Tue Oct 27 2015
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Live Index – Tue, 27 Oct 2015 Premarket

PREMARKET WORLD NEWS

December E-mini S&Ps (ESZ15 -0.07%) are down -0.04% and European stocks are down -0.20% ahead of Apple quarterly earnings and before the FOMC begins its 2-day policy meeting. With nearly no chance of a Fed rate hike priced into this month’s FOMC meeting, the markets will look to Wednesday’s post-FOMC meeting statement to gauge the Fed’s assessment of the economy and to when it may begin to raise interest rates. Weakness in energy producers is also pulling the overall market lower with Dec crude (CLZ15 -1.32%) down -1.16% to a 1-3/4 month low. European stocks were also pressured by a 3.3% drop in BASF SE after the world’s largest chemical maker cut its full-year growth targets due to the slide in crude prices and slowing demand in Brazil and China. Asian stocks settled mostly lower: Japan -0.90%, Hong Kong +0.11%, China +0.14%, Taiwan -0.50%, Australia -0.03%, Singapore -0.99%, South Korea -0.13%, India -0.40%. Asian stocks were undercut by weakness in energy producers and Japanese stocks also closed lower as exporters sold-off when the yen strengthened against the dollar, which reduces the earnings prospects of exporters. China’s Shanghai Stock Index erased losses in the last hour of trade and closed higher after defense stocks rallied as a U.S. navy patrol sailed close to islands in the South China Sea claimed by China.

The dollar index (DXY00 -0.12%) is down -0.08%. EUR/USD (^EURUSD) is unchanged. USD/JPY (^USDJPY) is down -0.58%.

Dec T-note prices (ZNZ15 +0.05%) are up +1.5 ticks.

ECB Executive Board member Praet said the ECB is looking at ways to lift inflation without “taboos” as “we are in a situation in which the reaching of our objective could be delayed.”

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Sep durable goods orders (expected -1.5% and unch ex-transportation, Aug -2.3% and -0.2% ex-transportation), (2) Aug S&P CaseShiller composite-20 home price index (expected +0.10% m/m and +5.10% y/y, Jul -0.20% m/m and +4.96% y/y), (3) preliminary-Oct Markit services PMI (expected +0.4 to 55.5, Sep -1.0 to 55.1), (4) Oct U.S. consumer confidence from the Conference Board (expected unchanged at 103.0, Sep +1.7 to 103.0), (5) Oct Richmond Fed manufacturing index (expected +2 to -3, Sep -5 to -5), and (6) the first day of the FOMC’s 2-day meeting.

There are 43 of the S&P 500 companies that report earnings today with notable reports including: Apple (consensus $ 1.88), UPS (1.37), Ford (0.47), Baxter (0.29), Merck (0.92), Pfizer (0.50), Comcast (0.80).

U.S. IPO’s scheduled to price today: Optex Systems (OPXSD).

Equity conferences during the remainder of this week include: Hart Energy DUG Eagle Ford Conference on Mon-Tue, and Money20/20 Conference on Mon-Wed.

 

 

 

PREMARKET U.S. STOCKS

Ford Motor (F +0.06%) reported Q3 EPS of 45 cents, less than consensus of 47 cents.

Pfizer (PFE +0.32%) reported Q3 EPS of 60 cents, above consensus of 51 cents.

Baxter International (BAX +1.44%) reported Q3 EPS of 41 cents, higher than consensus of 29 cents.

Merck & Co. (MRK +0.06%) reported Q3 EPS of 96 cents, above consensus of 92 cents.

Corning (GLW -1.59%) reported Q3 EPS of 34 cents, below consensus of 35 cents.

Mondelez International (MDLZ +0.58%) rose over 2% in after-hours trading after it was rated a new ‘Positive’ at Susquehanna with a 12-month price target of $ 60.

Edwards Lifesciences (EW -1.97%) climbed nearly 6% in after-hours trading after it reported Q3 adjusted EPS of $ 1.07, higher than consensus of 98 cents, and then raised guidance on fiscal 2015 adjusted EPS to $ 4.43-$ 4.53 from a previous estimate of $ 4.30-$ 4.40, above consensus of $ 4.38.

Swift Transportation (SWFT +1.92%) slid nearly 2% in after-hours trading after it reported Q3 EPS of 31 cents, right on consensus, but reported Q3 revenue of $ 1.06 billion, below consensus of $ 1.08 billion.

