Fri Oct 23 2015
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Live Index – Fri, 23 Oct 2015 Premarket

PREMARKET WORLD NEWS

December E-mini S&Ps (ESZ15 +0.99%) are up +0.38% and European stocks are up +1.79%, both at 2-month highs, as a rally in technology stocks leads the overall market higher. Amazon.com, Google and Microsoft are all up at least 7% in pre-market trading after they posted quarterly profits that beat expectations. M&A activity has given equities a boost as well with Cable & Wireless Communications Plc up 9% after it confirmed that it is in talks for a takeover by Liberty Global Plc. Asian stocks settled higher: Japan +2.11%, Hong Kong +1.34%, China +1.30%, Taiwan +0.76%, Australia +1.67%, Singapore +1.00%, South Korea +0.89%, India +0.67%. China’s Shanghai Composite closed higher as property stocks rose after China Sep new home prices increased in the most cities in 17 months. Japan’s Nikkei Stock index rallied up to a 1-1/2 month high, led by strength in technology stocks, and after a gauge of Japanese manufacturing activity expanded at the fastest pace in 19 months.

The dollar index (DXY00 +0.08%) is up +0.06% at a 4-week high. EUR/USD (^EURUSD) is down -0.13% at a 2-month low on carryover from ECB President Draghi’s comments on Thursday that the ECB may expand QE in December. USD/JPY (^USDJPY) is down -0.17%.

Dec T-note prices (ZNZ15 -0.30%) are down -8 ticks.

China Sep new home prices rose in more than half of the 70 cities monitored by the government, the most in 17 months. New-home prices rose in 39 cities compared with 35 in August, and home prices dropped in 21 cities, fewer than the 25 that fell in Aug.

The Eurozone Oct Markit composite PMI unexpectedly rose +0.4 to 54.0, stronger than expectations of -0.2 to 53.4.

The German Oct Markit/BME manufacturing PMI fell -0.7 to 51.6, weaker than expectations of -0.6 to 51.7 and the slowest pace of expansion in 5 months.

The Japan Oct Nikkei manufacturing PMI unexpectedly rose +1.5 to 52.5, stronger than expectations of -0.5 to 50.5 and the fastest pace of expansion in 19 months.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) preliminary-Oct U.S. Markit manufacturing PMI (expected -0.4 to 52.7, Sep +0.1 to 53.1).

There are 10 of the S&P 500 companies that report earnings today with notable reports including: P&G (consensus $ 0.95), American Airlines (2.72), State Street (1.24), Royal Caribbean Cruises (2.71), DTE Energy (1.25), Whirlpool (3.29).

U.S. IPO’s scheduled to price today: NovaBay Pharmaceuticals (NBY).

Equity conferences during the remainder of this week include: none.

PREMARKET U.S. STOCKS

Amazon.com (AMZN +1.46%) jumped over 10% in after-hours trading after it reported an unexpected Q3 EPS profit of 17 cents, well above consensus of a -13 cent loss.

Google (GOOG +1.43%) surged 10% in after-hours trading after it reported Q3 EPS of $ 7.35, better than consensus of $ 7.20.

Microsoft (MSFT +1.76%) climbed over 8% in after-hours trading after it reported Q1 adjusted EPS of 67 cents, above consensus of 59 cents.

AT&T (T +1.07%) rose nearly 2% in after-hours trading after it reported Q3 EPS of 74 cents, higher than consensus of 69 cents, and then raised guidance on fiscal 2015 earnings to $ 2.68-$ 2.74, above consensus of $ 2.64.

LyondellBasell Industries NV (LYB +3.57%) reported Q3 EPS of $ 2.80, better than consensus of $ 2.57.

American Airlines Group (AAL +3.79%) reported Q3 EPS of $ 2.77, higher than consensus of $ 2.72.

Fortinet (FTNT +3.17%) slumped over 12% in after-hours trading after it reported Q3 EPS of 14 cents, above consensus of 12 cents, but then said it sees Q4 EPS of 18 cents-19 cents, below consensus of 21 cents.

Athenahealth (ATHN -4.26%) rose nearly 8% in after-hours trading after it reported Q3 EPS of 36 cents, better than consensus of 26 cents.

Capital One Financial (COF +1.71%) rose nearly 3% in after-hours trading after it reported Q3 EPS of $ 2.10, higher than consensus of $ 1.94.

LogMeIn (LOGM +2.39%) gained 3% in after-hours trading after it reported Q3 EPS of 46 cents, above consensus of 43 cents, and then said it sees Q4 EPS of 46 cents-47 cents, higher than consensus of 43 cents.

Maxim Integrated Products (MXIM -0.81%) dropped over 5% in after-hours trading after it lowered guidance on Q2 EPS to 29 cents-35 cents, below consensus of 42 cents.

Juniper Networks (JNPR -0.13%) rose over 5% in after-hours trading after it reported adjusted Q3 EPS of 57 cents, above consensus of 53 cents.

Pandora (P -0.36%) plunged over 15% in after-hours trading after it reported Q3 EPS of 10 cents, right on consensus, but then lowered guidance on fiscal 2015 revenue to $ 1.15-$ 1.16 billion from a July estimate of $ 1.175-$ 1.185 billion, below consensus of $ 1.18 billion.

