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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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