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Financial instability in parts of the eurozone, talk of further quantitative
easing, and an underwhelming start to earnings season played into today's trade,
yet overall action was really rather dull until late in the day, when stocks
fell amid a flurry of selling pressure.
After the close, XCO and HCSG, are the most notable names scheduled to report
earnings results.
In corporate news: ITG (ITG $13.69 +0.27) announced a cost reduction plan to
improve margins and enhance shareholder returns in the face of continued
weakness in institutional equity trading volumes in the U.S. and Europe. The
cost reduction plan is primarily focused on employment, consulting, and
infrastructure costs in the U.S. and Europe. This plan is expected to generate
pre-tax cost savings in 2012 of more than $20 mln, or ~$0.30 per diluted share
after taxes. The cost savings will begin to take effect during the third quarter
of 2011. ITG will incur pre-tax charges associated with this plan estimated at
between $16-18 mln, or between $0.23 and $0.26 per diluted share after taxes, in
Q2 of 2011. Co also announced plans to record a Q2 2011 non-cash goodwill
impairment charge in its U.S. reporting unit estimated at between $210-230 mln,
or between $4.50-5.00 per diluted share after taxes. The company issued downside
guidance; co Adjusted earnings per diluted share for the quarter, exclusive of
these items, is expected to be between $0.12-0.15 vs. the Capital IQ Consensus
Estimate of $0.20.
Futures are higher after hours: S&P 500 futures are +0.78 from fair value of
1309.32 and Nasdaq100 futures +3.2 from fair value of 2340.00.
Tomorrow morning before the open, two economic reports are scheduled to be
released: 1) MBA Mortgage Index (Consensus NA) and 2) Export prices ex-ag
(Consensus NA) and Import prices ex-oil (Consensus NA).
Tomorrow before the open, look for the following companies to report: ADTN, and
ASML.
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