The Cheesecake Factory (CAKE +2.52%) fell over 5% in after-hours trading after it reported adjusted Q3 EPS of 59 cents, better than consensus of 56 cents, but reported Q3 revenue of $ 526.7 million, less than consensus of $ 535.5 million.

Hartford Financial (HIG -0.87%) slid over 4% in after-hours trading after it reported Q3 EPS of 86 cents, weaker than consensus of 99 cents.

MicroStrategy (MSTR +4.29%) fell over 11% in after-hours trading after it reported Q3 revenue of $ 129.5 million, below consensus of $ 137.8 million.

Rent-A-Center (RCII +0.74%) plunged nearly 20% in after-hours trading after it lowered guidance on fiscal 2015 EPS to $ 2.00-$ 2.10 from a September estimate of $ 2.05-$ 2.20, below consensus of $ 2.15.

Marvell Technology (MRVL -1.26%) tumbled 17% in after-hours trading after PricewaterhouseCooper resigned as its external accounting firm.

Gold Resources (GORO -1.06%) fell over 3% in after-hours trading after it cut its 2015 gold production forecast by 6% to 29,600 ounces and cut its silver production estimate by 16% to 2.5 million ounces.

MARKET COMMENTS

Dec E-mini S&Ps (ESZ15 -0.07%) this morning are down -0.75 of a point (-0.04%). Monday’s closes: S&P 500 -0.19%, Dow Jones -0.13%, Nasdaq +0.15%. The S&P 500 on Monday closed lower on caution ahead of the Tue/Wed FOMC meeting, the sharp -11.5% decline in U.S. Sep new home sales, and weakness in technology stocks after Apple fell by more than 3%.

Dec 10-year T-notes (ZNZ15 +0.05%) this morning are up +1.5 ticks. TYZ5 +5.50, FVZ5 +2.50. Dec T-notes on Monday settled higher on weakness in stocks and on the sharp decline in U.S. Sep new home sales to a 10-month low.

The dollar index (DXY00 -0.12%) this morning is down -0.080 (-0.08%). EUR/USD (^EURUSD) is unch. USD/JPY (^USDJPY) is down -0.70 (-0.58%). Dollar Index -0.266 (-0.27%), EUR/USD +0.0040 (+0.36%), USD/JPY -0.37 (-0.30%). The dollar index on Monday closed lower on expectations the FOMC this week will keep rates unchanged and on strength in EUR/USD which recovered from a 2-1/2 month low and closed higher after the German IFO Oct business confidence fell less than expected.

Dec crude oil (CLZ15 -1.32%) this morning is down -51 cents (-1.16%) at a 1-3/4 month low and Dec gasoline (RBZ15 -0.34%) is down -0.0001 (-0.01%). CLZ5 -0.87 (-1.95%), RBZ5 -0.0162 (-1.25%). Dec crude oil and gasoline on Monday closed lower with Dec crude at a 1-month low. Crude oil prices closed lower on weak U.S. economic data and the ongoing supply glut as EIA data shows U.S. crude inventories at 476.6 million bbl in the week ended Oct 16, the highest for this time of year in data going back to 1930.

