Tue Dec 15 2015
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Live Index – Tue, 15 Dec 2015 Premarket

PREMARKET WORLD NEWS

March E-mini S&Ps (ESH16 +0.81%) are up +0.83% and European stocks are up +2.37% as a rally in crude oil gives energy producers a lift. Also, European automakers moved higher after Eurozone Nov new car registrations rose more than expected at the fastest pace in 5 months. Mining stocks gained as well, led by a nearly 5% increase in Glencore Plc, after JPMorgan Chase upgraded the stock to a ‘Buy,’ citing its “credible” strategy update. Asian stocks settled mixed: Japan -1.68%, Hong Kong -0.17%, China -0.29%, Taiwan +0.41%, Australia -0.39%, Singapore +0.02%, South Korea +0.26%, India +0.68%. Japan’s Nikkei Stock Index fell to a 1-3/4 month low as exporter stocks declined after USD/JPY slipped to a 6-week low, which reduces exporters’ earnings prospects.

The dollar index (DXY00 -0.02%) is down -0.07% at a 5-week low on speculation the Fed will reiterate that it sees a gradual pace of interest rate increases even after it raises interest rates tomorrow. EUR/USD (^EURUSD) is up +0.14% at a 1-1/2 month high. USD/JPY (^USDJPY) is up +0.10%.

Mar T-note prices (ZNH16 -0.10%) are down -7 ticks.

Eurozone Nov new car registrations rose +13.7% y/y to 1.085 million units, the biggest increase in 5 months.

The German Dec ZEW survey expectations of economic growth rose +5.7 to 16.1, stronger than expectations of +4.6 to 15.0.

U.S. STOCK PREVIEW

Key U.S. news today includes: Dec Empire manufacturing survey of general business conditions (expected +3.74 to -7.00, Nov +0.62 to -10.74), (2) Nov CPI (expected unch m/m and +0.5% y/y, Oct +0.2% m/m and +0.2% y/y) and core CPI (expected +0.2% m/m and+2.0% y/y, Oct +0.2% m/m and +1.9% y/y), (3) the first day of the 2-day FOMC meeting where the market is discounting a three-quarters chance of a 25 bp rate hike, and (4) Dec NAHB housing market index (expected +1 to 63, Nov -3 to 62).

There is 1 of the Russell 1000 companies that report earnings today: FactSet Research Systems (1.46).

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

Equity conferences: European Society for Medical Oncology Asia Congress on Fri.

 

 

 

 

 

 

 

PREMARKET U.S. STOCKS

Amgen (AMGN +1.91%) rose nearly 2% in pre-market trading after it said it reacquired all product rights to Prolia, Xgeva and Vectibix from Glaxo in 48 countries.

Lumber Liquidators (LL +1.22%) surged over 15% in after-hours trading when short seller Whitney Tilson said he covered his short position in the company after he said he received new information that shows management wasn’t aware it was selling Chinese-made laminate with high levels of formaldehyde.

Amazon.com (AMZN +2.77%) was rated a new ‘Buy’ at MKM Partners with a price target of $ 800.

Verizon Communications (VZ +1.41%) was downgraded to ‘Neutral’ from ‘Buy’ at BTIG.

Occidental Petroleum (OXY +0.94%) was rated a new ‘Buy’ at CLSA with a price target of $ 83.

Chevron (CVX +3.34%) was rated a new ‘Outperform’ at CLSA with a price target of $ 95 and ConocoPhillips (COP +2.91%) was also rated a new ‘Outperform’ at CLSA with a price target of $ 52.

VeriFone Systems (PAY unch) climbed nearly 2% in after-hours trading after it raised guidance on fiscal 2016 adjusted EPS to $ 2.15-$ 2.17, higher than consensus of $ 2.12.

Xerox (XRX -1.79%) rose over 1% in after-hours trading after Carl Icahn reported he raised his stake in the company to 8.1% from 7.1%.

Lockheed Martin (LMT -0.29%) was awarded a $ 1.09 billion U.S. Army pact modification to foreign military sales for Patriot PAC-3 production.

Boeing (BA -1.12%) raised its quarterly dividend to $ 1.09 a share from 91 cents, higher than expectations of a hike to $ 1.02, and then raised its stock buyback authorization to $ 14 billion from $ 12 billion.

Kennametal (KMT -0.12%) slumped over 20% in after-hours trading after it said it expects its fiscal 2016 revenue may fall as much as 30% to 60% due to weakness in China’s auto market and in U.S. coal mining.

