IB Traders Insight


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Stocks

Nasdaq Market Intelligence Desk - Equity Market Insight July 28, 2016


Dow -0.4% S&P 500 -0.2% NASDAQ Composite +0.03% Russell 2000 -0.3%
NASDAQ Advancers: 914/Decliners: 1295
Today’s Volume:  +13%
 

Market Update:

Like yesterday, positive results from another tech-giant are helping the Nasdaq outpace the Dow and S&P 500. The US Dollar Index is lower for the 4th consecutive day, after initially ticking higher in response to the Fed’s un-hawkish statement at 2pm yesterday.  Info Tech (0.15%) is the lone group in the green, while Telecom (-0.9%) and Energy (-0.65%) are the weakest.

  • The Fed will stay on its cautious pace when raising rates, despite the improving economic conditions and US stocks hovering around all-time highs. Yesterday’s release suggests that risk are “diminished”, but not balanced enough for a hike, while the Brexit concerns are fading.
  • Facebook is up over 3% on heavy volume after reporting robust profits, which were helped by strong revenue from mobile advertising. Daily active users continues to improving YoY, up more than 20%. Analyst are overly opportunistic about Facebook, as >85% of the firms with “buy” ratings. Groupon (+25%) and Arris (+14%) are both seeing significant upside after reporting earnings beats. After the close today, Alphabet, Amazon, Western Digital, and Wynn Resorts will release numbers, with Cigna, Merck, Xerox, and Exxon out tomorrow morning.
  • The Crude Oil fade (-14% in July) has been relentless recently and yesterday’s Inventory report didn’t help. Crude Oil and Gasoline stockpiles increased for the first time in more than 2 months, which was unexpected. If the trend continues into tomorrow’s session, Crude’s price per barrel will have experienced its largest monthly decline since 2008.

 

Technical Take:

After a sharp 9.25% rally from the post-Brexit lows in late June to the recent highs on July 20, the S&P 500 has since spent the following six sessions trading in a sideways 15-point range as seen in the below 30-minute period chart.  Range support is down at 2,160 with resistance up at 2,175.  Despite yesterday’s FOMC statement, which often leads to increased volatility for equities, the SPX has remained range bound.  Rather markets seem to be more focused on the Bank of Japan’s stimulus decision due out later tonight which could be the catalyst that determines the next direction for the S&P 500.  Given the 15-point spread of the pattern, an upside breakout has a measured move to 2,190.  Conversely a downside breakdown measures to 2,145 and coincides with the 20-day simple moving average, a common retracement level. 

 

 

Nasdaq's Market Intelligence Desk (MID) Team includes:  
Michael Sokoll, CFA is a Senior Managing Director on the Market Intelligence Desk (MID) at Nasdaq with over 25 years of equity market experience. In this role, he manages a team of professionals responsible for providing NASDAQ-listed companies with real-time trading analysis and objective market information.
Jeffrey LaRocque is a Director on the Market Intelligence Desk (MID) at Nasdaq, covering U.S. equities with over 10 years of experience having learned market structure while working on institutional trading desks and as a stock surveillance analyst. Jeff's diverse professional knowledge includes IPOs, Technical Analysis and Options Trading.
Steven Brown is a Managing Director on the Market Intelligence Desk (MID) at Nasdaq with over twenty years of experience in equities. With a focus on client retention he currently covers the Financial, Energy and Media sectors.
Christopher Dearborn is a Managing Director on the Market Intelligence Desk (MID) at Nasdaq. Chris has over two decades of equity market experience including floor and screen based trading, corporate access, IPOs and asset allocation. Chris is responsible for providing timely, accurate and objective market and trading-related information to Nasdaq-listed companies.
Brian Joyce, CMT has 16 years of trading desk experience. Prior to joining Nasdaq Brian executed equity orders and provided trading ideas to institutional clients. He also contributed technical analysis to a fundamental research offering. Brian focuses on helping Nasdaq’s Financial, Healthcare and Airline companies among others understand the trading in their stock. Brian is a Chartered Market Technician.

