Live Index – Tue, 28 Apr 2015 Premarket
June E-mini S&Ps (ESM15 -0.39%) this morning are down -0.33% as prices fall back from Monday’s record highs. European stocks are down -0.80%, led by losses in bank stocks with a nearly 5% decline in Commerzbank after it said it plans to sell 1.4 billion euros of shares to boost capital, and a 3% decline in Standard Chartered Plc after it reported Q1 profit of $ 1.5 billion from the year-earlier period, less than estimates of $ 1.6 billion. On the positive side, Greek default concerns eased after the 10-year Greek bond yield fell to a 2-week low of 11.104% when a EU spokesman said that current negotiations have “allowed work to further progress” as the Greek aid talks have intensified. Asian stocks closed mostly lower: Japan + 0.38%, Hong Kong +0.03%, China -1.13%, Taiwan -0.16%, Australia -0.57%, Singapore -0.59%, South Korea -0.56%, India +0.81%. China’s Shanghai Composite Index fell back from a 7-year high and closed lower on concern that valuations have outstripped potential earnings growth as the index has surged 90% over the past 6 months on speculation of further monetary stimulus and a record surge in margin trading.
Commodity prices are mostly lower. Jun crude oil (CLM15 -0.61%) is down -0.40% and Jun gasoline (RBM15 -0.54%) is down -0.14% on expectations that Wednesday’s EIA data will show crude stockpiles rose +2.5 million bbl and further expanded record crude inventories. Metals prices are weaker. Jun gold (GCM15 -0.10%) is down -0.11% and May copper (HGK15 -0.20%) is down -0.09%. Agriculture prices are mostly lower with May corn down -0.14% at a 5-3/4 month low and May wheat down -0.37% at a 7-month low as the pace of corn planting quickened and after recent rains boosted soil moisture levels in the Great Plains.
The dollar index (DXY00 -0.38%) is down -0.37% ahead of the start of the 2-day FOMC meeting today. EUR/USD (^EURUSD) is up +0.46% at a 3-week high on upbeat comments from ECB Executive Board member Coeure. USD/JPY (^USDJPY) is down -0.15%.
Jun T-note prices (ZNM15 +0.01%) are up +3 ticks.
In an interview with Alternatives Economiques, ECB Executive Board member Coeure said that “as things stand right now, there is no reason to worry about the Eurozone recovering in 2015 and 2016.” He added that “the exit of Greece from the Eurozone is not a scenario we are working on.”
Key U.S. reports today include: (1) the beginning of the 2-day FOMC meeting (rates expected unchanged), (2) the Feb S&P CaseShiller composite-20 home price index (expected +0.70% m/m after Jan’s +0.87%), (3) the April consumer confidence index from the Conference Board (expected +0.9 to 102.2 after March’s +2.5 to 101.3), (4) the April Richmond Fed survey of manufacturing activity (expected +6 to -2 after March’s -8 to -8), and (5) the Treasury’s auction of $ 35 billion of 5-year T-notes.
There are 40 of the S&P 500 companies that report earnings today with notable reports including: UPS (consensus $ 1.09), Ford (0.26), Aetna (1.95), Kraft Foods (0.81), Wynn Resorts (1.19), Genworth Financial (0.25), Bristol-Myers (0.50), Merck (0.75), Pfizer (0.49), Valero (1.68).
U.S. IPO’s scheduled to price today include: Enviva Partners (EVA), GW Pharmaceuticals (GWPH), and Springleaf Holdings (LEAF).
Equity conferences this week include: Milken Institute Global Conference on Mon-Wed.
Ford Motor Co. (F +0.82%) reported Q1 EPS of 23 cents, below consensus of 26 cents.
Aetna (AET -1.75%) reported Q1 EPS of $ 2.39, well above consensus of $ 1.95.
Merck & Co. (MRK -0.87%) climbed nearly 2% in European trading after trial results showed its Januvia diabetes drug didn’t increase patients’ heart risk.
