US : Pre Market News – 03 Aug 2016
Wed Aug 03 2016
Nikki Bailey (269 articles)
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US : Pre Market News – 03 Aug 2016

NEW YORK :

PREMARKET WORLD NEWS

Sep E-mini S&Ps (ESU16 -0.22%) are down -0.20% ahead of data on U.S. Jul ADP employment. Losses in U.S. stock index futures were limited as energy producing stocks rose as the price of crude oil (CLU16 +0.38%) climbed +0.51% after API data late yesterday showed U.S. oil inventories fell by -1.34 million bbl. European stocks are down -0.01% at a 3-week low as automakers fell after tire manufacturer Continental AG dropped over 1% when it reported Q2 revenue that was below expectations. Losses in European stocks were contained after the Eurozone Jul Markit composite PMI unexpectedly accelerated to the highest in six months. Activity in European trading was muted ahead of tomorrow’s BOE policy meeting that is expected to show the BOE boosting easing measures to contain the Brexit fallout. Asian stocks settled mostly lower: Japan -1.88%, Hong Kong -1.76%, China +0.24%, Taiwan -0.74%, Australia -1.35%, Singapore -1.02%, South Korea -1.30%, India -1.02%. Chinese stocks closed higher after brokerage-related stocks rallied after people familiar with the matter said that China’s futures exchange is planning to relax trading restrictions it implemented last year after China’s stock market rout. Japan’s Nikkei Stock Index fell to a 3-week low as exporter stocks sold-off when USD/JPY tumbled to a 3-week low on disappointment over the size of Prime Minister Abe’s stimulus package.

The dollar index (DXY00 +0.20%) is up +0.20%. EUR/USD (^EURUSD) is down -0.20%. USD/JPY (^USDJPY) is up +0.36%.

Sep T-note prices (ZNU16 -0.01%) are down -1 tick.

The Eurozone Jul Markit composite PMI was revised upward to 53.2 from the originally reported 52.9, the fastest pace of expansion in 6 months.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) weekly MBA mortgage applications (previous -11.2% with purchase sub-index -3.3% and refi sub-index -15.1%), (2) Jul ADP employment (expected +170,000, Jun +172,000), (3) revised-Jul Markit services PMI (expected +0.1 to 51.0, prelim-Jul -0.5 to 50.9), (4) Jul ISM non-manufacturing PMI (expected -0.5 to 56.0, Jun +3.6 to 56.5), (5) EIA Weekly Petroleum Status Report.

There are 29 of the S&P 500 companies that report earnings today with notable reports including: Time Warner (consensus $ 1.17), Marathon Oil (-0.25), Allstate (0.58), ICE (3.38), Humana (2.28), Prudential Financial (2.50), MetLife (1.35), First Solar (0.54). TripAdvisor (0.42).

U.S. IPO’s scheduled to price today: At Home Group (HOME), Atomera (ATMR)

Equity conferences this week include: Wells Fargo Services Conference on Wed-Thu.

PREMARKET U.S. STOCKS

American International Group (AIG -0.13%) gained over 2% in pre-market trading after it reported Q2 operating EPS of 98 cents, higher than consensus of 92 cents, and then said it will add up to $ 3 billion to its stock buyback plan.

Verisk Analytics (VRSK -1.34%) lost over 4% in after-hours trading after it reported Q2 adjusted EPS continuing operations of 73 cents, below consensus of 76 cents.

Hanesbrands (HBI -3.39%) fell nearly 5% in after-hours trading after it reported Q2 adjusted EPS of 51 cents, weaker than consensus of 52 cents.

Phillips 66 (PSX +2.55%) was upgraded to ‘Outperform’ from ‘Market Perform’ at Cowen.

Fitbit (FIT -3.87%) rose over 5% in after-hours trading after it reported Q2 adjusted EPS of 12 cents, above consensus of 11 cents.

