July 2, 2015
In After Hours Trading
IPOs On Deck this morning Natera (NTRA). Secondaries on deck today none of note.
In After Hours Trading: FDO -.07.
What’s Happening This Morning
U.S. futures: S&P +2.75, Dow Jones +24, NDX +7.75 and Russell 2000 +1.90 with fair value a tad lower. Asia higher ex Shanghai which lost -3.41% and Europe mixed.
Copper,silver and gold lower. WTI Crude and Brent Oil Futures bouncing higher after yesterday’s weakness. Natural Gas is higher. $ is flat vs Euro, higher vs. Pound and higher vs. Yen. US 10 year Treasury yield +2. Prices as of 7:45 a.m. EDT.
All Sectors higher ex Conglomerates that fell -0.9% yesterday. For the month, only Healthcare is higher 0.7%.
Earnings due after the close (by market cap descending): none of note.
Due Monday morning (by avg. trade volume descending): none of note.
Rags & Mags: Inside Wall Street
USA Today: Donald Trump tells the world “I love Mexican People”. Lowdown on the Greek Crisis. Greek Prime Minister says a “No” vote does not mean an exit from the Euro. What investors should know for July. Apple (AAPL) watch sales lagging.
Bloomberg: Greek Finance Minister states he will quit if Greece votes for austerity. Cash buyers vanish from the U.S. housing market. Gold hits a three month low. Lowest paid Americans see wages rise. Oil dropped the most since April yesterday.
Reported Earnings This Morning
Reported Earnings This Morning (Best to Worst absolute beats/misses [+.02 or greater/-.02 or worse]): none of note.
Current Morning missing: none of note.
Yesterday saw 1928 stocks rise and 1181 fall on the NYSE. NASDAQ saw 1496 rise and 1322 fall.
The SP 500 is back below its 50 day exponential moving average and is still above the 200 day exponential moving average. The Russell 2000 is back below its 50 day moving exponential average and is still above its 200 day exponential moving average.
The 10 day spread moving average of breadth has moved back to cash. The Madison Market Timing Indicator is still invested.
YTD 3849 (-229 stocks are higher for the year and 3010 (-277) are lower. Updated 6/1/15 Close. Prior Update 5/04/15 close.
June Nonfarm Payrolls are due out at 8:30 a.m. EDT and are expected to fall to 237,500 from 280,000 and the unemployment rate is expected to drop to 5.4% from 5.5%.
At 10:00 a.m. EDT, May Factory Orders are expected to improve to -0.3% from -0.4%.
Weekly Natural Gas Inventories are due out at 10:30 a.m. EDT.
Greek Referendum (i.e. the Greferendum) will be held on Sunday. Post vote, the Troika will relook at aid to Greece.
Conference & Analyst Meetings
Meetings or announcements of note today DAL.
Conference of Note
Conferences have ground to a halt as we prepare for the Fourth of July weekend.
M & A News
Centene (CNC) to buy Health Net (HNT) for $78.57 a share in cash and stock. A 21% premium.
Key Upgrades and Downgrades
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