24/7 Wall St. » FDX

FedEx Acquires French Company, Still Lags UPS (FDX, UPS)

Paul Ausick — Thu, 10 May 2012 13:11:24 +0000

FedEx Corp. (NYSE: FDX) announced this morning that it has signed an agreement to acquire French express transportation company TATEX. The acquisition is subject to regulatory approvals and no details were given on the terms of the acquisition.

FedEx has noted before that it plans to grow organically and to make small acquisitions, such as this one, to complement that internal growth. United Parcel Service Inc. (NYSE: UPS) took a different route to growth, acquiring Dutch firm TNT Express NV for $6.8 billion.

There is virtually no chance that FedEx can make enough acquisitions and integrate the companies acquired fast enough to challenge UPS or market leader DHL in Europe. Of course UPS has its own problems digesting the acquisition of TNT Express.

And both FedEx and UPS were probably counting on a bump in US business following the closure of thousands of post offices. Now that the USPS has come up with a plan to cut services without closing any of the offices, the two giant private carriers are probably re-calibrating 2012 forecasts.

Neither FedEx nor UPS shares are active in pre-market trading this morning.

Paul Ausick

Filed under: Business Services, International Markets, Mergers and Buy Outs, Pre-Market Activity, Transports Tagged: FDX, UPS

24/7 Wall St. Closing Bell (LNKD, FDX, ALL, RHT, SKS, FSLR, SPWR, AES, DUK, EL, WPO, EXC, MSG, AWR, BBEP, DNDN, DISH, LPX, KID, JKS, TSN, BAGL, DLB, BODY)

Paul Ausick — Fri, 04 May 2012 20:07:31 +0000

The major US stock indexes opened lower this morning following a weak report on non-farm payrolls (our coverage here). The lack of any further data to chew over left the markets with nothing to do but worry about slowing growth. Energy stocks led the slide as crude prices continued to fall (more coverage here). The US dollar index rose today, now up 0.35% at 79.495. The GSCI commodity index is down about -1.3% at 6769.36, with commodities mixed on the gains for the dollar. WTI crude oil closed down -4.6% at $97.81/barrel, its lowest level since mid-February, and Brent crude trades down -2.48% at $113.20/barrel. Gold settled up 0.6% today, at $1,645.20/ounce.

The unofficial closing bells put the DJIA down more than 168 points to 13,038.04 (-1.28%), the NASDAQ fell nearly 68 points (-2.25%) to 2,956.34, and the S&P 500 fell -1.62% or more than 22 points to 1,369.09.

There were several analyst upgrades and downgrades today, including LinkedIn Corp. (NYSE: LNKD) target price raised to $140 at Susquehanna; FedEx Corp. (NYSE: FDX) raised to ‘strong buy’ at Raymond James; The Allstate Corp. (NYSE: ALL) raised to ‘overweight’ at Barclays; Red Hat Inc. (NYSE: RHT) started as ‘outperform’ at BMO; and Saks Inc. (NYSE: SKS) reiterated ‘buy’ and target price of $14 at Argus.

Earnings reports since markets closed last night have led to some price changes as of the last half hour of trading today: First Solar Inc. (NASDAQ: FSLR) is down -6% at $16.98 after posting a new 52-week low of $16.80 earlier today (more solar coverage here); SunPower Corp. (NASDAQ: SPWR) is down -2.1% at $5.58; AES Corp. (NYSE: AES) is down -0.7% at $12.13 (more utilities coverage here); Duke Energy Corp. (NYSE: DUK) is up 0.9% at $21.60; Estée Lauder Companies Inc. (NYSE: EL) is down -5.8% at $60.44 (more coverage here); The Washington Post Co. (NYSE: WPO) is down -5.4% at $355.88; Exelon Corp. (NYSE: EXC) is down -0.7% at $38.54; and The Madison Square Garden Co. (NASDAQ: MSG) is up 3.7% at $37.87 after posting a new 52-week high of $38.38..

On Monday we get earnings from American States Water Co. (NYSE: AWR), Breitburn Energy Partners L.P. (NASDAQ: BBEP), Dendreon Corp. (NASDAQ: DNDN), Dish Network Corp. (NASDAQ: DISH), Louisiana Pacific Corp. (NYSE: LPX), Kid Brands Inc. (NYSE: KID), Jinkosolar Holding Co. Ltd. (NYSE: JKS), and Tyson Foods Inc. (NYSE: TSN).

