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Futures Fall Amid Bank Earnings; Chipotle Mexican Grill (CMG) Tumbles

 January 16, 2013 09:02 AM
 


(By Balachander) U.S. stock-index futures pointed to a lower opening on the Wall Street as investors digested some mixed earnings reports from major banks amid concerns over debt ceiling.

Mini Dow Industrial Average futures retreated 54 points to 13,408. The Nasdaq futures inched 1 point higher to 2,715.75. Standard and Poor's 500 futures shed 3.70 points to 1,461.50.

The World Bank late Tuesday lowered its growth forecast for 2013 to 2.4 percent from 3 percent expansion projected earlier.

On the U.S. data front, a report showed that core consumer price index rose 0.1 percent in December, below expectations on an increase of 0.2 percent. The headline index was unchanged.

The Federal Reserve's industrial production report is set to be released at 9:15 a.m. ET, with expectations of a 0.3 percent rise in output last month.

[Related -Bank Stocks: The Misbegottenness of the Volcker Rule Truly Knows No Bounds]

The National Association of Home Builders is due to release its housing market index for January at 10 am ET. Economists expect the index to rise to 48 this month from 47 in December.

Investors keenly wait for the Beige Book, which gathers anecdotal information on economic conditions from each of the 12 Federal Reserve districts, at 2 pm ET.

On Tuesday, U.S. stocks closed on a mixed note as worries about discussions to increase the government's debt ceiling weighed on the sentiment. Investors also weighed some mixed economic readings and await earnings reports from major banks.  

Hot Stocks Of The Day: GS, JPM, BA, BK, CMG, WEN, ADTN, CRS, VRA

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Goldman Sachs Group Inc. (NYSE: GS) gained 2.18 percent in premarket after the company said its fourth-quarter profit almost tripled, while its earnings per share surpassed Street view by a wide margin, driven by strong revenues from investment banking and market making businesses.

JPMorgan Chase & Co. (NYSE: JPM) wavered in premarket trading after the banking giant posted a jump in quarterly earnings, reflecting strong lending and deposit growth.

Boeing Co. (NYSE: BA) dropped 3.57 percent in premarket amid reports that All Nippon Airways and Japan Airlines grounded their 787 Dreamliners  for safety checks.

Bank of New York Mellon Corp. (NYSE: BK) shed 2.54 percent in premarket. The bank posted an increase in quarterly earnings and revenue, matching market expectations, while net interest margin (NIM) fell due to higher interest-earning assets.

Chipotle Mexican Grill Inc. (NYSE: CMG) tumbled 7.48 percent in premarket after the restaurant operator guided fourth-quarter earnings below market expectations.

Carpenter Technology Corp. (NYSE: CRS) declined 6.53 percent in premarket after the maker of specialty metals forecast second-quarter earnings below consensus.

Wendy's Co. (NASDAQ: WEN) rose 5.10 percent in premarket after the quick-service hamburger company guided fiscal 2013 earnings above Wall Street view and reported a jump in quarterly earnings.

Vera Bradley Inc. (NASDAQ: VRA) surged 9.13 percent in premarket after the retailer of handbags boosted its earnings and revenue forecast for the fourth quarter and 2013.  

Global Markets

European markets retreated, with Germany's DAX down 0.39 percent to trade at 7,645.65. France's CAC40 fell 0.35 percent to trade at 3,684.69. The U.K.'s FTSE 100 shed 0.63 percent to trade at 6,079.07.

Among Asian markets, China's Shanghai Stock Exchange Composite Index fell 0.70 percent to close at 2,309.50. Japan's Nikkei 225 tumbled 2.56 percent to finish at 10,600.44. Hong Kong's Hang Seng Index slipped 0.10 percent to end at 23,356.99. India's BSE Sensex ended 0.85 percent lower at 19,817.63.  

Commodity & Currency Scan

Ahead of the opening bell, crude oil futures inched up 0.02 percent to $93.30 per barrel. Gold futures fell 0.51 percent to $1,675 per ounce.

In the currency market, the euro shed 0.26 percent against the U.S. dollar to 1.3272, and the British pound dropped 0.49 percent to 1.5987. The dollar lost 0.68 percent against the Japanese yen to 88.1900.

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