Live Index – Tue, 03 May 2016 Premarket
Jun E-mini S&Ps (ESM16 -0.63%) are down -0.81% and European stocks are down -1.83% at a 2-1/2 week low on global growth concerns after the European Commission cut its Eurozone growth estimates for this year and next. A +0.40% rally in EUR/USD to an 8-1/4 month high also undercut European exporter companies as the stronger euro reduces their earnings prospects. European bank stocks are lower as well with Commerzbank AG down 6% after its Q1 profit halved as market turmoil caused a drop in revenue and UBS Group AG slid over 5% after it reported Q1 net income of 707 million Swiss francs, below consensus of 735 million-francs. Asian stocks settled mixed: Japan closed for holiday, Hong Kong -1.85%, China +1.85%, Taiwan -1.00%, Australia +2.11%, Singapore -0.96%, South Korea +0.34%, India -0.81%. China’s Shanghai Composite climbed to a 1-1/2 week high and Australia’s S&P 200 stock Index jumped over 2% to an 8-1/2 month high after the RBA cut its benchmark rate by 25 bp to a record low 1.75% and RBA Governor Stevens said that recent price data suggests a “lower outlook for inflation.”
The dollar index (DXY00 -0.38%) is down -0.38% at a fresh 1-1/4 year low. EUR/USD (^EURUSD) is up +0.40% at an 8-1/4 month high. USD/JPY (^USDJPY) is down -0.56% at a new 1-1/2 year low.
Jun T-note prices (ZNM16 +0.36%) are up +17 ticks on increased safe-haven demand with the plunge in stocks.
The European Commission cut its Eurozone 2016 GDP estimate to 1.6% and cut its Eurozone 2017 GDP estimate to 1.8%, both 0.1 percentage point lower than forecast in Feb. The European Commission also forecast Eurozone 2016 CPI of +0.2%.
Speaking Monday night at the Miliken Conference in Los Angeles, San Francisco Fed President Williams said that the future “new normal” for interest rates might be lower than the Fed’s median estimate. He said that ” based on his own work, which may have some significant downside risk, the new normal might be more like 3.0% or 1.0%.”
Key U.S. news today includes: (1) Apr New York ISM (Mar -3.2 to 50.4), (2) Cleveland Fed President Loretta Mester moderates a panel discussion on “Unconventional wisdom: How will unusual monetary policy affect market liquidity?” at the Atlanta Fed financial-markets conference, (3) Atlanta Fed President Dennis Lockhart speaks on the economic outlook and monetary policy to the World Affairs Council Jacksonville, and (4) Apr total vehicle sales (expected 17.4 million, Mar 16.46 million).
There are 37 of the S&P 500 companies that report earnings today with notable reports including: Halliburton (consensus $ 0.04), ADM (0.45), Emerson Electric (0.63), Pfizer (0.55), Valero (0.66), CBS (0.94), Duke Energy (1.14).
U.S. IPO’s scheduled to price today: none.
Equity conferences this week include: Eyeforpharma Philadelphia 2016 Summit on Mon-Tue, Deutsche Bank Health Care Conference on Wed-Thu, ACI Renewable & Bio-based Chemicals Summit on Wed-Thu.
American International Group (AIG +1.38%) slid more than 3% in pre-market trading after it reported Q1 operating EPS of 65 cents, well below consensus of $ 1.00.
Mylan NV (MYL +2.40%) climbed 5% in pre-market trading after it reported Q1 adjusted EPS of 76 cents, higher than consensos of 75 cents.
Texas Roadhouse (TXRH +3.29%) gained nearly 3% in after-hours trading after it reported Q1 adjusted EPS of 55 cents, better than consensus of 54 cents.
Owens-Illinois (OI +0.81%) rose over 4% in after-hours trading after it reported Q1 adjusted EPS of 48 cents, higher than consensus of 40 cents, and then raised guidance on 2016 fiscal year adjusted EPS to $ 2.25-$ 2.35 from a March 1 estimate of $ 2.10-$ 2.25, above consensus of $ 2.19.
Community Health Systems (CYH -17.51%) sank over 10% in after-hours trading after it reported Q1 adjusted EPS continuing operations of 27 cents, well below consensus of 74 cents.
