Wednesday April 1, 2015
Good Morning Traders,
Morning Notes
US Futures are down this morning ahead of a busy economic calendar along with an important ADP employment change. European Markets are up over 1% at nearly a 7 year high after March manufacturing PMI came in higher to its fastest growing pace in 10 months.
Technicals
The $SPY broke down through Monday’s low yesterday and continues to be stuck in a lethargic, range bound zone. Support now lies at $205.95 and $204. Resistance above is at $208.10.
In Play
GDDY – Go Daddy – Company will IPO 23M shares at $20/Share today.
DYAX – DX-2930 drug cuts HAE attack rates by 100% in 300mg form. Also announced receipt of fast track designation from FDA. Gapping up over 40% with a 134M share float.
VLTC – Activist Investor, Carl Icahn, disclosed an stake of over 4M shares at a price of $1.36. Gapping up over 100% with a 4.5M share float.
Economic Calendar
09:45 Manufacturing PMI – Consensus 55.30
10:00 ISM Manufacturing New Orders Index
10:00 ISM Manufacturing Employment – Consensus 51.90
10:00 ISM Manufacturing Prices – Consensus 38.00
10:00 ISM Manufacturing PMI – Consensus 52.50
10:00 Construction Spending (MoM) [Feb] – Consensus (0.10)%
10:30 FOMC Member Lockhart Speaks
10:30 Crude Oil Inventories – Consensus 4.19M barrels
10:30 Gasoline Inventories – Consensus -0.88M barrels
10:30 EIA Weekly Distillates Stocks – Consensus –725K barrels
16:00 Domestic Truck Sales – Consensus 8.05M
16:00 Domestic Car Sales
16:00 All Car Sales
16:00 All Truck Sales
16:00 Total Vehicle Sales – Consensus 16.50M
16:30 MBA Purchase Index
16:30 Mortgage Market Index
16:30 Mortgage Refinance Index
Earnings After Close
MU – Micron Tech – EPS Est. $0.78, Prior $0.85. Rev Est. $4.20B, Prior $4.11B
Happy Trading!
