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minutes@benzinga.com.
Macro Focus
The Dow Jones and S&P 500 are on a four-day win streak after closing Wednesday at another record high. U.S. stocks were on
track to extend their run on Thursday morning, with futures moving higher ahead of a rate decision from the Bank of England that
could force the Federal Reserve to delay its next rate hike.
Bank of England actually kept key interest rates on hold, suggesting further loosening to cushion economy after Brexit.
Economists and investors were expecting a rate cut to 0.25 percent, which would have been a new low in the central bank's 322-year
history.
USA Initial Jobless Claims for July 8 254.0K vs 265.0K consensus estimate. USA Continuing Claims for July 1 2.15M vs 2.13M
consensus estimate.
USA PPI (MoM) for Jun 0.50% vs 0.30% consensus estimate. USA PPI (YoY) for Jun 0.30% vs -0.10% consensus estimate.
Here is a schedule of key economic
data points for today.
BZ News Desk Focus
Yum Brands (NYSE: YUM) Reports Q2 EPS $0.75
vs. Est. $0.74, Rev. $3.008B vs. Est. $3.09B
BlackRock (NYSE: BLK) Q2 EPS $4.78 vs $4.77,
Revenue $2.8B vs $2.8B est
JPMorgan (NYSE: JPM) Q2 EPS $1.55 vs $1.43
est, Revenue $25.2B vs $24.2B est
Delta Airlines (NYSE: DAL) Q2 EPS $1.47 vs
$1.42 est, Revenue $10.4B vs $10.5B est
Benzinga reported Wednesday that Level 3 Communications (NYSE: LVLT) is reviewing strategic alternatives. These may include a sale of the company or
a large buyback. An industry source told Benzinga that Comcast (NYSE: CMCSA) is a potential buyer for Level 3.
Sell-Side Themes
Citigroup analyst Michael Rollins, responding to the Benzinga report, said he would "not dismiss the possibility" of Level 3 and
Zayo Group (NYSE: ZAYO) considering a merger.
Wells Fargo's senior analyst Jennifer Fritzche, in a note to clients, said she suggested Level 3 Communications will pursue
strategic M&A options on numerous occasions.
Jefferies was the latest firm to weigh in on the energy sector.
Sell-Side's Most Noteworthy Calls
Baird downgraded Brocade (NASDAQ: BRCD)
to Underperform.
JPMorgan downgraded Wynn Resorts (NASDAQ: WYNN) to Neutral.
UBS upgraded Procter & Gamble (NYSE: PG) to
Buy.
Barclays upgraded Southern Co (NYSE: SO) to
Overweight.
Chardan initiated coverage on Achillion Pharmaceuticals (NASDAQ: ACHN) at Sell.
Stifel initiated Fortive (NYSE:FTV) at Hold.
Deal Talk
Goldman Sachs and Bass Pro Shops are close to buying retail hunting giant Cabelas (NYSE: CAB), The New York Post has learned. Private equity suitors including Apax
Partners and TPG Capital have dropped out of the process. “Bass is the only buyer around it,” a source said.
Monsanto (NYSE: MON) has restarted talks
with BASF (OTC: BASFY) regarding a potential
combination of their agrochemicals businesses, according to Bloomberg. Talks with Bayer (OTC: BAYRY), whose $122 per share offer was rejected, are said to be continuing.
In The News
Donald Trump posted this Tweet Wednesday night: "I will be making the announcement of my Vice Presidential pick on Friday at
11am in Manhattan. Details to follow."
Former London Mayor Boris Johnson has emerged after being named as foreign secretary by new Prime Minister Theresa May.
Tesla (NASDAQ: TSLA) put a cheaper
version of its Model X SUV on the market. The Model X 60D start at $74,000. That would be $66,500 after a $7,500 federal tax
credit, which is how Tesla usually prefers to talk about its prices.
Blogosphere
"Just spent 2 days recruiting for an entry level ops position in an Investment bank. Here are my tips for those
starting out."
Trending
JPM DAL VRX SPY YUM BL MYCC LABD TSM OMC DUST RRC LPI ESIO [StockTwits]
The annual ESPYs helped fill time when there are no sports on TV. The ceremony began by addressing the run of tragedies that
have shaken the country recently. "The system is broken," Carmelo Anthony said as he joined Chris Paul, Dwyane Wade and LeBron
James. Zaevion Dobson won the Arthur Ashe Award for Courage; The 15-year-old died protecting his friends from gunfire.
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