Thu Dec 03 2015
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Live Index – Thu, 03 Dec 2015 Premarket

PREMARKET WORLD NEWS

December E-mini S&Ps (ESZ15 +0.49%) are up +0.56% and European stocks are up +1.22% before an expected expansion of ECB stimulus and before Fed Chair Yellen gives another speech later today. Gains in European automakers led the overall market higher as a -0.65% slide in EUR/USD (^EURUSD) to a 7-1/2 month low gives exporters a boost. On the negative side, mining stocks fell with Anglo American Plc at a 16-year low and BHP Billiton Ltd. near a 7-year low, as metals prices retreated with the price of gold (GCG16 -0.36%) down -0.40% to a new 5-3/4 year low. Asian stocks settled mixed: Japan +0.01%, Hong Kong -0.28%, China +1.35%, Taiwan -0.02%, Australia -0.58%, Singapore +0.01%, South Korea -0.78%, India -0.89%. China’s Shanghai Composite moved higher for a fourth day on speculation that China will soon expand its stimulus measures.

The dollar index (DXY00 +0.42%) is up +0.40%. EUR/USD (^EURUSD) is down -0.65% at a 7-1/2 month low on anticipation the ECB will expand QE later today. USD/JPY (^USDJPY) is up +0.19%.

Mar T-note prices (ZNH16 -0.07%) are down -5.5 ticks.

Eurozone Oct retail sales fell -0.1% m/m and rose +2.5% y/y, weaker than expectations of +0.2% m/m and +2.6% y/y.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Nov Challenger job cuts (Oct -1.3% y/y), (2) weekly initial unemployment claims (expected +8,000 to 268,000, previous -12,000 to 260,000) and continuing claims (expected -17,000 to 2.190 million, previous +34,000 to 2.207 million), (3) final-Nov Markit services PMI (expected unch at 56.5, prelim-Nov +1.7 to 56.5) (4) Fed Chair Janet Yellen addresses the congressional Joint Economic Committee to discuss the economic outlook, (5) Oct factory orders (expected +1.4% and +0.2% ex transportation, Sep -1.0% and -0.6% ex transportation), (6) Nov non-manufacturing ISM (expected -1.1 to 58.0, Oct +2.2 to 59.1), and (7) Fed Vice Chair Stanley Fischer’s keynote speech at a conference hosted by the Cleveland Fed and the Treasury’s Office of Financial Research.

There are 8 of the Russell 1000 companies report earnings today: Medtronic (consensus $ 1.00), Sears Holdings (-2.84), Dollar General (0.87), Michaels Cos (0.36), Toro (0.39), Cooper Cos (2.11), Ulta Salon (1.05), Kroger (0.39).

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

Equity conferences during the remainder of this week include: Credit Suisse Global Industrials Conference on Tue-Thu, Credit Suisse Technology, Media & Telecom Conference on Tue-Thu, NASDAQ OMX Group, Inc. Investor Program on Wed-Thu, ASEAN Business Summit on Wed-Thu, Bank of America Merrill Lynch Leveraged Finance Conference on Thu.

 

 

 

 

 

 

 

 

PREMARKET U.S. STOCKS

Mallinckrodt PLC (MNK +1.23%) rose over 1% in pre-market trading after the stock was upgraded to ‘Overweight’ from ‘Equalweight’ at Morgan Stanley.

Disney (DIS -1.20%) boosted its semi-annual dividend to 71 cents a share from 66 cents.

Avago (AVGO -0.51%) climbed over 8% in pre-market trading after it reported Q4 adjusted EPS of $ 2.51, higher than consensus of $ 2.38.

Boyd Gaming (BYD +1.88%) gained over 1% in after-hours trading after Goldman Sachs upgraded the stock to ‘Neutral’ from ‘Sell.’

Dollar General (DG -0.56%) reported Q3 EPS of 88 cents, better than consensus of 87 cents.

Dyax (DYAX -0.83%) jumped over 10% in after-hours trading after it said its deal to acquire Shire Pharmaceuticals International cleared an anti-trust review by the U.S. Federal Trade Commission.

Tilly’s (TLYS +0.99%) dropped over 7% in after-hours trading after it reported Q3 adjusted EPS of 16 cents, above consensus of 14 cents, but then lowered guidance on Q4 EPS to 10 cents-12 cents, well below consensus of 21 cents.

PVH Corp. (PVH +1.26%) rallied over 3% in after-hours trading after it reported Q3 adjusted EPS of $ 2.66, better than consensus of $ 2.47.

