Wed Apr 29 2015
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Live Index – Wed, 29 Apr 2015 Premarket

PREMARKET WORLD NEWS

June E-mini S&Ps (ESM15 -0.25%) this morning are down -0.12% before U.S. Q1 GDP data and the FOMC decision. European stocks are up +0.07% as they fluctuate between minor gains and losses. Weakness in European stocks was muted after the Eurozone Apr business climate indicator unexpectedly rose +0.09 to 0.32, an 11-month high. Asian stocks closed mostly lower: Japan closed for holiday, Hong Kong -0.15%, China +0.01%, Taiwan -1.03%, Australia -1.85%, Singapore -0.23%, South Korea -0.19%, India -0.62%.

Commodity prices are mostly lower. Jun crude oil (CLM15 -0.63%) is down -0.51% and Jun gasoline (RBM15 -0.78%) is down -0.61% ahead of today’s EIA data that is expected to show crude inventories rose +2.5 million bbl to a new record high Metals prices are weaker. Jun gold (GCM15 -0.54%) is down -0.58% and May copper (HGK15 -0.50%) is down -0.36%. Agriculture prices are mixed.

The dollar index (DXY00 -0.18%) is down -0.14% to a 1-1/2 month low on speculation the FOMC will signal that it will delay an interest rate increase. EUR/USD (^EURUSD) is up +0.14% at a 3-week high after a gauge of Eurozone business confidence rose to an 11-month high. USD/JPY (^USDJPY) is up +0.32%. GBP/USD rose +0.17% to a 1-3/4 month high on speculation the BOE may soon tighten monetary policy after UK Apr nationwide house prices rose a more-than-expected +1.0% m/m, the most in 10 months.

Jun T-note prices (ZNM15 -0.28%) are down -7.5 ticks at a 2-week low on negative carry-over from a slide in German bund prices to a 1-1/4 month low. The 10-year German bund yield jumped 8 bp to a 1-1/4 month high of 0.249% on weak demand for Germany’s 5-year note auction that received only 3.649 billion euros of bids, short of its 4 billion-euro sales goal.

The ECB raised the amount of Emergency Liquidity Assistance to the Bank of Greece by +1.4 billion euros to 76.9 billion euros. Data from the Bank of Greece show Greek Mar bank deposits by businesses and households fell -1.4% m/m to 138.6 billion euros, the sixth consecutive month of outflows and the lowest since Jan 2005.

U.S. STOCK PREVIEW

Key U.S. reports today include: (1) the 2-day FOMC meeting that ends today (rates expected unchanged), (2) weekly MBA mortgage applications (previous +2.3% with purchase sub-index +5.0% and refi sub-index +0.6%), (3) Q1 GDP (expected +1.0% q/q annualized after Q4’s +2.2%), (4) March pending home sales (expected +1.0% m/m after Feb’s +3.1% m/m), and (5) the Treasury’s sale of $ 13 billion of 2-year floating rate notes and $ 29 billion of 7-year T-notes.

There are 42 of the S&P 500 companies that report earnings today with notable reports including: MasterCard (consensus $ 0.80), Time Warner (1.09), Waste Management (0.48), Williams Companies (0.14), Humana (2.55), NextEra Energy (1.27), Murphy Oil (-0.88).

U.S. IPO’s scheduled to price today include: Black Stone Minerals (BSM), and Viondvax Pharmaceuticals (BVXV). IPOs that are scheduled to trade today include: Enviva Partners (EVA), and Springleaf Holdings (LEAF).

Equity conferences this week include: Milken Institute Global Conference on Mon-Wed.

PREMARKET U.S. STOCKS

Humana (HUM +0.55%) reported Q1 EPS of $ 2.47, below consensus of $ 2.55.

U.S. Steel (X +1.98%) slid 7% in after-hours trading after it reported an unexpected Q1 adjusted EPS loss of -7 cents, well below consensus of a 12 cent profit.

Aflac (AFL +0.62%) reported Q1 EPS with-items of $ 1.51, below consensus of $ 1.54.

Willis Group (WSH +0.53%) reported Q1 EPS of $ 1.26, weaker than consensus of $ 1.39.

