Wed May 04 2016
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Live Index – Wed, 04 May 2016 Premarket

PREMARKET WORLD NEWS

Jun E-mini S&Ps (ESM16 -0.61%) are down -0.69% and European stocks are down -0.81%, both at 3-week lows on economic growth concerns. Eurozone Mar retail sales declined -0.5% m/m, the biggest monthly decline in 1-1/2 years, and the Eurozone Apr Markit services PMI was revised downward to 53.1, the slowest pace of growth in 1-1/4 years. Mining stocks and raw-material producers were weaker as the price of copper (HGN16 -0.97%) is down -1.17% at a 2-week low. Asian stocks settled lower: Japan closed for holiday, Hong Kong -0.73%, China -0.05%, Taiwan -1.31%, Australia -1.54%, Singapore -1.36%, South Korea -0.40%, India -0.51%.

The dollar index (DXY00 +0.19%) is up +0.32%. EUR/USD (^EURUSD) is down -0.03%. USD/JPY (^USDJPY) is up +0.10%. GBP/USD is down -0.28% at a 1-week low after the UK Apr Markit/CIPS construction PMI fell -2.2 to 53.0, the slowest pace of expansion in 2-3/4 years.

Jun T-note prices (ZNM16 +0.02%) are up +1.5 ticks.

The Eurozone Apr Markit services PMI was revised downward to 53.1 from the originally reported 53.2 and matched March’s level as the slowest pace of expansion in 15 months.

Eurozone Mar retail sales of -0.5% m/m and +2.1% y/y was weaker than expectations of -0.1% m/m and +2.6% y/y with the -0.5% m/m drop the largest monthly decline in 1-1/2 years.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) weekly MBA mortgage applications (previous -4.1% with purchase sub-index -2.4% and refi sub-index -5.0%), (2) Apr ADP employment change (expected +195,000, Mar +200,000), (3) Mar trade deficit (expected -$ 41.1 billion, Feb -$ 47.1 billion), (4) Q1 non-farm productivity (expected -1.3%, Q4 -2.2%) and Q1 unit labor costs (expected +3.3%, Q4 +3.3%), (5) final-Apr Markit services PMI (expected unchanged at 52.1, preliminary-April +0.8 to 52.1), (6) Mar factory orders (expected +0.6%, Feb -1.7% and -0.8% ex transportation), (7) Apr ISM non-manufacturing index (expected +0.3 to 54.8, Mar 54.5), (8) Minneapolis Fed President Neel Kashkari hosts town hall forum in Rochester, MN, and (9) EIA Weekly Petroleum Status Report.

There are 39 of the S&P 500 companies that report earnings today with notable reports including: Time Warner (consensus $ 1.30), ICE (3.66), Priceline (9.66), Humana (1.66), Allstate (0.69), Murphy Oil (-0.71), Marathon Oil (-0.45), Whole Foods (0.41), TripAdvisor (0.46).

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

Equity conferences this week include: Deutsche Bank Health Care Conference on Wed-Thu, ACI Renewable & Bio-based Chemicals Summit on Wed-Thu.

PREMARKET U.S. STOCKS

KB Home (KBH -2.97%) was downgraded to ‘Sell’ from Neutral’ at UBS.

Under Armour (UA -2.31%) was downgraded to ‘Hold’ from ‘Buy’ at Brean Capital.

CBS Corp. (CBS -1.43%) climbed almost 2% in after-hours trading after it reported Q1 adjusted EPS continuing operations of $ 1.02, higher than consensus of 94 cents.

Illumina (ILMN -1.67%) fell nearly 3% in after-hours trading after it reported Q1 adjusted EPS of 71 cents, below consensus of 72 cents, and said it sees Q2 adjusted EPS of 72 cents-74 cents, weaker than consensus of 83 cents.

Avis Budget Group (CAR -4.43%) gained over 2% in after-hours trading after it said it sees 2016 revenue of $ 8.75 billion-$ 8.9 billion, higher than consensus of $ 8.69 billion.

Papa John’s International (PZZA -3.47%) fell over 3% in after-hours trading after it reported Q1 revenue of $ 428.6 million, below consensus of $ 441 million.

Match Group (MTCH -1.15%) rose 5% in after-hours trading after it reported Q1 adjusted EPS of 11 cents, better than consensus of 8 cents.

Paycom Software (PAYC -1.72%) rallied over 5% in after-hours trading after it reported Q1 adjusted EPS of 33 cents, above consensus of 20 cents, and then raised guidance on 2016 revenue to $ 320 million-$ 322 million from a prior estimate of $ 309 million-$ 311 million.

