Market Overview

#PreMarket Primer: Friday, February 7: Jobs Friday

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The market continues to tell investors that volatility is here to stay at least for now. The VIX is hovering around 20 after spending much of 2013 somewhere around 12 and triple digit moves in the Dow are now commonplace.

Yesterday, the Dow was up 188.3 points or 1.2 percent to finish the day at 15,628.53. The S&P was up 1.2 percent to 1,773.43 and the NASDAQ was up about one percent to close at 4,057.12.

This morning, U.S. markets are higher. The Dow is indicated up about 7 points while the S&P is up slightly more than 3. The NASDAQ is up about 11 points in early premarket trading.

The monthly jobs report will reach the market at 8:30 AM.

Top Stories

  • Apple (NASDAQ: AAPL) said that it has already spent more than half of the $100 billion it earmarked to buy back stock. It bought $14 billion worth of stock in the past two weeks. The stock is up about 2 percent this morning on the news.
  • Google (NASDAQ: GOOG) will own a 5.9 percent stake in Lenovo once the deal for Lenovo to purchase Google’s Motorola handset division. Google with own 618.3 million shares.

Asian Markets

Japanese equities had the best day among Asian indices on optimism that today’s U.S. jobs report could restore confidence to markets. The Nikkei finished 2.2 percent lower on Friday to close at 14,462.41.

The Shanghai Composite, closed for the Chinese New Year, played catch up with other indices closing up only 0.5 percent at 2,044.50

The Hang Seng was up one percent to close at 21,636.85 and the KOSPI was up 0.7 percent at 1.922.50.

European Markets

Europe is joining the rest of the world markets waiting for the U.S. jobs report. The FTSE is up about 0.2 percent at 6,570.40, the DAX is up 0.3 percent, and the CAC is flat.

Commodities

Energy is lower and metals are mostly higher. WTI is down about 0.5 percent at $97.34 while Brent is up at $107.10. Natural Gas is down 2.3 percent at $4.81 as volatility continues.

Gold is up about 0.2 percent at $1,259.70 and silver is down about 0.7 percent at $19.79. Copper is up 0.5 percent to $3.24

Currencies

The euro sits at 1.3566 against the dollar—down about 0.2 percent and the dollar is at 102.15 against the yen—0.07 percent higher.

The pound is 0.1 percent higher against the U.S. currency at 1.633 and the Aussie dollar is at 0.894 against the dollar—up about 0.08 percent.

Pre-Market Movers

The following stocks are moving after releasing earnings:

  • LinkedIn (NASDAQ: LNKD), down 7.3 percent
  • Aetna (NYSE: AET), up 14 percent
  • Expedia (NASDAQ: EXPE), up 12 percent

Notable Earnings

  • General Motors (NYSE: GM) reported fourth quarter EPS of $0.67, missing the consensus estimate of $0.87. Revenue of $40.5 billion missed the consensus estimate of $40.89 billion.
  • Dunkin' Brands (NASDAQ: DNKN) reported fourth quarter EPS of $0.43, beating the consensus estimate of $0.40. Revenue of $183.17 million beat the consensus estimate of $178.5 million.
  • Kellogg (NYSE: K) reported fourth quarter EPS of $0.83, beating the consensus estimate of $0.82. Revenue of $3.5 billion missed the consensus estimate of $3.52 billion.
  • Teva Pharmaceuticals (NASDAQ: TEVA) reported fourth quarter EPS of $1.42, beating the consensus estimate of $1.40. Revenue of $5.45 billion beat the consensus estimate of $5.02 billion.
  • LinkedIn reported fourth quarter EPS OF $0.39, beating the consensus estimate of $0.38. Revenue of $447.2 million beat the consensus estimate of $438.28 million.

There are no notable earnings expected after the closing bell today.

Economics

It’s jobs-Friday. The Non-Farm Payrolls number reaches the market 8:30 AM ET. There are no other notable reports today.

For a recap of Thursday's market action, click here.

Tune into Benzinga's #PreMarket Prep show at 8:00 am EST here.

Posted-In: Earnings News Guidance Eurozone Futures Commodities Forex Global Best of Benzinga

 

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