Wed Apr 30 2014
Live Index (1446 articles)

Live Index – Wed, 30 Apr 2014 Premarket

PREMARKET WORLD NEWS

June E-mini S&Ps (ESM14 -0.08%) this morning are down -0.11% as weaker-than-expected earnings results from EBAY and Twitter drag U.S. stocks lower, and European stocks are down -0.38%, led by a slide in bank stocks with BNP Paribas SA down over 3% after France’s largest bank said it may need to pay much more than the $ 1.1 billion it set aside for alleged U.S. sanctions breaches. Russia’s Micex Stock Index fell and the ruble weakened after the IMF cut its Russian 2014 GDP estimate to +0.2% from an earlier forecast of +1.3%, citing the risk of escalating sanctions. Asian stocks closed mixed: Japan +0.11%, Hong Kong -1.42%, China +0.01%, Taiwan -0.81%, Australia +0.05%, Singapore +0.83%, South Korea -0.18%, India -0.22%. The BOJ refrained from additional stimulus measures following its 2-day meeting today with BOJ Governor Kuroda saying the Japanese economy is weathering the sales-tax increase and he predicts inflation will reach the BOJ’s goal next year. Commodity prices are mostly lower. Jun crude oil (CLM14 -1.14%) is down -0.84% at a 3-week low on expectations for U.S. crude supplies to climb +2.2 million bbl when the EIA reports weekly inventory data later today. Jun gasoline (RBM14 -0.58%) is down -0.50%. Jun gold (GCM14 -0.42%) is down -0.29%. July copper (HGN14 -0.16%) is up +0.02%. Agriculture and livestock prices are lower. The dollar index (DXY00 -0.16%) is down -0.09%. EUR/USD (^EURUSD) is up +0.12% as it recovered from a 3-week low on speculation that the +0.7% y/y increase in the Eurozone Apr CPI estimate is not low enough to warrant additional ECB easing. USD/JPY (^USDJPY) is down -0.06%. June T-note prices (ZNM14 -0.06%) are down -3.5 ticks.

The Eurozone Apr CPI estimate rose at a +0.7% y/y pace, less than expectations of +0.8% y/y, but higher than the +0.5% y/y increase from Mar. Apr core CPI rose at a +1.0% y/y pace, right on expectations.

German Apr unemployment fell -25,000, a bigger drop than expectations of -10,000 and the Apr unemployment rate remained unchanged at 6.7%, right on expectations and the lowest since data for a reunified Germany began in 1991.

German Mar retail sales fell -0.7% m/m, right on expectations, and an annual basis unexpectedly fell -1.9% y/y, weaker than expectations of +1.7% y/y and the biggest y/y decline in 9 months.

Japan Mar industrial production rose +0.3% m/m and +7.0% y/y, less than expectations of +0.5% m/m and +7.2% y/y.

Japan Mar labor cash earnings rose +0.7% y/y, well above expectations of +0.1% y/y and the largest increase in 2 years.

UK Apr GfK consumer confidence rose +2 to -3, better than expectations of +1 to -4 and the highest in 6-3/4 years.

U.S. STOCK PREVIEW

Today’s April ADP employment report is expected to show a solid increase of +210,000, improving from +191,000 in March. The ADP report dipped to +121,000 in January but then recovered to +178,000 in Feb and +191,000 in March. Today’s Q1 GDP is expected to dip to +1.2% (q/q annualized) from +2.6% in Q1 due to the disruptions seen over the winter from the bad weather. Meanwhile, Q1 personal consumption is expected to fall to +2.0% from +3.3% in Q4 as consumer spending was dampened by the bad winter weather. Today’s April Chicago PMI report is expected to show a +1.1 point increase to 57.0, recovering some of the -3.9 point decline to 55.9 seen in March. The market is unanimously expecting the FOMC today to cut QE3 by another $ 10 billion to $ 45 billion and leave its funds rate target range unchanged at zero to 0.25%.

There are 28 of the S&P 500 companies that report earnings today. Notable reports include Time Warner (consensus $ 0.88), ADP (1.08), Exelon (0.68), International Paper (0.54), Garmin (0.44), Southern Co (0.56), Phillips 66 (1.35), Murphy Oil (0.97), Equity Residential (0.71), Williams Companies (0.24), MetLife (1.40). Equity conferences during the remainder of this week include: Barclays Retail and Consumer Discretionary Conference on Tue-Wed, and Linley Group Mobile Conference on Wed-Thu.

PREMARKET U.S. STOCKS

Time Warner (TWX -0.52%) reported Q1 EPS of 97 cents, better than consensus of 88 cents.

WellPoint (WLP +0.45%) reported Q1 EPS of $ 2.30, stronger than consensus of $ 2.08.

Genworth (GNW +2.35%) reported Q1 operating EPS of 39 cents, higher than consensus of 35 cents.

