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

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 DIS Reports Q3 Adj. EPS $1.62 vs $1.61 Est., Sales $14.277B vs $14.15B Est.
Yelp YELP Reports Q2 Adj. EPS $0.16 May Not Compare to $(0.07) Est., Sales $173.4M vs $169.8M Est.
SunPower SPWR Reports Q2 EPS $(0.22) vs. Est. $(0.24), Rev. $420.5M vs. Est. $401.8M
Michael Kors KORS Q1 EPS $0.88 vs $0.74 est, Revenue $987.9M vs $953.0M est
Wendy's WEN Reports Q2 EPS $0.10 vs. Est. $0.09, Rev. $382.7M vs. Est. $367.5M
Perrigo 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 WWAV to Equal-Weight.
JMP downgraded Medivation MDVN to Market Perform.
Bank of America upgraded Coach COH to Neutral.
Bernstein upgraded General Dynamics GD to Outperform.
Barclays started coverage on US Silica 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 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.

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