Chinese exports to the U.S. fell sharply last month
Dow Jones Industrial Average (DJI) futures are trading above fair value this morning, as the blue-chip index tries for a fourth straight win. Futures on the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) are also signaling higher starts to the first full week of trading this month. Amid a relatively light economic calendar -- a reading on July consumer credit is due this afternoon -- traders are eyeing data from overseas, including a sharp drop in Chinese exports to the U.S. last month, as well as an unexpected rise in German exports in July.
Continue reading for more on today's market, including:
- Ciena stock flashes reliable bull signal.
- Goldman: This is "the most compelling value" in snack stocks.
- Plus, AT&T pops on Elliott Management buzz; the Chinese stock set to soar 50%; and the casino stock Deutsche Bank is buying.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw 1.02 million call contracts traded on Friday, compared to 577,475 put contracts. The single-session equity put/call ratio rose to 0.56, while the 21-day moving average dipped to 0.69.
- AT&T Inc. (NYSE:T) stock is up 7.3% ahead of the bell, set to open at an annual peak at $38.85. Paul Singer's Elliott Management disclosed a $3.2 billion stake in the telecom name, and said it thinks T shares could reach $60 per share. The stock closed Friday at $36.25.
- Changyou.com Ltd (NASDAQ:CYOU) shares are poised to surge 55% out of the gate, on news China-based internet firm Sohu.com (SOHU) submitted a non-binding proposal to buy the Beijing-based game developer for $10 per American Depositary (ADS) share. This purchase price represents a 68.9% premium to CYOU stock's close at $5.92 on Friday.
- Deutsche Bank upgraded Las Vegas Sands Corp. (NYSE:LVS) to "buy" from "hold," saying bearish Macau gaming sentiment has created an attractive risk/reward setup for the casino stock. LVS stock also saw its price target cut to $62 from $71 at Jefferies, but is trading up 1.8% ahead of the bell.
- Ctrip.com (CTRP) will report earnings after the close.
Brexit Drama Weighs on U.K. Stocks
Asian markets were mostly higher today on a flurry of economic data. The Shanghai Composite in China saw the biggest gains, up 0.8%, after a surprise 1% drop in exports for August buoyed investors' hopes for additional stimulus measures. Japan’s Nikkei tacked on 0.6% after a downwardly revised 1.3% rise in second-quarter gross domestic product (GDP), which arrived in line with market estimates. Elsewhere, South Korea’s Kospi rose 0.5% on lingering U.S.-China trade optimism, while Hong Kong's Hang Seng dipped 0.04%, as ongoing protests continue to kick up dust.
Markets in Europe are mostly lower at midday, with senior Cabinet official Amber Rudd stepping down over the weekend due to a lack of Brexit progress, just ahead of Prime Minister Boris Johnson's meeting today with his Irish counterpart in Dublin to discuss the controversial "backstop" component of the deal. London’s FTSE 100 is down 0.6% in response to a rising pound, while the French CAC 40 has slipped 0.2%. The German DAX, on the other hand, is 0.3% higher, boosted by a better-than-forecast 0.7% rise in exports for July.