Marriott (MAR +1.16%) reported Q1 EPS of 57 cents, better than consensus of 51 cents.

Columbia Sportswear (COLM +2.88%) reported Q1 EPS of 63 cents, nearly double consensus of 33 cents.

U.S. Steel (X +2.37%) reported Q1 EPS of 34 cents, higher than consensus of 32 cents.

Hound Partners reported a 7.08% passive stake in Tesoro (TSO -0.21%) .

Owens-Illinois (OI +0.13%) reported Q1 adjusted EPS of 62 cents, better than consensus of 61 cents.

Hanover Insurance (THG +0.48%) reported Q1 operating EPS of $ 1.05, higher than consensus of 96 cents.

Team Health (TMH -0.50%) reported Q1 adjusted EPS of 54 cents, stronger than consensus of 50 cents.

NCR (NCR -1.60%) reported Q1 non-GAAP EPS of 50 cents, higher than consensus of 49 cents.

eBay (EBAY +1.68%) dropped over 4% in after-hours trading after it reported Q1 adjusted EPS of 70 cents, better than consensus of 67 cents, but then said Q2 revenue would be $ 4.325 billion-$ 4.425 billion, at the low end of consensus of $ 4.4 billion.

Express Scripts (ESRX +0.59%) fell oveer 3% in after-hours trading after it reported Q1 adjusted EPS of 99 cents, right on consensus, but then lowered guidance on fiscal 2014 adjusted EPS view to $ 4.82-$ 4.94 from $ 4.88-$ 5.00, at the low end of consensus of $ 4.89.

AMC Entertainment (AMC -0.49%) unexpectedly reported a Q1 EPS loss of -5 cents, weaker than consensus of a 2 cent gain.

Twitter (TWTR +4.64%) slumped 11% in after-hours trading after it reported Q1 adjusted EPS of 0 cents, better than consensus for a -3 cent loss, but then said it sees fiscal 2014 revenue of $ 1.2 billion-$ 1.25 billion, on the low end of consensus of $ 1.24 billion.

Edison International (EIX -0.54%) reported Q1 adjusted EPS of 90 cents, better than consensus of 82 cents.

Seagate (STX +1.69%) reported Q3 EPS of $ 1.34, higher than consensus of $ 1.25.

MARKET COMMENTS

June E-mini S&Ps (ESM14 -0.08%) this morning are down -2.00 points (-0.11%). The S&P 500 index on Tuesday closed higher. Bullish factors included (1) strong Q1 company earnings results as 74% of the 274 S&P 500 companies that have posted Q1 earnings results thus far have beaten estimates, and (2) carry-over support from a rally in European stocks after Moody’s Investors Service raised its outlook on the Greek banking system to stable from negative and after Eurozone Apr consumer confidence was revised higher by +0.1 to a 6-1/2 year high of -8.6. Limiting gains in stocks was the unexpected -1.6 point decline in U.S. Apr consumer confidence (Conference Board) to 82.3, weaker than expectations of a +1.0 point increase to 83.3. Closes: S&P 500 +0.48%, Dow Jones +0.53%, Nasdaq +0.82%.

Jun 10-year T-notes (ZNM14 -0.06%) this morning are down -3.5 ticks ahead of the outcome of today’s FOMC meeting. Jun 10-year T-note futures prices on Tuesday closed lower. Bearish factors included (1) reduced safe-haven demand for T-notes as stocks rallied, and (2) expectations for the Fed to taper QE3 by $ 10 billion on Wed. T-note prices recovered from their worst levels after U.S. Apr consumer confidence unexpectedly declined. Closes: TYM4 -3.0, FVM4 -2.50.

The dollar index (DXY00 -0.16%) this morning is down -0.068 (-0.09%). EUR/USD (^EURUSD) is up +0.0017 (+0.12%). USD/JPY (^USDJPY) is down -0.06 (-0.06%). The dollar index on Tuesday closed higher: Dollar index +0.125 (+0.16%), EUR/USD -0.0030 (-0.28%), USD/JPY +0.149 (+0.15%). Bullish factors for the dollar included (1) weakness in EUR/USD after German Apr CPI rose less than expected, which increases deflation concerns in the Eurozone and fueled speculation the ECB may boost stimulus measures when it convenes next week, and (2) the rally in USD/JPY to a 3-week high after a rally in stocks reduced the safe-haven demand for the yen.

Jun WTI crude oil (CLM14 -1.14%) this morning is down -85 cents (-0.84%) at a 3-week low. Jun gasoline (RBM14 -0.58%) is down -0.0151 (=0.50%). Jun crude and gasoline prices on Tuesday closed higher. Bullish factors included (1) expectations that weekly EIA data on Wed will show crude supplies at Cushing, OK, the delivery point for WTI futures, fell to a fresh 4-1/2 year low, and (2) expectations for weekly EIA gasoline inventories on Wed to fall 450,000 bbl to a new 5-month low: Closes: CLM4 +0.44 (+0.44%). RBM4 +0.0216 (+0.72%).

