Live Index – Fri, 24 Jul 2015 Premarket
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.
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.
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.
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.
|US||0945 ET||Preliminary Jul Markit manufacturing PMI expected unch at 53.6, Jun -0.4 to 53.6.|
|1000 ET||Jun new home sales expected +0.4% to 548,000, May +2.2% to 546,000.|
|1500 ET||USDA Jun Cattle on Feed.|
|GER||0330 ET||German Jul Markit/BME manufacturing PMI expected unch at 51.9. Jul Markit services PMI expected +0.2 to 54.0, Jun 53.8.|
|EUR||0400 ET||Eurozone Jul Markit manufacturing PMI expected unch at 52.5, Jul composite PMI expected -0.2 to 54.0, Jun 54.2.|
|Ventas Inc||VTR US||Bef-mkt||Q2 2015 Earnings Release||Q2 2015||1.159|
|Biogen Inc||BIIB US||Bef-mkt||Q2 2015 Earnings Release||Q2 2015||4.099|
|State Street Corp||STT US||Bef-mkt||Q2 2015 Earnings Release||Q2 2015||1.369|
|AbbVie Inc||ABBV US||Bef-mkt||Q2 2015 Earnings Release||Q2 2015||1.061|
|American Airlines Group Inc||AAL US||7:00||Q2 2015 Earnings Release||Q2 2015||2.597|
|Johnson Controls Inc||JCI US||7:00||Q3 2015 Earnings Release||Q3 2015||0.905|
|VF Corp||VFC US||7:00||Q2 2015 Earnings Release||Q2 2015||0.361|
|Xerox Corp||XRX US||7:00||Q2 2015 Earnings Release||Q2 2015||0.223|
|Simon Property Group Inc||SPG US||7:00||Q2 2015 Earnings Release||Q2 2015||2.345|
|Moody’s Corp||MCO US||7:00||Q2 2015 Earnings Release||Q2 2015||1.218|
|DTE Energy Co||DTE US||7:15||Q2 2015 Earnings Release||Q2 2015||0.812|
|Cabot Oil & Gas Corp||COG US||7:30||Q2 2015 Earnings Release||Q2 2015||0.044|
|FLIR Systems Inc||FLIR US||7:30||Q2 2015 Earnings Release||Q2 2015||0.37|
|Rockwell Collins Inc||COL US||7:30||Q3 2015 Earnings Release||Q3 2015||1.312|
|FLIR Systems Inc||FLIR US||8:00||Q2 2015 Earnings Call||Q2 2015|
|American Airlines Group Inc||AAL US||8:30||Q2 2015 Earnings Call||Q2 2015|
|VF Corp||VFC US||8:30||Q2 2015 Earnings Call||Q2 2015|
|Biogen Inc||BIIB US||8:30||Q2 2015 Earnings Call||Q2 2015|
|DTE Energy Co||DTE US||9:00||Q2 2015 Earnings Call||Q2 2015|
|Rockwell Collins Inc||COL US||9:00||Q3 2015 Earnings Call||Q3 2015|
|AbbVie Inc||ABBV US||9:00||Q2 2015 Earnings Call||Q2 2015|
|Cabot Oil & Gas Corp||COG US||9:30||Q2 2015 Earnings Call||Q2 2015|
|State Street Corp||STT US||9:30||Q2 2015 Earnings Call||Q2 2015|
|Ventas Inc||VTR US||10:00||Q2 2015 Earnings Call||Q2 2015|
|Xerox Corp||XRX US||10:00||Q2 2015 Earnings Call||Q2 2015|
|Principal Financial Group Inc||PFG US||10:00||Q2 2015 Earnings Call||Q2 2015|
|Johnson Controls Inc||JCI US||11:00||Q3 2015 Earnings Call||Q3 2015|
|Simon Property Group Inc||SPG US||11:00||Q2 2015 Earnings Call||Q2 2015|
|Charles Schwab Corp/The||SCHW US||11:30||Analyst Meeting||Y 2015|
|Moody’s Corp||MCO US||11:30||Q2 2015 Earnings Call||Q2 2015|
|Sigma-Aldrich Corp||SIAL US||Q2 2015 Earnings Release||Q2 2015||1.103|
|Regeneron Pharmaceuticals Inc||REGN US||PDUFA, alirocumab, hypercholesterolemia|