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Stocks Tread Water on Bad Housing Data
Today's financial recap and tomorrow's financial outlook.
Minyanville Staff    

Chinese stocks rose sharply today after the HSBC China Flash PMI hit 52, an 18-month high.

Stateside, the iShares FTSE/Xinhua China 25 Index ETF (NYSEARCA:FXI) rallied 1.3% to $40.12 following an overnight bounce in the major Chinese indexes.

The situation in Ukraine remains tense. The US State Department said today that it has evidence that Russia was firing artillery at Ukraine's military, and Ukraine's Prime Minister and Cabinet resigned. Meanwhile, Russia denied reports that the two Ukrainian fighter jets that were shot down Wednesday were attacked from within Russia.

Domestic markets were mixed.

The S&P 500 (INDEXSP:.INX) was fractionally positive, but the Russell 2000 (INDEXRUSSELL:RUT) lagged with an 0.16% decline.

Housing stocks were also quite weak, courtesy of negative economic data. June Housing Starts came in at 406,000, well under the 475,000 consensus, while May's figure was revised lower by 12%.

Industrial stocks suffered from Caterpillar's (NYSE:CAT) weak full-year earnings guidance. The construction equipment maker is seeing reduced demand in emerging markets including China and the Middle East.

Shares of Facebook (NASDAQ:FB) rose 5.2% to $74.98 after the company reported significantly better-than-expected second-quarter revenues and earnings.

Other big earnings winners for today included Under Armour (NYSE:UA) and Logitech (NASDAQ:LOGI), while Qualcomm (NASDAQ:QCOM) took a 6.7% hit on its disappointing guidance.

Online real estate company Trulia (NASDAQ:TRLA) surged 32.4% to $53.74 on news reports that it could be acquired by Zillow (NYSE:Z), which also rose sharply.

Similarly, heavily-shorted soda machine maker SodaStream (NASDAQ:SODA) rocketed up 9.5% on a Bloomberg report that the company was in talks to go private.

Tomorrow's Financial Outlook

We'll be busy with earnings again tomorrow morning. Big names reporting include LyondellBasell (NYSE:LYB), Lear (NYSE:LEA), and Xerox (NYSE:XRX).

The June Durable Goods Orders report will be released at 8:30 ET and is likely to move the market in the short-term.

Overseas, England's second-quarter GDP will be reported.

As has been the case in recent days, traders will also be watching for news out of Ukraine as with earnings season looking relatively solid so far, it is the main source of uncertainty.

Twitter: @Minyanville

Follow the markets all day every day with a FREE 14 day trial to Buzz & Banter. Over 30 professional traders share their ideas in real-time. Learn more.
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No positions in stocks mentioned.

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.

Stocks Tread Water on Bad Housing Data
Today's financial recap and tomorrow's financial outlook.
Minyanville Staff    

Chinese stocks rose sharply today after the HSBC China Flash PMI hit 52, an 18-month high.

Stateside, the iShares FTSE/Xinhua China 25 Index ETF (NYSEARCA:FXI) rallied 1.3% to $40.12 following an overnight bounce in the major Chinese indexes.

The situation in Ukraine remains tense. The US State Department said today that it has evidence that Russia was firing artillery at Ukraine's military, and Ukraine's Prime Minister and Cabinet resigned. Meanwhile, Russia denied reports that the two Ukrainian fighter jets that were shot down Wednesday were attacked from within Russia.

Domestic markets were mixed.

The S&P 500 (INDEXSP:.INX) was fractionally positive, but the Russell 2000 (INDEXRUSSELL:RUT) lagged with an 0.16% decline.

Housing stocks were also quite weak, courtesy of negative economic data. June Housing Starts came in at 406,000, well under the 475,000 consensus, while May's figure was revised lower by 12%.

Industrial stocks suffered from Caterpillar's (NYSE:CAT) weak full-year earnings guidance. The construction equipment maker is seeing reduced demand in emerging markets including China and the Middle East.

Shares of Facebook (NASDAQ:FB) rose 5.2% to $74.98 after the company reported significantly better-than-expected second-quarter revenues and earnings.

