Thu Apr 21 2016
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Live Index – Thu, 21 Apr 2016 Premarket

PREMARKET WORLD NEWS

Jun E-mini S&Ps are little changed, up +0.04%, as they consolidate Wednesday’s rally in the S&P 500 to a 4-1/2 month high. European stocks fell back from a 3-1/2 month high and are down -0.21% on long liquidation ahead of the results of today’s ECB meeting and press conference from ECB President Draghi immediately after. Losses were contained as mining stocks and energy producers moved higher as the price of copper climbed to a 4-week high and the price of crude rose to a 5-1/4 month high. Asian stocks settled mostly higher: Japan +2.70%, Hong Kong +1.82%, China -0.66%, Taiwan +0.64%, Australia +1.09%, Singapore +0.37%, South Korea +0.86%, India +0.14%. Japan’s Nikkei Stock Index posted a 2-1/2 month high as exporters rallied after the yen fell to a 2-week low against the dollar and on speculation that the BOJ may expand asset purchases at next week’s policy meeting.

The dollar index is down -0.05%. EUR/USD is up +0.13%. USD/JPY is down -0.09%.

Jun T-note prices are down -3.5 ticks at a 3-week low as they were pressured from a fall in German bund prices to a 4-week low.

 

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) weekly initial unemployment claims (expected +12,000 to 265,000, previous -13,000 to 253,000) and continuing claims (expected unch at 2.171 million, previous -18,000 to 2.171 million), (2) Mar Chicago Fed national activity index (expected +0.14 to -0.15, Feb -0.70 to -0.29), (3) Apr Philadelphia Fed business outlook survey (expected -3.4 to 9.0, Mar +15.2 to 12.4), (4) Feb FHFA house price index (expected +0.4% m/m, Jan +0.5% m/m), and (5) Mar leading indicators (expected +0.4%, Feb +0.1%), (6) the Treasury’s auction of $ 16 billion of 5-year TIPS.

There are 36 of the S&P 500 companies that report earnings today with notable reports including: Alphabet (consensus $ 7.96), Microsoft (0.64), Visa (0.67), Starbucks (0.39), GM (0.99), Verizon (1.06), Under Armour (0.02), Johnson Controls (0.82), PulteGroup (0.20), Bank of NY Mellon (0.68), Fifth Third Bancorp (0.35), Rockwell Collins (1.28).

U.S. IPO’s scheduled to price today: SecureWorks Corp (SCWX).

Equity conferences during the remainder of this week: none.

PREMARKET U.S. STOCKS

Newmont Mining (NEM -1.49%) rose nearly 3% in pre-market trading as copper rose toa 4-week high and after it reported Q1 adjusted EPS of 34 cents, higher than consensus of 18 cents.

American Express (AXP +2.28%) rose over 4% in pre-market trading after it reported Q1 EPS of $ 1.45, higher than consensus of $ 1.33.

Yum! Brands (YUM +0.49%) climbed nearly 4% in after-hours trading after it reported Q1 adjusted EPS of 95 cents, better than consensus of 83 cents.

Qualcomm (QCOM +0.50%) slid over 3% in pre-market trading after it reported Q2 adjusted EPS of $ 1.04, higher than consensus of 96 cents, but CEO Mollenkopf signaled that its largest customers may use secondary sources for chips for their smartphones going forward.

Las Vegas Sands (LVS -0.61%) lost 4% in after-hours trading after it reported Q1 adjusted EPS of 45 cents, well below consensus of 63 cents.

F5 Networks (FFIV +1.46%) gained over 4% in after-hours trading after it reported Q2 adjusted EPS of $ 1.68, higher than consensus of $ 1.63, and then raised guidance on Q3 adjusted EPS to $ 1.77-$ 1.80, higher than consensus of $ 1.74.

Mattel (MAT -2.57%) dropped over 8% in pre-market trading after it reported a Q1 adjusted loss of -13 cents, a wider loss than consensus of -7 cents.

Packaging Corp. of America (PKG -0.62%) gained 3% in after-hours trading it reported Q1 adjusted EPS of $ 1.11, above consensus of $ 1.01.

United Continental Holdings (UAL +0.95%) fell over 2% in after-hours trading after it reported Q1 adjusted EPS of $ 1.23, higher than consensus of $ 1.18, but said it sees Q2 passenger revenue per available seat mile (PRASM) falling 6.5%-8.5%.

Kinder Morgan (KMI -0.84%) fell over 1% in pre-market trading after it reported Q1 revenue of $ 3.2 billion, less than consensus of $ 3.76 billion.