GLOBAL EVENT CALENDAR10/27/2015
US 0830 ET Sep durable goods orders expected -1.5% and unch ex transportation, Aug -2.3% and -0.2% ex transportation. Sep capital goods orders non-defense ex-aircraft expected +0.2%, Aug -0.8%.
0900 ET Aug S&P CaseShiller composite-20 home price index expected +0.10% m/m and +5.10% y/y, Jul -0.20% m/m and +4.96% y/y.
0945 ET Preliminary Oct Markit services PMI expected +0.4 to 55.5, Sep -1.0 to 55.1. Oct Markit composite PMI, Sep 0.7 to 55.0.
1000 ET Oct consumer confidence (Conference Board) expected unchanged at 103.0, Sep +1.7 to 103.0.
1000 ET Oct Richmond Fed manufacturing index expected +2 to -3, Sep -5 to -5.
1100 ET FOMC begins 2-day policy meeting.
1300 ET Treasurys 2-year T-note auction postponed due to debt ceiling constraints.
EUR 0500 ET Eurozone Sep M3 money supply expected +5.0% y/y, Aug +4.8% y/y.
UK 0530 ET UK Q3 GDP expected +0.6% q/q and +2.4% y/y, Q2 +0.7% q/q and +2.4% y/y.
0530 ET UK Aug index of services expected +0.2% m/m and +1.0% y/y, Jul +0.2% m/m and +0.8% 3-mo/3-mo.
JPN 1950 ET Japan Sep retail sales expected +1.1% m/m and +0.4% y/y, Aug +0.8%m/m and unch y/y.
CHI 2145 ET China Oct Westpac-MNI consumer sentiment, Sep 118.2.
U.S. STOCK CALENDAR10/27/2015
Company Ticker Time Event Description Period Estimate
Airgas Inc ARG US Bef-mkt Q2 2016 Earnings Release Q2 2016 1.292
Baxter International Inc BAX US Bef-mkt Q3 2015 Earnings Release Q3 2015 0.294
Corning Inc GLW US Bef-mkt Q3 2015 Earnings Release Q3 2015 0.347
Marsh & McLennan Cos Inc MMC US Bef-mkt Q3 2015 Earnings Release Q3 2015 0.598
Merck & Co Inc MRK US Bef-mkt Q3 2015 Earnings Release Q3 2015 0.915
Pfizer Inc PFE US Bef-mkt Q3 2015 Earnings Release Q3 2015 0.504
Comcast Corp CMCSA US Bef-mkt Q3 2015 Earnings Release Q3 2015 0.799
Waste Management Inc WM US Bef-mkt Q3 2015 Earnings Release Q3 2015 0.712
Simon Property Group Inc SPG US Bef-mkt Q3 2015 Earnings Release Q3 2015 2.464
United Parcel Service Inc UPS US Bef-mkt Q3 2015 Earnings Release Q3 2015 1.372
Waters Corp WAT US Bef-mkt Q3 2015 Earnings Release Q3 2015 1.398
AMETEK Inc AME US Bef-mkt Q3 2015 Earnings Release Q3 2015 0.648
Reynolds American Inc RAI US Bef-mkt Q3 2015 Earnings Release Q3 2015 0.547
HCA Holdings Inc HCA US Bef-mkt Q3 2015 Earnings Release Q3 2015 1.17
EI du Pont de Nemours & Co DD US 6:00 Q3 2015 Earnings Release Q3 2015 0.1
Textron Inc TXT US 6:30 Q3 2015 Earnings Release Q3 2015 0.608
Wyndham Worldwide Corp WYN US 6:30 Q3 2015 Earnings Release Q3 2015 1.679
CONSOL Energy Inc CNX US 6:45 Q3 2015 Earnings Release Q3 2015 -0.032
Ford Motor Co F US 7:00 Q3 2015 Earnings Release Q3 2015 0.465
Ingersoll-Rand PLC IR US 7:00 Q3 2015 Earnings Release Q3 2015 1.156
Masco Corp MAS US 7:00 Q3 2015 Earnings Release Q3 2015 0.318
Coach Inc COH US 7:00 Q1 2016 Earnings Release Q1 2016 0.397
Bristol-Myers Squibb Co BMY US 7:30 Q3 2015 Earnings Release Q3 2015 0.35
Cummins Inc CMI US 7:30 Q3 2015 Earnings Release Q3 2015 2.601
Sealed Air Corp SEE US 7:30 Q3 2015 Earnings Release Q3 2015 0.56
Masco Corp MAS US 8:00 Q3 2015 Earnings Call Q3 2015
Merck & Co Inc MRK US 8:00 Q3 2015 Earnings Call Q3 2015
Textron Inc TXT US 8:00 Q3 2015 Earnings Call Q3 2015
PACCAR Inc PCAR US 8:00 Q3 2015 Earnings Release Q3 2015 1.163
Baxter International Inc BAX US 8:30 Q3 2015 Earnings Call Q3 2015
Corning Inc GLW US 8:30 Q3 2015 Earnings Call Q3 2015
Marsh & McLennan Cos Inc MMC US 8:30 Q3 2015 Earnings Call Q3 2015
