US : Pre Market News – 08 Nov 2016
NEW YORK :
Dec E-mini S&Ps (ESZ16 -0.14%) are down -0.18% on profit-taking after Monday’s sharp rally and on caution ahead of today’s U.S. presidential election results. European stocks are down -0.14% after German Sep industrial production fell by the most in 2-years. Losses in European stocks were limited as bank stocks rallied, led by a 5% jump in with Credit Agricole SA, after it said quarterly profit doubled y/y and bond-trading income surged. Asian stocks settled mostly higher: Japan -0.03%, Hong Kong +0.47%, China +0.46%, Taiwan +0.30%, Australia +0.13%, Singapore +0.69%, South Korea +0.26%, India +0.48%. China’s Shanghai Composite rallied to its highest in 9-3/4 months on expectations for a Clinton victory in today’s U.S. presidential election, which is seen as positive for trade policies between China and the U.S.
The dollar index (DXY00 +0.03%) is down -0.02%. EUR/USD (^EURUSD) is down -0.01%. USD/JPY (^USDJPY) is up +0.30%.
Dec 10-year T-note prices (ZNZ16 +0.06%) are up +3 ticks.
German Sep industrial production fell -1.8% m/m, weaker than expectations of -0.5% m/m and the biggest decline in 2 years.
The China Oct trade balance was in surplus by +$ 49.06 billion, smaller than expectations of +$ 51.70 billion. Oct exports fell -7.3% y/y, weaker than expectations of -6.0% y/y. Oct imports fell -1.4% y/y, weaker than expectations of -1.0% y/y.
Key U.S. news today includes: (1) Chicago Fed President Charles Evans speaks on the economy and monetary policy in a Q&A at the Council on Foreign Relations, (2) Sep JOLTS job openings (expected +32,000 to 5.475 million, Aug -388,000 to 5.443 million), (3) the Treasury’s auction of $ 24 billion of 3-year T-notes, (4) U.S. Election Day.
Notable S&P 500 earnings reports today include: CVS Health (consensus $ 1.57), Johnson Controls, DR Horton (0.77), Expeditors (0.65), Endo Intl (0.82), Concho Resources (0.19), TripAdvisor (0.52).
U.S. IPO’s scheduled to price today: none.
Equity conferences this week include: Credit Suisse Health Care Conference on Mon-Tue, Bernstein Technology Innovation Summit on Mon-Tue, Robert W. Baird Global Industrial Conference on Mon-Thu, Daiwa Investment Conference on Tue, EEI Financial Conference on Tue, Evercore Technology Conference on Tue, Stephens Fall Investment Conference on Tue, Hart Energy Publishing LLLP Executive Oil Conference on Tue, Baird Global Industrial Conference on Wed, RBC Technology Internet Media and Telecommunications Conference on Wed-Thu, Wells Fargo Technology, Media & Telecom Conference on Wed-Fri, Citi Financial Technology Conference on Thu, SunTrust Robinson Humphrey Financial Technology, Business & Government Services on Thu.
Best Buy (BBY +2.30%) was downgraded to ‘Sell’ from ‘Hold’ at Evercore ISI.
Priceline Group (PCLN +3.94%) rose 5% in pre-market trading after it reported Q3 adjusted EPS of $ 31.18, higher than consensus of $ 29.86.
Fabrinet (FN +3.55%) jumped 8% in after-hours trading after it reported Q1 non-GAAP EPS of 80 cents, above consensus of 71 cents, and then said it sees Q2 non-GAAP EPS of 78 cents-80 cents, higher than consensus of 69 cents.
Marriott International (MAR +2.14%) fell nearly 3% in pre-market trading after it said it sees Q4 EPS of 80 cents-85 cents, weaker than consensus of 86 cents.
Align Technology (ALGN +2.48%) gained over 1% in after-hours trading after it reported Q3 adjusted EPS of 63 cents, higher than consensus of 52 cents.
Hertz Global Holdings (HTZ +7.26%) plunged 25% in after-hours trading after it lowered guidance on 2106 adjusted Ebitda to $ 575 million-$ 625 million from an August 8 view of $ 850 million-$ 950 million.
Depomed (DEPO +1.02%) dropped over 10% in after-hours trading after it reported Q3 adjusted EPS of 28 cents, weaker than consensus of 36 cents, and then lowered guidance on full-year Ebitda to $ 152 million-$ 160 million from a prior view of $ 175 million-$ 190 million.
Resolute Energy (REN -1.51%) lost over 6% in after-hours trading after it reported an unexpected Q3 loss of -$ 1.24 a share, well below consensus of a profit of 55 cents.
Cray (CRAY +2.02%) slid nearly 9% in after-hours trading after it reported a Q3 adjusted EPS loss of -49 cents, wider than consensus of 35 cents.
News Corp. (NWSA +2.78%) rose nearly 4% in after-hours trading after it reported an unexpected Q1 adjusted profit of 1 cent, better than consensus of breakeven.
OPKO Health (OPK -0.51%) lost nearly 1% in after-hours trading after it reported Q3 revenue of $ 298 million, below consensus of $ 322 million.
Microchip Technology (MCHP +3.34%) gained 1% in after-hours trading after it reported fiscal year Q2 adjusted EPS of 94 cents, higher than consensus of 87 cents, and said it sees Q3 adjusted EPS of 85 cents-95 cents, above consensus of 84 cents.
Kindred Healthcare (KND +6.71%) slumped 15% in after-hours trading after it lowered guidance on full-year adjusted EPS to 70 cents-8– cents from a prior view of 80 cents-$ 1.00.
