Wed May 27 2015
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Live Index – Wed, 27 May 2015 Premarket

PREMARKET WORLD NEWS

June E-mini S&Ps (ESM15 +0.10%) this morning are up +0.04% and European stocks are up +0.19% after a gauge of German consumer confidence unexpectedly rose. The 10-year Greek bond yield fell back from Tuesday’s 1-month high after the ECB left the level of emergency cash available to Greek banks unchanged from a week ago, a sign that Greece’s cash crunch hasn’t worsened. Asian stocks closed mixed: Japan +0.17%, Hong Kong -0.60%, China +0.63%, Taiwan +0.25%, Australia -0.83%, Singapore -1.01%, South Korea -1.98%, India +0.12%. Japan’s Nikkei Stock Index pushed up to a new 15-year high as exporters rallied on the prospects of improved earnings after the yen tumbled to a 7-3/4 year low against the dollar. China’s Shanghai Composite Stock Index continued its recent rally up to a new 7-1/3 year high after China Apr industrial profits rose +2.6% y/y, the first increase in 5 months.

Commodity prices are mixed. Jul crude oil (CLN15 +0.64%) is up +0.24% and Jul gasoline (RBN15 +0.01%) is down -0.22%. Metals prices are weaker. Jun gold (GCM15 -0.08%) is down -0.24% at a 2-week low. Jul copper (HGN15 -0.47%) is down -0.34%. Agricultural prices are mixed.

The dollar index (DXY00 unch) is up +0.05% at a new 1-month high. EUR/USD (^EURUSD) is up +0.11%. USD/JPY (^USDJPY) is up +0.37% at a fresh 7-3/4 year high.

Jun T-note prices (ZNM15 -0.11%) are down -5 ticks.

According to two people familiar with the matter, the ECB left the level of emergency cash available to Greek banks unchanged from a week ago at 80.2 billion euros and that Greek banks still have a liquidity buffer of about 3 billion euros.

Speaking Tuesday evening to the LSU Graduate School of Banking, Richmond Fed President Lacker said that it looks “pretty clear” inflation is heading back up to the Fed’s 2.0% goal and that there are risks for the Fed to move too late on interest rates.

German Jun GfK consumer confidence unexpectedly rose +0.1 to 10.2, stronger than expectations of -0.1 to 10.0 and the highest since the data series began in 2005.

U.S. STOCK PREVIEW

Key U.S. reports today include: (1) weekly MBA mortgage applications (last week -1.5% with purchase sub-index -3.7% and refi sub-index +0.3%), (2) the Treasury’s auction of $ 13 billion of 2-year floating rate notes and $ 35 billion of 5-year T-notes), and (3) the 3-day G-7 meeting in Dresden, Germany that begins today.

There are 10 of the Russell 1000 companies that report earnings today with notable reports including: Toll Brothers (consensus $ 0.35), Costco (1.12), Tiffany (0.69), DSW (0.48), Valspar (1.10).

U.S. IPO’s scheduled to price today include: none.

Equity conferences during the remainder of this week include: BMO Capital Markets Global Energy Invitational Conference on Wed, D. A. Davidson & Co Technology Forum on Wed, Stifel, Nicolaus & Co. Dental & Veterinary Conference on Wed, Citi Global Consumer Conference on Wed-Thu, Cowen and Company Technology Media & Telecom Conference on Wed-Thu, US Ethane & LPG Export Asia 2015 on Wed-Thu, Sanford C. Bernstein Strategic Decisions Conference on Wed-Fri, KeyBanc Capital Markets Industrial, Automotive & Transportation Conference on Thu, American Society of Clinical Oncology Meeting on Fri.

PREMARKET U.S. STOCKS

Tiffany & Co. (TIF -1.59%) reported Q1 EPS of 81 cents, higher than consensus of 69 cents.

Michael Kors Holdings Ltd. (KORS -1.69%) reported Q4 EPS of 90 cents, below consensus of 91 cents.

