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WJR July 2015 Reports

July 31, 2015

We’re one trading day away from saying goodbye to July, and contrary to the way a lot of people are feeling, July looks like it will go down in the books as being a positive month for stock prices.

With the bulk of big company earnings reports now in the rear-view mirror, it turns out that second quarter earnings (outside of oil companies) wasn’t all that bad. About 80 percent of reporting companies met or beat expectations for operating profit, and that’s pretty much in line with recent quarters gone by. Exxon, by the way, just reported a dollar per share in profit, 11 cents below estimates.

The Federal Reserve considers a lot of statistical data in evaluating the level of interest rates, and one that holds a lot of sway is the Employment Cost Index. The rise in employment costs for the second quarter will be announced at 8:30 and is expected to have risen a very steep six-tenths of a percent. Higher costs may lead to higher inflation, which may lead to the Fed hiking short term interest rates.

Speaking of inflation and interest rates, if you think we have issues, take a little trip to Moscow. The Russian Central Bank anticipates that annual inflation may drop to “only” 7 percent a year from now, and accordingly decreased their short-term interest rate from 11½ percent to 11 percent. Predictably, the ruble is down again against the dollar. That Black Sea vacation is looking like a better deal all the time.

China was about one percent lower overnight, but most of the rest of Asian was higher. Europe is mixed and we’re looking for direction as we head toward 9:30. Adjusted for fair value, the S&P 500 futures are lower by 2½ points, the Dow futures are down 11 points, and the NASDAQ futures are about a point and a half below fair value.

July 30, 2015

In less than 20 minutes we’ll get the Government’s first guess at second quarter Gross Domestic Product. After falling into negative numbers in the first quarter, GDP is expected to have perked up by 2.9 percent in the second. Also at 8:30, the weekly Jobless Claims are expected in at 272,000, kind of a bounce-back from the prior week’s extremely low level of 255,000.

Meanwhile, we’re nearing the end of a very busy week for earnings reports. Shares of T-Mobile are looking to open about 5 percent higher this morning on strong subscriber growth. Skechers shares are more than 10 percent higher. The famous other hand belongs to Whole Foods. Whole Foods stock is lower by more than 13 percent pre-market as competition continues to erode their share and earnings. 43 cents per share at Whole Foods fell 2 cents short of estimates.

Last night, Facebook reported 50 cents, which was 3 cents better than expected. Facebook shares look a little lower in the pre-market, as traders appear concerned with a big rise in R&D expense.

Gold futures are at a 5½ year low this morning and September oil futures are little changed at about 49 dollars per barrel.

Chinese stocks 2 percent lower again overnight. Europe is mostly higher. Our futures took a turn for the worse about 10 minutes ago. At this point, adjusted for fair value, the S&P 500 futures are lower by 5 points, the Dow futures are down 29, and the NASDAQ futures are about 8 points below fair value.

July 29, 2015

We’ll get a statement, but no press conference from the Federal Reserve this afternoon. Accordingly, no change in policy is expected. However, the statement will be parsed for any indication of when short term rates will be reset higher. Most are betting on December or sometime in 2016, although we could see the Fed move in September.

Shares of Buffalo Wild Wings are moving already. Curiously, earnings per share and sales fell well short of expectations. But a healthy increase in same store sales has the stock up almost 9 percent. Humana’s earnings per share were 30 percent higher than a year ago, but also came up a nickel short of expectations at $1.67. Humana shares are little changed pre-market.

Twitter shares aren’t quite so lucky this morning. After rising 5 percent yesterday, Twitter shares are about 10 percent lower this morning after admitting that its service is not yet a “mass-market” service, and getting there may take some time. Not to be outdone, Yelp shares are about 20 percent lower pre-market, after reporting a surprising loss last night.

Overseas markets are mainly a little higher. The Shanghai Index in China gained back almost 4 percent after some significant drops in the prior couple of weeks.

We’re looking to start the day in the green as well after yesterday’s big rally. At this point, adjusted for fair value, the S&P 500 futures are higher by 5½ points, the Dow futures are up 44, and the NASDAQ futures are about 17 points above fair value.

July 28, 2015

We’re riding a five-day losing streak for stock prices as we head toward today’s open, as China worries have supplanted European worries. In the meantime, domestic earnings reports, if you ignore oil related businesses, haven’t been all that bad.

Case in point is today’s report from Ford Motor. Ford’s second quarter was a North American record, on the strength of the F-150 and the new Edge. Earnings of 47 cents per share we a full ten cents better than expected. Ford shares are indicated almost 3 percent higher this morning.

