Live Index – Fri, 08 Apr 2016 Premarket
Jun E-mini S&Ps (ESM16 +0.53%) are up +0.58% and European stocks are up +1.01%. A +3.46% rally in crude oil to a 1-week high has boosted energy producing stocks and pulled the overall market higher, while comments made last night from Fed Chair Yellen reinforce her previous comments that the Fed will take its time when raising interest rates. European stocks also moved higher after German Feb exports and imports rose more than expected, a sign of economic strength. Asian stocks settled mixed: Japan +0.46%, Hong Kong +0.51%, China -0.78%, Taiwan +0.60%, Australia -0.53%, Singapore -0.19%, South Korea -0.21%, India -0.05%. Japan’s Nikkei Stock Index recovered from a 1-3/4 month low and closed higher after the yen weakened for the first time in the last six sessions, which boosted exporter stocks. USD/JPY had plunged to a 17-1/4 month low on Thursday. but recovered on comments from Japanese Finance Minister Aso who signaled the government may soon intervene in the currency market to slow the strength in the yen when he said that rapid yen movements are “undesirable” and the government will act appropriately if necessary.
The dollar index (DXY00 +0.08%)is up +0.09%. EUR/USD (^EURUSD) is down -0.11%. USD/JPY (^USDJPY)is up +0.43%.
Jun T-note prices (ZNM16 -0.18%) are down -8.5 ticks.
Speaking Thursday night, Fed Chair Yellen said that she continues to see some slack remaining in the U.S. labor market even as the economy shows “tremendous progress” the financial crisis. She added that the Fed will start unwinding assets its balance sheet when interest rates are a bit higher.
Kansas City Fed President George said the U.S. economy is likely to continue to expand at around 2% with a jobless rate of 5% that is “near full employment” and that inflation excluding food and energy has moved up in recent months. She added that gradual tightening allows the Fed to react to risks, although delaying tightening could promote excessive risk-taking.
Key U.S. news today includes: (1) New York Fed President William Dudley’s speech on the economy to business leaders at the University of Bridgeport in Bridgeport, CT, and (2) Feb wholesale inventories (expected -0.2%, Jan +0.2% m/m) and Feb wholesale trade sales (expected +0.2%, Jan was -1.7% m/m).
None of Russell 1000 companies report earnings today.
U.S. IPO’s scheduled to price today: none.
Equity conferences today: none.
Ulta Salon Cosmetics & Fragrances (ULTA -0.28%) rose nearly 4% in after-hours trading after it was announced that it will replace Tenet Healthcare in the S&P 500 as of the close of trading Friday, April 15.
Molson Coors Brewing (TAP -1.80%) was downgraded to ‘Neutral’ from ‘Buy’ at Bryan Garnier & Cie.
LinkedIn (LNKD -2.02%) was downgraded to ‘Neutral’ from ‘Buy’ at MKM Partners.
The Gap (GPS -4.09%) slid over 3% in pre-market trading after it reported March comparable sales were down 6%, a bigger decline than consensus of down 5%.
PriceSmart (PSMT -0.43%) fell -0.2% in after-hours trading after it reported comparable sales for the 4-weeks ended March 27 were down -5.4%.
Helmerich & Payne (HP -1.75%) was rated a new ‘Buy’ at Nomura with a price target of $ 66.
Schlumberger Ltd (SLB -1.57%) was rated a new ‘Buy’ at Nomura with a price target of $ 81.
Duluth Holdings (DLTH +2.47%) climbed over 5% in after-hours trading after it reported 2016 net sales of $ 370 million-$ 380 million, higher than consensus of $ 369.8 million.
WD-40 (WDFC -0.62%) fell over 1% in after-hours trading after it said it sees 2016 revenue of $ 385 million-$ 394 million, below estimates of $ 394.5 million.
Ruby Tuesday (RT +0.77%) slumped over 15% in after-hours trading after it lowered guidance in fiscal 2016 adjusted EPS to 5 cents-8 cents from an earlier estimate of 12 cents-17 cents, below consensus of 12 cents.
Depomed (DEPO +1.15%) climbed nearly 7% in after-hours trading after Starboard Value LP disclosed a 6.8% stake in the company.
AngioDynamics (ANGO +3.38%) dropped over 5% in after-hours trading after it lowered guidance on fiscal year adjusted EPS to 54 cents-58 cents from a January estimate of 59 cents-63 cents, below consensus of 60 cents.