This article is from Nasdaq and is being posted with Nasdaq’s permission. The views expressed in this article are solely those of the author and/or Nasdaq and IB is not endorsing or recommending any investment or trading discussed in the article. This material is for information only and is not and should not be construed as an offer to sell or the solicitation of an offer to buy any security. To the extent that this material discusses general market activity, industry or sector trends or other broad-based economic or political conditions, it should not be construed as research or investment advice. To the extent that it includes references to specific securities, commodities, currencies, or other instruments, those references do not constitute a recommendation by IB to buy, sell or hold such security. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.


10345




Macro

Housing Has Its Floor, but Still No Roof


Did you know that new home sales are at their highest level since February 2008?  How about existing home sales?  They are running at their highest annual pace since February 2007.  Housing starts, meanwhile, are near their highest level since November 2007.

The housing market is back!  Well, sort of.

There is no question that there has been some strong growth in the aforementioned realms from the lows seen in the 2009-2011 period.  Starts bottomed first (April 2009), then existing home sales (July 2010), and then new home sales (February 2011).

The housing market is definitely back from the depths of those lows.  What it isn't is anywhere near its prior highs.

Granted those prior highs were the byproduct of a crazy, and irresponsible, period when interest rates were held extremely low for a long time, when many lenders inexplicably absolved themselves of prudent underwriting guidelines, and when weapons of mass destruction, otherwise known as collateralized debt obligations, were being manufactured with reckless abandon.

In brief, the prior highs were reached in the midst of a housing bubble that would eventually pop in the most painful fashion, the effects of which are still being felt today.

One clear commonality between then and now is the persistence of low interest rates.  

In fact, policy rates are lower today than they were then and they have stayed lower for longer than they did then, yet home sales have been crimped among other things by increased regulations, much stricter underwriting guidelines, a fear of home ownership, a lack of supply, and high prices and high student debt levels that have deterred first-time buyers.

There is a multiplier effect with the housing industry, so economically-speaking, it is encouraging to see the improving trends of late.  Still, it's way too early to pop the champagne corks knowing that recent growth in housing starts and existing home sales has been slowing before mortgage rates have even gone up by a meaningful degree.

High prices are a problem in that respect along with labor and land shortages.  The median sales price for both existing homes and new homes has eclipsed the bubble highs.

One can only hope, then, that mortgage rates remain low, because if they jump much at all without stronger income growth, the affordability factor will weaken further and act as an untimely headwind on homes sales and the economy.

--Patrick J. O'Hare, Briefing.com

Briefing.com subscription services provide streaming market commentary and analysis along with a continuous flow of macro analysis, investing ideas and research reports. Please take a Free Trial of these live services on Interactive Brokers! (IB clients may sign up for a free trial in Account Management.)

This article is from Briefing.com and is being posted with Briefing.com's permission. The views expressed in this article are solely those of the author and/or Briefing.com and IB is not endorsing or recommending any investment or trading discussed in the article. This material is for information only and is not and should not be construed as an offer to sell or the solicitation of an offer to buy any security. To the extent that this material discusses general market activity, industry or sector trends or other broad-based economic or political conditions, it should not be construed as research or investment advice. To the extent that it includes references to specific securities, commodities, currencies, or other instruments, those references do not constitute a recommendation by IB to buy, sell or hold such security. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.


10344




Stocks

Skechers Update: Don't Overreact To One Quarter


Shares of Skechers (SKX: $24/share) plummeted over 20% last week after it reported lower than expected revenue and earnings for 2Q16. Bears took the news as a sign that Skechers’ period of high growth is at an end and its margins are unsustainable.

We think the markets are overreacting to a limited data set. Not only do quarterly results tend to be volatile, one three-month reporting period is rarely enough to establish a clear trend.

Nevertheless, a cornerstone of our bullish position on the stock is that the expectations embedded in the stock’s valuation are too low. At $25/share, the current market price implies Skechers’ profits will never grow from today’s levels. In other words, there is zero profit growth embedded in the stock.

