Tue Sep 22 2015
Live Index (1448 articles)

Live Index – Tue, 22 Sep 2015 Premarket

PREMARKET WORLD NEWS

December E-mini S&Ps (ESZ15 -1.41%) are down -1.44% at a 1-week low and European stocks are down -2.51% at a 4-week low. A -2.53% drop in copper prices (HGZ15 -2.57%) to a 2-week low has undercut miners and commodity producers with Rio Tinto Group and BHP Billiton Ltd. down over 4%, while Glencore Plc, the world’s second-largest copper producer, tumbled 9%. European auto makers have been hammered with Volkswagen AG down 20% as U.S. officials familiar with the inquiry said the Justice Department is investigating claims that Volkswagen cheated on federal air-pollution tests. Peugeot SA slid 6.5% after France’s finance minister called for a European investigation of the auto industry. Health-care stocks are also lower, with Roche Holding AG and Novartis AG down almost 3%, after U.S. presidential candidate Clinton said she will propose price caps and research-and-development spending guidelines for the pharmaceutical industry. Asian stocks closed mixed: Japan closed for holiday, Hong Kong +0.18%, China +0.92%, Taiwan +0.71%, Australia +0.74%, Singapore -0.48%, South Korea +0.83%, India -2.07%. China’s Shanghai Composite posted a 1-week high as brokerage stocks rallied on prospects of an exchange link between London and Shanghai after British officials said they will study the feasibility of setting up a London-Shanghai stock trading link.

The dollar index (DXY00 +0.16%) is up +0.14% at a 1-week high. EUR/USD (^EURUSD) is down -0.27% at a 1-1/2 week low. USD/JPY (^USDJPY) is down -0.55%.

Dec T-note prices (ZNZ15 +0.28%) are up +11 ticks on carryover support from a rally in German bunds as the 10-year bund yield fell to a 4-week low of 0.619% as speculation mounts the ECB will expand stimulus after ECB Executive Board member Praet said that policy makers would “forcefully react” to defend their inflation objective.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) July FHFA house price index (expected +0.4% m/m, Jun +0.2% m/m), (2) Sep Richmond Fed manufacturing index (expected +2 to 2, Aug -13 to 0), and (3) the Treasury’s auction of $ 26 billion of 2-year T-notes.

There are 8 companies in the Russell 1000 index that report earnings today: AutoZone (consensus $ 12.68), General Mills (0.69), Darden Restaurants (0.58), FactSet (1.47), CarMax (0.76), ConAgra (0.40), Carnival (1.63), Copart (0.39).

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

Equity conferences during the remainder of this week include: Raymond James North American Equities Conference on Tue, Scotia Capital Fertilizer & Chemicals Conference on Tue, and Mitsubishi UFJ Securities: Utilities Conference – New York on Thu.

 

 

 

PREMARKET U.S. STOCKS

NetApp (NTAP -0.45%) was downgraded to ‘Sell’ from ‘Neutral’ at Goldman Sachs.

ConAgra Foods (CAG +0.43%) reported Q1 EPS of 45 cents, higher than consensus of 40 cents.

F5 Networks (FFIV +0.55%) was downgraded to ‘Neutral’ from ‘Buy’ at Guggenheim.

CarMax (KMAX) reported Q2 EPS of 82 cents, better than consensus of 76 cents.

General Mills (GIS +0.39%) reported Q1 EPS of 79 cents, above consensus of 69 cents,

Darden Restaurants (DRI +1.17%) reported Q1 EPS of 68 cents, better than consensus of 58 cents.

AutoZone (AZO +0.47%) reported Q4 EPS of $ 12.75, higher than consensus of $ 12.68.

HSBC (HSBC +0.87%) was upgraded to ‘Conviction Buy’ from ‘Buy’ at Goldman SAchs.

The Apple (AAPL +1.55%) iPhone 6s and iPhone 6s Plus are now sold out worldwide ahead of Friday’s launch, reports 9 to 5 Mac.

Chubb (CB +1.57%) was initiated with a ‘Buy’ at Sterne Agee CRT.

Red Hat (RHT +2.34%) reported Q2 EPS of 47 cents, higher than consensus of 44 cents, and then raised guidance on fiscal 2016 EPS to $ 1.85-$ 1.87f rom $ 1.81-$ 1.84, above consensus of $ 1.83.

Thor Industries (THO +0.96%) reported Q4 EPS of $ 1.31, better than consensus of $ 1.30.

Jack in the Box (JACK -0.75%) announced a new $ 200 million stock repurchase program.

Luminus Management reported a 6.6% passive stake in TransAlta (TAC -2.56%) .

