Thu Jul 30 2015
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Live Index – Thu, 30 Jul 2015 Premarket

PREMARKET WORLD NEWS

Sep E-mini S&Ps (ESU15 -0.06%) this morning are little changed while the EuroStoxx 50 index is up +0.47%. European stocks are higher on the rise in Eurozone economic confidence to a new 4-year high and positive earnings news. European stocks are broadly higher today with 16 of the 19 EuroStoxx 600 sectors showing gains, led by technology and oil and gas. Meanwhile, the Shanghai Composite Index today fell by -2.20%, giving back some of Wednesday’s +3.44% upward rebound. Facebook is down -2.3% this morning after its Q2 earnings report late yesterday.

The markets this morning are mainly looking ahead to today’s U.S. Q2 GDP report, which is expected to improve to +2.5% after the dismal -0.2% performance in Q1.

Asian stocks today closed mixed: Japan +1.08%, Hong Kong -0.49%, China -2.20%, Taiwan +1.03%, Australia +0.81%, Singapore -1.05%, South Korea -0.96%, India +0.51%, Turkey +0.18%.

The dollar index (DXY00 +0.36%) this morning is up +0.341 (+0.35%) while EUR/USD (^EURUSD) is down -0.0022 (-0.20%) and USD/JPY (^USDJPY) is +0.40% (+0.32%). The dollar index is seeing some continued strength today on expectations for a decent U.S. GDP report and yesterday’s slightly more hawkish FOMC post-meeting statement. Sep 10-year T-note prices (ZNU15 -0.18%) are down -8 ticks on reduced safe-haven demand and caution ahead of this today’s U.S. GDP report.

Commodity prices are up +0.30% this morning. Sep crude oil (CLU15 +0.51%) this morning is up +0.45 (+0.92%) and Sep gasoline (RBU15 +1.59%) is up +0.0357 (+2.03%) on carry-over support from yesterday’s EIA report that featured a -4.2 million bbl drop in U.S. crude oil inventories and a -1.5% drop in U.S. oil production.

Metals prices are lower this morning with Aug gold (GCQ15 -0.71%) down -6.6 (-0.60%), Sep silver (SIU15 -0.87%) down -0.108 (-0.73%), and Sep copper (HGU15 -1.64%) down -0.018 (-0.73%). Grains and softs are mostly higher.

The European Commission’s July index of executive and consumer sentiment rose by +0.5 points to a new 4-year high from 103.5 in June, stronger than market expectations for a -0.3 point decline to 103.2. The July industrial confidence index rose to -2.9 from -3.4 in June. July service sector confidence rose to 8.9 from 7.9. European confidence in July received a boost from Greece’s preliminary agreement to reform conditions that should lead to a 3-year bailout agreement and avoid the chance of Greece leaving the Eurozone.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) weekly initial unemployment claims (expected +15,000 to 270,000 after last week’s -26,000 to 255,000) and continuing claims (expected -2,000 to 2.205 million after last week’s -9,000 to 2.207 million), (2) Q2 GDP (expected +2.5% q/q annualized after Q1’s -0.2%), and (3) the Treasury’s auction of $ 29 billion of 7-year T-notes.

There are 54 of the S&P 500 companies that report earnings today with notable reports including: Procter & Gamble (consensus $ 0.95), ADP (9.59), Coca-Cola Enterprises (0.76), Valero (2.42), CME Group (0.92), Time Warner Cable (1.80), Marathon Petroleum (1.75), Amgen (2.43), Electronic Arts (0.03), Fluor (1.06), Expedia (0.86).

U.S. IPO’s scheduled to price today include: TerraForm Global (GLBL), NEP Group (NEPG), Aqua Metals (AQMS), EyeGate Pharmaceuticals (EYEG), Riverbanc Multifamily Investor (RMI).

Equity conferences this week: none.

