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Macro Focus
U.S. stock futures traded higher in early pre-market trade. Futures for the Dow Jones Industrial Average surged 13 points to
17,755.00, while the Standard & Poor’s 500 index futures rose 1.25 points to 2,082.50. Futures for the Nasdaq 100 index gained 7.25
points to 4,408.50.
Oil prices traded higher as Brent crude futures gained 0.30 percent to trade at $50.77 per barrel, while US WTI crude futures
also rose 0.40 percent to trade at $50.05 a barrel. The EIA’s weekly report on petroleum inventories or the recent week will be
released at 10:30 a.m. ET.
The Fed Vice Chair Stanley Fischer is scheduled to speak in Stockholm at 9:25 a.m. ET, while the Federal Reserve Chair Janet
Yellen is scheduled to testify before the House Financial Services Committee in Washington at 10:00 a.m. ET.
BZ News Desk Focus
Some of last night's and this morning's most notable earnings:
Adobe (NASDAQ: ADBE) Reports Q2 Adj. EPS
$0.71 vs $0.68 Est., Sales $1.4B, Inline
FedEx (NYSE: FDX) Reports Q4 Adj. EPS $3.30 vs
$3.28 Est., Sales $13B vs $12.78B Est.
KB Home (NYSE: KBH) Reports Q2 EPS $0.17 vs.
Est. $0.14, Rev. $811.05M vs. Est. $747.06M
La-Z-Boy (NYSE: LZB) Reports Q4 EPS $0.45 Vs
Est $0.48, Sales $417.070M Vs Est $416.48M
Winnebago (NYSE: WGO) Reports Q3 EPS $0.53 vs
$0.45 Est., Sales $272.1M vs $270.5M Est.
Sell-Side Themes
The Street was mixed on Abode's earnings report, with some questioning what its next catalyst will be and others saying they
wanted more.
Sell-Side's Most Noteworthy Calls
Nomura downgrades Wendys (NASDAQ: WEN) to
Neutral.
Morgan Stanley downgraded AMC Networks (NASDAQ: AMCX) to Equal-Weight.
Raymond James upgraded Canadian Pacific (NYSE: CP) to Strong Buy.
Barclays upgraded Priceline (NASDAQ: PCLN)
to Overweight.
BB&T initiated coverage on Chesapeake (NYSE: CHK) at Buy.
Deal Talk
After Tuesday's market close, Tesla (NASDAQ: TSLA) announced it had made an all-stock bid to acquire SolarCity
(NASDAQ: SCTY) for $26.50-$28.50 per share. Elon Musk
co-founded SolarCity in 2006 and is its largest shareholder. For Tesla, he led the Series A round of investment in February 2004,
joining Tesla's board of directors as its chairman. He become CEO in 2008.
On a conferece call, Musk said he has "zero doubt" about the deal and said Tesla has potential to be "trillion dollar market cap
company." Its current cap is about $32 billion.
Ultimate Fighting Championship (UFC) has sold itself to an investment group led by the William Morris Endeavor-IMG talent
agency, according to a report by FloCombat, a popular blog site that covers mixed martial arts news events.
In The News
On Thursday, the Federal Reserve will release round one of its annual “stress tests,” which rely on hypothetical scenarios. The
more important day is next Wednesday, when the Fed releases the full results of the tests, including any capital restrictions.
Investors will care more about the second round of test results because those will ultimately determine whether a bank can increase
its payout to shareholders.
Bloomberg looked
into the "lonely aftermath" of China's one child policy. Single-person households could reach 132 million by 2050 and erosion
of traditional family units would increase consumption.
Advertisers are trying new tactics to reach
consumers. Some use data to sharpen their messages, while others blur line between ads and content.
Blogosphere
Warren Buffett called it quits after his worst year
ever, but he still went out on top.
Trending
TSLA SCTY ADBE PCLN INO WGO FDX ACAD FB LPCN CLX UNG WWAV HLF MT [StockTwits]
The #CavsParade takes place today, to celebrate Cleveland's NBA Finals victory. It's the city's first professional sports
championship since 1964.
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