Fri Feb 21 2014
Live Index (1446 articles)

Live Index – Fri, 21 Feb 2014 Premarket

PREMARKET WORLD NEWS

March E-mini S&Ps (ESH14 +0.23%) this morning are up +0.20% and European stocks are up +0.11% as G-20 finance ministers and central bankers gather in Sydney for a 2-day meeting. According to a draft communique for this weekend’s meeting, the G-20 finance chiefs will back the withdrawal of stimulus in advanced economies and commit to developing new measures to boost economic growth. Asian stocks closed mostly higher: Japan +2.88%, Hong Kong +0.78%, China -1.01%, Taiwan +0.91%, Australia +0.49%, Singapore +0.43%, South Korea +1.70%, India +0.80%. Commodity prices are mixed. Apr crude oil (CLJ14 -0.24%) is down -0.30%. Apr gasoline (RBJ14 -0.48%) is down -0.49%. Apr gold (GCJ14 +0.40%) is up +0.36%. March copper (HGH14 -0.05%) is down -0.24% on signs of reduced Chinese demand after weekly Shanghai copper inventories rose +13,770 MT to a 9-month high of 194,111 MT. Agriculture and livestock prices are mixed. The dollar index (DXY00 +0.13%) is up +0.12%. EUR/USD (^EURUSD) is down -0.08%. USD/JPY (^USDJPY) is up +0.13% as the yen weakened after BOJ Governor Kuroda said now is not the time to discuss exiting QE. March T-note prices (ZNH14 -0.09%) are unch.

BOJ Governor Kuroda said it is “too early” for a detailed discussion of exiting QE as Japan is only halfway on path toward the BOJ’s 2% inflation target.

UK Jan retail sales ex-autos fell -1.5% m/m, the biggest decline in 2-1/2 years and more than expectations of -1.2% m/m, while on an annual basis Jan retail sales ex-autos rose +4.8% y/y, less than expectations of +5.0% y/y. Jan retail sales including autos fell -1.5% m/m, the biggest drop in 1-3/4 years and more than expectations of -1.0% m/m. On an annual basis, Jan retail sales including autos rose +4.3%, less than expectations of +5.0% y/y.

UK Jan public sector net borrowing fell -6.4 billion pounds, less than expectations of -9.1 billion pounds, but still the biggest decline in a year.

U.S. STOCK PREVIEW

Today’s Jan existing home sales report is expected to show a decline of -4.1% to a 1-1/2 year low of 4.67 million, more than reversing the +1.0% increase to 4.87 million seen in December. G-20 central bank chiefs and finance ministers will attend a G-20 meeting over the weekend in Sydney. There are no equity conferences today. There are 4 of the S&P 500 companies that report earnings today: Pinnacle West Capital (consensus $ 0.19), Ecolab (1.05), Graham Holdings, and Ameren (0.13).

 

 

PREMARKET U.S. STOCKS

Signet Jewelers (SIG +0.61%) was upgraded to ‘Buy’ from ‘Neutral’ at Sterne Agee.

FBR Capital raised its price target for priceline.com (PCLN +0.73%) to $ 1,500 from $ 1,300 and keeps an ‘Outperform’ rating on the stock.

Donaldson (DCI +1.43%) reported Q2 adjusted EPS of 39 cents, higher than consensus of 36 cents.

Kindred Healthcare (KND -0.31%) reported Q4 adjusted EPS of 15 cents, better than consensus of 13 cents.

MRC Global (MRC +2.00%) reported Q4 adjusted EPS of 32 cents, well below consensus of 41 cents.

Pilgrim’s Pride (PPC +2.34%) reported Q4 EPS of 55 cents, higher than consensus of 47 cents.

Express Scripts (ESRX +0.97%) reported Q4 EPS of $ 1.12, right on consensus, but reported Q4 revenue of $ 25.78 billion, sronger than consensus of $ 25.37 billion.

Mohawk (MHK +1.32%) reported Q4 EPS ex-items of $ 1.79, better than consensus of $ 1.75.

Total (TOT +0.84%) was upgraded to ‘Neutral’ from ‘Sell’ at Goldman Sachs.

Marvell (MRVL +2.28%) reported Q4 EPS of 29 cents, higher than consensus of 25 cents.

Nordstrom (JWN +0.95%) reported Q4 EPS of $ 1.37, higher than consensus of $ 1.34.

Groupon (GRPN +2.59%) rallied 14% in after-hours trading after it reported Q4 EPS of 4 cents, double consensus of 2 cents, but then erased its advance and tumbled 12% after it said it expects a -2 cent to a -4 cent loss in Q1, weaker than consensus of a 6 cent gain.

Priceline.com (PCLN +0.73%) rose over 2% in after-hours trading after it reported Q4 EPS of $ 8.85, well above consensus of $ 8.29.

Hewlett-Packard (HPQ +2.51%) reported Q1 adjusted EPS of 90 cents, better than consensus of 84 cents.

