Live Index – Wed, 20 Jul 2016 Premarket
Wed Jul 20 2016
Nikki Bailey (1062 articles)

Live Index – Wed, 20 Jul 2016 Premarket

PREMARKET WORLD NEWS

Sep E-mini S&Ps (ESU16 +0.31%) are up +0.32% and European stocks are up +1.12% on positive corporate earnings results. Microsoft is up over 4% and Morgan Stanley is up over 3% in pre-market trading to lead U.S. stocks higher, while gains in technology companies and carmakers are leading European stocks higher with SAP SE up over 4% and Volkswagen AG up 6% after both companies reported better-than-expected earnings. On the negative side, mining stocks are weaker, led by a 6% fall in Anglo American Plc after it cut its full-year copper production target to 570,000 MT to 600,000 MT, less than a prior view of 630,000 MT. Asian stocks settled mixed: Japan -0.25%, Hong Kong +0.97%, China -0.29%, Taiwan -0.30%, Australia +0.69%, Singapore +0.90%, South Korea -0.12%, India +0.46%. Japanese stocks were undercut by a 13% drop in Nintendo as profit-taking set in after the stock rallied 120% over the past 2-weeks on the worldwide craze for its Pokemon Go mobile game.

The dollar index (DXY00 +0.04%) is down -0.01%. EUR/USD (^EURUSD) is down -0.07% at a 3-week low. USD/JPY (^USDJPY) is up +0.38% at a 3-week high.

Sep T-note prices (ZNU16 -0.13%) are down -6.5 ticks.

German Jun PPI rose +0.4% m/m and fell -2.2% y/y, stronger than expectations of +0.2% m/m and -2.4% y/y.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) weekly MBA mortgage applications (previous +7.2% with purchase sub-index unch and refi sub-index +11.2%), and (2) EIA Weekly Petroleum Status Report.

There are 21 of the S&P 500 companies that report earnings today with notable reports including: Morgan Stanley (consensus $ 0.60), Halliburton (-0.19), Intel (0.53), eBay (0.42), Newmont Mining (0.28), AMEX (1.95), Abbott Labs (0.53).

U.S. IPO’s scheduled to price today: Pantheon NV (PTHN), Audentes Therapeutics (BOLD), TPI Composites (TPIC), Impinj Inc (PI),

Equity conferences this week include: none.

 

 

PREMARKET U.S. STOCKS

Microsoft (MSFT -1.61%) rallied over 4% in pre-market trading after it reported Q4 adjusted EPS of 69 cents, higher than consensus of 58 cents.

Morgan Stanley (MS -0.07%) is up over 3% in pre-market trading after it reported Q2 EPS of 75 cnts, above consensus of 60 cents.

Verizon Communucations (VZ -0.41%) was downgraded to ‘Market Perform’ from ‘Outperform’ at Oppenheimer.

Hyatt Hotels (H -1.29%) was downgraded to ‘Sell’ from ‘Hold’ at Evercore ISI with a 12-month target price of $ 44.

Intuitive Surgical (ISRG +0.20%) jumped over 6% in after-hours trading after it reported Q2 adjusted EPS of $ 5.62, well above consensus of $ 4.98.

Ebay (EBAY +0.04%) gained +0.3% in after-hours trading after it reported June sale up +3.8% y/y, above the +2.8% /y increase in May.

Cintas (CTAS -0.24%) climbed over 3% in after-hours trading after it reported Q4 adjusted EPC continuing operations of $ 1.08, above consensus of $ 1.01, and said it sees full-year EPS continuing operations of $ 4.35-$ 4.45 higher than consensus of $ 4.28.

Discover Financial Services (DFS -0.19%) dropped over 2% in after-hours trading after it reported Q2 net revenue of $ 2.22 billion, below consensus of $ 2.23 billion.

Ryerson Holding (RYI -16.19%) lost over 1% in after-hours trading after it priced a secondary offering of 5 million shares.

Manhattan Associated (MANH -1.75%) rose over 2% in after-hours trading after it reported Q2 adjusted EPS of 49 cents, above consensus of 44 cents, and then raised guidance on full-year adjusted EPS to $ 1.78-$ 1.81 from a prior view of $ 1.73-$ 1.76.

Sarepta Therapeutics (SRPT +0.91%) fell 2% in after-hours trading after it reported a Q2 EPS loss of -$ 1.35, a bigger loss than consensus of -$ 1.23.

Marvell Technology Group (MRVL -2.28%) gained over 1% in after-hours trading after it reported Q4 adjusted EPS of 11 cents, better than consensus of 10 cents.

Interactive Brokers Group (IBKR +1.03%) slid nearly 3% in after-hours trading after it reported Q2 net revenue of $ 369 million, below consensus of $ 377.3 million.