Sep E-mini S&Ps this morning are little changed with support from a +0.47% rally in European stocks but downward pressure from today’s -2.20% sell-off in the China Shanghai index. Wednesday’s closes: S&P 500 +0.73%%, Dow Jones +0.69%, Nasdaq +0.44%. The S&P 500 on Wednesday extended Tuesday’s upward rebound on the +3.4% rally in the Chinese Shanghai stock index and relief that the FOMC in its post-meeting statement left its interest rate guidance virtually unchanged and did not adopt language to indicate that a rate hike is likely at the next meeting in September. Stock prices were undercut, however, by the weak June U.S. pending home sales report of -1.8% m/m versus expectations of +0.9%.

PREMARKET U.S. STOCKS
  • Positive SPX earnings reports this morning include: ConocoPhillips (COP +1.26%) ($ 0.07 vs consensus of $ 0.04), Air Products (APD +0.99%) (1.65 vs 1.58), Cigna (CI -0.32%) (2.55 vs 2.25), Helmerich & Payne (HP +3.51%) (0.27 vs 0.12), Stanley Black & Decker (SWK +1.88%) (1.49 vs 1.44), Allegion (ALLE +2.18%) (0.71 vs 0.706), Alexion Pharma (ALXN -2.35%) (1.44 vs 1.39), Starwood Hotels (HOT +2.42%) (0.84 vs 0.74), Pitney Bowes (PBI +0.87%) (0.45 vs 0.44), Procter & Gamble (PG +0.49%) (1.00 vs 0.95), Cardinal Health (CAH +0.80%) (1.00 vs 0.99), DENTSPLY (XRAY +2.21%) (0.73 vs 0.68), Sealed Air (AEE +0.79%) (0.60 vs 0.53), CME Group (CME +0.88%) (0.97 vs 0.92), Delphi Automotive (DLPH +1.36%) (1.34 vs 1.339), Valero (VLO +1.49%) (2.66 vs 2.42), Coca-Cola (CCE +1.90%) (0.79 vs 0.76), SCANA (SCG +1.03%) (0.69 vs 0.67), Invesco (IVZ +1.18%) (0.62 vs 0.618).
  • Negative SPX earnings reports this morning include: TECO Energy (TE +0.51%) (0.26 vs 0.267), Ball Corp (BLL +1.61%) (0.89 vs 0.94), Time Warner (TWC +0.12%) (1.54 vs 1.80), Xcel Energy (XEL +0.42%) (0.39 vs 0.396), L-3 Communications (LLL +2.02%) (1.41 vs 1.71), Colgate-Palmolive (CL +0.79%) (0.70 vs 0.704), Occidental Petroleum (OXY +1.78%) (0.21 vs 0.225), Sigma-Aldrich (SIAL -0.04%) (1.01 vs 1.103), Marathon Petroleum (MPC +2.38%) (1.51 vs 1.75), Zimmer Biomet Holdings (ZBH +0.47%) (1.12 vs 1.57).
  • On positive earnings news late yesterday, Skechers (SKX +3.12%) rallied 10%, Teradyne (TER +0.27%) rallied 6%, and Lam Research (LRCX -0.10%) rallied +1.5%.
  • On negative earnings news late yesterday, Facebook (FB +1.78%) fell -3%, Whole Foods (WFM -0.29%) fell 11%, Lifelock (LOCK +11.15%) fell 7%, La Quinta (LQ +2.45%) fell 3%, and Whiting Petroleum (WLL +7.02%) fell 5%.
MARKET COMMENTS

Sep 10-year T-note prices are down -8 ticks on reduced safe-haven demand and caution ahead of this today’s U.S. GDP report. Wednesday’s closes: TYU5 -6, FVU5 -2.75. Sep 10-year T-notes on Wednesday closed mildly lower on reduced safe-haven demand as Chinese and U.S. stocks rallied and on supply overhang as the Treasury sells $ 105 billion of T-notes this week. T-notes found support, however, on the weak pending home sales report and relief the FOMC did not move to a more hawkish post-meeting statement.

