Tue Apr 19 2016
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Live Index – Tue, 19 Apr 2016 Premarket

PREMARKET WORLD NEWS

Jun E-mini S&Ps (ESM16 +0.41%) are up +0.47% at a 4-1/2 month high and European stocks are up +1.39% at a 1-month high. Energy producing stocks gained as the price of crude oil pushed back above $ 40 a barrel, and commodity producers rose, led by a +1.8% gain in Newmont Mining in pre-market trading, after the price of silver (SIK16 +2.72%)surged +2.32% to a 10-1/2 month high. U.S. stocks also received a boost on upbeat comments from Boston Fed President Rosengren who said the U.S. economy remains “fundamentally sound” despite a slow Q1. European stocks received a boost after a gauge of German investor sentiment rose as the German Apr ZEW survey of expectations of economic growth climbed to a 4-month high. Asian stocks settled mostly higher: Japan +3.68%, Hong Kong +1.30%, China +0.30%, Taiwan -0.37%, Australia +1.01%, Singapore South Korea -0.05%, India closed for holiday. Japanese stocks rallied as the yen weakened against the dollar on speculation that the BOJ may boost stimulus measures in the wake of damage caused to Japan’s economy from the recent earthquake.

The dollar index (DXY00 -0.16%) is down -0.15%. EUR/USD (^EURUSD) is up +0.17%. USD/JPY (^USDJPY) is up +0.49%.

Jun T-note prices (ZNM16 -0.11%)are down -6 ticks.

Boston Fed President Rosengren said the U.S. economy remains “fundamentally sound” despite a slow Q1 and “we will be raising rates faster than what’s reflected in the financial markets.”

The German Apr ZEW survey expectations of economic growth rose +6.9 to 11.2, stronger than of +3.7 to 8.0 and the highest in 4 months.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Mar housing starts (expected -1.0% to 1.166 million, Feb +5.2% to 1.178 million).

There are 18 of the S&P 500 companies that report earnings today with notable reports including: Goldman Sachs (consensus $ 2.48), Northern Trust (0.95), Intel (0.49), Johnson & Johnson (1.65), Yahoo (0.08), Discover Financial Services (1.29), Navient (0.41),

U.S. IPO’s scheduled to price today: MGM Growth Properties (MGP).

Equity conferences during the remainder of this week include: American Academy Of Neurology Meeting on Mon-Wed, American Association for Cancer Research Meeting on Mon-Wed, Rx Sample Management and logistics Summit on Tue-Wed.

PREMARKET U.S. STOCKS

Newmont Mining (NEM +0.31%) climbed nearly 2% in pre-market tradng after the price of silver surged to a 10-1/2 month high.

Dish Network (DISH +4.19%) climbed nearly 4% in after-hours trading after it said it has joined with China Central Television in suing HTV International over its h.TV streaming device.

International Business Machines (IBM +0.53%) dropped over 4% in pre-market trading after it projected Q2 growth of about $ 2.78 to $ 2.92 a share, below consensus of $ 3.45.

Ebay (EBAY +0.36%) slid over 2% in pre-market trading after it was dowmgraded by Morgan Stanley to ‘Underweight’ from ‘Equal-weight.’

Netflix (NFLX -2.79%) sank over 7% in pre-market trading after it said it sees Q2 domestic streaming net adds of 500,000, below consensus of 505,000, and said it expects Q2 international streaming adds of 2.0 million, less than consensus of 3.451 million.

Illumina (ILMN +2.59%) tumbled 19% in after-hours trading after it said it sees Q1 preliminary revenue of $ 572 million, below consensus of $ 596.8 million and the lowest estimate of $ 590 million.

Spirit Airlines (SAVE -0.12%) rose almost 1% in after-hours trading after it said it sees Q1 operating margin of 21,5%, higher than a prior estimate of 19%-20.5%.

Rambus (RMBS +0.73%) dropped over 7% in after-hours trading after it reported Q1 adjusted EPS of 13 cents, better than consensus of 12 cents, but then said it expected Q2 revenue of $ 72 million-$ 77 million, below consensus of $ 78.7 million.

Badger Meter (BMI +0.43%) rose over 4% in after-hours trading after it reported Q1 adjusted EPS of 55 cents, better than consensus of 41 cents.

