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Showing posts with label Financial. Show all posts
Showing posts with label Financial. Show all posts
Stock futures showed little loss
"We're in a post-earnings season environment, and it would take a pretty major catalyst to move us significantly higher from here," said Art Hogan, managing director at Lazard Capital Markets in New York.
Dow Jones industrial average futures fell 30 points and Nasdaq 100 futures dipped 2 points.
The S&P's 50-day moving average, currently at 1,692.77, could serve as a support level in any market decline.
A number of analysts downgraded the stock.
Cognizant Tech (CTSH.O) rose 4.9 percent to $77 in premarket trading after reporting a 20 percent rise in second-quarter revenue, while Fossil Group Inc (FOSL.O) rose 9.2 percent to $117.31 after its results.
Archer Daniels Midland (ADM.N) reported a drop in profits as U.S. crop supplies tightened, the sending shares 1.4 percent lower to $37.33 in premarket trading.
Of the 391 companies in the S&P 500 that reported earnings for the second quarter through Monday, 67.8 percent have topped analysts' expectations, in line with the average beat over the past four quarters, data from Thomson Reuters showed. The firm cut its price target on the Dow component by $25 to $175.
Shares of IBM fell 1.4 percent to $192.80.
The U.S. trade deficit narrowed sharply in June to its lowest level in more than 3-1/2 years as imports reversed the prior month's spike, suggesting an upward revision to second-quarter growth.
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German Industrial Orders level up to 3.8%
German industrial orders, a key measure of demand for goods at home and abroad, rose 3.8 percent in June from the level in May, the economy ministry said on Tuesday.
The increase, after two months of falling orders, spells a boost for the country's key manufacturing sector as Europe's biggest economy recovers from a decline late last year amid the eurozone crisis.
The seasonally-adjusted June rise was mainly due to some big-ticket orders, including at the Paris air show, said the ministry. Without major contracts, orders declined 0.7 percent.
Capital goods orders in June rose 6.8 percent while orders for consumer and semi-finished goods fell slightly, by 0.2 percent each.
Overall, domestic orders were up 3.3 percent and export orders rose 4.2 percent.
The revised figure for May was a monthly decline of 0.5 percent, less than the previously reported fall of 1.3 percent.
For the second quarter as a whole, German industrial orders rose 1.2 percent after a smaller first-quarter rise of 0.5 percent.
The ministry noted that "throughout the second quarter, the upward trend in new industrial orders continued both overall and adjusted for major contracts".
More detail news
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Sony experienced decline
Jonathan Krinsky, the chief technical market analyst at Miller Tabak, published a note Monday saying that the New York Stock Exchange composite volume on Monday was running 22% below Friday's pace, which had already been 17% below Thursday's pace. Futures for the Dow Jones Industrial Average were falling 13 points, or 9.13 points below fair value, to 15,541. Futures for the Nasdaq were up 0.25 points, or 1.14 points below fair value, to 3,136.25.
Sony (SNE_) was slumping 3.95% to $20.90 after the company's board unanimously rejected a proposal from U.S. hedge fund manager Daniel Loeb, CEO of Third Point, that the Japanese company sell part of its entertainment business. Sony, in a letter to Loeb, said continuing to own 100% of Sony Pictures and Sony Music is "fundamental" to the company's success.
Third Point owns about 6.5% of Sony was slipping 1.05% to $562.73 in premarket trading. Icahn's latest purchase makes him the second-largest shareholder of Dell shares behind founder and CEO Michael Dell, who owns about 14% of the company.
The company spun off its publishing segment into a separate publicly traded company on July 1. The publishing company has retained the name News Corp.
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