Tuesday September 22, 2015
Economic Calendar & Watch List 9/22/2015
Morning Notes
US futures are significantly lower this morning by over -1.4% while European stocks are down nearly -2.5% driven by the recent news of investigation into the European auto industry after Volkswagen admitted to cheating on emissions tests which are pushing auto stocks sharply lower. Asian stocks closed mixed.
Technicals
The SPY closed yesterday’s session at where it opened, which made for range bound, choppy markets. The market is gapping lower this morning near $194. Current support in this range is at $194.53, $194.24, and $193.86. Below $193.85 brings the SPY significantly lower to $190.61. Resistance lies at $194.96 and $195.21. Beyond $195.21, the next resistance level is the high of yesterday’s range at $197.68.
In Play
VBLT: Vascular Biogenics – Initiated with a BUY and a price target of $25 at Chardan. Gapping up 20% with a 5.8M share float.
AMPE: Ampio – The company announced that the FDA granted special protocol assessment (SPA) defining study endpoints required for approval and started the second Phase 3 study of Ampion to treat pain and inflammation due to osteoarthritis of the knee. Gapping up 16% with a 40M share float.
**Others On Watch**
DRI
NFLX
Economic Calendar
9:00 Jul FHFA house price index expected +0.4% m/m
10:00 Sep Richmond Fed manufacturing survey expected +2 to 2
1:00 Treasury auctions $26 billion of 2-year T-notes
3:00 USDA Aug Cold Storage
6:30 Atlanta Fed President Dennis Lockhart speaks on the economy to the Alabama World Affairs Council
Earnings Before Open
AZO: AutoZone – Eps Est. $12.68, Rev Est. $3.26B
GIS: General Mills – Eps Est. $.69, Rev Est. $4.26B
DRI: Darden Restaurants – Eps Est. $.50, Rev Est. $1.67B
KMX: CarMax – Eps Est. $.76, Rev Est. $3.96B
CCL: Carnival Cruise Line – Eps Est. $1.63, Rev Est. $4.81B
Earnings After Close
NONE