Tuesday Morning Market Video - $LLY $R $VNCE $INTC
Stock futures climbed off their worst levels but remained in negative territory into Tuesday's open with Wall Street trading lower in sympathy with Europe as Greece's ongoing financial crisis, coupled with cautiousness before today's factory orders data at 10ET left all three benchmark indices modestly lower. Dow futures were 20 points below fair value.
With time running out, Athens submitted a reform proposal to its international creditors last night to make cash available to Greece before a pivotal IMF payment on Friday. But the deal might not satisfy the European Commission which is looking for deep cuts in spending before releasing more funds. EU markets were also weighed down by better-than-expected EU-zone inflation data. The 0.3% gain in yearly CPI could encourage the European Central Bank to end quantitative easing sooner.
Today's economic data includes April factory orders, expected to decline 0.1% from March's brisk 2.1% increase.
Vehicle sales will also be released throughout the day.
-Dow Jones Industrial down 0.13%
-S&P 500 futures down 0.19%
-Nasdaq 100 futures down 0.22%
Nikkei down 0.13%
Hang Seng down 0.47%
Shanghai Composite up 1.69%
FTSE-100 down 0.13%
DAX-30 down 0.65%
PRE-MARKET SECTOR WATCH
(-) Large cap tech: Lower
(-) Chip stocks: Lower
(-) Software stocks: Lower
(-) Hardware stocks: Lower
(+/-) Internet stocks: Mixed
(-) Drug stocks: Lower
(-) Financial stocks: Lower
(-) Retail stocks: Lower
(-) Industrial stocks: Lower
(-) Airlines: Lower
(+/-) Autos: Mixed
(+) VICL (+13.07%) Roth Capital initiated coverage with buy rating, $4.65 PT
(+) AVEO (+10.96%) Biodesix received positive coverage from Cigna (CI) for veristrat test
(+) CBRL (+3.58%) Q3 results top expectations, FY15 EPS estimates raised, quarterly dividend increased
(-) PPL (-6.21%) Reported closing of spinoff of competitive supply unit and reaffirmed FY15 earnings forecast
(-) TUBE (-5.48%) Filed registration for $75 million common stock offering
(-) CEL (-1.67%) Possible rights offering to raise $39 million
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