Every morning ValueWalk puts out a news report with the latest news in global stock markets, company news, and global economic news.
Market Levels
* US: Dow Futures: 12900.00 (0.23%), S&P 500 Futures: 1364.30 (0.12%), NASDAQ Futures: 2650.00 (-0.01%)
* Europe: CAC: 3122.84 (0.79%), DAX: 6529.46 (0.10%), FTSE: 5673.85 (0.15%).
* Asia-Pacific: Australia: 4360.40 (0.18%), China: 2388.83 (0.01%), Hong Kong: 20677.16 (0.26%), India: 5222.65 (0.42%), Japan: 9468.04 (-0.78%).
* Metals: Gold: 1643.90 (0.69%), Silver: 30.92 (1.27%), Copper: 3.67 (1.12%)
* Energy: Crude Oil: 103.47 (0.35%), Natural Gas: 2.01 (0.55%)
* Commodities: Corn: 6.14 (1.71%), Soya Bean: 13.51 (-1.63%), Wheat: 6.38 (0.96%)
* Currency: EUR/USD: 1.3150 (-0.05%), GBP/USD: 1.6133 (0.01%), USD/JPY: 81.0300 (-0.18%)
* 10 year US Treasury: 1.937% (0.011)
Financial and Economic News Update
U.S. stock-index futures trading higher: U.S. stock index futures are pointing to a modestly higher open on Tuesday, following strong results from a number of blue-chip companies. The Dow Jones industrial average and S&P 500 were trading marginally in the green, while NASDAQ futures slipped into the red.
European markets edge higher: European markets rebounded from a three-month low, helped by some strength from banks. The German DAX (INDEXDB:DAX) was 0.10 percent higher at 6529.46, the FTSE 100 (INDEXFTSE:UKX) was up 0.15 percent at 5673.85, and the CAC 40 (INDEXEURO:PX1) was up 0.8 percent at 3122.84.
Asian markets end mostly higher: Asian markets closed mostly higher on Tuesday with the HANG SENG INDEX (INDEXHANGSENG:HSI) closing up 0.26 percent at 20,677.16, while the Shanghai Composite Index (SHA:000001) finished a turbulent session flat at 2,388.83. The NIKKEI 225 (INDEXNIKKEI:NI225) eased 0.8 percent to 9,468.04, and the S&P/ASX 200 (INDEXASX:XJO) index closed up 0.18 percent at 4,360.4.
Company News Update
U.S.
* AT&T Inc. (NYSE:T), the largest U.S. phone company, posted first-quarter net income of $3.6 billion, or 60 cents per share, up 5 percent from $3.4 billion, or 57 cents per share, a year earlier. Analysts were on average expecting earnings of 57 cents per share.
* 3M Co (NYSE:MMM) reported first quarter net earnings of $1.12 billion, or $1.59 per share, compared with $1.08 billion, or $1.49 per share, a year earlier, easily topping average analysts’ estimate of $1.48 per share.
* Diversified U.S. manufacturer United Technologies Corporation (NYSE:UTX) said first quarter earnings from continuing operations rose to $1.18 billion, or $1.31 a share, up 19 percent from $1.05 billion, or $1.06 per share, a year earlier.
* Baker Hughes Incorporated (NYSE:BHI), the world’s third-largest oilfield- services provider, reported first-quarter adjusted earnings of 86 cents per share, beating the average analyst estimate for 80 cents a share. First-quarter revenue rose 18 percent to $5.36 billion, more than the average projection of $5.25 billion.
* Discount retailer Big Lots, Inc. (NYSE:BIG) lowered its outlook for first-quarter store sales in the U.S., compared with a previous estimate for an increase of as much as 4 percent.
* Health Management Associates, Inc. (NYSE:HMA), the operator of acute-care hospitals reported first-quarter earnings of $37.7 million or 15 cents per share, lower than the 23 cents per share which analysts were expecting.
* Rambus Inc. (NASDAQ:RMBS) was raised to “overweight” by Paul Coster, an analyst at JPMorgan.
