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The Dow & S&P 500 hit fresh highs | | | | | | From: NetResearch Asia [mailto:postman@netresearch-asia.com]
Sent: Tuesday, July 16, 2013 10:04 AM
To: NetResearch Asia 16 Jul 2013
Subject: The Dow & S&P 500 hit fresh highs
Pre-Market Open Commentary for 16 July 2013
( CO. REG. NO.
199904258C )
DJIA: 15484.26 +19.96
Nasdaq Composite: 3607.49 +7.41
Good morning, fellow investors
US stock market closed a lackluster trading session modestly higher on
Monday with the Dow Jones Industrial average and S&P 500 surpassing record
highs for the third consecutive session following upbeat earnings report
from Citigroup.
Sentiment was lifted after Citigroup surprised market with a stronger than
expected 26% rise in quarterly profit to US$1.25 per share, against
estimate of US$1.17 per share, as stronger home prices reduced losses on
mortgage and trading revenue rebounded. Shares of Citigroup rose 2.0%.
Market gains, however, were tempered by a weak sales report which rose 0.4%
in June, lifted by higher demand for automobiles and higher gasoline
prices, but missed expectations of a gain of 0.8%, after rising 0.5% in
May. Notwithstanding the weaker report, gains in retail sales represented
the third consecutive month of growth. On a positive note, the
manufacturing sector continued to show signs of expansion in the New York
state with the index of manufacturing activity in the region accelerating
to 9.46 in July, from 7.84 in June.
Shares of Leap Wireless surged 112.4% following news that AT&T plans to
acquire the firm for US$15 per share in cash or about $1.2bil, representing
an 88% premium to the closing price of Leap Wireless shares last Friday.
The three major US indices rose modestly with the Dow Jones Industrial
Average gaining 0.13% while the S&P 500 rose 0.14% to close at 1682.50. The
Nasdaq edged 0.21% higher.
On Tuesday, market will take leads from consumer price index, industrial
production, housing starts, building permits, as well as earnings from
Goldman Sachs, Yahoo, Cocoa-Cola and Johnson & Johnson.
Crude oil for August delivery made slim gains, rising US$0.37 a barrel, or
0.35%, to settle at US$106.32 a barrel.
In Singapore today:
Singapore stock market rose modestly on Monday as sentiment was boosted by
China’s 2Q2013 growth data that came in within expectations, instead of
below expectations following a series of disappointing trade and
manufacturing data recently. China's economic growth slowed to an annual
7.5% in 2Q2013, from 7.7% in 1Q2013, marking the second consecutive quarter
of slowing growth. Sentiment was also underpinned by the People’s Bank of
China’s supportive comments that it would use a mix of policy tools to
adjust banking liquidity to ensure steady credit growth, in its effort to
soothe concerns regarding tighter monetary conditions. Early gains on the
STI index whittled away during the session and at closing, the benchmark
index eked out a gain of 0.76 points, or 0.02%, to 3236.82. For every stock
that rose, 1.2 fell. Turnover was 2.0 bil shares with a value of $980.3 mil
traded.
Singapore Press Holdings (SPH) reported results with an 80.7% surge in net
profit to $187.5mil in the third quarter ending May 31, 2013, lifted
largely by a one-off fair value gain of $111.4mil arising from an
accounting change in the recognition of its investment properties, in light
of the firm’s proposed injection of some of its properties into a trust.
Shares of SPH closed unchanged at $4.33.
Expect range-bound trading on the local bourse today following an overnight
lackluster session with modest gains on Wall Street and as investors are
likely to stay largely sidelines ahead of more US corporate results and
economic releases this week.
1. Chartzones – 16 July 2013 (premium)
Media, China Stocks and Technology Stocks [read the report] | |
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