Wednesday, May 20, 2015

Happy Wednesday!

Good morning Folks ,
We get the Fed minutes today and we are looking at a relatively flat open. Going through my scans we are overbought in several of the indexes and testing some key levels of resistance as well. I would not be shocked if we continue to chop around in this area until Friday when Janet Yellen is is set to speak. 

Stocks on my Radar Premarket
TWTR possible continuation of the bounce from yesterdays news, YHOO released a statement this morning on the IRS action that took the stock down yesterday could get a bounce, PBY takeover chatter gapper possible 11 roll, ISR gapper off pr Finally took out 2 with conviction, ICLD active premarket nice bounce spot on the daily, SRPT pr gapper wait for a setup don't chase it, ACHN pr will be watching for a potential red to green move, PTBI  and PBMD both gappers possible continuation  plays, NBY investor presentation yesterday after the close liked what I heard already swinging this name, MNTA hot daily priced offering @ 19, GNCA PR thin one big gapper don't chase it, 

CNBC in the News

U.S. stock futures were higher this morning, after the Dow logged itssecond straight new high Tuesday. The S&P 500 hit an intraday high, but closed lower. (CNBC)
Minutes from the central bank's last meeting are expected to sound dovish when released this afternoon, but investors are already looking ahead to a Friday speech from Fed Chair Janet Yellen for interest rate clues. (CNBC)

Lowe's (LOW), the No. 2 U.S. home improvement chain by sales, today reported earnings and revenue that fell short expectations. Yesterday, rivalHome Depot (HD) beat estimates on its top and bottom lines. (CNBC)

Johnson & Johnson (JNJ) said it expects to have 10 or more new drugs in the pipeline by 2019, each with potential sales of $1 billion.

Staples (SPLS) matched estimates with earnings, but revenue was shy of estimates. Meanwhile, Target (TGT) results are also out this morning, whileL Brands (LB) and Williams-Sonoma (WSM) report after-the-bell. (AP)

Etsy (ETSY) shares were sharply lower in pre-market trading, after reporting a quarterly loss more than seven times larger than a year ago. Revenue matched estimates. The online crafts seller went public last month. (AP)

UBS (UBS) will pay $545 million to settle U.S. cases of alleged currency market rigging. The Swiss institution and four other major banks face acombined settlement bill of more than $5 billion. (Reuters)

Norwegian Cruise Lines (NCLH) said its Dawn cruise ship will be inspectedin Bermuda today for any possible damage, after it ran aground on a reef. The company said there were no injuries. (Reuters)

A broken onshore pipeline spewed oil down a storm drain and into the Pacific Ocean for several hours before it was shut off, creating a slick some 4 miles long across a scenic stretch of central California coastline. (AP)

Japan's Takata is doubling a recall of potentially deadly airbags to nearly 34 million vehicles, making it the largest automotive recall in American history, U.S. safety regulators said. (Reuters)

The high-frequency futures trader who stands accused of contributing to the stock market "flash crash" in May 2010 failed to get his bail conditions reduced today, and remains in custody. (CNBC)

Los Angeles has voted to increase its minimum wage to $15 an hour by 2020. The move comes as workers rally for better pay and several large companies hike their lowest wages. (NY Times)

McDonald's (MCD) workers plan to start holding protests today, ahead oftomorrow's annual meeting of the fast-food chain's shareholders. Organizers say they want the company to invest in its employees. (CNBC)

Japan's better-than-expected economic growth lifted the Nikkei stock index to a 15-year high. Japan's economy staged an encouraging comeback in the first quarter, expanding at its fastest pace in a year.
The International Monetary Fund has warned France that it must reduce government spending and debt levels, as well as tackling its sticky unemployment rate.

Investors will be watching the Energy Department's weekly look at oil and gasoline inventories at 10:30 a.m. ET. Meanwhile, U.S. oil prices were higher this morning, after dropping 3.7 percent TuesdayAs for the 10-year Treasury yield, it ended Tuesday at 2.29 percent, the highest level of the year.

Another move higher in U.S. mortgage rates pushed weekly home loan applications down. Total volume fell 1.5 percent last week, according to the Mortgage Bankers Association.

There's concern about possible U.S. tax law changes affecting Yahoo's (YHOO) spinoff of its Alibaba (BABA) stake. However, Yahoo issued a statement saying the latest IRS statement on the matter was not specific. (CRM) is unlikely to be sold, in the opinion of SAP (SAP) CEO Bill McDermott, who said his company does not have any interest in buying the software company. Salesforce reports earnings after the bell today.

United Technologies (UTX) is in talks with possible buyers for its Sikorsky Aircraft unit, according to sources quoted by the Wall Street Journal. The company has previously said it's considering options for that business.

Time Warner Cable (TWC) could be in play once again, with French telecom Altice announcing a deal to buy Suddenlink Communications of the U.S., and reportedly having held talks to buy TWC.

Pep Boys (PBY) has been approached by possible buyers, according to the Wall Street Journal, which said Golden Gate Capital is among the suitors interested in the auto parts retailer.
Seeking Alpha
Today's Markets:
In Asia, Japan +0.9% to 20197. Hong Kong -0.4% to 27585. China +0.7% to 4448. India +0.7% to 27837.
In Europe, at midday, London flat. Paris -0.2%. Frankfurt -0.2%.
Futures at 6:20: Dow flat. S&P -0.1%. Nasdaq +0.1%. Crude +0.9% to $58.53. Gold +0.1% to $1208.40.
Ten-year Treasury Yield flat at 2.26%
Today's economic calendar:
7:00 MBA Mortgage Applications
10:30 EIA Petroleum Inventories
2:00 PM FOMC minutes
Notable earnings before today's open: AEOEVEVLVHRLLOWSFUNSPLSTGT