Courtesy of Benzinga.
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Macro Focus
U.S. stock futures traded lower in early pre-market trade. Futures for the Dow Jones Industrial Average tumbled 126 points to 17,121.00, while the Standard & Poor’s 500 index futures fell 15 points to 2,003.50. Futures for the Nasdaq 100 index dropped 36 points to 4,225.75.
European markets were lower today, with the Spanish Ibex Index falling 1.17 percent, STOXX Europe 600 Index dipping 2.84 percent and German DAX 30 index dropping 1.90 percent. The UK’s FTSE index was trading lower by 1.52 percent, while French CAC 40 Index fell 1.80 percent.
Oil prices traded lower as Brent crude futures dropped 0.81 percent to trade at $48.08 per barrel, while US WTI crude futures also fell 0.97 percent to trade at $47.21 a barrel.
BZ News Desk Focus
Carnival (NYSE: CCL) is scheduled to report it latest results on Tuesday. The Street is anticipating earnings of $0.38 per share on revenue of $3.68 billion. The company has beat estimates in its last four quarters.
General Mills (NYSE: GIS) is due out on Wednesday, with the Street looking for EPS of $0.60 on revenue of $3.86 billion.
Darden (NYSE: DRI) will reports its earnings on Thursday. The owner of Olive Garden and Longhorn Steakhouse, among others, is expected to report EPS of $1.08 on revenue of $1.82 billion.
Sell-Side Themes
JPMorgan downgraded Lloyd’s (NYSE: LYG), RBS (NYSE: RBS) and Barclays (NYSE: BCS), calling them most exposed to the United Kingdom’s Brexit fallout.
Sell-Side’s Most Noteworthy Calls
Bank of America downgraded Maxim Integrated (NASDAQ: MXIM) to Neutral.
Goldman Sachs upgraded Rio Tinto (NYSE: RIO) to neutral.
Deutsche Bank upgraded Hawaiian Holdings (NASDAQ: HA) to Buy.
Wedbush initiated coverage on Clearside Biomedical (NASDAQ: CLSD) at Outperform.
Deal Talk
Energy Transfer Equity (NYSE: ETE) shares rose over 5 percent after a Delaware judge decided the company could walk away from its $20 billion+ takeover of Williams Companies (NYSE: WMB) without a penalty.
Skullcandy (NASDAQ: SKUL) disclosed that on June 24, it received an unsolicited proposal from Mill Road Capital to buy all the outstanding shares of the company for $6.05 a share. Later, the bidder also filed its proposed through Schedule 13D with the SEC. The company indicated that it would review the proposal.
In The News
George Soros, whose 1992 wager against the pound made hedge fund history, didn’t repeat the bet ahead of sterling’s record tumble on Friday. Soros was long the currency before Britain’s vote to leave the European Union, and didn’t “speculate against sterling while he was arguing for Britain to remain,” a spokesman said in an e-mailed statement. “Because of his generally bearish outlook on world markets,” Soros did profit from other investments.
The Telegraph reported Google and its parent company Alphabet (NASDAQ: GOOG) are working on its own branded phone that will also launch its move into the hardware business.
Disney (NYSE: DIS)/Pixar’s animated follow-up to its 13-year-old “Finding Nemo” earned another $73 million this weekend, bringing its domestic total to $286 million. Twenty-First Century Fox (NASDAQ: FOXA) “Independence Day: Resurgence” finished in second place with $41 million, which is nowhere near the record-breaking totals put up by the original 20 years ago.
Blogosphere
“Were you ‘positioned’ for Brexit?” the Reformed Broker asked. “Other than a handful of hedge funds and some wildly contrarian prop traders, who boldly fought the trend into Thursday’s close, the answer is probably not.”
Trending
GWPH BCS RBS CS FB TLT DB ETE HTWR LABU WMB RYAAY XBI CCL ABX FINL GOLD ZYNE [StockTwits]
#Wimbledon Top seed Novak Djokovic will begin the defense of his title when the tournament begins today. Seven-time champion Roger Federer and French Open winner Garbine Muguruza also kick off the tournament on day one.
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