US : Pre Market News – 15 Sep 2016
NEW YORK :
Dec E-mini S&Ps (ESZ16 +0.24%) are up +0.45% and European stocks are up +0.20% ahead of a batch of U.S. economic data today on retail sales, producer prices and regional manufacturing surveys that may give clues as to the health of the economy. The BOE, as expected, voted 9-0 to keep its benchmark rate unchanged at 0.25% and maintain its asset purchase target at 435 billion pounds following today’s policy meeting. A +1.26% rally in crude oil prices (CLV16 +0.39%) is giving energy producing stocks a boost and leading the overall market higher. Asian stocks settled mixed: Japan -1.26%, Hong Kong +0.63%, China, Taiwan and South Korea closed for holiday, Australia +0.23%, Singapore -0.14%, India +0.14%. Japan’s Nikkei Stock index fell to a 2-1/2 week low as bank stocks declined on concern the BOJ at next week’s policy meeting may try to pursue policies that push interest rates deeper in negative territory, which may further reduce banks’ earnings prospects.
The dollar index (DXY00 +0.03%) is up +0.04%. EUR/USD (^EURUSD) is down -0.10%. USD/JPY (^USDJPY) is down -0.01%.
Dec T-note prices (ZNZ16 +0.02%) are down -2 ticks.
Key U.S. news today includes: (1) weekly initial unemployment claims (expected +6,000 to 265,000, previous -4,000 to 259,000) and continuing claims (expected +6,000 to 2.150 million, previous -7,000 to 2.144 million), (2) Q2 current account balance (expected -$ 120.8 billion, Q1 -$ 124.67 billion), (3) Aug retail sales (expected -0.1% m/m and +0.2% ex autos, Jul unch and -0.3% ex autos), (4) Sep Philadelphia Fed business outlook survey (expected -1.0 to 1.0, Aug +4.9 to 2.0), (5) Sep Empire manufacturing index (expected +3.2 to -1.0, Aug -4.8 to -4.2), (6) Aug PPI final demand (expected +0.1% m/m and +0.1% y/y, Jul -0.4% m/m and -0.2% y/y) and Aug PPI ex food & energy (expected +0.1% m/m and +1.0% y/y, Jul -0.3% m/m and +0.7% y/y), (7) Aug industrial production (expected -0.2%, Jul +0.7%), (8) Jul business inventories (expected +0.1%, Jun +0.2%), and (9) USDA weekly Export Sales.
Russell 1000 companies that report earnings today: Oracle (consensus $ 0.58).
U.S. IPO’s scheduled to price today: Everbridge (EVBG), FB Financials Corp (FBK), Bank of NY Butterfield & Son Ltd (NTB).
Equity conferences during the remainder of this week include: Morgan Stanley Global Health Care Conference on Mon-Thu, Credit Suisse Basic Materials Conference on Tue-Thu, Bank of America Merrill Lynch Media, Communications & Entertainment Conference on Wed-Thu, Morgan Stanley Laguna Conference on Wed-Fri, Bank of America Merrill Lynch Japan Conference on Thu, BMO Capital Markets Back to School Education Conference on Thu, UBS Best of Americas Conference on Thu, Citi Global Industrials Conference on Fri, Kazakh Drilling Roundtable – 2nd Annual on Fri.
Transocean Ltd. (RIG -2.04%) was upgraded to ‘Hold’ from ‘Sell’ at Canaccord Genuity.
Autodesk (ADSK -0.41%) was rated a new ‘Buy’ at Evercore ISI with a 12-month target price of $ 80.
Symantec (SYMC -0.45%) was rated a new ‘Buy’ at Guggenheim Securities with a 12-month target price of $ 30.
PayPal Holdings (PYPL +0.25%) was rated a new ‘Buy’ at Craig-Hallum with a 12-month target price of $ 52.
Nabors Industries Ltd. (NBR -0.75%) was rated a new ‘Buy’ at DA Davidson with an 18-month target price of $ 16.