Other standouts from today include the following stocks:

Einstein Noah Restaurant Group, Inc. (NASDAQ: BAGL) is up 19.9% at $16.84 after posting a new 52-week high of $17.68 earlier today. The bagel maker and restaurateur reported strong earnings and said it would begin to explore strategic options.

Dolby Laboratories Inc. (NYSE: DLB) is up 17.5% at $44.22. The company reported strong earnings and has signed a deal with Microsoft Corp. (NASDAQ: MSFT). More coverage here.

Body Central Corp. (NASDAQ: BODY) is down -47.8% at $15.11. The young women’s apparel seller reported poor earnings and forecast more of the same until at least back-to-school season.

Stay tuned for Monday. We have noted the following events on the schedule (all times Eastern):

11:30 a.m. – 3- and 6- month bill auction
3:00 p.m. – Consumer credit report

Have a great weekend.

Paul Ausick

Filed under: HI/LOW, Market Close Tagged: AES, ALL, AWR, BAGL, BBEP, BODY, DISH, DLB, DNDN, DUK, EL, EXC, FDX, FSLR, JKS, KID, LNKD, LPX, MSG, RHT, SKS, SPWR, TSN, WPO

Top Analyst Upgrades & Downgrades (AIR, ALL, EPD, FDX, FSLR, HON, JDSU, LNKD, BIN, RHT, SKS, SFY, SPRD, SPWR, TRLG, VCLK, WFM)

Administrator — Fri, 04 May 2012 12:24:05 +0000

These are some of the top analyst upgrades, downgrades and initiations seen in Wall Street research calls this Friday.

AAR Corporation (NYSE: AIR) named Bear of the Day at Zacks.

The Allstate Corporation (NYSE: ALL) Raised to Overweight at Barclays.

Enterprise Products Partners. LP (NYSE: EPD) Started as Outperform at Credit Suisse.

FedEx Corporation (NYSE: FDX) Raised to Strong Buy at Raymond James.

First Solar Inc. (NASDAQ: FSLR) maintain HOLD with $20 target at Canaccord Genuity.

Honeywell International (NYSE: HON) named Bull of the Day at Zacks.

JDS Uniphase Corporation (NASDAQ: JDSU) Reiterated Buy with $17 target at Argus.

LinkedIn Corporation (NYSE: LNKD) target raised to $140 at Susquehanna.

Progressive Waste Solutions Ltd. (NYSE: BIN) Cut to Neutral with $23 target at Credit Suisse.

Red Hat, Inc. (NYSE: RHT) Started as Outperform at BMO.

Saks Inc. (NYSE: SKS) Reiterated Buy and $14 target at Argus.

Spreadtrum Communications (NASDAQ: SPRD) Reiterated Buy and raised target to $21 at Canaccord Genuity.

SunPower Corporation (NASDAQ: SPWR) Raised to Hold at ThinkEquity.

Swift Energy Company (NYSE: SFY) Reiterated Buy but cut target to $40 at Canaccord Genuity.

True Religion Apparel, Inc. (NASDAQ: TRLG) named value stock of the day at Zacks.

ValueClick, Inc. (NASDAQ: VCLK) Raised to Buy at S&P Capital IQ (late-Thursday call).

Whole Foods Markets, Inc. (NASDAQ: WFM) Raised to Overweight at JPMorgan.

If you enjoyed the top analyst upgrades and downgrades, you can join our free email newsletter that includes analyst summaries each morning sent right to your inbox. We also cover top issues such as IPOs, special financial exclusives, mergers and more. Sign up in the box below.

JON C. OGG

Filed under: Analyst Calls Tagged: AIR, ALL, BIN, EPD, FDX, FSLR, HON, JDSU, LNKD, RHT, SFY, SKS, SPRD, SPWR, TRLG, VCLK, WFM

Lopsided Overseas Package Delivery Battle (FDX, UPS)

Paul Ausick — Tue, 17 Apr 2012 15:28:55 +0000

The country’s second-largest package delivery firm, FedEx Corp. (NYSE: FDX) has revealed that it is in discussions to acquire French express company TATEX. The French firm carriers about 19 million packages annually and turns over about €150 million a year.

Earlier this month Fedex acquired a Polish express company, Opek Sp.z o.o. — an even smaller package delivery company — in a rear-guard action following competitor United Parcel Service Inc.’s (NYSE: UPS) $6.8 billion acquisition of Dutch firm TNT Express NV. German-listed DHL, with a market cap of more than double TNT’s, is probably too big for FedEx to swallow, so the company is forced to make small pickups where it can to try to keep up.

