Wed Jul 29 2015
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Live Index – Wed, 29 Jul 2015 Premarket

PREMARKET WORLD NEWS

Sep E-mini S&Ps (ESU15 +0.20%) this morning are slightly higher by +0.23% and the EuroStoxx 50 index is up +0.21% on relief that the Chinese stock market today closed +3.44% higher after the losses of -8.5% on Monday and -1.7% on Tuesday. The Chinese stock market has been able to stabilize somewhat after the Chinese Securities Regulatory Commission late Monday released a statement saying that the agency will continue to “stabilize” the market and “prevent systemic risk.”

The markets are awaiting the outcome later today of the 2-day FOMC meeting, which could produce more hawkish Fed guidance on when to expect the first rate hike. The market is discounting about a 50% chance for the rate hike as soon as the FOMC’s next meeting in September.

European stocks today received a boost from positive earnings news and additional M&A announcements. HeidelbergCement AG announced a plan to buy Italcementi SpA for 3.7 billion euros and Solvay SA agreed to buy Cytec Industries Inc for $ 5.5 billion. Bearish factors this morning include (1) Twitter’s 11% sell-off in overnight trading after saying its user growth won’t improve until the company can reach a mass market, and (2) Yelp’s -18% plunge on its lower revenue guidance.

Asian stocks today closed mostly mixed with support from the higher close in China: Japan -0.13%, Hong Kong +0.47%, China +3.44%, Taiwan -0.22%, Australia +0.71%, Singapore +0.09%, South Korea +0.31%, India +0.38%, Turkey -0.02%.

The dollar index (DXY00 +0.02%) this morning is slightly lower by -0.108 (-0.11%), while EUR/USD (^EURUSD) is down -0.0004 (-0.04%) and USD/JPY (^USDJPY) is up +0.07 (+0.06%). Sep 10-year T-note prices (ZNU15 -0.15%) this morning are down -6.5 ticks on (1) reduced safe-haven demand with the upward rebound in global stocks, and (2) concern that the FOMC today may adopt more hawkish interest rate guidance.

Commodity prices are little changed on net this morning. Sep crude oil (CLU15 -0.63%) this morning is down -0.25 (-0.52%) and Sep gasoline (RBU15 -0.22%) is down -0.0085 (-0.49%) on expectations for today’s weekly EIA report to show a +850,000 bbl increase in U.S. crude oil inventories.

Precious metals are lower this morning on reduced safe-haven demand with Aug gold (GCQ15 -0.06%) down -1.1 (-0.10%) and Sep silver (SIU15 -0.22%) down -0.042 (-0.29%). Sep Copper (HGU15 +0.25%) is slightly higher by +0.001 (+0.04%) on relief about today’s upward rebound in Chinese stocks. Grain and cotton prices are lower this morning while sugar, coffee and cocoa are higher.

The ECB today reportedly left its Greek Emergency Lending Assistance (ELA) facility unchanged at 90.4 billion euros. The ECB last raised the facility by 900 million euros on July 22. The EU Commission spokeswoman said today that the EU Commission is “satisfied with the smooth and constructive cooperation with the Greek authorities” that has been seen since negotiations began earlier this week on the 3-year bailout program. The Greek stock market has not yet reopened but is getting closer to reopening after the ECB on Tuesday approved new trading rules.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) weekly MBA mortgage applications (last week +0.1% with purchase sub-index +1.0% and refi sub-index -0.5%), (2) June pending home sales (expected +1.0% m/m and +11.1% y/y after May’s +0.9% m/m and +8.3% y/y), (3) the Treasury’s auction of $ 15 billion of 2-year floating-rate notes and $ 35 billion of 5-year T-notes, and (4) the FOMC’s announcement of its interest rate decision after its 2-day meeting.

There are 49 of the S&P 500 companies that report earnings today with notable reports including: Facebook (consensus $ 0.47), MasterCard (0.85), Baxter (0.95), Humana (1.63), Marriott (0.81), Murphy Oil (-0.55), Williams Companies (0.27), Goodyear (0.75), International Paper (0.92), PG&E (0.72), Level 3 Communications (0.39), Garmin (0.71), Public Storage (2.14).