GLOBAL EVENT CALENDAR04/30/2014
US0700 ETWeekly MBA mortgage applications, previous -3.3% with purchase sub-index -2.6% and refi sub-index -3.7%.
0815 ETApr ADP employment change expected +210,000, Mar +191,000.
0830 ETQ1 employment cost index expected +0.5%, Q4 +0.5%.
0830 ETQ1 GDP expected +1.2% (q/q annualized), Q4 +2.6%. Q1 personal consumption expected +2.0%, Q4 +3.3%. Q1 GDP price index expected +1.6%, Q4 +1.6%, Q1 core PCE deflator expected +1.2%, Q4 +1.3%.
0900 ETTreasury announces amounts of 3-year T-notes (previous $ 30 billion), 10-year T-notes (previous $ 21 billion) and 30-year T-bonds (previous $ 13 billion) to be auctioned in the Treasurys quarterly refunding May 6-8.
0945 ETApr Chicago PMI expected +1.1 to 57.0, Mar -3.9 to 55.9.
1030 ETEIA Weekly Petroleum Status Report.
1400 ETFOMC announces policy decision. QE3 expected to be cut by another $ 10 billion to $ 45 billion ($ 25 bln of Treasuries, $ 20 bln of MBS). Federal funds rate target range of zero to 0.25% expected unchanged.
1530 ETFormer Fed Chairman Ben Bernanke speaks at the Brookings Institute on Liquidity and the Role of the Lender of Last Resort.
JPN0000 ETJapan Mar vehicle production, Feb +7.1% y/y.
0100 ETJapan Mar construction orders, Feb +12.3% y/y.
0100 ETJapan Mar housing starts expected -2.7% y/y to 894,000, Feb +1.0% y/y to 919,000.
0230 ETBOJ chief Kuroda after BOJ policy meeting delivers press briefing after BOJ releases its semi-annual outlook report.
GER0200 ETGerman Mar retail sales expected -0.7% m/m and +1.7% y/y, Feb +1.3% m/m and +2.0% y/y.
0355 ETGerman Apr unemployment change expected -10,000, Mar -12,000. Apr unemployment rate expected unch at 6.7%, Mar 6.7%.
EUR0500 ETEurozone Apr CPI estimate expected +0.8% y/y, Mar +0.5% y/y. Apr core CPI expected +1.0% y/y, Mar core CPI +0.7% y/y.
CHI2130 ETChina Apr manufacturing PMI (National Bureau of Statistics) expected +0.2 to 50.5, Mar +0.1 to 50.3.
U.S. STOCK CALENDAR04/30/2014
Company NameTickerTimeEvent DescriptionPeriodEstimate
Time Warner IncTWX USBef-mktQ1 2014 Earnings ReleaseQ1 20140.88
Hess CorpHES USBef-mktQ1 2014 Earnings ReleaseQ1 20141.014
Hospira IncHSP USBef-mktQ1 2014 Earnings ReleaseQ1 20140.494
MeadWestvaco CorpMWV USBef-mktQ1 2014 Earnings ReleaseQ1 20140.231
Automatic Data Processing IncADP USBef-mktQ3 2014 Earnings ReleaseQ3 20141.08
Exelon CorpEXC USBef-mktQ1 2014 Earnings ReleaseQ1 20140.676
Dominion Resources Inc/VAD USBef-mktQ1 2014 Earnings ReleaseQ1 20140.966
NextEra Energy IncNEE USBef-mktQ1 2014 Earnings ReleaseQ1 20141.07
International Paper CoIP USBef-mktQ1 2014 Earnings ReleaseQ1 20140.539
WellPoint IncWLP US6:00Q1 2014 Earnings ReleaseQ1 20142.075
NiSource IncNI US6:30Q1 2014 Earnings ReleaseQ1 20140.787
ADT Corp/TheADT US7:00Q2 2014 Earnings ReleaseQ2 20140.434
Actavis plcACT US7:00Q1 2014 Earnings ReleaseQ1 20143.229
Wisconsin Energy CorpWEC US7:00Q1 2014 Earnings ReleaseQ1 20140.845
Garmin LtdGRMN US7:00Q1 2014 Earnings ReleaseQ1 20140.439
Southern Co/TheSO US7:30Q1 2014 Earnings ReleaseQ1 20140.564
Sealed Air CorpSEE US7:30Q1 2014 Earnings ReleaseQ1 20140.247
Dun & Bradstreet Corp/TheDNB US8:00Q1 2014 Earnings CallQ1 2014
Owens-Illinois IncOI US8:00Q1 2014 Earnings CallQ1 2014
