Mon Aug 24 2015
Live Index (1451 articles)

Live Index – Mon, 24 Aug 2015 Premarket


September E-mini S&Ps (ESU15 -2.88%) are down -2.28% at a 10-month low and European stocks are down -2.86% at a 7-1/4 month low as global stock markets extend last week’s plunge. In a broad sell-off that encompasses all industries, technology stocks are weaker with Apple and Netflix down over 4% in pre-market trading, and energy producers and oil service companies are lower with ConocoPhillips and Schlumberger down more than 3% as crude oil (CLV15 -3.14%) is down -3.61% at a 6-1/2 year low. Asian stocks closed sharply lower: Japan -4.61%, Hong Kong -5.17%, China -8.49%, Taiwan -4.84%, Australia -4.09%, Singapore -4.30%, South Korea -2.47%, India -5.94%. China’s Shanghai Composite sank to a 6-1/4 month low even after China said it will allow pension funds to buy stocks for the first time as a lack of confidence undermines government attempts to prop up the equity market. More than 800 stocks fell by the daily 10% limit on the Shanghai Composite. Japan’s Nikkei Stock Index slid to a 6-month low and emerging market stocks declined as well, led lower by losses in basic-resource producers as the price of copper (HGU15 -3.23%) dropped -2.37% to a new 6-year low.

The dollar index (DXY00 -0.95%) is down -0.97% at a 2-month low as the plunge in global stocks bolsters the probability the Fed will delay an interest rate increase. EUR/USD (^EURUSD) is up +0.93% at a 6-1/2 month high. USD/JPY (^USDJPY) is down -1.61% at a 3-month low as safe haven demand benefits the yen. Emerging market currencies sold off against the dollar with the Russian ruble at a 6-1/2 month low and the Malaysian ringgit at a 17-year low

Sep T-note prices (ZNU15 +0.47%) are up +11.5 ticks at a 3-3/4 month high as the 10-year T-note yield fell below 2.00% as the rout in stocks bolsters the safe-haven of government debt.


Key U.S. news today includes: (1) Jul Chicago Fed national activity index (expected +0.12 to 0.20, Jun +0.15 to 0.08), and (2) a speech by Atlanta Fed President Dennis Lockhart to the 2015 Public Pension Funding Forum.

There is 1 of the Russell 1000 companies that report earnings today: Premier (consensus $ 0.36).

U.S. IPO’s scheduled to price today include: none.

Equity conferences this week include: 9th Annual South East Asia Australia Offshore & Onshore Conference on Tue-Wed, 9th Annual Mining the Territory Conference on Wed, Pareto Healthcare Conference on Fri.


Marathon Oil (MRO -2.48%) , Noble Energy (NBL -0.82%) , and Whiting Petroleum (WLL -7.04%) were all downgraded to ‘Neutral’ from ‘Buy’ at BofA/Merrill Lynch.

Bristol-Myers (BMY -2.62%) was upgraded to ‘Neutral’ from ‘Underweight’ at Piper Jaffray.

Valero (VLO -9.09%) was downgraded to ‘Underperform’ from ‘Neutral’ at BofA/Merrill Lynch.

Chevron (CVX -4.39%) was upgraded to ‘Neutral’ from ‘Underperform’ at BofA/Merrill Lynch.

Randgold (GOLD -1.37%) was upgraded to ‘Outperform’ from ‘Sector Perform’ at RBC Capital.

Grainger (GWW -1.87%) was downgraded to ‘Neutral’ from ‘Outperform’ at Baird.

AutoZone (AZO -5.06%) was upgraded to ‘Buy’ from ‘Neutral’ at BofA/Merrill Lynch.

Airgas (ARG -3.54%) and Fastenal (FAST -0.51%) were both downgraded to ‘Neutral’ from ‘Outperform’ at Baird.

Bank of America (BAC -3.71%) was upgraded to ‘Outperform’ from ‘Market Perform’ at Keefe Bruyette.

Abercrombie & Fitch (ANF -3.74%) was upgraded to ‘Overweight’ from ‘Neutral” at Piper Jaffray ahead of earnings.