Aeropostale (ARO +5.36%) slid nearly 3% in after-hours trading after it reported a Q3 adjusted EPS loss of -31 cents, a smaller loss than expectations of -34 cents, but then lowered guidance on Q4 EPS to a loss of -4 cents to -17 cents, below consensus of a 2 cent profit.

Verint Systems (VRNT -0.96%) tumbled 5% in after-hours trading after it reported Q3 adjusted EPS of 78 cents, below consensus of 79 cents, and then lowered guidance on fiscal 2016 adjusted EPS to $ 3.30 from a September estimate of $ 3.45, below consensus of $ 3.46.

Synopsys (SNPS -0.91%) reported Q4 adjusted EPS of 67 cents, above consensus of 66 cents, but then lowered guidance on Q1 adjusted EPS to 60 cents-63 cents, below consensus of 72 cents.

American Eagle (AEO +0.25%) rose over 2% in after-hours trading after it reported Q3 adjusted EPS of 35 cents, better than consensus of 34 cents, and said it sees Q4 EPS of 40 cents-42 cents, in line with consensus of 41 cents.

Photronics (PLAB +0.81%) rallied over 5% in after-hours trading after it reported Q4 adjusted EPS of 25 cents, higher than consensus of 19 cents.

Box (BOX +3.28%) fell over 1% in after-hours trading after it reported Q3 adjusted loss of -31 cents, right on consensus, although Q3 revenue of $ 78.7 million was above consensus of $ 76.8 million.

MARKET COMMENTS

Dec E-mini S&Ps (ESZ15 +0.49%) this morning are up +11.75 points (+0.56%). Wednesday’s closes: S&P 500 -1.10%, Dow Jones -0.89%, Nasdaq -0.63%. The S&P 500 on Wednesday posted a 4-week high but fell back and posted a 1-week low as energy stocks fell after the price of crude oil dropped to a 2-week low, and after hawkish comments from Fed Chair Yellen and Atlanta Fed President Lockhart that solidified expectations for a Fed interest rate increase later this month.

Mar 10-year T-notes (ZNH16 -0.07%) this morning are down -5.5 ticks. Wednesday’s closes: TYH6 -7.50, FVH6 -6.75. Mar T-notes closed lower after the Nov ADP employment change rose +217,000, stronger than expectations of +190,000 and the biggest increase in 5 months and after comments from Fed Chair Yellen and Atlanta Fed President Lockhart reinforced expectations for the Fed to begin raising interest rates later this month.

The dollar index (DXY00 +0.42%) this morning is up +0.397 (+0.40%). EUR/USD (^EURUSD) is down -0.0069 (-0.65%) at a fresh 7-1/2 month low. USD/JPY (^USDJPY) is up +0.24 (+0.19%). Wednesday’s closes: Dollar Index +0.198 (+0.20%), EUR/USD -0.0018 (-0.17%), USD/JPY +0.37 (+0.30%). The dollar index Wednesday surged to a 12-1/2 year high after Fed Chair Yellen said the U.S. economy is ready for an interest rate increase later this month, and on weakness in EUR/USD which sank to a 7-1/2 month on expectations for the ECB to expand QE Thursday after Eurozone Nov CPI rose less than expected.

Jan crude oil (CLF16 +1.38%) this morning is up +69 cents (+1.73%) and Jan gasoline (RBF16 +0.20%) is up +0.0084 (+0.65%). Wednesday’s closes: CLF6 -1.75 (-4.18%), RBF6 -0.0619 (-4.54%). Jan crude oil and gasoline on Wednesday closed sharply lower with Jan crude at a 2-week low and Jan gasoline at a 1-week low after the dollar index rallied to a 12-1/2 year high and after EIA crude inventories unexpected rose +1.18 million bbl to a 7-month high, more than expectations for a -800,000 bbl draw. Other bearish factors were the +0.4% increase in U.S. crude production to a 3-month high of 9.202 million bpd and the +428,000 bbl increase in crude stockpiles at Cushing, OK, delivery point of WTI futures, to a 6-month high.