Citrix Systems (CTXS +0.47%) rose over 6% in after-hours trading after it raised its fiscal-year adjusted EPS estimate to $ 4.90-$ 5.00, well above consensus of $ 4.71.

Tractor Supply (TSCO +0.49%) climbed over 5% in after-hours trading after it reported Q1 EPS of 50 cents, better than consensus of 46 cents.

United Rentals (URI -1.65%) slipped nearly 6% in after-hours trading after it lowered guidance on 2016 revenue to $ 5.6 billion-$ 5.8 billion from a January 27 estimate of $ 5.65 billion-$ 5.95 billion.

MARKET COMMENTS

June E-mini S&Ps this morning are up +0.75 of a point (+0.04%). Wednesday’s closes: S&P 500 +0.08%, Dow Jones +0.24%, Nasdaq -0.01%. The S&P 500 on Wednesday climbed to a 5-1/2 month high and settled higher on the +5.1% increase in U.S. Mar existing home sales to 5.33 million (stronger than expectations of +3.9% to 5.28 million), strength in energy producers after crude oil rallied to a 4-3/4 month high, and mostly upbeat Q1 corporate earnings results thus far.

June 10-year T-note prices this morning are down -3.5 ticks at a fresh 3-week low. Wednesday’s closes: TYM6 -19.50, FVM6 -12.00. Jun T-notes on Wednesday fell to a 3-week low and closed lower on the stronger-than-expected U.S. Mar existing home sales report, reduced safe-haven demand with the rally in stocks, and the rise in the 10-year T-note breakeven inflation expectations rate to a 2-week high.

The dollar index this morning is down -0.043 (-0.05%). EUR/USD is up +0.0015 (+0.13%). USD/JPY is down -0.10 (-0.09%). Wednesday’s closes: Dollar Index +0.516 (+0.55%), EUR/USD -0.0061 (-0.54%), USD/JPY +0.65 (+0.58%). The dollar index on Wednesday closed higher on the larger-than-expected increase in U.S. Mar existing home sales, on strength in USD/JPY which rose to a 1-1/2 week high as a rally in stocks reduced the safe-haven demand for the yen, and on long liquidation in EUR/USD ahead of Thursday’s ECB meeting.

June WTI crude oil is up +3 cents (+0.07%) at a new 5-1/4 month nearest-futures high. June gasoline is up +0.0061 (+0.40%). Wednesday’s closes: CLM6 +1.71 (+4.03%), RBM6 +0.0287 (+1.92%). Jun crude and gasoline on Wednesday closed higher with Jun crude at a 4-3/4 month high. Metals prices were boosted by the -0.3% decline in U.S. crude production in the week ended Apr 15 to a 1-1/2 year low of 8.95 million bpd and by the -248,00 bbl decline in Cushing crude oil inventories. Crude oil prices were undercut by the stronger dollar and the end of the 3-day strike by Kuwaiti oil workers.

