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
US 0700 ET Weekly MBA mortgage applications, previous -4.1% with purchase sub-index -2.4% and refi sub-index -5.0%.
0815 ET Apr ADP employment change expected +195,000, Mar +200,000.
0830 ET Treasury 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 ET Mar trade balance expected -$ 41.1 billion, Feb -$ 47.1 billion.
0830 ET Q1 non-farm productivity expected -1.3%, Q4 -2.2%. Q1 unit labor costs expected +3.3%, Q4 +3.3%.
0945 ET Final-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 ET Mar factory orders expected +0.6%, Feb -1.7% and -0.8% ex transportation.
1000 ET Apr ISM non-manufacturing index expected +0.3 to 54.8, Mar 54.5.
1030 ET EIA Weekly Petroleum Status Report.
1830 ET Minneapolis Fed President Neel Kashkari hosts town hall forum in Rochester, MN.
GER 0355 ET Revised German Apr Markit services PMI, preliminary -0.5 to 54.6.
EUR 0400 ET Revised Eurozone Apr Markit composite PMI, preliminary -0.1 to 53.0.
0500 ET Eurozone Mar retail sales expected -0.1% m/m and +2.6% y/y, Feb +0.2% m/m and +2.4% y/y.
UK 0430 ET UK Apr Markit/CIPS construction PMI expected -0.2 to 54.0, Mar 54.2.
1901 ET UK Apr BRC shop price index expected -1.7% y/y, Mar -1.7% y/y.
JPN n/a Japanese markets closed for Greenery Day.
U.S. STOCK CALENDAR05/04/2016
Company Ticker Time Event Description Period Estimate
Dominion Resources Inc/VA D US Bef-mkt Q1 2016 Earnings Release Q1 2016 0.951
Noble Energy Inc NBL US Bef-mkt Q1 2016 Earnings Release Q1 2016 -0.579
PG&E Corp PCG US Bef-mkt Q1 2016 Earnings Release Q1 2016 0.746
Time Warner Inc TWX US Bef-mkt Q1 2016 Earnings Release Q1 2016 1.296
Intercontinental Exchange Inc ICE US Bef-mkt Q1 2016 Earnings Release Q1 2016 3.661
Spectra Energy Corp SE US Bef-mkt Q1 2016 Earnings Release Q1 2016 0.38
Delphi Automotive PLC DLPH US Bef-mkt Q1 2016 Earnings Release Q1 2016 1.341
Zoetis Inc ZTS US Bef-mkt Q1 2016 Earnings Release Q1 2016 0.41
Mosaic Co/The MOS US 6:30 Q1 2016 Earnings Release Q1 2016 0.137
Priceline Group Inc/The PCLN US 7:00 Q1 2016 Earnings Release Q1 2016 9.664
Humana Inc HUM US 7:30 Q1 2016 Earnings Release Q1 2016 1.815
Priceline Group Inc/The PCLN US 7:30 Q1 2016 Earnings Call Q1 2016
Principal Financial Group Inc PFG US 8:00 Roadshow – New York Y 2016
Dun & Bradstreet Corp/The DNB US 8:00 Annual General Meeting
Time Warner Inc TWX US 8:30 Q1 2016 Earnings Call Q1 2016
Intercontinental Exchange Inc ICE US 8:30 Q1 2016 Earnings Call Q1 2016
Mosaic Co/The MOS US 8:30 Q1 2016 Earnings Call Q1 2016
Verisk Analytics Inc VRSK US 8:30 Q1 2016 Earnings Call Q1 2016
Zoetis Inc ZTS US 8:30 Q1 2016 Earnings Call Q1 2016
General Dynamics Corp GD US 9:00 Annual General Meeting
PepsiCo Inc PEP US 9:00 Annual General Meeting Y 2016
Express Scripts Holding Co ESRX US 9:00 Annual General Meeting Y 2016
Sempra Energy SRE US 9:00 Q1 2016 Earnings Release Q1 2016 1.655
Philip Morris International Inc PM US 9:00 Annual General Meeting Y 2016
Spectra Energy Corp SE US 9:00 Q1 2016 Earnings Call Q1 2016
Delphi Automotive PLC DLPH US 9:00 Q1 2016 Earnings Call Q1 2016
St Jude Medical Inc STJ US 9:30 Annual General Meeting
Hess Corp HES US 10:00 Annual General Meeting Y 2016
Dominion Resources Inc/VA D US 10:00 Q1 2016 Earnings Call Q1 2016
Federal Realty Investment Trust FRT US 10:00 Annual General Meeting Y 2016
Hershey Co/The HSY US 10:00 Annual General Meeting
