Futures point to flat open Thursday on mixed earnings results and diverging economic data. Earnings were released from Apple (AAPL), Ford (F) and Amazon.com (AMZN) to name a few. Economic data on jobless claims and durable goods orders was also reported this morning. Energy prices remain in the spotlight as well with crude down from record highs this morning.

Crude for June delivery is down two-thirds of a dollar this morning, trading near $117.65 a barrel. The May contract expired on Tuesday after trading near a high of $120 a barrel. Strength in the dollar has pushed crude prices lower Thursday. Nonetheless, record high gasoline prices at the pumps, which is something the Fed is concerned with.

Economic data was mostly positive this morning with jobless claims falling more than estimates and durable goods orders unexpectedly declining. Jobless claims fell by 33,000 this past week to a level of 342,000, well below estimates for a reading of 375,000. Durable goods orders fell 0.3 percent in March when estimates were for a gain of 0.6 percent. However, the weakness was squarely in the transportation sector with non-transportation durable goods orders up 1.5 percent. Data on new home sales will garner a lot of attention later this morning with estimates for an annualized rate of 580,000 units.

In earnings news, AMZN announced that earnings rose 30 percent with revenues up 37 percent. Earnings bested analyst estimates by a penny a share with revenues exceeding expectations as well. However, AMZN shares are lower by more than four percent after providing a disappointing outlook for second quarter operating income. AMZN shares are trading near $77.50 and have a 52-week range from $44.43 and $101.09.

Shares of AAPL also have a huge 52-week range from $91.60 to $202.96 with the stock near $165. AAPL is up more than one percent this morning after reporting strong earnings results for the quarter. AAPL made $1.16 a share, easily surpassing estimates for EPS of $1.07. The stock would be higher Thursday, but the company provided an outlook for the third quarter that fell well short of estimates.

Ford shares gained more than five percent Wednesday ahead of its earnings report and are up another percent this morning. The auto maker reported a profit in the quarter when analysts were expecting a loss. The auto industry continues to see weakness with higher gasoline prices and economic slowing hurting sales.

The major market indices have been consolidating this week, stuck between their respective 50-day and 200-day moving averages. Stocks could continue to see sideways trading until the FOMC meeting at the end of the month.

Jody Osborne
Senior Writer & Options Strategist
Optionetics.com ~ Your Options Education Site