Stock Futures Higher ahead of Data. Stocks to Watch: AAPL, COST, GM, GMCR, JDSU, TDC, V, WFM
Published on Thursday, 03 May 2012 07:14 Written by Todd Shriber
New York, May 3rd (TradersHuddle.com) – Stock futures were pointing to a higher open amid positive European action ahead of a slew of economic data in the U.S., including the weekly jobless claims report that will provide the last glimpse of the state of the labor market before the crucial employment report due out tomorrow.
In Asia, stocks struggled after disappointed economic data in the U.S. and Europe, spurred worries over the strength of the global economy. In Japan, markets were closed for a national holiday, while in China the Shanghai Composite added 0.07% after jumping to a seven-week high on the prior session.
In Europe, markets were trading to the upside after positive earnings reports boosted market sentiment. France’s Societe Generale and France Telecom gained as their results helped reassured investors, while spurring a jump of more than 1% on the CAC-40 in Paris. A couple of bond auctions out of Spain and France went well, with healthy bid-to-covers, easing debt concerns in the euro zone.
The euro was falling against the Dollar, trading below the $1.32 level. Crude oil was losing 0.48% to $104.71 per barrel. Also in the energy complex, natural gas was gaining 0.44% to $2.263 per MMBtu. Gold was dropping 0.59% to $1644.20 an ounce, and silver was falling 0.73% to $30.42 an ounce. Meanwhile, copper was retreating 0.82%.
On economic news, at 8:30 am, the Labor Department will release its Weekly Jobless Claims Report, with economists expecting 375,000 initial claims for unemployment benefits. At the same time, first quarter Productivity and Unit Labor Costs data will be available. At 10 am, April ISM Services Index will be released and at 10:30 am the Energy Department will release natural gas inventory data. Through out the day, national chain retailers will post their April sales figures.
Today’s Stocks to watch: Apple (NASDAQ: AAPL), Costco Wholesale (NASDAQ: COST), General Motors (NYSE: GM), Green Mountain Coffee (NASDAQ: GMCR), JDS Uniphase (NASDAQ: JDSU), Teradata (NYSE: TDC), Visa (NYSE: V), and Whole Foods Market (NASDAQ: WFM).
Apple (NASDAQ: AAPL), the maker of iPads and iPhones, was adding 0.13% to $586.75 in pre-market. The stock has been in a weakening trend since its stellar quarterly results last month that pushed the stock back above $600 per share. Participants fret over the sharp rise in the shares during the year and the lack of new short-term catalysts to push the stock to new heights. The stock has a level of support at its ascending 50day moving average, currently at $582.92, while its 20day moving average is at the $602 area. Rival Samsung will unveil its newest device, the Samsung Galaxy S III today in London, raising the stakes in the smartphone wars. Some expect that the new device will use a Samsung processor that offers four cores and can power high-definition content. Apple is expected to release a new iPhone this fall and announce details of their new operating system, iOS 6, this summer.
Costco Wholesale (NASDAQ: COST), the owner and operator of wholesale membership warehouses, will be in focus after reporting same store sales figures that were below expectations. Costco said that total comparable sales climbed 4%, with domestic sales adding 4%, while international stores reporting an increase in sales of 3%. Costco reported net sales of $7.25 billion for the month of April, an increase of 7% from $6.80 billion during the similar period last year. Analysts were expecting for Costco’s sales to climb 5.4%.
General Motors (NYSE: GM), the world’s second largest automaker, will be in focus in the session, as the company will report quarterly results later this morning. On average analysts expect GM to earn $0.85 per share on revenues of $37.59 billion. Last quarter, the company missed earnings expectations by nearly 5%, as profit was $0.39 per share.
Green Mountain Coffee (NASDAQ: GMCR), the specialty coffee company with the original single-cup brewing technology, was plunging 40% to $29.70 in pre-market, as the momentum stock deflated and traded at a new 52-week low following lackluster earnings and a weak outlook. The company beat earnings expectations by a penny on revenues that jumped 36.7% from a year ago period to $885.1 million, which fell short of consensus. Green Mountain added to its woes after it issued downside earnings and revenue guidance for the current quarter, while lowering fiscal 2012 EPS and revenue guidance below consensus amid lower-than-expected K-Cup pack demand.
JDS Uniphase (NASDAQ: JDSU), the communications measurement and optical solutions provider, will likely see downside pressure in the session after seeing weakness in the after hours session following a revenue miss and lower revenue outlook. The company earned $0.11 per share, excluding non-recurring items, inline with consensus, on revenues that fell 9.9% from a year ago period to $409.2 million.
Teradata (NYSE: TDC), the data-warehousing provider, will be in focus after posting better than expected quarterly results and raising its fiscal 2012 guidance inline with consensus. The company earned $0.60 per share, $0.04 better than consensus, on revenues that climbed 21% to $613 million.
Visa (NYSE: V), the retail electronic payments network operator, was falling 1.46% to $120.40 in pre-market on negative reaction despite the company beating earnings and revenue expectations. Visa said it earned $1.60 per share, $0.10 better than consensus, on revenues that climbed 14.8% from a year ago period to $2.58 billion. The company reaffirmed its financial outlook for 2012, saying that it expects net revenue growth in the low double digits; marketing expenses: Under $1 billion; operating margin of about 60%; and free cash flow greater than $4 billion.
Whole Foods Market (NASDAQ: WFM), the owner and operator of organic and natural food supermarkets, was rallying 4.4% to $88 and trading at a new high in pre-market on positive reaction to its quarterly results and guidance. Whole Foods beat earnings expectations on revenues that were inline with consensus, while issuing upside earnings guidance for the full year. The company earned $0.64 per share, $0.05 better than consensus, on revenues that climbed 13.6% from a year ago period to $2.67 billion.
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