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Market Matters:

Concerns Over Europe and China weigh On The Market
by by Staff Writers

July 1, 2010

In After Hours Trading

APOL CBK SCHN XRTX beat estimates. SWHC met estimates. Yahoo (YHOO) expands their buyback of stock.

What's Happening This Morning

Asia and Europe lower. S&P 500 and NASDAQ 100 futures are lower by -1.10 and -4.00. Brent Crude is at $73.88 from $75.94 with gold at $1242 from $1245 and natural gas at $4.55 from $4.49. The Up Dollar ETF (UUP) closed at $25.06 which was no change. Currencies see the Yen at 87.83 from 88.70 with the Pound at .67 and Euro at .81. The 20 Year Treasury ETF (TLT) closed at $101.75 higher by 0.67%. High yield bonds and corporate investment grade bonds mixed.

Earnings Expected

Earnings due after the close include DMAN FLOW. Taser (TASR) guides lower.

Rags & Mags: Inside Wall Street

NY Times reports on the strength of Latin America. Petrobras (PBR) to get hit by government efforts to control it. WSJ reports Microsoft (MSFT) to shutter its phone called Kin. Ford (f) pays down debt by $4 billion more.

Reported Earnings This Morning

Earnings of note this morning. MSM STZ beat estimates.

Data Points

Yesterday saw stocks rise and fall on the NYSE. NASDAQ saw rise and fall. The S&P 500 remains below its 50 day moving average and its 200 day moving average. The 10 day spread moving average of breadth has been weak in the past ten days but just turned to neutral and we moved back to invested on the Madison Market Timing Indicator on 5/10/10.

Economics

Jobless Claims are due this morning at 8:30. May Construction Spending is due at 10:00 a.m. and is expected to come in at a drop of -0.7% from 2.7% in April. Also, June ISM Index is due out at the same time and expected to slip to 59.00 from 59.70.

Politico

Conference & Analyst Meetings

Analyst meetings include GIS. Updates from CTIC SBS SHO SSCC. Qualcomm (QCOM) holds its developers conference.

Conference of Note

M & A News

Key Upgrades and Downgrades

Firm Upgrades Downgrades
JP Morgan    
Goldman Sachs    
Morgan Stanley    
Deutsche Bank    
Citigroup    
Barclays    
Wachovia/Wells Fargo    
Credit Suisse    
Banc of America    
UBS    
Lazard    
Merrill Lynch    
Jefferies    
Oppenheimer    
RBC    
Bernstein    
Stifel Nicolaus    
Morgan Keegan    
Keefe Bruyette    
Friedman Billings    
Baird    
Needham    
Cowen    
PiperJaffray    
Thomas Weisel    
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    
Think Equity    
Merriman    
Pali    
BMO Capital    
Benchmark    
Jesup & Lamont    
Macquarie    
Canaccord Adams    
RBS    
MKM    

 

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