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  • Today - Monday, July 25, 2016

  • 4:25 PM
     
    • Stocks pulled back from record levels alongside a continued drop in crude oil prices and as investors turned cautious ahead of upcoming earnings reports and central bank meetings this week.
    • Energy stocks fell 1.9% as WTI crude oil fell 2.4% to settle at a three-month low $43.13/bbl; Chevron and Exxon were among the Dow's biggest decliners, falling by a respective 2.4% and 1.9%.
    • Luana Siegfried, energy research associate at Raymond James, attributed today's decline in oil prices to profit-taking, investor concerns about oversupply, and recent dollar strength.
    • industrials (-0.6%) and telecom services (-0.4%) also closed lower.
    • Trading volume remained lighter than the recent average, as 757M shares changed hands on the NYSE floor.
    • Treasury prices finished mixed, as the 10-year yield settled unchanged at 1.57%.
    | 4:25 PM | 1 Comment
  • 11:37 AM
    • Sprint (NYSE:S) has moved up 22.9% on huge volume to an easy new high in the wake of its fiscal Q1 earnings report and increasing signs it's reversed course on losing subscribers.
    • Nearly 50M shares have traded hands so far this morning, vs. a recent daily average of about 18M.
    • Growth in postpaid subs (up 173,000, its fourth straight quarter of net adds) may not be raging, but it's growth, notes analyst Craig Moffett: "Sprint results reported today confirm that, at least in some areas, things are improving ... Most importantly, their subscriber rolls are growing, even if only modestly."
    • Average billings per postpaid account rose 4% and ABPU (postpaid) up 3% Y/Y, it said. About 69% of postpaid sales were financed (44% on leasing).
    • Amid pressure over its cash burn, the company pointed to $11B of liquidity. Cash capex was about $900M, vs. fiscal Q4's $1.3B and the $2.3B of a year ago.
    • For the full year, Sprint guided to EBITDA of $9.5B-$10B (vs. consensus for $9.77B), operating income of $1B-$1.5B, capex of about $3B (including leased devices) and adjusted free cash flow around break-even.
    • Earnings call slides
    | 11:37 AM | 24 Comments
  • 11:20 AM
    | 11:20 AM | 9 Comments
  • 7:22 AM
    • The deal is expected to close in Q1, and while the sale includes Yahoo's (NASDAQ:YHOO) core Internet assets and real estate, it does not include Yahoo's stake in Alibaba and Yahoo Japan, or its cash. There assets will continue to be held by Yahoo, which will change its name upon the deal's closing, and continue to be a publicly traded company. Said cash is expected to be returned to shareholders.
    • Yahoo will hold a dial-in conference call to discuss at 8:30 ET. Verizon (NYSE:VZ) will discuss when it holds its earnings call tomorrow at 8:30 ET.
    • VZ +0.35% premarket; YHOO halted
    • Previously: Reports: Verizon to announce $4.8B deal for Yahoo before open (July 24)
    | 7:22 AM | 54 Comments
  • 5:14 AM
    • At least two people have been killed and more than a dozen others injured after a shooting at the Club Blu nightclub in Fort Myers, Florida.
    • The incident comes a month after a gunman who pledged allegiance to Islamic State killed 49 people at the Pulse nightclub in Orlando.
    • Gun and law enforcement stocks will be on watch at the open: SWHC, RGR, VSTO, TASR, DGLY
    | 5:14 AM | 20 Comments
  • Sunday, July 24, 2016

  • 2:53 PM
    • Verizon (NYSE:VZ) is set to pay $4.8B to acquire Yahoo (NASDAQ:YHOO) in a deal that is likely to be announced before the market opens Monday, according to Bloomberg.
    • As reported in the past few days, the deal will include core Internet assets as well as Yahoo's real estate, though some intellectual property will be sold separately.
    • After those sales, Yahoo would hold its stakes in Yahoo Japan and Alibaba Group (combined value of about $40B).
    • Verizon's expected to keep its new purchase relatively intact in a bid to combine it with AOL and compete with Google and Facebook in digital ads "by tapping into users on sites like Yahoo Finance," Bloomberg notes.
    • Previously: Verizon's Yahoo interest includes real estate, not IP; Munster: 'Great outcome' (Jul. 22 2016)
    • Previously: Verizon reported to be close to landing Yahoo (Jul. 22 2016)
    | 2:53 PM | 133 Comments
  • 7:34 AM
    • According to prominent mobile phone leaker Evan Blass (a.k.a @evleaks), the world may be just under two months away from the iPhone 7.
    • "iPhone 2016 release: week of September 12th," he wrote on Twitter. "Just to clarify, this refers to the retail release, not the launch event. To be even more specific, it should happen on Friday, Sept. 16th."
    • Rumors are also swirling about whether Apple (NASDAQ:AAPL) will offer a three model line-up for the first time, including a so-called iPhone 7 Pro.
    | 7:34 AM | 88 Comments
  • 7:14 AM
     
    • "We reiterate our determination to use all policy tools - monetary, fiscal and structural - individually and collectively to achieve our goal of strong, sustainable, balanced and inclusive growth," leaders from the world's top economies declared in a joint communique on Sunday following a conference in Chengdu, China.
    • Whereas monetary policy figured prominently in previous meetings of G20 officials, discussions this time around focused on growth, as a result of Britain's upcoming exit from the EU and fears of rising protectionism across the globe.
    • See the full text of the communique here
    | 7:14 AM | 25 Comments
  • Friday, July 22, 2016

