Tue Jul 28 2015
Live Index (1447 articles)

Live Index – Tue, 28 Jul 2015 Premarket

PREMARKET WORLD NEWS

Sep E-mini S&Ps (ESU15 +0.48%) this morning are up +0.52% and the EuroStoxx 50 index is up +1.35% on relief that the Chinese stock market today closed only -1.68% lower. U.S. and European stock indexes are also higher today on positive European takeover news today in the European pharma, utility and insurance industries. In one of the $ 15 billion worth of deals announced today, Melrose Industries Plc is up 10% after a deal to sell its metering-company Elster to Honeywell for $ 3.3 billion in cash. In another European deal announced today, Hikma Pharmaceutricals Plc announced that it agreed to buy Boehringer Ingelheim GmbH’s Roxane business for $ 2.7 billion. Mining companies are higher in European trading after the sharp sell-off seen in the past 1-1/2 weeks.

The Chinese Shanghai Composite index on Monday plunged by -8.5% and was down by -5.1% on today’s low, but the market was able to recover somewhat during the remainder of the session to close the day down by only -1.68%. The markets remain concerned that the Chinese government may have given up on some of its support measures but so far the Shanghai index has been able to remain well above the 4-1/2 month low posted on July 9. The markets were somewhat relieved that the Chinese Securities Regulatory Commission late Monday released a statement on its website saying that the agency will continue to “stabilize” the market and “prevent systemic risk.” Chinese stocks are down sharply this week on weekend news that the China July Markit flash manufacturing PMI unexpectedly fell by -1.2 points to a 15-month low of 48.2 and that Chinese June industrial profits fell by -0.3% y/y.

Asian stocks today closed mixed despite continued bearish overhang from the Chinese stock market: Japan -0.10%, Hong Kong +0.62%, China -1.68%, Taiwan +0.30%, Australia -0.09%, Singapore -0.98%, South Korea +0.09%, India -0.37%, Turkey +1.37%.

The dollar index (DXY00 +0.47%) this morning is up +0.406 (+0.42%) as some confidence returns with the upward rebound in U.S. and European stock indexes. EUR/USD (^EURUSD) is down -0.0056 (-0.51%) and USD/JPY (^USDJPY) is up +0.51 (+0.41%). Sep 10-year T-note prices (ZNU15 -0.17%) are down 9 ticks on reduced safe-haven demand with the upward rebound in the U.S. and European stock indexes.

Commodity prices are little changed on net this morning. Sep crude oil (CLU15 -0.55%) is down -0.34 (-0.72%), Sep Brent is down -0.73 (-1.37%), and Sep gasoline (RBU15 -1.22%) is down -0.0227 (-1.28%) as concerns continue about a worsening glut later this year if Iranian sanctions are dropped as expected. Precious metals are down on the upward rebound in the dollar index today with Aug gold (GCQ15 -0.39%) down -4.9 (-0.45%) and Sep silver (SIU15 -0.62%) down -0.040 (-0.27%). However, Sep copper (HGU15 +1.00%) is up +0.024 (+1.02%) on some relief that global stock markets have stabilized today. Grains are mixed today after yesterday’s sharp declines. Sugar, cocoa and cotton are trading higher this morning but cocoa is mildly lower.

Today’s UK Q2 GDP report of +0.7% q/q and +2.6% y/y was in line with market expectations and the quarter-on-quarter report of +0.7% strengthened from Q1’s report of +0.4% q/q.

Greek bailout negotiations are scheduled to begin today in Athens as technical experts from the ECB, EC and IMF meet with their Greek counterparts. EU officials said today there is “no fixed deadline” for an agreement but that they see a deal in the second half of August. Meanwhile a dispute has arisen whether the Greek parliament must take additional measures to qualify for the bailout with the EU Commission saying that more measures will be necessary while the Greek Finance Ministry says that all measures have been taken. However, the Greek finance minister today said that Greece will fully implement the Eurogroup agreements to the last detail.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) May S&P-CaseShiller composite-20 home price index (expected +0.3% m/m and +5.6% y/y after April’s +0.30% m/m and +4.91% y/y), (2) preliminary-July Markit services PMI (expected +0.2 to 55.0 after June’s -1.4 to 54.8), (3) July U.S. consumer confidence index from the Conference Board (expected -1.4 to 100.0 after June’s +6.8 to 101.4), (4) Jul Richmond Fed manufacturing index (expected +1 to 7 after June’s +5 to 6), and (5) the Treasury’s auction of $ 26 billion of 2-year T-notes.

There are 41 of the S&P 500 companies that report earnings today with notable reports including: UPS (consensus $ 1.26), Ford (0.37), Du Pont (1.22), Nielsen (0.64), Merck (0.81), Cummings (2.55), Pfizer (0.52), Citrix (0.82).

