Thu Apr 17 2014
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Live Index – Thu, 17 Apr 2014 Premarket

PREMARKET WORLD NEWS

June E-mini S&Ps (ESM14 -0.13%) this morning are down -0.19% and European stocks are down -0.41% after Q1 sales results from IBM and Google missed estimates. European stocks are also under pressure from a slide in SAP AG, Germany’s biggest technology company, which is down nearly 3% after it reported quarterly sales and earnings that were below consensus. Ukrainian forces killed three pro-Russian militants after an attack on a National Guard base in the country’s east as U.S. and EU officials talk in Geneva with Ukraine and Russia about the crisis. Limiting losses in European stocks was a rally in automakers after European Mar car sales rose for a seventh consecutive month. Asian stocks closed mixed: Japan unch, Hong Kong +0.28%, China -0.35%, Taiwan +0.23%, Australia +0.63%, Singapore +0.02%, South Korea -0.07%, India +1.58%. Chinese stocks declined after foreign investment in China fell for the first time in 14-months last month and after Premier Li Keqiang said China isn’t considering “strong” stimulus measures and will keep its prudent monetary policy and proactive fiscal policy unchanged. Japanese stocks were undercut after Japan Mar consumer confidence dropped to a 2-1/2 year low. Commodity prices are mixed. May crude oil (CLK14 -0.15%) is up +0.36%. May gasoline (RBK14 -0.37%) is up +0.03%. Jun gold (GCM14 -0.15%) is down -0.34%. May copper (HGK14 +0.41%) is up +0.36%. Agriculture and livestock prices are mixed, although May soybeans are up +0.64% at a 9-1/4 month nearest-futures high. The dollar index (DXY00 -0.21%) is down -0.20%. EUR/USD (^EURUSD) is up +0.28%. USD/JPY (^USDJPY) is down -0.12%. European government bond yields tumbled with Spain’s 10-year bond yield at 3.04%, an 8-1/2 year low, at 3.66% on Portugal’s 10-year bond, an 8-year low, and at 3.07% on Italy’s 10-year bond, the lowest since records began in 1993, as German Mar producer prices fell for an eighth month and boosted the case for additional ECB stimulus. June T-note prices (ZNM14 +0.04%) are up +3 ticks.

China Mar foreign direct investment unexpectedly fell -1.5% y/y, less than expectations of a +2.0% y/y increase and the first decline in 14 months.

Eurozone Mar new car registrations rose +10.6% y/y, the seventh consecutive month that car sales have advanced.

German Mar PPI fell -0.3% m/m and -0.9% y/y, a faster pace of decline than expectations of unch m/m and -0.7% y/y.

Japan Mar consumer confidence fell -1.0 to 37.5, a bigger decline than expectations of -0.6 to 37.7 and the lowest level in 2-1/2 years.

Japan Mar nationwide department store sales surged +25.4% y/y, the largest increase since data began in 1991.

U.S. STOCK PREVIEW

Today’s weekly initial unemployment claims report is expected to show an increase of +15,000 to 315,000, reversing about one-half of last week’s -32,000 decline to 300,000. Meanwhile, continuing claims are expected to show a small increase of +2,000 to 2.778 million, stabilizing after last week’s sharp drop of -62,000 to 2.776 million. Today’s April Philadelphia Fed manufacturing index is expected to show a +1.0 point increase to 10.0, adding to the sharp increase of +15.3 points to 9.0 seen in March. The Treasury today will auction $ 18 billion of 5-year TIPS. There are 25 of the S&P 500 companies that report earnings today. Notable reports include Morgan Stanley (consensus $ 0.60), Goldman Sachs (3.49), Blackrock (4.10), GE (0.32), and Honeywell (1.26). There are no equity conferences during the remainder of this week.

 

PREMARKET U.S. STOCKS

Google (GOOG +3.75%) slid over 3% in after-hours trading after it reported Q1 EPS of $ 6.27, below consensus of $ 6.40.