MARKET COMMENTS

Dec E-mini S&Ps (ESZ15 -1.41%) this morning are down sharply by -28.25 points (-1.44%). Monday’s closes: S&P 500 +0.46%, Dow Jones +0.77%, Nasdaq +0.28%. The S&P 500 index on Monday closed higher on positive carryover from a +1.89% rally in China’s Shanghai Composite and on speculation that uneven economic data may further delay a Fed interest rate increase after U.S. Aug existing home sales fell -4.8% to 5.31 million, weaker than expectations of -1.6% to 5.50 million. Energy-producer stocks rose as crude oil prices rallied.

Dec 10-year T-notes (ZNZ15 +0.28%) this morning are up +11 ticks. Monday’s closes: TYZ5 -19.00, FVZ5 -9.75. Dec T-notes Monday closed lower on supply pressures as the Treasury auctions $ 103 billion of T-notes this week, comments from San Francisco Fed President Williams who said he expects a Fed rate increase sometime this year, and reduced safe-haven demand for T-notes as stocks rallied.

The dollar index (DXY00 +0.16%) this morning is up +0.133 (+0.14%) at a 1-week high. EUR/USD (^EURUSD) is down -0.0030 (-0.27%) at a 1-1/2 week low. USD/JPY (^USDJPY) is down -0.66 (-0.55%). Monday’s closes: Dollar Index +1.031 (+1.09%), EUR/USD -0.0108 (-0.96%), USD/JPY +0.58 (+0.48%). The dollar index on Monday climbed to a 1-week high on San Francisco Fed President Williams’ comment that Thursday’s FOMC decision was a “close call” and that he expects a Fed rate increase sometime this year. EUR/USD fell to a 1-week low on deflation concerns after German Aug PPI fell -0.5% m/m, the largest drop in 7 months.

Nov crude oil (CLX15 -2.45%) this morning is down -$ 1.16 a barrel (-2.47%) and Nov gasoline (RBX15 -0.74%) is down -0.0071 (-0.51%). Monday’s closes: CLX5 +1.70 (+3.78%), RBX5 +0.0443 (+3.31%). Nov crude oil and gasoline prices on Monday closed higher on last Friday’s Baker Hughes report showing that active U.S. oil rigs fell for a third straight week and on the rally in stocks that boosted confidence in the economic and energy demand outlook.

GLOBAL EVENT CALENDAR09/22/2015
US0900 ETJul FHFA house price index expected +0.4% m/m, Jun +0.2% m/m.
1000 ETSep Richmond Fed manufacturing survey expected +2 to 2, Aug -13 to 0.
1300 ETTreasury auctions $ 26 billion of 2-year T-notes.
1500 ETUSDA Aug Cold Storage.
1830 ETAtlanta Fed President Dennis Lockhart speaks on the economy to the Alabama World Affairs Council.
UK0430 ETUK Aug public sector net borrowing expected +8.8 billion pounds, Jul -2.1 billion pounds.
0600 ETUK Sep CBI trends total orders expected +1 to 0, Aug -1. Sep CBI trends selling prices expected +1 to -5, Aug 6.
EUR1000 ETEurozone Sep consumer confidence expected -0.1 to -7.0, Aug -6.9.
CHI2145 ETChina Sep Caixin manufacturing PMI expected +0.2 to 47.5, Aug -0.5 to 47.3.
U.S. STOCK CALENDAR09/22/2015
CompanyTickerTimeEvent DescriptionPeriodEstimate
AutoZone IncAZO USBef-mktQ4 2015 Earnings ReleaseQ4 201512.682
General Mills IncGIS USBef-mktQ1 2016 Earnings ReleaseQ1 20160.689
Darden Restaurants IncDRI USBef-mktQ1 2016 Earnings ReleaseQ1 20160.575
FactSet Research Systems IncFDS USBef-mktQ4 2015 Earnings ReleaseQ4 20151.471
CarMax IncKMX USBef-mktQ2 2016 Earnings ReleaseQ2 20160.755
ConAgra Foods IncCAG US7:30Q1 2016 Earnings ReleaseQ1 20160.397
MEDNAX IncMD US8:00Analyst and Investor DayY 2015
General Mills IncGIS US8:30Q1 2016 Earnings CallQ1 2016
Darden Restaurants IncDRI US8:30Q1 2016 Earnings CallQ1 2016
CarMax IncKMX US9:00Q2 2016 Earnings CallQ2 2016
Carnival CorpCCL US9:15Q3 2015 Earnings ReleaseQ3 20151.626
ConAgra Foods IncCAG US9:30Q1 2016 Earnings CallQ1 2016
AutoZone IncAZO US10:00Q4 2015 Earnings CallQ4 2015
Carnival CorpCCL US10:00Q3 2015 Earnings CallQ3 2015
Bank of America CorpBAC US10:00Extraordinary Shareholders MeetingY 2015
FactSet Research Systems IncFDS US11:00Q4 2015 Earnings CallQ4 2015
Splunk IncSPLK US12:00Investor and Analyst MeetingY 2015
Parker-Hannifin CorpPH US13:00Investor MeetingY 2015
Copart IncCPRT USAft-mktQ4 2015 Earnings ReleaseQ4 20150.385
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