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
US 0700 ET Weekly MBA mortgage applications, previous +0.1% with purchase sub-index +1.0% and refi sub-index -0.5%.
1000 ET Jun pending home sales expected +1.0% m/m and +11.1% y/y, May +0.9% m/m and +8.3% y/y.
1030 ET EIA Weekly Petroleum Status Report.
1130 ET Treasury auctions $ 15 billion of 2-year floating-rate notes.
1300 ET Treasury auctions $ 35 billion of 5-year T-notes.
1400 ET FOMC announces interest rate decision.
GER 0200 ET German Aug GfK consumer confidence expected unch at 10.1.
UK 0430 ET UK Jun net consumer credit expected +1.1 billion pounds, May +1.0 billion pounds.
0430 ET UK Jun mortgage approvals expected 66,000, May 64,400.
0430 ET UK Jun M4 money supply, May +0.5% m/m and +0.7% y/y.
0600 ET UK Jul CBI reported sales expected unch at 29.
JPN 1950 ET Japan 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
Company Ticker Time Event Description Period Estimate
Hess Corp HES US Bef-mkt Q2 2015 Earnings Release Q2 2015 -0.715
Baxter International Inc BAX US Bef-mkt Q2 2015 Earnings Release Q2 2015 0.949
General Dynamics Corp GD US Bef-mkt Q2 2015 Earnings Release Q2 2015 2.056
Goodyear Tire & Rubber Co/The GT US Bef-mkt Q2 2015 Earnings Release Q2 2015 0.748
International Paper Co IP US Bef-mkt Q2 2015 Earnings Release Q2 2015 0.921
Northrop Grumman Corp NOC US Bef-mkt Q2 2015 Earnings Release Q2 2015 2.345
PG&E Corp PCG US Bef-mkt Q2 2015 Earnings Release Q2 2015 0.724
Exelon Corp EXC US Bef-mkt Q2 2015 Earnings Release Q2 2015 0.52
Praxair Inc PX US Bef-mkt Q2 2015 Earnings Release Q2 2015 1.455
Level 3 Communications Inc LVLT US Bef-mkt Q2 2015 Earnings Release Q2 2015 0.388
Henry Schein Inc HSIC US Bef-mkt Q2 2015 Earnings Release Q2 2015 1.462
Rockwell Automation Inc ROK US Bef-mkt Q3 2015 Earnings Release Q3 2015 1.542
Hudson City Bancorp Inc HCBK US Bef-mkt Q2 2015 Earnings Release Q2 2015 0.005
Garmin Ltd GRMN US Bef-mkt Q2 2015 Earnings Release Q2 2015 0.714
MasterCard Inc MA US Bef-mkt Q2 2015 Earnings Release Q2 2015 0.853
Hospira Inc HSP US Bef-mkt Q2 2015 Earnings Release Q2 2015 0.835
ADT Corp/The ADT US Bef-mkt Q3 2015 Earnings Release Q3 2015 0.491
Humana Inc HUM US 6:00 Q2 2015 Earnings Release Q2 2015 1.631
Anthem Inc ANTM US 6:00 Q2 2015 Earnings Release Q2 2015 2.754
CBRE Group Inc CBG US 6:30 Q2 2015 Earnings Release Q2 2015 0.428
Altria Group Inc MO US 7:00 Q2 2015 Earnings Release Q2 2015 0.714
WEC Energy Group Inc WEC US 7:00 Q2 2015 Earnings Release Q2 2015 0.555
American Tower Corp AMT US 7:00 Q2 2015 Earnings Release Q2 2015 1.143
Southern Co/The SO US 7:30 Q2 2015 Earnings Release Q2 2015 0.69
Anthem Inc ANTM US 8:00 Q2 2015 Earnings Call Q2 2015
CBRE Group Inc CBG US 8:00 Q2 2015 Earnings Call Q2 2015
Assurant Inc AIZ US 8:00 Q2 2015 Earnings Call Q2 2015
Avery Dennison Corp AVY US 8:30 Q2 2015 Earnings Release Q2 2015 0.879
Franklin Resources Inc BEN US 8:30 Q3 2015 Earnings Release Q3 2015 0.876
Franklin Resources Inc BEN US 8:30 Q3 2015 Earnings Call – Pre Recorded C3 2015
Express Scripts Holding Co ESRX US 8:30 Q2 2015 Earnings Call Q2 2015
Rockwell Automation Inc ROK US 8:30 Q3 2015 Earnings Call Q3 2015
American Tower Corp AMT US 8:30 Q2 2015 Earnings Call Q2 2015
CH Robinson Worldwide Inc CHRW US 8:30 Q2 2015 Earnings Call Q2 2015
ADT Corp/The ADT US 8:30 Q3 2015 Earnings Call Q3 2015
Aflac Inc AFL US 9:00 Q2 2015 Earnings Call Q2 2015
Anadarko Petroleum Corp APC US 9:00 Q2 2015 Earnings Call Q2 2015
AGL Resources Inc GAS US 9:00 Q2 2015 Earnings Call Q2 2015
General Dynamics Corp GD US 9:00 Q2 2015 Earnings Call Q2 2015
Goodyear Tire & Rubber Co/The GT US 9:00 Q2 2015 Earnings Call Q2 2015
Humana Inc HUM US 9:00 Q2 2015 Earnings Call Q2 2015
International Paper Co IP US 9:00 Q2 2015 Earnings Call Q2 2015