U.S. IPO’s scheduled to price today include: Poseidon Containers Holdings (PCON), Easterly Acquisition Corp (EACQU).

Equity conferences this week: none.

Sep E-mini S&Ps this morning are slightly higher by +0.23% on relief that the Chinese stock market today closed +3.44% higher. Tuesday’s closes: S&P 500 +1.24%%, Dow Jones +1.09%, Nasdaq +0.98%. The S&P 500 on Tuesday rebounded higher after the sharp 5-session loss and closed with fairly sharp gains. Stocks rallied on (1) some stabilization in Chinese stocks as the Shanghai Composite index recovered from an early loss of -5.1% to close only -1.68% lower, and (2) short-covering after the sharp week-long sell-off. Stocks rallied despite negative factors that included (1) the sharp -10.5 point decline in the U.S. consumer confidence index to 90.9, (2) the unexpected -0.18% decline in the May CaseShiller Composite-20 home price index, and (3) some concern that the FOMC at the conclusion of its meeting on Wednesday might adopt a more hawkish warning of a near-term rate hike.

PREMARKET U.S. STOCKS
  • Twitter (TWTR +5.30%) is down -11% in overnight trading after saying its user growth won’t improve until the company can reach a mass market
  • Yelp (YELP -0.65%) is down -18% overnight on its lower revenue guidance.
  • Positive earnings reports this morning include: Anthem (ANTM +1.78%) ($ 3.13 vs $ 2.70), International Paper (IP +2.89%) (0.97 vs 0.92), Northrop Grumman (NOC +0.48%) ((2.54 vs 2.33), Altria (MO +2.41%) (0.74 vs 0.71), WEC Energy Group (WEC +0.80%) (0.59 vs 0.56), Garmin (GRMN +1.61%) (0.72 vs 0.71), Hess (HES +3.42%) (-0.59 vs -0.71), General Dynamics (GD +1.32%) (2.27 vs 2.06), Humana (HUM +0.33%) (1.67 vs 1.63).
  • Negative earnings reports this morning include: Praxair (PX +3.18%) (1.45 vs 1.455), CBRE Group (CBG +1.02%) (0.42 vs 0.43), Henry Schein (HSIC +2.03%) (1.46 vs 1.462), American Tower (AMT +0.21%) (0.99 vs 1.14), Southern Company (SO +0.23%) (0.69 vs 0.70), Hospiri (HSP -0.13%) (0.81 vs 0.835).
  • On positive earnings news late yesterday, Buffalo Wild Wings (BWLD +1.61%) rallied 10%, Panera Bread (PNRA +1.62%) rallied 8%, Express Scripts (ESRX +1.41%) rallied +1.6%, and Sunpower (SPWR +2.19%) rallied by 1.5%.
  • On negative earnings news late yesterday, Yelp (YELP -0.65%) fell 16%, Akamai (AKAM +2.82%) fell 10%, and BlackBox (BBOX -2.11%) fell 4%.
MARKET COMMENTS

Sep 10-year T-note prices this morning are down -6.5 ticks on (1) reduced safe-haven demand with the upward rebound in global stocks, and (2) concern that the FOMC today may adopt more hawkish interest rate guidance. TYU5 -5, FVU5 -2.25. Sep 10-year T-notes on Tuesday closed mildly lower on reduced safe-haven demand as Chinese stocks stabilized and the U.S. stock market rallied. However, T-notes found underlying support from the weak U.S. consumer confidence and CaseShiller home price reports.