The dollar index this morning is up +0.341 (+0.35%) while EUR/USD is down -0.0022 (-0.20%) and USD/JPY is +0.40% (+0.32%). The dollar index is seeing some continued strength today on expectations for a decent U.S. GDP report and yesterday’s slightly more hawkish FOMC post-meeting statement. Wednesday’s closes: Dollar Index +0.20 (+0.21%), EUR/USD -0.0076 (-0.69%), USD/JPY +0.38 (+0.31%). The dollar index on Wednesday closed mildly higher on technical buying and the rally in Chinese and U.S. stocks. However, the dollar was undercut by the weak U.S. pending home sales report and the dovish FOMC post-meeting statement, which suggested that the Fed is in no hurry to raise interest rates.

Sep crude oil this morning is up +0.45 (+0.92%) and Sep gasoline is up +0.0357 (+2.03%) on carry-over support from yesterday’s EIA report that featured a -4.2 million bbl drop in U.S. crude oil inventories and a -1.5% drop in U.S. oil production. Wednesday’s closes: CLU5 +0.81 (+1.69%), RBU5 +0.0066 (+0.38%). Sep crude oil and gasoline on Wednesday closed higher on the rally in Chinese stocks and EIA’s report of a -4.2 million bbl decline in U.S. crude oil inventories versus expectations for a +850,000 bbl build. Crude oil prices were also boosted by the EIA report’s -1.5% drop in U.S. oil production in the week ended July 24 to 9.413 million bpd, which is down by -2.0% the 43-year high of 9.610 million bpd posted in the first week of June.

