Indicators
Wake Up Call
- Hello ! Stock futures pointed to a longer advance for the S&P 500 as investors sought vindication from Federal Reserve Chair Jerome Powell for bets on monetary easing. In his address yesterday, Powell emphasized mounting signs of a cooling job market but was careful not to offer a timeline for easing. Swap traders continue to project two interest-rate cuts in 2024, the first in September.
Wall Street Movers
- AIR PRODUCTS & CHEMICALS HONEYWELL agreed to buy APD’s LNG process technology and equipment business for $1.81b in cash.
- ARCUTIS +8.80% after the firm said its Zoryve (roflumilast) 0.15% cream won US FDA approval for the treatment of atopic dermatitis in adults and children ages 6 and above. Cowen expects the approval to contribute to continued Zoryve sales growth.
- ILLUMINA +3% after the gene-sequencing company said it has acquired Fluent BioSciences - a developer of single-cell technology >> competitor TXG -12%
- MICROSOFT has given up its observer seat on OpenAI’s board, and Apple won’t take up a similar position, the FT reported.
At A Glance
- 3M CFO Patolawala is to leave the Co. on 31st July ; CFO succession process has started
- INTUIT to cut 10% of workforce, impacting 1800 staff, via CNBC
- LEGALZOOM.COM cut FY revenue guidance to below consensus est. Named chairman Jeffrey Stibel as CEO, replacing Dan Wernikoff.
Broker Moves
UPGRADES
- APPLE Needham raised its price target on the iPhone maker to $260 from $220.
- CARNAVA upgraded to Buy from Hold at Needham
- LIFE SCIENCE AGILENT, ILLUMINA, QUEST DIAGNOSTICS were upgraded to buy from neutral at Citi.
- TEVA Raised to Buy at Argus
DOWNGRADES
- MASTERCARD, VISA both cut to Neutral at BofA on limited upside potential
- SPOTIFY cut to Sell at Redburn
- YUM CHINA Downgraded to Negative at OTR Global
INITIATIONS
- APPLIED MATERIALS Initiated at New Buy at President Capital Management
Today's Key Events (UK Time)
- 3:00pm Fed's Powell Testifies to House Financial Services
- 7:30pm Fed's Goolsbee, Bowman Give Opening Remarks at Childcare Event
Game Of Corporate Actions
DIV EX DATE
- Today : AT&T ($0.2775); Darden Restaurants ($1.4); General Mills ($0.6); Intuit ($0.9); UDR ($0.425); Verizon Communications ($0.665)
- Tomorrow : Accenture ($1.29); General Electric Co($0.28); Oracle Corp($0.4)
EARNINGS
- Today aft mkt : Costco Wholesale Corp
- Tomorrow bef mkt : PepsiCo Inc; Conagra Brands Inc; Delta Air Lines Inc