The heat is on across much of the country, but the same can’t be said of Wall Street. U.S. stocks are coming off a mixed session following the Fed’s extension of Operation Twist, and stock index futures are pointing to a lower open this morning. However, yesterday’s fractional gain for the Nasdaq Composite did give that index a five-session winning streak.
Today marks the week’s busiest day for economic data, starting with the Labor Department’s weekly look at initial jobless claims at 8:30am ET. Economists are forecasting claims of 385,000 for the week ending June 16, which would be down slightly from the prior week’s 386,000.
At 10am ET, the National Association’s report on May existing home sales is expected to show a 1.5 percent drop to an annual rate of 4.55 million units, following a 3.4 percent increase in April.
We’ll also be getting the Philadelphia Fed’s monthly index and the Conference Board’s Index of
Leading Economic Indicators at 10am ET. The Philly Fed index is seen coming in at -2.3 for June, a slightly less negative reading than May’s -5.8. And consensus forecasts call for the LEI to be unchanged for May after falling 0.1 percent in April.
At 10:30am ET, the Energy Department will issue its weekly look at natural gas inventories.
ConAgra (CAG) and CarMax (KMX) are among the notable companies on an otherwise light earnings calendar. Both companies will issue their quarterly numbers before today’s opening bell.
Micron Technology (MU) is a stock to watch this morning after the chipmaker reported a wider than expected quarterly loss. Micron lost $0.32 per share for its third quarter, compared to estimates of $0.20. An increase in memory chip prices was not enough to make up for weak profit margins from its flash memory products.
Onyx Pharmaceuticals (ONXX) has gotten a positive FDA panel recommendation for an experimental blood cancer drug. The full FDA usually, but not always, follows the recommendations of its panels.
Bed Bath & Beyond (BBBY) shares could be under pressure today, despite a first quarter earnings beat. The retailer did earn $0.89 per share for the quarter, five cents above estimates, but its current quarter outlook of $0.97 - $1.03 per share is below Street estimates of $1.08.
Red Hat (RHT) – The Linux software provider earned $0.30 per share, excluding certain items, for the first quarter, three cents above estimates. But its stock came under pressure in the after-hours session on weaker than expected billings. That measure – revenue that Red Hat doesn’t recognize until it actually provides the services – were up 16 percent, short of analyst estimates.
Murphy Oil (MUR) has named board member Steve Cosse as its new President and Chief Executive Officer. He’ll replace David Wood, who is retiring following a 17-year career at Murphy.
Johnson & Johnson (JNJ) is reportedly close to settling a Justice Department probe into off-label marketing of its antipsychotic drug Risperdal. The Wall Street Journal reports the settlement could be $1.5 billion or higher, which would be one of the highest payments ever in a drug marketing case.
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