Live Index – Mon, 28 Dec 2015 Premarket
March E-mini S&Ps (ESH16 -0.51%) are down -0.37% and European stocks are down -0.48% after a decline in China Nov industrial profits undercut emerging markets and weighed on crude oil and copper prices. Losses in energy producers, miners and raw-material companies are leading the overall market lower. Asian stocks settled mixed: Japan +0.56%, Hong Kong -0.99%, China -2.59%, Taiwan -0.06%, Australia closed for holiday, Singapore -0.08%, South Korea -1.44%, India +0.76%. China’s Shanghai Composite fell to a 1-week low after China industrial profits fell for a sixth month in November along with concern that the end of 6-month ban on selling of stock by shareholders with stakes of 5% or more in Chinese companies this Thursday will lead to another wave of selling.
The dollar index (DXY00 +0.03%) is down -0.01% at a 1-week low. EUR/USD (^EURUSD) is up +0.26%. USD/JPY (^USDJPY) is up +0.13%.
Mar T-note prices (ZNH16 -0.01%) are little changed, down -0.5 of a tick.
China Nov industrial profits fell -1.4% y/y, the sixth consecutive month profits have declined.
The Japan Nov industrial production of -1.0% m/m and +1.6% y/y was weaker than expectations of -0.5% m/m and +1.6% y/y.
Key U.S. news today includes: (1) Dec Dallas Fed outlook level of general business activity (expected -2.1 to -7.0, Nov +7.8 to -4.9), and (2) the Treasury’s auction of $ 26 billion 2-year T-notes.
None of the Russell 3000 companies report earnings today.
U.S. IPO’s scheduled to price today: none.
Equity conferences this week: none.
Exxon Mobil (XOM -1.07%) and Chevron (CVX -1.88%) are both down over 1% in pre-market trading as the price of crude falls over 2%.
Freeport-McMoRan (FCX +1.61%) is down over 2% in pre-market trading as the price of copper is down over 2% at a 1-week low.
Amazon.com (AMZN -0.14%) was rated a ‘Buy” at Axiom who raised their price target on the stock to $ 797 from $ 727.
General Electric (GE -0.39%) said it won a contract to supply turbines that account for half of the generation capacity of a 10.2 gigawatt Wudonde hydropower plant being built by China Three Gorges Corp.
The Disney (DIS +0.28%) film “Star Wars: The Force Awakens” rose past $ 1 billion in sales in 12 days, the first picture to reach that mark so quickly.
A weekend article in Barron’s says that Solar City (SCTY +0.97%) may climb 34% and First Solar (FSLR +1.13%) may rise 23% after a U.S. budget deal extended tax credits for solar panel makers and installers,
Hardinge (HDNG -1.32%) was rated a new ‘Buy’ at Ascendiant Capital Markets with a 12-month price target of $ 14.
HCI Group (HCI +1.50%) was rated a new ‘Overweight’ at Piper Jaffray with a 12-month price target of $ 43.
Barron’s says that Signet Jewelers (SIG -1.85%) may climb 41% as the company improves operations at Zales, which it acquired last year.
Barron’s says that shares of Post Holdings (POST +0.47%) look too rich after a 50% advance and investors should take profits given the rich valuation.
Pep Boys Manny, Moe & Jack (PBY +0.63%) agreed to a $ 947 million takeover offer from Bridgestone Corp. who made a higher bid for the company than Carl Icahn.
Mar E-mini S&Ps (ESH16 -0.51%) this morning are down -7.50 points (-0.37%). Thursday’s closes: S&P 500 -0.16%, Dow Jones -0.29%, Nasdaq -0.04%. The S&P 500 on Thursday settled lower on carryover weakness from a -0.65% decline in China’s Shanghai Composite and on long liquidation pressures ahead of the holiday weekend. A supportive factor was the -5,000 decline in U.S. weekly initial unemployment claims, slightly better than expectations of -1,000.
Mar 10-year T-notes (ZNH16 -0.01%) this morning are down -0.5 of a tick. Thursday’s closes: TYH6 +5.50, FVH6 +1.75. Mar T-note prices on Thursday settled higher on short covering ahead of the long Christmas holiday weekend and on weakness in stocks that boosted the safe-haven demand for T-notes. T-note prices were undercut by the rally in crude oil to a 1-week high, which boosted inflation expectations as the 10-year T-note breakeven inflation rate rose to a 2-week high.
The dollar index (DXY00 +0.03%) this morning is down -0.003 (-0.01%) at a 1-week low. EUR/USD (^EURUSD) is up +0.0029 (+0.26%). USD/JPY (^USDJPY) is up +0.16 (+0.13%). Thursday’s closes: Dollar Index -0.357 (-0.36%), EUR/USD +0.0053 (+0.49%), USD/JPY -0.61 (-0.50%). The dollar index on Thursday dropped to a 1-week low and closed lower on strength in the yen as USD/JPY slid to a 1-3/4 month low and on the rally in crude oil to a 1-week high, which boosted commodity currencies.
Feb crude oil (CLG16 -3.10%) this morning is down -98 cents (-2.57%) and Feb gasoline (RBG16 -2.18%) is down -0.0205 (-1.61%). Thursday’s closes: CLG6 +0.62 (+1.65%), RBG6 +0.0232 (+1.85%). Feb crude oil and gasoline on Thursday closed higher with Feb crude at a 1-week high and Feb gasoline at a 1-1/2 week high. Crude oil found support from the fall in the dollar index to a 1-week low and continued short covering in energy futures after Wednesday’s EIA report showed an unexpected -5.88 million bbl decline in weekly EIA crude inventories.
|US||1030 ET||Dec Dallas Fed outlook level of general business activity expected -2.1 to -7.0, Nov +7.8 to -4.9.|
|1100 ET||USDA weekly grain export inspections.|
|1300 ET||Treasury auctions $ 26 billion 2-year T-notes.|
|UK||n/a||UK markets closed for Boxing Day holiday.|
|CHD US||Aft-mkt||Church & Dwight Replaces Altera Corp. in S&P 500|
|CHD US||Aft-mkt||SYNNEX Corp. Replaces Church & Dwight in S&P MidCap 400|
|ALTR US||Aft-mkt||Church & Dwight Replaces Altera Corp. in S&P 500|
|GBX US||Aft-mkt||Greenbrier Companies Replaces SYNNEX in S&P SmallCap 600|
|SNX US||Aft-mkt||SYNNEX Corp. Replaces Church & Dwight in S&P MidCap 400|
|SNX US||Aft-mkt||Greenbrier Companies Replaces SYNNEX in S&P SmallCap 600|
|NADL NO||Extraordinary Shareholders Meeting||Y 2015|
|SFXE US||Annual General Meeting|