Wed Oct 14 2015
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Live Index – Wed, 14 Oct 2015 Premarket

PREMARKET WORLD NEWS

December E-mini S&Ps (ESZ15 +0.03%) are down -0.08% and European stocks are down -0.61% at a 1-week low on disappointment in company Q3 earnings results. Intel is down nearly 3% in pre-market trading after saying a slowdown in demand may curb sales at its server-chip division, and JPMorgan Chase is down over 1% in pre-market trading after Q3 earnings came in below expectations. Losses were limited on a possible increase in M&A activity as SanDisk jumped nearly 10% in pre-market trading after it was said to hire a bank to explore a potential sale of the company. Asian stocks settled lower: Japan -1.89%, Hong Kong -0.71%, China -0.93%, Taiwan -0.53%, Australia -0.11%, Singapore -0.03%, South Korea -0.45%, India -0.25%. China’s Shanghai Composite closed lower for the first time in six sessions and Japan’s Nikkei Stock Index fell to a 1-week low on deflation concerns in China after China Sep producer prices fell -5.9% y/y, the fastest pace of decline in 6-years and the 43rd consecutive month that producer prices have been negative.

The dollar index (DXY00 -0.21%) is down -0.26% at a 3-week low on speculation the slowdown in China may prompt the Fed to keep interest rates lower for longer. EUR/USD (^EURUSD) is up +0.29% at a 3-week high. USD/JPY (^USDJPY) is down -0.23% at a 1-week low.

Dec T-note prices (ZNZ15 +0.11%) are up +4.5 ticks.

China Sep CPI rose +1.6% y/y, less than expectations of +1.8% y/y. Sep PPI fell -5.9% y/y, right on expectations and matched Aug’s drop as the steepest pace of decline in 6 years.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) weekly MBA mortgage applications (previous +25.5% with purchase sub-index +27.4% and refi sub-index +24.2%), (2) Sep final-demand PPI (expected -0.2% m/m and -0.8% y/y, Aug unch m/m and -0.8% y/y) and Sep PPI ex food & energy (expected +0.1% m/m and +1.2% y/y, Aug +0.3% m/m and +0.9% y/y), (3) Sep retail sales (expected +0.2% and -0.1% ex autos, Aug +0.2% and +0.1% ex autos), (4) Aug business inventories (expected +0.1%, Jul +0.1%), and (5) the Fed’s Beige Book.

There are 8 of the S&P 500 companies report earnings today: Bank of America (consensus $ 0.33), Blackrock (4.55), PNC (1.78), Wells Fargo (1.04), Netflix (0.08), JB Hunt (0.97), Delta Air Lines (1.72), Xilinx (0.46).

U.S. IPO’s scheduled to price today: First Data (FDC), Albertsons (ABS).

Equity conferences during the remainder of this week include: Energy Storage North America Conference on Thu, and Moody’s UK Water Sector Conference on Thu.

PREMARKET U.S. STOCKS

JPMorgan Chase (JPM -0.28%) fell over 1% in pre-market trading after it reported Q3 adjusted EPS of $ 1.29, below consensus of $ 1.38.

Intel (INTC -0.53%) slid nearly 3% in pre-market trading after it reported Q3 EPS of 64 cents, better than consensus of 59 cents, but then projected a slowdown in corporate server demand as businesses scale back capital spending plans.

BlackRock (BLK -0.17%) reported Q3 EPS of $ 5.00, above consensus of $ 4.53.

Bank of America (BAC unch) reported Q3 EPS of 35 cents, higher than consensus of 33 cents.

PNC Financial Services Group (PN -0.71%)C reported Q3 EPS of $ 1.72, weaker than consensus of $ 1.78.

Delta Air Lines (DAL -1.59%) reported Q3 EPS of $ 1.74, better than consensus of $ 1.72.

GoPro (GPRO -1.72%) fell nearly 2% and Under Armour (UA -1.98%) dropped over 1% in after-hours trading after Piper Jaffray downgraded both stocks to ‘Neutral’ from ‘Overweight.’

CSX Corp. (CSX -2.33%) climbed nearly 2% in after-hours trading after it reported Q3 EPS of 52 cents, higher than consensus of 50 cents.

SanDisk (SNDK -1.72%) jumped almost 10% in after-hours trading and Micron (MU +0.83%) rose nearly 3% after Bloomberg reported that SanDisk hired a bank to explore a possible sale and received interest from Micron.

Cepheid (CPHD -8.61%) sank 11% in after-hours trading after it reported a Q3 EPS loss of -13 cents, more than double consensus of a -6 cent loss, and then cut guidance on fiscal 2015 revenue to $ 537 million to $ 541 million from a July estimate of $ 544 million to $ 553 million, below consensus of $ 549.8 million.

Linear Technology (LLTC -0.19%) gained over 3% in after-hours trading after it reported Q1 EPS of 46 cents, right on consensus, but said Q2 revenue would be $ 341.9 million to $ 352.2 million, above consensus of $ 339.2 million.

MARKET COMMENTS

Dec E-mini S&Ps (ESZ15 +0.03%) this morning are down -1.50 points (-0.08%). Tuesday’s closes: S&P 500 -0.68%, Dow Jones -0.29%, Nasdaq -0.68%. The S&P 500 on Tuesday retreated from a 1-1/2 month high and closed lower on global growth concerns after China Sep imports dropped -20.4% y/y, a bigger decline than expectations of -16.0% y/y and the largest decline in 7 months. There was also carryover weakness from a slide in European stocks after the German ZEW survey expectations of economic growth fell -10.2 to a 1-year low of 1.9. On the positive side, there was increased M&A activity after Anheuser-Busch InBev NV bought SABMiller Plc for $ 106 billion.

