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Macro Focus
"U.S. stock futures pulled lower Wednesday, setting up Dow industrials for their eighth loss in a row, as investors waited for
fresh readings on the services sector and a precursor to the closely watched jobs report [due Friday]," said MarketWatch. "Analysts
have said a recent spate of soft economic data and a slump in oil prices into bear-market territory has sapped appetite for
equities."
Oil prices traded higher as Brent crude futures rose 0.33 percent to trade at $41.94 per barrel, while US WTI crude futures also
rose 0.40 percent to trade at $39.67 a barrel. The Energy Information Administration’s weekly report on petroleum inventories is
schedule for release at 10:30 a.m. ET.
USA ADP Employment Change for Jul 179.0K vs 170.0K consensus estimate. The prior reading was 172.0K.
The Markit Services PMI for July is schedule for release at 9:45 a.m. ET.
The ISM non-manufacturing index for July will be released at 10:00 a.m. ET.
BZ News Desk Focus
Kate Spade (NYSE: KATE) Reports Q2 EPS
$0.28 vs. Est. $0.14, Rev. $320M vs. Est. $318M
Time Warner (NYSE: TWX) Reports Q2 Adj. EPS
$1.29 vs $1.16 Est., Sales $7B vs $7.05B Est.
Fitbit (NYSE: FIT) Reports Q2 EPS $0.12 vs.
Est. $0.11, Rev. $586.5M vs. Est. $578M
EA (NASDAQ: EA) Reports Q1 Adj. EPS $0.07 vs
$(0.02) Est., Sales $682M vs $650.7M Est.
Tableau Software (NYSE: DATA) Reports Q2 Adj.
EPS $0.00 vs $0.05 Est., Sales $198.5M vs $193.8M Est.
Qorvo (NASDAQ: QRVO) Reports Q1 Adj. EPS
$1.08 vs $1.05 Est., Sales $697.6M vs $650.6M Est.
Etsy (NASDAQ: ETSY) Reports Q2 Loss -$0.07
vs Est Loss -$0.01/share, Rev $85.3M vs $80.55M Est
Sell-Side Themes
Rubicon Project (NYSE: RUBI) was
downgraded by at least four firms after lowering guidance.
Sell-Side's Most Noteworthy Calls
Goldman Sachs downgraded Western Digital (NASDAQ: WDC) to Sell.
Bank of America downgraded Theravance Biopharma (NASDAQ: TBPH).
Cowen upgrades Phillips 66 (NYSE: PSX) to
Outperform.
Imperial upgraded Brink's (NYSE: BCO) to
Outperform.
William Bliar initiated coverage on Curtiss-Wright (NYSE: CW) at Market Perform.
Deal Talk
Shares of Biogen (NASDAQ: BIIB) spiked
sharply on Tuesday, as the Wall Street Journal reported takeover interest from Allergan (NYSE: AGN) and Merck (NYSE: MRK). CNBC's Meg Tirell later tweeted that Allegan was unlikely to pursue a Biogen
deal.
Fiat Chrysler (NYSE: FCAU) declined
comment on a report that Samsung (OTC: SSNLF)
was in talks to acquire an auto parts unit of the company.
In The News
America's biggest companies logged a fourth straight quarter of shrinking profits and tepid sales, as
weakness from energy companies and lower business investment more than offset U.S. consumer strength.
Donald Trump is declining to endorse House Speaker Paul Ryan and former presidential nominee John McCain in their primary
fights, another sign of the fractures within the party. Ryan and McCain face long-shot challengers in their respective primary
races in Wisconsin and Arizona, yet their party's presidential nominee would not bless them in an interview with The Washington
Post.
Blogosphere
Did the German just deliver a
lesson to Amazon (NASDAQ: AMZN)?
Trending
TWX SHIP SHOP RUBI ECL BBRY QRVO VIRT WD ZAGG M EQR DATA VSI
"Cheaper by the bunch" and "The Budapest Motel" are just a couple of terms from #MakeAFilmSmaller.
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