The dollar index this morning is slightly lower by -0.108 (-0.11%), while EUR/USD is down -0.0004 (-0.04%) and USD/JPY is up +0.07 (+0.06%). Dollar Index +0.27 (+0.28%), EUR/USD -0.0028 (-0.25%), USD/JPY +0.31 (+0.25%). The dollar index on Tuesday closed mildly higher on some short-covering after the fairly sharp losses seen over the past week, the stabilization of the Chinese stock market and higher U.S. stocks, and the possibility that the FOMC at its post-meeting on Wednesday may move to more hawkish interest rate guidance. The main bearish factor for the dollar was the weak U.S. economic data that included the U.S. consumer confidence index and CaseShiller home price index.

Sep crude oil this morning is down -0.25 (-0.52%) and Sep gasoline is down -0.0085 (-0.49%) on expectations for today’s weekly EIA report to show a +850,000 bbl increase in U.S. crude oil inventories. CLU5 +0.59 (+1.24%), RBU5 -0.0182 (-1.03%). Sep crude oil and gasoline on Tuesday closed mixed. Crude oil closed mildly higher on some short-covering and the stabilization of global stocks. However, sentiment remains bearish as the market expects Wednesday’s EIA report to show a +850,000 bbl increase in crude oil inventories and the market expects the global oil glut to worsen later this year when Iranian sanctions are dropped.

