Day Traders Diary
7/22/14U.S equity futures trade near their pre-market highs amid upbeat action overseas. The S&P 500 futures hover four points above fair value.
Reviewing overnight developments:
Asian markets ended on a higher note. Japan's Nikkei +0.8%, China's Shanghai Composite +1.0%, and Hong Kong's Hang Seng +1.7%
Economic data was limited:
Japan's All Industries Activity Index rose 0.6% month-over-month (forecast 0.7%; prior -4.6%)
Japan cut its GDP forecast to 1.2% from 1.4%, which had been expected
Major European indices trade higher across the board. Great Britain's FTSE +0.8%, Germany's DAX +0.8%, and France's CAC +0.8%. Elsewhere, Italy's MIB +1.3% and Spain's IBEX +1.0%
Economic data was limited:
Switzerland's trade surplus narrowed to CHF1.377 billion (forecast CHF2.970 billion; prior CHF2.849 billion)
CBI Industrial Trends Orders in Great Britain fell to 2 from 11 (forecast 8) and Public Sector Net Borrowing came in at GBP9.51 billion (expected GBP9.20 billion; previous GBP11.86 billion)
Among news of note:
European markets are recouping a portion of yesterday's loss while regional foreign ministers are expected to discuss additional sanctions against Russia
In U.S. corporate news:
Chipotle Mexican Grill (CMG 652.00, +62.07): +10.5% after beating estimates and surpassing comparable restaurant sales growth expectations
Netflix (NFLX 455.09, +3.14): +0.7% following its in-line quarterly report
Texas Instruments (TXN 48.90, -0.27): -0.6% despite beating estimates and guiding in line with expectations
Coca-Cola (KO 42.00, -0.40): -0.9% in reaction to its one-cent beat on below-consensus revenue
DuPont (DD 65.61, +0.07): +0.1% after reporting results in line with its June 26 warning. The company guided Q3 earnings below consensus and boosted its quarterly dividend to $0.47/share
Travelers (TRV 92.10, -3.16): -3.3% after missing the Capital IQ consensus estimate by $0.14
United Technologies (UTX 114.00, +1.02): +0.9% following its above-consensus results and improved guidance
Verizon (VZ 50.22, -0.48): -1.0% despite reporting a one-cent beat on better than expected revenue
CPI data for June (Briefing.com consensus 0.3%) and core CPI data (Briefing.com consensus 0.2%) will be released at 08:30 ET. The FHFA Housing Price Index for May (prior 0.0%) and the Existing Home Sales report for June (Briefing.com consensus 5.00 mln) will follow at 09:00 and 10:00 ET, respectively.
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