Altria Group Inc MO US 9:00 Q2 2015 Earnings Call Q2 2015
Range Resources Corp RRC US 9:00 Q2 2015 Earnings Call Q2 2015
MasterCard Inc MA US 9:00 Q2 2015 Earnings Call Q2 2015
Hess Corp HES US 10:00 Q2 2015 Earnings Call Q2 2015
Avery Dennison Corp AVY US 10:00 Q2 2015 Earnings Call Q2 2015
Eaton Corp PLC ETN US 10:00 Q2 2015 Earnings Call Q2 2015
Kimco Realty Corp KIM US 10:00 Q2 2015 Earnings Call Q2 2015
PG&E Corp PCG US 10:00 Q2 2015 Earnings Call Q2 2015
Exelon Corp EXC US 10:00 Q2 2015 Earnings Call Q2 2015
Level 3 Communications Inc LVLT US 10:00 Q2 2015 Earnings Call Q2 2015
Henry Schein Inc HSIC US 10:00 Q2 2015 Earnings Call Q2 2015
Garmin Ltd GRMN US 10:30 Q2 2015 Earnings Call Q2 2015
Praxair Inc PX US 11:00 Q2 2015 Earnings Call Q2 2015
Cincinnati Financial Corp CINF US 11:00 Q2 2015 Earnings Call Q2 2015
Equity Residential EQR US 11:00 Q2 2015 Earnings Call Q2 2015
McKesson Corp MCK US 11:30 Annual General Meeting Y 2015
Franklin Resources Inc BEN US 12:00 Q3 2015 Earnings Call Q3 2015
Northrop Grumman Corp NOC US 12:00 Q2 2015 Earnings Call Q2 2015
Southern Co/The SO US 13:00 Q2 2015 Earnings Call Q2 2015
WEC Energy Group Inc WEC US 14:30 Q2 2015 Earnings Call Q2 2015
Unum Group UNM US 16:00 Q2 2015 Earnings Release Q2 2015 0.901
Realty Income Corp O US 16:00 Q2 2015 Earnings Release Q2 2015 0.675
McKesson Corp MCK US 16:00 Q1 2016 Earnings Release Q1 2016 2.904
Qorvo Inc QRVO US 16:00 Q1 2016 Earnings Release Q1 2016 1.057
O’Reilly Automotive Inc ORLY US 16:30 Q2 2015 Earnings Release Q2 2015 2.261
Wynn Resorts Ltd WYNN US 16:30 Q2 2015 Earnings Call Q2 2015
Baxter International Inc BAX US 17:00 Q2 2015 Earnings Call Q2 2015
Varian Medical Systems Inc VAR US 17:00 Q3 2015 Earnings Call Q3 2015
Western Digital Corp WDC US 17:00 Q4 2015 Earnings Call Q4 2015
Fiserv Inc FISV US 17:00 Q2 2015 Earnings Call Q2 2015
Lam Research Corp LRCX US 17:00 Q4 2015 Earnings Call Q4 2015
Vertex Pharmaceuticals Inc VRTX US 17:00 Q2 2015 Earnings Call Q2 2015
Whole Foods Market Inc WFM US 17:00 Q3 2015 Earnings Call Q3 2015
McKesson Corp MCK US 17:00 Q1 2016 Earnings Call Q1 2016
Marriott International Inc/MD MAR US 17:00 Q2 2015 Earnings Release Q2 2015 0.813
Facebook Inc FB US 17:00 Q2 2015 Earnings Call Q2 2015
Qorvo Inc QRVO US 17:00 Q1 2016 Earnings Call Q1 2016
Lincoln National Corp LNC US Aft-mkt Q2 2015 Earnings Release Q2 2015 1.529
Murphy Oil Corp MUR US Aft-mkt Q2 2015 Earnings Release Q2 2015 -0.549
Owens-Illinois Inc OI US Aft-mkt Q2 2015 Earnings Release Q2 2015 0.586
Public Storage PSA US Aft-mkt Q2 2015 Earnings Release Q2 2015 2.143
Varian Medical Systems Inc VAR US Aft-mkt Q3 2015 Earnings Release Q3 2015 1.117
Western Digital Corp WDC US Aft-mkt Q4 2015 Earnings Release Q4 2015 1.466
Williams Cos Inc/The WMB US Aft-mkt Q2 2015 Earnings Release Q2 2015 0.274
Fiserv Inc FISV US Aft-mkt Q2 2015 Earnings Release Q2 2015 0.936
Lam Research Corp LRCX US Aft-mkt Q4 2015 Earnings Release Q4 2015 1.474
Vertex Pharmaceuticals Inc VRTX US Aft-mkt Q2 2015 Earnings Release Q2 2015 -0.802
Whole Foods Market Inc WFM US Aft-mkt Q3 2015 Earnings Release Q3 2015 0.447
Boston Properties Inc BXP US Aft-mkt Q2 2015 Earnings Release Q2 2015 1.337
MetLife Inc MET US Aft-mkt Q2 2015 Earnings Release Q2 2015 1.487
Wynn Resorts Ltd WYNN US Aft-mkt Q2 2015 Earnings Release Q2 2015 0.97
Equinix Inc EQIX US Aft-mkt Q2 2015 Earnings Release Q2 2015 2.987
Facebook Inc FB US Aft-mkt Q2 2015 Earnings Release Q2 2015 0.471
Equinix Inc EQIX US 17:30 Q2 2015 Earnings Call Q2 2015
Equifax Inc EFX US Investors Meeting – Dallas Y 2015
Microsoft Corp MSFT US Microsoft Windows 10 – Latest Version Product Release
Martin Marietta Materials Inc MLM US Q2 2015 Earnings Release Q2 2015 1.584

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