Thu Jan 14 2016
Live Index (1454 articles)

Live Index – Thu, 14 Jan 2016 Premarket


March E-mini S&Ps (ESH16 +0.23%) are down -0.08% at a 3-1/2 month low and European stocks are down -2.67% at a 13-month low on global growth concerns. As expected, the BOE maintained its benchmark interest rate at 0.50% and kept its asset purchase target at 375 billion pounds following the conclusion of today’s monetary policy meeting. U.S. stock index futures recovered from their worst levels as JPMorgan Chase climbed over +1% in pre-market trading after it reported better-than-expected Q4 earnings. Asian stocks settled mostly lower: Japan -2.68%, Hong Kong -0.59%, China +1.97%, Taiwan -1.04%, Australia -1.57%, Singapore -1.93%, South Korea -0.92%, India -0.33%. Japan’s Nikkei Stock Index dropped to a 3-1/2 month low as it followed Wednesday’s losses in U.S. stocks, although China’s Shanghai Composite erased early losses and recovered from a 4-1/2 month low and closed higher on signs of increased government efforts to prop up shares after state funds entered the market to buy stocks and after Chinese stock exchanges vowed to step up monitoring of share sales by companies’ major shareholders.

The dollar index (DXY00 -0.16%) is down -0.28%. EUR/USD (^EURUSD) is up +0.37%. USD/JPY (^USDJPY) is up +0.05%.

Mar T-note prices (ZNH16 -0.07%) are up +3.5 ticks on increased safe-haven demand as stocks falter along with reduced inflation expectations after the 10-year T-note breakeven inflation rate tumbled to a 3-1/2 month low.

The China Securities Regulatory Commission said the forthcoming registration system for initial public offerings won’t lead to an oversupply of new shares.


Key U.S. news today includes: (1) weekly initial unemployment claims (expected -2,000 to 275,000, previous -10,000 to 277,000) and continuing claims (expected -20,000 to 2.210 million, previous +25,000 to 2.230 million), (2) Dec import price index (expected -1.4% m/m and -8.4% y/y, Nov -0.4% m/m and -9.4% y/y), (3) St. Louis Fed President James Bullard’s speech to the Economic Club of Memphis, and (4) the Treasury’s auction of $ 13 billion 30-year T-bonds.

There are 3 of the Russell 1000 companies that report earnings today: JP Morgan Chase (consensus $ 1.27), Intel (0.63), First Republic Bank (0.81).

U.S. IPO’s scheduled to price today: Shimmick Constructions Co (SCCI).

Equity conferences during the remainder of this week: J.P. Morgan Health Care Conference on Mon-Thu.








Alcoa (AA -2.06%) was downgraded to ‘Hold’ from ‘Buy’ at Argus.

JPMorgan Chase (JPM -2.75%) climbed over 1% in pre-market trading after it reported Q4 EPS of $ 1.40, better than consensus of $ 1.27.

Fiat Chrysler Automobiles NV (FCA -4.40%) dropped over 4% in pre-market trading after Automotive News reported that two dealerships alleged the company offered dealers money to falsify sales,

CSX Corp. (CSX -5.70%) was upgraded to ‘Buy’ from ‘Hold’ at BB&T Capital Markets with a 12-month price target of $ 27.

Extra Space Storage (EXR -1.06%) rose 2% in after-hours trading after it was reported that it will replace Chubb in the S&P 500 after the close of trading this Friday, January 15.

GoPro (GPRO +0.07%) slumped over 20% in after-hours trading after it reported preliminary Q4 revenue of $ 435 million, below consensus of $ 510.9 million, and said it will cut 7%, or about 100 employees from its workforce.

Vail Resorts (MTN -3.84%) climbed over 3% in after-hours trading after it reported lift ticket revenue at its U.S. resorts was up +19% for the current season through Jan 10.

KB Home (KBH -2.95%) gained over 1% in after-hours trading after it said it will buy back up to 10 million shares.

JetBlue (JBLU -4.26%) rose over 1% in after-hours trading after it reported a +11.3% y/y increase in December traffic and a +9.5% increase in capacity, or available seat miles, to 4.6 million.

World Wrestling Entertainment (WWE -4.05%) climbed over 3% in after-hours trading after it was reported that it will replace Wausau Paper in the S&P SmallCap 600 on the close of trading Wednesday, January 20.

Aqua America (WTR -0.95%) fell nearly 2% in after-hours trading after it forecast 2016 EPS of $ 1.30-$ 1.35, below consensus of $ 1.36.

U.S. Concrete (USCR -3.90%) gained 4% in after-hours trading after it was announced that it will replace Extra Space Storage in the S&P SmallCap 600 on the close of trading this Friday, January 15.


