Morning Call For June 29, 2015

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) May pending home sales (expected +1.4% m/m and +11.6% y/y after April's +3.4% m/m and +13.4% y/y), and (2) Jun Dallas Fed manufacturing outlook (expected +4.8 to -16.0 after May's -4.8 to -20.8).

None of the Russell 1000 companies report earnings today.

U.S. IPO's scheduled to price today include: none.

Equity conferences this week include: Nasdaq Investor Program Conference on Tue

OVERNIGHT U.S. STOCK MOVERS

Qualcomm (QCOM -0.90%) was downgraded to 'Sell' from 'Hold' at Drexel Hamilton.

JPMorgan Chase (JPM +0.44%) downgraded to Perform from Outperform at Oppenheimer.

Ternium (TX -1.08%) was downgraded to 'Neutral' from 'Buy' at BofA/Merrill Lynch.

Tesla shares (TSLA -0.63%) have 'substantially' more upside, says Credit Suisse.

Synaptics (SYNA -3.90%) was upgraded to 'Outperform' from 'Perform' at Oppenheimer.

Chesapeake (CHK +0.45%) was upgraded to 'Buy' from 'Underperform' at Sterne Agee CRT.

Ryder (R -0.67%) and Old Dominion (ODFL -0.23%) were both upgraded to 'Buy' from 'Hold' at Stifel.

Macy's(M +0.98%) was downgraded to 'Sell' from 'Buy' at Deutsche Bank.

LifePoint (LPNT +0.59%) was upgraded to 'Buy' from 'Neutral' at Mizuho.

LinkedIn (LNKD -0.90%) filed to sell 3.57 million shares of Class A common stock for holders.

First Light Asset reported a 5.16% passive stake in Streamline Health (STRM +6.93%) .

J.B. Hunt (JBHT -0.12%) will replace Integrys Energy (TEG +0.70%) in the S&P 500 as of the close of trading on Tuesday, June 30.

MARKET COMMENTS

September E-mini S&Ps (ESU15 -1.01%) this morning are down -23.50 points (-1.12%) at a 1-1/2 month low. Friday's closes: S&P 500 -0.04%, Dow Jones +0.31%, Nasdaq -0.66%. The S&P 500 on Friday rebounded from a 1-week low and closed little changed. The main supportive factor was the +1.5 point increase in the final-June U.S. consumer sentiment index, better than expectations of unchanged at 94.6 and the highest level in 5 months. The main negative factor was the decline in tech stocks sparked by an -18% plunge in shares of Micron after it reported weaker-than-expected sales and earnings.

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Disclosure: None.

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