S&P futures flat ahead of the FOMC statement, due at 2 p.m. Eastern Time. European shares are trading up by more than 0.4%, while Asia was mixed with The Nikkei Index falling 22 points to 15,888. The dollar is edging slightly higher ahead of the Fed, while commodity prices oil / gold both little changed.
S&P futures flat ahead of the FOMC statement, due at 2 p.m. Eastern Time. European shares are trading up by more than 0.4%, while Asia was mixed with The Nikkei Index falling 22 points to 15,888. The dollar is edging slightly higher ahead of the Fed, while commodity prices oil / gold both little changed.
S&P futures flat ahead of the FOMC statement, due at 2 p.m. Eastern Time. European shares are trading up by more than 0.4%, while Asia was mixed with The Nikkei Index falling 22 points to 15,888. The dollar is edging slightly higher ahead of the Fed, while commodity prices oil / gold both little changed.
Index Up/Down % Last DJ Industrials 7.00 0.03% 17,061 S&P 500 0.50 0.01% 1,992 Nasdaq -2.25 0.04% 4,056
FOMC day finally hereS&P futures flat ahead of the FOMC statement, due at 2 p.m. Eastern Time, followed by a news conference with Federal Reserve Chairwoman Janet Yellen. Prior to that, we get consumer prices for Aug at 8:30 am et. European shares are trading up by more than 0.4%, while Asia was mixed with The Nikkei Index falling 22 points to 15,888, the Shanghai Index rose 11 points to 2,308 and the Hang Seng Index jumped 1% or 240 points to close at 24,376
The dollar is edging slightly higher ahead of the Fed, commodity prices oil/gold both little changed, and the 10-yr yield slips slightly to 2.57% (expect lackluster trading action ahead of the Fed later this afternoon. In corporate news, housing stocks get a lift on better earnings/revs from Lennar (LEN); ENDP offered to acquire AUXL in $2B deal; steel maker U.S. Steel (X) jumps on news it was making big strategic changes; ADBE shares fall on lower guidance; FDX set to report later this morning; RAX shares plunged after announcing a new CEO and said it will remain independent
The Dow Industrials made a new intraday high yesterday, but closed just short of a new record, ahead of the FOMC decision later today. Markets jumped across the board in the U.S. after a report in the Wall Street Journal indicated the Fed could be less hawkish than markets have been expecting, as investors try to divine when the central bank will hike interest rates. Reports the China was providing 500 billion yuan ($81.4 billion) of liquidity to the countrys five biggest banks as Premier Li Keqiang steps up stimulus to support economic growth, helped propel commodity markets higher
Market Closing Prices Yesterday The S&P 500 Index jumped 14.85 points, or 0.75%, to 1,998.98 The Dow Jones Industrial Average soared 100.83 points, or 0.59%, to 17,131.97 The Nasdaq Composite spiked 33.86 points, or 0.75%, to 4,552.76 The Russell 2000 Index advanced 4.45 points, or 0.39% to 1,150.97
Events Calendar for Today 7:00 AM ET MBA Mortgage Applications Data 8:30 AM ET Consumer Price Index, for Augest. 0.0% and core est. 0.2% 8:30 AM ET Current Account Balance, for 2Qest. (-$113.4B) 10:00 AM ET NAHB Housing Index, for Septest. 56 10:30 AM ET Weekly DOE Inventory Data 2:00 PM ET FOMC Rate Decision (includes press conference)
World News China to extend tax cuts among small business, Economic Daily reports The Bank of England's Monetary Policy Committee voted 7-2 at its September meeting to keep rates on hold and its quantitative-easing program unchanged, according to minutes released on Wednesday. Seven members were in favor of leaving the key interest rate at a record low of 0.5% and making no changes to the BOE's 375 billion-pound ($640 billion) asset-purchase program The U.K. unemployment rate fell more than expected to the lowest level for almost six years in the three months to July, but wage growth remained at record low levels. The jobless rate for the May to July period was 6.2%, down from 6.4%
Sector News Breakdown Consumer Lennar (LEN) Q3 EPS 78c/$2.01B vs. est. 67c/$1.96B; said Q3 orders were up 23% vs. Bloomberg est. up 18%; says housing market has continued its slow and steady recovery"; said the average sales price $332k vs $291k YoY Corinthian Colleges (COCO) files to delay 10-K, sees significant charges on sale of notes receivable; sees charges on impairment of long-lived assets Education Management (EDMC) will delay its 10-K filing with U.S. SEC.
