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US stock market, economy and companies update (March 11, 2013)

Contributed by Trade The News

- There has been little news out during the US premarket or cash trading to lift spirits dampened by the weak Chinese data out over the weekend. Analysts note that while the Chinese numbers weren't great, they are not setting off any alarm bells about growth, while in Japan the Nikkei was in the black. The DJIA is flat as of writing, the S&P500 is down 0.1% and the Nasdaq is down 0.27%.

- Currency markets were pretty quiet on Monday following the big day on Friday. EUR/USD is in a holding pattern around the 1.30 handle with trading well contained by option-related flows ahead of expiration this week. Note that dealers still have a tendency to look for the opportunity to chase stops below 1.2960. GBP/USD remains at its lowest level since mid 2010; the pair briefly tested below 1.4870 early in the US session.

- Shares of Dick's Sporting Goods are down nearly 8% this morning after the firm slightly missed top- and bottom-line expectations in its Q4. Guidance for Q1 and FY13 was also subpar.

- Share of Canadian Solar are down more than 10% after the firm reported a sizable loss in its Q4 and revenue declined nearly 40% y/y. Note that other Chinese solar names are down sharply as well on CSIQ's poor showing combined with the weak Chinese economic data out over the weekend. Additionally, Suntech's bondholders granted the firm forbearance on some of the firm's debt, sending shares of STP down more than 7%.

- Genworth Financial is up more than 6% after a weekend article in Barron's praised new CEO Thomas McInerney and asserted the shares could be worth as much as $18 or more. Barron's suggested the healing mortgage market should help the shares rise further.

- Simcere Pharmaceutical received a going-private offer that values the Chinese firm at $528M, or $9.56 per ADR, a 20% premium to the prior close.

***Looking Ahead***
- Hungary parliament vote on amendments to the constitution.
- (ES) Spain Jan YTD Budget Balance: No est v -€40.3B prior
- (PE) Peru Jan Trade Balance: No est v $679M prior
- 11:00 (US) Fed to purchase $1.25-1.75B in Notes
- 11:30 (US) Treasury to sell $65B in 3-Month and 6-Month Bills
- 11:00 (JP) BOJ Minutes for February Meeting
- 12:00 (EU) EU General Affairs Ministers meeting in Brussels


***Economic Data***
- (CY) Cyprus Q4 Final GDP Q/Q: -1.1 v -1.0% prior; Y/Y: -3.4% v -3.1% prior
- (PL) Portugal Q4 Final GDP Q/Q: -1.8% v -1.8% prelim; Y/Y: -3.8% v -3.8% prelim
- (RU) Russia Feb Light Vehicle & Car Sales Y/Y: 2% v 0%e