Daily Market Commentary for April 22, 2013
Netflix Inc (NFLX) reported Q1 earnings with a profit of $3 million, or 5 cents a share, on revenue of $1.02 billion.
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Amid a broad-based revenue decline, the world's largest seller of bulldozers, excavators and wheel loaders has seen softer sales trends as demand from the mining sector has weakened - maker of construction and mining equipment Caterpillar Inc. (CAT), reported Q1 earnings fell 45%. CAT reported profit of $880 million or $1.31 a share, down from $1.59 billion or $2.37 a share during same period in 2012 and revenue decreased 17% to $13.21 billion. Chairman and Chief Executive Doug Oberhelman said, "Caterpillar and our dealers usually add inventory in the first quarter to prepare for higher end-user demand in the spring and summer. In the first quarter of 2012, we added about $2 billion to inventory, but this year, we cut inventory by about a half billion dollars. Conditions in the world economy seem relatively stable, and we continue to expect slow growth in 2013." CAT expects per-share earnings of $7 on revenue of $57 billion to $61 billion for the year versus previous estimate from $7 to $9 and $60 billion to $68 billion.
For the 3rd straight session on Monday, gold futures finished above $1400 an ounce, rebounding from recent losses. On the Comex division of the New York Mercantile Exchange, June gold GCM3 added $25.60 or 1.8% to settle at $1,421.20 an ounce.
The Chicago Fed reported the national activity index swung to -0.23 from an upwardly revised +0.76 in February, and the three-month moving average fell to -0.01 from +0.12. The Chicago Fed index weighs 85 different economic indicators, is designed so that readings above zero indicate the economy is growing above average historical trends, and readings below zero indicate the economy is running below-average trend growth.
The National Association of Realtors reported Monday that, existing-home sales declined 0.6% in March, to an annually adjusted rate of 4.92 million, as longer-term trends posted substantial gains, pointing to a continuing recovery. During March, existing home sales were 10.3% higher than the same period in 2012. Median price for homes during March hit $184,300, up 11.8% from the same period in 2012 for the largest year-over-year price growth since November 2005. As distressed-home sales have decreased, sales of higher priced homes have seen larger gains over the past year. During March, existing homes for sale inventories rose 1.6% to 1.93 million.
Facing charges of using a weapon of mass destruction against persons and property at the Boston Marathon, resulting in the death of three people, injuries to more than 200 people, the Department of Justice filed charges today against terrorist Dzhokhar A. Tsarnaev. Additionally, he is charged with one count of malicious destruction of property by means of an explosive device resulting in death. The captured terrorist could face the death penalty or prison for live, upon conviction. He remains hospitalized and unable to speak, with a gunshot wound to the throat. When captured, more than a half-dozen homemade bombs were found in his possession. From his hospital room, the terrorist had his initial court appearance today, responding to basic questions in writing.
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