Tue Jul 21 2015
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Live Index – Tue, 21 Jul 2015 Premarket

PREMARKET WORLD NEWS

September E-mini S&Ps (ESU15 +0.01%) are little changed, up +0.02%. The upside in stocks overnight was limited by a 5% decline in IBM after it reported late yesterday after the markets closed that its sales in Q2 declined for a thirteenth quarter. European stocks are down -0.02%, led by a fall in drug maker stocks as Novartis AG slipped 2% after it reported a decline in Q2 earnings. Asian stocks closed mostly higher: Japan +0.93%, Hong Kong +0.52%, China +0.64%, Taiwan +0.34%, Australia +0.35%, Singapore -0.06%, South Korea +0.58%, India -0.84%. Japan’s Nikkei Stock Index posted a 3-week high and was led higher by a rally in exporters after the yen fell to a 5-week low against the dollar. China’s Shanghai Composite rose to a 2-week high, although 543 companies remained suspended from trading due to trading curbs, down from 576 at the close of trading on Monday.

Commodity prices are mixed. Sep crude oil (CLU15 unch) is down -0.02% at a 3-1/2 month low on concern the global oil glut will persist after Iran’s oil minister said Iran plans to bolster crude production once sanctions are removed regardless of the impact on prices. Sep gasoline (RBU15 -0.97%) is down -1.08%. Metals prices are mixed. Aug gold (GCQ15 +0.05%) is down -0.12%. Sep copper (HGU15 +0.73%) is up +0.91%. Agricultural prices are higher.

The dollar index (DXY00 -0.21%) is down -0.15%. EUR/USD (^EURUSD) is up +0.31%. USD/JPY (^USDJPY) is up +0.08% at a 5-week high.

Sep T-note prices (ZNU15 -0.04%) are up +1.5 ticks on positive carry over from a rally in German bunds which climbed to a 1-week high.

Iranian Oil Minister Bijan Namdar Zanganeh said that once sanctions are removed Iran wants to pump 4 million bpd within seven months and 4.7 million bpd as soon as possible after that. Zanganeh said “our only responsibility here is attaining our lost share of the market, not protecting prices.” Iran’s oil exports declined to 1.4 million bpd on average last year due to sanctions, well below the 2.6 million bpd average exports in 2011, before sanctions were imposed. Iran is in talks with OPEC now and said it wants to boost oil exports by 500,000 bpd 3 to 4 months after sanctions are lifted and seeks to increase crude exports by 1.0 million bpd within a year.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) annual revisions to U.S. industrial production and capacity utilization data.

There are 22 of the S&P 500 companies that report earnings today with notable reports including: Apple (consensus 1.81), Microsoft ($ 0.58), Yahoo (0.19), Baker Hughes (-0.14), Bank of New York Mellon (0.66), Harley-Davidson (1.39), Chipotle (4.44).

U.S. IPO’s scheduled to price today include: Blue Buffalo Pet Products (BUFF).

Equity conferences during the remainder of this week include: BIO World Congress on Industrial Biotechnology Conference on Mon, Wells Fargo Securities Telecom Symposium on Thu.

PREMARKET U.S. STOCKS

The Travelers Cos. (TRV -0.32%) reported Q2 EPS of $ 2.52, well above consensus of $ 2.12.

Verizon Communications (VZ +1.07%) reported Q2 EPS of $ 1.04, higher than consensus of $ 1.01.

Coca-Cola (KO +0.32%) was initiated with a ‘Buy’ at Sterne Agee CRT with price target of $ 46 and Dr Pepper Snapple (DPS +0.61%) was initiated with a ‘Buy’ at Sterne Agee CRT with a price target of $ 88.

Harley-Davidson (HOG -0.04%) reported Q2 EPS of $ 1.44, better than consensus of $ 1.39.

AB InBev (BUD +0.01%) was initiated with a ‘Buy’ at Sterne Agee CRT with a price target of $ 147.

PepsiCo (PEP +0.55%) was initiated with a ‘Buy’ at Sterne Agee CRT with a price target of $ 108.

Colgate-Palmolive (CL +0.44%) was initiated with a ‘Buy’ at Sterne Agee CRT with a price target of $ 75.

