Live Index – Tue, 21 Apr 2015 Premarket
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.
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.
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.
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.
|US||n/a||No U.S. economic reports or Fed speakers scheduled.|
|JPN||0100 ET||Revised Japan Feb leading index CI, previous -0.2 to 105.3. Revised Feb coincident index, previous -2.8 to 110.5.|
|0200 ET||Japan Mar nationwide department store sales, Feb +1.1% y/y.|
|1950 ET||Japan 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.|
|GER||0500 ET||German 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.|
|Baker Hughes Inc||BHI US||Bef-mkt||Q1 2015 Earnings Release||Q1 2015||0.46|
|EI du Pont de Nemours & Co||DD US||Bef-mkt||Q1 2015 Earnings Release||Q1 2015||1.31|
|Gannett Co Inc||GCI US||Bef-mkt||Q1 2015 Earnings Release||Q1 2015||0.448|
|Genuine Parts Co||GPC US||Bef-mkt||Q1 2015 Earnings Release||Q1 2015||1.054|
|Harley-Davidson Inc||HOG US||Bef-mkt||Q1 2015 Earnings Release||Q1 2015||1.241|
|Kansas City Southern||KSU US||Bef-mkt||Q1 2015 Earnings Release||Q1 2015||1.077|
|Kimberly-Clark Corp||KMB US||Bef-mkt||Q1 2015 Earnings Release||Q1 2015||1.329|
|Omnicom Group Inc||OMC US||Bef-mkt||Q1 2015 Earnings Release||Q1 2015||0.823|
|Travelers Cos Inc/The||TRV US||Bef-mkt||Q1 2015 Earnings Release||Q1 2015||2.522|
|United Technologies Corp||UTX US||Bef-mkt||Q1 2015 Earnings Release||Q1 2015||1.461|
|PACCAR Inc||PCAR US||Bef-mkt||Q1 2015 Earnings Release||Q1 2015||1.012|
|Northern Trust Corp||NTRS US||Bef-mkt||Q1 2015 Earnings Release||Q1 2015||0.872|
|Pentair PLC||PNR US||Bef-mkt||Q1 2015 Earnings Release||Q1 2015||0.651|
|Lockheed Martin Corp||LMT US||Bef-mkt||Q1 2015 Earnings Release||Q1 2015||2.499|
|Allegheny Technologies Inc||ATI US||Bef-mkt||Q1 2015 Earnings Release||Q1 2015||0.102|
|Regions Financial Corp||RF US||Bef-mkt||Q1 2015 Earnings Release||Q1 2015||0.18|
|Fifth Third Bancorp||FITB US||6:30||Q1 2015 Earnings Release||Q1 2015||0.371|
|Dover Corp||DOV US||7:00||Q1 2015 Earnings Release||Q1 2015||0.706|
|Under Armour Inc||UA US||7:15||Q1 2015 Earnings Release||Q1 2015||0.047|
|Verizon Communications Inc||VZ US||7:30||Q1 2015 Earnings Release||Q1 2015||0.95|
|Illinois Tool Works Inc||ITW US||8:00||Q1 2015 Earnings Release||Q1 2015||1.173|
|Verizon Communications Inc||VZ US||8:30||Q1 2015 Earnings Call||Q1 2015|
|Omnicom Group Inc||OMC US||8:30||Q1 2015 Earnings Call||Q1 2015|
|Allegheny Technologies Inc||ATI US||8:30||Q1 2015 Earnings Call||Q1 2015|
|Under Armour Inc||UA US||8:30||Q1 2015 Earnings Call||Q1 2015|
|Kansas City Southern||KSU US||8:45||Q1 2015 Earnings Call||Q1 2015|
|EI du Pont de Nemours & Co||DD US||9:00||Q1 2015 Earnings Call||Q1 2015|
|Harley-Davidson Inc||HOG US||9:00||Q1 2015 Earnings Call||Q1 2015|
