Fri Apr 29 2016
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Live Index – Fri, 29 Apr 2016 Premarket

PREMARKET WORLD NEWS

Jun E-mini S&Ps (ESM16 -0.14%) are down -0.10% on negative carryover from yesterday’s drop to a 1-1/2 week low. Losses in stocks were contained as -0.40% fall in the dollar index to an 8-month low boosts commodity prices and gives raw-material and mining stocks a lift. May silver (SIK16 +1.72%) is up +1.61% at a 1-1/4 year high, and Jun crude oil (CLM16 +0.93%) is up +0.98% at a 5-3/4 month high. European stocks are down -1.79% as travel and leisure stocks slide, led by a nearly 3% drop in British Airways parent IAG SA after it said the Brussels terror attacks will undercut Q2 revenue. European bank stocks are also weaker, led by a nearly 2% fall in Royal Bank of Scotland Group Plc after it reported a -968-million-pound loss for Q1, wider than expectations of a -957 million-pound loss. Asian stocks settled mostly lower: Japan closed for holiday, Hong Kong -1.50%, China -0.25%, Taiwan -1.13%, Australia +0.51%, Singapore -0.83%, South Korea -0.43%, India +0.01%.

The dollar index (DXY00 -0.42%) is down -0.40% at an 8-month low. EUR/USD (^EURUSD) is up +0.37% at a 2-week high. USD/JPY (^USDJPY) is down -1.00% at a 1-1/2 year low.

Jun T-note prices (ZNM16 -0.02%) are down -2.5 ticks.

The Eurozone Apr CPI estimate fell -0.2% y/y, weaker than expectations of -0.1% y/y. The Apr core CPI rose +0.8% y/y, weaker than expectations of +0.9% y/y.

Eurozone Q1 GDP rose +0.6% q/q and +1.6% y/y, stronger than expectations of +0.4% q/q and +1.4% y/y.

German Mar retail sales unexpectedly fell -1.1% m/m, weaker than expectations of +0.4% m/m and the biggest decline in 1-1/2 years.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Dallas Fed President Robert Kaplan’s speech to the Official Monetary and Financial Institutions Forum in London, (2) Mar personal spending (expected +0.2%, Feb +0.1%) and Mar personal income (expected +0.3%, Feb +0.2%), (3) Mar PCE deflator (expected +0.1% m/m and +0.8% y/y, Feb -0.1% m/m and +1.0% y/y) and Mar core PCE deflator (expected +0.1% m/m and +1.5% y/y, Feb +0.1% m/m and +1.7% y/y), (4) Q1 employment cost index (expected +0.6%, Q4 +0.6%), (5) Apr Milwaukee ISM (Mar +2.57 to 57.78), (6) Apr Chicago PMI (expected -0.8 to 52.8, Mar +6.0 to 53.6), f7) Final-April University of Michigan U.S. consumer sentiment index (expected +0.3 to 90.0, preliminary-April -1.3 to 89.7), (8) U.S. retail sales benchmark revisions.

There are 22 of the S&P 500 companies that report earnings today with notable reports including: Exxon (consensus $ 0.29), Chevron (-0.18), Moody’s (1.06), Phillips 66 (0.88).

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

Equity conferences this week include: none.

PREMARKET U.S. STOCKS

Gilead (GILD -3.69%) dropped over 4% in pre-market trading after it reported Q1 adjusted EPS of $ 3.03, below consensus of $ 3.15, as sales of Harvoni were only $ 3.02 billion, below estimates of $ 3.17 billion.

Amazon.com (AMZN -0.75%) rallied 13% in pre-market trading after it reported Q1 revenue of $ 29.1 billion, higher than consensus of $ 27.97 billion, and said it sees Q2 revenue of $ 28 billion-$ 30.5 billion, above consensus of $ 28.3 billion.

Expedia (EXPE -0.72%) rallied over 10% in after-hours trading after it reported an unexpected Q1 adjusted EPS profit of 6 cents, better than consensus of a 6 cent loss.

LinkedIn (LNKD +3.50%) gained almost 7% in after-hours trading after it reported Q1 adjusted EPS of 74 cents, well above consensus of 60 cents.

