Friday May 1, 2015
Good Morning Traders,
Morning Notes
US Futures and European Markets are slightly higher this morning after China reported a higher than expected manufacturing PMI. US Markets were hit with a sell off yesterday led by tech stocks and predominantly Apple and its reported defect in the new watch. In addition, the personal income and spending report came in weaker than expected.
Technicals
The $SPY broke through ascending support of $208 and closed back above at $208.46 in yesterday’s session. Support below the minor ascending channel of $208 will be at $207 and then $205. Resistance lies above at yesterday’s high of $210.35.
In Play
OCN: Ocwen Financial – The Company reported a 1Q earnings beat and received a buy rating at Sterne Agee. Gapping up 13% with a 65M share float.
VLTC: Voltari Corporation – Continuation move after testing and holding the 20 day moving average on Thursday near $8. Gapping up 12% with a 4.62M share float.
LNKD: Linkedin – The Company reported a miss on revenue for 1Q, below analysts expectations for the first time. 2Q 2015 outlooks were well below expectations. Gapping down 20% with a 108M share float.
Economic Calendar
8:30 Loretta Mester Speaks
9:45 PMI Manufacturing Index
10:00 ISM Manufacturing Index
10:00 Consumer Sentiment
10:00 Construction Spending
15:25 John Williams Speaks
Earnings Before Open
DUK: Duke Energy – EPS Est. $1.12. Rev Est. $6.26B
LM: Legg Mason – EPS Est. $0.67. Rev Est. $697.40M
CTB: Cooper Tire & Rubber – EPS Est. $0.77. Rev Est. $682.62M
CVX: Chevron – EPS Est. $0.79. Rev Est. $28.41B
MSG: Madison Square Garden – EPS Est. $0.40. Rev Est. $441.22M
CLX: Clorox – EPS Est. $1.10. Rev Est. $1.38B
Earnings After Close
NONE
Happy Trading!
