Live Index – Wed, 07 May 2014 Premarket
June E-mini S&Ps (ESM14 +0.21%)this morning are down -0.03% and European stocks are down -0.22% at a 2-week low after earnings results from Societe Generals Sa and Fiat SpA missed estimates and after German Mar factory orders unexpectedly fell. On the positive side, European sovereign debt concerns receded after the 10-year yields on Italy’s, Ireland’s and Spain’s government bonds fell to record lows. Asian stocks closed lower: Japan -2.93%, Hong Kong -1.05%, China -0.93%, Taiwan -0.22%, Australia -0.83%, Singapore -0.28%, South Korea -1.07%, India -0.82%. Japan’s Nikkei Stock Index fell to a 2-week low, led by a drop in exporters, after the yen rallied to a 3-week high, which undercuts the earnings prospects for exporters. Commodity prices are mixed. Jun crude oil (CLM14 +0.85%) is up +0.77%. Jun gasoline (RBM14 -0.18%) is down -0.20% at a 1-month low. Jun gold (GCM14 +0.15%) is up +0.21%. July copper (HGN14 -0.69%) is down -0.43%. Agriculture and livestock prices are mixed. The dollar index (DXY00 +0.04%) is up +0.03%. EUR/USD (^EURUSD) is up +0.01%. USD/JPY (^USDJPY) is down -0.13% at a 3-week low. June T-note prices (ZNM14 +0.03%) are up +4.5 ticks ahead of Fed Chair Yellen’s testimony to the Joint Economic Committee of Congress.
German Mar factory orders unexpectedly fell -2.8% m/m, weaker than expectations of +0.3% m/m and the largest monthly decline in 16 months. On an annual basis, Mar factory orders rose +1.5% y/y, less than expectations of +4.3% y/y.
The China Apr HSBC composite PMI rose +0.2 to 49.5, the third consecutive month of contraction.
The UK Apr BRC shop price index fell -1.45 y/y, a larger drop than expectations of -0.8% y/y and the twelfth consecutive monthly decline.
The Japan Apr Markit/JMMA composite PMI fell -6.5 to 46.3, the slowest pace in 2-3/4 years.
Today’s Q1 non-farm productivity report is expected to be down -1.2%, worsening substantially from +1.8% in Q4. The Treasury today will sell $ 24 billion of 10-year T-notes. The Treasury will then conclude this week’s $ 69 billion quarterly refunding operation by selling $ 16 billion of 30-year T-notes on Thursday. There are 22 of the S&P 500 companies that report earnings today. Notable reports include Humana (consensus 1.96), Duke Energy (1.12), Transocean (1.02), Prudential Financial (2.25), and Devon Energy (1.26).
Equity conferences during the remainder of this week include: Robert W. Baird & Co. Growth Stock Conference on Tue-Wed, Bank of America Merrill Lynch Global Transportation Conference on Wed-Thu, Wells Fargo Industrial & Construction Conference on Wed-Thu, Jefferies Global Technology, Media & Telecom Conference on Tue-Thu, and Deutsche Bank Healthcare Conference on Wed-Fri.
Humana (HUM -0.30%) reported Q1 EPS of $ 2.35, well above consensus of $ 1.96.
Duke Energy (DUK -0.61%) reported Q1 EPS of $ 1.17, better than consensus of $ 1.12.
Southwest Gas (SWX -1.29%) reported Q1 EPS of $ 1.51, well below consensus of $ 1.69.
Marathon Oil (MRO -0.71%) reported Q1 adjusted EPS of 88 cents, well ahead of consensus of 72 cents.
Trimble Navigation (TRMB -0.88%) reported Q1 EPS of 39 cents, weaker than consensus of 42 cents.
Microchip Technology (MCHP -0.88%) reported Q4 EPS of 64 cents, higher than consensus of 61 cents.
GNC Holdings (GNC -1.00%) reported Q1 EPS of 75 cents, less than consensus of 76 cents, and then lowered guidance on fiscal 2014 EPS to $ 3.05-$ 3.10, below consensus of $ 3.20.
Pioneer Natural (PXD -0.07%) reported Q1 adjusted EPS of $ 1.26, higher than consensus of $ 1.06.
Live Nation (LYV -2.06%) reported a Q1 EPS loss of -16 cents, a much narrower loss than consensus of -35 cents.
Disney (DIS -0.23%) reports Q2 EPS ex-items of $ 1.11, better than consensus of 96 cents.
Groupon (GRPN -2.47%) fell 4% in pre-market trading even after it reported a Q1 adjusted EPS loss of -1 cent, a smaller loss than consensus of -3 cents.
First Solar (FSLR -1.42%) rose over 4% in pre-market trading after it reported Q1 EPS $ 1.10, nearly double consensus of 56 cents.
Activision Blizzard (ATVI -0.57%) reported Q1 adjusted EPS of 19 cents, almost double consensus of 10 cents.
Allstate (ALL -0.96%) reported Q1 EPS of $ 1.30, higher than consensus of $ 1.19.
