Live Index – Thu, 20 Feb 2014 Premarket
March E-mini S&Ps (ESH14 -0.31%) this morning are down -0.11% and European stocks are down -0.80% on signs of weaker global economic growth after reports showed manufacturing in China and in the Eurozone slowed. Asian stocks closed mostly lower: Japan -2.15%, Hong Kong -1.19%, China -0.92%, Taiwan -0.61%, Australia +0.08%, Singapore -0.07%, South Korea -0.78%, India -0.90%. Commodity prices are mostly lower on Chinese demand concerns after a gauge of Chinese manufacturing activity fell to a 7-month low. Mar crude oil (CLH14 -0.35%) is down -0.10%. Mar gasoline (RBH14 -1.26%) is down -1.03%. Apr gold (GCJ14 -0.58%) is down -0.51%. March copper (HGH14 -0.62%) is down -0.58%. Agriculture and livestock prices are lower. The dollar index (DXY00 +0.18%) is up +0.20%. EUR/USD (^EURUSD) is down -0.24%. USD/JPY (^USDJPY) is down -0.32%. The PBOC drained cash from the financial system for the second time this week after China’s overnight repurchase rate fell to a 10-month low. March T-note prices (ZNH14 +0.04%) are up +1.5 ticks.
The China Feb HSBC/Markit flash manufacturing PMI unexpectedly fell -1.2 to 48.3, weaker than expectations of unch at 49.5 and the slowest pace of expansion in 7-months.
The Eurozone Feb PMI composite unexpectedly fell -0.2 to 52.7, weaker than expectations of +0.2 to 53.1.
The German Feb PMI manufacturing fell -1.8 to 54.7, a bigger decline than expectations of -0.2 to 56.3. The Feb PMI services rose +2.3 to 55.4, a bigger increase than expectations of +0.3 to 53.4.
German Jan PPI fell -0.1% m/m and -1.1% y/y, bigger declines than expectations of +0.2% m/m and -0.8% y/y.
UK Feb CBI trends total orders rose to 3 from -2 in Jan, a smaller increase than expectations of 6. The Feb CBI trends selling prices fell to 17 from 20 in Jan, right on expectations.
The Japan Jan trade balance widened to a record deficit of -2.790 trillion yen, a bigger shortfall than expectations of -2.487 trillion yen. Jan exports rose +9.5% y/y, weaker than expectations of +12.7% y/y and Jan imports rose +25.0% y/y, higher than expectations of +22.7% y/y.
Today’s weekly initial unemployment claims report is expected to show a decline of -4,000 to 335,000, reversing half of last week’s increase of +8,000 to 339,000. Meanwhile, continuing claims are expected to show an increase of +17,000 to 2.970 million, reversing most of last week’s decline of -18,000 to 2.953 million. Today’s Jan CPI is expected to edge higher to +1.6% y/y from +1.5% in December. However, the Jan core CPI is expected to edge lower to +1.6% y/y from +1.7% in December. Today’s Feb Philadelphia Fed manufacturing index is expected to show a -1.4 point decline to 8.0, reversing about half of the +3.0 point increase to 9.4 seen in January. Today’s Jan leading indicators index is expected to show a solid increase of +0.4% after the small increase of +0.1% seen in December.
There are 18 of the S&P 500 companies that report earnings today. Notable reports include Wal-Mart (consensus 1.59), HP (0.84), Priceline.com (8.30), Nordstrom (1.34), Direct TV ($ 1.29), Hormel Foods (0.57), Intuit (0.02), Express Scripts (1.12), Newmont Mining (0.44), and Public Storage (2.02). Equity conferences during the remainder of this week include Consumer Analyst Group of New York Conference on Tue-Fri, and Barclays Industrial Select Conference on Wed-Thu.
Wal-Mart (WMT -0.64%) reported Q4 EPS of $ 1.60, better than consensus of $ 1.59.
Hormel Foods (HRL +0.35%) reported Q1 EPS of 57 cents, right on consensus.
Apple (AAPL -1.58%) fell over 1% in pre-market trading after research firm Canalys said Apple’s smartphone market share in China fell to 7% in Q4 from 9% a year earlier.
DirecTV (DTV -0.16%) reported Q4 EPS of $ 1.53, stronger than consensus of $ 1.29.
Vectren (VVC -0.62%) reported Q4 EPS of 60 cents, better than consensus of 58 cents.
