Wednesday December 3, 2015
Economic Calendar & Watch List 12/3/2015
US futures are higher this morning and European markets are trading sharply higher on an expected stimulus from the ECB. China also is expected to expand stimulus measures moving the Shanghai Composite higher for the 4th consecutive day. The remainder of Asian markets closed mixed.
The SPY traded sharply lower in yesterday’s session after the Beige Book was released. Support will lie at the low of yesterday’s range at $208.23, followed by $207.41, and the 200 day moving average at $206.61. Resistance will lie at the high of yesterday’s range at $211, followed by $211.50, $211.66, and $211.77.
Small Cap Watch List
PBMD: Prima Biomed – rated new outperform at FBR, PT $6. Gapping up 19% with a 62M share float.
FOMX: Foamix Pharmaceuticals – Foamix Experimental Foam Reduces Antibody-Induced Rash. Gapping up 12% with a 20.8M share float.
**Others On Watch**
|8:30 Weekly initial unemployment claims expected +8,000 to 268,000, previous -12,000 to 260,000
8:30 USDA weekly Export Sales
9:45 Final-Nov Markit services PMI expected unch at 56.5, prelim-Nov +1.7 to 56.5
10:00 Fed Chair Janet Yellen addresses the congressional Joint Economic Committee
10:00 Oct factory orders expected +1.4% and +0.2% ex transportation
10:00 Nov non-manufacturing ISM expected -1.1 to 58.0
1:10 Fed Vice Chair Stanley Fischer delivers speech
Notable Earnings Before Open
SHLD: Sears – EPS Est. $N/A, Rev Est. $5.5B
DG: Dollar General – EPS Est. $.87, Rev Est. $5.09B
MDT: Medtronic – EPS Est. $1, Rev Est. $7.06B
Notable Earnings After Close
ULTA: Ulta Salon – EPS Est. $1.05, Rev Est. $880M
KR: Kroger – EPS Est. $.39, Rev Est. $25.22B