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April 22, 2015, here are your Dow Jones futures, top market news, earnings reports, pre-market movers, and stocks to watch in the stock market today…
The DJIA index slid 60 points as corporate earnings continue to show the effects of a strong U.S. dollar. The dollar has surged more than 9% year to date and punished companies with a broad international focus and reliance on overseas sales. The Nasdaq moved 19 points higher on news of a proposed biotech merger.
Top News in the Stock Market Today
- The Day Ahead: Another busy day of earnings reports will likely keep the strength of the U.S. dollar in focus. The economic calendar is relatively light today, with U.S. existing home sales as the key piece of data released this morning. Existing home sales rose by 1.2% in February to an annual pace of 4.88 million units. Economists have raised concerns about this figure, as existing supply remains a key limitation to sales.
- Looking Abroad: Investors should keep a close eye on international markets today. The Bank of England will release its monthly Monetary Policy Committee vote on its plan to maintain low interest rates.
- Flash Crash: The Department of Justice announced today that a high-frequency trader based in London has been arrested and charged with crimes in connection to the May 2010 "flash crash." This is the first time that regulators have alleged manipulation in the event. The trader, Navinder Singh Sarao, has been charged with wire fraud, commodities fraud, and manipulation.
- Oil Prices Today: Oil prices slipped this afternoon on mixed economic data and news that a Saudi-led military operation in Yemen has ended. Brent oil, priced in London, was flat at $62.08 per barrel. WTI crude, priced in New York City, dipped 0.2% on to hit $56.47 per barrel. Today will be an important day for crude prices as the Energy Information Administration reports weekly inventory levels for oil stocks.
Pre-Market Movers in the Stock Market Today: YHOO, ANGI, KO
- Pre-Market Movers 1, YHOO: Shares of Yahoo Inc. (Nasdaq: YHOO) were on the rise, up 1.1% this morning, on news that the firm has hired advisers to help consider the best and "most promising opportunities" for its stake in Yahoo! Japan. The company has been under activist pressure for several months to consider ways to boost shareholder value over its stake in Alibaba Group Holding Ltd. (NYSE: BABA).
- Pre-Market Movers 2, ANGI: Shares of Angie's List Inc. (Nasdaq: ANGI) surged nearly 15% on news that it reported a surprise first-quarter profit. The announcement offset any concerns over a small sales miss for the quarter. For its March-ending quarter, the firm reported earnings of $4.4 million, or $0.07 per share, which beat last year's comparable period earnings of negative $3.8 million, or a loss of $0.06 per share.
- Pre-Market Movers 3, KO: Shares of The Coca-Cola Co. (NYSE: KO) were up more than 2.3% this morning on news that the firm beat earnings today by $0.06. The firm earned an adjusted $0.48 per share for the first quarter, despite worries about a stronger dollar. The company said that it delivered a better-than-expected quarter in the European market, despite worries about the bloc's worrisome economic short-term future.
Stocks to Watch Today: BHI
- Stocks to Watch No. 1, BHI: Shares of Baker Hughes Inc. (NYSE: BHI) were flat this morning despite news that the oil giant is preparing to slash 17% of its workforce, or 10,500 jobs. Falling oil prices continue to affect the energy sector. The firm said that it aims to save at least $700 million a year in the face of falling oil prices.
- Stocks to Watch No. 2, OGZPY: Russian energy giant Gazprom (OTCMKTS: OGZPY) said this morning that Kiev, the capital of Ukraine, owed $174 million for natural gas supplied to the region since January 1. The region has been a hotbed of geopolitical problems for more than a year as pro-Russian separatists continue to dominate the eastern portion of the nation.
- Stocks to Watch, Pre-market Earnings: Today, keep an eye out for earnings reports from Texas Instruments Inc. (NYSE: TXN), The Coca-Cola Co. (NYSE: KO), T. Rowe Price Group Inc. (NYSE: TROW), Facebook Inc. (Nasdaq: FB), Boeing Co. (NYSE: BA), AT&T Inc. (NYSE: T), Abbott Laboratories (NYSE: ABT), eBay Inc. (Nasdaq: EBAY), and McDonald's Corp. (NYSE: MCD).
Today's U.S. Economic Calendar
- MBA Mortgage Applications at 7 a.m.
- FHFA House Price Index at 9 a.m.
- Existing Home Sales at 10 a.m.
- EIA Petroleum Status Report at 10:30 a.m.
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About the Author
Garrett Baldwin is a globally recognized research economist, financial writer, and consultant with degrees from Northwestern, Johns Hopkins, Purdue, and Indiana University. He is a seasoned financial and political risk analyst, with a focus on stocks, hedge funds, private equity, blockchain, and housing policy. He has conducted risk assessment projects for clients in 27 countries, and consulted on policy and financial operations for some of the nation's largest financial institutions, including a $1.5 trillion credit fund, a $43 billion credit and auto loan giant, as well as two of the largest Wall Street banks by assets under management.
Garrett joined Money Map Press as an economist and researcher in 2011, specializing in alternative strategies with an emphasis on fundamental and technical analysis.