Wed Jun 03 2015
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Live Index – Wed, 03 Jun 2015 Premarket

PREMARKET WORLD NEWS

June E-mini S&Ps (ESM15 +0.49%) this morning are up +0.27% and European stocks are up +0.68% ahead of the ECB meeting. European stocks received a boost on stronger-than-expected economic data on Eurozone Apr retail sales that rose +0.7% m/m, the most in 15 months, and after Eurozone Apr unemployment fell -0.1 to 11.1%, the lowest in 3 years. Bank stocks also gave the overall market a boost as Credit Suisse climbed nearly 3% after RBC upgraded the lender to ‘Outperform’ from ‘Sector Perform.’ Another positive for European stocks is the decline in the Greek 10-year bond yield to a 2-week low of 10.92% on optimism that a solution to the Greek debt crisis can soon be found. Stock prices climbed even after the OECD cut its 2015 global GDP forecast to 3.1% from a 3.7% estimate in Oct. Asian stocks closed mostly lower: Japan -0.34%, Hong Kong +0.69%, China -0.01%, Taiwan -0.60%, Australia -0.93%, Singapore +0.27%, South Korea -0.85%, India -1.29%.

Commodity prices are mostly lower as the dollar strengthened. Jul crude oil (CLN15 -2.07%) is down -2.20% and Jul gasoline (RBN15 -2.11%) is down -2.16%. Metals prices are weaker. Aug gold (GCQ15 -0.35%) is down -0.50% and Jul copper (HGN15 -0.35%) is down -0.51%. Agricultural prices are lower.

The dollar index (DXY00 +0.34%) is up +0.42%. EUR/USD (^EURUSD) is down -0.26%. USD/JPY (^USDJPY) is up +0.28%.

Sep T-note prices (ZNU15 -0.14%) are down -4 ticks at a 2-week low.

The Organization for Economic Cooperation and Development (OECD) lowered its 2015 global growth forecast to 3.1% from a 3.7% estimate in Oct, saying investment is lagging and risks including a possible Greek default are hurting confidence. The OECD cut its 2015 U.S. GDP forecast to 2.0% from a Mar estimate of 3.1%.

Eurozone Apr retail sales rose +0.7% m/m, stronger than expectations of +0.6% m/m and the most in 15 months. On an annual basis, Apr retail sales rose +2.2% y/y, stronger than expectations of +2.0% y/y.

The Eurozone Apr unemployment rate fell -0.1 to 11.1% from a downward revised 11.2% in Mar, better than expectations of -0.1 to 11.2% and the lowest in 3 years.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) weekly MBA mortgage applications (last week -1.6% with purchase sub-index +1.2% and refi sub-index -3.9%), (2) May ADP employment change (expected +200,000 after April’s +169,000), (3) Apr trade deficit (expected -$ 44.0 billion after March’s -$ 51.4 billion), (4) final-May Markit services PMI (expected unrevised at 56.4 after prelim-May -1.0 to 56.4), (5) May ISM non-manufacturing PMI (expected -0.8 to 57.0), (6) Fed Beige Book, and (7) a speech by Chicago Fed President Charles Evans at a banking symposium at the University Club of Chicago.

There is 1 of the Russell 1000 companies that reports earnings today: Brown-Forman (consensus $ 0.66).

U.S. IPO’s scheduled to price today include: PennTex Midstream Partners (PTXP), VWR Corp (VWR), Molina Healthcare (MOH), AerCap Holdings (AER), STORE Capital (STOR).

Equity conferences during the remainder of this week include: Jefferies Global Healthcare Conference on Mon-Wed, Bank of America Merrill Lynch Global Technology Conference on Tue-Wed, Deutsche Bank Global Financial Services Investor Conference on Tue-Wed, KBW Asset Management and Capital Markets Conference on Wed, Sandler O’Neill & Partners Global Exchange and Brokerage Conference on Wed, Deutsche Bank Global Industrials and Basic Materials Conference on Wed-Thu, FBN Securities: Field Trip – 8th Semi-Annual Silicon Valley Tour on Wed-Thu, Credit Suisse Engineering & Construction Conference on Thu, Morgan Stanley Leveraged Finance Conference on Thu.

PREMARKET U.S. STOCKS

Actavis (ACT -1.12%) was initiated with an ‘Outperform’ at Raymond James with a price target of $ 344.

Dean Foods (DF -0.43%) was downgraded to ‘Equal Weight’ from ‘Overweight’ at Morgan Stanley.

Humana (HUM -0.08%) was upgraded to ‘Neutral’ from ‘Underperform’ at Sterne Agee CRT.