  • 10:18 PM
    • Videogame spending fell 26% Y/Y in June, facing tough comparisons against strong launches in 2015 and with hardware making up most of the decline, according to NPD Group data.
    • Overall spending was $652.2M. Videogame hardware spending came to $181.5M -- down 42% as unit sales fell 32% and prices on average dropped 15%, the firm said.
    • NPD Group has begun adjusting its report to include point-of-sale info for digital game sales made via PlayStation Network, Xbox Store and Steam, to reflect a fast-growing portion of industry revenues. That means for now that Nintendo sales and mobile sales, as well as other PC stores like EA's Origin, are missing and not projected.
    • In software, both videogame and PC game software fell 20%, though last June featured strong launches like Batman: Arkham Knight. Overall sales (now including digital formats) came to $322M for consoles/portable and $27.8M for PC games including Steam.
    • Accessories fell 6%, and interactive gaming toys (the lead accessory type) fell by 21%, mitigated somewhat by a 6% growth in headsets/headphones.
    • In individual games (now ranked by dollar sales), despite the tough comps May launches had a good second month. Overwatch (NASDAQ:ATVI) continued to top the chart, followed by Grand Theft Auto V (NASDAQ:TTWO) and Lego Star Wars: The Force Awakens (NYSE:TWX). The inclusion of digital full-game sales game GTA V a new boost.
    • PlayStation 4 (NYSE:SNE) again was the top-selling console, over Xbox One (NASDAQ:MSFT) and Wii U (OTCPK:NTDOY).
    | 10:18 PM | 30 Comments
  • 4:25 PM
     
    • Stocks wrapped up their fourth consecutive week of gains, maintained their bullish run amid a flurry of quarterly earnings reports.
    • For the week, the S&P 500 rose 0.6% and finished at a new record closing high, the Dow added 0.3% and the Nasdaq jumped 1.4%.
    • "Earnings are painting a pretty good picture of where the economy is," said TD Ameritrade chief market strategist JJ Kinahan. "What we saw from Microsoft and IBM gives us a sense that things in the U.S. are going well."
    • Today, all 10 S&P industry sectors finished in the green, led by utilities (+1.3%), telecoms (+1.3%) and financials (+0.6%).
    • This was the slowest week of trading YTD, with ~5.9B shares/day changing hands vs. an average ~7.6B shares so far this year, which traders consider part of a summer malaise after a busy few weeks when stocks tumbled and then rebounded after the U.K. Brexit vote.
    • U.S. Treasury prices ended mixed, with 10-year yield rising by a basis point to 1.56%.
    • U.S. crude oil fell 1.3% to $44.19/bbl, settling on Friday at their lowest level since May 9, as prospects for Libyan crude supplies added to concerns that a glut of oil products will cut demand for crude by refiners.
    | 4:25 PM | 7 Comments
  • 2:29 PM
     
    • A shooting rampage in a Munich shopping mall has left several dead and wounded. More than one gunman is believed to be involved and no one has yet been arrested.
    • Authorities are in the process of evacuating the mall, but many are still hiding inside.
    • The main train station in the city has also been evacuated. There are also unconfirmed reports of more gunfire in the city center, and the police has asked people to avoid public areas.
    | 2:29 PM | 76 Comments
  • 12:44 PM
    • Leaks that Verizon (VZ +1%) continues to be the front-runner to close a deal for core Yahoo (YHOO +1%) have the telecom spending about $5B on the deal, vs. an earlier $3.75B-$4B.
    • While earlier Verizon interest excluded Yahoo's patent portfolio and real estate, the current talks do reportedly include the real estate.
    • Yahoo had set aside about 3,000 patents into a subsidiary called Excalibur for separate auction by Black Stone IP, though other bidders like AT&T (T +1.5%) or a group with Quicken Loans' Dan Gilbert (still reportedly talking with Yahoo) or an aggressive TPG might yet want to buy the IP along with core assets.
    • The deal would be a "great outcome," Piper Jaffray analyst Gene Munster says, with time of the essence since "the real value here is unlocking Yahoo Japan and Alibaba (BABA +0.1%) in a cash-free transaction. And they really need to get that done before the election."
    • The $5B figure is still a bit low, Munster says, as he expects the deal to be around $6B. "If you look at the tax benefit for Yahoo Japan and Alibaba, that's about a $10B or $11B tax benefit, so a billion dollars here and there doesn't make much difference; there's still upside to Yahoo shares."
    | 12:44 PM | 35 Comments
  • 9:45 AM
     
    | 9:45 AM
  • 8:48 AM
    • Verizon (NYSE:VZ) is close to landing a deal to acquire Yahoo (NASDAQ:YHOO), according to a Bloomberg headline.
    • An announcement on a deal is anticipated within a few days.
    • Shares of Yahoo are up 1.21% premarket to $39.32. VZ -0.36% to $55.17.
    | 8:48 AM | 59 Comments
  • 7:48 AM
    • GE reported earnings growth of $0.52 (+65% Y/Y) and revenue of $33.5B (+15% Y/Y) for Q2, but shares fell 1.8% in premarket action due to a 2% decrease in orders and "a volatile and slow-growth economy."
    • The company said its power, aviation and health-care segments offset challenges in transportation and in oil and gas, but it expects to see strong organic growth in the second half of the year.
    • "We will continue to invest in key growth initiatives such as GE Digital, while returning [about] $26B to investors through buyback and dividends," CEO Jeff Immelt declared.
    • GE Capital's exit plan has enabled it to return $15B in dividends year to date, and the company’s de-designation as a SIFI will give it more balance sheet flexibility.
    • Q2 results
    | 7:48 AM | 12 Comments
  • 7:22 AM
    | 7:22 AM | 9 Comments
  • 3:43 AM
    | 3:43 AM | 2 Comments
  • Thursday, July 21, 2016

