Tue Apr 21 2015
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Live Index – Tue, 21 Apr 2015 Premarket

PREMARKET WORLD NEWS

June E-mini S&Ps (ESM15 +0.37%) this morning are up +0.31% amid merger activity and corporate earnings. Mylan NV surged 13% in pre-market trading after people with knowledge of the matter said Teva Pharmaceutical Industries Ltd. is preparing an unsolicited offer for the company, while Lam Research climbed nearly 10% in European trading after it reported Q3 profit that was above consensus. European stocks gave up an early advance and are down -0.05% after the German Apr ZEW investor confidence unexpectedly fell for the first time in 6 months. Greek funding concerns are another negative as the yield on the Greek 10-year bond rose to a 2-1/3 year high of 13.56%. The Greek government on Monday ordered local administrations to move funds to Greece’s central bank as it struggles to find funds for salaries and a repayment to the IMF. Asian stocks closed mostly higher as the action by the PBOC to lower reserve-requirement ratios for banks outweighed efforts by Chinese regulators to curb speculative trading: Japan +1.40%, Hong Kong +2.79%, China +1.82%, Taiwan -0.20%, Australia +0.67%, Singapore +0.15%, South Korea -0.14%, India -0.75%.

Commodity prices are mixed. May crude oil (CLK15 -0.50%) is down -0.27% and May gasoline (RBK15 -1.32%) is down -0.93% on expectations that Wednesday’s EIA data will show crude stockpiles rose +2.5 million bbl, exacerbating a supply glut. Metals prices are mixed. Jun gold (GCM15 +0.49%) is up +0.38%. May copper (HGK15 -0.48%) is down -0.46%. Agriculture prices are weaker.

The dollar index (DXY00 +0.16%) is up +0.35%. EUR/USD (^EURUSD) is down -0.55%%. USD/JPY (^USDJPY) is up +0.23%.

Jun T-note prices (ZNM15 +0.13%) are up +3.5 ticks.

EUR/USD is lower on Greek funding concerns after people with knowledge of the discussions said the ECB staff has produced a proposal to increase the haircuts Greek lenders take on the collateral they post when borrowing from the Bank of Greece. Greek banks currently have access to 74 billion euros of emergency funds from the Greek central bank, an amount that is increasing and is under review each week from the ECB Governing Council.

The German Apr ZEW survey of expectations for economic growth unexpectedly fell for the first time in six months as it declined -1.5 to 53.3, weaker than expectations of a +0.5 point increase to 55.3. The Apr ZEW survey current situation, however, jumped +15.1 to 70.2, well above expectations of +1.4 to 56.5 and the highest in 3-3/4 years.

U.S. STOCK PREVIEW

There are no U.S. economic reports today.

There are 33 of the S&P 500 companies that report earnings today with notable reports including: Northern Trust (0.87), Discover (1.27), Amgen (2.10), Verizon (0.95), Harley-Davidson (1.24), Travelers (2.52), Lockheed (2.50).

U.S. IPO’s scheduled to price or trade today: none.

Equity conferences during the remainder of this week include: IPAA Oil & Gas Conference on Mon-Tue, American Association for Cancer Research Meeting on Mon-Wed, IHS CERAWeek Energy Conference on Mon-Thu, Cards & Payments Asia 2015 on Tue, Financial Times Commodities Global Summit on Tue-Wed, Future Bank Asia 2015 on Tue-Wed, American Academy of Neurology Meeting on Wed, Capital Link Closed-End Funds & Global ETFs Forum – Panel on Thu, RSA Conference on Thu.

PREMARKET U.S. STOCKS

Travelers (TRV +0.70%) reported Q1 EPS of $ 2.53, above consensus of $ 2.52.

United Technologies (UTX +1.22%) reported Q1 EPS of $ 1.51, higher than conensus of $ 1.46.

Kimberly-Clark (KMB +0.54%) reported Q1 EPS of $ 1.42, better than consensus of $ 1.33.

