Live Index – Wed, 22 Jul 2015 Premarket
September E-mini S&Ps (ESU15 -0.40%) are down -0.40% as a slump in technology stocks drags the overall market lower. Disappointing earnings results after the market closed yesterday from Apple, Microsoft and Yahoo sent stock index futures lower with Apple down 5% in pre-market trading, Microsoft down nearly 4% and Yahoo down over 2%. European stocks are only down -0.11% as decent earnings results from Danske Bank A/S and EasyJet Plc kept losses in the overall market at a minimum. Asian stocks closed mostly lower: Japan -1.19%, Hong Kong -0.99%, China +0.21%, Taiwan -0.97%, Australia -1.61%, Singapore -0.35%, South Korea -0.99%, India +1.15%. China’s Shanghai Composite reversed early losses, posted a 2-1/2 week high, and closed up +0.21% as shipping companies rallied after the Baltic Dry Index, a gauge of commodity shipping rates, rose to a 7-month high.
Commodity prices are mostly lower. Sep crude oil (CLU15 -1.08%) is down -1.08%. Sep gasoline (RBU15 -1.45%) is down -1.56%. Metals prices are weaker. Aug gold (GCQ15 -1.03%) is down -0.99%. Sep copper (HGU15 -1.58%) is down -1.58% at a 2-week low. Agricultural prices are lower with Dec corn down -1.50% at a 3-week low and Sep wheat down -1.29% at a 4-week low.
The dollar index (DXY00 unch) is up +0.07%. EUR/USD (^EURUSD) is down -0.10%. USD/JPY (^USDJPY) is down -0.07%.
Sep T-note prices (ZNU15 +0.07%) are up +1.5 ticks.
The minutes of the Jul 8-9 BOE meeting showed a growing number of policy makers were concerned about rising inflation pressures as the minutes stated that “for a number of members, the balance of risks to medium-term inflation relative to the 2.0% target was becoming more skewed to the upside at the current level of bank rate.”
Key U.S. news today includes: (1) weekly MBA mortgage applications (previous -1.9% with purchase sub-index -7.5% and refi sub-index +3.7%), (2) May FHFA house price index (expected +0.4% m/m after April’s +0.3% m/m), (3) Jun existing home sales (expected +0.9% to 5.40 million after May’s +5.1% to 5.35 million).
There are 27 of the S&P 500 companies that report earnings today with notable reports including: Northern Trust (consensus $ 0.96), Abbott Labs (0.50), Coca-Cola (0.60), Boeing (1.37), Texas Instruments (0.65), American Express (1.32), Newmont Mining (0.26), Ameriprise (2.28), Discover Financial (1.32).
U.S. IPO’s scheduled to price today include: Hennessy Capital Acquisition (HCACU), Etre REIT (ESSF), Live Oak Bancshares (LOB), Neos Therapeutics (NEOS).
Equity conferences during the remainder of this week include: Wells Fargo Securities Telecom Symposium on Thu.
Apple (AAPL -1.00%) fell 5% in after-hours trading after it reported Q3 EPS of $ 1.85, higher than consensus of $ 1.81, but then lowered guidance on Q4 revenue to $ 49 billion-$ 51 billion, below consensus of $ 51.05 billion. The stock was then downgraded to ‘Market Perform’ from ‘Outperform’ at Cowen.
United Technologies (UTX -7.03%) was downgraded to ‘Neutral’ from ‘Overweight’ at Atlantic Equities.
AMC Entertainment (AMC -3.07%) was upgraded to ‘Buy’ from ‘Neutral’ at MKM Partners.
Thermo Fisher Scientific (TMO +0.22%) reported Q2 EPS of $ 1.84, higher than consensus of $ 1.78.
Whirlpool (WHR +1.88%) reported Q2 EPS of $ 2.70, above consensus of $ 2.62.
EMC (EMC -0.20%) reported Q2 adjusted EPS of 43 cents, above consensus of 41 cents.
Illumina (ILMN -1.03%) fell 9% in after-hours trading after it reported Q2 adjusted EPS of 80 cents, higher than consensus of 77 cents, although Q2 revenue of $ 539 million was less than consensus of $ 541.77 million.
Hub Group (HUBG +1.90%) reported Q2 EPS of 51 cents, above consensus of 43 cents.
Nuance (NUAN -0.12%) raised guidance on Q3 EPS to 31 cents-32 cents, better than consensus of 28 cents.
GoPro (GPRO +2.04%) reported Q2 adjusted EPS of 35 cents, higher than consensus of 26 cents.
Intuitive Surgical (ISRG +1.50%) moved up over 10% in after-hours trading after it reported Q2 EPS of $ 4.57, well above consensus of $ 3.98.
Yahoo (YHOO +0.48%) slid 3% in afrer-hours trading after it reported Q2 EPS of 16 cents, below consensus of 18 cents.