Skyworks Solutions (SWKS -0.75%) slipped over 3% in after-hours trading after it reported Q2 adjusted EPS of $ 1.25, below consensus of $ 1.32, and said it sees Q3 adjusted EPS of $ 1.21, weaker than consensus of $ 1.32.

Outerwall (OUTR -5.02%) jumped over 8% in after-hours trading after it reported Q1 core EPS from continuing operations of $ 2.44, well above consensus of $ 1.33.

Pandora Media (P -0.11%) rose over 6% in after-hours trading after it reported a Q1 adjusted EPS loss of 20 cents, narrower than consensus of 32 cents

Molina Healthcare (MOH -1.53%) slumped over 11% in after-hours trading after it reported Q1 adjusted EPS of 51 cents, well below consensus of 81 cents, and then lowered guidance on 2016 adjusted EPS to $ 2.50-$ 2.95 from a previous forecast of $ 3.86.

B&G Foods (BGS -0.45%) rose 6% in after-hours trading after it reported Q1 adjusted EPS of 65 cents, higher than consensus of 51 cents, and then raised guidance on 2016 adjusted EPS to $ 2.05-$ 2.15 from a March 15 forecast of $ 1.90-$ 2.00.

Synaptics (SYNA -5.62%) tumbled over 12% in after-hours trading after it reported Q3 adjusted EPS of $ 1.21, well below consensus of $ 1.51, and said it sees Q4 revenue of $ 300 million-$ 340 million, well below consensus of $ 478.9 million.

Regal Entertainment Group (RGC +1.12%) gained nearly 4% in after-hours trading after it reported Q1 adjusted EPS of 27 cents, better than consensus of 25 cents.

Qlik Technologies (QLIK +3.25%) rose over 3% in after-hours trading after it raised guidance on fiscal year adjusted EPS to 42 cents-45 cents from a February 11 estimate of 41 cents-44 cents.

NeoPhotonics (NPTN -3.75%) sank over 12% in after-hours trading after it reported Q1 adjusted EPS of 15 cents, higher than consensus of 14 cents, but said it sees Q2 adjusted EPS of 8 cents-15 cents, weaker than consensus of 17 cents.

Gigamon (GIMO -3.52%) jumped over 10% in after-hours trading after it reported Q1 adjusted EPS of 22 cents, higher than consensus of 18 cents.

NeuStar (NSR -1.67%) slumped over 10% in after-hours trading after it said it sees fiscal year revenue of $ 1.22 billion-$ 1.24 billion, below the midpoint estimate of $ 1.24 billion.

MARKET COMMENTS

June E-mini S&Ps (ESM16 -0.14%) this morning are down -2.00 points (-0.10%). Thursday’s closes: S&P 500 -0.92%, Dow Jones -1.17%, Nasdaq -1.19%. The S&P 500 on Thursday closed lower on disappointment that the BOJ did not expand its easing measures after its policy meeting and on the +0.5% increase in U.S. Q1 GDP (q/q annualized), weaker than expectations of +0.7%. The stock market was also dragged lower by a -3% drop in Apple after billionaire investor Carl Icahn said he sold his stake in the company. Stocks received an early boost from M&A activity after Abbott Labs agreed to buy St. Jude Medical for $ 25 billion and Comcast agreed to buy Dreamworks SKG for $ 3.8 billion.

June 10-year T-note prices (ZNM16 -0.02%) this morning are down -2.5 ticks. Thursday’s closes: TYM6 +5.50, FVM6 +6.00. Jun T-notes on Thursday climbed to a 1-week high and settled higher on increased safe-haven demand for T-notes on weak stocks and on the weaker-than-expected U.S. Q1 GDP report of +0.5%. T-notes were undercut by the rise in the U.S. Q1 core PCE to +2.1%, above the Fed’s 2.0% target and the fastest pace of increase in 4 years.

The dollar index (DXY00 -0.42%) this morning is down -0.373 (-0.40%) at an 8-month low. EUR/USD (^EURUSD) is up +0.0042 (+0.37%) at a 2-week high. USD/JPY (^USDJPY) is down -1.08 (-1.00%) at a 1-1/2 year low. Thursday’s closes: Dollar Index -0.626 (-0.66%), EUR/USD +0.0030 (+0.26%), USD/JPY -3.35 (-3.01%). The dollar index on Thursday fell to a 2-week low and closed lower on the plunge in USD/JPY to a 1-week low after the BOJ refrained from expanding stimulus measures and on the weaker-than-expected U.S. Q1 GDP report of +0.5%, which bolsters the case for the Fed to continue to delay another interest rate increase.

