Live Index – Thu, 04 Feb 2016 Premarket
March E-mini S&Ps (ESH16 +0.01%) are up +0.14% and European stocks are up 0.63% as a selloff in the dollar index to a 3-month low underpins crude oil and metal prices and fuels a rally in energy and commodity producer stocks. Gains in European stocks were limited as automakers retreated, led by a nearly 4% decline in Daimler AG, after the automaker said growth will slow down in 2016 with only “slight’ gains in revenue and earnings. As expected, the BOE kept its benchmark rate unchanged at 0.50% and maintained its asset purchase target at 375 billion pounds. Asian stocks settled mostly higher: Japan -0.85%, Hong Kong +1.01%, China +1.53%, Taiwan closed for holiday, Australia +2.12%, Singapore +0.30%, South Korea +1.72%, India +0.48%. Japan’s Nikkei index closed lower as export stocks sold off after a rally in the yen to a 2-week high against the dollar reduced the earnings prospects of exporters.
The dollar index (DXY00 -0.60%) is down -0.54% at a 3-month low. EUR/USD (^EURUSD) is up +0.64% at a 3-1/4 month high. USD/JPY (^USDJPY) is down -0.23%.
Mar T-note prices (ZNH16 -0.07%) are down -3 ticks.
The European Commission cut its Eurozone 2016 GDP forecast to 1.7% from a Nov projection of 1.8% and slashed its Eurozone 2016 CPI estimate to 0.5% from a Nov forecast of 1.0%.
Key U.S. news today includes: (1) Boston Fed President Eric Rosengren’s speech to the Financial Stability Institute of the Bank for International Settlements in Cape Town on progress addressing “Too Big to Fail,” (2) Jan Challenger job cuts (Dec -27.6% y/y), (3) weekly initial unemployment claims (expected -1,000 to 277,000, previous -16,000 to 278,000) and continuing claims (expected -28,000 to 2.240 million, previous +49,000 to 2.268 million), (4) Q4 non-farm productivity (expected -2.0%, Q3 +2.2%. Q4 unit labor costs expected +4.1%, Q3 +1.8%), (5) Dallas Fed President Robert Kaplan’s speech on global economic conditions at an event in Dallas, TX, (6) Dec factory orders (expected -2.8%, Nov -0.2% and -0.3% ex transportation), and (7) Cleveland Fed President Loretta Mester’s speech at an MNI event where she will address questions on Fed economic and monetary policy.
There are 33 of the S&P 500 companies that report earnings today with notable reports including: News Corp (0.21), Symantec (0.24), Cummins (2.11), McGraw Hill Financial (1.02), Conoco Phillips (-0.65), ICE Exchange (3.01), Occidental Petroleum (-0.13).
U.S. IPO’s scheduled to price today: Advanced Inhalation Theraphies (AITP).
Equity conferences this week include: Cowen and Company Aerospace/Defense Conference & Transport Forum on Wed-Thu
Viacom (VIAB +2.10%) surged over 7% in pre-market trading after a person familiar witt the matter said the board will meet today to name a successor to Chairma Summer Restone.
CBS Corp. (CBS +3.50%) rose 4% in pre-market trading after Summer Redstone resigned as chairman of CBS and will be replaced by CEO Les Moonves.
Yum! Brands (YUM +0.18%) fell over 1% in after-hours trading after it reported Q4 revenue of $ 3.95 billion, less than consensus of $ 4.03 billion.
Cisco (CSCO +1.18%) slid nearly 1% in after-hours trading after it said it will acquire Jasper Technologies for $ 1.4 billion in cash and assumed equity awards.
Allstate (ALL -0.55%) gained nearly 1% in after-hours trading after it reported Q4 adjusted EPS of $ 1.60, higher than consensus of $ 1.35.
MetLife (MET -1.89%) fell over 2% in after-hours trading after it reported Q4 operating EPS of $ 1.23, below consensus of $ 1.36.
Noble Corp. Plc (NE +4.13%) dropped 7% in after-hours trading after it reported Q4 adjusted EPS of 52 cents, weaker than consensus of 55 cents, and said it faces a “challenging outlook” in 2016.
Take-Two Interactive Software (TTWO -1.82%) climbed 8% in after-hours trading after it reported Q3 adjusted EPS of 89 cents, well above consensus of 50 cents, and raised guidance on fiscal 2016 adjusted EPS to $ 1.65-$ 1.75 from a prior view of $ 1.00-$ 1.15, better than consensus of $ 1.15.
GoPro (GPRO +4.59%) slumped over 8% in pre-market trading after it lowered guidance on fiscal 2016 revenue to $ 1.35 billion-$ 1.50 billion, below consensus of $ 1.59 billion, and said Brian McGee will succeed Jack Lazar as CFO effective March 11.
