US : Pre Market News – 09 Aug 2016
NEW YORK :
Sep E-mini S&Ps (ESU16 +0.09%) are up +0.10% and European stocks are up +0.51% at a 1-week high on speculation central banks will continue efforts to boost economic growth. GBP/USD is down -0.48% at a 4-week low and the UK 10-year Gilt yield fell to a record low 0.59% as the BOE resumed debt purchases. Gains in stocks were muted after mining shares fell as the price of copper (HGU16 -0.35%) slid -0.46% to a 4-week low on Chinese demand concerns after China July unwrought copper imports fell -14% m/m to 360,000 MT, the fewest in 11 months. Asian stocks settled mostly higher: Japan +0.69%, Hong Kong -0.13%, China +0.71%, Taiwan +0.05%, Australia +0.27%, Singapore closed for holiday, South Korea +0.68%, India -0.35%. China’s Shanghai Composite rose to a 1-1/2 week high on signs that deflation is stabilizing after China Jul producer prices posted their smallest decline in nearly 2 years.
The dollar index (DXY00 +0.02%) is down -0.04%. EUR/USD (^EURUSD) is down -0.03%. USD/JPY (^USDJPY) is down -0.26%.
Sep T-note prices (ZNU16 -0.01%) are little changed, up +0.5 of a tick.
China Jul CPI rose +1.8% y/y, right on expectations. Jul PPI fell -1.7% y/y, stronger than expectations of -2.0% and the smallest pace of decline in 1-3/4 years.
Key U.S. news today includes: (1) Q2 non-farm productivity (expected +0.4%, Q1 -0.6%) and Q2 unit labor costs (expected +1.8%, Q1 +4.5%), (2) Jun wholesale inventories (expected unch, May unch) and Jun wholesale trade sales (expected +0.5%, May +0.5%), (3) Treasury auction of $ 24 billion of 3-year T-notes.
There are 10 of the S&P 500 companies that report earnings today: Walt Disney (consensus $ 1.61), Exelon (0.56), Mylan (1.14), NRG Energy (0.15), Coach (0.41), Scripps (1.50), TransDigm Group 2.82), PPL (0.53), Jacobs Engineering (0.75), HCP (0.70).
U.S. IPO’s scheduled to price today: Motif Bio (MTFB),
Equity conferences during the remainder of this week include: Cowen and Company Communications Infrastructure Summit on Mon-Tue, Pacific Crest Global Technology Leadership Forum on Mon-Tue, UBS Financial Services Conference on Tue, J.P. Morgan Auto Conference on Tue-Wed, Oppenheimer Technology, Internet & Communications Conference on Tue-Wed, Jefferies Industrials Conference on Tue-Thu, Canaccord Genuity Growth Conference on Wed-Thu, Jefferies Financial Services Conference on Wed-Thu, Goldman Sachs Power, Utilities, MLP, and Pipeline Conference on Thu.
Chevron (CVX +0.69%) was upgraded to ‘Overweight’ from ‘Neutral’ at Piper Jaffray with a price target of $ 117.
Waste Management (WM -0.70%) was upgraded to ‘Overweight’ from ‘Sector Weight’ at Keyblanc Capital Markets with a 12-month target price of $ 74.
SINA Corp/China (SINA +1.44%) climbed over 4% in after-hours trading after it reported Q2 adjusted EPS of 27 cents, well above consensus of 15 cents, and then raised its view on 2016 adjusted revenue to $ 950 million-$ 1 billion from a March 2 view of $ 850 million-$ 950 million.
DaVita Healthcare Partners (DVA -2.08%) dropped over 4% in after-hours trading after it lowered guidance on 2016 adjusted operating income to $ 1.785 billion-$ 1.875 billion from a prior view of $ 1.8 billion-$ 1.95 billion.
Endo International PLC (ENDP +0.66%) gained over 3% in after-hours trading after it reported Q2 adjusted EPS continuing operations of 86 cents, higher than consensus of 74 cents.
LendingClub (LC +0.84%) lost nearly 3% in after-hours trading after CFO Carrie Dolan stepped down.
Rogers (ROG -0.85%) slid over 10% in after-hours trading after it reported Q1 net sales of $ 157.5 million, less than consensus of $ 162.7 million, and then said it sees Q3 adjusted EPS of 69 cents-79 cents, weaker than consensus of 92 cents.
Callon Petroleum (CPE +3.41%) climbed nearly 5% in after-hours trading after it reported Q2 EPS of 5 cents, above consensus of 4 cents.
