Live Index – Tue, 05 May 2015 Premarket
June E-mini S&Ps (ESM15 -0.15%) this morning are down -0.14% and European stocks are down -0.18% on Greek default concerns after the Financial Times reported that the IMF told Eurozone creditors that it may reduce support to Greece unless European lenders write off a “significant” amount of Greece’s sovereign debt. The yield on Greece’s 10-year bond jumped 50 bp on the news to 11.10%. Losses in European stocks were limited, though, after the European Commission raised its Eurozone 2015 GDP forecast to 1.5% from 1.3% predicted in Feb. Asian stocks closed lower: Japan and South Korea closed for holiday, Hong Kong -1.31%, China -4.06%, Taiwan -0.25%, Australia -0.02%, Singapore -0.33%, India -0.18%. China’s Shanghai Composite Index tumbled over 4% to a 2-week low amid concern the government will introduce measures to cool the market after the Securities Times reported that China may increase the stamp tax on stock trading to boost fiscal revenue. The Shanghai Composite may be in for a correction as it has surged over 113% in the past year to last Tuesday’s 7-year high.
Commodity prices are mixed. Jun crude oil (CLM15 +1.65%) is up +0.83% and Jun gasoline (RBM15 +0.84%) is up +0.29%. Metals prices are mixed. Jun gold (GCM15 +0.43%) is up +0.07%. Jul copper (HGN15 +0.02%) is up +0.45% at a 4-1/2 month high. Agriculture prices are weaker with Jul corn down -1.11% at a new 6-month low after Monday’s USDA Crop Progress report showed the pace of U.S. corn planting accelerated.
The dollar index (DXY00 -0.04%) is up +0.10%. EUR/USD (^EURUSD) is down -0.10%. USD/JPY (^USDJPY) is up +0.21% at a 3-week high.
Jun T-note prices (ZNM15 +0.11%) are unchanged.
As expected, the Reserve Bank of Australia (RBA) cut its key benchmark interest rate by 25 bp to a record low of 2.00% from 2.25%. RBA Governor Stevens said that “the inflation outlook provided the opportunity for monetary policy to be eased further, so as to reinforce recent encouraging trends in household demand.”
Key U.S. reports today include: (1) the March U.S. trade deficit (expected -$ 41.5 billion after Feb’s -$ 35.4 billion), (2) the final-Apr Markit services PMI (expected unrevised at 57.8 after the prelim-April -1.4 to 57.8), (3) the Apr ISM non-manufacturing index (expected -0.4 to 56.1 after March’s -0.4 to 56.5), and (4) Minneapolis Fed President Narayana Kocherlakota’s comments at a public town forum at Southwest State University.
There are 29 of the S&P 500 companies that report earnings today with notable reports including: Disney (1.10), Kellogg (0.92), Allstate (1.44), ADM (0.71), Emerson Electric (0.76), Directv (1.54).
U.S. IPO’s scheduled to price today include: Multivir (MVIR), Gelesis (GLSS), ClubCorp (MYCC), Acadia Healthcare (ACHC).
Equity conferences during the remainder of this week include: Barclays Chemical ROC Stars Conference on Tue, Internet & Television Expo on Tue-Wed, Wells Fargo Industrial and Construction Conference on Tue-Wed, Baird Growth Stock Conference on Tue-Thu, Power & Electricity World Asia 2015 on Wed, Sanford C. Bernstein & Co. Energy Conference on Wed, Deutsche Bank Health Care Conference on Wed-Thu, ICI General Membership Meeting on Wed-Thu, Citi Car of the Future Conference on Thu, Mitsubishi UFJ Securities Oil & Gas Conference on Thu, and RBC Capital Markets Mobile & Cloud Networking Investor Day on Thu.
Intercontinental Exchange (ICE +0.34%) reported Q1 EPS of $ 2.91, weaker than consensus of $ 2.96.
DirecTV (DTV -0.01%) reported Q1 EPS of $ 1.44, below consensus of $ 1.54.
Archer-Daniels-Midland (ADM +1.08%) reported Q1 EPS of 77 cents, above consensus of 71 cents.
AmeriGas (APU -0.04%) reported Q2 EPS of $ 2.17, weaker than consensus of $ 2.51.
MDU Resources (MDU -0.67%) reported Q1 EPS of 12 cents, well below consensus of 19 cents.
