Thu Sep 03 2015
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Live Index – Thu, 03 Sep 2015 Premarket

PREMARKET WORLD NEWS

September E-mini S&Ps (ESU15 +0.22%) are up +0.36% and European stocks are up +1.31% as a holiday in China gives the markets respite from recent turmoil in Chinese financial markets. European stocks received a boost after the Eurozone Aug composite PMI was revised upward to its fastest pace of growth since the data series began in 2012. The markets will focus on the outcome of today’s ECB meeting and comments from ECB President Draghi on the state of the European economy. The ECB will also release new forecasts for growth and consumer prices. Emerging markets gained for the first time this week led by strength in basic-resource companies and miners as the price of copper climbed to a 3-week high. Asian stocks closed mostly higher: Japan +0.48%, Hong Kong and China closed for holiday, Taiwan +0.75%, Australia -1.44%, Singapore +0.98%, South Korea +0.21%, India +1.22%.

The dollar index (DXY00 +0.03%) is up +0.09%. EUR/USD (^EURUSD) is down -0.04%. USD/JPY (^USDJPY) is down -0.04%.

Dec T-note prices (ZNZ15 +0.12%) are up +3 ticks.

The Eurozone Aug Markit composite PMI was revised higher to 54.3 from the originally reported 54.1, the fastest pace of expansion since the data series began in 2012.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Aug Challenger job cuts (Jul +125.4% y/y), (2) weekly initial unemployment claims (expected +4,000 to 275,000, previous -6,000 to 271,000) and continuing claims (expected -14,000 to 2.255 million, previous +13,000 to 2.269 million), (3) U.S. Jul trade deficit (expected -$ 42.55 billion, Jun -$ 43.84 billion), and (4) the Treasury’s announcement of the details of next week’s sale of 3-year, 10-year and 30-year securities.

There are 6 of the Russell 1000 companies report earnings today: Campbell Soup (consensus $ 0.43), Joy Global (0.60), Medtronic (1.01), Cooper Companies (1.95), VeriFone Systems (0.46), Marvell Technology (0.11).

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

Equity conferences during the remainder of this week include: Global Hunter Securities Industrials Conference on Thu.

 

PREMARKET U.S. STOCKS

Ciena (CIEN +2.23%) reported Q3 adjusted EPS of 37 cents, higher than consensus of 34 cents.

eBay (EBAY +1.47%) was upgraded to ‘Neutral’ from ‘Underweight’ at Piper Jaffray.

Illinois Tool Works (ITW +1.04%) was upgraded to ‘Buy’ from ‘Neutral’ at Goldman Sachs.

Schlumberger (SLB -0.01%) was upgraded to ‘Buy’ from ‘Neutral’ at Citigroup.

Emerson (EMR +1.12%) was downgraded to ‘Sell’ from ‘Neutral’ at Goldman Sachs.

Xylem (XYL +0.80%) was upgraded to ‘Buy’ from ‘Hold’ at Stifel.

Medtronic PLC (MDT +2.91%) reported Q1 EPS of 64 cents, well below consensus of $ 1.01.

Campbell Soup (CPB +1.92%) reported Q4 EPS of 41 cents, less than consensus of 43 cents.

Joy Global (JOY -0.76%) reported Q3 EPS of 54 cents, below consensus of 60 cents.

Universal Insurance (UVE -0.94%) announced a new $ 10 million share repurchase program.

Lannett (LCI +4.63%) jumped 9% in after-hours trading after it announced that it will acquire Kremers Urban Pharmaceuticals For $ 1.23 billion.

Hillenbrand (HI +0.08%) will acquire ABEL Pumps from Roper Technologies ({=ROP for 95 million euros.

NCI Building (NCS -0.40%) reported Q3 adjusted EPS of 15 cents, above consensus of 14 cents.

Verint Systems (VRNT -0.63%) reported Q2 adjusted EPS of 70 cents, better than consensus of 68 cents.

Catalent (CTLT +1.71%) reported Q4 adjusted EPS of 61 cents, higher than consensus of 58 cents.

MARKET COMMENTS

Sep E-mini S&Ps (ESU15 +0.22%) this morning are up +7.00 points (+0.36%). Wednesday’s closes: S&P 500 +1.83%, Dow Jones +1.82%, Nasdaq +2.74%. The S&P 500 on Wednesday closed higher on (1) strength in technology stocks after Apple, Microsoft and Intel rose over 2%, (2) reduced expectations for a Fed rate hike after the Aug ADP employment change of +190,000 was weaker than expectations of +200,000 and July factory orders rose +0.4%, weaker than expectations of +0.9%.

Dec 10-year T-notes (ZNZ15 +0.12%) this morning are up +3 ticks. Wednesday’s closes: TYZ5 -5.00, FVZ5 -3.00. Dec T-notes on Wednesday closed lower on reduced safe-haven demand with the rally in stocks, and on the relatively strong Beige Book report that raised the possibility that the Fed will go ahead with its rate hike move this year. T-notes received some support from news of tame wage pressures after U.S. Q2 unit labor costs were revised lower to -1.4%.

