Fri May 20 2016
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Live Index – Fri, 20 May 2016 Premarket

PREMARKET WORLD NEWS

Jun E-mini S&Ps (ESM16 +0.20%) are up +0.22% and European stocks are up +0.98% as a recovery in commodity prices boosts energy and raw-material producing stocks. Jun WTI crude oil (CLM16 -0.23%) is up +0.17%, just below Tuesday’s 7-1/4 month high, and Jul copper (HGN16 +0.78%) is up +0.75% after weekly Shanghai copper inventories fell -28,876 MT to 257,334 MT, a 3-1/2 month low. G-7 finance ministers and central bank governors meeting in Sendai, Japan warned that a vote by the UK to leave the EU could roil international markets. USD/JPY climbed to a 3-week high on short-covering as G-7 leaders may also discuss the recent strength in the yen after USD/JPY plunged to a 1-1/2 year low earlier this month. Asian stocks settled mostly higher: Japan +0.54%, Hong Kong +0.80%, China +0.66%, Taiwan +0.44%, Australia +0.53%, Singapore +0.87%, South Korea -0.13%, India -0.39%.

The dollar index (DXY00 +0.03%) is up +0.02%. EUR/USD (^EURUSD) is up +0.11% after ECB Governing Council member Makuch said that further ECB easing measures are not needed right now. USD/JPY (^USDJPY) is up +0.39% at a 3-week high.

Jun T-note prices (ZNM16 -0.08%) are down -4.5 ticks.

ECB Governing Council member Makuch said it “is not necessary to consider further accommodation” right now since recently introduced non-standard measures have not had time to impact the economy

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Apr existing home sales (expected +1.3% to 5.40 million, Mar +5.1% to 5.33 million), (2) USDA Apr Cattle on Feed.

There are 3 of the S&P 500 companies that report earnings today: Deere (consensus $ 1.48), Foot Locker (1.39), Campbell Soup (0.64).

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

Equity conferences today: Business Analytics Innovation Summit on Thu-Fri, Medical Affairs Summit on Fri.

 

PREMARKET U.S. STOCKS

Intercontinental Exchange (ICE -0.32%) was rated a new ‘Buy’ at Sterne Agee CRT with a 12-month price target of $ 300.

Autodesk (ADSK -0.42%) lowered guidance on fiscal 2017 adjusted EPS to a loss of -70 cents to -95 cents from a February 25 estimate of a loss of -60 cents to -85 cents.

CBOE Holdings (CBOE +0.80%) was rated a new ‘Underperform’ at Sterne Agee CRT with a 12-month price target of $ 56.

Nasdaq (NDAQ -0.02%) was rated a new ‘Buy’ at Sterne Agee CRT with a 12-month price target of $ 76.

Shoe Carnival (SCVL -1.60%) reported Q1 EPS of 56 cents, below consensus of 57 cents.

Applied Materials (AMAT -0.05%) jumped over 8% in after-hours trading after it reported Q2 adjusted EPS of 34 cents, higher than consensus of 32 cents, and then said it sees Q3 adjusted EPS of 46 cents-50 cents, well above consensus of 36 cents.

Ross Stores (ROST +2.23%) dropped over 6% in after-hours trading after it reported Q1 EPS of 73 cents, right on consensus, bit then said it sees Q2 adjusted EPS of 64 cents-67 cents, below consensus of 70 cents.

Brocade Communications Systems (BRCD -1.36%) fell over 3% in after-hours trading after it reported Q2 adjusted EPS of 22 cents, right on expectations, but said it sees Q3 adjusted EPS of 19 cents-21 cents, below consensus of 24 cents.

The Gap (GPS +1.11%) rose nearly 4% in after-hours trading after it said it was closing 75 stores to “streamline” operations.

8×8 (EGHT -1.10%) reported Q4 adjusted EPS of 3 cents, better than consensus of 2 cents, and said it sees 2017 revenue of $ 249 million-$ 253 million, above consensus of $ 245.7 million.

DryShips (DRYS +4.38%) slumped over 20% in after-hours trading after it said it is talks with lenders to restructure its debt and it elected to suspend principal and interest payments on remaining bank facilities to preserve cash liquidity.

Pacific Biosciences (PACB +1.57%) dropped over 7% in after-hours trading after it said it plans a $ 30 million at-the-market stock offering.

Ocean Rig UDW (ORIG -4.74%) surged over 30% in after-hours trading after it reported Q1 EPS ex-items of $ 1.17, well above consensus of 81 cents.

Araxas Petroleum (AXAS -2.21%) slumped over 10% in after-hours trading after it said plans 25-million share stock offering.

