US stock futures had shown some minor signs on easing on Tuesday; a day after the SPY 500 (+0.69%) hit a fresh record high, fostered by the US-China trade agreement.
Wall Street extended its winning streak to a fourth day amid optimism over the “phase one” pact. The S&P 500’s gains were led by Energy (+1.34%), Utilities (+1.25%) and Healthcare (+1.08%) groups.
However, going forward, sentiment could be dented by a surprise move by British Prime Minister, Boris Johnson, to impose a tight deadline on trade talks with the European Union, as well as ongoing difficulties at Boeing (BA), which has weighed on the Dow Jones Index (DIA).
Ahead, in today’s economic calendar, Tuesday includes; Housing Starts for November at 8:30am EST, Industrial Production for November at 9:15am EST, followed by Job Openings data for October at 10am EST.
In earnings; FedEx (FDX), Jabil (JBL), Cintas (CTAS), Navistar International (NAV) and Pier 1 (PIR) are all scheduled to report today.
TODAY'S TOP HEADLINES
Brexit: British Pound Drops on Risk of No-Deal Brexit. (The WSJ)
The British pound fell on mounting concern that the US may break its ties with the European Union at the end of next year without a fresh trading agreement in place, clouding the nation’s economic prospects.
Today's Economical Announcements.
08:30AM - ★★☆ - Building Permits (Nov) (Previous: 1.461M)
08:30AM - ★★☆ - Housing Starts (Nov) (Previous: 1.314M)
09:15AM - ★★☆ - Industrial Production (Nov) (Previous: -0.8%)
10:00AM - ★★★ - JOLTs Job Openings (Oct) (Previous: 7.024M)
STOCKS IN THE SPOTLIGHT
Pre-Market Movers & News Related Stocks.
Boeing (BA): [NEWS] Will suspend production of its grounded 737 Max jet in January, after continuing delays in obtaining the necessary approvals to return the jet to service.
Navistar (NAV): [EARNINGS] Earned $1.02 per share for its fiscal fourth quarter, 6 cents a share above estimates. Its revenue came in below Wall Street forecasts, however, hurt by lower industry demand and supplier production constraints during the prior quarter.
Unilever (UL): [GUIDANCE] Unilever expects sales growth to be slightly below prior targets for the current year, although the consumer products giant has reaffirmed its earnings outlook.
Guess (GES): [UPGRADE] Upgraded to “outperform” from “market perform” at Cowen, which points to new emphasis by the company on profit margins and free cash flow.
Groupon (GRPN): [DOWNGRADE] Goldman downgraded the deals provider to “sell” from “neutral” noting negative customer trends in both North America and internationally.
Micron Technology (MU): [UPGRADE] Wedbush upgraded the chipmaker to “outperform” from “neutral,” noting an improved pricing environment for memory chips.
Roku (ROKU): [NEWS] Roku Chief Financial Officer Steve Louden will step down from that position. The maker of streaming video devices said Louden would remain until a successor is named.
AMC Entertainment (AMC): [NEWS] Is no longer North America’s largest movie theater operator after Britain’s Cineworld Group, owner of the Regal chain, struck a deal to buy Canadas Cineplex for $1.65 billion.
Novartis (NVS): [NEWS] Abandoned its experimental asthma drug fevipiprant after it failed in late-stage trials. The drugmaker had been regarding the treatment as highly promising.
Meet Group (MEET): [NEWS] Could become a target of ProSieben, according to a Reuters report which said the German broadcaster is exploring the acquisition of the US-based live streaming app developer.
Spark Therapeutics (ONCE): [NEWS] Roche’s acquisition of the drugmaker is expected to be completed today, following news that the Federal Trade Commission had approved the $4.3 billion acquisition. British regulators had given their approval earlier Monday.
Goldman Sachs (GS): [REVIEW] Wells Fargo Securities analyst Mike Mayo increased his price target on Goldman to $280 per share from $240 a share. Mayo notes an improved outlook after a year of transition including new management, and earnings estimates that are above the Street’s consensus.
Bed Bath & Beyond (BBBY): [NEWS] Is replacing six senior executives, with new CEO Mark Tritton saying the move would streamline the company’s decision making.
Netflix (NFLX): [NEWS] Netflix’s Asia-Pacific business is growing at its fastest pace in three years. That’s according to a Securities and Exchange Commission filing detailing growth in the streaming service’s international business.
Fiat Chrysler (FCAU): [NEWS] Boards of Fiat Chrysler and Peugeot parent PSA Groupe are expected to meet today to talk about finalizing an agreement for a planned $50 billion merger of the two automakers.
GAINERS: MAXR, LEA, TSLA, SYNA, PPL
DECLINERS: TPC, IFF, ATNX, NWL
WE WILL SHOW YOU THE WAY!