Crane (CR -0.47%) reported Q1 adjusted EPS of 92 cents, less than consensus of $ 1.00, and then cut guidance on its fiscal 2015 EPS view to $ 4.30-$ 4.50 from $ 4.45-$ 4.65, at the low end of consensus of $ 4.46.
Owens & Minor (OMI -0.86%) reported Q1 adjusted EPS of 44 cents, less than consensus of 45 cents.
American Financial Group (AFG -1.26%) reported Q1 core EPS of $ 1.25, better than consensus of $ 1.14, although Q1 revenue of $ 946 million was less than consensus of $ 1.01 billion.
Rent-A-Center (RCII +1.88%) reported Q1 EPS of 52 cents, above consensus of 50 cents.
Apple (AAPL +1.82%) rose 1.5% in pre-market trading after it reported Q2 EPS of $ 2.33, higher than consensus of $ 2.16, and then boosted it stock buyback program to $ 140 billion from $ 90 billion.
C.H. Robinson (CHRW -2.42%) reported Q1 EPS of 73 cents, below consensus of 74 cents.
Hartford Financial (HIG -1.05%) reported Q1 EPS of $ 1.04, better than consensus of 97 cents.
Amkor Technology (AMKR -2.34%) reported Q1 non-GAAP EPS of 12 cents, higher than consensus of 10 cents.
Everest Re (RE -1.15%) reported Q1 EPS of $ 7.19, well above consensus of $ 5.93.
Noble Energy (NBL -1.43%) ws initiated with an ‘Outperform’ at Cowen with a price target of $ 63.
Anadarko (APC +0.55%) was initiated with an ‘Outperform’ at Cowen with a price target of $ 119.
Swift Transport (SWFT -2.60%) reported Q1 adjusted EPS of 29 cents, above consensus of 28 cents, although Q1 operating revenue of $ 1.015 billion ws below consensus of $ 1.060 billion.
W. R. Berkley (WRB -0.18%) reported Q1 operating EPS of 80 cents, higher than consensus of 73 cents.
June E-mini S&Ps (ESM15 -0.39%) this morning are down -7.00 points (-0.33%). Monday’s closes: S&P 500 -0.41%, Dow Jones -0.23%, Nasdaq -0.26%. The S&P 500 on Monday posted a new all-time high but then fell back to close lower. The Nasdaq index was undercut by a slide in biotechnology stocks after Mylan NV rejected Teva Pharmaceutical’s $ 40 billion takeover offer. The stock market also saw some long liquidation pressure ahead of the 2-day FOMC meeting where the FOMC could step up its warning about a rate hike in its post-meeting statement.
Jun 10-year T-notes (ZNM15 +0.01%) this morning are up +3 ticks. Monday’s closes: TYM5 -2.50, FVM5 -2.50. Jun 10-year T-notes on Monday closed lower on supply pressures as the Treasury sells $ 105 billion of T-notes on Mon-Wed.
The dollar index (DXY00 -0.38%) this morning is down -0.360 (-0.37%). EUR/USD (^EURUSD) is up +0.0050 (+0.46%) at a 3-week high. USD/JPY (^USDJPY) is down -0.18 (-0.15%). Monday’s closes: Dollar Index -0.157 (-0.16%), EUR/USD +0.00172 (+0.16%), USD/JPY +0.113 (+0.10%). The dollar index on Monday fell to a new 3-week low as EUR/USD climbed to a 2-1/2 week high as some optimism about Greece arose after Greek PM Tspiras downgraded Finance Minister Varaoufakis’ involvement in negotiating with the Eurozone for new bailout money.