Qorvo (QRVO -3.18%) slid over 7% in after-hours trading after it reported fiscal-year Q1 gross margin of 48.2%, weaker than consensus of 50% and then said it sees fiscal-year Q2 gross margin of 47%, below consensus of 50.3%.

Community Health Systems (CYH -3.02%) dropped over 12% in after-hours trading after it reported Q2 adjusted EPS continuing operations of 9 cents, well below consensus of 56 cents, and then lowered its view of 2016 EPS continuing operations to $ 1.40-$ 1.90 from a prior view of $ 2.50-$ 2.80.

Hudson Technologies (HDSN +7.41%) gained over 3% in after-hours trading after it reported Q2 EPS of 14 cents, higher than consensus of 11 cents.

Oclaro (OCLR -3.99%) rose over 9% in after-hours trading after it reported Q4 adjusted EPS of 11 cents, better than consensus of 6 cents, and then forecast Q1 revenue of $ 126 million-$ 134 million, above consensus of $ 118.6 million.

Stone Energy (SGY -1.16%) sank 20% in after-hours trading after it reported a Q2 adjusted loss of -$ 7.45, a bigger loss than consensus of -$ 6.12.

Big 5 Sporting Goods (BGFV +1.65%) climbed nearly 10% in after-hours trading after it reported Q2 net sales of $ 241.4 million, above consensus of $ 239 million.

ZAGG Inc. (ZAGG -0.31%) jumped over 11% in after-hours trading after it reported Q2 adjusted EPS of 11 cents, well above consensus of 2 cents.

Cray (CRAY -0.92%) plunged 20% in after-hours trading after it reported a Q2 adjusted EPS loss of -29 cents, a wider loss than consensus of -2 cents, and then cut its fiscal 2016 revenue estimate to in the range of $ 650 million, well below consensus of $ 796 million.

MARKET COMMENTS

Sep E-mini S&Ps (ESU16 -0.22%) this morning are down -4.25 points (-0.20%). Tuesday’s closes: S&P 500 -0.64%, Dow Jones -0.49%, Nasdaq -0.77%. The S&P on Tuesday tumbled to a 2-1/2 week low and closed lower on the weaker-than-expected +0.2% increase in U.S. Jun personal income (vs expectations of +0.3%) and weakness in energy producers due to the -1.37% drop in crude oil prices to a new 3-1/2 month low. Stocks were also undercut by long liquidation pressures after the +9.4% rally in the S&P 500 over the past month to Monday’s all-time high.

Sep 10-year T-notes (ZNU16 -0.01%) this morning are down -1 tick. Tuesday’s closes: TYU6 -8.00, FVU6 -3.00. Sep T-notes on Tuesday closed lower on negative carry-over from a slide in German bund prices after Eurozone Jun PPI rose more than expected and the +0.4% increase in U.S. Jun personal spending (stronger than expectations of +0.3%).

The dollar index (DXY00 +0.20%) this morning is up +0.187 (+0.20%). EUR/USD (^EURUSD) is down -0.0023 (-0.20%). USD/JPY (^USDJPY) is up +0.36 (+0.36%). Tuesday’s closes: Dollar index -0.649 (-0.68%), EUR/USD +0.0061 (+0.55%), USD/JPY -1.50 (-1.46%). The dollar index on Tuesday dropped to a 1-1/4 month low and closed lower on strength in EUR/USD which rallied to a 1-1/4 month high after Eurozone Jun PPI rose +0.7% m/m, the largest monthly increase in 3-3/4 years, perhaps keeping the ECB from expanding stimulus measures. In addition, USD/JPY fell to a 3-week low on a yen rally generated by some disappointment that the Japanese government announced only 4.6 trillion yen ($ 45 billion) in extra spending for the current fiscal year as part of its fiscal stimulus package.

