Indicators

Wake Up Call

Hello ! Investors sought out haven assets as concerns over political turmoil in France deepened, with European stocks heading for their worst week in months and US equity futures weakening. “It’s a risk-off tone with concerns over France driving the markets,” said Mohit Kumar, chief economist for Europe at Jefferies International. “Particularly going into the weekend, investors would be taking some positions off the table.”
DATA - US May Import Prices Fell 0.4% M/m, Below Est.
ON TAP - Consumer sentiment, due at 3pm UK, is expected to come in at 72.1 in the preliminary reading for June versus 69.1 in May.

ADOBE +14.5% raises FY rev $21.40b to $21.50b (est $21.46b). Adj EPS $18.00 to $18.20 (est $18.02). Digital media rev $15.80b to $15.85b (est $15.82b). 2Q adj EPS $4.48 (est $4.40). Rev $5.31b (est $5.29b), easing concerns about competition from generative AI.
MICROSOFT -0.8% says Recall, a preview experience for Copilot+ PCs on June 18, will be available first in the Windows Insider Program but Co., announced it without elaborating on a timeline.
MSC INDUSTRIAL -13% preliminary 3Q adj EPS $1.32 to $1.34 (est $1.57). Net sales $978m to $980m (est $1.03b). Cut FY adj operating margin 4cst 10.5% to 10.7% (est 11.8%). William Blair described results as “disappointing.”
INDEXES - ARM HOLDINGS will replace SIRIUS XM HOLDINGS in the Nasdaq-100 Index, Eff. June 24.
PINTEREST -3.5% after Piper Sandler noted a deceleration in growth in traffic to Amazon in May while reiterating its overweight rating and top pick status.
RH -11% sees 2Q adj operating margin 4cst 13% to 14% (est 16.7%). Sees FY25 rev 4cst +8% to +10%. 1Q adj loss/shr 40c (est loss/shr 9.2c). Co expects rev to lag demand in Yr by About 4-8 Points.
TESLA +1% investors re-approved Elon Musk’s compensation and cleared the company moving its legal home to Texas, offering votes of confidence in the chief executive despite a sales slump and falling stock price. The proposal to ratify an award of stock options worth up to $55.8b passed with around 72% of votes cast in favor.

BLACKROCK says Glass Lewis rejects all of saba’s proposals.
BOEING’s material, which was purchased from a little-known Chinese company, was sold with falsified documents and used in parts that went into jets from both manufacturers, reported FAA after investigation.
GAMESTOP Roaring Kitty appears to have exited his entire options position in GameStop.
HUMANA CFO Fredrik Larsson leaves
MICROSTRATEGY today announced the pricing of its offering of $700m aggregate principal amount of 2.25% convertible sr notes due 2032.
NETFLIX – HIGHER GROUND, the media company started by President Barack Obama and Michelle Obama, extended their partnership. Higher Ground will have a multiyear first-look deal with Netflix for all of its film and TV projects.
NUCOR sees 2Q EPS 4cst $2.20 to $2.30 (est $3.06) due to lower average selling prices, and, to a lesser extent, lower volumes.
PHILLIPS 66 has announced the sale of 25% equity interest in Rockies Express pipeline for some $1.275b ; generates pre-tax cash proceeds of $685m to Phillips 66.
UBER Two US senators are introducing a bill that would require ride-hailing companies including Uber to notify passengers if their assigned drivers are using dashcams to record them.
VISA – MASTERCARD $30b settlement and retailers to cap credit-card swipe fees is likely to be rejected by a federal judge in Brooklyn.

UPGRADES

DOWNGRADES

INITIATIONS

15:00 U. of Mich. Sentiment
18:15 Fed's Mester Appears on Bloomberg Television
19:00 Fed's Goolsbee Speaks in Fireside Chat

DIV EX DATE

Today : Albemarle ($0.4); Allegion ($0.48); Altria ($0.98); American International ($0.4); American Tower ($1.62); AMETEK ($0.28); Automatic Data Processing ($1.4); Broadridge Financial ($0.8); Chubb ($0.91); Coca-Cola ($0.485); Comerica ($0.71); Crown Castle ($1.565); Devon Energy ($0.35); Digital Realty ($1.22); Domino's Pizza ($1.51); Extra Space Storage ($1.62); Gilead Sciences ($0.77); Global Payments ($0.25); HCA Healthcare ($0.66); Hess ($0.4375); Leidos ($0.38); Meta ($0.5); Motorola Solutions ($0.98); Nasdaq ($0.24); Packaging of America($1.25); T Rowe ($1.24); Textron ($0.02); Thermo Fisher Scientific ($0.39); Verisk Analytics ($0.39); Xcel Energy ($0.5475)
Monday : DTE Energy ($1.02); Eastman Chemical ($0.81); Garmin ($0.75); Huntington Bancshares ($0.155); Iron Mountain ($0.65); Merck ($0.77); Paramount Global ($0.05); Prologis ($0.96); UnitedHealth ($2.1)

EARNINGS