Under Armour (UA +3.08%) reported Q1 EPS of 7 cents, stronger than consensus of 5 cents.

Harley-Davidson (HOG +1.93%) reported Q1 EPS of $ 1.27, better than consensus of $ 1.24.

Steel Dynamics (STLD +2.15%) reported Q1 adjusted EPS of 17 cents, above consensus of 15 cents.

Luxor Capital reported a 5% passive stake in GrubHub (GRUB +0.55%) .

Packaging Corp. (PKG +0.34%) reported Q1 adjusted EPS of $ 1.01, below consensus of $ 1.08.

Coach (COH +0.33%) was initiated with a ‘Sell’ and a $ 32 price target at Cantor.

Sanmina (SANM +0.95%) fell nearly 10% in after-hours tradign after it lowered guidance on fiscal Q3 EPS to 48 cents-52 cents, below consensus of 56 cents, and said it sees Q3 revenue of $ 1.5 billion-$ 1.55 billion, below consensus of $ 1.64 billion.

Bed Bath & Beyond (BBBY +1.19%) was initiated with a ‘Buy’ at Cantor with a price target of $ 83.

IDEX Corp. (IEX +1.55%) reported Q1 EPS of 84 cents, above consensus of 83 cents.

Dollar Tree (DLTR +0.72%) was initiated with a ‘Buy’ at Cantor with a price target of $ 96.

Lam Research (LRCX +1.88%) jumped nearly 10% in after-hours trading after it reported Q3 EPS of $ 1.40, higher than consensus of $ 1.30.

International Business Machines (IBM +3.42%) reported Q1 EPS of $ 2.91, better than consensus of $ 2.82.

MARKET COMMENTS

June E-mini S&Ps (ESM15 +0.37%) this morning are up +6.50 points (+0.31%). The S&P 500 on Monday settled higher: S&P 500 +0.92%, Dow Jones +1.17%, Nasdaq +1.51%. Supportive factors for stocks included (1) the action by the PBOC to reduce banks’ reserve requirement ratios for the second time this year, which should support growth in China and is positive for the global economy, and (2) upbeat comments from New York Fed President Dudley who said that “despite the weak performance of the first quarter, I believe that the growth prospects for the U.S. economy over the remainder of 2015 will improve.”

Jun 10-year T-notes (ZNM15 +0.13%) this morning are up +3.5 ticks. T-notes prices on Monday closed lower: TYM5 -9.00, FVM5 -3.75. Bearish factors included (1) reduced safe-haven demand for Treasuries after stocks rallied, and (2) comments from New York Fed President Dudley that suggest he favors raising interest rates this year when he said that “the growth prospects for the U.S. economy over the remainder of 2015 will improve.”

The dollar index (DXY00 +0.16%) this morning is up +0.342 (+0.35%). EUR/USD (^EURUSD) is down -0.0059 (-0.55%). USD/JPY (^USDJPY) is up +0.27 (+0.23%). The dollar index on Monday closed higher: Dollar Index +0.421 (+0.43%), EUR/USD -0.00671 (-0.62%), USD/JPY +0.316 (+0.27%). Bullish factors included (1) comments from New York Fed President Dudley who said that he’s “relatively optimistic” that a rebound in U.S. growth will warrant raising interest rates this year, and (2) weakness in EUR/USD after the 10-year Greek bond yield jumped to a 2-1/3 year high of 13.328% on concern Greece will be unable to secure financing in time to avoid default.

May WTI crude oil (CLK15 -0.50%) this morning is down -15 cents (-0.27%) and May gasoline (RBK15 -1.32%) is down -0.0180 (-0.93%). May crude and gasoline on Monday closed higher with May gasoline at a 1-1/2 month high: CLK5 +0.64 (+1.15%), RBK5 +0.0051 (+0.26%). Bullish factors included (1) the action by the PBOC to cut banks’ reserve requirements for the second time this year, which may boost China’s economy and its demand for energy, and (2) the estimation from energy research firm Genscape that Wednesday’s EIA data will show that crude supplies declined at Cushing, OK, the delivery point of WTI futures.

