Thu Jul 16 2015
Live Index (1451 articles)

Live Index – Thu, 16 Jul 2015 Premarket


September E-mini S&Ps (ESU15 +0.39%) are up +0.32% at a 3-week high and European stocks are up +1.42% at a 1-1/2 month high after the Greek parliament approved austerity measures needed as a precondition for a third bailout. European stocks also received a boost after an official familiar with the situation said that Eurozone finance ministers agreed in principle to extend a 7 billion-euro bridge loan to Greece. European automakers led the overall market higher after European car sales last month rose at the fastest pace in 5-1/2 years. Asian stocks closed mostly higher: Japan +0.67%, Hong Kong +0.43%, China +0.46%, Taiwan -0.13%, Australia +0.59%, Singapore +0.44%, South Korea +0.73%, India +0.88%. Japan’s Nikkei Stock Index rose to a 2-1/2 week high as a rally in exporters led the overall market higher after the yen slipped to a 3-week low against the dollar.

Commodity prices are mixed. Aug crude oil (CLQ15 +1.23%) is up +0.56%. Aug gasoline (RBQ15 +1.78%) is up +1.36%. Metals prices are mixed. Aug gold (GCQ15 -0.38%) is down -0.38%. Sep copper (HGU15 +0.02%) is up +0.08%. Agricultural prices are mixed.

The dollar index (DXY00 +0.40%) is up +0.44% at a 1-1/2 month high on divergent central bank policies with the Fed expected to raise interest rates while the ECB continues with its quantitative easing program. EUR/USD (^EURUSD) is down -0.49% at a 1-1/2 month low. USD/JPY (^USDJPY) is up +0.22% at a 3-week high as a rally in world stock markets curbs the safe-haven demand for the yen.

Sep T-note prices (ZNU15 -0.26%) are down -13 ticks.

The markets will play close attention to ECB President Draghi’s press conference following today’s ECB meeting to see how the ECB will support the reopening of Greece’s shuttered banks after the Greek Parliament passed new austerity measures that are a precondition for a third bailout. European leaders must agree on some kind of bridge financing to ensure that Greece doesn’t miss a 3.5 billion-euro repayment due to the ECB on July 20. Also, a third bailout to Greece must be approved in several Eurozone parliaments, including Germany’s. Capital controls in Greece could remain in place indefinitely, and Greece’s banks, which have remained closed for more than 2 weeks, may need more liquidity to allow them to reopen.

Eurozone Jun new car registrations climbed +14.6% y/y to 1.364 million, the biggest increase in 5-1/2 years and the 22nd straight month registrations have increased.


Key U.S. news today includes: (1) the second day of Fed Chair Janet Yellen’s semi-annual testimony to Congressional panels, (2) weekly initial unemployment claims (expected -12,000 to 285,000 after last week’s +15,000 to 297,000) and continuing claims (expected -34,000 to 2.300 million after last week’s +69,000 to 2.334 million), (3) July NAHB housing market index (expected unchanged at 59 after June’s +5 to 59), (4) July Philadelphia Fed business outlook survey (expected -3.2 to 12.0 after June’s +8.5 to 15.2).

There are 16 of the S&P 500 companies that report earnings today with notable reports including: Goldman Sachs (consensus $ 3.96), Citigroup (1.34), Google (6.73), eBay (0.73), Schlumberger (0.79), Cintas (0.85).

U.S. IPO’s scheduled to price today include: Rapid7 (RPD), MCBC Holdings (MCFT), Ooma (OOMA), Provident Bancorp (PVBC), WPX Energy (WPX).

Equity conferences during the remainder of this week include: none.


Goldman Sachs (GS +0.38%) reported Q2 EPS $ 4.75 ex-items, well above consensus of $ 3.89.

eBay (EBAY -0.24%) reported Q2 EPS of 76 cents, higher than consensus of 73 cents.

UnitedHealth Group (UNH +0.69%) reported Q2 EPS of $ 1.64, better than consensus of $ 1.59.

PPG Industries (PPG -0.54%) reported Q2 EPS of $ 1.67, above consensus of $ 1.64.

Sherwin-Williams (SHW -0.75%) reported Q2 EPS of $ 3.70, below consensus of $ 3.81.

