Thu Apr 07 2016
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Live Index – Thu, 07 Apr 2016 Premarket

PREMARKET WORLD NEWS

Jun E-mini S&Ps (ESM16 -0.61%) are down -0.51% and European stocks are down -0.51%. Energy producers are lower with crude oil down -0.19%, and Fiat Chrysler Automobiles NV is down nearly 3% in pre-market trading and is leading automaker stocks lower after it said it is indefinitely laying off 1,300 employees at a Michigan factory. Cautious comments from ECB President Draghi undercut stocks as well when he said “We face uncertainty about the outlook for the global economy.” Concern over the global outlook pushed raw material producing stocks lower as well as the price of copper dropped -2.08% to a 1-month low. Asian stocks settled mixed: Japan +0.22%, Hong Kong +0.29%, China -1.38%, Taiwan -0.27%, Australia +0.37%, Singapore +0.08%, South Korea +0.12%, India -0.86%. Japanese stocks closed higher, despite a fall in USD/JPY to a fresh 17-month low, after the Mar 15-16 FOMC meeting minutes showed the Fed won’t rush to raise interest rates.

The dollar index (DXY00 -0.13%) is down -0.01% at a fresh 5-1/2 month low. EUR/USD (^EURUSD) is down -0.16% and fell back from a 5-1/2 month high on speculation the ECB may expand stimulus measures after ECB President Draghi said that policy makers won’t “surrender” to excessively low price growth. USD/JPY (^USDJPY)is down -1.37% at a fresh 17-month low.

Jun T-note prices (ZNM16 +0.17%) are up +6.5 ticks.

ECB President Draghi said that policy makers won’t “surrender” to excessively low price growth. “We face uncertainty about the outlook for the global economy, continued disinflationary forces, and we face questions about the direction of and its resilience to new shocks.”

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) weekly initial unemployment claims (expected -6,000 to 270,000, previous +11,000 to 276,000) and continuing claims (expected -3,000 to 2.170 million, previous -7,000 to 2.173 million), (2) Feb consumer credit (expected +14.9 billion, Jan +$ 10.538 billion), (3) Fed Chair Yellen’s participation in a discussion with former Fed chiefs Ben Bernanke, Alan Greenspan and Paul Volker, and (4) Kansas City Fed President Esther George’s speech about the U.S. economy at an event in York, NE.

There are 3 of the Russell 1000 companies that report earnings today: CarMax (consensus $ 0.71), Rite Aid (0.06), ConAgra Foods (0.55).

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

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

PREMARKET U.S. STOCKS

Fiat Chrysler Automobiles NV (FCAU -1.36%) is down nearly 3% in pre-market trading after Reuters reported that it is indefinitely laying off 1,300 employees at a Michigan factory.

Verizon Communications (VZ -1.05%) was downgraded to ‘Hold’ from ‘Buy’ at Jeffries.

Wynn Resorts Ltd (WYNN -1.51%) ws upgraded to ‘Outperform’ from ‘Market Perform’ at Telsey Advisory Group.

Valeant Pharmaceuticals International (VRX +18.93%) rose nearly 4% in after-hours trading after it won support from a majority its lenders to waive a default and ease some restrictions on its $ 32 billion debt load.

Harley-Davidson (HOG -7.02%) was downgraded to ‘Market Perform’ from ‘Outperform’ at William Blair & Co.

Intercept Pharmaceuticals (ICPT +8.27%) gained almost 1% in after-hours trading after it was initiated with an ‘Outperform’ at BMO Capital Markets.

Ebay (EBAY -0.59%) fell over 1% in after-hours trading after it reported March same-store-sales fell -0.2%, a decline from February’s +9.5% increase.

Bed Bath & Beyond (BBBY -0.51%) rallied over 3% in after-hours trading after it reported Q4 comparable sales rose +1.7%, more than double consensus of +0.8%.

Apollo Education (APOL +0.12%) slid over 2% in after-hours trading after it reported a Q2 adjusted EPS loss of -31 cents continuing operations, a much wider loss than consensus of -10 cents, and said it will not provide future guidance at this time.

Terex (TEX +1.82%) jumped over 3% in after-hours trading after Reuters reported that Zoomlion Heavy Industry Science and Technology told Terex that it will cover the risk of its acquisition of Terex being approved by Chinese authorities.

Alder Biopharmaceuticals (ALDR +7.06%) dropped over 4% in after-hours trading after it began a $ 100 million secondary offering of stock.

Sprint (S +2.57%) climbed over 2% in after-hours trading after it said it agreed to sell and lease back network assets to generate $ 2.2 billion in funding to cushion its liquidity position.

Apogee Enterprises (APOG +3.22%) rose almost 5% in after-hours trading after it reported Q3 EPS of 69 cents, higher than consensus of 64 cents.