KapStone (KS -0.56%) reported Q1 adjusted EPS of 30 cents, below consensus of 41 cents.
Vornado (VNO +0.09%) reported Q1 FFO of $ 1.16, weaker than consensus of $ 1.19.
DaVita (DVA -0.07%) reported Q1 adjusted EPS of 86 cents, right on consensus, although Q1 revenue of $ 3.29 billion was better than consensus of $ 3.25 billion.
Starboard Value reported an 8.2% stake in Brink’s (BCO +1.06%) .
EOG Resources (EOG +0.50%) reported Q1 adjusted EPS of 3 cents, higher than consensus of 0 cents, although Q1 revenue of $ 2.32 billion was below consensus of $ 2.71 billion.
Avis Budget (CAR +0.78%) reported Q1 EPS ex-items of 17 cents, better than consensus of 14 cents.
Tenet (THC +3.80%) reported Q1 adjusted EPS of 67 cents, more than double consensus of 32 cents.
Fidelity National (FNF +1.23%) reported Q1 adjusted EPS of 37 cents, higher than consensus of 32 cents.
Texas Roadhouse (TXRH +0.27%) reported Q1 EPS of 46 cents, better than consensus of 44 cents, although Q1 revenue of $ 460.23 million was below consensus of $ 465.37 million.
Ingram Micro (IM +0.51%) reported Q1 EPS of 43 cents, below consensus of 44 cents.
June E-mini S&Ps (ESM15 -0.15%) this morning are down -3.00 points (-0.14%). Monday’s closes: S&P 500 +0.29%, Dow Jones +0.26%, Nasdaq +0.08%. The S&P 500 on Monday closed higher on the +2.1% increase in U.S. Mar factory orders (slightly stronger than expectations of +2.0%) and general optimism that Q1 earnings reports have been better than expected on average.
Jun 10-year T-notes (ZNM15 +0.11%) this morning are unch. Monday’s closes: TYM5 -0.05, FVM5 +1.25. Jun T-bonds Monday fell to a new 1-1/2 month low on continued carry-over weakness from the recent sharp sell-off in bund prices, and the stronger-than-expected U.S. Mar factory orders reporty of +2.1%. T-note prices received some support from Chicago Fed President Evans’ comment that it probably will not be appropriate for the Fed to begin raising interest rates until “sometime in early 2016.”
The dollar index (DXY00 -0.04%) this morning is up +0.094 (+0.10%). EUR/USD (^EURUSD) is down -0.0011 (-0.10%). USD/JPY (^USDJPY) is up +0.25 (+0.21%) at a 3-week high. Monday’s closes: Dollar Index +0.183 (+0.19%), EUR/USD -0.00491 (-0.44%), USD/JPY -0.046 (-0.04%). The dollar index on Monday closed higher on the stronger-than-expected U.S. Mar factory orders report of +2.1% and weakness in EUR/USD on Greek default concerns as Greek-Eurozone negotiators seem to be making little progress.
Jun WTI crude oil (CLM15 +1.65%) this morning is up +49 cents (+0.83%) and Jun gasoline (RBM15 +0.84%) is up+0.0058 (+0.29%). Monday’s closes: CLM5 -0.22 (-0.37%), RBM5 -0.0118 (-0.58%). Jun crude oil and gasoline prices on Monday closed lower on the stronger dollar and on continued worries about the global crude oil supply glut.
