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
US 0700 ET Weekly MBA mortgage applications, previous -1.5% with purchase sub-index -3.7% and refi sub-index +0.3%.
1130 ET Treasury auctions $ 13 billion of 2-year floating rate notes.
1300 ET Treasury auctions $ 35 billion of 5-year T-notes.
n/a 3-day G-7 meeting of finance ministers and central bank chiefs in Dresden, Germany begins (Wed-Fri).
GER 0200 ET German Jun GfK consumer confidence expected -0.1 to 10.0, May 10.1.
JPN 1950 ET Japan 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
Company Ticker Time Event Description Period Estimate
Toll Brothers Inc TOL US Bef-mkt Q2 2015 Earnings Release Q2 2015 0.349
Valspar Corp/The VAL US Bef-mkt Q2 2015 Earnings Release Q2 2015 1.1
Michael Kors Holdings Ltd KORS US Bef-mkt Q4 2015 Earnings Release Q4 2015 0.913
Hormel Foods Corp HRL US 7:15 Acquisition of Applegate Farms, LLC by Hormel Foods Corporation Call
Michael Kors Holdings Ltd KORS US 8:00 Q4 2015 Earnings Call Q4 2015
Tiffany & Co TIF US 8:30 Q1 2016 Earnings Call Q1 2016
Chico’s FAS Inc CHS US 8:30 Q1 2016 Earnings Call Q1 2016
DSW Inc DSW US 8:30 Q1 2016 Earnings Call Q1 2016
SEI Investments Co SEIC US 9:00 Annual General Meeting
AOL Inc AOL US 9:00 Annual General Meeting
Fidelity National Information Services Inc FIS US 10:00 Annual General Meeting
NorthStar Realty Finance Corp NRF US 10:00 Annual General Meeting
Dollar General Corp DG US 10:00 Annual General Meeting
Exxon Mobil Corp XOM US 10:30 Annual General Meeting Y 2015
Tidewater Inc TDW US 11:00 Q4 2015 Earnings Call Q4 2015
Toll Brothers Inc TOL US 11:00 Q2 2015 Earnings Call Q2 2015
Valspar Corp/The VAL US 11:00 Q2 2015 Earnings Call Q2 2015
NOW Inc DNOW US 11:00 Annual General Meeting
NorthStar Asset Management Group Inc/New York NSAM US 11:00 Annual General Meeting
Stericycle Inc SRCL US 12:00 Annual General Meeting Y 2015
VMware Inc VMW US 12:00 Annual General Meeting
Illumina Inc ILMN US 13:00 Annual General Meeting Y 2015
Equinix Inc EQIX US 13:30 Annual General Meeting Y 2015
Palo Alto Networks Inc PANW US 16:30 Q3 2015 Earnings Call Q3 2015
Costco Wholesale Corp COST US Aft-mkt Q3 2015 Earnings Release Q3 2015 1.155
Copart Inc CPRT US Aft-mkt Q3 2015 Earnings Release Q3 2015 0.493
AMERCO UHAL US Aft-mkt Q4 2015 Earnings Release Q4 2015 2.48
Palo Alto Networks Inc PANW US Aft-mkt Q3 2015 Earnings Release Q3 2015 0.199
Chevron Corp CVX US Annual General Meeting
City National Corp/CA CYN US Annual General Meeting – M&A Vote
Questar Corp STR US Annual General Meeting Y 2015
Southern Co/The SO US Annual General Meeting
Tiffany & Co TIF US Q1 2016 Earnings Release Q1 2016 0.693
Alkermes PLC ALKS US Annual General Meeting
ProAssurance Corp PRA US Annual General Meeting Y 2015
Chico’s FAS Inc CHS US Q1 2016 Earnings Release Q1 2016 0.275
BioMed Realty Trust Inc BMR US Annual General Meeting
DSW Inc DSW US Q1 2016 Earnings Release Q1 2016 0.475
Copa Holdings SA CPA US Investor Day-Day1 Y 2015
Taylor Morrison Home Corp TMHC US Annual General Meeting

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