GLOBAL EVENT CALENDAR07/30/2015
US 0830 ET Weekly initial unemployment claims expected +15,000 to 270,000, previous -26,000 to 255,000. Weekly continuing claims expected -2,000 to 2.205 million, previous -9,000 to 2.207 million.
0830 ET Q2 GDP expected +2.5% (q/q annualized), Q1 -0.2%. Q2 personal consumption expected +2.7%, Q1 +2.1%. Q2 GDP price index expected +1.5%, Q1 unch. Q2 core PCE deflator expected +1.6% q/q, Q1 +0.8% q/q.
0830 ET USDA weekly Export Sales.
1300 ET Treasury auctions $ 29 billion of 7-year T-notes.
JPN 0030 ET Japan Jun vehicle production, May -16.6% y/y.
1930 ET Japan Jun jobless rate expected unch at 3.3%. Jun job-to-applicant ratio expected +0.01 to 1.20, May 1.19.
1930 ET Japan Jun overall household spending expected +1.9% y/y, May +4.8% y/y.
1930 ET Japan Jun national CPI expected +0.3% y/y, May +0.5% y/y. Jun national CPI ex-fresh food expected unch y/y, May +0.1% y/y. Jun national CPI ex food & energy expected +0.4% y/y, May +0.4% y/y.
1930 ET Japan Jul Tokyo CPI expected +0.2% y/y, Jun +0.3% y/y. Jul Tokyo CPI ex-fresh food expected unch y/y, Jun +0.1% y/y. Jul Tokyo CPI ex food & energy expected +0.2% y/y, Jun +0.2% y/y.
GER 0355 ET German Jul unemployment change expected -5,000, Jun -1,000. Jul unemployment rate expected unch at 6.4%.
0800 ET German Jul CPI (EU harmonized) expected +0.3% m/m and +0.1% y/y, Jun -0.2% m/m and +0.1% y/y.
EUR 0500 ET Eurozone Jul economic confidence expected -0.3 to 103.2, Jun 103.5. Jul business climate indicator expected +0.06 to 0.20, Jun 0.14.
0500 ET Revised Eurozone Jul consumer confidence, previous-1.5 to -7.1.
UK 1905 ET UK Jul GfK consumer confidence expected -2 to 5, Jun 7.
U.S. STOCK CALENDAR07/30/2015
Company Ticker Time Event Description Period Estimate
Air Products & Chemicals Inc APD US Bef-mkt Q3 2015 Earnings Release Q3 2015 1.581
Automatic Data Processing Inc ADP US Bef-mkt Q4 2015 Earnings Release Q4 2015 0.593
Ball Corp BLL US Bef-mkt Q2 2015 Earnings Release Q2 2015 0.94
Coca-Cola Enterprises Inc CCE US Bef-mkt Q2 2015 Earnings Release Q2 2015 0.756
Colgate-Palmolive Co CL US Bef-mkt Q2 2015 Earnings Release Q2 2015 0.704
Helmerich & Payne Inc HP US Bef-mkt Q3 2015 Earnings Release Q3 2015 0.121
Starwood Hotels & Resorts Worldwide Inc HOT US Bef-mkt Q2 2015 Earnings Release Q2 2015 0.74
Host Hotels & Resorts Inc HST US Bef-mkt Q2 2015 Earnings Release Q2 2015 0.456
Occidental Petroleum Corp OXY US Bef-mkt Q2 2015 Earnings Release Q2 2015 0.225
ConocoPhillips COP US Bef-mkt Q2 2015 Earnings Release Q2 2015 0.037
Pinnacle West Capital Corp PNW US Bef-mkt Q2 2015 Earnings Release Q2 2015 1.225
Pitney Bowes Inc PBI US Bef-mkt Q2 2015 Earnings Release Q2 2015 0.442
Procter & Gamble Co/The PG US Bef-mkt Q4 2015 Earnings Release Q4 2015 0.946
SCANA Corp SCG US Bef-mkt Q2 2015 Earnings Release Q2 2015 0.67
Stanley Black & Decker Inc SWK US Bef-mkt Q2 2015 Earnings Release Q2 2015 1.443
TECO Energy Inc TE US Bef-mkt Q2 2015 Earnings Release Q2 2015 0.267
Cardinal Health Inc CAH US Bef-mkt Q4 2015 Earnings Release Q4 2015 0.986
Ensco PLC ESV US Bef-mkt Q2 2015 Earnings Release Q2 2015 1.026
BorgWarner Inc BWA US Bef-mkt Q2 2015 Earnings Release Q2 2015 0.829