Owens-Illinois (OI +2.36%) reported Q1 EPS of 44 cents, above consensus of 42 cents, but Q1 revenue of $ 1.40 billion was below consensus of $ 1.42 billion.

Panera Bread (PNRA +0.42%) reported Q1 EPS ex-items of $ 1.41, below consensus of $ 1.44.

Tempur Sealy (TPX +0.43%) reported Q1 adjusted EPS of 55 cents, higher than consensus of 48 cents.

Western Digital (WDC -1.01%) reported Q3 EPS of $ 1.87, less than consensus of $ 1.89.

Wynn Resorts (WYNN +1.28%) reported Q1 adjusted EPS of 70 cents, well below consensus of $ 1.33.

Kraft Foods (KRFT +0.01%) reported Q1 un-adjusted EPS of 72 cents, weaker than consensus of 81 cents.

Smart & Final Stores (SFS +0.90%) reported Q1 adjusted EPS of 10 cents, better than consensus of 9 cents.

GoPro (GPRO +4.05%) jumped 11% in after-hours trading after it reported Q1 EPS of 24 cents, above consensus of 18 cents.

Buffalo Wild Wings (BWLD +2.54%) reported Q1 EPS of $ 1.52, weaker than consensus of $ 1.63.

Edison International (EIX +1.07%) reported Q1 EPS of 90 cents, higher than consensus of 79 cents.

Akamai (AKAM -1.26%) reported Q1 EPS of 61 cents, right on consensus, and Q1 revenue of $ 527 million was slightly ahead of consensus at $ 526.18 million.

Express Scripts (ESRX +0.76%) reported Q1 adjusted EPS of $ 1.10, right on conensus $ 1.10, although Q1 revenue of $ 24.90 billion was better than consensus of $ 24.34 billion.

Total System (TSS +0.42%) reported Q1 adjusted continuing operating EPS of 54 cents, better than consensus of 46 cents.

MARKET COMMENTS

June E-mini S&Ps (ESM15 -0.25%) this morning are down -2.50 points (-0.12%). Tuesday’s closes: S&P 500 +0.28%, Dow Jones +0.40%, Nasdaq -0.22%. The S&P 500 on Tuesday closed higher on the stronger-than-expected +0.9% m/m increase in the Feb S&P CaseShiller composite-20 home price index and strength in health-care stocks after Merck boosted its earnings guidance. The stock market was able to shake off the unexpected -6.2 point decline in U.S. Apr consumer confidence index from the Conference Board to a 4-month low of 95.2.

Jun 10-year T-notes (ZNM15 -0.28%) this morning are down -7.5 ticks to a fresh 2-week low. Tuesday’s closes: TYM5 -11.50, FVM5 -5.50. Jun 10-year T-notes on Tuesday closed lower on supply pressures during this week’s T-note auction package and on the larger-than-expected increase in Feb S&P CaseShiller home price index. T-notes received support from the decline in the U.S. Apr consumer confidence index to a 4-month low.

The dollar index (DXY00 -0.18%) this morning is down -0.131 (-0.14%) to a 1-1/2 month low. EUR/USD (^EURUSD) is up +0.0015 (+0.14%) to a 3-week high. USD/JPY (^USDJPY) is up +0.38 (+0.32%). Tuesday’s closes: Dollar Index -0.673 (-0.70%), EUR/USD +0.00904 (+0.83%), USD/JPY -0.175 (-0.15%). The dollar index on Tuesday fell to a 1-3/4 month low on ideas that the FOMC at the conclusion of its meeting on Wednesday may signal that it will wait longer to raise interest rates due to the soft U.S. economy. USD/EUR saw continued weakness as the euro continued to get a boost from Monday’s news that Greek Prime Minister Tsipras is being more aggressive in seeking a bailout deal with the Eurozone.

Jun WTI crude oil (CLM15 -0.63%) this morning is down -29 cents (-0.51%) and Jun gasoline (RBM15 -0.78%) is down -0.0121 (-0.61%). Tuesday’s closes: CLM5 +0.07 (+0.12%), RBM5 -0.0144 (-0.72%). June crude oil and gasoline prices on Tuesday settled mixed with crude oil seeing weakness on expectations for Wednesday’s EIA report to show a +2.5 million bbl increase in U.S. crude oil inventories to a new record high.