VirnetX Holding (VHC +29.81%) soared over 80% in after-hours trading after a jury in Texas awarded the company $ 625.6 million in a patent trial against Apple.
Cadence Design Systems (CDNS unch) climbed 4% in after-hours trading after it reported Q4 non-gaap EPS of 31 cents, higher than consensus of 29 cents.
DHT Holdings (DHT +3.86%) slid over 10% in after-hours trading after it reported Q4 EPS of 31 cents, below consensus of 33 cents.
Glu Mobile (GLUU -2.90%) surged over 20% in after-hours trading after it reported an unexpected Q4 EPS profit of 2 cents, better than consensus of a -3 cent loss.
SolarEdge Technologies (SEDG +2.73%) jumped over 11% in after-hours trading after it reported Q2 adjusted EPS of 44 cents, better than consensus of 35 cents.
Imperva (IMPV -0.76%) tumbled over 10% in after-hours trading after it said it sees a Q1 adjusted EPS loss of -26 cents to -32 cents, weaker than consensus of an -11 cent loss.
Mar E-mini S&Ps (ESH16 +0.01%) this morning are up +2.75 points (+0.14%). Wednesday’s closes: S&P 500 +0.50%, Dow Jones +1.13%, Nasdaq -2.18%. The S&P 500 on Wednesday closed higher on the +205,000 increase in the Jan ADP employment report (stronger than expectations of +193,000) and a rally in energy producers after crude oil prices recovered from a 1-week low and closed sharply higher. Stocks were undercut by the -2.3 point decline in the Jan ISM non-manufacturing PMI to 53.5, weaker than expectations of -0.2 to 55.1 and the slowest pace of expansion in nearly 2 years.
Mar 10-year T-notes (ZNH16 -0.07%) this morning are down -3 ticks. Wednesday’s closes: TYH6 -2.50, FVH6 +1.50. Mar T-notes on Wednesday rallied to a 1-year nearest-futures high but fell back and closed lower. T-note prices were undercut by the larger than expected increase in the Jan ADP employment change and reduced safe-haven demand after stocks recovered to close higher. T-note prices were supported by the weaker-than-expected Jan ISM non-manufacturing PMI report.
The dollar index (DXY00 -0.60%) this morning is down -0.522 (-0.54%) at a 3-month low. EUR/USD (^EURUSD) is up +0.0071 (+0.64%) at a 3-1/4 month high. USD/JPY (^USDJPY) is down -0.27 (-0.23%). Wednesday’s closes: Dollar Index -1.584 (-1.60%), EUR/USD +0.0186 (+1.70%), USD/JPY -2.07 (-1.73%). The dollar index on Wednesday slumped to a 3-month low and closed lower on U.S. growth concerns that may keep the Fed from further raising interest rates after the Jan non-manufacturing PMI expanded at the slowest pace in nearly 2 years. The dollar index was also undercut by strength in EUR/USD which rallied to a 3-month high after the Eurozone Jan composite PMI was revised upward by +0.1 to 53.6.
Mar crude oil (CLH16 +0.46%) this morning is up +7 cents (+0.22%) and Mar gasoline (RBH16 +2.42%) is up +0.0192 (+1.89%). Wednesday’s closes: CLH6 +2.87 (+9.61%), RBH6 +0.0273 (+2.73%). Mar crude oil and gasoline closed sharply higher on Wednesday as Mar crude rebounded from a 1-week low and Mar gasoline recovered from a 7-year low. Crude oil prices were boosted by short-covering after the dollar index tumbled to a 3-month low and by the -0.1% decline in U.S. crude production in the week of Jan 29 to a 1-month low of 9.214 million bpd. Crude oil prices were undercut by the +7.79 million bbl surge in EIA crude inventories to a record high of 502.7 million bbl and by the +5.94 million bbl increase in EIA gasoline stockpiles to a record 254.4 million bbl.