Domino’s Pizza (DPZ -0.21%) reported Q2 EPS of 81 cents, better than consensus of 79 cents.

HD Supply (HDS -0.76%) lowered guidance on Q2 adjusted EPS to 50 cents-56 cents, below consensus of 65 cents.

Starbucks (SBUX -0.74%) was initiated with a ‘Buy’ at BTIG with a price target of $ 64.

Chipotle (CMG +0.87%) was initiated with a ‘Buy’ at BTIG with a price target of $ 779.

Buffalo Wild Wings (BWLD -1.48%) was initiated with a ‘Buy’ at BTIG with a price target of $ 212.

HCA Holdings (HCA -0.63%) lowered guidance on Q2 EPS to about $ 1.18, less than consensus $ 1.32, and said Q2 revenue will be $ 9.9 billion, below consensus of $ 9.7 billion.

Universal Forest (UFPI -1.42%) reported Q2 EPS of $ 1.28, above consensus of $ 1.18, although Q2 revenue of $ 838.2 million was below consensus of $ 851.44 million.

Kinder Morgan (KMI -1.16%) reported Q2 EPS of 15 cents, below consensus of 19 cents.

Netflix (NFLX -86.03%) jumped 10% in after-hours trading after it reported Q2 EPS of 6 cents, higher than consensus of 4 cents.

Intel (INTC +0.13%) rose over 4% in after-hours trading after it reported Q2 EPS of 55 cents, better than consensus of 50 cents.


September E-mini S&Ps (ESU15 +0.39%) this morning are up +6.75 points (+0.32%) at a fresh 3-week high. Wednesday’s closes: S&P 500 -0.07%, Dow Jones -0.02%, Nasdaq +0.11%. The S&P 500 on Wednesday rose to a 2-1/2 week high but fell back and settled little changed. Stocks received a boost from the stronger-than-expected +0.3% increase in U.S. Jun industrial production and strength in biotechnology companies on increased M&A activity after Celgene bought Receptos for $ 7.2 billion. The stock market was also pleased that China Q2 GDP grew at a +7.0% y/y pace, faster than expectations of +6.8% y/y. Negative factors included (1) weakness in energy producers after crude oil sold off, and (2) comments from Fed Chair Yellen who said the Fed remains on track to raise interest rates this year.

Sep 10-year T-notes (ZNU15 -0.26%) this morning are down -13 ticks. Sep T-notes on Wednesday closed higher: TYU5 +13.00, FVU5 +6.25. Bullish factors included (1) Fed Chair Yellen’s testimony to the House Financial Services Committee as she said the Fed’s path of interest rate increases will be gradual, and (2) carryover support from strength in German bunds.

The dollar index (DXY00 +0.40%) this morning is up +0.425 (+0.44%) at a 1-1/2 month high. EUR/USD (^EURUSD) is down -0.0054 (-0.49%) at a 1-1/2 month low. USD/JPY (^USDJPY) is up +0.27 (+0.22%) at a 3-week high. The dollar index on Wednesday climbed to a 6-week high and settled higher: Dollar Index +0.523 (+0.54%), EUR/USD -0.00591 (-0.54%), USD/JPY +0.379 (+0.31%).The dollar rallied on (1) Fed Chair Yellen’s comment that the Fed expects growth “to strengthen over the remainder of this year,” which will allow the Fed to raise interest rates this year, and (2) the stronger-than-expected U.S. June industrial production report of +0.3%.

Aug WTI crude oil (CLQ15 +1.23%) this morning is up +29 cents (+0.56%). Aug gasoline (RBQ15 +1.78%) is up +0.0252 (+1.36%). Aug crude oil and gasoline closed lower Wednesday with Aug gasoline at a 2-3/4 month low: CLQ5 -1.63 (-3.07%), RBQ5 -0.0687 (-3.56%). Negative factors included (1) the rally in the dollar index to a 6-week high, (2) the +3.89 million bbl increase in weekly EIA distillate inventories to a 3-1/4 year high of 141.28 million bbl, more than expectations of +1.5 million bbl, and (3) the +438,000 bbl increase in inventories at Cushing, OK, the delivery point of WTI futures, the third straight increase. The main bullish factor was the -4.346 million bbl draw in weekly EIA crude inventories, more than expectations of -2.0 million bbl.

