Thu May 28 2015
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Live Index – Thu, 28 May 2015 Premarket

PREMARKET WORLD NEWS

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%.”

U.S. STOCK PREVIEW

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.

PREMARKET U.S. STOCKS

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.

MARKET COMMENTS

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.

GLOBAL EVENT CALENDAR05/28/2015
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.
U.S. STOCK CALENDAR05/28/2015
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

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