GLOBAL EVENT CALENDAR04/21/2016
US 0830 ET Weekly initial unemployment claims expected +12,000 to 265,000, previous -13,000 to 253,000. Weekly continuing claims expected unch at 2.171 million, previous -18,000 to 2.171 million.
0830 ET Mar Chicago Fed national activity index expected +0.14 to -0.15, Feb -0.70 to -0.29.
0830 ET Apr Philadelphia Fed business outlook survey expected -3.4 to 9.0, Mar +15.2 to 12.4.
0830 ET USDA weekly Export Sales.
0900 ET Feb FHFA house price index expected +0.4% m/m, Jan +0.5% m/m.
1000 ET Mar leading indicators expected +0.4%, Feb +0.1%.
1100 ET Treasury announces amount of 2-year T-notes (previous $ 26 billion), 2-year floating-rate notes (previous $ 13 billion), 5-year T-notes (previous $ 34 billion) and 7-year T-notes (previous $ 28 billion) to be auctioned Apr 25-28).
1300 ET Treasury auctions $ 16 billion of 5-year TIPS.
UK 0430 ET UK Mar retail sales ex-auto fuel expected -0.3% m/m and +3.8% y/y, Feb -0.2% m/m and +4.1% y/y.
0430 ET UK Mar retail sales including auto fuel expected -0.1% m/m and +4.4% y/y, Feb -0.4% m/m and +3.8% y/y.
0430 ET UK Mar public sector net borrowing expected +5.4 billion pounds, Feb +6.5 billion pounds.
EUR 0745 ET ECB announces interest rate decision.
0830 ET ECB President Mario Draghi holds press conference following ECB meeting.
1000 ET Eurozone Apr consumer confidence expected +0.6 to -9.3, Mar -0.9 to -9.7.
JPN 2200 ET Japan Apr Nikkei manufacturing PMI expected +0.4 to 49.5, Mar 49.1.
U.S. STOCK CALENDAR04/21/2016
Company Ticker Time Event Description Period Estimate
Johnson Controls Inc JCI US Bef-mkt Q2 2016 Earnings Release Q2 2016 0.816
Nucor Corp NUE US Bef-mkt Q1 2016 Earnings Release Q1 2016 0.27
PulteGroup Inc PHM US Bef-mkt Q1 2016 Earnings Release Q1 2016 0.201
PPG Industries Inc PPG US Bef-mkt Q1 2016 Earnings Release Q1 2016 1.301
Sherwin-Williams Co/The SHW US Bef-mkt Q1 2016 Earnings Release Q1 2016 1.619
Snap-on Inc SNA US Bef-mkt Q1 2016 Earnings Release Q1 2016 2.088
BB&T Corp BBT US Bef-mkt Q1 2016 Earnings Release Q1 2016 0.643
Southwest Airlines Co LUV US Bef-mkt Q1 2016 Earnings Release Q1 2016 0.837
Travelers Cos Inc/The TRV US Bef-mkt Q1 2016 Earnings Release Q1 2016 2.554
Stanley Black & Decker Inc SWK US Bef-mkt Q1 2016 Earnings Release Q1 2016 1.141
DR Horton Inc DHI US Bef-mkt Q2 2016 Earnings Release Q2 2016 0.463
Biogen Inc BIIB US Bef-mkt Q1 2016 Earnings Release Q1 2016 4.458
KeyCorp KEY US Bef-mkt Q1 2016 Earnings Release Q1 2016 0.251
Quest Diagnostics Inc DGX US Bef-mkt Q1 2016 Earnings Release Q1 2016 1.119
Alliance Data Systems Corp ADS US Bef-mkt Q1 2016 Earnings Release Q1 2016 3.817
Danaher Corp DHR US 6:00 Q1 2016 Earnings Release Q1 2016 1.029
Bank of New York Mellon Corp/The BK US 6:30 Q1 2016 Earnings Release Q1 2016 0.677
Fifth Third Bancorp FITB US 6:30 Q1 2016 Earnings Release Q1 2016 0.345
Rockwell Collins Inc COL US 6:30 Q2 2016 Earnings Release Q2 2016 1.28
Dover Corp DOV US 7:00 Q1 2016 Earnings Release Q1 2016 0.598
People’s United Financial Inc PBCT US 7:00 Q1 2016 Earnings Release Q1 2016 0.213
Citizens Financial Group Inc CFG US 7:00 Q1 2016 Earnings Release Q1 2016 0.389
Under Armour Inc UA US 7:15 Q1 2016 Earnings Release Q1 2016 0.024
Verizon Communications Inc VZ US 7:30 Q1 2016 Earnings Release Q1 2016 1.055
General Motors Co GM US 7:30 Q1 2016 Earnings Release Q1 2016 0.99
Bank of New York Mellon Corp/The BK US 8:00 Q1 2016 Earnings Call Q1 2016
Danaher Corp DHR US 8:00 Q1 2016 Earnings Call Q1 2016
BB&T Corp BBT US 8:00 Q1 2016 Earnings Call Q1 2016
Stanley Black & Decker Inc SWK US 8:00 Q1 2016 Earnings Call Q1 2016
