Thu Jul 24 2014
Live Index (1447 articles)

Live Index – Thu, 24 Jul 2014 Premarket

PREMARKET WORLD NEWS

Sep E-mini S&Ps (ESU14 +0.21%) this morning are slightly higher by +0.13% on support from positive Chinese and Eurozone PMI reports and a +0.75% rally in the Euro Stoxx 50 index. The Russian Micex index this morning is slightly higher by +0.03% after the +0.4% rally on Wednesday and +1.55% rally on Tuesday. Asian stocks today closed higher nearly across the board: Japan -0.29%, Hong Kong +0.71%, China +1.78%, Taiwan +0.30%, Australia +0.20%, Singapore +0.39%, South Korea +0.06%, India +0.48%, and Turkey +1.07%. Sep 10-year T-notes (ZNU14 -0.12%) this morning are down -5.5 ticks due to higher global stocks and the strong Chinese and European PMI reports. The dollar index (DXY00 -0.10%) is slightly lower by -0.04% while EUR/USD (^EURUSD) is up +0.07% and USD/JPY (^USDJPY) is up +0.16%.

Commodity prices are moderately higher today by +0.32%. Sep WTI crude oil (CLU14 -0.19%) is down -0.35% and Sep gasoline (RBU14 +0.07%) is down -0.21%. Aug gold (GCQ14 -0.40%) is down -0.38% and Sep silver (SIU14 -0.36%) is down -0.38%, but Sep copper (HGU14 +1.47%) is up +1.25%. Grain, cattle and softs prices are trading higher.

The HSBC Chinese manufacturing PMI was reported last night at +1.3 points to a new 1-1/2 year high of 52.0, stronger than market expectations of +0.3 to 51.0. The Chinese manufacturing PMI has now risen very sharply by a total of +4.0 points in the past four months from the 1-year low of 48.0 posted in March.

Today’s July Markit/BME German manufacturing PMI rose by +0.9 to 52.9, which was substantially stronger than market expectations of -0.1 to 51.9. The German services PMI rose by +2.0 points to 56.6 from 54.6 in May, which was substantially stronger than market expectations of -0.1 to 54.5. The July Markit Eurozone manufacturing PMI rose by +0.1 to 51.9 from 51.8 in June, which was slightly stronger than market expectations of -0.1 to 51.7. The Markit Eurozone July services PMI rose by +1.6 points to 54.5 from 52.8 in June, which was substantially stronger than market expectations of -0.1 to 52.7. Eurozone business confidence has clearly improved since the ECB in early June launched its package of easing measures.

UK June retail sales including autos rose by +0.1% m/m and +3.6% y/y, which was weaker than market expectations of +0.3% m/m and +3.9% y/y. UK May retail sales fell by -0.5% m/m.

New Zealand’s central bank earlier today raised its policy rate by 25 bp to 3.50% but said it is now likely to pause after four rate hikes this year.

EU officials today will start considering a basket of possible new sanctions on Russia. Final decisions are not expected until next week’s EU summit on Wednesday (Aug 30).

U.S. STOCK PREVIEW

Today’s weekly initial unemployment claims report is expected to show a small increase of +5,000 to 307,000, more than reversing last week’s decline of -3,000 to 302,000. Meanwhile, continuing claims are expected to show a +3,000 increase to 2.510 million after last week’s sharp -79,000 decline to 2.507 million. Today’s June new home sales report is expected to fall by -5.8% to 475,000, reversing about one-third of the +18.6% surge to a 6-year high of 504,000 seen in May.

There are 50 of the S&P 500 companies that report earnings today with notable reports including: Amazon.com (consensus $ -0.15), Caterpillar (1.52), Visa (2.10), Coca-Cola Enterprises (0.88), Starbucks (0.66), PulteGroup (0.25), T Rowe Price (1.12), Boston Scientific (0.19), GM (0.59), Ford (0.36), Raytheon (1.59), NASDAQ (0.68). Equity conferences during the remainder of this week include: Wells Fargo Small Cell Symposium on Thu.

