Fri May 13 2016
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Live Index – Fri, 13 May 2016 Premarket

PREMARKET WORLD NEWS

Jun E-mini S&Ps (ESM16 -0.21%) are down -0.28% and European stocks are down -0.36% on global growth concerns after Eurozone Q1 GDP was revised lower and as loan growth in China fell to the slowest pace in 6 months. U.S. stocks were also dragged down by weakness in retailers as Nordstrom plunged 16% in pre-market trading after it cut its full-year earnings forecast and added to evidence that the U.S. department-store industry is in a deep slump. A slide in media stocks also undercut European stocks led by a 30% fall in Eutelstat Communications which cut its forecasts for this year and next. Crude oil (CLM16 -1.03%) is down -1.50%, which has put pressure on energy producing stocks. Asian stocks settled lower: Japan -1.41%, Hong Kong -0.99%, China -0.31%, Taiwan -0.67%, Australia -0.57%, Singapore -0.38%, South Korea -0.72%, India -1.17%. The Chinese yuan weakened to a 1-3/4 month low against the dollar on speculation a slowdown in China’s credit growth may prompt the PBOC to increase stimulus measures.

The dollar index (DXY00 +0.14%) is up +0.23% at a 2-week high. EUR/USD (^EURUSD) is down -0.25% at a 2-week low on the weaker-than-expected Eurozone Q1 GDP. USD/JPY (^USDJPY) is down -0.07%.

Jun T-note prices (ZNM16 +0.17%) are up +6 ticks.

China Apr new yuan loans rose +555.6 billion yuan, weaker than expectations of +800.0 billion yuan and the slowest pace of increase in 6 months.

Eurozone Q1 GDP was revised lower to +0.5% q/q and +1.5% y/y from the originally reported +0.6% q/q and +1.6% y/y.

German Q1 GDP rose +0.7% q/q and +1.6% y/y, stronger than expectations of +0.6% q/q and +1.5% y/y.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Apr retail sales (expected +0.8%, +0.5 ex-autos, and +0.3% ex-autos and gas), (2) Apr PPI final demand (expected +0.3% m/m and +0.2% y/y, Mar -0.1% m/m and -0.1% y/y) and Apr PPI ex food & energy (expected +0.1% m/m and +0.9% y/y, Mar -0.1% m/m and +1.0% y/y), (3) Mar business inventories (expected +0.2%, Feb -0.1%), (4) preliminary U.S. May University of Michigan consumer sentiment index (expected +0.5 to 89.5, Apr -2.0 to 89.0), and (5) San Francisco Fed President John Williams delivers a speech to the Sacramento Economic Forum.

There are 2 of the Russell 1000 companies that report earnings today: JC Penney (consensus -$ 0.37), NorthStar Realty Europe.

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

Equity conferences today: none.

PREMARKET U.S. STOCKS

Nordstrom (JWN -0.44%) sank over 16% in pre-market trading after it cut its full-year earnings forecast to $ 2.50 -$ 2.70, well below a February 18 estimate of $ 3.35 and well below consensus of $ 3.20. Other retailers fell on the news as well with Macy’s (M -0.54%) and Michael Kors Holdings Ltd (KORS -0.50%) both down 1% in pre-market trading.

Symantec (SYMC +1.14%) fell nearly 2% in after-hours trading after the company said it was reorganizing its business and will cut 10% of its workforce.

Johnson & Johnson (JNJ -0.12%) was downgraded to ‘Neutral’ from ‘Buy’ at BTIG.

Nvidia (NVDA -1.36%) gained nearly 6% in pre-market trading after it reported Q1 adjusted EPS of 46 cents, better than consensus of 41 cents.

Lockheed Martin (LMT +1.29%) was downgraded to ‘Hold’ from ‘Buy’ at Stifel.

PTC (PTC -0.88%) lowered guidance on full-year adjusted EPS to $ 1.45-$ 1.55 from an April 20 estimate of $ 1.52-$ 1.62, below consensus of $ 1.58.

Darling Ingredients (DAR +0.55%) tumbled over 5% in after-hours trading after it reported Q1 adjusted EPS of 1 cent, well below consensus of 11 cents.

Shake Shack (SHAK -0.12%) rose over 5% in after-hours trading after it reported Q1 adjusted EPS of 8 cents, above consensus of 5 cents and raised guidance on full-year revenue to $ 245 million-$ 249 million from a March 7 estimate of $ 237 million-$ 242 million.

Dillard’s (DDS -2.96%) dropped nearly 6% in after-hours trading after it reported Q1 EPS of $ 2.17, below consensus of $ 2.57 and said Q1 comparable sales were down -5%, weaker than consensus of -2.1%

Red Rock Resorts (RRR +1.40%) reported Q1 revenue of $ 133.2 million, higher than consensus of $ 119.8 million.

KemPharm (KMPH -7.42%) climbed almost 6% in after-hours trading after it reported a Q1 loss of -20 cents, narrower than consensus of -46 cents.

Sunrun (RUN -3.45%) jumped over 13% in after-hours trading after it reported Q1 revenue of $ 98.7 million, stronger than consensus of $ 87.7 million.

ConforMIS (CFMS -7.67%) plunged over 30% in after-hours trading after it cut its full-year revenue estimate to $ 76 million-$ 81 million from a prior view of $ 84 million-$ 87 million, below consensus of $ 85.8 million.