June WTI crude oil (CLM16 +0.93%) this morning is up +45 cents (+0.98%) at a 5-3/4 month high. June gasoline (RBM16 -0.06%) is down -0.0020 (-0.12%). Thursday’s closes: CLM6 +1.29 (+2.93%), RBM6 +0.0193 (+1.97%). Jun crude and gasoline on Thursday closed higher with Jun crude at a 5-3/4 month high and Jun gasoline at 4-3/4 month high. Crude oil received a boost from the fall in the dollar index to a 2-week low and from positive carryover from Wednesday’s EIA data showing a -0.2% fall in U.S. crude production to a 1-1/2 year low.

GLOBAL EVENT CALENDAR04/29/2016
US 0630 ET Dallas Fed President Robert Kaplan delivers a speech to the Official Monetary and Financial Institutions Forum in London.
0830 ET Mar personal spending expected +0.2%, Feb +0.1%. Mar personal income expected +0.3%, Feb +0.2%.
0830 ET Mar PCE deflator expected +0.1% m/m and +0.8% y/y, Feb -0.1% m/m and +1.0% y/y. Mar core PCE deflator expected +0.1% m/m and +1.5% y/y, Feb +0.1% m/m and +1.7% y/y.
0830 ET Q1 employment cost index expected +0.6%, Q4 +0.6%.
0900 ET Apr Milwaukee ISM, Mar +2.57 to 57.78.
0945 ET Apr Chicago PMI expected -0.8 to 52.8, Mar +6.0 to 53.6.
1000 ET Final-April University of Michigan U.S. consumer sentiment index expected +0.3 to 90.0, preliminary-April -1.3 to 89.7.
1000 ET U.S. retail sales benchmark revisions.
GER 0200 ET German Mar retail sales expected +0.4% m/m and +2.7% y/y, Feb -0.3% m/m and +5.4% y/y.
UK 0430 ET UK Mar net consumer credit expected +1.3 billion pounds, Feb +1.3 billion pounds.
0430 ET UK Mar mortgage approvals expected 74,200, Feb 73,900.
0430 ET UK Mar M4 money supply, Feb +0.9% m/m and +2.0% y/y.
EUR 0500 ET Eurozone Q1 GDP expected +0.4% q/q and +1.4% y/y, Q4 +0.3% q/q and +1.6% y/y.
0500 ET Eurozone Mar unemployment rate expected unch at 10.3%.
0500 ET Eurozone Apr CPI estimate expected -0.1% y/y, Mar -0.1% y/y. Apr core CPI expected +0.9% y/y, Mar +1.0% y/y.
JPN n/a Japanese markets closed for Showa Day.
U.S. STOCK CALENDAR04/29/2016
Company Ticker Time Event Description Period Estimate
Aon PLC AON US Bef-mkt Q1 2016 Earnings Release Q1 2016 1.33
Cabot Oil & Gas Corp COG US Bef-mkt Q1 2016 Earnings Release Q1 2016 -0.136
Chevron Corp CVX US Bef-mkt Q1 2016 Earnings Release Q1 2016 -0.178
Eaton Corp PLC ETN US Bef-mkt Q1 2016 Earnings Release Q1 2016 0.85
Host Hotels & Resorts Inc HST US Bef-mkt Q1 2016 Earnings Release Q1 2016 0.375
Newell Brands Inc NWL US Bef-mkt Q1 2016 Earnings Release Q1 2016 0.377
Pinnacle West Capital Corp PNW US Bef-mkt Q1 2016 Earnings Release Q1 2016 0.11
Praxair Inc PX US Bef-mkt Q1 2016 Earnings Release Q1 2016 1.261
Tyco International Plc TYC US Bef-mkt Q2 2016 Earnings Release Q2 2016 0.451
Ventas Inc VTR US Bef-mkt Q1 2016 Earnings Release Q1 2016 1.023
Royal Caribbean Cruises Ltd RCL US Bef-mkt Q1 2016 Earnings Release Q1 2016 0.314
