Fri May 02 2014
Live Index (1447 articles)

Live Index – Fri, 02 May 2014 Premarket

PREMARKET WORLD NEWS

June E-mini S&Ps (ESM14 +0.07%) this morning are up +0.05% ahead of this morning’s U.S. Apr non-farm payrolls report and European stocks are down -0.32% as the Ukraine crisis intensified when two Ukrainian helicopters were shot down as government forces launched a military offensive to retake Slovyansk, a stronghold for pro-separatist forces. Losses in European stocks were limited after Royal Bank of Scotland jumped nearly 7% when it reported Q1 profit of 1.2 billion pounds, six times better than consensus of 200 million pounds. Another positive for European stocks is reduced European sovereign debt concerns as Eurozone government bond yields fell to record lows after Italy’s 10-year government bond yield fell to 3.047% and Spain’s 10-year bond yield dropped to 2.98%, both the lowest since data began in 1993. Asian stocks closed mixed: Japan -0.19%, Hong Kong +0.57%, China closed for holiday, Taiwan +0.86%, Australia +0.17%, Singapore -0.37%, South Korea -0.10%, India -0.06%. Commodity prices are mostly higher. Jun crude oil (CLM14 +0.42%) is up +0.42%. Jun gasoline (RBM14 +0.27%) is up +0.28%. Jun gold (GCM14 +0.26%) is up +0.25%. July copper (HGN14 +0.58%) is up +0.60%. Agriculture and livestock prices are mixed. The dollar index (DXY00 +0.04%) is up +0.07%. EUR/USD (^EURUSD) is down -0.07%. USD/JPY (^USDJPY) is up +0.18%. June T-note prices (ZNM14 -0.06%) are down -4 ticks.

The Eurozone Mar unemployment rate was unchanged from Feb at 11.8%, which was revised lower from the originally reported 11.9%.

The Eurozone Apr Markit manufacturing PMI was revised upward to 53.4 from the originally reported 53.3.

The German Apr Markit/BME manufacturing PMI was revised down to 54.1 from the originally reported 54.2.

The Japan Mar jobless rate held steady at a 16-1/3 year low of 3.6%, right on expectations. The Mar job-to-applicant ration rose +0.02 to 1.07, better than expectations of +0.01 to 1.06 and the most in 7-1/2 years.

Japan Mar overall household spending jumped +7.2% y/y, over three times expectations of +2.0% y/y and the largest increase since the data series began in 2001.

U.S. STOCK PREVIEW

Today’s April payroll report is expected to show an increase of +215,000, strengthening from +192,000 in March. Today’s April unemployment rate is expected to fall -0.1 point to 6.6%, thus matching the 5-1/2 year low posted in January. Today’s March factory orders report is expected to show a +1.5% increase, adding to the +1.6% increase seen in February.

There are 10 of the S&P 500 companies that report earnings today. Notable reports include Berkshire Hathaway (cosnensus $ 2171.39), Chevron (2.52), Sempra Energy (0.95), Newell Rubbermaid (0.32), CVS Caremark (1.04), Estee Lauder (0.55). There are no equity conferences today.

PREMARKET U.S. STOCKS

Newell Rubbermaid (NWL -0.23%) reported Q1 EPS of 35 cents, higher than consensus of 32 cents.

CVS Caremark (CVS +0.51%) reported Q1 EPS of $ 1.02, weaker than consensus of $ 1.04.

XL Group (XL +1.28%) reported Q1 EPS of 85 cents, better than consensus of 74 cents.

Manitowoc (MTW +1.57%) reported Q1 adjusted EPS of 17 cents, below consensus of 20 cents.

Fluor (FLR -0.21%) reported Q1 EPS of 92 cents, weaker than consensus of 97 cents.

Tempur Sealy (TPX +0.74%) reported Q1 adjusted EPS of 53 cents, better than consensus of 51 cents.

Southwestern Energy (SWN -0.98%) reported Q1 adjusted EPS of 66 cents, stronger than consensus of 63 cents.

Akamai (AKAM +2.75%) reported Q1 adjusted EPS of 58 cents, higher than consensus of 53 cents.

Covance (CVD -0.28%) reported Q1 EPS ex-items of 90 cents, better than consensus of 89 cents.