Add to that the fact that several unusual items negatively impacted this quarter’s earnings, and we see no reason to change our recommendation.

One Bad Report Does Not Spell Doom For Skechers

Based on its recent history, Q2 really was disappointing for Skechers. Sales grew by just 9.7% year-over-year when they had been growing at a rate near 30%. Reported operating margins fell to 11.4% from 14% last year. Both were well short of expectations.

Zoom out, though, and we see a very positive trend, one that has run from 2012 through to the blowout first quarter of 2016. After-tax profit (NOPAT) and return on invested capital (ROIC) have both been on a tear, rising rapidly to levels not seen in well over a decade.

Figure 1: Skechers ROIC AND NOPAT

NewConstructs_SKX_NOPAT_ROIC_2Q16update

Sources:   New Constructs, LLC and company filings.

Q2 was facing difficult comps, as many domestic wholesale orders had been pulled forward into the first quarter, whereas last year’s Q2 was inflated from pent up demand due to U.S. port issues.

If we even just zoom out to the first six months of this year, the picture starts to look a great deal rosier.

  • Revenues are up 18% year over year
  • Reported operating income is up 19%
  • Operating margin up slightly to 12.9% from 12.8%.
  • Gross margin up to 46% from 45.4%

Slowdown Baked Into Valuation

The poor Q2 numbers might have been of more concern to us if Skechers had high growth expectations baked into its valuation. However, that is not the case. As we noted in our original article, if Skechers can grow NOPAT by 9% compounded annually for 10 years, the stock is worth $39/share today. That is much slower than its recent growth rate.

$39/share represented a 42% premium from the price at the time of our report. With the big recent drop, that now represents 60% upside.

The stock now has a price to economic book value ratio (PEBV) of just 1.0, which implies that NOPAT will never grow higher than today’s level over the remaining life of the company. It’s hard to justify such a pessimistic expectation while growth is still in the double digits.

Look Out For Unusual Items

We’ll have more detail on how non-operating items affected Skechers’ reported profits once the company releases its full 10-Q, but there were several non-operating items in the press release that negatively impacted profits.

  • $8.3 million in foreign currency translation and exchange losses
  • $2.7 million in additional VAT taxes in Brazil
  • $0.9 million due to a fire in the Malaysia warehouse

These unusual items had a significant negative impact on quarterly earnings that should not be expected to continue in the future.

Some Overlooked Positives

The market has focused on the topline numbers, but there were a number of hopeful signs in the 2Q earnings report if you dig a little deeper.

  • While domestic results were subpar, the company continues its strong growth internationally. International retail sales were up 40.5% for the quarter, and the company continues to invest heavily in international growth.
  • While overall margins were down, gross margins continued to rise in the quarter, from 47.3% a year ago to 47.8% this year.
  • Inventories dropped by 4.8% from the beginning of the year even as sales rose, a good sign that the company is getting better at managing its inventory.

Investors shouldn’t dwell too much on the bad headline numbers from this quarter. Skechers is still a strong company. It was undervalued before this big drop, and it is especially undervalued now.

This article originally published here on July 25, 2016.

Disclosure: David Trainer and Sam McBride receive no compensation to write about any specific stock, sector, style, or theme.

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This article is from New Constructs, LLC and is being posted with New Constructs, LLC’s permission. The views expressed in this article are solely those of the author and/or New Constructs, LLC and IB is not endorsing or recommending any investment or trading discussed in the article. This material is for information only and is not and should not be construed as an offer to sell or the solicitation of an offer to buy any security. To the extent that this material discusses general market activity, industry or sector trends or other broad-based economic or political conditions, it should not be construed as research or investment advice. To the extent that it includes references to specific securities, commodities, currencies, or other instruments, those references do not constitute a recommendation by IB to buy, sell or hold such security. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.


