Live Index – Fri, 20 May 2016 Premarket
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
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.
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.
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.
|US||1000 ET||Apr existing home sales expected +1.3% to 5.40 million, Mar +5.1% to 5.33 million.|
|1500 ET||USDA Apr Cattle on Feed.|
|JPN||0100 ET||Japan Apr nationwide department store sales, Mar -2.9% y/y.|
|GER||0200 ET||German Apr PPI expected +0.1% m/m and -3.0% y/y, Mar unch m/m and -3.1% y/y.|
|UK||0600 ET||UK May CBI trends total orders expected -2 to -13, Apr -11. May CBU trends selling prices, Apr 4.|
|Deere & Co||DE US||Bef-mkt||Q2 2016 Earnings Release||Q2 2016||1.475|
|Foot Locker Inc||FL US||Bef-mkt||Q1 2017 Earnings Release||Q1 2017||1.39|
|Campbell Soup Co||CPB US||7:15||Q3 2016 Earnings Release||Q3 2016||0.644|
|Lexmark International Inc||LXK US||7:30||Annual General Meeting|
|athenahealth Inc||ATHN US||8:00||Executive Update Call|
|Frank’s International NV||FI US||8:00||Annual General Meeting||Y 2016|
|Campbell Soup Co||CPB US||8:30||Q3 2016 Earnings Call||Q3 2016|
|Goldman Sachs Group Inc/The||GS US||8:30||Annual General Meeting||Y 2016|
|Foot Locker Inc||FL US||9:00||Q1 2017 Earnings Call||Q1 2017|
|Xerox Corp||XRX US||9:00||Annual General Meeting||Y 2016|
|Aetna Inc||AET US||9:30||Annual General Meeting||Y 2016|
|Deere & Co||DE US||10:00||Q2 2016 Earnings Call||Q2 2016|
|Tanger Factory Outlet Centers Inc||SKT US||10:00||Annual General Meeting||Y 2016|
|Macy’s Inc||M US||11:00||Annual General Meeting||Y 2016|
|JC Penney Co Inc||JCP US||11:00||Annual General Meeting|
|ANSYS Inc||ANSS US||11:30||Annual General Meeting||Y 2016|
|Weyerhaeuser Co||WY US||Annual General Meeting||Y 2016|
|Chesapeake Energy Corp||CHK US||Annual General Meeting|
|Royal Caribbean Cruises Ltd||RCL US||Annual General Meeting|
|Yum! Brands Inc||YUM US||Annual General Meeting||Y 2016|
|Bruker Corp||BRKR US||Annual General Meeting|
|Seattle Genetics Inc||SGEN US||Annual General Meeting|