Sep E-mini S&Ps this morning are slightly higher by +2.50 points (+0.13%) on positive Chinese and Eurozone PMI reports. The S&P 500 index on Wednesday rallied to a new record high and closed mildly higher: S&P 500 +0.18%, Dow Jones -0.16%, Nasdaq +0.40%. Bullish factors included (1) general optimism about Q2 earnings, (2) strength in tech stocks led by Apple on anticipation of a sales surge with the release of new products, and (3) the lack of serious sanctions from Europe against Russia in response to the downing of the Malaysian plane. A bearish factor was the IMF’s cut in its U.S. GDP forecast for 2014 to +1.7% from June’s +2.0% forecast due to the -2.9% decline in Q1 GDP growth.

PREMARKET U.S. STOCKS
  • There are 27 of the S&P 500 companies that have already reported earnings this morning. Notable winners include Ford (F -0.22%) ($ 0.40 vs the consensus of $ 0.36), Caterpillar (CAT -1.53%) (1.69 vs 1.52), Nasdaq (NDAQ -0.72%) (0.70 vs 0.68), Coca-Cola Enteprises (CCE +0.66%) (0.90 vs 0.88).
  • GM (GM -0.93%) reported Q2 EPS ex-items of 28 cents, slightly below the consensus of 59 cents.
  • Amazon (AMZN -0.75%), Visa (V -0.03%), Starbucks (SBUX +0.51%) and others report after the close today.
  • Facebook (FB +2.92%) in after-hours trading yesterday reversed initial losses and rallied 5% following its Q2 earnings call. The rally in Facebook helped boost other social media stocks such as Twitter (TWTR +0.27%), LinkedIn (LNKD +3.79%), and Yelp (YELP +0.19%).
  • AT&T (T -0.17%) fell 1% in after-hours trading after reporting earings.
  • Angie’s List (ANGI -3.97%) and Tripadvisor (TRIP +3.06%) plunged more than 10% late yesterday after their respective earnings reports.
  • Cliffs Natural (CLF +2.18%) fell more than 1% late yesterday after a disappointing earnings report.
  • Teradyne (TER -2.92%) fell 4% late yesterday after a disappointing earnings report.
MARKET COMMENTS

Sep 10-year T-notes this morning are down -5.5 ticks due to strong Chinese and Eurozone PMI reports and today’s continued rally in global stocks. Sep 10-year T-note futures prices on Wednesday closed unchanged with some continued underlying support from safe-haven demand tied to the Ukraine situation. Closes: TYU4 unch, FVU4 +1.75.

The dollar is slightly lower by -0.04% while EUR/USD is up +0.07% and USD/JPY is up +0.16%. The dollar index on Wednesday closed little changed, consolidating Tuesday’s modest gains. EUR/USD continues to see weakness on concern that the Ukraine-Russia crisis may yet undercut the European economy. Closes: Dollar index +0.11 (+0.01%), EUR/USD -0.0001 (-0.01), USD/JPY +0.02 (+0.02%).

Sep WTI crude oil this morning is down -0.36 (-0.35%) and Sep gasoline is down -0.0061 (-0.21%). Aug crude and gasoline prices on Wednesday closed mixed: CLU4 +0.62 (+0.61%), RBU4 -0.0078 (-0.27%). Crude oil saw some support from the weekly EIA report, which showed a sharp -3.97 million bbl drop in U.S. crude oil inventories and a -1.45 million bbl drop in Cushing crude oil inventories. Meanwhile, gasoline was undercut by the EIA’s report of a sharp +3.38 million rise in gasoline inventories.

