Morning Market Update
Trident Fund LP performance update for the month ended November 30, 2022. Q3 2022 hedge fund letters, conferences and more The Trident Fund LP GM, GME, and GME4 share classes returned +0.8, +1.2, and +3.0 percent, respectively, in November, and the fund +6.6, +9.9, and +35.0 percent net for 2022. Please click here for the
* US: Dow Futures: 12932.00 (-0.21%), S&P 500 Futures: 1361.30 (-0.33%), NASDAQ Futures: 2627.50 (-0.34%)
* Europe: CAC: 3169.83 (-1.40%), DAX: 6538.82 (-0.47%), FTSE: 5648.69 (-0.11%).
* Asia-Pacific: Australia: 4314.30 (0.30%), China: 2448.88 (-0.12%), Hong Kong: 20484.75 (-0.25%), India: 4999.95 (-2.23%), Japan: 9181.65 (0.68%).
* Metals: Gold: 1616.10 (-1.40%), Silver: 29.56 (-1.87%), Copper: 3.70 (-2.03%)
* Energy: Crude Oil: 96.93 (-1.03%), Natural Gas: 2.30 (-1.67%)
* Commodities: Corn: 6.27 (-0.04%), Soya Bean: 13.54 (-1.03%), Wheat: 6.18 (0.70%)
* Currency: EUR/USD: 1.3005 (-0.35%), GBP/USD: 1.6137 (-0.33%), USD/JPY: 79.8800 (-0.04%)
* 10 year US Treasury: 1.856% (-0.019)
Financial and Economic News Update
U.S. stock-index futures trading lower:U.S. stock index futures are pointing to a lower open on Tuesday as investors continue to worry about Greece’s uncertain political environment. Mainstream conservative leaders are struggling to form a government in Greece, fueling investor concerns that the Mediterranean nation may default on its debt soon. The Dow Jones industrial average, the S&P 500 and the NASDAQ futures were all trading about 0.3 percent lower.
European markets fall: European markets are trading lower amid political turmoil in Greece, with the German DAX (INDEXDB:DAX) trading 0.5 percent lower at 6538.82, the FTSE 100 (INDEXFTSE:UKX) down 0.1 percent at 5648.69, and the CAC 40 (INDEXEURO:PX1) slumping 1.4 percent to 3169.83. The euro zone blue-chip ESTX 50 PR.EUR (INDEXSTOXX:SX5E) (Euro Stoxx 50) was trading 1 percent lower.
Asian markets end mixed: Asian markets closed mixed on Tuesday, with Japan’s NIKKEI 225 (INDEXNIKKEI:NI225) rebounding from a three-month low, up 0.7 percent. The HANG SENG INDEX (INDEXHANGSENG:HSI) ended down 0.3 percent to 20,484.8, while the SSE Composite Index (SHA:000001) (Shanghai Composite Index), closed at 2,448.9 points, down 0.1 percent. The S&P/ASX 200 (INDEXASX:XJO) index gained 0.3 percent to 4,314.3. The benchmark Indian 30-share BSE SENSITIVE (INDEXBOM:SENSEX) index fell 2.33 percent to 16,518.07 points
Company News Update
* McDonald’s Corporation (NYSE:MCD) said April same-restaurant sales in the U.S. rose 3.3 percent, below the analysts’ projection of a gain of around 5 percent.
* Satellite TV provider DirecTV (NASDAQ:DTV) said first quarter net income increased 8.5 percent to $731 million, or $1.07 a share, from $674 million, or 85 cents, a year earlier, topping analysts’ estimates.
* Rackspace Hosting, Inc. (NYSE:RAX), the provider of cloud computing services, reported first quarter profit of 17 cents a share that missed analysts’ estimate.
* Molson Coors Brewing Company (NYSE:TAP) posted first quarter earning excluding items of 47 cents per share, beating the analysts’ average estimate of 42 cents per share.
* Biopharmaceutical company Vivus, Inc. (NASDAQ:VVUS) reported a first quarter loss of $18.8 million or 20 cents a share, wider than the analyst estimate of a loss of 13 cents a share.