Piper Jaffray reiterates an ‘Overweight’ rating on Amazon.com (AMZN +0.02%) and rasies the price target on the stock to $ 520 from $ 475.

Caterpillar (CAT +0.75%) was initiated with a ‘Buy’ at Societe Generale with a price target of $ 110.

Expedia (EXPE +0.17%) was initiated with an ‘Overweight’ at Barclays with a price target of $ 125.

Genesco (GCO +1.88%) was downgraded to ‘Sell’ from ‘Neutral’ at Goldman Sachs.

Charles Schwab (SCHW +0.60%) was initiated with an ‘Overweight’ at Piper Jaffray with a price target of $ 39.

Legg Mason (LM +0.06%) was initiated with an ‘Overweight’ at Piper Jaffray with a price target of $ 65.

CNBC reports that Hewlett-Packard’s (HPQ +0.36%) separation into HP Inc. and Hewlett-Packard Enterprise will be effective Nov 1.

Ciena (CIEN +0.62%) was initiated with a ‘Buy’ at Nomura with a price target of $ 29.

ABM Industries (ABM -0.34%) reports Q2 adjusted EPS of 37 cents, higher than consensus of 35 cents.

Guess (GES +6.21%) reported an unexpected Q1 EPS profit of 4 cents, better than consensus of a -5 cent loss, although Q1 revenue of $ 478.8 million was below consensus of $ 483.8 million.

Ascena Retail (ASNA -0.61%) reported Q3 EPS of 18 cents, weaker than consensus of 20 cents.

G-III Apparel (GIII +3.30%) climbed over 4% in after-hours trading after it reported Q1 EPS of 15 cents, more than double consensus of 7 cents, and then raised guidance on fiscal 2016 EPS view to $ 2.66-$ 2.76 from $ 2.53-$ 2.63, above consensus of $ 2.62.

MARKET COMMENTS

June E-mini S&Ps (ESM15 +0.49%) this morning are up +5.75 points (+0.27%). Tuesday’s closes: S&P 500 -0.10%, Dow Jones -0.16%, Nasdaq -0.29%. The S&P 500 on Tuesday slid to a 2-1/2 week low and closed lower on the -0.4% decline in U.S. Apr factory orders, weaker than expectations of -0.1%, and on a slide in utility companies caused by a rise in the 10-year T-note yield to a 1-1/2 week high. Stocks received support from Fed Governor Brainard’s comment that she may favor waiting to raise interest rates.

Sep 10-year T-notes (ZNU15 -0.14%) this morning are down -4 ticks at a 2-week low. Tuesday’s closes: TYU5 -19.00, FVU5 -8.00. Sep T-notes on Tuesday sold-off to a 1-1/2 week low and closed lower on carry-over weakness from a slide in German bund prices to a 2-week low on reduced deflation concerns after Eurozone May CPI rose more than expected. In addition, there was reduced safe-haven demand for T-notes on optimism a Greek bailout deal may be closer after EU Economic Commissioner Moscovici said there was “real progress” in negotiations.

The dollar index (DXY00 +0.34%) this morning is up +0.402 (+0.42%). EUR/USD (^EURUSD) is down -0.0029 (-0.26%). USD/JPY (^USDJPY) is up +0.35 (+0.28%). Tuesday’s closes: Dollar Index -1.557 (-1.60%), EUR/USD +0.02242 (+2.05%), USD/JPY -0.673 (-0.54%). The dollar index on Tuesday dropped to a 1-week low and closed sharply lower on Fed Governor Brainard’s indication that she may favor delaying an interest rate hike when she said “the string of soft data in Q1 raises some questions about the contours of the economic outlook.” In addition, EUR/USD rallied sharply on reduced deflation concerns after the Eurozone May CPI estimate rose +0.3% y/y, more than expectations of +0.2% y/y and the first increase in 6 months.

July WTI crude oil (CLN15 -2.07%) this morning is down -$ 1.35 a barrel (-2.20%). July gasoline (RBN15 -2.11%) is down -0.0445 (-2.16%). Tuesday’s closes: CLN5 +1.06 (+1.76%), RBN5 +0.0167 (+0.82%). July crude oil and gasoline closed higher Tuesday with Jul crude at a 3-week high on the sharp sell-off in the dollar index and on expectations for Wednesday’ weekly EIA crude inventories to fall -2.5 million bbl, the fifth straight weekly decline.

