Thursday, August 9, 2018
Economic
So far, tariffs and threats have resulted in minimal disruption in economic trends. The U.S. merchandise trade deficit with China was the widest on record during the first six months of the year. In Fed Speak, Chicago’s Fed president Charles Evans is schedule to speak about current economic conditions and monetary policy in a closed group interview with representatives of Associated Press, Bloomberg, Dow Jones, Market News International, MarketWatch and Reuters, in Chicago. Notes from the discussion will be embargoed until 1:00 pm ET. On today’s economic calendar; Jobless Claims and the Producer-Price Index for July due out at 8:30 am ET. At 10:00 am ET Wholesale Trade figures are to be announced.
Equity Markets
S&P futures are higher this morning +0.04%:
Asian markets were mixed overnight.
Close Change %Change
Tokyo Nikkei Stock 22598.39 -45.92 -0.20
Hong Kong Hang Seng 28607.30 248.16 0.88
European indices are trading lower this morning.
Last Change %Change
London FTSE 100 7719.93 -56.72 -0.73
Frankfurt Xetra DAX 12612.30 -21.24 -0.17
* Futures are trading higher this morning. Jobless claims for the week ended August 4 declined by 6,000 to a seasonally adjusted 213,000, according to a Labor Department report.
Oil Prices
Oil prices were ticking higher this morning. The U.S. Energy Information Administration released its data on crude stocks yesterday. According to their data U.S. crude stocks fell by 1.4 million barrels (less than expected). Oil prices traded significantly lower yesterday on the concern that WTI oil would be pulled into the ongoing U.S / China trade issues. With the Chinese economy slowing, it is expected that their demand for oil will diminish in the short term. Earlier today, Russia agreed to remove their crude oil export duty by 2024. WTI is currently trading at $67.00 a barrel and Brent Crude is at $72.39 a barrel.
Option Activity -
Bullish option activity in AA, DDD & IBM
Bearish option activity in DBD, DISH & NLSN
Ticker Name Straddle $ move When Call Put ratio
DBX DropBox Inc 8.93 $2.82 Thur Afternoon 2.53
WTTR Select Engy Ser 8.24 $1.28 Thur Afternoon 4.69
SYY Sysco Corp 3.49 $2.44 Fri Morning 2.92
Sector Update:
Retail
TGT Morgan Stanley raised its price target to $70 from $64.
COST UBS raised its price target to $255 from $225.
RAD Calls off their merger plans with Albertsons.
Drug Makers
MYL Morgan Stanley lowers it price target to $46 from $50.
BMRN Citi raises their price target to $120 from $108.
CELG Looking to go private at $120 a share.
FANG
AMZN Party City announced its intention to sell select product assortments on Amazon.com.
FB L'Orea, ModiFace announce long-term collaboration with Facebook
Dow 30
WMT Raised 500m with JD.Com for Chinese online grocery delivery company.
INTC Morgan Stanley downgraded the Semi-Conductor Industry to Cautious.
IBM Along with Maersk have introduced TradeLens , a Blockchain Shipping solution.
Rumor
TRCO Stock trading higher after terminating Sinclair merger agreement.
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