Benzinga
1
All posts from Benzinga
Benzinga in Benzinga,

The Market In 5 Minutes: Retailers Keep The Earnings Party Going

The Market In 5 Minutes: Retailers Keep The Earnings Party Going - BAYER AKTIENGES ADS BAYRY, Cisco Systems, Inc. NASDAQ:CSCO

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

U.S. stock futures traded lower in early pre-market trade. Futures for the Dow Jones Industrial Average fell 21 points to 18,503.00, while the Standard & Poor’s 500 index futures declined 1.25 points to 2,175.75. Futures for the Nasdaq 100 index slipped 1 point to 4,797.00.

Oil prices traded lower as Brent crude futures declined 0.75 percent to trade at $48.86 per barrel, while US WTI crude futures also fell 0.77 percent to trade at $46.22 a barrel.

The Federal Open Market Committee will issue minutes of its latest meeting at 2:00 p.m. ET. Could the Fed derail this market rally?

BZ News Desk

Lowe's (NYSE: LOW) Q2 EPS $1.31 vs $1.41 est, Revenue $18.26B vs $18.45B est
Staples (NASDAQ: SPLS) Q2 EPS $0.12 vs $0.12 est, Revenue $4.75B vs $4.77B est
Cree (NASDAQ: URBN) Reports Q4 EPS $0.19 vs $0.20 Est, Rev $388.4M vs $385.83M Est
Popeye's Louisiana Kitchen (NASDAQ: PLKI) Reports Q2 Adj EPS $0.47 In-Line, Revenues $61.7M vs $63.39M Est
Target (NYSE: TGT) Q2 EPS $1.23 vs $1.12 est, Revenue $16.17B vs $16.18B est
JA Solar (NASDAQ: JASO) Reports Q2 Adj. EPS $0.31 vs. Prior Year Quarter $0.25, Rev. $619M

Sell-Side Themes

Nearly all the major firms raised their price target by $3-4 on Urban Outfitters (NASDAQ: URBN) following its big Q2 EPS beat of $0.66 vs. $0.56 estimates, with sales of $891 million vs. $886.8 million estimates.

Sell-Side's Most Noteworthy Calls

Susquehanna downgraded Mosaic (NYSE: MOS) to Neutral.
Goldman Sachs downgraded Dicks (NYSE: DKS) to neutral.
Morgan Stanley upgraded Valeant (NYSE: VRX) to Overweight.
Piper Jaffray upgraded IHS Markit (NASDAQ: INFO) to Overweight.
Raymond James initiated coverage on Hewlett Packard (NYSE: HPE) at Market Perform.
Longbow started Garmin (NASDAQ: GRMN) at Neutral.

Deal Talk

Univision has won the auction for Gawker Media. The TV network and digital publisher has agreed to pay $135 million for the bankrupt blog network, according to a person familiar with the deal.

Bayer (OTC: BAYRY) could launch a hostile bid for Monsanto (NYSE: MON), according to sources as reported by Handelsblatt. A quote from Bayer CEO Werner Baumann that he is “absolutely determined to complete this transaction,” was mentioned in the article as the basis for a potential hostile bid.

Shares of GNC (NYSE: GNC) spiked higher Tuesday, as Deal Reporter said the vitamin chain will begin their sale process next month, according to sources. GNC did not respond to requests for comment.

In The News

Cisco Systems (NASDAQ: CSCO) is laying off about 14,000 employees, representing nearly 20 percent of the network equipment maker's global workforce, technology news site CRN reported, citing sources close to the company.

Donald Trump's campaign is undergoing a major staff shakeup adding two officials to top posts overseeing his struggling campaign. Trump has named Steve Bannon, the executive chairman of Breitbart News and a former investment banker, to the post of chief executive and promoted Kellyanne Conway, a senior adviser and pollster to his campaign, to the position of campaign manager. In a text to Washington post, a Trump aide said, "Buckle up."

Blogosphere

Most unstable part of the U.S. economy: What is the current potential candidate for causing the next crash?

Trending

VRX CSCO TGT MEET URBN LOW ATVI ANET SPLS CREE MOMO PLCE JASO TJX CTAS RIG

American Kerri Walsh Jennings’s hopes for a fourth consecutive gold medal in beach volleyball came to an end in a bruiser of a semifinal match as Brazilians Ágatha Bednarczuk and Bárbara Seixas downed Walsh Jennings and April Ross in straight sets. #Rio2016

© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.


Source