The Market In 5 Minutes: Record-Setting Week Coming To A Close
Below is a tool used by the Benzinga News Desk each trading day -- it's a look at everything happening in the market, in five minutes. Apply for daily AM access by clicking here or email firstname.lastname@example.org.
The Dow Jones and S&P 500 again closed a record highs Thursday for the fifth straight day; however, futures were lower early Friday morning. The drop came in the aftermath of Thursday’s killing of at least 84 people in Nice, France, when a truck driver barreled through Bastille Day revelers who were gathered at the Promenade des Anglais in the Riviera city.
Chinese growth held steady at 6.7 percent in the second quarter, as record stimulus poured into the economy in Q1 lent at least temporary stability.
USA Retail Sales (MoM) for Jun 0.60 percent vs 0.10 percent consensus estimate. Here is other economic data scheduled for Friday.
BZ News Desk Focus
Citigroup (NYSE: C) Q2 EPS $1.24 vs $1.10 est, Revenue $17.5B vs $17.5B est
Wells Fargo (NYSE: WFC) Reports Q2 EPS $1.01 vs. Est. $1.01, Rev. $22.16B vs. Est. $22.17B
UBS (NYSE: UBS) Q2 EPS $0.83, Revenue $5.45B; Q2 EPS Up ~4% YoY, Revenue Up ~8% YoY
PNC (NYSE: PNC) Q2 EPS $1.82 vs $1.75 est, Revenue $3.79B vs $3.81B est
Simulations Plus (NASDAQ: SLP) Reports Q3 EPS $0.11 vs. Est. $0.12, Rev. $6.01M vs. Est. $6.57M
Some traders have suggested a wider-than-already-priced-in premium to the Cabelas (NYSE: CAB) deal might be unlikely. The consortium of Goldman Sachs and Bass Pro Shops has been viewed as the likely purchaser of the assets since June 2, when Cabela's shares were trading around $52. The stock closed at $54.08.
Barlcays cut Apple's (NASDAQ: AAPL) price target from $121 to $115, citing near-term pressure. Meanwhile, Credit Suisse reiterated its $150 target, saying near-term iPhone SE strength offsets 6s/6s Plus weakness.
Sell-Side's Most Noteworthy Calls
Morgan Stanley downgraded Chipotle (NYSE: CMG) to Equal-Weight.
UBS downgraded AMC Networks (NASDAQ: AMCX) to Sell.
Citi upgraded Sealed Air (NYSE: SEE) to Buy.
Goldman Sachs upgraded Reinsurance Group (NYSE: RGA) to Buy.
Bayer (OTC: BAYRY) has increased its offer to acquire Monsanto (NYSE: MON) from $122 to $125 per share, first verbally on July 1 and via an updated proposal on July 9. In addition, Bayer has offered a $1.5 billion reverse antitrust break fee.
In The News
Shares of Herbalife (NYSE: HLF) soared by more than 12 percent early Friday morning to $66.50 following media reports the company was cleared by the U.S. Federal Trade Commission of allegations it was operating as a pyramid scheme.
Donald Trump has called Indiana Gov. Mike Pence and offered him the vice presidential slot on his ticket, according to multiple reports. Trump Tweeted Thursday evening he's postponing the official announcement, previously set for Friday morning: "In light of the horrible attack in Nice, France, I have postponed tomorrow's news conference concerning my vice presidential announcement."
Chinese companies are increasingly staking their claim on Hollywood, with Wanda closer to becoming one of the world’s most dominant in entertainment following reports it is in talks to buy a minority stake in Paramount.
Could Dublin form a globally significant financial center, post-Brexit? This thread tries to answer.
ZIOP FHN LN WFC USB SPN INFY NOW CSX PCLN C EXPE MTLS [StockTwits]
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.