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NYSE Morning Update:

Ahead of the Bell: Dow futures are trading up 46 points and S&P futures are trading up 5 points. Bargain hunters are looking for deals following the selloff this week on expectations of loose central bank monetary policy boosted by optimism over the prospects for growth in the US economy. Surprisingly weak economic data from the US and China, along with the International Monetary Fund cutting is global growth forecast has fueled the pullback in financial markets. Commodity markets however, continue to retreat on worries of lower growth in China, where gold, copper, and crude oil is near multi-month lows. The earnings parade continues, after Morgan Stanley reported better than expected first quarter results.

• On the economic calendar today, the Labor Department will release weekly jobless claims before the market opens, 347K is forecasted compared with 346K for the week prior. Philadelphia Federal survey will be out after the opening bell, it is forecasted to be to be 3.3 versus 2.0.for March.

• The dollar is down against the major currencies. Gold is trading at $1,393. Crude oil is currently trading at $87 a barrel.

• Yesterday, stocks slumped again, erasing yesterday’s rally, amid losses in industrial metals and disappointing quarterly results from Bank of America.

• On CNBC today, Hugh Johnston, CFO and EVP at Pepsico, Inc., talked about how business is progressing. PepsiCo reported Q1 EPS 77c, versus estimates 71c and Q1 revenue $12.58B, versus estimates of $12.61B. Johnson said the company did get off to a strong start for year, driven by developing and emerging markets, including Asia and Africa. He feels good about improvements in margins and Pepsico has reaffirmed guidance for the year. The company is expecting a strong performance for the rest of the year. Productivity programs are now yielding benefits. The China business is doing well, particularly the snack portfolio.

• Also on CNBC, Peter Kenny, managing director in institutional sales for Knight Equities talked about what’s driving the markets. Kenny said we are in correction mode, in the long term this is good for the equity market. He added that the rally remains intact. He remains concerned with growth in the US and China, and first quarter earnings. However, he pointed there are some positive to look forward to, including GDP expansion, employment trends broadening out, and the improving housing markets. He forecast positive profit margins for the year and expects the S&P 500 to go higher for the remainder of the year.

• Happy Thursday and have a nice day.

Wednesday’s Close

DJIA down 138.19 pts/-1.08%/ 14,618.78
S&P up 22.21 pts/+1.43%/ 1,574.57
Nasdaq up 48.14 pts/+1.50%/ 3,264.63

Thursday’s Futures

Dow Futures up 46.27 pts/+0.62%
S&P Futures up 5.50 pts/+0.66%
Nasdaq Futures up 11.25 pts/+0.41%

Overseas Markets

FTSE +0.417%
CAC 40 +0.78%
NIKKEI 225 -1.22%
HANG SENG -0.26%

Overseas: World stock markets are up today. European and Asian markets are up on optimism of loose global monetary policy.

Economic Reports: Jobless Claims expected to be 347K at 8:30 a.m., Philadelphia Fed Survey expected to be 3.3, and Leading Indicators expected to be 0.2% at 10:00a.m.

Top Headlines:

• Roper Industries Inc. (ROP) announced it is acquiring privately held Managed Health Care Associates for approximately $1 billion.

• Votorantim Cimentos S.A., Brazil’s largest cement producer filed to list its IPO of $5.4 billion on the NYSE. The number of ADS’s is to be determined and Morgan Stanley, JPMorgan, and others are listed as underwriters.

• Omega Advisors, one of the largest shareholders of Sprint Nextel Corp (S) has joined a growing group of investors who favor Dish Network Corp’s (DISH) $25.5 billion bid for the wireless carrier over Japan’s SoftbanK Corp.

Commodities/Currency:

Gold: up $1.70 to $1,393.50
Oil: up 0.86 to $87.54

EUR/USD 1.3060 +0.0001
USD/JPY 98.3150 +0.0755
GBP/USD 1.555 +0.0013

Volatility Index (VIX): As of the close of business Wednesday, April 17, the VIX is up 2.55 at 16.51
Companies Reporting Quarterly Earnings:

Morgan Stanley reports Q1 adj EPS 61c, vs. Est 57c and Q1 revenue $8.5B Ex-DVA, consensus $8.35B. Reports net revenues of $8.2B including the negative impact of $317M from the tightening of DVA.

Verizon reports Q1 EPS 68c, vs. Est 66c and Q1 revenue $29.4B, vs. Est $29.56B.

Omnicom reports Q1 EPS 76c, vs. Est 75c and Q1 revenue $3.40BB, vs. Est $3.41B.

Snap-On reports Q1 EPS $1.40, vs. Est $1.34 and Q1 revenue $741.7M, vs. Est $753.31M.

Today’s Opening and Closing Bells:

Taminco Corporation IPO celebration will ring the opening bell.

Intelsat S.A. IPO celebration will ring the closing bell.