Sep WTI crude oil (CLU16 +0.38%) this morning is up +20 cents (+0.51%) and Sep gasoline (RBU16 -0.41%) is down -0.0037 (-0.38%). Tuesday’s closes: CLU6 -0.55 (-1.37%), RBU6 +0.0080 (+0.61%). Sep crude oil and gasoline on Tuesday settled mixed with Sep crude at a 3-1/2 month low. Crude oil was undercut by increased OPEC output as OPEC July crude production rose +130,000 bpd to a record 33.24 million bpd. Gasoline received a boost from the fall in the dollar index to a 1-1/4-month low and on increased refinery demand for gasoline as the crack spread rose to a 1-month high.

GLOBAL EVENT CALENDAR 08/03/2016
Wednesday, Aug 3
US0700 ETWeekly MBA mortgage applications, previous -11.2% with purchase sub-index -3.3% and refi sub-index -15.1%.
0815 ETJul ADP employment change expected +170,000, Jun +172,000.
0830 ETTreasury announces amount of 3-year T-notes (previous $ 24 billion), 10-year T-notes (previous $ 20 billion) and 30-year T-bonds (previous $ 12 billion) to be auctioned Aug 9-11 in the Aug quarterly refunding.
0945 ETRevised Jul Markit services PMI expected +0.1 to 51.0; prelim-Jul -0.5 to 50.9. Revised Jul Markit composite PMI, prelim-Jul +0.3 to 51.5.
1000 ETJul ISM non-manufacturing PMI expected -0.5 to 56.0, Jun +3.6 to 56.5.
1030 ETEIA Weekly Petroleum Status Report.
Thursday, Aug 4
ThuUS0730 ETJul Challenge job cuts, Jun -14.1% y/y.
0830 ETWeekly initial unemployment claims expected -1,000 to 265,000, previous +14,000 to 266,000. Weekly continuing claims expected -9,000 to 2.130 million, previous +7,000 to 2.139 million.
0830 ETUSDA weekly Export Sales.
1000 ETJun factory orders expected -1.9% and -0.2% ex transportation, May -1.0% and +0.1% ex-transportation.
GER0330 ETGerman Jul Markit construction PMI, Jun 50.4.
UK0400 ETUK Jul new car registrations, Jun -0.8% y/y.
0700 ETBOE Quarterly inflation report.
0700 ETBOE announces interest rate decision and asset purchase target, expected -25 bp cut to the benchmark rate to 0.25% and the asset purchase target to remain unch at 375 billion pounds.
JPN2000 ETJapan Jun labor cash earnings expected +0.3% y/y, May -0.1% y/y. Jun real cash earnings, May +0.4% y/y.
U.S. STOCK CALENDAR 08/03/2016
CompanyTickerTimeEvent DescriptionPeriodEstimate
Clorox Co/TheCLXBef-mktQ4 2016 Earnings ReleaseQ4 20161.277
Dominion Resources Inc/VADBef-mktQ2 2016 Earnings ReleaseQ2 20160.708
Noble Energy IncNBLBef-mktQ2 2016 Earnings ReleaseQ2 2016-0.286
Occidental Petroleum CorpOXYBef-mktQ2 2016 Earnings ReleaseQ2 2016-0.18
Time Warner IncTWXBef-mktQ2 2016 Earnings ReleaseQ2 20161.165
Xcel Energy IncXELBef-mktQ2 2016 Earnings ReleaseQ2 20160.404
Spectra Energy CorpSEBef-mktQ2 2016 Earnings ReleaseQ2 20160.266
Zoetis IncZTSBef-mktQ2 2016 Earnings ReleaseQ2 20160.444
Delphi Automotive PLCDLPH6:45Q2 2016 Earnings ReleaseQ2 20161.556
