Thursday, February 26, 2015

More consolidation

Good morning Folks, 
The Fed meetings over the last couple of days were basically a non event. The market continues to consolidate. The NASDAQ is approaching that magic 5000 the IWM is still holding over 122 level. Oil and Gold seem to be stabilizing.

One report that caught my eye yesterday were the amount of insider sells as opposed to insider buys  it doesn't mean that we should be bracing for a crash but I do think it suggests that it is difficult to find value out there and people are locking in some gains. That is probably not a bad idea if you are sitting on some gains> It never hurts to book some profit. 

Stocks on my Radar
RIG earnings gettin some play this morning, WAVX has earnings next week but announced a new contract after the close possible 1 dolla holla, STXS earnings already run a bit into earnings looking for a possible 3 dolla holla, PTK earnings after the close but nice daily,ATOS pr gapper 2 dolla roll wait for a setup, NXTD gapper off pr wait for a setup, SALT BALT and SBLK shippers have decent looking charts FRO active premarket, GOGO earnings beat and raise gapper, EDAP pr nice daily 


CNBC in the News

U.S. stock futures were higher in early trading, after the Dow closedWednesday at another record. The S&P 500 and the Nasdaq, however, wereunable hold on to their gains, and finished slightly lower. (CNBC)
The Nasdaq did come within 16 points of hitting 5,000 during Wednesday'ssession, before pulling back. A drop in Apple (AAPL) hit the Nasdaq and the S&P due to the stock's heavy weighting on both indexes. (CNBC)

Following two days of testimony from Fed Chair Janet Yellen on Capitol Hill, St. Louis Fed President James Bullard joins CNBC's "Squawk Box" until 9 a.m. ET with his views on interest rates and the economy.

U.S. crude prices were under pressure this morning, after settling up 3.5 percent Wednesday in New York trading and snapping a five-day losing streak on improved views on global oil demand. (Reuters)

The FCC is set to vote today on net neutrality regulations that would treat the Internet like a utility. The rules would ban providers from charging more for faster speeds, and purposely slowing speeds down. (Reuters)

Morgan Stanley (MS) has agreed in principle with federal regulators to pay $2.6 billion to settle claims related to the sale of mortgage-backed securities during the financial crisis. (USA Today)

United Continental (UAL) management sent a dramatic safety warning to its pilots last month, calling for stepped-up compliance with rules and procedures following several serious incidents caused by cockpit errors. (WSJ-subscription)

Google (GOOG) is considering making what several sources close to the situation describe as a "strategic investment" in Jawbone, the high-profile San Francisco maker of a number of wireless and wearable devices such as the Up fitness tracker. (Re/code)

China has dropped major global tech brands-including Apple, Cisco(CSCO), and Intel (INTC)-from its approved state purchase lists, whileapproving thousands of local vendors. (Reuters)

A little-known provision buried deep within President Barack Obama's proposed 2016 budget would allow the long-term unemployed to withdraw funds from their retirement plans penalty free. (CNBC)

Warren Buffett will be answering some questions from CNBC viewers and users starting at 6 a.m. ET Monday, when he appears live from Omaha for all three hours of "Squawk Box." Find out how to #AskWarren a question.

Limited recreational use of marijuana has become legal in Washington, D.C., months after residents voted to legalize pot despite major objections from some House Republicans. (USA Today)

A historic winter storm brought more snow and ice to the Southeast and Midwest early today, cancelling hundreds of flights and knocking out power to hundreds of thousands of homes. (NBC News)

Economic numbers return to the forefront today with three separate government reports at 8:30 a.m. ET: initial jobless claims, durable goods orders for January, and consumer prices for January.
At 10:30 a.m. ET, the Energy Department issues its weekly look at natural gas inventories.

Kohl's (KSS) and Sears (SHLD) are among the retailers out with quarterly earnings this morning, while Gap (GPS) and J.C. Penney (JCP) are on today's after-the-bell docket. Meanwhile, IBM (IBM) holds its investor day in New York City today.

In late Wednesday earnings, L Brands (LB) reported fourth-quarter earnings and revenue that beat estimates. But the Victoria's Secret parent warned on its current quarter and full-year outlook. (CRM) matched estimates with earnings and revenue. The cloud software provider raised its full-year revenue forecast, but warned on the current quarter.

Anheuser-Busch (BUD) raised its annual dividend by 46 percent, announced a $1 billion share buyback, and forecasted improved beer sales.
Citigroup (C) cut estimates of possible legal costs to $4 billion from $5 billion, according to an SEC filing.

Royal Bank of Scotland (RBS) is pulling its investment banking operations out of 25 countries to focus on lending in Great Britain. It also reported a 2014 loss of $5.4 billion.

UIL Holdings (UIL) is being bought by Spanish utility Iberdrola for about $3 billion in cash and stock. Iberdrola will combine its U.S. unit with UIL and create a new publicly traded company.

Cyberonics (CYBX) will buy Italy's Sorin for about $1.4 billion in stock. The two companies both make medical devices for cardiac surgery and other specialties.

Emulex (ELX) is being bought by chip maker Avago Technologies (AVGO) forabout $606 million in cash. Emulex is a maker of networking products.

Seeking Alpha
Today's Markets:
In Asia, Japan +1.1% to 18786. Hong Kong +0.5% to 24902. China +2.2% to 3298. India -0.9% to 28747.
In Europe, at midday, London flat. Paris +0.3%. Frankfurt +0.2%.
Futures at 6:20: Dow +0.1%. S&P +0.1%. Nasdaq +0.2%. Crude -1.6% to $50.20. Gold +1.4% to $1217.90.
Ten-year Treasury Yield -1 bps to 1.96%
Best of Success!