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Market Outlook April 19th - April 23rd PDF Print E-mail

 

Market Outlook

- US : US indices closed mixed last week as better than expected 1Q corporate earnings were offset by the SEC's decision to sue Goldman Sachs for fraud over CDOs. Shares in the Semiconductors (+5.42%), Auto (+4.15%) and Transportation (+3.32%) sectors gained most whereas shares in the Diversified Financials (-1.62%), Materials (-1.95%) and Real Estate (-3.81%) sectors were under pressure. From a technical point of view, Friday's drop calls for caution but as long as 1175 holds a larger consolidation can still be avoided, otherwise, expect 1140 at least.

- EUROPE : European indices fell WoW except in Sweden and Switzerland. Shares in the Auto (+1.85%), Media (+0.37%) and Banks (+0.2%) gained ground whereas stocks in the Personal & Household Goods (-1.67%), Travel & Leisure (-1.74%) and Basic Resources (-3.82%) were under pressure. On the STOXX 600, as long as 263 holds the index can continue its up move to 275 and 280.

April 19th - April 23rd

Market Round up

 

Weekly chg (%)

Last

Dow Jones

.2

11018.7

Nasdaq 100

.9

2012.8

Dax Xetra

-1.1

6180.9

Cac 40

-1.6

3986.6

Foreign Exchange

Euro/dollar : The pair is rebounding on its support but remains within a bearish channel. SHORT below 1.38 towards 1.30 & 1.25.

Dollar/yen : The pair has broken above its bullish flag upper boundary and is approaching its next resistance. LONG @ 90.30 with 95.60 or even 97.50 in sight.

Company preview

border=0 Apple (USD 247.4 ; 2.32% ; AAPL ; AAPL.O)
On Tuesday, Apple is expected to announce 2Q EPS of $2.45 vs $1.79 a year earlier on sales of $12bln vs nearly $9.1bln a year ago. Last week, the Co decided to postpone the international launch of iPad by one month until the end of May as the demand in the US is "surprisingly" stronger than expected. Technically, the stock remains well oriented on the upside, backed by a rising 20D MA. Above $235, look for $275 at first.

border=0 Boeing (USD 70.79 ; -2.25% ; BA ; BA.N)
Wednesday, Boeing may report 1Q EPS of $0.73 compared with $0.87 a year ago. Recently, the Co planned to open an office in the Qatari's capital by this year-end. Technically, the Co continued to consolidate last week above a MT ascending trend line. As long as $68 holds on the downside, we favor a ST pause before further advance to $75 and $80 in extension.

border=0 Nokia (EUR 11 ; -3% ; NOK1V ; NOK1V.HE)
On Thursday in Europe, Nokia could deliver 1Q net income of appx. E540m vs E122m the previous year on revenue of E9.8bln vs E9.3bln. A week ago, the Co's venture, Nokia Siemens Networks won over £400m contract from T-Mobile UK and 3 UK. From a technical view, the stock price might be shaping a ST potential "H&S" pattern. The risk is a slide below E10.9 (the neckline), which should trigger a bearish acceleration to E10.4 at first.

border=0 Credit Suisse (CHF 55.35 ; 1.93% ; CSGN ; CSGN.VX)
The same day, Credit Suisse is expected to release 1Q net income of appx. SF2.2bln compared to SF2bln a year earlier. On April 14, the Co's price target was raised to SF68 from SF67 at HSBC. From a chartist view, the stock was pulled back to its key support around SF55 last Friday. As long as SF52 holds the stock can resume its up trend to SF60.

border=0 Ford Motor (USD 13.42 ; 5.5% ; F ; F.N)
On Friday, Ford Motor may unveil 1Q EPS of $0.3 compared with a LPS of $0.75 a year earlier on revenue of around $28bln vs $24.8bln a year ago. Recently, the Co reported 1Q sales of 153,362 units in China, up 84% YoY. In addition, the Co's sales in a 21-country region of Europe increased 13.3% YoY to 208,300 vehicles in March. Technically, the stock filled its nearest gap last week and should continue to head up towards $14.5 in the forthcoming days.

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


Corporate Calendar April 19th - April 23rd

Date

Market

Company

Event

border=0 Monday, April 19th

 

NE

Philips Electronics

1st-Quarter results

 

US

IBM

1st-Quarter results

 

US

Citigroup

2nd-Quarter results

 

US

Hasbro

2nd-Quarter results

 

US

Halliburton

1st-Quarter results

 

US

Eli Lilly

4th-Quarter results

border=0 Tuesday, April 20th

 

UK

Tesco

annual results

 

US

Apple

2nd-Quarter results

 

US

Coca Cola

1st-Quarter results

 

US

Johnson & Johnson

1st-Quarter results

 

US

Goldman Sachs

1st-Quarter results

 

SZ

Novartis

1st-Quarter results

border=0 Wednesday, April 21st

 

US

McDonald's

1st-Quarter results

 

US

Ebay

1st-Quarter results

 

US

United Technologies

1st-Quarter results

 

US

Wells Fargo & Co

1st-Quarter results

 

US

Boeing

1st-Quarter results

 

US

Morgan Stanley

1st-Quarter results

border=0 Thursday, April 22nd

 

FI

Nokia

1st-Quarter results

 

US

American Express

1st-Quarter results

 

US

Amazon.com

3rd-Quarter results

 

US

Microsoft

2nd-Quarter results

 

US

Philip Morris International

1st-Quarter results

 

SZ

Credit Suisse

1st-Quarter results

border=0 Friday, April 23rd

 

NO

Yara International

1st-Quarter results

 

SW

Ericsson (B)

1st-Quarter results

 

US

Schlumberger

2nd-Quarter results

 

US

Ford Motor

1st-Quarter results

 

US

Honeywell

1st-Quarter results

 

US

Xerox

3rd-Quarter results

Economic Calendar (CET) April 19th - April 23rd

Date

Market

Economic data

Period

Expected

Last

border=0 Monday, April 19th

 

16:00:00

US

Leading Indicators

MAR

0.9%

0.1%

border=0 Tuesday, April 20th

 

   

No major economic data expected

     

border=0 Wednesday, April 21st

 

16:30:00

US

Crude Oil Inventories (WoW chg)

W15

NA

-2202

border=0 Thursday, April 22nd

14:30:00

US

Initial Jobless Claims (Thsd)

W15

NA

484

14:30:00

US

Producer Price Index (MoM)

MAR

0.5%

-0.6%

14:30:00

US

PPI - Ex Food & Energy (MoM)

MAR

0.1%

0.1%

16:00:00

US

Existing Home Sales (Mln)

MAR

5.28

5.02

border=0 Friday, April 23rd

14:30:00

US

Durable Goods Orders

MAR

-0.1%

0.9%

14:30:00

US

Durable Goods Ex Transportation

MAR

0.5%

1.4%

16:00:00

US

New Home Sales (Thsd)

MAR

323.45

308


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