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Pre-Market Open Commentary for 09 April 2013 ( CO. REG. NO. 199904258C ) DJIA: 14613.48 +48.23 Nasdaq Composite: 3222.25 +18.39 Good morning, fellow investors US stocks reversed earlier losses to close higher on a light trading Monday. Gains, however, were modest as investors erred on the side of caution in anticipation of a lackluster earnings season. According to Thomson Reuters, the outlook for the first quarter is fairly weak, with growth expectations of 1.6%, compared to 6.2% in 4Q2012. The first quarter also has seen an unusually high number of negative warnings, with 107 negative revisions for companies in the S&P 500. On the corporate front, General Electric has agreed to buy oilfield services giant Lufkin Industries for US$3.38 bil in cash, or US$88.50 a share. Shares of Lufkin Industries surged 38.6% following the news. All the three major US indices closed firmer with the Dow Jones Industrial Average gaining 0.33% while the S&P 500 rose 0.63% to 1563.07. The Nasdaq Composite index climbed 0.57%. After the closing bell, Aluminum producer, Alcoa, kicked off the first quarter earnings season on a down note. Alcoa reported higher than expected earnings, excluding special items, of US$121 mil, or 11 US cents per share but disappointed on revenue of US$5.88 bil, against expectations of US$5.83 bil. The share price retreated 1.4% in after-hours trading. In 2013, Alcoa is expecting global aluminum demand to grow 7%. There are no major economic readings due on Tuesday except for wholesale inventories. Crude oil for May delivery rose US$0.66 a barrel, or 0.71%, to settle at US $93.36 a barrel. In Singapore today: Asian markets, particularly those in Shanghai and Hong Kong, retreated on worries over a new strain of avian flu while rising geopolitical tensions with North Korea after reports that Pyongyang may be preparing for a fourth nuclear test further weakened sentiment. Defying the regional trend, the Japanese market continued to soar, revisiting the 13,000 mark, as the yen continued to depreciate against the greenback to the weakest level since 2009 at 98.8. Singapore shares weakened on modest volumes as investors pared positions and kept largely to the sidelines. At closing, the STI index lost 15.17 points, or 0.46%, to close at 3284.61. For every stock that rose, 2.2 fell. Turnover was 3.7 bil shares with a value of $1.4 bil traded. Macquarie International Infrastructure Fund (MIIF) is seeking unitholder’s approval through a special general meeting on 30 April 2013 on its planned divestment of MIIF’s 47.5% interest in Taiwan Broadband Communications to the trustee-manager of Asian Pay Television Trust (APTT). APTT will be a business trust registered with the Monetary Authority of Singapore and has received an eligibility-to-list approval on the Main Board of the Singapore Exchange Securities. MIIF is in the process of divesting its assets as it prepares to wind down and distribute divestment proceeds to shareholders. Expect the local bourse to advance following positive leads from Wall Street. However, gains are likely to be modest in anticipation of weak growth in the coming earnings season. 1. Chartzones – 9 April 2013 (premium)
This message was edited by stand up n wake up on 09-Apr-2013 @ 12:02 PM
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