Thu May 07 2015
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Live Index – Thu, 07 May 2015 Premarket

PREMARKET WORLD NEWS

June E-mini S&Ps (ESM15 -0.23%) this morning are down -0.54% at a 1-month low and European stocks are down -1.35% at a 2-1/2 month low amid carry-over selling from Wednesday’s rout after Fed Chair Yellen said equity market valuations are high. The slide in global government bond markets continued as well after Fed Chair Yellen said that long-term rates are low and could jump when the Fed begins to raise interest rates. The German 10-year bund yield climbed to a 4-3/4 month high of .777% and the U.S. 10-year T-note yield rose to a 4-3/4 month high of 2.31%. On the positive side, Greece’s ASE Stock Index is up +2.39% as bank stocks rose after the ECB boosted emergency funding to Greece’s central bank. The yield on the Greek 10-year bond fell -33 bp to 10.90% after the ECB raised the cap on Emergency Liquidity Assistance to the Greek central bank by 2 billion euros to 78.9 billion euros. Asian stocks closed lower: Japan -1.23%, Hong Kong -1.27%, China -2.77%, Taiwan -1.16%, Australia -0.82%, Singapore -0.78%, South Korea -0.59%, India -0.44%. China’s Shanghai Composite slid to a 3-week low after Morgan Stanley downgraded Chinese stocks for the first time in 7 years to ‘Equalweight’ from ‘Overweight,’ citing the weakest corporate profits since 2009.

Commodity prices are mixed. Jun crude oil (CLM15 +0.13%) is down -0.03% and Jun gasoline (RBM15 -0.27%) is down -0.39%. Metals prices are mixed. Jun gold (GCM15 -0.42%) is down -0.60%. Jul copper (HGN15 +0.12%) is up +0.29%. Agriculture prices are mixed.

The dollar index (DXY00 +0.10%) is up +0.02%. EUR/USD (^EURUSD) is down -0.15%. USD/JPY (^USDJPY) is down -0.28%.

Jun T-note prices (ZNM15 +0.11%) are down -5.5 ticks at a 1-3/4 month low on negative carry-over from a slide in global bond markets. The yield on the 10-year Germany bund jumped to a 4-3/4 month high on .777% and has surged over 60 bp in the past week.

According to two officials who spoke on conditions of anonymity, ECB officials want progress at Monday’s meeting of Eurozone finance ministers with Greece in reaching an agreement with international creditors or they will consider tightening Greek banks’ access to emergency liquidity. One official said that are prepared to raise haircuts, the discounts imposed on collateral pledged by Greek banks in return for funding, to levels seen last year.

U.S. STOCK PREVIEW

Key U.S. reports today include: (1) Apr Challenger job cuts (Mar was +6.4% y/y), (2) weekly initial unemployment claims (expected +16,000 to 278,000 after last week’s -34,000 to 262,000) and continuing claims (expected +17,000 to 2.270 million after last week’s -74,000 to 2.253 million), and (3) Mar consumer credit (expected +$ 15.800 billion after Feb’s +$ 15.516 billion).

There are 17 of the S&P 500 companies that report earnings today with notable reports including: Priceline (consensus $ 7.74), NVIDIA (0.34), CA (0.50), Monster Beverage (0.68), CBS (0.75), Molson Coors Brewing (0.68).

U.S. IPO’s scheduled to price today include: International Market Centers (IMC), Bojangles Inc (BOJA), Anterios (ANTE), NephroGenex (NRX), Hemishere Media Group (HMTV), Aldeyra Therapeutics (ALDX).

Equity conferences during the remainder of this week include: Baird Growth Stock Conference on Tue-Thu, 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.

PREMARKET U.S. STOCKS

Sunoco (SXL -0.85%) reported a Q1 EPS loss with items of -10 cents, much weaker than consensus of 40 cents.

Children’s Place (PLCE +7.78%) was upgraded to ‘Neutral’ from ‘Sell’ at Goldman Sachs.

Energy Transfer Equity (ETE -1.90%) reported Q1 EPS of 52 cents, well below consensus of 70 cents.

General Cable (BGC -0.92%) reported Q1 adjusted EPS of 35 cents, much better than consensus for a -13 cent loss.

Babcock & Wilcox (BWC +0.44%) reported Q1 adjusted EPS of 47 cents, higher than consensus of 43 cents.

Transocean (RIG +0.05%) reported Q1 adjusted EPS of $ 1.10, well above consensus of 60 cents.

Chesapeake Energy (CHK -7.19%) was downgraded to ‘Neutral’ from ‘Buy’ at SunTrust.

Pioneer Natural Resources (PXD -1.93%) was upgraded to ‘Buy’ from ‘Neutral’ at SunTrust with a price target of $ 190.

Tesla (TSLA -1.08%) rose nearly 2% in pre-market trading after it reported a Q1 EPS loss of -36 cents, a smaller loss than consensus of-50 cents.

Activision Blizzard (ATVI +2.16%) reported Q1 EPS of 16 cents, more than double consensus of 7 cents.

Prudential (PRU +0.36%) reported Q1 adjusted EPS of $ 2.79, well above consensus of $ 2.38.

