Day Traders Diary
2/19/14U.S. equity futures hover near their pre-market lows amid cautious overseas action. The S&P 500 futures trade seven points below fair value.
Reviewing overnight developments:
Asian markets ended mixed. Hong Kong's Hang Seng +0.3%, China's Shanghai Composite +1.1%, and Japan's Nikkei -0.5%.
In economic data:
Japan's All Industries Activity Index slipped 0.1% month-over-month (0.2% consensus, 0.4% prior).
Australia's wage price index rose 0.7% quarter-over-quarter (0.6% consensus, 0.5% prior) while the year-over-year reading increased 2.6% (2.6% forecast, 2.7% consensus). Separately, MI Leading Index slipped 0.2% month-over-month (0.1% prior) and CB Leading Index increased 0.8% month-over-month (0.2% previous).
Among news of note:
After spending yesterday's session in a steady climb off its lows, the Japanese yen continued strengthening overnight, pressuring the dollar/yen pair below 102.00, where it currently trades.
Major European indices trade lower across the board. France's CAC -0.3%, Great Britain's FTSE -0.4%, and Germany's DAX -0.5%. Elsewhere, Spain's IBEX -0.6% and Italy's MIB -0.8%.
Participants received several economic data points:
Great Britain's claimant count fell 27,600 (-20,000 forecast, -27,700 prior) and the unemployment rate ticked up to 7.2% from 7.1% (7.1% expected). Separately, average earnings index + bonus increased 1.1% (1.0% consensus, 0.9% previous).
Spain's trade deficit expanded to EUR1.83 billion from EUR1.76 billion (deficit of EUR1.20 billion expected).
Swiss ZEW Expectations fell to 28.7 from 36.4 (40.0 expected).
European Central Bank member Ewald Nowoty said the ECB is nearing an agreement to terminate sterilizing bond purchases completed under the Securities Markets Program.
In U.S. corporate news:
Herbalife (HLF 70.00, +1.07): +1.6% after beating on revenue and guiding first quarter results below consensus.
Lumber Liquidators (LL 99.00, +3.40): +3.6% after beating on earnings and revenue.
Nabors Industries (NBR 1.05, +0.39): +2.1% following its revenue beat.
Panera Bread (PNRA 170.11, -3.07): -1.8% after beating earnings estimates by two cents and guiding first quarter earnings below consensus.
Sunedison (SUNE 15.00, -0.18): -1.2% after missing revenue estimates.
Zale (ZLC 20.76, +5.85): +39.2% after announcing it will be acquired by Signet Jewelers (SIG 89.00, +9.74) for $21 per share, representing a 41.0% premium to Tuesday's closing price.
The weekly MBA Mortgage Index fell 4.1% to follow last week's decrease of 2.0%.
January Housing Starts, Building Permits, and PPI will all be reported at 8:30 ET while the latest minutes from the January FOMC meeting will cross the wires at 14:00 ET.
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