Microsoft (MSFT +0.77%) reported Q4 adjusted EPS of 62 cents, above consensus of 56 cents.
VMware (VMW -0.99%) reported Q2 EPS of 93 cents, better than consensus of 91 cents.
Chipotle (CMG -0.73%) reported Q2 EPS of $ 4.45, higher than consensus of $ 4.44.
September E-mini S&Ps (ESU15 -0.40%) this morning are down -8.50 points (-0.40%). Tuesday’s closes: S&P 500 -0.43%, Dow Jones -1.00%, Nasdaq -0.11%. The S&P 500 on Tuesday closed lower on (1) disappointing earnings results from IBM, United Technologies, Apple and Verizon, and (2) profit taking in technology stocks after the Nasdaq Composite’s sharp 8-session rally to a 15-1/4 year high.
Sep 10-year T-notes (ZNU15 +0.07%) this morning are up +1.5 ticks. Tuesday’s closes: TYU5 +10.00, FVU5 +7.00. Sep T-notes on Tuesday settled higher on carry-over support from a rally in German bunds to a 1-week high and increased safe-haven demand with the weakness in stocks.
The dollar index (DXY00 unch) this morning is up +0.072 (+0.07%). EUR/USD (^EURUSD) is down -0.0011 (-0.10%). USD/JPY (^USDJPY) is down -0.09 (-0.07%). Tuesday’s closes: Dollar Index -0.701 (-0.72%), EUR/USD +0.01106 (+1.02%), USD/JPY -0.385 (-0.31%). The dollar index on Tuesday fell back from a 2-3/4 month high and closed lower on long-liquidation pressure after the 4-session rally and weakness in USD/JPY after a slide in stocks boosted the safe-haven demand for the yen.
Sep WTI crude oil (CLU15 -1.08%) this morning is down -55 cents (-1.08%). Sep gasoline (RBU15 -1.45%) is down -0.0293 (-1.56%). Tuesday’s closes: CLU5 +0.42 (+0.83%), RBU5 -0.0096 (-0.51%). Sep crude and gasoline on Tuesday settled mixed with Sep crude rebounding from a 3-1/2 month low. Crude oil found support on a weaker dollar and on expectations for Wednesday’s weekly EIA crude inventories to fall -1.75 million bbl. Crude oil prices were undercut by the Iran oil minister’s comment that Iran plans to boost crude production once sanctions are removed regardless of the impact on prices.
|US||0700 ET||Weekly MBA mortgage applications, previous -1.9% with purchase sub-index -7.5% and refi sub-index +3.7%.|
|0900 ET||May FHFA house price index expected +0.4% m/m, Apr +0.3% m/m|
|1000 ET||Jun existing home sales expected +0.9% to 5.40 million, May +5.1% to 5.35 million.|
|1030 ET||EIA Weekly Petroleum Status Report.|
|1500 ET||USDA Jun Cold Storage.|
|JPN||0030 ET||Japan May all-industry activity index expected -0.6% m/m, Apr +0.1% m/m.|
|0200 ET||Revised Japan Jun machine tool orders, previous +6.6% y/y.|
|1950 ET||Japan Jun trade balance expected +45.8 billion yen, May -217.2 billion yen. Jun exports expected +10.0% y/y, May +2.4% y/y. Jun imports expected -4.3% y/y, May -8.7% y/y.|
|UK||0430 ET||Minutes of the Jul 8-9 BOE policy meeting.|
|Abbott Laboratories||ABT US||Bef-mkt||Q2 2015 Earnings Release||Q2 2015||0.503|
|Coca-Cola Co/The||KO US||Bef-mkt||Q2 2015 Earnings Release||Q2 2015||0.602|
|Interpublic Group of Cos Inc/The||IPG US||Bef-mkt||Q2 2015 Earnings Release||Q2 2015||0.273|
|Northern Trust Corp||NTRS US||Bef-mkt||Q2 2015 Earnings Release||Q2 2015||0.964|
|AutoNation Inc||AN US||Bef-mkt||Q2 2015 Earnings Release||Q2 2015||1.018|
|TE Connectivity Ltd||TEL US||Bef-mkt||Q3 2015 Earnings Release||Q3 2015||0.881|
|Thermo Fisher Scientific Inc||TMO US||6:00||Q2 2015 Earnings Release||Q2 2015||1.78|