Nevro (NVRO +0.51%) rallied over 7% in after-hours trading after it reported a Q2 adjusted loss per share of -31 cents, narrower than consensus of -47 cents, and then raised its 2016 revenue estimate to $ 210 million-$ 220 million from a prior view of $ 175 million-$ 185 million.
Castlight Health (CSLT -3.14%) rose over 8% in after-hours trading after it reported a Q2 adjusted loss per share of -11 cents, smaller than consensus of -13 cents.
MaxLinear (MXL +1.62%) dropped over 12% in after-hours trading after it said it sees Q3 revenue of $ 94 million-$ 98 million, below consensus od $ 102.9 million.
Resolute Energy (REN +23.70%) jumped 17% in after-hours trading after it reported Q2 revenue of $ 55.9 million, higher than consensus of $ 51.6 million, and then raised its 2016 production view to 11,500-13,400 barrels of ethanol per day from a prior estimate of 10,200-11,900 barrels of ethanol per day.
Zeltiq Aesthetics (ZLTQ -3.45%) rose over 4% in after-hours trading after it raised its 2016 revenue estimate to $ 340 million-$ 350 million from a May estimate of $ 320 million-$ 325 million.
Health Insurance Innovations (HIIQ +0.50%) surged over 20% in after-hours trading after it reported Q2 adjusted EPS of 27 cents, well above consensus of 6 cents, and then raised its full-year revenue view to $ 155 million-$ 165 million from a prior view of $ 138 million-$ 144 million.
TubeMogul (TUBE +6.49%) plunged 24% in after-hours trading after it reported Q2 revenue of $ 55.4 million, less than consensus of $ 58.2 million, and then lowered guidance on its full-year revenue estimate to $ 217 million-$ 221 million, below consensus of $ 229.1 million.
Sep E-mini S&Ps (ESU16 +0.09%) this morning are up +2.25 points (+0.10%). Monday’s closes: S&P 500 -0.09%, Dow Jones -0.08%, Nasdaq -0.14%. The S&P 500 on Monday retreated from a new record high and closed slightly lower on weakness in health-care stocks after Merck fell by more than -1.5% and Allergan fell by more than -2%. There was also concern about global growth after China July exports and imports fell more than expected. On the supportive side, stocks found continued support from last Friday’s strong payroll report and from Monday’s +2.92% gain in crude oil prices that gave energy producers a boost.
Sep 10-year T-notes (ZNU16 -0.01%) this morning are up +0.5 of a tick. Monday’s closes: TYU6 -3.00, FVU6 -1.00. Sep T-notes on Monday dropped to a 2-week low and closed lower on supply pressures ahead of this week’s refunding operation and on speculation the Fed may be closer to raising interest rates after last Friday’s larger-than-expected increase in U.S. July non-farm payrolls. T-notes received a little safe-haven support after stocks faded and closed slightly lower.
The dollar index (DXY00 +0.02%) this morning is down -0.041 (-0.04%). EUR/USD (^EURUSD) is down -0.0003 (-0.03%). USD/JPY (^USDJPY) is down -0.27 (-0.26%). Monday’s closes: Dollar index +0.207 (+0.22%), EUR/USD +0.0002 (+0.02%), USD/JPY +0.63 (+0.62%). The dollar index on Monday settled higher on carry-over strength from last Friday’s better-than-expected U.S. July non-farm payroll report, which may spur the Fed to raise interest rates. The dollar also received a boost from weakness in the Chinese yuan which fell to a 1-1/2 week low against the dollar on speculation China may need to boost stimulus measures to revive economic growth as both China July exports and imports declined more than expected.
Sep WTI crude oil (CLU16 +0.53%) this morning is up +23 cents (+0.53%) and Sep gasoline (RBU16 -0.15%) is down -0.0023 (-0.17%). Monday’s closes: CLU6 +1.22 (+2.92%), RBU6 -0.0143 (-1.04%). Sep crude and gasoline on Monday settled mixed with Sep crude at a 1-1/2 week high. Crude oil was boosted by OPEC President Mohammed Al Sada’s comment that OPEC members are in “constant deliberations” on stabilizing the oil market and will hold informal talks at a conference in Algiers next month. Crude oil also received support from expectations for weekly EIA crude inventories to decline -1.5 million bbl on Wednesday. Crude oil was undercut by a stronger dollar and by reduced Chinese crude demand after China July crude imports fell -1.7% m/m to 7.35 million bpd, the lowest in 6 months.