|US||0830 ET||Mar trade balance expected -$ 41.5 billion, Feb -$ 35.4 billion.|
|0945 ET||Final-Apr Markit services PMI expected unrevised at 57.8, prelim-April -1.4 to 57.8. Revised Apr Markit composite PMI, prelim-Apr -1.8 to 57.4.|
|1000 ET||Apr ISM non-manufacturing index expected -0.4 to 56.1, Mar -0.4 to 56.5.|
|2000 ET||Minneapolis Fed President Narayana Kocherlakota holds a public town forum at Southwest State University.|
|UK||0430 ET||UK Apr Markit/CIPS construction PMI expected -0.4 to 57.4, Mar 57.8.|
|1901 ET||UK Apr BRC shop price index expected -1.7% y/y, Mar -2.1% y/y.|
|EUR||0500 ET||Eurozone Mar PPI expected +0.3% m/m and -2.3% y/y, Feb +0.5% m/m and -2.8% y/y.|
|0500 ET||European Commission economic forecasts.|
|JPN||n/a||Japanese markets closed for Childrens Day.|
|Pentair PLC||PNR US||3:00||Annual General Meeting||Y 2015|
|Archer-Daniels-Midland Co||ADM US||Bef-mkt||Q1 2015 Earnings Release||Q1 2015||0.711|
|Emerson Electric Co||EMR US||Bef-mkt||Q2 2015 Earnings Release||Q2 2015||0.76|
|HCP Inc||HCP US||Bef-mkt||Q1 2015 Earnings Release||Q1 2015||0.782|
|Noble Energy Inc||NBL US||Bef-mkt||Q1 2015 Earnings Release||Q1 2015||0.016|
|Wisconsin Energy Corp||WEC US||Bef-mkt||Q1 2015 Earnings Release||Q1 2015||0.826|
|Estee Lauder Cos Inc/The||EL US||Bef-mkt||Q3 2015 Earnings Release||Q3 2015||0.511|
|DIRECTV||DTV US||Bef-mkt||Q1 2015 Earnings Release||Q1 2015||1.54|
|HCA Holdings Inc||HCA US||Bef-mkt||Q1 2015 Earnings Release||Q1 2015||1.35|
|Mallinckrodt PLC||MNK US||Bef-mkt||Q2 2015 Earnings Release||Q2 2015||1.515|
|Harris Corp||HRS US||6:30||Q3 2015 Earnings Release||Q3 2015||1.257|
|Fastenal Co||FAST US||7:00||April 2015 Sales and Revenue Release||2015|
|Discovery Communications Inc||DISCA US||7:00||Q1 2015 Earnings Release||Q1 2015||0.392|
|Zoetis Inc||ZTS US||7:00||Q1 2015 Earnings Release||Q1 2015||0.365|
|Intercontinental Exchange Inc||ICE US||7:30||Q1 2015 Earnings Release||Q1 2015||2.957|
|Walt Disney Co/The||DIS US||8:00||Q2 2015 Earnings Release||Q2 2015||1.1|
|Kellogg Co||K US||8:00||Q1 2015 Earnings Release||Q1 2015||0.916|
|Dun & Bradstreet Corp/The||DNB US||8:00||Q1 2015 Earnings Call||Q1 2015|
|Harris Corp||HRS US||8:30||Q3 2015 Earnings Call||Q3 2015|
|Intercontinental Exchange Inc||ICE US||8:30||Q1 2015 Earnings Call||Q1 2015|
|Discovery Communications Inc||DISCA US||8:30||Q1 2015 Earnings Call||Q1 2015|
|Discover Financial Services||DFS US||8:30||Financial Community Meeting||Y 2015|
|Mallinckrodt PLC||MNK US||8:30||Q2 2015 Earnings Call||Q2 2015|
|Zoetis Inc||ZTS US||8:30||Q1 2015 Earnings Call||Q1 2015|
|Anadarko Petroleum Corp||APC US||9:00||Q1 2015 Earnings Call||Q1 2015|
|Archer-Daniels-Midland Co||ADM US||9:00||Q1 2015 Earnings Call||Q1 2015|
|DaVita HealthCare Partners Inc||DVA US||9:00||Capital Markets Day – Q1 2015 Earnings||Y 2015|
|Sempra Energy||SRE US||9:00||Q1 2015 Earnings Release||Q1 2015||1.379|
|Walt Disney Co/The||DIS US||9:30||Q2 2015 Earnings Call||Q2 2015|
|Kellogg Co||K US||9:30||Q1 2015 Earnings Call||Q1 2015|
|Sysco Corp||SYY US||9:30||Sysco Hearing vs. the FTC’s Bid to Block Proposed Acquisition of US Foods Inc.|
|Estee Lauder Cos Inc/The||EL US||9:30||Q3 2015 Earnings Call||Q3 2015|