The dollar index (DXY00 +0.03%) this morning is up +0.084 (+0.09%). EUR/USD (^EURUSD) is down -0.0005 (-0.04%). USD/JPY (^USDJPY) is down -0.05 (-0.04%). Wednesday’s closes: Dollar Index +0.378 (+0.40%), EUR/USD -0.0088 (-0.78%), USD/JPY +0.96 (+0.80%). The dollar index on Wednesday closed higher on (1) weakness in EUR/USD after Eurozone PPI fell -0.1% m/m and -2.1% y/y, which shows benign inflation pressures that may prod the ECB into expanding stimulus, and (2) the upbeat Fed Beige Book which may sway the Fed to raise interest rates this year.

Oct crude oil (CLV15 -0.13%) this morning is down -19 cents (-0.41%) and Oct gasoline (RBV15 +0.58%) is up +0.0108 (+0.76%). Wednesday’s closes: CLV5 +0.84 (+1.85%), RBV5 +0.0344 (+2.46%). Oct crude and gasoline prices on Wednesday recovered from early losses and closed higher on the -1.3% drop in U.S. crude production in the week ended Aug 28 to a 6-3/4 month low and on the rally in U.S. stocks. Crude oil prices were undercut by the +4.67 million bbl surge in weekly EIA crude inventories and news that President Obama has now gained veto-proof support in the Senate for the Iranian nuclear agreement, which virtually ensures that sanctions will be dropped on Iran late this year or early next year.

GLOBAL EVENT CALENDAR09/03/2015
US 0730 ET Aug Challenger job cuts, Jul +125.4% y/y.
0830 ET Weekly initial unemployment claims expected +4,000 to 275,000, previous -6,000 to 271,000. Weekly continuing claims expected -14,000 to 2.255 million, previous +13,000 to 2.269 million.
0830 ET Jul trade balance expected -$ 42.20 billion, Jun -$ 43.84 billion.
0830 ET USDA weekly Export Sales.
0945 ET Final-Aug Markit U.S. services PMI expected -0.2 to 55.0, prelim-Aug -0.5 to 55.2. Final-Aug Markit U.S. Composite PMI, prelim-Aug -0.7 to 55.0.
1000 ET Aug ISM non-manufacturing PMI expected -2.1 to 58.2, Jul +4.3 to 60.3.
1100 ET Treasury announces amount of 3-year T-notes (previous $ 24 billion), 10-year T-notes (previous $ 24 billion) and 30-year T-bonds (previous$ 16 billion) to be auctioned Aug 8-10.
GER 0355 ET Revised German Markit services PMI, previous -0.2 to 53.6.
EUR 0400 ET Revised Eurozone Markit composite PMI, previous +0.2 to 54.1.
0500 ET Eurozone Jul retail sales expected +0.5% m/m and +2.0% y/y, Jun -0.6% m/m and +1.2% y/y.
0745 ET ECB announces interest rate decision.
0830 ET ECB President Mario Draghi holds monthly press conference following ECB meeting.
UK 0430 ET UK Aug Markit/CIPS services PMI expected +0.3 to 57.7, Jul 57.4.
JPN 2130 ET Japan Jul labor cash earnings expected +2.0% y/y, Jun -2.5% y/y. Jul real cash earnings, Jun -3.0% y/y.
U.S. STOCK CALENDAR09/03/2015
Company Ticker Time Event Description Period Estimate
Campbell Soup Co CPB US Bef-mkt Q4 2015 Earnings Release Q4 2015 0.432
Joy Global Inc JOY US 6:00 Q3 2015 Earnings Release Q3 2015 0.604
Fastenal Co FAST US 7:00 August 2015 Sales and Revenue Release 2015
Medtronic PLC MDT US 7:15 Q1 2016 Earnings Release Q1 2016 1.012
L Brands Inc LB US 7:30 August 2015 Sales and Revenue Call 2015
Medtronic PLC MDT US 8:00 Q1 2016 Earnings Call Q1 2016
Campbell Soup Co CPB US 8:30 Q4 2015 Earnings Call Q4 2015
HollyFrontier Corp HFC US 9:00 Analyst Day Y 2015
Joy Global Inc JOY US 11:00 Q3 2015 Earnings Call Q3 2015
Cooper Cos Inc/The COO US 16:00 Q3 2015 Earnings Release Q3 2015 1.948
Landstar System Inc LSTR US 16:00 Q3 2015 Guidance Call – Mid Quarter Q3 2015
VeriFone Systems Inc PAY US 16:30 Q3 2015 Earnings Call Q3 2015
Cooper Cos Inc/The COO US 17:00 Q3 2015 Earnings Call Q3 2015
VeriFone Systems Inc PAY US Aft-mkt Q3 2015 Earnings Release Q3 2015 0.459
Gap Inc/The GPS US August 2015 Sales and Revenue Release 2015
L Brands Inc LB US August 2015 Sales and Revenue Release 2015
Rite Aid Corp RAD US August 2015 Sales and Revenue Release
Marvell Technology Group Ltd MRVL US Q2 2016 Earnings Release Q2 2016 0.11

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