Jun WTI crude oil (CLM15 -0.61%) this morning is down -23 cents (-0.40%) and Jun gasoline (RBM15 -0.54%) is down -0.0028 (-0.14%). Monday’s closes: CLM5 -0.16 (-0.28%), RBM5 -0.0043 (-0.21%). June crude oil and gasoline prices on Monday closed lower after Saudi Arabian Deputy Oil Minister Prince Abdulaziz bin Salman indicated that Saudi Arabia will maintain its high production levels when he said that the global oil market is in “excellent” condition and Saudi Arabia will “supply any demand for Saudi oil.”
|US||0900 ET||Feb S&P CaseShiller composite-20 home price index expected +0.70% m/m and +4.70% y/y, Jan +0.87% m/m and +4.56% y/y.|
|1000 ET||Apr consumer confidence (Conference Board) expected +0.9 to 102.2, Mar +2.5 to 101.3.|
|1000 ET||Apr Richmond Fed survey of manufacturing activity expected +6 to -2, Mar -8 to -8.|
|1030 ET||FOMC begins 2-day policy meeting.|
|1300 ET||Treasury auctions $ 35 billion 5-year T-notes.|
|UK||0430 ET||UK Q1 GDP expected +0.5% q/q and +2.6% y/y, Q4 +0.6% q/q and +3.0% y/y.|
|0430 ET||UK Feb index of services expected +0.5% m/m and +0.7% 3-mo/3-mo, Jan -0.2% m/m and +0.8% 3-mo/3-mo.|
|CHI||2145 ET||China Apr Westpac-MNI consumer sentiment, Mar 114.7.|
|AGL Resources Inc||GAS US||Bef-mkt||Q1 2015 Earnings Release||Q1 2015||1.53|
|Boston Scientific Corp||BSX US||Bef-mkt||Q1 2015 Earnings Release||Q1 2015||0.205|
|Bristol-Myers Squibb Co||BMY US||Bef-mkt||Q1 2015 Earnings Release||Q1 2015||0.498|
|Corning Inc||GLW US||Bef-mkt||Q1 2015 Earnings Release||Q1 2015||0.339|
|Cummins Inc||CMI US||Bef-mkt||Q1 2015 Earnings Release||Q1 2015||2.143|
|Ecolab Inc||ECL US||Bef-mkt||Q1 2015 Earnings Release||Q1 2015||0.81|
|Entergy Corp||ETR US||Bef-mkt||Q1 2015 Earnings Release||Q1 2015||1.301|
|Jacobs Engineering Group Inc||JEC US||Bef-mkt||Q2 2015 Earnings Release||Q2 2015||0.784|
|Merck & Co Inc||MRK US||Bef-mkt||Q1 2015 Earnings Release||Q1 2015||0.748|
|Parker-Hannifin Corp||PH US||Bef-mkt||Q3 2015 Earnings Release||Q3 2015||1.986|
|Pfizer Inc||PFE US||Bef-mkt||Q1 2015 Earnings Release||Q1 2015||0.494|
|Textron Inc||TXT US||Bef-mkt||Q1 2015 Earnings Release||Q1 2015||0.473|
|National Oilwell Varco Inc||NOV US||Bef-mkt||Q1 2015 Earnings Release||Q1 2015||1.091|
|Affiliated Managers Group Inc||AMG US||Bef-mkt||Q1 2015 Earnings Release||Q1 2015||2.898|
|Valero Energy Corp||VLO US||Bef-mkt||Q1 2015 Earnings Release||Q1 2015||1.684|
|Hospira Inc||HSP US||Bef-mkt||Q1 2015 Earnings Release||Q1 2015||0.528|
|Wyndham Worldwide Corp||WYN US||Bef-mkt||Q1 2015 Earnings Release||Q1 2015||0.922|
|Whirlpool Corp||WHR US||6:00||Q1 2015 Earnings Release||Q1 2015||2.373|
|Aetna Inc||AET US||6:00||Q1 2015 Earnings Release||Q1 2015||1.952|
|CONSOL Energy Inc||CNX US||6:45||Q1 2015 Earnings Release||Q1 2015||0.127|
