Barchart Morning Call

The UK Jun Markit PMI manufacturing unexpectedly rose +0.5 to 57.5, better than expectations of -0.2 to 56.8 and the fastest pace of expansion in 7 months.


Today's June ISM manufacturing index is expected to show a +0.4 point increase to 55.8, adding to May's +0.5 point increase to 55.4. Today's June total vehicle sales report is expected to fall back to 16.3 million units after posting a 7-1/3 year high of 16.70 million in May. There are two of the Russell 1000 companies report earnings today: Acuity Brands (consensus $1.12), Paychex (0.40). There are no equity conferences this week.


Goldman Sachs upgraded Netflix (NFLX  -0.33%) to 'Buy' from 'Neutral' and raised their price target on the stock to $590 from $380.

BofA/Merrill lowered Goldman Sach's (GS  +0.40%) Q2 EPS estimate to $3.00 from $3.44, vs. consensus of $3.16 and Morgan Stanley's (MS +2.47%) Q2 EPS estimate to 54 cents from 63 cents, vs. consensus of 58 cents to reflect lower trading revenues and mixed capital markets activity.

FBR Capital reiterated its 'Outperform' rating on Hanesbrands (HBI +0.19%) and raised their price target on the stock to $111 following the company's acquisition of DBApparel.

Urban Outfitters (URBN  +0.36%) was downgraded to 'Neutral' from 'Outperform' at Wedbush.

Symantec (SYMC  +0.57%) was downgraded to 'Market Perform' from 'Outperform' at BMO Capital.

Martin Marietta (MLM  -0.14%) will replace U.S. Steel (X  +0.08%) in the S&P 500 as of the close of trading today.

Boeing (BA  -1.02%) was awarded a $1.94 billion fixed-price-incentive-fee government contract for the full rate production of 11 Lot 38 F/A-18E aircraft for the U.S. Navy and 33 EA-18G aircraft for the U.S. Navy and the government of Australia.

Northrop Grumman (NOC  -0.86%) was awarded a $3.64 billion government contract modification for the procurement of 25 full rate production E-2D Advanced Hawkeye aircraft.

Bloomberg reports that BNP Paribas (BNPQY  +0.40%) agreed to plead guilty to processing transactions involving Sudan, Iran and Cuba and will pay $8.8 billion in fines.

Expedia (EXPE  -0.24%) was initiated with an 'Outperform' at Oppenheimer with a price target of $90.

Goldman Sachs (GS  +0.40%) was downgraded to 'Market Perform' from 'Outperform' at Bernstein.

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