10342




Stocks

Sector News Breakdown


Consumer

  • Marriott (MAR) Q2 EPS $1.03/$3.9B vs. est. 98c/$3.9B; Excluding currency effects, global revenue per available room rose 2.9%
  • Whole Foods (WFM) Q3 EPS 37c/$3.7B vs. est. 37c/$3.73B; Q3 com sales down -2.6% vs. est. -2.4%; says if 4Q comps continue to run at quarter-to-date pace of -2.4%, and if health care cost trends continue, then it sees 4Q EPS 23c-24c
  • Pilgrim's Pride (PPC) Q2 EPS 60c/$2.03B vs. est. 64c/$2.02B
  • Cheesecake Factory (CAKE) Q2 EPS 78c/$558.9M vs. est. 71c/$563.2M; Q2 comparable restaurant sales at The Cheesecake Factory restaurants increased 0.3%; boosts buyback
  • Fortune Brands (FBHS) Q2 EPS 82c/$1.3B vs. est. 73c/$1.32B; reaffirms year sales growth forecast of 10%-12%
  • NutriSystem (NTRI) Q2 EPS 54c/$149.8M vs. est. 50c/$148.77M; sees 2016 EPS $1.19-$1.27 vs. prior view $1.17-$1.27 (est. $1.15); sees 2016 revs $520m-$532m vs prior view $517m-$532m
  • Knoll (KNL) Q2 EPS 44c/$294.7M vs. est. 42c/$286.95M
  • Overstock.com (OSTK) founder Patrick Byrne resumes position as CEO
     

Energy

  • Pioneer Natural (PXD) Q2 EPS loss (22c) vs. est. loss (34c); sees 2016 production growth >13% vs prior >12% to reflect improving Spraberry/Wolfcamp well productivity; sees 3Q production 232-237mboe/d vs est. 235.7mboe/d
  • Whiting Petroleum (WLL) Q2 EPS loss (70c) vs. est. (45c); closed sale of North Ward Estes field, associated assets in Ward and Winkler Counties in Texas to a third-party for cash $300M and contingency payment of $100M; sees 3Q production 10.5-11.1mmboe; sees 2016 production 46.5-47.3mmboe; based on 2016 capital budget of $550M
  • Weatherford International (WFT) Q2 EPS loss (28c)/$1.40B vs. est. loss (30c)/$1.43B
  • QEP Resources (QEP) boosts 2016 crude oil, NGL production view; sees 2016 total nat gas equivalent production 311-330 Bcfe, saw 303-328 Bcfe; sees maintaining a relatively flat production profile this year
     

Financials

  • Legg Mason (LM) Q1 EPS 31c/$700.2M vs. est. 26c/$684.8M; AUM at end of quarter $741.9B vs $669.6B end of 4Q
  • XL Group (XL) Q2 EPS 37c/$2.65B vs. est. 14c/$2.40B; fully diluted tangible book value per ordinary share of $33.79 at June 30, up $1.17, or 3.6%, from March 31
  • Unum Group (UNM) Q2 EPS 99c/$2.76B vs. est. 94c/$2.75B; sees year after-tax operating income growth per share at “higher end” of 3%-6% range
  • Torchmark (TMK) Q2 EPS $1.11 vs. est. $1.09; now sees net EPS $4.40-$4.50 (est. $4.42)
  • Equifax (EFX) Q2 EPS $1.43/$811.3M vs. est. $1.36/$802.81M; raises year EPS to $5.35-$5.40, from prior $5.15-$5.25
  • Arch Capital (ACGL) Q2 EPS $1.13 vs. est. 96c; Q2 net premiums written $1.02B, Q2 net premiums earned $1.01B and Q2 net investment income 57c
  • American Capital Agency (AGNC) cuts monthly dividend
     