GLOBAL EVENT CALENDAR07/24/2014
US0830 ETWeekly initial unemployment claims expected +5,000 to 307,000, previous -3,000 to 302,000. Weekly continuing claims expected +3,000 to 2.510 million, previous -79,000 to 2.507 million.
0830 ETUSDA weekly Export Sales.
0945 ETPreliminary Jul Markit manufacturing PMI expected +0.2 to 57.5, Jun +0.9 to 57.3.
1000 ETJun new home sales expected -5.8% to 475,000, May +18.6% to 504,000.
1100 ETJul Kansas City Fed manufacturing index expected unch at 6, June 6.
1100 ETTreasury announces amount of 2-year T-notes (previous $ 30 billion), 2-year floating-rate notes (previous $ 13 billion), 5-year T-notes (previous $ 35 billion) and 7-year T-notes (previous $ 29 billion) to be auctioned Jul 28-30.
1300 ETTreasury auctions $ 15 billion 10-year TIPS.
GER0330 ETGerman Jul Markit/BME manufacturing PMI expected -0.1 to 51.9, Jun -0.3 to 52.0. Jul Markit services PMI expected -0.1 to 54.5, Jun -1.4 to 54.6.
EUR0400 ETEurozone Jul Markit composite PMI expected unch at 52.8, -0.7 to 52.8.
UK0430 ETUK Jun retail sales ex autos expected +0.3% m/m and +4.6% y/y, May -0.5% m/m and +4.7% y/y. Jun retail sales including autos expected +0.3% m/m and +3.9% y/y, May -0.5% m/m and +3.9% y/y.
1901 ETUK Jul Hometrack weighted overall average price, Jun +0.3% m/m and +6.0% y/y.
JPN1930 ETJapan Jun national CPI expected +3.5% y/y, May +3.7% y/y. Jun national CPI ex-fresh food expected +3.3% y/y, May +3.4% y/y. Jun national CPI ex food & energy expected +2.3% y/y, May +2.2% y/y.
1930 ETTokyo Jul CPI expected +2.8% y/y, Jun +3.0% y/y. Tokyo Jul CPI ex-fresh food expected +2.7% y/y, Jun +2.8% y/y. Tokyo Jul CPI ex food & energy expected +2.0% y/y, Jun +2.0% y/y.
1950 ETJapan Jun PPI services expected unch at +3.6% y/y.
U.S. STOCK CALENDAR07/24/2014
Company NameTickerTimeEvent DescriptionPeriodEstimate
Airgas IncARG USBef-mktQ1 2015 Earnings ReleaseQ1 20151.175
Noble Energy IncNBL USBef-mktQ2 2014 Earnings ReleaseQ2 20140.785
Nucor CorpNUE USBef-mktQ2 2014 Earnings ReleaseQ2 20140.401
Dr Pepper Snapple Group IncDPS USBef-mktQ2 2014 Earnings ReleaseQ2 20140.906
Diamond Offshore Drilling IncDO USBef-mktQ2 2014 Earnings ReleaseQ2 20140.561
PulteGroup IncPHM USBef-mktQ2 2014 Earnings ReleaseQ2 20140.254
Precision Castparts CorpPCP USBef-mktQ1 2015 Earnings ReleaseQ1 20153.354
Bemis Co IncBMS USBef-mktQ2 2014 Earnings ReleaseQ2 20140.637
T Rowe Price Group IncTROW USBef-mktQ2 2014 Earnings ReleaseQ2 20141.116
Boston Scientific CorpBSX USBef-mktQ2 2014 Earnings ReleaseQ2 20140.193
Cabot Oil & Gas CorpCOG USBef-mktQ2 2014 Earnings ReleaseQ2 20140.25
AmerisourceBergen CorpABC USBef-mktQ3 2014 Earnings ReleaseQ3 20140.922
Wyndham Worldwide CorpWYN USBef-mktQ2 2014 Earnings ReleaseQ2 20141.137
DR Horton IncDHI USBef-mktQ3 2014 Earnings ReleaseQ3 20140.49
