Fri Jul 24 2015
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Live Index – Fri, 24 Jul 2015 Premarket

PREMARKET WORLD NEWS

September E-mini S&Ps (ESU15 +0.19%) are up +0.19% on better-than-expected company earnings results. Amazon.com surged 18%, Juniper Networks jumped nearly 10% and Visa climbed over 4% in pre-market trading after all three companies reported stellar earnings results for last quarter. European stocks are up +0.13%, led by a 3% gain in Vodaphone and Air France after both companies reported better-than-expected quarterly earnings results. Gains in European stocks were limited after a gauge of European manufacturing activity unexpectedly fell. Asian stocks closed lower: Japan -0.67%, Hong Kong -1.06%, China -1.29%, Taiwan -0.26%, Australia -0.43%, Singapore -0.11%, South Korea -0.97%, India -0.91%. China’s Shanghai Composite fell back from a 3-week high and closed lower on concern that Chinese manufacturing activity may be slowing after the China July Caixin Media and Markit Economics flash manufacturing PMI posted its steepest pace of contraction in 15 months.

Commodity prices are mixed. Sep crude oil (CLU15 +0.50%) is up +0.37%. Sep gasoline (RBU15 +0.22%) is up +0.07%. Metals prices are weaker. Aug gold (GCQ15 -1.39%) is down -1.47% at a new 5-1/3 year low due to dollar strength and fund liquidation as long gold positions in ETFs dropped to a 6-1/3 year low Thursday. Sep copper (HGU15 -0.44%) is down -0.31% at a fresh 6-year low on Chinese demand concerns after a gauge of Chinese manufacturing activity contracted at the fastest pace in 15 months. Agricultural prices are lower.

The dollar index (DXY00 +0.35%) is up +0.33%. EUR/USD (^EURUSD) is down -0.24%. USD/JPY (^USDJPY) is up +0.02%.

Sep T-note prices (ZNU15 +0.04%) are up +1.5 ticks on carry-over support from a rally in German bunds to a 2-week high.

The China July Caixin Media and Markit Economics flash manufacturing PMI unexpectedly fell -1.2 to 48.2, weaker than expectations of +0.3 to 49.7 and the steepest pace of contraction in 15 months.

The Eurozone Jul Markit manufacturing PMI unexpectedly fell -0.3 to 52.2, weaker than expectations of unch at 52.5. The Jul Markit composite PMI fell -0.5 to 53.7, weaker than expectations of -0.2 to 54.0.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) preliminary Jul Markit U.S. manufacturing PMI (expected unch at 53.6 after June’s -0.4 to 53.6), and (2) Jun new home sales (expected +0.4% to 548,000 after May’s +2.2% to 546,000).

There are 15 of the S&P 500 companies that report earnings today with notable reports including: AbbVie (consensus $ 1.06), American Airlines (2.60), State Street (1.37), Johnson Controls (0.91), Simon Property Group (2.35), Rockwell Collins (1.31).

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

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

PREMARKET U.S. STOCKS

Biogen (BIIB -1.71%) reported Q2 EPS of $ 4.22, higher than consensus of $ 4.10.

General Motors (GM +3.96%) was upgraded to ‘Neutral’ from ‘Underperform’ at Credit Suisse.

Macy’s (M -0.97%) was downgraded to ‘Underweight’ from ‘Neutral’ at Atlantic Equities.

C.R. Bard (BCR +0.03%) reported Q2 adjusted EPS of $ 2.27, higher than consensus of $ 2.18.

Stericycle (SRCL -0.46%) reported Q2 EPS of $ 1.14, better than consensus of $ 1.13.

E-Trade (ETFC -2.55%) reported Q2 EPS of 25 cents, below consensus of 27 cents.

Boyd Gaming (BYD +0.60%) reported Q2 adjused EPS of 24 cents, more than double consensus of 10 cents.

Juniper (JNPR +1.15%) climbed 10% in after-hours trading after it reported preliminary Q2 EPS of 53 cents, well above consensus of 40 cents.

TripAdvisor (TRIP +1.77%) sank 8% in after-hours trading after it reported Q2 EPS of 54 cents, below consensus of 55 cents.

Amazon.com (AMZN -1.25%) surged 18% in after-hours trading after it reported an unexpected Q2 EPS profit of 19 cents, well above consensus of a -14 cents loss.

Stryker (SYK -0.29%) reported Q2 adjusted EPS of $ 1.20, better than consensus of $ 1.17.

Visa (V -0.31%) rose over 4% in after-hours trading after it reported Q3 EPS of 74 cents, higher than consensus of 59 cents.

Capital One (COF -0.96%) fell over 3% in after-hours trading after it reported Q2 EPS ex-items of $ 1.78, less than consensus of $ 1.97.

Starbucks (SBUX -0.23%) rose over 4% in after-hours trading after it reported Q3 EPS of 42 cents, above consensus of 41 cents, and then said that its board authorized the repurchase of an additional 50 million shares of the company’s common stock under its ongoing share repurchase program.

AT&T (T -0.99%) reported Q2 adjusted EPS of 69 cents, better than consensus of 63 cents.

MARKET COMMENTS

September E-mini S&Ps (ESU15 +0.19%) this morning are up +4.00 points (+0.19%). Thursday’s closes: S&P 500 -0.57%, Dow Jones -0.67%, Nasdaq -0.44%. The S&P 500 on Thursday erased an early rally and fell to a 1-week low on disappointing earnings results from Caterpillar and 3M, and on weakness in energy and metals producers after crude oil tumbled to a 3-3/4 month low and copper slid to a 2-week low. Thursday’s U.S. economic data was supportives with the the -26,000 decline in U.S. weekly jobless claims to 255,000 and the +0.6% increase in U.S. Jun leading economic indicators.