MARKET COMMENTS

Mar E-mini S&Ps (ESH16 +0.81%) this morning are up +16.75 points (+0.83%). Monday’s closes: S&P 500 +0.48%, Dow Jones +0.60%, Nasdaq +0.72%. The S&P 500 on Monday recovered from a 2-month low and closed higher. Stocks received a boost from reduced Chinese economic concerns after China Nov industrial production rose +6.2% y/y, stronger than expectations of +5.7% y/y and the fastest pace of increase in 5 months. In addition, energy producers saw some strength after crude oil prices rebounded from a 6-3/4 year low and closed higher.

Mar 10-year T-notes (ZNH16 -0.10%) this morning are down -7 ticks. Monday’s closes: TYH6 -23.50, FVH6 -13.50. Mar T-notes on Monday closed lower on long liquidation on expectations for the FOMC to raise the federal funds rate by 25 bp on Wednesday and on carryover weakness from a slide in German bund prices after ECB President Draghi said he expects inflation to return to target “without delay.”

The dollar index (DXY00 -0.02%) this morning is down -0.067 (-0.07%) at a 5-week low. EUR/USD (^EURUSD) is up +0.0015 (+0.14%) at a 1-1/2 month high. USD/JPY (^USDJPY) is up +0.12 (+0.10%). Monday’s closes: Dollar Index +0.039 (+0.04%), EUR/USD +0.0006 (+0.05%), USD/JPY +0.02 (+0.02%). The dollar index on Monday closed slightly higher on expectations for the Fed to raise interest rates at the conclusion of Wednesday’s FOMC meeting and on the rally in stocks, which caused USD/JPY to recover from a 5-week low and close higher on reduced safe-haven demand or the yen. The dollar was undercut as EUR/USD which rose to 5-week high after Eurozone Oct industrial production rose more than expected and after ECB President Draghi said he expects inflation to return to target “without delay.”

Jan crude oil (CLF16 +0.77%) this morning is up +47 cents (+1.29%) and Jan gasoline (RBF16 -1.50%) is down -0.0199 (-1.58%). Monday’s closes: CLF6 +0.65 (+1.82%), RBF6 -0.0386 (-3.01%). Jan crude oil and gasoline on Monday settled mixed as Jan crude recovered from a 6-3/4 year low. Crude oil prices received a boost from short-covering on news that China Nov industrial production and retail sales rose more than expected, and optimism that Congress may lift the 40-year old U.S. crude export ban. Crude prices earlier slumped to a fresh 6-3/4 year low after Iran’s deputy oil minister said that there’s “absolutely no chance” Iran will delay its plan to increase crude exports even as prices decline.

 China Nov industrial production rose +6.2% y/y, stronger than expectations of +5.7% y/y and the fastest pace of increase in 5 months. In addition, energy producers saw some strength after crude oil prices rebounded from a 6-3/4 year low and closed higher.

Mar 10-year T-notes (ZNH16 -0.10%) this morning are down -7 ticks. Monday’s closes: TYH6 -23.50, FVH6 -13.50. Mar T-notes on Monday closed lower on long liquidation on expectations for the FOMC to raise the federal funds rate by 25 bp on Wednesday and on carryover weakness from a slide in German bund prices after ECB President Draghi said he expects inflation to return to target “without delay.”

The dollar index (DXY00 -0.02%) this morning is down -0.067 (-0.07%) at a 5-week low. EUR/USD (^EURUSD) is up +0.0015 (+0.14%) at a 1-1/2 month high. USD/JPY (^USDJPY) is up +0.12 (+0.10%). Monday’s closes: Dollar Index +0.039 (+0.04%), EUR/USD +0.0006 (+0.05%), USD/JPY +0.02 (+0.02%). The dollar index on Monday closed slightly higher on expectations for the Fed to raise interest rates at the conclusion of Wednesday’s FOMC meeting and on the rally in stocks, which caused USD/JPY to recover from a 5-week low and close higher on reduced safe-haven demand or the yen. The dollar was undercut as EUR/USD which rose to 5-week high after Eurozone Oct industrial production rose more than expected and after ECB President Draghi said he expects inflation to return to target “without delay.”

