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Equities Pare Gains as EU Agrees to Further Russian Sanctions

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      The U.S. equity markets have pared gains but remain modestly higher in afternoon action, with exacerbated geopolitical concerns as the European Union agreed to impose further sanctions on Russia partially offsetting some upbeat earnings and economic data. Dow member Merck & Co topped the Street's quarterly expectations, while U.S. Consumer Confidence jumped to the highest level since October 2007. Meanwhile, traders are awaiting tomorrow's monetary policy decision from the Fed, along with the first read on 2Q U.S. GDP. Treasuries are mixed, with a separate … [Read more...]

Equities Seeing Pressure Ahead of Heavy Dose of Data

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    The domestic equity markets are moving to the downside in late-morning action, amid lingering geopolitical concerns, and as the Street is bracing for another busy week from the earnings calendar. Also, throughout the week, the domestic economic calendar is set to deliver the July nonfarm payroll report, the Fed's monetary policy decision, and the first look at 2Q GDP. Meanwhile, U.S. releases today showed pending home sales unexpectedly fell and growth in business activity slipped, while expansion in regional manufacturing activity accelerated. Treasuries and the U.S. dollar … [Read more...]

Housing Report Dissipates Stock Market’s Sails

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      After gaining ground in early action following some upbeat business activity reports out of China and the eurozone, as well as an unexpected drop in U.S. jobless claims, the domestic equity markets have pared their advance and are mixed in late-morning trading. Stocks lost steam following a sizeable miss in June U.S. new home sales, possibly dampening optimism about a reacceleration in the housing market during the second half. Meanwhile, another heavy dose of earnings reports is fostering a mixed reaction, with Dow member Caterpillar posting divergent results and … [Read more...]

Stocks Gaining Ground Following Flood of Earnings Reports

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      The domestic equity markets are moving higher in early action, with relatively subdued geopolitical concerns helping stocks rebound from yesterday's declines. Meanwhile, the Street is digesting a plethora of corporate earnings reports, highlighted by Chipotle's stronger-than-expected results, while Dow member McDonald's Corp's performance missed analysts' forecasts. Treasuries are mixed ahead of a read on U.S. housing sales, while a separate report showed domestic consumer price inflation rose inline with forecasts, though core consumer prices came in cooler than … [Read more...]

Stocks Pare Losses as Data Offsets Geopolitical Concerns

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      After beginning the day decisively in the red, the domestic equity markets have pared losses and are near the unchanged mark in late-morning action. Stronger-than-expected results from Morgan Stanley and Dow member UnitedHealth Group, as well as a jump to over a three-year high in business activity out of Philly, are offsetting a flare-up in geopolitical concerns as the U.S. and European Union imposed further sanctions on Russia. Also, stocks are showing some relative resiliency in the face of a report showing U.S. housing construction activity unexpectedly … [Read more...]

Stocks Rebounding in Early Action

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        The U.S. equity markets are regaining yesterday's declines that came from Federal Reserve Chairwoman Janet Yellen's Congressional monetary policy testimony, finding some support from a stronger-than-expected GDP report out of China. Also, traders are awaiting the second day of testimony from the Fed's Yellen, as well as a plethora of economic reports, including the Fed's industrial production and capacity utilization report and its Beige Book. Meanwhile, Treasuries are declining slightly ahead of the data, while separate reports showed mortgage … [Read more...]

Dovish Fed Comments Offsetting Earnings Enthusiasm

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The U.S. equity markets have given up early gains and are lower in late-morning action. Stronger-than-expected quarterly results from Dow members JPMorgan Chase & Co, Goldman Sachs Group, and Johnson & Johnson are being overshadowed by dovish testimony from Federal Reserve Chairwoman Janet Yellen. Meanwhile, the domestic economic calendar is painting a mixed picture, with retail sales and business inventories coming in below forecasts and import prices cooler than forecasted, while regional manufacturing activity unexpectedly jumped. Treasuries are modestly lower, along with gold, … [Read more...]

Stocks Rebounding on M&A and Earnings Enthusiasm

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Coming off last week's declines, the domestic equity markets are gaining ground in afternoon action, aided by Citigroup's stronger-than-expected 2Q results, as well as a plethora of global M&A news. AECOM Technology agreed to acquire URS Corp for about $4.0 billion and Whiting Petroleum announced it will acquire Kodiak Oil & Gas for about $6.0 billion, while Shire PLC said it was close to recommending a new $53.6 billion takeover offer from U.S.-based AbbVie Inc. Elsewhere, Abbott Laboratories announced that it will sell its developed markets branded generics pharmaceuticals business … [Read more...]

Gilead Sciences Can Hit Par By The End Of The Year

Summary The stock has been on a monstrous move up in the past year, and is inexpensive on 2015 earnings estimates. The company boasts excellent financial efficiency ratios. The company provides products which help patients with terrible diseases. By "par", I mean I believe the company can hit $100 per share. The last time I wrote about Gilead Sciences, Inc. (GILD), I stated, "If the microeconomic news presented at the annual meeting brings the stock down due to technical reasons then I'll back up the truck and buy some more, but if the stock moves down due to the news presented … [Read more...]

Equity Markets Stabilizing

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    U.S. equities are beginning the session slightly higher, as stocks try to bounce back from their subpar performance yesterday that came in the wake of the global concerns over how Portugal's banking sector issues may affect the fragile eurozone recovery. Treasuries are trading higher with yields continuing to decline as the U.S. economic calendar is void of any major releases today. In earnings news, Wells Fargo and Fastenal Company reported quarterly results that were inline with the Street's projections. On the M&A front, British American Tobacco said it would support … [Read more...]