Nike (NKE -4.84%) was upgraded to ‘Outperform’ from ‘Market Perform’ at Telsey Advisory.

DreamWorks (DWA +5.01%) was upgraded to ‘Buy’ from ‘Neutral’ at B. Riley.

General Motors (GM -4.02%) is recalling 59,474 Chevrolet Cobalt vehicles manufactured January 4, 2010, to June 23, 2010. The affected vehicles may be equipped with an improperly routed Side-Impact Sensor wiring harness in the driver side front door

Francisco Partners reported a 7.2% stake in Mitel (MITL -3.63%) .

Emperey reported a 9.5% passive stake in BG Medicine (BGMD -3.41%) .


Sep E-mini S&Ps (ESU15 -2.88%) this morning are down -45.00 points (-2.28%) at a 10-month low. Friday’s closes: S&P 500 -3.19%, Dow Jones -3.12%, Nasdaq -4.28%. The S&P 500 on Friday sold off to a 6-1/2 month low and settled sharply lower as the China Aug Caixin manufacturing PMI unexpectedly fell -0.7 to a 6-1/2 year low of 47.1. In addition, the U.S. Aug Markit manufacturing PMI fell by -0.9 points to a 1-3/4 year low of 52.9.

Sep 10-year T-notes (ZNU15 +0.47%) this morning are up +11.5 ticks at a 3-3/4 month high. Friday’s closes: TYU5 +11.00, FVU5 +8.75. Sep T-notes Friday climbed to a 3-3/4 month high and closed higher on increased safe-haven demand with the plunge in global equity markets and on speculation the Fed may delay raising interest rates on global growth concerns after a gauge of Chinese manufacturing activity contracted at its steepest pace in 6-1/3 years. T-notes also received a boost as crude oil sank to a new 6-1/3 year low and pushed the 10-year T-note breakeven inflation rate down to a 7-1/4 month low.

The dollar index (DXY00 -0.95%) this morning is down -0.921 (-0.97%) at a 2-month low. EUR/USD (^EURUSD) is up +0.0106 (+0.93%) at a 6-1/2 month high. USD/JPY (^USDJPY) is down -1.97 (-1.61%) at a 3-month low. Friday’s closes: Dollar Index -0.972 (-1.01%), EUR/USD +0.01439 (+1.28%), USD/JPY -1.363(-1.10%). The dollar index Friday fell to a 1-1/2 month low and closed lower on (1) the plunge in world equity markets that prompted an increase in safe-haven demand for the yen and sent USD/JPY down to a 1-1/4 month low, and (2) strength in EUR/USD which rose to a 2-month high after Eurozone Aug Markit manufacturing PMI expanded more than expected.

Oct crude oil (CLV15 -3.14%) this morning isdowm -$ 1.46 a barrel (-3.61%) at a 6-1/2 year low and Oct gasoline (RBV15 -2.62%) is down -0.0418 (-3.02%) at a contract low. Friday’s closes: CLV5 -0.87 (-2.11%), RBV5 -0.0085 (-0.61%). Oct crude and gasoline sold off sharply Friday with Oct crude at a 6-1/3 year low and Oct gasoline at a 6-1/2 month low. Crude oil prices were hurt by the plunge in global stock prices and concern the U.S. oil supply glut will persist with U.S. crude supplies nearly 100 million bbl above their 5-year seasonal average.

US0830 ETJul Chicago Fed national activity index expected +0.12 to 0.20, Jun +0.15 to 0.08.
1100 ETUSDA weekly grain export inspections.
1555 ETAtlanta Fed President Dennis Lockhart speaks to the 2015 Public Pension Funding Forum.
1600 ETUSDA weekly crop progress.
JPN0100 ETRevised Japan Jun leading index CI, previous 107.2. Revised Jun coincident index, previous 112.0.
CompanyTickerTimeEvent DescriptionPeriodEstimate
Premier IncPINC US17:00Q4 2015 Earnings CallQ4 2015
Premier IncPINC USAft-mktQ4 2015 Earnings ReleaseQ4 20150.361
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