  • 7:03 PM
    • For the first time since the global financial crisis, Goldman Sachs (GS -1.1%) is jumping heavily back into corporate-buyout funding.
    • The bank is raising a private-equity fund of $5B-$8B, its first of that type since 2008, The Wall Street Journal reports. It's smaller than the $20B fund it raised in 2007 -- and in accordance with new rules, it will have less Goldman capital and even less of its name (it will be called West Street Capital Partners).
    • In an effort to cut big-bank betting, the Dodd-Frank financial law's "Volcker Rule" says that banks can contribute no more than 3% of the money raised by P-E or hedge funds, and that sum can't be more than 3% of the bank's capital.
    • Overall, Goldman's private-equity arm oversees $65B in assets.
    | 7:03 PM
  • 4:25 PM
     
    • Stocks finally pulled back after their long winning streak, weighed by weaker oil prices and renewed investor caution ahead of next week's Fed meeting.
    • The Dow had climbed for nine straight sessions and closed at records in seven straight through yesterday, leaving it up 6.7% YTD at the end of the day.
    • The industrial (-1%), energy (-0.9%) and materials (-0.6%) groups were the day's major decliners while utilities (+0.6%) and health care (+0.4%) finished in the green.
    • Today's trading volume was below the recent average, as 803M shares changed hands on the NYSE floor.
    • U.S. crude oil fell 2.2% to settle at $44.75/bbl after a rise in U.S. gasoline inventories pushed supplies to a record high.
    • Treasury prices rose across the complex, with the yield on the benchmark 10-year note settling 3 bps lower at 1.56%.
    | 4:25 PM | 3 Comments
  • 1:46 PM
     
    • News only because the near constant direction of the major averages has been up and to the right for the last few weeks, stocks have turned modestly lower in afternoon action.
    • The S&P 500 is down 0.4%, the Dow is off 0.5%, and the Nasdaq lower by 0.25%.
    | 1:46 PM
  • 10:01 AM
     
    • June Leading Indicators: Leading Index +0.3% to 123.7 in-line with consensus, -0.2% prior.
    • Coincident Index +0.3% to 113.8, +0.3% prior
    • Lagging Index -0.1% to 121.9 vs. +0.3% prior.
    | 10:01 AM
  • 9:28 AM
    • Noting the "encouraging resilience" with which markets have handled the Brexit news, Mario Draghi says the ECB will be in better position to assess the fallout in coming months.
    • Live blog
    • While expecting the eurozone economy to continue to move forward at a moderate pace, risks remain to the downside, in part thanks to the Brexit.
    • Asked about the unrelenting bear market in the stock prices of the EU's banks, Draghi says it's "of some significance" to policy makers because it raises the lenders' cost of capital, meaning lending becomes less profitable, meaning less lending. As for bank solvency, he's not too concerned, saying they're in much better shape than they were headed into the financial crisis.
    • The euro (NYSEARCA:FXE) has bounced around a bit, but is currently back to flat on the session at $1.1017. The Stoxx 50 (NYSEARCA:FEZ) initially dipped hard as Draghi began his press conference, but has returned to a loss of just 0.3%.
    • ETFs: FXE, VGK, EUO, HEDJ, FEZ, ERO, IEV, EPV, EZU, DRR, FEU, EURL, DBEU, ULE, EEA, EUFX, FEP, HEZU, UPV, IEUR, URR, FEEU, ADRU, FIEU, DBEZ, FEUZ, SBEU, HFEZ, HFXE, RFEU, PTEU, GSEU, DEZU, HGEU, FIEE
    | 9:28 AM | 3 Comments
  • 8:30 AM
     
    • Initial Jobless Claims-1K at 253K vs. 265K consensus, 254K prior.
    • Continuing Claims 2.128M vs. 2.149M prior.
    | 8:30 AM | 3 Comments
  • 8:26 AM
    • As expected, the ECB left rates unchanged today - the main refinancing rate at 0%, the marginal lending facility at 0.25%, and the deposit rate at -0.40%. QE will continue to run at €80B monthly until at least March 2017.
    • The Stoxx 50 (NYSEARCA:FEZ) is lower by 0.35%, and the euro (NYSEARCA:FXE) flat at $1.1022.
    • The main event awaits - Mario Draghi's press conference begins in five minutes.
    | 8:26 AM
  • 3:52 AM
    • Looking to strengthen its core mining equipment unit, Japan's Komatsu (OTCPK:KMTUY) has agreed to buy Joy Global (NYSE:JOY) for $2.9B, amid a fight for market share with industry leader Caterpillar (NYSE:CAT).
    • Under the terms of the agreement, Joy stakeholders will receive $28.30 in cash for each outstanding share of common stock held, representing a 20% premium to yesterday's closing price.
    • JOY +20% premarket
    | 3:52 AM | 25 Comments
  • Wednesday, July 20, 2016

