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Archer-Daniels-Midland Co. (ADM)

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US pre-open: Stocks to edge higher ahead of FOMC meeting

29 Apr 14

LONDON (ShareCast) - The main US equity gauges are being called to start the day higher with average gains of about 0.3 per cent, ahead of the start of the Federal Open Market Committee’s (FOMC) two-day policy meeting.

The FOMC is expected to approve another $10bn reduction in the pace of its asset purchases, lowering it to $45bn per month.

This comes as the academic debate Stateside has shifted towards whether or not the currently elevated levels of long-term unemployment will suffice to hold inflation down sufficiently.

If unemployment levels do not have their hoped-for effect then the first interest rate hike might materialise a tad sooner than now expected by capital markets.

Apple set to market mega-debt issue

Market commentary is again centring on the start of Apple’s efforts to market a mega-debt offering of $17bn to help finance a $30bn increase in its shareholder remuneration program. While the Cupertino, California-based company was carrying $159bn of cash on its balance sheet it is mostly held outside the US. Bringing it ‘home’ could see it incur in a tax rate of up to 35%.

Pharmaceutical giant Merck&Co. has unveiled first quarter adjusted earnings per share (EPS) of 88 cents (consensus: 79 cents).

Luxury handbag maker Coach beat market forecasts for its fiscal quarter, but missed estimates on its bottom line.

Archer Daniels Midland saw first quarter profit achieved an adjusted EPS of 55 cents during the first three months of year, well below the amount which analysts had pencilled in. Revenues were similarly weak.

Fuel refiner Valero published trounced analysts’ forecasts for the first three months of the year, reporting EPS of $1.54 in comparison to estimates for $1.39.

Crude futures edge higher

10-year US Treasury yields are now advancing by one basis point to the 2.71% mark.

Front month West Texas crude futures are advancing by 0.50% to the $101.34/barrel mark on the NYMEX.


Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are end of day values only.


Market Data

Currency US Dollars
52 Week High $46.35
52 Week Low $36.76
Shares Issued 560.09m
Market Cap $25,165m


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