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For July 13, 2015, here are your stock market futures, earnings reports, top stock market news, and stocks to watch…
Stock Futures Today
U.S. stock futures for Monday, July 13, surged more than 118 points from Friday's close on news that Greece has reached a last-minute deal with international creditors to address its debt crisis. The deal will force Greece to submit much of its sovereignty to international creditors in order to secure an 86 billion euro bailout package to prevent a default and possible exit from the European Union.
It will be interesting to see how Greek voters react after its prime minister, who was voted in on an anti-austerity platform, reversed course and accepted a bailout deal after 61% of its citizens voted against accepting austerity measures. As Money Morning Special Contributor Michael Lewitt explains, the deal is just another sign that idiocy has no borders and that ultimately the other shoe is going to drop when the markets wake up.
On Friday, the Dow surged 211 points on widespread optimism that Greece was approaching a deal with international creditors to avoid a default.
Top News in the Stock Market Today
- The Dow Jones Industrial Average Today: This morning, a light data calendar will place greater focus on Greece's decision to accept roughly $95 billion over three years. This is the third bailout package for the country in five years and will require Prime Minister Alexis Tsipras to enact unpopular provisions in his country like pension cuts, budget cuts, and a value-added tax. Meanwhile, investors are still parsing through comments made by Federal Reserve Chairwoman Janet Yellen, who said on Friday that the central bank will likely hike interest rates in 2015 despite concerns about fundamentals in the U.S. labor market.
- Oil Outlook: Oil prices slid this morning on news that Iran and Western nations are growing increasingly close to reaching a deal over Iran's nuclear program. The deal would allow Iranian crude exports to return to the global markets, raising concerns about oversupply on the market. WTI crude futures for August slipped more than 1.8% to hit $51.77 per barrel. Meanwhile, Brent oil prices dipped 1.9% to hit $57.62 per barrel.
- Earnings Reports: Companies reporting earnings on Monday include Bank of The Ozarks Inc. (Nasdaq: OZRK), Westamerica Bancorp. (Nasdaq: WABC), Cubic Corp. (NYSE: CUB), and Aerojet Rocketdyne Holdings Inc. (Nasdaq: AJRD).
Pre-Market Movers in the Stock Market Today: LMT, UTX, FIT, MWE
- Pre-Market Movers No. 1, LMT: U.S. defense giant Lockheed Martin Corp.. (NYSE: LMT) is reportedly in advanced discussions to purchase the Sikorsky helicopter unit from United Technologies Corp. (NYSE: UTX). The deal, which could be announced in the coming week, is expected to be worth a little more than $8 billion. It would be the company's largest deal in nearly 20 years, after the company purchased Martin Marietta Corp. for nearly $10 billion. Shares of UTX were down marginally in pre-market hours.
- Pre-Market Movers No. 2, FIT: Shares of Fitbit Inc. (NYSE: FIT) jumped more than 2% on news that Barclays Plc. (NYSE: BCS) began coverage of the fitness technology company and provided the stock an "equal weight" rating.
- Pre-Market Movers No. 3, MWE: Shares of MarkWest Energy Partners LP (NYSE: MWE) surged more than 16% on news that the company will merge with Marathon Oil Corp.'s (NYSE: MRO) master-limited partnership MPLX Inc. (NYSE: MPLX). The cash-and-stock deal is expected to be worth roughly $16.28 billion.
Stocks to Watch Today: AAPL, ASNA
- Stocks to Watch No. 1, AAPL: Shares of Apple Inc. (Nasdaq: AAPL) gained more than 1.2% this morning on news that Canaccord Genuity Group Inc. (OTC: CCORF) issued a research report indicating the tech giant is dominating the global smartphone industry. According to Canaccord's research, Apple earned 92% of all profits generated by the smartphone sector's top eight manufacturers. Meanwhile, the company received an upgrade from "Hold" to "Buy" by investment firm Societe Generale SA (OTCMKTS ADR: SCGLY).
- Stocks to Watch No. 2, ASNA: Shares of Ascena Retail Group Inc. (Nasdaq: ASNA) slumped more than 11% this morning on news that the specialty retailer slashed its 2015 earnings outlook. The company said that a strong dollar and weak same-store sales fueled the downward revision.
Today's U.S. Economic Calendar (all times EDT)
- 4-Week Bill Announcement at 11 a.m.
- 3-Month Bill Auction at 11:30 a.m.
- 6-Month Bill Auction at 11:30 a.m.
- Treasury Budget at 2 p.m.
What Investors Must Know This Week
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.