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Macro Focus
The stock market meandered on either side of unchanged on Tuesday, and the major averages closed the session mixed, with the Dow
posting a small loss and the S&P and Nasdaq rising modestly.
The Dow Jones Industrial Average fell around 19 points, or 0.10 percent, to close at 18,474. The S&P 500 added less than a
point on the session, or 0.03 percent, and ended the day at 2,169. The Nasdaq climbed a little better than 12 points, or 0.24
percent, to 5,110 on Tuesday.
Oil prices traded lower as Brent crude futures fell 0.98 percent to trade at $44.43 per barrel, while US WTI crude futures also
dropped 0.54 percent to trade at $42.70 a barrel. The Energy Information Administration’s weekly report on petroleum inventories is
schedule for release at 10:30 a.m. ET.
USA MBA Mortgage Applications (WoW) for July 22 -11.20% vs -1.30% prior reading.
Data on durable goods orders for June will be released at 8:30 a.m. ET.
The pending home sales index for June will be released at 10:00 a.m. ET.
The Federal Open Market Committee will announce its policy decision at 2:00 p.m. ET
BZ News Desk
Some of last night's and this morning's notable earnings:
Coca-Cola (NYSE: KO) Q2 EPS $0.60 vs $0.58
est, Revenue $11.54B vs $11.64B est
Panera Bread (NASDAQ: PNRA) Reports Q2 Adj.
EPS $1.78 vs $1.74 Est., Sales $698.9M vs $696M Est.
Buffalo Wild Wings (NASDAQ: BWLD) EPS $1.27
vs $1.26 Est, Sales $490.2M vs $498.32M
Boeing (NYSE: BA) Reports Q2 Adj. EPS $(0.44)
vs $(0.92) Est., Sales $24.8B vs $24B Est.
Juniper Networks (NYSE: JNPR) Reports $0.50
Adj. EPS vs $0.47 Est, Sales $1.221B vs $1.19B Est
US Steel (NYSE: X) Reports Q2 EPS $(0.32) May
Not Compare to $(0.49) Est., Sales $2.584B vs $2.67B Est.
Comcast (NASDAQ: CMCSA) Q2 EPS $0.83 vs
$0.81 est, Revenue $18.7B vs $19.0B est
Sell-Side Themes
Wall Street was flooded with talk about Apple's (NASDAQ: AAPL) better-than-expected
print, as well as Twitter's (NYSE: TWTR)
horrible
guidance.
Sell-Side's Most Noteworthy Calls
Oppenheimer downgraded TerraForm Power (NASDAQ: TERP) to Perform.
Stifel downgraded Citrix (NASDAQ: CTXS) to
Hold.
JPMorgan upgraded Alaska Air (NYSE: ALK) to
Overweight.
Credit Suisse upgraded Coach (NYSE: COH) to
Outperform.
Citi started Coherus BioSciences (NASDAQ: CHRS) at Buy.
Brean started TAL Education (NYSE: XRS) at
Buy.
Deal Talk
Analog Devices (NASDAQ: ADI) and
Linear Technology (NASDAQ: LLTC) entered
into a definitive agreement under which Analog Devices will acquire Linear Technology for approximately $60 per share in cash and
stock. Linear shareholders will receive $46.00 per share in cash and 0.2321 of a share of Analog Devices common stock for each
share of Linear Technology common stock they own.
Shares of General Mills (NYSE: GIS) rose on
renewed unconfirmed market chatter of a potential takeover by Coca-Cola. "Sources" say Coke has hired bankers to structure a deal
in the $84 to $88 per share range.
Labcorp will acquire Sequenom (NASDAQ: SQNM) for $2.40 per share in cash.
In The News
Democrats on Tuesday made Hillary Clinton the first woman to head a major party ticket -- and during an emotional night, her
family and supporters asked voters to give her a second look. "What an incredible honor that you have given me, and I can't believe
we just put the biggest crack in that glass ceiling yet," Clinton said via satellite.
State Farm is funding research into driverless technology, an arrangement that might eventually help the car insurer tailor
policies for autonomous vehicles. Reducing risk when introducing autonomous-driving vehicles means taking time to allow the
technology to mature and providing rigorous training for operators, say aviation safety experts.
Blogosphere
"Airbus might just be at the beginning of the
end of rather a big problem. On Wednesday, it offered tentative signs it was getting a grip on recent production woes, raising
the prospect that more cash could soon follow."
Trending
AAPL TWTR FB CHK BA STRP KO DB KOOL LL ADI CMCSA STO MO NOC GLW [StockTwits]
#DemsInPhilly In his turn on the Democratic National Convention stage Tuesday night, former president Bill Clinton gave a deeply
personal account of his wife, newly-minted Democratic nominee Hillary Clinton. "She's the best darn change-maker I've ever met in
my whole life."
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