PepsiCo (PEP +0.96%) reported Q1 EPS of 83 cents, stronger than consensus of 75 cents.

Morgan Stanley (MS +1.15%) reported Q1 EPS of 68 cents, higher than consensus of 60 cents.

General Electric (GE +1.16%) reported Q1 EPS of 33 cents, better than consensus of 32 cents.

Mattel (MAT -1.51%) reported a Q1 EPS loss of -3 cents, weaker than consensus of a 7 cent gain.

Honeywell International (HON +1.73%) reported Q1 EPS of $ 1.36, stronger than consensus of $ 1.26.

Schlumberger Ltd, (SLM +2.61%) reported Q1 EPS of $ 1.21, better than consensus of $ 1.20.

Universal Forest (UFPI +2.38%) reported Q1 EPS of 36 cents, weaker than consensus of 38 cents.

International Business Machines (IBM -0.31%) fell nearly 4% in after-hours trading after it reported Q1 adjusted EPS of $ 2.54, right on consensus, although Q1 revenue of $ 22.50 billion was below consensus of $ 22.91 billion.

Capital One (COF +0.86%) reported Q1 continuing operations EPS of $ 1.91, well above consensus of $ 1.69.

American Express (AXP +1.58%) reported Q1 EPS of $ 1.33, higher than consensus of $ 1.30.

SanDisk (SNDK +0.68%) gained over 6% in after-hours trading after it reported Q1 EPS of $ 1.44, well ahead of consensus of $ 1.25.

Kansas City Southern (KSU +2.30%) reported Q1 adjusted EPS of $ 1.05, higher than consensus of 99 cents.

Danaher (DHR +0.89%) reported Q1 EPS of 81 cents, better than consensus of 80 cents.

MARKET COMMENTS

June E-mini S&Ps (ESM14 -0.13%) this morning are down -3.50 points (-0.19%). The S&P 500 on Wed closed higher. Bullish factors included (1) the +0.7% rise in U.S. Mar industrial production, better than expectations of +0.5%, (2) the +0.8 point rise in Mar capacity utilization to 79.2%, stronger than expectations of +0.3 to 78.7% and the highest in 5-3/4 years, (3) the upbeat Fed Beige Book stating that the U.S. economy continued to expand as harsh winter weather abated, and (4) optimism that Q1 company earnings results can beat consensus. Closes: S&P 500 +1.05%, Dow Jones +1.00%, Nasdaq +1.30%.

Jun 10-year T-notes (ZNM14 +0.04%) this morning are up +3 ticks. Jun 10-year T-note futures prices on Wednesday closed lower. Bearish factors included (1) signs of strength in the U.S. economy after Mar industrial production rose more than expected and Mar capacity utilization climbed to its highest level in 5-3/4 years, and (2) reduced safe-haven demand for T-notes as stocks rallied. Closes: TYM4 -7.00, FVM4 -5.50.

The dollar index (DXY00 -0.21%) this morning is down -0.158 (-0.20%). EUR/USD (^EURUSD) is up +0.0038 (+0.28%). USD/JPY (^USDJPY) is down -0.12 (-0.12%). The dollar index on Wednesday closed unchanged as strength in stocks offset strong U.S. economic data. Bullish factors included (1) the stronger-than-expected U.S. Mar industrial production, which bolsters the outlook for the Fed to continue to taper QE3, and (2) the rally in USD/JPY to a 1-week high after China Q1 GDP grew more than expected, which reduced safe-haven demand for the yen. Closes: Dollar index +0.074 (+0.09%), EUR/USD +0.00008 (+0.01%), USD/JPY +0.318 (+0.31%).

