Fri Apr 15 2016
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Live Index – Fri, 15 Apr 2016 Premarket

PREMARKET WORLD NEWS

Jun E-mini S&Ps are down -0.17% as the market digests Thursday’s gains that saw the S&P 500 climb to a 4-1/4 month high. A -1.98% fall in crude oil prices is fueling losses in energy producing stocks, while European stocks are down -0.32%, led by losses in auto-related shares, with Volkswagen AG down -1.1% after data from the European Automobile Manufacturers’ Association showed Volkswagen’s share of the European market tumbled to a 5-year low. Losses in European stocks were limited as Greek bank stocks rallied after the ECB said EFSF bonds of Greek banks are eligible for QE purchases. Also, generally better-than-expected economic data out of China kept stock losses to a minimum. Asian stocks settled mixed: Japan -0.37%, Hong Kong -0.10%, China -0.14%, Taiwan +0.38%, Australia +0.76%, Singapore +0.34%, South Korea -0.14%, India closed for holiday. China Q1 GDP expanded at the slowest pace in 6 years, although China Mar industrial production and Mar retail sales were both stronger-than-expected.

The dollar index is down -0.08%. EUR/USD is up +0.12%. USD/JPY is down 0.39%.

Jun T-note prices are up +3.5 ticks.

China Mar industrial production rose +5.8% year-to-date y/y, stronger than expectations of +5.5% year-to-date y/y.

China Mar retail sales rose +10.3% year-to-date y/y, stronger than expectations of +10.2% year-to-date y/y.

China Q1 GDP rose 6.7% y/y, right on expectations and the slowest pace of growth in 6 years.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Apr Empire manufacturing survey general business conditions index (expected +1.38 to 2.00, Mar +17.26 to 0.62), (2) Mar industrial production (expected -0.1%, Feb -0.5%), (3) prelim-April University of Michigan U.S. consumer sentiment index (expected +1.0 to 92.0, Mar -0.7 to 91.0), and (4) Chicago Fed President Charles Evans’ speech on the economy and monetary policy at the J.P. Morgan Investor Seminar in Washington, D.C.

There are 3 of the S&P 500 companies that report earnings today: Citigroup (consensus $ 1.03), Charles Schwab (0.29), Regions Financial (0.19).

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

Equity conferences during the remainder of this week include: Goldman Sachs Cars Conference on Fri.

PREMARKET U.S. STOCKS

Briggs & Stratton (BGG +0.55%) was downgraded to ‘Neutral’ from ‘Outperform’ at Robert Baird.

Foot Locker (FL -0.89%) was downgraded to ‘Market Perform’ from ‘Outperform’ by Cowen.

Relypsa (RLYP -1.08%) plunged 14% in pre-market trading after Benzinga reported that Centerview Partners is no longer advising the company on a possible sale.

General Motors (GM -0.19%) rose nearly 7% in pre-market trading after the European Automobile Manufacturers’ Association said Volkswagen AG’s market share in Europe fell to the lowest in 5 years after the emission scandal that has plagued Volkswagen prompted car buyers to switch to other automakers.

Polycom (PLCM +3.54%) climbed nearly 3% in pre-market trading after Mitel Networks said it agreed to but he company for $ 1.96 billion.

Reuters reported that Valeant Pharmaceuticals International (VRX -2.24%) is working with investment banks to review options amid interest from buyout firms and other companies “in a number of its businesses.”

Performance Sports Group Ltd. (PSG -0.78%) gained over 1% in after-hours trading after it raised guidance on Q4 adjusted EPS to 18 cents-20 cents from a previous view of 15 cents-17 cents.

Hewlett Packard Enterprise (HPE -1.37%) rose almost 1% in after-hours trading after it was rated a new ‘Outperform by Oppenheimer.

Customers Bancorp (CUBI +3.55%) reported Q1 EPS of 57 cents, above consensus of 56 cents, and said it sees full-year operating EPS of $ 2.40-$ 2.50 from bank operations, higher than estimates of $ 2.37.

Ensco Plc (ESV -4.94%) slid over 6% in pre-market trading after it started a 50 million share offering of Class A stock.

Vivint Solar (VSLR +0.67%) jumped 9% in after-hours trading after it said it sees installations up +12% in 2016 and that it will install 260 MW of rooftop power systems this year.

Casey’s General Stores (CASY -0.48%) reported March same-store-sales for grocery and other rose +6% y/y and March same-store-sales for prepared food and fountain increased +7.5% y/y.

Shopify (SHOP +3.89%) gained almost 1% in after-hours trading after it was rated a new ‘Buy’ at Paradigm Capital with a 12-month price target of $ 35.

Cherokee (CHKE -0.89%) rallied over 7% in after-hours trading after it reported Q4 adjusted EPS of 19 cents, higher than consensus of 13 cents.

Ixia (XXIA -0.49%) slumped 14% in after-hours trading after it lowered guidance on Q1 revenue to $ 108 million-$ 111 million from a February 24 estimate of $ 121 million-$ 126 million, below consensus of $ 123.3 million.

MARKET COMMENTS

June E-mini S&Ps this morning are down -3.50 points (-0.17%). Thursday’s closes: S&P 500 +0.02%, Dow Jones +0.10%, Nasdaq unch. The S&P 500 on Thursday climbed to a 4-1/4 month high and settled slightly higher on the unexpected -13,000 decline in U.S. weekly initial unemployment claims to 253,000, thus matching the low from Mar 4 as the fewest in 42-1/2 years. Stocks were also boosted by a lack of price pressures after U.S. Mar CPI rose +0.1% m/m and +0.9% y/y, weaker than expectations of +0.2% m/m and +1.0% y/y. Stocks were undercut by weakness in energy producers as crude oil fell -0.62%.