Healthcare

  • Amgen (AMGN) Q2 EPS $2.84/$5.7B vs. est. $2.74/$5.58B; raises FY16 adjusted EPS view to $11.10-$11.40  from $10.85-$11.20 (est. $11.18) and raises FY16 revenue view to $22.5B-$22.8B from $22.2B-$22.6B vs. consensus $22.57B; Q2 Enbrel revs $1.48B and Neulasta revs $1.15B; says on track to meet or exceed our long-term objectives
  • McKesson (MCK) Q1 EPS $3.50/$49.7B vs. est. $3.33/$50.36B; Still sees fiscal year adj. EPS $13.43-$13.93 vs. est. $13.67
  • AstraZeneca PLC (AZN) posted a Q2 loss as it invested in its next-generation drugs while battling falling sales of its aging blockbuster Crestor, and took a restructuring charge relating to a cost-reduction program.
  • Alere (ALR) shares fell late yesterday after Dow Jones reported the DOJ sent Alere subpoena last month, seeking patient-billing records http://goo.gl/Vrnp5J
  • Molina Healthcare (MOH) Q2 EPS 67c/$4.4B vs. est. 49c/$4.35B; reports Q2 Aggregate membership up 26% over second quarter 2015
  • Exact Sciences (EXAS) files to sell 7M shares of common stock
  • BioMarin (BMRN) updated data yesterday addresses investors' concerns, said Evercore ISI
  • Vertex (VRTX) Q2 EPS 24c/$431.6M vs. est. 21c/$427.94M; reports Q2 Orkambi revenue $245M and Q2 Kalydeco revenue $180M, up 16%; backs FY16 Orkambi revenue $1B-$1.1B and backs FY16 Kalydeco revenue $685M-$705M
  • Hologic (HOLX) Q3 EPS 51c/$717.4M vs. est. 48c/$704.27M; sees Q4 EPS 49c-50c on revs $714M-$724M vs. est. 50c/$728.39M; raises year EPS outlook
  • Varian Medical (VAR) Q3 EPS $1.22/$789M vs. est. $1.17/$779.98M; ended the quarter with a $3.3B backlog, up 5% from the end of 3Q15; reaffirms FY revenue growth forecast of an increase by about 3% vs 2015
  • Argos Therapeutics (ARGS) files to sell common stock, no amount given
     

Industrials & Materials

  • CB&I (CBI) Q2 EPS $1.17/$2.7B vs. est. $1.20/$2.82B; cuts FY16 EPS view to $4.70-$5.00 (est. $4.95) and cuts FY16 revenue view to $10.6B-$11B below consensus $11.42B
  • Alcoa Inc. (AA) plans to cut the number of its publicly traded shares with a 1-for-3 reverse stock split, as the aluminum maker prepares to split into two companies
  • Knight Transportation (KNX) Q2 EPS 31c/$272.1M vs. est. 30c/$$281.3M; Q2 logistics unit rev. -11% YoY and 2Q trucking unit rev. ex fuel surcharge -4% YoY
  • Allison Transmission (ALSN) Q2 EPS 36c/$474.9M vs. est. 32c/$475.5M; sees 2016 revs down 9.5%-10.5% vs. prior forecast down 6.5%-9.5% (est. down 7.6%); sees 2016 adj. Ebitda margin 33.25%-34% vs prior forecast 32.5%-34%
  • Rent-A-Center (RCII) Q2 EPS 41c/$749.6M vs. est. 49c/$782.12M; Q2 comps fell -4.9%; sees 2016 EPS $1.65-$1.85 vs. consensus $2.02 and sees 2016 Core revenue down 8.5% to 11.5%
  • KapStone Paper and Packaging (KS) Q2 EPS 27c/$784.9M vs. est. 30c/$823.9M
  • U.S. Steel (X) downgraded to underperform from neutral at Bank America on conviction steel prices fall through year end, PT raised to $21 from $18 after strong share move
     

Media & Telecom

  • IAC Inc. (IAC) Q2 EPS 42c/$754.4M vs. est. 50c/$747.55M; Match Group revenue increased 21% to $301.1M; cut its projection for Ebitda to a range of $473M-$527M, from its previous view of $520M-$575M in adjusted Ebitda.
     

