Thu Dec 10 2015
Live Index (1451 articles)

Live Index – Thu, 10 Dec 2015 Premarket

PREMARKET WORLD NEWS

December E-mini S&Ps (ESZ15 +0.24%) are up +0.29% on speculation the U.S. economy is strong enough to handle a Fed interest rate increase next week and European stocks are down -0.21% at a 1-1/2 month low as weakness in oil prices drags down energy producers. As expected, the BOE maintained its benchmark interest rate at 0.50% and kept its asset purchase target at 375 billion pounds following today’s policy meeting. Asian stocks settled mostly lower: Japan -1.32%, Hong Kong -0.45%, China -0.49%, Taiwan -0.16%, Australia -0.84%, Singapore -0.44%, South Korea +0.50%, India +0.86%. Asian stocks fell back on the heels of Wednesday’s losses in U.S. stocks. Japan’s Nikkei Stock Index dropped to a 1-month low as exporters retreated after the yen climbed to a 1-month high against the dollar and dampened the earnings prospects of exporters.

The dollar index (DXY00 +0.43%) is up +0.39%. EUR/USD (^EURUSD) is down -0.67% on dovish comments from ECB Governing Council members Liikanen and Jazbec who both said the ECB will do everything within its mandate to fulfill its inflation target. USD/JPY (^USDJPY) is down -0.01%.

Mar T-note prices (ZNH16 -0.02%) are down -2.5 ticks.

ECB Governing Council member Liikanen said the ECB has readiness to use more measures if needed and we “can go beyond Mar 2017 if necessary or at least until we have achieved our price stability targets.”

ECB Governing Council member Jazbec said the ECB will “do everything” to fulfill its mandate on inflation.

Japan Nov PPI fell -0.1% m/m and -3.6% y/y, a slower pace of decline than expectations of -0.3% m/m and -3.8% y/y.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) weekly initial unemployment claims (expected unch at 269,000, previous +9,000 to 269,000) and continuing claims (expected -6,000 to 2.155 million, previous +6,000 to 2.161 million), (2) Nov import price index (expected -0.8% m/m and -9.6% y/y, Oct -0.5% m/m and -10.5% y/y), (3) the Treasury’s auction of $ 13 billion of 30-year T-bonds, (4) Nov monthly budget statement (expected -$ 68.0 billion, Oct -$ 136.532 billion).

There are 2 of the Russell 1000 companies that report earnings today: Adobe Systems (consensus $ 0.60), Nordson (1.07).

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

Equity conferences during the remainder of this week include: Bank of America Merrill Lynch Paper, Packaging and Builders Conference on Wed-Thu, Capital One Financial Corp Energy Conference on Wed-Thu, 10th Annual Energy Conference on Thu.

 

 

 

 

 

 

 

PREMARKET U.S. STOCKS

Perrigo (PRGO -0.15%) was upgraded to a ‘Buy’ at Argus Research with a price target of $ 170.

First Solar (FSLR -0.37%) was dowmgraded to ‘Hold’ from ‘Buy’ at Needham & Co.

Chevron (CVX +1.34%) said it will cut its 2016 spending plans by 24% to $ 26.6 billion due to the slump in energy markets.

FMC Technologies (FTI +2.34%) fell over 1% in pre-market trading after Technip SA said it is not in merger talks with the company. FMC Technologies had climbed almost 4% in after-hours trading after people familiar with the matter said Technip SA is in talks to merge with FMC Technologies.

Boston Scientific (BSX -1.33%) said it was voluntarily recalling its Charlot Guiding Sheaths that are used for peripheral vascular procedures due to risk of shaft separation.

NeuStar (NSR -1.98%) rallied over 6% in after-hours trading after it raised guidance on fiscal 2016 adjusted EPS to $ 4.79-$ 5.15, well above consensus of $ 4.06.

Athenahealth (ATHN -0.48%) fell over 3% in after-hours trading after it lowered guidance on fiscal 2016 revenue to $ 1.09 billion-$ 1.12 billion, below consensus of $ 1.13 billion.

Express (EXPR +0.23%) rose over 6% in after-hours trading after it announced a new $ 100 million share repurchase program.

Men’s Warehouse (MW -5.74%) slumped over 15% in after-hours trading after it reported Q3 adjusted EPS of 50 cents, right on consensus, but warned that it may miss the lower end of its yearly forecast if the trend of lower sales at its Jos. A Bank stores continues. Jos A. Bank comparable sales were down -35.1% in Q4 through the first week of December y/y.

Ollie’s Bargain Outlet (OLLI +0.12%) rallied over 8% in after-hours trading after it reported Q3 adjusted EPS of 11 cents, better than consensus of 8 cents, and then raised guidance on 2015 fiscal adjusted EPS to 66 cents, from a previous estimate of 62 cents-63 cents.

American Semiconductor (AMSC -2.78%) jumped over 10% in after-hours trading after it raised guidance on Q3 revenue to $ 22 million-$ 24 million, above a prior estimate of $ 19 million-$ 22 million.