Gamco reported that it increased its stake in Herc Holdings (HRI +1.29%) to 10.3% from 9.0%.
Clarcor (CLC -0.50%) lowered guidance on fiscal 2016 adjusted EPS to $ 2.57-$ 2.63 from a prior view of $ 2.60-$ 2.80.
Apogee Enterprises (APOG +3.71%) gained over 6% in after-hours trading after it raised guidance on fiscal 2017 EPS to $ 2.80-$ 2.90 from a June 22 estimate of $ 2.70-$ 2.85.
Helmerich & Payne (HP +0.17%) was rated a new ‘Buy’ at DA Davidson with an 18-month price target of $ 72.
Star Bulk Carriers (SBLK unch) slid 4% in after-hours trading after it announced a $ 51.5 million public offering of common stock.
Acacia Research (ACTG -2.57%) rallied over 15% in after-hours trading after it won a $ 22 million judgement against Apple in a patent litigation case, according to Perdix Capital.
Lakeland Industries (LAKE -0.73%) climbed nearly 10% in after-hours trading after it authorized a $ 2.5 million stock repurchase program.
Student Transportation (STB +1.29%) climbed over 5% in after-hours trading after it reported Q4 EPS of 7 cents, above consensus of 6 cents.
Aerie Pharmaceuticals (AERI +7.53%) surged 60% in after-hours trading after it reported positive results in its “Mercury 1” clinical trial for its Roclatan drug for lowering fluid pressure inside the human eyeball.
Dec E-mini S&Ps (ESZ16 +0.24%) this morning are up +9.50 points (+0.45%). Wednesday’s closes: S&P 500 -0.06%, Dow Jones -0.18%, Nasdaq +0.49%. The S&P 500 on Wednesday settled little changed. Stocks were boosted by a partial recovery in T-note prices. In addition, there was strength in mining stocks and raw-material producers after the price of copper jumped +2.55% to a 3-week high. Tech stocks rallied, led by a +3.6% gain in Apple to a 5-month high. Stocks gave up their gains as energy producer stocks declined after the price of crude oil fell -2.94% to a 1-week low.
Dec 10-year T-notes (ZNZ16 +0.02%) this morning are down -2 ticks. Wednesday’s closes: TYZ6 +14.50, FVZ6 +10.50. Dec T-notes on Wednesday closed higher on carry-over support from a rally in German bunds and on reduced inflation expectations after the 10-year T-note breakeven inflation rate fell to a 1-week low.
The dollar index (DXY00 +0.03%) this morning is up +0.039 (+0.04%). EUR/USD (^EURUSD) is down -0.0011 (-0.10%). USD/JPY (^USDJPY) is down -0.01 (-0.01%). Wednesday’s closes: Dollar index -0.306 (-0.32%), EUR/USD +0.0030 (+0.27%), USD/JPY -0.13 (-0.13%). The dollar index on Wednesday closed lower on the bigger-than-expected drop in U.S. Aug import prices, which bolsters the case for the Fed to refrain from raising interest rates. In addition, there was strength in EUR/USD after ECB Executive Board member Lautenschlaeger said he’s “skeptical about further interest rate reductions” since “economic growth is back on track.”
Oct crude oil (CLV16 +0.39%) this morning recovered from a 1-1/2 week low and is up 45 cents (+1.03%) and Oct gasoline (RBV16 +1.25%) is up +1.84%. Wednesday’s closes: CLV6 -1.32 (-2.94%), RBV6 -0.0150 (-1.09%). Oct crude oil and gasoline on Wednesday closed lower with Oct crude at a 1-week low. Crude oil prices were undercut by the unexpected +567,000 bbl increase in EIA gasoline inventories (vs expectations of -1.0 million bbl) and by the +0.4% increase in U.S. crude production in the week ended Sep 9. A supportive factor for crude was the unexpected -559,000 bbl decline in EIA crude inventories to a 6-1/2 month low, versus expectations for a rise of +4.0 million bbl.
