Morning News: Market Update

 Morning News: Smithfield Foods, Smith & Wesson, News Corp, OpenTable

Market Levels
• US: Dow Futures: 15105.00 (-0.08%), S&P 500 Futures: 1628.20 (-0.17%), NASDAQ Futures: 2953.50 (-0.12%)
• Europe: CAC: 3809.24 (0.30%), DAX: 8137.06 (0.51%), FTSE: 6310.34 (0.09%)
• Asia-Pacific: Australia: 4791.80 (2.04%), China: 2162.04 (0.63%), Hong Kong: 20,969.14 (0.34%), Japan: 12686.52 (1.92%).
• Currency: EUR/USD: 1.3306 (-0.52%), GBP/USD: 1.5654 (-0.42%), USD/JPY: 95.0300 (-0.36%)
• 10 year US Treasury: 2.128% (-0.022)

Market and Economic News Update:

U.S. stock-index futures decline: U.S. stock-index futures are pointing to a lower open following yesterday’s sharp rally. On the economic front, producer prices rose more than expected in May, with the producer price index up 0.5 percent, against expectations for a gain of 0.1 percent. Industrial production was unchanged last month, missing expectations for a gain of 0.2 percent.

European markets modestly higher: European markets gained in trade after better-than-expected U.S. economic data triggered a rally in Asian markets. The FTSE traded up 0.1 percent, the German DAX was up 05 percent and France’s CAC up 0.3 percent.
Asian markets end higher: Asian stocks rebounded following Thursday’s sell-off as strong U.S. data eased investor concerns. The NIKKEI 225 (INDEXNIKKEI:NI225) closed 2 percent higher, helped by a rally in real estate stocks. The S&P/ASX 200 (INDEXASX:XJO) index finished 2 percent higher after falling to its lowest levels since January on Thursday. The Shanghai Composite and the Hang Seng Index also gained in trade.

Stocks in News:

Restoration Hardware Holdings Inc (NYSE:RH)

Restoration Hardware reported first quarter earnings of 6 cents a share on sales of $301 million, topping Street expectations for 4 cents a share on revenue of $299 million. In addition, the furniture retailer provided better-than-expected current-quarter guidance, sending shares sharply higher in pre-market trading.

Smithfield Foods, Inc. (NYSE:SFD)

Smithfield Foods Inc.’s fourth-quarter profit fell to $29.7 million, or 21 cents a share, from $79.5 million, or 49 cents a share, in the same period last year. Sales gained 3 percent to $3.32 billion from $3.31 billion. The hog producer said profit fell largely due to a decline in exports to China and Russia amid certification issues

Smith & Wesson Holding Corporation (NASDAQ:SWHC)

Smith & Wesson posted preliminary fourth-quarter earnings of 44 cents a share, compared to expectations for 40 cents a share, on revenue of $179 million that also beat estimates of $171 million. In addition, the firearms maker unveiled a $100 million share buyback program. Shares jumped in early-hours trading.


News Corp said David DeVoe, who served as Chief Financial Officer for more than two decades will retire at the end of the fiscal year following the company’s split. John Nallen will succeed DeVoe. Shares were unchanged in early trade.

Casey’s General Stores, Inc. (NASDAQ:CASY)

Convenience-store chain Casey’s General Stores reported fourth quarter earnings of 66 cents a share on sales of $1.81 billion, compared to Street estimates of 62 cents a share on revenue of $1.83 billion. Gross margin for the period widened to 14.7 percent from 14 percent, though input costs increased 2.3 percent from the year-ago period. Shares fell in pre-open session.

OpenTable Inc (NASDAQ:OPEN)

Restaurant-reservation website OpenTable has agreed to acquire mobile-technology company JustChalo in a stock and cash deal worth nearly $11 million. OpenTable said the deal should add value to the company, at a time when growing number of diners are choosing to book via mobile devices. Shares gained in pre-market trading.

Economic Calendar for Friday, June 14, 2013:

08:30 A.M. ET: Producer Price Index (YoY) (May)
08:30 A.M. ET: Producer Price Index (MoM) (May)
08:30 A.M. ET: Producer Price Index ex Food & Energy (YoY) (May)
08:30 A.M. ET: Producer Price Index ex Food & Energy (MoM) (May)
09:00 A.M. ET: Net Long-Term TIC Flows (April)
09:15 A.M. ET: Industrial Production (MoM) (May)
09:15 A.M. ET: Capacity Utilization (May)
09:55 A.M. ET: Reuters/Michigan Consumer Sentiment Index (June)