Live Index – Tue, 04 Aug 2015 Premarket
September E-mini S&Ps (ESU15 -0.29%) are down -0.17% as prices consolidate ahead of earnings results from 31 S&P 500 companies today, including Aetna and Disney. European stocks are down -0.79% as a slide in bank stocks is leading the overall market lower after Credit Agricole SA plunged 10% when regulators failed to approve a reorganization that may have freed up capital to repay investors. The 10-year German bund fell to a 2-month low of 0.595% after Eurozone Jun producer prices unexpectedly fell for the first time in 5 months. Asian stocks closed mixed: Japan -0.14%, Hong Kong -0.02%, China +3.69%, Taiwan -0.16%, Australia +0.33%, Singapore -0.05%, South Korea +0.86%, India -0.41%. Chinese stocks closed higher after authorities stepped up efforts to stabilize the market. Investors on the Shanghai and Shenzhen stock exchanges who borrow shares must now wait one day to pay back the loans, which may limit day trading activity and speculative short-selling of stocks.
The dollar index (DXY00 -0.21%) is down -0.18%. EUR/USD (^EURUSD)is up +0.24%. USD/JPY (^USDJPY) is down -0.07%.
Sep T-note prices (ZNU15 -0.11%) are down -4.5 ticks.
Eurozone Jun PPI unexpectedly fell for the first time in five months as it slid -0.1% m/m, weaker than expectations of unch m/m. On an annual basis, Jun PPI fell -2.2% y/y, right on expectations.
Key U.S. news today includes: (1) July New York ISM (June was +9.1 to 63.1), (2) June factory orders (expected +1.8%, May -1.0% and +0.1% ex transportation).
There are 32 of the S&P 500 companies that report earnings today with notable reports including: Kellogg (consensus $ 0.92), Walt Disney (1.41), Genworth Financial (0.26), First Solar (0.22), ADM (0.65), Emerson Electric (0.83), NGR Energy (0.02), Aetna (1.82), Coach (0.29).
U.S. IPO’s scheduled to price today include: Sunrun (RUN), Amplify Snack Brands (BETR), Integra LifeSciences (IART), Benitec Biopharma (BTEBY), Zynerba Pharmaceuticals (ZYNE).
Equity conferences this week: Piper Jaffray Technology-Enabled Industrials Symposium on Tue-Wed, Needham Interconnect Conference on Wed.
Archer-Daniels-Midland (ADM +0.59%) reported Q2 EPS of 55 cents, below consensus of 65 cents.
CVS Health Corp. (CVS +0.31%) reported Q2 EPS of $ 1.19, lower than consensus of $ 1.20.
Coach (COH -2.47%) reported Q4 EPS of 31 cents, higher than consensus of 29 cents.
Vornado (VNO +0.34%) reported Q2 AFFO of $ 1.30, higher than consensus of $ 1.23.
Allstate (ALL +0.62%) reported Q2 EPS of 79 cents, weaker than consensus of 96 cents.
D.E. Shaw reported a 5.1% passive stake in Western Refining (WNR -1.68%) .
Point72 Asset Management reported a 5.2% passive stake in Ascena Retail (ASNA -3.51%) .
North Tide Capital reported a 5.7% passive stake in Supervalu (SVU +1.52%) .
Avis Budget (CAR -0.18%) reported Q2 EPS of 84 cents, higher than consensus of 68 cents.
Texas Roadhouse (TXRH +3.53%) fell nearly 4% in after-hours trading after it reported Q2 EPS of 30 cents, below consensus of 37 cents.
LinkedIn (LNKD -3.03%) was initiated with a ‘Buy’ at Topeka witha price target of $ 260.
Diplomat Pharmacy (DPLO +2.86%) reported Q2 adjusted EPS of 16 cents, better than consensus of 12 cents.
Scientific Games (SGMS -0.26%) reported a Q2 EPS loss of -$ 1.19, a wider loss than consensus 0f -98 cents.
Netflix (NFLX -1.53%) was initiated with a ‘Buy’ at Guggenheim with a price target of $ 160.
AIG (AIG +0.05%) reported Q2 operating EPS of $ 1.39, above consensus of $ 1.23.
General Growth Properties (GGP +0.37%) reported Q2 FFO of 33 cents, right on consensus, although Q2 revenue of $ 579.98 million was below consensus of $ 616.10 million.
Sep E-mini S&Ps (ESU15 -0.29%) this morning are down -3.50 points (-0.17%). Monday’s closes: S&P 500 -0.28%, Dow Jones -0.52%, Nasdaq -0.18%. The S&P 500 on Monday closed lower on (1) weakness in mining and oil companies companies after copper and oil prices plunged on concern about Chinese demand for commodities when the China Jul Caixin manufacturing PMI was unexpectedly revised lower to a 2-year low of 47.8, and (2) the unexpected -0.8 point decline in the U.S. Jul ISM manufacturing index to 52.7, weaker than expectations of unchanged at 53.5.
