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Stocks May Move Back To The Upside In Early Trading - U.S. Commentary - RTT News
6/12/2012 8:59 AM ET
(RTTNews) - After ending the previous session firmly in negative territory, stocks are likely to regain some ground in early trading on Tuesday. The major index futures are currently pointing to a moderately higher open for the markets, with the Dow futures up by 50 points.
The markets may benefit from bargain hunting following the sell-off that was seen over the course of the trading day on Monday. Stocks also remain at relatively low levels following the steep drop that was seen throughout the month of May.
Traders also continue to digest news of the bailout for Spain, which has requested 100 billion euros from a euro area bailout fund in order to shore up its banking system.
Nonetheless, trading activity may be somewhat subdued amid a relatively light day in terms of economic data and significant corporate news.
The Labor Department recently released its report on import and export prices, however, with the report showing a 1.0 percent drop in import prices and a 0.4 percent decrease in export prices.
The drop in import prices, which compared to economist estimates for a 1.1 percent decrease, was largely due to a 4.2 percent decrease in prices for fuel imports.
Among individual stocks, shares of Texas Instruments (TXN) could be in focus after the chip maker narrowed its second quarter guidance. The company now expects earnings of $0.32 to $0.36 per share on revenues of $3.28 to $3.42 billion.
Juniper Networks (JNPR) may also attract attention after announcing a new stock buyback program to purchase up to $1 billion of its stock in addition to the $1 billion it approved in 2010.
After failing to sustain an early upward move, stocks moved sharply lower over the course of the trading day on Monday. Early optimism about the aid package to Spain gave way as investors questioned whether the move represents a long-term fix to the euro-zone debt crisis.
The major averages saw further downside going into the close, ending the session just off their worst levels of the day. The Dow dropped 142.97 points or 1.1 percent to 12,411.23, the Nasdaq tumbled 48.69 points or 1.7 percent to 2,809.73 and the S&P 500 slid 16.73 points or 1.3 percent to 1,308.93.
In overseas trading, stock markets across the Asia-Pacific region moved mostly lower on Tuesday, partly offsetting Monday's strong gains. Japan's Nikkei 225 Index fell by 1 percent, while Hong Kong's Hang Seng Index ended the day down by 0.4 percent.
Meanwhile, the major European markets are seeing modest strength on the day. While the French CAC 40 Index is up by 0.2 percent, the U.K.'s FTSE 100 Index and the German DAX Index are both up by 0.3 percent.
How Apple manager was so impressed by Steve Jobs' 'F***chop' insult he put it on his BUSINESS CARD - Daily Mail
By Graham Smith
|
It is hardly the most complimentary of names.
But Steve Jobs once became so exasperated with a senior Apple employee that he called him a 'f***chop' - and the executive was so pleased he put it on his business card.
Andy Grignon, a former senior business manager at the tech giant, shared a photo of his card in a post on social website Geeklist.
Strange compliment: Steve Jobs once called senior Apple employee Andy Grignon a 'f***chop' - and the executive was so pleased he put it on his business card
It states, simply: 'Andy Grignon, F**kchop, iPod'.
Just how he got approval for the extraordinary business card has also been revealed.
Mr Grignon said that his card was automatically approved after two weeks, but only because it was not explicitly rejected by a manager.
He recalled the moment he was bestowed with the dubious honour.
He said: 'In the early iChatAV days, one of the many things Steve Jobs called me was a "f***chop".
'When I got to iPod, I thought it would make a nice title.'
Mr Grignon has previously claimed that he was the first person in the world to ever receive a call from an iPhone.
Late Apple boss Mr Jobs was not renowned for pussy-footing around his employees.
Mr Grignon said that his card was automatically approved after two weeks, but only because it was not explicitly rejected by a manager
Walter Isaacson, his authorised biographer, told 60 Minutes last year: 'He’s not warm and fuzzy... He could have been one of the world’s worst managers.'
Apple today revealed that it is creating a 3D map of the world in direct competition with Google over online maps.
The computer giant admitted to having a fleet of planes and helicopters which have been flying over major cities around the world.
It also plans to monitor iPhone owners when they drive to create live maps of traffic congestion.
The maps have a special 'flyover' feature that let users virtually fly around major cities.
'We have been flying in helicopters and planes, building up a 3D model of these places,' said Scott Forstall of Apple.
Apple's move to add 3D maps comes on the heels of Google's announcement last week that it would do the same with similar technology.
But Apple has aimed to one-up Google with its plans to use 'anonymous, real time data from iPhone users to keep traffic data up to date.'
The traffic monitoring is part of a new satellite navigation feature in the maps app.
Analysts said the decision to abandon Google Maps, which has provided mapping data for the iPhone since it was introduced in 2007, is the start of a 'mapping war'.