MARKET COMMENTS

Dec E-mini S&Ps (ESZ15 +0.99%) this morning are up +7.75 points (+0.38%) at a fresh 2-month high. Thursday’s closes: S&P 500 +1.66%, Dow Jones +1.87%, Nasdaq +2.03%. The S&P 500 on Thursday climbed to a 2-month high and closed sharply higher on carryover support from a rally in European stocks after ECB President Draghi suggested that the ECB may review additional stimulus measures at their December meeting to thwart downside risks to growth and inflation. Stocks also received a boost from the +4.7% increase in U.S. Sep existing home sales to 5.55 million, stronger than expectations of +1.5% to 5.39 million, and mostly positive Q3 company earnings results thus far.

Dec 10-year T-notes (ZNZ15 -0.30%) this morning are down -8 ticks. Thursday’s closes: TYZ5 +2.00, FVZ5 +2.00. Dec T-notes on Thursday closed higher on carryover support from a rally in German bunds to a 3-week high and the larger-than-expected decline in U.S. Sep leading indicators. T-notes were undercut by the rally in the S&P 500 to a 2-month high and the stronger-than-expected U.S. Sep existing home sales.

The dollar index (DXY00 +0.08%) this morning is up +0.060 (+0.06%) at a 4-week high. EUR/USD (^EURUSD) is down -0.0014 (-0.13%) at a 2-month low. USD/JPY (^USDJPY) is down -0.17%. Thursday’s closes: Dollar Index +1.343 (+1.41%), EUR/USD -0.023 (-2.03%), USD/JPY +0.76 (+0.63%). The dollar index on Thursday rose to a 3-week high and closed higher on weakness in EUR/USD which slumped to a 1-1/2 month low after ECB President Draghi hinted the ECB may need to expand QE in December. Also, there was a rally in USD/JPY to a 3-week high as a rally in stocks undercut the safe-haven demand for the yen.

Dec crude oil (CLZ15 +0.59%) this morning is up +3 cents (+0.07%) and Dec gasoline (RBZ15 +0.61%) is up +0.0025 (+0.19%). Thursday’s closes: CLZ5 +0.18 (+0.40%), RBZ5 +0.0294 (+2.29%). Dec crude oil and gasoline on Thursday settled higher on the rally in the S&P 500 to a 2-month high and on strength in gasoline as the crack spread rose to a near 2-week high, which may boost refinery demand for crude in order to increase gasoline production. Crude oil prices were undercut by the rally in the dollar index to a 3-week high.

GLOBAL EVENT CALENDAR10/23/2015
US0945 ETPreliminary Oct U.S. Markit manufacturing PMI expected -0.4 to 52.7, Sep +0.1 to 53.1.
1500 ETUSDA Sep Cattle on Feed.
JPN0100 ETRevised Japan Aug leading index CI, previous 103.5. Revised Aug coincident index, previous 112.5.
GER0330 ETGerman Oct Markit/BME manufacturing PMI expected -0.6 to 51.7, Sep 52.3. Oct Markit services PMI expected -0.2 to 53.9, Sep 54.1.
EUR0400 ETEurozone Oct Markit manufacturing PMI expected -0.3 to 51.7, Sep 52.0. Oct Markit composite PMI expected 0.2 to 53.4, Sep 53.6.
U.S. STOCK CALENDAR10/23/2015
CompanyTickerTimeEvent DescriptionPeriodEstimate
American Airlines Group IncAAL USBef-mktQ3 2015 Earnings ReleaseQ3 20152.721
Cabot Oil & Gas CorpCOG USBef-mktQ3 2015 Earnings ReleaseQ3 20150.001
Procter & Gamble Co/ThePG USBef-mktQ1 2016 Earnings ReleaseQ1 20160.946
Ventas IncVTR USBef-mktQ3 2015 Earnings ReleaseQ3 20151.069
State Street CorpSTT USBef-mktQ3 2015 Earnings ReleaseQ3 20151.239
Royal Caribbean Cruises LtdRCL USBef-mktQ3 2015 Earnings ReleaseQ3 20152.709
DTE Energy CoDTE USBef-mktQ3 2015 Earnings ReleaseQ3 20151.246
LyondellBasell Industries NVLYB USBef-mktQ3 2015 Earnings ReleaseQ3 20152.567
Whirlpool CorpWHR US6:00Q3 2015 Earnings ReleaseQ3 20153.289
VF CorpVFC US7:00Q3 2015 Earnings ReleaseQ3 20151.117
American Airlines Group IncAAL US8:30Q3 2015 Earnings CallQ3 2015
Procter & Gamble Co/ThePG US8:30Q1 2016 Earnings CallQ1 2016
VF CorpVFC US8:30Q3 2015 Earnings CallQ3 2015
DTE Energy CoDTE US9:00Q3 2015 Earnings CallQ3 2015
Cabot Oil & Gas CorpCOG US9:30Q3 2015 Earnings CallQ3 2015
State Street CorpSTT US9:30Q3 2015 Earnings CallQ3 2015
Southwestern Energy CoSWN US10:00Q3 2015 Earnings CallQ3 2015
Ventas IncVTR US10:00Q3 2015 Earnings CallQ3 2015
Whirlpool CorpWHR US10:00Q3 2015 Earnings CallQ3 2015
Royal Caribbean Cruises LtdRCL US10:00Q3 2015 Earnings CallQ3 2015
Principal Financial Group IncPFG US10:00Q3 2015 Earnings CallQ3 2015
LyondellBasell Industries NVLYB US11:00Q3 2015 Earnings CallQ3 2015
Harris CorpHRS US13:00Annual General Meeting

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