GLOBAL EVENT CALENDAR12/03/2015
US0730 ETNov Challenger job cuts, Oct -1.3% y/y.
0830 ETWeekly initial unemployment claims expected +8,000 to 268,000, previous -12,000 to 260,000. Weekly continuing claims expected -17,000 to 2.190 million, previous +34,000 to 2.207 million.
0830 ETUSDA weekly Export Sales.
0945 ETFinal-Nov Markit services PMI expected unch at 56.5, prelim-Nov +1.7 to 56.5. Final-Nov Markit composite PMI, prelim Nov +1.1 to 56.1.
1000 ETFed Chair Janet Yellen addresses the congressional Joint Economic Committee to discuss the economic outlook.
1000 ETOct factory orders expected +1.4% and +0.2% ex transportation, Sep -1.0% and -0.6% ex transportation. Revised Oct durable goods orders, prelim-Oct +3.0% m/m and +0.5% ex-transportation.
1000 ETNov non-manufacturing ISM expected -1.1 to 58.0, Oct +2.2 to 59.1.
1100 ETTreasury announces amount of 3-year T-notes (previous $ 24 billion), 10-year T-notes (previous $ 24 billion) and 30-year T-bonds (previous $ 16 billion) to be auctioned Dec 8-10.
1310 ETFed Vice Chair Stanley Fischer delivers keynote speech at a conference hosted by the Cleveland Fed and the Treasurys Office of Financial Research.
GER0355 ETRevised German Nov Markit services PMI, preliminary +1.1 to 55.6.
EUR0400 ETRevised Eurozone Nov Markit composite PMI, preliminary +0.5 to 54.4.
0500 ETEurozone Oct retail sales expected +0.2% m/m and +2.6% y/y, Sep -0.1% m/m and +2.9% y/y.
0745 ETECB announces interest rate decision, expected 10 bp cut in the ECB deposit facility rate to -0.3% from -0.2%.
0830 ETECB President Mario Draghi holds press conference following ECB meeting.
UK0430 ETUK Nov Markit/CIPS services PMI expected +0.1 to 55.0, Oct 54.9.
JPN2030 ETJapan Oct labor cash earnings expected +0.5%y/y, Sep +0.4% y/y. Oct real cash earnings, Sep +0.5% y/y.
U.S. STOCK CALENDAR12/03/2015
CompanyTickerTimeEvent DescriptionPeriodEstimate
Sears Holdings CorpSHLD USBef-mktQ3 2016 Earnings ReleaseQ3 2016-2.84
Dollar General CorpDG USBef-mktQ3 2016 Earnings ReleaseQ3 20160.872
Michaels Cos Inc/TheMIK USBef-mktQ3 2016 Earnings ReleaseQ3 20160.362
Sears Holdings CorpSHLD US6:10Q3 2016 Earnings CallQ3 2016
Medtronic PLCMDT US6:45Q2 2016 Earnings ReleaseQ2 20161
L Brands IncLB US7:30November 2015 Sales and Revenue Call2015
Medtronic PLCMDT US8:00Q2 2016 Earnings CallQ2 2016
Anthem IncANTM US8:00Extraordinary Shareholders Meeting – M&A VoteY 2015
General Electric CoGE US8:30Investor MeetingY 2015
Toro Co/TheTTC US8:30Q4 2015 Earnings ReleaseQ4 20150.387
Aflac IncAFL US9:00Q4 2016 Guidance CallQ4 2016
Cigna CorpCI US9:00Extraordinary Shareholders Meeting – M&A VoteY 2015
PVH CorpPVH US9:00Q3 2016 Earnings CallQ3 2016
Xcel Energy IncXEL US9:00Investor MeetingY 2015
CBRE Group IncCBG US9:00Analyst MeetingY 2015
Marathon Petroleum CorpMPC US9:00Analyst & Investor DayY 2015
Michaels Cos Inc/TheMIK US9:00Q3 2016 Earnings CallQ3 2016
Skechers U.S.A. IncSKX US9:30Investor and Analyst MeetingY 2015
Kroger Co/TheKR US10:00Q3 2016 Earnings CallQ3 2016
Principal Financial Group IncPFG US10:00Q4 2016 Guidance CallQ4 2016
Dollar General CorpDG US10:00Q3 2016 Earnings CallQ3 2016
Toro Co/TheTTC US11:00Q4 2015 Earnings CallQ4 2015
Alaska Air Group IncALK US12:00Investor DayY 2015
TECO Energy IncTE US14:00Extraordinary Shareholders MeetingY 2015
Cooper Cos Inc/TheCOO US17:00Q4 2015 Earnings CallQ4 2015
Ulta Salon Cosmetics & Fragrance IncULTA US17:00Q3 2016 Earnings CallQ3 2016
Cooper Cos Inc/TheCOO USAft-mktQ4 2015 Earnings ReleaseQ4 20152.107
Ulta Salon Cosmetics & Fragrance IncULTA USAft-mktQ3 2016 Earnings ReleaseQ3 20161.051
Gap Inc/TheGPS USNovember 2015 Sales and Revenue Release2015
Kroger Co/TheKR USQ3 2016 Earnings ReleaseQ3 20160.392
L Brands IncLB USNovember 2015 Sales and Revenue Release2015

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