Live Index – Tue, 09 Feb 2016 Premarket
March E-mini S&Ps (ESH16 -0.86%) are down -0.40% and European stocks are down -0.59% at a 2-1/3 year low as global economic concerns intensified after German Dec industrial production unexpectedly fell by the most in 16 months and as Greece’s ASE Stock Index fell to the lowest since 1990. Greek debt concerns resurfaced as the Greek government remains at odds with creditors as bailout talks drag on. Greek bank stocks plunged after representatives from the IMF, the European Commission, the ECB and the European Stability Mechanism left Athens after a week of talks that failed to find an agreement for additional Greek bailout funds. Estimate are that Greece may face a cash crunch by the middle of the year if it fails to find more funding with 3 billion euros of redemptions and interest payments due in July. Concerns over European banks abated slightly after Goldman Sachs said that European banks have “ample liquidity” and after Deutsche Bank AG rose over 1% when it said it has enough cash to pay its debts. Asian stocks settled lower: Japan -5.40%, Australia -2.86%, India -1.10% with Hong Kong, China, Taiwan, Singapore and South Korea all closed for holiday. Japan’s Nikkei Stock Index fell to a 2-week low as exporters slid after the yen jumped to a 14-3/4 month high against the dollar. The plunge in Japanese stocks fueled safe-haven buying of government debt and pushed the yield on Japan’s 10-year bond down to a record low of -0.035%.
The dollar index (DXY00 -0.07%) is down -0.12%. EUR/USD (^EURUSD) is up +0.26%. USD/JPY (^USDJPY) is down -0.72% at a 14-3/4 month low.
Mar T-note prices (ZNH16 unch) are down -6 ticks.
German Dec industrial production unexpectedly fell -1.2% m/m, weaker than expectations of +0.5% m/m and the biggest decline in 16 months.
Key U.S. news today includes: (1) Dec JOLTS job openings (expected +19,000 to 5.450 million, Nov +82,000 to 5.431 million), (2) Dec wholesale inventories (expected -0.2% m/m, Nov -0.3% m/m) and (3) the Treasury’s auction of $ 24 billion of 3-year T-notes.
There are 18 of the S&P 500 companies that report earnings today with notable reports including: Disney (consensus $ 1.45), Coca-Cola Co (0.37), Viacom (1.18), Ingersol-Rand (0.93), CVS Health (1.53), Goodyear (0.75).
U.S. IPO’s scheduled to price today: OTG EXP Inc (OTG).
Equity conferences during the remainder of this week include: Credit Suisse Financial Services Forum on Tue-Wed, Stifel Nicolaus Transportation and Logistics Conference on Tue-Wed, Goldman Sachs Technology and Internet Conference on Tue-Thu, Bank Of America Merrill Lynch Insurance Conference on Wed-Thu, BB&T Capital Markets Transportation Services Conference on Wed-Thu, Leerink Partners Global Health Care Conference on Wed-Thu, Morgan Stanley Chemicals Corporate Access Day on Thu.
CVS Health Corp. (CVS -3.71%) reported Q4 EPS of $ 1.53, right on consensus.
Ingersoll-Rand PLC (IR -3.66%) reported Q4 EPS of 94 cents, better than consensus of 93 cents.
Cheesecake Factory (CAKE -0.04%) was rated a new ‘Buy’ at Maxim Group with a price target of $ 57.
Salesforce.com (CRM -7.62%) was upgraded to ‘Hold’ from ‘Underperform’ at Jeffries.
Twenty-First Century Fox (FOXA -1.91%) declined nearly 6% in after-hours trading after it reported Q2 revenue of $ 7.38 billion, below consensus of $ 7.52 billion.
The Gap (GPS +0.93%) rose over 2% in after-hours trading after it said it sees Q4 adjusted EPS of 56 cents-57 cents, above consensus of 53 cents.
Waste Connections (WCN -1.91%) reported Q4 adjusted EPS of 49 cents, higher than consensus of 47 cents.
Partner Re (PRE -0.06%) reported Q4 operating EPS of $ 3.74, well above consensus of $ 2.48
Molina Healthcare MOH reported Q4 adjusted EPS of 67 cents, higher than consensus of 60 cents, although Q4 revenue of $ 3.77 billion was below consensus of $ 3.90 billion.
