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Wednesday, 29 July 2015

U.S. EQUITIES ADVANCE AMID EARNINGS REPORT BEFORE FED DECISION

U.S. stocks advanced, after equities’ biggest gain in two weeks, amid better-than-estimated results from Gilead Sciences Inc. to General Dynamics Corp. before the Federal Reserve’s decision on monetary policy.
 
Gilead gained 4.3 percent as quarterly results exceeded estimates and it raised its sales forecast. General Dynamics jumped 4.5 percent after boosting its earnings outlook. Energy shares rallied for a second day with oil. Twitter tumbled 14 percent as its top executives struck a critical tone on user growth. Akamai Technologies Inc. lost 7.5 percent after earnings missed expectations.
The Standard & Poor’s 500 Index gained 0.5 percent to 2,102.58 at 11:19 a.m. in New York, above its average price during the past 100 days. The Dow Jones Industrial Average added 91.49 points, or 0.5 percent, to 17,721.76. The Nasdaq Composite Index rose 0.2 percent.
“We’re going to see if there’s really been a shift in thinking for the Fed,” said Bill Schultz, who oversees $1.2 billion as chief investment officer at McQueen, Ball & Associates Inc. in Bethlehem, Pennsylvania. “With the softness we’ve seen recently, there’s been a little bit of skepticism building around whether a hike will take place as early as September. We need a catalyst to get us out of this malaise.”
 
Data today showed an index of pending home sales unexpectedly fell 1.8 percent, the first drop this year, after a revised 0.6 percent increase in May that was smaller than initially reported, according to the National Association of Realtors. The median forecast of economists surveyed by Bloomberg called for a 0.9 percent gain.
Investors are awaiting the Fed’s policy statement for signs on when it will move to raise borrowing costs. Economists forecast the central bank will hold rates steady in a decision at 2 p.m. in Washington. Fed Chair Janet Yellen has emphasized that the timing of rate liftoff is less important than the subsequent pace of increases, which she said would be gradual.

Global Drivers

Greece’s debt crisis and recent turmoil in China’s stock market had raised concerns about global growth and added to speculation that the Fed may further delay a rate increase.
Earlier this month, Yellen told lawmakers that raising rates prematurely could derail the recovery. Waiting too long, on the other hand, might force the Fed to tighten at a faster pace to keep the economy from overheating.
 
The S&P 500 is up 1.9 percent in July, heading for its biggest monthly advance since February. The index rose yesterday after declining for four of the last five weeks, and had lost 2.9 percent in the five sessions ending Monday as a Chinese equities rout spurred concern about the nation’s economic growth and some corporate earnings disappointed.
Facebook Inc. and Whole Foods Market Inc. are among S&P 500 companies reporting earnings on Wednesday. Of the gauge’s members that have reported results this season, about three-quarters beat profit estimates and half topped sales projections. Analysts expect a 4 percent drop in second-quarter earnings, shallower than July 10 calls for a 6.4 percent fall.

Sector Moves

The Chicago Board Options Exchange Volatility Index slipped 4.5 percent Wednesday to 12.83, after reaching a two-week high Monday. The gauge, know as the VIX, rose 15 percent last week, its fifth gain in six weeks.
 
Eight of the S&P 500’s 10 main groups advanced, led by industrial and energy companies amid a continued reprieve from a two-week commodities selloff. Crude oil extended its two-day increase to 2.1 percent, pushing Anadarko Petroleum Corp. and Diamond Offshore Drilling Inc. up more than 3.4 percent. Pioneer Natural Resources Co. and Transocean Ltd. added at least 3.2 percent.
C.H. Robinson Worldwide Inc. led industrial shares higher, climbing 5.3 percent after reporting second-quarter profit that exceeded analysts’ estimates. General Dynamics, the defense contractor that also makes luxury business jets, and drone-maker Northrop Grumman Corp. also boosted the sector, gaining more than 4.3 percent. They both boosted their 2015 earnings forecasts and beat quarterly analyst estimates.

Tech Earnings

Technology companies in the S&P 500 were little changed as an increase in Citrix Systems Inc. shares offset a decline in Akamai Technologies.
Citrix climbed 8.5 percent after reaching a settlement with investors Elliott Management Corp., agreeing to add the activist’s chief agitator Jesse Cohn to its board and begin a search for a new chief executive officer. Akamai fell the most since October 2013 after reporting quarterly earnings that missed analyst forecasts.
 
Twitter slipped 14 percent, the most since April. Interim Chief Executive Officer Jack Dorsey and Chief Financial Officer Anthony Noto said user growth won’t improve until the social-media company reaches a mass market -- something that will take a mixture of product improvements and marketing.
 
Yelp Inc. plunged by a record 28 percent after the customer-review website reduced its revenue forecast and at least five analysts downgraded the stock. In addition to cutting its third-quarter sales prediction, Yelp announced it would stop selling national brand advertising.
MasterCard Inc., the second-largest payments network, lost 0.6 percent amid falling profits that it attributed to rising expenses and a strengthening U.S. dollar that hurt earnings overseas.
 
source: Bloomberg
 
 
 
 
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