Wednesday March 25, 2015
Good Morning Traders,
Morning Notes
US Futures are pointing higher this morning on Merger and Acquisition activity. Kraft foods announced news that it will be merging with H.J. Heinz. Kraft Foods ($KRFT) is trading higher by 30%. European and Asian Markets remained relatively quiet overnight.
Technicals
The $SPY closed below the active upper support zone of $209 yesterday. The next level is comprised of two intersecting points which will strengthen the underlying support. The low of the range on the Fed minutes announcement on March 18 of $206.62 which also happens to be ascending support. Resistance to the upside is descending resistance at $211.76.
In Play
VBLT: Interim Study Data Show Survival Improvement. Gapping up over 15% with a 12M share float.
APOL: Gapping down over 15% on 2Q results and lowering guidance. 9M share float.
Economic Calendar
08:30 Core Durable Goods Order (MoM) [Fed] – Consensus 0.30%
08:30 Orders Non Def. Ex Air (MoM) [Feb] – Consensus 0.30%
08:30 Durables Excluding Defense (MoM) [Feb]- Prior 2.90%
08:30 Durables Goods Orders (MoM) [Feb]- Consensus 0.40%
10:30 EIA Weekly Distillates Stocks – Consensus (1.06M) barrels
10:30 Crude Oil Inventories
Earnings After Close
PVH: PVH – EPS Est. $1.73, Prior $1.43. Rev Est. $2.01B
FIVE: Five Below – EPS Est. $0.60, Prior $0.47. Rev Est. $262.40M
RHT: Red Hat – EPS Est. $0.41, Prior $0.39. Rev Est. $456.80M
Happy Trading!