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Dow Futures Today
Shares of Eli Lilly and Co. (NYSE: LLY) gained more than 4% after one of the company's drugs surpassed goals in two Phase III studies.
Top News in the Stock Market Today
- Stock Market Today: This morning, the University of Michigan will release its Consumer Sentiment Index for June. Economists expect the Index to rise from 90.7 in May to 91.5.
- Failure in Focus: Talks between Greece and its creditors broke down again as the debt-saddled nation continues to reject demands from Germany, France, and other EU nations. The International Monetary Fund (IMF) halted negotiations and sent their entire team home due to the gridlock. Meanwhile, EU leaders are urging Greek leaders to "stop gambling" with their financial future.
- Oil Outlook: Oil prices fell on growing concerns over excess supply, erasing gains from this week fueled by a weaker dollar and declining domestic crude stocks. WTI crude futures for July ticked down 1% this morning to $60.09 per barrel. Meanwhile, Brent oil fell 0.8% to $64.60 per barrel.
- Earnings Reports: Companies reporting earnings this morning include Crown Crafts Inc. (Nasdaq: CRWS) and Synutra International Inc. (Nasdaq: SYUT).
Pre-Market Movers in the Stock Market Today: TWTR, TMUS, DISH, FB
- Pre-Market Movers No. 1, TWTR: Shares of Twitter Inc. (NYSE: TWTR) surged 3.3% in post-market hours yesterday after CEO Dick Costolo announced he will step down July 1. The firm's co-founder Jack Dorsey will become interim CEO while the company seeks a permanent replacement. Shares also received a nice bounce after the company reaffirmed its second-quarter revenue forecast. [Editor's Note: Costelo was ranked No. 3 on our list of the worst CEOs in America. Find out who else made the list here…]
- Pre-Market Movers No. 2, FB: Shares of Facebook Inc. (Nasdaq: FB) were down 0.2% this morning on news activist investor Northstar Asset Management is campaigning to alter the voting rights of founder and CEO Mark Zuckerberg. The investor is pushing to alter the voting structure giving Zuckerberg control of the company through his 54% share of voting power.
- Pre-Market Movers No. 3, TMUS: Shares of T-Mobile US Inc. (NYSE: TMUS) were up more than 6.5% this morning on news Dish Network Corp. (Nasdaq: DISH) is close to securing $10 billion and $15 billion in debt to purchase the cash portion of its current bid for the company. The deal has been speculated for months after AT&T Inc. (NYSE: T) and DIRECTV (Nasdaq: DTV) announced their merger.
Stocks to Watch Today: BOJA, WING, WFM
- Stocks to Watch No. 1, BOJA: Shares of Bojangles Inc. (Nasdaq: BOJA) gained 1.5% yesterday after releasing its first quarterly earnings report. The company showed a per-share adjusted earnings level of $0.17, beating consensus expectations of $0.15. The firm said revenues increased by 19% for the quarter.
- Stocks to Watch No. 2, WING: Shares of Wingstop Inc. (Nasdaq: WING) will be in focus as the company begins trading publicly for the first time ever. The restaurant chain specializing in chicken wings announced its IPO would provide 5.8 million shares at $19 a share – far above its expected range of $12 to $14.
- Stocks to Watch No. 3, WFM: Grocer Whole Foods Market Inc. (Nasdaq: WFM) is getting closer to opening its new sub-chain 365 by Whole Foods Market. The firm announced it will open its stores in 2016 and offer less expensive alternatives to its traditional stores. The locations will also be smaller. Shares were flat this morning, as many analysts worried about how "going smaller and cheaper" is going to help the company's bottom line.
Today's U.S. Economic Calendar (all times EST)
- PPI-Final Demand at 8:30 a.m.
- Consumer Sentiment at 10 a.m.
What Investors Must Know This Week
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About the Author
Garrett Baldwin is a globally recognized research economist, financial writer, and consultant with degrees from Northwestern, Johns Hopkins, Purdue, and Indiana University. He is a seasoned financial and political risk analyst, with a focus on stocks, hedge funds, private equity, blockchain, and housing policy. He has conducted risk assessment projects for clients in 27 countries, and consulted on policy and financial operations for some of the nation's largest financial institutions, including a $1.5 trillion credit fund, a $43 billion credit and auto loan giant, as well as two of the largest Wall Street banks by assets under management.
Garrett joined Money Map Press as an economist and researcher in 2011, specializing in alternative strategies with an emphasis on fundamental and technical analysis.