  • 4:25 PM
     
    • Stocks continued their march into record territory, sparked by a strong move in tech stocks following Microsoft's above-consensus quarterly results.
    • The Dow notched its ninth straight gain - seven straight at record high closes - for its longest winning streak since 2013, although daily gains have been relatively small recently; the S&P also ended at a new all-time closing high, while the Nasdaq recorded a new 2016 closing high.
    • Six of the 10 S&P sectors closed in the green, led by techs (+1.4%) and health care (+0.9%), while consumer staples (-0.5%) and utilities (-0.4%) lagged.
    • U.S. crude oil rose 0.7% at $44.94/bbl, reversing early losses, after U.S. crude stockpiles fell for a ninth week in a row and by more than the market expected.
    • Treasury prices slipped, with the yield on the benchmark 10-year note adding 2 bps to 1.58%.
    | 4:25 PM | 5 Comments
  • 7:03 AM
    | 7:03 AM | 17 Comments
  • 2:11 AM
    • Elon Musk expects a "super majority" of shareholders to back Tesla's (NASDAQ:TSLA) proposed combination with SolarCity (NASDAQ:SCTY) despite investor skepticism about the planned deal.
    • In an interview, Musk said he would include details of the tie-up in a new "master plan" he intends to publish as early as this week.
    • "The most informed investors are highly supportive of the transaction... most just didn't understand how bringing together a car and a solar company made sense from a product standpoint."
    | 2:11 AM | 123 Comments
  • Tuesday, July 19, 2016

  • 4:25 PM
     
    • The Dow eked out an eighth straight gain for its longest winning streak in more than three years, but the S&P 500 and Nasdaq slipped following a series of weak earnings reports.
    • Eight of the 10 S&P sectors finished in the red, led by materials (-0.7%), energy (-0.6%) and telecoms (-0.4%), while the financial (+0.1%) and industrial (+0.1%) groups ended with the only gains.
    • Johnson & Johnson (+1.7%) helped lift the Dow after beating Q2 expectations and raising full-year guidance, but Netflix (-13.1%) weighed on the S&P and Nasdaq after reporting weak subscriber growth.
    • Netflix's miss on new subscribers could be a proxy for other growth stocks reporting this week, says Bruce McCain, chief investment strategist at Key Private Bank.
    • Today's trading volume was below the recent average, as 736M shares changed hands on the NYSE floor.
    • Treasury prices settled near session highs, as the 10-year yield slipped 3 bps to 1.56%.
    • U.S. crude oil futures settled 1.3% lower to $44.65/bbl, the lowest close since May 9.
    | 4:25 PM | 3 Comments
  • 9:10 AM
    • With markets having shrugged off the Brexit vote, Fed officials are growing more confident about raising rates before year-end, and possibly as early as September, writes Jon Hilsenrath.
    • Though no change is nearly assured at the late-July FOMC meeting, the policy statement may signal belief the economy is on more solid ground than when the dovish call was made at the June meeting.
    • That could be a surprise for traders, who have currently priced in only about a 12% chance of a September Fed move.
    • The 10-year Treasury yield is lower by 1.6 bps this morning to 1.57%. TLT +0.4%, TBT -0.8%
    • ETFs: TBT, TLT, TMV, TBF, EDV, TMF, TTT, ZROZ, VGLT, TLH, SBND, UBT, DLBS, TLO, LBND, VUSTX, TYBS, DLBL
    | 9:10 AM | 18 Comments
  • 8:31 AM
     
    | 8:31 AM | 4 Comments
  • 7:08 AM
    | 7:08 AM | 1 Comment
  • 4:43 AM
    • Moody's has put Turkey's Baa3 credit rating, the lowest level of investment grade, on review for a downgrade to "assess the medium-term impact" of the failed coup on the country's growth and policy-making institutions.
    • It's also likely Turkish citizens won't be granted visa-free travel this year, according to European Commissioner Gunther Oettinger, despite the nation's migration deal with the EU.
    • U.S. Secretary of State John Kerry has further stressed that NATO countries had a requirement when it came to democracy and "will measure very carefully what is happening."
    • ETFs: TUR, TKF
    | 4:43 AM | 3 Comments
  • 3:45 AM
    • The Republican convention has left Wall Street banks on edge by embracing a proposal to reinstate Glass-Steagall, the banking separation rule which was dropped during the Clinton administration after a bipartisan effort to overturn it.
    • The repeal is often cited as a cause of the financial crisis in 2008, even though two of the institutions at the core of the crisis, Lehman and Bear Stearns, were unaffected by the act's prohibition of combining investment and commercial banks.
    • Related tickers: C, JPM, BAC, WFC, GS
    | 3:45 AM | 82 Comments
  • Monday, July 18, 2016