In the drug space, Merck and Pfizer both reported better-than-expected results, although Merck’s sales were a bit light. It’s the first time in a while that Pfizer’s sales have beaten estimates, and the stock is about a percent and a half higher pre-market.

The Fed’s Open Market Committee stars a two-day meeting today, but with no press conference scheduled tomorrow afternoon, don’t expect any change in short term rates.

Chinese stocks were lower again overnight, but recovered from a severe early downdraft as the Chinese Government indicated that they will investigate some of the stock dumping on Monday.

We’re showing early signs of a little rally. At this point, adjusted for fair value, the S&P 500 futures are higher by 15 points, the Dow futures are up 119, and the NASDAQ futures are 31 points above fair value.

July 27, 2015

Last week stock prices rallied early almost every day only to fall rather steeply by the close. There won’t be any such head-fake today as prices look to open significantly weaker thanks to news from China.

The Shanghai Composite index fell 8½ percent overnight on fears that the Chinese Government has done all that it’s likely to do to loosen monetary policy. That’s the worst drop in China in about 8 years and European stocks are about 1½ percent lower in response.

It’s another big deal Monday, and we do have a big deal in the medical space. Generic drug maker Teva is buying the generic drug unit of Allergan for 40 billion in cash and stock. Teva also says it’s no longer interested in acquiring Mylan. Mylan shares are more than 10 percent lower pre-market.

At 8:30 will get the June Durable Goods Report, which is expected to perk up 3.1 percent, but only one-half of a percent if you exclude transportation orders. The Dallas Fed Survey comes later in the morning. We’ll get another flood of earnings reports this week, a Fed meeting Tuesday and Wednesday and first guess at second quarter GDP on Thursday. So, there will be plenty of reasons for direction change, but this morning’s direction for stock prices will be lower.

At this point, adjusted for fair value, the S&P 500 futures are lower by more than 7 points, the Dow futures are down 84, and the NASDAQ futures are 21 points below fair value.

July 24, 2015

Same store sales are up 7 percent. Profits are up 22 percent. I just wish I could afford to drink coffee at Starbucks like my kids do. Starbucks operating profit was 42 cents per share last quarter, a penny ahead of expectations.

Also out with all positive news this morning were Stryker, VF Corp and Spirit Airlines. Last night, Amazon stunned analysts with a 19 cent per share profit, while a 14 cent loss was expected. Amazon shares are more than 20 percent higher this morning. Growth in Amazon Cloud services was a surprise contributor there.

Good profit numbers but lower-than-expected sales were reported by AT&T, Xerox and American Airlines. The miss of the morning appears to be Biogen. Profits were okay, but sales slipped, the outlook was lowered and Biogen shares are about 12 percent lower pre-market.

Asian markets are a sea of red numbers this morning after some lousy purchasing manager’s numbers out of China overnight. We’ll see if the Chinese Government steps up its pump priming in response. If they do, it will provide an interesting backdrop for next week’s Federal Reserve Open Market Committee confab. The Fed, of course, is looking to start tightening the interest rate screws over here.

Are futures are positive, but once again are way off their highs of the morning. At this point, adjusted for fair value, the S&P 500 futures are higher by 4 points, the Dow futures are up 27, and the NASDAQ futures are 31 points above fair value.

July 23, 2015

Today may be the busiest day of the busiest week of the calendar quarter for big company earnings reports. This morning’s results are consistent with the themes we’ve already seen this quarter. That is, earnings are generally in-line or better than mostly lowered expectations, and American companies that sell overseas are suffering a significant revenue haircut due to the strength of the American dollar.

Locally, the big story is the earnings report from General Motors. Operating earnings of $1.29 was a whopping 21 cents better than expected. Worldwide sales were a little lower than expected, but there is where you see the impact of the strong dollar. GM shares are looking to open about 6½ percent higher.

Eli Lilly reported better than expected top and bottom lines, and raised full-year guidance, as did Under Armour and Comcast. Better than expected results but lower than expected sales also came from Dow Chemical, Caterpillar and Texas Instruments.

3M beat estimates but lowered guidance. Dunkin Donuts and Southwest Airlines beat estimates by 3 cents a penny, respectively. McDonald’s beat on the top and bottom lines, but global same store sales were down 2 percent.

