• Not yet a year into his presidency, Brazilian President Michel Temer is facing a major bribery scandal that has sent Brazilian stocks tumbling:
  • Twitter Inc (TWTR) shares jumped 2 percent after cofounder Biz Stone announced he is returning to work for the company full-time. Why are investors so optimistic about Stone’s return? Here’s a look at a few ways he could light a fire under Twitter:
  • Amazon.com, Inc. (AMZN) has become known as the everything store. That’s why it’s no surprise recent reports have stated the company is interested to get into the pharmacy space: Link
  • Corium International (CORI) shares have been white hot over the past 10 days, rising more than 30 percent since the company reported positive preliminary results in the clinical study of its Corplex Donepezil Alzheimer’s Disease (AD) product candidate:
  • Robert Mueller’s bulletproof reputation as a relentless, by-the-book investigator virtually guarantees a rigorous and wide-ranging investigation of President Donald Trump’s ties to the Kremlin, the former FBI director’s supporters say: Link

THE WALL STREET JOURNAL

  • President Donald Trump said Thursday that an investigation of his campaign’s possible ties to Russia is a “witch hunt” and should be quickly brought to a close, but the appointment of a special counsel and recent grand jury subpoenas suggest a federal criminal probe is expanding to include other suspicious activity and countries: Link
  • A loophole is helping gig-economy workers, online sellers and home-sharing hosts cheat on their taxes: Link
  • U.S. financial authorities are looking into the Russian government’s growing leverage over Citgo Petroleum Corp. amid heightened concern that the Kremlin is seeking to use energy as a political weapon against the U.S., according to U.S. and congressional officials: Link
  • International Business Machines Corp. (IBM) is giving thousands of its remote workers in the U.S. a choice this week: Abandon your home workspaces and relocate to a regional office—or leave the company: Link

REUTERS

  • U.S. Treasury Secretary Steven Mnuchin told lawmakers on Thursday that he has some doubts that what are known as alternate scoring models will give enough credit to the potential for economic growth when assessing the impact of the Trump administration’s tax planLink
  • Uber has threatened to fire an engineer accused by Alphabet’s self-driving Waymo unit of stealing confidential documents in a high profile trade secrets case between the two companies, according to a court filing: Link
  • Suitors including private equity firms KKR & Co LP (KKR), Bain Capital and U.S. chip maker Broadcom Ltd are lining up for Toshiba Corp’s semiconductor business, sources familiar with matter said ahead of a deadline for second-round offers on Friday: Link

    BLOOMBERG

  • Legendary short seller Jim Chanos lambasted a “dysfunctional” Trump administration, saying the markets hope that Vice President Michael Pence becomes presidentLink
  • Rep. Jason Chaffetz announced Thursday he will resign from Congress next month, saying a “mid-life crisis” had compelled him to step away from his chairmanship of the House Oversight Committee just as it is poised to investigate President Donald Trump’s firing of the FBI director: Link
  • Greece’s latest economic reforms will be key to winning debt relief that unleashes years of pent-up investment and finally ends its economic crisis. Or the austerity will crush the economy and send the government cap-in-hand for another bailout: Link
  • Melco Crown Philippines Resorts Corp. is the best-performing casino stock in the world this year. To punters playing baccarat at the company’s City of Dreams venue in Manila, that’s no surprise: Link

NY POST

  • JCPenney (JCP) is aiming to give “hot sheets” new meaning. The mall anchor is getting into the hotel business, selling bedsheets, towels, curtains and even mattresses to the lodging industry, the retailer said on Tuesday: Link

CONSUMER

Gap (GPS) Reports Q1 EPS $0.36 vs $0.29 Est., Sales $3.4B vs $3.39B Est., Comps Up 2%

Ross Stores (ROST) Reports Q1 EPS $0.82 vs $0.80 Est., Sales $3.3B vs $3.27B Est., Comps Up 3%

Foot Locker (FL) Reports Q1 EPS $1.36 vs $1.38 Est., Sales $2.001B vs $2.02B Est., Comps Up 0.5%
McKesson (MCK) Reports Q4 Adj. EPS $3.42 vs $3 Est., Sales $48.7B vs $49.5B Est.
Sportsman’s Warehouse (SPWH) Reports Q1 Adj. EPS $(0.08) vs $(0.06) Est., Sales $156.9M vs $153.9M Est.

ENERGY

Warrior Met Coal (HCC) Reports Q1 Adj. EPS $2.22, Sales $254M

INDUSTRIALS

Deere (DE) Reports Q2 EPS $2.49 vs $1.56 in Same Qtr. Last Year, Sales $8.287B vs $7.31B Est.

FINANCIALS

HEALTHCARE

Del Mar Pharmaceuticals (DMPI) Reports Q3 EPS $(0.18) vs $(0.15) Est.

TECHNOLOGY

Quality Systems (QSII) Reports Q4 Adj. EPS $0.21 vs $0.19 Est., Sales $132.4M vs $128.5M Est.
Autodesk (ADSK) Reports Q1 Adj. EPS $(0.16) vs $(0.24) Est., Sales $486M vs $470.4M Est.
Salesforce (CRM) Reports Q1 Adj. EPS $0.28 vs $0.26 Est., Sales $2.39B vs $2.35B Est.
Globant (GLOB) Reports Q1 Adj. EPS $0.27 In-line With Est., Sales $88.7M vs $87.72M Est.

ECONOMIC FIGURES

09:15 a.m. FOMC Member Bullard Speaks

10:30 a.m. ECRI Weekly Annualized (WoW)

10:30 a.m. ECRI Weekly Index

1:00 p.m. Baker Hughes Oil Rig Count

Analyst & Shareholder Meetings

  • 9:30 a.m. TravelCenters (TA)
  • 10:00 a.m. Yum Brands (YUM)
  • 10:00 a.m. CBS (CBS)
  • 10:30 a.m. Aetna (AET)
  • 11:00 a.m. Cato Co. (CATO)
  • 11:00 a.m. J.C. Penney (JCP)
  • 11:00 a.m. Macy’s (M)
  • 12:00 p.m. Mattel (MAT)

UPGRADES

  • Jefferies Upgraded Palo Alto Networks (PANW) from Hold to Buy
  • Oppenheimer Upgraded Lumber Liquidators (LL) from Perform to Outperform
  • BMO Upgrades Walmart (WMT) From Underperform to Market Perform

DOWNGRADES

  • RBC Downgraded Symantec(EXPE) from Outperform to Sector Perform
  • Deutsche Bank Downgraded Buckle (BKE) from Hold to Sell
  • Macquarie Downgrades Pandora (P) From Outperform to Neutral

Deal Talk

  • Energy Transfer Partners (ETP) Makes Tender Offer To Purchase PennTex Midstream Partners For $20/Unit Cash
  • Vistra Energy Corp. (VST) has made a takeover approach to debt-laden rivalDynegy Inc. (DYN), according to people familiar with the matter at the Wall Street Journal, a tie-up that would create one of the country’s largest independent power producers.

US OPTIONS RECAP

  • CDNS Cadence Des Jun 34.0 Calls Sweep: 817 @ ASK $0.30: 1554 traded vs 2094 OI: Earnings 7/24 After Close (est) $32.38 Ref

     

  • FRED Fred’s Jul 12.5 Puts Sweep: 3000 @ ASK $1.576: 3020 traded vs 473 OI: Earnings 5/25 Before Open (est) $13.60 Ref

     

  • YRCW YRC Worldwide Jun 8.0 Calls: 9600 @ ASK $0.54: 10k traded vs 64 OI: Earnings 7/27 After Close (est) $8.04 Ref