* Apple Inc. (NASDAQ:AAPL) will posts earnings after the market close.
Europe
* Swiss drug maker Novartis AG (ADR) (NYSE:NVS) reported an 18 percent drop in first-quarter net profit to $2.33 billion from $2.82 billion in the same period last year, due to lower than expected sales of blockbuster drug Diovan and manufacturing glitches at a consumer-health products factory in Nebraska.
* Michelin SCA (EPA:ML), the world’s second-largest tire maker, reported a robust five percent rise in first-quarter sales primarily led by strong growth in its specialty tire segment.
* STMicroelectronics N.V. (EPA:STM) (NYSE:STM), Europe’s largest semiconductor maker, reported a loss of $176 million, or 20 cents a share, as weaker sales to wireless customers continued to drag down its bottom line.
* Royal Dutch Shell Plc (LON:RDSA) (NYSE:RDS.A), Europe’s largest oil company, agreed to buy London-listed, Mozambique-focused explorer, Cove Energy PLC (LON:COV) for 1.12 billion pounds ($1.8 billion) in cash, after raising its earlier offer to secure a stake in gas fields discovered off Mozambique.
* Scania AB, the Swedish truckmaker majority-owned by Volkswagen AG (FRA:VOW3), said first-quarter profit fell by 28 percent to 1.79 billion kronor ($266 million) from 2.51 billion kronor a year earlier, owing to weaker demand and high development costs. The results were however better than analysts’ forecast.
* Banco Santander, S.A. (ADR) (NYSE:STD), Spain’s biggest bank, is planning to list its Mexico unit on the country’s stock exchange within a year, in what could become the largest initial public offering on record in Latin America’s second-largest economy, the Wall Street Journal reported.
Asia-Pacific
* Advantest Corporation (TYO:6857), the world’s largest producer of memory-chip testers, should report an operating profit of more than 6 billion yen ($74 million) in the quarter ended March 2012, the Japanese newspaper Nikkei reported.
* South Korean company, LG Display Co. Ltd. (ADR) (NYSE:LPL) world’s second- largest maker of liquid-crystal displays, reported its sixth straight quarterly loss after television demand slowed and panel shipments for Apple Inc’s latest iPad were delayed.
* Aluminum Corporation of China Limited (HKG:2600) has agreed to acquire a 29.9 percent stake in Hong Kong-listed imported coking coal supplier Winsway Coking Coal Holdings Ltd (HKG:1733) for HK$2.39 billion ($307.92 million), to become the companys’ single largest shareholder.
* Asia’s largest computer services provider by market value, Tata Consultancy Services Limited (NSE:TCS), reported a better than expected 23 percent surge in fiscal fourth quarter profit and provided an upbeat outlook.
* Newcrest Mining Limited (ASX:NCM), Australia’s biggest gold miner, cut its full-year output target after heavy rain hit some operations, missing analyst estimates.
* Uranium miner Paladin Energy Ltd. (ASX:PDN) sold $274 million of five-year convertible bonds to help finance short term debt, and should significantly strengthen its balance sheet.
Economic Calendar for Tuesday, April 24, 2012:
07:45 A.M. ET: ICSC-Goldman Store Sales (Week ending Saturday, April 21, 2012)
08:55 A.M. ET: Redbook (Week ending Saturday, April 21, 2012)
09:00 A.M. ET: S&P/Case-Shiller Home Price Indices (YoY) (February)
10:00 A.M. ET: Consumer Confidence (April)
10:00 A.M. ET: FHFA Housing Price Index (MoM) (February)
10:00 A.M. ET: New Home Sales (March)
10:00 A.M. ET: New Home Sales (MoM) (March)
10:00 A.M. ET: Richmond Fed Manufacturing Index (April)
10:00 A.M. ET: State Street Investor Confidence Index (April)
01:30 A.M. ET: 4-Week Bill Auction
01:00 P.M. ET: 2-Yr Note Auction