Blackhawk Network Holdings (HAWK +1.82%) climbed over 5% in after-hours trading after it reported Q2 adjusted EPS of 37 cents, better than consensus of 26 cents, and then raised guidance on full-year adjusted EPS to $ 2.47-$ 2.66, higher than a prior view of $ 2.44-$ 2.63.

Zafgen (ZFGN +1.05%) plunged -39% in after-hours trading after it said it will stop all development on its lead obesity drug, beloranib, after two patients died in a clinical trial.

MARKET COMMENTS

Sep E-mini S&Ps (ESU16 +0.31%) this morning are up +7.00 points (+0.32%). Tuesday’s closes: S&P 500 -0.14%, Dow Jones +0.14%, Nasdaq -0.36%. The S&P 500 on Tuesday closed lower on weakness in energy produciers with the -1.1% drop in crude oil prices. Stocks were also undercut by the IMF’s cut in its global 2016 GDP forecast to +3.1% from +3.2% and its global 2017 GDP forecast to +3.4% from +3.5%. Stocks found support on the +4.8% rise in U.S. Jun housing starts to a 4-month high of 1.189 million, stronger than expectations of +0.2% to 1.165 million.

Sep 10-year T-note prices (ZNU16 -0.13%) this morning are down -6.5 ticks. Tuesday’s closes: TYU6 +7.50, FVU6 +2.00. Sep T-notes on Tuesday closed higher on global growth concerns after the IMF cut their 2016 and 2017 global GDP forecasts. T-notes also saw some increased safe-haven demand with the sell-off in stocks.

The dollar index (DXY00 +0.04%) this morning is down -0.011 (-0.01%). EUR/USD (^EURUSD) is down -0.0008 (-0.07%) at a 3-week low and USD/JPY (^USDJPY) is up +0.40 (+0.38%) at a 3-week high. Tuesday’s closes: Dollar index +0.501 (+0.52%), EUR/USD -0.0054 (-0.49%), USD/JPY -0.04 (-0.04%). The dollar index on Tuesday climbed to a 4-1/4 month high and settled higher on weakness in EUR/USD which fell to a 3-week low after the German Jul ZEW survey expectations of economic growth plunged by -26.0 points to a 3-1/2 year low of -6.8. The dollar was also boosted by the stronger-than-expected U.S. June housing starts and building permits reports.

Sep WTI crude oil prices (CLU16 +0.15%) this morning are unchanged and Sep gasoline prices (RBU16 -0.60%) are down -0.0103 (-0.74%). Tuesday’s closes: CLU6 -0.49 (-1.07%), RBU6 -0.0109 (-0.78%). Sep crude oil and gasoline on Tuesday closed lower on the rally in the dollar index to a 4-1/4 month high and the IMF’s cut in its global 2016 GDP forecast to 3.1% from 3.2%, which signals reduced energy demand. Crude oil found support from expectations for Wednesday’s weekly EIA data to show that U.S. crude inventories fell -2.0 million bbl.

GLOBAL EVENT CALENDAR 07/20/2016

Wednesday, July 20
US0700 ETWeekly MBA mortgage applications, previous +7.2% with purchase sub-index unch and refi sub-index +11.2%.
1030 ETEIA Weekly Petroleum Status Report.
Thursday, July 21
US0830 ETWeekly initial unemployment claims expected +11,000 to 265,000, previous unch at 254,000. Weekly continuing claims expected -9,000 to 2.140 million, previous +32,000 to 2.149 million.
0830 ETJul Philadelphia Fed business outlook survey expected +0.1 to 4.8, Jun +6.5 to 4.7.
0830 ETJun Chicago Fed national activity index expected +0.31 to -0.20, May -0.56 to -0.51.
0830 ETUSDA weekly Export Sales.
0900 ETMay FHFA house price index expected +0.4% m/m, Apr +0.2% m/m.
1000 ETJun existing home sales expected -0.9% to 5.48 million, May +1.8% to 5.53 million.
1000 ETJun leading indicators expected +0.2%, May -0.2%,
1100 ETTreasury announces amount of 2-year T-notes (previous $ 26 billion), 2-year floating-rate notes (previous $ 13 billion), 5-year T-notes (previous $ 34 billion) and 7-year T-notes (previous $ 28 billion) to be auctioned Jul 25-28.
1300 ETTreasury auctions 10-year TIPS.
JPN0030 ETJapan May all-industry activity index expected -1.1% m/m, Apr +1.3% m/m.
0200 ETRevised Japan Jun machine tool orders.
2200 ETJapan Jul Nikkei manufacturing PMI, Jun +0.4 to 48.1.
UK0430 ETUK Jun retail sales ex auto fuel expected -0.6% m/m and +4.8% y/y, May +1.0% m/m and +5.7% y/y.
0430 ETUK Jun retail sales including auto fuel expected -0.6% m/m and +5.0% y/y, May +0.9% m/m and +6.0% y/y.
0430 ETUK Jun public sector net borrowing expected +9.2 billion pounds, May +9.1 billion pounds.
EUR0745 ETECB announces interest rate decision.
0830 ETECB President Mario Draghi delivers press conference following ECB meeting.

