Pre-open movers
U.S. stock futures traded slightly higher in early pre-market trade ahead of earnings from Citigroup Inc (NYSE: C) and Wells Fargo & Co (NYSE: WFC). Data on retail sales for June will be released at 8:30 a.m. ET. The Consumer
Price Index for June and the Empire State manufacturing index for July will be released at 8:30 a.m. ET. Data on industrial
production for June will be released at 9:15 a.m. ET, while business inventories report for May will be released at 10:00 a.m. ET.
The University of Michigan's consumer sentiment index for July is scheduled for release at 10:00 a.m. ET. San Francisco Federal
Reserve Bank President John Williams is set to speak in Cambridge Mass at 1:00 p.m. ET, while Minneapolis Federal Reserve Bank
President Neel Kashkari is set to speak in St. Louis at 1:15 p.m. ET.
Futures for the Dow Jones Industrial Average gained 6 points to 18,430.00, while the Standard & Poor’s 500 index futures rose
0.50 points to 2,157.00. Futures for the Nasdaq 100 index gained 1 point to 4,590.50.
Oil prices traded lower as Brent crude futures fell 0.50 percent to trade at $45.42 per barrel, while US WTI crude futures also
dropped 0.40 percent to trade at $47.15 a barrel.
A Peek Into Global Markets
European markets were lower today, with the Spanish Ibex Index dropping 0.53 percent, STOXX Europe 600 Index falling 0.36
percent and German DAX 30 index dropping 0.44 percent. The UK's FTSE index was trading lower by 0.21 percent, while French CAC 40
Index declined 0.62 percent.
In Asian markets, Japan’s Nikkei Stock Average rose 0.68 percent, Hong Kong’s Hang Seng Index rose 0.46 percent, China’s
Shanghai Composite Index rose 0.01 percent and India’s BSE Sensex declined 0.38 percent.
Broker Recommendation
Analysts at Citigroup upgraded Sealed Air Corp (NYSE: SEE) from Neutral to Buy and raised the price target from $54.00 to $56.00.
Sealed Air shares fell 0.08 percent to close at $48.33 on Thursday.
Breaking news
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Infosys Ltd ADR (NYSE: INFY) announced 7.4 percent
year-over-year growth in its net profit for the first quarter driven by 10.9 percent increase in the top line. However, both
earnings and revenue fell short of the Street analysts' expectations. The company also provided tepid outlook for the rest of
the year. To read the full news, click here.
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Hanesbrands Inc. (NYSE: HBI) reported that it has
completed the acquisition of Pacific Brands Limited, the leading underwear and intimate apparel company in Australia.
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CytRx Corporation (NASDAQ: CYTR) reported that it
has priced its 28.6 million share offering at $0.70 per share.
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Ultragenyx Pharmaceutical Inc (NASDAQ: RARE)
revealed its final stage study of recombinant human beta-Glucuronidase has met the primary endpoint of reduction in urinary CAG
excretion. According to the company, the positive top line data from the pivotal study also provided proof of clinical
improvement. To read the full news, click
here.
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