US Futures Green - Watch IBM, KO, EBAY, PM, TSLA, ZION


The S&P 500 Futures remain on the upside after they closed higher yesterday

Charts (1)

The S&P 500 Futures remain on the upside after they closed higher yesterday, with surging technology stocks pushing the Nasdaq 100 Index to another record close.

Later today, the Federal Reserve Bank of Chicago will post June National Activity Index (4.00 expected).

European indices are accelerating up after the European Union leaders reached an agreement on a 750 billion euros stimulus package. The recovery plan includes 390 billion in grants for the states hardest hit by the pandemic and 360 billion in loans. The U.K. Office for National Statistics has reported June public sector net borrowing at 34.8 billion pounds, vs 34.7 billion pounds expected.

Asian indices closed in the green. This morning, official data showed that Japan's National CPI grew 0.1% on year in June (as expected).

WTI Crude Oil futures are rebounding. Later today, API would release the change of U.S. oil stockpile data for July 17.

Gold climbed to a nine-year high on bets of more stimulus measures.
Gold rose 9.45 dollars (+0.52%) to 1827.22 dollars.

The US dollar is still consolidating on EU recovery fund and progress regarding a COVID-19 vaccine.
The dollar index fell 0.08pt to 95.754.

U.S. Equity Snapshot

IBM (IBM), an IT company, released second quarter adjusted EPS of 2.18 dollars down from 3.17 dollars a year ago, on revenue of 18.1 billion dollars down from 19.2 billion dollars last year. Those figures beat estimates, sending the shares higher in extended trading.

Source: TradingView, Gain Capital

Coca-Cola (KO), the soft drinks giant, posted second quarter comparable EPS down to 0.42 dollar, above estimates, from 0.63 dollar a year earlier.

eBay (EBAY), the global electronic commerce platform, and Adevinta "entered into a definitive agreement for eBay to transfer its Classifieds business to Adevinta for a total consideration valued at approximately 9.2 billion dollars, based on the closing trading price of Adevinta shares on July 17. As part of the transaction, eBay will receive 2.5 billion dollars in cash and approximately 540 million Adevinta shares which would represent an equity stake of approximately 44% based on the number of Adevinta's outstanding shares, as of the end of the second quarter, and about 33.3% voting stake."

Philip Morris International (PM), a manufacturer of tobacco products, expects full-year adjusted EPS between 4.92 and 5.07 dollars, above current consensus.

Tesla (TSLA), the electric-vehicle maker, was downgraded to "market perform" from "market outperform" at JMP Securities.

Zions Bancorporation (ZION), a regional bank, disclosed second quarter EPS of 0.34 dollar, just below estimates, down from 0.99 dollar a year ago.

More from Equities

Disclaimer: The information on this web site is not targeted at the general public of any particular country. It is not intended for distribution to residents in any country where such distribution or use would contravene any local law or regulatory requirement. The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. Any references to historical price movements or levels is informational based on our analysis and we do not represent or warranty that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.

Futures, Options on Futures, Foreign Exchange and other leveraged products involves significant risk of loss and is not suitable for all investors. Losses can exceed your deposits. Increasing leverage increases risk. Spot Gold and Silver contracts are not subject to regulation under the U.S. Commodity Exchange Act. Contracts for Difference (CFDs) are not available for US residents. Before deciding to trade forex and commodity futures, you should carefully consider your financial objectives, level of experience and risk appetite. Any opinions, news, research, analyses, prices or other information contained herein is intended as general information about the subject matter covered and is provided with the understanding that we do not provide any investment, legal, or tax advice. You should consult with appropriate counsel or other advisors on all investment, legal, or tax matters. References to or GAIN Capital refer to GAIN Capital Holdings Inc. and its subsidiaries. Please read Characteristics and Risks of Standardized Options.

Open an Account