37656655 BNY DuPont Model

8/8/2019 37656655 BNY DuPont Model

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Nicholas Colas (Chief Market Strategist): 212 448 6095 or [email protected] Clark: 212 448 6085 or [email protected]

Beth Reed: 212 448 6096 or [email protected]

U.S. EQUITIES

In tech land, shares of AAPL were up 0.8% after BMO raised its target price to $320 from $315, while YHOO added 4.7% on news it does not intend to sellits 39% stake in Chinese internet firm Alibaba Group. Chip stocks struggled after Goldman Sachs downgraded MU (-4.5%) to Neutral from Buy, citingPC market weakness due to an increase in tablet sales. Homebuilders BZH (-7.3%), HOV (-2.0%) and PHM (-2.1%) tumbled as mortgage applications fell8.9% last week and sellers cut home price for a 3rd straight month. Shares of MA soared 5.2% after the company predicted its EPS will grow at acompound annual rate of +20% for 2011 through 2013.

Important Conferences/Corporate Meetings Today:Bank of America Merrill Lynch Media, Comm & Entertainment Conf. Newport Beach, CABank of America Merrill Lynch Global Healthcare Conference London, GBBarclays Financial Services Conference New York, NYCredit Suisse Credit Products Conference Miami, FLCredit Suisse Chemicals Conference New York, NY

Deutsche Bank Technology Conference San Francisco, CAG7: Think Equity Growth Conference New York, NYLongbow Research Industrial Manufacturing & Tech Investor Conference New York, NYStifel Nicolaus Healthcare Conference Boston, MA

Important Earnings Today (with Estimates) From

Source: Thomson ONE

Three Day (High 1127.00; Low 1109.00):Prior Day SPX (High 1126.46; Low 1114.63; Close 1125.07):

S&P Futures

One Day (High 1121.50; Low 1109.00):

FDX: $1.21 MLHR: $0.26

ORCL: $0.35 PIR: $0.12Source: Bloomberg


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Nicholas Colas (Chief Market Strategist): 212 448 6095 or [email protected] Clark: 212 448 6085 or [email protected]

Beth Reed: 212 448 6096 or [email protected]

FIXED INCOME

Source: Bloomberg

Todays Important Economic Indicators/Events (with Consensus):Producer Price Index (8:30am EST): 0.3%

o Excluding food & energy: 0.1%Jobless Claims (8:30am EST): 455 KCurrent Account (8:30am EST)Treasury International Capital (9:00am EST)Philly Fed Survey (10:00am EST): 3.8Elizabeth Duke speaks at 9:30am ESTTim Geithner speaks at 10:00am EST

Source: Bloomberg

Ten-year Treasury notes fell for the first time in 3 days on Wednesday, as investors speculated Japan will purchase shorter-term U.S. sovereign debt afterselling the yen for the first time in 6 years. The yen slid 3% against the dollar to 85.58 after reaching a 15-year high of 82.88 earlier in the week. Two-year Treasury yields dropped 2bps, while 5-year securities were flat on the day.


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37656655 BNY DuPont Model

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