Bristow Group (BRS +2.27%) slid nearly 3% in after-hours trading after it reported Q3 adjusted EPS of 67 cents, better than consensus of 63 cents, but Q3 revenue of $ 419.9 million was below consensus of $ 447.8 million.
Plains All American Pipeline LP (PAA -13.15%) fell over 1% in after-hours trading after it reported Q4 adjusted EPS of 38 cents, below consensus of 46 cents.
Qualys (QLYS -6.09%) dropped 7% in after-hours trading after it lowered guidance on fiscal 2016 adjusted EPS to 74 cents-79 cents, weaker than consensus of 81 cents.
Mar E-mini S&Ps (ESH16 -0.86%) this morning are down -7.50 points (-0.40%). Monday’s closes: S&P 500 -1.42%, Dow Jones -1.10%, Nasdaq -1.59%. The S&P 500 index on Monday sold off to a 2-1/2 week low and closed sharply lower on carryover weakness from the plunge in European stocks to a 2-1/3 year low, the slump in the Nasdaq Composite to a 17-month low, and a sell-off in energy producers after crude oil fell -2.5%.
Mar 10-year T-notes (ZNH16 unch) this morning are down -6 ticks. Monday’s closes: TYH6 +30.00, FVH6 +16.50. Mar T-notes on Monday rallied to a new contract high and the 10-year T-note yield tumbled to a 1-year low of 1.73%. T-note prices were boosted by safe-haven demand from the plunge in stocks and by reduced inflation expectations as the 10-year breakeven inflation expectations rate fell to a 6-3/4 year low.
The dollar index (DXY00 -0.07%) this morning is down -0.113 (-0.12%). EUR/USD (^EURUSD) is up +0.0029 (+0.26%). USD/JPY (^USDJPY) is down -0.83 (-0.72%) at a 14-3/4 month low. Monday’s closes: Dollar Index -0.461 (-0.48%), EUR/USD +0.0035 (+0.31), USD/JPY -1.02 (-0.87%). The dollar index on Monday closed lower on weakness in USD/JPY which plunged to a 14-3/4 month low as the slump in the S&P 500 to a 2-week low prompted safe-haven buying of the yen. The dollar was also undercut by speculation that the slide in global equity markets will keep the Fed from additional interest rate increases.
Mar crude oil (CLH16 +0.64%) this morning is up +56 cents (+1.89%) and Mar gasoline (RBH16 -1.27%) is down -0.0061 (-0.64%). Monday’s closes: CLH6 -0.77 (-2.49%), RBH6 -0.0338 (-3.40%). Mar crude oil and gasoline on Monday closed lower with Mar gasoline at a 7-year nearest-futures low. Crude oil prices were undercut by the slump in global equity markets and by signs that OPEC will continue to overproduce after Venezuela’s oil minister met with other OPEC oil ministers over the weekend and was unable to drum up support for a coordinated cut in OPEC oil production. Crude prices recovered from their worst levels as the dollar weakened.
|US||1000 ET||Dec JOLTS job openings expected +19,000 to 5.450 million, Nov +82,000 to 5.431 million.|
|1000 ET||Dec wholesale inventories expected -0.2% m/m, Nov -0.3% m/m. Dec wholesale trade sales expected -0.4% m/m, Nov -1.0% m/m.|
|1200 ET||USDA Feb WASDE crop production.|
|1300 ET||Treasury auctions $ 24 billion 3-year T-notes.|
|GER||0200 ET||German Dec industrial production expected +0.5% m/m and -0.6% y/y, Nov -0.3% m/m and +0.1% y/y.|
