Futures Flatish

In After Hours Trading

We expect filings and pricings during the week for secondaries but right now nothing on tap.

ARAY (+.01) AVAV (-.23) AVGO (+.08) DY (-.01) HEI (+.04) TIVO (+2.09) WDAY (+.05).

What’s Happening This Morning

US futures: (S&P -2, Dow Jones -8, NDX -1.75 with fair value slightly lower helping the open. Asia and Europe lower. Copper lower and gold higher with WTI Crude higher and Brent Oil Futures higher. $ is higher vs Euro, higher vs. Pound and higher vs. Yen. US 10 year Treasury Yield +2. Prices as of 7:55 a.m. EST.

Earnings Expected

Due after the close WSM GEF TFM GES GAME OFIX TLYS CWST CSTM. Due tomorrow morning RY TD CPB PLL SIG BIG TECD GCO LRN BRLI FRED FLWS JASO COCO.

Rags & Mags: Inside Wall Street

We are back to our own coverage of the major papers:

 

NY Times: WEBSITE DOWN DUE TO HACKING.

Wall Street Journal: Many retailers are struggling to crack online market. U.K. pushes for Syria action. Rout is emerging markets continues. Williams Sonoma vulnerable on earnings report today.

USA Today: U.K. prepares U.N. for resolution. Fear trade takes hold on Wall Street.

Reported Earnings This Morning

AMAP(-.05) CHS (-.05) FRO (-1.06) JOY (+.34) ZLC (+.08)

Data Points

Thursday saw 602 stocks rise and 2460 fall on the NYSE. NASDAQ saw 323 rise and 2225 fall.

 

The S&P 500 is now back below its 50 day exponential moving average and above the 200 day exponential moving average. The Russell 2000 is now below its 50 day moving exponential average and above its 200 day exponential moving average.

The 10 day spread moving average of breadth is now negative and we are in cash mode. The Madison Market Timing Indicator moved to buy on July 8th which can be found on www.superstockinvestor.com.

Economics

Q2 GDP (preliminary) is due out at 8:30 a.m. EDT and are expected to rise to 2.3% from 1.7%.

Politico

Congress is on vacation until after Labor Day thankfully. Watch for military action in Syria by the U.S. military.

 

Conference & Analyst Meetings

Analyst Meetings of note HMY. Simmons European Energy Conference.

Conference of Note

Morgan Stanley Energy Summit.

M & A News

Key Upgrades and Downgrades

Firm Upgrades Downgrades
JP Morgan TASR
Goldman Sachs
Morgan Stanley
Deutsche Bank
Citigroup DEG DW TIF
Merrill Lynch STO
Wachovia/Wells Fargo
Credit Suisse PLOW
Banc of America
UBS
Miller Tabek
Needham
Jefferies
Credit Agricole TIF
Societe Generale
Raymond James
Societe Generale
Keefe Bruyette
Oppenheimer
Friedman Billings
Robert W. Baird
Evercore
Sun Trust RH
Credit Agricole
RBC
RBS
Cantor Fitzgerald
CIBC
Dresnder
Key Banc
HSBC Securities
Cowen
William Blair
BNP Paribas
Nomura
Kaufman
Brean Murray
JMP Securities
Wedbush
Argus
CLSA
BB&T
ING
Roth
Janney Montgomery
Susquehanna
Think Equity
Merriman
Cantor Fitzgerlad
BMO Capital
Benchmark
Jesup & Lamont
Macquarie
Canaccord Adams
Evercore
MKM
Bernstein
CLSN
Guggenheim
Auriga
Stephens
BTIG
Global Hunter
Longbow
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