Tag Archives: NAHB

Stock Futures Point Higher Ahead of Numerous Earnings Reports

By IBTimes

new york stock exchange floor traders economic earnings reports profits economy

Filed under: , , , ,

Richard Drew/AP

By Sreeja VN

U.S. stock futures point to a higher open Wednesday, ahead of the publication of new home sales data and quarterly earnings statements from major American companies, including Facebook, Ford, PepsiCo, Qualcomm, Visa and Boeing.

Futures on the Dow Jones industrial average (^DJI) were up 0.2 percent, while futures on the Standard & Poor’s 500 index (^GSPC) were up 0.3 percent and those on the Nasdaq 100 Index were up 0.9 percent.

Investors are expected to focus on new home sales data for June, to be released by the Commerce Department, at 10 a.m. Eastern time. Analysts expect new home sales — the annualized number of new single-family homes that were sold during the previous month — may probably increase to 485,000 in June from 476,000 in the previous month.

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New home sales had recorded a better-than-expected gain in May, helped by a pick-up in demand, while existing home sales data for June, which was released Monday, showed a decline. Analysts attributed the fall to a recent hike in mortgage interest rates and believe new home sales could still increase in June.

“With the NAHB current sales index still rising strongly, we have penciled in an increase in new sales from 476,000 in May to 485,000,” Paul Diggle, an economist with Capital Economics, wrote in a research note.

On the earnings front, a number of major companies, including Caterpillar (CAT), Eli Lilly & Co. (LLY), EMC Corp. (EMC), US Airways Group, (LCC), Ford (F), PepsiCo (PEP) and Boeing (BA), will announce quarterly earnings before market hours. Visa (V), Western Digital (WDC), Qualcomm (QCOM) and Facebook (FB) are to announce their earnings after markets close Wednesday.

Markit Economics’ flash Purchasing Managers’ Index, or PMI, for the manufacturing sector in the month of July, is scheduled to be released at 9 a.m. Eastern time. The index, which measures the activity level of purchasing managers in the manufacturing sector, is expected to show a reading of 52.5 in July, up from the 51.9 recorded in June. A reading below 50 indicates contraction.

European markets were trading higher Wednesday, as investor sentiments were buoyed after flash PMIs for the euro zone’s manufacturing and services sectors beat expectations. The 17-nation eurozone’s manufacturing PMI for July came in at 50.1 compared to 48.8 in the previous month. The services PMI registered a reading of 49.6 compared to 48.3 in June.

Germany’s manufacturing PMI came in at 50.3 in July, up from 48.6 in June while the nation’s services PMI was at 52.5 in July, up from 50.4 in June. Meanwhile, in neighboring France, while the …read more

Source: FULL ARTICLE at DailyFinance

Builder Confidence Drops Again

By Justin Loiseau, The Motley Fool

Filed under:

Builder confidence dropped again in March, according to a National Association of Home Builders (NAHB)/Wells Fargo Market Index report released today.

The index, which measures builders’  perceptions of current and future sales conditions, fell two points from February to reach 44 this month. Builder confidence in the market for newly built single-family homes leveled off in January after eight consecutive months of improvement, and has dropped since then, according to the NAHB.

Analysts had expected a one-point increase to 47 for March , which would’ve brought confidence closer to the 50-point mark, with over 50 indicating optimism outweighs pessimism.

Source: Author, data from NAHB

“Although many of our members are reporting increased demand for new homes in their markets, their enthusiasm is being tempered by frustrating bottlenecks in the supply chain for developed lots along with rising costs for building materials and labor,” said NAHB Chairman Rick Judson in a statement. “At the same time, problems with appraisals and credit availability remain considerable obstacles to completing deals.”

The main dip for March came from homebuilders’ perceptions of current sales, not future expectations. Although the current component fell four points to 47, traffic of prospective buyers over the next six months increased three points to 35 and sales expectations for the next six months bumped up one point to 51.

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The article Builder Confidence Drops Again originally appeared on Fool.com.

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Source: FULL ARTICLE at DailyFinance