News Summary for July 20, 2011
This is your Benzinga news summary and traders' outlook for Wednesday, July 20, 2011, covering headlines from overnight and Wednesday's pre-market session.
Today in domestic pre-market trading, U.S. equity futures are trading higher after several blue-chip companies reported positive quarterly earnings. The U.S. dollar is trading lower this morning as the Euro rises over 0.4%.
JP Morgan raised Chipotle Mexican Grill's (NYSE: CMG) price target to $320 from $300, Jefferies lowered Yahoo!'s (NASDAQ: YHOO) price target to $18 from $21, and Goldman Sachs raised Apple's (NASDAQ: AAPL) price target to $525 from $485. View all other analyst ratings here.
Overseas, European markets were mixed this morning. Britain's FTSE 100 rose about 0.6% and France's CAC 40 gained 0.8% on the session. Asian stocks were mixed on the session as well. China's Shanghai Index shed 0.1%, Japan's Nikkei 225 added 1.2%, and Hong Kong's Hang Seng Index added 0.5%.
On the economic calendar today, MBA mortgage applications came in at 15.5% versus a -5.1% prior reading. Existing home sales for the period of June is set to be reported at 10:00 a.m.
On the commodity front, gold and silver futures are lower in pre-market trading, with gold under $1600 per ounce, currently around $1589.60. Energy futures are higher with crude oil up about 1% on the session, nearing the $100 per barrel level, and gasoline trading about 0.5% higher on the session; likewise, natural gas futures are up over 0.5%. Finally, copper futures are trading flat on today's pre-market session.
On the earnings front, airline giant AMR (NYSE: AMR) reported Q2 EPS of $(0.85) on revenues of $6.1 billion; The Street was looking for $(0.75) per share on revenues of $6.12 billion.
Also, United Tech (NYSE: UTX) reported Q2 EPS of $1.45 on revenues of $15.1 billion; The Street was looking for $1.41 per share on revenues of $14.7 billion.
This concludes your news summary for July 20, 2011.
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.