MARKET COMMENTS

June E-mini S&Ps (ESM16 -0.21%) this morning are down -5.75 points (0.28%). The S&P 500 on Thursday closed little changed: S&P 500 -0.02%, Dow Jones +0.05%, Nasdaq -0.42%. Bullish factors included (1) strength in energy producers after crude oil rose to a 6-1/4 month high, and (2) a possible increase in M&A activity after Monsanto jumped 8% when people familiar with the matter said Bayer AG is exploring a potential bid for Monsanto. Bearish factors included (1) the unexpected increase in U.S. weekly initial unemployment claims by +20,000 to 294,000, more than expectations of -4,000 to 270,000 and the highest in 14-1/4 months, and (2) weakness in technology stocks after Apple dropped over 2% to a 23-month low when the Nikkei reported that shipments of Taiwan Semiconductor iPhone chips will likely fall to 70%-80% of second half of 2015 levels.

June 10-year T-note prices (ZNM16 +0.17%) this morning are up +6 ticks. Jun T-notes Thursday closed lower: TYM6 -10.00, FVM6 -7.00. Bearish factors included (1) hawkish comments from Boston Fed President Rosengren who said that recent economic data warrants continued gradual Fed interest rate increases, and (2) weak demand for the Treasury’s $ 15 billion auction of 30-year T-bonds that had a bid-to-cover ratio of 2.19, below the 12-auction average of 2.35.

The dollar index (DXY00 +0.14%) this morning is up +0.213 (+0.23%) at a 2-week high. EUR/USD (^EURUSD) is down -0.0029 (-0.25%) at a 2-week low. USD/JPY (^USDJPY) is down -0.08 (-0.07%). The dollar index on Thursday closed higher: Dollar Index +0.327 (+0.35%), EUR/USD -0.0049 (-0.43%), USD/JPY +0.61 (+0.56%). Bullish factors included (1) weakness in EUR/USD after Eurozone Mar industrial production unexpectedly fell -0.8% m/m, weaker than expectations of no change, and (2) comments from Boston Fed President Rosengren who said that recent economic data warrants continued gradual Fed interest rate increases.

June WTI crude oil (CLM16 -1.03%) this morning is down -70 cents (-1.50%). June gasoline (RBM16 -1.31%) is down -0.0275 (-1.74%). Jun crude oil and gasoline on Thursday settled mixed with Jun crude at a 6-1/4 month high: CLM6 +0.16 (+0.35%), RBM6 -0.0038 (-0.24%). Bullish factors included (1) positive carryover from Wednesday’s EIA data that showed U.S. crude inventories unexpectedly fell -3.4 million bbl, and (2) the action by the IEA to cut its global crude oil surplus estimate for the first half of 2016 to 1.3 million bpd from 1.5 million bpd forecast last month, citing robust demand in India and other emerging markets. Bearish factors included (1) a stronger dollar, and (2) signs that Canadian oil-sands production is coming back online after Endbridge and Canadian Natural Resources said that they restored normal oil production rates after wildfires forced them to shut operations.

GLOBAL EVENT CALENDAR05/13/2016
US0830 ETApr retail sales expected +0.8%, +0.5 ex-autos, and +0.3% ex-autos and gas; Mar -0.3%, +0.2% ex-autos, and +0.1% ex-autos and gas.
0830 ETApr PPI final demand expected +0.3% m/m and +0.2% y/y, Mar -0.1% m/m and -0.1% y/y. Apr PPI ex food & energy expected +0.1% m/m and +0.9% y/y, Mar -0.1% m/m and +1.0% y/y.
1000 ETMar business inventories expected +0.2%, Feb -0.1%.
1000 ETPreliminary U.S. May University of Michigan consumer sentiment expected +0.5 to 89.5, Apr -2.0 to 89.0.
1600 ETSan Francisco Fed President John Williams delivers a speech to the Sacramento Economic Forum.
JPN0030 ETJapan Mar tertiary industry index expected -0.1% m/m, Feb -0.1% m/m.
GER0200 ETRevised German CPI (EU harmonized), preliminary -0.3% m/m and -0.1% y/y.
0200 ETGerman Q1 GDP expected +0.6% q/q and +1.5% y/y, Q4 +0.3% q/q and +1.3% y/y.
EUR0200 ETEurozone Apr new car registrations, Mar +6.0% y/y.
0200 ETRevised Eurozone Q1 GDP, preliminary +0.6% q/q and +1.6% y/y.
UK0430 ETUK mar construction output expected -3.2% m/m and -2.7% y/y, Feb -0.3% m/m and +0.3% y/y.
U.S. STOCK CALENDAR05/13/2016
CompanyTickerTimeEvent DescriptionPeriodEstimate
XL Group PLCXL US3:30Annual General Meeting
Principal Financial Group IncPFG US8:00Roadshow – AmsterdamY 2016
Intercontinental Exchange IncICE US8:30Annual General MeetingY 2016
Nucor CorpNUE US10:00Annual General MeetingY 2016
Vulcan Materials CoVMC US10:00Annual General Meeting
American Water Works Co IncAWK US10:00Annual General MeetingY 2016
Progressive Corp/ThePGR US11:00Annual General MeetingY 2016
CBRE Group IncCBG US11:30Annual General Meeting
Equifax IncEFX USInvestor Meeting – ParisY 2016
XL Group PLCXL USAnnual General Meeting
Charles Schwab Corp/TheSCHW USApril 2016 Sales and Revenue Release2016

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