Alexion Pharmaceuticals Inc ALXN US Bef-mkt Q2 2015 Earnings Release Q2 2015 1.392
Iron Mountain Inc IRM US Bef-mkt Q2 2015 Earnings Release Q2 2015 0.538
Valero Energy Corp VLO US Bef-mkt Q2 2015 Earnings Release Q2 2015 2.42
L-3 Communications Holdings Inc LLL US Bef-mkt Q2 2015 Earnings Release Q2 2015 1.711
CME Group Inc/IL CME US Bef-mkt Q2 2015 Earnings Release Q2 2015 0.924
Time Warner Cable Inc TWC US Bef-mkt Q2 2015 Earnings Release Q2 2015 1.796
Xcel Energy Inc XEL US Bef-mkt Q2 2015 Earnings Release Q2 2015 0.396
Marathon Petroleum Corp MPC US Bef-mkt Q2 2015 Earnings Release Q2 2015 1.746
Delphi Automotive PLC DLPH US Bef-mkt Q2 2015 Earnings Release Q2 2015 1.339
Allegion PLC ALLE US Bef-mkt Q2 2015 Earnings Release Q2 2015 0.703
WestRock Co WRK US Bef-mkt Q3 2015 Earnings Release Q3 2015 1.017
Cigna Corp CI US 6:30 Q2 2015 Earnings Release Q2 2015 2.308
DENTSPLY International Inc XRAY US 7:00 Q2 2015 Earnings Release Q2 2015 0.683
Sealed Air Corp SEE US 7:00 Q2 2015 Earnings Release Q2 2015 0.53
Xylem Inc/NY XYL US 7:00 Q2 2015 Earnings Release Q2 2015 0.433
Invesco Ltd IVZ US 7:30 Q2 2015 Earnings Release Q2 2015 0.618
Zimmer Biomet Holdings Inc ZBH US 7:30 Q2 2015 Earnings Release Q2 2015 1.566
Owens-Illinois Inc OI US 8:00 Q2 2015 Earnings Call Q2 2015
Pitney Bowes Inc PBI US 8:00 Q2 2015 Earnings Call Q2 2015
Stanley Black & Decker Inc SWK US 8:00 Q2 2015 Earnings Call Q2 2015
MetLife Inc MET US 8:00 Q2 2015 Earnings Call Q2 2015
Mondelez International Inc MDLZ US 8:00 Q2 2015 Earnings Release Q2 2015 0.394
Zimmer Biomet Holdings Inc ZBH US 8:00 Q2 2015 Earnings Call Q2 2015
Michael Kors Holdings Ltd KORS US 8:00 Annual General Meeting Y 2015
Automatic Data Processing Inc ADP US 8:30 Q4 2015 Earnings Call Q4 2015
Cigna Corp CI US 8:30 Q2 2015 Earnings Call Q2 2015
Procter & Gamble Co/The PG US 8:30 Q4 2015 Earnings Call Q4 2015
Cardinal Health Inc CAH US 8:30 Q4 2015 Earnings Call Q4 2015
DENTSPLY International Inc XRAY US 8:30 Q2 2015 Earnings Call Q2 2015
Iron Mountain Inc IRM US 8:30 Q2 2015 Earnings Call Q2 2015
CME Group Inc/IL CME US 8:30 Q2 2015 Earnings Call Q2 2015
Time Warner Cable Inc TWC US 8:30 Q2 2015 Earnings Call Q2 2015
Delphi Automotive PLC DLPH US 8:30 Q2 2015 Earnings Call Q2 2015
Allegion PLC ALLE US 8:30 Q2 2015 Earnings Call Q2 2015
Baxalta Inc BXLT US 8:30 Business Update Call
Host Hotels & Resorts Inc HST US 9:00 Q2 2015 Earnings Call Q2 2015
TECO Energy Inc TE US 9:00 Q2 2015 Earnings Call Q2 2015
Unum Group UNM US 9:00 Q2 2015 Earnings Call Q2 2015
Invesco Ltd IVZ US 9:00 Q2 2015 Earnings Call Q2 2015
Xylem Inc/NY XYL US 9:00 Q2 2015 Earnings Call Q2 2015
WestRock Co WRK US 9:00 Q3 2015 Earnings Call Q3 2015
Williams Cos Inc/The WMB US 9:30 Q2 2015 Earnings Call Q2 2015
BorgWarner Inc BWA US 9:30 Q2 2015 Earnings Call Q2 2015
Air Products & Chemicals Inc APD US 10:00 Q3 2015 Earnings Call Q3 2015
Coca-Cola Enterprises Inc CCE US 10:00 Q2 2015 Earnings Call Q2 2015
Lincoln National Corp LNC US 10:00 Q2 2015 Earnings Call Q2 2015
Occidental Petroleum Corp OXY US 10:00 Q2 2015 Earnings Call Q2 2015
Alexion Pharmaceuticals Inc ALXN US 10:00 Q2 2015 Earnings Call Q2 2015