Mohawk (MHK +0.69%) reported Q1 EPS ex-items of $ 1.23, stronger than consensus of $ 1.17.

DaVita (DVA +0.91%) reported Q1 adjusted EPS of 85 cents, less than consensus of 86 cents, although Q1 revenue of $ 3.04 billion was slightly above consensus of $ 3.03 billion.

Outerwall (OUTR -2.86%) reported Q1 EPS of 94 cents, better than consensus of 93 cents.

Avon Products (AVP -10.21%) was downgraded to ‘Neutral’ from ‘Buy’ at BTIG.

Western Union (WU -0.13%) reported Q1 EPS of 37 cents, better than consensus of 35 cents.

Wynn Resorts (WYNN +1.34%) reported Q1 adjusted EPS of $ 2.32, well ahead of consensus of $ 2.07.

LinkedIn (LNKD +5.05%) fell nearly 3% in pre-market trading after it reported Q1 adjusted EPS of 38 cents, better than consensus of 34 cents, but then said it sees fiscal 2014 revenue of $ 2.05 billion-$ 2.06 billion, lower than cosnensus of $ 2.11 billion.

Kraft Foods (KRFT -0.30%) reported Q1 EPS ex-items of 78 cents, higher than consensus of 76 cents.

Expedia (EXPE +4.06%) reported Q1 adjusted EPS of 16 cents, better than consensus of 15 cents.

 

MARKET COMMENTS

June E-mini S&Ps (ESM14 +0.07%) this morning are up +1.00 point (+0.05%). The S&P 500 index on Thursday rose to a 3-week high but fell back and closed little changed. Bullish factors included (1) the +0.9% increase in Mar personal spending, more than expectations of +0.6% and the largest increase in 4-1/2 years, and (2) the +1.2 point increase in the Apr ISM manufacturing index, a larger increase than expectations of +0.6 to 54.3. Limiting strength in stocks was the unexpected +14,000 jump in weekly initial unemployment claims to a 2-month high of 344,000, more than expectations of a -9,000 decline to 320,000. Closes: S&P 500 -0.01%, Dow Jones -0.13%, Nasdaq +0.34%.

Jun 10-year T-notes (ZNM14 -0.06%) this morning are down -4 ticks. Jun 10-year T-note futures prices on Thursday climbed to a 2-week high and closed higher. Bullish factors included (1) the unexpected increase in weekly U.S. jobless claims to a 2-month high, and (2) scant inflation pressures after the Mar core PCE deflator of +1.2% y/y remained far below the Fed’s inflation target of +2.0% y/y. Closes: TYM4 +7.50, FVM4 +4.00.

The dollar index (DXY00 +0.04%) this morning is up +0.055 (+0.07%). EUR/USD (^EURUSD) is down -0.0010 (-0.07%). USD/JPY (^USDJPY) is up +0.18 (+0.18%). The dollar index on Thursday rebounded from a 2-week low and closed higher: Dollar index +0.053 (+0.07%), EUR/USD +0.0002 (+0.02%), USD/JPY +0.092 (+0.09%). Bullish factors for the dollar included signs of strength in the U.S. economy after (1) U.S. Mar personal spending rose more than expected by +0.9% at the fastest pace in 4-1/2 years, and (2) the larger-than-expected increase in the Apr ISM manufacturing index.

Jun WTI crude oil (CLM14 +0.42%) this morning is up +42 cents (+0.42%). Jun gasoline (RBM14 +0.27%) is up +0.0083 (+0.28%). Jun crude and gasoline prices on Thursday closed lower with Jun crude at a 4-week low and Jun gasoline at a 3-week low. Bearish factors included (1) negative carry-over from Wednesday’s EIA data where U.S. crude inventories rose to their highest since EIA data began in 1982 and monthly government data began in 1920, and (2) the recovery in the dollar which rebounded from a 2-1/2 week low and closed higher. Closes: CLM4 -1.54 (-1.52%). RBM4 -0.0436 (-1.45%).

