Fri May 29 2015
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Live Index – Fri, 29 May 2015 Premarket

PREMARKET WORLD NEWS

June E-mini S&Ps (ESM15 -0.14%) this morning are down -0.07% ahead of a revision to U.S. Q1 GDP that is expected to show the economy contracted. European stocks are down -0.28% as wrangling over a Greek bailout continues. Finance ministers gathering at a G-7 meeting in Germany said that Greece needs stronger commitments to fix its economy. Asian stocks closed mixed: Japan +0.06%, Hong Kong -0.11%, China -0.18%, Taiwan -0.12%, Australia +1.12%, Singapore -0.75%, South Korea +0.13%, India +1.17%. China’s Shanghai Composite fell to a 1 week low while Japanese stocks closed higher after the Japan Apr jobless rate unexpectedly fell -0.1 to 3.3%, an 18-year low.

Commodity prices are mixed. Jul crude oil (CLN15 +1.23%) is up +1.25% and Jul gasoline (RBN15 +1.07%) is up +1.03%. Metals prices are mixed. Jun gold (GCM15 -0.03%) is up +0.07% and Jul copper (HGN15 -0.09%) is down -0.13%. Agricultural prices are mixed.

The dollar index (DXY00 +0.01%) is up +0.06%. EUR/USD (^EURUSD) is up +0.11%. USD/JPY (^USDJPY) is down -0.08%.

Jun T-note prices (ZNM15 -0.02%) are down -0.50 of a tick.

According to a European Union official who spoke on the condition of anonymity, international creditors said that they need an agreement by Greece on an economic plan by next week to be able to release funds before Greece’s current loan arrangement expires at the end of June. Another official said that Greece and its international creditors remain far apart and that the IMF won’t support an accord unless Greece commits to a credible medium-term primary budget surplus and changes to its pension system.

U.S. STOCK PREVIEW

Key U.S. reports today include: (1) revised Q1 GDP (expected -0.8% vs prelim +0.2%), (2) the May Milwaukee ISM (expected +1.92 to 50.00 after April’s -5.17 to 48.08), (3) the May Chicago PMI (expected +0.7 to 53.0 after April’s +6.0 to 52.3), (4) the final-May U.S. consumer sentiment index from the University of Michigan (expected +1.1 to 89.7 vs prelim-May -7.3 to 88.6), and (5) the last day of the 3-day G-7 meeting of finance ministers and central bank chiefs in Dresden, Germany.

There is 1 of the Russell 1000 companies that reports earnings today: Big Lots (consensus $ 0.59).

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

Equity conferences today include: 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

Genesco (GCO +0.34%) reported Q1 adjusted EPS of 51 cents, below consensus of 67 cents.

J.B. Hunt (JBHT -0.86%) and Knoght Transportation (KNX -0.30%) were both downgraded to ‘Neutral’ from ‘Buy’ at BofA/Merrill Lynch.

Abercrombie & Fitch (ANF +13.49%) was downgraded to ‘Sell’ from ‘Neutral’ at Janney Capital.

Transocean (RIG -1.50%) was initiated with an ‘Underweight’ at JPMorgan Chase with a price target of $ 16.

McDonald’s (MCD -2.21%) was initiated with a ‘Buy’ at Deutsche Bank with a price target of $ 120.

Schlumberger (SLB -0.38%) was initiated with an ‘Overweight’ at JPMorgan Chase with a price target of $ 101.

Halliburton (HAL -0.59%) was initiated with an ‘Overweight’ at JPMorgan Chase with a price target of $ 56.

Big Lots (BIG -0.49%) reported Q1 EPS of 60 cents, better than consensus of 59 cents.

The New York Post reports that Intel (INTC +0.89%) is near a deal to buy rival Altera (ALTR -1.86%) for about $ 15 billion or up to $ 54 per share.

ViaSat (VSAT +0.29%) was awarded a $ 478.6 million government contract for the production, development and sustainment of the Multifunctional Information Distribution System Joint Tactical Radio Systems terminals.

Broadcom (BRCM -1.57%) was downgraded to ‘Neutral’ from ‘Buy’ at Goldman Sachs.

Greif (GEF -1.35%) slumped over 12% in after-hours trading after it lowered guidance on fiscal 2015 adjusted EPS view to $ 1.65-$ 1.75 from $ 2.25-$ 2.35, well below consensus of $ 2.23.

GameStop (GME +3.67%) jumped nearly 4% in after-hours trading after it reported Q1 EPS of 68 cents, better than consensus of 59 cents.

Ulta Salon (ULTA +0.96%) rose nearly 2% in pre-market trading after it reported Q1 EPS of $ 1.04, higher than consensus of 93 cents.