GLOBAL EVENT CALENDAR04/21/2015
USn/aNo U.S. economic reports or Fed speakers scheduled.
JPN0100 ETRevised Japan Feb leading index CI, previous -0.2 to 105.3. Revised Feb coincident index, previous -2.8 to 110.5.
0200 ETJapan Mar nationwide department store sales, Feb +1.1% y/y.
1950 ETJapan Mar trade balance expected +44.6 billion yen, Feb -425.0 billion yen. Mar exports expected +8.5% y/y, Feb +2.5% y/y. Mar imports expected -12.6% y/y, Feb -3.6% y/y.
GER0500 ETGerman Apr ZEW survey of expectations for economic growth expected +0.5 to 55.3, Mar 54.8. Apr ZEW survey current situation expected +1.4 to 56.5, Mar 55.1.
U.S. STOCK CALENDAR04/21/2015
CompanyTickerTimeEvent DescriptionPeriodEstimate
Baker Hughes IncBHI USBef-mktQ1 2015 Earnings ReleaseQ1 20150.46
EI du Pont de Nemours & CoDD USBef-mktQ1 2015 Earnings ReleaseQ1 20151.31
Gannett Co IncGCI USBef-mktQ1 2015 Earnings ReleaseQ1 20150.448
Genuine Parts CoGPC USBef-mktQ1 2015 Earnings ReleaseQ1 20151.054
Harley-Davidson IncHOG USBef-mktQ1 2015 Earnings ReleaseQ1 20151.241
Kansas City SouthernKSU USBef-mktQ1 2015 Earnings ReleaseQ1 20151.077
Kimberly-Clark CorpKMB USBef-mktQ1 2015 Earnings ReleaseQ1 20151.329
Omnicom Group IncOMC USBef-mktQ1 2015 Earnings ReleaseQ1 20150.823
Travelers Cos Inc/TheTRV USBef-mktQ1 2015 Earnings ReleaseQ1 20152.522
United Technologies CorpUTX USBef-mktQ1 2015 Earnings ReleaseQ1 20151.461
PACCAR IncPCAR USBef-mktQ1 2015 Earnings ReleaseQ1 20151.012
Northern Trust CorpNTRS USBef-mktQ1 2015 Earnings ReleaseQ1 20150.872
Pentair PLCPNR USBef-mktQ1 2015 Earnings ReleaseQ1 20150.651
Lockheed Martin CorpLMT USBef-mktQ1 2015 Earnings ReleaseQ1 20152.499
Allegheny Technologies IncATI USBef-mktQ1 2015 Earnings ReleaseQ1 20150.102
Regions Financial CorpRF USBef-mktQ1 2015 Earnings ReleaseQ1 20150.18
Fifth Third BancorpFITB US6:30Q1 2015 Earnings ReleaseQ1 20150.371
Dover CorpDOV US7:00Q1 2015 Earnings ReleaseQ1 20150.706
Under Armour IncUA US7:15Q1 2015 Earnings ReleaseQ1 20150.047
Verizon Communications IncVZ US7:30Q1 2015 Earnings ReleaseQ1 20150.95
Illinois Tool Works IncITW US8:00Q1 2015 Earnings ReleaseQ1 20151.173
Verizon Communications IncVZ US8:30Q1 2015 Earnings CallQ1 2015
Omnicom Group IncOMC US8:30Q1 2015 Earnings CallQ1 2015
Allegheny Technologies IncATI US8:30Q1 2015 Earnings CallQ1 2015
Under Armour IncUA US8:30Q1 2015 Earnings CallQ1 2015
Kansas City SouthernKSU US8:45Q1 2015 Earnings CallQ1 2015
EI du Pont de Nemours & CoDD US9:00Q1 2015 Earnings CallQ1 2015