Sep 10-year T-notes (ZNU15 +0.04%) this morning are up +1.5 ticks. Thursday’s closes: TYU5 +9.50, FVU5 +5.25. Sep T-notes on Thursday posted a 2-week high and closed higher on (1) carry-over support from a rally in German bund prices to a 2-week high, (2) the sell-off in the S&P 500 to a 1-week low, and (3) reduced inflation expectations after the 10-year T-note inflation breakeven rate fell to a 1-3/4 month low.

The dollar index (DXY00 +0.35%) this morning is up +0.316 (+0.33%). EUR/USD (^EURUSD) is down -0.0026 (-0.24%). USD/JPY (^USDJPY) is up +0.02 (+0.02%). Thursday’s closes: Dollar Index -0.483 (-0.49%), EUR/USD +0.00552 (+0.51%), USD/JPY -0.04 (-0.03%). The dollar index on Thursday fell to a 1-week low and closed lower on strength in EUR/USD which rose to a 1-week high on reduced Greek default concerns after the Greek parliament approved a second round of reforms needed for a bailout.

Sep WTI crude oil (CLU15 +0.50%) this morning is up +18 cents (+0.37%). Sep gasoline (RBU15 +0.22%) is up +0.0013 (+0.07%). Thursday’s closes: CLU5 -0.74 (-1.50%), RBU5 -0.0120 (-0.66%). Sep crude oil and gasoline on Thursday closed lower with Sep crude at a 3-3/4 month low and Sep gasoline at a 3-1/4 month low. Crude oil prices saw downward pressure from (1) negative carry-over from the unexpected +2.47 million bbl increase in weekly EIA crude inventories on Wednesday, more than expectations of a -1.75 million bbl draw, and (2) concern the global oil glut will persist after a report from Morgan Stanley said that rising production from OPEC is more than compensating for slowing growth in U.S. shale oil output.

GLOBAL EVENT CALENDAR07/24/2015
US0945 ETPreliminary Jul Markit manufacturing PMI expected unch at 53.6, Jun -0.4 to 53.6.
1000 ETJun new home sales expected +0.4% to 548,000, May +2.2% to 546,000.
1500 ETUSDA Jun Cattle on Feed.
GER0330 ETGerman Jul Markit/BME manufacturing PMI expected unch at 51.9. Jul Markit services PMI expected +0.2 to 54.0, Jun 53.8.
EUR0400 ETEurozone Jul Markit manufacturing PMI expected unch at 52.5, Jul composite PMI expected -0.2 to 54.0, Jun 54.2.
U.S. STOCK CALENDAR07/24/2015
CompanyTickerTimeEvent DescriptionPeriodEstimate
Ventas IncVTR USBef-mktQ2 2015 Earnings ReleaseQ2 20151.159
Biogen IncBIIB USBef-mktQ2 2015 Earnings ReleaseQ2 20154.099
State Street CorpSTT USBef-mktQ2 2015 Earnings ReleaseQ2 20151.369
AbbVie IncABBV USBef-mktQ2 2015 Earnings ReleaseQ2 20151.061
American Airlines Group IncAAL US7:00Q2 2015 Earnings ReleaseQ2 20152.597
Johnson Controls IncJCI US7:00Q3 2015 Earnings ReleaseQ3 20150.905
VF CorpVFC US7:00Q2 2015 Earnings ReleaseQ2 20150.361
Xerox CorpXRX US7:00Q2 2015 Earnings ReleaseQ2 20150.223
Simon Property Group IncSPG US7:00Q2 2015 Earnings ReleaseQ2 20152.345
Moody’s CorpMCO US7:00Q2 2015 Earnings ReleaseQ2 20151.218
DTE Energy CoDTE US7:15Q2 2015 Earnings ReleaseQ2 20150.812
Cabot Oil & Gas CorpCOG US7:30Q2 2015 Earnings ReleaseQ2 20150.044
FLIR Systems IncFLIR US7:30Q2 2015 Earnings ReleaseQ2 20150.37
Rockwell Collins IncCOL US7:30Q3 2015 Earnings ReleaseQ3 20151.312
FLIR Systems IncFLIR US8:00Q2 2015 Earnings CallQ2 2015
American Airlines Group IncAAL US8:30Q2 2015 Earnings CallQ2 2015
VF CorpVFC US8:30Q2 2015 Earnings CallQ2 2015
Biogen IncBIIB US8:30Q2 2015 Earnings CallQ2 2015
DTE Energy CoDTE US9:00Q2 2015 Earnings CallQ2 2015
Rockwell Collins IncCOL US9:00Q3 2015 Earnings CallQ3 2015
AbbVie IncABBV US9:00Q2 2015 Earnings CallQ2 2015
Cabot Oil & Gas CorpCOG US9:30Q2 2015 Earnings CallQ2 2015
State Street CorpSTT US9:30Q2 2015 Earnings CallQ2 2015
Ventas IncVTR US10:00Q2 2015 Earnings CallQ2 2015
Xerox CorpXRX US10:00Q2 2015 Earnings CallQ2 2015
Principal Financial Group IncPFG US10:00Q2 2015 Earnings CallQ2 2015
Johnson Controls IncJCI US11:00Q3 2015 Earnings CallQ3 2015
Simon Property Group IncSPG US11:00Q2 2015 Earnings CallQ2 2015
Charles Schwab Corp/TheSCHW US11:30Analyst MeetingY 2015
Moody’s CorpMCO US11:30Q2 2015 Earnings CallQ2 2015
Sigma-Aldrich CorpSIAL USQ2 2015 Earnings ReleaseQ2 20151.103
Regeneron Pharmaceuticals IncREGN USPDUFA, alirocumab, hypercholesterolemia

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