• US stock market, economy and companies update (July 21, 2015)

    Yesterday the S&P500 marked a fresh intraday high around 2,132 but did not manage to close a new highs, and this morning US equities are selling off, weighed down by some less-than-stellar earnings reports. The 10-year yield has come in two basis points to 2.351%. As of writing, the DJIA is down 1.09%, the S&P500 is down 0.35% and the Nasdaq is down 0.37%.

    Dow components IBM and Verizon are weighing on the DJIA this morning. Shares of IBM are still down more than 5% after the firm reported its 13th straight quarter of declining revenue growth. Verizon met expectations, however it cut its FY15 revenue growth target and its wireless net adds were lower y/y. Shares of VZ are down 2.6% on the session.

    In other earnings, Regional banks Zion's Bancorp and Regions Financial are up 3.5% and 2.5%, respectively, following solid earnings reports. Regions saw modest growth, while Zions was saw y/y profit and revenue declines, although they were due to the divestment of its last CDOs. Quarterly losses at Baker Hughes were steeper than expected, while revenue was down more than 30% y/y, reflecting the continuing oil slowdown.

    There were press reports out last night that Qualcomm is expected to conduct a sweeping strategic review that will look at the possibility of a breakup, among other options. The reports come after Qualcomm's board has faced pressure from activist Jana Partners, which acquired a $2 billion stake in the firm this spring. Jana wants the firm to consider spin off chip unit. Qualcomm reports third-quarter results after the close of trading on Wednesday. QCOM is up 2% after volatile pre-market moves.

    ***Looking Ahead***
    - 16:30 (US) Weekly API Oil Inventories
    - 17:00 (CO) Colombia May Trade Balance: -$0.8Be v -$1.0B prior; Total Imports: $4.4Be v $4.5B prior
    - 20:30 (TW) Taiwan Jun Unemployment Rate: 3.8%e v 3.75% prior
    - 21:30 (AU) Australia Q2 CPI Q/Q: 0.8%e v 0.2% prior; Y/Y: 1.7%e v 1.3% prior
    - 23:00 (CN) China to sell 5-Year Bonds
    - 23:45 (JP) Japan to sell 20-Year Bonds

    ***Economic data***
    - (PT) Portugal May Current Account Balance: -0.5B v -0.3B prior
    - (IE) Ireland May Trade Balance: 4.0B v 4.6B prior
    - (US) Goldman Economist Chain Store Sales w/e July 18th w/w: +0.3%; y/y: +2.5%
    - (HU) Hungary Central Bank (NBH) cut Base Rate by 15bps to 1.35%, more than expected
    - (US) Weekly Redbook Sales

    [I]Contributed by Trade The News[/I]
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