Boston Properties Inc BXP US 10:00 Q2 2015 Earnings Call Q2 2015
Marriott International Inc/MD MAR US 10:00 Q2 2015 Earnings Call Q2 2015
Sealed Air Corp SEE US 10:00 Q2 2015 Earnings Call Q2 2015
Mondelez International Inc MDLZ US 10:00 Q2 2015 Earnings Call Q2 2015
Xcel Energy Inc XEL US 10:00 Q2 2015 Earnings Call Q2 2015
Marathon Petroleum Corp MPC US 10:00 Q2 2015 Earnings Call Q2 2015
Ball Corp BLL US 11:00 Q2 2015 Earnings Call Q2 2015
Colgate-Palmolive Co CL US 11:00 Q2 2015 Earnings Call Q2 2015
Helmerich & Payne Inc HP US 11:00 Q3 2015 Earnings Call Q3 2015
Ensco PLC ESV US 11:00 Q2 2015 Earnings Call Q2 2015
O’Reilly Automotive Inc ORLY US 11:00 Q2 2015 Earnings Call Q2 2015
Valero Energy Corp VLO US 11:00 Q2 2015 Earnings Call Q2 2015
L-3 Communications Holdings Inc LLL US 11:00 Q2 2015 Earnings Call Q2 2015
ConocoPhillips COP US 12:00 Q2 2015 Earnings Call Q2 2015
Pinnacle West Capital Corp PNW US 12:00 Q2 2015 Earnings Call Q2 2015
Starwood Hotels & Resorts Worldwide Inc HOT US 13:00 Q2 2015 Earnings Call Q2 2015
Murphy Oil Corp MUR US 13:00 Q2 2015 Earnings Call Q2 2015
Public Storage PSA US 14:00 Q2 2015 Earnings Call Q2 2015
Realty Income Corp O US 14:30 Q2 2015 Earnings Call Q2 2015
SCANA Corp SCG US 15:00 Q2 2015 Earnings Call Q2 2015
Western Union Co/The WU US 16:01 Q2 2015 Earnings Release Q2 2015 0.393
Broadcom Corp BRCM US 16:05 Q2 2015 Earnings Release Q2 2015 0.752
KLA-Tencor Corp KLAC US 16:15 Q4 2015 Earnings Release Q4 2015 0.915
Edison International EIX US 16:30 Q2 2015 Earnings Call Q2 2015
Western Union Co/The WU US 16:30 Q2 2015 Earnings Call Q2 2015
Expedia Inc EXPE US 16:30 Q2 2015 Earnings Call Q2 2015
Hanesbrands Inc HBI US 16:30 Q2 2015 Earnings Call Q2 2015
PerkinElmer Inc PKI US 17:00 Q2 2015 Earnings Call Q2 2015
Amgen Inc AMGN US 17:00 Q2 2015 Earnings Call Q2 2015
KLA-Tencor Corp KLAC US 17:00 Q4 2015 Earnings Call Q4 2015
Electronic Arts Inc EA US 17:00 Q1 2016 Earnings Call Q1 2016
PerkinElmer Inc PKI US Aft-mkt Q2 2015 Earnings Release Q2 2015 0.59
Leggett & Platt Inc LEG US Aft-mkt Q2 2015 Earnings Release Q2 2015 0.538
Eversource Energy ES US Aft-mkt Q2 2015 Earnings Release Q2 2015 0.562
Edison International EIX US Aft-mkt Q2 2015 Earnings Release Q2 2015 0.826
Universal Health Services Inc UHS US Aft-mkt Q2 2015 Earnings Release Q2 2015 1.646
Amgen Inc AMGN US Aft-mkt Q2 2015 Earnings Release Q2 2015 2.427
Flowserve Corp FLS US Aft-mkt Q2 2015 Earnings Release Q2 2015 0.794
Electronic Arts Inc EA US Aft-mkt Q1 2016 Earnings Release Q1 2016 0.027
Essex Property Trust Inc ESS US Aft-mkt Q2 2015 Earnings Release Q2 2015 2.34
Apartment Investment & Management Co AIV US Aft-mkt Q2 2015 Earnings Release Q2 2015 0.537
FirstEnergy Corp FE US Aft-mkt Q2 2015 Earnings Release Q2 2015 0.47
Fluor Corp FLR US Aft-mkt Q2 2015 Earnings Release Q2 2015 1.055
Expedia Inc EXPE US Aft-mkt Q2 2015 Earnings Release Q2 2015 0.863
Hanesbrands Inc HBI US Aft-mkt Q2 2015 Earnings Release Q2 2015 0.499
Fluor Corp FLR US 17:30 Q2 2015 Earnings Call Q2 2015
Michael Kors Holdings Ltd KORS US Annual General Meeting

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