MORNING NOTES: 02.21/2019
Futures are slightly lower this morning. U.S. & China trade talks are going well, China is said to be willing to purchase an additional 30b worth of agricultural products. The main issue continues to Technology transfers and protection of intellectual property which is unlikely to be resolved any time soon. The EU trade dispute is likely to start attracting headline soon. Asian shares finished slightly higher, while European shares are mixed this morning.
S&P’s Overnight High 278.97 Low 278.26% Change lower by 0.03
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Oil prices are trading lower this morning. The American Petroleum Institute reported late Wednesday a 1.3 million barrel increase in U.S. crude supplies for last week. Official data from the U.S. Energy Information Administration due out later this morning.
WTI is at $57.40 barrel, Brent Crude is at $67.12 a barrel.
For news on oil type in .OIL or “OPEC” into NewsWare.
The Federal Reserve’s meeting minutes were released yesterday and displayed concerns about the strength of the economy. Fed officials appear to be taking a wait-and-see attitude to future interest-rate increases. The flattening yield curve has caused S&P to increase its recession probability to 21% from 16% just 3 months ago. Fed Speak: Atlanta Federal Reserve Bank President Raphael Bostic to speak today on his economic outlook and monetary policy today at 7:50 am ET. Economic Reports: At 08:30 am ET Durable Goods Orders, Jobless Claims, and the Philadelphia Fed Business Outlook Survey. At 9:45 am ET, the PMI Composite Flash. At 10:00 am ET Existing Home Sales and Leading Indicators. To access Economic news type .Economic into NewsWare.
Bullish option activity in IQ, SRPT & TECK
Bearish option activity in DPZ, NTR & W
To access news related to options type .OPTIONS into NewsWare
WMT .REC Keybanc raised its price target to $120 from $112.
CVS .REC Cantor lowers its price target to $80 from $96 after disappointing guidance.
CVS .REC JP Morgan lowers their price target to $91 from $106.
EGRX P/SGN FDA Issues Ruling in Favor of Exclusivity for BENDEKA
MRK .MA Merck to buy Immune Design Corp (IMDZ) for $5.85 a share ($300m)
BMY P/SGN Starboard Value against BMY deal for CELG, wants its own directors
GS .Rumor Goldman and Apple are said to be planning a joint credit card.
NKE Peri.Fly Set up open lowers after Duke’s star player shoe falls apart during a game.
BA P/SGN NASA has safety concerns on space launch programs from BA & SpaceX
GOOG Hots.Fly FTC under pressure to force Google to divest its Nest business.
AMZN .REC WSJ say AMZN, BRK.A & JPM are looking to redesign health insurance.
AAPL P/SGN Samsung new Galaxy phone said to have a near $2000 price tag.
SPY .Rumor China Said to Propose $30 Billion More U.S. Agriculture Imports
JNJ .Hots.Fly Received subpoenas over alleged asbestos contamination in Baby Powder.
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