Markets Close Lower Ahead Of Apple Announcement
U.S. stocks were slightly lower following an increase in consumer lending. Fears over Russian action in the Ukraine have be dampened since Friday's ceasefire announcement.
Traders and investors are patiently waiting for Apple (NASDAQ: AAPL) to announce its newest product, the iWatch, on Tuesday. Treasury yields remained tame as equity indexes all lost value except for the Nasdaq.
- The Dow lost 0.15 percent, closing at 17,111.42.
- The S&P 500 lost 0.40 percent, closing at 2,001.54.
- The Nasdaq gained 0.20 percent, closing at 4,592.29.
- Gold lost 0.90 percent, trading at $1,255.90 an ounce.
- Oil lost 0.40 percent, trading at $92.92 a barrel.
- Silver lost 0.63 percent, trading at $19.03 an ounce.
News Of Note
Consumer Credit rose in June to $26.01 billion from $17.26 billion last period
Analyst Upgrades & Downgrades Of Note
Analysts at Morgan Stanley downgraded Ford (NYSE: F) from Overweight to Underweight and lowered the Price Target from $17 to $16. Shares lost roughly two percent and closed Monday's trading at $16.80.
Westlake Chemical Partners (NYSE: WLKP) saw five analysts initiate coverage Monday.
- UBS initiated coverage with a Buy rating and announced a Price Target of $37
- Wells Fargo initiated coverage with a Market Perform.
- Bank of America initiated coverage with a Neutral rating and announced a Price Target of $34
- Barclays initiated coverage with a Equal-Weight rating and announced a Price Target of $38
- Deutsche Bank initiated coverage with a Buy rating and announced a Price Target of $40
Analysts at Credit Suisse maintained a Neutral rating on QuikSilver (NYSE: ZQK) and lowered the Price Target from $4 to $2. Shares lost 1.88 percent, closing at $2.09.
Analysts at FBN Securities initiate coverage on Boeing (NYSE: BA) with a Outperform rating and a Price Target of $70. Shares gained 8.13 percent and closed at $63.53.
Analysts at Barclays maintained an Overweight rating on Go Pro (NASDAQ: GPRO) while raising the Price Target from $147 to $155. Shares gained 2.64 percent and closed at $127.98.
Analysts at Canaccord Genuity initiated coverage on SeaDrill (NYSE: SDRL) with a Sell rating Monday morning. Shares lost more than 3 percent, closing at 33.70.
Equities-Specific News Of Note
Tesla Motors (NASDAQ: TSLA) gained on Monday after CEO Elon Musk told the Nikkei Asian Review newspaper that Tesla will use multiple suppliers for its self-driving car. Shares gained 1.70 percent, closing at $282.11.
Yahoo (NASDAQ: YHOO) gained as Wall Street anticipates a benefit to Yahoo from the Alibaba IPO, a company Yahoo has a substantial investment in. Shares gained 5.61 percent, closing at $41.81.
Winners Of Note
Mitek (NASDAQ: MITK) announced it will end its lawsuit against Top Image as litigation costs would exceed any benefit to be gained. Shares gained 5.72 percent, closing at $3.14.
Decliners Of Note
Hyperion Therapeutics (NASDAQ: HPTX) announced it would terminate its DiaPep277 Program. Shares lost 6.22 percent and closed at $25.92.
Earnings Of Note
Pep Boys (NYSE: PBY) reported earnings after the close on Monday. The company reported $0.00 earnings on expectation of $0.17. Revenues were $525.80 million for Q2 2015 on expectations of $534.26 million. Shares traded down after hours 8.94 percent to $11.41
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