Live Index – Thu, 28 May 2015 Premarket
June E-mini S&Ps (ESM15 -0.14%) this morning are down -0.13% and European stocks are down -0.56% after G-7 finance ministers meeting in Dresden, Germany said that Greece needs to get serious about striking a deal on rescue aid. German Finance Minister Schaeuble rebuffed Greece’s claim that a deal is imminent when he said “negotiations between the ECB, European Commission, IMF and the Greek government still haven’t come very far.” Asian stocks closed mixed: Japan +0.39%, Hong Kong -2.23%, China -6.50%, Taiwan +0.20%, Australia -0.21%, Singapore -0.21%, South Korea -0.04%, India -0.21%. Japan’s Nikkei Stock Index climbed to a fresh 15-year high as exporters rallied on a weak yen which tumbled to a 12-1/3 year low against the dollar. China’s Shanghai Composite Stock Index plunged 6.5% after some Chinese brokerages increased their margin requirements. Another negative for Chinese stocks was the action by the PBOC to drain tens of billions of yuan from the financial system by selling repurchase agreements to targeted financial institutions, which signals the PBOC does not intend to cut interest rates further in the near-term.
Commodity prices are mixed. Jul crude oil (CLN15 -0.12%) is up +0.30% and Jul gasoline (RBN15 +0.69%) is up +0.85%. Metals prices are mixed. Jun gold (GCM15 +0.10%) is up +0.13 and Jul copper (HGN15 -0.02%) is down -0.02%. Agricultural prices are higher.
The dollar index (DXY00 +0.04%) is down -0.17%. EUR/USD (^EURUSD) is up +0.17%. USD/JPY (^USDJPY) is up +0.39% at a 12-1/3 year high.
Jun T-note prices (ZNM15 unch) are unchanged.
San Francisco Fed President Williams said he “expects the Fed will be raising rates later this year” and that he sees above trend growth for the rest of the year with full-year GDP growth probably about 2.0%. He added that he sees interest rates “moving up in 2015, ’16 and ’17 and coming close to long-run estimates, which are between 3.5% and 4.0%.”
Key U.S. reports today include: (1) weekly initial unemployment claims (expected -3,000 to 271,000 after last week’s +10,000 to 274,000) and continuing claims (expected -16,000 to 2.195 million after last week’s -12,000 to 2.211 million), (2) Apr pending home sales (expected +0.9% m/m and +10.8% y/y after March’s +1.1% m/m and +13.4% y/y), (3) the Treasury’s auction of $ 29 billion of 7-year T-notes, (4) a speech by San Francisco Fed President John Williams on banking supervision at a conference in Singapore, (5) a speech by Minneapolis Fed President Narayana Kocherlakota on monetary policy at an event in Helena, MT, and (6) the second day of the 3-day G-7 meeting in Dresden, Germany.
There are 12 of the Russell 1000 companies that report earnings today with notable reports including: Abercrombie (Consensus -$ 0.35), Signet Jewelers (1.61), GameStop (0.58), Ulta Salon (0.93), Avago Technologies (2.00), Seadrill (0.64).
U.S. IPO’s scheduled to price today include: KNOT Offshore Partners (KNOP), Celadon Group (CGI).
Equity conferences during the remainder of this week include: 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.
Flowers Foods (FLO +0.65%) reported Q1 EPS of 29 cents, below consensus of 30 cents.
Chipotle (CMG -1.55%) was upgraded to ‘Buy’ from ‘Hold’ at Miller Tabak who raised their price target on the stock to $ 725 from $ 715.
The Fresh Market (TFM +0.09%) was downgraded to ‘Neutral’ from ‘Overweight’ at JPMorgan Chase.
Genworth (GNW +1.31%) was upgraded to ‘Equal Weight’ from ‘Underweight’ at Morgan Stanley.
Molson Coors (TAP -0.92%) was upgraded to ‘Overweight’ from ‘Equal Weight’ at Morgan Stanley.
Tech Data (TECD +2.31%) reported Q1 non-GAAP EPS of 80 cents, higher than consensus of 71 cents.
Avago Technologies Ltd. (AVGO +7.76%) reported Q2 EPS of $ 2.13, better than consensus of $ 2.00.
