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Market Matters:

Futures lower this morning as Wall Street Waits For the Unemployment Numbers
by Geoff Garbacz

July 2, 2009

In After Hours Trading

DMAN beat estimates after the close.

What's Happening This Morning

S&P 500 and NASDAQ futures -5.50 and -8.80 at 7:40 EDT. Brent Crude is at $67.71 from $70.74 with gold at $933.00 from $930.50 and natural gas at $3.74 from $3.84. The Up Dollar ETF (UUP) was lower by -0.50% and closed at $23.78. Yen is at 96.67 from 96.86 with the Pound at .61 and Euro at .71. Asia and Europe lower.

Earnings Expected

None expected after the close.

Rags & Mags: Inside Wall Street

New York Times reports Morgan Stanley (MS) is being penalized for not taking risk last year like rivals JPM and GS. Ford car sales fell only 11% from June 2008. WSJ reports manufacturing could rise in the U.S. in the second half of the year however jobs remain weak.

Reported Earnings This Morning

MEI MSM beat estimates this morning.

Data Points

Yesterday saw 2206 stocks rise and 775 fall on the NYSE. NASDAQ saw 1776 rise and 865 fall. The S&P 500 is back above its 50 day moving average and the 200 day moving average. A golden cross has been formed and needs to solidify.

Economics

Job’s Thursday instead of Job’s Friday. The unemployment rate is expected to rise to 9.6% from 9.4%. Nonfarm Payrolls are expected to fall to -350,000 from -340,000.

Politico

None of note.

Conference & Analyst Meetings

Analyst meetings SNY. Updates from DSCO.

Conference of Note

M & A News

Exelon (EXC) increases bid for NRG Energy (NRGY) buy 12%. Lear Corp (LEA) to file for bankruptcy.

Key Upgrades and Downgrades

Firm Upgrades Downgrades
JP Morgan ASTI ESLR SPWRA FSLR
Goldman Sachs    
Morgan Stanley    
Deutsche Bank TTM JCI SRE
Citigroup   WPPGY
Barclays    
Wachovia    
Credit Suisse MTL  
Banc of America    
UBS   DYN
Lazard    
Merrill Lynch    
Jefferies    
Oppenheimer    
RBC    
Bernstein    
Stifel Nicolaus    
Morgan Keegan    
Keefe Bruyette    
Friedman Billings    
Baird    
Needham  
Cowen    
PiperJaffray    
Thomas Weisel EXFO  
American Technology    
Raymond James    
CIBC    
Dresnder    
Key Banc    
HSBC Securities    
Ladenburg Thalmann  
William Blair    
Collins Stewart    
Sun Trust RH    
Kaufman    
Brean Murray    
JMP Securities    
Wedbush    
Argus    
Morgan Joseph    
BB&T    
ING    
Roth    
Janney Montgomery    
Susquehanna    

 

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