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Pre-Market: Samsung Says Q2 Profits Worse Than Expected; Global Markets Fall on Worries of Fed Rate Rise
AT&T will be the sole service provider for LG's Android-powered smartwatch.
Alex Brokaw    

Stock futures pointed toward a slightly higher open on Tuesday. Before the opening bell, Dow Jones (INDEXDJX:.DJI) futures fell 0.11% to 16,928. Nasdaq (INDEXNASDAQ:.IXIC) futures moved lower, falling 0.06% to 3,902.  Futures on the S&P 500 (INDEXSP:.INX) were down 0.12% to 1,968.60.

Stocks

Samsung Electronics (OTCMKTS:SSNLF) kicked off earnings season with a dismal projection of its second-quarter financial results, saying profits would fall $1.4 billion below analysts' expectations. Low demand for its mobile devices is to blame for the hardship. Q2 profits are expected to be $7.1 billion, having fallen 24.5% year-on-year. While demand for its own smartphones and tablets has waned, Samsung's troubles point to industry-wide malaise: Quarterly profits for its display unit, which supplies numerous manufacturers including Apple (NASDAQ:AAPL), are expected to drop by 76%. If Samsung's week wasn't already going badly enough, an elaborate heist conducted at a Samsung factory in Brazil saw thieves walk away with $6.4 million in electronics.

AT&T (NYSE:T) has announced it will be the first US wireless carrier to sell LG's (NYSE:LPL) new smartwatch. Known as the "G Watch," the smartwatch was made in partnership with Google (NASDAQ:GOOG) and will connect to Android phones. Pre-orders begin today, and the smartwatch will retail at $299. AT&T was down 1.44% ahead of the opening bell.

A week after French bank BNP Paribas (OTCMKTS:BNPQY) agreed to pay an $8.9 billion fine for transferring money to countries blacklisted by the United States, US state and federal authorities have begun settlement talks with two German banks, Deutsche Bank (NYSE:DB) and Commerzbank AG (OTCMKTS:CRZBY), over similar charges. Commerzbank has been accused of transferring money to Iran and Sudan and could be forced to pay at least $500 in penalties. Citigroup's (NYSE:C) Mexican banking arm Banamex and two French banks, Credit Agricole (OTCMKTS:CRARY) and Societe Generale (OTCMKTS:SCGLY) are also facing investigations by US authorities for similar activities.

BMW (ETR:BMW) says its sales increased 7.3% in June to 164,214 cars, and six-month deliveries rose 10.2% to 886,347 cars. The gains were fueled by strong demand in China and the US. In other auto news, General Motors (NYSE:GM) is expanding its operations in South America, investing $270 million to build an aluminum motor factory in Santa Fe, Argentina. The factory is expected to produce 90,000 motors annually.

Economy

Today's economic calendar began with the NFIB small business optimism index, which pulled back in June by 1.6 points to 95. This is the first decline following a 5-point gain stretched across three months stretching back to March. ICSC-Goldman same-store retail sales were up 1.7% in the week of July 5, but conversely showed a 1.3% decline from the same week a year ago. Redbook will paint a more complete picture of retail sales when it reports its weekly measure at 8:55 a.m. At 10:00 a.m., the Job Openings and Labor Turnover Survey (JOLTS) will provide a reading on the number of job openings at the end of last month. At 1:00 p.m., the Treasury will announce the results of the $27 billion 3-year note auction, while Richmond Federal Reserve President Jeffrey Lacker will give a speech on economic outlook in Charlotte, North Carolina. At 1:45 p.m., Minneapolis Federal Reserve President Narayan Kocherlakota will give a speech on the economy in Minneapolis. At 3:00 p.m., the Federal Reserve will release consumer credit numbers.

Global Markets

Asian stocks declined overnight, moving off a six-year high as investors reacted to hints that the Federal Reserve could raise rates sooner than later. European stocks were down as well, extending a third day of declines. The declining demand for Spanish bonds, a sign that the economic recovery in that country is losing momentum, drove negative sentiment in European markets. In the UK, manufacturing fell by 1.3% in April, its first decline in six months and its sharpest in 16. Brent crude fell below $110 a barrel, spinning around a rally that began when Islamist militants seized control of a strategically important city in northern Iraq nearly a month ago.