Moody’s Corp MCO US Bef-mkt Q1 2016 Earnings Release Q1 2016 1.063
Seagate Technology PLC STX US Bef-mkt Q3 2016 Earnings Release Q3 2016 0.388
Monster Beverage Corp MNST US Bef-mkt Q1 2016 Earnings Release Q1 2016 0.743
WestRock Co WRK US Bef-mkt Q2 2016 Earnings Release Q2 2016 0.516
VF Corp VFC US 6:55 Q1 2016 Earnings Release Q1 2016 0.582
Legg Mason Inc LM US 7:00 Q4 2016 Earnings Release Q4 2016 -0.456
American Tower Corp AMT US 7:00 Q1 2016 Earnings Release Q1 2016 1.223
Phillips 66 PSX US 7:00 Q1 2016 Earnings Release Q1 2016 0.883
Public Service Enterprise Group Inc PEG US 7:30 Q1 2016 Earnings Release Q1 2016 0.884
Exxon Mobil Corp XOM US 8:00 Q1 2016 Earnings Release Q1 2016 0.288
Legg Mason Inc LM US 8:00 Q4 2016 Earnings Call Q4 2016
Tyco International Plc TYC US 8:00 Q2 2016 Earnings Call Q2 2016
Eastman Chemical Co EMN US 8:00 Q1 2016 Earnings Call Q1 2016
Aon PLC AON US 8:30 Q1 2016 Earnings Call Q1 2016
Leggett & Platt Inc LEG US 8:30 Q1 2016 Earnings Call Q1 2016
Newell Brands Inc NWL US 8:30 Q1 2016 Earnings Call Q1 2016
VF Corp VFC US 8:30 Q1 2016 Earnings Call Q1 2016
American Tower Corp AMT US 8:30 Q1 2016 Earnings Call Q1 2016
Range Resources Corp RRC US 9:00 Q1 2016 Earnings Call Q1 2016
Hartford Financial Services Group Inc/The HIG US 9:00 Q1 2016 Earnings Call Q1 2016
Seagate Technology PLC STX US 9:00 Q3 2016 Earnings Call Q3 2016
Cabot Oil & Gas Corp COG US 9:30 Q1 2016 Earnings Call Q1 2016
Exxon Mobil Corp XOM US 9:30 Q1 2016 Earnings Call Q1 2016
Abbott Laboratories ABT US 10:00 Annual General Meeting
Eaton Corp PLC ETN US 10:00 Q1 2016 Earnings Call Q1 2016
Host Hotels & Resorts Inc HST US 10:00 Q1 2016 Earnings Call Q1 2016
Ventas Inc VTR US 10:00 Q1 2016 Earnings Call Q1 2016
Royal Caribbean Cruises Ltd RCL US 10:00 Q1 2016 Earnings Call Q1 2016
Principal Financial Group Inc PFG US 10:00 Q1 2016 Earnings Call Q1 2016
WestRock Co WRK US 10:00 Q2 2016 Earnings Call Q2 2016
Chevron Corp CVX US 11:00 Q1 2016 Earnings Call Q1 2016
Praxair Inc PX US 11:00 Q1 2016 Earnings Call Q1 2016
Public Service Enterprise Group Inc PEG US 11:00 Q1 2016 Earnings Call Q1 2016
AT&T Inc T US 11:00 Annual General Meeting Y 2016
Flowserve Corp FLS US 11:00 Q1 2016 Earnings Call Q1 2016
Monster Beverage Corp MNST US 11:00 Q1 2016 Earnings Call Q1 2016
Moody’s Corp MCO US 11:30 Q1 2016 Earnings Call Q1 2016
Pinnacle West Capital Corp PNW US 12:00 Q1 2016 Earnings Call Q1 2016
Phillips 66 PSX US 12:00 Q1 2016 Earnings Call Q1 2016
Kellogg Co K US 13:00 Annual General Meeting Y 2016
Apartment Investment & Management Co AIV US 13:00 Q1 2016 Earnings Call Q1 2016
Essex Property Trust Inc ESS US 14:00 Q1 2016 Earnings Call Q1 2016
Airgas Inc ARG US Q4 2016 Earnings Release Q4 2016 1.224
Occidental Petroleum Corp OXY US Annual General Meeting

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