New York, October 15th (TradersHuddle.com) ? Stock futures were pointing to a higher open as global participants react to solid Chinese export data. Adding to the bullish sentiment was inflation data out of China, showing the government still has room for further stimulus. Futures were gaining ahead of retail sales data and as a busy earnings reporting week gets underway.
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In Asia, most stocks fell amid growth concerns. Participants turned jittery ahead of earnings season, concern that the sluggish growth in the global economy could impact corporate results. In China, the Shanghai Composite fell to its lowest level in a week, pressured by earnings warnings. Meanwhile, the Nikkei gained 0.51% after participants were encouraged by inflation data out of China that signaled the government has room for further policy easing to shore up growth.
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In Europe, markets were trading to the upside amid news that Spain might be closer to request a sovereign bailout and after encouraging trade data from China. Export data was much better than expected, overshooting expectations by roughly twice the expected rate. Despite Spain?s Prime Minister Rajoy continued resistance to seek a bailout, there were reports that senior euro zone officials said the bailout request is expected to come in November.
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The euro was adding against the Dollar, trading below the $1.30 level. Crude oil was losing 0.30% to $91.58 per barrel. Also in the energy complex, natural gas was slumping 1.02% to $3.574 per MMBtu. Gold was sliding 0.69% $1745.80 an ounce, and silver was tumbling 1.08% to $33.305 an ounce; meanwhile copper was retreating 0.24%.
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On economic news, at 8:30 am the Commerce Department will release September retail sales data, while the New York Fed will release its Empire State Manufacturing Index. At 10 am, Business Inventories data will be available.
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Today?s Stocks to watch: Advanced Micro Devices (NYSE: AMD), Amazon (NASDAQ: AMZN), Apple (NASDAQ: AAPL), Bank of America (NYSE: BAC), Citigroup (NYSE: C), Clearwire (NASDAQ: CLWR), Sprint Nextel (NYSE: S), and Texas Instruments (NASDAQ: TXN).
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Advanced Micro Devices (NYSE: AMD), the world?s second largest chipmaker, will be in focus after plunging more than 14% in the prior session, as it issued downside revenue and earnings guidance due to weak demand stemming from a sluggish global economy. According to several sources and reports, the chipmaker is now planning significant layoffs that could range between 10 and 20% of its global workforce. AMD is expected to report its quarterly results on Thursday October 18th.
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Apple (NASDAQ: AAPL), the maker of iPads and iPhones, was climbing 0.64% to $633.77 in pre-market after it lost 2.6% last week. Apple stock has been in correction mode in the last weeks after hitting an all-time high of $705.07. The stock broke through its 50day moving average amid chatter over worker unrest and supply problems at its manufacturing partner Foxconn. The supply issues come at particularly critical times, when the iPhone 5 has just launched and Apple is experiencing high demand. The chatter also impacted sentiment over potential shipments in the third and fourth quarters. Last Friday, AllThingsD.com reported that Apple is likely to unveil the iPad mini at an event scheduled for October 23rd. This morning, Reuters is reporting that Microsoft will unveil an Xbox music service, which could present a challenge to Apple?s iTunes. Apple is scheduled to report its quarterly results on October 25th after the market closes. On average analysts expect a profit of $8.91 per share on revenue of $36.39 billion.
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Bank of America (NYSE: BAC) will be in focus as earnings season for the bank started on Friday with JPMorgan and Wells Fargo reporting their quarterly results. The stock will be reacting to Citi?s report this morning, with participants also focusing on BofA?s own results due out on October 17th. On average analysts expect Bank of America to report a loss of $0.07 per share on revenue of $21.89 billion. The highest earnings estimate is a profit of $0.02, while the lowest is a loss of $0.18 per share. Last quarter, the lender earned $0.19 per share, nearly 36% more than consensus.
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Citigroup (NYSE: C), the diversified financial services firm, will be in focus after it report its quarterly results later this morning. The bank is expected on average to report a profit of $0.96 per share on revenue of $18.35 billion. The highest earnings estimate is $1.09 per share, while the lowest is $0.88 per share.
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Sprint Nextel (NYSE: S) was surging 14.7% to $6.57 in pre-market after Softbank and Sprint Nextel reached a deal under which Softbank will pay $20.1 billion for a 70% stake in the third largest U.S. wireless carrier. Under the terms of the deal, Softbank to buy $8 billion worth of shares directly from Sprint at a price of $5.25 each and tender for another $12.1 billion worth of the shares from existing holders at a price of $7.30 a share, a 27% premium from Sprint?s Friday closing price. Clearwire (NASDAQ: CLWR), the wireless provider in which Sprint holds a majority stake, was soaring 24.5% to $2.89 in pre-market on the news. Clearwire surged more than 70% on Thursday amid initial rumors regarding the Softbank ? Sprint deal.
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Texas Instruments (NASDAQ: TXN), the maker of digital signal processing (DSP) and microcontroller (MCU) semiconductors, will be in focus after reports that Amazon (NASDAQ: AMZN) is in advanced discussions to acquire the company?s mobile chip arm. Amazon already markets e-readers and tablets and its expected to enter the smartphone market. TI?s chips are used in Amazon?s Kindle Fire tablet. The chipmaker said last month that it will shift its wireless investment focus from products like smartphones to a broader market, including industrial clients such as carmakers. Amazon was climbing more than 0.6% in pre-market.
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