Memories Of March Return As Momentum Stocks Hit Hard - Alcoa (NYSE:AA), AbbVie (NYSE:ABBV)

U.S. stocks sold off hard with momentum stocks seeing larger losses with names like

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and others under-performed major indices significantly. The Fed's richmond President Jeffrey Lacker commented that U.S. inflation has bottomed and is moving towards its target while economic growth continues at a moderate pace. With earnings season unofficially underway, investors will also pay close attention to the Fed's FOMC minutes due to be released on Wednesday at 1:00PM.

Recommended: Investors Gear Up For Wednesday's FOMC Minutes The Dow lost 0.69 percent, closing at 16,906.62. The S&P 500 lost 0.70 percent, closing at 1,963.71. The Nasdaq lost 1.35 percent, closing at 4,391.46. Gold lost 0.04 percent, trading at $1,316.00 an ounce. Oil gained 0.02 percent, trading at $103.55 a barrel. Silver gained 0.41 percent, trading at $21.10 an ounce. News of Note June NFIB Small Business Optimism Index declined to 95.0 from 96.6 in May, falling short of estimates of 97.0. ICSC Retail Store Sales rose 1.7 percent after rising 1.0 percent last week. Analyst Upgrades and Downgrades of Note Analysts at Argus Research upgraded 3M Company MMM to Buy from Hold. Shares lost 0.24 percent, closing at $144.56. Analysts at Piper Jaffray assumed coverage of Applied Materials AMAT with an Overweight rating and $27 price target. Shares lost 0.96 percent, closing at $22.74. Analysts at JPMorgan maintained a Neutral rating on CBOE Holdings CBOE with a price target lowered to $48.50 from a previous $49. Shares lost 1.90 percent, closing at $47.38. Analysts at JPMorgan maintained a Neutral rating on CME Group CME with a price target raised to $68 from a previous $67.50. Shares lost 1.51 percent, closing at $71.05. Analysts at Deutsche Bank maintained a Hold rating on Family Dollar Store FDO with a price target raised to $59 from a previous $57. Shares lost 0.56 percent, closing at $64.38. Analysts at Piper Jaffray upgraded Guess? GES to Overweight from Neutral with a price target raised to $32 from a previous $25. Shares gained 3.87 percent, closing at $28.45. Recommended: Exclusive: GM Class Action Suit Could Cost the Company Billions Analysts at JPMorgan maintained an Overweight rating on IntercontinentalExchange ICE with a price target raised to $230 from a previous $228. Shares lost 2.12 percent, closing at $185.39. Analysts at BTIG Research initiated coverage of Intuitive Surgical ISRG with a Neutral rating. Shares lost 2.12 percent, closing at $385.92. Analysts at Morgan Stanley upgraded PetSmart PETM to Equalweight from Underweight. Shares lost 0.29 percent, closing at $68.75. Analysts at CRT Capital initiated coverage of St. Jude Medical STJ with a Buy rating and $80 price target. Shares lost 0.13 percent, closing at $70.23. Analysts at BMO Capital Markets initiated coverage of T Mobile U.S. TMUS with an Outperform rating and $40 price target. Shares lost 1.33 percent, closing at $32.55. Analysts at Goldman Sachs downgraded The Fresh Market TFM to Sell from Neutral. Shares lost 2.25 percent, closing at $31.93. Analysts at Barclays upgraded Vale VALE to Equalweight from Underweight. Shares lost 0.94 percent, closing at $13.77. Analysts at Equities-Specific News of Note United Airlines UAL plans to outsource 637 union jobs across 12 airports as part of a cost savings strategy. Shares gained 2.38 percent, closing at $39.54. Wal-Mart's WMT Chief Executive Officer Bill Simon said that the hiring rebound that the U.S. Labor Department reported is not correlating into increasing customer spending at its stores. Shares gained 0.76 percent, closing at $76.65. Freeport McMoRan FCX confirmed it signed a draft memorandum with the Indonesian government but has not signed the agreement yet. The company also said that there is no timeline for resumption of copper exports from the country. Shares hit new 52-week highs of $38.90 before closing the day at $38.74, up 0.18 percent. EMC EMC has acquired TwinStrata, a develop of software platform that creates secure connections between public cloud storage providers and on-premise storage. Shares lost 1.60 percent, closing at $26.43. A Chinese businessman is taking Tesla Motors TSLA to court over the use