Fri Apr 22 2016
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Live Index – Fri, 22 Apr 2016 Premarket

PREMARKET WORLD NEWS

Jun E-mini S&Ps are up +0.16% as strength in copper and crude oil prices lifts mining stocks and energy producers. European stocks are down -0.19% as losses by carmakers lead the overall market lower. Daimler AG is down 6% after the U.S. Department of Justice asked the company to investigate the emission certification of its cars, and PSA Peugeot Citroen is down nearly 3% after the company’s headquarters in France were searched by government fraud investigators as part of a probe into vehicle emissions. Asian stocks settled mixed: Japan +1.20%, Hong Kong -0.72%, China +0.22%, Taiwan -0.38%, Australia -0.69%, Singapore -0.69%, South Korea -0.43%, India -0.16%. Japan’s Nikkei Stock Index climbed to a 2-1/2 month high as exporters rallied after USD/JPY rose to a 2-week high, which improves the earnings prospects of export companies.

The dollar index is up +0.30%. EUR/USD is down -0.12%. USD/JPY is up +1.03% at a 2-week high.

Jun T-note prices are down -1 tick.

According to people familiar with the matter, the BOJ at its Apr 27-28 policy meeting may discuss the possibility of offering a negative interest rate on some loans in an attempt to spur lending. The BOJ’s Stimulating Bank Lending Facility, which now offers loans at zero percent, would be the most likely vehicle for this option.

The Eurozone Apr Markit composite PMI unexpectedly fell -0.1 to 53.0, weaker than expectations of +0.2 to 53.3.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) preliminary-April Markit U.S. manufacturing PMI (expected +0.5 to 52.0, Mar +0.2 to 51.5).

There are 11 of the S&P 500 companies that report earnings today with notable reports including: GE (consensus $ 0.19), Caterpillar (0.67), Honeywell (1.50), American Airlines (1.19), McDonald’s (1.16), AutoNation (0.93), Interpublic (0.00).

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

Equity conferences during the remainder of this week: none.

PREMARKET U.S. STOCKS

General Electric (GE -0.55%) reported Q1 industrial operations and verticals EPS of 21 cents, higher than consensus of 19 cents.

Alphabet Inc. (GOOG +0.86%) dropped over 5% in pre-market trading after it reported Q1 adjusted EPS of $ 7.50, below consensus of $ 7.96.

Sears Holdings (SHLD -3.43%) rose over 5% in after-hours trading after it said it will close 68 Kmart stores and 10 Sears stores in an attempt to return to profitability.

Swift Transportation (SWFT -4.48%) climbed over 1% in after-hour trading after it reported Q1 adjusted EPS of 25 cents, above consensus of 21 cents.

Microsoft (MSFT +0.34%) fell over 4% in pre-market trading after it reported Q3 adjusted EPS of 62 cents, below consensus of 64 cents.

Skechers U.S. A. (SKX +2.53%) climbed over 5% in after-hours trading after it reported Q1 EPS of 63 cents, above even the highest estimate of 56 cents.

Norfolk Southern (NSC -0.64%) gained over 4% in after-hours trading after it reported Q1 adjusted EPS of $ 1.29, well above consensus of 97 cents

Starbucks (SBUX -0.43%) dropped nearly 5% in after-hours trading after it reported Q2 adjusted EPS of 39 cents, right on consensus, but reported Q2 revenue of $ 4.99 billion, below consensus of $ 5.03 billion.

Hanesbrands (HBI unch) rallied over 6% in after-hours trading after it reported Q1 adjusted EPS of 26 cents, better than consensus of 22 cents.

Southwestern Energy (SWN -1.20%) climbed over 4% in after-hours trading after it reported a Q1 adjusted EPS loss of -8 cents, narrower than consensus of -21 cents.

Advanced Micro Devices (AMD -2.96%) surged over 17% in pre-market trading after it reported a Q1 adjusted EPS loss of -12 cents, a smaller loss than consensus of -13 cents, and said it will license server chip technology to a Chinese state-backed venture that will produce server processors for the Chinese market.

Trinity Industries (TRN -3.08%) slid 2% in after-hours trading after it reported Q1 EPS of 64 cents, weaker than consensus of 69 cents.

Concordia Healthcare (CXRX +25.05%) jumped 12% in after-hours trading after it confirmed that it has had talks about strategic alternatives and formed a special committee to review its options.

Pacific Biosciencies of California (PACB -0.88%) rose 5% in after-hours trading after it reported a Q1 loss of -23 cents, a smaller loss than consensus of -25 cents.

MARKET COMMENTS

June E-mini S&Ps this morning are up +3.25 points (+0.16%). Thursday’s closes: S&P 500 -0.52%, Dow Jones -0.63%, Nasdaq +0.01%. The S&P 500 on Thursday closed lower on the -14.0 point decline in the U.S. Apr Philadelphia Fed business outlook survey to -1.6 (weaker than expectations of -3.4 to 9.0) and on the +0.2% increase in the U.S. Mar leading indicators (weaker than expectations of +0.4%). Stocks found underlying support from the -6,000 decline in U.S. weekly initial unemployment claims to a 42-1/3 year low of 247,000.