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Stocks throws no-hitter for C.B. South in softball semifinal - Philadelphia Daily News
For third baseman Morgan Decker, that point came during the third inning of the Titans' 7-0 win over Pennsbury (22-5).
Once Stocks retired the first nine batters she faced, "It's no longer you're doing it for the win," Decker said. "You're also doing it for a teammate."
By the end of the PIAA Class AAAA semifinal, Decker's uniform was covered with dirt. She had preserved her fellow senior's first high school no-hitter with two spectacular plays.
In the fifth inning, Decker went for a grounder, balanced on her knees, and threw out the Falcons' No. 7 hitter, Farryl Groder, by a step. In the sixth, No. 9 hitter Taylor Boltersdorf sliced a foul several feet to the right of the third-base bag. Again, Decker ranged over and dove to make the catch.
"That energizes you," Decker said of the no-hitter. "Everyone knew. Everyone realized. Just nobody wanted to say anything."
From the bench, coach Dan Hayes sensed "something special" could happen beginning in the third inning, too. He had seen Stocks dominate all season long, so a no-hitter was a possibility.
On this day, Hayes watched batter after batter step to the plate and hit nothing more than a jam-shot fly ball or grounder off the end of the bat.
"Every pitch was a good pitch," he said.
The only Titans player whose adrenaline didn't skyrocket, it seemed, was Stocks herself. She simply focused on her wind-up and the catcher's mitt.
Last year, after reaching the state final and state semifinals the two previous years, C.B. South's season of high expectations ended in the district quarterfinals.
"It was just bitter," Stocks said. "We don't really want to feel that way again."
On Monday, Stocks said she wasn't worried about giving up hits, only about getting the win.
The Titans (21-4), who are led by eight seniors, scored three runs in the first inning, including two on a double by catcher Lauren Klepchick. Stocks added two in the second with a long home run to center field.
On the mound, a four-pitch walk to No. 3 hitter Christina Bascara was the only mistake she made all afternoon. Stocks, a Robert Morris recruit, threw 77 total pitches, 50 for strikes, and never more than 17 in one inning. She struck out four batters, but none after the fourth.
Asked whether she had thrown a no-hitter before, Stocks said: "I think I have. I know I threw a perfect game when I was, like, 10. I don't really keep track of it."
When Pennsbury's Suzanne Swanicke flied out to center for the final out, Stocks walked off the mound smiling and slapped hands with Hayes, who met her in front of the first-base dugout.
The unassuming righthander had just thrown a no-hitter in a state semifinal - against last year's state runner-up, no less - but all she received afterward were a few pats on the back from her teammates and a couple of hugs from her grandparents.
As the umpires exited through the right-field gate, one turned to the other two: "She pitched a no-hitter?" he asked.
Pennsbury 000 000 0 - 0 0 1
Central Bucks So. 320 101 x - 7 8 0
WP: Haileigh Stocks. LP: Val Buehler. 2B: CB–Morgan Decker, Lauren Klepchick. HR: CB–Haileigh Stocks.
Contact Brian Kotloff at rallysports@phillynews.com.
Financial Services Bill - BBC
Assembly members have supported a motion which will help to extend the services of credit unions in Northern Ireland, on 11 June 2012.
The legislative consent motion was tabled by Enterprise Minister Arlene Foster and concerned the Financial Services Bill which has been introduced in the House of Commons.
The motion sought agreement from members that the transfer of functions relating to mutual societies should be considered by the UK Parliament.
Mrs Foster said the reform of credit unions in Northern Ireland would follow the example set by recent changes to credit union regulations in Great Britain.
These allow the unions to provide a wider range of financial products, including paying interest on savings accounts, and extending membership to community groups and companies.
Enterprise committee chairman Alban Maginness of SDLP welcomed the motion calling it "timely" and "another step in the journey in permitting credit unions in Northern Ireland to expand their services to their clients in Northern Ireland".
Sinn Fein's Jennifer McCann said the assembly had been debating this issue from 2008 and so she was glad to see it moving forward.
She asked for the reform of credit unions to be progressed as soon as possible.
Ulster Unionist Sandra Overend said local credit unions played an important role for many in Northern Ireland and "it is important they are given the proper legislative framework".
Stewart Dickson of the Alliance Party acknowledged that some credit unions would find the changes "very difficult" but welcomed the protection they would bring.
Introducing our new edition: Financial News for iPad - efinancialnews.com
We have recently launched the new Financial News for iPad app so subscribers can easily read our daily news and analysis of the European capital markets.
Weekly newspaper
One of the key features of the new app is a section dedicated to the weekly newspaper so you can catch up on the past four editions. Each issue is published in its own separate carousel, so you can easily scan through the edition’s news, analysis and comment from the print edition.
If you want to be the first to read the week’s latest issue, you just need to refresh the app any time after midnight on Sunday, when new content is updated.