Actavis (ACT +2.24%) announced that its VIBERZI drug was approved by the FDA as a twice-daily, oral treatment for adults suffering from irritable bowel syndrome with diarrhea.
Transocean (RIG -0.05%) reports that CFO Esa Ikaheimonen is stepping down as Executive Vice President and CFO effective immediately.
Amerco (UHAL +0.16%) reported Q4 EPS of $ 2.43, below consensus of $ 2.48.
RetailMeNot (SALE -0.73%) was initiated with a ‘Buy’ at Topeka with a price target of $ 28.
Aegean Marine (ANW +0.58%) reported Q1 EPS of 25 cents, higher than consensus of 24 cents, although the company said Q1 revenue was $ 1.02 billion, below consensus of $ 1.37 billion “due to the drop in the price of oil.”
Rally Software (RALY -1.03%) surged over 40% in after-hours trading after CA Technologies ({=CA agreed to acquire the company for $ 19.50 per share or about $ 480 million.
EnerSys (ENS +2.23%) reported Q4 EPS ex-items of $ 1.15, better than consensus of $ 1.14, but Q4 revenue of $ 629.9 million was below consensus of $ 635.06 million.
Pier 1 Imports (PIR -2.23%) was initiated with a ‘Buy’ at Cantor with a price target of $ 17.
SpartanNash (SPTN +0.06%) reported Q1 EPS of 44 cents, better than consensus of 41 cents, although Q1 revenue of $ 2.31 billion was below consensus of $ 2.32 billion.
June E-mini S&Ps (ESM15 -0.14%) this morning are down -2.75 points (-0.13%). Wednesday’s closes: S&P 500 +0.92%, Dow Jones +0.67%, Nasdaq +1.63%. The S&P 500 on Wednesday closed higher on some Greek optimism and on carry-over support from a rally in Asian stock markets after Japan’s Nikkei Stock Index climbed to a 15-year high and China’s Shanghai Composite rose to a 7-1/3 year high.
June 10-year T-notes (ZNM15 unch) this morning are unch. Wednesday’s closes: TYM5 -0.50, FVM5 -0.75. Jun T-notes on Wednesday closed slightly lower on reduced safe-haven demand as Greek default concerns eased a bit. T-notes also fell on supply pressures as the Treasury auctions $ 103 billion of T-notes this week.
The dollar index (DXY00 +0.04%) this morning is down -0.168 (-0.17%). EUR/USD (^EURUSD) is up +0.0019 (+0.17%). USD/JPY (^USDJPY) is up +0.48 (+0.39%) at a 12-1/3 year high. Wednesday’s closes: Dollar Index +0.072 (+0.07%), EUR/USD +0.00317 (+0.29%), USD/JPY +0.551 (+0.45%). The dollar index on Wednesday posted a 1-month high on (1) Richmond Fed President Lacker’s comment that there are risks for the Fed moving too late on interest rates, and (2) technical buying with USD/JPY posting a 7-3/4 year high. EUR/USD recovered from a 1-month low on speculation Greece was moving closer to a deal with its creditors.
July WTI crude oil (CLN15 -0.12%) this morning is up 17 cents (+0.30%). July gasoline (RBN15 +0.69%) is up +0.0165 (+0.85%). Wednesday’s closes: CLN5 -0.52 (-0.90%), RBN5 -0.0334 (-1.68%). Jul crude and gasoline on Wednesday closed lower with Jul gasoline at a 1-month low due to the rally in the dollar index to a 1-month high and on plans by Iraq, the second-biggest producer in OPEC, to increase its crude exports in Jun by +800,000 bpd to 3.75 million bpd. Crude oil saw some support from expectations that Thursday’s weekly EIA data will show that crude inventories fell -2.0 million bbl for the fourth consecutive weekly decline.
