US : Pre Market News – 22 Jul 2016
NEW YORK :
Sep E-mini S&Ps (ESU16 +0.22%) are up +0.20% and European stocks are up +0.22% as better-than-expected company earnings results push prices higher. AMD jumped nearly 10% in pre-market trading after it reported better-than-expected Q2 revenue and Vodaphone Plc is up nearly 4% in European trading after it reported service revenue that beat consensus. Strength in crude oil prices has also led to gains in energy producing stocks. Gains in European stocks were limited after Eurozone manufacturing activity slowed more than expected due to fallout from Brexit. Asian stocks settled mostly lower: Japan -1.09%, Hong Kong -0.16%, China -0.86%, Taiwan -0.48%, Australia -0.26%, Singapore +0.17%, South Korea -0.16%, India +0.33%. Asian stocks were undercut by Thursday’s comments from BOJ Governor Kuroda who voiced opposition to so-called helicopter money stimulus.
The dollar index (DXY00 +0.15%) is up +0.15%. EUR/USD (^EURUSD) is down -0.07%. USD/JPY (^USDJPY) is up +0.30%.
Sep T-note prices (ZNU16 -0.12%) are down -6 ticks.
The Eurozone Jul Markit manufacturing PMI fell -0.9 to 51.9, weaker than expectations of -0.8 to 52.0.
The UK Jul Markit manufacturing PMI fell -3.0, to 49.1, stronger than expectations of -3.4 to 48.7, but still the steepest pace of contraction since the data series began in 2013.
The Japan Jul Nikkei manufacturing PMI rose +0.9 to 49.0, the highest in 4 months.
Key U.S. news today includes: (1) preliminary-Jul Markit U.S. manufacturing PMI (expected +0.2 to 51.5, Jun +0.6 to 51.3), (2) USDA Jun Cold Storage, (3) USDA Jun Cattle on Feed, and (4) G-20 finance ministers and central bank governor deputies meet in Chengdu, China (Jul 22-24).
There are 10 of the S&P 500 companies that report earnings today with notable reports including: GE (consensus $ 0.46), Honeywell (1.64), American Airlines (1.68), Textron (0.64), Moody’s (1.25).
U.S. IPO’s scheduled to price today: none.
Equity conferences this week include: none.
Advanced Micro Devices (AMD -3.51%) jumped nearly 10% in pre-market trading after it reported Q2 revenue of $ 1.03 billion, above consensus of $ 956.2 million.
Starbucks (SBUX +0.10%) dropped nearly 3% in pre-market trading after it reported Q3 comparable sales of +4%, weaker than consensus of +5.6%, and said it now expects full year global comparable sales growth to be mid-single digits, below a prior view of above mid-single digits.
Capital One Financial (COF +0.56%) slid nearly 3% in after-hours trading after it reported Q2 adjusted EPS of $ 1,76, below consensus if $ 1.87.
Skechers (SKX -0.31%) tumbled nearly 10% in pre-market trading after it reported Q2 revenue of $ 877.8 million, below consensus of $ 890.6 million, and said it sees Q3 revenue of $ 950 million-$ 975 million, weaker than consensus of $ 1.01 billion.
Visa (V -0.72%) reported Q3 adjusted EPS of 69 cents, higher than consensus of 67 cents, and authorized anew $ 5 billion share repurchase program.
PayPal (PYPL +0.20%) rose 2% in after-hours trading after it said it sees Q3 net revenue of $ 2.62 billion-$ 2.67 billion, above consensus of $ 2.61 billion, and then raised guidance on fiscal 2016 adjusted EPS to $ 1.47-$ 1.50 from an April 27 view of $ 1.45-$ 1.50.
Athenahealth (ATHN -1.00%) slumped 12% in after-hours trading after it reported Q2 adjusted EPS o 34 cents, below consensus of 42 cents.
Chipotle Mexican Grill (CMG -0.38%) dropped over 2% in after-hours trading after it reported Q2 EPS of 87 cents, below consensus of 91 cents, and said Q2 comparable sales fell -23.6%, weaker than consensus of -20.6%.
