Tue Jun 09 2015
Live Index (1446 articles)

Live Index – Tue, 09 Jun 2015 Premarket

PREMARKET WORLD NEWS

June E-mini S&Ps (ESM15 -0.11%) this morning are down -0.18% at a 1-month low and European stocks are down -0.89% at a 3-1/2 month low as slower-than-expected Chinese inflation data signals slowing economic growth in China. Also. Greek default concerns remain as G-7 leaders meeting in Germany insist that Greece deliver an economic program that can satisfy its creditors. Asian stocks closed lower: Japan -1.76%, Hong Kong -1.20%, China -0.36%, Taiwan -1.88%, Australia -0.49%, Singapore -0.76%, South Korea -0.28%, India -0.16%. Japan’s Nikkei Stock Index fell to a 3-week low on negative carryover from Monday’s slide in U.S. and European stocks. Losses in Chinese stocks were limited ahead of MSCI’s decision today to include Chinese mainland securities to its benchmark indexes.

Commodity prices are mostly higher. Jul crude oil (CLN15 +2.20%) is up +1.82%. Jul gasoline (RBN15 +1.84%) is up +1.55%. Metals prices are stronger. Aug gold (GCQ15 +0.69%) is up +0.60%. Jul copper (HGN15 +1.04%) is up +0.57%. Agricultural prices are mixed.

The dollar index (DXY00 -0.06%) is up +0.06%. EUR/USD (^EURUSD) is down -0.19%. USD/JPY (^USDJPY) is down -0.29%.

Sep T-note prices (ZNU15 +0.06%) are up +4 ticks.

According to people familiar with the matter, a divide is growing between German Chancellor Merkel, who wants to make concessions to keep Greece in the Eurozone because of geopolitical concerns, and German Finance Minister Schaeuble, who is willing to let Greece exit the Eurozone and said the contagion risk from Greece leaving the Eurozone is “marginal.”

ECB Governing Council member Liikanen said that the ECB is looking through the recent rise in market rates and is “unanimous that we should look through these developments and maintain a steady monetary policy.” He added that Eurozone financial stability risks “are today well contained, but we need to follow it” and the ECB’s QE program will run longer than Sep 2016 “if needed.”

China May CPI rose +1.2% y/y, less than expectations of +1.3% y/y. May PPI fell -4.6% y/y, unch from Apr and a bigger decline than expectations of -4.5% y/y.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Apr wholesale inventories (expected +0.2% m/m after March’s +0.1% m/m) and Apr wholesale trade sales (expected +0.6% m/m after March’s -0.2% m/m), (2) Apr JOLTS job openings expected +50,000 to 5.044 million, Mar -150,000 to 4.994 million, and (3) the Treasury auction of $ 24 billion of 3-year T-notes.

There are two of the Russell 1000 companies that report earnings today: Greif (consensus $ 0.46), HD Supply (0.29).

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

Equity conferences during the remainder of this week include: Apple’s Worldwide Developer’s Conference (WWDC15) on Mon-Fri, Nomura Retail Conference on Tue, Oppenheimer Energy Conference on Tue, Morgan Stanley Financials Conference on Tue-Wed, NAREIT REITWeek Investor Forum on Tue-Wed, Piper Jaffray Consumer Conference on Tue-Wed, Piper Jaffray Consumer Conference on Tue-Wed, Goldman Sachs Global Healthcare Conference on Tue-Thu, Deutsche Bank db Access Global Consumer Conference on Tue-Thu, William Blair Growth Stock Conference on Tue-Thu, Goldman Sachs European Payments Conference on Wed, Macquarie Group Ltd. Global Metals, Mining & Materials Conference on Wed, Gabelli & Co., Inc. Movie & Entertainment Conference on Thu, Goldman Sachs 2020 Vision Chemicals Conference on Thu, Susquehanna Energy and Industrials Conference on Thu, Barclays High Yield Bond and Syndicated Loan Conference on Thu-Fri.

 

PREMARKET U.S. STOCKS

Burlington Stores (BURL -2.14%) reported Q1 EPS of 41 cents, right on consensus, although Q1 revenue of $ 1.18 billion was below consensus of $ 1.22 billion. Burlington then lowered guidance on fiscal 2015 adjusted EPS $ to 2.15-$ 2.25, below consensus of 2.28.

Dollar General (DG -0.21%) was upgraded to ‘Strong Buy’ from ‘Market Perform’ at Raymond James.

General Electric (GE -0.18%) announced that it will sell its U.S. Sponsor Finance business and a $ 3 billion bank loan portfolio to Canada Pension Plan Investment Board in a transaction valued at approximately $ 12 billion.

Akamai (AKAM -0.47%) was downgraded to ‘Neutral’ from ‘Outperform’ at Macquarie.

HD Supply (HDS -2.35%) reported Q1 adjusted EPS of 33 cents, higher than consensus of 29 cents.

HSBC (HSBC +0.40%) said it will cut 50,000 jobs in a global business overhaul.

Lululemon Athletica (LULU -3.57%) rose nearly 3% in pre-market trading after it reported Q1 EPS of 34 cents, higher than consensus of 33 cents.

D. E. Shaw & Co reported a 5.1% passive stake in Tesoro (TSO -0.50%) .

FedEx (FDX -1.29%) raised its quarterly dividend 25% to 25 cents from 20 cents per share.

Newmont Mining (NEM -0.27%) filed to sell 29 million shares of common stock.

AMAG Pharmaceuticals (AMAG -2.54%) was initiated with a ‘Buy’ at Guggenheim with a price target of $ 85.