MetLife (MET -0.63%) reported Q1 operating EPS of $ 1.44, above consensus of $ 1.41, but Q1 operating revenue of $ 17.03 billion was less than consensus of $ 17.53 billion.

Whole Foods Market (WFM +0.40%) slid 12% in after-hours trading after it reported Q2 EPS of 44 cents, higher than consensus of 43 cents, although Q2 revenue of $ 3.65 billion was below consensus of $ 3.70 billion.

21st Century Fox (FOXA -0.71%) reported Q3 EPS of 47 cents, above consensus of 39 cents.

Keurig Green Mountain (GMCR -1.75%) fell 12% in after-hours trading after it reported Q2 EPS of $ 1.03, below consensus of $ 1.05.

MARKET COMMENTS

June E-mini S&Ps (ESM15 -0.23%) this morning are down -11.25 points (-0.54%) at a new 1-month low. Wednesday’s closes: S&P 500 -0.45%, Dow Jones -0.48%, Nasdaq -0.67%. The S&P 500 on Wednesday sold off to a 1-month low on the weaker than expected +169,000 increase in the ADP employment report and Fed Chair Yellen’s comment that stock market valuations are “quite high” and could be a potential source of financial instability.

Jun 10-year T-notes (ZNM15 +0.11%) this morning are down -5.5 ticks to a new 1-3/4 month low. Wednesday’s closes: TYM5 -10.50, FVM5 -4.50. Jun T-notes on Wednesday fell to a 1-3/4 month low on carry-over weakness from the plunge in German bund prices to a 4-month low and on Fed Chair Yellen’s comment that long-term interest rates are low and could jump when they Fed begins to raise interest rates.

The dollar index (DXY00 +0.10%) this morning is up +0.019 (+0.02%). EUR/USD (^EURUSD) is down -0.0017 (-0.15%). USD/JPY (^USDJPY) is down -0.33 (-0.28%). Wednesday’s closes: Dollar Index -0.989 (-1.04%), EUR/USD +0.0162 (+1.45%), USD/JPY -0.388 (-0.32%). The dollar index on Wednesday fell sharply to a 2-1/2 month low on the weaker-than-expected Apr ADP employment report, which may delay a Fed rate hike. Meanwhile, EUR/USD climbed to a 2-1/4 month high after the Eurozone Apr Markit composite PMI was revised higher by +0.4 to 53.9.

Jun WTI crude oil (CLM15 +0.13%) this morning is down -2 cents (-0.03%) and Jun gasoline (RBM15 -0.27%) is down -0.0079 (-0.39%). Wednesday’s closes: CLM5 +0.53 (+0.88%), RBM5 -0.0380 (-1.84%). Jun crude oil and gasoline prices on Wednesday settled mixed with Jun crude at a 4-3/4 month high. Crude oil prices were boosted by the unexpected -3.88 million bbl decline in EIA crude inventories, the first decline in 17 weeks. In addition, U.S. crude oil production fell by -4,000 bpd, which was the third decline in the past four weeks. Gasoline closed lower after news that U.S. fuel consumption fell to an 11-month low of 18.196 million bpd.

