Thu Nov 19 2015
Live Index (1448 articles)

Live Index – Thu, 19 Nov 2015 Premarket

PREMARKET WORLD NEWS

December E-mini S&Ps (ESZ15 +0.32%) are up +0.35% at a 1-week high and European stocks are up +0.91% at a 1-1/2 week high after the minutes of the Oct 27-28 FOMC meeting on Wednesday indicated the U.S. economy is strong enough to handle an interest rate increase at next month’s FOMC meeting, while policy makers stressed that the pace of tightening will be gradual. Stronger-than-expected quarterly earnings results from Salesforce.com and Keurig Green Mountain are also giving equities a boost, while an increase in M&A activity is supportive as well with Allergan up over 1% in pre-market trading after Pfizer was said to be in advanced talks to buy the company for as much as $ 150 billion. Asian stocks settled higher: Japan +1.07%, Hong Kong +1.41%, China +1.36%, Taiwan +1.64%, Australia +2.13%, Singapore +1.17%, South Korea +1.39%, India +1.41%. Asian markets all closed higher, with Japan’s Nikkei Stock Index at a 2-3/4 month high, after the Oct 27-28 FOMC minutes stated that the Fed’s pace of tightening will be gradual.

The dollar index (DXY00 -0.43%) is down -0.51%. EUR/USD (^EURUSD) is up +0.50%. USD/JPY (^USDJPY) is down -0.44% as the yen rallied after the BOJ left monetary policy unchanged and said “inflation expectations appear to be rising.”

Dec T-note prices (ZNZ15 +0.02%) are unchanged.

ECB Executive Board member Praet said he sees confirmation of downside risks in the global economy and that ECB policy makers are having “rich discussions” and will decide in December what further policy actions are needed and that more reductions in interest rates are “part of a toolbox.”

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) weekly initial unemployment claims (expected -6,000 to 270,000, previous unch at 276,000) and continuing claims (expected -5,000 to 2.169 million, previous +5,000 to 2.174 million), (2) Nov Philadelphia Fed manufacturing outlook survey (expected +4.2 to -0.3, Oct +1.5 to -4.5), (3) Oct leading indicators (expected +0.5%, Sep -0.2%), (4) Atlanta Fed President Dennis Lockhart’s speech on the U.S. economy to the DeKalb Chamber of Commerce, (5) the Treasury’s auction of $ 13 billion 10-year TIPS, (6) Fed Vice Chair Stanley Fischer’s speech titled “Emerging Asia in Transition” at a conference hosted by the San Francisco Fed.

There are 6 of the S&P 500 companies that report earnings today: Best Buy (consensus $ 0.35), JM Smucker (1.52), GAP (0.63), Autodesk (0.08), Ross Stores (0.50), Intuit (-0.04).

U.S. IPO’s scheduled to price today: Bright Horizons Family Solutions (BFAM), Habit Restaurants (HABT), Noble Midstream Partners (NBLX), Truck Hero (TRUK), Congatec Holding (CONG), Duluth Holdings (DLTH).

Equity conferences this week include: Canaccord Genuity Medical Technology and Diagnostics Forum on Thu, Jefferies Global Health Care Conference on Thu, Scotiabank Canadian Energy Infrastructure Conference on Thu, UBS Industrials and Transportation Conference on Thu-Fri.

 

 

 

 

 

 

 

 

PREMARKET U.S. STOCKS

Allergan (AGN +4.53%) rose over 1% in pre-market trading after Pfizer is said to be near a deal to acquire the company for as much as $ 380 a share.

Keurig Green Mountain (GMCR +0.92%) surged over 15% in pre-market trading after it reported Q4 adjusted EPS of 85 cents, well above consensus of 71 cents.

Salesforce.com (CRM +0.14%) rose over 7% in pre-market trading after it reported Q3 adjusted EPS of 21 cents, higher than consensus of 19 cents, and then raised guidance on fiscal 2016 adjusted EPS to 74 cents-75 cents from an August estimate of 70 cents-72 cents, above consensus of 73 cents.

Best Buy (BBY +2.02%) dropped over 8% in pre-market trading after it reported Q3 domestic comparable sales were up +0.8%, weaker than consensus of +1.4%.