GLOBAL EVENT CALENDAR05/02/2014
US0830 ETApr non-farm payrolls expected +215,000, Mar +192,000. Apr private payrolls expected +215,000, Mar +192,000. Apr manufacturing payrolls expected +8,000, Mar 1,000. Apr unemployment rate expected -0.1 to 6.6%, Mar unch at 6.7%.
0830 ETApr avg hourly earnings expected +0.2% m/m and +2.1% y/y, Mar unch m/m and +2.1% y/y. Apr avg weekly hours expected unch at 34.5 hours, Mar 34.5 hours.
0945 ETApr New York ISM expected +2.0 to 54.0, Mar 52.0.
1000 ETMar factory orders expected +1.5%, Feb +1.6%.
EUR0400 ETEurozone Apr Markit manufacturing PMI, Mar 53.4.
0500 ETEurozone Mar unemployment rate expected unch at 11.9%, Feb 11.9%.
UK0430 ETUK Apr Markit/CIPS construction PMI, Mar 62.5.
CHI2100 ETChina Apr non-manufacturing PMI (National Bureau of Statistics), Mar -0.5 to 54.5.
n/aChinese markets closed for Labour Day holiday.
U.S. STOCK CALENDAR05/02/2014
Company NameTickerTimeEvent DescriptionPeriodEstimate
Newell Rubbermaid IncNWL USBef-mktQ1 2014 Earnings ReleaseQ1 20140.321
Pinnacle West Capital CorpPNW USBef-mktQ1 2014 Earnings ReleaseQ1 20140.129
Marsh & McLennan Cos IncMMC USBef-mktQ1 2014 Earnings ReleaseQ1 20140.803
CVS Caremark CorpCVS USBef-mktQ1 2014 Earnings ReleaseQ1 20141.044
Estee Lauder Cos Inc/TheEL US7:30Q3 2014 Earnings ReleaseQ3 20140.55
Newell Rubbermaid IncNWL US8:00Q1 2014 Earnings CallQ1 2014
XL Group PLCXL US8:00Q1 2014 Earnings CallQ1 2014
Chevron CorpCVX US8:30Q1 2014 Earnings ReleaseQ1 20142.524
Graham Holdings CoGHC US8:30Q1 2014 Earnings ReleaseQ1 2014
Marsh & McLennan Cos IncMMC US8:30Q1 2014 Earnings CallQ1 2014
CVS Caremark CorpCVS US8:30Q1 2014 Earnings CallQ1 2014
Northeast UtilitiesNU US9:00Q1 2014 Earnings CallQ1 2014
Integrys Energy Group IncTEG US9:00Q1 2014 Earnings CallQ1 2014
Sempra EnergySRE US9:00Q1 2014 Earnings ReleaseQ1 20140.948
Alcoa IncAA US9:30Annual General MeetingY 2014
Equifax IncEFX US9:30Annual General Meeting
Estee Lauder Cos Inc/TheEL US9:30Q3 2014 Earnings CallQ3 2014
Southwestern Energy CoSWN US10:00Q1 2014 Earnings CallQ1 2014
Mohawk Industries IncMHK US11:00Q1 2014 Earnings CallQ1 2014
Chevron CorpCVX US11:00Q1 2014 Earnings CallQ1 2014
Entergy CorpETR US11:00Annual General Meeting
Wisconsin Energy CorpWEC US11:00Annual General Meeting
Pinnacle West Capital CorpPNW US12:00Q1 2014 Earnings CallQ1 2014
Public StoragePSA US13:00Q1 2014 Earnings CallQ1 2014
Apartment Investment & Management CoAIV US13:00Q1 2014 Earnings CallQ1 2014
Sempra EnergySRE US13:00Q1 2014 Earnings CallQ1 2014
Illinois Tool Works IncITW US16:00Annual General MeetingY 2014
Occidental Petroleum CorpOXY USAnnual General Meeting
Berkshire Hathaway IncBRK/A USQ1 2014 Earnings ReleaseQ1 20142171.37
Ryder System IncR USAnnual General Meeting
Consolidated Edison IncED USQ1 2014 Earnings ReleaseQ1 20141.048
AutoNation IncAN USApril 2014 Sales and Revenue Release2014
FMC Technologies IncFTI USAnnual General Meeting
Merck & Co IncMRK USFDA Adcomm, Singulair Allergy (montelukast 10mg tablet) OTC, allergy
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