The Chinese market rose more than 2 percent overnight. Other markets overseas are narrowly mixed. Our futures have been pointing prices higher all morning, but are a good bit weaker than they were a couple of hours ago. At this point, adjusted for fair value, the S&P 500 futures are higher by about 2½ points, the Dow futures are down 2 points, and the NASDAQ futures are 10 points above fair value.

July 22, 2015

It would get pretty depressing around here if baseball was the ONLY game of the summer. Fortunately, the corporate earnings reporting game continues full tilt. The rules of the game are simple: report better than expected numbers for last quarter, and lower your forecast for next quarter so that you can do it all again in October.

Last night, Apple and Microsoft reported, and the results have the NASDAQ futures in a tailspin. Both companies managed better than expected operating earnings, but the devil was predictably hanging out in the details. Including charges, Microsoft reported its biggest quarterly loss ever. Apple tempered their guidance, and while they said that Apple Watch sales were “better than expected,” Apple did not break out Watch numbers. This morning, Microsoft shares are indicated about 4 percent lower, Apple slices are off 6½ percent. Yahoo shares are about 2 percent lower on a lousy report last night.

GoPro, Boeing, Coca-Cola all beat their respective financial bogeys this morning.

Oil appears to be holding at 50 dollars a barrel, but gold is now under 1100 dollars per ounce at 1,092 and change.

Most overseas markets are lower. The Greek market is still closed, by the way.

Adjusted for fair value, the S&P 500 futures are lower by about 8½ points, the Dow futures are down 39, and the NASDAQ futures, reflecting the forecasts out of Apple and Microsoft are a whopping 63 points below fair value.

July 21, 2015

It’s the busiest week of the second quarter earnings season, and some of the heaviest of the heavyweights are under the microscope this morning.

It all got off on the wrong foot last night with lower than expected revenue reported by IBM. Yes, earnings were a bit better than expected, but the increase in IBM’s new business is not offsetting the decline in its “old” business, overall sales are lower for the 13thquarter in a row, and the stock is lower by almost 5 percent this morning.

On the famous other hand, shares of insurer Travelers is a couple percent higher, after reporting $2.52 in profit per share, which was 40 cents better than expected. Also with better than expected numbers today are Wolverine Worldwide, Verizon, United Technologies and Harley Davidson. TD Ameritrade and Baker Hughes reported in-line numbers. Apple and Microsoft report after 4 o’clock.

Overseas markets are mixed, and not showing a lot of movement in any given country.

Our futures are looking okay, if you ignore one particular stock. Adjusted for fair value, the S&P 500 futures are flat, the Dow futures are down 42, but would actually be up about 20, if you ignore the decline in IBM the Dow futures would actually be a little higher, and the NASDAQ futures are about 7 points above fair value.

July 20, 2015

Don’t look now, but last week’s Google-lead rally has the NASDAQ Index up about 10 ½ percent in 2014 and over 20% higher than a year ago. The S&P 500, for its part is almost 11 percent higher over the past twelve months. About a quarter of the S&P 500 companies will report earnings this week.

We should see prices rising again in the early going today, on a bunch of earnings reports that are better than admittedly lowered expectations.

Stockbroker Morgan Stanley reported that profit declined 9 percent year-on-year. However, the 85 cents of operating profit beat estimates by 6 cents. IBM reports earnings tonight.

Lockheed Martin’s $2.76 profit was a dime ahead. Lockheed also confirmed its purchase of Sikorsky Aircraft from UTX. For its part, UTX has a use for the cash. They’ll buy back over 8 billion dollars of their own stock.

And just pretend nobody saw this coming; grocer A&P has filed for bankruptcy protection for the second time in five year.

There’s nothing much on the economic report docket today. European markets are trading higher. Adjusted for fair value, the S&P 500 futures are higher by almost 2 points, the Dow futures are up 21, and the NASDAQ futures are about 9 points above fair value.

July 17, 2015

The biggest earnings story of the morning actually happened last night. Google, which had many analysts concerned about runaway spending, reported $6.99 of operating profit which was 29 cents better than expected. Part of the story was the top line, but more importantly, the middle lines – the expenses – were lower than expected and Google’s CFO made comments regarding a focus on controlling costs. Google shares are indicated about 12 percent higher pre-market.

Also on the rise this morning on better than expected results are Honeywell, General Electric and Sun Trust Banks. Comerica is the two-cents per share miss of the morning, having earned 73 cents per share last quarter.

