US : Pre Market News – 19 Oct 2016
NEW YORK :
Dec E-mini S&Ps (ESZ16 unch) are up +0.02% on a rally in energy producing stocks as the price of crude oil (CLX16 +1.29%) climbs +1.37% after API data released late yesterday showed U.S crude supplies declined -3.8 million bbl last week. Gains were limited and European stocks are down -0.2% after weaker-than-expected Chinese industrial output fuels global growth concerns. Also, technology stocks are weaker led by a nearly 5% decline in Intel in pre-market trading after it forecast weaker-than-expected Q4 revenue. Asian stocks settled mostly higher: Japan +0.21%, Hong Kong -0.38%, China +0.03%, Taiwan +0.67%, Australia +0.45%, Singapore +0.49%, South Korea +0.09%, India -0.24%. China’s Shanghai Composite eked out a 5-week high on speculation the government may boost stimulus measures after the pace of Chinese industrial production unexpectedly slowed.
The dollar index (DXY00 -0.07%) is down -0.16%. EUR/USD (^EURUSD) is unch. USD/JPY (^USDJPY) is down -0.47% at a 1-week low.
Dec 10-year T-note prices (ZNZ16 unch) are up +0.5 of a tick at a 2-week high.
China Sep industrial production rose +6.1% y/y, weaker than expectations of +6.4% y/y.
China Q3 GDP was unchanged for the second straight quarter at 6.7% y/y, right on expectations and the slowest pace of growth in 7-1/2 years.
Key U.S. news today includes: (1) weekly MBA mortgage applications (previous -6.0% with purchase sub-index -2.6% and refi sub-index -8.0%), (2) Sep housing starts (expected +2.9% to 1.175 million, Aug -5.8% m/m to 1.142 million), (3) San Francisco Fed President John Williams (non-voter) speaks at Rutgers University, (4) Dallas Fed President Robert Kaplan (non-voter) takes part in a moderated Q&A at a luncheon sponsored by the Fort Worth Chamber of Commerce, (5) Fed Beige Book, (6) EIA Weekly Petroleum Status Report.
Notable S&P 500 earnings reports today include: Morgan Stanley (consensus $ 0.63), AMEX (-0.96), Halliburton (-0.06), Abbott Labs (0.58), Citrix (1.19), Kinder Morgan (0.16), eBay (0.44).
U.S. IPO’s scheduled to price today: Forterra (FRTA), iRhythm Technologies (IRTC).
Equity conferences during the remainder of this week include: none.
Intel (INTC +1.23%) is down nearly 5% in pre-market trading after it forecast Q4 revenue of $ 15.2 billion-$ 16.2 billion, and the midpoint trailed estimates of $ 15.9 billion.
Norwegian Cruise Line Holdings Ltd. (NCLH +2.08%) was downgraded to ‘Hold’ from ‘Buy’ at SunTrust.
EI du Pont de Nemours (DD +1.22%) was rated a new ‘Buy’ at Nomura with a 12-month target price of $ 78.
GoDaddy (GDDY +0.82%) was rated a new ‘Buy’ at Cantor Fitzgerald with a 12-month price target of $ 42.
Yahoo! (YHOO -0.26%) gained over 1% in after-hours trading after it reported Q3 adjusted EPS of 20 cents, higher than consensus of 14 cents.
Cree (CREE +1.61%) sold-off over 9% in after-hours trading after it reported Q1 adjusted EPS of 9 cents, below consensus of 11 cents, and forecast Q2 adjusted EPS continuing operations of 4 cents-10 cents, well below consensus of 14 cents.
Intuitive Surgical (ISRG +1.73%) fell 2% in after-hours trading on disappointment that it reported Q3 worldwide procedure growth of 14%, right on expectations.
Manhattan Associated (MANH +1.92%) tumbled 9% in after-hours trading after it lowered guidance on full-year revenue to $ 603 million-$ 609 million from a July view of $ 615 million-$ 620 million.
Interactive Brokers Group (IBKR +1.33%) lost almost 1% in after-hours trading after it reported Q3 comprehensive EPS of 30 cents, below consensus of 32 cents.
Meridian Bioscience (VIVO +0.27%) sank 10% in after-hours trading after it forecast fiscal 2017 adjusted EPS of 81 cents-85 cents, weaker than consensus of 91 cents.
Puma Biotechnology (PBYI +0.67%) dropped 5% in after-hours trading after it proposed an offering of $ 150 million of stock.
Sunesis Pharmaceuticals (SNSS -2.86%) slid nearly 7% in after-hours trading after it proposed an offering of common stock and preferred stock, although no size was given.