  • 4:20 PM
     
    • Stocks extended their run of record highs, as Bank of America added positive momentum and helped investor confidence going into earnings season.
    • SoftBank's surprise $32B deal to buy chip designer ARM Holdings helped lift tech stocks (+0.7%), as investors await results from IBM, Netflix and Yahoo after the bell today; materials (+0.7%) and financials (+0.4%) also outperformed.
    • Today's trading volume was below with the recent average, as just 723M shares changed hands on the NYSE floor.
    • Treasury prices ended off their session lows, but yields still showed modest upticks; the 10-year yield finished at 1.59%, rising 3 bps.
    • U.S. crude oil settled 1.6% lower at $45.24/bbl.
    | 4:20 PM | 5 Comments
  • 10:49 AM
    • Citi's Keith Horowitz notes 3% revenue growth in Q2 represents the best quarter for that metric since Q4 of 2012. Core expenses fell on a year-over-year basis for the 17th consecutive quarter.
    • While it was a "noisy" quarter, Nomura's Steven Chubak notes fee income and the efficiency ratio were positive surprises, while core net interest income and credit costs were inline. This quarter's resetting of interest rate expectations (lower for longer) and curve flattening could put a damper on any positive EPS estimates for H2 and 2017, but Chubak suspects the stock price at 82% of tangible book value has already discounted this.
    • Speaking on the earnings call, CEO Brian Moynihan says Bank of America (BAC +1.9%) doesn't need higher interest rates to grow earnings. Expense cuts and plans to grow fee income can do the job for now.
    • WSJ blog
    • Previously: Bank of America edges higher after Q2 beat (July 18)
    | 10:49 AM | 6 Comments
  • 7:30 AM
    | 7:30 AM | 2 Comments
  • 4:01 AM
    • The Istanbul 100 Index slid 4.8% this morning, while the Turkish lira rebounded 3% to 2.9274 vs. the dollar, following Friday's failed coup attempt that left 290 people dead and over 6,000 arrested.
    • NATO allies have thrown their support behind President Erdogan, but tensions are still high over his demand to extradite U.S.-based cleric Fethullah Gulen, whom he blamed for the overthrow attempt.
    • Is the West shifting its stance of wanting a thriving democracy in countries like Turkey and Egypt, or at this point, does it just want strength and stability?
    • ETFs: TUR, TKF
    | 4:01 AM | 13 Comments
  • 2:09 AM
    • SoftBank (OTCPK:SFTBY) has acquired chip designer ARM Holdings (NASDAQ:ARMH) for £24.3B ($32B), as the Japanese telecoms giant bolsters its presence in the growing Internet of Things sector.
    • The deal will see SoftBank pay £17 in cash for each share in ARM, a 43% premium to its closing price last week, marking the largest ever purchase of a European technology company.
    • ARMH +43.6% premarket
    | 2:09 AM | 36 Comments
  • Sunday, July 17, 2016

  • 6:35 AM
    • Mehmet Simsek is telling investors not to worry following Friday's failed military coup, saying the government is in charge and has decided on "all necessary measures" after consulting with the central bank and treasury.
    • Other investing news: The lira plunged 4.8% to 3.0157 per dollar in the largest one-day selloff since 2008, while oil prices rose, climbing 1.3% to $46.28/bbl.
    • Turkish Airlines on Saturday resumed flights from Istanbul's international airport, although some foreign carriers canceled weekend flights (the number of visitors to Turkey fell by 28% in April, marking the biggest drop in 17 years).
    • ETFs: TUR, TKF
    | 6:35 AM | 9 Comments
  • Saturday, July 16, 2016

  • 6:52 AM
    • "They will pay a heavy price for their treason," says Turkish President Recep Tayyip Erdogan, arriving at Istanbul's airport from vacation in Marmaris. He blames the plot on followers of U.S.-based Islamic preacher and one-time ally Fethullah Gulen.
    • Source: Bloomberg
    • Dozens of coup backers are among the nearly 200 dead, and nearly 3K military personnel have been arrested, according to pro-Erdogan forces.
    • The presidential post in Turkey has historically been a ceremonial role, with head of state duties centered on the prime minister. Erdogan - who had been PM for more than a decade prior to becoming president - has been trying to transform the presidency into the center of power. The coup plot is likely to give him more ammunition to do so.
    | 6:52 AM | 65 Comments
  • Friday, July 15, 2016

  • 4:20 PM
     
    • Stocks turned in a mixed showing after trading within a narrow range, but it was enough to ensure a third straight week of gains and yet another record close for the Dow.
    • "It's probably just a pause," according to Randy Warren, chief investment officer at Warren Financial. "We're starting to get decent economic data; now it's time for earnings to back that up."
    • Six sectors finished lower, including consumer discretionary (-0.5%), financials (-0.2%) and tech (-0.2%); materials (+0.4%), utilities (+0.3%) and telecoms (+0.2%) gained.
    • For the week, the Dow jumped 2% while the S&P 500 and Nasdaq each climbed 1.5%.
    • U.S. crude oil settled 0.6% higher at $45.95/bbl, capping a weekly gain of more than 1%.
    • Treasury prices fell, with yield on the 10-year note settling at 1.58%, rising 4 bps to cap a 22-bp surge on the week in the biggest weekly increase since June 2015.
    | 4:20 PM | 1 Comment
  • 3:54 PM
    • Reports of the Army being deployed in Istanbul, blocking two key bridges in the city, have raised chatter of a possible military coup. TUR -2.6%
    • Update at 3:55: Further reports say nationwide martial law has been declared by the Turkish Army.
    • Updated at 4:10: Reuters is reporting the Turkish prime minister as saying military action is being taken without his order.
    • More from the PM: According to the AP, PM Binali Yildirim says a group within the military attempted a coup, but it will not be successful.
    • Updated 4:39 p.m.: In a statement, Turkey's military says it has taken over the country for "democratic order, human rights." It's seized control of Ataturk airport in Istanbul. TUR, -2.5% into the close, is off 6.1% after hours.
    | 3:54 PM | 112 Comments
  • 10:19 AM
    • The 10-year Treasury yield continues to make its way back to its pre-Brexit level, up another five basis points to 1.59%. Helping the move today were stronger-than-expected reads on June retail sales and inflation.
    • The 10-year was in the 1.70% area prior to the vote, and dropped to about 1.35% in the days after. TLT -0.7%, TBT +1.4%
    • Short-term rate futures markets are again pricing in a sizable chance of a rate hike this year, roughly 40% at the moment. At one point in early late June, the chance of a rate hike had been pushed all the way back to 2018.
    • ETFs: TBT, TLT, TMV, TBF, EDV, TMF, TTT, ZROZ, VGLT, TLH, SBND, UBT, DLBS, TLO, LBND, VUSTX, TYBS, DLBL
    | 10:19 AM | 1 Comment
  • 10:01 AM
     
