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minutes@benzinga.com.
Macro Focus
U.S. stocks pulled back on Tuesday after a rally to start the week on Monday. All three major averages closed the session with
modest losses. The only sector that was positive on the day was financials, with the biggest losses coming in basic materials and
utilities.
The CBOE Volatility Index (VIX) climbed slightly on Tuesday in the wake of the market pullback. By the close of trading, the VIX
was up 1.39 percent to 13.12. Despite the jump in the so-called "Fear Index," the VIX remains near 52-week low levels.
The Chicago PMI for August will be released at 9:45 a.m. ET.
The pending home sales index for July is schedule for release at 10:00 a.m. ET.
The Energy Information Administration’s weekly report on petroleum inventories will be released at 10:30 a.m. ET.
Data on farm prices for August will be released at 3:00 p.m. ET.
Chicago Fed President Charles Evans is set to speak at the Shanghai Advanced Institute of Finance in Beijing at 3:15 p.m. ET.
BZ News Desk
Palo Alto Networks (NYSE: PANW) Reports Q4
EPS $0.50 vs. Est. $0.50, Rev. $400.8M vs. Est. $389.7M
Veeva (NYSE: VEEV) Reports Q2 pEPS $0.15 vs.
Est. $0.13, Rev. $131.3M vs. Est. $126.5M
Matrix Service (NASDAQ: MTRX) Q4 EPS $0.34
vs $0.30 est, Revenue $359.6M vs $338.4M est
H&R Block (NYSE: HRB) Reports Q1 EPS
$(0.55) vs. Est. $(0.53), Rev. $125.2M vs. Est. $132.9M
Sell-Side Themes
Abercrombie & Fitch (NYSE: ANF) saw its
price target lowered by a slew of analysts after a weak earnings report and 20 percent selloff Tuesday.
Sell-Side's Most Noteworthy Calls
Atlantic Equities downgraded Dollar General (NYSE: DG) to Neutral.
Stifel downgraded G-III Apparel (NASDAQ: GIII) to Sell.
Deutsche Bank upgraded Banco Santander (NYSE: SAN) to Buy.
RBC Capital upgraded Kosmos Energy (NYSE: KOS)
to Outperform.
Jefferies started First Data (NYSE: FDC) at
Buy.
Deal Talk
Agrium (NYSE: AGU) confirmed Tuesday it's
holding preliminary talks with Potash (NYSE: POT) regarding a potential merger of equals. Shares were halted following a report
from Bloomberg. Agrium says no decision has been made as to whether to proceed with a merger.
A Tesla (NASDAQ: TSLA) filing shows
registration of 15,081,775 shares to be sold to public upon completion of a merger with Solar City (NASDAQ:
SCTY).
In a new letter to company management, Sinovac Biotech (NASDAQ: SVA) shareholder Heng Ren Investments voices the firm’s
displeasure over Sinovac insiders' plan to take the company private. Heng Ren points out that the buyout price the insiders are
offering is 17.9 percent below the stock's 2014 high and represents only about 57 percent of Sinovac’s true value.
In The News
As first reported by the Washington Post, Donald Trump announced Tuesday night that he will meet Wednesday with the President of
Mexico just hours before he is set to deliver a speech focused on immigration policy. A meeting between Trump and Peña Nieto would
be extraordinary, given Trump's continued pledges to build a wall on the border with Mexico and make Mexico pay for it. Trump has
also stoked fierce criticism in Mexico and in the Hispanic community at large for his at-times inflammatory rhetoric in discussing
illegal immigration.
Alphabet's (NASDAQ: GOOG) Google is
moving onto Uber's turf with a ride-sharing service to help San Francisco commuters join carpools, a person familiar with the
matter told Wall Street Journal. Google began a pilot program around its California headquarters in May that enables several
thousand area workers at specific firms to use the Waze app to connect with fellow commuters. It plans to open the program to all
San Francisco-area Waze users this fall, the person said. Waze, which Google acquired in 2013, offers real-time driving directions
based on information from other drivers.
Blogosphere
"This will be a fairly controversial post, but I’m going to say it anyway," says the Reformed Broker. "Everyone is a closet technician.
Everyone. And in a panic or a market correction, this truism is even more, um, truistic."
Trending
ARIA GILD PANW GOOG ONEQ GDX AAPL GLD IBB GME VEEV ANF BREW XBI
U.S. veterans came in defense of San Francisco 49ers quarterback Colin Kaepernick, using the hashtag #VeteransForKaepernick. Kaepernick's
controversial decision to sit out the National Anthem before games is the hottest topic in the NFL right now. The 49ers QB
refuses to stand for the National Anthem as a protest of how black people are treated in America.
This stock fell Monday on news they're exposed to $11 billion in legal claims against one of their subsidiaries, but those
lawsuits have since been haulted until October.
Shares rallied in December of 2014 after this company merged with an acquisition company.
Sympathy plays include MGM Resorts and Eldorado Resorts.
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