Facebook (FB +1.13%) fell over 3% in after-hours trading after it said it will acquire WhatsApp for $ 16 billion.
Curtiss-Wright (CW -2.53%) raised guidance on its 2014 EPS outlook to $ 3.30-$ 3.40 from $ 3.20-$ 3.35, higher than consensus $ 3.33.
Acadia Healthcare (ACHC -3.60%) lowered guidance on fiscal 2014 EPS to $ 1.26-$ 1.29, below consensus of $ 1.41.
Safeway (SWY +1.50%) rose over 3% in after-hours trading after it reported Q4 EPS ex-items of 53 cents, higher than consensus of 48 cents.
Jack in the Box (JACK +1.46%) reported Q1 EPS of 75 cents, stronger than consensus of 66 cents.
Avis Budget (CAR +2.77%) reported Q4 EPS of 15 cents, higher than consensus of 12 cents.
ARRIS (ARRS -1.79%) reported Q4 adjusted EPS of 54 cents, well above consensus of 45 cents.
Tesla (TSLA -4.94%) rose 10% in after-hours trading after he reported Q4 EPS of 33 cents, better than consensus of 21 cents.
Mar E-mini S&Ps (ESH14 -0.31%) this morning are down -2.00 points (-0.11%). The S&P 500 on Wednesday retreated from a 1-month high and closed lower on bearish factors that included (1) U.S. Jan housing starts that fell -16.0% to 880,000, a much bigger decline than expectations of -4.9% to 950,000, (2) Jan building permits that fell -5.4% to 937,000, a bigger drop than expectations of -1.6% to 975,000, (3) the warning from the IMF that the global recovery is still weak and “significant downside risks remain,” and (4) the Jan 28-29 FOMC meeting minutes that indicate the Fed will continue with its monthly tapering of QE. Closes: S&P 500 -0.65%, Dow Jones -0.56%, Nasdaq 100 -0.72%.
Mar 10-year T-notes (ZNH14 +0.04%) this morning are up +1.5 ticks. Mar 10-year T-note futures prices on Wednesday climbed to a 2-week high on concern the economy is continuing to slow after U.S. Jan housing starts and Jan building permits both fell more than expected. T-note prices erased their advance and closed lower, however, after the Jan 28-29 FOMC meeting minutes suggested the Fed will continue to taper its monthly bond purchases. Closes: TYH4 -7.00, FVH4 -5.25.
The dollar index (DXY00 +0.18%) this morning is up +0.161 (+0.20%). EUR/USD (^EURUSD) is down -0.0033 (-0.24%). USD/JPY (^USDJPY) is down -0.33 (-0.32%). The dollar index on Wednesday rebounded from a 1-1/2 month low and closed higher after the minutes of the Jan 28-29 FOMC meeting signaled the Fed will continue to taper QE. Closes: Dollar index +0.136 (+0.17%), EUR/USD -0.00257 (-0.19%), USD/JPY -0.047 (-0.05%).
Mar WTI crude oil (CLH14 -0.35%) this morning is down -10 cents (-0.10%) and Mar gasoline (RBH14 -1.26%) is down -0.0292 (-1.03%). Mar crude and gasoline prices Wednesday settled Mixed. Mar crude posted a 4-1/4 month high on bullish factors that included (1) expectations for the EIA to report Thu that crude supplies at Cushing, OK, the delivery point for WTI futures, fell for the third consecutive week as flows increased through the southern portion of the Keystone XL pipeline from Cushing to the Gulf Coast, and (2) NWS forecasts for below-normal temperatures to return to the U.S. Midwest and Northeast next week, which should boost distillate demand for heating fuels. Gasoline erased an early rally and closed lower after the dollar recovered from a 1-1/2 month low and settled higher. Closes: CLH4 +0.88 (+0.86%), RBH4 -0.0076 (-0.27%).
