Morning Market Report 6/26/2013

The KUIK Morning Market Report for Wednesday, June 26:
Markets are up.
Index Direction Change Units Last Time Change
Dow Up                    125 points           14,885 7:04 AM
S&P500 Up 0.88% percent             1,602
Nasdaq Composite Up 0.87% percent             3,377
30 Year Treasury Down                  (4.90) Basis Points               3.56 Annual Yield
The Commerce Department reported The U.S. economy grew slower in the first quarter than previously reported, because of less consumer spending on services and weaker business investment. Gross domestic product rose by 1.8% in the January-to-March period, down from a prior estimate of 2.4%.  The increase in consumer spending was lowered to 2.6% from 3.4%.  Services were reduced to a 1.7% increase from 3.1%. Business Investment fell a steeper 8.3% instead of a previouly reported 3.5%. Exports and imports were both revised downward. The  bright spot was residential investment which was revised upward to 14% in the first quarter, from 12.1%. The housing market is gaining momentum. 
Microsoft was upgraded to an overweight rating by Morgan Stanley this morning. In a note before the opening bell, analyst Keith Weiss said he sees “more room to run” for the company.  Microsoft will be in the spotlight this week as the software giant kicks off its Build 2013 developers conference.  It is expected to showcase upcoming changes to its Windows 8 operating system.
Serving the West Side first, I am Bill Roller of BR Capital for AM 1360 KUIK.
http://www.marketwatch.com/story/us-first-quarter-gdp-cut-to-18-from-24-2013-06-26
http://www.marketwatch.com/story/microsoft-to-give-first-peek-at-windows-blue-2013-06-24
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