Electronic Arts (EA -2.47%) surged over 15% in after-hours trading after it reported Q4 EPS of 48 cents, over four times higher than consensus of 11 cents, and then raised guidance on fiscal 2015 EPS to $ 1.85, well above consensus of $ 1.52.
Whole Foods (WFM -0.68%) sank over 15% in after-hours trading after it reported Q2 EPS of 38 cents, below consensus of 41 cents, and then lowered guidance on fiscal 2014 EPS to $ 1.52 – $ 1.56 from $ 1.58 – $ 1.65, below consensus of $ 1.61.
June E-mini S&Ps (ESM14 +0.21%) this morning are down -0.50 of a point (-0.03%). The S&P 500 index on Tuesday closed lower: S&P 500 -0.90%, Dow Jones -0.78%, Nasdaq -1.35%. Negative factors included (1) the OECD’s cut in its global 2014 GDP forecast for the second time in 6 months to 3.4% from November’s 3.6%, (2) the -$ 40.4 billion U.S. Mar trade deficit, which was wider than expectations of -$ 40.0 billion and was negative for Q1 GDP, and (3) geopolitical risks as violence escalated in Ukraine.
Jun 10-year T-notes (ZNM14 +0.03%) this morning are up +4.5 ticks. Jun 10-year T-note futures prices on Tuesday settled higher: TYM4 +2.00, FVM4 -0.25. Bullish factors included (1) the slide in stocks which boosted the safe-haven demand for Treasuries, and (2) strong demand for the Treasury’s $ 29 billion 3-year T-note auction that had a 3.40 bid cover ratio, better than the 12-auction average of 3.29.
The dollar index (DXY00 +0.04%) this morning is up +0.025 (+0.03%). EUR/USD (^EURUSD) is up +0.0001 (+0.01%). USD/JPY (^USDJPY) is down -0.13 (-0.13%) at a 3-week low. The dollar index on Tuesday tumbled to a 6-1/4 month low and closed lower. Dollar index -0.393 (-0.49%), EUR/USD +0.0052 (+0.38%), USD/JPY -0.46 (-0.45%). Bearish factors for the dollar included (1) the OECD’s cut in its U.S. 2014 GDP estimate to 2.6% from a Nov estimate of 2.9%, and (2) a rally in EUR/USD to a 1-3/4 month high after Eurozone Mar retail sales unexpectedly rose and the OECD raised its Eurozone 2014 GDP forecast to 1.2% from a Nov estimate of 1.0%.
Jun WTI crude oil (CLM14 +0.85%) this morning is up +77 cents (+0.77%). Jun gasoline (RBM14 -0.18%) is down -0.0059 (-0.20%) at a 1-month low. Jun crude and gasoline prices on Tuesday settled mixed. Crude prices closed higher on (1) the slide in the dollar index to a 6-1/4 month low, and (2) expectations that weekly EIA inventory data on Wed will show crude supplies fell to a fresh 4-1/2 year low at Cushing, OK, the delivery point of WTI futures. Gains were limited after the OECD cut its global 2014 GDP forecast, a sign of weaker energy consumption. Closes: CLM4 +0.02 (+0.02%). RBM4 -0.0234 (-0.80%).
|US||0700 ET||Weekly MBA mortgage applications, previous -5.9% with purchase sub-index -4.4% and refi sub-index -6.9%.|
|0830 ET||Q1 non-farm productivity expected -1.2%, Q4 +1.8%. Q1 unit labor costs expected +2.8%, Q4 -0.1%.|
|1000 ET||Fed Chair Janet Yellen testifies to the Joint Economic Committee of Congress on the economic outlook.|
|1030 ET||EIA Weekly Petroleum Status Report.|
|1300 ET||Treasury auctions $ 24 billion of 10-year T-notes.|
|1500 ET||Mar consumer credit expected $ 15.5 billion, Feb +$ 16.489 billion.|
|GER||0200 ET||German Mar factory orders expected +0.3% m/m and +4.3% y/y, Feb +0.6% m/m and +6.1% y/y.|
|UK||1901 ET||UK Apr RICS house price balance expected 55%, Mar 57%.|
|CHI||n/a||China Apr trade balance expected +$ 18.20 billion, Mar +$ 7.71 billion. Apr exports expected -2.0% y/y, Mar 6.6% y/y. Apr imports expected -2.0% y/y, Mar -11.3% y/y.|
|Company Name||Ticker||Time||Event Description||Period||Estimate|
|Allergan Inc/United States||AGN US||Bef-mkt||Q1 2014 Earnings Release||Q1 2014||1.125|
|Spectra Energy Corp||SE US||Bef-mkt||Q1 2014 Earnings Release||Q1 2014||0.513|
