Tue Apr 15 2014
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Live Index – Tue, 15 Apr 2014 Premarket

PREMARKET WORLD NEWS

June E-mini S&Ps (ESM14 +0.19%) this morning are up +0.08% and European stocks are down -0.16%%. Global stock and commodity markets were under pressure after China’s money supply grew at the slowest pace on record last month, which risks a deeper slowdown in China’s economy. European stocks were also undercut after a gauge of German investor confidence fell for a fourth month in April to the lowest in 8 months. Ukraine began a military backed “anti-terrorist” operation in its eastern border region where militants have seized government buildings. Russia’s Micex Stock Index fell 1.4% and the ruble dropped to a 3-week low against the dollar as the EU and U.S. threaten further sanctions against Russia. Asian stocks closed mixed: Japan +0.62%, Hong Kong -1.60%, China -1.73%, Taiwan +0.67%, Australia +0.55%, Singapore +0.98%, South Korea -0.30%, India -0.64%. Commodity prices are mostly lower. May crude oil (CLK14 -0.87%) is down -0.91%. May gasoline (RBK14 -0.74%) is down -0.59%. Jun gold (GCM14 -1.67%) is down -1.79%. May copper (HGK14 -0.46%) is down -0.39%. Agriculture and livestock prices are mixed. The dollar index (DXY00 +0.14%) is up +0.17%. EUR/USD (^EURUSD) is down -0.17%. USD/JPY (^USDJPY) is down -0.01%. June T-note prices (ZNM14 -0.13%) are down -4.5 ticks.

The German Apr ZEW expectations of economic growth fell -3.4 to 43.2, a bigger decline than expectations of -1.6 to 45.0 and the lowest in 8 months. The Apr ZEW current situation jumped +8.2 to 59.5, better than expectations of +0.2 to 51.5 and the highest in 2-3/4 years.

UK Mar CPI rose +0.2% m/m and +1.6% y/y, right on expectations with the +1.6% y/y gain the slowest annual pace of increase in 4-1/3 years. The Mar core CPI rose +1.6% y/y, right on expectations and matched the slowest pace of increase in 4-3/4 years.

The UK Mar BRC sales like-for-like retail sales monitor fell -1.7% y/y, more than expectations of -1.0% and the biggest decline in 11 months.

China Mar new loans rose +1.050 trillion yuan, more than expectations of +1.0 trillion yuan. Mar M2 money supply, China’s broadest measure of money supply, rose +12.1% y/y, slower than expectations of +13.0% y/y and the slowest pace of growth since the PBOC began tracking the data in 1996.

U.S. STOCK PREVIEW

Today’s March CPI report is expected to strengthen to +1.4% y/y from +1.1% y/y in Feb. Meanwhile, the March core CPI is expected to be unchanged from Feb at +1.6% y/y. Today’s Apr NAHB housing market index is expected to show a +3 point increase to 50, adding to the +1 point increase to 47 seen in March. Today’s April Empire manufacturing index is expected to show a +2.39 point increase to 8.00, adding to the +1.13 point increase to 5.61 seen in March.

There are 9 of the S&P 500 companies that report earnings today. Notable reports include Coca-Cola (consensus $ 0.44), Northern Trust (0.78), Johnson & Johnson (1.48), Yahoo (0.37), Intel (0.37), and Schwab (0.22). Equity conferences during the week include: Water Energy Technology and Environment Exhibition (WETEX) on Tue, Project Ara Developers Conference on Tue, and Bank of America Merrill Lynch Auto Summit Conference on Wed.

 

PREMARKET U.S. STOCKS

Morgan Stanley (MS +2.07%) was upgraded to ‘Buy’ from ‘Neutral’ at BofA/Merrill.

International Business Machines (IBM +1.32%) was downgraded to ‘Neutral’ from ‘Buy’ at Citigroup.

Coca-Cola (KO +0.26%) reported Q1 EPS of 44 cents, right on consensus, although Q1 revenue of $ 10.58 billion was higher than consensus of $ 10.55 billion.

Jeffries keeps its ‘Buy’ rating on Google (GOOG +0.36%) as it raises its price target on the stock to $ 700 from $ 650.

International Paper (IP +0.31%) downgraded to ‘Neutral’ from ‘Buy’ at Longbow.

