Day Traders Diary

7/23/15

U.S. equity futures trade little changed following a range-bound night that saw S&P 500 futures trade inside a five-point range. Currently, futures on the benchmark index hover three points above fair value.

Today's economic data will be limited to weekly Initial Claims, which will be released at 8:30 ET (Briefing.com consensus 279K), and June Leading Indicators (consensus 0.2%), which will be reported at 10:00 ET.

Treasuries hover just above their flat lines with the 10-yr yield at 2.32%.

In U.S. corporate news of note:

3M (MMM 155.40, -0.01): unch after reporting a three-cent beat on below-consensus revenue. 

American Express (AXP 77.15, -1.84): -2.3% after reporting a bottom-line beat on below-consensus revenue. 

Cigna (CI 158.00, +6.93): +4.6% after the Wall Street Journal reported the company is close to being acquired by Anthem (ANTM 160.04, +4.94) for about $188/share. 

Cirrus Logic (CRUS 33.91, +3.20): +10.4% in reaction to better than expected results and upbeat guidance. 

Credit Suisse (CS 30.20, +2.12): +7.6% after beating earnings and revenue estimates. 

F5 Networks (FFIV 126.00, +7.50): +6.3% after beating bottom-line estimates and guiding ahead of analyst expectations. 

Fortinet (FTNT 47.20, +4.90): +11.6% following above-consensus earnings and revenue. 

General Motors (GM 32.25, +1.95): +6.4% after beating earnings estimates and reaffirming its outlook. 

Qualcomm (QCOM 63.10, -1.09): -1.7% after cautious guidance overshadowed a bottom-line beat. Also of note, the company announced plans to reduce its semiconductor division by about 15%. 

Las Vegas Sands (LVS 56.75, +1.79): +3.3% despite missing earnings and revenue estimates. 

SanDisk (SNDK 60.82, +6.64): +12.3% after beating earnings and revenue expectations. 

Southwest Airlines (LUV 37.25, +2.13): +6.1% following its one-cent beat. 

Texas Instruments (TXN 49.50, +0.20): +0.4% despite reporting a one-cent miss and guiding Q3 results below analyst estimates.

Reviewing overnight developments:

Asian markets ended mixed, but China's Shanghai Composite (+2.4%), Hong Kong's Hang Seng (+0.5%), and Japan's Nikkei (+0.4%) posted gains 

In economic data: 

Japan's June Trade Balance -JPY69.0 bln (expected JPY5.0 bln; prior -JPY216.0 bln) as Exports +9.5% year-over-year (expected +10.0%; prior +2.4%) and Imports -2.9% (expected -4.0%; prior -8.7%) 

South Korea's Q2 GDP +0.3% quarter-over-quarter (expected +0.4%; prior +0.8%); +2.2% year-over-year (expected +2.3%; prior +2.5%) 

Australia's NAB Quarterly Business Confidence 4.0 (prior 0.0) 

Singapore's June CPI -0.3% year-over-year (expected -0.3%; prior -0.4%)

In news: 

The Reserve Bank of New Zealand cut its main lending rate 25 basis points to 3.00%, as expected

Major European indices trade near their flat lines. Germany's DAX -0.2%, France's CAC -0.1%, and UK's FTSE trades flat. Elsewhere, Italy's MIB +0.1% and Spain's IBEX -0.1%

Economic data was limited: 

Spain's Q2 Unemployment Rate declined to 22.37% from 23.78% (expected 23.10%) 

Italy's June non-EU trade surplus narrowed to EUR2.27 billion from EUR2.87 billion 

UK's June Retail Sales -0.2% month-over-month (expected 0.3%; prior 0.3%); +4.0% year-over-year (consensus 4.9%; last 4.7%). Separately, June Core Retail Sales -0.2% month-over-month (expected 0.3%; last 0.4%); +4.2% year-over-year (consensus 5.0%; last 4.5%)

Among news of note: 

The Greek Parliament voted 230-63-5 in favor of the second set of reforms required to begin bailout talks with eurozone creditors