Futures Lower on Concern over Fiscal Cliff Talks. Stocks to Watch: AEO, ADI, AAPL, GMCR, GES, JASO, MCK, PVH
Published on Wednesday, 28 November 2012 07:14 Written by Christopher Lynn
New York, November 28th (TradersHuddle.com) – Stock futures were pointing to a lower opening amid global weakness, as jitters increased over the possibility that the Fiscal Cliff could hit the U.S. economy. In Washington, the debate continues over the best way to cut the deficit and to increase revenue, with little progress being made.
In Asia, stocks closed lower amid disappointment over the progress of the fiscal cliff talks in the U.S. The Nikkei fell, closing at a one week low. Japanese equities were under pressure, as exporters dragged down shares over a raising yen. In China, the Shanghai Composite fell 0.62%, hitting a fresh 4-year low.
In Europe, markets were trading to the downside, as participants shifted focus from Greece to the U.S. Jitters over the Fiscal Cliff weighed on sentiment, particularly as there seems to be little progress in the negotiations, as the debate continues in the U.S. between both political parties over the best way to raise revenue.
The euro was falling against the Dollar, trading just above the $1.29 level. Crude oil was losing 0.61% to $86.65 per barrel. Also in the energy complex, natural gas was slumping 0.32% to $3.757 per MMBtu. Gold was dropping 0.19% $1739.00 an ounce, and silver was sliding 0.39% to $33.85 an ounce; meanwhile copper was retreating 0.41%.
On economic news, at 10 am the October New Home Sales figures will be available. At 10:30 am, the Energy Department will release its weekly inventory report on crude oil and distillates and at 2 pm, the Federal Reserve will release its October Beige Book.
Today’s Stocks to watch: American Eagle Outfitters (NYSE: AEO), Analog Devices (NYSE: ADI), Apple (NASDAQ: AAPL), Green Mountain Coffee (NASDAQ: GMCR), Guess (NYSE: GES), JA Solar (NASDAQ: JASO), McCormick (NYSE: MCK), and PVH Corp. (NYSE: PVH).
American Eagle Outfitters (NYSE: AEO), specialty retailer of casual apparel and outerwear for men and women, will report its quarterly results later this morning. On average analysts expect a profit of $0.39 per share on revenue of $873.26 million. The highest earnings estimate is $0.42 per share, while the lowest is $0.37. Last quarter, American Eagle earned $0.21 per share, which was inline with consensus.
Analog Devices (NYSE: ADI), the maker of integrated circuits for instrumentation, tumbled 2.6% in after hours after issuing cautious guidance for the current quarter. The company beat earnings expectations by a penny on revenue that fell 3% from a year ago, inline with consensus. Analog Devices earned $0.58 per share on revenue of $695 million.
Apple (NASDAQ: AAPL), the maker of iPads and iPhones, was losing 0.48% in pre-market, amid the weak tape. The stock retreated 0.8% in the prior session after surging in the past trading days above its 20day moving average and its 200day exponential moving average. On Monday, Citigroup made a trading call and initiated the stock with a Buy rating and a target price of $675. Data from research firms showed retailers had a strong showing on both online and retail stores, which bodes well for the tech giants holiday quarter results that would have the full impact of the iPhone 5 and the new iPad mini.
Green Mountain Coffee (NASDAQ: GMCR), the specialty coffee company with the original single-cup brewing technology, was surging more than 23% in pre-market following better than expected results and upside guidance. The company earned $0.64 per share, $0.16 better than consensus, on revenue that jumped 33% from a year ago to $946.7 million versus consensus of $902.25 million.
Guess? (NYSE: GES), the denim and cotton casual clothing maker and retailer, will be in focus as participants adjust positions ahead of the release of its quarterly results after the closing bell. On average analysts expect a profit of $0.54 per share on revenue of $621.7 million. The highest earnings estimate is $0.68 per share, while the lowest is $0.48. Last quarter, Guess earned $0.30 per share, 15.4% above consensus.
JA Solar (NASDAQ: JASO), the China based solar cells manufacturer, reported mixed quarterly results, with earnings missing estimates and revenue beating consensus. The company said its loss was $0.30 per share, $0.11 worse than consensus, on revenue that tumbles 32.8% from a year ago to $260.9 million versus consensus of $230.28 million. The total shipments in the quarter were 418 MW, which was well above the prior company’s guidance of 350 to 370 MW.
McCormick (NYSE: MCK), the provider of certified health care information technology and pharmaceutical distributor would be in focus after increasing its quarterly dividend by 9.7% from $0.31 per share to $0.34 per share.
PVH Corp. (NYSE: PVH), the multi-brand apparel maker, gained more than 1% in after hours following the release of its quarterly results, while it issued mixed current quarter guidance, with earnings below consensus and revenues above expectations. PVH earned $2.34 per share, $0.05 better than consensus, on revenue that fell 0.7% from a year ago to $1.64 billion.
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