Day Traders Diary


U.S. equity futures hold gains, with the Nasdaq futures (+1.6%) outperforming thanks to an earnings beat from the top index component, Apple (AAPL 566.27, +41.52), which sports a pre-market gain of 8.1%.
Reviewing overnight developments:
Asian markets ended mixed. Hong Kong's Hang Seng +0.2%, China's Shanghai Composite -0.5%, and Japan's Nikkei -1.0%.
In economic data:
Japan's Corporate Services Price Index rose 0.7% year-over-year (expected 0.8%, previous 0.7%), while the Foreign Bonds Buying report indicated net sales in the amount of JPY463.90 billion (previous purchases of JPY114.60 billion).
The Reserve Bank of New Zealand hiked its official cash rate to 3.0% from 2.75%, as expected.
South Korea's GDP rose 0.9% quarter-over-quarter (consensus 0.8%, previous 0.9%), while the year-over-year reading jumped 3.9% (expected 3.8%, prior 3.7%).
In news:
In addition to hiking its interest rate, the Reserve Bank of New Zealand raised its GDP target to 3.5% from 3.3%, citing pent-up demand and inflationary pressures.
Major European indices trade higher across the board. Germany's DAX +0.5%, Great Britain's FTSE +0.6%, and France's CAC +0.9%. Elsewhere, Italy's MIB +0.7% and Spain's IBEX +0.4%.
Economic data was limited:
Germany's Ifo Business Climate Index rose to 111.2 from 110.7 (consensus 110.5), as Business Expectations improved to 107.3 from 106.4 (expected 105.8) and Current Assessment ticked up to 115.3 from 115.2 (forecast 115.7).
Great Britain's CBI Distributive Trades Survey jumped to 30 from 13 (expected 17).
French Business Survey slipped to 100 from 101, as expected.
Swiss trade surplus narrowed to CHF2.05 billion from CHF2.30 billion (expected CHF 2.14 billion).
Among news of note:
Mario Draghi discussed eurozone monetary policy once again, saying any worsening in the medium-term outlook for inflation could trigger the deployment of an asset purchase program.
In U.S. corporate news:

Aetna (AET 70.91, +2.00): +3.8% in reaction to its earnings and revenue beat.
Apple (AAPL 566.27, +41.52): +8.1% after beating earnings and revenue expectations on stronger-than-expected iPhone shipments. The company increased its share buyback program to $90 billion and announced a 7:1 share split, which is set to go into effect on June 2.
AstraZeneca (AZN 71.20, +3.42): +5.1% despite missing earnings estimates by three cents.
Caterpillar (CAT 107.90, +4.52): +4.4% after beating earnings expectations by $0.39 and raising fiscal-year 2014 earnings guidance above consensus.
Citrix Systems (CTXS 58.90, +2.91): +5.2% after its earnings and revenue beat overshadowed its below-consensus guidance for the second quarter.
Facebook (FB 63.60, +2.24): +3.7% after beating on earnings and revenue.
Qualcomm (QCOM 77.65, -3.06): -3.8% following its bottom-line beat on below-consensus revenue.
Texas Instruments (TXN 44.13, -2.33): -5.0% despite beating earnings expectations and guiding Q2 earnings above consensus.
UPS (UPS 97.00, -2.24): -2.3% after missing earnings and revenue estimates. The company attributed the disappointing report to severe winter weather.
Verizon (VZ 47.59, +0.16): +0.3% despite missing the Capital IQ consensus estimate by two cents.
Weekly initial claims and March Durable Orders will be reported at 8:30 ET.

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