Fri Jun 05 2015
Live Index (1454 articles)

Live Index – Fri, 05 Jun 2015 Premarket


June E-mini S&Ps (ESM15 -0.21%) this morning are down -0.33% and European stocks are down -1.42% at a 4-week low ahead of U.S. May non-farm payrolls. Stocks took a hit after Greece said it would defer a debt payment due today to the IMF until the end of the month, which bolsters concern that Greece may be close to bankruptcy. Greece’s ASE Stock Index tumbled -4.55% and the 10-year Greek bond yield rose 40 bp to a three-session high of 11.32% on Greek default concerns. Asian stocks closed mostly lower: Japan -0.13%, Hong Kong -1.06%, China +1.54%, Taiwan -0.09%, Australia -0.11%, Singapore -0.34%, South Korea -0.21%, India -0.17%. Chinese socks rallied and bucked the negative trend as the China’s Shanghai Composite Index climbed to a 7-1/3 year high amid speculation the government will boost stimulus measures to bolster the economy along with cross-borders sales of mutual funds that may widen access to financial markets and increase equity inflows.

Commodity prices are mixed. Jul crude oil (CLN15 +0.40%) is down -0.50% at a 1-week low on speculation that OPEC will leave its production targets unchanged as the cartel meets today in Vienna. Jul gasoline (RBN15 +0.93%) is up +0.37%. Metals prices are mostly lower. Aug gold (GCQ15 -0.10%) is down -0.11%. Jul copper (HGN15 +0.09%) is down -0.13%% at a 6-week low on concern that U.S. copper demand will weaken after the IMF cut its 2015 U.S. GDP estimate to 2.5% from an earlier forecast of 3.1%. Agricultural prices are mixed.

The dollar index (DXY00 +0.21%) is up +0.24%. EUR/USD (^EURUSD) is down -0.11%. USD/JPY (^USDJPY) is up +0.36%.

Sep T-note prices (ZNU15 -0.25%) are down -8.5 ticks.

Greece notified the IMF that a 300 million euro payment due to the IMF today would be deferred and bundled with three more payments due at the end of the month. Greece is the first country since the 1980s to defer a payment to the IMF and underscores the state of Greece’s shrinking finances.

ECB Governing Council member and National Bank of Belgium Governor Smets said “there’s no chance” that the ECB will end its quantitative easing earlier than planned.


Key U.S. news today includes: (1) the May unemployment report (May payrolls expected +227,000 after April’s +223,000; May unemployment rate expected unchanged at 5.4% after April’s -0.1 point decline to 5.4%), (2) Apr consumer credit (expected +$ 16.0 billion after March’s +$ 20.523 billion), and (3) a speech by New York Fed President William Dudley on the economy and monetary policy at a gathering of the Economic Club of Minnesota.

None of the Russell 1000 companies report earnings today.

U.S. IPO’s scheduled to price today include: Ardelyx (ARDX).

Equity conferences today include: none.


DISH (DISH +4.86%) was downgraded to ‘Neutral’ from ‘Outperform’ at Macquarie.

Cardinal Health (CAH -0.47%) will acquire Harvard Drug Group for $ 1.115 billion.

Under Armour (UA -0.43%) was upgraded to ‘Buy’ from ‘Neutral’ at DA Davidson.

DreamWorks (DWA +0.55%) was upgraded to ‘Buy’ from ‘Hold’ at Stifel with a $ 34 price target.

Charles Schwab (SCHW -0.09%) was upgraded to ‘Buy’ from ‘Neutral’ at Goldman Sachs.

LifePoint (LPNT -1.05%) was initiated with a ‘Conviction Buy’ at Goldman Sachs with a price target of $ 92.

Team Health (TMH -0.20%) was downgraded to ‘Neutral’ from ‘Buy’ at Goldman Sachs.

Lockheed Martin (LMT -0.90%) was awarded a $ 920.35 million government contract for the manufacture and delivery of 94 F-35 Lightning II aircraft.

Thor Industries (THO -1.43%) reported Q3 EPS of $ 1.19, less than consensus of $ 1.21.

UTi Worldwide (UTIW -3.29%) reported a Q1 EPS loss of -35 cents, a much bigger loss than consensus of -15 cents.

Esterline (ESL -1.53%) reported Q2 adjusted EPS of $ 1.20, below consensus of $ 1.33.