MARKET COMMENTS

Dec E-mini S&Ps (ESZ15 +0.24%) this morning are up +6.00 points (+0.29%). Wednesday’s closes: S&P 500 -0.77%, Dow Jones -0.43%, Nasdaq -1.55%. The S&P 500 on Wednesday dropped to a 3-week low and closed lower on weakness in energy producers after crude oil erased an early rally and moved lower and on a slide in technology stocks, led by a 2% drop in Apple. Stocks were also undercut by reduced expectations for additional ECB easing measures after ECB Governing Council member Nowotny said the markets had formed unrealistic expectations of increased ECB stimulus.

Mar 10-year T-notes (ZNH16 -0.02%) this morning are down -2.5 ticks. Wednesday’s closes: TYH6 +11.00, FVH6 +8.50. Mar T-notes on Wednesday closed higher on weakness in stocks, which boosted the safe-haven demand for T-notes, and reduced inflation expectations after the 10-year T-note breakeven inflation rate fell to a 3-week low.

The dollar index (DXY00 +0.43%) this morning is up +0.378 (+0.39%). EUR/USD (^EURUSD) is down -0.0074 (-0.67%). USD/JPY (^USDJPY) is down -0.01 (-0.01%). Wednesday’s closes: Dollar Index -1.129 (-1.15%), EUR/USD +0.0133 (+1.22%), USD/JPY -1.49 (-1.21%). The dollar index on Wednesday fell to a 1-month low and closed lower on strength in EUR/USD which rallied to a 1-month high after ECB Governing Council member Nowotny said the markets had formed unrealistic expectations of increased ECB stimulus. In addition, USD/JPY fell to a 1-month low on reduced expectations for additional BOJ stimulus after Tuesday’s data showed Japan Q3 GDP was revised higher than expected to +1.0% (q/q annualized) versus expectations of +0.2%.

Jan crude oil (CLF16 +0.08%) this morning is unchanged and Jan gasoline (RBF16 +4.44%) is up +0.0514 (+4.17%). Wednesday’s closes: CLF6 -0.30 (-0.80%), RBF6 +0.0352 (+2.92%). Jan crude oil and gasoline on Wednesday settled mixed. Crude oil prices were undercut by the +423,000 bbl increase in crude supplies to a 6-1/4 month high at Cushing and the +4.998 million bbl increase in EIA distillate stockpiles, more than expectations of +2.25 million bbl. Crude oil prices received a boost from the fall in the dollar index to a 1-month low, the unexpected -3.57 million bbl decline in EIA crude inventories (vs expectations for a +1.3 million bbl increase) and the +786,000 bbl increase in EIA gasoline supplies, less than expectations of +1.75 million.

 

GLOBAL EVENT CALENDAR12/10/2015
US0830 ETWeekly initial unemployment claims expected unch at 269,000, previous +9,000 to 269,000. Weekly continuing claims expected -6,000 to 2.155 million, previous +6,000 to 2.161 million.
0830 ETNov import price index expected -0.8% m/m and -9.6% y/y, Oct -0.5% m/m and -10.5% y/y.
0830 ETUSDA weekly Export Sales.
1100 ETTreasury announces amount of 5-year TIPS to be auctioned Dec 17.
1300 ETTreasury auctions $ 13 billion 30-year T-bonds.
1400 ETNov monthly budget statement expected -$ 68.0 billion, Oct -$ 136.532 billion.
UK0700 ETBOE announces interest rate decision and asset purchase target, expected no change to the 0.50% benchmark rate or to the 375 billion pound asset purchase target.
U.S. STOCK CALENDAR12/10/2015
CompanyTickerTimeEvent DescriptionPeriodEstimate
Alnylam Pharmaceuticals IncALNY US8:00R&D DayY 2015
Comcast CorpCMCSA US8:30Extraordinary Shareholders MeetingY 2015
athenahealth IncATHN US8:30Investor MeetingY 2015
Scotts Miracle-Gro Co/TheSMG US9:00Analyst & Investor DayY 2015
Yum! Brands IncYUM US9:45Investor & Analyst MeetingY 2015
ConocoPhillipsCOP US10:00Business Update Call
Prudential Financial IncPRU US11:00Q4 2016 Guidance CallQ4 2016
Alexion Pharmaceuticals IncALXN US12:00Investor DayY 2015
American Tower CorpAMT US12:00Investor DayY 2015
Kimco Realty CorpKIM US13:00Investor DayY 2015
Southwest Airlines CoLUV US13:00Analyst MeetingY 2015
Nordson CorpNDSN US16:30Q4 2015 Earnings ReleaseQ4 20151.072
United Technologies CorpUTX US17:00Investor and Analyst MeetingY 2015
Adobe Systems IncADBE US17:00Q4 2015 Earnings CallQ4 2015
Adobe Systems IncADBE USAft-mktQ4 2015 Earnings ReleaseQ4 20150.6
JetBlue Airways CorpJBLU USNovember 2015 Sales and Revenue Release – Traffic Results2015
Chimera Investment CorpCIM USAnnual General MeetingY 2015
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