GLOBAL EVENT CALENDAR07/29/2015
US0700 ETWeekly MBA mortgage applications, previous +0.1% with purchase sub-index +1.0% and refi sub-index -0.5%.
1000 ETJun pending home sales expected +1.0% m/m and +11.1% y/y, May +0.9% m/m and +8.3% y/y.
1030 ETEIA Weekly Petroleum Status Report.
1130 ETTreasury auctions $ 15 billion of 2-year floating-rate notes.
1300 ETTreasury auctions $ 35 billion of 5-year T-notes.
1400 ETFOMC announces interest rate decision.
GER0200 ETGerman Aug GfK consumer confidence expected unch at 10.1.
UK0430 ETUK Jun net consumer credit expected +1.1 billion pounds, May +1.0 billion pounds.
0430 ETUK Jun mortgage approvals expected 66,000, May 64,400.
0430 ETUK Jun M4 money supply, May +0.5% m/m and +0.7% y/y.
0600 ETUK Jul CBI reported sales expected unch at 29.
JPN1950 ETJapan Jun industrial production expected +0.3% m/m and +1.3% y/y, May -2.1% m/m and -3.9% y/y.
U.S. STOCK CALENDAR07/29/2015
CompanyTickerTimeEvent DescriptionPeriodEstimate
Hess CorpHES USBef-mktQ2 2015 Earnings ReleaseQ2 2015-0.715
Baxter International IncBAX USBef-mktQ2 2015 Earnings ReleaseQ2 20150.949
General Dynamics CorpGD USBef-mktQ2 2015 Earnings ReleaseQ2 20152.056
Goodyear Tire & Rubber Co/TheGT USBef-mktQ2 2015 Earnings ReleaseQ2 20150.748
International Paper CoIP USBef-mktQ2 2015 Earnings ReleaseQ2 20150.921
Northrop Grumman CorpNOC USBef-mktQ2 2015 Earnings ReleaseQ2 20152.345
PG&E CorpPCG USBef-mktQ2 2015 Earnings ReleaseQ2 20150.724
Exelon CorpEXC USBef-mktQ2 2015 Earnings ReleaseQ2 20150.52
Praxair IncPX USBef-mktQ2 2015 Earnings ReleaseQ2 20151.455
Level 3 Communications IncLVLT USBef-mktQ2 2015 Earnings ReleaseQ2 20150.388
Henry Schein IncHSIC USBef-mktQ2 2015 Earnings ReleaseQ2 20151.462
Rockwell Automation IncROK USBef-mktQ3 2015 Earnings ReleaseQ3 20151.542
Hudson City Bancorp IncHCBK USBef-mktQ2 2015 Earnings ReleaseQ2 20150.005
Garmin LtdGRMN USBef-mktQ2 2015 Earnings ReleaseQ2 20150.714
MasterCard IncMA USBef-mktQ2 2015 Earnings ReleaseQ2 20150.853
Hospira IncHSP USBef-mktQ2 2015 Earnings ReleaseQ2 20150.835
ADT Corp/TheADT USBef-mktQ3 2015 Earnings ReleaseQ3 20150.491
Humana IncHUM US6:00Q2 2015 Earnings ReleaseQ2 20151.631
Anthem IncANTM US6:00Q2 2015 Earnings ReleaseQ2 20152.754
CBRE Group IncCBG US6:30Q2 2015 Earnings ReleaseQ2 20150.428
Altria Group IncMO US7:00Q2 2015 Earnings ReleaseQ2 20150.714
WEC Energy Group IncWEC US7:00Q2 2015 Earnings ReleaseQ2 20150.555
American Tower CorpAMT US7:00Q2 2015 Earnings ReleaseQ2 20151.143
Southern Co/TheSO US7:30Q2 2015 Earnings ReleaseQ2 20150.69
Anthem IncANTM US8:00Q2 2015 Earnings CallQ2 2015
CBRE Group IncCBG US8:00Q2 2015 Earnings CallQ2 2015
Assurant IncAIZ US8:00Q2 2015 Earnings CallQ2 2015
Avery Dennison CorpAVY US8:30Q2 2015 Earnings ReleaseQ2 20150.879
Franklin Resources IncBEN US8:30Q3 2015 Earnings ReleaseQ3 20150.876
Franklin Resources IncBEN US8:30Q3 2015 Earnings Call – Pre RecordedC3 2015
Express Scripts Holding CoESRX US8:30Q2 2015 Earnings CallQ2 2015
Rockwell Automation IncROK US8:30Q3 2015 Earnings CallQ3 2015
American Tower CorpAMT US8:30Q2 2015 Earnings CallQ2 2015
CH Robinson Worldwide IncCHRW US8:30Q2 2015 Earnings CallQ2 2015
ADT Corp/TheADT US8:30Q3 2015 Earnings CallQ3 2015
Aflac IncAFL US9:00Q2 2015 Earnings CallQ2 2015
Anadarko Petroleum CorpAPC US9:00Q2 2015 Earnings CallQ2 2015
AGL Resources IncGAS US9:00Q2 2015 Earnings CallQ2 2015
General Dynamics CorpGD US9:00Q2 2015 Earnings CallQ2 2015
Goodyear Tire & Rubber Co/TheGT US9:00Q2 2015 Earnings CallQ2 2015
Humana IncHUM US9:00Q2 2015 Earnings CallQ2 2015