Comcast Corp CMCSA US 8:30 Q3 2015 Earnings Call Q3 2015
United Parcel Service Inc UPS US 8:30 Q3 2015 Earnings Call Q3 2015
Waters Corp WAT US 8:30 Q3 2015 Earnings Call Q3 2015
AMETEK Inc AME US 8:30 Q3 2015 Earnings Call Q3 2015
Coach Inc COH US 8:30 Q1 2016 Earnings Call Q1 2016
Wyndham Worldwide Corp WYN US 8:30 Q3 2015 Earnings Call Q3 2015
EI du Pont de Nemours & Co DD US 9:00 Q3 2015 Earnings Call Q3 2015
Ford Motor Co F US 9:00 Q3 2015 Earnings Call Q3 2015
Kroger Co/The KR US 9:00 Investor Meeting Y 2015
Hartford Financial Services Group Inc/The HIG US 9:00 Q3 2015 Earnings Call Q3 2015
Reynolds American Inc RAI US 9:00 Q3 2015 Earnings Call Q3 2015
Airgas Inc ARG US 10:00 Q2 2016 Earnings Call Q2 2016
Cummins Inc CMI US 10:00 Q3 2015 Earnings Call Q3 2015
Ingersoll-Rand PLC IR US 10:00 Q3 2015 Earnings Call Q3 2015
Pfizer Inc PFE US 10:00 Q3 2015 Earnings Call Q3 2015
Waste Management Inc WM US 10:00 Q3 2015 Earnings Call Q3 2015
Sealed Air Corp SEE US 10:00 Q3 2015 Earnings Call Q3 2015
CONSOL Energy Inc CNX US 10:00 Q3 2015 Earnings Call Q3 2015
HCA Holdings Inc HCA US 10:00 Q3 2015 Earnings Call Q3 2015
Ford Motor Co F US 11:00 Q3 2015 Earnings Call – Fixed Income C3 2015
Charles Schwab Corp/The SCHW US 11:00 Business Update Call
Torchmark Corp TMK US 11:00 Q3 2015 Earnings Call Q3 2015
Simon Property Group Inc SPG US 11:00 Q3 2015 Earnings Call Q3 2015
AvalonBay Communities Inc AVB US 11:00 Q3 2015 Earnings Call Q3 2015
Bristol-Myers Squibb Co BMY US 11:30 Q3 2015 Earnings Call Q3 2015
PACCAR Inc PCAR US 12:00 Q3 2015 Earnings Call Q3 2015
Gilead Sciences Inc GILD US 16:05 Q3 2015 Earnings Release Q3 2015 2.879
CH Robinson Worldwide Inc CHRW US 16:15 Q3 2015 Earnings Release Q3 2015 0.936
Edison International EIX US 16:30 Q3 2015 Earnings Call Q3 2015
Apple Inc AAPL US 16:30 Q4 2015 Earnings Release Q4 2015 1.878
Gilead Sciences Inc GILD US 16:30 Q3 2015 Earnings Call Q3 2015
Akamai Technologies Inc AKAM US 16:30 Q3 2015 Earnings Call Q3 2015
Total System Services Inc TSS US 17:00 Q3 2015 Earnings Call Q3 2015
Apple Inc AAPL US 17:00 Q4 2015 Earnings Call Q4 2015
Fiserv Inc FISV US 17:00 Q3 2015 Earnings Call Q3 2015
CBRE Group Inc CBG US 17:00 Q3 2015 Earnings Call Q3 2015
Aflac Inc AFL US Aft-mkt Q3 2015 Earnings Release Q3 2015 1.482
Anadarko Petroleum Corp APC US Aft-mkt Q3 2015 Earnings Release Q3 2015 -0.73
Owens-Illinois Inc OI US Aft-mkt Q3 2015 Earnings Release Q3 2015 0.553
Edison International EIX US Aft-mkt Q3 2015 Earnings Release Q3 2015 1.18
Total System Services Inc TSS US Aft-mkt Q3 2015 Earnings Release Q3 2015 0.592
Cincinnati Financial Corp CINF US Aft-mkt Q3 2015 Earnings Release Q3 2015 0.68
Express Scripts Holding Co ESRX US Aft-mkt Q3 2015 Earnings Release Q3 2015 1.44
Fiserv Inc FISV US Aft-mkt Q3 2015 Earnings Release Q3 2015 0.974
Macerich Co/The MAC US Aft-mkt Q3 2015 Earnings Release Q3 2015 0.981
Akamai Technologies Inc AKAM US Aft-mkt Q3 2015 Earnings Release Q3 2015 0.575
CBRE Group Inc CBG US Aft-mkt Q3 2015 Earnings Release Q3 2015 0.457
Assurant Inc AIZ US Aft-mkt Q3 2015 Earnings Release Q3 2015 1.569
Verisk Analytics Inc VRSK US Aft-mkt Q3 2015 Earnings Release Q3 2015 0.766
Universal Health Services Inc UHS US 17:01 Q3 2015 Earnings Release Q3 2015 1.579
Danaher Corp DHR US ITC to Release Findings in Danaher Corp vs. Instradent Patent-Infringement Case
Amgen Inc AMGN US PDUFA, talimogene laherparepvec, metastatic melanoma

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