Brown Shoe (BWS -2.77%) reported Q1 EPS of 44 cents, above consensus of 36 cents.

eBay (EBAY -1.67%) was initiated with a ‘Buy’ at Topeka with a price target of $ 68.

T-Mobile (TMUS +5.10%) was downgraded to ‘Neutral’ from ‘Outperform’ at Macquarie.

Reynolds American (RAI +0.48%) was upgraded to ‘Outperform’ from ‘Market Perform’ at Cowen.

AutoZone (AZO -0.11%) was downgraded to ‘Hold’ from ‘Buy’ at Gabelli.

Marathon Petroleum (MPC -2.56%) and Phillips 66 (PSX -1.99%) were both upgraded to ‘Outperform’ from ‘Perform’ at Oppenheimer.

Ulta Salon (ULTA -0.71%) was initiated with a ‘Buy’ at Buckingham with a price target of $ 182.

Coach (COH -2.58%) was initiated with an ‘Underweight’ at BB&T.

Vipshop (VIPS +4.48%) was initiated with a ‘Buy’ at Stifel with a price target of $ 32.

Barron’s says that General Motors (GM -0.50%) still looks like a buy, despite pending criminal charges against the company.

United Rentals (URI -0.51%) said it has added ten locations in Canada and the U.S.

Hormel Foods (HRL -0.54%) said it will acquire Applegate Farms for $ 775 million.

Eminence Capital reported a 5.1% passive stake in Yelp (YELP -2.00%) .

Hirzel Capital reported a 9.0% passive stake in Rex Energy (REXX -1.66%) .

MARKET COMMENTS

June E-mini S&Ps (ESM15 +0.10%) this morning are up +0.75 of a point (+0.04%). Tuesday’s closes: S&P 500 -1.03%, Dow Jones -1.04%, Nasdaq -1.20%. The S&P 500 on Tuesday sold-off to a 1-1/2 week low and closed lower on concerns about Greece and on Cleveland Fed President Mester’s comment that if economic data comes in according to her forecasts then the “time is near” for the federal funds rate to be raised. In addition, the stronger-than-expected U.S. Apr durable goods orders and new home sales reports bolstered the case for the Fed to raise interest rates sooner rather than later.

June 10-year T-notes (ZNM15 -0.11%) this morning are down -5 ticks. Tuesday’s closes: TYM5 +20.00, FVM5 +9.00. Jun T-notes on Tuesday settled higher on increased safe-haven demand with the sell-off in stocks and the Greek situation. In addition, the 10-year T-note breakeven inflation expectations rate fell to a 1-week low.

The dollar index (DXY00 unch) this morning is up +0.045 (+0.05%) at a 1-month high. EUR/USD (^EURUSD) is up +0.0012 (+0.11%). USD/JPY (^USDJPY) is up +0.45 (+0.37%) at a new 7-3/4 year high. Tuesday’s closes: Dollar Index +1.285 (+1.34%), EUR/USD -0.014 (-1.27%), USD/JPY +1.575 (+1.30%). The dollar index on Tuesday climbed to a 1-month high on increased expectations for Fed tightening after the stronger-than-expected U.S. economic data on May consumer confidence, Apr new home sales and durable goods orders. In addition, Cleveland Fed President Mester said that the “time is near” for the federal funds rate to be raised.

July WTI crude oil (CLN15 +0.64%) this morning is up +14 cents (+0.24%). July gasoline (RBN15 +0.01%) is down -0.0044 (-0.22%). Tuesday’s closes: CLN5 -1.69 (-2.83%), RBN5 -0.0526 (-2.58%). Jul crude and gasoline sold-off sharply on Tuesday on the rally in the dollar index to a 1-month high and on expectations for the U.S. crude oil glut to persist as OPEC is expected to keep its production targets unchanged when the cartel meets on Jun 5.