Lannett (LCI -1.87%) rose nearly 8% in after-hours trading after it reported Q3 adjusted EPS of 75 cents, above consensus of 69 cents.

Plantronics (PLT -1.16%) jumped nearly 7% in after-hours trading after it reported Q4 adjusted EPS of 64 cents, better than consensus of 56 cents, and said it sees Q1 non-GAAP EPS of 63 cents-73 cents, higher than consensus of 62 cents.

Cray (CRAY -1.09%) slumped over 15% in after-hours trading after it said there’s now “an increased level of risk” to hitting its full-year sales target of $ 825 million on “reliance on key third-party components, some of which have already been delayed, and the level and timing of new orders.”

Zillow Group (ZG -0.96%) climbed over 10% in after-hours trading after it raised guidance on fiscal 2016 revenue to $ 825 million-$ 835 million from a February 11 estimate of $ 805 million-$ 815 million.

Nutrisystem (NTRI +0.71%) rallied 14% in after-hours trading after it raised guidance on fiscal 2016 adjusted EPS to $ 1.17-$ 1.27 from a prior view of $ 1.09-$ 1.19, above consensus of $ 1.11.

Glaukos (GKOS +0.46%) surged over 20% in after-hours trading after it boosted its 2016 sales forecast to $ 100 million-$ 102 million from a March 1 estimate of $ 91.9 million.

Etsy (ETSY -1.29%) climbed over 5% in after-hours trading after it reported Q1 revenue of $ 81.8 million, higher than the highest estimate of $ 77.0 million.

Callidus Software (CALD -1.92%) slumped over 12% in after-hours trading after it lowered guidance on fiscal 2016 revenue to $ 206 million-$ 210 million from a February 9 estimate of $ 210 million-$ 215 million.

MARKET COMMENTS

June E-mini S&Ps (ESM16 -0.61%) this morning are down -14.25 points (-0.69%) at a 3-week low. Tuesday’s closes: S&P 500 -0.87%, Dow Jones -0.78%, Nasdaq -0.91%. The S&P 500 on Tuesday sold off and closed lower on Chinese growth concerns after the China Apr Caixin manufacturing PMI unexpectedly fell -0.3 to 49.4, weaker than expectations of +0.1 to 49.8. In addition, there was negative carryover from a slide in European stocks to a 2-1/2 week low after the European Commission cut its Eurozone 2016 GDP estimate to 1.6% from Feb’s 1.7% forecast.

June 10-year T-note prices (ZNM16 +0.02%) this morning are up +1.5 ticks. Tuesday’s closes: TYM6 +19.00, FVM6 +10.75. Jun T-notes on Tuesday climbed to a 1-1/2 week high and closed higher on increased safe-haven demand for T-notes afer the slump in stocks and on reduced inflation expectations after the 10-year T-note breakeven inflation rate fell to a 1-week low.

The dollar index (DXY00 +0.19%) this morning is up +0.293 (+0.32%). EUR/USD (^EURUSD) is down -0.0004 (-0.03%). USD/JPY (^USDJPY) is up +0.11 (+0.10%). Tuesday’s closes: Dollar Index +0.318 (+0.34%), EUR/USD -0.0038 (-0.33%), USD/JPY +0.19 (+0.18%). The dollar index on Tuesday posted a new 1-1/4 year low but recovered and closed higher on short-covering after Atlanta Fed President Lockhart said that a Fed rate increase in June was “a real option.” In addition, there was weakness in EUR/USD which fell back from an 8-1/4 month high and closed lower after the European Commission cut its Eurozone 2016 and 2017 GDP estimates.

June WTI crude oil (CLM16 +0.25%) this morning is up +10 cents (+0.23%). June gasoline (RBM16 +0.83%) is up +0.0121 (+0.80%). Tuesday’s closes: CLM6 -1.13 (-2.52%), RBM6 -0.0528 (-3.38%). June crude oil and gasoline on Tuesday closed lower on a recovery in the dollar and on expectations that Wednesday’s EIA data will show that U.S. crude stockpiles increased by +750,000 bbl.

