Good morning Folks,
Yesterday we had volatility rise, the dollar strengthen while commodities got whacked. I was unable to trade yesterday as I was taking care of some other pressing issues but I did keep a close eye on the action.
Like we talked about over the weekend, its not a huge surprise that we had a bit of a pullback since we are experiencing some overbought conditions. We are flashing some green premarket but I would not be shocked if we wound up in the red by the end of the day.
Stocks on my Radar premarket
BLRX pr Looking for 2 roll with volume, PLUG pr gapping premarket possible 3 test, GALE potential continuation off pr can be a pop and flopper be careful, CERE pr could be in a decent bounce area, HYGS pr contract gapping don't chase it wait for a setup very small float, ORBK hot daily order news looks like a possible 20 roll, BLPH pr possible 10 test recent IPO, ORN pr new contract could be a bounce play,
CNBC in The NEWS
| IN THE NEWS TODAY |
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G-7 finance ministers and central bankers are meeting in Dresden, Germany, starting today. Among the pressing issues are debt-strapped Greece and the efforts being made to reach a funding-for-reforms deal. (Reuters) |
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There's no risk of a hard landing for China's economy, said former Fed Chairman Ben Bernanke at a forum in Seoul. He also argued that hiking U.S. interest rates should be viewed as a positive sign. (Reuters) |
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Amazon (AMZN) is hiring more than 6,000 workers at some of its 50 U.S. fulfillment centers. The online retail giant said the new jobs will help it meet growing customer demand. (AP) |
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Google (GOOG) and Yahoo (YHOO) have reportedly made inquiries aboutbuying news app Flipboard. Previous accounts had also said Twitter (TWTR) had expressed interest. (WSJ) |
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As Re/code's annual Code conference continues today, there's news the tech site's parent company is being purchased by Vox Media-publisher of The Verge. CNBC has a partnership with Re/code. (USA Today) |
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Hackers used an online service provided by the Internal Revenue Serviceto gain access to information from more than 100,000 taxpayers, including tax returns. The IRS is notifying those affected. (AP) |
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High-ranking international soccer officials were arrested early today, as part of a U.S. investigation into corruption at the sport's governing body, called FIFA. Meanwhile, a separate Swiss investigation was also launched in relation to 2018 and 2022 World Cup bids. (CNBC)
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There are no government economic reports on the calendar, but there's a read on housing this morning from the Mortgage Bankers Association. Borrowers are pulling back from refinances and struggling to make home purchases with 30-year mortgages now decidedly above 4 percent. |
Meanwhile, the Energy Department's usual Wednesday report on oil and gasoline inventories is delayed until tomorrow due to this week's Memorial Day holiday. |
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Toll Brothers (TOL) was first out of the gate with earnings reports this morning, earning 37 cents per share for its latest quarter, 2 cents above estimates. The luxury home-builder did see revenue come in below estimates as the number of homes sold fell two percent. |
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TiVo (TIVO) late Tuesday reported earnings of 8 cents per share, a penny above estimates, while the digital video recorder maker's revenue was also above forecasts. Total subscribers jumped 27 percent from a year earlier. |
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| STOCKS TO WATCH |
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Prescription benefits manager Express Scripts (ESRX) is seeking deals with pharmaceutical companies to set pricing for some cancer drugs based on how well they work, according to the Wall Street Journal. |
Novartis (NVS) is partnering with U.S. startup Rani Therapeutics on arobotic pill that's swallowed, but has tiny needles to deliver drugs into intestinal walls. Among Rani's backers is Google's venture capital unit. |
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Reynolds American (RAI) won government approval to buy rival tobacco producer Lorillard (LO). Reynolds, behind Camel and Pall Mall, had to make concessions, but gets to keep Lorillard's Newport. |
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Seeking Alpha
Today's Markets:
In Asia, Japan +0.2% to 20472. Hong Kong -0.6% to 28081. China +0.6% to 4942. India +0.1% to 27565.
In Europe, at midday, London +0.6%. Paris +0.5%. Frankfurt +0.1%.
Futures at 6:20: Dow flat. S&P flat. Nasdaq +0.1%. Crude +0.4% to $58.25. Gold -0.2% to $1184.20.
Ten-year Treasury Yield +2 bps to 2.16%
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