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From Briefing.com: The stock market jumped noticeably on Monday following the news that Greece and the eurozone have struck a deal that reportedly calls for higher taxes and pension reform, as well as the establishment of a 50 billion fund using Greek assets to help pay down debt and recapitalize the country's banks.

The deal must be approved first by the Greek Parliament and then other eurozone parliaments. If those hurdles are cleared, then it has been said that further negotiations on bailout aid can take place.

Market participants appeared pleased with the notion that the worst-case scenario of a Greek exit from the eurozone will be averted. That sense of things supported the market, yet it would be remiss not to add that it isn't a done deal by any means. Parliamentary approval hangs in the balance as does the proof that Greece is actually following through with the bailout funding contingencies. In effect, it's little more than a short-term solution to what can still be thought of as a long-term problem.

The latter view notwithstanding, stocks rallied on short-covering activity and a burgeoning sense that the upcoming second quarter earnings reporting period will turn out better than feared.

The S&P 500 information technology sector (+1.6%) was at the head of the performance pack on Monday, bolstered by gains in all but five of its 66 components and a solid showing from many of its most influential stocks, like Apple (AAPL 125.66, +2.38, +1.9%), Google (GOOG 546.55, +16.42, +3.1%), Cisco (CSCO 27.79, +0.51, +1.9%), Intel (INTC 29.73, +0.56, +1.9%), Microsoft (MSFT 45.53, +0.92, +2.1%), and Visa (V 69.52, +1.10, +1.6%).

Notably, Seagate Technology (STX 46.28, +0.33, +0.7%) was among the winners despite a fiscal fourth quarter revenue warning from the company before the start of trading that was attributed to weaker than expected demand.

Notable news items from sector components included the following:

Apple (AAPL 125.66, +2.38, +1.9%): Digitimes, citing upstream supply chain sources, indicates initial shipment volume for the 12.9-inch iPad has been much lower than expected. Separately, MacRumors, citing data it received from Slice Intelligence, says Apple Watch online sales in the US are estimated to have surpassed 3 million in the three-month period ended July 10.

eBay (EBAY 63.47, +1.10, +1.8%): Obtained European Central Bank PayPal separation approval (final approval needed); Separation is on track to be completed on Friday July 17. PayPal's (PYPL) stock will officially begin 'regular way' trading on the NASDAQ on Monday July 20, 2015

Hewlett-Packard (HPQ 30.74, +0.09, +0.3%): Announced a High Performance Computing (HPC) alliance with Intel Corporation (INTC 29.73, +0.56, +1.9%) created to expand accessibility of HPC. To increase accessibility of HPC, the companies will launch a new Center of Excellence, which is designed to bring a community of experts from both companies to support customers in planning, developing, deploying and managing HPC solutions.

Microsoft (MSFT 45.53, +0.92, +2.1%): Announced its plans to commercially launch Windows 10 on July 29, 2015

SanDisk (SNDK 53.65, +0.12, +0.2%): Announced it has shipped more than two billion microSD cards since it started commercial shipment of the technology ten years ago.

Seagate Technology (STX 46.28, +0.33, +0.7%): Company lowered guidance for Q4 (Jun), saying it sees Q4 (Jun) revenues of $2.9 bln from $3.2-3.3 bln; sees non-GAAP gross margin of ~ 27.0% vs prior guidance of 28.5%. The difference, the company said, was driven primarily by lower than expected intra-quarter demand. Seagate expects to report unit shipments for Q4 of ~45 million, maintaining approximately 40% market share and reflecting ~52 exabytes.
Elsewhere in the technology space:

Alcatel-Lucent (ALU 3.55, -0.02, -0.6%): Company and China Mobile (CHL 61.46, +0.11, +0.2%) have conducted the industry's first field trial of a virtualized radio access network-based architecture based on network functions virtualization technology. The real-time test of ALU's vRAN technology at Beijing's Tisinghua University demonstrates how NFV architecture can enhance efficiencies, reduce costs and lay foundation towards 5G

BlackBerry Limited (BBRY 7.73, +0.04, +0.5%): Announced the appointment of Carl Wiese as President of Global Sales. Wiese joins BlackBerry from Cisco (CSCO 27.79, +0.51, +1.9%), where he spent more than a decade in senior leadership positions, most recently as Senior Vice President leading the company's global collaboration business

Dangdang (DANG 6.98, +0.41, +6.2%): Company announced that its board of directors has formed a special committee consisting of three independent, disinterested directors, Ms. Ruby Rong Lu, Mr. Ke Zhang and Mr. Xiaolong Li, to consider the non-binding "going private" proposal that the Board received on July 9, 2015. As previously announced, Ms. Peggy Yu Yu, Chairwoman of the Board of Directors of the Company, and her spouse, Mr. Guoqing Li, Chief Executive Officer and director of the Company, offered to acquire outstanding ADS for $7.812 per ADS in cash, or $1.5624 per Class A common share.