* First BanCorp (NYSE:FBP) posted first quarter net loss of $13.2 million or 6 cents per share, in line with street estimates. The private equity bank has entered into an agreement with FIA Card Services, N.A. to acquire a credit-card portfolio of about $400 million.
* Affymax, Inc. (NASDAQ:AFFY), the biopharmaceutical company based in Palo Alto, California, posted a first quarter profit of $31.5 million or 87 cents per share, exceeding the average analyst estimate of 49 cents per share.
* Medical device company Mako Surgical Corp. (NASDAQ:MAKO) posted reported a wider-than-expected first-quarter loss, and cut its full year outlook for a key product.
* Penn National Gaming, Inc (NASDAQ:PENN) has agreed to acquire Harrah’s St. Louis gaming and lodging facility from Caesars Entertainment Corp (NASDAQ:CZR) for $610 million in cash.
* The board of Palm Beach-based real estate investment trust Chatham Lodging Trust (NYSE:CLDT) approved a 14 percent increase in quarterly dividend to 20 cents a share.
* The Walt Disney Company (NYSE:DIS) will report earnings after the closing bell.
* Europe’s biggest bank HSBC Holdings plc (LON:HSBA) (NYSE:HBC) reported a 26 percent increase in first quarter pretax profit to $6.8 billion from $5.4 billion in the year-earlier period, topping analysts’ estimates, helped by strong growth in emerging markets and higher income at its investment banking division.
* British insurance group Aviva plc (LON:AV) (NYSE:AV) said chief executive officer Andrew Moss will step down with immediate effect.
* Adecco, the world’s largest staffing company, reported first quarter net income of 112 million euros ($146.15 million), beating the average analyst forecast of 100 million euros.
* Mexican telecommunications heavyweight America Movil SAB de CV (ADR) (NYSE:AMX), owned by the world’s richest man, Carlos Slim, is planning to raise its stake in Dutch telecommunications operator Koninklijke KPN NV. America Movil will offer 8 euros ($10.44) per share in cash to raise its stake in the company to as much as 28 percent from the current 4.8 percent.
* Norwegian oil giant Statoil ASA(ADR) (NYSE:STO) reported record first quarter earnings on robust production figures well above analyst forecasts and kept its 2012 production guidance.
* Japan’s largest trading house Mitsubishi Corp (TYO:8058) forecast a net income of 500 billion yen for the current fiscal year to March 2013, topping the average analysts’ estimate of 479.1 billion yen.
* Marubeni Corporation (TYO:8002), Japan’s biggest grain trading company, is in the final stages of talks to buy closely held U.S. grain and energy trader Gavilon Group LLC for about $5.2 billion, including debt.
* General Electric Company (NYSE:GE) will acquire a 15 percent stake in China Xd Electric Co., Ltd. (SHA:601179), one of China’s largest electrical-equipment maker for about 3.38 billion yuan ($536 million), providing the largest U.S. conglomerate an opportunity to tap into the country’s rapidly expanding market for electric transmission and distribution.
* Wynn Macau Ltd (HKG:1128), the Macau casino unit founded by billionaire, Steve Wynn, has reported a 10 percent rise in first quarter profit due to higher than expected number of visitors from mainland China to the gambling hub.
* Iluka Resources Limited (ASX:ILU), the world’s largest producer of zircon cut its 2012 production forecast for the mineral because of softer than expected demand.
Economic Calendar for Tuesday, May 08, 2012:
07:30 A.M. ET: NFIB Small Business Optimism Index (April)
07:45 A.M. ET: ICSC-Goldman Store Sales (Week ending Saturday, May 05, 2012)
08:55 A.M. ET: Redbook (Week ending Saturday, May 05, 2012)
09:45 A.M. ET: Richmond Federal Reserve Bank President Jeffrey Lacker speaks.
10:00 A.M. ET: IBD/TIPP Economic Optimism (MoM) (May)
11:30 A.M. ET: 4-Week Bill Auction
11:30 A.M. ET: 3-Yr Note Auction
01:45 P.M. ET: Dallas Federal Reserve President Richard Fisher speaks.