    • April business inventories: +0.2% at $1,810.0B vs. +0.1% consensus; +0.1% prior.
    • Sales +0.2% to $1,291.8B.
    • Inventory/Sales ratio of 1.40.
    | 10:01 AM
  • 9:15 AM
     
    • June Industrial Production: +0.6% to 104.1 vs. +0.4% consensus, -0.3% prior (revised).
    • Capacity utilization: 75.4% vs. 75.0% consensus, 74.9% prior.
    | 9:15 AM | 1 Comment
  • 8:31 AM
     
    | 8:31 AM | 2 Comments
  • 7:03 AM
    • There's at least a temporary pause in the global rally after terrorists strike again in France. Europe's Stoxx 50 (NYSEARCA:FEZ) is lower by 0.55%. France's CAC-40 (NYSEARCA:EWQ) is down 0.8%. U.S. stock index futures are down marginally.
    • Asia climbed overnight, led by the Nikkei's 0.7% advance.
    • The 10-year Treasury yield is flat at 1.54%, and gold/oil are little-changed.
    • Up later this morning are June's CPI and retail sales reports.
    • ETFs: QQQ, DIA, TQQQ, PSQ, SQQQ, QID, DOG, QLD, DXD, UDOW, SDOW, DDM, QQEW, QQQE, QQXT, UDPIX, OTPIX
    | 7:03 AM | 7 Comments
  • 5:25 AM
    • The pound is headed for its best week against the dollar since 2009 after Theresa May returned a sense of political stability to the U.K. and the Bank of England unexpectedly kept interest rates unchanged.
    • Sterling is up 0.7% to $1.3434, having earlier touched $1.3481, the highest since June 30. The currency has gained 3.5% versus the greenback this week.
    • ETFs: EWU, FKU, DXPS, DBUK, QGBR, HEWU
    | 5:25 AM
  • 4:25 AM
    • The long-classified report, known as the "28 pages," detailing alleged ties of the Saudi Arabian government to the 9/11 hijackers will be released by Congress as early as today, sources told CNN.
    • The Kingdom previously warned of a $750B treasury and American asset dump if a bill was passed allowing it to be held responsible in U.S. courts for any role in the Sept. 11 attacks.
    • ETFs: KSA
    | 4:25 AM | 8 Comments
  • 3:23 AM
    • Shares of Nintendo (OTCPK:NTDOY) jumped nearly 10% overnight, and are up 90% since the launch of Pokemon GO, almost doubling the company's market value in just over a week.
    • That makes the gaming firm more valuable than the mighty Mitsubishi trading house and brokerage Nomura.
    • John Hanke, the head developer behind Nintendo's augmented reality game, said he wants to roll out the app in roughly 200 countries "relatively soon" and is working on bolstering server capacity.
    | 3:23 AM | 11 Comments
  • 2:03 AM
    | 2:03 AM | 10 Comments
  • Thursday, July 14, 2016

  • 6:42 PM
    • Dallas-based Capstead Mortgage (NYSE:CMO) has named Phillip Reinsch as its new president and chief executive officer, replacing Andrew Jacobs.
    • Jacobs has resigned those two positions and his board seat after 28 years with the company.
    • Reinsch has been executive VP, chief financial officer and secretary since 2006, and was named the company's treasurer in 2015. Prior to 1993, when he joined Capstead, Reinsch worked for Ernst & Young.
    • Shares of CMO are up 13.5% YTD.
    | 6:42 PM
  • 4:25 PM
     
