Futures Lower

In After Hours Trading

There are no IPOs scheduled until after Labor Day weekend. It looks to be a busy fall. WHLR priced a secondary last night.

ADI (+.03) EPAY (+.03) EXXI (+.26) INTU (+.01) LZB (+.02) TUES (-.13) VELT (-0.05)

What’s Happening This Morning

US futures: (S&P -2.25, Dow Jones -20, NDX -4.75 with fair value a bit lower adding to the open. Asia mixed and Europe lower. Copper lower and gold lower with WTI Crude lower and Brent Oil Futures lower. $ is higher vs Euro, lower vs. Pound and higher vs. Yen. US 10 year Treasury Yield +1. Prices as of 7:55 a.m. EST.

Earnings Expected

Earnings due after the close HPQ LTD SNPS HAIN SMTC NOAH OFIX. Due tomorrow morning DLTR HRL GME SHLD PDCO ANF TTC BKE LANC BIG CATO PLCE SMRT BONT PERY KIRK LYTS.

Rags & Mags: Inside Wall Street

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

 

NY Times: Rebels in Syria accuse government of using chemical weapons. Currency volatility is upsetting investors. Lowe’s (LOW) raises outlook.

Wall Street Journal: NSA has massive reach. Short sellers hurt by rising prices.

USA Today: Wall Stree blinks on upcoming moves by the Fed. Are IPOs a good deal for investors.

Reported Earnings This Morning

GSM (+.06) SJM (+.04) LOW (+.09) MSG (+.17) SPLS (-.02) TOL (+.01)

Data Points

Tuesday saw 2343 stocks rise and 715 fall on the NYSE. NASDAQ saw 1814 rise and 620 fall.

 

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

July Existing Home Sales are due out at 10:00 a.m. EDT and are expected to rise to 5.18 million from 5.08 million.

Politico

Congress is on vacation until after Labor Day.

 

Federal Reserve Open Market Committee (FOMC) minutes from the July meeting are due at 2:00 p.m. EDT

Conference & Analyst Meetings

No analyst Meetings of note HOG. Citi 1 on 1 MLP/Midstream Infrastructure Conference. Morgan Stanley Semiconductor Corporate Access Day.

Conference of Note

Gamescom 2013

M & A News

Key Upgrades and Downgrades

 

 

Firm Upgrades Downgrades
JP Morgan
Goldman Sachs
Morgan Stanley
Deutsche Bank
Citigroup LNEGY
Merrill Lynch QCOR
Wachovia/Wells Fargo
Credit Suisse
Banc of America
UBS
Miller Tabek
HSBC KPLUF MOS POT
Jefferies
Cowen
Sun Trust Robinson Humphrey
Raymond James NDAQ
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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