|0200 ET||German Dec trade balance expected +20.0 billion euros, Nov +20.5 billion euros. Dec exports expected +0.5% m/m, Nov +0.5% m/m. Dec imports expected -0.5% m/m, Nov +1.7% m/m.|
|JPN||0100 ET||Japan Jan machine tool orders, Dec -25.7% y/y.|
|1850 ET||Japan Jan PPI expected -0.7% m/m and -2.8% y/y, Dec -0.3% m/m and -3.4% y/y.|
|CHI||n/a||China Jan new yuan loans expected 1.9 trillion yuan, Dec +597.8 billion yuan.|
|Coca-Cola Co/The||KO US||Bef-mkt||Q4 2015 Earnings Release||Q4 2015||0.373|
|Goodyear Tire & Rubber Co/The||GT US||Bef-mkt||Q4 2015 Earnings Release||Q4 2015||0.746|
|HCP Inc||HCP US||Bef-mkt||Q4 2015 Earnings Release||Q4 2015||0.779|
|CVS Health Corp||CVS US||Bef-mkt||Q4 2015 Earnings Release||Q4 2015||1.532|
|Omnicom Group Inc||OMC US||Bef-mkt||Q4 2015 Earnings Release||Q4 2015||1.325|
|Regeneron Pharmaceuticals Inc||REGN US||Bef-mkt||Q4 2015 Earnings Release||Q4 2015||3.374|
|Martin Marietta Materials Inc||MLM US||Bef-mkt||Q4 2015 Earnings Release||Q4 2015||1.338|
|Fidelity National Information Services Inc||FIS US||Bef-mkt||Q4 2015 Earnings Release||Q4 2015||0.928|
|Wyndham Worldwide Corp||WYN US||Bef-mkt||Q4 2015 Earnings Release||Q4 2015||0.966|
|Ingersoll-Rand PLC||IR US||6:30||Q4 2015 Earnings Release||Q4 2015||0.926|
|Masco Corp||MAS US||7:00||Q4 2015 Earnings Release||Q4 2015||0.258|
|Masco Corp||MAS US||8:00||Q4 2015 Earnings Call||Q4 2015|
|Owens-Illinois Inc||OI US||8:00||Q4 2015 Earnings Call||Q4 2015|
|Viacom Inc||VIAB US||8:00||Q1 2016 Earnings Release||Q1 2016||1.179|
|CVS Health Corp||CVS US||8:30||Q4 2015 Earnings Call||Q4 2015|
|Omnicom Group Inc||OMC US||8:30||Q4 2015 Earnings Call||Q4 2015|
|Regeneron Pharmaceuticals Inc||REGN US||8:30||Q4 2015 Earnings Call||Q4 2015|
|Fidelity National Information Services Inc||FIS US||8:30||Q4 2015 Earnings Call||Q4 2015|
|Viacom Inc||VIAB US||8:30||Q1 2016 Earnings Call||Q1 2016|
|Wyndham Worldwide Corp||WYN US||8:30||Q4 2015 Earnings Call||Q4 2015|
|Coca-Cola Co/The||KO US||9:00||Q4 2015 Earnings Call||Q4 2015|
|Goodyear Tire & Rubber Co/The||GT US||9:00||Q4 2015 Earnings Call||Q4 2015|
|Ingersoll-Rand PLC||IR US||10:00||Q4 2015 Earnings Call||Q4 2015|
|Texas Instruments Inc||TXN US||11:00||Strategy Update Call|
|Charles Schwab Corp/The||SCHW US||11:30||Business Update Call|
|Ford Motor Co||F US||12:00||C.D. Howe Institute Presents CEO of Ford Canada, Dianne Craig|
|HCP Inc||HCP US||12:00||Q4 2015 Earnings Call||Q4 2015|
|Martin Marietta Materials Inc||MLM US||14:00||Q4 2015 Earnings Call||Q4 2015|
|Western Union Co/The||WU US||16:01||Q4 2015 Earnings Release||Q4 2015||0.416|
|Walt Disney Co/The||DIS US||16:15||Q1 2016 Earnings Release||Q1 2016||1.446|
|Western Union Co/The||WU US||16:30||Q4 2015 Earnings Call||Q4 2015|
|Akamai Technologies Inc||AKAM US||16:30||Q4 2015 Earnings Call||Q4 2015|
|Walt Disney Co/The||DIS US||17:00||Q1 2016 Earnings Call||Q1 2016|
|Federal Realty Investment Trust||FRT US||Aft-mkt||Q4 2015 Earnings Release||Q4 2015||1.377|
|Akamai Technologies Inc||AKAM US||Aft-mkt||Q4 2015 Earnings Release||Q4 2015||0.624|
|Willis Towers Watson PLC||WLTW US||Aft-mkt||Q4 2015 Earnings Release||Q4 2015||1.446|
|Assurant Inc||AIZ US||Aft-mkt||Q4 2015 Earnings Release||Q4 2015||1.539|