Markets Little Changed As The Quarter Comes To An End - AppLovin (NASDAQ:APP), American Eagle Outfitters (NYSE:AEO)

U.S. stocks were little changed as the second quarter comes to an end.

Investors and traders are likely spending the last day of the quarter the same way they did to ring in the quarter: questioning the direction of the U.S. economy and wondering what is in store in the coming quarter.

One item that is not up for debate is June's housing data which showed the largest monthly increase since April 2010.

U.S. markets will close at 1:00 p.m. ET on Thursday and will remain closed for Independence Day until trading resumes on Monday, July 7.

The Dow lost 0.15 percent, closing at 16,826.60.
The S&P 500 lost 0.04 percent, closing at 1,960.23.
The Nasdaq gained 0.23 percent, closing at 4,408.18.
Gold gained 0.58 percent, trading at $1,327.60 an ounce.
Oil lost 0.38 percent, trading at $105.34 a barrel.
Silver lost 0.09 percent, trading at $21.11.

News of Note

June Chicago PMI fell to 62.6 from 65.5, missing estimates of 64.0.

May Pending Home Sales rose 6.1 percent to 103.9, exceeding expectations for a 1.0 percent gain and noticeably higher than April's 0.4 percent gain.

June Dallas Fed Manufacturing Outlook rose to 11.4 from 8.0 in May.

BNP Paribas' board of directors approved an $8.9 billion settlement with U.S. authorities over allegedly facilitating trade with countries under economic sanctions.

Argentina entered a state of technical default following an $832 million payment to holders of restructured bonds deemed illegal on Friday. The country has a 30-day grace period before entering formal default.

Several U.S. investment firms said that Puerto Rico's recent debt restructuring laws are a violation of the U.S. constitution. Franklin Templeton and Oppenheimer are lobbying the U.S. District Court of Puerto Rico to block the move.

Analyst Upgrades and Downgrades of Note

Analysts at CLSA upgraded Bank of New York Mellon BK to Outperform with a $42 price target. Shares hit new 52-week highs of $37.95 before closing the day at $37.48, up 3.45 percent.

Analysts at Barclays maintained an Equal-weight rating on CME Group CME with a price target raised to $77 from a previous $75.

Analysts at Barclays maintained an Equal-weight rating on CSX Corporation CSX with a price target raised to $31 from a previous $30. Shares gained 0.75 percent, closing at $70.95.

Analysts at Nomura maintained a Buy rating on Celgene CELG with a price target lowered to $126 from a previous $252. Shares lost 1.06 percent, closing at $85.88.

Analysts at Barclays maintained an Overweight rating on D.R. Horton DHI with a price target raised to $34 from a previous $28. Shares gained 3.15 percent, closing at $24.58.

Analysts at Piper Jaffray upgraded DreamWorks Animation DWA to Neutral from Underweight with a price target raised to $22 from a previous $19. Shares gained 2.06 percent, closing at $23.26.

Analysts at Barclays maintained an Overweight rating on IntercontinentalExchange ICE with a price target lowered to $212 from a previous $225. Shares gained 0.52 percent, closing at $188.90.

Analysts at JPMorgan maintained a Neutral rating on Johnson & Johnson JNJ with a price target raised to $108 from a previous $100. Shares hit new 52-week highs of $106.00 before turning negative and closing the day at $104.62, down 0.35 percent.

Analysts at JPMorgan maintained a Neutral rating on Joy Global JOY with a price target raised to $60 from a previous $58. Shares lost 0.50 percent, closing at $61.58.

Analysts at Barclays maintained an Underweight rating on KB Home KBH with a price target raised to $20 from a previous $18. Shares lost 0.05 percent, closing at $18.68.

Analysts at BTIG Research downgraded MBIA MBI to Neutral from Buy.

Analysts at Standpoint Research initiated coverage of NetApp NTAP with a Buy rating and $48 price target. Shares gained 2.93 percent, closing at $36.52.

Analysts at Canaccord Genuity maintained a Buy rating on The Finish Line FINL with a price target raised to $34 from a previous $32. Also, analysts at Citigroup maintained a Neutral rating on The Finish Line with a price target raised to $31 from a previous $29. Shares gained 0.61 percent, closing at $29.74.

Analysts at Standpoint Research initiated coverage of iShares MSCI South Korea Capped EWY with a Buy rating and $78 price target. Shares gained 0.09 percent, closing at $65.03.

Analysts at Barclays maintained an Overweight rating on The Nasdaq OMX Group NDAQ with a price target lowered to $42 from a previous $43. Shares gained 0.99 percent, closing at $38.62.

Analysts at Barclays maintained an Equal-weight rating on Toll Brothers TOL with a price target raised to $45 from a previous $41. Shares gained 1.07 percent, closing at $36.90.

Analysts at Citigroup upgraded TransCanada Corp TRP to Buy from Neutral with a price target raised to $61 from a previous $51. Shares hit new 52-week highs of $48.13 before closing the day at $47.72, up 0.32 percent.

Analysts at UBS initiated coverage of Williams Partners WPZ with a Neutral rating and $56 price target. Shares gained 0.54 percent, closing at $54.29.

