Day Traders Diary


U.S. equity futures hold modest gains with the S&P 500 futures up 0.3%.

Reviewing overnight developments:

Asian markets ended mixed. Japan's Nikkei +0.4%, Hong Kong's Hang Seng -0.7%, and China's Shanghai Composite -0.9%.
In regional economic data:
China's HSBC Manufacturing PMI rose to 50.9 from 50.2 (50.5 expected).
Japan's foreign bonds buying report indicated net purchases in the amount of JPY1.41 trillion (JPY387 billion prior).
Hong Kong's trade deficit widened to HKD42.00 billion from HKD39.60 billion (HKD40.00 billion expected).
New Zealand's trade deficit narrowed to NZD199 million from NZD1.23 billion (deficit of NZD750 million expected).
Looking at news:
In China, the Shanghai Interbank Offered Rate continued climbing as the liquidity crunch persists. The overnight rate climbed nearly 31 basis points to 4.09%, but more notably, the two-week rate spiked 101 basis points to 4.88%.
The Philippine Central Bank left its key interest rate unchanged at 3.50%.
Major European indices hover near their highs. France's CAC +0.2%, Great Britain's FTSE +0.5%, and Germany's DAX +0.6%.
Economic data was plentiful:
Eurozone Manufacturing PMI ticked up to 51.3 from 51.1 (51.4 expected) while Services PMI fell to 50.9 from 52.2 (52.4 forecast).
Germany's Manufacturing PMI improved to 51.5 from 51.1, as expected. Meanwhile, Services PMI fell to 52.3 from 53.7 (53.9 forecast).
Great Britain's CBI Industrial Trends Orders fell to -4 from 9 (10 expected).
French Manufacturing PMI slipped to 49.4 (50.1 expected) while Services PMI fell to 50.2 from 51.0 (51.3 consensus).
Italian consumer confidence slipped to 97.3 from 100.8 (101.1 expected). Separately, wage growth was flat for the second consecutive month.
Spain's unemployment slipped to 26.0% from 26.3% (26.1% expected).
In news:
In France, the decline in the Manufacturing PMI marked the 20th contractionary reading in a row.
European Commissioner Olli Rehn said the decision about potentially granting Greece additional aid will not be made until the summer.
In U.S. corporate news:

3M (MMM 124.00, +0.80): +0.7% after beating earnings expectations and narrowing its full-year 2013 guidance.
Akamai Tech (AKAM 47.45, -4.42): -8.5% despite beating on earnings, revenue, and announcing a new $750 million share repurchase program.
Credit Suisse (CS 32.51, -1.14): -3.4% after missing on earnings and revenue.
Dow Chemical (DOW 39.15, -1.89): -4.6% following its earnings miss on below-consensus revenue.
F5 Networks (FFIV 88.65, +2.34): +2.7% after beating on earnings and revenue. In addition, the company guided its first-quarter revenue above analyst expecations.
Ford Motor (F 18.17, +0.65): +3.7% after beating bottom-line estimates and raising its full-year 2013 guidance.
O'Reilly Auto (ORLY 125.00, -9.31): -6.9% in reaction to a bottom-line beat on below-consensus revenue. In addition, the company guided its fourth-quarter earnings below analyst expectations.
PulteGroup (PHM 17.10, +0.42): +2.5% after beating on earnings and revenue.
Under Armour (UA 82.00, -1.98): -2.4% despite beating on earnings and revenue.
United Continental (UAL 30.50, -0.45): -1.5% after reporting a bottom-line miss on in-line revenue.
Weekly initial claims and the August trade deficit will all be reported at 8:30 ET.

All comments contained herein are for informational purposes only, and should not be considered as a solicitation to buy or sell any security. The firm does not guarantee the accuracy or completeness of the information or make any warranties regarding results from it's usage.