Ahead of the Bell: Dow futures are trading up 66 points and S&P futures are trading up 7 points as the equity market looks to bounce back following two consecutive days of losses triggered by minutes from the Federal Reserve's January meeting released earlier in the week, which suggested stimulus measures may end earlier than anticipated. Market sentiment was lifted this morning on better than expected data out of Germany and Hewlett Packard’s Q4 results, which exceeded expectations. The German Ifo business climate indicator for February rose to 107.4, its best one-month rise in more than two years.
- On the economic calendar today, there are no major reports due out.
- The dollar is up against the euro and down against the Japanese yen and British pound. Gold is trading at $1,580. Crude oil is currently trading at $93 a barrel.
- Yesterday, stocks slipped as investors eyed less than stellar economic reports and as continued concern over the Federal Reserve’s possible shortened timetable for the bond buying program weighed on sentiment.
- Happy Friday and have a great day.
Thursday’s Close
DJIA down 46.92 pts/-0.34%/ 13,880.62
S&P down 9.53 pts/-0.63%/ 1,502.42
Nasdaq down 32.92 pts/-1.04%/ 3,131.49
Friday’s Futures
Dow Futures up 66.00 pts/+0.48%
S&P Futures up 7.50 pts/+0.50%
Nasdaq Fut up 11.50 pts/+0.42%
Overseas Markets
FTSE +0.71%
CAC 40 +2.01%
NIKKEI 225 +0.68%
HANG SENG -0.54%
Overseas: World stock markets are up today on better than expected economic data out of Germany.
Top Headlines:
- Reports indicate private equity firm, KKR & Co LP has submitted an offer of $75 per share for Gardner Denver (GDI), valuing the industrial machinery maker at close to $3.7 billion.
- According to sources, General Motors (GM) Co said it would invest $7.3 billion in its South Korean unit over the next five years.
- Citigroup (C) announced that it has overhauled an executive pay plan that shareholders rejected last year as overly generous, revising it to tie bonus payments more closely to stock performance and profitability.
- Texas Instruments Inc raised its quarterly dividend by a third and said it will buy back an additional $5 billion in stock.
Commodities/Currency:
Gold:up $1.40 to $1,580.00
Oil: up 0.32 to $93.16
EUR/USD 1.3176 -0.0014
USD/JPY 93.2805 +0.2955
GBP/USD 1.5302 +0.0050
Volatility Index (VIX): As of the close of business Thursday, February 21, the VIX is up 0.54 at 15.22
Companies Reporting Quarterly Earnings:
Gardner Denver reports Q4 adjusted EPS $1.49, vs. Est. $1.33 and reports Q4 revenue $589.7M, vs. Est. $558.08M.
Barnes Group reports Q4 EPS 54c, vs. Est. 51c and reports Q4 revenue $327.38M, vs. Est. $326.2M.
Abercrombie & Fitch reports Q4 EPS $2.21, vs. Est. $1.96 and reports Q4 revenue $1.47B, vs. Est. $1.49B
Today’s Opening and Closing Bells:
The Charles Schwab Corporation Visits the NYSE. Kelli Keough and Joseph Vietri will ring the opening bell.
The American Heart Association Celebrates American Heart Month at the New York Stock Exchange. New York City American Heart Association Board of Directors, Key Volunteers, and Executives to will ring the closing bell
Giuseppe Montefinese
Corporate Actions & Market Watch
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