Shares of FedEx are up about 2% at $89.89 in a 52-week range of $64.07-$98.66.

Filed under: International Markets, Large Cap Stocks, Mergers and Buy Outs Tagged: FDX, UPS

Media Digest (3/23/2012) Reuters, WSJ, NYT, FT, Bloomberg

247wallst — Fri, 23 Mar 2012 10:33:49 +0000

Members of Congress face new restrictions on insider trading. (Reuters)

The UAW moves to organize a Volkswagen plant. (Reuters)

A Brazilian oil regulator reports that the leak on a Chevron (NYSE: CVX) rig was not negligence. (Reuters)

President Obama says he will speed approval of the southern half of the Keystone XL pipeline. (Reuters)

Facebook buys 750 patents from IBM (NYSE: IBM). (Reuters)

The SEC will examine whether rapid-fire trading firms have advantages over normal investors. (WSJ)

Bank of America (NYSE: BAC) to test a new plan that allows people with homes in foreclosure to rent them. (WSJ)

Deutsche Telekom’s T-Mobile cuts call centers and employees. (WSJ)

Fedex (NYSE: FDX) sees a slowdown in its global traffic. (WSJ)

American Airlines parent AMR will ask a judge to allow it to reject current labor contracts. (WSJ)

General Motors (NYSE: GM) prepares to close two plants in Europe. (WSJ)

Bernanke says low real estate rates did not fuel the housing bubble. (WSJ)

The Internal Revenue Service will sharply increase audits of those making more than $1 million, as well as those making over $500,000. (WSJ)

Eurozone gross domestic product continues to contract. (WSJ)

Rising mortgage rates hurt EU economies. (WSJ)

New energy production moves America toward energy independence. (NYT)

Spain’s borrowing costs rise above 5.5% for 10-year notes. (FT)

The European Commission recommends that the area’s firewall fund balance be raised to 940 billion euros. (FT)

US Airways (NYSE: LCC) has approached AMR creditors about a takeover of the troubled airline. (Bloomberg)

Bernanke says that, without higher household spending, the economic rebound will remain slow. (Bloomberg)

Douglas A. McIntyre

Filed under: Press Digest Tagged: BAC, CVX, FDX, GM, IBM, LCC

What’s Important in the Financial World (2/24/2012) Apple Cash, VW Sales

247wallst — Fri, 24 Feb 2012 11:42:46 +0000

The U.S. Postal Service has begun a cost-cutting process meant to save it $10.5 billion between now and 2015. The first tranche is a consolidation or shuttering of 223 locations. The effect of the move will trigger the loss of 35,000 jobs. However, the postal service’s most aggressive cost reduction plans call for thousands of post offices to be closed and more than 100,000 people to be cut. The problem the USPS faces is that it may be unable to reduce expenses enough as the demand for mail continues to be hurt by email and private delivery services like FedEx (NYSE: FDX).

Oil Prices Still Rising

Oil prices moved higher for the 10th straight day, a streak not matched since 2010. WTI crude has risen above $106. Brent, as calculated in euros, hit an all-time high, passing the 2008 level. In that same year, the oil crisis was considered a likely cause for a very deep recession. The recession came, but oil was not the only, or even primary, cause. Economists and politicians are left with to ponder the problem of rising oil prices triggering huge increases in the price of gasoline. Almost no one thinks that will fail to slow the economy.

VW’s Record Sales

Recent strong earnings from the world’s largest car companies continue. Volkswagen said its 2011 figures were a record. The composition of the sales shows that high-end buyers have no trouble paying large premiums for new cars. And SUVs sold well, a sign that high gas prices have not hit that segment of the market yet. VW said it sold 8.27 million cars and light trucks last year. That places it in a league with General Motors (NYSE: GM) and Toyota (NYSE: TM). But doubts remain that these firms can continue to grow as the EU vehicle market craters and sales in China slow more than expected.

Apple’s Cash Stash

The debate about why Apple (NASDAQ: AAPL) needs $100 billion in cash continued at the firm’s annual meeting. CEO Tim Cook admitted the firm has more cash than it needs, but refused to comment on the corporation’s plans. Shareholders have no leverage to get Apple to part with the money. Apple has done too well, and the return to shareholders based on stock price has been too impressive. Apple has kept a large cash balance for years. The board has decided to hold the money in low-yielding financial instruments over that time. This reveals a certain degree of stubbornness. Cook’s comments offer little assurance that the board will soon relent.

