US : Pre Market News – 20 Oct 2016
NEW YORK :
Dec E-mini S&Ps (ESZ16 +0.12%) are up +0.14% on better-than-expected earnings results from American Express and European stocks are up +0.28% ahead of today’s ECB meeting, where investors will scour comments from ECB President Draghi for any changes to the central bank’s QE program. Stock gains were limited as a -1.10% decline in crude oil prices (CLX16 -1.09%) undercut energy producing stocks. The dollar rose in overnight trading on hawkish comments from New York Fed President Dudley who reiterated that he expects a Fed interest rate increase by the end of the year. Asian stocks settled mostly higher: Japan +1.39%, Hong Kong +0.30%, China -0.01%, Taiwan +0.36%, Australia +0.12%, Singapore -0.07%, South Korea +0.08%, India +0.52%. Japan’s Nikkei Stock Index rallied to a 4-1/2 month high as exporters strengthened after the yen fell for the first time in four sessions.
The dollar index (DXY00 +0.01%) is up +0.02%. EUR/USD (^EURUSD) is up +0.04%. USD/JPY (^USDJPY) is up +0.25%.
Dec 10-year T-note prices (ZNZ16 -0.01%) are up +0.5 of a tick.
New York Fed President Dudley (voter) said the Fed is “reasonably close” to its twin mandates on employment and inflation and “if the economy stays on the current trajectory, I do expect to see an interest-rate increase later this year.”
Key U.S. news today includes: (1) weekly initial unemployment claims (expected +4,000 to 250,000, previous unch at 246,000) and continuing claims (expected +7,000 to 2.053 million, previous -16,000 to 2.046 million), (2) Oct Philadelphia Fed business outlook index (expected -7.5 to 5.3, Sep +10.8 to 12.8), (3) Sep existing home sales (expected +0.4% to 5.35 million, Aug -0.9% to 5.33 million), (4) Sep leading indicators (expected +0.2%, Aug -0.2%), (5) Treasury auctions $ 5 billion 30-year TIPS, and (6) USDA weekly Export Sales.
Notable S&P 500 earnings reports today include: Microsoft (consensus $ 0.68), PayPal (0.35), American Airlines (1.69), PulteGroup (0.44), Walgreens (0.99), Verizon (0.99), Schlumberger (0.22).
U.S. IPO’s scheduled to price today: none.
Equity conferences during the remainder of this week include: none.
American Express (AXP +1.95%) jumped over 5% in pre-market trading after it reported Q3 EPS of $ 1.24, well above consensus of 96 cents.
United Rentals (URI -1.13%) rose nearly 5% in after-hours trading after it lifted its lower end of its 2016 revenue estimate to $ 5.65 billion-$ 5.75 billion from a July 20 view of $ 5.60 billion-$ 5.80 billion.
Mattel (MAT -0.29%) rallied over 4% in after-hours trading after it reported Q3 net sales of $ 1.8 billion, above consensus of $ 1.78 billion.
eBay (EBAY +2.78%) dropped 7% in after-hours trading after it said it sees Q4 adjusted EPS continuing operations of 52 cents-54 cents, at the lower end of consensus of 54 cents.
Kinder Morgan (KMI +2.63%) was upgraded to ‘Outperform’ from ‘Neutral’ at Credit Suisse with a target price of $ 26.
Manitowoc (MTW +2.37%) tumbled 8% in after-hours trading after it said orders and backlog were down double digits during Q3 and it is temporarily shutting down some mobile output lines in Q4.
BJ’s Restaurants (BJRI +0.76%) dropped 6% in after-hours trading after it reported Q3 adjusted EPS of 30 cents, below consensus of 32 cents, and said comparable restaurant sales were down -3.4%, weaker than consensus of -1.9%.
FMC Technologies (FTI +1.09%) gained over 1% in after-hours trading after it reported Q3 EPS continuing operations of 35 cents, better than consensus 23 cents.
East West Bancorp (EWBC +1.25%) rose 2% in after-hours trading after it reported Q3 EPS of 76 cents, higher than consensus of 69 cents, and then raised guidance on full-year EPS to $ 2.91-$ 2.93 from a prior view of $ 2.83-$ 2.87.
Core Laboratories NV (CLB +2.78%) fell over 1% in after-hours trading after it said it sees Q4 EPS of 38 cents-40 cents, weaker than consensus of 41 cents.
Landstar Systems (LSTR unch) climbed nearly 5% in after-hours trading after it said it sees Q4 EPS of 85 cents-90 cents, higher than consensus of 82 cents.
WD-40 Co. (WDFC -2.50%) gained over 1% in after-hours trading after it reported Q4 EPS of 99 cents, above consensus of 82 cents.
DXP Enterprises (DXPE +0.07%) sank 17% in after-hours trading after it reported preliminary Q3 sales of $ 228 million-$ 231 million, below consensus of $ 250.7 million.