Mar E-mini S&Ps (ESH16 +0.23%) this morning are down -1.50 (-0.08%) points at a 3-1/2 month low. Wednesday’s closes: S&P 500 -2.50%, Dow Jones -2.21%, Nasdaq -3.48%. The S&P 500 on Wednesday slumped to a 3-1/4 month low and closed sharply lower on negative carryover from a -2.42% sell-off in the China Shanghai Composite to a 4-1/2 month low and weakness in energy producer stocks after weekly EIA data showed supplies of crude oil and refined products continue to grow. Consumer discretionary stocks were led lower by a 10% plunge in BorgWarner on disappointing 2016 sales guidance.

Mar 10-year T-notes (ZNH16 -0.07%) this morning are up +3.5 ticks. Wednesday’s closes: TYH6 +7.50, FVH6 +4.00. Mar T-Notes on Wednesday rose to a 2-1/2 month high and closed higher on the plunge in stocks, which spurred safe-haven demand buying of T-notes, and by dovish comments from Chicago Fed President Evans who said he backs an “even shallower” path for fed funds rate increases than his FOMC colleagues.

The dollar index (DXY00 -0.16%) this morning is down -0.281 (-0.28%). EUR/USD (^EURUSD) is up +0.0040 (+0.37%). USD/JPY (^USDJPY) is up +0.06 (+0.05%). Wednesday’s closes: Dollar Index -0.041 (-0.04%), EUR/USD +0.0019 (+0.17%), USD/JPY +0.03 (+0.03%). The dollar index on Wednesday closed lower on comments from Chicago Fed President Evans who said the cost of raising the fed funds rate too fast “far exceed” costs of removing accommodation too slowly, which signals that he is not in favor of raising interest rates anytime soon. In addition, the Fed Beige Book stated that U.S. wage pressures are subdued and overall prices pressures are minimal, which may cause the Fed to pause on additional interest rate increases.

Feb crude oil (CLG16 +1.38%) this morning is up +26 cents (+0.85%) and Feb gasoline (RBG16 +2.40%) is up +0.0182 (+1.73%). Wednesday’s closes: CLG6 +0.04 (+0.13%), RBG6 -0.0320 (-2.95%). Feb crude oil and gasoline prices on Wednesday settled mixed with Feb gasoline at a 6-3/4 year low. Crude oil prices were undercut by the +8.44 million bbl surge in weekly EIA gasoline inventories to a 10-1/2 month high and the +6.14 million bbl increase in EIA distillate stockpiles to a 5-year high of 165.5 million bbl. Crude oil prices founds support on (1) the +234,000 bbl increase in EIA crude inventories, less than expectations of +2.0 million bbl, and (2) strong Chinese demand after Chinese customs data showed China 2015 crude imports rose +8.8% y/y to a record 334 MMT.

US0830 ETWeekly initial unemployment claims expected -2,000 to 275,000, previous -10,000 to 277,000. Weekly continuing claims expected -20,000 to 2.210 million, previous +25,000 to 2.230 million.
0830 ETDec import price index expected -1.4% m/m and -8.4% y/y, Nov -0.4% m/m and -9.4% y/y.
0830 ETUSDA weekly Export Sales.
0830 ETSt. Louis Fed President James Bullard speaks to the Economic Club of Memphis.
1100 ETTreasury announces amount of 10-year TIPS to be auctioned Jan 21 (previous $ 13 billion).
1300 ETTreasury auctions $ 13 billion 30-year T-bonds.
JPN0100 ETJapan Dec machine tool orders, Nov -17.7% y/y.
GER0200 ETGerman Dec wholesale price index, Nov -0.2% m/m and -1.1% y/y.
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.
CompanyTickerTimeEvent DescriptionPeriodEstimate
JPMorgan Chase & CoJPM US6:45Q4 2015 Earnings ReleaseQ4 20151.27
Domino’s Pizza IncDPZ US8:00Investor DayY 2016
First Republic Bank/CAFRC US8:00Q4 2015 Earnings ReleaseQ4 20150.812
JPMorgan Chase & CoJPM US8:30Q4 2015 Earnings CallQ4 2015
Aqua America IncWTR US9:00Analyst DayY 2016
First Republic Bank/CAFRC US10:00Q4 2015 Earnings CallQ4 2015
Danaher CorpDHR US17:00ITC Decision Due in Instradent vs. Danaher Corp. Patent Case
Intel CorpINTC US17:00Q4 2015 Earnings CallQ4 2015
Intel CorpINTC USAft-mktQ4 2015 Earnings ReleaseQ4 20150.633
Best Buy Co IncBBY USSales Release
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