Twitter: @brokawbrokaw
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No positions in stocks mentioned.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.
Pre-Market: Samsung Says Q2 Profits Worse Than Expected; Global Markets Fall on Worries of Fed Rate Rise
AT&T will be the sole service provider for LG's Android-powered smartwatch.
Alex Brokaw    

Stock futures pointed toward a slightly higher open on Tuesday. Before the opening bell, Dow Jones (INDEXDJX:.DJI) futures fell 0.11% to 16,928. Nasdaq (INDEXNASDAQ:.IXIC) futures moved lower, falling 0.06% to 3,902.  Futures on the S&P 500 (INDEXSP:.INX) were down 0.12% to 1,968.60.

Stocks

Samsung Electronics (OTCMKTS:SSNLF) kicked off earnings season with a dismal projection of its second-quarter financial results, saying profits would fall $1.4 billion below analysts' expectations. Low demand for its mobile devices is to blame for the hardship. Q2 profits are expected to be $7.1 billion, having fallen 24.5% year-on-year. While demand for its own smartphones and tablets has waned, Samsung's troubles point to industry-wide malaise: Quarterly profits for its display unit, which supplies numerous manufacturers including Apple (NASDAQ:AAPL), are expected to drop by 76%. If Samsung's week wasn't already going badly enough, an elaborate heist conducted at a Samsung factory in Brazil saw thieves walk away with $6.4 million in electronics.

AT&T (NYSE:T) has announced it will be the first US wireless carrier to sell LG's (NYSE:LPL) new smartwatch. Known as the "G Watch," the smartwatch was made in partnership with Google (NASDAQ:GOOG) and will connect to Android phones. Pre-orders begin today, and the smartwatch will retail at $299. AT&T was down 1.44% ahead of the opening bell.

A week after French bank BNP Paribas (OTCMKTS:BNPQY) agreed to pay an $8.9 billion fine for transferring money to countries blacklisted by the United States, US state and federal authorities have begun settlement talks with two German banks, Deutsche Bank (NYSE:DB) and Commerzbank AG (OTCMKTS:CRZBY), over similar charges. Commerzbank has been accused of transferring money to Iran and Sudan and could be forced to pay at least $500 in penalties. Citigroup's (NYSE:C) Mexican banking arm Banamex and two French banks, Credit Agricole (OTCMKTS:CRARY) and Societe Generale (OTCMKTS:SCGLY) are also facing investigations by US authorities for similar activities.

BMW (ETR:BMW) says its sales increased 7.3% in June to 164,214 cars, and six-month deliveries rose 10.2% to 886,347 cars. The gains were fueled by strong demand in China and the US. In other auto news, General Motors (NYSE:GM) is expanding its operations in South America, investing $270 million to build an aluminum motor factory in Santa Fe, Argentina. The factory is expected to produce 90,000 motors annually.

Economy

Today's economic calendar began with the NFIB small business optimism index, which pulled back in June by 1.6 points to 95. This is the first decline following a 5-point gain stretched across three months stretching back to March. ICSC-Goldman same-store retail sales were up 1.7% in the week of July 5, but conversely showed a 1.3% decline from the same week a year ago. Redbook will paint a more complete picture of retail sales when it reports its weekly measure at 8:55 a.m. At 10:00 a.m., the Job Openings and Labor Turnover Survey (JOLTS) will provide a reading on the number of job openings at the end of last month. At 1:00 p.m., the Treasury will announce the results of the $27 billion 3-year note auction, while Richmond Federal Reserve President Jeffrey Lacker will give a speech on economic outlook in Charlotte, North Carolina. At 1:45 p.m., Minneapolis Federal Reserve President Narayan Kocherlakota will give a speech on the economy in Minneapolis. At 3:00 p.m., the Federal Reserve will release consumer credit numbers.

Global Markets

Asian stocks declined overnight, moving off a six-year high as investors reacted to hints that the Federal Reserve could raise rates sooner than later. European stocks were down as well, extending a third day of declines. The declining demand for Spanish bonds, a sign that the economic recovery in that country is losing momentum, drove negative sentiment in European markets. In the UK, manufacturing fell by 1.3% in April, its first decline in six months and its sharpest in 16. Brent crude fell below $110 a barrel, spinning around a rally that began when Islamist militants seized control of a strategically important city in northern Iraq nearly a month ago.