U.S. STOCK CALENDAR 07/20/2016

CompanyTickerTimeEvent DescriptionPeriodEstimate
Halliburton CoHALBef-mktQ2 2016 Earnings ReleaseQ2 2016-0.189
M&T Bank CorpMTBBef-mktQ2 2016 Earnings ReleaseQ2 20162.085
Northern Trust CorpNTRSBef-mktQ2 2016 Earnings ReleaseQ2 20161.059
Amphenol CorpAPHBef-mktQ2 2016 Earnings ReleaseQ2 20160.631
TE Connectivity LtdTELBef-mktQ3 2016 Earnings ReleaseQ3 20161.035
Morgan StanleyMS7:00Q2 2016 Earnings ReleaseQ2 20160.598
St Jude Medical IncSTJ7:15Q2 2016 Earnings ReleaseQ2 20161.058
Abbott LaboratoriesABT7:30Q2 2016 Earnings ReleaseQ2 20160.533
Illinois Tool Works IncITW8:00Q2 2016 Earnings ReleaseQ2 20161.399
St Jude Medical IncSTJ8:00Q2 2016 Earnings CallQ2 2016
Navient CorpNAVI8:00Q2 2016 Earnings CallQ2 2016
Morgan StanleyMS8:30Q2 2016 Earnings CallQ2 2016
TE Connectivity LtdTEL8:30Q3 2016 Earnings CallQ3 2016
Abbott LaboratoriesABT9:00Q2 2016 Earnings CallQ2 2016
Halliburton CoHAL9:00Q2 2016 Earnings CallQ2 2016
EI du Pont de Nemours & CoDD10:00Extraordinary Shareholders Meeting – M&A VoteY 2016
Illinois Tool Works IncITW10:00Q2 2016 Earnings CallQ2 2016
United Continental Holdings IncUAL10:30Q2 2016 Earnings CallQ2 2016
Dow Chemical Co/TheDOW11:00Extraordinary Shareholders Meeting – M&A VoteY 2016
M&T Bank CorpMTB11:00Q2 2016 Earnings CallQ2 2016
Northern Trust CorpNTRS12:00Q2 2016 Earnings CallQ2 2016
Campbell Soup CoCPB12:30Investor DayY 2016
Amphenol CorpAPH13:00Q2 2016 Earnings CallQ2 2016
American Express CoAXP16:00Q2 2016 Earnings ReleaseQ2 20161.954
Intel CorpINTC16:00Q2 2016 Earnings ReleaseQ2 20160.532
eBay IncEBAY16:00Q2 2016 Earnings ReleaseQ2 20160.421
F5 Networks IncFFIV16:00Q3 2016 Earnings ReleaseQ3 20161.785
Mattel IncMAT16:05Q2 2016 Earnings ReleaseQ2 2016-0.047
Kinder Morgan Inc/DEKMI16:05Q2 2016 Earnings ReleaseQ2 20160.149
QUALCOMM IncQCOM16:30Q3 2016 Earnings CallQ3 2016
F5 Networks IncFFIV16:30Q3 2016 Earnings CallQ3 2016
Kinder Morgan Inc/DEKMI16:30Q2 2016 Earnings CallQ2 2016
American Express CoAXP17:00Q2 2016 Earnings CallQ2 2016
Mattel IncMAT17:00Q2 2016 Earnings CallQ2 2016
Tractor Supply CoTSCO17:00Q2 2016 Earnings CallQ2 2016
eBay IncEBAY17:00Q2 2016 Earnings CallQ2 2016
Newmont Mining CorpNEMAft-mktQ2 2016 Earnings ReleaseQ2 20160.281
QUALCOMM IncQCOMAft-mktQ3 2016 Earnings ReleaseQ3 20160.974
Tractor Supply CoTSCOAft-mktQ2 2016 Earnings ReleaseQ2 20161.156
SL Green Realty CorpSLGAft-mktQ2 2016 Earnings ReleaseQ2 20163.14
United Rentals IncURIAft-mktQ2 2016 Earnings ReleaseQ2 20161.821
FMC Technologies IncFTIAft-mktQ2 2016 Earnings ReleaseQ2 20160.295
Intel CorpINTC17:30Q2 2016 Earnings CallQ2 2016
Constellation Brands IncSTZAnnual General Meeting
Nikki Bailey

Nikki Bailey

Nikki Bailey reports on US Stocks. She covers also economy and related aspects. She has been tracking US Stock markets for several years now. She is based in New York

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