GLOBAL EVENT CALENDAR04/29/2015
US 0700 ET Weekly MBA mortgage applications, previous +2.3% with purchase sub-index +5.0% and refi sub-index +0.6%.
0830 ET Q1 GDP expected +1.0% (q/q annualized), Q4 +2.2%. Q1 personal consumption expected +1.7%, Q4 +4.4%. Q1 GDP price index expected +0.5%, Q4 +0.1%. Q1 core PCE deflator expected +1.0% q/q, Q4 +1.1% q/q.
1000 ET Mar pending home sales expected +1.0% m/m and +5.1% y/y, Feb +3.1% m/m and +12.0% y/y.
1030 ET EIA Weekly Petroleum Status Report.
1130 ET Treasury auctions $ 13 billion 2-year floating rate notes.
1300 ET Treasury auctions $ 29 billion 7-year T-notes.
1400 ET FOMC announces interest rate decision.
GER 0200 ET German May GfK consumer confidence, Apr 10.0.
0800 ET German Apr CPI (EU harmonized) expected -0.1% m/m and +0.2% y/y, Mar +0.5% m/m and +0.1% y/y.
EUR 0400 ET Eurozone Mar M3 money supply expected +4.3% y/y and +4.1% 3-mo avg, Feb +4.0% y/y and +3.8% 3-mo avg.
0500 ET Eurozone Apr business climate indicator expected -0.03 to 0.20, Mar 0.23. Apr economic confidence expected unch at 103.9.
0500 ET Revised Eurozone Apr consumer confidence, previous -0.9 to -4.6.
UK 0200 ET UK Apr nationwide house prices expected +0.2% m/m and +4.1% y/y, Mar +0.1% m/m and +5.1% y/y.
0600 ET UK Apr CBI reported sales expected +7 to 25, Mar 18.
1905 ET UK Apr GfK consumer confidence expected unch at 4.
JPN n/a Japanese markets closed for Showa Day.
1950 ET Japan Mar industrial production expected -2.3% m/m and -3.4% y/y, Feb -3.1% m/m and -2.0% y/y/
U.S. STOCK CALENDAR04/29/2015
Company Ticker Time Event Description Period Estimate
Hess Corp HES US Bef-mkt Q1 2015 Earnings Release Q1 2015 -1.06
Eaton Corp PLC ETN US Bef-mkt Q1 2015 Earnings Release Q1 2015 0.984
General Dynamics Corp GD US Bef-mkt Q1 2015 Earnings Release Q1 2015 1.945
Goodyear Tire & Rubber Co/The GT US Bef-mkt Q1 2015 Earnings Release Q1 2015 0.443
Starwood Hotels & Resorts Worldwide Inc HOT US Bef-mkt Q1 2015 Earnings Release Q1 2015 0.562
International Paper Co IP US Bef-mkt Q1 2015 Earnings Release Q1 2015 0.8
Northrop Grumman Corp NOC US Bef-mkt Q1 2015 Earnings Release Q1 2015 2.277
PG&E Corp PCG US Bef-mkt Q1 2015 Earnings Release Q1 2015 0.7
Exelon Corp EXC US Bef-mkt Q1 2015 Earnings Release Q1 2015 0.689
Praxair Inc PX US Bef-mkt Q1 2015 Earnings Release Q1 2015 1.436
Time Warner Inc TWX US Bef-mkt Q1 2015 Earnings Release Q1 2015 1.092
Waste Management Inc WM US Bef-mkt Q1 2015 Earnings Release Q1 2015 0.478
Level 3 Communications Inc LVLT US Bef-mkt Q1 2015 Earnings Release Q1 2015 0.353
AMETEK Inc AME US Bef-mkt Q1 2015 Earnings Release Q1 2015 0.627
Hudson City Bancorp Inc HCBK US Bef-mkt Q1 2015 Earnings Release Q1 2015 0.023
Garmin Ltd GRMN US Bef-mkt Q1 2015 Earnings Release Q1 2015 0.57