PetSmart (PETM +2.23%) was downgraded to ‘Underperform’ from ‘Neutral’ at BofA/Merrill.

Comerica (CMA +0.70%) reported Q1 EPS of 74 cents, higher than consensus of 72 cents.

Sensient (SXT +1.02%) reported Q1 adjusted EPS of 71 cents, better than consensus of 66 cents, and then raised guidance on fiscal 2014 adjusted EPS to $ 2.92-$ 3.00 from $ 2.86-$ 2.94, above consensus of $ 2.92.

WebMD (WBMD +16.46%) was reinstated with a ‘Strong Buy’ at Raymond James wit a price target of $ 54.

Dean Foods (DF +0.53%) was initiated with a ‘Buy’ at BB&T with a proce target of $ 21.

OZ Management reported a 7.32% stake in Genco Shipping (GNK -3.65%) .

Pep Boys (PBY +0.67%) fell over 4% in after-hours trading after it reported a Q4 EPS loss of -6 cents with charge, well below consensus of a 5 cent profit.

MARKET COMMENTS

June E-mini S&Ps (ESM14 +0.19%) this morning are up +1.50 points (+0.08%). The S&P 500 on Monday closed higher. Bullish factors included (1) the +1.1% rise in U.S. Mar retail sales, more than expectations of +0.9% and the largest monthly gain in 1-1/2 years, and the +0.7% rise in Mar retail sales ex autos, greater than expectations of +0.5% and the largest increase in 13 months, and (2) the rally in Citigroup, the third-biggest U.S. bank, after it reported an unexpected profit increase in Q1. Limiting strength in stocks was the escalation of tensions in Ukraine after clashes between Ukraine forces and pro-Russian gunmen killed a Ukrainian soldier and wounded five others. Closes: S&P 500 +0.82%, Dow Jones +0.91%, Nasdaq +0.81%.

Jun 10-year T-notes (ZNM14 -0.13%) this morning are down -4.5 ticks. Jun 10-year T-note futures prices on Monday posted a 1-1/4 month high after escalating tensions in Ukraine spurred increased safe-haven demand for Treasuries. T-note prices fell back and closed lower, however, after stocks rallied when U.S. Mar retail sales rose more than expected. Closes: TYM4 -6.50, FVM4 -5.50.

The dollar index (DXY00 +0.14%) this morning is up +0.132 (+0.17%). EUR/USD (^EURUSD) is down -0.0024 (-0.17%). USD/JPY (^USDJPY) is down -0.01 (-0.01%). The dollar index on Monday closed higher on speculation that the stronger-than-expected U.S. Mar retail sales report will keep the Fed on its QE3 tapering regime. EUR/USD fell back on signs the ECB may boost stimulus measures to contain strength in the euro after ECB President Draghi said that “the strengthening of the exchange rate requires further monetary stimulus.” Closes: Dollar index +0.277 (+0.35%), EUR/USD -0.00655 (-0.47%), USD/JPY +0.246 (+0.24%).

May WTI crude oil (CLK14 -0.87%) this morning is down -95 cents (-0.91%) and May gasoline (RBK14 -0.74%) is down -0.0180 (-0.59%). May crude and gasoline prices on Monday closed higher with May crude at a 1-1/4 month high. Supportive factors included (1) the larger-than-expected increase in U.S. Mar retail sales, which signals strength in the economy and in energy demand, and (2) concern that an escalation of tensions in Ukraine may disrupt energy shipments from Russia, the world’s biggest energy exporter. Closes: CLK4 +0.31 (+0.30%). RBK4 +0.0240 (+0.80%).