Other big earnings winners for today included Under Armour (NYSE:UA) and Logitech (NASDAQ:LOGI), while Qualcomm (NASDAQ:QCOM) took a 6.7% hit on its disappointing guidance.

Online real estate company Trulia (NASDAQ:TRLA) surged 32.4% to $53.74 on news reports that it could be acquired by Zillow (NYSE:Z), which also rose sharply.

Similarly, heavily-shorted soda machine maker SodaStream (NASDAQ:SODA) rocketed up 9.5% on a Bloomberg report that the company was in talks to go private.

Tomorrow's Financial Outlook

We'll be busy with earnings again tomorrow morning. Big names reporting include LyondellBasell (NYSE:LYB), Lear (NYSE:LEA), and Xerox (NYSE:XRX).

The June Durable Goods Orders report will be released at 8:30 ET and is likely to move the market in the short-term.

Overseas, England's second-quarter GDP will be reported.

As has been the case in recent days, traders will also be watching for news out of Ukraine as with earnings season looking relatively solid so far, it is the main source of uncertainty.

Twitter: @Minyanville

Follow the markets all day every day with a FREE 14 day trial to Buzz & Banter. Over 30 professional traders share their ideas in real-time. Learn more.
< Previous
  • 1
Next >
No positions in stocks mentioned.

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.

More From Minyanville Staff
Daily Recap
Stocks Tread Water on Bad Housing Data
Today's financial recap and tomorrow's financial outlook.
Minyanville Staff    

Chinese stocks rose sharply today after the HSBC China Flash PMI hit 52, an 18-month high.

Stateside, the iShares FTSE/Xinhua China 25 Index ETF (NYSEARCA:FXI) rallied 1.3% to $40.12 following an overnight bounce in the major Chinese indexes.

The situation in Ukraine remains tense. The US State Department said today that it has evidence that Russia was firing artillery at Ukraine's military, and Ukraine's Prime Minister and Cabinet resigned. Meanwhile, Russia denied reports that the two Ukrainian fighter jets that were shot down Wednesday were attacked from within Russia.

Domestic markets were mixed.

The S&P 500 (INDEXSP:.INX) was fractionally positive, but the Russell 2000 (INDEXRUSSELL:RUT) lagged with an 0.16% decline.

Housing stocks were also quite weak, courtesy of negative economic data. June Housing Starts came in at 406,000, well under the 475,000 consensus, while May's figure was revised lower by 12%.

Industrial stocks suffered from Caterpillar's (NYSE:CAT) weak full-year earnings guidance. The construction equipment maker is seeing reduced demand in emerging markets including China and the Middle East.

Shares of Facebook (NASDAQ:FB) rose 5.2% to $74.98 after the company reported significantly better-than-expected second-quarter revenues and earnings.

Other big earnings winners for today included Under Armour (NYSE:UA) and Logitech (NASDAQ:LOGI), while Qualcomm (NASDAQ:QCOM) took a 6.7% hit on its disappointing guidance.

Online real estate company Trulia (NASDAQ:TRLA) surged 32.4% to $53.74 on news reports that it could be acquired by Zillow (NYSE:Z), which also rose sharply.

Similarly, heavily-shorted soda machine maker SodaStream (NASDAQ:SODA) rocketed up 9.5% on a Bloomberg report that the company was in talks to go private.

Tomorrow's Financial Outlook

We'll be busy with earnings again tomorrow morning. Big names reporting include LyondellBasell (NYSE:LYB), Lear (NYSE:LEA), and Xerox (NYSE:XRX).

The June Durable Goods Orders report will be released at 8:30 ET and is likely to move the market in the short-term.

Overseas, England's second-quarter GDP will be reported.

As has been the case in recent days, traders will also be watching for news out of Ukraine as with earnings season looking relatively solid so far, it is the main source of uncertainty.

Twitter: @Minyanville

Follow the markets all day every day with a FREE 14 day trial to Buzz & Banter. Over 30 professional traders share their ideas in real-time. Learn more.
< Previous
  • 1
Next >
No positions in stocks mentioned.

The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.

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