Thu Oct 08 2015
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Live Index – Thu, 08 Oct 2015 Premarket

PREMARKET WORLD NEWS

December E-mini S&Ps (ESZ15 -0.31%) are down -0.36% and European stocks are down -0.28% after disappointing German export data added to concerns that the global recovery may be weaker than previously thought. German Aug exports fell by the most in 6-1/2 years, although European stocks recovered a good portion of their losses on speculation the weak trade data may spur the ECB into expanding QE. Automakers are also higher, led by a +2.9% increase in Fiat Chrysler Automobiles NV, after the company reached a tentative agreement with the United Auto Workers Union in the U.S. to avert a strike. Asian stocks settled mostly lower: Japan -0.99%, Hong Kong -0.71%, China +2.97%, Taiwan -0.58%, Australia +0.24%, Singapore -0.50%, South Korea +1.03%, India -0.70%. China’s Shanghai Composite resumed trade after a week-long holiday and closed up nearly 3% on speculation the government will take additional steps to revive economic growth.

The dollar index (DXY00 -0.27%) is down % at a 2-week low. EUR/USD (^EURUSD) is up +0.53%. USD/JPY (^USDJPY) is down -0.17%.

Dec T-note prices (ZNZ15 +0.10%) are up +4.5 ticks.

As expected, the BOE maintained its benchmark interest rate at 0.50% and kept its asset purchase target at 375 billion pounds following today’s policy meeting.

The German Aug trade balance shrank to a surplus of 15.3 billion euros, less than expectations of 19.0 billion euros and the smallest surplus in a year. Aug exports fell -5.2% m/m, a bigger drop than expectations of -0.9% m/m and the largest decline in 6-1/2 years. Aug imports fell -3.1% m/m, a bigger drop than expectations of -0.6% m/m and the largest decline in 2-3/4 years.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) weekly initial unemployment claims (expected -3,000 to 274,000, previous +10,000 to 277,000) and continuing claims (expected +9,000 to 2.200 million, previous 53,000 to 2.191 million), (2) the minutes of the Sep 16-17 FOMC meeting, (3) the Treasury’s auction of $ 13 billion of 30-year T-bonds, (4) welcoming remarks by Minneapolis Fed President Narayana Kocherlakota followed by a forum at the Greater Mankato Growth Event at Minnesota State University, and (5) San Francisco Fed President John Williams’ speech on the economic outlook to the Spokane Metropolitan Area Business and Community Leaders’ Luncheon.

There are 2 of the Russell 2000 companies report earnings today: Alcoa (consensus $ 0.13), Domino’s Pizza (0.74).

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

Equity conferences during the remainder of this week include: Goldman Sachs EMEA Leveraged Finance Conference on Thu.

 

 

PREMARKET U.S. STOCKS

Domino’s Pizza (DPZ +0.72%) reported Q3 adjusted EPS of 67 cents, below consensus of 76 cents.

Fiat Chrysler Automobiles NV (FCAU +4.00%) rose 1.5% in pre-market trading after the company reached a tenative agreement with the United Auto Workers Union in the U.S. to avert a strike.

EMC Corp. (EMC +0.58%) jumped nearly 7% in pre-market trading after people familiar with the matter said Dell is in talks to combine with all or part of the company.

AmSurg (AMSG +2.73%) rose over 1% in after-hours trading after it was announced it will replace Con-way in the S&P Midcap 400 effective the close of trading Oct 14.

Newtek Business Services (NEWT -2.00%) dropped 3% in after-hours trading after it said it plans to make a public offering of 2 million shares of common stock.

Mistras Group (MG +3.04%) jumped 16% in after-hours trading after it reported Q1 adjusted EPS of 23 cents, more than double consensus of 9 cents.

Chemours (CC -4.14%) surged over 15% in after-hours trading after Apollo Global Management LLC said it was mulling a buyout of the company.

Tilly’s (TLYS +1.56%) climbed nearly 3% in after-hours trading after it announced that Dan Griesemer resigned as CEO and Ed Thomas, ex-CEO of Wet Seal, will replace him as new CEO.

Zumiez (ZUMZ +4.05%) rose over 7% in after-hours trading after it reported that total net sales for the five weeks ended Oct 3 grew +1.5% y/y to 67.3 million.

Journal Media Group (JMG +5.46%) jumped 8% in after-hours trading after Gannet said it was near a deal to buy the company for $ 300 million.

Deutsche Bank (DB +1.37%) fell nearly 6% in after-hours trading after it said it expects a surprise Q3 loss of 6.2 billion euros ($ 7 billion) after writing down the value of its two biggest divisions and boosting its reserve for legal costs. Prices recovered, however, and are now up nearly 1% in pre-market trading on speculation the potential elimination of the company’s dividend may allow it to overhaul its structure and increase capital without issuing additional stock.

Cardiovascular Systems (CSII -1.36%) slumped over 15% in after-hours trading after the company reported preliminary Q1 revenue of $ 43.9 million, below consensus of $ 49.4 million, and said it sees a loss of -41 cents to -43 cents a share, a bigger loss than consensus of -39 cents.

