largest maker of liquid-crystal displays, posted a record annual loss amid slowing demand for its LCD panels and TV sets, and forecast a wider-than-expected full-year net loss.

* Tokyo Electron Limited (TYO:8035), the world’s second-biggest maker of semiconductor production equipment, reported earnings that trailed estimates, and said profit will drop 18 percent this fiscal year.

* Mitsubishi Corporation (TYO:8058) and Mitsui & Co., Ltd. (TYO:8031) have agreed to acquire a 14.7 percent stake in Woodside Petroleum Limited (ASX:WPL)’s proposed Browse gas-export project off the coast of Western Australia, for $2 billion.

* According to media reports, Australian carrier Qantas Airways Limited (ASX:QAN) will cut 400 jobs at the Tullamarine heavy maintenance base in Melbourne airport, and 660 workers at the Avalon base are also at risk.

* DuluxGroup Limited (ASX:DLX) has made a A$188.4 million (US$196.4 million) takeover offer for Alesco Corporation Limited (ASX:ALS), an Australian garage door maker. Melbourne-based Dulux already owns nearly 20 per cent of the stock.

 Economic Calendar for Tuesday, May 1, 2012:

 07:45 A.M. ET: ICSC-Goldman Store Sales (Week ending Saturday, April 28, 2012)

08:30 A.M. ET: Redbook (Week ending Saturday, April 28, 2012)

09:30 A.M. ET: Minneapolis Fed President Naryana Kocherlakota speaks.

10:00 A.M. ET: Construction Spending (MoM) (March)

10:00 A.M. ET: ISM Mfg Index (April)

11:00 A.M. ET: San Francisco Federal Reserve Bank President John Williams speaks.

11:30 A.M. ET: 4-Week Bill Auction

11:30 A.M. ET: 52-Week Bill Auction

12:30 P.M. ET: Chicago Federal Reserve President Charles Evans speaks.

02:00 P.M. ET: Auto Sales (April)

02:00 P.M. ET: Truck Sales (April)

02:00 P.M. ET: Philadelphia Federal Reserve President Charles Plosser speaks.

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