|Tuesday, Aug 9|
|US||0830 ET||Q2 non-farm productivity expected +0.4%, Q1 -0.6%. Q2 unit labor costs expected +1.8%, Q1 +4.5%.|
|1000 ET||Jun wholesale inventories expected unch, May unch. Jun wholesale trade sales expected +0.5%, May +0.5%.|
|1300 ET||Treasury auctions $ 24 billion of 3-year T-notes.|
|JPN||0200 ET||Japan Jul machine tool orders, Jun -19.9% y/y.|
|1950 ET||Japan Jun machine orders expected +3.2% m/m and -4.5% y/y, May -1.4% m/m and -11.7% y/y.|
|1950 ET||Japan Jul PPI expected -0.1% m/m and -4.0% y/y, Jun -0.1% m/m and -4.2% y/y.|
|GER||0200 ET||German Jun trade balance expected +23.0 billion euros, May +21.0 billion euros. Jun exports expected +1.1% m/m, May -1.9% m/m. Jun imports expected +0.6% m/m, May +0.1% y/y.|
|UK||0430 ET||UK Jun industrial production expected +0.1% m/m and +1.6% y/y, May -0.5% m/m and +1.4% y/y.|
|0430 ET||UK Jun manufacturing production expected -0.2% m/m and +1.3% y/y, May -0.5% m/m and +1.7% y/y.|
|CHI||n/a||China Jul new yuan loans expected 850.0 billion yuan, Jun 1.38 trillion yuan.|
|Wednesday, Aug 10|
|US||0700 ET||Weekly MBA mortgage applications, previous -3.5% with purchase sub-index -2.4% and refi sub-index -4.2%.|
|1000 ET||Jun JOLTS job openings expected +175,000 to 5.675 million, May -345,000 to 5.500 million.|
|1030 ET||EIA Weekly Petroleum Status Report.|
|1300 ET||Treasury auctions $ 23 billion of 10-year T-notes.|
|1400 ET||Jul monthly budget statement expected -$ 124.0 billion, Jun +$ 6.252 billion.|
|JPN||0030 ET||Japan Jun tertiary industry index expected +0.3% m/m, May -0.7% m/m.|
|UK||1901 ET||UK Jul RICS house price balance expected 6%, Jun 16%.|
|HCP Inc||HCP||Bef-mkt||Q2 2016 Earnings Release||Q2 2016||0.697|
|Jacobs Engineering Group Inc||JEC||Bef-mkt||Q3 2016 Earnings Release||Q3 2016||0.746|
|PPL Corp||PPL||Bef-mkt||Q2 2016 Earnings Release||Q2 2016||0.529|
|TransDigm Group Inc||TDG||Bef-mkt||Q3 2016 Earnings Release||Q3 2016||2.815|
|Scripps Networks Interactive Inc||SNI||Bef-mkt||Q2 2016 Earnings Release||Q2 2016||1.498|
|Coach Inc||COH||6:45||Q4 2016 Earnings Release||Q4 2016||0.406|
|NRG Energy Inc||NRG||6:50||Q2 2016 Earnings Release||Q2 2016||0.15|
|PPL Corp||PPL||8:30||Q2 2016 Earnings Call||Q2 2016|
|Coach Inc||COH||8:30||Q4 2016 Earnings Call||Q4 2016|
|NRG Energy Inc||NRG||9:00||Q2 2016 Earnings Call||Q2 2016|
|International Flavors & Fragrances Inc||IFF||10:00||Q2 2016 Earnings Call||Q2 2016|
|Jacobs Engineering Group Inc||JEC||10:00||Q3 2016 Earnings Call||Q3 2016|
|Scripps Networks Interactive Inc||SNI||10:00||Q2 2016 Earnings Call||Q2 2016|
|TransDigm Group Inc||TDG||11:00||Q3 2016 Earnings Call||Q3 2016|
|HCP Inc||HCP||12:00||Q2 2016 Earnings Call||Q2 2016|
|Walt Disney Co/The||DIS||16:15||Q3 2016 Earnings Release||Q3 2016||1.607|
|Mylan NV||MYL||16:30||Q2 2016 Earnings Call||Q2 2016|
|Walt Disney Co/The||DIS||17:00||Q3 2016 Earnings Call||Q3 2016|
|Mylan NV||MYL||Aft-mkt||Q2 2016 Earnings Release||Q2 2016||1.14|
|American Airlines Group Inc||AAL||July 2016 Sales and Revenue Release – Traffic Results||2016|
|Exelon Corp||EXC||Q2 2016 Earnings Release||Q2 2016||0.56|
|CSRA Inc||CSRA||Annual General Meeting|
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