|Thursday, Sep 15|
|US||0830 ET||Weekly initial unemployment claims expected +6,000 to 265,000, previous -4,000 to 259,000. Weekly continuing claims expected +6,000 to 2.150 million, previous -7,000 to 2.144 million.|
|0830 ET||Q2 current account balance expected -$ 120.8 billion, Q1 -$ 124.67 billion.|
|0830 ET||Aug retail sales expected -0.1% m/m and +0.2% ex autos, Jul unch and -0.3% ex autos.|
|0830 ET||Sep Philadelphia Fed business outlook survey expected -1.0 to 1.0, Aug +4.9 to 2.0.|
|0830 ET||Sep Empire manufacturing survey general business conditions expected +3.2 to -1.0, Aug -4.8 to -4.2.|
|0830 ET||Aug PPI final demand expected +0.1% m/m and +0.1% y/y, Jul -0.4% m/m and -0.2% y/y. Aug PPI ex food & energy expected +0.1% m/m and +1.0% y/y, Jul -0.3% m/m and +0.7% y/y.|
|0830 ET||USDA weekly Export Sales.|
|0915 ET||Aug industrial production expected -0.2%, Jul +0.7%. Aug manufacturing production expected -0.3%, Jul +0.5%. Aug capacity utilization expected -0.2 to 75.7%, Jul +0.5 to 75.9%.|
|1000 ET||Jul business inventories expected +0.1%, Jun +0.2%.|
|1100 ET||Treasury announces amount of 10-year TIPS to be auctioned Sep 22 (previous $ 13 billion).|
|Friday, Sep 16|
|US||0830 ET||Aug CPI expected +0.1% m/m and +1.0% y/y, Jul unch m/m and +0.8% y/y. Aug CPI ex food & energy expected +0.2% m/m and +2.2% y/y, Jul +0.1% m/m and +2.2% y/y.|
|1000 ET||Preliminary Sep University of Michigan U.S. consumer sentiment expected +0.8 to 90.6, Aug -0.2 to 89.8.|
|EUR||0500 ET||Eurozone Q2 labor costs, Q1 +1.7% y/y.|
|US Bancorp||USB US||8:30||Investor Day||Y 2016|
|athenahealth Inc||ATHN US||8:30||Investor Meeting||Y 2016|
|Goodyear Tire & Rubber Co/The||GT US||9:00||Investor Day||Y 2016|
|Bio-Techne Corp||TECH US||9:00||Investor Day||Y 2016|
|Memorial Resource Development Corp||MRD US||11:00||Special Meeting – M&A Vote|
|Oracle Corp||ORCL US||17:00||Q1 2017 Earnings Call||Q1 2017|
|Oracle Corp||ORCL US||Aft-mkt||Q1 2017 Earnings Release||Q1 2017||0.579|
|NetApp Inc||NTAP US||18:30||Annual General Meeting|
|American Express Co||AXP US||Credit-card Charge-offs and Delinquencies|
|JPMorgan Chase & Co||JPM US||Credit-card Charge-offs and Delinquencies|
|Equifax Inc||EFX US||Investor Meeting||Y 2016|
|Bank of America Corp||BAC US||Credit-card Charge-offs and Delinquencies|
|Citigroup Inc||C US||Credit-card Charge-offs and Delinquencies|
|Progressive Corp/The||PGR US||August 2016 Sales and Revenue Release||2016|
|Charles Schwab Corp/The||SCHW US||August 2016 Sales and Revenue Release – Activity Report||2016|
|Johnson Controls International plc||JCI US||Analyst Day – Adient Financial||Y 2016|
|Range Resources Corp||RRC US||Extraordinary Shareholders Meeting – M&A Vote||Y 2016|
|Capital One Financial Corp||COF US||Credit-card Charge-offs and Delinquencies|
|Alliance Data Systems Corp||ADS US||Credit-card Charge-offs and Delinquencies|
|Discover Financial Services||DFS US||Credit-card Charge-offs and Delinquencies|
|Synchrony Financial||SYF US||Credit-card Charge-offs and Delinquencies|
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