MasterCard Inc MA US Bef-mkt Q1 2015 Earnings Release Q1 2015 0.803
MeadWestvaco Corp MWV US Bef-mkt Q1 2015 Earnings Release Q1 2015 0.263
ADT Corp/The ADT US Bef-mkt Q2 2015 Earnings Release Q2 2015 0.497
Humana Inc HUM US 6:00 Q1 2015 Earnings Release Q1 2015 2.552
Anthem Inc ANTM US 6:00 Q1 2015 Earnings Release Q1 2015 2.663
CBRE Group Inc CBG US 6:30 Q1 2015 Earnings Release Q1 2015 0.258
NextEra Energy Inc NEE US 7:30 Q1 2015 Earnings Release Q1 2015 1.265
Southern Co/The SO US 7:30 Q1 2015 Earnings Release Q1 2015 0.579
Owens-Illinois Inc OI US 8:00 Q1 2015 Earnings Call Q1 2015
Anthem Inc ANTM US 8:00 Q1 2015 Earnings Call Q1 2015
Mondelez International Inc MDLZ US 8:00 Q1 2015 Earnings Release Q1 2015 0.375
Genworth Financial Inc GNW US 8:00 Q1 2015 Earnings Call Q1 2015
Avery Dennison Corp AVY US 8:30 Q1 2015 Earnings Release Q1 2015 0.694
Franklin Resources Inc BEN US 8:30 Q2 2015 Earnings Release Q2 2015 0.861
Franklin Resources Inc BEN US 8:30 Q2 2015 Earnings Call – Pre-Recorded C2 2015
Express Scripts Holding Co ESRX US 8:30 Q1 2015 Earnings Call Q1 2015
AMETEK Inc AME US 8:30 Q1 2015 Earnings Call Q1 2015
Anthem Inc ANTM US 8:30 Q1 2015 Earnings Call C1 2015
LyondellBasell Industries NV LYB US 8:30 Investor Day Y 2015
ADT Corp/The ADT US 8:30 Q2 2015 Earnings Call Q2 2015
Norfolk Southern Corp NSC US 8:45 Q1 2015 Earnings Release Q1 2015 1.001
Norfolk Southern Corp NSC US 8:45 Q1 2015 Earnings Call Q1 2015
Aflac Inc AFL US 9:00 Q1 2015 Earnings Call Q1 2015
NextEra Energy Inc NEE US 9:00 Q1 2015 Earnings Call Q1 2015
General Dynamics Corp GD US 9:00 Q1 2015 Earnings Call Q1 2015
Goodyear Tire & Rubber Co/The GT US 9:00 Q1 2015 Earnings Call Q1 2015
Humana Inc HUM US 9:00 Q1 2015 Earnings Call Q1 2015
International Paper Co IP US 9:00 Q1 2015 Earnings Call Q1 2015
Range Resources Corp RRC US 9:00 Q1 2015 Earnings Call Q1 2015
CBRE Group Inc CBG US 9:00 Q1 2015 Earnings Call Q1 2015
MasterCard Inc MA US 9:00 Q1 2015 Earnings Call Q1 2015
Hess Corp HES US 10:00 Q1 2015 Earnings Call Q1 2015
Eaton Corp PLC ETN US 10:00 Q1 2015 Earnings Call Q1 2015
Gannett Co Inc GCI US 10:00 Annual General Meeting Y 2015
Waste Management Inc WM US 10:00 Q1 2015 Earnings Call Q1 2015
Level 3 Communications Inc LVLT US 10:00 Q1 2015 Earnings Call Q1 2015
Mondelez International Inc MDLZ US 10:00 Q1 2015 Earnings Call Q1 2015
MeadWestvaco Corp MWV US 10:00 Q1 2015 Earnings Call Q1 2015
Discover Financial Services DFS US 10:00 Annual General Meeting Y 2015
Marathon Petroleum Corp MPC US 10:00 Annual General Meeting Y 2015
PG&E Corp PCG US 10:30 Q1 2015 Earnings Call Q1 2015
Time Warner Inc TWX US 10:30 Q1 2015 Earnings Call Q1 2015
Garmin Ltd GRMN US 10:30 Q1 2015 Earnings Call Q1 2015