Dec 10-year T-notes (ZNZ15 +0.11%) this morning are up +4.5 ticks. Tuesday’s closes: TYZ5 +3.00, FVZ5 +2.75. Dec T-notes on Tuesday closed higher on hopes for a delayed Fed rate hike after China Sep imports fell by the most in 7 months. In addition, the 10-year T-note breakeven inflation expectations rate fell to a 1-week low.

The dollar index (DXY00 -0.21%) this morning is down-0.243 (-0.26%) at a 3-week low. EUR/USD (^EURUSD) is up +0.0033 (+0.29%) at a 3-week high. USD/JPY (^USDJPY) is down -0.27 (-0.23%) at a 1-week low. Tuesday’s closes: Dollar Index -0.082 (-0.09%), EUR/USD +0.0021 (+0.18%), USD/JPY -0.29 (-0.24%). The dollar index on Tuesday fell to a 3-week low and closed lower on reduced Fed rate hike concerns after the -20.4% y/y plunge in China Sep imports, the most in 7 months, and the decline in the 10-year T-note breakeven inflation expectations rate to a 1-week low.

Nov crude oil this morning is down -10 cents (-0.21%) at a 1-week low and Nov gasoline is down -0.0035 (-0.27% at a 1-month low. Tuesday’s closes: CLX5 -0.44 (-0.93%), RBX5 -0.0288 (-2.15%). Nov crude oil and gasoline prices on Tuesday closed lower with Nov gasoline at a 1-week low. Energy prices were undercut by the sell-off in stocks and expectations for weekly EIA crude inventories to climb +2.6 million bbl. A supportive factor for crude was signs of strong Chinese demand for crude with China Jan-Sep crude imports of 249 MMT. up +8.8% y/y and the most in 5 years.

GLOBAL EVENT CALENDAR10/14/2015
US 0700 ET Weekly MBA mortgage applications, previous +25.5% with purchase sub-index +27.4% and refi sub-index +24.2%.
0830 ET Sep PPI final demand expected -0.2% m/m and -0.8% y/y, Aug unch m/m and -0.8% y/y. Sep PPI ex food & energy expected +0.1% m/m and +1.2% y/y, Aug +0.3% m/m and +0.9% y/y.
0830 ET Sep retail sales expected +0.2% and -0.1% ex autos, Aug +0.2% and +0.1% ex autos.
1000 ET Aug business inventories expected +0.1%, Jul +0.1%.
1400 ET Fed Beige Book.
UK 0430 ET UK Sep jobless claims change expected -2,200, Aug +1,200. Sep claimant count rate expected unch at 2.3%.
0430 ET UK Aug avg weekly earnings expected +3.1% 3-mo avg y/y, Jul +2.9% 3-mo avg y/y. Aug weekly earnings ex-bonus expected +3.0% 3-mo avg y/y, Jul +2.9% 3-mo avg y/y.
0430 ET UK Aug ILO unemployment rate expected +5.5% for the 3-months through Aug, previous +5.5% for the 3-months through Jul.
EUR 0500 ET Eurozone Aug industrial production expected -0.5% m/m and +1.8% y/y, Jul +0.6% m/m and +1.9% y/y.
U.S. STOCK CALENDAR10/14/2015
Company Ticker Time Event Description Period Estimate
PNC Financial Services Group Inc/The PNC US Bef-mkt Q3 2015 Earnings Release Q3 2015 1.784
BlackRock Inc BLK US Bef-mkt Q3 2015 Earnings Release Q3 2015 4.546
Delta Air Lines Inc DAL US Bef-mkt Q3 2015 Earnings Release Q3 2015 1.716
Bank of America Corp BAC US 7:00 Q3 2015 Earnings Release Q3 2015 0.326
Patterson Cos Inc PDCO US 7:30 Analyst and Investor Day Y 2015
Wells Fargo & Co WFC US 8:00 Q3 2015 Earnings Release Q3 2015 1.041
CSX Corp CSX US 8:30 Q3 2015 Earnings Call Q3 2015
Bank of America Corp BAC US 8:30 Q3 2015 Earnings Call Q3 2015
Iron Mountain Inc IRM US 8:30 Investor Day Y 2015
BlackRock Inc BLK US 8:30 Q3 2015 Earnings Call Q3 2015
Wells Fargo & Co WFC US 10:00 Q3 2015 Earnings Call Q3 2015
Wal-Mart Stores Inc WMT US 10:00 Investment Community Meeting Y 2015
Paychex Inc PAYX US 10:00 Annual General Meeting Y 2015
Delta Air Lines Inc DAL US 10:00 Q3 2015 Earnings Call Q3 2015
News Corp NWSA US 10:00 Annual General Meeting Y 2015
PNC Financial Services Group Inc/The PNC US 11:00 Q3 2015 Earnings Call Q3 2015
Linear Technology Corp LLTC US 11:30 Q1 2016 Earnings Call Q1 2016
NIKE Inc NKE US 12:00 Investor Day Y 2015
Netflix Inc NFLX US 16:05 Q3 2015 Earnings Release Q3 2015 0.076
Xilinx Inc XLNX US 17:00 Q2 2016 Earnings Call Q2 2016
Netflix Inc NFLX US 17:00 Q3 2015 Earnings Call Q3 2015
Cintas Corp CTAS US Annual General Meeting
JB Hunt Transport Services Inc JBHT US Q3 2015 Earnings Release Q3 2015 0.973
Xilinx Inc XLNX US Q2 2016 Earnings Release Q2 2016 0.463

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