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The Market In 5 Minutes: Stocks Still In Tight Range, Disney And Michael Kors Fall On Earnings

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The Market In 5 Minutes: Stocks Still In Tight Range, Disney And Michael Kors Fall On Earnings
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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

The U.S. stock market has been trading in a tight range in recent days and that trend continued on Tuesday. Early gains were wiped out by the afternoon and the major averages closed modestly higher. Futures for the Dow Jones Industrial Average climbed 18 points to 18,484.00, while the Standard & Poor’s 500 index futures gained 3 points to 2,180.50. Futures for the Nasdaq 100 index rose 6.50 points to 4,798.25.

Oil prices traded lower as Brent crude futures declined 0.09 percent to trade at $44.94 per barrel, while US WTI crude futures also fell 0.40 percent to trade at $42.60 a barrel.

USA MBA Mortgage Applications (WoW) for Aug 5 7.10% vs -3.50% prior reading.

The Labor Department's JOLTS report for June will be released at 10:00 a.m. ET.
The Energy Information Administration’s weekly report on petroleum inventories is schedule for release at 10:30 a.m. ET.
The U.S. Treasury budget data for July will be released at 2:00 p.m. ET.
The Treasury is set to auction 10-year notes at 1:00 p.m. ET.

BZ News Desk Focus

Disney (NYSE: DIS) Reports Q3 Adj. EPS $1.62 vs $1.61 Est., Sales $14.277B vs $14.15B Est.
Yelp (NYSE: YELP) Reports Q2 Adj. EPS $0.16 May Not Compare to $(0.07) Est., Sales $173.4M vs $169.8M Est.
SunPower (NASDAQ: SPWR) Reports Q2 EPS $(0.22) vs. Est. $(0.24), Rev. $420.5M vs. Est. $401.8M
Michael Kors (NYSE: KORS) Q1 EPS $0.88 vs $0.74 est, Revenue $987.9M vs $953.0M est
Wendy's (NASDAQ: WEN) Reports Q2 EPS $0.10 vs. Est. $0.09, Rev. $382.7M vs. Est. $367.5M
Perrigo (NYSE: PRGO) Q2 EPS $1.93 vs $1.98 est, Revenue $1.48B vs $1.43B est

Sell-Side Themes

Yelp received at least three upgrades, while SunPower received at least three downgrades.

Sell-Side's Most Noteworthy Calls

Morgan Stanley downgraded WhiteWave (NYSE: WWAV) to Equal-Weight.
JMP downgraded Medivation (NASDAQ: MDVN) to Market Perform.
Bank of America upgraded Coach (NYSE: COH) to Neutral.
Bernstein upgraded General Dynamics (NYSE: GD) to Outperform.
Barclays started coverage on US Silica (NYSE: SLCA) at Overweight.

Deal Talk

Disney is acquiring a 33 percent stake in BAMTech, the technology services and video streaming company formed by Major League Baseball for $1 billion. Disney has the option to acquire majority ownership.

Intel (NASDAQ: INTC) is acquiring AI startup Nervana Systems, according to the company's website. Recode is reporting the purchase price is more than $400 million.

Entertainment One Ltd., the film and TV distributor known for popular cartoon character "Peppa Pig," rejected a takeover offer from ITV Plc that values the business at about 1 billion pounds ($1.3 billion), and suggested it’s seeking a higher price.

In The News

Add another weird and unfortunate footnote to the 2016 U.S. Presidential election. Many reporters, pundits and Twitter users interpreted the line as threat of assassination against Hillary Clinton.

"If she gets to pick her judges, nothing you can do folks," Donald Trump told a crowd. "Although the Second Amendment people, maybe there is, I don't know."

The GOP nominee's Senior Communication Advisor, Jason Miller, released a statement intending to clarify Trump's comments: "It's called the power of unification - 2nd Amendment people have amazing spirit and are tremendously unified, which give them great political power. And this year, they will be voting in record numbers, and it won't be for Hillary Clinton, it will be for Donald Trump."

Blogosphere

Should you hedge your portfolio against the Zika virus. Take a look at this interesting chart.

Education

Going Long: Going Long on a security means an investor has purchased the respective commodity, stock, or bond with the intent of the security increasing in value in the future.

Trending

YELP DIS SPWR UWTI JD KORS PRGO WATT MYGN AG YY MAIN CYBR FOSL BABA

U.S. Swimmer Michael Phelps, the most accomplished Olympian of all time, added a couple more gold medals to is neck last night. Phelps now has 21 Olympic gold medals to his name after winning the Men's 200 meter butterfly and the Men's 4x200 meter freestyle relay. #Rio2016

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