Your Tuesday Briefing: Dow Futures Jump More Than 80 Points as Turkish Lira Rebounds from All-Time Low

The Dow Jones today projected an 86-point gain in premarket trading as the Turkish lira stabilized after falling roughly 15% over the last week. Turkish authorities moved to boost liquidity in the nation's markets on Monday, injecting around 10 billion lire into the Turkish financial system.

Despite efforts by the nation's central bank, Turkish inflation remains at 16%, well above the central bank's target of 5%. However, Money Morning Resource Specialist Peter Krauth believes that this weakness is setting up a huge profit opportunity in gold…

Here are the numbers from Monday for the Dow, S&P 500, and Nasdaq:

Now here's a closer look at today's Money Morning insight, the most important market events, and stocks to watch.

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Money Morning Insight of the Day

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The Top Stock Market Stories for Tuesday

• Hedge fund manager Carl Icahn has reversed his position on a potential deal between Cigna Inc. (NYSE: CI) and Express Scripts Holding Co. (Nasdaq: ESRX). Icahn is no longer seeking votes against the $52 billion merger. Icahn had previously written a letter that argued Cigna was paying too much for the pharmacy-benefits manager. The turning point came after proxy advisories Glass Lewis & Co. and Institutional Shareholder Services Inc. both issued their public support for the deal.
• Hedge fund manager David Einhorn and his firm Greenlight Capital made a major announcement this morning. The fund has cut its stake in Apple Inc. (Nasdaq: AAPL), Twitter Inc. (NYSE: TWTR), and Micron Technology Inc. (Nasdaq: MU). The updates came in a filing to the U.S. Securities and Exchange Commission and stated his firm's positions at the end of the second quarter.

Three Stocks to Watch Today: HD, TSLA, KO

• Shares of Home Depot Inc. (NYSE: HD) are on the move after the home retail giant reported earnings before the bell. Home Depot said earnings per share came in at $3.05 on top of $30.46 billion in revenue. The average Wall Street estimate was $2.84 on top of $29.98 billion in revenue. The firm also hiked its full-year guidance. Shares of HD stock were up 2.2% in pre-market hours.
• Tesla Inc. (Nasdaq: TSLA) is dominating the news as CEO Elon Musk continues to push the narrative that he will be taking his company private. According to Reuters, Musk has been speaking with Saudi Arabian financiers and others about a deal to de-list Tesla. Meanwhile, Musk is facing a lawsuit from short sellers who claim that Musk's recent announcement of his plan on Twitter last week was part of a broader scheme to undermine their positions. Shares of TSLA were off 0.5% in pre-market hours.
• The Coca-Cola Co. (NYSE: KO) has purchased a minority stake in a sports drink company called BodyArmor. The drink manufacturer is backed by a number of popular athletes, including former Los Angeles Lakers star Kobe Bryant. Terms of the deal were not disclosed.
• Look for additional earnings reports from Tapestry Inc. (NYSE: TPR), Cree Inc. (Nasdaq: CREE), Agilent Technologies Inc. (NYSE: A), Advance Auto Parts Inc. (NYSE: AAP), Brinker International Inc. (NYSE: EAT), Myriad Genetics Inc. (Nasdaq: MYGN), Nordic American Tankers Ltd. (NYSE: NAT), Wheaton Precious Metals Corp. (NYSE: WPM), and Canadian Solar Inc. (Nasdaq: CSIQ).

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