Technology

  • Facebook (FB) rises; Q2 EPS 97c/$6.44B vs. est. 82c/$6.02B; Daily active users were 1.13B (est. 1.12B), an increase of 17% YoY; Mobile DAUs were 1.03B, an increase of 22% YoY; monthly active users were 1.71B (est. 1.69B) up 15% YoY and Mobile MAUs were 1.57B up 20% YoY
  • Xilinx (XLNX) Q1 EPS 61c/$575M vs. est. 56c/$571.06M; sees Q2 revenue approximately flat, sequentially vs. consensus $576.41M; said gross margin is expected to be approximately 70%; operating expenses are expected to be approximately $230M
  • Cirrus Logic (CRUS) Q1 EPS 44c/$259.4M vs. est. 28c/$236.37M; sees Q2 revenue $380M-$410M, vs. consensus $322.59M and sees Q2 gross margin 47%-49%
  • Infinera (INFN) Q2 EPS 21c/$258.8M vs. est. 18c/$255.8M; says “demand is softening in certain areas of our business and we face a difficult near-term revenue outlook”
  • Lam Research (LRCX) Q4 EPS $1.80/$1.55B vs. est. $1.64/$1.53B; sees Q1 EPS $1.77 +/- 10c, est. vs. $1.73 and Q1 revs $1.625B +/- $75M, vs. est. $1.58B
  • GoPro (GPRO) Q2 EPS loss (52c)/$220.76M vs. est. loss (58c)/$194.31M; backs FY16 revenue view of $1.35B-$1.5B vs. consensus $1.34B; sees being net income profitable in Q4; Inventory declined 36% q/q, lowest inventory level since 2Q14
  • Groupon (GRPN) Q2 EPS loss (1c)/$756M vs. est. loss (2c)/$711.22M; raises outlook; raises FY16 revenue view to $3B-$3.1B from $2.75B-$3.05B (est. $3.02B) and raises FY16 adjusted EBITDA view to $140M-$150M from $85M-$135M
  • Marvell (MRVL) Q1 EPS 1c/$541M vs. est. 7c/$573.72M; sees Q2 EPS 10c-12c on revs $625M-$635M vs. est. 9c/$586.02M
  • ServiceNow (NOW) Q2 EPS 15c/$341.3M vs. est. 9c/$333.9M; sees Q3 revs $350M-$354M, vs. est. $348.6M and raises year revs to $1.37B-$1.38B from $1.355B-$1.38B
  • CA Technologies (CA) Q1 EPS 64c/$999M vs. est. 61c/$981.79M; still sees FY17 total rev. flat to up 1% in constant currency and still sees FY17 adj. EPS from continuing operations up 1%-3%
  • National Instruments (NATI) Q2 EPS 23c/$306.1M vs. est. 17c/$311.53M
  • Netgear (NTGR) Q2 EPS 72c/$311.7M vs. est. 60c/$298.87M

The content of this post was created by the Hammerstone Group. The Hammerstone Institutional Forum, a chat-based platform for traders, provides subscribers with up-to-the-minute breaking news headlines and instant analysis that drive the market. For more information please visit www.thehammerstone.com. For more information on the stocks mentioned in the Hammerstone Recap, please contact Brian Ducey at brian@thehammerstone.com.

This article is from the Hammerstone Group and is being posted with the Hammerstone Group's permission. The views expressed in this article are solely those of the author and/or the Hammerstone Group and IB is not endorsing or recommending any investment or trading discussed in the article. This material is for information only and is not and should not be construed as an offer to sell or the solicitation of an offer to buy any security. To the extent that this material discusses general market activity, industry or sector trends or other broad-based economic or political conditions, it should not be construed as research or investment advice. To the extent that it includes references to specific securities, commodities, currencies, or other instruments, those references do not constitute a recommendation by IB to buy, sell or hold such security. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.


10341




Stocks

The Hammerstone Report


Stocks futures are modestly higher, rising after major averages posted mixed results yesterday as the FOMC kept rates at ultra-low levels (as expected) and hinted at a September rate increase in its policy statement, saying near-term risks to the economic outlook have diminished. Despite the mildly hawkish commentary, the dollar slid and bonds gained, while stocks held not far from record all-time levels. Stronger than expected quarterly earnings have helped keep stock prices at lofty levels, lifted yesterday after Apple topped quarterly expectations, while Facebook kept the earnings party going with a healthy quarterly beat last night. The move higher yesterday came despite the weakest reading in about two-years for monthly durable goods orders, while investors turn to weekly jobless claims later this morning. Crude oil prices remain lower, under $42 per barrel, while gold moves to best levels in 2-weeks.

