Wednesday, May 1, 2013

ISM Mfr. & April NFP projections; IACI Earnings ...

The ISM manufacturing index will be released on Wednesday (5/1) at 10am (ET).  We project an ISM of 51.1, pretty much in-line with the 51.0 consensus.  We note that last month's manufacturing ISM figure was 51.3.  Based on lack of month/month improvement seen in regional manufacturing surveys conducted by various regional Reserve Banks, we do not expect ISM to come in better than the previous month.  We note that a miss could be offset by what is expected to be continuing dovish comments from the FOMC, which began on Tuesday and will continue through Wednesday.  Official statement from the FOMC meeting will be released at 2pm (ET) on Wednesday.

Regarding Friday's upcoming NFP figure, we estimate that number to be slightly below the 153K consensus.  We are projecting a +150K change in NFP for the month of April.  We note that if Wednesday's ADP number turns out to be significantly higher or lower than the 155K consensus, it could impact not only our estimate but also the Street's.

Lastly, IACI reported mixed Q1 results on Tuesday after the close.  While it blew away estimates on EBITDA and net income, it missed on the top-line.  Its search & apps segment performed much better than expected, but that was more than offset by disappointing revenues in the Match segment.  We will provide more detail after we review the results and listen to the earnings call.  The stock did gain nearly 3% on Tuesday; however it appears it will give it all back on Wednesday as it was down 3.5% in AH.  As a reminder, FB will be reporting Wednesday after the close, while BCOR is scheduled for Thursday after the close.

No comments:

Post a Comment