Select Comfort (SCSS +2.13%) plunged over 15% in after-hours trading after it reported Q3 WPS of 56 cents, weaker than consensus of 57 cents, and then lowered guidance on full-year EPS to $ 1.15-$ 1.25 from a prior view of $ 1.25-$ 1.45.
Dec E-mini S&Ps (ESZ16 +0.12%) this morning are up +3.00 points (+0.14%). Wednesday’s closes: S&P 500 +0.22%, Dow Jones +0.22%, Nasdaq -0.06%. The S&P 500 on Wednesday closed higher on a rally in energy producer stocks as the price of crude oil jumped by +2.6% to a 1-1/4 year high. Stocks were also boosted by +6.3% increase in U.S. Sep building permits, a proxy for future construction, to 1.225 million, stronger than expectations of +1.1% to 1.165 million and the most in 10 months. Stocks were undercut by the unexpected -9.0% decline in U.S. Sep housing starts to a 1-1/2 year low of 1.047 million, weaker than expectations of +2.9% to 1.175 million.
Dec 10-year T-notes (ZNZ16 -0.01%) this morning are up +0.5 of a tick. Wednesday’s closes: TYZ6 -1.00, FVZ6 unch. Dec 10-year T-notes on Wednesday fell back from a 2-week high and closed lower on the upbeat Fed Beige Book that bolstered the case for a Fed rate hike. T-notes were also undercut by reduced safe-haven demand with the rally in stocks. T-notes found support on the unexpected decline in U.S. Sep housing starts to a 1-1/2 year low.
The dollar index (DXY00 +0.01%) this morning is up +0.018 (+0.02%). EUR/USD (^EURUSD) is up +0.0004 (+0.04%). USD/JPY (^USDJPY) is up +0.26 (+0.25%). Wednesday’s closes: Dollar index +0.025 (+0.03%), EUR/USD -0.0007 (-0.06%), USD/JPY -0.43 (-0.41%). The dollar index on Wednesday closed higher on the Fed’s Beige Book that said “most districts indicated a modest or moderate pace of expansion,” which supports the case for a Fed interest rate increase sooner rather than later. The dollar was also boosted by the slide in EUR/USD to a 2-3/4 month low on long liquidation ahead of Thursday’s ECB meeting.
Nov WTI crude oil (CLX16 -1.09%) this morning is down -57 cents (-1.10%) and Nov gasoline (RBX16 -0.61%) is down -0.0105 (-0.69%). Wednesday’s closes: Nov crude +1.31 (+2.60%), Nov gasoline +0.0058 (+0.39%). Nov crude oil and gasoline on Wednesday closed higher with Nov crude at a 1-1/4 year high. Crude oil prices were boosted by comments from Saudi Arabia’s Minister of Energy and Industry, Khalid Al-Falih, who said that many nations have given “strong signals” that they are willing to join OPEC in cutting production to secure a continued improvement in oil prices. Crude oil was also boosted by the unexpected -5.25 million bbl draw in EIA crude inventories to an 8-1/2 month low versus expectations of +1.875 million bbl. In addition, Cushing crude oil inventories fell by -1.63 million bbl to a 10-month low.
|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 +7,000 to 2.053 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.|
|Friday, Oct 21|
|US||1015 ET||Fed Governor Daniel Tarullo speaks on Pedagogy and Scholarship in a Post-Crisis World at Columbia Law School.|
|1430 ET||San Francisco Fed President John Williams (non-voter) delivers keynote address at the Federal Home Loan Banks 2016 conference.|
|1500 ET||USDA Sep Cold Storage.|
|1500 ET||USDA Sep Cattle on Feed.|
|Alaska Air Group Inc||ALK US||Bef-mkt||Q3 2016 Earnings Release||Q3 2016||2.068|
|American Airlines Group Inc||AAL US||Bef-mkt||Q3 2016 Earnings Release||Q3 2016||1.685|
|PulteGroup Inc||PHM US||Bef-mkt||Q3 2016 Earnings Release||Q3 2016||0.436|
|PPG Industries Inc||PPG US||Bef-mkt||Q3 2016 Earnings Release||Q3 2016||1.555|
|Snap-on Inc||SNA US||Bef-mkt||Q3 2016 Earnings Release||Q3 2016||2.154|
|Danaher Corp||DHR US||6:00||Q3 2016 Earnings Release||Q3 2016||0.825|
