Fri Jan 22 2016
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Live Index – Fri, 22 Jan 2016 Premarket

PREMARKET WORLD NEWS

March E-mini S&Ps (ESH16 +1.44%) are up sharply by +1.48% and European stocks are up +2.75% on speculation central banks around the world will act to support the global economy. ECB President Draghi on Thursday hinted at expanding stimulus at next month’s ECB meeting, while the Nikkei Asian Review reported today that the BOJ is considering additional easing at next week’s BOJ meeting. Energy producers and mining stocks are higher with Chevron and Freeport-McMoRan both up over 2% in pre-market trading as the price of crude oil and copper rallied. Asian stocks settled higher: +5.88%, Hong Kong +2.90%, China +1.25%, Taiwan +1.20%, Australia +1.07%, Singapore +1.75%, South Korea +2.23%, India +1.98%. Chinese stocks rallied on speculation of further stimulus by the PBOC after China’s vice president Li Yuanchao said the government is willing to intervene to tap down market volatility, while Japanese stocks surged as the yen fell to a 1-week low against the dollar, which boosted exporters.

The dollar index is up +0.22%. EUR/USD is down -0.39%. USD/JPY is up +0.41% at a 1-week high as he rally in global equities reduces the safe-haven demand for the yen.

Mar T-note prices are down -14.5 ticks.

The Nikkei Asian Review reported that the BOJ is considering steps to counter the hit to inflation from the recent plunge in crude oil. The BOJ meets on Jan 28-29 and the report bolsters speculation the BOJ will expand easing measures.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Dec Chicago Fed national activity index (expected +0.15 to -0.15, Nov -0.13 to -0.30), (2) Markit preliminary-Jan U.S. manufacturing PMI (expected -0.2 to 51.0, Dec -1.6 to 51.2), (3) Dec existing home sales (expected +9.2% to 5.20 million, Nov -10.5% to 4.76 million), and (4) Dec leading indicators (expected -0.1%, Nov +0.4%).

There are 6 of the S&P 500 companies that report earnings today: GE (consensus $ 0.49), Kansas City Southern (1.10), SunTrust Banks (0.87), Synchrony Financial (0.63), Rockwell Collins (1.04), Legg Mason (0.70).

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

Equity conferences during the remainder of this week: none.

 

 

 

 

 

 

PREMARKET U.S. STOCKS

Schlumberger (SLB +0.64%) gained almost 4% in pre-market trading after it reported Q4 adjusted EPS of 65 cents, better than consensus of 63 cents.

MetLife (MET +1.16%) was upgraded to ‘Strong Buy’ from ‘Market Perform’ at Raymond James with a 12-month price target of $ 56.

Dr Pepper Snapple (DPS -0.28%) was upgraded to ‘Ourperform’ from ‘Underperform’ at CLSA.

Boeing (BA +1.03%) fell over 1% in after-hours trading after it said it will cut its 747 production rate to 0.5/month from a planned 1.0/month.

Starbucks (SBUX +3.71%) fell over 3% in after-hours trading after it reported Q1 revenue of $ 5.37 billion, below consensus of $ 5.39 billion.

Maxim Integrated (MXIM -0.42%) rose nearly 2% in after-hours trading after it reported fiscal year Q2 revenue of $ 510.8 million, above consensus of $ 505.1 million.

Intuitive Surgical (ISRG +0.19%) climbed almost 1% in after-hours trading after it reported Q4 adjusted EPS of $ 5.89, well above consensus of $ 5.04.

American Express (AXP -0.62%) slipped over 4% in after-hours trading after it said it is targeting 2017 fiscal EPS at least $ 5.60, less than estimates of $ 5.96.

ResMed (RMD +0.52%) rose over 1% in after-hours trading after it reported Q2 adjusted EPS of 69 cents, higher than consensus of 66 cents.

Digi International (DGII +0.48%) fell over 9% in after-hours trading after it lowered guidance on Q2 profit continuing operations to 3 cents-7 cents, below consensus of 9 cents.

E*Trade Financial (ETFC -0.12%) dropped nearly 3% in after-hours trading after it reported total Q4 net revenue of $ 454 million, below consensus of $ 454.5 million.

8×8 Inc. (EGHT +1.27%) jumped over 5% in after-hours trading after it reported Q3 adjusted EPS of 5 cents, higher than consensus of 3 cents.

Cardiovascular Systems (CSII -2.35%) slumped over 20% in after-hours trading after it lowered guidance on Q3 revenue to $ 40.5 million-$ 42.0 million, below consensus of $ 45.8 million.

MARKET COMMENTS

Mar E-mini S&Ps (ESH16 +1.44%) this morning are up sharply by +27.50 points (+1.48%). Thursday’s closes: S&P 500 +0.52%, Dow Jones +0.74%, Nasdaq +0.15%. The S&P 500 on Thursday closed higher on strength in energy producers as crude oil prices rose and on carryover support from a rally in European equities after ECB President Draghi said that downside risks have increased and the ECB may need to boost stimulus measures at next month’s policy meeting. On the bearish side, U.S. weekly jobless claims unexpectedly rose +10,000 to a 6-1/4 month high of 293,000, indicating a weaker labor market than expected.