GLOBAL EVENT CALENDAR04/15/2014
US0830 ETApr Empire manufacturing index expected +2.39 to 8.00, Mar +1.13 to 5.61.
0830 ETMar CPI expected +0.1% m/m and +1.4% y/y, Feb +0.1% m/m and +1.1% y/y. Mar CPI ex food & energy expected +0.1% m/m and +1.6% y/y, Feb +0.1% m/m and +1.6% y/y.
0830 ETAtlanta Fed President Dennis Lockhart speaks at the Atlanta Feds Financial Markets Conference.
0845 ETFed Chair Janet Yellen delivers opening remarks at the Atlanta Feds Financial Markets Conference.
1000 ETApr NAHB housing market index expected +3 to 50, Mar +1 to 47.
1500 ETPhiladelphia Fed President Charles Plosser moderates a panel titled Adding Fuel to the Engine: Will More Private Liquidity Yield a Safer, More Efficient Financial System? at the Atlanta Feds 2014 Financial Markets Conference.
1600 ETBoston Fed President Eric Rosengren speaks at Husson University in Bangor, ME.
2000 ETMinneapolis Fed President Narayana Kocherlakota participates in a town hall forum in Fargo, ND.
JPN0200 ETRevised Japan Mar machine tool orders, previous +41.8% y/y.
UK0430 ETUK Mar CPI expected +0.2% m/m and +1.6% y/y, Feb +0.5% m/m and +1.7% y/y. Mar core CPI expected +1.6% y/y, Feb +1.7% y/y.
0430 ETUK Mar RPI expected +0.3% m/m and +2.5% y/y, Feb +0.6% m/m and +2.7% y/y. Mar RPI ex mortgage interest payments expected +2.5% y/y, Feb +2.7% y/y.
0430 ETUK Mar PPI input prices expected -0.2% m/m and -6.1% y/y, Fed -0.4% m/m and -5.7% y/y. Mar PPI output prices expected +0.1% m/m and +0.3% y/y, Feb unch m/m and +0.5% y/y. Mar core PPI output prices expected +0.1% m/m and +0.9% y/y, Feb +0.1% m/m and +1.1% y/y.
0430 ETUK Feb ONS house prices expected +7.4% y/y, Jan +6.8% y/y.
GER0500 ETGerman Apr ZEW survey expectations investor confidence expected -1.6 to 45.0, Mar 46.6. Apr ZEW survey current situation expected +0.2 to 51.5, Mar 51.3.
EUR0500 ETEurozone Feb trade balance, Jan +14.1 billion euros.
CHI2200 ETChina Q1 GDP expected +7.3% y/y, Q4 +7.7% y/y
2200 ETChina Mar industrial production expected +8.8% year-to-date y/y, Feb +8.6% year-to-date y/y.
2200 ETChina Mar retail sales expected +11.9% year-to-date y/y, Feb +11.8% year-to-date y/y.
U.S. STOCK CALENDAR04/15/2014
Company NameTickerTimeEvent DescriptionPeriodEstimate
Charles Schwab Corp/TheSCHW USBef-mktMarch 2014 Sales and Revenue Release – Activity Report2014
Coca-Cola Co/TheKO USBef-mktQ1 2014 Earnings ReleaseQ1 20140.441
Comerica IncCMA USBef-mktQ1 2014 Earnings ReleaseQ1 20140.721
Northern Trust CorpNTRS USBef-mktQ1 2014 Earnings ReleaseQ1 20140.775
Johnson & JohnsonJNJ USBef-mktQ1 2014 Earnings ReleaseQ1 20141.477
Comerica IncCMA US8:00Q1 2014 Earnings CallQ1 2014
Johnson & JohnsonJNJ US8:30Q1 2014 Earnings CallQ1 2014
Coca-Cola Co/TheKO US9:30Q1 2014 Earnings CallQ1 2014
Northern Trust CorpNTRS US10:00Q1 2014 Earnings CallQ1 2014
CSX CorpCSX USAft-mktQ1 2014 Earnings ReleaseQ1 20140.372
Yahoo! IncYHOO USAft-mktQ1 2014 Earnings ReleaseQ1 20140.366
Intel CorpINTC USAft-mktQ1 2014 Earnings ReleaseQ1 20140.369
Linear Technology CorpLLTC USAft-mktQ3 2014 Earnings ReleaseQ3 20140.528
Public Service Enterprise Group IncPEG USAnnual General Meeting
Charles Schwab Corp/TheSCHW USQ1 2014 Earnings ReleaseQ1 20140.22
Stanley Black & Decker IncSWK USAnnual General Meeting
Moody’s CorpMCO USAnnual General Meeting
Whirlpool CorpWHR USAnnual General Meeting
M&T Bank CorpMTB USAnnual General Meeting
US Bancorp/MNUSB USAnnual General Meeting

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