Jan crude oil (CLF16 +0.77%) this morning is up +47 cents (+1.29%) and Jan gasoline (RBF16 -1.50%) is down -0.0199 (-1.58%). Monday’s closes: CLF6 +0.65 (+1.82%), RBF6 -0.0386 (-3.01%). Jan crude oil and gasoline on Monday settled mixed as Jan crude recovered from a 6-3/4 year low. Crude oil prices received a boost from short-covering on news that China Nov industrial production and retail sales rose more than expected, and optimism that Congress may lift the 40-year old U.S. crude export ban. Crude prices earlier slumped to a fresh 6-3/4 year low after Iran’s deputy oil minister said that there’s “absolutely no chance” Iran will delay its plan to increase crude exports even as prices decline.

GLOBAL EVENT CALENDAR12/15/2015
US0830 ETDec Empire manufacturing survey of general business conditions expected +3.74 to -7.00, Nov +0.62 to -10.74.
0830 ETNov CPI expected unch m/m and +0.5% y/y, Oct +0.2% m/m and +0.2% y/y. Nov CPI ex food & energy expected +0.2% m/m and+2.0% y/y, Oct +0.2% m/m and +1.9% y/y.
0930 ETFOMC begins 2-day policy meeting.
1000 ETDec NAHB housing market index expected +1 to 63, Nov -3 to 62.
EUR0200 ETEurozone Nov new car registrations, Oct +2.9% y/y.
0500 ETEurozone Q3 employment, Q2 +0.3% q/q and +0.8% y/y.
UK0430 ETUK Nov CPI expected -0.1% m/m and +0.1% y/y, Oct +0.1% m/m and -0.1% y/y. Nov core CPI expected +1.2% y/y, Oct +1.1% y/y.
0430 ETUK Nov RPI expected unch m/m and +0.9% y/y, Oct unch m/m and +0.7% y/y. Nov RPI ex mortgage interest payments expected +1.0% y/y, Oct +0.8% y/y.
0430 ETUK Nov PPI input prices expected -1.0% m/m and -12.4% y/y, Oct +0.2% m/m and -12.1% y/y.
0430 ETUK Nov PPI output prices expected -0.1% m/m and -1.3% y/y, Oct unch m/m and -1.3% y/y. Nov PPI output core expected unch m/m and +0.1% y/y, Oct -0.1% m/m and +0.3% y/y.
0430 ETUK Oct ONS house prices, Sep +6.1% y/y.
GER0500 ETGerman Dec ZEW expectations of economic growth survey expected +4.6 to 15.0, Nov 10.4. Dec ZEW survey current situation expected -0.2 to 54.2, Nov 54.4.
U.S. STOCK CALENDAR12/15/2015
CompanyTickerTimeEvent DescriptionPeriodEstimate
FactSet Research Systems IncFDS US7:00Q1 2016 Earnings ReleaseQ1 20161.463
AGCO CorpAGCO US8:30Analyst MeetingY 2015
Kennametal IncKMT US9:00Analyst DayY 2015
3M CoMMM US9:00Q4 2016 Guidance CallQ4 2016
AECOMACM US9:00Investor DayY 2015
American Water Works Co IncAWK US9:00Analyst DayY 2015
Liberty Property TrustLPT US10:00Q4 2016 Guidance CallQ4 2016
AmTrust Financial Services IncAFSI US10:00Extraordinary Shareholders Meeting
FactSet Research Systems IncFDS US11:00Q1 2016 Earnings CallQ1 2016
WESCO International IncWCC US11:00Q4 2016 Guidance CallQ4 2016
SolarCity CorpSCTY US12:30Analyst DayY 2015
FactSet Research Systems IncFDS US15:00Annual General MeetingY 2015
Dover CorpDOV US18:30Investor MeetingY 2015
American Express CoAXP USCredit-card Charge-offs and Delinquencies
Baker Hughes IncBHI USU.S. Justice Department Deadline on Decision of Halliburton’s Takeover of Baker
JPMorgan Chase & CoJPM USCredit-card Charge-offs and Delinquencies
Equifax IncEFX USInvestor Meeting – BaltimoreY 2015
Halliburton CoHAL USU.S. Justice Department Deadline on Decision of Halliburton’s Takeover of Baker
Bank of America CorpBAC USCredit-card Charge-offs and Delinquencies
Citigroup IncC USCredit-card Charge-offs and Delinquencies
Questar CorpSTR USRoadshow – Los AngelesY 2015
Morgan StanleyMS USCredit-card Charge-offs and Delinquencies
Capital One Financial CorpCOF USCredit-card Charge-offs and Delinquencies
AmTrust Financial Services IncAFSI USSpecial Meeting
Discover Financial ServicesDFS USCredit-card Charge-offs and Delinquencies
Synchrony FinancialSYF USCredit-card Charge-offs and Delinquencies

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