|Whirlpool Corp||WHR US||6:00||Q2 2015 Earnings Release||Q2 2015||2.623|
|EMC Corp/MA||EMC US||7:00||Q2 2015 Earnings Release||Q2 2015||0.409|
|St Jude Medical Inc||STJ US||7:15||Q2 2015 Earnings Release||Q2 2015||1|
|Boeing Co/The||BA US||7:30||Q2 2015 Earnings Release||Q2 2015||1.368|
|Illinois Tool Works Inc||ITW US||8:00||Q2 2015 Earnings Release||Q2 2015||1.283|
|St Jude Medical Inc||STJ US||8:00||Q2 2015 Earnings Call||Q2 2015|
|Amphenol Corp||APH US||8:00||Q2 2015 Earnings Release||Q2 2015||0.576|
|Navient Corp||NAVI US||8:00||Q2 2015 Earnings Call||Q2 2015|
|EMC Corp/MA||EMC US||8:30||Q2 2015 Earnings Call||Q2 2015|
|Interpublic Group of Cos Inc/The||IPG US||8:30||Q2 2015 Earnings Call||Q2 2015|
|Thermo Fisher Scientific Inc||TMO US||8:30||Q2 2015 Earnings Call||Q2 2015|
|ACE Ltd||ACE US||8:30||Q2 2015 Earnings Call||Q2 2015|
|TE Connectivity Ltd||TEL US||8:30||Q3 2015 Earnings Call||Q3 2015|
|Abbott Laboratories||ABT US||9:00||Q2 2015 Earnings Call||Q2 2015|
|FMC Technologies Inc||FTI US||9:00||Q2 2015 Earnings Call||Q2 2015|
|Coca-Cola Co/The||KO US||9:30||Q2 2015 Earnings Call||Q2 2015|
|Illinois Tool Works Inc||ITW US||10:00||Q2 2015 Earnings Call||Q2 2015|
|Whirlpool Corp||WHR US||10:00||Q2 2015 Earnings Call||Q2 2015|
|Boeing Co/The||BA US||10:30||Q2 2015 Earnings Call||Q2 2015|
|AutoNation Inc||AN US||11:00||Q2 2015 Earnings Call||Q2 2015|
|Constellation Brands Inc||STZ US||11:00||Annual General Meeting|
|Linear Technology Corp||LLTC US||11:30||Q4 2015 Earnings Call||Q4 2015|
|Northern Trust Corp||NTRS US||12:00||Q2 2015 Earnings Call||Q2 2015|
|Campbell Soup Co||CPB US||12:30||Investor Day||Y 2015|
|Amphenol Corp||APH US||13:00||Q2 2015 Earnings Call||Q2 2015|
|QUALCOMM Inc||QCOM US||16:00||Q3 2015 Earnings Release||Q3 2015||0.947|
|F5 Networks Inc||FFIV US||16:00||Q3 2015 Earnings Release||Q3 2015||1.596|
|Tractor Supply Co||TSCO US||16:01||Q2 2015 Earnings Release||Q2 2015||1.112|
|Texas Instruments Inc||TXN US||16:30||Q2 2015 Earnings Release||Q2 2015||0.654|
|F5 Networks Inc||FFIV US||16:30||Q3 2015 Earnings Call||Q3 2015|
|QUALCOMM Inc||QCOM US||16:45||Q3 2015 Earnings Call||Q3 2015|
|American Express Co||AXP US||17:00||Q2 2015 Earnings Call||Q2 2015|
|Xilinx Inc||XLNX US||17:00||Q1 2016 Earnings Call||Q1 2016|
|Tractor Supply Co||TSCO US||17:00||Q2 2015 Earnings Call||Q2 2015|
|SanDisk Corp||SNDK US||17:00||Q2 2015 Earnings Call||Q2 2015|
|American Express Co||AXP US||Aft-mkt||Q2 2015 Earnings Release||Q2 2015||1.322|
|Equifax Inc||EFX US||Aft-mkt||Q2 2015 Earnings Release||Q2 2015||1.102|
|Newmont Mining Corp||NEM US||Aft-mkt||Q2 2015 Earnings Release||Q2 2015||0.262|
|Xilinx Inc||XLNX US||Aft-mkt||Q1 2016 Earnings Release||Q1 2016||0.535|
|SanDisk Corp||SNDK US||Aft-mkt||Q2 2015 Earnings Release||Q2 2015||0.336|
|SL Green Realty Corp||SLG US||Aft-mkt||Q2 2015 Earnings Release||Q2 2015||1.556|
|United Rentals Inc||URI US||Aft-mkt||Q2 2015 Earnings Release||Q2 2015||1.749|
|Crown Castle International Corp||CCI US||Aft-mkt||Q2 2015 Earnings Release||Q2 2015||1.053|
|Ameriprise Financial Inc||AMP US||Aft-mkt||Q2 2015 Earnings Release||Q2 2015||2.279|
|Discover Financial Services||DFS US||Aft-mkt||Q2 2015 Earnings Release||Q2 2015||1.317|
|Texas Instruments Inc||TXN US||17:30||Q2 2015 Earnings Call||Q2 2015|
|Discover Financial Services||DFS US||18:00||Q2 2015 Earnings Call||Q2 2015|