    • Stocks extended their recent run for a fifth straight winning session, with the S&P 500 and the Dow Jones Industrials tallying fresh record closing highs, sparked by better than expected Q2 results from JPMorgan Chase and hints of further policy easing abroad.
    • The major averages jumped at the start, helped as the Bank of England kept interest rates unchanged but indicated that it likely would provide further policy stimulus next month.
    • "The Bank of England did the right thing by keeping their powder dry. If they need to ease, they can do it," said Jack Ablin, chief investment officer at BMO Private Bank.
    • Nine of the 10 S&P sectors were winners, led by financials (+0.9%), materials (+0.8%) and tech (+0.8%), while utilities (-0.7%) was the only group to finish in the red.
    • "It's hard to come up with a trend [in earnings], but the early indications have been positive," said Edward Jones investment strategist Kate Warne. "If companies continue to deliver, then stocks will rise appropriately."
    • Today's trading volume was below the recent average with 815M shares changing hands on the NYSE floor.
    • U.S. crude oil settled 2.1% higher at $45.68/bbl, a day after closing more than 4% lower.
    • Treasury prices fell as investors weighed a hotter than expected reading of June PPI; the yield on the 10-year note rose 5 bps to 1.53%.
    | 4:25 PM | 8 Comments
  • 3:38 PM
    • The FCC voted unanimously today to open up four bands of frequencies above 24 GHz for 5G wireless service, setting the stage for exploiting next-generation technologies for mobile transmission.
    • That's nearly 11 GHz of spectrum (3.85 GHz in licensed bands at 28 GHz, 37 GHz and 39 GHz, and 7 GHz in an unlicensed band between 64 GHz and 71 GHz).
    • The agency says companies will be able to exploit the spectrum for "fiber-fast" capabilities, up to 100 times faster than current 4G networks.
    • In addition, the agency pledged to push for opening up more millimeter wave bands as quickly as it can, via a Further Notice of Proposed Rulemaking that looks to apply today's rules to another 18 GHz of spectrum (in eight additional high-frequency bands)
    • In related stocks: (T +0.5%); (VZ -0.2%); (TMUS -0.5%); (S +1.9%); (DISH +1%); (CMCSA +0.4%); (STRP +5.7%); (GSAT -1.2%)
    | 3:38 PM | 37 Comments
  • 2:43 PM
    • Moving past the overseas macro, today's modest rally is being led by the financial sector (XLF +1%), particularly the banks (KRE +1.8%), (KBE +1.8%) after JPMorgan beat estimates.
    • Also helping is another five basis points move upward in the 10-year Treasury yield to 1.53%. Among the yield-starved names applauding: Prudential (PRU +3.1%), Lincoln National (LNC +4.7%), E*Trade (ETFC +1.8%), Schwab (SCHW +1.9%), State Street (STT +2.5%), MetLife (MET +5.2%).
    • The Dow is up 0.8%, the S&P 500 0.55%, and the Nasdaq 0.6%.
    | 2:43 PM | 6 Comments
  • 11:05 AM
    | 11:05 AM | 3 Comments
  • 8:50 AM
    • Airbus (OTCPK:EADSY) won a total of 279 orders and commitments worth $35B at this week's Farnborough Airshow. The deals comprise firm orders for 197 aircraft worth $26.3B and commitments for 82 aircraft worth $8.7B.
    • Boeing (NYSE:BA) was awarded orders and commitments for 182 aircraft worth a total of $26.8B. The deals comprise firm orders for 62 aircraft worth $7.6B and commitments for 120 aircraft worth $19.2B.
    | 8:50 AM | 12 Comments
  • 8:31 AM
     
    • Initial Jobless Claimsflat at 254K vs. 265K consensus, 254K prior.
    • Continuing Claims 2.149M vs. 2.124M prior.
    | 8:31 AM
  • 8:19 AM
    • Among the items boosting the quarter was a big rebound in markets revenue (which includes FICC) - up 23% Y/Y to $5.56B. The bank had previously unofficially guided to more than a 10% gain in trading revenue.
    • Jamie Dimon has previously said that the myriad legal and regulatory issues pressuring the bank were beginning to dissipate, and this quarter JPMorgan reported a legal benefit of $430M vs. $291M of expenses a year ago.
    • Energy? JPMorgan's Corporate  &  Investment bank booked a $235M credit loss vs. $50M a year ago, though $185M of that loss came from one customer. The commercial bank had a reserve release of $25M vs. needing to add $304M in Q1.
    • Citigroup (NYSE:C+2.6%, Bank of America (NYSE:BAC+2.1%, Goldman Sachs (NYSE:GS+2.25%, Morgan Stanley (NYSE:MS+1.8%, Wells Fargo (NYSE:WFC+1.4% premarket
    | 8:19 AM | 13 Comments
  • 7:13 AM
    | 7:13 AM | 2 Comments
  • 7:06 AM
    • The Bank of England surprises the markets by holding policy steady. The bank does say it reviewed a range of stimulus measures, and that most expect to cut rates at the August meeting. One of the nine members voted for a 25 basis pints rate cut today.
    • The pound (NYSEARCA:FXB) has reversed from losses to a 1.5% gain vs. the dollar, and is now buying $1.3340.
    • Up nicely ahead of the news, Europe's Stoxx 50 (NYSEARCA:FEZ) has given some back, now up 0.55%. The FTSE 100 (NYSEARCA:EWU) has moved just into the red.
    | 7:06 AM | 30 Comments
  • Wednesday, July 13, 2016

  • 4:25 PM
     
    • The S&P and Dow inched narrowly above the flatline but it was enough to tally new record closing highs, as the market spent most of the session consolidating after its recent rally.
    • The Nasdaq fell 0.3%, putting it back into negative territory for the year after closing in positive territory for 2016 for the first time yesterday.
    • The energy sector (-0.8%) was a drag on the market after the U.S. reported that crude oil inventories fell less than expected; in response, WTI crude settled 4.4% lower at $44.75/bbl.
    • Stocks mostly ignored the Fed's July Beige Book, which said economic activity continued to expand at a modest pace and that inflationary pressures remained subdued.
    • Today's trading volume was below the recent average, as 815M shares changed hands on the NYSE floor.
    • Treasury prices rose as yields fell throughout the complex, with the yield on the benchmark 10-year note falling 4 bps to settle at 1.47%.
    | 4:25 PM
  • 2:06 PM
     
    • Economic activity continued to grow at a modest pace across most regions from mid-May to the end of June, according to the Fed's Beige Book.
    • Labor market conditions remained stable, with wage pressures still modest to moderate. Price pressures remained slight.
    • Consumer spending was generally positive, but with some signs of softening. The outlook, however, is predominantly optimistic across most districts.
    | 2:06 PM | 12 Comments
  • 1:27 PM
     