U.S. IPO’s scheduled to price today include: EyeGate Pharmaceuticals (EYEG), Builders FirstSource (BLDR).

Equity conferences this week: none.

Sep E-mini S&Ps this morning are up +0.52% on European takeover deals and relief that the Chinese stock market was able to stabilize today. Monday’s closes: S&P 500 -0.58%, Dow Jones -0.73%, Nasdaq -0.96%. The S&P 500 on Monday extended last week’s losses to post a new 2-week low on the -8.5% plunge in the Shanghai index and technical selling ahead of this week’s FOMC meeting, which could produce a more hawkish FOMC post-meeting statement warning of a Fed rate hike as soon as the next meeting in September.

PREMARKET U.S. STOCKS
  • Baidu Inc (BIDU -4.16%) is down more than 7% in pre-market trading after the biggest Chinese search engine company missed its quarterly sales estimates. In addition, Deutsche bank today downgraded Baidu to Hold from Buy due to expectations for reduced profit margins on a “massive” increase in spending costs.
  • SPX earnings reports this morning have been a bit better than expected on balance. Positive reports include Corning (GLW -0.70%) ($ 0.38 vs consensus of $ 0.37), Airgas (ARG -1.72%) (1.16 vs 1.15), Textron (TXT -1.41%) (0.60 vs 0.59), Wyndham (WYN -1.76%) (1.32 vs 1.26), Nielsen (NLSN -0.82%) (0.66 vs 0.64), Reynolds American (RAI -0.45%) (1.02 vs 0.96), Ford (F +1.11%) (0.47 vs 0.37), Merck (MRK -0.73%) (0.86 vs 0.81), Pfizer (PFE +0.23%) (0.56 vs 0.52), DR Horton (DHI +0.04%) (0.63 vs 0.50), Waters (WAT -0.66%) (1.32 vs 1.27), National Oilwell Varco (NOV -1.35%) (0.77 vs 0.64), Cummins (CMI -0.47%) (2.62 vs 2.55).
  • Negative earnings reports this morning include: Precision Castparts (PCP -0.72%) (2.87 vs 3.00), du Pont (DD -0.37%) (1.18 vs 1.21), CONSOL Energy (CNX -1.64%) (-0.37 vs 0.0), Intersoll-Rand (IR -1.52%) (1.20 vs 1.23), Marsh & McLennan (MMC -0.31%) (0.79 vs 0.794), Lab Corp of America (LH -0.38%) (1.79 vs 2.03), Masco (MAS -0.90%) (0.31 vs 0.34).
  • GM (GM -0.03%) will spend $ 5 billion in global growth markets, according to the Financial Times.
  • Procter & Gamble (PG -0.40%) will name David Taylor as next CEO, according to Dow Jones.
MARKET COMMENTS

Sep 10-year T-note prices are down 9 ticks on reduced safe-haven demand with the upward rebound in the U.S. and European stock indexes. Monday’s closes: TYU5 +14, FVU5 +9. Sep T-notes on Monday rallied to a 2-1/2 week high on the mixed U.S. durable goods orders report that featured downward revisions for May, and on increased safe-haven demand as the Chinese stock market threatened to resume its free-fall and as the U.S. Dow Jones Industrials index fell to a new 6-month low.

The dollar index this morning is up +0.406 (+0.42%) as some confidence returns with the upward rebound in U.S. and European stock indexes. EUR/USD is down -0.0056 (-0.51%) and USD/JPY is up +0.51 (+0.41%). Monday’s closes: Dollar Index -0.710 (-0.73%), EUR/USD +0.0104 (+0.95%), USD/JPY -0.56 (-0.45%). The dollar index on Monday settled with a fairly sharp loss on long liquidation pressure in the dollar index after its sharp month-long rally, the reduced chance for Fed tightening as Chinese stocks plunged on Monday, and strength in EUR/USD as the chances for Grexit diminish as negotiations begin on Tuesday on the 3-year Greek bailout.

Sep crude oil is down -0.34 (-0.72%), Sep Brent is down -0.73 (-1.37%), and Sep gasoline is down -0.0227 (-1.28%) as concerns continue about a worsening glut later this year as Iranian oil exports step up. Monday’s closes: CLU5 -0.75 (-1.56%), RBU5 -0.0158 (-0.89%). Sep crude oil and gasoline on Monday closed sharply lower on the plunge in the Chinese stock market and renewed concern about the Chinese economy and on ongoing worries that the world oil glut will worsen as Iran rebuilds its oil exports later this year if sanctions are dropped in December as expected.

