Wednesday June 3, 2015
Economic Calendar 6/3/2015
Morning Notes
US Futures are pointing higher and European Markets are trading higher by over 0.6% ahead of today’s ECB meeting and strong Eurozone economic data as retail sales jumped to their highest level in 15 months as well as unemployment falling to a 3 year low. Asian markets closed lower.
Technicals
The $SPY tested descending resistance of $212.20 yet again in yesterday’s session while also testing support at $210.20 to then close lower at $211.36. Descending resistance at $212.20 and support at $210.20 will be key zones to watch for further market direction.
In Play
MNOV: MediciNova – The Company announced it has received orphan drug status from the FDA for the treatment of Krabbe Disease, a rare genetic disorder generally resulting in death before the age of 2. Gapping up 4% with a 22.4M share float.
SYN: Synthetic Biologics – The Company announced positive initial data validating platform expansion to protect the microbiome from carbapenems, a class of beta-lactam antibiotics, a vital part to hospital infection management. Gapping up 14% with a 60.8M share float.
CEMI: Chembio Diagnostics – The Company announced news that its DPP(R) HIV 1/2 Assay receives approval for point of care detection for HIV. Gapping up 9% with a 8.5M share float.
Economic Calendar
8:15 ADP Employment – Consensus 200.0K
8:30 US Trade Balance [Apr] – Consensus $(44.00B)
9:45 Services PMI [May] – Consensus 57.00
10:00 ISM Non-Mfg PMI [May] – Consensus 56.50
10:00 ISM Non-Mfg Biz Activity [May] – Consensus 60.50
10:00 ISM Non-Mfg New Orders [May]
10:00 ISM Non-Mfg Employment [May]
10:00 ISM Non-Mfg Prices [May]
2:00 Beige Book
2:15 FED Evans Speaks
2:15 FED Bullard Speaks
Earnings Before Open
VRA: Vera Bradley – EPS Est. $0.02, Rev Est. $105.48M
Earnings After Close
FIVE: Five Below – EPS Est. $0.07, Rev Est. $151.32M
Happy Trading!