In Asian markets, The Nikkei Index slides -187 points (1.1%) to 16,476, the Shanghai Index inched higher 2 points to 3,221, and the Hang Seng Index dipped -44 points to 22,174. Overall, shares were mixed with shares in Japan dragged lower as investors reined in their expectations for a stimulus package from the country’s government ahead of the Bank of Japan decision later this evening. In China, worries about a possible clampdown on wealth management products weighed on sentiment.

Market Closing Prices Yesterday

  • The S&P 500 Index slipped -2.60 points, or 0.12%, to 2,166.58
  • The Dow  Jones Industrial Average dipped -1.58 points, or 0.01%, to 18,472.17
  • The Nasdaq Composite gained 29.76 points, or 0.58%, to 5,139.81
  • The Russell 2000 Index advanced 2.06 points, or 0.17% to 1,218.92

Events Calendar for Today

  • 8:30 AM ET      Weekly Jobless Claims…est. 261K
  • 8:30 AM ET      Continuing Claims…est. 2.136M
  • 8:30 AM ET      Trade Balance for June…est. (-$61.0B)
  • 9:45 AM ET      Bloomberg Consumer Comfort Index
  • 10:30 AM ET    Weekly EIA Natural Gas Inventory Data
  • 11:00 AM ET     Kansas City Fed Manufacturing Activity for July…est. 4

 

Earnings Calendar:

  • Earnings Before the Open: AB, ADP, ALLE, ALXN, AMT, APD, AZN, BC, BEN, BG, BHI, BMS, BWA, BMY, BNP, BSX, BWA, CAB, CBG, CCMP, CELG, CIT, CL, CLF, CME, CMS, COMM, COP, COR, CS, DFT, DOW, DSX, ESV, F, FIG, FITB, GPN, GRUB, HCA, HOG, HP, HSY, IP, IVZ, LAZ, LDOS, LEA, LLL, LYG, MA, MJN, MMC, MSCI, MTH, NOV, NYT, OAK, OSK, PENN, PNR, POT, PX, RTN, Sky, STAY, TMO, VC, VNTV, VW, WCC, WWE, ZBH
  • Earnings After the Close: AFL, AIV, AJG, AMZN, ATEN, BIDU, CBS, CENX, CY, DECK, DGI, DLR, ELLI, EMN, ES, EXPE, FII, FLS, FTNT, GOOGL, HIG, INVN, ISIL, KLAC, LOGM, LPLA, LYV, MSCC, MSTR, N, NSR, PDFS, RGA, ROVI, RSG, RTEC, SBAC, STRZA, SYNA, TCO, VDSI, VRSN, WDC
     

World News

  • Unemployment in Germany fell more than expected in July, as total joblessness dropped by 7,000 in adjusted terms, the agency reported, versus analysts' expectations of a drop of 1,500

 

The content of this post was created by the Hammerstone Group. The Hammerstone Institutional Forum, a chat-based platform for traders, provides subscribers with up-to-the-minute breaking news headlines and instant analysis that drive the market. For more information please visit www.thehammerstone.com. For more information on the stocks mentioned in the Hammerstone Recap, please contact Brian Ducey at brian@thehammerstone.com.

This article is from the Hammerstone Group and is being posted with the Hammerstone Group's permission. The views expressed in this article are solely those of the author and/or the Hammerstone Group and IB is not endorsing or recommending any investment or trading discussed in the article. This material is for information only and is not and should not be construed as an offer to sell or the solicitation of an offer to buy any security. To the extent that this material discusses general market activity, industry or sector trends or other broad-based economic or political conditions, it should not be construed as research or investment advice. To the extent that it includes references to specific securities, commodities, currencies, or other instruments, those references do not constitute a recommendation by IB to buy, sell or hold such security. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.


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