|US||0215 ET||Boston Fed President Eric Rosengren speaks to the Financial Stability Institute of the Bank for International Settlements in Cape Town on progress addressing Too Big to Fail.|
|0730 ET||Jan Challenger job cuts, Dec -27.6% y/y.|
|0830 ET||Weekly initial unemployment claims expected -1,000 to 277,000, previous -16,000 to 278,000. Weekly continuing claims expected -28,000 to 2.240 million, previous +49,000 to 2.268 million.|
|0830 ET||Q4 non-farm productivity expected -2.0%, Q3 +2.2%. Q4 unit labor costs expected +4.1%, Q3 +1.8%.|
|0830 ET||USDA weekly Export Sales.|
|0830 ET||Dallas Fed President Robert Kaplan speaks on global economic conditions at an event in Dallas, TX.|
|1000 ET||Dec factory orders expected -2.8%, Nov -0.2% and -0.3% ex transportation. Dec capital goods new orders nondefense ex-aircraft & parts, Nov -0.3%.|
|1700 ET||Cleveland Fed President Loretta Mester is the guest speaker at an MNI event where she will address questions on Fed economic and monetary policy.|
|EUR||0300 ET||ECB President Mario Draghi speaks at a conference organized by the Bundesbank in Frankfurt.|
|GER||0330 ET||German Jan Markit construction PMI, Dec 55.5.|
|UK||0400 ET||UK Jan new car registrations, Dec +8.4% y/y.|
|0700 ET||BOE 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.|
|Boston Scientific Corp||BSX US||Bef-mkt||Q4 2015 Earnings Release||Q4 2015||0.247|
|Clorox Co/The||CLX US||Bef-mkt||Q2 2016 Earnings Release||Q2 2016||1.047|
|CMS Energy Corp||CMS US||Bef-mkt||Q4 2015 Earnings Release||Q4 2015||0.376|
|EQT Corp||EQT US||Bef-mkt||Q4 2015 Earnings Release||Q4 2015||-0.191|
|Occidental Petroleum Corp||OXY US||Bef-mkt||Q4 2015 Earnings Release||Q4 2015||-0.126|
|PPL Corp||PPL US||Bef-mkt||Q4 2015 Earnings Release||Q4 2015||0.439|
|ConocoPhillips||COP US||Bef-mkt||Q4 2015 Earnings Release||Q4 2015||-0.646|
|Snap-on Inc||SNA US||Bef-mkt||Q4 2015 Earnings Release||Q4 2015||2.177|
|TECO Energy Inc||TE US||Bef-mkt||Q4 2015 Earnings Release||Q4 2015||0.232|
|Vulcan Materials Co||VMC US||Bef-mkt||Q4 2015 Earnings Release||Q4 2015||0.599|
|AmerisourceBergen Corp||ABC US||Bef-mkt||Q1 2016 Earnings Release||Q1 2016||1.247|
|Level 3 Communications Inc||LVLT US||Bef-mkt||Q4 2015 Earnings Release||Q4 2015||0.536|
|Intercontinental Exchange Inc||ICE US||Bef-mkt||Q4 2015 Earnings Release||Q4 2015||3.009|
|Teradata Corp||TDC US||Bef-mkt||Q4 2015 Earnings Release||Q4 2015||0.7|
|Delphi Automotive PLC||DLPH US||Bef-mkt||Q4 2015 Earnings Release||Q4 2015||1.385|
|Cigna Corp||CI US||6:30||Q4 2015 Earnings Release||Q4 2015||1.794|
|Xylem Inc/NY||XYL US||6:55||Q4 2015 Earnings Release||Q4 2015||0.599|
|Marsh & McLennan Cos Inc||MMC US||7:00||Q4 2015 Earnings Release||Q4 2015||0.706|
|WEC Energy Group Inc||WEC US||7:00||Q4 2015 Earnings Release||Q4 2015||0.629|
|Fastenal Co||FAST US||7:00||January 2016 Sales and Revenue Release||2016|
|Philip Morris International Inc||PM US||7:00||Q4 2015 Earnings Release||Q4 2015||0.806|
|McGraw Hill Financial Inc||MHFI US||7:15||Q4 2015 Earnings Release||Q4 2015||1.015|
|Cummins Inc||CMI US||7:30||Q4 2015 Earnings Release||Q4 2015||2.107|
|L Brands Inc||LB US||7:30||January 2016 Sales and Revenue Release||2016|
|L Brands Inc||LB US||7:30||January 2016 Sales and Revenue Call||2016|
|Boston Scientific Corp||BSX US||8:00||Q4 2015 Earnings Call||Q4 2015|
|XL Group PLC||XL US||8:00||Q4 2015 Earnings Call||Q4 2015|