Stryker (SYK +0.16%) slipped 4% in after-hours trading after it said it sees Q3 adjusted EPS of $ 1.33-$ 1.38, below consensus of $ 1.41.
Celestica (CLS +0.10%) climbed over 2% in after-hours trading after it reported Q2 revenue of $ 1.49 billion, above consensus of $ 1.46 billion, and said it sees Q3 revenue of $ 1.475 billion-$ 1,575 billion, higher than consensus of $ 1.46 billion.
Boston Beer (SAM -0.75%) rose over 2% in after-hours trading after it reported Q2 EPS of $ 2.06, better than consensus of $ 1.94.
Pandora Media (P -2.83%) dropped 6% in after-hours trading after it cut its 2016 revenue view to $ 1.385 billion-$ 1.405 billion from an April 28 view of $ 1.41 billion-$ 143 billion.
E*TRADE Financial Corp. (ETFC -0.94%) gained nearly 2% in after-hours trading after it reported Q2 adjusted EPS of 48 cents, well above consensus of 38 cents.
Proofpoint (PFPT -4.35%) jumped over 11% in after-hours trading after it reported an unexpected Q2 EPS profit of 6 cents, much better than consensus for a -7 cent loss, and then raised guidance on fiscal 2016 adjusted EPS to 6 cents-10 cents from an April 21 view of a loss of -13 cents to -15 cents.
Sep E-mini S&Ps (ESU16 +0.22%) this morning are up +4.25 points (+0.20%). Thursday’s closes: S&P 500 -0.36%, Dow Jones -0.42%, Nasdaq -0.22%. The S&P 500 on Thursday closed lower on disappointment that ECB President Draghi did not signal when the ECB may expand stimulus and also on the -7.6 point decline in the July Philadelphia Fed business outlook index to a 6-month low of -2.9. There was also weakness in energy producers as crude oil fell -2.6%. Stocks received some support from stronger-than-expected economic data with U.S. weekly initial unemployment claims unexpectedly falling -1,000 to a 3-month low of 253,000 (better than expectations of +11,000 to 265,000) and with the +1.1% rise in U.S. Jun existing home sales to a 9-1/3 year high of 5.57 million (stronger than expectations of -0.9% to 5.48 million).
Sep 10-year T-note prices (ZNU16 -0.12%) this morning are down -6 ticks. Thursday’s closes: TYU6 +8.00, FVU6 +6.50. Sep T-notes on Thursday rebounded from a 3-week low and closed higher on the bigger-than-expected decline in the July Philadelphia Fed business outlook index and on higher safe-haven demand with the sell-off in stocks. T-note prices saw early weakness on the decline in U.S. weekly jobless claims to a 3-month low and the rise in Jun existing home sales to a 9-1/3 year high.
The dollar index (DXY00 +0.15%) this morning is up +0.140 (+0.15%). EUR/USD (^EURUSD) is down -0.0008 (-0.07%) and USD/JPY (^USDJPY) is up +0.32 (+0.30%). Thursday’s closes: Dollar index -0.201 (-0.21%), EUR/USD +0.0011 (+0.10%), USD/JPY -1.07 (-1.00%). The dollar index on Thursday closed lower on weakness in USD/JPY which retreated from a 3-week high and moved lower after BOJ Governor Kuroda in a BBC Radio 4 program broadcast dismissed the use of so-called “helicopter money” as stimulus. EUR/USD saw some strength after ECB President Draghi said the ECB will wait to decide on additional stimulus measures until the economic impact from Brexit is clearer.
