Dow to Open Lower; Apple May Slide

LONDON -- Stock index futures at 7 a.m. EST indicate that the Dow Jones Industrial Average (DJINDICES: ^DJI  ) may start the week down 16 points, or 0.12%, while the S&P 500 (SNPINDEX: ^GSPC  ) may open 0.1% lower. Despite this, the CNN Fear & Greed Index remains in "extreme greed" territory at 84, suggesting that bullish sentiment remains strong among investors.

Today's economic calendar is empty, and with little economic news at home or abroad, investors' attention is likely to focus on corporate news. The biggest name of the day will be PPG Industries, which is due to release its quarterly earnings before markets open this morning. Fourth-quarter earnings of $1.53 per share are expected, according to analysts' consensus estimates.

Trading in Apple (NASDAQ: AAPL  ) stock may also increase after the Japanese newspaper Nikkei reported that Apple has cut its orders for LED screens for the iPhone 5 by nearly 50% due to weaker-than-expected demand for its latest flagship phone. Other reports have already suggested that sales of the iPhone 5 have been below expectations. At 8 a.m. EST, Apple stock was down about 3.7% in premarket trading.

Other companies whose stock could see active trading include United Parcel Service, which rose in German trading this morning after the company said it expects European regulators to block its acquisition of Dutch rival TNT Express NV.

European markets
European markets rose this morning despite new data showing that eurozone industrial output fell 0.3% in November -- a bigger drop than the 0.1% expected by analysts. The drop means that industrial output from the single currency region is 3.7% lower than in November 2011, but the fall was much smaller than the 1% drop recorded in October 2012.

At 7:45 a.m. EST, the DAX was up 0.5%, the CAC 40 was up 0.36%, the FTSE MIB was down 0.13%, and the IBEX 35 was up 0.1%. In London, the FTSE 100 (FTSEINDICES: ^FTSE  ) was up just five points, with Eurasian Natural Resources the biggest riser, up 2.7% after Credit Suisse lifted the miner's rating from "neutral" to "outperform," citing "re-rating catalysts in 2013."

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  • Report this Comment On January 14, 2013, at 8:39 AM, TimKnows wrote:

    With Apple you have to sell the rallies, too bad Andrew Tonner talked the longs into buying Apple when it is a clear short.

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