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The Market In 5 Minutes: Earnings Season Is Upon Us

The Market In 5 Minutes: Earnings Season Is Upon Us - ARM Holdings, plc NASDAQ:ARMH, Bank of America Corporation NYSE:BAC

Below is a tool used by the Benzinga News Desk each trading day -- it's a look at everything happening in the market, in five minutes. Apply for daily AM access by clicking here or email minutes@benzinga.com.

Macro Focus

The Dow Jones Industrial Average looks set to continue its record-breaking run on Monday, with stock futures pointing higher. Investors were largely shrugging off a failed coup attempt in Turkey over the weekend, which left about 300 people dead.

The Dow set new all-time highs each of the previous five sessions. After trading down during Friday's session, the index picked up some steam in the afternoon and finished higher by 10 points. The S&P 500 fared nearly as well, although ended up in the red on Friday.

Oil prices traded lower as Brent crude futures fell 0.82 percent to trade at $47.24 per barrel, while US WTI crude futures also dropped 0.81 percent to trade at $45.60 a barrel.

BZ News Desk Focus

Bank of America BAC Q2 EPS $0.36 vs $0.33 est, Revenue $20.4B vs $20.4B est.
Hasbro HAS Q2 EPS $0.41 vs $0.39 est, Revenue $878.9M vs $859M est.
Cal-Maine Foods CALM Q4 EPS ($0.01) vs ($0.19) est, Revenue $303M vs $304M est.

Look for earnings out of Goldman Sachs GS (Wednesday morning). Wall Street forecasts call for shrinking revenue, relative to the same period of last year.

Wall Street expectations are pretty muted for Q2 results coming from tech giants IBM IBM, Intel INTC and Microsoft MSFT. Consensus forecasts call for shrinking earnings, relative to the same period of last year, from all three of them.

Sell-Side Themes

The analyst quiet period for Twilio TWLO is up, and analysts started coverage of 2016's biggest IPO with a bunch of different ratings.

Sell-Side's Most Noteworthy Calls

Wells Fargo downgraded Monster Beverage MNST to Market Perform.
Piper Jaffray upgraded Groupon GRPN to Overweight.
HSBC upgraded Teva Pharmaceuticals TEVA to Buy.
Jefferies upgraded Humana HUM to Buy.
JPMorgan initiated coverage on Sprouts Farmers Market SFM at Neutral.
Brean started NetEase NTES at Buy.

Deal Talk

SoftBank will acquire Apple supplier ARM Holdings ARMH for $32 billion.

Shares of Perrigo PRGO spiked following a report from Proactive Investors that the UK's Reckitt Benckiser RBGLY is set to make a bid for the Dublin-based manufacturer of over-the-counter consumer goods and pharmaceutical products. Proctor & Gamble PG and Johnson & Johnson JNJ are also potential buyers for Perrigo, the report said.

In The News

Another shooting tragedy struck the United States this weekend. On Sunday morning, three police officers died and several others were injured during an early morning shooting on Airline Highway near Old Hammond Highway in Baton Rouge, Louisiana. One suspect is dead and two others may still be at large.

History has shown that in the wake of these events, gun and other law enforcement-related stocks have seen tremendous attention, with some small-cap stocks running up as much as 110 percent in one day.

Turkish officials say nearly 8,000 police officers have been suspended, reportedly on suspicion of having links to the coup attempt at the weekend. Some 6,000 members of the judiciary and military, including generals, have been detained. President Recep Tayyip Erdogan vowed to purge state bodies of the "virus" that caused the revolt. Capital punishment was abolished in 2004 as part of Turkey's bid to join the European Union. Nobody has been executed in the country since 1984.

Blogosphere

"This will no doubt be a very volatile week," says The People's WallStreet Report. "The markets generally do not like uncertainty. In a strong bull market there may be some pause, but only to refresh and to continue to climb higher. As of this writing, the bulls seem to be in control."

Trending

GRPN YHOO ARMH IBM OPTT HAS EMC VMW BAC CALM NVDA SPU RGR KURA [StockTwits]

The Republican National Convention takes place this week. In addition to Newt Gingrich, tech billionaire and entrepreneur Peter Thiel is one of the convention's big scheduled speakers. In an open letter to Trump, a group of Silicon Valley inventors, entrepreneurs, engineers, investors, researchers and business leaders collectively agreed that a Trump presidency would be a "disaster for innovation."

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