If you’re getting a monthly payment from a defined benefit pension plan and were hoping for a lump-sum payout in the future, here’s some bad news; the IRS has published notice 2015-49, stating that rules are on the way that will make lump-sum payouts from defined benefit pension plans a no-no effective July 9, 2015, if you’re already receiving a monthly payout. So, if you’re already receiving a large monthly payout from a former employer, you’d better hope that employer stays solvent.

The June Consumer Price Index at 8:30 is expected to tick up to three-tenths of a percent.

Adjusted for fair value, the S&P 500 futures are higher by a point, the Dow futures are down 18, but the NASDAQ futures, thanks to the early action in Google, are about 31 points above fair value.

July 16, 2015

Last night, the Greek Parliament agreed to the latest austerity proposals from their European friends, who would no doubt be a lot friendlier if they ever get their money back. But let’s concentrate on things that might actually happen, like a stock market rally at 9:30.

Besides the Greek news, there are many, many earnings reports out that have traders pushing the ‘buy’ button. Last night, Intel beat estimates and Netflix announced impressive subscriber growth, which has shares of both looking to open higher.

This morning, Goldman Sachs was expected to report $3.89 of operating earnings and they only reported $1.98. However, that number included a massive $2.77 per share of litigation costs. Add that back, and you have $4.75 in profit on better than expected revenue.

Also with better than expected numbers are Citigroup, Philip Morris, Domino’s and Ebay. Missing the mark were Blackstone and Garmin. Garmin stock is looking to open about 12 percent lower.

Chinese stocks and most Asian markets were a little higher overnight. Europe is solidly higher on the Greek can getting kicked down the road.

Adjusted for fair value, the S&P 500 futures are higher by 12 points, the Dow futures are up 82 and the NASDAQ futures are about 36 points above fair value.

July 15, 2015

As with so many important things in life, the secret to a successful earnings report is sufficiently lowered expectations. With so many lowered corporate earnings estimates, positive earnings news really shouldn’t surprise.

So, don’t be awfully surprised when I tell you that financial giant Blackrock reported $4.96 per share in operating profit this morning, which was 16 cents better than expected. Likewise, if you strip out 7 cents of non-recurring revenue, and consider that Bank of America bought back about 800 million of stock during the quarter, earnings of 38 cents beat the 36 cent estimate. PNC also beat estimates, in spite of a drop in net interest margin.

Our deal of the day is once again in the biotech space as Celgene is buying Receptos for 7.2 billion dollars. That’s a 12 percent premium to yesterday’s closing price.

Janet Yellen chats the House Financial Services Committee this morning. Of course, the elephant in the room is today’s vote by Greek legislators on the latest proposed deal. Meanwhile, an IMF study suggests that Greece will need a 30 year moratorium on all debt servicing and a significant extension on the overall debt maturity. Suffice it to say that the currently proposed deal is likely still not enough to really solve the problem.

As we march toward the open our futures are very tentative in front of the upcoming Greek bailout vote. Adjusted for fair value, the S&P 500 futures are higher by 2 points, the Dow futures are up 5 and the NASDAQ futures are about 11 points above fair value.

July 14, 2015

For the first time in quite a while, traders can turn their focus away from the media reports from Greece and back to domestic earnings, which may actually have something to do with what companies are actually worth.

Already this morning, we’ve heard from a couple of companies that are members of the Dow Jones 30 Industrial Average. JP Morgan Chase reported a 79 percent increase in profit from the first quarter of the year. $1.54 per share in operating profit was 10 cents better than expected as legal costs, which for some reason had become rather significant, dropped from a year ago.

Johnson & Johnson also announced better than expected earnings this morning, and it wasn’t easy. $1.71 beat the average estimate by $1.67, even though the strength of the U.S. dollar led to a negative currency translation of almost 15 percent.

Wells Fargo matched the $1.03 cent estimate a few minutes ago.

The June Retail Sales Report comes at 8:30. China and most of Europe are a touch lower this morning and our futures are extremely uninteresting.

Adjusted for fair value, the S&P 500 futures are higher by about a half-point, the Dow futures are flat and the NASDAQ futures are about 6 points above fair value.

July 13, 2015

Major stock index futures are indicating a continuation of Friday’s rally this morning. The reason, of course, are reports of an overnight “agreement” that might keep Greece in the European Union. Trouble is that the “agreement” >

And in case, you’re keeping track of all potential panics worldwide, Chinese stocks, at least the ones that are able to trade, rose about 2 percent overnight.

It’s the calm before the storm regarding our earnings and economic reports. Big earnings reports start tomorrow, with many of the country’s big banks reporting this week.