H&R Block (HRB -0.73%) reported fiscal 2015 EPS of $ 1.75, better than consensus of $ 1.73, although 2015 revenue of $ 3.079 billion, below consensus of $ 3.090 billion.

Casey’s General Stores (CASY -0.47%) reported Q4 EPS of $ 1.05, well above consensus of 85 cents.

United Natural Foods (UNFI -0.34%) slid 7% in after-hours trading after it reported Q3 EPS of 83 cents, below consensus of 85 cents, and then lowered guidance on fiscal 2015 adjusted EPS view to $ 2.84-$ 2.88 from $ 2.90-$ 2.99, weaker than consensus of $ 2.92.

MARKET COMMENTS

June E-mini S&Ps (ESM15 -0.11%) this morning are down -3.75 points (-0.18%) at a fresh 1-month low. Monday’s closes: S&P 500 -0.65%, Dow Jones -0.46%, Nasdaq -1.02%. The S&P 500 on Monday sold off to a 1-month low on negative carry-over from a slide in European stock to a 3-1/2 month low on the ongoing Greek crisis. In addition, there was weakness in airline stocks after Raymond James downgraded the sector and in technology stocks as Intel declined over 1% and IBM fell to a 6-week low.

Sep 10-year T-notes (ZNU15 +0.06%) this morning are up +4 ticks. Monday’s closes: TYU5 +7.50, FVU5 +6.50. Sep T-notes on Monday settled higher on increased safe-haven demand for T-notes after stocks sold off.

The dollar index (DXY00 -0.06%) this morning is up +0.057 (+0.06%). EUR/USD (^EURUSD) is down -0.0021 (-0.19%). USD/JPY (^USDJPY) is down -0.36 (-0.29%). Monday’s closes: Dollar Index -1.007 (-1.05%), EUR/USD +0.01762 (+1.59%), USD/JPY -1.117 (-0.89%). The dollar index on Monday closed lower on strength in EUR/USD after German Apr industrial production rose more than expected. In addition, there was strength in the yen as USD/JPY fell back on reduced BOJ stimulus expectations after Japan Q1 GDP was revised higher.

July WTI crude oil (CLN15 +2.20%) this morning is up +$ 1.06 a barrel (+1.82%). July gasoline (RBN15 +1.84%) is up +0.0311 (+1.55%). Monday’s closes: CLN5 -0.99 (-1.67%), RBN5 -0.0225 (-1.11%). Jul crude and gasoline on Monday closed lower on concern that the global crude supply glut will persist after OPEC on Friday agreed to maintain its crude production target at 30 million bpd. There was also concern about reduced demand from China, the world’s second-biggest crude consumer, after China May crude imports dropped -25.7% m/m to 5.5 million bpd, the lowest in 15 months.

GLOBAL EVENT CALENDAR06/09/2015
US1000 ETApr wholesale inventories expected +0.2% m/m, Mar +0.1% m/m. Apr wholesale trade sales expected +0.6% m/m, Mar -0.2% m/m.
1000 ETApr JOLTS job openings expected +50,000 to 5.044 million, Mar -150,000 to 4.994 million.
1300 ETTreasury auctions $ 24 billion of 3-year T-notes.
JPN0100 ETJapan May consumer confidence index expected +0.4 to 41.9, Apr 41.5.
0200 ETJapan May machine tool orders, Apr +10.5% y/y.
1950 ETJapan May PPI expected +0.2% m/m and -2.2% y/y, Apr +0.1% m/m and -2.1% y/y.
1950 ETJapan Apr machine orders expected -2.1% m/m and -1.4% y/y, Mar +2.9% m/m and +2.6% y/y.
GER0200 ETGerman Q1 labor costs, Q4 +1.0% q/q and +2.0% y/y.
EUR0500 ETRevised Eurozone Q1 GDP, previous +0.4% q/q and +1.0% y/y.
CHIn/aChina May new yuan loans expected 850.0 billion yuan, Apr 707.9 billion yuan.
U.S. STOCK CALENDAR06/09/2015
CompanyTickerTimeEvent DescriptionPeriodEstimate
Endo International PLCENDP US6/9/2015Annual General MeetingY 2015
Greif IncGEF US6/9/2015Q2 2015 Earnings ReleaseQ2 20150.46
HD Supply Holdings IncHDS US6/9/2015Q1 2016 Earnings ReleaseQ1 20160.287
Newmont Mining CorpNEM US6/9/2015Acquisition of Cripple Creek & Victor Gold Mine from AngloGold Ashanti Ltd by N
HD Supply Holdings IncHDS US6/9/2015Q1 2016 Earnings CallQ1 2016
TD Ameritrade Holding CorpAMTD US6/9/2015May 2015 Sales and Revenue Release2015
General Motors CoGM US6/9/2015Annual General MeetingY 2015
Outfront Media IncOUT US6/9/2015Annual General Meeting
Avnet IncAVT US6/9/2015Investor DayY 2015
Cisco Systems IncCSCO US6/9/2015Investor DayY 2015
Tesla Motors IncTSLA US6/9/2015Annual General MeetingY 2015
Best Buy Co IncBBY US6/9/2015Annual General Meeting
Regeneron Pharmaceuticals IncREGN US6/9/2015FDA Adcomm, alirocumab, hypercholesterolemia
AMC Networks IncAMCX US6/9/2015Annual General Meeting
BioMarin Pharmaceutical IncBMRN US6/9/2015Annual General Meeting
Netflix IncNFLX US6/9/2015Annual General Meeting
MasterCard IncMA US6/9/2015Annual General Meeting
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