GLOBAL EVENT CALENDAR05/04/2016
US0700 ETWeekly MBA mortgage applications, previous -4.1% with purchase sub-index -2.4% and refi sub-index -5.0%.
0815 ETApr ADP employment change expected +195,000, Mar +200,000.
0830 ETTreasury announces amount of 3-year T-notes (previous $ 24 billion), 10-year T-notes (previous $ 20 billion) and 30-year T-bonds (previous $ 12 billion) to be auctioned May10-12 in the Treasurys quarterly refunding.
0830 ETMar trade balance expected -$ 41.1 billion, Feb -$ 47.1 billion.
0830 ETQ1 non-farm productivity expected -1.3%, Q4 -2.2%. Q1 unit labor costs expected +3.3%, Q4 +3.3%.
0945 ETFinal-Apr Markit services PMI expected unchanged at 52.1, preliminary-April +0.8 to 52.1. Revised Apr Markit composite PMI, preliminary +0.4 to 51.7.
1000 ETMar factory orders expected +0.6%, Feb -1.7% and -0.8% ex transportation.
1000 ETApr ISM non-manufacturing index expected +0.3 to 54.8, Mar 54.5.
1030 ETEIA Weekly Petroleum Status Report.
1830 ETMinneapolis Fed President Neel Kashkari hosts town hall forum in Rochester, MN.
GER0355 ETRevised German Apr Markit services PMI, preliminary -0.5 to 54.6.
EUR0400 ETRevised Eurozone Apr Markit composite PMI, preliminary -0.1 to 53.0.
0500 ETEurozone Mar retail sales expected -0.1% m/m and +2.6% y/y, Feb +0.2% m/m and +2.4% y/y.
UK0430 ETUK Apr Markit/CIPS construction PMI expected -0.2 to 54.0, Mar 54.2.
1901 ETUK Apr BRC shop price index expected -1.7% y/y, Mar -1.7% y/y.
JPNn/aJapanese markets closed for Greenery Day.
U.S. STOCK CALENDAR05/04/2016
CompanyTickerTimeEvent DescriptionPeriodEstimate
Dominion Resources Inc/VAD USBef-mktQ1 2016 Earnings ReleaseQ1 20160.951
Noble Energy IncNBL USBef-mktQ1 2016 Earnings ReleaseQ1 2016-0.579
PG&E CorpPCG USBef-mktQ1 2016 Earnings ReleaseQ1 20160.746
Time Warner IncTWX USBef-mktQ1 2016 Earnings ReleaseQ1 20161.296
Intercontinental Exchange IncICE USBef-mktQ1 2016 Earnings ReleaseQ1 20163.661
Spectra Energy CorpSE USBef-mktQ1 2016 Earnings ReleaseQ1 20160.38
Delphi Automotive PLCDLPH USBef-mktQ1 2016 Earnings ReleaseQ1 20161.341
Zoetis IncZTS USBef-mktQ1 2016 Earnings ReleaseQ1 20160.41
Mosaic Co/TheMOS US6:30Q1 2016 Earnings ReleaseQ1 20160.137
Priceline Group Inc/ThePCLN US7:00Q1 2016 Earnings ReleaseQ1 20169.664
Humana IncHUM US7:30Q1 2016 Earnings ReleaseQ1 20161.815
Priceline Group Inc/ThePCLN US7:30Q1 2016 Earnings CallQ1 2016
Principal Financial Group IncPFG US8:00Roadshow – New YorkY 2016
Dun & Bradstreet Corp/TheDNB US8:00Annual General Meeting
Time Warner IncTWX US8:30Q1 2016 Earnings CallQ1 2016
Intercontinental Exchange IncICE US8:30Q1 2016 Earnings CallQ1 2016
Mosaic Co/TheMOS US8:30Q1 2016 Earnings CallQ1 2016
Verisk Analytics IncVRSK US8:30Q1 2016 Earnings CallQ1 2016
Zoetis IncZTS US8:30Q1 2016 Earnings CallQ1 2016
General Dynamics CorpGD US9:00Annual General Meeting
PepsiCo IncPEP US9:00Annual General MeetingY 2016
Express Scripts Holding CoESRX US9:00Annual General MeetingY 2016
Sempra EnergySRE US9:00Q1 2016 Earnings ReleaseQ1 20161.655
Philip Morris International IncPM US9:00Annual General MeetingY 2016
Spectra Energy CorpSE US9:00Q1 2016 Earnings CallQ1 2016
Delphi Automotive PLCDLPH US9:00Q1 2016 Earnings CallQ1 2016
St Jude Medical IncSTJ US9:30Annual General Meeting
Hess CorpHES US10:00Annual General MeetingY 2016
Dominion Resources Inc/VAD US10:00Q1 2016 Earnings CallQ1 2016