May WTI crude oil (CLK14 -0.15%) this morning is up +37 cents (+0.36%) and May gasoline (RBK14 -0.37%) is up +0.0009 (+0.03%). May crude and gasoline prices on Wednesday closed little changed. May crude posted a 1-1/2 month high and May gasoline rose to a 7-1/2 month high after China Q1 GDP grew more than expected and after weekly crude supplies at Cushing, Ok, the delivery point of WTI futures, fell -771,000 bbl to a 4-1/3 yr low of 26.828 million bbl. Prices fell back from their best levels after U.S. crude production in the week ended Apr 11 rose +0.9% to a 26-year high of 8.301 million bpd and after weekly EIA crude inventories surged +10.01 million bbl to a 9-1/2 month high of 394.135 million bbl. Closes: CLK4 +0.01 (+0.01%). RBK4 -0.0016 (-0.05%).

GLOBAL EVENT CALENDAR04/17/2014
US0830 ETWeekly initial unemployment claims expected +15,000 to 315,000, previous -32,000 to 300,000. Weekly continuing claims expected +2,000 to 2.778 million, previous -62,000 to 2.776 million.
0830 ETUSDA weekly Export Sales.
1000 ETApr Philadelphia Fed manufacturing index expected +1.0 to 10.0, Mar +15.3 to 9.0.
1100 ETTreasury announces amounts of 2-year T-notes (previous $ 32 billion), 5-year T-notes (previous $ 35 billion) and 7-year T-notes (previous $ 29 billion) to be auctioned Apr 22-24.
1300 ETTreasury auctions $ 18 billion 5-year TIPS.
JPN0100 ETJapan Mar consumer confidence expected -0.6 to 37.7, Feb 38.3.
0130 ETJapan Mar nationwide department store sales, Feb +3.0% y/y.
1950 ETJapan Feb tertiary industry index expected +0.2% m/m, Jan +0.9% m/m.
GER0200 ETGerman Mar PPI expected unch m/m and -0.7% y/y, Feb unch m/m and -0.9% y/y.
EUR0200 ETEurozone Mar new car registrations, Feb +8.0% y/y.
CHI2130 ETChina March property prices.
U.S. STOCK CALENDAR04/17/2014
Company NameTickerTimeEvent DescriptionPeriodEstimate
Honeywell International IncHON USBef-mktQ1 2014 Earnings ReleaseQ1 20141.262
Baker Hughes IncBHI USBef-mktQ1 2014 Earnings ReleaseQ1 20140.781
PPG Industries IncPPG USBef-mktQ1 2014 Earnings ReleaseQ1 20141.839
BlackRock IncBLK USBef-mktQ1 2014 Earnings ReleaseQ1 20144.096
Sherwin-Williams Co/TheSHW USBef-mktQ1 2014 Earnings ReleaseQ1 20141.088
Snap-on IncSNA USBef-mktQ1 2014 Earnings ReleaseQ1 20141.543
BB&T CorpBBT USBef-mktQ1 2014 Earnings ReleaseQ1 20140.702
AutoNation IncAN USBef-mktQ1 2014 Earnings ReleaseQ1 20140.726
KeyCorpKEY USBef-mktQ1 2014 Earnings ReleaseQ1 20140.24
Alliance Data Systems CorpADS USBef-mktQ1 2014 Earnings ReleaseQ1 20142.708
Schlumberger LtdSLB US6:00Q1 2014 Earnings ReleaseQ1 20141.201
EI du Pont de Nemours & CoDD US6:00Q1 2014 Earnings ReleaseQ1 20141.586
UnitedHealth Group IncUNH US6:00Q1 2014 Earnings ReleaseQ1 20141.089
Mattel IncMAT US6:00Q1 2014 Earnings ReleaseQ1 20140.073
General Electric CoGE US6:30Q1 2014 Earnings ReleaseQ1 20140.318