of the name “Tesla” in China. Shares lost 1.61 percent, closing at $219.07. Ford F recalled 100,000 vehicles in the U.S. over a driveshaft issue. Shares lost 1.21 percent, closing at $17.11. Recommended: MaryJane Group CEO Joel Schneider Discusses The Cannabis Hospitality Business> PHH Corp PHH announced a $450 million buyback program, of which $200 million will be accelerated. Shares gained 1.63 percent, closing at $23.66. Total TOT said that it will wait until the end of the year before changing if it does not strike oil at a new field. Shares lost 0.97 percent, closing at $70.37. AT&T T will sell LG's new “G Watch” beginning July 8 for $229. shares lost 1.28 percent, closing at $35.56. AbbVie ABBV raised its offer to acquire Shire SHPG to 22.44 British pounds plus 0.8568 shares of the newly formed company. Shares of AbbVie lost 2.98 percent, closing at $55.69 while shares of Shire lost 1.92 percent, closing at $232.92. AMC Entertainment AMC will spend $600 million in updating its theaters. The company plans to introduce reclining seats and larger space. Shares lost 1.99 percent, closing at $23.59. Nike NKE plans to end its agreement with Manchester United MANU to supply the club with soccer kits. Shares of Nike lost 1.25 percent, closing at $77.67 while shares of Manchester United lost 1.29 percent, closing at $17.61. NorthStar Realty Finance NRF is in in advanced talks to acquire Griffin-American Healthcare REIT for $4 billion. Shares lost 1.14 percent, closing at $16.53. Darden Restaurants DRI plans to undertake a major overhaul of Olive Garden and is testing new menu items and an improved online ordering system. Shares lost 1.65 percent, closing at $45.35. American Realty ARCP disclosed that it closed 72 deals involving 165 properties for $834.7 million in the second quarter at a cash cap rate of 7.9 percent. Shares finished the day unchanged at $12.41. Talisman Energy TLM and Statoil STO will no longer seek a buyer for its Eagle Ford joint venture in Texas. Shares of Talisman Energy lost 0.10 percent, closing at $10.20 while shares of Statoil lost 0.56 percent, closing at $30.34. Twitter TWTR appointed former Google executive Katie Stanton as its new media chief. Shares lost 7.01 percent, closing at $37.41. Winners of Note Macquarie Infrastructure MIC announced yesterday that it will acquire the remaining 50 percent stake in International-Matex Tank Terminals it does not own for $1.025 billion in cash and stock. The company said that the acquisition will be accretive to its free cash flow in 2014. The company is now guiding towards a free cash flow of $4.55 per share, 11.2 percent higher than what it saw in 2013. Looking further to 2015, the company sees its free cash flow rising to $5.10 per share. Shares hit new 52-week highs of $68.41 before closing the day at $68.09, up 11.31 percent. Decliners of Note Seadrill SDRL announced it will offer a $1 billion convertible bond due 2019. At the same time the company announced a voluntary incentive payment offer to convert an existing 2017 convertible bond valued at $650 million and 3.375 percent. Shares lost 5.23 percent, closing at $37.53. Recommended: These 3 Small Cap Companies Have Big Dividends In July Walter Energy WLT reported that its second quarter preliminary metallurgical coal production was 2.5 million metric tons due to difficult geological conditions at its Mine No. 7. The company also disclosed it saw met coal sales of 2.7 million metric tons in the quarter. The company reaffirmed prior guidance that it will produce between nine million and ten million metric tons throughout 2014. Shares lost 8.62 percent, closing at $5.62. Earnings of Note After the market closed, Alcoa AA reported its second quarter results. The company announced an EPS of $0.18, beating the consensus estimate of $0.12. Revenue of $5.8 billion beat the consensus estimate of $5.66 billion. Shares were trading higher by 1.21 percent at $15.03 following the earnings report. Quote of the Day "It's really hard to see in our business today … that it's gotten any better. We've reached a point where it's not getting any better but it's not getting any worse – at least for the middle (class) and down." - Wal-Mart Chief Executive Office Bill Simon speaking to Reuters.

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