Union Pacific Corp UNP US 8:00 Q1 2016 Earnings Release Q1 2016 1.096
People’s United Financial Inc PBCT US 8:00 Q1 2016 Earnings Call Q1 2016
Verizon Communications Inc VZ US 8:30 Q1 2016 Earnings Call Q1 2016
PulteGroup Inc PHM US 8:30 Q1 2016 Earnings Call Q1 2016
Biogen Inc BIIB US 8:30 Q1 2016 Earnings Call Q1 2016
Quest Diagnostics Inc DGX US 8:30 Q1 2016 Earnings Call Q1 2016
Alliance Data Systems Corp ADS US 8:30 Q1 2016 Earnings Call Q1 2016
Under Armour Inc UA US 8:30 Q1 2016 Earnings Call Q1 2016
Union Pacific Corp UNP US 8:45 Q1 2016 Earnings Call Q1 2016
Travelers Cos Inc/The TRV US 9:00 Q1 2016 Earnings Call Q1 2016
Fifth Third Bancorp FITB US 9:00 Q1 2016 Earnings Call Q1 2016
Citizens Financial Group Inc CFG US 9:00 Q1 2016 Earnings Call Q1 2016
Rockwell Collins Inc COL US 9:00 Q2 2016 Earnings Call Q2 2016
Yum! Brands Inc YUM US 9:15 Q1 2016 Earnings Call Q1 2016
AES Corp/VA AES US 9:30 Annual General Meeting
Dover Corp DOV US 10:00 Q1 2016 Earnings Call Q1 2016
Newmont Mining Corp NEM US 10:00 Q1 2016 Earnings Call Q1 2016
Citigroup Inc C US 10:00 Q1 2016 Earnings Call – Fixed Income C1 2016
Snap-on Inc SNA US 10:00 Q1 2016 Earnings Call Q1 2016
Texas Instruments Inc TXN US 10:00 Annual General Meeting
DR Horton Inc DHI US 10:00 Q2 2016 Earnings Call Q2 2016
People’s United Financial Inc PBCT US 10:00 Annual General Meeting Y 2016
KeyCorp KEY US 10:00 Q1 2016 Earnings Call Q1 2016
Regions Financial Corp RF US 10:00 Annual General Meeting Y 2016
General Motors Co GM US 10:00 Q1 2016 Earnings Call Q1 2016
Humana Inc HUM US 10:30 Annual General Meeting Y 2016
United Continental Holdings Inc UAL US 10:30 Q1 2016 Earnings Call Q1 2016
Johnson Controls Inc JCI US 11:00 Q2 2016 Earnings Call Q2 2016
PPG Industries Inc PPG US 11:00 Annual General Meeting Y 2016
Sherwin-Williams Co/The SHW US 11:00 Q1 2016 Earnings Call Q1 2016
JB Hunt Transport Services Inc JBHT US 11:00 Annual General Meeting
United Rentals Inc URI US 11:00 Q1 2016 Earnings Call Q1 2016
Southwest Airlines Co LUV US 12:30 Q1 2016 Earnings Call Q1 2016
Nucor Corp NUE US 14:00 Q1 2016 Earnings Call Q1 2016
PPG Industries Inc PPG US 14:00 Q1 2016 Earnings Call Q1 2016
SL Green Realty Corp SLG US 14:00 Q1 2016 Earnings Call Q1 2016
Huntington Bancshares Inc/OH HBAN US 15:00 Annual General Meeting
Norfolk Southern Corp NSC US 16:15 Q1 2016 Earnings Release Q1 2016 0.972
Norfolk Southern Corp NSC US 16:30 Q1 2016 Earnings Call Q1 2016
Hanesbrands Inc HBI US 16:30 Q1 2016 Earnings Call Q1 2016
Alphabet Inc GOOGL US 16:30 Q1 2016 Earnings Call Q1 2016
Starbucks Corp SBUX US 17:00 Q2 2016 Earnings Call Q2 2016
E*TRADE Financial Corp ETFC US 17:00 Q1 2016 Earnings Call Q1 2016
Visa Inc V US 17:00 Q2 2016 Earnings Call Q2 2016
Schlumberger Ltd SLB US Aft-mkt Q1 2016 Earnings Release Q1 2016 0.39
Southwestern Energy Co SWN US Aft-mkt Q1 2016 Earnings Release Q1 2016 -0.215
Microsoft Corp MSFT US Aft-mkt Q3 2016 Earnings Release Q3 2016 0.638
Starbucks Corp SBUX US Aft-mkt Q2 2016 Earnings Release Q2 2016 0.39
E*TRADE Financial Corp ETFC US Aft-mkt Q1 2016 Earnings Release Q1 2016 0.329
Crown Castle International Corp CCI US Aft-mkt Q1 2016 Earnings Release Q1 2016 1.038
Hanesbrands Inc HBI US Aft-mkt Q1 2016 Earnings Release Q1 2016 0.219
Visa Inc V US Aft-mkt Q2 2016 Earnings Release Q2 2016 0.667
Alphabet Inc GOOGL US Aft-mkt Q1 2016 Earnings Release Q1 2016 7.963
Microsoft Corp MSFT US 17:30 Q3 2016 Earnings Call Q3 2016
Intuitive Surgical Inc ISRG US 18:00 Annual General Meeting
Kraft Heinz Co/The KHC US Annual General Meeting

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