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To: NetResearch Asia 23 Apr 2013
US market remains firm on temporary weakness in housing data
Pre-Market Open Commentary for 23 April 2013
( CO. REG. NO.
199904258C )
DJIA: 14567.17 +19.66
Nasdaq Composite: 3233.55 +27.49
Good morning, fellow investors
US stocks finished with slim gains on Monday, led by technology and energy
sectors, as upbeat corporate earnings overshadowed weakness in housing
data.
Microsoft gained 3.6% following reports that activist investor ValueAct CEO
Jeffrey Ubben took a US$2.0bil stake in the software giant, making the
hedge fund one of Microsoft’s largest shareholder. Netflix announced a
strong set of 1QFY13 results with earnings per share of 5 UScts compared to
losses of 8 UScents in 1QFY12 on the back of revenue growth of 17.3% to US
$1.02bil, a sign that the original “House of Cards” video series is paying
off. After rising 6.7%, Netflix shares surged a further 24.7% in
after-hours trading. Separately, oilfield services company Halliburton
reported upbeat earnings led by increased international business that
helped offset weakness in the North American market, lifting the share
price 5.6% higher.
Market was not rattled by small signs of weakness in the housing market as
it appears to be temporary. Sales of previously owned US homes unexpectedly
dropped in March by 0.6% to a 4.92 mil annual rate, below expectations of a
rise to 5.0mil rate. However, the slower sale is likely a reflection of a
fall in inventory of cheaper properties for sale which may be restraining
the pace of recovery in the housing market in the near term.
All the three major US indices closed with modest gains with the Dow Jones
Industrial Average gaining 0.14% while the S&P 500 rose 0.47% to 1562.50.
The Nasdaq Composite index outperformed, gaining 0.86%.
Market will seek directions from the highly anticipated Apple earnings
results due on Tuesday. Additionally, market will look to PMI manufacturing
index for signs of recovery in the US manufacturing sector and readings on
home price index and new home sales for the housing market outlook.
Crude oil for May delivery gained US$0.75 a barrel, or 0.85%, to settle at
US$88.76 a barrel.
In Singapore today:
Asian stock markets finished mostly higher, led by Japan’s Nikkei 225 index
that surged 1.9% as the yen continues to depreciate against the greenback.
Gains were led by exporters after central bankers of other Group of 20
economies issued a statement that did not oppose to Bank of Japan’s latest
monetary easing policy. In the absence of fresh economic leads, Singapore
shares drifted sideways on cautious trading for most of the session on
selected gains as well as rotational gains among penny caps. At closing,
the STI index pushed higher by 14.87 points, or 0.45%, to 3308.92 lifted by
gains on two blue-chip shares, Jardine Matheson and Thai Beverage. Market
breadth was flat at best. Turnover was thin with 2.3 bil shares with a
value of $1.2 bil traded.
Shares of Fraser and Neave (F&N) fell to the lowest in six months
yesterday, closing 44 cents, or 4.7%, lower at $9.00, when the property and
drinks conglomerate resumed trading after a two-month trading halt. The
weakness is likely a result of uncertainties over the company's direction.
F&N will have until July 19, 2013 to restore its free float above 10%. In
contrast, shares of Thai Beverage, which holds about 30% of F&N, rose 4.4%
to S$0.59 each.
Expect cautious trading on the local bourse today ahead of data from
China’s vast manufacturing sector. The reading will be widely monitored
following reports of a weaker than expected China GDP reading of 7.7% in
1Q2013 (+7.9% in 4Q2012) last week.
1. Chartzones – 23 April 2013 (premium)
Media, China Stocks and Technology Stocks [read the report]
2. JEP Holdings - Initiating Coverage (free)
Ready for takeoff [read the report]
....
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23-Apr 2013 Tuesday
1:11 PM (4023 days ago)
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