GLOBAL EVENT CALENDAR06/03/2015
US 0700 ET Weekly MBA mortgage applications, previous -1.6% with purchase sub-index +1.2% and refi sub-index -3.9%.
0815 ET May ADP employment change expected +200,000, Apr +169,000.
0830 ET Apr trade balance expected -$ 44.0 billion, Mar -$ 51.4 billion. Benchmark revisions.
0945 ET Final-May Markit services PMI expected unrevised at 56.4, prelim-May -1.0 to 56.4. Final-May Markit composite PMI, prelim-May -0.9 to 56.1.
1000 ET May ISM non-manufacturing PMI expected -0.8 to 57.0, Apr +1.3 to 57.8
1030 ET EIA Weekly Petroleum Status Report.
1400 ET Fed Beige Book.
1415 ET Chicago Fed President Charles Evans speaks at a banking symposium at the University Club of Chicago.
GER 0355 ET Revised German May Markit services PMI, previous 52.9.
EUR 0400 ET Revised Eurozone May Markit composite PMI, previous 53.4.
0500 ET Eurozone Apr retail sales expected +0.6% m/m and +2.0% y/y, Mar -0.8% m/m and +1.6% y/y.
0500 ET Eurozone Apr unemployment rate expected -0.1 to 11.2%, Mar 11.3%.
0745 ET ECB announces interest rate decision.
UK 0200 ET UK May nationwide house prices expected +0.4% m/m and +4.9% y/y.
0430 ET UK May Markit/CIPS services PMI expected -0.3 to 59.2, Apr 59.5.
U.S. STOCK CALENDAR06/03/2015
Company Ticker Time Event Description Period Estimate
LinkedIn Corp LNKD US 0:00 Annual General Meeting
Fastenal Co FAST US 7:00 May 2015 Sales and Revenue Release 2015
Kosmos Energy Ltd KOS US 7:00 Annual General Meeting Y 2015
Brown-Forman Corp BF/B US 8:00 Q4 2015 Earnings Release Q4 2015 0.66
American Airlines Group Inc AAL US 9:00 Annual General Meeting Y 2015
Wendy’s Co/The WEN US 9:00 Q4 2015 Guidance Call Q4 2015
Devon Energy Corp DVN US 9:00 Annual General Meeting Y 2015
Brown-Forman Corp BF/B US 10:00 Q4 2015 Earnings Call Q4 2015
Amgen Inc AMGN US 10:00 U.S. Ct of Appeals Hears Amgen vs. Novartis AG’s Sandoz Unit Patent Case
New York Community Bancorp Inc NYCB US 10:00 Annual General Meeting Y 2015
Rice Energy Inc RICE US 10:00 Annual General Meeting
Rice Energy Inc RICE US 10:00 Annual General Meeting
Michaels Cos Inc/The MIK US 10:30 Annual General Meeting Y 2015
Molson Coors Brewing Co TAP US 11:00 Annual General Meeting Y 2015
Alliance Data Systems Corp ADS US 11:00 Annual General Meeting
Antero Resources Corp AR US 11:00 Annual General Meeting Y 2015
Google Inc GOOGL US 12:00 Annual General Meeting Y 2015
Workday Inc WDAY US 12:00 Annual General Meeting Y 2015
Cabela’s Inc CAB US 12:05 Annual General Meeting Y 2015
LinkedIn Corp LNKD US 13:00 Annual General Meeting
Dick’s Sporting Goods Inc DKS US 13:30 Annual General Meeting Y 2015
Google Inc GOOGL US 14:45 Economic Club of Canada Presents Managing Director, Sam Sebastian
Tech Data Corp TECD US 15:00 Annual General Meeting Y 2015
FireEye Inc FEYE US 16:00 Analyst Day Y 2015
Costco Wholesale Corp COST US Aft-mkt May 2015 Sales and Revenue Release 2015
American Airlines Group Inc AAL US Annual General Meeting
Questar Corp STR US Roadshow – Europe – Day 3 Y 2015
Activision Blizzard Inc ATVI US Annual General Meeting
AutoNation Inc AN US May 2015 Sales and Revenue Release 2015
Post Properties Inc PPS US Annual General Meeting
Ingram Micro Inc IM US Annual General Meeting
CoStar Group Inc CSGP US Annual General Meeting
SunPower Corp SPWR US Annual General Meeting
Ulta Salon Cosmetics & Fragrance Inc ULTA US Annual General Meeting
KAR Auction Services Inc KAR US Annual General Meeting
Twitter Inc TWTR US Annual General Meeting
Brixmor Property Group Inc BRX US Annual General Meeting
Seventy Seven Energy Inc SSE US Annual General Meeting Y 2015

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