Analysts at Piper Jaffray upgraded Yahoo! YHOO to Overweight from Neutral with a price target raised to $43 from a previous $37. Shares gained 2.57 percent, closing at $35.13.

Equities-Specific News of Note

General Motors GM announced that its victim compensation will not be capped and will pay between $20,000 to "several million dollars" to bona fide victims. Separately, General Motors announced six new recalls affecting 8.45 million vehicles. Shares lost 0.87 percent, closing at $36.30.

PPG Industries PPG will acquire a Mexican architectural and industrial coatings company named Consorcio Comex for $2.3 billion. PPG Industries believes that the deal will be accretive to earnings immediately. Shares hit new 52-week highs of $213.01 before closing the day at $210.15, up 2.99 percent.

Linn Energy LINE will acquire Devon Energy's DVN domestic oil and gas properties for $2.3 billion. Linn Energy said that the acquisition will be financed through its Garnie Wash assets sale while Devon Energy continues its strategy of divesting non-core properties. Shares of Linn Energy gained 1.44 percent, closing at $32.35 while shares of Devon Energy hit new 52-week highs of $80.63 before turning negative and closing the day at $79.40, down 0.13 percent.

Cooper-Standard Holdings CPS announced it will sell its thermal and emissions product line to Halla Visteon Climate Control for an undisclosed sum. Shares lost 0.06 percent, closing at $66.16.

Nelson Peltz's Trian Fund Management disclosed a 9.33 million share stake in Bank of New York Mellon. BK Shares hit new 52-week highs of $37.95 before closing the day at $37.48, up 3.45 percent.

Darden Restaurants DRI will use proceeds from its sale of Red Lobster to buy back debt and has already initiated a tender off for up to $600 million. Shares lost 0.84 percent, closing at $46.27.

The rating agency S&P lowered Walter Energy's WLT debt rating to CCC+ from B- due to a weak outlook for met coal prices. Shares lost 0.73 percent, closing at $5.45.

GT Advanced Technologies GTAT will move most of its sapphire fabrication to Mesa, Arizona and record a $13.4 million hit as part of a strategy to realign its supply chain resources. Shares gained 1.86 percent, closing at $18.60.

Empire Resorts NYNY submitted an application to develop a casino 90 miles from New York City in Sullivan County. Meanwhile, Caesars Entertainment CZR has submitted an application for a gambling license in Woodbury, New York. Shares of Emire Resorts gained 1.42 percent, closing at $7.16 while shares of Caesars Entertainment gained 2.32 percent, closing at $18.08.

American Eagle Outfitters AEO plans to enter the U.K. market with three stores this fall. Shares lost 2.86 percent, closing at $11.22.

Exxon Mobil XOM reported that approximately 600,000 barrels of crude were lost following a tank fire and oil spill at a terminal facility in Nigeria. Shares lost 0.52 percent, closing at $100.68.

According to Re/code, Twitter TWTR is planning on acquiring TapCommerce, an owner of mobile ad re-targeting platforms for approximately $100 million. Shares gained 0.10 percent, closing at $40.97.

Treehouse Foods THS confirmed that it will acquire Flagstone Foods for $860 million in cash. Treehouse Foods sees the deal boosting its earnings per share by three cents to $0.27 in the first year after the deal closes. Shares of Treehouse hit new 52-week highs of $83.19 before closing the day at $80.07, up 0.23 percent.

Canadian Solar CSIQ announced it won a C$300 million contract to supply 12.6MW of modules in Kayeseri, Turkey. Shares gained 4.93 percent, closing at $31.26.

Philips PHG plans to merge its Lumileds LED components and Automotive lighting subsidiaries into one standalone unit. Shares gained 4.23 percent, closing at $31.76.

Investors appeared to be satisfied with leaked pictures of BlackBerry's BBRY ‘Passport' smartphone as shares gained 4.70 percent, closing at $10.24.

InterOil IOC has agreed to sell its oil refinery and petroleum products distribution business off Papua New Guinea to Puma Energy for $526 million. Shares gained 1.69 percent, closing at $63.94.

Winners of Note

On Friday the FDA approved MannKind's MNKD Afrezza, an inhalable prandial insulin. Afrezza, unlike other insulin treatments, does not have to be timed before a meal. Shares of MannKind traded lower on Friday but hit new 52-week highs of $11.48 today before closing the day at $10.96, up 9.60 percent.

Analysts at Fetl speculated that Immersion IMMR may be a technology supplier for Apple's future products. Shares of Immersion gained 10.89 percent, closing at $12.73.

Decliners of Note

Rayonier RYN completed the spinoff of Rayonier Advanced Materials. As such, shares of Rayonier lost 26.75 percent, closing at $35.55 while shares of Rayonier Advanced Materials

American Apparel APP put in to motion a stockholder rights plan (aka poison pill) to prevent the recently ousted CEO Dov Charney from regaining control in the company. Charney recently revealed that he could work with Standard General to borrow funds to purchase shares of the company. Shares lost 6.82 percent, closing at $0.90.

Quote of the Day

"The winds that blow through the wide sky in these mounts, the winds that sweep from Canada to Mexico, from the Pacific to the Atlantic - have always blown on free men." ~Franklin D. Roosevelt

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