Wed Apr 06 2016
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Live Index – Wed, 06 Apr 2016 Premarket

PREMARKET WORLD NEWS

Jun E-mini S&Ps (ESM16 +0.18%) are up +0.18% and European stocks are up +0.10% as energy producing stocks are higher with a +2.90% rally in crude oil. Crude oil shot higher late yesterday after the API reported that weekly U.S. crude supplies fell -4.3 million bbl. Also, a 2% gain in Cisco Systems in pre-market trading is giving technology stocks a lift after J.P. Morgan Chase raised its recommendation on the stock to neutral from underweight. European stocks also received a boost after German Feb industrial production fell less than expected. Weakness in drug companies tempered stock index gains after Pfizer decided to terminate its $ 160 billion merger with Allergan Plc. Asian stocks settled mixed: Japan -0.11%, Hong Kong +0.15%, China -0.08%, Taiwan -1.67%, Australia +0.44%, Singapore +0.37%, South Korea +0.59%, India +0.07%. Japan’s Nikkei Stock Index dropped to a 1-1/2 month low as a rally in the yen to a 17-month high against the dollar fueled a sell-off in exporter stocks.

The dollar index (DXY00 +0.29%) is up +0.29%. EUR/USD (^EURUSD) is down -0.28%. USD/JPY (^USDJPY) is down -0.02%.

Jun T-note prices (ZNM16 -0.08%) are down -3.5 ticks.

German Feb industrial production fell -0.5% m/m, a smaller decline than expectations of -1.8% m/m.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Key U.S. reports today include: (1) weekly MBA mortgage applications (previous -1.0% with purchase sub-index +2.1% and refi sub-index -3.3%), (2) Cleveland Fed President Loretta Mester’s speech on the U.S. economic outlook and monetary policy at an event hosted by the Cleveland Associations for Business Economics, CFA Society Cleveland and Risk Management Association of Northern Ohio, (3) the minutes of the Mar 15-16 FOMC meeting, (4) St. Louis Fed President James Bullard’s welcoming remarks at a lecture in St. Louis, and (5) Dallas Fed President Rob Kaplan’s speech on a moderated panel at the World Affairs Council of Dallas/Fort Worth.

There are 8 of the Russell 1000 companies that report earnings today: Acuity Brands (consensus $ 1.57), Bed Bath & Beyond (1.81), RPM International (0.15), Constellation Brands (1.15), Monsanto (2.42), Global Payments (0.67), MSC Industrial Direct (0.79), SunEdison (-0.74).ip

U.S. IPO’s scheduled to price today: Aeglea BioTherapeutic (AGLE).

Equity conferences during the remainder of this week include: Cowen & Co Retail & Luxury Day on Thu

PREMARKET U.S. STOCKS

Cisco Systems (CSCO -1.99%) rose over 2% in pre-market trading after it was upgraded to ‘Neutral’ from ‘Underweight’ at J.P. Morgan Chase.

Pfizer (PFE +2.08%) climbed over 1% in pre-market trading after people familiar with the matter said the compnay is terminating its $ 160 billion merger with Allergan Plc after new U.S. tax proposals aimed at curbing corporate inversions. Allergan Plc (AGN -14.77%) is down over 1% in pre-market trading following the news.

Wells Fargo (WFC -2.04%) was downgraded to ‘Neutral’ from ‘Buy’ at Guggenheim Securities.

Fifth Third Bancorp (FITB -1.85%) was downgraded to ‘Neutral’ from ‘Buy’ at Sterne Agee CRT with a 12-month price target of $ 18.

Apple (AAPL -1.18%) was rated a new ‘Strong Buy’ at Needham & Co. with a 12-month price target of $ 150.

Huntington Bancshares (HBAN -1.05%) was upgradd to ‘Buy’ from ‘Neutral at Sterne Agee CRT with a 12-month price target of $ 11.50.

Nvidia (NVDA -0.14%) was downgraded to ‘Hold’ from ‘Buy’ at Stifel.

Biogen (BIIB +0.61%) was rated a new ‘Market Perform’ at BMO Capital Markets with a 12-month price target of $ 283.

PulteGroup (PHM +2.03%) was upgraded to ‘Equal-weight’ from ‘Underweight’ at Barclays.

Wynn Resorts Ltd. (WYNN -2.66%) dropped over 1% in after-hours trading after it reported preliminary Q1 Macau revenue of $ 603 million-$ 613 million, compared to $ 705.4 million in Q1 of 2015.

Cree (CREE -0.58%) slumped over 15% in after-hours trading after it reported preliminary Q3 adjusted EPS of 13 cents-15 cents, well below consensus of 24 cents.

SEI Investments (SEIC -0.75%) was upgraded to ‘Market Perform’ from ‘Underperform’ at Keefe, Bruyette & Woods with a 12-month price target of $ 45.

Actuity Brands (AYI +2.19%) fell over 3% in after-hours trading in sympathy with the sharp decline in Cree Inc.

A Schulman (SHLM -0.38%) fell nearly 4% in after-hours trading after it reported Q2 revenue of $ 591.8 million, below consensus of $ 595.4 million.

