Dow Jones Industrial Average Futures Dip; Cisco, Wal-Mart in Focus

Dow Jones Industrial Average (DJIA) futures are pointed slightly lower, as traders continue to digest the Federal Open Market Committee (FOMC) July meeting minutes released yesterday, where Fed officials seemed split on the possibility of an upcoming interest rate hike. In economic news, weekly jobless claims fell by more than expected last week, and the Philadelphia Fed business index rose into positive territory for the third time this year. As for stocks, Dow component Cisco Systems, Inc. (NASDAQ:CSCO) is headed lower after reporting earnings and confirming layoff rumors, though an earnings win and rosy outlook from fellow blue chip Wal-Mart Stores, Inc. (NYSE:WMT) is padding the fall. 

Continue reading for more on today's market, including:

• The telecom M&A buzz that had the options pits fired up.
• Wall Street is rolling the dice on new highs for this semiconductor stock after earnings tonight.
• Why this industry "could be poised for some difficult quarters ahead," analysts warned.
• Plus... Europe edges higher, Canadian Solar is on fire, and the social media stock that is "more risk than reward."

Futures on the Dow Jones Industrial Average (DJIA) are 12 points below fair value.

5 Things You Need to Know Today
 

1. European stocks are rising, after better-than-expected retail data out of the U.K.
2. The Chicago Board Options Exchange (CBOE) saw 868,309 call contracts traded on Wednesday, compared to 512,240 put contracts. The resultant single-session equity put/call ratio fell to 0.59, while the 21-day moving average remained at 0.63.
3. Twitter Inc (NYSE:TWTR) is down 2.6% in pre-market trading, following a downgrade to "sell" from "hold" by Evercore ISI, which also cut its price target on the social media stock to $17 from $18. In the latest round of bearish attention toward the stock, Evercore analysts said that as an investment, TWTR is "more risk than reward." 
   Wal-Mart Stores, Inc. (NYSE:WMT) is set to open up 3.3% -- and notch fresh annual highs -- after reporting earnings that came in ahead of analysts' expectations. The retailer also lifted its full-year guidance, and today's anticipated jump could spark a bullish change of heart among analysts.  
4. Canadian Solar Inc (NASDAQ:CSIQ) is set to jump 8.1% at the open, following an earnings beat and plans to monetize its solar plant assets. The solar stock, which touched a three-year low just yesterday, could run into a speed bump at its overhead 10-week moving average.

Earnings and Economic Data

San Francisco Fed President John Williams will speak in the evening. Taking their turns in the earnings confessional will be Applied Materials (AMAT), Gap (GPS), Hormel Foods (HRL), Perry Ellis (PERY), and Ross Stores (ROST). To see what is coming up on this week's schedule, click here. 

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