US stock market, economy and companies update (February 10, 2014)
February 10, 2014, Monday, 15:56 GMT | 10:56 EST | 21:26 IST | 23:56 SGT
- It has been a quiet session and US equities are moving sideways this morning. As of writing, the DJIA is down 0.23, the S&P500 is flat and the Nasdaq is up 0.14%.
- Janet Yellen will appear at hearings in the House on Tuesday and the Senate on Thursday. The next FOMC meeting is on March 19. Markets are hoping that Yellen will provide some sense of how the framework of the Fed's forward guidance might evolve. Many expect Yellen to note that low inflation levels give scope for maintaining low rates for an even more extended period.
- Shares of McDonalds are down slightly this morning after the company reported very poor January comps for the US business. Europe and Asia/Pacific comps were notably strong and the company blamed the poor US comp on the weather. Note that Dicks Sporting Goods reported very good preliminary fourth quarter earnings and comps. Shares of DKS are up 3.3%.
- Boardwalk Pipeline Partners is the leader to the downside this morning, with shares down nearly 40% as of writing. The firm's fourth quarter report was terrible, with earnings and revenue total widely missing expectations. In addition, Boardwalk cut its dividend by 81%. Results were hurt by lower transportation revenues due to contract expirations and contract renewals.
- On the merger front, Kite Realty Group is merging with Inland Diversified Real Estate Trust in a $2.1B stock-for-stock transaction. The Merger brings together two highly complementary shopping center retail portfolios with a combined asset base consisting of 131 properties totaling 20.3 million owned square feet across 26 states.
- 12:00 (US) USDA World Agricultural Supply and Demand Estimates (WASDE) crop report
- 12:50 (CA) Bank of Canada (BOS) Depy Gov Murray speaks in Sudbury
- 15:00 (CA) Canada Min Fast speaks in Montreal
- 19:01 (UK) Jan BRC Sales Like-For-Like Y/Y: No est v 0.4% prior
- (PT) Portugal Dec Trade Balance: -€923M v -€558M prior
- (CA) Canada Jan Housing Starts: 180.2K v 185.0Ke
- (MX) Mexico Nov Gross Fixed Investment: -4.5% v -5.6%e
- (MX) Mexico Jan Vehicle Production: 249.4K v 164.2K prior; Vehicle Domestic Sales: 85.5K v 119.4K prior