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T3's Take 3: Yellen Speaks, Earnings Names Win, Biotech Sets Record


Today's financial recap and tomorrow's financial outlook.

Today at T3 Live

T3 Live will be hosting its first annual Finance Festival and you're invited!

The event will be held November 6-8 at the Mayfair Hotel & Spa in Miami, Florida, just minutes from Miami beach.

We'll kick off Friday evening with a VIP dinner followed by a weekend full of insightful keynote discussions, great food, and what promises to be the party of the year!

Click here to learn more about T3 Live's Finance Festival

Yellen Speaks

Fed Reserve Chair Yellen delivered her testimony to the House Financial Panel. She saidd that low oil prices and ongoing employment gains should help continue to increase consumer spending. She also noted that current financial conditions generally remain supportive of growth and monetary policies abroad will help boost global economic growth.

She reiterated that current economic conditions make it appropriate to raise rates within the year. She emphasized that the initial rate hike is not as important as the degree of following rate hikes. While no specific time table was announced, Yellen said that an advantage of starting with a rate hike earlier would be a more gradual rate of increases afterwards.

Trading was relatively unphased by Yellen's speech.

Markets initially rallied but gave back gains as the day progressed.


Today's earnings announcers, comprised mostly of financials, did well today.

US Bankcorp (USB) was the top performer, rallying 3.8% despite an in-line profit.

Bank  of America (BAC) took second place with a 3.2 gain. The company beat EPS consensus by nine cents, with in-line revenue.

BlackRock (BLK) also beat expectations and traded higher.

As a result, banks were the best performing major sector on the day, extending Tuesday's gains.

Biotech Skyrockets

Celgene Corp (CELG) announced after the close yesterday that it would acquire Receptos (RCPT) for $7.2 billion. The move will help CElgene company move into the autoimmune disease market. CELG will pay $232 a share, roughly a 12% premium to yesterday's closing price. Celgene also preannounced impressive second-quarter results.

Celgene finished up 7.0%, and Recepto gained 11.1%.

The move helped boost biotechs with the NASDAQ Biotechnology ETF (IBB) and the S&P Biotech ETF (XBI) both hitting new all-time highs this morning before giving up some gains. IBB managed to finish up 0.7% while XBI rose 0.1%.

Thursday's Financial Outlook

Tomorrow will be a busy day economics-wise, with Fed Chair Janet Yellen continuing her testimony in front of the Senate Banking Panel.

Data-wise, we will see Jobless Claims, the Philly Fed, NAHB Housing Market Index, and Nat Gas Inventories.

In earnings, Citigroup (C), Goldman Sachs (GS), UnitedHealth (UNH), and Google (GOOG) report.

Overseas, the ECB will announces its rate decision, and Greece's Parliament will announce the results of its vote on the bailout program.
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