This year has been a difficult one for the NFL as several players have been caught up in legal trouble due to domestic abuse accusations. Many are upset with the organization’s handling of the issues and recently began to call for a boycott of the league’s sponsors.
Anheuser Busch Inbev SA BUD was the first to respond, saying that the recent behaviors seen in the NFL contradict the company’s culture and criticized the NFL’s handling of the issues. The league commissioner’s leniency with some of the players has sparked a controversy among fans, but with pressure from sponsors, most expect to see stricter punishments doled out in the future.
Top News
In other news around the markets:
- The Wall Street Journal reported that the People’s Bank of China is planning a massive stimulus package worth 500 billion yuan in an effort to turn around the nation’s flagging growth. The package will be delivered as low interest loans to banks as the nation’s central bank is worried that an interest rate cut would simply cause the nation’s debt problem to worsen.
- Boeing Co BA and SpaceX were both winners on Tuesday after NASA announced that both companies would play a part in developing “space taxies.” Boeing was given a contract valued around $4.2 billion, while SpaceX is set to receive about $2.6 billion for its contribution.
- Despite President Barack Obama’s pledge to keep the U.S. from sending troops to Iraq, a senior U.S. general told a Senate panel that ground troops may be a necessity as the war against ISIS develops. General Martin Dempsey said he wouldn’t recommend sending troops now, but that they may be necessary in the future, depending on whether or not the conflict continues to escalate.
- With just one day to go until Scotland votes on its independence from the U.K., campaigns from both sides are targeting undecided voters as the latest polls have been too close to call. The most recent figures showed that pro-union voters had a narrow edge on those supporting the referendum, but nearly 10 percent of voters are still undecided. In order for Scotland to get its independence, the vote needs to show a simple majority in favor of independence.
Asian Markets
Asian markets were mostly higher, with the exception of the NIKKEI, which was down 0.14 percent. The Shanghai composite rose 0.52 percent, the Shenzhen composite gained 0.79 percent, the KOSPI rose 0.96 percent and the Hang Seng index rose one percent.
European Markets
Europe’s markets were up across the board; the FTSE rose 0.17 percent, the STOXX 600 gained 0.59 percent, the DAX rose 0.48 percent, the CAC 40 was up 0.71 percent, and the IBEX gained 0.91 percent.
Energy futures gained on speculation that
OPEC could cut its supplies. Brent futures were up 0.49 percent, and WTI futures rose 0.15 percent. Gold gained 0.13 percent, but silver was down 0.22 percent, while industrial metals were mostly higher with the exception of copper, which lost 0.60 percent. Aluminum was up 1.76 percent, zinc rose 1.38 percent, and tin rose 0.45 percent.
Currencies
The euro was steady at $1.2956 on Tuesday and gained 0.15 percent against the yen, but lost 0.15 percent against the pound. The dollar was also higher against the yen, up 0.19 percent, and gained 0.18 percent against the pound and 0.31 percent against the Australian dollar.
Earnings
Notable earnings released on Tuesday included:
- Adobe Systems Incorporated ADBE reported third quarter EPS of $0.28 on revenue of $1.01 billion, compared to last year’s EPS of $0.32 on revenue of $995.12 million.
- FactSet Research Systems, Inc. FDS reported fourth quarter EPS of $1.31 on revenue of $238.70 million, compared to last year’s EPS of $1.20 on revenue of $219.33 million.
Pre-Market Movers
Stocks moving in the Premarket included:
- Lennar Corporation LEN was up 4.27 percent in premarket trade after falling 0.25 percent on Tuesday.
- D.R. Horton Inc. DHI was up 2.73 percent in premarket trade after choppy trading took the stock down 0.41 percent.
- E I du Pont de Nemours and Co DD gained 2.01 percent in premarket trade after rising 0.81 percent on Tuesday.
- Wynn Resorts Ltd. WYNN was down 1.04 percent in premarket trade after falling 2.38 percent over the past five days.
Notable earnings expected on Wednesday include:
- FedEx Corporation FDX is expected to report first quarter EPS of $1.94 on revenue of $11.47 billion, compared to last year’s EPS of $1.53 on revenue of $11.02 billion.
- General Mills, Inc. GIS is expected to report first quarter EPS of $0.69 on revenue of $4.38 billion, compared to last year’s EPS of $0.70 on revenue of $4.37 billion.
- United Natural Foods, Inc. UNFI is expected to report fourth quarter EPS of $0.65 on revenue of $1.73 billion, compared to last year’s EPS of $0.65 on revenue of $1.64 billion.
- Lennar Corporation LEN is expected to report third quarter EPS of $0.67 on revenue of $1.96 billion, compared to last year’s EPS of $054 on revenue of $1.60 billion.
The U.S. Federal Reserve’s policy statement will take top bill on Wednesday’s economic calendar as investors look for clues about the bank’s plans for an interest rate hike. Other notable releases will include Japan’s trade balance, the U.S. current account, U.S. oil inventory data, U.S. CPI, eurozone CPI and the British unemployment rate.
For a recap of Tuesday’s market action, click here.
Tune into Benzinga’s pre-market info show with Darren Heitner, Fari Hamzei & Dave Landry here.© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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Posted In: EarningsNewsCommoditiesForexPre-Market OutlookMarketsAnheuser-Busch InBevBoeing Co.People's Bank Of ChinaPreMarket PrimerSpaceX
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