MARKET COMMENTS

Mar E-mini S&Ps (ESH14 +0.23%) this morning are up +3,75 points (+0.20%). The S&P 500 on Thursday shrugged off concerns of slowing global economic growth and closed higher on increased M&A activity as Facebook’s acquisition of a mobile start-up for $ 19 billion signals increased optimism in the economic outlook. Stocks had opened lower on global growth concerns after the China Feb HSBC/Markit flash manufacturing PMI fell -1.2 to a 7-month low of 48.3 and after the Eurozone Feb PMI composite unexpectedly fell -0.2 to 52.7. Stocks shrugged off the -15.7 point plunge in the Feb Philadelphia Fed manufacturing index to a 1-year low of -6.3 as weather-related. Closes: S&P 500 +0.60%, Dow Jones +0.58%, Nasdaq 100 +0.52%.

Mar 10-year T-notes (ZNH14 -0.09%) this morning are unch. Mar 10-year T-note futures prices on Thursday closed lower on speculation that the weather-induced weakness in recent U.S. economic data will fail to deter the Fed in its QE3 tapering regime. Another negative for T-notes was reduced safe-haven demand for Treasuries after stocks shook off early losses and moved higher. Closes: TYH4 -7.50, FVH4 -4.50.

The dollar index (DXY00 +0.13%) this morning is up +0.100 (+0.12%). EUR/USD (^EURUSD) is down -0.0011 (-0.08%). USD/JPY ^USDJPY) is up +0.13 (+0.13%). The dollar index on Thursday closed higher on carry-over support from Wednesday’s minutes of the Jan 28-29 FOMC meeting that signaled the Fed will continue to taper QE3. EUR/USD retreated after the Eurozone Feb PMI composite unexpectedly fell -0.2 to 52.7, weaker than expectations of +0.2 to 53.1. Closes: Dollar index +0.142 (+0.18%), EUR/USD -0.00146 (-0.11%), USD/JPY -0.036 (-0.04%).

Apr WTI crude oil (CLJ14 -0.24%) this morning is down -31 cents (-0.30%) and Apr gasoline (RBJ14 -0.48%) is down -0.0148 (-0.49%). Apr crude and gasoline prices Thursday settled mixed. Bearish factors for crude included (1) the stronger dollar, and (2) the unexpected +309,000 bbl increase in weekly EIA gasoline inventories, more than expectations for a -850,000 bbl draw. Bullish factors included (1) the -1.733 million bbl drop in crude inventories at Cushing, the delivery point for WTI futures, to a 3-1/2 month low of 35.9 million bbl, and (2) the +973,000 bbl rise in weekly EIA crude supplies, less than expectations of a +2.25 million bbl increase. Closes: CLJ4 -0.09 (-0.09%), RBJ4 +0.0242 (+0.81%).

GLOBAL EVENT CALENDAR02/21/2014
US0830 ETUSDA weekly Export Sales.
1000 ETJan existing home sales expected -4.1% to 4.67 million, Dec +1.0% to 4.87 million
1310 ETSt. Louis Fed President James Bullard speaks on the economy to the St. Louis Forum at the St. Louis Club.
1345 ETDallas Fed President Richard Fisher speaks on the U.S. and regional economic outlook at the University of Texas at Austin.
1500 ETJan Cattle on Feed.
1500 ETJan USDA Cold Storage.
n/aG-20 finance ministers and central bank governors meet in Sydney, Australia for a 2-day meeting.
UK0430 ETUK Jan retail sales ex autos expected -1.2% m/m and +5.0% y/y, Dec +2.8% m/m and +6.1% y/y. Jan retail sales including autos expected -1.0% m/m and +5.0% y/y, Dec +2.6% m/m and +5.4% y/y.
0430 ETUK Jan public sector net borrowing expected -9.5 billion pounds, Dec +10.4 billion pounds.
CHI2030 ETChina Jan property prices.
U.S. STOCK CALENDAR02/21/2014
Company NameTickerTimeEvent DescriptionPeriodEstimate
Pinnacle West Capital CorpPNW USBef-mktQ4 2013 Earnings ReleaseQ4 20130.19
Ecolab IncECL USBef-mktQ4 2013 Earnings ReleaseQ4 20131.047
Graham Holdings CoGHC USBef-mktQ4 2013 Earnings ReleaseQ4 2013
Ameren CorpAEE USBef-mktQ4 2013 Earnings ReleaseQ4 20130.13
Express Scripts Holding CoESRX US8:00Q4 2013 Earnings CallQ4 2013
Express Scripts Holding CoESRX US8:00Investor Day – Q4 Earnings ResultsY 2014
Cabot Oil & Gas CorpCOG US9:30Q4 2013 Earnings CallQ4 2013
Newmont Mining CorpNEM US10:00Q4 2013 Earnings CallQ4 2013
Ameren CorpAEE US10:00Q4 2013 Earnings CallQ4 2013
Pinnacle West Capital CorpPNW US11:00Q4 2013 Earnings CallQ4 2013
Mohawk Industries IncMHK US11:00Q4 2013 Earnings CallQ4 2013
Public StoragePSA US13:00Q4 2013 Earnings CallQ4 2013
Ecolab IncECL US13:00Q4 2013 Earnings CallQ4 2013
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