US | 0220 ET | San Francisco Fed President John Williams speaks on banking supervision at a conference in Singapore. |
0830 ET | Weekly initial unemployment claims expected -3,000 to 271,000, previous +10,000 to 274,000. Weekly continuing claims expected -16,000 to 2.195 million, previous 12,000 to 2.211 million. | |
1000 ET | Apr pending home sales expected +0.9% m/m and +10.8% y/y, Mar +1.1% m/m and +13.4% y/y. | |
1100 ET | EIA Weekly Petroleum Status Report. | |
1300 ET | Treasury auctions $ 29 billion of 7-year T-notes. | |
1445 ET | Minneapolis Fed President Narayana Kocherlakota speaks on monetary policy at an event in Helena, MT. | |
n/a | 3-day G-7 meeting of finance ministers and central bank chiefs in Dresden, Germany continues (Wed-Fri). | |
GER | 0200 ET | German Apr import price index expected +0.5% m/m and -0.7% y/y, Mar +1.0% m/m and -1.4% y/y. |
EUR | 0500 ET | Eurozone May economic confidence expected -0.2 to 103.5, Apr 103.7. May business climate indicator expected +0.03 to 0.35, Apr 0.32. |
0500 ET | Revised Eurozone May consumer confidence, previous -0.9 to -5.5. | |
UK | 0430 ET | UK Q1 GDP expected +0.4% q/q and +2.5% y/y, Q4 +0.3% q/q and +2.4% y/y. |
0430 ET | UK Mar index of services expected +0.3% m/m and +0.5% 3-mon/3-mon, Feb +0.3% m/m and +0.7% 3-mon/3-mon. | |
1905 ET | UK May GfK consumer confidence expected unch at 4. | |
JPN | 1930 ET | Japan Apr jobless rate expected unch at 3.4%. Apr job-to-applicant ratio expected unch at 1.15. |
1930 ET | Japan Apr overall household spending expected +3.0% y/y, Mar -10.6% y/y. | |
1930 ET | Japan Apr national CPI expected +0.6% y/y, Mar +2.3% y/y. Apr national CPI ex-fresh food expected +0.2% y/y, Mar +2.2% y/y. Apr national CPI ex food & energy expected +0.3% y/y, Mar +2.1% y/y. | |
1930 ET | Japan May Tokyo CPI expected +0.5% y/y, Apr +0.7% y/y. May Tokyo CPI ex-fresh food expected +0.2% y/y, Apr +0.4% y/y. May Tokyo CPI ex food & energy expected unch y/y, Apr unch y/y. | |
1950 ET | Japan Apr industrial production expected +1.0% m/m and -0.1% y/y, Mar -0.8% m/m and -1.7% y/y. |
Company | Ticker | Time | Event Description | Period | Estimate |
---|---|---|---|---|---|
White Mountains Insurance Group Ltd | WTM US | 5:00 | Annual General Meeting | ||
Orbital ATK Inc | OA US | Bef-mkt | Q4 2015 Earnings Release | Q4 2015 | 1.257 |
Tech Data Corp | TECD US | Bef-mkt | Q1 2016 Earnings Release | Q1 2016 | 0.712 |
Flowers Foods Inc | FLO US | Bef-mkt | Q1 2015 Earnings Release | Q1 2015 | 0.3 |
Signet Jewelers Ltd | SIG US | 7:00 | Q1 2016 Earnings Release | Q1 2016 | 1.612 |
Abercrombie & Fitch Co | ANF US | 7:30 | Q1 2016 Earnings Release | Q1 2016 | -0.348 |
BlackRock Inc | BLK US | 8:00 | Annual General Meeting | ||
Signet Jewelers Ltd | SIG US | 8:30 | Q1 2016 Earnings Call | Q1 2016 | |
Abercrombie & Fitch Co | ANF US | 8:30 | Q1 2016 Earnings Call | Q1 2016 | |
Flowers Foods Inc | FLO US | 8:30 | Q1 2015 Earnings Call | Q1 2015 | |
Orbital ATK Inc | OA US | 9:00 | Q1 2015 Earnings Call | C1 2015 | |
Big Lots Inc | BIG US | 9:00 | Annual General Meeting | ||
Tech Data Corp | TECD US | 9:00 | Q1 2016 Earnings Call | Q1 2016 | |
Royal Caribbean Cruises Ltd | RCL US | 9:00 | Annual General Meeting | Y 2015 | |
