U.S. Morning Call: Fed gives markets boost, Cyprus lingers
Wednesday, March 20, 2013 - 03:54
Mar 21 - U.S. stock futures flat after the Fed said it'll maintain its policies on bond purchases and record-low interest rates. Fed Chair Bernanke added the crisis in Cyprus poses no major risk to the U.S.
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Good morning -- Thursday and checking with the markets right away US stock futures roughly flat right now 22 -- -- lower open. The Fed's commitment to a loose policy stance and not to brighter economic signals in the US overshadowed by the turmoil in the eurozone. European shares and the -- of getting sucked back into this -- cyclone. Where -- exclusively reporting that eurozone finance officials acknowledge being quote in a mess over Cyprus during a conference call yesterday. Revealing the extent of alarm over the situation. The finance minister chairing the Euro group saying quote it's probably inevitable they'll be some kind of Levy on depositors. -- sabres lining up -- long queues outside cash machines the banks remain closed at least until next week. Some data out of Asia softening the blow to global markets improvement in Chinese manufacturing in March giving it lifted an okay. Pretty index above 121600. Points a four and a half year high. Investors have plenty of economic indicators to choose from this morning on the data docket is weekly jobless claims. And affiliate and manufacturing survey later this morning. Existing home sales tally at the forefront of investors' minds though. Economists polled by Reuters forecasting an annual pace of five million units in February. The highest level since December 2009. Steady improvement in employment has boosted demand and a scarcity of homes on the market has helped push prices higher inventory is at its lowest in about eight years. Strong cells that could bode well for KB home the fifth largest US home builder reported results before this morning's open. Remember that in January the company said new home orders jumped 54%. In the first half of the quarter. Analysts also grind more and more positive on the stock like Raymond James raising its rating to outperform from market perform. Monday Sterne -- started coverage where they price target of eighteen bucks a share. And earlier this month RBC capital raise its price target to 22 -- nineteen. Most top rated analyst at Thomson Reuters star mine where they hold recommendation on the stock and I mean target of just over seventeen and a half bucks. The stock hitting highs not seen since September of 2008. Shares up three and a half percent in premarket ahead of the release. Some stocks to watch this morning starting with JC Penney. The retail chains saying an annual report that fixing its performance could take more time than an initially believed. And suggested that any change its strategy could be pretty pricey. Shares taking a big hit this month down almost 20% so far this year. Lululemon just now the results revenues came in about expectations and earnings came in a penny more than expected. The company saying its working closely with the manufacturers to resolve the current issues related to its tissue or black pants. The impact is reflected in its fiscal year outlook. Shares rising in the premarket on Italy's. Sources telling Reuters that Boeing plans to conduct -- flight test of its revamped 787 battery system possibly as soon as the end of the week. Shares on -- -- this month. Finally had to include this one oracle blaming its salesforce boring severe -- third quarter software sales. And warned its struggling hardware business will lose more ground this quarter. Shares sinking over seven and a half percent in the premarket. That's it through Thursday morning call follow us on Twitter at Reuters Insider. Again -- -- athletic dot com slash TV. I mean it's part -- it.
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