MARKET COMMENTS

Dec E-mini S&Ps (ESZ15 -0.31%) this morning are down -7.25 points (-0.36%). Wednesday’s closes: S&P 500 +0.80%, Dow Jones +0.73%, Nasdaq +0.62%. The S&P 500 on Wednesday rose to a 2-1/2 week high and closed higher on a rally in miners and metals producers as the price of copper rose to a 2-week high and after Morgan Stanley upgraded the sectors to “Attractive.” In addition, there was M&A activity after Anheuser-Busch InBev NV raised its offer for SABMiller to $ 104 billion. Stocks fell back from earlier highs as energy producers declined on a sell-off in crude oil prices on the bearish weekly EIA data.

Dec 10-year T-notes (ZNZ15 +0.10%) this morning are up +4.5 ticks. Wednesday’s closes: TYZ5 -7.00, FVZ5 -5.75. Dec T-note prices on Wednesday closed lower on the rally in stock prices, an increase in the 10-year T-note breakeven inflation rate to a 2-week high, and supply pressures as the Treasury auctioned $ 21 billion of 10-year T-notes and auctions $ 13 billion of 30-year T-bonds on Thursday.

The dollar index (DXY00 -0.27%) this morning is down -0.273 (-0.29%) at a 2-week low. EUR/USD (^EURUSD) is up +0.0059 (+0.53%). USD/JPY (^USDJPY) is down -0.21 (-0.17%). Wednesday’s closes: Dollar Index +0.042 (+0.04%), EUR/USD -0.0035 (-0.31%), USD/JPY -0.22 (-0.18%). The dollar index on Wednesday closed slightly higher on an increase in U.S. inflation expectations after the 10-year T-note breakeven inflation rate climbed to a 2-week high, and weakness in EUR/USD on speculation the ECB may expand easing measures after German Aug industrial production unexpectedly fell -1.2%, the biggest decline in a year. GBP/USD rallied to a 2-week high after UK Aug industrial production rose +1.0% m/m, the largest increase in 18 months. USD/JPY saw weakness as the yen strengthened after the BOJ refrained from additional stimulus measures following the 2-day policy meeting.

Nov crude oil (CLX15 +0.59%) this morning is up +9 cents (+0.19%) and Nov gasoline (RBX15 -0.04%) is down -0.0059 (-0.42%). Wednesday’s closes: CLX5 -0.72 (-1.48%), RBX5 -0.0327 (-2.28%). Nov crude oil and gasoline prices closed lower on Wednesday with Nov crude retreating from a 2-1/2 month nearest futures high. The weekly EIA report was bearish due to the +3.07 million bbl increase in weekly EIA crude inventories (vs expectations of +2.25 million bbl), the +98,000 bbl increase in crude supplies at Cushing, the first increase in 6 weeks, and the +0.8% increase in U.S. crude production to 9.172 million bpd in the week ended Oct 2.

GLOBAL EVENT CALENDAR10/08/2015
US0830 ETWeekly initial unemployment claims expected -3,000 to 274,000, previous +10,000 to 277,000. Weekly continuing claims expected +9,000 to 2.200 million, previous 53,000 to 2.191 million.
0830 ETUSDA weekly Export Sales.
1300 ETTreasury auctions $ 13 billion of 30-year T-bonds.
1300 ETMinneapolis Fed President Narayana Kocherlakota gives welcoming remarks followed by a forum at the Greater Mankato Growth Event at Minnesota State University.
1400 ETMinutes of the Sep 16-17 FOMC meeting.
1530 ETSan Francisco Fed President John Williams delivers a speech on the economic outlook to the Spokane Metropolitan Area Business and Community Leaders Luncheon.
JPN0030 ETJapan Sep bankruptcies, Aug -13.06% y/y.
0100 ETJapan Sep eco-watchers survey current expected -0.3 to 49.0, Aug 49.3. Sep eco-watchers survey outlook expected +0.1 to 48.3, Aug 48.2.
GER0200 ETGerman Aug trade balance expected +19.0 billion euros, Jul +25.0 billion euros. Aug exports expected -0.9% m/m, Jul +2.5% m/m. Aug imports expected -0.6% m/m, Jul +2.3% m/m.
0200 ETGerman Aug current account balance expected +16.7 billion euros, Jul+23.4 billion euros.
UK0700 ETBOE announces interest rate decision and asset purchase target, expected no change to the 0.50% benchmark rate or to the 375 billion pound asset purchase target.
U.S. STOCK CALENDAR10/08/2015
CompanyTickerTimeEvent DescriptionPeriodEstimate
L Brands IncLB US7:30September 2015 Sales and Revenue Release – Sales Report2015
L Brands IncLB US7:30September 2015 Sales and Revenue Call2015
Domino’s Pizza IncDPZ US7:30Q3 2015 Earnings ReleaseQ3 20150.739
Leucadia National CorpLUK US9:00Investor MeetingY 2015
Domino’s Pizza IncDPZ US10:00Q3 2015 Earnings CallQ3 2015
Franklin Resources IncBEN US12:00Annual General MeetingY 2015
Alcoa IncAA US17:00Q3 2015 Earnings CallQ3 2015
United Continental Holdings IncUAL US17:00September 2015 Sales and Revenue Release – Operational Performance2015
Alcoa IncAA USAft-mktQ3 2015 Earnings ReleaseQ3 20150.128
Gap Inc/TheGPS USSeptember 2015 Sales and Revenue Release2015
RPM International IncRPM USAnnual General MeetingY 2015
Xcel Energy IncXEL USInvestor Meeting – Day 3Y 2015
General Motors CoGM USGeneral Motors Deposition of CEO, Mary Barra, in Inition-Switch Defect Case

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