Noble Energy Inc NBL US 10:00 Q1 2016 Earnings Call Q1 2016
Phillips 66 PSX US 10:00 Annual General Meeting Y 2016
Eversource Energy ES US 10:30 Annual General Meeting Y 2016
ONEOK Inc OKE US 11:00 Q1 2016 Earnings Call Q1 2016
PG&E Corp PCG US 11:00 Q1 2016 Earnings Call Q1 2016
Newfield Exploration Co NFX US 11:00 Q1 2016 Earnings Call Q1 2016
Devon Energy Corp DVN US 11:00 Q1 2016 Earnings Call Q1 2016
Sempra Energy SRE US 13:00 Q1 2016 Earnings Call Q1 2016
Macerich Co/The MAC US 13:30 Q1 2016 Earnings Call Q1 2016
Allstate Corp/The ALL US 16:15 Q1 2016 Earnings Release Q1 2016 0.687
Twenty-First Century Fox Inc FOXA US 16:30 Q3 2016 Earnings Call Q3 2016
Prologis Inc PLD US 16:30 Annual General Meeting Y 2016
CenturyLink Inc CTL US 17:00 Q1 2016 Earnings Call Q1 2016
Whole Foods Market Inc WFM US 17:00 Q2 2016 Earnings Call Q2 2016
Microchip Technology Inc MCHP US 17:00 Q4 2016 Earnings Call Q4 2016
McKesson Corp MCK US 17:00 Q4 2016 Earnings Call Q4 2016
DaVita HealthCare Partners Inc DVA US 17:00 Q1 2016 Earnings Call Q1 2016
Kraft Heinz Co/The KHC US 17:00 Q1 2016 Earnings Call Q1 2016
Qorvo Inc QRVO US 17:00 Q4 2016 Earnings Call Q4 2016
CenturyLink Inc CTL US Aft-mkt Q1 2016 Earnings Release Q1 2016 0.683
Federal Realty Investment Trust FRT US Aft-mkt Q1 2016 Earnings Release Q1 2016 1.369
Lincoln National Corp LNC US Aft-mkt Q1 2016 Earnings Release Q1 2016 1.488
Murphy Oil Corp MUR US Aft-mkt Q1 2016 Earnings Release Q1 2016 -0.713
Twenty-First Century Fox Inc FOXA US Aft-mkt Q3 2016 Earnings Release Q3 2016 0.467
Eversource Energy ES US Aft-mkt Q1 2016 Earnings Release Q1 2016 0.779
Tesoro Corp TSO US Aft-mkt Q1 2016 Earnings Release Q1 2016 1.035
Marathon Oil Corp MRO US Aft-mkt Q1 2016 Earnings Release Q1 2016 -0.446
Williams Cos Inc/The WMB US Aft-mkt Q1 2016 Earnings Release Q1 2016 0.17
Whole Foods Market Inc WFM US Aft-mkt Q2 2016 Earnings Release Q2 2016 0.407
Microchip Technology Inc MCHP US Aft-mkt Q4 2016 Earnings Release Q4 2016 0.672
Chubb Ltd CB US Aft-mkt Q1 2016 Earnings Release Q1 2016 2.165
Transocean Ltd RIG US Aft-mkt Q1 2016 Earnings Release Q1 2016 0.27
Prudential Financial Inc PRU US Aft-mkt Q1 2016 Earnings Release Q1 2016 2.365
McKesson Corp MCK US Aft-mkt Q4 2016 Earnings Release Q4 2016 3.14
DaVita HealthCare Partners Inc DVA US Aft-mkt Q1 2016 Earnings Release Q1 2016 0.856
MetLife Inc MET US Aft-mkt Q1 2016 Earnings Release Q1 2016 1.383
Cimarex Energy Co XEC US Aft-mkt Q1 2016 Earnings Release Q1 2016 -0.395
Equinix Inc EQIX US Aft-mkt Q1 2016 Earnings Release Q1 2016 2.19
CF Industries Holdings Inc CF US Aft-mkt Q1 2016 Earnings Release Q1 2016 0.405
Concho Resources Inc CXO US Aft-mkt Q1 2016 Earnings Release Q1 2016 0
TripAdvisor Inc TRIP US Aft-mkt Q1 2016 Earnings Release Q1 2016 0.462
American Water Works Co Inc AWK US Aft-mkt Q1 2016 Earnings Release Q1 2016 0.462
Kraft Heinz Co/The KHC US Aft-mkt Q1 2016 Earnings Release Q1 2016 0.606
Qorvo Inc QRVO US Aft-mkt Q4 2016 Earnings Release Q4 2016 0.919
Equinix Inc EQIX US 17:30 Q1 2016 Earnings Call Q1 2016
Costco Wholesale Corp COST US 21:00 April 2016 Sales and Revenue Release 2016
AGL Resources Inc GAS US Q1 2016 Earnings Release Q1 2016 1.545
Cabot Oil & Gas Corp COG US Annual General Meeting
Kimberly-Clark Corp KMB US Annual General Meeting
PulteGroup Inc PHM US Annual General Meeting Y 2016
AMETEK Inc AME US Annual General Meeting

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