Daily Wrap

DJIA -42.55 (-0.28%) to 14,932.41;S&P 500 -0.88 (-0.05%) to 1,614.08;NASDAQ -1.09 (-0.03%) to 3,433.40

The S&P 500 started today looking as though it was going to recover well from yesterday’s late day sell of but again around Noon EST the market lost momentum and declined into 2:30 Pm EST where there was then a bottom and late day small rally which took the major indexes near flat for the day but well off the highs.  In economic data, Total Vehicle sales bested expectations coming in at 16M units sold and tomorrow ADP employment numbers come in with an estimate of 161K.  The official jobs data numbers will not be out until Friday in observance of the July 4th holiday.

Zynga (ZNGA) followed up upon yesterday’s strong outing with another solid day closing 6.51% higher after announcing that Don Mattrick, for head of video games at Microsoft (MSFT) would become new CEO.  ANGA closed off the highs of the day but is a name to watch on any consolidation or pullback here.

Shares of Ferro (FOE) lost over 10% after A. Schulman (SHLM) announced on their conference call that they would not be looking to take over the company any longer.  Often times the acquirer will gain on the day as they will not be laying out the cash for the acquisition but in this case SHLM also reported lack luster earnings and guidance which  took it down over 4% on the day.

One specific company to note in the aforementioned Total Vehicles sales beat was Ford (F) which sales rose 13% from the same period last year and F shares closed up 2.8% at a new 52 week closing high.  F could have more upside in the short term, but I would be quick with it as it is very possible this is an ending last thrust 1-2 points higher which then leads to a more prolonged consolidation or decline.

The following noteworthy companies are scheduled to report earnings before tomorrow’s open: ISCA

In analyst notes today, we will make it the Jefferies day after they made multiple downgrades in the Gold sector.  Barrick Gold (ABX) was downgraded to Hold with $14 price target while Goldcorp (GG), Kinross Gold (KGC) and Nemont Mining (NEM) were downgraded to Underperform with $19, $3.75 and $18 price targets respectively.