Sep 10-year T-note prices (ZNU15 -0.11%) this morning are down -4.5 ticks. Monday’s closes: TYU5 +12.5, FVU5 +4.75. Sep 10-year T-notes on Monday climbed to a 2-month nearest-futures high and closed higher on the unexpected decline in the U.S. Jul ISM manufacturing index and on concern that a slowdown of Chinese economic growth could undercut the overall global economy and delay a Fed interest rate increase after a gauge of Chinese manufacturing activity last month contracted at its steepest pace in 2 years.
The dollar index (DXY00 -0.21%) this morning is down -0.180 (-0.18%). EUR/USD (^EURUSD) is up +0.0026 (+0.24%). USD/JPY (^USDJPY) is down -0.09 (-0.07%). Monday’s closes: Dollar Index +0.158 (+0.16%), EUR/USD -0.00337 (-0.31%), USD/JPY +0.144 (+0.12%). The dollar index on Monday closed slightly higher on weakness in commodity currencies after copper and oil prices fell sharply. Dollar gains were limited after the U.S. Jul ISM manufacturing index unexpectedly declined, which may prompt the Fed to delay an interest rate hike.
Sep crude oil (CLU15 +1.31%) this morning is up +71 cents (+1.57%) and Sep gasoline (RBU15 +1.37%) is up +0.0271 (+1.62%). Monday’s closes: CLU5 -1.95 (-4.14%), RBU5 -0.0899 (-5.07%). Sep crude oil and gasoline closed sharply lower Monday with Sep crude at a 4-1/4 month nearest-futures low and Sep gasoline at a 4-1/2 month low. Negative factors included (1) Chinese demand concerns after a gauge of Chinese manufacturing activity contracted at its steepest pace in 2 years, and (2) comments from Iran’s oil minister who said that Iran can raise output by 500,000 bpd within a week of the end of sanctions.
|US||0945 ET||Jul New York ISM, Jun +9.1 to 63.1.|
|1000 ET||Jun factory orders expected +1.8%, May -1.0% and +0.1% ex transportation.|
|UK||0200 ET||UK Jul nationwide house prices expected +0.4% m/m and +3.5% y/y, Jun -0.2% m/m and +3.3% y/y.|
|0430 ET||UK Jul Markit/CIPS construction PMI expected +0.4 to 58.5, Jun 58.1.|
|1901 ET||UK Jul BRC shop price index, Jun -1.3% y/y.|
|EUR||0500 ET||Eurozone Jun PPI expected unch m/m and -2.2% y/y, May unch m/m and -2.0% y/y.|
|CHI||2145 ET||China Jul Caixin composite PMI, Jun 50.6.|
|Archer-Daniels-Midland Co||ADM US||Bef-mkt||Q2 2015 Earnings Release||Q2 2015||0.652|
|Emerson Electric Co||EMR US||Bef-mkt||Q3 2015 Earnings Release||Q3 2015||0.832|
|Entergy Corp||ETR US||Bef-mkt||Q2 2015 Earnings Release||Q2 2015||1.137|
|HCP Inc||HCP US||Bef-mkt||Q2 2015 Earnings Release||Q2 2015||0.759|
|CVS Health Corp||CVS US||Bef-mkt||Q2 2015 Earnings Release||Q2 2015||1.196|
|Parker-Hannifin Corp||PH US||Bef-mkt||Q4 2015 Earnings Release||Q4 2015||1.868|
|Vulcan Materials Co||VMC US||Bef-mkt||Q2 2015 Earnings Release||Q2 2015||0.658|
|Expeditors International of Washington Inc||EXPD US||Bef-mkt||Q2 2015 Earnings Release||Q2 2015||0.54|
|Health Care REIT Inc||HCN US||Bef-mkt||Q2 2015 Earnings Release||Q2 2015||1.077|
|Regeneron Pharmaceuticals Inc||REGN US||Bef-mkt||Q2 2015 Earnings Release||Q2 2015||2.78|
|Martin Marietta Materials Inc||MLM US||Bef-mkt||Q2 2015 Earnings Release||Q2 2015||1.584|
|AMETEK Inc||AME US||Bef-mkt||Q2 2015 Earnings Release||Q2 2015||0.636|
|NRG Energy Inc||NRG US||Bef-mkt||Q2 2015 Earnings Release||Q2 2015||0.018|
|Scripps Networks Interactive Inc||SNI US||Bef-mkt||Q2 2015 Earnings Release||Q2 2015||1.262|
|Mallinckrodt PLC||MNK US||Bef-mkt||Q3 2015 Earnings Release||Q3 2015||1.826|
|Zoetis Inc||ZTS US||Bef-mkt||Q2 2015 Earnings Release||Q2 2015||0.378|
|Aetna Inc||AET US||6:00||Q2 2015 Earnings Release||Q2 2015||1.821|