Sep WTI crude oil prices (CLU16 +0.18%) this morning are up +9 cents (+0.20%) and Sep gasoline prices (RBU16 +0.67%) are up +0.0105 (+0.77%). Thursday’s closes: CLU6 -1.21 (-2.64%), RBU6 -0.0151 (-1.10%). Sep crude oil and gasoline on Thursday closed lower with Sep crude at a 2-1/4 month low and Sep gasoline at a 3-1/2 month low. Crude oil prices were undercut by carryover weakness from Wednesday’s EIA data showing that EIA gasoline inventories rose by +911,000 bbl to a 2-1/2 month high. There was also some disappointment that ECB President Draghi failed to signal whether the ECB would boost stimulus measures.
|Friday, July 22|
|US||0945 ET||Preliminary-Jul Markit U.S. manufacturing PMI expected +0.2 to 51.5, Jun +0.6 to 51.3.|
|1500 ET||USDA Jun Cold Storage.|
|1500 ET||USDA Jun Cattle on Feed.|
|n/a||G-20 finance ministers and central bank governor deputies meet in Chengdu, China (Jul 22-24).|
|Monday, July 25|
|US||1030 ET||Jul Dallas Fed manufacturing activity expected +8.3 to -10.0, Jun -18.3.|
|1100 ET||USDA weekly grain export inspections.|
|1300 ET||Treasury auctions 2-year T-notes.|
|1600 ET||USDA Weekly Crop Progress.|
|JPN||0100 ET||Revised Japan May leading index CI, prelim-May unch at 100.0. Revised May coincident index, prelim-May -1.5 to 110.5.|
|1950 ET||Japan Jun PPI services, May +0.2% y/y.|
|GER||0400 ET||German Jul IFO business climate, Jun +0.9 to 108.7. Jul IFO current assessment, Jun +0.3 to 114.5. Jul IFO expectations, Jun +1.4 to 103.1.|
|UK||0600 ET||UK Jul CBI trends total orders, Jun -2. Jul CBI trends selling prices, Jun 1. Jul CBI business optimism, Jun -5.|
|Honeywell International Inc||HON||Bef-mkt||Q2 2016 Earnings Release||Q2 2016||1.641|
|American Airlines Group Inc||AAL||Bef-mkt||Q2 2016 Earnings Release||Q2 2016||1.678|
|General Electric Co||GE||Bef-mkt||Q2 2016 Earnings Release||Q2 2016||0.456|
|SunTrust Banks Inc||STI||Bef-mkt||Q2 2016 Earnings Release||Q2 2016||0.877|
|Textron Inc||TXT||Bef-mkt||Q2 2016 Earnings Release||Q2 2016||0.636|
|Moody’s Corp||MCO||Bef-mkt||Q2 2016 Earnings Release||Q2 2016||1.253|
|Synchrony Financial||SYF||Bef-mkt||Q2 2016 Earnings Release||Q2 2016||0.545|
|Stanley Black & Decker Inc||SWK||6:00||Q2 2016 Earnings Release||Q2 2016||1.72|
|Whirlpool Corp||WHR||6:00||Q2 2016 Earnings Release||Q2 2016||3.363|
|VF Corp||VFC||6:55||Q2 2016 Earnings Release||Q2 2016||0.339|
|Schlumberger Ltd||SLB||8:00||Q2 2016 Earnings Call||Q2 2016|
|Stanley Black & Decker Inc||SWK||8:00||Q2 2016 Earnings Call||Q2 2016|
|SunTrust Banks Inc||STI||8:00||Q2 2016 Earnings Call||Q2 2016|
|Textron Inc||TXT||8:00||Q2 2016 Earnings Call||Q2 2016|
|American Airlines Group Inc||AAL||8:30||Q2 2016 Earnings Call||Q2 2016|
|General Electric Co||GE||8:30||Q2 2016 Earnings Call||Q2 2016|
|VF Corp||VFC||8:30||Q2 2016 Earnings Call||Q2 2016|
|Synchrony Financial||SYF||8:30||Q2 2016 Earnings Call||Q2 2016|
|Honeywell International Inc||HON||9:30||Q2 2016 Earnings Call||Q2 2016|
|Southwestern Energy Co||SWN||10:00||Q2 2016 Earnings Call||Q2 2016|
|Whirlpool Corp||WHR||10:00||Q2 2016 Earnings Call||Q2 2016|
|Crown Castle International Corp||CCI||10:30||Q2 2016 Earnings Call||Q2 2016|
|Charles Schwab Corp/The||SCHW||11:00||Business Update Call|
|Moody’s Corp||MCO||11:30||Q2 2016 Earnings Call||Q2 2016|