Another rise in U.S. shale production and the continuation of the Iranian nuclear talks have oil prices on the slide again this morning. Light sweet crude is down to about 52 dollars per barrel.

If you’re a Kroger shareholder, don’t be upset by a big drop in share price tomorrow morning. Kroger will split two for one after the market close today.

Adjusted for fair value, the S&P 500 futures are higher by about 12½ points, the Dow futures are up 110 and the NASDAQ futures are about 31 points above fair value.

July 10, 2015

The great kabuki dance (sans the pretty makeup) continues in Europe today, as the Greek Government has proposed a supposed compromise that looks an awful lot like the old deal that the Greek population rejected last Sunday. In that proposal, there’s no service on the bailout funds for several years, and no actual repayment on the debt until 2022. So, if you’re planning ahead for when future bailout talks will be needed, you may as well mark your calendar now.

Nevertheless, the prospect of an agreement, which seems to have everyone in Europe saying nice things (except the Germans, of course) has sparked another European stock rally. That, and another rally over in China has our futures pointing higher as well.

Not that everyone is happy this morning. Hewlett-Packard says that second quarter PC shipments were 9½ percent lower than a year ago. June same store sales at the GAP were down one percent and Apple shares fell two percent yesterday, and no, Mr. Newton, wasn’t just gravity. Apple Watch sales are off about 90 percent from their debut.

On the famous other hand, Costco gets a broker upgrade this morning.

We started yesterday with a very strong rally in prices that waxed and waned (but mostly waned) as the day wore on. Our futures this morning are indicating just as strong an opening rally as 24 hours ago. Adjusted for fair value, the S&P 500 futures are higher by about 23 points, the Dow futures are up 179 and the NASDAQ futures are about 52 points above fair value.

July 9, 2015

If declining markets are hell, we spent a few hours in purgatory yesterday, as the New York Stock Exchange went into time out. An apparent software programming glitch, on top of yesterday’s computer shut down at United Airlines gave rise to speculation that something more sinister was afoot. Fortunately, that doesn’t appear to be the case and systems on the NYSE were brought back up at ten minutes past three o’clock yesterday.

The Chinese Government keeps coming up with new ways to stop their stock market from diving. Overnight, they decided that denying people the right to sell stock was a fair and balanced approach. If you own more than 5 percent of a listed company, you’ll have to hold it until early next year. Like that approach or not, that little move boosted Chinese stocks by almost 6 percent over night.

Pepsico shares 2 ½ percent higher pre-market after reporting $1.32 per share in profit. That was an 8 cent beat. They also raised guidance. Walgreen Boots Alliance beat the 87 cent estimate by 15 cents and raised their dividend by 6.7 percent.

European markets are roughly two percent higher and hopes of a new Grecian formula for debt repayment.

We’ll likely have a strong rally on our hands at 9:30. Adjusted for fair value, the S&P 500 futures are higher by about 21 points, the Dow futures are up 175 and the NASDAQ futures are about 54 points above fair value.

July 8, 2015

Traders have spent the last few weeks focused on the slow-motion Greek debt negotiations, and the past several sessions focused on the fast moving avalanche in the Chinese stock market. Maybe – just maybe – we can get back to focusing on how companies are actually performing. The second quarter earnings reporting season unofficially kicks off after the market close this afternoon.

Alcoa is in line to report just after 4 o’clock and is expected to report operating earnings of 23 cents per share, which would be a nickel higher than the second quarter of 2014, even as aluminum prices continue to decline.

WD-40 also reports earnings today. West Texas Intermediate oil seems to have stabilized at around 52 dollars per barrel.

Chinese stocks were about 6 to 7 percent lower overnight depending on which index you follow, but curiously, Europe has turned higher, without the benefit of any apparent good news. Japan was 3 percent lower on a rapidly appreciating yen.

Our stock prices were all over the place yesterday. After opening higher, at one point the Dow Jones Industrials were lower by more than 200 points before staging the biggest one-day turnaround in almost 4 years. That “opening higher” stuff looks “oh so yesterday” at this point.

Adjusted for fair value, the S&P 500 futures are lower by about 12 points, the Dow futures are down 111 and the NASDAQ futures are about 24 points below fair value.

July 7, 2015

Second quarter earnings reports will start to trickle in starting tomorrow, when Alcoa reports. In the meantime, a couple of big companies are reporting less than exciting estimates.

Samsung says that revenues will decline for the seventh quarter in a row. They estimate a 4 percent decline. Although that’s better than last quarter’s 30 percent decline, it is worse than the 3 percent decline that was expected.

