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Standard & Poor's Announces Changes to U.S. Indices

S&P 500 + SNWwi -Mon 6-30
S&P 600 + SSPwi - BKUNA  Ex Tues 7-1
S&P 400 + LPS wi - RDN Wed 7-2
LPSwi spin of of FIS  Ex Thurs 7-3

Economic
8:30 Durable Orders (May): 0.0% cons.
10:00 New Home Sales (May): 510K cons.
10:30 Crude Inventories: -1242K prior
14:15 FOMC Policy Statement

MBA Purchase Applications
 [Bullet] 7:00 ET 
Durable Goods Orders
[Consensus]
 [Star] 8:30 ET 
New Home Sales
[Report]
 [Bullet] 10:00 ET 
EIA Petroleum Status Report
 [Bullet] 10:30 ET 
FOMC Announcement
 [Star] 2:15 ET
TOP FINANCIAL NEWS
Spectre of inflation over global economy
US stocks hit lowest level in three months

BUSINESS NEWS
After Hours Summary
 COMS up 5.9% on earnings; LCC +0.8% (Union says the US Airways pilots resume contract negotiations -- Bloomberg); ESLR -2.8% (announces offering of $300 mln of senior convertible notes and expected entry into a stock lending agreement and capped call transaction)

Companies trading higher in after hours in reaction to earnings
 JBL +8.6%; AVAV +5.9%; COMS +5.9%; FSII +2.3%...  Companies trading down in reaction to earnings
 SONC -7.3%... 
Companies trading higher in after hours in reaction to news
: UXG +7.4% (announces a "positive" conclusion to phase one drilling at the Palmarito Project); TNB +6.2% (sells minority interest in Leviton Manufacturing for $300 mln; expects after-tax gain of ~$1.70 in Q2); CBF +5.9% 9 declares cash dividend of $0.10, down from previous dividend of $0.15); LCAV +4.7% (announces CFO change, resignation of Alan Buckley); SLAB +3.6% (to acquire Integration Associates; expected to be slightly dilutive to 2008 earnings, accretive in 2009); EPHC +2.1% (approves share repurchase plan and expects to increase total annual cash dividend); PRXL +2.1% (issues inline Q4 guidance and mixed FY09 guidance); PWAV 1.3% (discloses its intention to close its Salisbury, Maryland manufacturing facility); KRNY +1.2% (discloses it it will take a non-cash pre-tax charge to earnings of ~$659k); ETM +1.1% (CEO bought 203.6K shares at $7.35-7.63 on 6/20-6/23); LCC +0.8% (Union says the US Airways pilots resume contract negotiations -- Bloomberg); EFII +0.7% (announces termination of SEC inquiry)... 
Companies trading lower in reaction to news
 STEM -8.1% (files for mixed securities offering of up to $100 mln); ESLR -2.8% (announces offering of $300 mln of senior convertible notes and expected entry into a stock lending agreement and capped call transaction); TGIC -1.9% (it approved transitioning the business of its primary insurance operating subsidiary, Triad Guaranty Insurance Corp); GPK -1.7% (increases prices on coated unbleached kraft grades); PRAA -1.1% (to acquire MuniServices; transaction expected to be immediately accretive to earnings).

Earnings
Before: AM, GIS, ISLE, MON, SMSC

After:  BBBY, CKR, MLHR, NKE, ORCL, RHT, RIMM, XRTX

Events
PRXL Investor Meeting

ACAD, AMRI, RMD, MDZ, CEPH at Jefferies & Co. Annual Healthcare Conference (Day 2 of 3)

AEP, SU, DUK at Argyle Executive Forum Deal Making in the Energy Sector Conf.

ALXA, CROX, TEVA, ANF, CRXX, HOG at Piper Jaffray Europe Conf.

American Bankers Association Forum for Fiduciaries (Day 3 of 3)

ATAI at Citigroup Asia Education Day 2008 – Singapore

ATU, IEX, BRL, ROP, ETM at Wachovia Nantucket Equity Conf.

Consumer Electronics Association Connections Conference (Day 2 of 3)

Dow Jones Newswires Limited Partners Summit

Edison Electric Institute EEI-AGA Accounting Leadership Conference (Day 4 of 4)

EMC Tech Talk: Flash Drives in Enterprise Storage Barry Burke, Chief Strategy Officer

Financial Times Insurance Industry Summit

Information Management Network (IMN) Second Annual Southeast Public Employee Retirement Systems (SEPERS) Forum

Intertech Color Cosmetics Summit (Day 3 of 3)

KNDL at Drug Information Association 44th Annual Meeting (Day 4 of 5)

Merriman Curhan Ford, & Co. Energy Storage Conf.

MORN Investment Conference (Day 1 of 3)

National Association of Publicly Traded Partnerships Annual Meeting (Day 1 of 3)

PHST at 2008 AAPS National Biotechnology Conf.

SIFMA Risk Management Conf.

TER Eric May Luncheons

Terrapinn Asset Allocation Summit (Day 1 of 3)

Terrapinn ETF & Indexing Investments Conference (Day 1 of 3)

Terrapinn Real Estate Investment World Asia Conference (Day 3 of 4)

Terrapinn Trees & Money Americas Conference (Day 2 of 4)

UBS Global Financial Markets & Technology Conf.

Fed Policy Announcement.

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Weekly Bill Settlement

 
 
 
 

 
Personal Income and Outlays
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 [Star] 8:30 ET 

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 [Bullet] 10:00 ET 

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 [Bullet] 3:00 ET 

 
Equity Settlement
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06 -30 -2008
Equity Settlement
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Equity Settlement
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