Ally Financial Inc | ALLY US | 9:00 | Annual General Meeting | Y 2015 | |
Iron Mountain Inc | IRM US | 9:00 | Annual General Meeting | ||
Walgreens Boots Alliance Inc | WBA US | 10:00 | Annual General Meeting | Y 2015 | |
Brandywine Realty Trust | BDN US | 10:00 | Annual General Meeting | Y 2015 | |
Gartner Inc | IT US | 10:00 | Annual General Meeting | Y 2015 | |
Agilent Technologies Inc | A US | 10:00 | Analyst Meeting | Y 2015 | |
Golar LNG Ltd | GLNG US | 10:00 | Q1 2015 Earnings Call | Q1 2015 | |
Sabre Corp | SABR US | 10:30 | Annual General Meeting | ||
Raytheon Co | RTN US | 11:00 | Annual General Meeting | Y 2015 | |
Costco Wholesale Corp | COST US | 11:00 | Q3 2015 Earnings Call | Q3 2015 | |
Copart Inc | CPRT US | 11:00 | Q3 2015 Earnings Call | Q3 2015 | |
AMERCO | UHAL US | 11:00 | Q4 2015 Earnings Call | Q4 2015 | |
SunEdison Inc | SUNE US | 11:00 | Annual General Meeting | Y 2015 | |
Spirit Realty Capital Inc | SRC US | 11:00 | Annual General Meeting | ||
Seadrill Ltd | SDRL NO | 12:00 | Q1 2015 Earnings Call | Q1 2015 | |
Douglas Emmett Inc | DEI US | 12:00 | Annual General Meeting | Y 2015 | |
WP Carey Inc | WPC US | 13:30 | Investor Day | Y 2015 | |
Forest City Enterprises Inc | FCE/A US | 14:00 | Annual General Meeting | Y 2015 | |
Deckers Outdoor Corp | DECK US | 16:30 | Q4 2015 Earnings Call | Q4 2015 | |
Splunk Inc | SPLK US | 16:30 | Q1 2016 Earnings Call | Q1 2016 | |
Veeva Systems Inc | VEEV US | 16:30 | Q1 2016 Earnings Call | Q1 2016 | |
XL Group PLC | XL US | 17:00 | Acquisition and Integration of Catlin Group Limited by XL Group plc Call | ||
GameStop Corp | GME US | 17:00 | Q1 2016 Earnings Call | Q1 2016 | |
Ulta Salon Cosmetics & Fragrance Inc | ULTA US | 17:00 | Q1 2016 Earnings Call | Q1 2016 | |
Avago Technologies Ltd | AVGO US | 17:00 | Q2 2015 Earnings Call | Q2 2015 | |
Deckers Outdoor Corp | DECK US | Aft-mkt | Q4 2015 Earnings Release | Q4 2015 | -0.001 |
GameStop Corp | GME US | Aft-mkt | Q1 2016 Earnings Release | Q1 2016 | 0.583 |
Ulta Salon Cosmetics & Fragrance Inc | ULTA US | Aft-mkt | Q1 2016 Earnings Release | Q1 2016 | 0.931 |
Avago Technologies Ltd | AVGO US | Aft-mkt | Q2 2015 Earnings Release | Q2 2015 | 2 |
Splunk Inc | SPLK US | Aft-mkt | Q1 2016 Earnings Release | Q1 2016 | -0.026 |
Veeva Systems Inc | VEEV US | Aft-mkt | Q1 2016 Earnings Release | Q1 2016 | 0.1 |
Exelis Inc | XLS US | Aft-mkt | Ozarks Inc. Replaces Exelis Inc. in S&P MidCap 400 | ||
Citrix Systems Inc | CTXS US | 19:00 | Annual General Meeting | ||
Starwood Hotels & Resorts Worldwide Inc | HOT US | Annual General Meeting | |||
MGM Resorts International | MGM US | Annual General Meeting – Proxy Fight for Board Representation | Y 2015 | ||
Tiffany & Co | TIF US | Annual General Meeting | |||
Amgen Inc | AMGN US | PDUFA, ivabradine, chronic heart failure | |||
Macerich Co/The | MAC US | Annual General Meeting | |||
Lamar Advertising Co | LAMR US | Annual General Meeting | |||
Voya Financial Inc | VOYA US | Annual General Meeting | |||
WESCO International Inc | WCC US | Annual General Meeting | |||
Seadrill Ltd | SDRL NO | Q1 2015 Earnings Release | Q1 2015 | 0.637 | |
Copa Holdings SA | CPA US | Investor Day-Day2 | Y 2015 |