|Pepco Holdings Inc||POM US||Bef-mkt||Q1 2014 Earnings Release||Q1 2014||0.239|
|Molson Coors Brewing Co||TAP US||Bef-mkt||Q1 2014 Earnings Release||Q1 2014||0.35|
|Cognizant Technology Solutions Corp||CTSH US||6:00||Q1 2014 Earnings Release||Q1 2014||0.594|
|Humana Inc||HUM US||6:00||Q1 2014 Earnings Release||Q1 2014||1.958|
|Mondelez International Inc||MDLZ US||7:00||Q1 2014 Earnings Release||Q1 2014||0.345|
|Duke Energy Corp||DUK US||7:00||Q1 2014 Earnings Release||Q1 2014||1.123|
|Chesapeake Energy Corp||CHK US||7:01||Q1 2014 Earnings Release||Q1 2014||0.482|
|Devon Energy Corp||DVN US||8:00||Q1 2014 Earnings Release||Q1 2014||1.261|
|Cognizant Technology Solutions Corp||CTSH US||8:00||Q1 2014 Earnings Call||Q1 2014|
|Perrigo Co PLC||PRGO US||8:00||Q3 2014 Earnings Release||Q3 2014||1.512|
|PepsiCo Inc||PEP US||9:00||Annual General Meeting||Y 2014|
|Philip Morris International Inc||PM US||9:00||Annual General Meeting||Y 2014|
|Spectra Energy Corp||SE US||9:00||Q1 2014 Earnings Call||Q1 2014|
|Chesapeake Energy Corp||CHK US||9:00||Q1 2014 Earnings Call||Q1 2014|
|Marathon Oil Corp||MRO US||9:00||Q1 2014 Earnings Call||Q1 2014|
|Express Scripts Holding Co||ESRX US||9:00||Annual General Meeting||Y 2014|
|General Dynamics Corp||GD US||9:00||Annual General Meeting|
|Expeditors International of Washington Inc||EXPD US||9:00||Q1 2014 Earnings Release||Q1 2014||0.415|
|Humana Inc||HUM US||9:00||Q1 2014 Earnings Call||Q1 2014|
|Allstate Corp/The||ALL US||9:00||Q1 2014 Earnings Call||Q1 2014|
|Dominion Resources Inc/VA||D US||9:30||Annual General Meeting||Y 2014|
|Vertex Pharmaceuticals Inc||VRTX US||9:30||Annual General Meeting|
|Bank of America Corp||BAC US||10:00||Annual General Meeting||Y 2014|
|Pioneer Natural Resources Co||PXD US||10:00||Q1 2014 Earnings Call||Q1 2014|
|Mondelez International Inc||MDLZ US||10:00||Q1 2014 Earnings Call||Q1 2014|
|CONSOL Energy Inc||CNX US||10:00||Annual General Meeting||Y 2014|
|Duke Energy Corp||DUK US||10:00||Q1 2014 Earnings Call||Q1 2014|
|Pepco Holdings Inc||POM US||10:00||Q1 2014 Earnings Call||Q1 2014|
|NASDAQ OMX Group Inc/The||NDAQ US||10:00||Annual General Meeting||Y 2014|
|Perrigo Co PLC||PRGO US||10:00||Q3 2014 Earnings Call||Q3 2014|
|Discover Financial Services||DFS US||10:00||Annual General Meeting|
|Devon Energy Corp||DVN US||11:00||Q1 2014 Earnings Call||Q1 2014|
|Allergan Inc/United States||AGN US||11:00||Q1 2014 Earnings Call||Q1 2014|
|ONEOK Inc||OKE US||11:00||Q1 2014 Earnings Call||Q1 2014|
|FMC Corp||FMC US||11:00||Q1 2014 Earnings Call||Q1 2014|
|Molson Coors Brewing Co||TAP US||11:00||Q1 2014 Earnings Call||C1 2014|
|SanDisk Corp||SNDK US||11:00||Investor Day||Y 2014|
|CenturyLink Inc||CTL US||Aft-mkt||Q1 2014 Earnings Release||Q1 2014||0.609|
|Keurig Green Mountain Inc||GMCR US||Aft-mkt||Q2 2014 Earnings Release||Q2 2014||0.941|
|Transocean Ltd||RIG US||Aft-mkt||Q1 2014 Earnings Release||Q1 2014||1.017|
|CF Industries Holdings Inc||CF US||Aft-mkt||Q1 2014 Earnings Release||Q1 2014||4.524|
|QEP Resources Inc||QEP US||Aft-mkt||Q1 2014 Earnings Release||Q1 2014||0.238|
|Essex Property Trust Inc||ESS US||Aft-mkt||Q1 2014 Earnings Release||Q1 2014||2.007|
|Prudential Financial Inc||PRU US||Aft-mkt||Q1 2014 Earnings Release||Q1 2014||2.254|
|Dun & Bradstreet Corp/The||DNB US||Annual General Meeting|
|Hospira Inc||HSP US||Annual General Meeting|
|PulteGroup Inc||PHM US||Annual General Meeting|
|CSX Corp||CSX US||Annual General Meeting|
|Apple Inc||AAPL US||Samsung vs. Apple Trial Arguments in Patent-Infringement Case|
|Windstream Holdings Inc||WIN US||Annual General Meeting|
|Phillips 66||PSX US||Annual General Meeting|
|Leggett & Platt Inc||LEG US||Annual General Meeting|