Shares of Advanced Micro Devices, which dropped over 2 percent yesterday, are looking to open another 11 percent lower this morning after issuing a second quarter outlook that estimates an 8 percent profit decline, which is almost triple the previous estimate.

The medical deal of the day (and there always seems to be one) has Horizon Pharmaceuticals again offering to buy Depomed. This time the offer is about 3 billion dollars, which is a 42 percent premium to Depomed’s closing price yesterday.

Asia was mostly lower overnight and Europe has turned a little lower as well, except of course in Greece, where the stock market in still closed and won’t open until at least Thursday.

As European leaders get together again today, our traders appear to be adjusting to the drama, as our futures are flashing little green arrows at this point. Adjusted for fair value, the S&P 500 futures are higher by about 9 points, the Dow futures are up 67 and the NASDAQ futures are about 14 points above fair value.

July 6, 2015

Welcome to a new week in the ongoing political and economic soap opera known as the Eurozone. After Greek voters overwhelmingly backed their leaders yesterday, one of those leaders, the Finance Minister, resigned. That should leave the door open to more negotiations with creditors. Nevertheless, the news has European markets lower this morning.

If you’re looking for some good news, there is some – as long as you’re not long oil stocks. Crude oil is more than 4 percent lower this morning.

And if you’re looking for the deal of the morning, look again to the healthcare insurance sector. In a sector that looks like it will soon be down to three big providers, Aetna and Humana are getting together in a 34 billion dollar deal. Humana shares are about 3 percent higher pre-market while Aetna shares are lower by about 5 percent.

Another big winner of the morning is Weight Watchers, which had lost over 85 percent of its value since November. Weight Watchers shares are more than 30% higher this morning on interest from a private equity firm.

Our futures are significantly, but not dramatically lower this morning. Right now, adjusted for fair value, the S&P 500 futures are lower by about 17½ points, the Dow futures are down 146 and the NASDAQ futures are about 35 points below fair value.

July 2, 2015

It may only be Thursday, but as far as the Labor Department is concerned, it’s Jobs Friday. At 8:30 the Monthly Employment Report will get pushed up from the first Friday of the month to the first Thursday due to the Independence Day Holiday tomorrow. Expect that 230,000 new jobs came into being last month, mostly all in the private sector, with the Unemployment Rate holding at 4.5 percent.

Average hourly earnings are expected to have increased by only two-tenths of a percent. Weekly Jobless Claims are expected to hold right around last week’s level of 271,000.

Merger mania continues in the health care sector. This morning it’s in the managed health care segment as Centene will acquire Healthnet in a 6.3 billion dollar deal. It values Heathnet at a 21 percent premium to yesterday’s closing price. Centene shares are also bid higher pre-market.

Tesla shares are up about 4 percent on a report that sales were up more than 50 percent from a year ago.

The Shanghai Index in China is off another 4 ½ percent today. Europe is a mixed picture, but pretty much unchanged in front of Sunday’s Greek referendum.

Right now, adjusted for fair value, the S&P 500 futures are higher by about 5 points, the Dow futures are up about 32 and the NASDAQ futures are about 11 points above fair value.

July 1, 2015

You may have thought that the curtain came down on the latest Grecian drama yesterday when they failed to pay the International Monetary Fund amounts due on their debt. Sorry, that was just the intermission. This morning, the Greek Government has made another proposal to creditors. It doesn’t meet the creditors’ latest demands, the Germans have already basically said “thanks, but no thanks.”

Bottom line is that negotiations continue, Sunday’s Greek referendum is still on, and nothing is likely to be settled for at least another week. Still, stock traders are taking the latest offer as a positive, at least for now.

There is one big merger cooking today. Swiss insurer Ace is acquiring Chubb Insurance. It’s a 28 billion dollars deal, that values Chubb at 124 .13 per share. Chubb shares are almost 34 percent higher premarket. Ace share are higher by about 11 percent.

Four significant economic numbers are on the way this morning and we try to stuff five days of data into a four day week.

The roller coaster otherwise known as the Chinese stock market dropped 5 percent overnight, but Europe is solidly higher.

Our very strong open yesterday faded as the day went on. We’ll see if today follows suit, but at this point, adjusted for fair value, the S&P 500 futures are higher by about 17 points, the Dow futures are up about 169 and the NASDAQ futures are nearly 41 points above fair value.

WJR August 2015 Reports
WJR June 2015 Reports

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