Ollie’s Bargain Outlet Holdings (OLLI +0.93%) gained almost 6% in after-hours trading after it raised guidance on full-year adjusted EPS to 83 cents-85 cents, above consensus of 76 cents.

MARKET COMMENTS

June E-mini S&Ps (ESM16 -0.61%) this morning are down -10.50 points (-0.51%). Wednesday’s closes: S&P 500 +1.05%, Dow Jones +0.64%, Nasdaq +1.63%. The S&P 500 on Wednesday closed higher on strength in energy producer stocks as crude oil rallied by more than 5%. Stocks also received a boost from upbeat comments from Cleveland Fed President Mester who said that U.S. economic fundamentals “remain sound” despite “gyrations” in financial markets earlier this year.

June 10-year T-note prices (ZNM16 +0.17%) this morning are up +6.5 ticks. Wednesday’s closes: TYM6 -4.50, FVM6 -2.25. Jun T-notes on Wednesday closed lower on reduced safe-haven demand as stocks rallied and on the minutes from the Mar 15-16 FOMC meeting stating that some participants indicated that an increase in the federal funds rate target at the Apr 26-27 meeting “might well be warranted” if economic data comes in as expected.

The dollar index (DXY00 -0.13%) this morning down -0.009 (-0.01%) at a fresh 5-1/2 month low. EUR/USD (^EURUSD) is down -0.0018 (-0.16%). USD/JPY (^USDJPY) is down -1.50 (-1.37%) at a new 17-month low. Wednesday’s closes: Dollar Index -0.201 (-0.21%), EUR/USD +0.0015 (+0.13%), USD/JPY -0.55 (-0.50%). The dollar index on Wednesday fell to a 5-1/2 month low and closed lower on the slump in USD/JPY to a 17-month low and on the stronger-than-expected German Feb industrial production report, which was positive for EUR/USD.

May WTI crude oil (CLK16 +0.03%) is down -7 cents (-0.19%). May gasoline (RBK16 +0.42%) is up +0.0048 (+0.34%). Wednesday’s closes: CLK6 +1.86 (+5.18%), RBK6 +0.0169 (+1.23%). May crude and gasoline on Wednesday closed higher on the unexpected -4.94 million bbl decline in weekly EIA crude inventories (vs. expectations of +3.0 million bbl) and on the -0.2% decline in U.S. crude production to a 16-1/2 month low of 9.008 million bpd. Gasoline prices were undercut by the +1.44 million bbl rise in EIA gasoline inventories versus expectations for a -1.0 million bbl draw.

GLOBAL EVENT CALENDAR04/07/2016
US0830 ETWeekly initial unemployment claims expected -6,000 to 270,000, previous +11,000 to 276,000. Weekly continuing claims expected -3,000 to 2.170 million, previous -7,000 to 2.173 million.
0830 ETUSDA weekly Export Sales.
1100 ETTreasury announces amount of 3-year T-notes (previous $ 24 billion), 10-year T-notes (previous $ 20 billion and 30-year T-bonds (previous $ 12 billion) to be auctioned Apr 12-14.
1500 ETFeb consumer credit expected +14.9 billion, Jan +$ 10.538 billion.
1730 ETFed Chair Yellen takes part in a discussion with former Fed chiefs, Ben Bernanke, Alan Greenspan and Paul Volker.
2115 ETKansas City Fed President Esther George speaks about the U.S. economy at an event in York, NE.
EUR0300 ETECB Vice President Vitor Constancio presents the ECBs Annual Report 2015 at the Economic Committee of the European Parliament in Brussels.
n/aECB President Draghi will make a presentation about the economic and financial situation in Europe at a meeting of the Portuguese Presidents Council in Lisbon.
UK0330 ETUK Mar Halifax house prices expected +0.9% m/m and +9.5% y/y, Feb -1.4% m/m and +9.7% 3-months y/y.
0430 ETUK Q4 unit labor costs expected +1.9% y/y, Q3 +1.9% y/y.
U.S. STOCK CALENDAR04/07/2016
CompanyTickerTimeEvent DescriptionPeriodEstimate
CarMax IncKMX USBef-mktQ4 2016 Earnings ReleaseQ4 20160.708
Rite Aid CorpRAD US7:00Q4 2016 Earnings ReleaseQ4 20160.062
ConAgra Foods IncCAG US7:30Q3 2016 Earnings ReleaseQ3 20160.547
L Brands IncLB US7:30March 2016 Sales and Revenue Call2016
CarMax IncKMX US9:00Q4 2016 Earnings CallQ4 2016
ConAgra Foods IncCAG US9:30Q3 2016 Earnings CallQ3 2016
Brocade Communications Systems IncBRCD US14:30Annual General Meeting
Gap Inc/TheGPS US16:15March 2016 Sales and Revenue Release2016
L Brands IncLB USMarch 2016 Sales and Revenue Release2016

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