Market Overview

The Market in 5 Minutes: Can The Momentum Continue?

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The Market in 5 Minutes: Can The Momentum Continue?

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 minutes@benzinga.com.

Macro Focus

Investors are still flying high from Friday's historic close. On the heels of a stronger-than-expected July jobs report, which saw the Nasdaq Composite and S&P 500 both make their strongest closes ever, major U.S. indices are within shouting distance of all-time highs.

S&P 500 Futures hit 2183 in Monday's premarket session, good for an all-time high, while the Dow Jones Industrial Index is just below its all-time high of 186.22 set back in July. 

Oil prices continue on a slight rally, with Light Sweet Crude Oil Futures trading slightly higher by about 0.8% in Monday's premarket action. Gold futures have dipped below $1340 for the first time in two weeks, and are trading at around $1337.50. 

BZ News Desk Focus

Delta Air Lines, Inc. (NYSE: DAL) grounded all flights this morning after its computer systems went down. 

A pair of food stocks reported earnings before Monday's opening bell. Tyson Foods, Inc. (NYSE: TSN) earned $1.21 on $9.403 billion in sales, compared to analyst estimates of $1.05 per share on revenue of $9.33 billion. Dean Foods Co (NYSE: DF) reported second quarter earnings per share of $0.38 vs. a $0.40 estimate, on in-line revenue of $1.85 billion. 

After the bell, traders are anticipating earnings from Hertz Global Holdings, Inc (NYSE: HTZ), News Corp (NASDAQ: NWSA) and recent IPO Twilio Inc (NYSE: TWLO). 

Other companies due to report this week include Walt Disney Co (NYSE: DIS) and Alibaba Holding, Ltd (NYSE: BABA). Traditional retailers will get their moment as well, with J C Penney Company Inc (NYSE: JCP), Macy's Inc (NYSE: M), Nordstrom, Inc. (NYSE: JWN) and Kohl's Corporation (NYSE: KSS) all set to report. 

The Labor Market Conditions Index will be released at 10:00 a.m. ET. 

Sell-Side's Most Noteworthy Calls

Goldman Sachs maintained a Buy on Blackrock, Inc. (NYSE: BLK), and raised their price target to $400.

Citigroup downgraded JPMorgan Chase & Co (NYSE: JPM) to Neutral, and maintained their $65.00 price target.

Credit Suisse upgraded Merck & Co, Inc. (NYSE: MRK) to outperform, raising their price target to $73.00.   

Deal Talk

Vail Resorts, Inc. (NYSE: MTN) and Whistler Blackomb Holdings Inc (TSE: WB) announced a merger Monday morning. Whistler Shareholders will receive C$17.50 and 0.0975 Shares of Vail Stock. 

LifeLock Inc (NYSE: LOCK) is said to have hired Evercore Partners in an attempt to fend off Elliott Management, according to sources as reported by Reuters on Friday. LifeLock closed at $16.68 on Friday, up 6%, after trading as high as $17.18.

Eni SpA (NYSE: ENI) is said to have reached a deal with Exxon Mobil Corporation (NYSE: XOM) to sell its stake in Mozambique LNG project, according to sources as reported by Reuters on Friday.

In The News

Thailand approved a new constitution over the weekend. The referendum gives more power to Thailand's military, which took over in a coup in 2014. 

Donald Trump is expected to propose a moratorium on economic reforms in a speech to the Detroit Economic Club on Monday. Sources told Bloomberg that the speech will focus on "providing regulatory relief for small businesses."

Blogosphere

Silicon Valley investor and entrepreneur Blake Krikorian passed away suddenly over the weekend. Krikorian was the founder and CEO of Sling Media, and also served on the board of Amazon.com, Inc (NASDAQ: AMZN) and was involved with Microsoft Corporation (NASDAQ: MSFT).

Trending

USO, AGN, HZNP, MFRM, UWTI, KORS, INO, SM, DVAX, CSCO, PTCT, MTN, BMY, EPZM, HD, NVO, LNTH, DAL, TSN (StockTwits)

Can You Guess This Chart?

Below is a one-year chart. Think you can guess it it with these hints? (Click here for the answer) 

  • This company's founder and CEO resigned in May, and the company was subsequently subpoenad by the Department of Justice.
  • In June they announced a plan to layoff about 12% of their workforce.
  • The stock hit an all-time high of $29.29 in December 2014, just a week after its IPO. 

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Posted-In: News Previews Trading Ideas Reviews General

 

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