GLOBAL EVENT CALENDAR05/27/2015
US0700 ETWeekly MBA mortgage applications, previous -1.5% with purchase sub-index -3.7% and refi sub-index +0.3%.
1130 ETTreasury auctions $ 13 billion of 2-year floating rate notes.
1300 ETTreasury auctions $ 35 billion of 5-year T-notes.
n/a3-day G-7 meeting of finance ministers and central bank chiefs in Dresden, Germany begins (Wed-Fri).
GER0200 ETGerman Jun GfK consumer confidence expected -0.1 to 10.0, May 10.1.
JPN1950 ETJapan Apr retail sales expected +1.1% m/m and +5.5% y/y, Mar -1.8% m/m and -9.7% y/y.
U.S. STOCK CALENDAR05/27/2015
CompanyTickerTimeEvent DescriptionPeriodEstimate
Toll Brothers IncTOL USBef-mktQ2 2015 Earnings ReleaseQ2 20150.349
Valspar Corp/TheVAL USBef-mktQ2 2015 Earnings ReleaseQ2 20151.1
Michael Kors Holdings LtdKORS USBef-mktQ4 2015 Earnings ReleaseQ4 20150.913
Hormel Foods CorpHRL US7:15Acquisition of Applegate Farms, LLC by Hormel Foods Corporation Call
Michael Kors Holdings LtdKORS US8:00Q4 2015 Earnings CallQ4 2015
Tiffany & CoTIF US8:30Q1 2016 Earnings CallQ1 2016
Chico’s FAS IncCHS US8:30Q1 2016 Earnings CallQ1 2016
DSW IncDSW US8:30Q1 2016 Earnings CallQ1 2016
SEI Investments CoSEIC US9:00Annual General Meeting
AOL IncAOL US9:00Annual General Meeting
Fidelity National Information Services IncFIS US10:00Annual General Meeting
NorthStar Realty Finance CorpNRF US10:00Annual General Meeting
Dollar General CorpDG US10:00Annual General Meeting
Exxon Mobil CorpXOM US10:30Annual General MeetingY 2015
Tidewater IncTDW US11:00Q4 2015 Earnings CallQ4 2015
Toll Brothers IncTOL US11:00Q2 2015 Earnings CallQ2 2015
Valspar Corp/TheVAL US11:00Q2 2015 Earnings CallQ2 2015
NOW IncDNOW US11:00Annual General Meeting
NorthStar Asset Management Group Inc/New YorkNSAM US11:00Annual General Meeting
Stericycle IncSRCL US12:00Annual General MeetingY 2015
VMware IncVMW US12:00Annual General Meeting
Illumina IncILMN US13:00Annual General MeetingY 2015
Equinix IncEQIX US13:30Annual General MeetingY 2015
Palo Alto Networks IncPANW US16:30Q3 2015 Earnings CallQ3 2015
Costco Wholesale CorpCOST USAft-mktQ3 2015 Earnings ReleaseQ3 20151.155
Copart IncCPRT USAft-mktQ3 2015 Earnings ReleaseQ3 20150.493
AMERCOUHAL USAft-mktQ4 2015 Earnings ReleaseQ4 20152.48
Palo Alto Networks IncPANW USAft-mktQ3 2015 Earnings ReleaseQ3 20150.199
Chevron CorpCVX USAnnual General Meeting
City National Corp/CACYN USAnnual General Meeting – M&A Vote
Questar CorpSTR USAnnual General MeetingY 2015
Southern Co/TheSO USAnnual General Meeting
Tiffany & CoTIF USQ1 2016 Earnings ReleaseQ1 20160.693
Alkermes PLCALKS USAnnual General Meeting
ProAssurance CorpPRA USAnnual General MeetingY 2015
Chico’s FAS IncCHS USQ1 2016 Earnings ReleaseQ1 20160.275
BioMed Realty Trust IncBMR USAnnual General Meeting
DSW IncDSW USQ1 2016 Earnings ReleaseQ1 20160.475
Copa Holdings SACPA USInvestor Day-Day1Y 2015
Taylor Morrison Home CorpTMHC USAnnual General Meeting

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