Twitter: @brokawbrokaw
< Previous
  • 1
Next >
No positions in stocks mentioned.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.
Pre-Market: Samsung Says Q2 Profits Worse Than Expected; Global Markets Fall on Worries of Fed Rate Rise
AT&T will be the sole service provider for LG's Android-powered smartwatch.
Alex Brokaw    

Stock futures pointed toward a slightly higher open on Tuesday. Before the opening bell, Dow Jones (INDEXDJX:.DJI) futures fell 0.11% to 16,928. Nasdaq (INDEXNASDAQ:.IXIC) futures moved lower, falling 0.06% to 3,902.  Futures on the S&P 500 (INDEXSP:.INX) were down 0.12% to 1,968.60.

Stocks

Samsung Electronics (OTCMKTS:SSNLF) kicked off earnings season with a dismal projection of its second-quarter financial results, saying profits would fall $1.4 billion below analysts' expectations. Low demand for its mobile devices is to blame for the hardship. Q2 profits are expected to be $7.1 billion, having fallen 24.5% year-on-year. While demand for its own smartphones and tablets has waned, Samsung's troubles point to industry-wide malaise: Quarterly profits for its display unit, which supplies numerous manufacturers including Apple (NASDAQ:AAPL), are expected to drop by 76%. If Samsung's week wasn't already going badly enough, an elaborate heist conducted at a Samsung factory in Brazil saw thieves walk away with $6.4 million in electronics.

AT&T (NYSE:T) has announced it will be the first US wireless carrier to sell LG's (NYSE:LPL) new smartwatch. Known as the "G Watch," the smartwatch was made in partnership with Google (NASDAQ:GOOG) and will connect to Android phones. Pre-orders begin today, and the smartwatch will retail at $299. AT&T was down 1.44% ahead of the opening bell.

A week after French bank BNP Paribas (OTCMKTS:BNPQY) agreed to pay an $8.9 billion fine for transferring money to countries blacklisted by the United States, US state and federal authorities have begun settlement talks with two German banks, Deutsche Bank (NYSE:DB) and Commerzbank AG (OTCMKTS:CRZBY), over similar charges. Commerzbank has been accused of transferring money to Iran and Sudan and could be forced to pay at least $500 in penalties. Citigroup's (NYSE:C) Mexican banking arm Banamex and two French banks, Credit Agricole (OTCMKTS:CRARY) and Societe Generale (OTCMKTS:SCGLY) are also facing investigations by US authorities for similar activities.

BMW (ETR:BMW) says its sales increased 7.3% in June to 164,214 cars, and six-month deliveries rose 10.2% to 886,347 cars. The gains were fueled by strong demand in China and the US. In other auto news, General Motors (NYSE:GM) is expanding its operations in South America, investing $270 million to build an aluminum motor factory in Santa Fe, Argentina. The factory is expected to produce 90,000 motors annually.

Economy

Today's economic calendar began with the NFIB small business optimism index, which pulled back in June by 1.6 points to 95. This is the first decline following a 5-point gain stretched across three months stretching back to March. ICSC-Goldman same-store retail sales were up 1.7% in the week of July 5, but conversely showed a 1.3% decline from the same week a year ago. Redbook will paint a more complete picture of retail sales when it reports its weekly measure at 8:55 a.m. At 10:00 a.m., the Job Openings and Labor Turnover Survey (JOLTS) will provide a reading on the number of job openings at the end of last month. At 1:00 p.m., the Treasury will announce the results of the $27 billion 3-year note auction, while Richmond Federal Reserve President Jeffrey Lacker will give a speech on economic outlook in Charlotte, North Carolina. At 1:45 p.m., Minneapolis Federal Reserve President Narayan Kocherlakota will give a speech on the economy in Minneapolis. At 3:00 p.m., the Federal Reserve will release consumer credit numbers.

Global Markets

Asian stocks declined overnight, moving off a six-year high as investors reacted to hints that the Federal Reserve could raise rates sooner than later. European stocks were down as well, extending a third day of declines. The declining demand for Spanish bonds, a sign that the economic recovery in that country is losing momentum, drove negative sentiment in European markets. In the UK, manufacturing fell by 1.3% in April, its first decline in six months and its sharpest in 16. Brent crude fell below $110 a barrel, spinning around a rally that began when Islamist militants seized control of a strategically important city in northern Iraq nearly a month ago.

Twitter: @brokawbrokaw
< Previous
  • 1
Next >
No positions in stocks mentioned.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.
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