Harley-Davidson IncHOG US9:00Q1 2015 Earnings CallQ1 2015
Travelers Cos Inc/TheTRV US9:00Q1 2015 Earnings CallQ1 2015
United Technologies CorpUTX US9:00Q1 2015 Earnings CallQ1 2015
Fifth Third BancorpFITB US9:00Q1 2015 Earnings CallQ1 2015
Pentair PLCPNR US9:00Q1 2015 Earnings CallQ1 2015
Dover CorpDOV US10:00Q1 2015 Earnings CallQ1 2015
Gannett Co IncGCI US10:00Q1 2015 Earnings CallQ1 2015
Illinois Tool Works IncITW US10:00Q1 2015 Earnings CallQ1 2015
Kimberly-Clark CorpKMB US10:00Q1 2015 Earnings CallQ1 2015
Northern Trust CorpNTRS US10:00Q1 2015 Earnings CallQ1 2015
Genuine Parts CoGPC US11:00Q1 2015 Earnings CallQ1 2015
PACCAR IncPCAR US11:00Q1 2015 Earnings CallQ1 2015
Fastenal CoFAST US11:00Annual General MeetingY 2015
Lockheed Martin CorpLMT US11:00Q1 2015 Earnings CallQ1 2015
Regions Financial CorpRF US11:00Q1 2015 Earnings CallQ1 2015
Northern Trust CorpNTRS US11:30Annual General MeetingY 2015
PACCAR IncPCAR US13:30Annual General Meeting
Stryker CorpSYK US16:00Q1 2015 Earnings ReleaseQ1 20151.084
Chipotle Mexican Grill IncCMG US16:00Q1 2015 Earnings ReleaseQ1 20153.651
ACE LtdACE US16:05Q1 2015 Earnings ReleaseQ1 20152.22
Stryker CorpSYK US16:30Q1 2015 Earnings CallQ1 2015
Intuitive Surgical IncISRG US16:30Q1 2015 Earnings CallQ1 2015
Chipotle Mexican Grill IncCMG US16:30Q1 2015 Earnings CallQ1 2015
Broadcom CorpBRCM US16:45Q1 2015 Earnings CallQ1 2015
Amgen IncAMGN US17:00Q1 2015 Earnings CallQ1 2015
Yahoo! IncYHOO US17:00Q1 2015 Earnings CallQ1 2015
Discover Financial ServicesDFS US17:00Q1 2015 Earnings CallQ1 2015
Amgen IncAMGN USAft-mktQ1 2015 Earnings ReleaseQ1 20152.102
Yahoo! IncYHOO USAft-mktQ1 2015 Earnings ReleaseQ1 20150.184
Yum! Brands IncYUM USAft-mktQ1 2015 Earnings ReleaseQ1 20150.719
United Rentals IncURI USAft-mktQ1 2015 Earnings ReleaseQ1 20151.187
Broadcom CorpBRCM USAft-mktQ1 2015 Earnings ReleaseQ1 20150.604
Intuitive Surgical IncISRG USAft-mktQ1 2015 Earnings ReleaseQ1 20153.87
FMC Technologies IncFTI USAft-mktQ1 2015 Earnings ReleaseQ1 20150.592
Discover Financial ServicesDFS USAft-mktQ1 2015 Earnings ReleaseQ1 20151.268
Navient CorpNAVI USAft-mktQ1 2015 Earnings ReleaseQ1 20150.5
American Electric Power Co IncAEP USAnnual General Meeting
Public Service Enterprise Group IncPEG USAnnual General Meeting
Whirlpool CorpWHR USAnnual General Meeting
M&T Bank CorpMTB USAnnual General Meeting
Huntington Bancshares Inc/OHHBAN USBoard Meeting
US Bancorp/MNUSB USAnnual General Meeting

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