Pitney Bowes IncPBI US8:00Q1 2014 Earnings ReleaseQ1 20140.404
Pitney Bowes IncPBI US8:00Q1 2014 Earnings CallQ1 2014
EQT CorpEQT US8:00Annual General MeetingY 2014
Genworth Financial IncGNW US8:00Q1 2014 Earnings CallQ1 2014
Phillips 66PSX US8:00Q1 2014 Earnings ReleaseQ1 20141.345
WellPoint IncWLP US8:30Q1 2014 Earnings CallQ1 2014
Automatic Data Processing IncADP US8:30Q3 2014 Earnings CallQ3 2014
ACE LtdACE US8:30Q1 2014 Earnings CallQ1 2014
ADT Corp/TheADT US8:30Q2 2014 Earnings CallQ2 2014
United States Steel CorpX US8:30Q1 2014 Earnings CallQ1 2014
Actavis plcACT US8:30Q1 2014 Earnings CallQ1 2014
Express Scripts Holding CoESRX US8:30Q1 2014 Earnings CallQ1 2014
CH Robinson Worldwide IncCHRW US8:30Q1 2014 Earnings CallQ1 2014
Aflac IncAFL US9:00Q1 2014 Earnings CallQ1 2014
NiSource IncNI US9:00Q1 2014 Earnings CallQ1 2014
Hospira IncHSP US9:00Q1 2014 Earnings CallQ1 2014
NextEra Energy IncNEE US9:00Q1 2014 Earnings CallQ1 2014
International Paper CoIP US9:00Q1 2014 Earnings CallQ1 2014
Hess CorpHES US10:00Q1 2014 Earnings CallQ1 2014
Marathon Petroleum CorpMPC US10:00Annual General MeetingY 2014
MeadWestvaco CorpMWV US10:00Q1 2014 Earnings CallQ1 2014
Marriott International Inc/DEMAR US10:00Q1 2014 Earnings CallQ1 2014
Sealed Air CorpSEE US10:00Q1 2014 Earnings CallQ1 2014
Dominion Resources Inc/VAD US10:00Q1 2014 Earnings CallQ1 2014
EMC Corp/MAEMC US10:00Annual General MeetingY 2014
Boston Properties IncBXP US10:00Q1 2014 Earnings CallQ1 2014
Time Warner IncTWX US10:30Q1 2014 Earnings CallQ1 2014
Accenture PLCACN US10:30Accenture Digital and Highlights Companys Technology Call
Garmin LtdGRMN US10:30Q1 2014 Earnings CallQ1 2014
Exelon CorpEXC US11:00Q1 2014 Earnings CallQ1 2014
Newfield Exploration CoNFX US11:00Q1 2014 Earnings CallQ1 2014
Marathon Oil CorpMRO US11:00Annual General MeetingY 2014
WW Grainger IncGWW US11:00Annual General MeetingY 2014
Phillips 66PSX US11:00Q1 2014 Earnings CallQ1 2014
McGraw Hill Financial IncMHFI US11:00Annual General MeetingY 2014
Ameriprise Financial IncAMP US12:00Annual General MeetingY 2014
Southern Co/TheSO US13:00Q1 2014 Earnings CallQ1 2014
Macerich Co/TheMAC US13:30Q1 2014 Earnings CallQ1 2014
Wisconsin Energy CorpWEC US14:00Q1 2014 Earnings CallQ1 2014
CBRE Group IncCBG US16:00Q1 2014 Earnings ReleaseQ1 20140.166
Allegion PLCALLE US17:00Q1 2014 Earnings ReleaseQ1 20140.44
CBRE Group IncCBG US17:00Q1 2014 Earnings CallQ1 2014
Western Digital CorpWDC US17:00Q3 2014 Earnings ReleaseQ3 20141.876
Western Digital CorpWDC US17:00Q3 2014 Earnings CallQ3 2014
Murphy Oil CorpMUR USAft-mktQ1 2014 Earnings ReleaseQ1 20140.971
Equity ResidentialEQR USAft-mktQ1 2014 Earnings ReleaseQ1 20140.714
Beam IncBEAM USAft-mktUnder Armor Inc. Replaces Beam Inc. in S&P 500
Tesoro CorpTSO USAft-mktQ1 2014 Earnings ReleaseQ1 20140.387
Williams Cos Inc/TheWMB USAft-mktQ1 2014 Earnings ReleaseQ1 20140.243
Lincoln National CorpLNC USAft-mktQ1 2014 Earnings ReleaseQ1 20141.296
MetLife IncMET USAft-mktQ1 2014 Earnings ReleaseQ1 20141.395
SLM CorpSLM USAft-mktNavient Corp. Replaces SLM Corp. in S&P 500
BorgWarner IncBWA USAnnual General Meeting
Ball CorpBLL USAnnual General Meeting
TECO Energy IncTE USAnnual General Meeting
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