Wed Jun 03 2015
Live Index (1454 articles)

Live Index – Wed, 03 Jun 2015 Premarket


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.


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.


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 (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.


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.

US0700 ETWeekly MBA mortgage applications, previous -1.6% with purchase sub-index +1.2% and refi sub-index -3.9%.
0815 ETMay ADP employment change expected +200,000, Apr +169,000.
0830 ETApr trade balance expected -$ 44.0 billion, Mar -$ 51.4 billion. Benchmark revisions.
0945 ETFinal-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 ETMay ISM non-manufacturing PMI expected -0.8 to 57.0, Apr +1.3 to 57.8
1030 ETEIA Weekly Petroleum Status Report.
1400 ETFed Beige Book.
1415 ETChicago Fed President Charles Evans speaks at a banking symposium at the University Club of Chicago.
GER0355 ETRevised German May Markit services PMI, previous 52.9.
EUR0400 ETRevised Eurozone May Markit composite PMI, previous 53.4.
0500 ETEurozone Apr retail sales expected +0.6% m/m and +2.0% y/y, Mar -0.8% m/m and +1.6% y/y.
0500 ETEurozone Apr unemployment rate expected -0.1 to 11.2%, Mar 11.3%.
0745 ETECB announces interest rate decision.
UK0200 ETUK May nationwide house prices expected +0.4% m/m and +4.9% y/y.
0430 ETUK May Markit/CIPS services PMI expected -0.3 to 59.2, Apr 59.5.
CompanyTickerTimeEvent DescriptionPeriodEstimate
LinkedIn CorpLNKD US0:00Annual General Meeting
Fastenal CoFAST US7:00May 2015 Sales and Revenue Release2015
Kosmos Energy LtdKOS US7:00Annual General MeetingY 2015
Brown-Forman CorpBF/B US8:00Q4 2015 Earnings ReleaseQ4 20150.66
American Airlines Group IncAAL US9:00Annual General MeetingY 2015
Wendy’s Co/TheWEN US9:00Q4 2015 Guidance CallQ4 2015
Devon Energy CorpDVN US9:00Annual General MeetingY 2015
Brown-Forman CorpBF/B US10:00Q4 2015 Earnings CallQ4 2015
Amgen IncAMGN US10:00U.S. Ct of Appeals Hears Amgen vs. Novartis AG’s Sandoz Unit Patent Case
New York Community Bancorp IncNYCB US10:00Annual General MeetingY 2015
Rice Energy IncRICE US10:00Annual General Meeting
Rice Energy IncRICE US10:00Annual General Meeting
Michaels Cos Inc/TheMIK US10:30Annual General MeetingY 2015
Molson Coors Brewing CoTAP US11:00Annual General MeetingY 2015
Alliance Data Systems CorpADS US11:00Annual General Meeting
Antero Resources CorpAR US11:00Annual General MeetingY 2015
Google IncGOOGL US12:00Annual General MeetingY 2015
Workday IncWDAY US12:00Annual General MeetingY 2015
Cabela’s IncCAB US12:05Annual General MeetingY 2015
LinkedIn CorpLNKD US13:00Annual General Meeting
Dick’s Sporting Goods IncDKS US13:30Annual General MeetingY 2015
Google IncGOOGL US14:45Economic Club of Canada Presents Managing Director, Sam Sebastian
Tech Data CorpTECD US15:00Annual General MeetingY 2015
FireEye IncFEYE US16:00Analyst DayY 2015
Costco Wholesale CorpCOST USAft-mktMay 2015 Sales and Revenue Release2015
American Airlines Group IncAAL USAnnual General Meeting
Questar CorpSTR USRoadshow – Europe – Day 3Y 2015
Activision Blizzard IncATVI USAnnual General Meeting
AutoNation IncAN USMay 2015 Sales and Revenue Release2015
Post Properties IncPPS USAnnual General Meeting
Ingram Micro IncIM USAnnual General Meeting
CoStar Group IncCSGP USAnnual General Meeting
SunPower CorpSPWR USAnnual General Meeting
Ulta Salon Cosmetics & Fragrance IncULTA USAnnual General Meeting
KAR Auction Services IncKAR USAnnual General Meeting
Twitter IncTWTR USAnnual General Meeting
Brixmor Property Group IncBRX USAnnual General Meeting
Seventy Seven Energy IncSSE USAnnual General MeetingY 2015
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