Futures Lower amid Greece Jitters. Stocks to Watch: AKS, AAPL, CSCO, DKS, HOLX, HD, KORS, SKS, TJX
Published on Tuesday, 13 November 2012 07:29 Written by Christopher Lynn
New York, November 13th (TradersHuddle.com) – Stock futures were pointing to a lower open after worries in Europe weighed on sentiment. Weaker than expected German ZEW data coupled with jitters over Greece’s ability to receive the next tranche of aid, spurred a retreat from risk in overseas markets, which was pressuring the U.S. markets in the early going.
In Asia, stocks tumbled hitting new lows amid global jitters. Renewed concerns over Greece financial aid and the possibility of a new recession in the U.S. economy with the Fiscal Cliff looming sparked a significant risk aversion trade. The Nikkei fell 0.18%, hitting a new 4-week low, while the Shanghai Composite slumped 1.5%, ending at its lowest level in seven weeks after Chinese media reported that curbs on the housing market will remain in place.
In Europe, markets were trading under pressure amid weak German data and on the uncertainty over additional financial aid to debt-stricken Greece. The disagreement between the IMF and the EU over the conditions for Greece to access the next tranche of aid, spurred further uncertainty over Greece’s future. Additionally, weak German ZEW data sparked fears over a deeper slowdown in Europe’s largest economy, dragged down by the region’s debt crisis and by the Chinese slowdown.
The euro was losing against the Dollar, trading below the $1.27 level. Crude oil was falling 0.86% to $84.83 per barrel. Also in the energy complex, natural gas was jumping 0.95% to $3.604 per MMBtu. Gold was sliding 0.28% $1726.10 an ounce, and silver was slumping 0.42% to $32.385 an ounce; meanwhile copper was retreating 0.81%.
Today’s Stocks to watch: AK Steel (NYSE: AKS), Apple (NASDAQ: AAPL), Cisco Systems (NASDAQ: CSCO), Dick’s Sporting Goods (NYSE: DKS), Hologic (NASDAQ: HOLX), Home Depot (NYSE: HD), Michael Kors (NYSE: KORS), Saks (NYSE: SKS), and TJX Companies (NYSE: TJX).
AK Steel (NYSE: AKS), the steelmaker, will be in focus after the company lowered its fourth quarter EPS guidance below consensus. AK Steel said that it expects a wider loss than consensus, seeing a loss of $0.39 to $0.34 per share, amid a decline in the average selling price of about 5%. Last week, AK Steel announced a price increase for its stainless and carbon steel products.
Apple (NASDAQ: AAPL), the maker of iPads and iPhones, was falling 0.3% to $541.22 in pre-market. The stock is trading near its calculated support at the $533 level after breaking its 200day moving average earlier in the year. Yesterday, Microsoft CEO Steve Ballmer said that its new Surface tablet computer is selling very well and over the weekend Apple and HTC Corp announced a global patent settlement, which includes a 10-year licensing agreement. A similar agreement with Samsung could bring $2.5 billion in licensing fees to Apple on a per year basis. The stock will not see an increase momentum to the upside, until it recaptures the $560 level.
Cisco Systems (NASDAQ: CSCO), the world’s largest maker of networking equipment, will be in focus as participants adjust positions ahead of its quarterly results scheduled for after the closing bell. On average analysts expect a profit of $0.46 per share. The highest earnings estimate is $0.48, while the lowest is $0.44 per share. Last quarter, Cisco earned $0.47 per share, 2.2% above consensus. Last week, JPMorgan cut the rating on the stock to Neutral.
Dick’s Sporting Goods (NYSE: DKS), the sporting goods retailer, will be in focus as it report quarterly results later this morning. On average analysts expect a profit of $0.37 per share. The highest earnings estimate is $0.39, while the lowest is $0.36 per share. Last quarter, Dick’s gained $0.65 per share, 1.6% above consensus.
Hologic (NASDAQ: HOLX), the maker of imaging systems focused on health for women, will be in focus after slumping 1.4% in after hours following poor investor reaction to a weak current quarter and full-year guidance. The company reported a profit of $0.37 per share, $0.01 better than consensus, on revenue that jumped 28.5% from a year ago to $600.2 million versus consensus of $581.12 million.
Home Depot (NYSE: HD), the biggest home improvement retailer, will be in focus after its quarterly results beat expectations and it raised fiscal 2013 guidance above consensus. Home Depot said it earned $0.74 per share, $0.03 better than consensus, on revenue that climbed 4.6% from a year ago to $18.13 billion versus consensus of $17.9 billion. The retailer raised its guidance for fiscal 2013, saying it sees EPS at $3.03 on revenue growth of 5.2%. Additionally, comparable store sales for the third quarter climbed 4.2%, while domestic same store sales gained 4.3%.
Michael Kors (NYSE: KORS), the high fashion retailer, will be in focus as the company report its quarterly results later this morning. On average analysts expect a profit of $0.40 per share. The highest earnings estimate is $0.42, while the lowest is $0.39 per share. Last quarter, Michael Kors earned $0.34 per share, 70% above consensus.
Saks (NYSE: SKS), the owner and operator of Saks Fifth Avenue stores, will be in focus as the company report its quarterly results later this morning. On average analysts expect a profit of $0.12 per share. The highest earnings estimate is $0.13, while the lowest is $0.10 per share. Last quarter, Saks lost $0.05 per share, 44.4% above consensus.
TJX Companies (NYSE: TJX), the owner and operator of T.J. Maxx and Marshalls chains, will be in focus as the company report its quarterly results later this morning. On average analysts expect a profit of $0.61 per share. The highest earnings estimate is $0.63, while the lowest is $0.60 per share. Last quarter, the company earned $0.56 per share, 1.80% above consensus.
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