|Ford Motor Co||F US||7:00||Q1 2015 Earnings Release||Q1 2015||0.262|
|Masco Corp||MAS US||7:00||Q1 2015 Earnings Release||Q1 2015||0.206|
|Waters Corp||WAT US||7:00||Q1 2015 Earnings Release||Q1 2015||1.016|
|Coach Inc||COH US||7:00||Q3 2015 Earnings Release||Q3 2015||0.348|
|McGraw Hill Financial Inc||MHFI US||7:15||Q1 2015 Earnings Release||Q1 2015||0.997|
|United Parcel Service Inc||UPS US||7:45||Q1 2015 Earnings Release||Q1 2015||1.092|
|Boston Scientific Corp||BSX US||8:00||Q1 2015 Earnings Call||Q1 2015|
|Coca-Cola Enterprises Inc||CCE US||8:00||Annual General Meeting||Y 2015|
|Masco Corp||MAS US||8:00||Q1 2015 Earnings Call||Q1 2015|
|Merck & Co Inc||MRK US||8:00||Q1 2015 Earnings Call||Q1 2015|
|Textron Inc||TXT US||8:00||Q1 2015 Earnings Call||Q1 2015|
|Aetna Inc||AET US||8:00||Q1 2015 Earnings Call||Q1 2015|
|Corning Inc||GLW US||8:30||Q1 2015 Earnings Call||Q1 2015|
|McGraw Hill Financial Inc||MHFI US||8:30||Q1 2015 Earnings Call||Q1 2015|
|United Parcel Service Inc||UPS US||8:30||Q1 2015 Earnings Call||Q1 2015|
|Waters Corp||WAT US||8:30||Q1 2015 Earnings Call||Q1 2015|
|CH Robinson Worldwide Inc||CHRW US||8:30||Q1 2015 Earnings Call||Q1 2015|
|Coach Inc||COH US||8:30||Q3 2015 Earnings Call||Q3 2015|
|Wyndham Worldwide Corp||WYN US||8:30||Q1 2015 Earnings Call||Q1 2015|
|Ford Motor Co||F US||9:00||Q1 2015 Earnings Call||C1 2015|
|Citigroup Inc||C US||9:00||Annual General Meeting||Y 2015|
|Universal Health Services Inc||UHS US||9:00||Q1 2015 Earnings Call||Q1 2015|
|General Growth Properties Inc||GGP US||9:00||Q1 2015 Earnings Call||Q1 2015|
|Hartford Financial Services Group Inc/The||HIG US||9:00||Q1 2015 Earnings Call||Q1 2015|
|National Oilwell Varco Inc||NOV US||9:00||Q1 2015 Earnings Call||Q1 2015|
|Wells Fargo & Co||WFC US||9:30||Annual General Meeting||Y 2015|
|AGL Resources Inc||GAS US||10:00||Annual General Meeting||Y 2015|
|Cummins Inc||CMI US||10:00||Q1 2015 Earnings Call||Q1 2015|
|Hershey Co/The||HSY US||10:00||Annual General Meeting|
|Pfizer Inc||PFE US||10:00||Q1 2015 Earnings Call||Q1 2015|
|Exelon Corp||EXC US||10:00||Annual General Meeting||Y 2015|
|Total System Services Inc||TSS US||10:00||Annual General Meeting|
|Whirlpool Corp||WHR US||10:00||Q1 2015 Earnings Call||Q1 2015|
|Boston Properties Inc||BXP US||10:00||Q1 2015 Earnings Call||Q1 2015|
|CONSOL Energy Inc||CNX US||10:00||Q1 2015 Earnings Call||Q1 2015|
|Bristol-Myers Squibb Co||BMY US||11:00||Q1 2015 Earnings Call||Q1 2015|
|Entergy Corp||ETR US||11:00||Q1 2015 Earnings Call||Q1 2015|
|Ford Motor Co||F US||11:00||Q1 2015 Earnings Call – Fixed Income||Q1 2015|
|International Business Machines Corp||IBM US||11:00||Annual General Meeting||Y 2015|
|Jacobs Engineering Group Inc||JEC US||11:00||Q2 2015 Earnings Call||Q2 2015|
|Parker-Hannifin Corp||PH US||11:00||Q3 2015 Earnings Call||Q3 2015|
