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- The Retail Mind Game
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Reporter
Bob Pisani is off today, this post was written by CNBC producer Danielle Kennedy
Stocks drifting today on very light volume. Traders are fast-forwarding their attention to next week’s launch of earnings season. Alcoa [AA
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] kicking off the season Wednesday July 8th. Today Alcoa is the laggard on the Dow after Friedman Billings Ramsey downgrades it to underperform.
This week traders are focusing on housing as an indicator of the strength of the economy, and will have plenty of indicators to digest. The S&P/Case Shiller index will be released tomorrow morning, and May construction spending and pending home sales slated to be released Wednesday. Analysts expect pending home sales and construction spending to be fractionally negative, a reversal from April’s positive move.
Shares of KB Homes [KBH
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] gained today after Credit Suisse upgraded the home builder to neutral from underperformed. Credit Suisse cited improving orders in the second quarter as the reason for upgrade.
Auto suppliers are leaders in the discretionary sector today. JP Morgan upgrades TRW Automotive Holdings [TRW
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] to overweight from neutral, lifting the price target to $15 from $10. The parts supplier announced last Friday that it amended its $2.5 billion primary credit agreement. Shares of TRW skyrocketing today.
Correction: An earlier post mis-stated Alcoa would report earnings on Monday. That error has been corrected.
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- Stocks Lurking Near New Highs Again
- Risk Trade Is Back On
- This Week's Biggest Story: The Dollar
- Corporate Issuance Continues at Torrid Pace
- The Bernanke Dollar Bounce & Gross Says Forget About Rate Hike
- Colgate Really Sparkles After Hours
- Light Volume Has Traders Complaining
- Gold Shatters Another Record
- Have Retailers Reached Their Limits?
- The Retail Mind Game
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