US0830 ETWeekly initial unemployment claims expected -12,000 to 285,000, previous +15,000 to 297,000. Weekly continuing claims expected -34,000 to 2.300 million, previous +69,000 to 2.334 million.
0830 ETUSDA weekly Export Sales.
1000 ETJul NAHB housing market index expected unch at 59, Jun +5 to 59.
1000 ETJul Philadelphia Fed business outlook survey expected -3.2 to 12.0, Jun +8.5 to 15.2.
1000 ETFed Chair Janet Yellen delivers semi-annual testimony to the Senate Banking Committee.
1100 ETTreasury announces amount of 10-year TIPS to be auctioned Jul 23 (previous $ 13 billion).
EUR0200 ETEurozone Jun new car registrations, May +1.3% y/y.
0500 ETRevised Eurozone Jun CPI, previous +0.3% y/y and Jun core CPI +0.8% y/y.
0745 ETECB announces interest rate decision.
0830 ETECB President Mario Draghi holds press conference following ECB meeting.
CompanyTickerTimeEvent DescriptionPeriodEstimate
PPG Industries IncPPG USBef-mktQ2 2015 Earnings ReleaseQ2 20151.641
Charles Schwab Corp/TheSCHW USBef-mktQ2 2015 Earnings ReleaseQ2 20150.237
BB&T CorpBBT USBef-mktQ2 2015 Earnings ReleaseQ2 20150.698
UnitedHealth Group IncUNH USBef-mktQ2 2015 Earnings ReleaseQ2 20151.585
M&T Bank CorpMTB USBef-mktQ2 2015 Earnings ReleaseQ2 20151.978
KeyCorpKEY USBef-mktQ2 2015 Earnings ReleaseQ2 20150.277
eBay IncEBAY USBef-mktQ2 2015 Earnings ReleaseQ2 20150.725
Sherwin-Williams Co/TheSHW US7:00Q2 2015 Earnings ReleaseQ2 20153.811
Philip Morris International IncPM US7:00Q2 2015 Earnings ReleaseQ2 20151.129
Goldman Sachs Group Inc/TheGS US7:30Q2 2015 Earnings ReleaseQ2 20153.963
Citigroup IncC US8:00Q2 2015 Earnings ReleaseQ2 20151.342
BB&T CorpBBT US8:00Q2 2015 Earnings CallQ2 2015
eBay IncEBAY US8:00Q2 2015 Earnings CallQ2 2015
Stericycle IncSRCL US8:30Acquisition of Shred-It International by Stericycle, Inc. Call
UnitedHealth Group IncUNH US8:45Q2 2015 Earnings CallQ2 2015
KeyCorpKEY US9:00Q2 2015 Earnings CallQ2 2015
Philip Morris International IncPM US9:00Q2 2015 Earnings CallQ2 2015
Goldman Sachs Group Inc/TheGS US9:30Q2 2015 Earnings CallQ2 2015
M&T Bank CorpMTB US10:00Q2 2015 Earnings CallQ2 2015
Citigroup IncC US11:00Q2 2015 Earnings CallQ2 2015
Sherwin-Williams Co/TheSHW US11:00Q2 2015 Earnings CallQ2 2015
PPG Industries IncPPG US14:00Q2 2015 Earnings CallQ2 2015
People’s United Financial IncPBCT US16:00Q2 2015 Earnings ReleaseQ2 20150.212
Google IncGOOGL US16:30Q2 2015 Earnings CallQ2 2015
Mattel IncMAT US17:00Q2 2015 Earnings CallQ2 2015
Cintas CorpCTAS US17:00Q4 2015 Earnings CallQ4 2015
People’s United Financial IncPBCT US17:00Q2 2015 Earnings CallQ2 2015
Mattel IncMAT USAft-mktQ2 2015 Earnings ReleaseQ2 2015-0.044
Schlumberger LtdSLB USAft-mktQ2 2015 Earnings ReleaseQ2 20150.792
Cintas CorpCTAS USAft-mktQ4 2015 Earnings ReleaseQ4 20150.846
Google IncGOOGL USAft-mktQ2 2015 Earnings ReleaseQ2 20156.726
Iron Mountain IncIRM USRoadshow – Baltimore – Day 3Y 2015
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