|PNC Financial Services Group Inc/The||PNC US||11:00||Annual General Meeting||Y 2015|
|Praxair Inc||PX US||11:00||Annual General Meeting||Y 2015|
|BB&T Corp||BBT US||11:00||Annual General Meeting|
|AvalonBay Communities Inc||AVB US||11:00||Q1 2015 Earnings Call||Q1 2015|
|Affiliated Managers Group Inc||AMG US||11:00||Q1 2015 Earnings Call||Q1 2015|
|Valero Energy Corp||VLO US||11:00||Q1 2015 Earnings Call||Q1 2015|
|MetLife Inc||MET US||11:30||Annual General Meeting||Y 2015|
|Ecolab Inc||ECL US||13:00||Q1 2015 Earnings Call||Q1 2015|
|FMC Corp||FMC US||14:00||Annual General Meeting||Y 2015|
|AGL Resources Inc||GAS US||16:00||Q1 2015 Earnings Call||Q1 2015|
|Total System Services Inc||TSS US||16:00||Q1 2015 Earnings Release||Q1 2015||0.461|
|Kraft Foods Group Inc||KRFT US||16:05||Q1 2015 Earnings Release||Q1 2015||0.811|
|Edison International||EIX US||16:30||Q1 2015 Earnings Call||Q1 2015|
|Akamai Technologies Inc||AKAM US||16:30||Q1 2015 Earnings Call||Q1 2015|
|Wynn Resorts Ltd||WYNN US||16:30||Q1 2015 Earnings Call||Q1 2015|
|TECO Energy Inc||TE US||17:00||Q1 2015 Earnings Call||Q1 2015|
|Total System Services Inc||TSS US||17:00||Q1 2015 Earnings Call||Q1 2015|
|Western Digital Corp||WDC US||17:00||Q3 2015 Earnings Call||Q3 2015|
|Aflac Inc||AFL US||Aft-mkt||Q1 2015 Earnings Release||Q1 2015||1.543|
|Owens-Illinois Inc||OI US||Aft-mkt||Q1 2015 Earnings Release||Q1 2015||0.424|
|Edison International||EIX US||Aft-mkt||Q1 2015 Earnings Release||Q1 2015||0.783|
|TECO Energy Inc||TE US||Aft-mkt||Q1 2015 Earnings Release||Q1 2015||0.276|
|Western Digital Corp||WDC US||Aft-mkt||Q3 2015 Earnings Release||Q3 2015||1.896|
|Cincinnati Financial Corp||CINF US||Aft-mkt||Q1 2015 Earnings Release||Q1 2015||0.72|
|Express Scripts Holding Co||ESRX US||Aft-mkt||Q1 2015 Earnings Release||Q1 2015||1.097|
|Range Resources Corp||RRC US||Aft-mkt||Q1 2015 Earnings Release||Q1 2015||0.131|
|Equity Residential||EQR US||Aft-mkt||Q1 2015 Earnings Release||Q1 2015||0.793|
|Akamai Technologies Inc||AKAM US||Aft-mkt||Q1 2015 Earnings Release||Q1 2015||0.613|
|Wynn Resorts Ltd||WYNN US||Aft-mkt||Q1 2015 Earnings Release||Q1 2015||1.189|
|Genworth Financial Inc||GNW US||Aft-mkt||Q1 2015 Earnings Release||Q1 2015||0.252|
|Chubb Corp/The||CB US||Annual General Meeting|
|Comerica Inc||CMA US||Annual General Meeting|
|PerkinElmer Inc||PKI US||Annual General Meeting|
|Equifax Inc||EFX US||Investor Meeting – Boston||Y 2015|
|Noble Energy Inc||NBL US||Annual General Meeting|
|SunTrust Banks Inc||STI US||Annual General Meeting|
|VF Corp||VFC US||Annual General Meeting|
|Apartment Investment & Management Co||AIV US||Annual General Meeting||Y 2015|
|Teradata Corp||TDC US||Annual General Meeting|
|Hanesbrands Inc||HBI US||Annual General Meeting|
|Spectra Energy Corp||SE US||Annual General Meeting|