|Coach Inc||COH US||7:00||Q4 2015 Earnings Release||Q4 2015||0.293|
|Mosaic Co/The||MOS US||7:00||Q2 2015 Earnings Release||Q2 2015||0.899|
|American International Group Inc||AIG US||8:00||Q2 2015 Earnings Call||Q2 2015|
|Harman International Industries Inc||HAR US||8:00||Q4 2015 Earnings Release||Q4 2015||1.312|
|Kellogg Co||K US||8:00||Q2 2015 Earnings Release||Q2 2015||0.917|
|NRG Energy Inc||NRG US||8:00||Q2 2015 Earnings Call||Q2 2015|
|CVS Health Corp||CVS US||8:30||Q2 2015 Earnings Call||Q2 2015|
|Regeneron Pharmaceuticals Inc||REGN US||8:30||Q2 2015 Earnings Call||Q2 2015|
|AMETEK Inc||AME US||8:30||Q2 2015 Earnings Call||Q2 2015|
|Aetna Inc||AET US||8:30||Q2 2015 Earnings Call||Q2 2015|
|Coach Inc||COH US||8:30||Q4 2015 Earnings Call||Q4 2015|
|Mallinckrodt PLC||MNK US||8:30||Q3 2015 Earnings Call||Q3 2015|
|Zoetis Inc||ZTS US||8:30||Q2 2015 Earnings Call||Q2 2015|
|Archer-Daniels-Midland Co||ADM US||9:00||Q2 2015 Earnings Call||Q2 2015|
|General Growth Properties Inc||GGP US||9:00||Q2 2015 Earnings Call||Q2 2015|
|Allstate Corp/The||ALL US||9:00||Q2 2015 Earnings Call||Q2 2015|
|Sempra Energy||SRE US||9:00||Q2 2015 Earnings Release||Q2 2015||1.002|
|Mosaic Co/The||MOS US||9:00||Q2 2015 Earnings Call||Q2 2015|
|Kellogg Co||K US||9:30||Q2 2015 Earnings Call||Q2 2015|
|XL Group PLC||XL US||10:00||Q2 2015 Earnings Call||Q2 2015|
|Tenet Healthcare Corp||THC US||10:00||Q2 2015 Earnings Call||Q2 2015|
|Vornado Realty Trust||VNO US||10:00||Q2 2015 Earnings Call||Q2 2015|
|Health Care REIT Inc||HCN US||10:00||Q2 2015 Earnings Call||Q2 2015|
|Scripps Networks Interactive Inc||SNI US||10:00||Q2 2015 Earnings Call||Q2 2015|
|Entergy Corp||ETR US||11:00||Q2 2015 Earnings Call||Q2 2015|
|Harman International Industries Inc||HAR US||11:00||Q4 2015 Earnings Call||Q4 2015|
|Parker-Hannifin Corp||PH US||11:00||Q4 2015 Earnings Call||Q4 2015|
|Vulcan Materials Co||VMC US||11:00||Q2 2015 Earnings Call||Q2 2015|
|HCP Inc||HCP US||12:00||Q2 2015 Earnings Call||Q2 2015|
|Goldman Sachs Group Inc/The||GS US||12:00||Q2 2015 Earnings Call – Fixed Income||C2 2015|
|Sempra Energy||SRE US||13:00||Q2 2015 Earnings Call||Q2 2015|
|Emerson Electric Co||EMR US||14:00||Q3 2015 Earnings Call||Q3 2015|
|Martin Marietta Materials Inc||MLM US||14:00||Q2 2015 Earnings Call||Q2 2015|
|Cerner Corp||CERN US||16:30||Q2 2015 Earnings Call||Q2 2015|
|First Solar Inc||FSLR US||16:30||Q2 2015 Earnings Call||Q2 2015|
|Walt Disney Co/The||DIS US||17:00||Q3 2015 Earnings Call||Q3 2015|
|DaVita HealthCare Partners Inc||DVA US||17:00||Q2 2015 Earnings Call||Q2 2015|
|Walt Disney Co/The||DIS US||Aft-mkt||Q3 2015 Earnings Release||Q3 2015||1.412|
|ONEOK Inc||OKE US||Aft-mkt||Q2 2015 Earnings Release||Q2 2015||0.349|
|Cerner Corp||CERN US||Aft-mkt||Q2 2015 Earnings Release||Q2 2015||0.516|
|Newfield Exploration Co||NFX US||Aft-mkt||Q2 2015 Earnings Release||Q2 2015||0.197|
|DaVita HealthCare Partners Inc||DVA US||Aft-mkt||Q2 2015 Earnings Release||Q2 2015||0.946|
|Pioneer Natural Resources Co||PXD US||Aft-mkt||Q2 2015 Earnings Release||Q2 2015||0.033|
|Devon Energy Corp||DVN US||Aft-mkt||Q2 2015 Earnings Release||Q2 2015||0.43|
|Cimarex Energy Co||XEC US||Aft-mkt||Q2 2015 Earnings Release||Q2 2015||-0.021|
|Genworth Financial Inc||GNW US||Aft-mkt||Q2 2015 Earnings Release||Q2 2015||0.263|
|First Solar Inc||FSLR US||Aft-mkt||Q2 2015 Earnings Release||Q2 2015||0.218|
|Airgas Inc||ARG US||Annual General Meeting|
|AutoNation Inc||AN US||July 2015 Sales and Revenue Release||2015|
|Delta Air Lines Inc||DAL US||July 2015 Sales and Revenue Release – Traffic Results||2015|