GLOBAL EVENT CALENDAR07/28/2015
US0900 ETMay S&P/CaseShiller composite-20 home price index expected +0.3% m/m and +5.6% y/y, Apr +0.30% m/m and +4.91% y/y.
0945 ETPreliminary Jul Markit services PMI expected +0.2 to 55.0, Jun -1.4 to 54.8. Preliminary Jul Markit composite PMI, Jun -1.4 to 54.6.
1000 ETJul consumer confidence (Conference Board) expected -1.4 to 100.0, Jun +6.8 to 101.4.
1000 ETJul Richmond Fed manufacturing outlook survey expected +1 to 7, Jun +5 to 6.
1300 ETTreasury auctions $ 26 billion of 2-year T-notes.
UK0430 ETUK Q2 GDP expected +0.7% q/q and +2.6% y/y, Q1 +0.4% q/q and +2.9% y/y.
0430 ETUK May index of services expected +0.3% m/m and +0.5% 3-mo/3-mo, Apr +0.2% m/m and +0.5% 3-mo/3-mo.
JPN1950 ETJapan Jun retail sales expected -0.9% m/m and +1.0% y/y, May +1.7% m/m and +3.0% y/y.
U.S. STOCK CALENDAR07/28/2015
CompanyTickerTimeEvent DescriptionPeriodEstimate
Airgas IncARG USBef-mktQ1 2016 Earnings ReleaseQ1 20161.154
Corning IncGLW USBef-mktQ2 2015 Earnings ReleaseQ2 20150.369
Ecolab IncECL USBef-mktQ2 2015 Earnings ReleaseQ2 20151.079
Jacobs Engineering Group IncJEC USBef-mktQ3 2015 Earnings ReleaseQ3 20150.741
Marsh & McLennan Cos IncMMC USBef-mktQ2 2015 Earnings ReleaseQ2 20150.794
Merck & Co IncMRK USBef-mktQ2 2015 Earnings ReleaseQ2 20150.81
Laboratory Corp of America HoldingsLH USBef-mktQ2 2015 Earnings ReleaseQ2 20152.033
Precision Castparts CorpPCP USBef-mktQ1 2016 Earnings ReleaseQ1 20163.002
Textron IncTXT USBef-mktQ2 2015 Earnings ReleaseQ2 20150.589
Waters CorpWAT USBef-mktQ2 2015 Earnings ReleaseQ2 20151.271
Affiliated Managers Group IncAMG USBef-mktQ2 2015 Earnings ReleaseQ2 20153.017
Reynolds American IncRAI USBef-mktQ2 2015 Earnings ReleaseQ2 20150.964
LyondellBasell Industries NVLYB USBef-mktQ2 2015 Earnings ReleaseQ2 20152.717
Nielsen NVNLSN USBef-mktQ2 2015 Earnings ReleaseQ2 20150.639
EI du Pont de Nemours & CoDD US6:00Q2 2015 Earnings ReleaseQ2 20151.217
Wyndham Worldwide CorpWYN US6:30Q2 2015 Earnings ReleaseQ2 20151.258
CONSOL Energy IncCNX US6:45Q2 2015 Earnings ReleaseQ2 20150.007
Ford Motor CoF US7:00Q2 2015 Earnings ReleaseQ2 20150.368
Ingersoll-Rand PLCIR US7:00Q2 2015 Earnings ReleaseQ2 20151.223
Masco CorpMAS US7:00Q2 2015 Earnings ReleaseQ2 20150.343
Pfizer IncPFE US7:00Q2 2015 Earnings ReleaseQ2 20150.518
DR Horton IncDHI US7:00Q3 2015 Earnings ReleaseQ3 20150.499
National Oilwell Varco IncNOV US7:00Q2 2015 Earnings ReleaseQ2 20150.646
Cummins IncCMI US7:30Q2 2015 Earnings ReleaseQ2 20152.554
United Parcel Service IncUPS US7:45Q2 2015 Earnings ReleaseQ2 20151.264
Masco CorpMAS US8:00Q2 2015 Earnings CallQ2 2015
Merck & Co IncMRK US8:00Q2 2015 Earnings CallQ2 2015
Textron IncTXT US8:00Q2 2015 Earnings CallQ2 2015
PACCAR IncPCAR US8:00Q2 2015 Earnings ReleaseQ2 20151.153
Eastman Chemical CoEMN US8:00Q2 2015 Earnings CallQ2 2015
Nielsen NVNLSN US8:00Q2 2015 Earnings CallQ2 2015
Corning IncGLW US8:30Q2 2015 Earnings CallQ2 2015
Marsh & McLennan Cos IncMMC US8:30Q2 2015 Earnings CallQ2 2015
United Parcel Service IncUPS US8:30Q2 2015 Earnings CallQ2 2015
Waters CorpWAT US8:30Q2 2015 Earnings CallQ2 2015