International Paper CoIP US9:00Q2 2015 Earnings CallQ2 2015
Altria Group IncMO US9:00Q2 2015 Earnings CallQ2 2015
Range Resources CorpRRC US9:00Q2 2015 Earnings CallQ2 2015
MasterCard IncMA US9:00Q2 2015 Earnings CallQ2 2015
Hess CorpHES US10:00Q2 2015 Earnings CallQ2 2015
Avery Dennison CorpAVY US10:00Q2 2015 Earnings CallQ2 2015
Eaton Corp PLCETN US10:00Q2 2015 Earnings CallQ2 2015
Kimco Realty CorpKIM US10:00Q2 2015 Earnings CallQ2 2015
PG&E CorpPCG US10:00Q2 2015 Earnings CallQ2 2015
Exelon CorpEXC US10:00Q2 2015 Earnings CallQ2 2015
Level 3 Communications IncLVLT US10:00Q2 2015 Earnings CallQ2 2015
Henry Schein IncHSIC US10:00Q2 2015 Earnings CallQ2 2015
Garmin LtdGRMN US10:30Q2 2015 Earnings CallQ2 2015
Praxair IncPX US11:00Q2 2015 Earnings CallQ2 2015
Cincinnati Financial CorpCINF US11:00Q2 2015 Earnings CallQ2 2015
Equity ResidentialEQR US11:00Q2 2015 Earnings CallQ2 2015
McKesson CorpMCK US11:30Annual General MeetingY 2015
Franklin Resources IncBEN US12:00Q3 2015 Earnings CallQ3 2015
Northrop Grumman CorpNOC US12:00Q2 2015 Earnings CallQ2 2015
Southern Co/TheSO US13:00Q2 2015 Earnings CallQ2 2015
WEC Energy Group IncWEC US14:30Q2 2015 Earnings CallQ2 2015
Unum GroupUNM US16:00Q2 2015 Earnings ReleaseQ2 20150.901
Realty Income CorpO US16:00Q2 2015 Earnings ReleaseQ2 20150.675
McKesson CorpMCK US16:00Q1 2016 Earnings ReleaseQ1 20162.904
Qorvo IncQRVO US16:00Q1 2016 Earnings ReleaseQ1 20161.057
O’Reilly Automotive IncORLY US16:30Q2 2015 Earnings ReleaseQ2 20152.261
Wynn Resorts LtdWYNN US16:30Q2 2015 Earnings CallQ2 2015
Baxter International IncBAX US17:00Q2 2015 Earnings CallQ2 2015
Varian Medical Systems IncVAR US17:00Q3 2015 Earnings CallQ3 2015
Western Digital CorpWDC US17:00Q4 2015 Earnings CallQ4 2015
Fiserv IncFISV US17:00Q2 2015 Earnings CallQ2 2015
Lam Research CorpLRCX US17:00Q4 2015 Earnings CallQ4 2015
Vertex Pharmaceuticals IncVRTX US17:00Q2 2015 Earnings CallQ2 2015
Whole Foods Market IncWFM US17:00Q3 2015 Earnings CallQ3 2015
McKesson CorpMCK US17:00Q1 2016 Earnings CallQ1 2016
Marriott International Inc/MDMAR US17:00Q2 2015 Earnings ReleaseQ2 20150.813
Facebook IncFB US17:00Q2 2015 Earnings CallQ2 2015
Qorvo IncQRVO US17:00Q1 2016 Earnings CallQ1 2016
Lincoln National CorpLNC USAft-mktQ2 2015 Earnings ReleaseQ2 20151.529
Murphy Oil CorpMUR USAft-mktQ2 2015 Earnings ReleaseQ2 2015-0.549
Owens-Illinois IncOI USAft-mktQ2 2015 Earnings ReleaseQ2 20150.586
Public StoragePSA USAft-mktQ2 2015 Earnings ReleaseQ2 20152.143
Varian Medical Systems IncVAR USAft-mktQ3 2015 Earnings ReleaseQ3 20151.117
Western Digital CorpWDC USAft-mktQ4 2015 Earnings ReleaseQ4 20151.466
Williams Cos Inc/TheWMB USAft-mktQ2 2015 Earnings ReleaseQ2 20150.274
Fiserv IncFISV USAft-mktQ2 2015 Earnings ReleaseQ2 20150.936
Lam Research CorpLRCX USAft-mktQ4 2015 Earnings ReleaseQ4 20151.474
Vertex Pharmaceuticals IncVRTX USAft-mktQ2 2015 Earnings ReleaseQ2 2015-0.802
Whole Foods Market IncWFM USAft-mktQ3 2015 Earnings ReleaseQ3 20150.447
Boston Properties IncBXP USAft-mktQ2 2015 Earnings ReleaseQ2 20151.337
MetLife IncMET USAft-mktQ2 2015 Earnings ReleaseQ2 20151.487
Wynn Resorts LtdWYNN USAft-mktQ2 2015 Earnings ReleaseQ2 20150.97
Equinix IncEQIX USAft-mktQ2 2015 Earnings ReleaseQ2 20152.987
Facebook IncFB USAft-mktQ2 2015 Earnings ReleaseQ2 20150.471
Equinix IncEQIX US17:30Q2 2015 Earnings CallQ2 2015
Equifax IncEFX USInvestors Meeting – DallasY 2015
Microsoft CorpMSFT USMicrosoft Windows 10 – Latest Version Product Release
Martin Marietta Materials IncMLM USQ2 2015 Earnings ReleaseQ2 20151.584

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