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GoPro Soars on Second Day of Trading; Japan Takes a Dip on Inflation Data
Today's financial recap and tomorrow's financial outlook.
Minyanville Staff    

The day started off on a weak note, with S&P 500 (INDEXSP:.INX) futures down following weakness in Japan.

The Nikkei 225 (INDEXNIKKEI:NI225) closed down 1.4% as inflation data was slightly disappointing. Excluding the impact of a sales tax increase, Japan's May consumer price index rose 1.4%, below the 1.5% expected.

The Bank of Japan is attempting to spark inflation to improve the Japanese economy, and since Japanese stocks have risen sharply since April, the bar was high.

We had one US economic data point. The final reading for the June University of Michigan Consumer Sentiment Survey was 82.5, barely edging out the 82.0 consensus.

Stateside, the standout Index was the Russell 2000 (INDEXRUSSELL:RUT), which rose 0.7%.

However, the action in the Russell was influenced by a rebalancing at the Friday close. Researchers from Credit Suisse expect about $42 billion worth of equities will be traded as a result, compounded by traders looking to game possible outcomes.

By comparison, the S&P rose just 0.2%, with notable weakness in the materials, energy, and healthcare sectors.

Housing stocks did fairly well on an earnings beat by homebuilder KB Home (NYSE:KBH), which was up 4.5%.

Sports camera maker GoPro (NASDAQ:GPRO) had another huge day. After rising 31% on Thursday's IPO, it was up another 14.1% on Friday to close out the week at $35.76.

Athletic footwear maker Nike (NYSE:NKE) rallied 1.1% after reporting better-than-expected fourth-quarter revenue and earnings. Worldwide future orders also impressed and surpassed analysts' expectations.

Chemical maker Dupont (NYSE:DD) had a rough day, dropping 3.3% to $65.44 after cutting second-quarter and full-year earnings guidance due to weakness in its agricultural and performance chemical segments.

Tomorrow's Financial Outlook

A few key international economic numbers will be reported on Sunday and early Monday, namely German retail sales for May, the June Euro-Zone CPI, followed by Canada's GDP report.

In the US, we'll receive the June Chicago PMI at 9:45 a.m. ET Monday, followed by May Pending Home Sales at 10:00 a.m. There are no major companies reporting earnings.

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.

GoPro Soars on Second Day of Trading; Japan Takes a Dip on Inflation Data
Today's financial recap and tomorrow's financial outlook.
Minyanville Staff    

The day started off on a weak note, with S&P 500 (INDEXSP:.INX) futures down following weakness in Japan.

The Nikkei 225 (INDEXNIKKEI:NI225) closed down 1.4% as inflation data was slightly disappointing. Excluding the impact of a sales tax increase, Japan's May consumer price index rose 1.4%, below the 1.5% expected.

The Bank of Japan is attempting to spark inflation to improve the Japanese economy, and since Japanese stocks have risen sharply since April, the bar was high.

We had one US economic data point. The final reading for the June University of Michigan Consumer Sentiment Survey was 82.5, barely edging out the 82.0 consensus.

Stateside, the standout Index was the Russell 2000 (INDEXRUSSELL:RUT), which rose 0.7%.

However, the action in the Russell was influenced by a rebalancing at the Friday close. Researchers from Credit Suisse expect about $42 billion worth of equities will be traded as a result, compounded by traders looking to game possible outcomes.

By comparison, the S&P rose just 0.2%, with notable weakness in the materials, energy, and healthcare sectors.

Housing stocks did fairly well on an earnings beat by homebuilder KB Home (NYSE:KBH), which was up 4.5%.

Sports camera maker GoPro (NASDAQ:GPRO) had another huge day. After rising 31% on Thursday's IPO, it was up another 14.1% on Friday to close out the week at $35.76.

Athletic footwear maker Nike (NYSE:NKE) rallied 1.1% after reporting better-than-expected fourth-quarter revenue and earnings. Worldwide future orders also impressed and surpassed analysts' expectations.

Chemical maker Dupont (NYSE:DD) had a rough day, dropping 3.3% to $65.44 after cutting second-quarter and full-year earnings guidance due to weakness in its agricultural and performance chemical segments.

Tomorrow's Financial Outlook

A few key international economic numbers will be reported on Sunday and early Monday, namely German retail sales for May, the June Euro-Zone CPI, followed by Canada's GDP report.

In the US, we'll receive the June Chicago PMI at 9:45 a.m. ET Monday, followed by May Pending Home Sales at 10:00 a.m. There are no major companies reporting earnings.

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
GoPro Soars on Second Day of Trading; Japan Takes a Dip on Inflation Data
Today's financial recap and tomorrow's financial outlook.
Minyanville Staff    

The day started off on a weak note, with S&P 500 (INDEXSP:.INX) futures down following weakness in Japan.

The Nikkei 225 (INDEXNIKKEI:NI225) closed down 1.4% as inflation data was slightly disappointing. Excluding the impact of a sales tax increase, Japan's May consumer price index rose 1.4%, below the 1.5% expected.

The Bank of Japan is attempting to spark inflation to improve the Japanese economy, and since Japanese stocks have risen sharply since April, the bar was high.

We had one US economic data point. The final reading for the June University of Michigan Consumer Sentiment Survey was 82.5, barely edging out the 82.0 consensus.

Stateside, the standout Index was the Russell 2000 (INDEXRUSSELL:RUT), which rose 0.7%.

However, the action in the Russell was influenced by a rebalancing at the Friday close. Researchers from Credit Suisse expect about $42 billion worth of equities will be traded as a result, compounded by traders looking to game possible outcomes.

By comparison, the S&P rose just 0.2%, with notable weakness in the materials, energy, and healthcare sectors.

Housing stocks did fairly well on an earnings beat by homebuilder KB Home (NYSE:KBH), which was up 4.5%.

Sports camera maker GoPro (NASDAQ:GPRO) had another huge day. After rising 31% on Thursday's IPO, it was up another 14.1% on Friday to close out the week at $35.76.

Athletic footwear maker Nike (NYSE:NKE) rallied 1.1% after reporting better-than-expected fourth-quarter revenue and earnings. Worldwide future orders also impressed and surpassed analysts' expectations.

Chemical maker Dupont (NYSE:DD) had a rough day, dropping 3.3% to $65.44 after cutting second-quarter and full-year earnings guidance due to weakness in its agricultural and performance chemical segments.

Tomorrow's Financial Outlook

A few key international economic numbers will be reported on Sunday and early Monday, namely German retail sales for May, the June Euro-Zone CPI, followed by Canada's GDP report.

In the US, we'll receive the June Chicago PMI at 9:45 a.m. ET Monday, followed by May Pending Home Sales at 10:00 a.m. There are no major companies reporting earnings.

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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