Compass Minerals International (CMP -0.94%) lowered guidance on 2016 EPS to $ 3.25-$ 3.65 from a prior estimate of $ 3.80-$ 4.20, below consensus of $ 3.94.
June E-mini S&Ps (ESM16 +0.53%) this morning are up +11.75 points (+0.58%). Thursday’s closes: S&P 500 -1.20%, Dow Jones -0.98%, Nasdaq -1.51%. The S&P 500 on Thursday fell to a 1-week low and closed lower on negative carryover from the -1.38% slide in China’s Shanghai Composite and on weakness in energy and commodity producer stocks after crude oil fell by more than 1% and copper prices slumped by 3% to a 1-1/2 month low. Stocks received some support from news that U.S. weekly initial unemployment claims fell -9,000 to 267,000, a bigger decline than expectations of -6,000 to 270,000.
June 10-year T-note prices (ZNM16 -0.18%) this morning are down -8.5 ticks. Thursday’s closes: TYM6 +18.00, FVM6 +9.75. Jun T-notes on Thursday rallied to a 6-week high and closed higher on increase safe-haven demand with the slump in stocks and on carryover support from a rally in German bund prices on speculation the ECB may expand stimulus measures after ECB President Draghi said that policy makers won’t “surrender” to excessively low price growth.
The dollar index (DXY00 +0.08%) this morning is up +0.088 (+0.09%). EUR/USD (^EURUSD) is down -0.0013 (-0.11%). USD/JPY (^USDJPY) is up +0.47 (+0.43%). Thursday’s closes: Dollar Index +0.052 (+0.06%), EUR/USD -0.0021 (-0.18%), USD/JPY -1.58 (-1.44%). The dollar index on Thursday posted a 5-1/2 month low but recovered and closed slightly higher on the larger-than-expected decline in U.S. weekly jobless claims and on weakness in EUR/USD on speculation that the ECB may expand stimulus measures after ECB President Draghi said that policy makers won’t “surrender” to excessively low price growth. Dollar gains were limited as USD/JPY tumbled to a 17-1/4 month low.
May WTI crude oil (CLK16 +3.54%) is up +$ 1.29 a barrel (+3.46%). May gasoline (RBK16 +3.06%) is up +0.0412 (+2.98%). Thursday’s closes: CLK6 -0.49 (-1.30%), RBK6 -0.0135 (-0.97%). May crude and gasoline on Thursday closed lower on the slump in stocks and on the likelihood that the Apr 17 meeting in Doha by OPEC members to attempt a crude production freeze will have limited impact without the participation of Iran or Libya.
|US||0830 ET||New York Fed President William Dudley gives a speech on the economy to business leaders at the University of Bridgeport in Bridgeport, CT.|
|1000 ET||Feb wholesale inventories expected -0.2%, Jan +0.2% m/m. Feb wholesale trade sales expected +0.2%, Jan was -1.7% m/m.|
|JPN||0030 ET||Japan Mar bankruptcies, Feb +4.47% y/y.|
|0100 ET||Japan Mar consumer confidence index expected +0.4 to 40.5, 40.1.|
|0200 ET||Japan Mar eco-watchers survey outlook expected +0.1 to 48.3, Feb 48.2. Mar eco-watchers survey current expected +0.9 to 45.5, Feb 44.6.|
|GER||0200 ET||German Feb trade balance expected +18.0 billion euros, Jan +13.4 billion euros. Feb exports expected +0.5% m/m, Jan -0.6% m/m. Feb imports expected -0.3%, Jan +1.3% m/m.|
|UK||0430 ET||UK Feb industrial production expected +0.1% m/m and unch y/y, Jan +0.3% m/m and +0.2% y/y.|
|0430 ET||UK Feb manufacturing production expected -0.2% m/m and -0.7% y/y, Jan +0.7% m/m and -0.1% y/y.|
|Starwood Hotels & Resorts Worldwide Inc||HOT US||10:00||Extraordinary Shareholders Meeting||Y 2016|
|Marriott International Inc/MD||MAR US||10:00||Extraordinary Shareholders Meeting||Y 2016|
|Twenty-First Century Fox Inc||FOXA US||U.S. Box Office Release of Movie Demolition""|
|IMS Health Holdings Inc||IMS US||Annual General Meeting|