Analyst Action:

Apple (AAPL 125.66, +2.38, +1.9%): upgraded to Buy from Hold at Societe Generale; target $140

Brocade (BRCD 10.90, -0.42, -3.7%): downgraded to Sector Perform from Outperform th period ended July 10at RBC Capital Markets; target lowered to $12 from $13

Corning (GLW 19.15, -0.13, -0.7%): downgraded to Underperform from Neutral at Bank of America/Merrill Lynch

FireEye (FEYE 49.67, -0.02, -0.04%): Dougherty & Company initiates with a Buy and price target of $65

Google A (GOOGL 571.73, +15.62, +2.8%) downgraded to Hold from Buy at Pivotal Research

Intel (INTC 29.73, +0.56, +1.9%): target lowered to $32 from $33 at Cowen

Yelp (YELP 35.43, +0.70, +2.0%): target lowered to $29.50 from $35 at Northland Capital

4:10 pm : The stock market began the trading week on an upbeat note with the S&P 500 registering the bulk of its 23-point gain shortly after the opening bell. The benchmark index padded that advance during the final hour, settling just below its 50-day moving average (2,100).

Equity indices spiked at the start after lengthy weekend negotiations between Greek representatives and eurozone officials produced a framework for the third rescue package for Greece. The agreement, which includes EUR25 billion in bank recapitalization funds, was cheered by global equity markets, but it is worth noting that the full bailout will be discussed once the country's government passes a series of reforms on Wednesday. The far-reaching concessions will require Greece to streamline value-added taxes, broaden its tax base to increase revenue, curtail pension costs, and privatize public assets worth as much as 50 billion euros.

Global risk assets surged in reaction to the developments while outflows from the Treasury market weighed on the 10-yr note, sending its yield higher by three basis points to 2.43% after testing the 2.47% level in the early morning.

Interestingly, the euro only saw a brief spike that was followed by heavy selling with the single currency sliding 1.4% against the dollar to 1.1000. As a result, the Dollar Index (96.82, +0.80) climbed 0.8%, erasing last week's decline.

All ten sectors ended in the green with five groups adding 1.0% or more. Heavily-weighted sectors fueled today's advance with the technology sector (+1.6%) holding the lead throughout the session. Large-cap sector components like Apple (AAPL 125.66, +2.38), Facebook (FB 90.10, +2.15), Google (GOOGL 571.73, +15.62), and Microsoft (MSFT 45.53, +0.92) spiked between 1.9% and 2.8% while Seagate (STX 46.28, +0.33) advanced 0.7% despite lowering its Q4 revenue and gross margin guidance. As for chipmakers, the high-beta group struggled to keep pace with the sector, but the PHLX Semiconductor Index still added 0.8%.

Elsewhere among influential groups, the consumer discretionary sector (+1.5%) finished right behind technology while financials (+1.1%) and industrials (+1.0%) ended near the broader market. Also of note, the health care sector (+0.8%) finished behind the broader market, which masked relative strength in biotechnology, evidenced by a 1.6% gain in iShares Nasdaq Biotechnology ETF (IBB 378.89, +6.09).

Similar to health care, telecom services (+0.6%) and utilities (unch) underperformed while the consumer staples sector (+1.0%) settled just behind the S&P 500. Thanks to today's gain, the staples sector is now up 4.2% for the month, trading well ahead of the remaining nine groups.

Today's participation was comparable to recent totals as more than 730 million shares changed hands at the NYSE floor.

Economic data was limited to the Treasury Budget statement for June, which showed a surplus of $51.80 billion while the Briefing.com consensus expected a surplus of $51.00 billion. The Treasury data are not seasonally adjusted, so the June surplus cannot be compared to the $82.40 billion deficit recorded in May.

Tomorrow, June Retail Sales (Briefing.com consensus 0.3%) and Import/Export Prices for June will be released at 8:30 ET while the Business Inventories report for May will be reported at 10:00 ET (consensus 0.2%).