Energy Sunoco Logistics (SXL) reports 7.7M-unit offering The American Petroleum Institute reported crude-oil inventories rose 3.3 million barrels in the week ended Sept. 12, according to reports. Supplies of gasoline declined 1.2 million barrels, and supplies of distillates rose 1 million barrels, the trade group added
Financials Credit Suisse (CS) is drawing scrutiny from U.S. regulators over concerns the bank is not heeding warnings to stop making loans seen as risky WSJ Radian Group (RDN) upgraded to Buy from Neutral at Compass Point Extra Space Storage (EXR) upgraded to Buy from Hold at Jefferies
Healthcare Specialty healthcare company Endo International Plc (ENDP) offered to buy Auxilium Pharmaceuticals Inc. (AUXL) for about $2.2B in cash and stock; Endo's offer of $28.10 per share represents a premium of 30.6% to Auxilium's Tuesday closing price http://goo.gl/tGdq0F Some of the top 20 investors at Salix Pharmaceuticals Ltd (SLXP) are threatening to vote down a proposed deal to buy a unit of Cosmo Pharmaceuticals, and are pressing Salix to consider selling itself instead http://goo.gl/hwSLgN Cigna (CI) upgraded neutral to positive at Susquehanna Gileads (GILD) Pancreatic Cancer combo simtuzumab to gemcitabine did not significantly increase progression-free survival compared to placebo plus gemcitabine, the primary endpoint of Phase 2 trial DaVita (DVA) downgraded to Hold from Buy at KeyBanc Tokai Pharmaceuticals files for 6.48M share IPO at $15 per share Integra Lifesciences (IART) to buy Medtronic (MDT) units for $60M in cash Civitas Solutions files for 11.7M share IPO at $17 per share Retrophin Inc. (RTRX) said its CFO was leaving the company and board member Jeffrey Paley was stepping down; according to an SEC filing, the Nasdaq told the company it was out of compliance with listing rules for not having a majority of independent directors PDL BioPharma Inc. (PDLI) said its accounting firm, Ernst & Young, resigned on Sept. 11. Novavax, Inc. (NVAX) said enrollment has begun in a Phase 2 clinical trial of its respiratory syncytial virus F-protein nanoparticle vaccine candidate (RSV F Vaccine), in healthy women in the third trimester of pregnancy Abiomed (ABMD) announced clinical trial results from RECOVER RIGHT, an Investigational Device Exemption (IDE) study of the Impella RP (Right Percutaneous) System. The clinical trial results demonstrated a survival rate of 73% in the overall patient population Oncolytics Biotech (ONCY) reports KRAS-Mutated data from phase 2 pancreatic cancer study InspireMD (NSPR) announced positive results from the CARENET Trial for its CGuard EPS Insulet (PODD) announced that Patrick J. Sullivan has been appointed President and CEO and Director effective immediately Sophiris Bio (SPHS) files $100M mixed securities shelf
Industrials & Materials U.S. Steel Corp. (X) said it was making big strategic changes; said it was not expanding into an iron ore pellet operation in Minnesota and halting development of a carbon alloy facility in Indiana; said it expects Q3 results to be significantly higher than the current consensus earnings per share estimates (est. 90c and $4.56B) YRC Worldwide (YRCW) enters amended credit agreement; sees Q3 adjusted EBITDA of about $75M-$80M and operating income of approximately $22M-$27M Fed-Ex (FDX) is set to report earnings later this morning; will increase shipping rates by an average of 4.9% for U.S. domestic, U.S. export and U.S. import services starting Jan 5 Eaton (ETN) downgraded to Hold from Buy at Stifel Greenbrier (GBX) reports 15,000 railcar orders valued at $1.37B; says 4Q to date orders span multiple types of cars United Launch Alliance, a joint venture of Boeing Co (BA) and Lockheed Martin (LMT), has won a contract from the U.S. Air Force for $938M in additional work on military rocket launch services, NASA awarded two billion-dollar contracts to Boeing Co. (BA) and Elon Musk's Space Exploration Technologies Corp., or Space X. Boeing will get $4.2B and SpaceX $2.6B. NASA's long-range goal is to reach Mars, with support from as many providers as possible, officials said
Technology, Media & Telecom Adobe Systems (ADBE) rpts Q3 eps 28c/$1.005B vs. est. 26c/$1.02B; exits Q3 with 2.81M paid creative cloud subscriptions, an increase of 502K; sees 4Q revs $1.025B-$1.075B vs. est. $1.09B and eps 26c-32c vs. est. 31c; sees creative cloud subscriptions slightly exceeding 2H view of 1m net new subscriptions Rackspace (RAX) says it has ended its evaluation of alternatives.; says it will remain independent; also names Taylor Rhodes as CEO; said no proposals were deemed to have as much value as the expected value of standalone plan Sony (SNE) forecasts operating loss of 40b yen from earlier forecast of 140b yen profit; keeps full- year sales forecast unchanged Microsoft (MSFT) raises dividend by 11% to 31c from 28c LCD TV shipments are expected to reach 229M units in 2015 and expected to reach 245M units in 2017, reports DigiTimes Foxconn said to struggle meeting demand for new IPhones; has continued to hire more workers for assembling 2 new iPhone models at Zhengzhou production site, WSJ says Smartwatches may comprise 40% of wrist devices by 2016; says release of Apple Watch next year will trigger greater consumer interest in the mkt, according to Gartner Apogee (APOG) rpts Q2 eps 35c/$231.9M vs. est. 33c/$219.3M; sees year rev growth ~20%, had seen 15%-20%; sees year EPS w/items $1.62-$1.72, up from $1.40-$1.50 ex-items Google Inc. (GOOG) said to postpone Android Silver phone plans: Information reports
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