Dec E-mini S&Ps (ESZ16 -0.14%) this morning are down -3.75 points (-0.18%). Monday’s closes: S&P 500 +2.22%, Dow Jones +2.08%, Nasdaq +2.43%. The S&P 500 on Monday closed sharply higher on the improved prospects for Mrs. Clinton to win Tuesday’s U.S. presidential election after the FBI on Sunday said she did nothing illegal in the handling of her emails. There was also strength in mining stocks after the price of copper climbed +1.96% to a 7-3/4 month high.
Dec 10-year T-notes (ZNZ16 +0.06%) this morning are up +3 ticks. Monday’s closes: TYZ6 -13.0, FVZ6 -7.75. Dec 10-year T-notes on Monday closed lower on reduced safe-haven demand with the rally in stocks and on increased expectations for a Fed rate hike with the higher odds for Mrs. Clinton to become president after the FBI’s announcement on Sunday absolving her of legal responsibility for her email server.
The dollar index (DXY00 +0.03%) this morning is down -0.022 (-0.02%). EUR/USD (^EURUSD) is down -0.0001 (-0.01%). USD/JPY (^USDJPY) is up +0.31 (+0.30%). Monday’s closes: Dollar index +0.716 (+0.74%), EUR/USD -0.0100 (-0.90%), USD/JPY +1.34 (+1.30%). The dollar index on Monday closed higher on the improved prospects for a Clinton win in Tuesday’s U.S. presidential election, which boosted U.S. stocks and bolstered the chance for a Fed rate hike next month. USD/JPY rallied on reduced safe-haven demand for the yen after stock prices rallied sharply.
Dec crude oil prices (CLZ16 -0.53%) are down -7 cents (-0.16%) and Dec gasoline (RBZ16 -0.50%) is -0.0038 (-0.28%). Monday’s closes: Dec crude +0.82 (+1.86%), Dec gasoline -0.0096 (-0.70%). Dec crude oil and gasoline on Monday settled mixed with Dec gasoline at a 1-1/2 month low. Crude oil prices were undercut by the rally in the dollar and by reduced gasoline supply concerns after Colonial Pipeline restarted its largest gasoline line that had been closed for 6 days after a fire and explosion in Alabama. Crude oil prices were boosted by a 5.0 magnitude earthquake that struck near Cushing, OK, delivery point of WTI futures, which prompted some pipeline operators to shut down operations there as a precaution. Crude oil prices were also boosted by comments from OPEC Secretary General Barkindo who said that Russia is “on board” with an OPEC agreement to limit production to help rebalance the market.
|Tuesday, Nov 8|
|US||0745 ET||Chicago Fed President Charles Evans speaks on the economy and monetary policy in a Q&A at the Council on Foreign Relations.|
|1000 ET||Sep JOLTS job openings expected +32,000 to 5.475 million, Aug -388,000 to 5.443 million.|
|1300 ET||Treasury auctions $ 24 billion of 3-year T-notes.|
|n/a||U.S. Election Day.|
|Wednesday, Nov 9|
|US||0700 ET||Weekly MBA mortgage applications, previous -1.2% with purchase sub-index -0.4% and refi sub-index -1.6%.|
|1000 ET||Revised Sep wholesale inventories expected unrevised at +0.2% m/m. Sep wholesale trade sales expected +0.5% m/m, Aug +0.7% m/m.|
|1030 ET||EIA Weekly Petroleum Status Report.|
|1200 ET||USDA Nov WASDE crop production.|
|1300 ET||Treasury auctions $ 23 billion of 10-year T-notes.|
|1330 ET||Minneapolis Fed President Neel Kashkari (non-voter) participates in a fireside chat at an event in Eau Claire, WI.|
|2100 ET||San Francisco Fed President John Williams (non-voter) speaks on the outlook for the economy at the University of San Francisco.|
|Johnson Controls International plc||JCI US||Bef-mkt||Q4 2016 Earnings Release||Q4 2016|
|DR Horton Inc||DHI US||Bef-mkt||Q4 2016 Earnings Release||Q4 2016||0.773|
|Expeditors International of Washington Inc||EXPD US||Bef-mkt||Q3 2016 Earnings Release||Q3 2016||0.649|
|Endo International PLC||ENDP US||Bef-mkt||Q3 2016 Earnings Release||Q3 2016||0.815|
|CVS Health Corp||CVS US||6:50||Q3 2016 Earnings Release||Q3 2016||1.568|
|CVS Health Corp||CVS US||8:30||Q3 2016 Earnings Call||Q3 2016|
|Endo International PLC||ENDP US||8:30||Q3 2016 Earnings Call||Q3 2016|
|Albemarle Corp||ALB US||9:00||Q3 2016 Earnings Call||Q3 2016|
|International Flavors & Fragrances Inc||IFF US||10:00||Q3 2016 Earnings Call||Q3 2016|
|DR Horton Inc||DHI US||10:00||Q4 2016 Earnings Call||Q4 2016|
|Marriott International Inc/MD||MAR US||10:00||Q3 2016 Earnings Call||Q3 2016|
|Johnson Controls International plc||JCI US||11:00||Q4 2016 Earnings Call||Q4 2016|
|Concho Resources Inc||CXO US||Aft-mkt||Q3 2016 Earnings Release||Q3 2016||0.189|
|TripAdvisor Inc||TRIP US||Aft-mkt||Q3 2016 Earnings Release||Q3 2016||0.524|
|American Airlines Group Inc||AAL US||October 2016 Sales and Revenue Release – Traffic Results||2016|
|Automatic Data Processing Inc||ADP US||Annual General Meeting|
|Ameren Corp||AEE US||Investor Meeting – Day 2||Y 2016|
|FMC Technologies Inc||FTI US||Roadshow – Day 9||Y 2016|
|United Continental Holdings Inc||UAL US||October 2016 Sales and Revenue Release – Traffic Results||2016|
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