Wyndham Worldwide CorpWYN US8:30Q2 2015 Earnings CallQ2 2015
EI du Pont de Nemours & CoDD US9:00Q2 2015 Earnings CallQ2 2015
Ford Motor CoF US9:00Q2 2015 Earnings CallC2 2015
Laboratory Corp of America HoldingsLH US9:00Q2 2015 Earnings CallQ2 2015
Hartford Financial Services Group Inc/TheHIG US9:00Q2 2015 Earnings CallQ2 2015
National Oilwell Varco IncNOV US9:00Q2 2015 Earnings CallQ2 2015
Reynolds American IncRAI US9:00Q2 2015 Earnings CallQ2 2015
Airgas IncARG US10:00Q1 2016 Earnings CallQ1 2016
Cummins IncCMI US10:00Q2 2015 Earnings CallQ2 2015
Ingersoll-Rand PLCIR US10:00Q2 2015 Earnings CallQ2 2015
Pfizer IncPFE US10:00Q2 2015 Earnings CallQ2 2015
Southwestern Energy CoSWN US10:00Q2 2015 Earnings CallQ2 2015
DR Horton IncDHI US10:00Q3 2015 Earnings CallQ3 2015
CONSOL Energy IncCNX US10:00Q2 2015 Earnings CallQ2 2015
Ford Motor CoF US11:00Q2 2015 Earnings Call – Fixed IncomeQ2 2015
Jacobs Engineering Group IncJEC US11:00Q3 2015 Earnings CallQ3 2015
Precision Castparts CorpPCP US11:00Q1 2016 Earnings CallQ1 2016
Torchmark CorpTMK US11:00Q2 2015 Earnings CallQ2 2015
AvalonBay Communities IncAVB US11:00Q2 2015 Earnings CallQ2 2015
Affiliated Managers Group IncAMG US11:00Q2 2015 Earnings CallQ2 2015
LyondellBasell Industries NVLYB US11:00Q2 2015 Earnings CallQ2 2015
Intel CorpINTC US12:00Analyst MeetingY 2015
PACCAR IncPCAR US12:00Q2 2015 Earnings CallQ2 2015
Ecolab IncECL US13:00Q2 2015 Earnings CallQ2 2015
Total System Services IncTSS US16:00Q2 2015 Earnings ReleaseQ2 20150.535
Edwards Lifesciences CorpEW US16:00Q2 2015 Earnings ReleaseQ2 20151.051
Gilead Sciences IncGILD US16:05Q2 2015 Earnings ReleaseQ2 20152.705
Citrix Systems IncCTXS US16:05Q2 2015 Earnings ReleaseQ2 20150.821
American Express CoAXP US16:30Q2 2015 Earnings Call – Fixed Income CallC2 2015
Gilead Sciences IncGILD US16:30Q2 2015 Earnings CallQ2 2015
Akamai Technologies IncAKAM US16:30Q2 2015 Earnings CallQ2 2015
Citrix Systems IncCTXS US16:45Q2 2015 Earnings CallQ2 2015
Total System Services IncTSS US17:00Q2 2015 Earnings CallQ2 2015
Edwards Lifesciences CorpEW US17:00Q2 2015 Earnings CallQ2 2015
Aflac IncAFL USAft-mktQ2 2015 Earnings ReleaseQ2 20151.524
Anadarko Petroleum CorpAPC USAft-mktQ2 2015 Earnings ReleaseQ2 2015-0.53
AGL Resources IncGAS USAft-mktQ2 2015 Earnings ReleaseQ2 20150.428
Kimco Realty CorpKIM USAft-mktQ2 2015 Earnings ReleaseQ2 20150.381
Cincinnati Financial CorpCINF USAft-mktQ2 2015 Earnings ReleaseQ2 20150.41
Express Scripts Holding CoESRX USAft-mktQ2 2015 Earnings ReleaseQ2 20151.401
Range Resources CorpRRC USAft-mktQ2 2015 Earnings ReleaseQ2 20150.033
Equity ResidentialEQR USAft-mktQ2 2015 Earnings ReleaseQ2 20150.855
CH Robinson Worldwide IncCHRW USAft-mktQ2 2015 Earnings ReleaseQ2 20150.863
Akamai Technologies IncAKAM USAft-mktQ2 2015 Earnings ReleaseQ2 20150.582
Assurant IncAIZ USAft-mktQ2 2015 Earnings ReleaseQ2 20151.603
Ball CorpBLL USExtraordinary Shareholders Meeting – M&A VoteY 2015
Equifax IncEFX USInvestors Meeting – Kansas CityY 2015
Legg Mason IncLM USAnnual General MeetingY 2015
Pall CorpPLL USSpecial Meeting – M&A Vote
Live Index

Live Index