Futures indicate a higher open for the mkt as May Retail Sales checked in at 1.4% (consensus 0.6%) and Sales ex-auto came in at 1.3% (consensus 0.7%) to further suggest that consumer spending remains healthy. Futures had been trading higher, but pulled back on the mkt's sensitivity for stronger than expected data to potentially diminish the likelihood of a Fed rate cute. However, the data also pushed bond yields lower, and futures began rallying again shortly thereafter. Dow futures are currently +64; Nasdaq futures are currently +8.2; S&P futures are currently +7.7.
Notable pre-market Calls include Upgrades: BBI and BMY at Citi, RDY at Credit Suisse; Downgrades: AL at Bear Stearns... On the Earnings calendar: CASY, CSC and SEH are confirmed to report after the close... On the Economic calendar, Apr Business Inventories (consensus 0.3%) will be released at 10:00ET, while the Fed's Beige Book will be released at 14:00ET
Gapping down on weak earnings/guidance: HS -4.2%... Other news: BSX -7.8% (judge rules that some product liability claims can proceed against BSX), LJPC -5.2% (initiated with a Sell at Lazard), IDIX -4.2% (continued weakness after yesterday's ~7% sell-off, downgraded to Hold at Maxim), NFLX -2.6% (continued weakness following yesterday's BBI competitive pricing news).
Gapping up on strong earnings/guidance: LWSN +10.2%, SAPE +9.0%... Other news: BBI +5.1% (upgraded to Buy at Citigroup), ILMN +4.2% (receives order for 75th genome analyzer, upgraded to Strong Buy at Matrix), RDY +3.9% (upgraded to Outperform at Credit Suisse), ACLI +3.5% (bounces after yesterday's ~10% decline), NBIX +3.4% (announces resubmission of new drug application for Indiplon capsules), RTP +3.0% (Forbes.com reports RTP unit Coal & Allied declares 'force majeure' on number of sales deals), MT +2.6% (Shareholders approve all resolutions on the agenda of MT co's annual general meeting), OMTR +1.9% (announces pricing of public offering of common stock at $18.15).
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