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
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.
U.S. STOCK CALENDAR04/21/2015
Company Ticker Time Event Description Period Estimate
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

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