Cooper Companies (COO -2.54%) reported Q2 adjusted EPS of $ 1.72, weaker than consensus of $ 1.76.

Verifone (PAY -1.49%) reported Q2 adjusted EPS of 44 cents, higher than consensus of 42 cents.

Gap (GPS +0.81%) reported that May same-store-sales were down 1% y/y.


June E-mini S&Ps (ESM15 -0.21%) this morning are down -7.00 points (-0.33%). Thursday’s closes: S&P 500 -0.86%, Dow Jones -0.94%, Nasdaq -0.73%. The S&P 500 on Thursday sold off to a 3-week low on a rout in global bond markets that temporarily sent the 10-year German bund yield up to an 8-1/4 month high and the 10-year T-note yield up to a 5-1/4 month high. There was also weakness in commodity producer stocks after metals and crude oil fell. A positive factor was the -8,000 decline in initial unemployment claims.

Sep 10-year T-notes (ZNU15 -0.25%) this morning are down -8.5 ticks. Thursday’s closes: TYU5 +14.50, FVU5 +7.50. Sep T-notes on Thursday recovered from a 5-month low and closed higher. Supportive factors included a recovery in German bund prices from an 8-1/4 month low and increased safe-haven demand for Treasuries after stocks plunged.

The dollar index (DXY00 +0.21%) this morning is up +0.228 (+0.24%). EUR/USD (^EURUSD) is down -0.0012 (-0.11%). USD/JPY (^USDJPY) is up +0.45 (+0.36%). Thursday’s closes: Dollar Index -0.004 (-0.01%), EUR/USD -0.00368 (-0.33%), USD/JPY +0.122 (+0.10%). The dollar index on Thursday fell to a 2-week low and closed lower on strength in EUR/USD on improved EUR interest rate differentials with the German 10-year bund yield rising to an 8-1/4 month high.

July WTI crude oil (CLN15 +0.40%) this morning is down -29 cents (-0.50%) at a 1-week low. July gasoline (RBN15 +0.93%) is up +0.0074 (+0.37%). Thursday’s closes: CLN5 -1.64 (-2.75%), RBN5 -0.0568 (-2.78%). Jul crude and gasoline on Thursday closed lower on expectations for OPEC on Friday to maintain its production target and news that Iraq will increase its oil exports by +100,000 bpd this month.

US0830 ETMay non-farm payrolls expected +226,000, Apr +223,000. May private payrolls expected +220,000, Apr +213,000. May manufacturing payrolls expected +5,000, Apr +1,000. May unemployment rate expected unch at 5.4%, Apr -0.1 to 5.4%.
0830 ETMay average hourly earnings expected +0.2% m/m and +2.2% y/y, Apr +0.1% m/m and +2.2% y/y. May average weekly hours all-employees expected unch at 34.5 hours.
1230 ETNew York Fed President William Dudley speaks on the economy and monetary policy at a gathering of the Economic Club of Minnesota.
1500 ETApr consumer credit expected +$ 16.000 billion, Mar +$ 20.523 billion.
JPN0100 ETJapan Apr leading index CI expected +1.2 to 107.2, Mar 106.0. Apr coincident index expected +1.5 to 110.7, Mar 109.2.
GER0200 ETGerman Apr factory orders expected +0.5% m/m and -0.6% y/y, Mar +0.9% m/m and +1.9% y/y.
UK0430 ETBOE May quarterly inflation attitudes survey.
EUR0500 ETRevised Eurozone Q1 GDP, previous +0.4% q/q and +1.0% y/y.
CompanyTickerTimeEvent DescriptionPeriodEstimate
Actavis plcACT US3:30Annual General MeetingY 2015
Wal-Mart Stores IncWMT US8:30Annual General MeetingY 2015
Goodyear Tire & Rubber Co/TheGT US9:00Goodyear Tire & Rubber Co. and Sumitomo Rubber Industries, Ltd Joint Venture Ag
Cardinal Health IncCAH US10:00Investors and Analysts Meeting – DublinY 2015
Flowers Foods IncFLO US11:00Annual General MeetingY 2015
ResMed IncRMD US12:00Investor DayY 2015
Wal-Mart Stores IncWMT US13:30Investment Community Meeting and Q&A SessionY 2015
Questar CorpSTR USRoadshow – Europe – Day 5Y 2015
Garmin LtdGRMN USAnnual General MeetingY 2015
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