March 19, 2024

Utilities big loser ahead of Jobs data

Index & Sector performance 7/2/14

The Market:

The WSC Scoreboard was relatively flat to mixed with the Dow (DIA), S&P 500 (SPY), and NASDAQ (QQQ) closing slightly higher while the Russell 2000 (IWM) finished 0.35% lower.

In individual sectors, the Utilities (XLU) stood out as the biggest loser finishing 1.99% lower on the day and appears vulnerable to even more downside action after being the leader so far in 2014.  Every stock in the XLU finished down on the day with some finishing down over 3% including Exelon (EXC), FirstEnergy (FE), and Entergy (ETR) down 3.11%, 3.50%, and 3.25% respectively.  All three, FE, EXC, and ETR are not of interest to us at this time but we would consider EXC and ETR as potential long trade candidates if they pullback further or consolidate for a prolonged period.

ADP has not always been the best barometer for what the Jobs number and that may be why there was not much of a reaction when a much better than expected number was posted.  Trader’s will be most interested in tomorrow’s Non-Farm Payroll report and Unemployment rate change which is released at 8:30am ET or an hour before the open.

 

Economic Calendar week of 6/30/14

 

Reporting EPS 7/3/14 Pre-Market:

Only one name we show reporting before the open tomorrow and that is International Speedway Corp. (ISCA).  Estimates are for $0.49.


Analyst Comments:

Upgrades 7/2/14

Downgrades 7/2/14

Initiations 7/2/14

Price Target Changes 7/2/14

Comments are closed.