June 10-year T-note prices this morning are down -1 tick. Thursday’s closes: TYM6 -4.50, FVM6 -2.00. Jun T-notes on Thursday dropped to a 3-week low and closed lower on the unexpected decline in U.S. weekly jobless claims to a 42-1/3 year low and the rise in the 10-year T-note breakeven inflation expectations rate to a 2-week high.

The dollar index this morning is up +0.280 (+0.30%). EUR/USD is down -0.0013 (-0.12%). USD/JPY is up +1.13 (+1.03%) at a 2-week high. Thursday’s closes: Dollar Index +0.107 (+0.11%), EUR/USD -0.0009 (-0.08%), USD/JPY -0.38 (-0.35%). The dollar index on Thursday closed higher on the unexpected decline in U.S. weekly jobless claims to a 42-1/3 year low and the rise in the 10-year T-note yield to a 3-week high, which improves the dollar’s interest rate differentials.

June WTI crude oil this morning is up +15 cents (+0.35%). June gasoline is down -0.0028 (-0.18%). Thursday’s closes: CLM6 -1.00 (-2.26%), RBM6 +0.0054 (+0.35%). Jun crude and gasoline on Thursday settled mixed. Crude oil prices were undercut by a slide in stocks, long liquidation pressure after Jun crude futures posted a 5-1/2 month high, and comments from Libya’s National Oil Company Chairman who said that Libya could double its crude output within weeks of a political pact between its two rival factions. Gasoline closed higher after the API reported that U.S. gasoline demand rose +2.2% y/y to 9.25 million bpd in March.

GLOBAL EVENT CALENDAR04/22/2016
US 0945 ET Preliminary-Apr Markit U.S. manufacturing PMI expected +0.5 to 52.0, Mar +0.2 to 51.5.
1500 ET USDA Mar Cold Storage.
1500 ET USDA Mar Cattle on Feed.
JPN 0030 ET Japan Feb tertiary industry index expected -0.5% m/m Jan +1.5% m/m.
GER 0330 ET German Apr Markit/BME manufacturing PMI expected +0.3 to 51.0, Mar 50.7. Apr Markit services PMI expected unch at 55.1.
EUR 0400 ET Eurozone Apr Markit manufacturing PMI expected +0.3 to 51.9, Mar 51.6, Apr Markit composite PMI expected +0.2 to 53.3, Mar 53.1.
U.S. STOCK CALENDAR04/22/2016
Company Ticker Time Event Description Period Estimate
Honeywell International Inc HON US Bef-mkt Q1 2016 Earnings Release Q1 2016 1.501
American Airlines Group Inc AAL US Bef-mkt Q1 2016 Earnings Release Q1 2016 1.186
General Electric Co GE US Bef-mkt Q1 2016 Earnings Release Q1 2016 0.192
Kimberly-Clark Corp KMB US Bef-mkt Q1 2016 Earnings Release Q1 2016 1.51
McDonald’s Corp MCD US Bef-mkt Q1 2016 Earnings Release Q1 2016 1.164
SunTrust Banks Inc STI US Bef-mkt Q1 2016 Earnings Release Q1 2016 0.753
AutoNation Inc AN US Bef-mkt Q1 2016 Earnings Release Q1 2016 0.934
LyondellBasell Industries NV LYB US Bef-mkt Q1 2016 Earnings Release Q1 2016 2.291
Synchrony Financial SYF US Bef-mkt Q1 2016 Earnings Release Q1 2016 0.686
Interpublic Group of Cos Inc/The IPG US 7:00 Q1 2016 Earnings Release Q1 2016 0.004
Caterpillar Inc CAT US 7:30 Q1 2016 Earnings Release Q1 2016 0.674
SunTrust Banks Inc STI US 8:00 Q1 2016 Earnings Call Q1 2016
American Airlines Group Inc AAL US 8:30 Q1 2016 Earnings Call Q1 2016
General Electric Co GE US 8:30 Q1 2016 Earnings Call Q1 2016
Interpublic Group of Cos Inc/The IPG US 8:30 Q1 2016 Earnings Call Q1 2016
Synchrony Financial SYF US 8:30 Q1 2016 Earnings Call Q1 2016
Schlumberger Ltd SLB US 9:00 Q1 2016 Earnings Call Q1 2016
ADT Corp/The ADT US 9:00 Extraordinary Shareholders Meeting Y 2016
Honeywell International Inc HON US 9:30 Q1 2016 Earnings Call Q1 2016
Kimberly-Clark Corp KMB US 10:00 Q1 2016 Earnings Call Q1 2016
Southwestern Energy Co SWN US 10:00 Q1 2016 Earnings Call Q1 2016
Crown Castle International Corp CCI US 10:30 Q1 2016 Earnings Call Q1 2016
Caterpillar Inc CAT US 11:00 Q1 2016 Earnings Call Q1 2016
McDonald’s Corp MCD US 11:00 Q1 2016 Earnings Call Q1 2016
Charles Schwab Corp/The SCHW US 11:00 Business Update Call
AutoNation Inc AN US 11:00 Q1 2016 Earnings Call Q1 2016
LyondellBasell Industries NV LYB US 11:00 Q1 2016 Earnings Call Q1 2016
FLIR Systems Inc FLIR US 13:00 Annual General Meeting

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