General Dynamics (GD +0.59%) was upgraded to a ‘Buy’ at Argus Research with a price target of $ 160.

NetApp (NTAP -0.83%) climbed over 4% in after-hours trading after it reported Q2 adjusted EPS of 61 cents, better than consensus of 57 cents.

DaVita (DVA +1.15%) slid almost 2% in after-hours trading after it said the U.S. Department of Justice is conducting a false claims investigation into DaVita’s wholly owned subsidiary, RMS Lifeline.

Hillenbrand (HI +2.10%) reported Q4 EPS of 55 cents, right on consensus, but reported Q4 revenue of $ 392 million, below consensus of $ 421 million.

L Brands (LB +1.55%) reported Q3 adjusted EPS of 55 cents, above consensus of 53 cents, but then said it sees fiscal 2015 EPS of $ 3.69-$ 3.79, below consensus of $ 3.79.

Semtech (SMTC +1.53%) dropped over 6% in after-hours trading after it reported Q3 adjusted EPS of 19 cents, below consensus of 24 cents, and said it sees Q4 adjusted EPS of 14 cents-18 cents, weaker than consensus of 23 cents.

Delta Airlines (DAL -0.04%) rallied nearly 3% in after-hours trading after it said it will buy another 32% stake in Aeromexico and increase its total stake in the company to 49%.

SunEdison (SUNE +7.62%) dropped over 10% in after-hours trading after Blackstone said it is not interested in investing in the company.

MARKET COMMENTS

Dec E-mini S&Ps (ESZ15 +0.32%) this morning are up +7.25 points (+0.35%). Wednesday’s closes: S&P 500 +1.62%, Dow Jones +1.42%, Nasdaq +1.92%. The S&P 500 on Wednesday closed sharply higher on reduced interest rate concerns after the Oct 27-28 FOMC minutes showed that policy makers stressed that they want the pace of interest rate increases to be gradual and on the +4.1% increase in Oct building permits, a proxy for future construction, to 1.150 million, more than expectations of +3.8% to 1.147 million. Technology stocks received a boost from a 3% gain in Apple after Goldman Sachs added Apple to its “Conviction Buy” list.

Dec 10-year T-notes (ZNZ15 +0.02%) this morning are unchanged. Wednesday’s closes: TYZ5 -2.50, FVZ5 -2.25. Dec T-note prices on Wednesday closed lower on the minutes of the Oct 27-28 FOMC meeting showing that policy makers wanted to convey that “it may well become appropriate” to raise the benchmark lending rate in December. T-notes were also undercut by reduced safe-haven demand tied to the rally in stocks. T-note prices rebounded from their worst levels after the FOMC minutes said that any interest rate increases would be gradual.

The dollar index (DXY00 -0.43%) this morning is down -0.505 (-0.51%). EUR/USD (^EURUSD) is up +0.0053 (+0.50%). USD/JPY (^USDJPY) is down -0.55 (-0.44%). Wednesday’s closes: Dollar Index +0.021 (+0.02%), EUR/USD +0.0018 (+0.17%), USD/JPY +0.19 (+0.15%). The dollar index on Wednesday rose to a 7-month high but fell back and closed little changed. The dollar received a boost from the minutes of the Oct 27-28 FOMC that said it may be “appropriate” to raise interest rates at next month’s FOMC meeting. In addition, USD/JPY rallied to a 2-3/4 month high as strength in stocks reduced the safe-haven demand for the yen. The dollar erased its advance after the Oct 27-28 FOMC minutes stated that any Fed rate hikes would be gradual.

Dec crude oil (CLZ15 -0.79%) this morning is unchanged and Dec gasoline (RBZ15 +1.33%) is up +0.0241 (+1.90%). Wednesday’s closes: CLZ5 +0.08 (+0.20%), RBZ5 +0.0395 (+3.19%). Dec crude oil and gasoline on Wednesday erased early losses and closed higher on the slide in the dollar which fell back from a 7-month high and closed little changed. Dec crude had posted a 2-1/2 month low on bearish factors that included (1) the +1.5 million bbl increase in crude stockpiles at Cushing, more than expectations of +1.1 million bbl, and (2) the unexpected +1.009 million bbl increase in EIA gasoline supplies, more than expectations of a -1.5 million bbl draw.