Humana IncHUM7:30Q2 2016 Earnings ReleaseQ2 20162.283
Intercontinental Exchange IncICE7:30Q2 2016 Earnings ReleaseQ2 20163.378
American International Group IncAIG8:00Q2 2016 Earnings CallQ2 2016
Time Warner IncTWX8:30Q2 2016 Earnings CallQ2 2016
Intercontinental Exchange IncICE8:30Q2 2016 Earnings CallQ2 2016
Verisk Analytics IncVRSK8:30Q2 2016 Earnings CallQ2 2016
Zoetis IncZTS8:30Q2 2016 Earnings CallQ2 2016
FMC CorpFMC9:00Q2 2016 Earnings CallQ2 2016
Spectra Energy CorpSE9:00Q2 2016 Earnings CallQ2 2016
Delphi Automotive PLCDLPH9:00Q2 2016 Earnings CallQ2 2016
Qorvo IncQRVO9:00Annual General Meeting
Concho Resources IncCXO9:30Q2 2016 Earnings CallQ2 2016
CA IncCA10:00Annual General Meeting
Dominion Resources Inc/VAD10:00Q2 2016 Earnings CallQ2 2016
Noble Energy IncNBL10:00Q2 2016 Earnings CallQ2 2016
Occidental Petroleum CorpOXY10:00Q2 2016 Earnings CallQ2 2016
ONEOK IncOKE10:00Q2 2016 Earnings CallQ2 2016
Xcel Energy IncXEL10:00Q2 2016 Earnings CallQ2 2016
Newfield Exploration CoNFX11:00Q2 2016 Earnings CallQ2 2016
Devon Energy CorpDVN11:00Q2 2016 Earnings CallQ2 2016
Clorox Co/TheCLX13:30Q4 2016 Earnings CallQ4 2016
Twenty-First Century Fox IncFOXA16:00Q4 2016 Earnings ReleaseQ4 20160.369
Allstate Corp/TheALL16:15Q2 2016 Earnings ReleaseQ2 20160.582
Twenty-First Century Fox IncFOXA16:30Q4 2016 Earnings CallQ4 2016
Western Union Co/TheWU16:30Q2 2016 Earnings CallQ2 2016
First Solar IncFSLR16:30Q2 2016 Earnings CallQ2 2016
CenturyLink IncCTL17:00Q2 2016 Earnings CallQ2 2016
CF Industries Holdings IncCF17:00Q2 2016 Earnings ReleaseQ2 20160.664
CenturyLink IncCTLAft-mktQ2 2016 Earnings ReleaseQ2 20160.595
Lincoln National CorpLNCAft-mktQ2 2016 Earnings ReleaseQ2 20161.563
Tesoro CorpTSOAft-mktQ2 2016 Earnings ReleaseQ2 20161.764
Marathon Oil CorpMROAft-mktQ2 2016 Earnings ReleaseQ2 2016-0.245
Transocean LtdRIGAft-mktQ2 2016 Earnings ReleaseQ2 2016-0.016
Albemarle CorpALBAft-mktQ2 2016 Earnings ReleaseQ2 20161.005
Prudential Financial IncPRUAft-mktQ2 2016 Earnings ReleaseQ2 20162.498
Western Union Co/TheWUAft-mktQ2 2016 Earnings ReleaseQ2 20160.401
MetLife IncMETAft-mktQ2 2016 Earnings ReleaseQ2 20161.349
Cimarex Energy CoXECAft-mktQ2 2016 Earnings ReleaseQ2 2016-0.012
Equinix IncEQIXAft-mktQ2 2016 Earnings ReleaseQ2 20162.998
First Solar IncFSLRAft-mktQ2 2016 Earnings ReleaseQ2 20160.543
TripAdvisor IncTRIPAft-mktQ2 2016 Earnings ReleaseQ2 20160.418
American Water Works Co IncAWKAft-mktQ2 2016 Earnings ReleaseQ2 20160.73
Equinix IncEQIX17:30Q2 2016 Earnings CallQ2 2016
Costco Wholesale CorpCOST21:00July 2016 Sales and Revenue Release2016
Equifax IncEFXInvestor MeetingY 2016
Leucadia National CorpLUKQ2 2016 Earnings ReleaseQ2 20160.13

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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