Tenet Healthcare (THC -0.16%) rallied nearly 5% in after-hours trading after it reported Q1 adjusted EPS of 45 cents, above consensus of 34 cents.
Beacon Roofing Supply (BECN +0.30%) jumped over 7% in after-hours trading after it reported an unexpected Q2 adjusted profit of 3 cents, better than consensus of a -21 cent loss.
Edison International (EIX +1.03%) slipped over 1% in after-hours trading after it reported Q1 core EPS of 82 cents, below consensus of 88 cents.
Integrated Device Technology (IDTI +2.18%) gained 3% in after-hours trading after it said it sees Q1 revenue of $ 186 million-$ 196 million, above the midpoint of consensus at $ 188.3 million.
Advanced Energy Industries (AEIS +2.94%) rose nearly 4% in after-hours trading after it reported Q1 adjusted EPS of 56 cents, higher than consensus of 47 cents, and said it sees Q2 adjusted EPS continuing operations of 60 cents-70 cents, above consensus of 54 cents.
Fabrinet (FN +1.00%) rallied over 10% in after-hours trading after it reported Q3 adjusted EPS of 56 cents, higher than consensus of 53 cents, and said it sees Q4 adjusted EPS of 59 cents-61 cents, above consensus of 55 cents.
PVH Corp. (PVH +1.37%) is up over 2% in after-hours trading after Greenlight Capital reported a new stake in the company.
Aegion (AEGN +1.04%) reported Q1 adjusted EPS of 12 cents, better than consensus of 8 cents, and said it plans to cut 900 workers, or 14.5% of its workforce.
Yelp (YELP +2.43%) is up over 5% in after-hours trading after Greenlight Capital reported a new stake in the company.
Rogers Corp. (ROG +2.27%) climbed 5% in after-hours trading after it reported Q1 adjusted EPS of 85 cents, well above consensus of 63 cents.
June E-mini S&Ps (ESM16 -0.63%) this morning are down -16.75 points (-0.81%). Monday’s closes: S&P 500 +0.78%, Dow Jones +0.66%, Nasdaq +0.92%. The S&P 500 on Monday closed higher on reduced interest rates concerns after the Apr ISM manufacturing index fell -1.0 point to 50.8, weaker than expectations of -0.4 to 51.4, which may keep the Fed from raising interest rates. Stocks were also boosted by the drop in the dollar index to a new 1-1/4 year low, which makes U.S. exports more attractive and boosts the value of overseas earnings.
June 10-year T-note prices (ZNM16 +0.36%) this morning are up +17 ticks. Monday’s closes: TYM6 -11.50, FVM6 -6.50. Jun T-notes on Monday closed lower on the rally in stocks and on price pressures after the Apr ISM prices-paid sub-index surged by +7.5 points to a 19-month high of 59.0.
The dollar index (DXY00 -0.38%) this morning is down -0.349 (-0.38%) at a new 1-1/4 year low. EUR/USD (^EURUSD) is up +0.0046 (+0.40%) at an 8-1/4 month high. USD/JPY (^USDJPY) is down -0.60 (-0.56%) at a fresh 1-1/2 year low. Monday’s closes: Dollar Index -0.456 (-0.49%), EUR/USD +0.0083 (+0.72%), USD/JPY -0.09 (-0.08%). The dollar index on Monday tumbled to a 1-1/4 year low on technical selling, the weaker-than-expected Apr ISM manufacturing index, and strength in EUR/USD which climbed to an 8-month high after the Eurozone Apr Markit manufacturing PMI was revised upward to 51.7 from 51.5.
June WTI crude oil (CLM16 -0.98%) this morning is down -56 cents (-1.25%). June gasoline (RBM16 -1.63%) is down -0.0305 (-1.95%). Monday’s closes: CLM6 -1.14 (-2.48%), RBM6 -0.0416 (-2.59%). June crude oil and gasoline on Monday closed lower on increased global crude supplies after Iraq reported its Apr crude exports rose +2.1% m/m to 3.36 million bpd, just below November’s record high of 3.365 million bpd. Crude oil prices were also undercut by global demand concerns after the Apr ISM manufacturing index and the China Apr manufacturing PMI were both weaker than expected. Crude oil prices found some underlying support as the dollar index sank to a 1-1/4 year low.