AvalonBay (AVB +0.11%) was initiated with a ‘Buy’ at SunTrust wit a price target of $ 191.

eBay (EBAY -56.90%) was downgraded to ‘Hold’ from ‘Buy’ at Stifel.

PayPal (PYPL +5.42%) climbed 3% in pre-market trading after it was initiated with a ‘Buy’ at BTIG with a price target of $ 48.

Woodward (WWD -0.30%) reported Q3 EPS of 66 cents, below consensus of 71 cents.

Monster Beverage (MNST +1.92%) was initiated with a ‘Buy’ at Sterne Agee CRT with a price target of $ 160.

Hexcel (HXL +1.30%) reported Q2 EPS of 63 cents, above consensus of 61 cents.

Sanmina (SANM +0.53%) jumped 8% in after-hours trading after it reported Q3 adjusted EPS of 53 cents, higher than consensus of 49 cents.

International Business Machines (IBM +0.41%) slid 5% in after-hours trading after it reported Q2 EPS of $ 3.84, better than consensus of $ 3.78, but Q2 revenue of $ 20.8 billion was less than expectations of $ 20.95 billion as sales declined for a thirteenth quarter.

Werner (WERN +0.36%) reported Q2 EPS of 44 cents, above consensus of 42 cents. although Q2 revenue of $ 534.64 million wsa below consensus of $ 539.65 million.

MARKET COMMENTS

September E-mini S&Ps (ESU15 +0.01%) this morning are up +0.50 of a point (+0.02%). Monday’s closes: S&P 500 +0.08%, Dow Jones +0.08%, Nasdaq +0.39%. The S&P 500 on Monday posted a 1-3/4 month high on (1) carry-over support from a rally in European stocks as Grexit concerns further receded as Greek banks reopened and Greece made its ECB payment, and (2) a rally in technology stocks that took the Nasdaq Composite Index up to a fresh 15-1/4 year high. On the negative side, energy and commodity producers fell after crude oil slid to a 3-1/2 month low and gold sank to a 5-1/3 year low.

Sep 10-year T-notes (ZNU15 -0.04%) this morning are up +1.5 ticks. Monday’s closes: TYU5 -7.50, FVU5 -5.25. Sep T-notes on Monday closed lower on reduced safe-haven demand with the rally in stocks and hawkish comments from St. Louis Fed President Bullard who said the Fed has to start “thinking ahead” about rate policy and move off of emergency settings.

The dollar index (DXY00 -0.21%) this morning is down -0.151 (-0.15%). EUR/USD (^EURUSD) is up +0.0034 (+0.31%). USD/JPY (^USDJPY) is up +0.10 (+0.08%) at a 5-week high. Monday’s closes: Dollar Index +0.167 (+0.17%), EUR/USD -0.00026 (-0.02%), USD/JPY +0.218 (+0.18%). The dollar index on Monday rose to a 2-3/4 month high and closed higher on St. Louis Fed President Bullard’s hawkish comment that he sees “more than a 50% chance” of an interest rate increase in Sep.

Sep WTI crude oil (CLU15 unch) this morning is down -1 cent (-0.02%) after posting a fresh 3-1/2 month low in overnight trade. Sep gasoline (RBU15 -0.97%) is down -0.0203 (-1.08%). Monday’s closes: CLU5 -0.77 (-1.50%), RBU5 +0.0009 (+0.05%). Sep crude and gasoline Monday settled mixed with Sep crude at a 3-1/2 month low. Crude oil prices fell on the rally in the dollar index to a 2-3/4 month high and on comments from Iran’s oil minister who said that Iran wants to pump 4 million bpd of crude oil within 7 months once sanction against it are removed. Gasoline prices were boosted by the rally in the S&P 500 to a 1-3/4 month high.