    • Shaking off a 5.3% plunge following the U.K.'s vote to exit the EU, U.S. stocks have added nearly $2T in value since June 27, among the largest 10-day increases in valuations ever.
    • The move has come as many expect more monetary stimulus, yet recent economic data has been surprising to the upside, with Citi's economic surprise index jumping to its highest level since January 2015.
    • Up next is earnings season, kicked off by Aloca earlier this week, with JPMorgan reporting tomorrow, and then things really starting to speed up over the next two weeks.
    | 1:27 PM | 7 Comments
  • 8:31 AM
     
    • June Import/Export Prices: Import prices +0.2% M/M vs. +0.5% consensus and +1.4% prior.
    • Export prices +0.8% M/M vs. +0.3% consensus, +1.2% prior (revised).
    | 8:31 AM
  • 7:16 AM
    | 7:16 AM | 6 Comments
  • 5:56 AM
     
    • There is "big money" to be made by shorting stocks if equities pull back from current peaks, according to famed investor Jeffrey Gundlach who says he has been selectively betting against shares in the S&P 500 and continues to favor emerging market bonds over junk debt.
    • The Dow joined the S&P in yesterday's session to post a new all-time closing high, while the Nasdaq finished in positive territory for the first time this year.
    | 5:56 AM | 18 Comments
  • 5:40 AM
    • Just three weeks after the U.K. voted in favor of leaving the EU, Theresa May will today take over from David Cameron to become the 54th British prime minister.
    • While financial markets are cheering the appointment, with sterling trading above $1.32, many analysts have said the implications for the U.K. economy could be much bigger due to uncertainty about her policies.
    • Speculation is also mounting over the top jobs in her cabinet. Will Treasury chief George Osborne make the cut?
    • FTSE 100 +0.2% to 6,697. Sterling +0.2% to $1.3270.
    • ETFs: EWU, FKU, DXPS, DBUK, QGBR, HEWU
    | 5:40 AM | 3 Comments
  • 4:42 AM
    • Global crude markets have undergone an "extraordinary transformation," swinging from a major surplus to near balance in Q2, according to the IEA, but record high oil stocks are threatening the "recent stability of prices."
    • Middle Eastern output exceeded 31M bpd for a third month in June, while U.S. oil production slid 140K bpd to 12.45M, the agency said in its closely watched monthly report, which largely kept forecasts for supply and demand unchanged.
    • Crude futures -1.5% to $46.12/bbl.
    • ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM, OILU, OILD, OILX
    | 4:42 AM | 4 Comments
  • 3:59 AM
    | 3:59 AM | 1 Comment
  • 3:46 AM
    | 3:46 AM | 21 Comments
  • 12:01 AM
    • In a letter to shareholders, Sequoia Fund -- the second-biggest shareholder in Valeant (NYSE:VRX) -- says it exited that position completely by mid-June.
    • The Fund notes that after longtime CEO and co-manager Robert Goldfarb retired in March, "new leadership elected to sell our position." Valeant once made up 30% of Sequoia's portfolio; the company "was our largest position to start the year and its 80% decline through June 30 badly penalized our results."
    • The Fund also said it exited its position in Idexx Laboratories (NASDAQ:IDXX), "a wonderful stock for us over the past 13 years"; and got out of smaller positions, in Allergan (NYSE:AGN) and Cabela's (NYSE:CAB).
    • Meanwhile, it bought Carmax (NYSE:KMX), Chipotle Mexican Grill (NYSE:CMG), Charles Schwab (NYSE:SCHW), and Wells Fargo (NYSE:WFC).
    | 12:01 AM | 268 Comments
  • Tuesday, July 12, 2016

  • 4:25 PM
     
    • The Dow joined the S&P 500 in posting a new all-time closing high, sparked by a rally in crude oil prices, stronger than expected earnings from Alcoa, the promise of stimulus measures in Japan and as Brexit fears subside.
    • The Nasdaq closed in positive territory for the first time this year, and its rebound, combined with the broader market milestones, is an encouraging sign to analysts who had worried about the durability of the market's gains built on relatively safe trades.
    • “As the environment looks less scary, it makes sense to go after what was perceived as being these riskier, growth-oriented stocks,” says Karyn Cavanaugh of Voya Investment Management.
    • "People are getting more comfortable within the growth area of the market," Robert Pavlik of Boston Private Wealth tells CNBC. "I definitely see more of a risk-on mentality. People are foregoing the yield plays for the growth parts of the market."
    • The energy (+2.3%) sector topper today's action, rallying in conjunction with a 4.4% gain in oil futures to $46.74/bbl, ahead of heavily-weighted financial (+1.2%) and tech (+1.0%), while telecom (-0.3%), health care (-0.5%) and utilities (-1.4%) lost ground.
    • Today's trading volume was above the recent average, as 952M shares changed hands on the NYSE floor.
    • U.S. Treasurys fell under broad-based selling pressure, with the 10-year yield ending higher by 7 bps at 1.51%.
    | 4:25 PM | 16 Comments
  • 12:14 PM
     
    • Hopes for more monetary stimulus are winning out over post-Brexit fear in Europe. The Stoxx 50 gained 1.7% to close at its highest level since the day of the U.K. vote.
    • "We should be thankful for the central banks, which have convinced the markets that their support is there if the situation calls for it,” says one analyst, summing up the news. The Bank of England meets on Thursday, and traders are betting on a rate cut.
    • The S&P 500 is up 0.8% and the Dow 0.7% - with both fixing to close at new all-time highs. The Nasdaq's 0.8% gain puts it above 5K for the 2nd time this year (the first time was yesterday afternoon).
    | 12:14 PM | 16 Comments
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