Before the Open (Jul 10)

Good morning. Happy Monday. Hope you had a good weekend.
The Asian/Pacific markets closed mixed. Japan, India and Singapore did well; New Zealand, Indonesia and the Philippines posted losses. Europe currently leans to the upside, but movement is minimal. Turkey, Denmark, Switzerland and Italy are doing the best. Futures in the States point towards a positive open for the cash market.
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Podcast – with Chat With Traders
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The dollar is up. Oil, which was up about 50 cents overnight, is now down about 50 cents. Copper is flat. Gold and silver are down. Bonds are up.
We enter this new week with the market being in better shape than many investors think. Two big down days the last two weeks have created a little doubt – and they should – but the charts remain in good shape.
There’s nothing wrong with the index charts, and the indicators are either doing well or are neutral. There’s nothing that tells me a big move down is coming right now. Some additional weakness to build on what’s taken place the last month? Sure. But there’s nothing that tells me something truly bad is brewing beneath the surface.
The biggest thing to follow right now is the rotation of money. Money has come out of tech and into financials. Leadership has changed, but the overall market, while increasing in volatility, hasn’t changed much.
Stock headlines from barchart.com…
Nvidia (NVDA +2.29%) is up over 1% in pre-market trading after Needham & Co. reiterated their ‘Buy’ rating on the stock with a price target of $200, saying the company’s deal with Toyota will generate meaningful revenue over the next 24 months.
HP Inc. (HPQ +0.93%) was upgraded to ‘Buy’ from ‘Neutral’ at Mizuho Securities USA with a price target of $21.
Costco (COST -1.90%) was downgraded to ‘Market Perform’ from ‘Outperform’ at BMO Capital Markets.
Juniper Networks (JNPR +2.37%) was upgraded to ‘Outperform’ from ‘Market Perform at BMO Capital Markets with a price target of $34.
PayPal (PYPL +0.94%) was upgraded to ‘Outperform’ from ‘Market Perform’ at Bernstein with a price target of $61,
Apartment Investment & Management (AIV -0.26%) was downgraded to ‘Underperform’ from ‘Neutral’ at Mizuho Securities USA.
Xilinx (XLNX +1.43%) was upgraded to ‘Buy’ from ‘Hold’ at Jeffries with a price target of $77.
Intel (INTC +0.74%) was downgraded to ‘Underperform’ from ‘Hold’ at Jeffries.
Five Below (FIVE -0.50%) was downgraded to ‘Neutral’ from ‘Buy’ at UBS.
Rockwell Collins (COL +0.91%) boosted its share buyback authorization by $200 million.
Lockheed Martin (LMT +1.51%) was awarded a $5.85 billion contract modification from the U.S. Department of Defense for 74 Joint Strike Fighter jets for fiscal 2017.
Depomed (DEPO +1.50%) slid nearly 1% in after-hours trading after Chief Medical Officer, Dr. Srinivas G. Rao, announced his resignation effective July 31.
LendingClub (LC +1.12%) lost nearly 1% in after-hours trading after the company cautioned holders of its stock against an unsolicited exchange offer from IEG Holdings.
USA Technologies (USAT +2.94%) filed to sell $40 million of its common stock in an underwritten public offering.
Today’s Economic Calendar
10:00 Labor market condition index
12:30 PM TD Ameritrade IMX
3:00 PM Consumer Credit
Other…
today’s upgrades/downgrades from briefing.com
this week’s Earnings from Morningstar
this week’s Economic Numbers/Reports powered by ECONODAY