|US||0830 ET||Weekly initial unemployment claims expected -4,000 to 335,000, previous +8,000 to 339,000. Weekly continuing claims expected +17,000 to 2.970 million, previous -18,000 to 2.953 million.|
|0830 ET||Jan CPI expected +0.1% m/m and +1.6% y/y, Dec +0.3% m/m and +1.5% y/y. Jan CPI ex food & energy expected +0.1% m/m and +1.6% y/y, Dec +0.1% m/m and +1.7% y/y.|
|1000 ET||Feb Philadelphia Fed manufacturing index expected -1.4 to 8.0, Jan +3.0 to 9.4.|
|1000 ET||Jan leading indicators expected +0.4%, Dec +0.1%.|
|1100 ET||EIA Weekly Petroleum Status Report.|
|1100 ET||Treasury announces amounts of 2-year T-notes (previous $ 32 billion), 2-year floating rate notes (previous $ 15 billion), 5-year T-notes (previous $ 35 billion) and 7-year T-notes (previous $ 29 billion) to be auctioned Feb 25-27.|
|1300 ET||Treasury auctions $ 9 billion of 30-year TIPS.|
|GER||0200 ET||German Jan PPI expected +0.2% m/m and -0.8% y/y, Dec +0.1% m/m and -0.5% y/y.|
|0330 ET||German Feb PMI manufacturing expected -0.2 to 56.3, Jan 56.5. Feb PMI services expected +0.3 to 53.4, Jan 53.1.|
|EUR||0400 ET||Eurozone Feb PMI composite expected +0.2 to 53.1, Jan 52.9.|
|1000 ET||Eurozone Feb consumer confidence expected +0.7 to -11.0, Jan -11.7.|
|UK||0600 ET||UK Feb CBI trends total orders expected 6, Jan -2. Feb CBI trends selling prices expected 17, Jan 20.|
|Company Name||Ticker||Time||Event Description||Period||Estimate|
|DIRECTV||DTV US||Bef-mkt||Q4 2013 Earnings Release||Q4 2013||1.294|
|Quanta Services Inc||PWR US||Bef-mkt||Q4 2013 Earnings Release||Q4 2013||0.432|
|SCANA Corp||SCG US||Bef-mkt||Q4 2013 Earnings Release||Q4 2013||0.78|
|Denbury Resources Inc||DNR US||Bef-mkt||Q4 2013 Earnings Release||Q4 2013||0.303|
|Actavis plc||ACT US||Bef-mkt||Q4 2013 Earnings Release||Q4 2013||3.05|
|Hormel Foods Corp||HRL US||Bef-mkt||Q1 2014 Earnings Release||Q1 2014||0.57|
|Patterson Cos Inc||PDCO US||Bef-mkt||Q3 2014 Earnings Release||Q3 2014||0.57|
|Wal-Mart Stores Inc||WMT US||7:00||Q4 2014 Earnings Release||Q4 2014||1.588|
|Wal-Mart Stores Inc||WMT US||7:00||Q4 2014 Earnings Call||Q4 2014|
|Public Service Enterprise Group Inc||PEG US||7:30||Q4 2013 Earnings Release||Q4 2013||0.449|
|Actavis plc||ACT US||8:30||Q4 2013 Earnings Call||Q4 2013|
|Hormel Foods Corp||HRL US||9:00||Q1 2014 Earnings Call||Q1 2014|
|Quanta Services Inc||PWR US||9:30||Q4 2013 Earnings Call||Q4 2013|
|Williams Cos Inc/The||WMB US||9:30||Q4 2013 Earnings Call||Q4 2013|
|Intuit Inc||INTU US||Aft-mkt||Q2 2014 Earnings Release||Q2 2014||0.016|
|Cabot Oil & Gas Corp||COG US||Aft-mkt||Q4 2013 Earnings Release||Q4 2013||0.174|
|Mohawk Industries Inc||MHK US||Aft-mkt||Q4 2013 Earnings Release||Q4 2013||1.745|
|Express Scripts Holding Co||ESRX US||Aft-mkt||Q4 2013 Earnings Release||Q4 2013||1.119|
|Nordstrom Inc||JWN US||Aft-mkt||Q4 2014 Earnings Release||Q4 2014||1.338|
|Hewlett-Packard Co||HPQ US||Aft-mkt||Q1 2014 Earnings Release||Q1 2014||0.844|
|priceline.com Inc||PCLN US||Aft-mkt||Q4 2013 Earnings Release||Q4 2013||8.295|
|Newmont Mining Corp||NEM US||Aft-mkt||Q4 2013 Earnings Release||Q4 2013||0.44|
|Public Storage||PSA US||Aft-mkt||Q4 2013 Earnings Release||Q4 2013||2.023|
|American Electric Power Co Inc||AEP US||Roadshow – Japan – Day 4||Y 2014|