Tuesday July 7, 2015
Economic Calendar 7/7/2015
Morning Notes
US Futures are slightly higher this morning while European stocks are trading near 5 month lows ahead of the meeting taking place between European leaders to discuss the crisis in Greece. The Greek stock market as well as the banks will remain closed through Wednesday. Asian stocks closed mostly mixed.
Technicals
The $SPY tested the 200 day moving average once again in yesterday’s session and closed above at $206.72. Resistance is at $207.30 followed by a critical pivot point at $208. If the $SPY can move through and hold $208, look for a move back up to the next resistance at $208.80 – $209.20.
In Play
ORMP: Oramed Pharmaceuticals – The company announced today that it has signed a non-binding Letter of Intent (LoI) for an investment and license agreement in China with Sinopharm Capital Management Co. Ltd. and Hefei Life Science & Technology Park Investments and Development Co., Ltd. (Sinopharm/Hefei) potentially valued at $50,000,000, plus royalty payments. Gapping up 11% with a 8.5M share float.
PBMD: Prima Biomed – The company announced that it has received positive Scientific Advice from the European Medicines Agency on the development path for its lead product, IMP321 in metastatic breast cancer. Gapping up 40% with a 43M share float.
PLUG: Plug Power – The company announced a record revenue quarter and reaffirms FY15 financial targets; maintains forecast for revs of $100 mln vs $99.96 mln Capital IQ Consensus Estimate. Gapping up 11% with a 172M share float
Economic Calendar
8:30 Trade Balance [May] – Consensus (42.10B)
8:55 Redbook (YoY) – Prior 1.70%
8:55 Redbook (MoM) – Prior (1.50)%
10:00 JOLTs Job Opening – Consensus 5.35M
10:00 IBD/TIPP Economic Optimism
15:00 Consumer Credit – Consensus 18.50B
16:00 API Weekly Crude Stock
Earnings Before Open
NONE
Earnings After Close
TCS: The Container Store – EPS Est. $(0.13), Rev Est. $173.56M
Happy Trading!