Celanese (CE +0.79%) gained over 7% in after-hours trading after it reported Q1 adjusted EPS of $ 1.83, well above consensus of $ 1.49, and then raised its view of fiscal 2016 adjusted EPS to up 8%-10% from a January view of up 5% to 10%.

Dynavax Technologies (DVAX +4.91%) rose over 4% in after-hours trading after it said that results of a trial demonstrated both co-primary endpoints were met with its Heplisav-B vaccine.

GigPeak (GIG +2.73%) climbed almost 1% in after-hours trading after it reported Q1 adjusted EPS of 5 cents, above consensus of 4 cents.

Heron Therapeutics (HRTX +2.77%) jumped 18% in after-hours trading after the U.S. Food & Drug Administration (FDA) indicated no substantive deficiencies in the company’s Sustol NDA and the FDA has begun labeling discussions with Heron for Sustol Injection.

Applied Optoelectronics (AAOI +1.83%) plunged over 20% in after-hours trading after it lowered guidance on Q1 adjusted EPS to a loss of -4 cents to -6 cents from a February estimate of a 21 cent to 28 cent gain.

MARKET COMMENTS

June E-mini S&Ps (ESM16 +0.41%) this morning are up +9.75 points (+0.47%) at a fresh 4-1/2 month high. Monday’s closes: S&P 500 +0.65%, Dow Jones +0.60%, Nasdaq +0.58%. The S&P 500 on Monday shook off early losses and rallied to a new 4-1/2 month high. Stocks were boosted by upbeat comments from New York Fed President Dudley who said that U.S. economic news is “mostly favorable” and that monetary-policy adjustments are likely to be gradual and cautious. Stocks were also boosted by a partial recovery in oil prices from sharp early losses on the failure of Sunday’s Doha production freeze meeting.

June 10-year T-note prices (ZNM16 -0.11%) this morning are down -6 ticks. Monday’s closes: TYM6 -4.50, FVM6 -3.00. Jun T-notes on Monday closed lower on reduced safe-haven demand for T-notes after the S&P 500 shook off early losses and rallied to a new 4-1/2 month high. T-notes were also undercut by comments from New Yok Fed President Dudley who said he said he’s confident that inflation will return to the Fed’s 2% target as transitory downward factors dissipate.

The dollar index (DXY00 -0.16%) this morning is down -0.140 (-0.15%). EUR/USD (^EURUSD) is up +0.0019 (+0.17%). USD/JPY (^USDJPY) is up +0.53 (+0.49%). Monday’s closes: Dollar Index -0.206 (-0.22%), EUR/USD +0.0029 (+0.26%), USD/JPY +0.06 (+0.06%). The dollar index on Monday closed lower on the weaker-than-expected U.S. Apr NAHB housing market index report and on dovish comments from New York Fed President Dudley suggesting that he favors delaying additional Fed interest rate hikes.

May WTI crude oil (CLK16 +1.66%) is up +54 cents (+1.36%). May gasoline (RBK16 +1.62%) is up +0.0216 (+1.50%). Monday’s closes: CLK6 -0.58 (-1.44%), RBK6 -0.0247 (-1.69%). May crude and May gasoline on Monday fell to 1-week lows and closed lower on the lack of an agreement between OPEC and non-OPEC oil producers at Sunday’s meeting in Doha after Saudi Arabian Crown Prince Mohammed bin Salman said that Saudi Arabia would not restrain its production without commitments from other major oil producers including Iran. Crude oil was also pressured by expectations for Wednesday’s weekly EIA data to show that U.S crude supplies rose +3.0 million bbl last week. Crude recovered from its worst levels as a strike by oil workers in Kuwait, OPEC’s fourth-largest producer, extended into a second day and curbed Kuwait’s crude output by nearly 60% to 1.7 million bpd.