Coca-Cola Co/The KO US 11:00 Annual General Meeting
Franklin Resources Inc BEN US 11:00 Q2 2015 Earnings Call Q2 2015
WW Grainger Inc GWW US 11:00 Annual General Meeting Y 2015
McGraw Hill Financial Inc MHFI US 11:00 Annual General Meeting Y 2015
Exelon Corp EXC US 11:00 Q1 2015 Earnings Call Q1 2015
Praxair Inc PX US 11:00 Q1 2015 Earnings Call Q1 2015
TECO Energy Inc TE US 11:00 Annual General Meeting Y 2015
Cincinnati Financial Corp CINF US 11:00 Q1 2015 Earnings Call Q1 2015
Equity Residential EQR US 11:00 Q1 2015 Earnings Call Q1 2015
Under Armour Inc UA US 11:00 Annual General Meeting
Avery Dennison Corp AVY US 12:00 Q1 2015 Earnings Call Q1 2015
Northrop Grumman Corp NOC US 12:00 Q1 2015 Earnings Call Q1 2015
Ameriprise Financial Inc AMP US 12:00 Annual General Meeting Y 2015
Starwood Hotels & Resorts Worldwide Inc HOT US 13:00 Q1 2015 Earnings Call Q1 2015
Southern Co/The SO US 13:00 Q1 2015 Earnings Call Q1 2015
Stryker Corp SYK US 14:00 Annual General Meeting Y 2015
Unum Group UNM US 16:00 Q1 2015 Earnings Release Q1 2015 0.888
Realty Income Corp O US 16:00 Q1 2015 Earnings Release Q1 2015 0.666
Prologis Inc PLD US 16:30 Annual General Meeting Y 2015
XL Group PLC XL US 17:00 Q1 2015 Earnings Call Q1 2015
Varian Medical Systems Inc VAR US 17:00 Q2 2015 Earnings Call Q2 2015
Microsoft Corp MSFT US 17:00 Analyst Briefing Y 2015
Vertex Pharmaceuticals Inc VRTX US 17:00 Q1 2015 Earnings Call Q1 2015
Marriott International Inc/MD MAR US 17:00 Q1 2015 Earnings Release Q1 2015 0.695
XL Group PLC XL US Aft-mkt Q1 2015 Earnings Release Q1 2015 0.748
Lincoln National Corp LNC US Aft-mkt Q1 2015 Earnings Release Q1 2015 1.488
Murphy Oil Corp MUR US Aft-mkt Q1 2015 Earnings Release Q1 2015 -0.877
Eversource Energy ES US Aft-mkt Q1 2015 Earnings Release Q1 2015 0.803
Varian Medical Systems Inc VAR US Aft-mkt Q2 2015 Earnings Release Q2 2015 1.007
Williams Cos Inc/The WMB US Aft-mkt Q1 2015 Earnings Release Q1 2015 0.137
Noble Corp plc NE US Aft-mkt Q1 2015 Earnings Release Q1 2015 0.508
Vertex Pharmaceuticals Inc VRTX US Aft-mkt Q1 2015 Earnings Release Q1 2015 -0.769
Macerich Co/The MAC US Aft-mkt Q1 2015 Earnings Release Q1 2015 0.831
QEP Resources Inc QEP US Aft-mkt Q1 2015 Earnings Release Q1 2015 -0.311
Equinix Inc EQIX US Aft-mkt Q1 2015 Earnings Release Q1 2015 2.735
Equinix Inc EQIX US 17:30 Q1 2015 Earnings Call Q1 2015
Ball Corp BLL US Annual General Meeting
Equifax Inc EFX US Investor Meeting – New York Y 2015
Eversource Energy ES US Annual General Meeting
Marathon Oil Corp MRO US Annual General Meeting
Amgen Inc AMGN US FDA Adcomm, talimogene laherparepvec, metastatic melanoma
BorgWarner Inc BWA US Annual General Meeting

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