June 10-year T-note prices this morning are up +3.5 ticks. Jun T-notes on Thursday fell to a 1-1/2 week low and closed lower: Thursday’s closes: TYM6 -8.00, FVM6 -3.50. Jun T-notes on Thursday fell to a 1-1/2 week low and closed lower on the unexpected decline in U.S. weekly jobless claims to a 42-1/2 year low of 253,000 and on reduced safe-haven demand after the S&P 500 rallied to a 4-1/4 month high. T-notes gained support from the U.S. Mar core CPI report of +0.1% y/y and +2.2% y/y, weaker than expectations of +0.2% m/m and +2.3% y/y.

The dollar index this morning is down -0.079 (-0.08%). EUR/USD is up +0.0014 (+0.12%). USD/JPY is down -0.43 (-0.39%). Thursday’s closes: Dollar Index +0.158 (+0.17%), EUR/USD -0.0006 (-0.05%), USD/JPY +0.06 (+0.05%). The dollar index on Thursday climbed to a 2-week high and settled higher on the unexpected drop in U.S. weekly jobless claims to a 42-1/2 year low and on weakness in EUR/USD which fell to a 2-week low after the top German economic institutes cut their German 2016 growth estimate to 1.6% from 1.8%, citing a slump in global demand.

May WTI crude oil is down -82 cents (-1.98%). May gasoline is down -0.0366 (-2.43%). Thursday’s closes: CLK6 -0.26 (-0.62%), RBK6 -0.0239 (-1.56%). May crude and gasoline on Thursday closed lower on the rally in the dollar index to a 2-week high and on the ongoing crude oil supply glut after Wednesday’s weekly EIA data showed U.S. crude oil inventories rose +6.6 million bbl to a record 536.5 million bbl. Crude oil gained some support from the rally in the S&P 500 to a 4-1/4 month high, which bolsters confidence in the economic outlook and energy demand.

GLOBAL EVENT CALENDAR04/15/2016
US 0830 ET Apr Empire manufacturing survey general business conditions expected +1.38 to 2.00, Mar +17.26 to 0.62.
0915 ET Mar industrial production expected -0.1%, Feb -0.5%. Mar manufacturing production expected +0.1%, Feb +0.2%. Mar capacity utilization expected -0.1 to 75.3%. Feb -0.4 to 75.4%.
1000 ET Prelim-April University of Michigan U.S. consumer sentiment expected +1.0 to 92.0, Mar -0.7 to 91.0.
1230 ET Chicago Fed President Charles Evans speaks on the economy and monetary policy at the J.P. Morgan Investor Seminar in Washington, D.C.
JPN 0030 ET Revised Japan Feb industrial production, preliminary -6.2% m/m and -1.5% y/y. Feb capacity utilization, Jan +2.6% m/m.
EUR 0200 ET Eurozone Mar new car registrations, Feb +14.3% y/y.
UK 0430 ET UK Feb construction output expected unch m/m and +0.7% y/y, Jan -0.2% m/m and -0.8% y/y.
U.S. STOCK CALENDAR04/15/2016
Company Ticker Time Event Description Period Estimate
Charles Schwab Corp/The SCHW US Bef-mkt Q1 2016 Earnings Release Q1 2016 0.292
First Horizon National Corp FHN US Bef-mkt Q1 2016 Earnings Release Q1 2016 0.198
Regions Financial Corp RF US Bef-mkt Q1 2016 Earnings Release Q1 2016 0.186
Citigroup Inc C US 8:00 Q1 2016 Earnings Release Q1 2016 1.032
Jarden Corp JAH US 8:00 Extraordinary Shareholders Meeting
First Horizon National Corp FHN US 9:30 Q1 2016 Earnings Call Q1 2016
Citigroup Inc C US 11:00 Q1 2016 Earnings Call Q1 2016
Regions Financial Corp RF US 11:00 Q1 2016 Earnings Call Q1 2016
Tenet Healthcare Corp THC US Aft-mkt Ulta Salon, Cosmetics & Fragrance Replaces Tenet Healthcare in S&P 500
Tenet Healthcare Corp THC US Aft-mkt Tenet Healthcare Replaces Jarden Corp. in S&P MidCap 400
Ulta Salon Cosmetics & Fragrance Inc ULTA US Aft-mkt Ulta Salon, Cosmetics & Fragrance Replaces Tenet Healthcare in S&P 500
American Express Co AXP US Credit-card Charge-offs and Delinquencies
JPMorgan Chase & Co JPM US Credit-card Charge-offs and Delinquencies
Equifax Inc EFX US Investor Meeting – Sydney Y 2016
Bank of America Corp BAC US Credit-card Charge-offs and Delinquencies
Newell Rubbermaid Inc NWL US Annual General Meeting – M&A Vote
Citigroup Inc C US Credit-card Charge-offs and Delinquencies
Jarden Corp JAH US Special Meeting – M&A Vote
Capital One Financial Corp COF US Credit-card Charge-offs and Delinquencies
Alliance Data Systems Corp ADS US Credit-card Charge-offs and Delinquencies
Discover Financial Services DFS US Credit-card Charge-offs and Delinquencies
Synchrony Financial SYF US Credit-card Charge-offs and Delinquencies

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