Wed May 28 2014
Live Index (1454 articles)

Live Index – Wed, 28 May 2014 Premarket


June E-mini S&Ps (ESM14 +0.14%) this morning are up +0.18% at a new record high, although European stocks are down -0.04% after German unemployment unexpectedly increased for the first time in 6 months. Losses in European stocks were contained after Eurozone May economic confidence rose more than expected to a 2-3/4 year high. Asian stocks closed mostly higher: Japan +0.24%, Hong Kong +0.59%, China +1.02%, Taiwan +0.73%, Australia +0.28%, Singapore -0.07%, South Korea +1.02%, India +0.03%. China’s Shanghai Stock Index rose to a 2-week high, led by strength in technology shares, amid speculation that local Chinese companies will benefit from a government dispute with the U.S. over cyber-spying. Commodity prices are mixed. July crude oil (CLN14 +0.16%) is up +0.17%. July gasoline (RBN14 -0.04%) is down -0.01%. Jun gold (GCM14 +0.09%) is up +0.02%. July copper (HGN14 -0.03%) is up +0.27%. Agriculture and livestock prices are mixed with July corn down -0.53% to a 2-3/4 month low as the pace of U.S. corn planting accelerated last week. The dollar index (DXY00 +0.19%) is up +0.09%. EUR/USD (^EURUSD) is down -0.10%. USD/JPY (^USDJPY) is down -0.05%. June T-note prices (ZNM14 +0.10%) are up +4.5 ticks on carry-over support from a rally in European bonds.

Eurozone May economic confidence rose +0.7 to 102.7, better than expectations of +0.2 to 102.2 and the highest in 2-3/4 years. The May business climate indicator rose +0.09 to 0.37, better than expectations of +0.03 to 0.30.

Eurozone Apr M3 money supply rose +0.8% y/y, weaker than expectations of +1.1% y/y and the slowest pace of increase in 3-3/4 years.

The German May unemployment change unexpectedly rose +24,000, more than expectations of -15,000 and the largest increase in 5 years. The May unemployment rate remained unchanged at 6.7%, right on expectations.

The German Apr import price index unexpectedly fell -0.3% m/m, weaker than expectations of unch m/m and the fourth straight month of falling import prices. On an annual basis, Apr import prices fell -2.4% y/y, a larger decline than expectations of -2.2% y/y.

UK May CBI reported sales unexpectedly fell -14 to 16, weaker than expectations of +5 to 35.

Atlanta Fed President Lockhart said that six months from the end of quantitative easing to the first increase in the main interest rate “is at the short end of a period that could be somewhat longer.”


The Treasury today will auction $ 35 billion of 5-year T-notes. There are 9 of the Russell 1000 companies that report earnings today with notable reports including: Toll Brothers (consensus $ 0.26), DSW (0.48), Copart (0.48), Palo Alto Networks (0.10).

Equity conferences during the remainder of this week include: Deutsche Bank Global Financial Services Conference on Tue-Wed, Cowen & Company Technology Media & Telecom Conference on Wed, KeyBanc Capital Markets Industrial, Automotive & Transportation Conference on Wed-Thu, Cowen & Company Technology Media & Telecom Conference on Wed-Thu, Sanford C. Bernstein Strategic Decisions Conference on Wed-Fri, Citi Global Consumer Conference on Wed-Thu, and KeyBanc Industrial Conference on Thu.






Michael Kors Holdings (KORS -0.68%) reported Q4 EPS of 78 cents, well ahead of consensus of 68 cents.

Toll Brothers (TOL +0.39%) jumped nearly 7% in pre-market trading after it reported Q2 EPS of 35 cents, better than consensus of 26 cents.

Barclays raised its price estimate for Apple (AAPL +1.87%) to $ 655 from $ 590 due to higher overseas iPhone sales, the potential iWatch and new services.

Twitter (TWTR +0.03%) was upgraded to ‘Buy’ from ‘Neutral’ at Nomura.

Lowe’s (LOW +1.53%) was downgraded to ‘Sell’ from ‘Hold’ at Canaccord.

Live Nation (LYV +1.03%) was downgraded to ‘Neutral’ from ‘Buy’ at Sterne Agee.

Williams-Sonoma (WSM -0.66%) was upgraded to ‘Overweight’ from ‘Neutral’ at Piper Jaffray.

DSW (DSW -1.25%) reported Q1 adjusted EPS of 42 cents, below consensus of 48 cents.

Brown Shoe (BWS +2.32%) reported Q1 EPS of 35 cents, higher than consensus of 31 cents.

Gates Capital reported a 5.1% passive stake in Barnes Group (B +1.79%) .

According to BLoomberg, Xerox (XRX +0.75%) beat out Hewlett-Packard (HPQ -1.84%) for a contract to replace New York’s Medicaid management system valued at an estimated $ 500 million.

OZ Management reported a 5.37% passive stake in BE Aerospace (BEAV +0.34%) .


June E-mini S&Ps (ESM14 +0.14%) this morning are up +3.50 points (+0.18%) at a new all-time high. The S&P 500 index on Tuesday surged to a new record high and closed higher. Bullish factors included (1) the unexpected +0.8% increase in Apr durable goods orders and +0.1% increase in Apr durable goods orders ex-transportation, and (2) the +1.24% m/m increase in the Mar CaseShiller home price index, higher than expectations of +0.70% m/m and the largest monthly increase in 11 months Closes: S&P 500 +0.60%, Dow Jones +0.42%, Nasdaq +2.24%.