Fifth Third BancorpFITB US6:30Q1 2014 Earnings ReleaseQ1 20140.415
Morgan StanleyMS US6:45Q1 2014 Earnings ReleaseQ1 20140.599
PepsiCo IncPEP US7:00Q1 2014 Earnings ReleaseQ1 20140.752
Baxter International IncBAX US7:00Q1 2014 Earnings ReleaseQ1 20141.087
Philip Morris International IncPM US7:00Q1 2014 Earnings ReleaseQ1 20141.163
Dover CorpDOV US7:00Q1 2014 Earnings ReleaseQ1 20141.015
Rockwell Collins IncCOL US7:30Q2 2014 Earnings ReleaseQ2 20141.066
Goldman Sachs Group Inc/TheGS US7:30Q1 2014 Earnings ReleaseQ1 20143.49
Danaher CorpDHR US7:30Q1 2014 Earnings CallQ1 2014
PepsiCo IncPEP US8:00Q1 2014 Earnings CallQ1 2014
Carnival CorpCCL US8:00Annual General MeetingY 2014
Schlumberger LtdSLB US8:00Q1 2014 Earnings CallQ1 2014
BB&T CorpBBT US8:00Q1 2014 Earnings CallQ1 2014
Union Pacific CorpUNP US8:00Q1 2014 Earnings ReleaseQ1 20142.37
People’s United Financial IncPBCT US8:00Q1 2014 Earnings CallQ1 2014
Chipotle Mexican Grill IncCMG US8:00Q1 2014 Earnings ReleaseQ1 20142.872
SLM CorpSLM US8:00Q1 2014 Earnings CallQ1 2014
Morgan StanleyMS US8:30Q1 2014 Earnings CallQ1 2014
Baxter International IncBAX US8:30Q1 2014 Earnings CallQ1 2014
BlackRock IncBLK US8:30Q1 2014 Earnings CallQ1 2014
General Electric CoGE US8:30Q1 2014 Earnings CallQ1 2014
Alliance Data Systems CorpADS US8:30Q1 2014 Earnings CallQ1 2014
Mattel IncMAT US8:30Q1 2014 Earnings CallQ1 2014
Union Pacific CorpUNP US8:45Q1 2014 Earnings CallQ1 2014
UnitedHealth Group IncUNH US8:45Q1 2014 Earnings CallQ1 2014
Baker Hughes IncBHI US9:00Q1 2014 Earnings CallQ1 2014
Philip Morris International IncPM US9:00Q1 2014 Earnings CallQ1 2014
Rockwell Collins IncCOL US9:00Q2 2014 Earnings CallQ2 2014
EI du Pont de Nemours & CoDD US9:00Q1 2014 Earnings CallQ1 2014
Noble Corp plcNE US9:00Q1 2014 Earnings CallQ1 2014
KeyCorpKEY US9:00Q1 2014 Earnings CallQ1 2014
Honeywell International IncHON US9:30Q1 2014 Earnings CallQ1 2014
Goldman Sachs Group Inc/TheGS US9:30Q1 2014 Earnings CallQ1 2014
Fifth Third BancorpFITB US9:30Q1 2014 Earnings CallQ1 2014
Citigroup IncC US10:00Q1 2014 Earnings Call – Fixed IncomeC1 2014
Snap-on IncSNA US10:00Q1 2014 Earnings CallQ1 2014
People’s United Financial IncPBCT US10:00Annual General MeetingY 2014
Dover CorpDOV US10:30Q1 2014 Earnings CallQ1 2014
PPG Industries IncPPG US11:00Annual General MeetingY 2014
Sherwin-Williams Co/TheSHW US11:00Q1 2014 Earnings CallQ1 2014
AutoNation IncAN US11:00Q1 2014 Earnings CallQ1 2014
Chipotle Mexican Grill IncCMG US11:00Q1 2014 Earnings CallQ1 2014
Walt Disney Co/TheDIS US12:30Investor DayY 2014
PPG Industries IncPPG US14:00Q1 2014 Earnings CallQ1 2014
Huntington Bancshares Inc/OHHBAN US14:00Annual General MeetingY 2014
Texas Instruments IncTXN USAnnual General Meeting
AES Corp/VAAES USAnnual General Meeting

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