|Travelers Cos Inc/The||TRV US||9:00||Q1 2015 Earnings Call||Q1 2015|
|United Technologies Corp||UTX US||9:00||Q1 2015 Earnings Call||Q1 2015|
|Fifth Third Bancorp||FITB US||9:00||Q1 2015 Earnings Call||Q1 2015|
|Pentair PLC||PNR US||9:00||Q1 2015 Earnings Call||Q1 2015|
|Dover Corp||DOV US||10:00||Q1 2015 Earnings Call||Q1 2015|
|Gannett Co Inc||GCI US||10:00||Q1 2015 Earnings Call||Q1 2015|
|Illinois Tool Works Inc||ITW US||10:00||Q1 2015 Earnings Call||Q1 2015|
|Kimberly-Clark Corp||KMB US||10:00||Q1 2015 Earnings Call||Q1 2015|
|Northern Trust Corp||NTRS US||10:00||Q1 2015 Earnings Call||Q1 2015|
|Genuine Parts Co||GPC US||11:00||Q1 2015 Earnings Call||Q1 2015|
|PACCAR Inc||PCAR US||11:00||Q1 2015 Earnings Call||Q1 2015|
|Fastenal Co||FAST US||11:00||Annual General Meeting||Y 2015|
|Lockheed Martin Corp||LMT US||11:00||Q1 2015 Earnings Call||Q1 2015|
|Regions Financial Corp||RF US||11:00||Q1 2015 Earnings Call||Q1 2015|
|Northern Trust Corp||NTRS US||11:30||Annual General Meeting||Y 2015|
|PACCAR Inc||PCAR US||13:30||Annual General Meeting|
|Stryker Corp||SYK US||16:00||Q1 2015 Earnings Release||Q1 2015||1.084|
|Chipotle Mexican Grill Inc||CMG US||16:00||Q1 2015 Earnings Release||Q1 2015||3.651|
|ACE Ltd||ACE US||16:05||Q1 2015 Earnings Release||Q1 2015||2.22|
|Stryker Corp||SYK US||16:30||Q1 2015 Earnings Call||Q1 2015|
|Intuitive Surgical Inc||ISRG US||16:30||Q1 2015 Earnings Call||Q1 2015|
|Chipotle Mexican Grill Inc||CMG US||16:30||Q1 2015 Earnings Call||Q1 2015|
|Broadcom Corp||BRCM US||16:45||Q1 2015 Earnings Call||Q1 2015|
|Amgen Inc||AMGN US||17:00||Q1 2015 Earnings Call||Q1 2015|
|Yahoo! Inc||YHOO US||17:00||Q1 2015 Earnings Call||Q1 2015|
|Discover Financial Services||DFS US||17:00||Q1 2015 Earnings Call||Q1 2015|
|Amgen Inc||AMGN US||Aft-mkt||Q1 2015 Earnings Release||Q1 2015||2.102|
|Yahoo! Inc||YHOO US||Aft-mkt||Q1 2015 Earnings Release||Q1 2015||0.184|
|Yum! Brands Inc||YUM US||Aft-mkt||Q1 2015 Earnings Release||Q1 2015||0.719|
|United Rentals Inc||URI US||Aft-mkt||Q1 2015 Earnings Release||Q1 2015||1.187|
|Broadcom Corp||BRCM US||Aft-mkt||Q1 2015 Earnings Release||Q1 2015||0.604|
|Intuitive Surgical Inc||ISRG US||Aft-mkt||Q1 2015 Earnings Release||Q1 2015||3.87|
|FMC Technologies Inc||FTI US||Aft-mkt||Q1 2015 Earnings Release||Q1 2015||0.592|
|Discover Financial Services||DFS US||Aft-mkt||Q1 2015 Earnings Release||Q1 2015||1.268|
|Navient Corp||NAVI US||Aft-mkt||Q1 2015 Earnings Release||Q1 2015||0.5|
|American Electric Power Co Inc||AEP US||Annual General Meeting|
|Public Service Enterprise Group Inc||PEG US||Annual General Meeting|
|Whirlpool Corp||WHR US||Annual General Meeting|
|M&T Bank Corp||MTB US||Annual General Meeting|
|Huntington Bancshares Inc/OH||HBAN US||Board Meeting|
|US Bancorp/MN||USB US||Annual General Meeting|