|US||0945 ET||Apr New York ISM, Mar -3.2 to 50.4.|
|1030 ET||Cleveland Fed President Loretta Mester moderates a panel discussion on Unconventional wisdom: How will unusual monetary policy affect market liquidity? at the Atlanta Fed financial-markets conference.|
|1900 ET||Atlanta Fed President Dennis Lockhart speaks on the economic outlook and monetary policy to the World Affairs Council Jacksonville.|
|n/a||Apr total vehicle sales expected 17.4 million, Mar 16.46 million. Apr domestic vehicle sales expected 13.50 million, Mar 12.97 million.|
|UK||0430 ET||UK Apr manufacturing PMI expected +0.2 to 51.2, Mar 51.0.|
|EUR||0500 ET||Eurozone Mar PPI expected unch m/m and -4.3% y/y, Feb -0.7% m/m and -4.2% y/y.|
|0500 ET||European Commission releases economic forecasts|
|JPN||n/a||Japanese markets closed for Constitution Memorial Day.|
|Mylan NV||MYL US||2:30||Q1 2016 Earnings Release||Q1 2016||0.746|
|Archer-Daniels-Midland Co||ADM US||Bef-mkt||Q1 2016 Earnings Release||Q1 2016||0.447|
|Frontier Communications Corp||FTR US||Bef-mkt||Q1 2016 Earnings Release||Q1 2016||-0.069|
|Clorox Co/The||CLX US||Bef-mkt||Q3 2016 Earnings Release||Q3 2016||1.106|
|Cummins Inc||CMI US||Bef-mkt||Q1 2016 Earnings Release||Q1 2016||1.784|
|Ecolab Inc||ECL US||Bef-mkt||Q1 2016 Earnings Release||Q1 2016||0.76|
|Emerson Electric Co||EMR US||Bef-mkt||Q2 2016 Earnings Release||Q2 2016||0.633|
|Halliburton Co||HAL US||Bef-mkt||Q1 2016 Earnings Release||Q1 2016||0.039|
|CVS Health Corp||CVS US||Bef-mkt||Q1 2016 Earnings Release||Q1 2016||1.161|
|NiSource Inc||NI US||Bef-mkt||Q1 2016 Earnings Release||Q1 2016||0.574|
|Pfizer Inc||PFE US||Bef-mkt||Q1 2016 Earnings Release||Q1 2016||0.553|
|Pitney Bowes Inc||PBI US||Bef-mkt||Q1 2016 Earnings Release||Q1 2016||0.404|
|Vulcan Materials Co||VMC US||Bef-mkt||Q1 2016 Earnings Release||Q1 2016||0.06|
|Expeditors International of Washington Inc||EXPD US||Bef-mkt||Q1 2016 Earnings Release||Q1 2016||0.542|
|Welltower Inc||HCN US||Bef-mkt||Q1 2016 Earnings Release||Q1 2016||1.122|
|Henry Schein Inc||HSIC US||Bef-mkt||Q1 2016 Earnings Release||Q1 2016||1.386|
|Estee Lauder Cos Inc/The||EL US||Bef-mkt||Q3 2016 Earnings Release||Q3 2016||0.609|
|Affiliated Managers Group Inc||AMG US||Bef-mkt||Q1 2016 Earnings Release||Q1 2016||2.922|
|Valero Energy Corp||VLO US||Bef-mkt||Q1 2016 Earnings Release||Q1 2016||0.657|
|Fidelity National Information Services Inc||FIS US||Bef-mkt||Q1 2016 Earnings Release||Q1 2016||0.745|
|HCA Holdings Inc||HCA US||Bef-mkt||Q1 2016 Earnings Release||Q1 2016||1.487|
|Mallinckrodt PLC||MNK US||Bef-mkt||Q2 2016 Earnings Release||Q2 2016||1.725|
|Columbia Pipeline Group Inc||CPGX US||Bef-mkt||Q1 2016 Earnings Release||Q1 2016||0.208|
|Harris Corp||HRS US||6:30||Q3 2016 Earnings Release||Q3 2016||1.394|
|Starwood Hotels & Resorts Worldwide Inc||HOT US||6:30||Q1 2016 Earnings Release||Q1 2016||0.584|