GLOBAL EVENT CALENDAR05/07/2015
US 0730 ET Apr Challenger job cuts, Mar +6.4% y/y.
0830 ET Weekly initial unemployment claims expected +17,000 to 279,000, previous -34,000 to 262,000. Weekly continuing claims expected +17,000 to 2.270 million, previous -74,000 to 2.253 million.
0830 ET USDA weekly Export Sales.
1500 ET Mar consumer credit expected +$ 15.800 billion, Feb +$ 15.516 billion.
GER 0200 ET German Mar factory orders expected +1.5% m/m and +1.9% y/y, Feb -0.9% m/m and -1.3% y/y.
0330 ET German Apr Markit construction PMI, Mar 53.3.
UK 0400 ET UK Apr new car registrations, Mar +6.0% y/y.
n/a UK general election.
CHI n/a China Apr trade balance expected +$ 39.60 billion, Mar +$ 3.08 billion. Apr exports expected +1.9% y/y, Mar 15.0% y/y. Apr imports expected -12.2% y/y, Mar -12.7% y/y.
U.S. STOCK CALENDAR05/07/2015
Company Ticker Time Event Description Period Estimate
Becton Dickinson and Co BDX US Bef-mkt Q2 2015 Earnings Release Q2 2015 1.535
PPL Corp PPL US Bef-mkt Q1 2015 Earnings Release Q1 2015 0.684
Molson Coors Brewing Co TAP US Bef-mkt Q1 2015 Earnings Release Q1 2015 0.449
Sigma-Aldrich Corp SIAL US Bef-mkt Q1 2015 Earnings Release Q1 2015 1.08
Regeneron Pharmaceuticals Inc REGN US Bef-mkt Q1 2015 Earnings Release Q1 2015 2.682
Ameren Corp AEE US Bef-mkt Q1 2015 Earnings Release Q1 2015 0.369
Teradata Corp TDC US Bef-mkt Q1 2015 Earnings Release Q1 2015 0.418
Scripps Networks Interactive Inc SNI US Bef-mkt Q1 2015 Earnings Release Q1 2015 0.919
Priceline Group Inc/The PCLN US 7:00 Q1 2015 Earnings Release Q1 2015 7.742
L Brands Inc LB US 7:30 April 2015 Sales and Revenue Call 2015
Priceline Group Inc/The PCLN US 7:30 Q1 2015 Earnings Call Q1 2015
Apache Corp APA US 8:00 Q1 2015 Earnings Release Q1 2015 -0.595
Becton Dickinson and Co BDX US 8:00 Q2 2015 Earnings Call Q2 2015
United Parcel Service Inc UPS US 8:00 Annual General Meeting
DTE Energy Co DTE US 8:00 Annual General Meeting Y 2015
MetLife Inc MET US 8:00 Q1 2015 Earnings Call Q1 2015
PPL Corp PPL US 8:30 Q1 2015 Earnings Call Q1 2015
Regeneron Pharmaceuticals Inc REGN US 8:30 Q1 2015 Earnings Call Q1 2015
E*TRADE Financial Corp ETFC US 8:30 Annual General Meeting Y 2015
Teradata Corp TDC US 8:30 Q1 2015 Earnings Call Q1 2015
CVS Health Corp CVS US 9:00 Annual General Meeting Y 2015
Tesoro Corp TSO US 9:00 Annual General Meeting Y 2015
Marathon Oil Corp MRO US 9:00 Q1 2015 Earnings Call Q1 2015
CF Industries Holdings Inc CF US 9:00 Q1 2015 Earnings Call Q1 2015
Verizon Communications Inc VZ US 9:30 Annual General Meeting
St Jude Medical Inc STJ US 9:30 Annual General Meeting
Transocean Ltd RIG US 9:30 Q1 2015 Earnings Call Q1 2015
Duke Energy Corp DUK US 10:00 Annual General Meeting Y 2015
Ecolab Inc ECL US 10:00 Annual General Meeting Y 2015
Kimco Realty Corp KIM US 10:00 Q1 2015 Earnings Call Q1 2015
Ameren Corp AEE US 10:00 Q1 2015 Earnings Call Q1 2015
Scripps Networks Interactive Inc SNI US 10:00 Q1 2015 Earnings Call Q1 2015
Archer-Daniels-Midland Co ADM US 11:00 Annual General Meeting
Wisconsin Energy Corp WEC US 11:00 Annual General Meeting
Molson Coors Brewing Co TAP US 11:00 Q1 2015 Earnings Call Q1 2015
Prudential Financial Inc PRU US 11:00 Q1 2015 Earnings Call Q1 2015
Eastman Chemical Co EMN US 11:30 Annual General Meeting Y 2015
Molson Coors Brewing Co TAP US 13:00 Q1 2015 Earnings Call – Follow-up Session C1 2015
Essex Property Trust Inc ESS US 13:00 Q1 2015 Earnings Call Q1 2015
Apache Corp APA US 14:00 Q1 2015 Earnings Call Q1 2015
Danaher Corp DHR US 15:00 Annual General Meeting Y 2015
NVIDIA Corp NVDA US 16:20 Q1 2016 Earnings Release Q1 2016 0.335
Cerner Corp CERN US 16:30 Q1 2015 Earnings Call Q1 2015
CBS Corp CBS US 16:30 Q1 2015 Earnings Call Q1 2015
Microchip Technology Inc MCHP US 16:30 Q4 2015 Earnings Call C1 2015
CA Inc CA US 17:00 Q4 2015 Earnings Call Q4 2015
Monster Beverage Corp MNST US 17:00 Q1 2015 Earnings Call Q1 2015
NVIDIA Corp NVDA US 17:00 Q1 2016 Earnings Call Q1 2016
CA Inc CA US Aft-mkt Q4 2015 Earnings Release Q4 2015 0.498
Cerner Corp CERN US Aft-mkt Q1 2015 Earnings Release Q1 2015 0.449
Mohawk Industries Inc MHK US Aft-mkt Q1 2015 Earnings Release Q1 2015 1.602
Monster Beverage Corp MNST US Aft-mkt Q1 2015 Earnings Release Q1 2015 0.684
CBS Corp CBS US Aft-mkt Q1 2015 Earnings Release Q1 2015 0.75
Microchip Technology Inc MCHP US Aft-mkt Q4 2015 Earnings Release Q4 2015 0.666
Corning Inc GLW US Investor Meeting Y 2015
Dover Corp DOV US Annual General Meeting
Kansas City Southern KSU US Annual General Meeting
L Brands Inc LB US April 2015 Sales and Revenue Release 2015
Tenet Healthcare Corp THC US Annual General Meeting
Health Care REIT Inc HCN US Annual General Meeting
CH Robinson Worldwide Inc CHRW US Annual General Meeting
Reynolds American Inc RAI US Annual General Meeting
Assurant Inc AIZ US Annual General Meeting
NRG Energy Inc NRG US Annual General Meeting
Kinder Morgan Inc/DE KMI US Annual General Meeting

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