Trending topics and Archive
You can also find out which Financial News stories are causing the biggest waves by visiting the “Trending” section in the iPad app.
The section showcases the stories that have been attracting the most attention – with a section for the 10 most read and the 10 most shared on the website.
The section also picks up which topics you are most interested in, and allows you to build a “tag search” based on your iPad history.
So if you’ve read lots of stories about “hedge funds” and “derivatives”, you can search stories on the iPad using those two tags.
And of course, if you want to view stories in full Financial News archive, just tap on the Archive icon and you will get access to the 16-year archive.
Other features include:
•Ability to personalise your front page with 12 innovative carousels
•Carousels include: Top Stories; the four core sectors of Investment Banking; Asset Management; Trading & Technology; and Private Equity
•Other carousels include: People news; US News; and Blog
•FN100 carousel to showcase the industry's powerlists
•Special Reports carousel to showcase our special features, reports and analysis
•Off-line reading to read when on-the-move, whether it is on the Tube, taxi or plane
Financial News for iPad is FREE to all subscribers and can be downloaded at http://www.efinancialnews.com/ipad
Stocks Open Higher, but EU Worries Persist - CNBC
Stocks opened higher Tuesday, struggling to recover from the previous session's declines, but investors remained cautious over the uncertainty in the euro zone.
The Dow Jones Industrial Average opened higher, led by DuPont [DD Loading... () 
] and Boeing [BA Loading... () ], after snapping a four-day winning streak in the previous session.
The S&P 500 and the Nasdaq also gained at the open. The CBOE Volatility Index, widely considered the best gauge of fear in the market, traded near 23.
Among the key S&P sectors, materials led the gainers, while financials edged lower.
Stocks initially gained at the open Monday, but added to losses throughout the session to finish down more than 1 percent across the board as initial euphoria over Spain's bank bailout fizzled and amid ongoing fears over a global economic slowdown.
European shares were mixed in choppy trade with investors changing focus from Spain to Greece ahead of the June 17 general elections, seen as a referendum on the debt-ridden nation's future in the euro zone.
On the economic front, import prices recorded their biggest decline in almost two years as energy and food costs fell 1.0 percent in May, according to the Labor Department. Meanwhile, export prices slipped 0.4 percent, the first drop since December. Economists had expected a decline of 0.1 percent.
Among earnings, Michael Kors [KORS Loading... () ] soared after the designer clothing and handbag maker beat profit expectations and handed in a full-year earnings and revenue forecast that exceeded estimates.
Texas Instruments [TXN Loading... () ] was flat after the chipmaker narrowed its second-quarter forecast, saying it expects earnings per share to now fall between 32 cents to 36 cents, from a previous estimate of 30 cents to 38 cents. It projects revenue to fall between $3.28 billion to $3.42 billion, versus a previous estimate of between $3.22 billion to $3.48 billion. Meanwhile, at least three brokerages cut their price target on the firm.
Juniper Networks [JNPR Loading... () ] climbed after the data network equipment maker announced a stock buyback of up to $1 billion.
Apple [AAPL Loading... () ] edged higher after Canaccord Genuity raised its price target on the tech giant to $800 from $775. The upgrade comes a day after Apple's annual Worldwide Developers Conference largely failed to impress investors, even after the company unveiled its next-generation MacBook Air and MacBook Pro laptops in addition to a new version of its mobile operating system, iOS 6. (Read More: Apple Stock at $1,000? Analysts Say Within Two Years)
The government is expected to auction $32 billion in 3-year notes, with the results available shortly after 1 pm ET.
And the Treasury’s monthly budget for May is expected at 2pm ET. Economists polled by Briefing.com forecast a $125 billion deficit, against a $57.6 billion deficit in April.
At 11:30 am ET, Fed Governor Daniel Tarullo will give a speech at the Federal Reserve Bank of San Francisco about shadow banking.
The National Federation of Independent Business Small Business Optimism Index for May showed a slight decline amid the political and economic uncertainty.
—By CNBC’s JeeYeon Park (Follow JeeYeon on Twitter: @JeeYeonParkCNBC)
Coming Up This Week:
TUESDAY: Fed Gov. Tarullo speaks, 3-yr note auction, GM shareholders mtg
WEDNESDAY: Weekly mortgage apps, PPI, retail sales, business inventories, oil inventories, 10-yr note auction, OPEC mtg, Caterpillar shareholders mtg, Dimon testifies before Senate
THURSDAY: CPI, jobless claims, current account, 30-yr bond auction, AOL shareholders mtg; Earnings from Kroger, Smithfield Foods, Pier 1 Imports
FRIDAY: Empire state mfg survey, treasury int'l capital, industrial production, consumer sentiment, credit card default rates reported, quadruple witching
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