The Market In 5 Minutes: Following Ruling Against Immigration Ban, Trump Says 'See You In Court'

Macro Focus

Futures for the Dow Jones Industrial Average climbed 26 points to 20,162.00, while the Standard & Poor’s 500 index futures rose 2 points to 2,306.25. Futures for the Nasdaq 100 index gained 6 points to 5,217.75.

Oil prices traded higher as Brent crude futures gained 1.17 percent to trade at $56.28 per barrel, while US WTI crude futures rose 1.15 percent to trade at $53.61 a barrel.

The University of Michigan's consumer sentiment index for February is schedule for release 10:00 a.m. ET.
The Baker Hughes North American rig count report for the recent week will be released at 1:00 p.m. ET.
The U.S. Treasury budget data for January is schedule for release 2:00 p.m. ET.

BZ News Desk Focus

NVIDIA NVDA Reports Q4 Adj. EPS $1.13 May Not Compare to $0.83 Est., Sales $2.17B vs $2.11B Est.
Western Union WU Reports Q4 EPS $0.47 vs. Est. $0.43, Rev. $1.4B vs. Est. $1.37
Pandora P Reports Q4 EPS $(0.13) vs $(0.21) Est., Sales $392.6M vs $374M Est.
CyberArk CYBR Sees Q1 Adj EPS $0.21-$0.23 vs $0.27 Est, Revenue $57M-$58M vs $57.7M Est
Zynga ZNGA Reports Q4 EPS $(0.04) vs. Est. $0.01, Rev. $190.54M vs. Est. $192.6M
Yelp YELP Reports Q4 EPS $0.10 vs. Est. $0.03, Rev. $194M vs. Est. $194M
Activision Blizzard ATVI Reports Q4 Adj. EPS $0.65 vs $0.73 Est., Sales $2.01B vs $2.35B Est.
Skechers SKX Reports Q4 EPS $0.04 vs $0.09 Est, Sales $764.3M vs $723.72M Est

Sears SHLD Plans To Reduce Outstanding Debt and Pension Obligations By At Least $1.5B; Sees Q4 Rev. ~$6.1B vs. Est. $5.69B, FY16 Rev. ~$22.1B vs. Est. $21.77B

Sell-Side's Themes

Susquehanna started coverage on several retailers, with Costco COST and JC Penney JCP getting Positive ratings.

Viacom VIAB received at least three downgrades following its Q1 earnings miss.

Sell-Side's Most Noteworthy Calls

Cowen downgraded Reynolds American RAI to Market Perform.
Mizuho downgraded Fossil FOSL to Underperform.
Jefferies upgraded Ford F to Hold.
SunTrust upgraded Jack In The Box JACK to Buy.

Deal Talk

Mead Johnson Nutrition MJN announced it has reached an agreement to be acquired by Reckitt Benckiser, the world's leading consumer health and hygiene company, for $90 per share in cash.

Shares of DISH Network DISH spiked to a high of $61.37 as chatter circulated that Verizon VZ could have an interest in bidding for the Satellite TV provider. "Sources" mentioned a potential offer of $80 per share. A Dish tie-up with Verizon has been rumored since AT&T T announced it was acquiring DirecTV back in May 2014.

In The News

An appeals court unanimously ruled against President Trump’s executive order on immigration and refugees, saying the travel ban shouldn’t go into effect while courts consider whether it goes too far in limiting visitors to the U.S. Trump tweeted in response: “SEE YOU IN COURT.’’

In a call with Chinese President Xi Jinping, Trump affirmed the “One China” policy that has long underpinned Sino-U.S. relations, a declaration that appeared aimed at ending weeks of uncertainty.

Blogosphere

A Republican Carbon Tax: "As economists, religious and military leaders, ordinary Americans and even oil companies have joined the push to lower greenhouse-gas emissions, Republicans have, for the most part, resisted. But now, a group of conservative economists and former Republican officials are recommending their party reverse course -- dramatically. "

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