MARKET COMMENTS

June E-mini S&Ps (ESM16 +0.20%) this morning are up +4.50 points (+0.22%). Thursday’s closes: S&P 500 -0.37%, Dow Jones -0.52%, Nasdaq -0.52%. The S&P 500 on Thursday sold off to a 1-3/4 month low and closed lower on hawkish comments from Richmond Fed President Lacker who said that there’s a strong case for raising interest rates next month as global risks have “entirely dissipated.” Stocks were also undercut by the unexpected -0.2 point decline in the Apr Philadelphia Fed business outlook survey, weaker than expectations of +4.6 to 3.0. Stocks found underlying support from the +0.6% increase in U.S. Apr leading indicators (stronger than expectations of +0.4% and the biggest increase in 10 months) and from strength in retailers after Walmart surged +9% and Dick’s Sporting Goods closed up +8% after they both reported better-than-expected quarterly earnings.

June 10-year T-note prices (ZNM16 -0.08%) this morning are down -4.5 ticks. Thursday’s closes: TYM6 +9.50, FVM6 +5.50. Jun T-notes on Thursday recovered from a 3-week low and closed higher on increased safe-haven demand after the slump in the S&P 500 to a 1-3/4 month low and on the unexpected decline in the Apr Philadelphia Fed business outlook survey (-0.2 to -1.8 versus expectations of +4.6 to 3.0.). T-notes were undercut by Richmond Fed President Lacker’s comment that the case is strong for a Fed rate hike next month with global risks having “entirely dissipated.”

The dollar index (DXY00 +0.03%) this morning is up +0.020 (+0.02%). EUR/USD (^EURUSD) is up +0.0012 (+0.11%). USD/JPY (^USDJPY) is up +0.43 (+0.39%). Thursday’s closes: Dollar Index +0.207 (+0.22%), EUR/USD -0.0013 (-0.12%), USD/JPY -0.23 (-0.21%). The dollar index on Thursday rallied to a 1-1/2 month high and closed higher on hawkish comments from Richmond Fed President Lacker who said a June interest rate increase by the Fed was in order with global risks having “entirely dissipated.”

June WTI crude oil (CLM16 -0.23%) this morning is up +8 cents (+0.17%). June gasoline (RBM16 -0.91%) is down -0.0144 (--0.88%). Thursday’s closes: CLM6 -0.03 (-0.06%), RBM6 -0.0178 (-1.08%). Jun crude oil and gasoline on Thursday closed lower. Crude oil prices were undercut by the rally in the dollar index to a 1-1/2 month high and by negative carryover from Wednesday’s EIA data showing an unexpected +1.31 million bbl build in weekly EIA U.S. crude inventories, more than expectations for a -3.5 million bbl draw.

GLOBAL EVENT CALENDAR05/20/2016
US1000 ETApr existing home sales expected +1.3% to 5.40 million, Mar +5.1% to 5.33 million.
1500 ETUSDA Apr Cattle on Feed.
JPN0100 ETJapan Apr nationwide department store sales, Mar -2.9% y/y.
GER0200 ETGerman Apr PPI expected +0.1% m/m and -3.0% y/y, Mar unch m/m and -3.1% y/y.
UK0600 ETUK May CBI trends total orders expected -2 to -13, Apr -11. May CBU trends selling prices, Apr 4.
U.S. STOCK CALENDAR05/20/2016
CompanyTickerTimeEvent DescriptionPeriodEstimate
Deere & CoDE USBef-mktQ2 2016 Earnings ReleaseQ2 20161.475
Foot Locker IncFL USBef-mktQ1 2017 Earnings ReleaseQ1 20171.39
Campbell Soup CoCPB US7:15Q3 2016 Earnings ReleaseQ3 20160.644
Lexmark International IncLXK US7:30Annual General Meeting
athenahealth IncATHN US8:00Executive Update Call
Frank’s International NVFI US8:00Annual General MeetingY 2016
Campbell Soup CoCPB US8:30Q3 2016 Earnings CallQ3 2016
Goldman Sachs Group Inc/TheGS US8:30Annual General MeetingY 2016
Foot Locker IncFL US9:00Q1 2017 Earnings CallQ1 2017
Xerox CorpXRX US9:00Annual General MeetingY 2016
Aetna IncAET US9:30Annual General MeetingY 2016
Deere & CoDE US10:00Q2 2016 Earnings CallQ2 2016
Tanger Factory Outlet Centers IncSKT US10:00Annual General MeetingY 2016
Macy’s IncM US11:00Annual General MeetingY 2016
JC Penney Co IncJCP US11:00Annual General Meeting
ANSYS IncANSS US11:30Annual General MeetingY 2016
Weyerhaeuser CoWY USAnnual General MeetingY 2016
Chesapeake Energy CorpCHK USAnnual General Meeting
Royal Caribbean Cruises LtdRCL USAnnual General Meeting
Yum! Brands IncYUM USAnnual General MeetingY 2016
Bruker CorpBRKR USAnnual General Meeting
Seattle Genetics IncSGEN USAnnual General Meeting

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