Jun 10-year T-notes (ZNM14 +0.10%) this morning are up +4. ticks. Jun 10-year T-note futures prices on Tuesday erased early losses and closed higher: TYM4 +3.50, FVM4 unch. T-notes recovered from losses and closed higher on strong demand for the Treasury’s $ 31 billion 2-year T-note auction that had a 3.52 bid-to-cover ratio, higher than the 12-auction average of 3.30.

The dollar index (DXY00 +0.19%) this morning is up +0.071 (+0.09%). EUR/USD (^EURUSD) is down -0.0014 (-0.10%). USD/JPY (^USDJPY) is down -0.05 (-0.05%). The dollar index on Tuesday pushed up to a 1-1/2 month high but fell back and closed little changed: Dollar index -0.041 (-0.05%), EUR/USD +0.00079 (+0.06%), USD/JPY +0.07 (+0.07%). Bullish factors included (1) signs of strength in the U.S. economy after Apr durable goods orders unexpectedly increased and after the Mar CaseShiller home price index rose more than expected, and (2) weakness in EUR/USD which fell to a 3-1/2 month on expectations that the ECB will boost stimulus measures when it meets next month after ECB President Draghi said that “we are not resigned to allowing inflation to remain too low for too long.”

July WTI crude oil (CLN14 +0.16%) this morning is up +18 cents (+0.17%). July gasoline (RBN14 -0.04%) is down -0.0002 (-0.01%). July crude and gasoline prices on Tuesday closed lower. Bearish factors included (1) the rally in the dollar index to a 1-1/2 month high, which undercut most commodities, and (2) speculation that near-record U.S. crude supplies are sufficient to meet any increase in fuel demand. Closes: CLN4 -0.23 (-0.22%) RBN4 -0.0278 (-0.92%).

US0700 ETWeekly MBA mortgage applications, previous +0.9% with purchase sub-index -2.8% and refi sub-index +3.8%.
1300 ETTreasury auctions $ 35 billion 5-year T-notes.
GER0200 ETGerman Apr import price index expected unch m/m and -2.2% y/y, Mar -0.6% m/m and -3.3% y/y.
0355 ETGerman May unemployment change expected -15,000, Apr -25,000. May unemployment rate expected unch at 6.7%.
EUR0400 ETEurozone Apr M3 money supply expected +1.1% y/y and +1.2% 3-mo avg, Mar +1.1% y/y and +1.2% 3-mo avg.
0500 ETEurozone May economic confidence expected +0.2 to 102.2, Apr 102.0. May business climate indicator expected +0.03 to 0.30, Apr 0.27.
0500 ETRevised Eurozone May consumer confidence, previous -7.1
UK0600 ETUK May CBI reported sales expected +5 to 35, Apr was 30.
JPN1950 ETJapan Apr retail sales expected -11.7% m/m and -3.3% y/y, Mar +6.3% m/m and +11.0% y/y.
Company NameTickerTimeEvent DescriptionPeriodEstimate
Toll Brothers IncTOL USBef-mktQ2 2014 Earnings ReleaseQ2 20140.262
Golar LNG LtdGLNG USBef-mktQ1 2014 Earnings ReleaseQ1 2014-0.08
DSW IncDSW USBef-mktQ1 2015 Earnings ReleaseQ1 20150.478
Michael Kors Holdings LtdKORS USBef-mktQ4 2014 Earnings ReleaseQ4 20140.683
Alkermes PLCALKS US7:00Annual General Meeting
Allergan Inc/United StatesAGN US8:00Investor MeetingY 2014
Chico’s FAS IncCHS US8:00Q1 2015 Earnings ReleaseQ1 20150.283
Premier IncPINC US8:00Investor DayY 2014
Michael Kors Holdings LtdKORS US8:00Q4 2014 Earnings CallQ4 2014
Chico’s FAS IncCHS US8:30Q1 2015 Earnings CallQ1 2015
DSW IncDSW US8:30Q1 2015 Earnings CallQ1 2015
Chevron CorpCVX US9:00Annual General MeetingY 2014
Golar LNG LtdGLNG US9:00Q1 2014 Earnings CallQ1 2014
Copart IncCPRT USAft-mktQ3 2014 Earnings ReleaseQ3 20140.476
AMERCOUHAL USAft-mktQ4 2014 Earnings ReleaseQ4 20141.685
Palo Alto Networks IncPANW USAft-mktQ3 2014 Earnings ReleaseQ3 20140.101
CenturyLink IncCTL USAnnual General Meeting
Southern Co/TheSO USAnnual General Meeting
Alliant Energy CorpLNT USInvestor Meeting- Day 2Y 2014
Wendy’s Co/TheWEN USAnnual General Meeting
ProAssurance CorpPRA USAnnual General MeetingY 2014
Incyte Corp LtdINCY USAnnual General Meeting
United Parcel Service IncUPS USRoadshow – New York – Day 1Y 2014
Henry Schein IncHSIC USAnnual General Meeting
Pioneer Natural Resources CoPXD USAnnual General Meeting
NeuStar IncNSR USAnnual General Meeting
BioMed Realty Trust IncBMR USAnnual General Meeting
Seadrill LtdSDRL NOQ1 2014 Earnings ReleaseQ1 20140.678
Taylor Morrison Home CorpTMHC USAnnual General Meeting
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