Mar 10-year T-notes (ZNH16 -0.35%) this morning are down -14.5 ticks. Thursday’s closes: TYH6 -6.50, FVH6 -2.00. Mar T-notes on Thursday closed lower on a rebound in stock prices that reduced safe-haven demand for T-notes. T-notes saw support from (1) carryover support from a rally in German bunds to a 2-3/4 month high after ECB President Draghi hinted at additional stimulus at next month’s ECB meeting, and (2) the unexpected increase in U.S. weekly jobless claims to a 6-1/4 month high.

The dollar index (DXY00 +0.26%) this morning is up +0.214 (+0.22%). EUR/USD (^EURUSD) is down -0.0042 (-0.39%). USD/JPY (^USDJPY) is up +0.48 (+0.41%) at a 1-week high. Thursday’s closes: Dollar Index -0.035 (-0.04%), EUR/USD -0.0016 (-0.15%), USD/JPY +0.76 (+0.65%). The dollar index on Thursday jumped to a 1-1/2 month high but fell back and closed little changed. The dollar received a boost as EUR/USD fell to a 2-week low on signs the ECB may expand stimulus after ECB President Draghi said that “downside risks have increased” and that the ECB will consider its options at next month’s policy meeting. Meanwhile, USD/JPY saw some reduced safe-haven demand for the yen after the stock market rallied.

Mar crude oil (CLH16 +4.94%) this morning is up +$ 1.58 a barrel (+5.35%) and Mar gasoline (RBH16 +4.08%) is up +0.0477 (+4.52%). Thursday’s closes: CLH6 +1.50 (+5.29%), RBH6 +0.0201 (+1.93%). Mar crude oil and gasoline on Thursday closed higher on comments from ECB President Draghi who said the ECB may bolster stimulus measures next month and on short-covering after crude oil prices plunged by over 22% in the past 2 weeks. Crude oil prices were undercut by the +3.98 million bbl increase in weekly EIA crude inventories, more than expectations of +2.5 million bbl, and the +4.563 million bbl increase in EIA gasoline supplies to a 15-3/4 year high of 245 million bbl.

GLOBAL EVENT CALENDAR01/22/2016
US0830 ETDec Chicago Fed national activity index expected +0.15 to -0.15, Nov -0.13 to -0.30.
0830 ETUSDA weekly Export Sales.
0945 ETPreliminary U.S. Jan Markit manufacturing PMI expected -0.2 to 51.0, Dec -1.6 to 51.2.
1000 ETDec existing home sales expected +9.2% to 5.20 million, Nov -10.5% to 4.76 million.
1000 ETDec leading indicators expected -0.1%, Nov +0.4%.
1500 ETUSDA Dec Cold Storage.
1500 ETUSDA Jan Cattle on Feed.
GER0330 ETGerman Jan Markit/BME manufacturing PMI expected -0.2 to 53.0, Dec 53.2.
0330 ETGerman Jan Markit services PMI expected -0.5 to 55.5, Dec 56.0.
EUR0400 ETEurozone Jan Markit manufacturing PMI expected -0.2 to 53.0, Dec 53.2. Jan Markit composite PMI expected 0.2 to54.1.
UK0430 ETUK Dec retail sales ex auto fuel expected -0.3% m/m and +3.5% y/y, Nov +1.7% m/m and +3.9% y/y.
0430 ETUK Dec retail sales including auto fuel expected -0.3% m/m and +4.4% y/y, Nov +1.7% m/m and +5.0% y/y.
0430 ETUK Dec public sector net borrowing expected +10.0 billion pounds, Nov +13.6 billion pounds.
U.S. STOCK CALENDAR01/22/2016
CompanyTickerTimeEvent DescriptionPeriodEstimate
General Electric CoGE USBef-mktQ4 2015 Earnings ReleaseQ4 20150.494
Kansas City SouthernKSU USBef-mktQ4 2015 Earnings ReleaseQ4 20151.101
SunTrust Banks IncSTI USBef-mktQ4 2015 Earnings ReleaseQ4 20150.867
Synchrony FinancialSYF USBef-mktQ4 2015 Earnings ReleaseQ4 20150.633
Rockwell Collins IncCOL US6:30Q1 2016 Earnings ReleaseQ1 20161.044
Legg Mason IncLM US7:00Q3 2016 Earnings ReleaseQ3 20160.7
SunTrust Banks IncSTI US8:00Q4 2015 Earnings CallQ4 2015
General Electric CoGE US8:30Q4 2015 Earnings CallQ4 2015
Legg Mason IncLM US8:30Q3 2016 Earnings CallQ3 2016
Synchrony FinancialSYF US8:30Q4 2015 Earnings CallQ4 2015
Kansas City SouthernKSU US8:45Q4 2015 Earnings CallQ4 2015
Schlumberger LtdSLB US9:00Q4 2015 Earnings CallQ4 2015
Rockwell Collins IncCOL US9:00Q1 2016 Earnings CallQ1 2016
Legg Mason IncLM USInvestor DayY 2016

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