Dec E-mini S&Ps (ESZ16 unch) this morning are up +0.50 of a point (+0.02%). Tuesday’s closes: S&P 500 +0.62%, Dow Jones +0.42%, Nasdaq +0.91%. The S&P 500 on Tuesday closed higher on carryover support from a rally in China’s Shanghai Composite to a 5-week high after China Sep aggregate financing, the broadest measure of credit, posted its biggest increase in 6 months. There was also strength in mining stocks and raw-material producers after gold and silver prices rose to 1-week highs. Stocks were also boosted by benign inflation pressures that may delay a Fed rate hike after U.S. Sep core CPI rose +0.1% m/m and +2.2% y/y, slightly weaker than expectations of +0.2% m/m and +2.3% y/y.
Dec 10-year T-notes (ZNZ16 unch) this morning are up +0.5 of a tick at a 2-week high. Tuesday’s closes: TYZ6 +5.50, FVZ6 +3.00. Dec 10-year T-notes on Tuesday rose to a 1-1/2 week high and closed higher on the smaller-than-expected increase in U.S. Sep core CPI, which bolsters the case for the Fed to delay an interest rate increase. T-notes were also boosted by the as-expected -2 point decline in the U.S. Oct NAHB housing market index to 63 from 65.
The dollar index (DXY00 -0.07%) this morning is down -0.158 (-0.16%). EUR/USD (^EURUSD) is unchanged. USD/JPY (^USDJPY) is down -0.49 (-0.47%) at a 1-week low. Tuesday’s closes: Dollar index +0.007 (+0.01%), EUR/USD -0.0019 (-0.17%), USD/JPY -0.02 (-0.02%). The dollar index on Tuesday closed little changed. The dollar index was undercut by the slightly weaker-than-expected U.S. Sep core CPI, which may push the Fed to further delay an interest rate increase. There was also strength in the British pound as GBP/USD climbed to a 1-week high after UK Sep CPI rose more than expected, which may limit further BOE easing moves.
Nov WTI crude oil (CLX16 +1.29%) this morning is up +69 cents (+1.37%) and Nov gasoline (RBX16 -0.35%) is down -0.0021 (-0.14%). Tuesday’s closes: Nov crude +0.35 (+0.70%), Nov gasoline +0.0101 (+0.68%). Nov crude oil and gasoline on Tuesday closed higher with Nov gasoline at a 1-3/4 month high. Crude oil prices were boosted by a weaker dollar and by IEA Executive Director Birol’s comment that OPEC’s plan to limit production is an “important development” and may see the market rebalancing “much sooner” than the end of 2017. Gains were limited on expectations for Wednesday’s EIA crude inventories to increase by +1.87 million bbl.
|Wednesday, Oct 19|
|US||0700 ET||Weekly MBA mortgage applications, previous -6.0% with purchase sub-index -2.6% and refi sub-index -8.0%.|
|0830 ET||Sep housing starts expected +2.9% to 1.175 million, Aug -5.8% m/m to 1.142 million. Sep building permits expected +1.1% to 1.165 million, Aug +0.7% to 1.152 million.|
|0845 ET||San Francisco Fed President John Williams (non-voter) speaks at Rutgers University.|
|1030 ET||EIA Weekly Petroleum Status Report.|
|1330 ET||Dallas Fed President Robert Kaplan (non-voter) takes part in a moderated Q&A at a luncheon sponsored by the Fort Worth Chamber of Commerce.|
|1400 ET||Fed Beige Book.|
|Thursday, Oct 20|
|US||0830 ET||Weekly initial unemployment claims expected +4,000 to 250,000, previous unch at 246,000. Weekly continuing claims expected +9,000 to 2.055 million, previous -16,000 to 2.046 million.|
|0830 ET||Oct Philadelphia Fed business outlook survey expected -7.5 to 5.3, Sep +10.8 to 12.8.|
|0830 ET||USDA weekly Export Sales.|
|1000 ET||Sep existing home sales expected +0.4% to 5.35 million, Aug -0.9% to 5.33 million.|
|1000 ET||Sep leading indicators expected +0.2%, Aug -0.2%.|