Douglas A. McIntyre

Filed under: 24/7 Wall St. Wire, Market Open Tagged: AAPL, FDX, GM, TM

What’s Important in the Financial World (2/21/2012) FedEx and TNT, Apple and China Telecom

247wallst — Tue, 21 Feb 2012 11:34:01 +0000

Greece got its 130 billion euro bailout. Most media outlets and economists made the same observation about the deal. Greece’s economy continues to contract at a rate of about 6%. Unemployment is above 20%. Greece says it can get its debt-to-GDP ratio below 120% by 2020. Very few people believe that, and the International Monetary Fund apparently has issued a report that states as much. There is another Greek bailout coming or, alternatively, it will be pushed out of the eurozone.

Apple Picks China Telecom

Apple (NASDAQ: AAPL) has added China Telecom as a partner in the People’s Republic. The U.S. company needs the help. Apple’s iPhone market share dropped in the world’s most populous nation last year. It is also in the midst of a trademark dispute with local company Proview. Apple does not have a deal with China’s largest wireless carrier — China Mobile (NYSE: CHL). The company has more than 500 million customers, so it is critical to Apple’s success. But China Mobile does not have a system that is compatible with the iPhone specs. Apple has similar problems in the U.S., where its iPhone and iPad do not run on growing 4G networks. Apple may be involved in trademark and IP challenges, but its products do need to run on the most popular carrier technology.

Brent Crude at $121

Brent crude prices moved to about $121 on news of more trouble with Iranian exports. Some economists and the International Energy Agency say that a sharp drop in supply and increase in prices may happen without badly damaging the economy, particularly in Europe. That is unlikely to be the case for two reasons. The first is that the European Union is a huge net importer of oil. The second is that the region’s gross domestic product is already flat or contracting. Individuals and companies are not in a good position to withstand the inflation that would accompany increases in gas and oil prices.

The Fight for TNT

The fight over the ownership of European shipping firm TNT may only be in the early stages. U.S.-based UPS (NYSE: UPS) made a bid of $6.43 billion. Although this is above the market value of the company, its board rejected the offer. The company must think its can make more money for shareholders on its own, or that there will be at least one more offer. The stock market favors the second theory. FedEx (NYSE: FDX) may think it cannot let a prize as valuable as TNT’s network go to its primary rival.

Douglas A. McIntyre

Filed under: 24/7 Wall St. Wire, Market Open Tagged: AAPL, CHL, FDX, UPS

24/7 Wall St. Closing Bell (FDX, WY, CMA, GLW, RDS-A, IDTI, MCK, PCL, CYOU, HUM, LAZ, L, SYY, SURW, CHUX, SOHU, GBG, DNDN)

Paul Ausick — Mon, 06 Feb 2012 21:07:48 +0000

US equity markets opened lower this morning and never moved into positive territory all day. Greek debt swap negotiations made no discernible progress today and there was no scheduled data on tap to move the market one way or the other. The dollar picked up strength against the euro today, but faltered against the British pound and the Japanese yen. The dollar index rose 0.1385 to 79.051. Crude oil was mixed with WTI crude down -0.76% at $97.10/barrel and Brent crude up 1.39% at $116.17/barrel. Gold closed down -0.9% at $1,724.90/ounce.

The unofficial closing bells put the DJIA down about 17 points to 12,845.20 (-0.13%), the NASDAQ fell almost 4 points (-0.13%) to 2,901.99, and the S&P 500 fell -0.04% or less than 1 point to 1,344.33.

There were several analyst upgrades and downgrades today, including FedEx Corp. (NYSE: FDX) raised to ‘buy’ at BofA/ML; Weyerhaeuser Co. (NYSE: WY) cut to ‘sell’ at UBS; Comerica Inc. (NYSE: CMA) raised to ‘outperform’ at RBS; Corning Inc. (NYSE: GLW) raised to ‘outperform’ at Piper Jaffray; and Royal Dutch Shell plc (NYSE: RDS-A) cut to ‘neutral’ at Credit Suisse.