|Ralph Lauren Corp||RL US||8:00||Q3 2016 Earnings Release||Q3 2016||2.127|
|MetLife Inc||MET US||8:00||Q4 2015 Earnings Call||Q4 2015|
|Cigna Corp||CI US||8:30||Q4 2015 Earnings Call||Q4 2015|
|Marsh & McLennan Cos Inc||MMC US||8:30||Q4 2015 Earnings Call||Q4 2015|
|McGraw Hill Financial Inc||MHFI US||8:30||Q4 2015 Earnings Call||Q4 2015|
|PPL Corp||PPL US||8:30||Q4 2015 Earnings Call||Q4 2015|
|Intercontinental Exchange Inc||ICE US||8:30||Q4 2015 Earnings Call||Q4 2015|
|Teradata Corp||TDC US||8:30||Q4 2015 Earnings Call||Q4 2015|
|Spectra Energy Corp||SE US||8:30||Analysts & Investors Meeting||Y 2016|
|CMS Energy Corp||CMS US||9:00||Q4 2015 Earnings Call||Q4 2015|
|Allstate Corp/The||ALL US||9:00||Q4 2015 Earnings Call||Q4 2015|
|Ralph Lauren Corp||RL US||9:00||Q3 2016 Earnings Call||Q3 2016|
|Philip Morris International Inc||PM US||9:00||Q4 2015 Earnings Call||Q4 2015|
|Xylem Inc/NY||XYL US||9:00||Q4 2015 Earnings Call||Q4 2015|
|Delphi Automotive PLC||DLPH US||9:00||Q4 2015 Earnings Call||Q4 2015|
|Yum! Brands Inc||YUM US||9:15||Q4 2015 Earnings Call||Q4 2015|
|Cummins Inc||CMI US||10:00||Q4 2015 Earnings Call||Q4 2015|
|Lincoln National Corp||LNC US||10:00||Q4 2015 Earnings Call||Q4 2015|
|Occidental Petroleum Corp||OXY US||10:00||Q4 2015 Earnings Call||Q4 2015|
|Snap-on Inc||SNA US||10:00||Q4 2015 Earnings Call||Q4 2015|
|Level 3 Communications Inc||LVLT US||10:00||Q4 2015 Earnings Call||Q4 2015|
|Boston Properties Inc||BXP US||10:00||Q4 2015 Earnings Call||Q4 2015|
|EQT Corp||EQT US||10:30||Q4 2015 Earnings Call||Q4 2015|
|Torchmark Corp||TMK US||11:00||Q4 2015 Earnings Call||Q4 2015|
|Vulcan Materials Co||VMC US||11:00||Q4 2015 Earnings Call||Q4 2015|
|Cincinnati Financial Corp||CINF US||11:00||Q4 2015 Earnings Call||Q4 2015|
|AmerisourceBergen Corp||ABC US||11:00||Q1 2016 Earnings Call||Q1 2016|
|ConocoPhillips||COP US||12:00||Q4 2015 Earnings Call||Q4 2015|
|Rockwell Collins Inc||COL US||12:00||Annual General Meeting|
|AvalonBay Communities Inc||AVB US||13:00||Q4 2015 Earnings Call||Q4 2015|
|Clorox Co/The||CLX US||13:30||Q2 2016 Earnings Call||Q2 2016|
|Macerich Co/The||MAC US||13:30||Q4 2015 Earnings Call||Q4 2015|
|WEC Energy Group Inc||WEC US||14:00||Q4 2015 Earnings Call||Q4 2015|
|Qorvo Inc||QRVO US||16:00||Q3 2016 Earnings Release||Q3 2016||0.951|
|Hanesbrands Inc||HBI US||16:30||Q4 2015 Earnings Call||Q4 2015|
|News Corp||NWSA US||16:30||Q2 2016 Earnings Call||Q2 2016|
|PerkinElmer Inc||PKI US||17:00||Q4 2015 Earnings Call||Q4 2015|
|Symantec Corp||SYMC US||17:00||Q3 2016 Earnings Call||Q3 2016|
|Stericycle Inc||SRCL US||17:00||Q4 2015 Earnings Call||Q4 2015|
|Qorvo Inc||QRVO US||17:00||Q3 2016 Earnings Call||Q3 2016|
|PerkinElmer Inc||PKI US||Aft-mkt||Q4 2015 Earnings Release||Q4 2015||0.874|
|Eversource Energy||ES US||Aft-mkt||Q4 2015 Earnings Release||Q4 2015||0.625|
|Symantec Corp||SYMC US||Aft-mkt||Q3 2016 Earnings Release||Q3 2016||0.24|
|Essex Property Trust Inc||ESS US||Aft-mkt||Q4 2015 Earnings Release||Q4 2015||2.551|
|Apartment Investment & Management Co||AIV US||Aft-mkt||Q4 2015 Earnings Release||Q4 2015||0.589|
|Hartford Financial Services Group Inc/The||HIG US||Aft-mkt||Q4 2015 Earnings Release||Q4 2015||0.984|
|Stericycle Inc||SRCL US||Aft-mkt||Q4 2015 Earnings Release||Q4 2015||1.077|
|Hanesbrands Inc||HBI US||Aft-mkt||Q4 2015 Earnings Release||Q4 2015||0.459|
|News Corp||NWSA US||Aft-mkt||Q2 2016 Earnings Release||Q2 2016||0.206|