MARKET COMMENTS

June E-mini S&Ps (ESM15 -0.14%) this morning are down -1.50 points (-0.07%). Thursday’s closes: S&P 500 -0.13%, Dow Jones -0.20%, Nasdaq -0.23%. The S&P 500 on Thursday closed lower on carry-over weakness from a slide in European equities after 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.” A supportive factor was the +3.4% m/m and +13.4% y/y increase in U.S. Apr pending home sales, stronger than expectations of +0.9% m/m and +10.9% y/y.

June 10-year T-notes (ZNM15 -0.02%) this morning are down -0.50 of a tick. Thursday’s closes: TYM5 +4.50, FVM5 +5.50. June T-notes on Thursday closed higher on (1) carry-over support from a rally in German bunds to a 3-week high on the unresolved Greek debt crisis, and (2) the unexpected increase in U.S. weekly jobless claims. The stronger-than-expected U.S. Apr pending home sales report of +3.4% m/m was a negative factor for T-note prices.

The dollar index (DXY00 +0.01%) this morning is up +0.061 (+0.06%) EUR/USD (^EURUSD) is up +0.0012 (+0.11%). USD/JPY (^USDJPY) is down -0.10 (-0.08%). Thursday’s closes: Dollar Index -0.406 (-0.42%), EUR/USD +0.00437 (+0.40%), USD/JPY +0.307 (+0.25%). The dollar index on Thursday closed lower on the unexpected increase in U.S. weekly jobless claims and on a decline inflation expectations that may keep the Fed from raising interest rates after the 10-year T-note breakeven inflation rate fell to a 1-3/4 month low.

July WTI crude oil (CLN15 +1.23%) this morning is up +72 cents a barrel (+1.25%). July gasoline (RBN15 +1.07%) is up +0.0202 (+1.03%). Thursday’s closes: CLN5 +0.17 (+0.30%), RBN5 +0.0520 (+2.69%). Jul crude and gasoline on Thursday closed higher on the weaker dollar and on the -2.8 million bbl decline in EIA crude inventories, more than expectations of -2.0 million bbl. Gasoline prices found support on the -3.3 million bbl drop in EIA gasoline stockpiles to a 5-1/2 month low of 220.6 million bbl, more than expectations of -1.3 million bbl. Crude oil prices were undercut by +3.3% increase in U.S. crude production to a 43-year high of 9.566 million bpd.

GLOBAL EVENT CALENDAR05/29/2015
US 0830 ET Revised Q1 GDP expected -0.8% (q/q annualized), prelim +0.2%. Q1 personal consumption expected +2.0%, prelim +1.9%, Q1 GDP price index expected unrevised at -0.1%. Q1 core PCE expected unrevised at +0.9% q/q.
0830 ET USDA weekly Export Sales.
0900 ET May Milwaukee ISM expected +1.92 to 50.00, Apr -5.17 to 48.08.
0945 ET May Chicago PMI expected +0.7 to 53.0, Apr +6.0 to 52.3.
1000 ET Final U.S. May University of Michigan consumer sentiment expected +0.9 to 89.5, prelim-May -7.3 to 88.6.
n/a 3-day G-7 meeting of finance ministers and central bank chiefs in Dresden, Germany concludes (Wed-Fri).
JPN 0000 ET Japan Apr vehicle production, Mar -6.5% y/y.
0100 ET Japan Apr housing starts expected +0.2% y/y to 910,000 annualized, Mar +0.7% y/y to 920,000 annualized.
0100 ET Japan Apr construction orders, Mar +10.8% y/y.
GER 0200 ET German Apr retail sales expected +1.0% m/m and +2.5% y/y, Mar -1.4% m/m and +3.5% y/y
EUR 0400 ET Eurozone Apr M3 money supply expected +4.9% y/y and +4.5% 3-mon avg, Mar +4.6% y/y and +4.1% 3-mon avg.
UK 0430 ET UK May Lloyds business barometer, Apr 53.
U.S. STOCK CALENDAR05/29/2015
Company Ticker Time Event Description Period Estimate
Big Lots Inc BIG US Bef-mkt Q1 2016 Earnings Release Q1 2016 0.591
Big Lots Inc BIG US 8:00 Q1 2016 Earnings Call Q1 2016
World Fuel Services Corp INT US 8:00 Annual General Meeting Y 2014
Lowe’s Cos Inc LOW US 10:00 Annual General Meeting Y 2015
Williams-Sonoma Inc WSM US 12:00 Annual General Meeting
Jones Lang LaSalle Inc JLL US 13:00 Annual General Meeting Y 2015
Roper Technologies Inc ROP US Annual General Meeting
Taubman Centers Inc TCO US Annual General Meeting
Crown Castle International Corp CCI US Annual General Meeting
Allscripts Healthcare Solutions Inc MDRX US Annual General Meeting
Leidos Holdings Inc LDOS US Annual General Meeting

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