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Pence Wealth Management Financial Markets Report


  • U.S. stocks fluctuate at the open as banks slip and retailers advance.
    • Small-caps and Internet shares have been the biggest victims of the market retreat that began two months ago as investors fled last year’s best-performing equities.
    • The Russell 2000has fallen 9.4 percent from a March 4 record amid concern that prices have outrun earnings. 
    • Of the 451 S&P 500 constituents that have released results this earningsseason, 76 percent have beaten estimates for profit, while 53 percent have exceeded projections for revenue.
    • The index’s members increased their earningsby 4.6 percent and their sales by 2.8 percent in the first quarter.
  • CBS revenue misses estimates on lower advertising. CBS, owner of the most watched U.S. television network, reported lower-than-expected revenue as advertising fell 12 percent.
    • Revenue for the first quarter fell 4 percent to $3.86 billion, reflecting fewer College basketball games and the absence of the Superbowl broadcast, which was carried by rival Fox this year.
    • The broadcaster said it expects the second half of the year to be stronger, driven by heavy spending on political advertising due to mid-term elections scheduled in Florida and Michigan.
    • Net earnings from continuing operations rose to $468 million in the quarter from $463 million a year earlier.
  • Apple to unveil iPhone 6 in August, earlier than expected. A 4.7-inch screen version of the iPhone 6 will reach stores in August. A 5.5-inch or 5.6-inch model will be released in September, Taiwanese media reported on Friday citing unidentified supply-chain sources.
    • Together, the Economic Daily News said 80 million iPhone 6 handsets would be produced this year. Industry watchers have said increasing the iPhone’s screen size from 4 inches would help Apple regain market share from competitors.
  • Apple close to buying headphone maker Beats Electronics for $3.2 billion, the Financial Times reported. The purchase of Beats, which also runs a streaming music service, would be Apple’s largest ever acquisition.
    • Founded by rapper Dr. Dre and music producer Jimmy Iovine, Beats Electronics primarily produces products under the brand “Beats by Dr. Dre” and competes with headphones made by Skullcandy, Sennheiser Electronic and Bose.
    • Beats Electronics received a $500 million investment from Carlyle Group in September that valued the company at over $1 billion.
  • Boeing’s pace of commercial airplane deliveries slowed to 56 in April, or 10 fewer than the month before, keeping it under the target needed to meet its annual delivery forecast.
    • Boeing said the delivery decline from March was less significant than the growth in output over the last year. 
    • Boeing still expects to deliver 715 to 725commercial airplanes this year. Boeing delivered 648 jetliners last year.
    • Airbus has said it expects to deliver about 626 jets this year, the same number as in 2013.
  • A number of large U.S. retailers reported April comparable sales above expectations, helped in part by a later Easter that pushed sales from March, and the end of a harsh winter that had kept many shoppers at home.
    • A group of 10 retailers – which does not include such giants as Wal-Mart, Target, and Best Buy– reported a 6.4 percent increase in April comparable sales, better than the 4.1 percent rise analysts had expected.
  • Dish Network says they cannot afford to bid against rivals for DirecTV and T-Mobile.


  • YellenCould take 5-8 years to shrink Fed portfolio. Yellen said no decision had yet been made on the central bank’s portfolio of assets, which has swollen to $4.5 trillion from about $800 billion in 2007.
    •  The Fed is still adding $45 billion in bonds each month.


  • Russian President Vladimir Putin visited the Crimea region he annexed in March amid growing tensions as Ukraine said about 20 pro-Russian separatists died in clashes in the eastern port city of  Mariupol.
  • Fiat Chrysler headquarters will be in London, CEO confirms. Fiat’s home is currently in Turin, Italy, while Chrysler is headquartered in Auburn Hills, outside of  Detroit.
    • In January, Fiat sealed a $4.35 billion deal to take full control of  Chrysler, creating the world’s seventh-largest auto group.


  • Mother’s Day became a public holiday (1914)
  • Explorers Richard E. Byrd and Floyd Bennett flew over the North Pole (1926)
  • The Beatles signed their first recording contract and hired George Martin to be their producer (1962)
  • The South African parliament chose Nelson Mandela as president (1994)

Sources: Reuters, Bloomberg.

This information has been prepared from sources believed to be reliable, but no representation is being made as to its accuracy or completeness. The information provided should be used only as general information and is not intended to provide specific advice or recommendations for any individual. The economic forecasts set forth in the material may not develop as predicted. All indices, such as the S & P 500, are unmanaged and may not be invested into directly.


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