Join        Login             Stock Quote

Futures Creep Higher Before Fed Minutes; Garmin (GRMN) Tumbles

 February 20, 2013 09:03 AM

(By Balachander) U.S. stock-index futures pointed to a modestly higher opening on the Wall Street as investors awaited the latest minutes of Federal Reserve meeting and weighed a batch of economic readings.

Mini Dow Industrial Average futures rose 7 points to 14,014. The Nasdaq futures rose 0.50 points to 2,781.25. Standard and Poor's 500 futures gained 0.10 points to 1,528.20.

The U.S. Labor Department said core producer price index advanced 0.2 percent last month, matching economists expectations. The headline index also rose 0.2 percent, versus estimate of an increase of 0.4 percent for January.

Another reported showed housing starts in the United States declined 8.5 percent to 890,000 for January, while permits for future building construction rose 1.8 percent to 925,000, according to the U.S. Census Bureau and the Department of Housing and Urban Development. Economists' expected housing starts at 925,000 and building permits of 915,000.

[Related -Allscripts Healthcare Solutions Inc (MDRX): Profit From Health Care And Big Data With This Unloved Stock]

At 2 p.m. ET, the Fed will release the minutes of its Jan 29-30 policy-setting committee meeting.

On Tuesday, U.S. stocks closed in green amid hopes of corporate merger activity and strong economic sentiment data from Germany also buoyed sentiment. 

Hot Stocks Of The Day: ODP, OMX, ADI, GRMN, MDRX, SODA, LZB

[Related -Analog Devices, Inc. (ADI) Q4 Earnings Preview: What To Watch?]

Office Depot Inc. (NYSE: ODP) jumped 8.76 percent in premarket after agreeing to acquire OfficeMax Inc. (NYSE: OMX) in a stock deal. Office Depot will issue 2.69 new shares for each outstanding OfficeMax common stock. OMX rose 9.00 percent in premarket.

Dell Inc. (NASDAQ: DELL) edged lower in premarket after the PC maker reported a 31 percent drop in quarterly earnings due to lower revenue across its units and regions.

Analog Devices Inc. (NASDAQ: ADI) shed 1.08 percent in premarket after the integrated circuits maker posted quarterly results that missed market expectations.

Garmin Ltd. (NASDAQ: GRMN) tumbled 9.20 percent in premarket after the maker of navigation devices reported a drop in quarterly earnings as declines in personal navigation devices (PND) resulted in lower revenue and the company guided 2013 below consensus.

Allscripts Healthcare Solutions Inc. (NASDAQ: MDRX) added 2.86 percent in premarket after the provider of clinical software applications posted better-than-expected quarterly revenue.

Sodastream International Ltd. (NASDAQ: SODA) lost 3.30 percent in premarket after the company reported its fourth quarter results. Earnings and revenue rose, while gross margin contracted.

La-Z-Boy Inc. (NYSE: LZB) jumped 9.96 percent in premarket after the maker of reclining chairs announced quarterly results that topped Wall Street projections. 

Global Markets

European markets traded mixed, with Germany's DAX up 0.14 percent to trade at 7,762.88. France's CAC40 shed 0.22 percent to trade at 3,727.47. The U.K.'s FTSE 100 rose 0.39 percent to trade at 6,404.21.

Asian markets ended higher. The Shanghai Composite Index rose 0.60 percent to end at $2,397.18. Japan's Nikkei 225 added 0.84 percent to end at 11,468.28. Hong Kong's Hang Seng gained 0.71 percent to close at 23,307.41. India's Sensex closed at 19,462.75, up 0.04 percent. 

Commodity & Currency Scan

Ahead of the opening bell, crude oil futures traded 0.08 percent higher at $96.74 per barrel. Gold futures fell 0.66 percent to $1,593.60 per ounce.

In the currency market, the euro slid 0.12 percent against the U.S. dollar to 1.3371, and the British pound fell 0.73 percent to 1.5313. The dollar dropped 0.06 percent against the Japanese yen at 93.5100.



Post Comment -- Login is required to post message
Alert for new comments:
Your email:
Your Website:

rss feed

Latest Stories

article imageWorld Growth: Mediocre or Pathetic?

The recent disappointing performance of the world economy has been labelled as the "new mediocre" by read on...

article imageSurvey Data For US Services Sector Hint At Mild Q2 Rebound

Yesterday’s discouraging numbers on job growth in April via the ADP Employment Report raise doubts about a read on...

article imageADP: US Job Growth Stumbled In April

Employment growth at US companies slowed in April to the weakest gain in three years, according to this read on...

article imageBogle Says Indexing Destined To Win The Battle Of The Quants

Vanguard founder John Bogle gave a powerful speech last month at the Q Group’s Spring Seminar that lays out read on...

Popular Articles

Daily Sector Scan
Partner Center

Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.