|Baxter International Inc||BAX US||10:00||Annual General Meeting||Y 2015|
|Bristol-Myers Squibb Co||BMY US||10:00||Annual General Meeting||Y 2015|
|Kimco Realty Corp||KIM US||10:00||Annual General Meeting|
|Tenet Healthcare Corp||THC US||10:00||Q1 2015 Earnings Call||Q1 2015|
|Noble Energy Inc||NBL US||10:00||Q1 2015 Earnings Call||Q1 2015|
|Vornado Realty Trust||VNO US||10:00||Q1 2015 Earnings Call||Q1 2015|
|Vulcan Materials Co||VMC US||10:00||Q1 2015 Earnings Call||Q1 2015|
|Boston Scientific Corp||BSX US||11:00||Annual General Meeting||Y 2015|
|EOG Resources Inc||EOG US||11:00||Q1 2015 Earnings Call||Q1 2015|
|Leggett & Platt Inc||LEG US||11:00||Annual General Meeting|
|Tractor Supply Co||TSCO US||11:00||Annual General Meeting||Y 2015|
|Cimarex Energy Co||XEC US||11:00||Q1 2015 Earnings Call||Q1 2015|
|HCA Holdings Inc||HCA US||11:00||Q1 2015 Earnings Call||Q1 2015|
|HCP Inc||HCP US||12:00||Q1 2015 Earnings Call||Q1 2015|
|Ecolab Inc||ECL US||12:30||Analyst Presentation||Y 2015|
|Sempra Energy||SRE US||13:00||Q1 2015 Earnings Call||Q1 2015|
|Emerson Electric Co||EMR US||14:00||Q2 2015 Earnings Call||Q2 2015|
|Wisconsin Energy Corp||WEC US||14:00||Q1 2015 Earnings Call||Q1 2015|
|Nordstrom Inc||JWN US||14:00||Annual General Meeting||Y 2015|
|DIRECTV||DTV US||14:00||Q1 2015 Earnings Call||Q1 2015|
|L-3 Communications Holdings Inc||LLL US||14:30||Annual General Meeting|
|Allstate Corp/The||ALL US||16:05||Q1 2015 Earnings Release||Q1 2015||1.437|
|Frontier Communications Corp||FTR US||16:30||Q1 2015 Earnings Call||Q1 2015|
|Mylan NV||MYL US||16:30||Q1 2015 Earnings Call||Q1 2015|
|Fossil Group Inc||FOSL US||16:30||Q1 2015 Earnings Call||Q1 2015|
|News Corp||NWSA US||16:30||Q3 2015 Earnings Call||Q3 2015|
|CenturyLink Inc||CTL US||17:00||Q1 2015 Earnings Call||Q1 2015|
|Electronic Arts Inc||EA US||17:00||Q4 2015 Earnings Call||Q4 2015|
|Fiserv Inc||FISV US||17:00||Q1 2015 Earnings Call||Q1 2015|
|CenturyLink Inc||CTL US||Aft-mkt||Q1 2015 Earnings Release||Q1 2015||0.583|
|Frontier Communications Corp||FTR US||Aft-mkt||Q1 2015 Earnings Release||Q1 2015||0.042|
|Mylan NV||MYL US||Aft-mkt||Q1 2015 Earnings Release||Q1 2015||0.706|
|ONEOK Inc||OKE US||Aft-mkt||Q1 2015 Earnings Release||Q1 2015||0.358|
|Electronic Arts Inc||EA US||Aft-mkt||Q4 2015 Earnings Release||Q4 2015||0.258|
|Fiserv Inc||FISV US||Aft-mkt||Q1 2015 Earnings Release||Q1 2015||0.862|
|Fossil Group Inc||FOSL US||Aft-mkt||Q1 2015 Earnings Release||Q1 2015||0.689|
|Newfield Exploration Co||NFX US||Aft-mkt||Q1 2015 Earnings Release||Q1 2015||0.081|
|Pioneer Natural Resources Co||PXD US||Aft-mkt||Q1 2015 Earnings Release||Q1 2015||0.056|
|Devon Energy Corp||DVN US||Aft-mkt||Q1 2015 Earnings Release||Q1 2015||0.248|
|Assurant Inc||AIZ US||Aft-mkt||Q1 2015 Earnings Release||Q1 2015||0.625|
|News Corp||NWSA US||Aft-mkt||Q3 2015 Earnings Release||Q3 2015||0.072|
|Bristol-Myers Squibb Co||BMY US||Bristol-Myers Squibb Co. New CEO, Giovanni Caforio, Takes Over|
|Plum Creek Timber Co Inc||PCL US||Annual General Meeting|
|Sigma-Aldrich Corp||SIAL US||Annual General Meeting|
|O’Reilly Automotive Inc||ORLY US||Annual General Meeting|
|Zimmer Holdings Inc||ZMH US||Annual General Meeting|
|Kraft Foods Group Inc||KRFT US||Annual General Meeting|