Thursday June 18, 2015
Economic Calendar 6/18/2015
Morning Notes
US Futures are slightly higher this morning after the volatile move in yesterday’s session on the Fed statement. European markets are at 4 month lows after Eurozone officials are scrambling to put together roughly 7 billion in bailout funds for Greece. Asian stocks closed predominantly lower.
Technicals
The $SPY initially rallied higher and then closed exactly break even in yesterday’s session on the Fed comments. The $spy tested both descending and horizontal resistance closing back below at $210.59. Resistance is present at $211 and $211.30 while support remains at $210.
In Play
PARN: Parnell Pharmaceuticals – The company announced positive top line trial results for ZYDAX, a disease modifying osteoarthritis in dogs. The company also announced it has secured 11M financing for the expansion of sales into the US. Gapping up 10% with a 6.6M share float.
ERN: Erin Energy – The company announced production has begun from their OYO-7 well and has said that the production from this field is expected to double. Gapping up 9% with a 10M share float.
SGYP: Synergy Pharmaceuticals – A strong momentum move in yesterday’s session on news associated with a drug of theirs spurring buyout speculation along with a price target increase released intraday and now this morning Cannacord is out with a $19 price target, up from $11.
Economic Calendar
8:30 Continuing Jobless Claims – Consensus 2.20M
8:30 Jobless Claims 4-wk Average
8:30 Initial Jobless Claims – Consensus 275.0K
8:30 Core CPI Index [May] – Consensus 241.82
8:30 CPI (YoY) [May] – Consensus 0.5%
8:30 CPI (MoM) [May] – Consensus 0.50%
8:30 Core CPI (MoM) [May] – Consensus 0.20%
10:00 Philly Fed Mfg. Index [Jun] – Consensus 8.00
10:00 Philly Fed Business Conditions [Jun]
10:00 Philly Fed Prices Paid [Jun]
10:00 Philly Fed New Orders [Jun]
Earnings Before Open
RAD: Rite-Aid – EPS Est. $0.03, Rev Est. $6.65B
KR: Kroger – EPS Est. $1.21, Rev Est. $33.35B
Earnings After Close
RHT: Red Hat – EPS Est. $0.41, Rev Est. $472.59M
SWHC: Smith & Wesson – EPS Est. $0.35, Rev Est. $175.49M
Happy Trading!