GLOBAL EVENT CALENDAR07/21/2015
US n/a Annual revisions to U.S. industrial production and capacity utilization data.
JPN 0100 ET Revised Japan May leading index CI, previous 106.2. Revised May coincident index, previous 109.2.
0130 ET Japan Jun nationwide department store sales, May +6.3% y/y
UK 0430 ET UK Jun public sector net borrowing expected +8.7 billion pounds, May +9.4 billion pounds.
U.S. STOCK CALENDAR07/21/2015
Company Ticker Time Event Description Period Estimate
Baker Hughes Inc BHI US Bef-mkt Q2 2015 Earnings Release Q2 2015 -0.138
TEGNA Inc TGNA US Bef-mkt Q2 2015 Earnings Release Q2 2015 0.413
Omnicom Group Inc OMC US Bef-mkt Q2 2015 Earnings Release Q2 2015 1.219
United Technologies Corp UTX US Bef-mkt Q2 2015 Earnings Release Q2 2015 1.716
Pentair PLC PNR US Bef-mkt Q2 2015 Earnings Release Q2 2015 0.95
Prologis Inc PLD US Bef-mkt Q2 2015 Earnings Release Q2 2015 0.516
Regions Financial Corp RF US 6:00 Q2 2015 Earnings Release Q2 2015 0.2
Bank of New York Mellon Corp/The BK US 6:30 Q2 2015 Earnings Release Q2 2015 0.663
Fifth Third Bancorp FITB US 6:30 Q2 2015 Earnings Release Q2 2015 0.391
Travelers Cos Inc/The TRV US 6:57 Q2 2015 Earnings Release Q2 2015 2.12
Dover Corp DOV US 7:00 Q2 2015 Earnings Release Q2 2015 0.993
Harley-Davidson Inc HOG US 7:00 Q2 2015 Earnings Release Q2 2015 1.394
Verizon Communications Inc VZ US 7:30 Q2 2015 Earnings Release Q2 2015 1.008
Bank of New York Mellon Corp/The BK US 8:00 Q2 2015 Earnings Call Q2 2015
Verizon Communications Inc VZ US 8:30 Q2 2015 Earnings Call Q2 2015
Omnicom Group Inc OMC US 8:30 Q2 2015 Earnings Call Q2 2015
United Technologies Corp UTX US 8:30 Q2 2015 Earnings Call Q2 2015
Harley-Davidson Inc HOG US 9:00 Q2 2015 Earnings Call Q2 2015
Travelers Cos Inc/The TRV US 9:00 Q2 2015 Earnings Call Q2 2015
Fifth Third Bancorp FITB US 9:00 Q2 2015 Earnings Call Q2 2015
Pentair PLC PNR US 9:00 Q2 2015 Earnings Call Q2 2015
Dover Corp DOV US 10:00 Q2 2015 Earnings Call Q2 2015
TEGNA Inc TGNA US 10:00 Q2 2015 Earnings Call Q2 2015
Citigroup Inc C US 11:00 Q2 2015 Earnings Call – Fixed Income C2 2015
Prologis Inc PLD US 11:00 Q2 2015 Earnings Call Q2 2015
Regions Financial Corp RF US 11:00 Q2 2015 Earnings Call Q2 2015
Chipotle Mexican Grill Inc CMG US 16:00 Q2 2015 Earnings Release Q2 2015 4.442
ACE Ltd ACE US 16:05 Q2 2015 Earnings Release Q2 2015 2.286
Yahoo! Inc YHOO US 16:05 Q2 2015 Earnings Release Q2 2015 0.186
Intuitive Surgical Inc ISRG US 16:05 Q2 2015 Earnings Release Q2 2015 3.994
Intuitive Surgical Inc ISRG US 16:30 Q2 2015 Earnings Call Q2 2015
Chipotle Mexican Grill Inc CMG US 16:30 Q2 2015 Earnings Call Q2 2015
Apple Inc AAPL US 17:00 Q3 2015 Earnings Call Q3 2015
Yahoo! Inc YHOO US 17:00 Q2 2015 Earnings Call Q2 2015
Apple Inc AAPL US Aft-mkt Q3 2015 Earnings Release Q3 2015 1.806
Microsoft Corp MSFT US Aft-mkt Q4 2015 Earnings Release Q4 2015 0.58
Linear Technology Corp LLTC US Aft-mkt Q4 2015 Earnings Release Q4 2015 0.562
FMC Technologies Inc FTI US Aft-mkt Q2 2015 Earnings Release Q2 2015 0.61
Navient Corp NAVI US Aft-mkt Q2 2015 Earnings Release Q2 2015 0.397
Microsoft Corp MSFT US 17:30 Q4 2015 Earnings Call Q4 2015

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