Earnings reports since markets closed last week have led to some price changes as of the last half hour of trading today: Integrated Device Technology Inc. (NASDAQ: IDTI) is down -0.98% at $6.60; McKesson Corp. (NYSE: MCK) is up 1.71% at $82.18; Plum Creek Timber Co. Inc. (NYSE: PCL) is up 0.32% at $39.81; Changyou.com Ltd. (NASDAQ: CYOU) is down -12.43% at $25.50; Humana Inc. (NYSE: HUM) is down -5.8% at $84.90; Lazard Ltd. (NYSE: LAZ) is down -4.3% at $27.65; Loews Corp. (NYSE: L) is down -0.85% at $38.28; and Sysco Corp. (NYSE: SYY) is down -4% at $29.66.

Other standouts from today include the following stocks:

SureWest Communications (NASDAQ: SURW) is up more than 44% at $22.50 after posting a new 52-week high of $22.69 earlier. The telecom provider has agreed to be acquired by Consolidated Communications Holdings Inc. (NASDAQ: CNSL) for about $341 million, or $23/share.

O’Charley’s Inc. (NASDAQ: CHUX) is up nearly 42% at $9.81 after posting a new 52-week high of $9.88. The company has agreed to be acquired by Fidelity National Financial Inc. (NYSE: FNF) for $221 million, about $9.85/share.

Sohu.com Inc. (NASDAQ: SOHU) is down nearly -15% at $53.61. The Chinese internet company posted solid earnings, but its Q1 forecast was below expectations.

Great Basin Gold Ltd. (AMEX: GBG) is down -11% at $1.05. The junior gold miner reported preliminary results today that were worse than expected and lowered first quarter production estimates.

Dendreon Corp. (NASDAQ: DNDN) is up about 17.6% at $16.66. The drug maker is getting a boost from a negative report on a prostate cancer drug treatment that would compete with Dendreon’s Provenge.

Stay tuned for Tuesday. Federal Reserve chairman Ben Bernanke testifies before Senate Budget Committee. We have noted the following events on the schedule (all times Eastern):

11:30 a.m. – 4- and 52-week Treasury bill auction
3:00 p.m. – Consumer credit report

Paul Ausick

Filed under: 24/7 Wall St. Wire Tagged: CHUX, CMA, CYOU, DNDN, FDX, GBG, GLW, HUM, IDTI, L, LAZ, MCK, PCL, RDS-A, SOHU, SURW, SYY, WY

Top Analyst Upgrades & Downgrades (AVAV, AET, ALU, ANN, CAH, CMA, GLW, FDX, JAKK, M, PNC, PPO, RDS-A, SKX, TEVA, UA, WY)

Administrator — Mon, 06 Feb 2012 13:29:51 +0000

These are some of the top analyst upgrades, downgrades, and initiations seen from Wall Street brokerage and research firms this Monday morning.

AeroVironment, Inc. (NASDAQ: AVAV) Raised to Buy at Goldman Sachs.
Aetna, Inc. (NYSE: AET) named Bull of the Day at Zacks.
Alcatel-Lucent S.A. (NYSE: ALU) Cut to Sell at S&P Equity Research.
Ann Inc. (NYSE: ANN) Cut to Underperform at Barclays.
Cardinal Health Inc. (NYSE: CAH) Reiterated Buy with $52 price target at Argus.
Comerica Inc. (NYSE: CMA) Raised to Outperform at RBC.
Corning Inc. (NYSE: GLW) Raised to Overweight at Piper Jaffray.
FedEx Corporation (NYSE: FDX) Raised to Buy at BofA/ML.
JAKKS Pacific, Inc. (NASDAQ: JAKK) named Bear of the Day at Zacks.
Macy’s Inc. (NYSE: M) named as value stock of the day at Zacks.
PNC Financial Services Group, Inc. (NYSE: PNC) Cut to Market Perform at BMO.
Polypore International Inc. (NYSE: PPO) Raised to Outperform at Baird.
Royal Dutch Shell (NYSE: RDS-A) Cut to Neutral at Credit Suisse.
Skechers U.S.A., Inc. (NYSE: SKX) Raised to Neutral at Stern Agee.
Teva Pharmaceutical Industries (NASDAQ: TEVA) Cut to Equal-weight at Morgan Stanley.
Under Armour Inc. (NYSE: UA) Reiterated Buy with $90 target at Argus.
Weyerhaeuser Company (NYSE: WY) Cut to Sell at UBS.

