Market Overview

The Market In 5 Minutes: OPEC, Earnings And Trump's Cabinet

The Market In 5 Minutes: OPEC, Earnings And Trump's Cabinet

Macro Focus

Futures for the Dow Jones Industrial Average rose 41 points to 19,156.00, while the Standard & Poor’s 500 index futures gained 5.75 points to 2,209.50. Futures for the Nasdaq 100 index climbed 4.50 points to 4,879.50.

Oil prices traded higher as Brent crude futures rose 7.48 percent to trade at $48.75 per barrel, while US WTI crude futures also climbed 7.78 percent to trade at $48.75 a barrel. The OPEC meeting is ongoing, although a deal is reportedly in place to cut output.

ADP Employment Change for Nov 216.0K vs 165.0K consensus estimate. The prior reading was 147.0K.

Personal Income (MoM) for Oct 0.60% vs 0.40% consensus estimate. Personal Spending (MoM) for Oct 0.30% vs 0.50% consensus estimate.

  • Federal Reserve Board Gov. Jerome Powell will speak in Washington, D.C. at 9:15 a.m. ET.
  • The Chicago PMI for November is schedule for release at 9:45 a.m. ET.
  • The pending home sales index for October 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.
  • Federal Reserve Gov. Jerome Powell is set to speak at 11:45 a.m. ET.
  • Cleveland Federal Reserve Bank President Loretta Mester will speak at 12:35 p.m. ET.
  • The Federal Open Market Committee will release its latest Beige Book report at 2:00 p.m. ET.
  • Data on farm prices for November will be released at 3:00 p.m. ET.

BZ News Desk Focus

  • American Eagle Outfitters (NYSE: AEO) Reports Q3 EPS $0.41 vs. Est. $0.41, Rev. $941M vs. Est. $940M
  • Splunk (NASDAQ: SPLK) Reports Q3 Adj. EPS $0.12, Sales $245M vs $230M Est.
  • Nutanix (NASDAQ: NTNX) Reports Q1 Adj EPS $(0.37) vs $(0.44) Est, Revenue $166.8M vs $152.25M Est, Billings $239.8M Up 86.9% YoY
  • Autodesk (NASDAQ: ADSK) Reports Q3 EPS $(0.18) vs. Est. $(0.24), Rev. $490M vs. Est. $476M
  • Guidewire Software (NYSE: GWRE) Reports Q1 Adj. EPS $0.02 vs $0.07 in Same Qtr. Last Year, Sales $94.1M vs $87.2M Est.

Sell-Side Themes

Chardan downgraded Arrowhead Pharmaceuticals (NASDAQ: ARWR) and upgraded Arbutus Biopharma (NASDAQ: ABUS). A handful of other analysts also downgraded Arrowhead following a drug discontinuation.

Sell-Side's most Noteworthy Calls

  • Bernstein downgraded F5 Networks (NASDAQ: FFIV) to Market Perform.
  • Deutsche Bank upgraded Goldman Sachs (NYSE: GS) to Buy.
  • Mizuho upgraded UnitedHealth (NYSE: UNH) to Buy.
  • Aegis Capital started Shutterfly (NASDAQ: SFLY) at Buy.

Deal Talk

Praxair (NYSE: PX) confirmed Tuesday that it has approached Linde (OTC: LNEGY) about resuming merger talks. Praxair said there would be no further comment at this time.

WGL Holdings (NYSE: WGL) is said to be considering a sale after receiving takeover interest from Spain’s Iberdrola SA, according to sources as reported by Bloomberg. The companies have held preliminary talks. Representatives for the parties declined comment on the rumor.

In The News

President-elect Donald Trump will name longtime banker and former Goldman Sachs executive Steven Mnuchin as his Treasury secretary nominee, a transition official said.

The federal government is on track to forgive at least $108 billion in U.S. student debt in coming years, in a report that shows the Obama administration’s approach is proving far more costly than previously thought.


"The costliest mistake 2% investors make is timing the market. They sell after losses and buy back only when the coast is clear. The problem is not just the money you leave on the table this time, but these mistakes leave behind scar tissue that compounds in our brains."




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