GLOBAL EVENT CALENDAR04/19/2016
US 0830 ET Mar housing starts expected -1.0% to 1.166 million, Feb +5.2% to 1.178 million. Mar building permits expected +2.0% to 1.200 million, Feb was -2.2% to 1.177 million.
JPN 0130 ET Japan Mar nationwide department store sales, Feb +0.2% y/y.
1950 ET Japan Mar trade balance expected +834.6 billion yen, Feb +242.2 billion yen. Mar exports expected -7.0% y/y, Feb -4.0% y/y. Mar imports expected -16.6% y/y, Feb -14.2% y/y.
GER 0500 ET German Apr ZEW survey expectations of economic growth expected +3.7 to 8.0, Mar 4.3. Apr ZEW survey current situation expected +0.1 to 50.8, Mar 50.7.
EUR 0400 ET Eurozone Feb current account, Jan +25.4 billion euros (nsa).
0500 ET Eurozone Feb construction output, Jan+3.6% m/m and +6.0% y/y.
U.S. STOCK CALENDAR04/19/2016
Company Ticker Time Event Description Period Estimate
Comerica Inc CMA US Bef-mkt Q1 2016 Earnings Release Q1 2016 0.433
Genuine Parts Co GPC US Bef-mkt Q1 2016 Earnings Release Q1 2016 1.033
Harley-Davidson Inc HOG US Bef-mkt Q1 2016 Earnings Release Q1 2016 1.289
Kansas City Southern KSU US Bef-mkt Q1 2016 Earnings Release Q1 2016 0.972
Omnicom Group Inc OMC US Bef-mkt Q1 2016 Earnings Release Q1 2016 0.868
UnitedHealth Group Inc UNH US Bef-mkt Q1 2016 Earnings Release Q1 2016 1.722
Northern Trust Corp NTRS US Bef-mkt Q1 2016 Earnings Release Q1 2016 0.948
Prologis Inc PLD US Bef-mkt Q1 2016 Earnings Release Q1 2016 0.59
Johnson & Johnson JNJ US 6:45 Q1 2016 Earnings Release Q1 2016 1.647
Philip Morris International Inc PM US 7:00 Q1 2016 Earnings Release Q1 2016 1.108
Goldman Sachs Group Inc/The GS US 7:30 Q1 2016 Earnings Release Q1 2016 2.48
Comerica Inc CMA US 8:00 Q1 2016 Earnings Call Q1 2016
Johnson & Johnson JNJ US 8:30 Q1 2016 Earnings Call Q1 2016
Omnicom Group Inc OMC US 8:30 Q1 2016 Earnings Call Q1 2016
Kansas City Southern KSU US 8:45 Q1 2016 Earnings Call Q1 2016
UnitedHealth Group Inc UNH US 8:45 Q1 2016 Earnings Call Q1 2016
Harley-Davidson Inc HOG US 9:00 Q1 2016 Earnings Call Q1 2016
Whirlpool Corp WHR US 9:00 Annual General Meeting
Philip Morris International Inc PM US 9:00 Q1 2016 Earnings Call Q1 2016
Goldman Sachs Group Inc/The GS US 9:30 Q1 2016 Earnings Call Q1 2016
Northern Trust Corp NTRS US 10:00 Q1 2016 Earnings Call Q1 2016
Genuine Parts Co GPC US 11:00 Q1 2016 Earnings Call Q1 2016
Fastenal Co FAST US 11:00 Annual General Meeting Y 2016
Fifth Third Bancorp FITB US 11:30 Annual General Meeting Y 2016
Northern Trust Corp NTRS US 11:30 Annual General Meeting Y 2016
Prologis Inc PLD US 12:00 Q1 2016 Earnings Call Q1 2016
Intel Corp INTC US 16:00 Q1 2016 Earnings Release Q1 2016 0.488
Intuitive Surgical Inc ISRG US 16:05 Q1 2016 Earnings Release Q1 2016 4.324
Intuitive Surgical Inc ISRG US 16:30 Q1 2016 Earnings Call Q1 2016
Intel Corp INTC US 17:00 Q1 2016 Earnings Call Q1 2016
Yahoo! Inc YHOO US 17:00 Q1 2016 Earnings Call Q1 2016
Discover Financial Services DFS US 17:00 Q1 2016 Earnings Call Q1 2016
Linear Technology Corp LLTC US Aft-mkt Q3 2016 Earnings Release Q3 2016 0.503
Yahoo! Inc YHOO US Aft-mkt Q1 2016 Earnings Release Q1 2016 0.075
Discover Financial Services DFS US Aft-mkt Q1 2016 Earnings Release Q1 2016 1.292
Navient Corp NAVI US Aft-mkt Q1 2016 Earnings Release Q1 2016 0.414
Public Service Enterprise Group Inc PEG US Annual General Meeting
Perrigo Co PLC PRGO US Q1 2016 Earnings Release Q1 2016 1.895
M&T Bank Corp MTB US Annual General Meeting
US Bancorp USB US Annual General Meeting
Signet Jewelers Ltd SIG US Analyst Meeting

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