Thursday July 23, 2015
Economic Calendar 7/23/2015
Morning Notes
US futures are slightly higher this morning and European stocks are also trading higher as Merger and Acquisition chatter surfaces that Anthem is near a deal to purchase Cigna for $48 Billion. Technology stocks are also moving higher after SanDisk surged on Q2 earnings. Asian stocks closed mixed.
Technicals
The $SPY tested mid range support yesterday and closed back above at $211.37. New Resistance overhead liest at $211.77 followed by descending resistance at $212.70 – $212.80. Upper range support will be at $211 – $210.90. The $SPY has taken a “rest” the last few days making for a potential move back higher if support holds.
In Play
ITEK: Inotek Pharma – The company announced the Phase 3 development strategy of its lead glaucoma drug, trabodenoson, a first-in-class selective adenosine mimetic designed to restore the eye’s natural pressure control mechanism. Based on feedback from a recent End of Phase 2 meeting with the US Food and Drug Administration, Inotek is in final preparation stages to commence its first Phase 3 trial to support a New Drug Application for trabodenoson. Gapping up 44% with a 4.38M share float.
VGGL: Viggle, Inc. – The company announced that with over 9.5 Million Registered Users, Viggle Expects Fiscal 2015 Revenue to Increase More Than 40% Year-Over-Year to $25.6 Million. Gapping up 15% with a 7.95M share float.
Economic Calendar
8:30 Chicago Fed National Activity [Jun] – Consensus (0.05)
8:30 Continuing Jobless Claims – Consensus 2.225M
8:30 Initial Jobless Claims – Consensus 280K
9:45 Bloomberg Consumer Confidence
10:00 CB Leading Index (MoM) [Jun] – Consensus 0.2%
10:30 Natural Gas Storage (MoM) [Jun] – Consensus 70B
11:00 KC Fed Composite Index [Jul] – Consensus (5)
11:00 KC Fed Manufacturing Index [Jul]
Earnings Before Open
GM: General Motors – EPS Est. $1.11, Rev Est. $40.62B
MCD: McDonalds – EPS Est. $1.24, Rev Est. $6.44B
CMCSA: Comcast – EPS Est. $0.85, Rev Est. $18.13B
FCX: Freeport McMoRan – EPS Est. $0.10, Rev Est. $4.35B
LUV: Southwest Airlines – EPS Est. $1.02, Rev Est. $5.16B
BMY: Bristol-Myers – EPS Est. $0.35, Rev Est. $3.68B
CAT: Caterpillar – EPS Est. $1.26, Rev Est. $12.67B
NDAQ: Nasdaq – EPS Est. $0.79, Rev Est. $505.70M
DOW: Dow Chemical – EPS Est. $0.78, Rev Est. $12.99B
MMM: 3M – EPS Est. $2.00, Rev Est. $7.83B
IMAX: IMAX – EPS Est. $0.37, Rev Est. $96.01M
CAB: Cabela’s – EPS Est. $0.62, Rev Est. $851.91M
KKR: KKR – EPS Est. $0.62, Rev Est. $259.78M
DNKN: Dunkin Brands- EPS Est. $0.48, Rev Est. $204.21M
Earnings After Close
T: AT&T – EPS Est. $0.63, Rev Est. $33.07B
P: Pandora – EPS Est. $0.02, Rev Est. $283.13M
V: Visa – EPS Est. $0.59, Rev Est. $3.37B
SYK: Stryker- EPS Est. $1.17, Rev Est. $2.41B
JNPR: Juniper Networks – EPS Est. $0.41, Rev Est. $1.11B
SBUX: Starbucks – EPS Est. $0.41, Rev Est. $4.86B
ETFC: E*Trade Financial – EPS Est. $0.28, Rev Est. $446.95M
TRIP: TripAdvisor – EPS Est. $0.55, Rev Est. $413.16M