Nasdaq Composite +7.1% YTD
Russell 2000 +5.1% YTD
S&P 500 +2.0% YTD
Dow Jones Industrial Average +0.9% YTD

DJ30 +217.27 NASDAQ +73.82 SP500 +22.98 NASDAQ Adv/Vol/Dec 2224/1.54 bln/820 NYSE Adv/Vol/Dec 2265/735.9 mln/828 3:45 pm :

WTI rallied in mid-morning trade, briefly moving back above $53
However, in the last two hours of trade, WTI oil prices slid lower and moved back around the $52/barrel area
Aug crude oil closed $0.59 lower to $52.18/barrel
Aug natural gas fell $0.09 to $2.86/MMBtu
Gold, silver and copper futures traded mostly flat/modestly lower today
Aug gold ended $2.80 lower to $1155.60/oz, while Sept silver fell $0.04 to $15.45/oz
Sept copper ended flat today at $2.54/lb

12:04 pm Stocks/ETFs that traded to new 52 week highs/lows this session - New highs (232) outpacing new lows (114) (:SCANX) : Stocks that traded to 52 week highs: AAN, AAP, ABCD, ABCO, ABG, ACGL, ACHC, ACN, ADMS, ADPT, AEC, AEO, AFG, AHL, AIZ, ALGT, ALK, AMCX, AMSF, AMZN, ANAC, ANSS, APPF, ASBI, ASGN, AWH, AYI, BKS, BMRN, BNCN, BOOT, BRO, BYD, CASH, CASS, CBM, CBRL, CBU, CBZ, CCL, CENT, CFI, CFNL, CHCO, CHDN, CHE, CHKE, CLFD, CLGX, CMCSA, CMCSK, CMN, CMRX, COKE, CPRX, CUBI, CUK, CVS, DBVT, DCM, DENN, DEPO, DG, DIS, DKL, DNKN, DPLO, DPZ, DST, DVAX, DXCM, EA, EBAY, EBS, EEFT, EFSC, EGBN, ELLI, EME, ENH, EPAM, ERI, EROS, ESNT, ESXB, EURN, EVI, EW, FAF, FB, FISV, FIT, FL, FNF, FNLC, FOLD, FRME, GAIN, GD, GIII, GKNT, GME, GNCMA, GRBK, GSBC, GTN, GTT, HALO, HAWK, HCA, HF, HIG, HIHO, HMN, HMPR, HQH, HQL, HZNP, IACI, ICCC, ITCI, ITRN, JAH, JLL, JNP, LBAI, LEG, LEN, LEN.B, LGND, LKFN, LLY, LXFT, MAN, MANH, MCI, MCO, MD, MDC, MGNX, MHK, MHLD, MKL, MKTX, MORN, MPC, MRH, MSCI, MTG, MTN, MYCC, NAT, NBIX, NBTB, NCLH, NFLX, NGHC, NKE, NTRI, NVLS, NVO, NWBO, NWL, OMCL, ONFC, ORLY, PBH, PENN, PETS, PGR, PLMT, POWR, PRAH, PSCF, PSMT, PULB, PZN, PZZA, Q, QABA, QGEN, RARE, RE, REMY, RLH, RUTH, SBUX, SEE, SFBS, SHOO, SKX, SNA, SPNS, SQBG, SRCE, SREV, SRNE, STBA, STFC, STNG, SUBK, SUPN, SYBT, TAST, TBNK, THG, TISI, TLMR, TOWN, TPX, TREC, TSO, TSYS, TTPH, TWX, TXRH, TYL, UA, UFCS, ULTA, VASC, VGR, VLO, WABC, WBA, WD, WING, WOOF, WRB, WSM, XNCR, ZGNX


Stocks that traded to 52 week lows: AAU, ABX, ACI, AGI, AIXG, AKS, AP, APA, AQXP, AR, ARCW, ARL, ARP, ASA, ASTI, ATLS, AUY, BBEP, BCEI, BEP, BFO, BOX, BOXC, BRS, BTZ, CAMT, CC, CMLS, CNX, CPG, CRK, CTRL, CVE, DDC, DLB, DNN, DNR, DSCO, ECA, ECT, EGO, EGY, EIP, ELTK, EOX, ETRM, EVA, EXFO, FLS, FTEK, GDF, GGB, GMCR, GRVY, GULTU, HH, HMY, HOV, I, JMT, LINE, LNCO, MBSD, MDSY, MGH, MUR, MUX, NBD, NBL, NFG, NRG, NTN, NVG, OII, OIS, ORC, PAAS, PCH, PGH, POWI, PSAU, PTXP, PVA, QEP, ROYL, S, SA, SAFM, SFY, SGI, SID, SLW, SMT, SMTC, SNDK, SPW, STRI, STX, SVM, SWSH, SXC, TC, TGD, TLR, TMST, ULTR, UNXL, UPL, USAP, VCIT, VCLT, VET, WDC, WIN

ETFs that traded to 52 week highs: PPH, XLY

ETFs that traded to 52 week lows: COW, ENZL, FXA, GDX, LQD