GLOBAL EVENT CALENDAR11/19/2015
US0830 ETWeekly initial unemployment claims expected -6,000 to 270,000, previous unch at 276,000. Weekly continuing claims expected -5,000 to 2.169 million, previous +5,000 to 2.174 million.
0830 ETUSDA weekly Export Sales.
1000 ETNov Philadelphia Fed manufacturing outlook survey expected +4.2 to -0.3, Oct +1.5 to -4.5.
1000 ETOct leading indicators expected +0.5%, Sep -0.2%.
1100 ETTreasury announces amount of 2-year T-notes (previous $ 26 billion), 2-year floating-rate notes (previous $ 15 billion), 5-year T-notes (previous $ 35 billion) and 7-year T-notes (previous $ 29 billion) to be auctioned Nov 24-25.
1230 ETAtlanta Fed President Dennis Lockhart speaks on the U.S. economy to the DeKalb Chamber of Commerce.
1300 ETTreasury auctions $ 13 billion 10-year TIPS.
1645 ETFed Vice Chair Stanley Fischer delivers a speech titled Emerging Asia in Transition at a conference hosted by the San Francisco Fed.
JPN0030 ETJapan Oct nationwide department store sales, Sep +1.8% y/y.
0100 ETRevised Japan Oct machine tool orders, preliminary -23.1% y/y..
n/aBOJ announces interest rate decision following 2-day policy meeting.
UK0430 ETUK Oct retail sales ex auto fuel expected -0.6% m/m and +3.9% y/y, Sep +1.7% m/m and +5.9% y/y.
0430 ETUK Oct retail sales including auto fuel expected -0.5% m/m and +4.5% y/y, Sep +1.9% m/m and +6.5% y/y.
0600 ETUK Nov CBI trends total orders expected -10, Oct -18. Nov CBI trends selling prices expected =6, Oct -7.
U.S. STOCK CALENDAR11/19/2015
CompanyTickerTimeEvent DescriptionPeriodEstimate
JM Smucker Co/TheSJM USBef-mktQ2 2016 Earnings ReleaseQ2 20161.518
Best Buy Co IncBBY US7:00Q3 2016 Earnings ReleaseQ3 20160.352
Best Buy Co IncBBY US8:00Q3 2016 Earnings CallQ3 2016
Regions Financial CorpRF US8:00Investor DayY 2015
JM Smucker Co/TheSJM US8:30Q2 2016 Earnings CallQ2 2016
AGL Resources IncGAS US9:00Extraordinary Shareholders Meeting
AGL Resources IncGAS US9:00Extraordinary Shareholders Meeting – M&A VoteY 2015
L Brands IncLB US9:00Q3 2016 Earnings CallQ3 2016
Iron Mountain IncIRM US9:00Special Meeting – M&A Vote
Ford Motor CoF US10:00Analyst MeetingY 2015
Intel CorpINTC US11:00Investor MeetingY 2015
Precision Castparts CorpPCP US12:00Special Meeting – M&A Vote
Cisco Systems IncCSCO US13:00Annual General MeetingY 2015
Rockwell Automation IncROK US14:30Investor MeetingY 2015
Gap Inc/TheGPS US16:15Q3 2016 Earnings ReleaseQ3 20160.627
Ross Stores IncROST US16:15Q3 2016 Earnings CallC3 2016
Ross Stores IncROST US16:15Q3 2016 Earnings CallQ3 2016
Intuit IncINTU US16:30Q1 2016 Earnings CallQ1 2016
Gap Inc/TheGPS US17:00Q3 2016 Earnings CallQ3 2016
Autodesk IncADSK US17:00Q3 2016 Earnings CallQ3 2016
Garmin LtdGRMN US17:00ITC to Announce Final Decision in Johnson Outdoor vs. Garmin Patent Case
Autodesk IncADSK USAft-mktQ3 2016 Earnings ReleaseQ3 20160.077
Ross Stores IncROST USAft-mktQ3 2016 Earnings ReleaseQ3 20160.5
Intuit IncINTU USAft-mktQ1 2016 Earnings ReleaseQ1 2016-0.037
Equifax IncEFX USInvestor Meeting – New YorkY 2015
Cardinal Health IncCAH USInvestor & Analyst DayY 2015
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