|Bank of New York Mellon Corp/The||BK US||6:30||Q3 2016 Earnings Release||Q3 2016||0.809|
|Textron Inc||TXT US||6:30||Q3 2016 Earnings Release||Q3 2016||0.655|
|Fifth Third Bancorp||FITB US||6:30||Q3 2016 Earnings Release||Q3 2016||0.406|
|Quest Diagnostics Inc||DGX US||6:45||Q3 2016 Earnings Release||Q3 2016||1.353|
|Travelers Cos Inc/The||TRV US||6:57||Q3 2016 Earnings Release||Q3 2016||2.364|
|Walgreens Boots Alliance Inc||WBA US||7:00||Q4 2016 Earnings Release||Q4 2016||0.989|
|Verizon Communications Inc||VZ US||7:30||Q3 2016 Earnings Release||Q3 2016||0.985|
|Alliance Data Systems Corp||ADS US||7:30||Q3 2016 Earnings Release||Q3 2016||4.437|
|Bank of New York Mellon Corp/The||BK US||8:00||Q3 2016 Earnings Call||Q3 2016|
|Danaher Corp||DHR US||8:00||Q3 2016 Earnings Call||Q3 2016|
|Illinois Tool Works Inc||ITW US||8:00||Q3 2016 Earnings Release||Q3 2016||1.491|
|Textron Inc||TXT US||8:00||Q3 2016 Earnings Call||Q3 2016|
|Prologis Inc||PLD US||8:00||Q3 2016 Earnings Release||Q3 2016||0.702|
|American Airlines Group Inc||AAL US||8:30||Q3 2016 Earnings Call||Q3 2016|
|Verizon Communications Inc||VZ US||8:30||Q3 2016 Earnings Call||Q3 2016|
|PulteGroup Inc||PHM US||8:30||Q3 2016 Earnings Call||Q3 2016|
|Walgreens Boots Alliance Inc||WBA US||8:30||Q4 2016 Earnings Call||Q4 2016|
|Quest Diagnostics Inc||DGX US||8:30||Q3 2016 Earnings Call||Q3 2016|
|Alliance Data Systems Corp||ADS US||8:30||Q3 2016 Earnings Call||Q3 2016|
|Union Pacific Corp||UNP US||8:45||Q3 2016 Earnings Release||Q3 2016||1.404|
|Union Pacific Corp||UNP US||8:45||Q3 2016 Earnings Call||Q3 2016|
|Alcoa Inc||AA US||9:00||Investor Meeting||Y 2016|
|Nucor Corp||NUE US||9:00||Q3 2016 Earnings Release||Q3 2016||0.903|
|Travelers Cos Inc/The||TRV US||9:00||Q3 2016 Earnings Call||Q3 2016|
|Fifth Third Bancorp||FITB US||9:00||Q3 2016 Earnings Call||Q3 2016|
|FMC Technologies Inc||FTI US||9:00||Q3 2016 Earnings Call||Q3 2016|
|Illinois Tool Works Inc||ITW US||10:00||Q3 2016 Earnings Call||Q3 2016|
|Snap-on Inc||SNA US||10:00||Q3 2016 Earnings Call||Q3 2016|
|Chesapeake Energy Corp||CHK US||10:00||Analyst Day||Y 2016|
|United Rentals Inc||URI US||11:00||Q3 2016 Earnings Call||Q3 2016|
|Alaska Air Group Inc||ALK US||11:30||Q3 2016 Earnings Call||Q3 2016|
|Prologis Inc||PLD US||12:00||Q3 2016 Earnings Call||Q3 2016|
|Nucor Corp||NUE US||14:00||Q3 2016 Earnings Call||Q3 2016|
|PPG Industries Inc||PPG US||14:00||Q3 2016 Earnings Call||Q3 2016|
|SL Green Realty Corp||SLG US||14:00||Q3 2016 Earnings Call||Q3 2016|
|People’s United Financial Inc||PBCT US||16:00||Q3 2016 Earnings Release||Q3 2016||0.23|
|PayPal Holdings Inc||PYPL US||16:05||Q3 2016 Earnings Release||Q3 2016||0.348|
|Microsoft Corp||MSFT US||16:09||Q1 2017 Earnings Release||Q1 2017||0.683|
|KLA-Tencor Corp||KLAC US||16:15||Q1 2017 Earnings Release||Q1 2017||1.04|
|KLA-Tencor Corp||KLAC US||17:00||Q1 2017 Earnings Call||Q1 2017|
|People’s United Financial Inc||PBCT US||17:00||Q3 2016 Earnings Call||Q3 2016|
|E*TRADE Financial Corp||ETFC US||17:00||Q3 2016 Earnings Call||Q3 2016|
|PayPal Holdings Inc||PYPL US||17:00||Q3 2016 Earnings Call||Q3 2016|
|Schlumberger Ltd||SLB US||Aft-mkt||Q3 2016 Earnings Release||Q3 2016||0.22|
|E*TRADE Financial Corp||ETFC US||Aft-mkt||Q3 2016 Earnings Release||Q3 2016||0.388|
|Crown Castle International Corp||CCI US||Aft-mkt||Q3 2016 Earnings Release||Q3 2016||1.108|
|Southwestern Energy Co||SWN US||17:30||Q3 2016 Earnings Release||Q3 2016||0.043|
|Microsoft Corp||MSFT US||17:30||Q1 2017 Earnings Call||Q1 2017|
|Perrigo Co PLC||PRGO US||Q3 2016 Earnings Release||Q3 2016||1.589|
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