Federal Realty Investment TrustFRT US10:00Annual General MeetingY 2016
Hershey Co/TheHSY US10:00Annual General Meeting
Noble Energy IncNBL US10:00Q1 2016 Earnings CallQ1 2016
Phillips 66PSX US10:00Annual General MeetingY 2016
Eversource EnergyES US10:30Annual General MeetingY 2016
ONEOK IncOKE US11:00Q1 2016 Earnings CallQ1 2016
PG&E CorpPCG US11:00Q1 2016 Earnings CallQ1 2016
Newfield Exploration CoNFX US11:00Q1 2016 Earnings CallQ1 2016
Devon Energy CorpDVN US11:00Q1 2016 Earnings CallQ1 2016
Sempra EnergySRE US13:00Q1 2016 Earnings CallQ1 2016
Macerich Co/TheMAC US13:30Q1 2016 Earnings CallQ1 2016
Allstate Corp/TheALL US16:15Q1 2016 Earnings ReleaseQ1 20160.687
Twenty-First Century Fox IncFOXA US16:30Q3 2016 Earnings CallQ3 2016
Prologis IncPLD US16:30Annual General MeetingY 2016
CenturyLink IncCTL US17:00Q1 2016 Earnings CallQ1 2016
Whole Foods Market IncWFM US17:00Q2 2016 Earnings CallQ2 2016
Microchip Technology IncMCHP US17:00Q4 2016 Earnings CallQ4 2016
McKesson CorpMCK US17:00Q4 2016 Earnings CallQ4 2016
DaVita HealthCare Partners IncDVA US17:00Q1 2016 Earnings CallQ1 2016
Kraft Heinz Co/TheKHC US17:00Q1 2016 Earnings CallQ1 2016
Qorvo IncQRVO US17:00Q4 2016 Earnings CallQ4 2016
CenturyLink IncCTL USAft-mktQ1 2016 Earnings ReleaseQ1 20160.683
Federal Realty Investment TrustFRT USAft-mktQ1 2016 Earnings ReleaseQ1 20161.369
Lincoln National CorpLNC USAft-mktQ1 2016 Earnings ReleaseQ1 20161.488
Murphy Oil CorpMUR USAft-mktQ1 2016 Earnings ReleaseQ1 2016-0.713
Twenty-First Century Fox IncFOXA USAft-mktQ3 2016 Earnings ReleaseQ3 20160.467
Eversource EnergyES USAft-mktQ1 2016 Earnings ReleaseQ1 20160.779
Tesoro CorpTSO USAft-mktQ1 2016 Earnings ReleaseQ1 20161.035
Marathon Oil CorpMRO USAft-mktQ1 2016 Earnings ReleaseQ1 2016-0.446
Williams Cos Inc/TheWMB USAft-mktQ1 2016 Earnings ReleaseQ1 20160.17
Whole Foods Market IncWFM USAft-mktQ2 2016 Earnings ReleaseQ2 20160.407
Microchip Technology IncMCHP USAft-mktQ4 2016 Earnings ReleaseQ4 20160.672
Chubb LtdCB USAft-mktQ1 2016 Earnings ReleaseQ1 20162.165
Transocean LtdRIG USAft-mktQ1 2016 Earnings ReleaseQ1 20160.27
Prudential Financial IncPRU USAft-mktQ1 2016 Earnings ReleaseQ1 20162.365
McKesson CorpMCK USAft-mktQ4 2016 Earnings ReleaseQ4 20163.14
DaVita HealthCare Partners IncDVA USAft-mktQ1 2016 Earnings ReleaseQ1 20160.856
MetLife IncMET USAft-mktQ1 2016 Earnings ReleaseQ1 20161.383
Cimarex Energy CoXEC USAft-mktQ1 2016 Earnings ReleaseQ1 2016-0.395
Equinix IncEQIX USAft-mktQ1 2016 Earnings ReleaseQ1 20162.19
CF Industries Holdings IncCF USAft-mktQ1 2016 Earnings ReleaseQ1 20160.405
Concho Resources IncCXO USAft-mktQ1 2016 Earnings ReleaseQ1 20160
TripAdvisor IncTRIP USAft-mktQ1 2016 Earnings ReleaseQ1 20160.462
American Water Works Co IncAWK USAft-mktQ1 2016 Earnings ReleaseQ1 20160.462
Kraft Heinz Co/TheKHC USAft-mktQ1 2016 Earnings ReleaseQ1 20160.606
Qorvo IncQRVO USAft-mktQ4 2016 Earnings ReleaseQ4 20160.919
Equinix IncEQIX US17:30Q1 2016 Earnings CallQ1 2016
Costco Wholesale CorpCOST US21:00April 2016 Sales and Revenue Release2016
AGL Resources IncGAS USQ1 2016 Earnings ReleaseQ1 20161.545
Cabot Oil & Gas CorpCOG USAnnual General Meeting
Kimberly-Clark CorpKMB USAnnual General Meeting
PulteGroup IncPHM USAnnual General MeetingY 2016
AMETEK IncAME USAnnual General Meeting

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