MARKET COMMENTS

June E-mini S&Ps (ESM16 +0.18%) this morning are up 3.75 points (+0.18%). Tuesday’s closes: S&P 500 -1.01%, Dow Jones -0.75%, Nasdaq -0.91%. The S&P 500 on Tuesday closed lower on a slide in European stocks to a 5-week low after German Feb factory orders unexpectedly fell -1.2% m/m, the most in 6 months, and on the larger-than-expected U.S. Feb trade deficit of -$ 47.1 billion, bigger than expectations of a -$ 46.2 billion, which is negative for U.S. Q1 GDP. Stocks were also undercut by global growth concerns after IMF Managing Director Lagarde said that the downside risks for growth have increased and “we don’t see much by way of upside.”

June 10-year T-note prices (ZNM16 -0.08%) this morning are down -3.5 ticks. Tuesday’s closes: TYM6 +11.50, FVM6 +7.00. Jun T-notes on Tuesday rose to a 5-week high and settled higher on carryover support from a rally in German bunds to an 11-1/4 month high and on increased safe-haven demand as stocks sold off.

The dollar index (DXY00 +0.29%) this morning is up +0.273 (+0.29%). EUR/USD (^EURUSD) is down -0.0032 (-0.28%). USD/JPY (^USDJPY) is down -0.02 (-0.02%). Tuesday’s closes: Dollar Index +0.121 (+0.13%), EUR/USD -0.0007 (-0.06%), USD/JPY -1.00 (-0.90%). The dollar index on Tuesday closed higher on the larger-than-expected increase in the Mar ISM non-manufacturing index and on hawkish comments by Chicago Fed President Evans who said it would be “appropriate” for two more interest rate hikes this year. Gains in the dollar were limited after USD/JPY plunged to a 17-month low.

May WTI crude oil (CLK16 +2.65%) is up +$ 1.04 a barrel (+2.90%). May gasoline (RBK16 +0.55%) is up +0.0061 (+0.44%). Tuesday’s closes: CLK6 +0.19 (+0.50%), RBK6 +0.0101 (+0.73%). May crude and gasoline on Tuesday closed higher on comments from Kuwait’s OPEC governor who said that oil-producing countries can come to an agreement to cap crude production at January levels even if Iran doesn’t join the move. Crude oil prices were undercut by expectations that Wednesday’s weekly EIA data will show that U.S. crude inventories rose +3.0 million bbl.

GLOBAL EVENT CALENDAR04/06/2016
US 0700 ET Weekly MBA mortgage applications, previous -1.0% with purchase sub-index +2.1% and refi sub-index -3.3%.
1030 ET EIA Weekly Petroleum Status Report.
1220 ET Cleveland Fed President Loretta Mester speaks on the U.S. economic outlook and monetary policy at an event hosted by the Cleveland Associations for Business Economics, CFA Society Cleveland and Risk Management Association of Northern Ohio.
1400 ET Minutes of the Mar 15-16 FOMC meeting.
1830 ET St. Louis Fed President James Bullard delivers welcoming remarks at a lecture in St. Louis.
2000 ET Dallas Fed President Rob Kaplan speaks on a moderated panel at the World Affairs Council of Dallas/Fort Worth.
JPN 0100 ET Japan Feb leading index CI expected -2.0 to 99.8, Jan 101.8. Feb coincident index expected -3.2 to 110.3, Jan 113.5.
GER 0200 ET German Feb industrial production expected -1.8% m/m and +0.4% y/y, Jan +3.3% m/m and +2.2% y/y.
0330 ET German Mar Markit construction PMI, Feb 59.6.
UK 0400 ET UK Mar new car registrations, Feb +8.4% y/y.
U.S. STOCK CALENDAR04/06/2016
Company Ticker Time Event Description Period Estimate
RPM International Inc RPM US Bef-mkt Q3 2016 Earnings Release Q3 2016 0.146
Constellation Brands Inc STZ US Bef-mkt Q4 2016 Earnings Release Q4 2016 1.146
Monsanto Co MON US Bef-mkt Q2 2016 Earnings Release Q2 2016 2.417
Global Payments Inc GPN US Bef-mkt Q3 2016 Earnings Release Q3 2016 0.668
Acuity Brands Inc AYI US Bef-mkt Q2 2016 Earnings Release Q2 2016 1.568
Global Payments Inc GPN US 8:00 Q3 2016 Earnings Call Q3 2016
MSC Industrial Direct Co Inc MSM US 8:30 Q2 2016 Earnings Call Q2 2016
Monsanto Co MON US 9:30 Q2 2016 Earnings Call Q2 2016
IDEX Corp IEX US 10:00 Annual General Meeting Y 2016
Schlumberger Ltd SLB US 10:00 Annual General Meeting
RPM International Inc RPM US 10:00 Q3 2016 Earnings Call Q3 2016
Acuity Brands Inc AYI US 10:00 Q2 2016 Earnings Call Q2 2016
Constellation Brands Inc STZ US 10:30 Q4 2016 Earnings Call Q4 2016
Broadcom Ltd AVGO US 14:00 Annual General Meeting Y 2015
Bed Bath & Beyond Inc BBBY US 17:00 Q4 2016 Earnings Call Q4 2016
Wynn Resorts Ltd WYNN US 17:00 Investor Day Y 2016
Bed Bath & Beyond Inc BBBY US Aft-mkt Q4 2016 Earnings Release Q4 2016 1.808
Costco Wholesale Corp COST US 21:00 March 2016 Sales and Revenue Release 2016
SunEdison Inc SUNE US Q4 2015 Earnings Release Q4 2015 -0.744
MSC Industrial Direct Co Inc MSM US Q2 2016 Earnings Release Q2 2016 0.784
IHS Inc IHS US Annual General Meeting

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