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Market Outlook - April 12th - April 16th PDF Print E-mail

Market Outlook

- US : US indices rose last week and reached new 52w highs helped by gains in the Banks (+4.4%), Retailing (+3.69%) and Diversified Financials (+3.39%) sectors. Shares in the Pharma. & Bio. (-0.59%), Health Care Equipment (-0.88%) and House. & Personal Prod. (-1.05%) sectors fell WoW. The 1Q earnings seasons kicks off Monday and should provide further insight about the strength of economic recovery. From a technical point of view, the trend on the S&P 500 remains on the upside with an up target at the major threshold at 1200 with 1240 in extension. Only a break below 1140 would reinstate the short term downside risk.

- EUROPE : European indices rose last week. Shares in the Oil & Gas (+4.7%), Basic Resources (+4.4%) and Retail (+4.1%) sectors rose most. No sector recorded a WoW decline. On the STOXX 600, as long as 263 holds the index can continue its up move to 275 and 280. Over the weekend European countries announced about Greece: Euro area Members States are ready to provide financing via bilateral loans centrally pooled by the European Commission as part of a package including International Monetary Fund financing. The Commission, in liaison with the ECB, will start working on Monday April 12th, with the International Monetary Fund and the Greek authorities on a joint programme (including amounts and conditionality, building on the recommendations adopted by the Ecofin Council in February)... The programme will cover a three-year period. The euro area Member States are ready to contribute for their part up to E30 billion in the first year to cover financing needs in a joint programme to be designed with and cofinanced by the IMF. Financial support for the following years will be decided upon the agreement of the joint programme".

Company preview

border=0 Intel (USD 22.55 ; 0.71% ; INTC ; INTC.O)
On Tuesday, Intel Corp is expected to release 1Q EPS of around $0.38 vs $0.12 a year earlier on sales of $9.8bln vs $7.15bln. Recently, the Co's price target was raised to $30 from $29 at Citigroup. From a technical view, the stock might be well forming a "bullish flag". Above $21.50, we expect a ST consolidation before further upside to $23.50 and $25.

border=0 JP Morgan Chase (USD 45.98 ; 1.77% ; JPM ; JPM.N)
Wednesday, JPMorgan Chase may announce 1Q EPS of $0.64 compared to $0.43 a year ago. Recently, the Co's price target was raised to $52 from $47 at Deutsche Bank. Technically, the stock price remains positively oriented above its ascending 20D MA. A test of the $47.50 resistance should be in sight before a new rally towards $50.

border=0 Google (USD 566.22 ; -0.45% ; GOOG ; GOOG.O)
On Thursday, Google is scheduled to report its 1Q results. The EPS could reach $6.6 compared to appx. $4.5 a year ago. Graphically, the stock is capped by a declining trend line. As long as $580 (the upper boundary of its nearest bearish gap) remains as a resistance, a ST pullback seems more likely to $545.

border=0 General Electric (USD 18.52 ; 1.04% ; GE ; GE.N)
On Friday, General Electric could deliver 1Q EPS of $0.16 vs $0.27 a year ago. Last month, the Co said it planned to invest about E340m to develop or expand wind turbine manufacturing, engineering and service facilities in the UK, Norway, Sweden and Germany. Technically, the share price continued to consolidate last week. A further bounce is therefore expected towards $20 in the coming days.

border=0 Bank of America (USD 18.59 ; 3.05% ; BAC ; BAC.N)
On the same day, Bank of America is expected to post 1Q EPS of $0.1 compared with $0.14 for the same period last year. Early this month, the Co's price target was raised to $18 from $16 with a "hold" rating unchanged at Deutsche Bank. From a technical point of view, the stock is currently testing a key MT resistance around $19. If breakout it, an upside acceleration should be triggered to $22.5 and $24.3 as the next target.

Selection of those events which may affect the stock prices of international Large Caps

 

Corporate Calendar April 12th - April 16th

Date

Market

Company

Event

border=0 Monday, April 12th

 

IT

Telecom Italia

annual results

 

US

Alcoa

1st-Quarter results

border=0 Tuesday, April 13th

 

UK

Debenhams

1st-Half results

 

US

Fastenal

1st-Quarter results

 

US

Linear Technology

1st-Quarter results

 

US

Intel

1st-Quarter results

 

US

CSX

1st-Quarter results

border=0 Wednesday, April 14th

 

NE

ASML Holding

1st-Quarter results

 

NO

Acergy Sa

1st-Quarter results

 

SW

Investor (B)

1st-Quarter results

 

US

WW Grainger

1st-Quarter results

 

US

Yum! Brands

1st-Quarter results

 

US

JP Morgan Chase

1st-Quarter results

border=0 Thursday, April 15th

 

US

Progressive

1st-Quarter results

 

US

PPG Industries

1st-Quarter results

 

US

People's United Financial

1st-Quarter results

 

US

Advanced Micro Devices

1st-Quarter results

 

US

Google

1st-Quarter results

 

US

Intuitive Surgical

2nd-Quarter results

border=0 Friday, April 16th

 

US

General Electric

1st-Quarter results

 

US

Gannett

1st-Quarter results

 

US

Bank of America

1st-Quarter results

 

US

First Horizon National

1st-Quarter results

 

US

Mattel

2nd-Quarter results

 

US

Genuine Parts

1st-Quarter results


Economic Calendar (CET) April 12th - April 16th

Date

Market

Economic data

Period

Expected

Last

border=0 Monday, April 12th

20:00:00

US

Monthly Budget Satement (Bln)

MAR

-121.299

-220.909

border=0 Tuesday, April 13th

14:30:00

US

Trade Balance (Bln)

FEB

-38.953

-37.288

border=0 Wednesday, April 14th

14:30:00

US

Consumer Price Index (MoM)

MAR

0.1%

0%

14:30:00

US

Retail Sales

MAR

1.1%

0.3%

14:30:00

US

CPI - Ex Food & Energy (MoM)

MAR

0.1%

0.1%

14:30:00

US

Retail Sales less Autos

MAR

0.6%

0.8%

16:00:00

US

Business Inventories

FEB

0.3%

0%

16:30:00

US

Crude Oil Inventories (WoW chg)

W14

NA

1976

border=0 Thursday, April 15th

14:30:00

US

Initial Jobless Claims (Thsd)

W14

438.4

460

14:30:00

US

Empire Manufacturing

APR

24.22

22.86

15:15:00

US

Industrial Production (MoM)

MAR

0.7%

0.1%

15:15:00

US

Industrial Capacity Utilization

MAR

73.3%

72.7%

16:00:00

US

Philadelphia Fed.

APR

20.34

18.9

19:00:00

US

NAHB Housing Market

APR

17

15

border=0 Friday, April 16th

14:30:00

US

Housing Starts (Thsd)

MAR

613

575

14:30:00

US

Bulding Permits (Thsd)

MAR

628

637

15:55:00

US

U. of Michigan Confidence

APR

75.3

73.6

 
 

This document does not constitute financial advice. If you require such advice, you should seek appropriate professional advice. Internaxx accepts no responsibility for the content of this newsletter. Investors are not authorized to copy, reproduce, duplicate, sell, resell or exploit any portion of the Newsletter for their own commercial purposes. In that case, Internaxx will immediately end the subscription.

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