|1100 ET||Treasury announces amount of 2-year T-notes (previous $ 26 billion), 2-year floating-rate notes (previous $ 14 billion), 5-year T-notes (previous $ 34 billion) & 7-year T-notes (previous $ 28 billion) to be auctioned Oct 25-27.|
|1300 ET||Treasury auctions $ 5 billion 30-year TIPS.|
|BB&T Corp||BBT US||Bef-mkt||Q3 2016 Earnings Release||Q3 2016||0.711|
|M&T Bank Corp||MTB US||Bef-mkt||Q3 2016 Earnings Release||Q3 2016||2.04|
|US Bancorp||USB US||Bef-mkt||Q3 2016 Earnings Release||Q3 2016||0.833|
|Reynolds American Inc||RAI US||Bef-mkt||Q3 2016 Earnings Release||Q3 2016||0.641|
|Halliburton Co||HAL US||6:50||Q3 2016 Earnings Release||Q3 2016||-0.063|
|Dover Corp||DOV US||7:00||Q3 2016 Earnings Release||Q3 2016||0.821|
|Morgan Stanley||MS US||7:00||Q3 2016 Earnings Release||Q3 2016||0.627|
|St Jude Medical Inc||STJ US||7:15||Q3 2016 Earnings Release||Q3 2016||1.014|
|Abbott Laboratories||ABT US||7:30||Q3 2016 Earnings Release||Q3 2016||0.581|
|Northern Trust Corp||NTRS US||7:30||Q3 2016 Earnings Release||Q3 2016||1.091|
|BB&T Corp||BBT US||8:00||Q3 2016 Earnings Call||Q3 2016|
|St Jude Medical Inc||STJ US||8:00||Q3 2016 Earnings Call||Q3 2016|
|Amphenol Corp||APH US||8:00||Q3 2016 Earnings Release||Q3 2016||0.685|
|Seagate Technology PLC||STX US||8:00||Q1 2017 Earnings Release||Q1 2017||0.79|
|Navient Corp||NAVI US||8:00||Q3 2016 Earnings Call||Q3 2016|
|Genuine Parts Co||GPC US||8:30||Q3 2016 Earnings Release||Q3 2016||1.277|
|Morgan Stanley||MS US||8:30||Q3 2016 Earnings Call||Q3 2016|
|Abbott Laboratories||ABT US||9:00||Q3 2016 Earnings Call||Q3 2016|
|Halliburton Co||HAL US||9:00||Q3 2016 Earnings Call||Q3 2016|
|US Bancorp||USB US||9:00||Q3 2016 Earnings Call||Q3 2016|
|Reynolds American Inc||RAI US||9:00||Q3 2016 Earnings Call||Q3 2016|
|Seagate Technology PLC||STX US||9:00||Q1 2017 Earnings Call||Q1 2017|
|Dover Corp||DOV US||10:00||Q3 2016 Earnings Call||Q3 2016|
|Genuine Parts Co||GPC US||11:00||Q3 2016 Earnings Call||Q3 2016|
|M&T Bank Corp||MTB US||11:00||Q3 2016 Earnings Call||Q3 2016|
|Northern Trust Corp||NTRS US||12:00||Q3 2016 Earnings Call||Q3 2016|
|Amphenol Corp||APH US||13:00||Q3 2016 Earnings Call||Q3 2016|
|Mattel Inc||MAT US||16:05||Q3 2016 Earnings Release||Q3 2016||0.708|
|Citrix Systems Inc||CTXS US||16:05||Q3 2016 Earnings Release||Q3 2016||1.194|
|Kinder Morgan Inc/DE||KMI US||16:05||Q3 2016 Earnings Release||Q3 2016||0.156|
|eBay Inc||EBAY US||16:15||Q3 2016 Earnings Release||Q3 2016||0.44|
|FMC Technologies Inc||FTI US||16:15||Q3 2016 Earnings Release||Q3 2016||0.231|
|Xilinx Inc||XLNX US||16:20||Q2 2017 Earnings Release||Q2 2017||0.546|
|Kinder Morgan Inc/DE||KMI US||16:30||Q3 2016 Earnings Call||Q3 2016|
|Citrix Systems Inc||CTXS US||16:45||Q3 2016 Earnings Call||Q3 2016|
|American Express Co||AXP US||17:00||Q3 2016 Earnings Call||Q3 2016|
|Mattel Inc||MAT US||17:00||Q3 2016 Earnings Call||Q3 2016|
|Lam Research Corp||LRCX US||17:00||Q1 2017 Earnings Call||C3 2017|
|Xilinx Inc||XLNX US||17:00||Q2 2017 Earnings Call||Q2 2017|
|Tractor Supply Co||TSCO US||17:00||Q3 2016 Earnings Call||Q3 2016|
|eBay Inc||EBAY US||17:00||Q3 2016 Earnings Call||Q3 2016|
|American Express Co||AXP US||Aft-mkt||Q3 2016 Earnings Release||Q3 2016||0.961|
|Lam Research Corp||LRCX US||Aft-mkt||Q1 2017 Earnings Release||Q1 2017||1.776|
|Tractor Supply Co||TSCO US||Aft-mkt||Q3 2016 Earnings Release||Q3 2016||0.658|
|SL Green Realty Corp||SLG US||Aft-mkt||Q3 2016 Earnings Release||Q3 2016||1.503|
|United Rentals Inc||URI US||Aft-mkt||Q3 2016 Earnings Release||Q3 2016||2.424|
|Robert Half International Inc||RHI US||Q3 2016 Earnings Release||Q3 2016||0.707|
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