Thursday, May 21, 2015

Always Knocking

Good morning folks,
We get quite a bit of macro economic data today and tomorrow Janet Yellen will be speaking. We are overbought on many of the indexes however the strength in the IBB and the IWM is sending a pretty bullish signal. 
There is literally no volatility out there and we continue to grind higher in choppy fashion. I anticipate it will stay that way into Janet Yellen's speech tomorrow. 

Stocks on my radar premarket
PRAN active late in the day yesterday possible continuation, AVEO looking for a 2 test, ATNM little bounce yesterday on decent volume possible continuation, PLUG pr little bounce premarket can be a pop and flopper don't chase it, AMPE pr gapper premarket big gap to fill on the daily but don't chase it wait for a setup, BABA and YHOO looking like they could have some follow through, ZIXI smoking hot daily, EKSO testing 2 would like to see it consolidate a bit more looking to add to swing around 1.75 or so, MNGA more news seems like they have news every other day be careful with this one, CDXC pr low floater could get some play but its also a chronic pop and flopper, HQCL pr  could get a bounce TSL is also active after a decent earnings report this morning, QSII earnings winner gapper look for a nice intraday setup

CNBC in the News

U.S. stock futures were lower this morning. The Dow and S&P 500 failed to hold record closes Wednesday, as the Fed minutes mostly confirmed expectations for a second half interest rate hike. Investors are looking ahead to tomorrow's speech from Fed Chair Janet Yellen for more clues. (CNBC)
With housing starts the best sign so far of a second-quarter economic rebound, traders are watching this morning's existing home sales data to see whether the sector will continue to show signs of life. (CNBC)

CVS Health (CVS) is buying pharmacy services provider Omnicare (OCR) for about $10.4 billion.

Hewlett-Packard (HPQ) is unveiling sweeping changes to its business in China, including selling a majority stake in its data-networking business there to Tsinghua for about $2.3 billion. HP reports earnings after-the-bell. (CNBC)

Best Buy (BBY) today reported adjusted quarterly profit of 37 cents per share,8 cents above estimateswith revenue beating forecasts as well. Comparable store sales were up 0.6 percent, compared to consensus estimates of a 0.1 percent increase.

In the latest disclosure of a cyberattack against a health insurer, CareFirst BlueCross BlueShield says that hackers gained access to a database thatincluded the names of 1.1 million people. (AP)

Nearly half of all people this year with individual health insurance plans, purchased through Obamacare or otherwise, said it's "very" or "somewhat"difficult for them to afford their monthly premiums. (CNBC)

Halliburton (HAL) and Transocean (RIG) both settled claims related to the 2010 Gulf oil spill with BP (BP). BP will pay Transocean $125 million, and Transocean will then pay about $212 million to claims related to the spill. Halliburton did not disclose details of its deal with BP. (USA Today)

Crews are rushing to contain this week's growing oil spill-estimated at 105,000 gallons-that's affected a nine-mile stretch of scenic California coastline just before the Memorial Day holiday. (NBC News)

Islamic State militants overran the famed archaeological site at Palmyratoday-seizing the central Syrian town only days after capturing the strategic city of Ramadi in Iraq's largest Sunni province. (AP)

The fate of the government's bulk collection of Americans' phone recordsis unclear following an FBI warning, House-Senate disagreements and more than 10 hours of criticisms by GOP presidential candidate Sen. Rand Paul of Kentucky. (AP)

New Jersey Gov. Chris Christie, a possible GOP presidential hopeful, joins CNBC's "Squawk Box" at 7:30 a.m. ET.

From his Pakistani hideout, Osama bin Laden worked as a CEO-in-exile for al Qaeda, sending letters to operatives, critiquing jihad efforts, and offering strategic lessons, newly released documents showed. (NBC News)

Investigators are looking into whether the engineer in last week's deadly Amtrak derailment was using his cellphone while at the controls. The Washington D.C. to New York City train crashed in Philadelphia. (AP)

The wealth gap among countries in the developing world has widened to the highest level in 30 years, according to new report from the Paris-based Organization for Economic Cooperation and Development.
The euro zone economy continued to lose momentum in May, according to closely-watched surveys published today, but it wasn't all bad news, with hiring in the region on the up.

The U.S. government agency charged with calculating the nation's growth rate is acknowledging problems with its numbers raised by a CNBC report, and pledging a series of fixes over the next several months.

In addition to the April existing home sales report at 10 a.m. ET, the May Philly Fed survey and the April index of leading economic indicators are released. But before that data trifecta, the Labor Department issues itsweekly look at initial jobless claims at 8:30 a.m. ET, with forecasts calling for 271,000 new claims for last week.

Dollar Tree (DLTR) is among the companies releasing quarterly earnings this morning, while Gap (GPS), Intuit (INTU), Ross Stores (ROST), and Fresh Market (TFM) are out after-the-bell.

When newly-installed CEO Steve Easterbrook makes his first address at the McDonald's (MCD) annual shareholders meeting today, protesters continue their rally outside for better wages.

STOCKS TO WATCH (CRM) beat estimates on earnings, with revenue in-line. The business software provider also increased its full year forecast on increased subscription and services revenue.
Williams-Sonoma (WSM) reported earnings that beat estimates and revenue basically matching forecasts. While same store sales increased more than expected, but the retailer warned on outlook.

L Brands (LB) issued earnings slightly above estimates and revenue slight below. The Victoria's Secret parent did raise its full-year guidance, but gave acurrent quarter forecast below analyst estimates.

The CEO of Deutsche Telekom said the company would consider a partnership to improve the performance of T-Mobile (TMUS), of which it owns 66 percent.

Shake Shack (SHAK) is considering adding chicken to its menu in some way, according to a recent trademark filing.
Seeking Alpha

Today's Markets:
In Asia, Japan flat at 20203. Hong Kong -0.2% to 27524. China +1.9% to 4530. India -0.1% to 27809.
In Europe, at midday, London -0.1%. Paris -0.5%. Frankfurt -0.6%.
Futures at 6:20: Dow -0.2%. S&P -0.2%. Nasdaq -0.3%. Crude +1.2% to $59.68. Gold flat at $1208.70.
Ten-year Treasury Yield -1 bps to 2.25%