If you enjoyed the top analyst calls, you can sign up in the box below to join our morning email list to receive news directly in your inbox each morning. We include major analyst upgrades and downgrades, IPO and M&A news, special situation developments, observations on Warren Buffett and key market gurus, as well as special exclusive feature stories.

JON C. OGG

Filed under: 24/7 Wall St. Wire, Analyst Calls Tagged: AET, ALU, ANN, AVAV, CAH, CMA, FDX, GLW, JAKK, M, PNC, PPO, RDS-A, SKX, TEVA, UA, WY

24/7 Wall St. Closing Bell (FDX, BHP, INTC, TSLA, PNRA, MMR, AMTD, WFC, C, CHKP, KUTV, CNVO, VQ, RRD, CCL)

Paul Ausick — Tue, 17 Jan 2012 21:09:27 +0000

The markets opened higher this morning and all three major indexes have managed to hold onto most of their gains of the early morning. The S&P 500 index topped 1,300 for the first time since last summer, but hasn’t been able to remain at that level. The US dollar is trading weaker against the euro, but stronger against both the British pound and the Japanese yen. The dollar index is down a bit more than -0.5% at 81.071. Energy companies have done well today, even though natural gas prices have fallen below $2.50/thousand cubic feet. WTI crude oil is up nearly 2% at $100.62/barrel, while Brent crude is up only fractionally at $111.38/barrel. Gold is up more than 1% at $1,650.70.

The unofficial closing bells put the DJIA up about 60 points to 12,482.22 (0.48%), the NASDAQ rose more than 17 points (0.64%) to 2,728.08, and the S&P 500 rose 0.35% or nearly 5 points to 1,293.66.

There were several analyst upgrades and downgrades today, including FedEx Corp. (NYSE: FDX) cut to ‘hold’ at Jefferies; BHP Billiton Ltd. (NYSE: BHP) started as ‘buy’ at Goldman Sachs; Intel Corp. (NASDAQ: INTC) cut to ‘neutral’ at JPMorgan; Tesla Motors Inc. (NASDAQ: TSLA) raised to ‘buy’ at Wunderlich; and Panera Bread Co. (NASDAQ: PNRA) raised to ‘overweight’ at Morgan Stanley.

Earnings reports since markets closed last Friday have led to some price changes as of the last half hour of trading today: McMoRan Exploration Co. (NYSE: MMR) is up 4.55% at $13.32; TD Ameritrade Holding Corp. (NASDAQ: AMTD) is down -1.72% at $16.02; Wells Fargo & Co. (NYSE: WFC) is up 0.67% at $29.81; Citigroup Inc. (NYSE: C) is down nearly -8% at $28.29; and Check Point Software Technologies Ltd. (NASDAQ: CHKP) is up nearly 8% at $54.93.

Other standouts from today include the following stocks:

Ku6 Media Co., Ltd. (NASDAQ: KUTV) is up nearly 154% at $3.50. The Chinese online video company has signed an agreement with Google Inc. (NASDAQ: GOOG) to offer international viewers a Chinese video channel on YouTube.

Convio Inc. (NASDAQ: CNVO) is up nearly 48% at $15.89, after setting a new 52-week high earlier. The provider of software to non-profit organizations has agreed to be acquired by Blackbaud Inc. (NASDAQ: BLKB) for $16/share, or about $312 million.

Venoco Inc. (NYSE: VQ) is up nearly 31% at $10.05. The independent oil and gas company is being taken private by its CEO. We have more coverage here.

R.R. Donnelly & Sons Co. (NYSE: RRD) is down nearly -16% at $12.12 after posting a new 52-week low of $12.08 earlier. The business services company said revenues for 2011 are going to be lower than expected.

Carnival Corp. (NYSE: CCL) is down nearly -14% at $29.57. The cruise ship operator is sinking following the disaster off the Italian coast that has left 11 dead and 29 missing. We have more coverage here.

Stay tuned for Wednesday. Federal Reserve Bank governor Daniel Tarullo is giving a speech. We have the following events on the schedule (all times Eastern):

7:00 a.m. – Mortgage Bankers Association mortgage applications
8:30 a.m. – Producer price index
9:15 a.m. – Federal Reserve report on industrial production
10:00 a.m. – Housing market index

Paul Ausick

Filed under: HI/LOW, Market Close, The Day Tagged: AMTD, BHP, C, CCL, CHKP, CNVO, FDX, INTC, KUTV, MMR, PNRA, RRD, TSLA, VQ, WFC