Mid-day Recap

The mkt opened flat this morning and immediately attempted a continuation of yesterday afternoon's sell-off before trading back to unchanged levels. It saw a quick uptick following the June Philadelphia Fed number (18.0 vs. consensus 8.0), but has since sold-off into mid-day and is currently trading in the middle of this morning's range. Dow is currently -35 to ~13456; Nasdaq is currently +1.5 to ~2601.5; S&P is currently -1 to ~1512. Today's strongest sector is Semis as AMD and NVDA were upgraded pre-market and HOKU is higher after signing a polysilicon supply agreement with Solar-Fabrik. Today's weakest sectors include Restaurants (multiple CAKE downgrades following conference presentation yesterday; BWLD downgrade as well) and REITs... M&A Rumor Review: A slew of takeover rumors have made the rounds today. Among the names circulating are MDTL, TSN, IRF, WPI, FCX and SHO, as well as EDS-for-BE and AMZN-for-NFLX... The Bond mkt has been trading slightly lower today following a slight uptick after the Initial Claims number (+10K to 324K) and almost no reaction to today's other economic data (May Leading Indicators, 0.3% vs. consensus 0.2%, and Philly Fed). The 10-yr is currently -04/32 to 5.149%...