Monday April 13, 2015
Good Morning Traders,
Morning Notes
US Futures are off slightly this morning (-0.14%). Last Friday, markets closed moderately higher on the $GE news of its large asset sale and $50B stock repurchase program. European Markets are pushing higher while Asia follow with China speculation of boosting stimulus to spark economic growth.
Technicals
The $SPY broke and closed above mid range resistance of $209 on Friday. $209 will now act as new mid range support with $207 below. Minor descending resistance is currently $210.50, then major at $211.50.
In Play
BLDR: Builders FirstSource – a leading supplier and manufacturer of structural and
related building products for residential new construction in the United
States, today announced that it has entered into a definitive purchase
agreement to acquire ProBuild Holdings LLC (“ProBuild”), one of the nation’s
largest professional building materials suppliers, in an all-cash transaction
valued at approximately $1.63 billion. Gapping up over 50% with a 35M share float.
ARWR: Arrowhead – Cleared to Proceed With Multiple Dose Phase 2B Study. Gapping up over 15% with a 47M share float.
QCOM: Qualcomm – Jana Capital, one of QCOM’s largest shareholders($2B stake), urged the company to spinoff its chip manufacturing unit from its patent licensing business. Gapping up over 5%.
Economic Calendar
14:00 Federal Budget Balance – Consensus ($43.0B)
Earnings After Close
PBY: Pep Boys – EPS Est. $0.03, Rev Est. $506.80M.
Happy Trading!