Coca-Cola Enterprises IncCCE USBef-mktQ2 2014 Earnings ReleaseQ2 20140.884
Quest Diagnostics IncDGX USBef-mktQ2 2014 Earnings ReleaseQ2 20141.06
EQT CorpEQT USBef-mktQ2 2014 Earnings ReleaseQ2 20140.853
Hershey Co/TheHSY USBef-mktQ2 2014 Earnings ReleaseQ2 20140.757
Sigma-Aldrich CorpSIAL USBef-mktQ2 2014 Earnings ReleaseQ2 20141.104
Celgene CorpCELG USBef-mktQ2 2014 Earnings ReleaseQ2 20140.892
General Motors CoGM USBef-mktQ2 2014 Earnings ReleaseQ2 20140.586
Starwood Hotels & Resorts Worldwide IncHOT US6:00Q2 2014 Earnings ReleaseQ2 20140.755
Alexion Pharmaceuticals IncALXN US6:30Q2 2014 Earnings ReleaseQ2 20141.069
Southwest Airlines CoLUV US6:30Q2 2014 Earnings ReleaseQ2 20140.608
Ford Motor CoF US6:30Q2 2014 Earnings ReleaseQ2 20140.357
Eli Lilly & CoLLY US6:30Q2 2014 Earnings ReleaseQ2 20140.652
Zimmer Holdings IncZMH US7:00Q2 2014 Earnings ReleaseQ2 20141.486
Raytheon CoRTN US7:00Q2 2014 Earnings ReleaseQ2 20141.59
NASDAQ OMX Group Inc/TheNDAQ US7:00Q2 2014 Earnings ReleaseQ2 20140.681
Under Armour IncUA US7:00Q2 2014 Earnings ReleaseQ2 20140.074
3M CoMMM US7:30Q2 2014 Earnings ReleaseQ2 20141.908
Bristol-Myers Squibb CoBMY US7:30Q2 2014 Earnings ReleaseQ2 20140.445
Caterpillar IncCAT US7:30Q2 2014 Earnings ReleaseQ2 20141.518
Cameron International CorpCAM US7:30Q2 2014 Earnings ReleaseQ2 20140.873
FLIR Systems IncFLIR US7:30Q2 2014 Earnings ReleaseQ2 20140.335
Zimmer Holdings IncZMH US8:00Q2 2014 Earnings CallQ2 2014
Boston Scientific CorpBSX US8:00Q2 2014 Earnings CallQ2 2014
CMS Energy CorpCMS US8:00Q2 2014 Earnings ReleaseQ2 20140.273
Union Pacific CorpUNP US8:00Q2 2014 Earnings ReleaseQ2 20141.432
NASDAQ OMX Group Inc/TheNDAQ US8:00Q2 2014 Earnings CallQ2 2014
Assurant IncAIZ US8:00Q2 2014 Earnings CallQ2 2014
PulteGroup IncPHM US8:30Q2 2014 Earnings CallQ2 2014
Wyndham Worldwide CorpWYN US8:30Q2 2014 Earnings CallQ2 2014
CMS Energy CorpCMS US8:30Q2 2014 Earnings CallQ2 2014
Quest Diagnostics IncDGX US8:30Q2 2014 Earnings CallQ2 2014
Equifax IncEFX US8:30Q2 2014 Earnings CallQ2 2014
Ford Motor CoF US8:30Q2 2014 Earnings CallC2 2014
Hershey Co/TheHSY US8:30Q2 2014 Earnings CallQ2 2014
Under Armour IncUA US8:30Q2 2014 Earnings CallQ2 2014
Union Pacific CorpUNP US8:45Q2 2014 Earnings CallQ2 2014
3M CoMMM US9:00Q2 2014 Earnings CallQ2 2014
Diamond Offshore Drilling IncDO US9:00Q2 2014 Earnings CallQ2 2014
Raytheon CoRTN US9:00Q2 2014 Earnings CallQ2 2014
Celgene CorpCELG US9:00Q2 2014 Earnings CallQ2 2014
Eli Lilly & CoLLY US9:00Q2 2014 Earnings CallQ2 2014
Brown-Forman CorpBF/B US9:30Annual General MeetingY 2014
Cabot Oil & Gas CorpCOG US9:30Q2 2014 Earnings CallQ2 2014
Cameron International CorpCAM US9:30Q2 2014 Earnings CallQ2 2014
Airgas IncARG US10:00Q1 2015 Earnings CallQ1 2015
Noble Energy IncNBL US10:00Q2 2014 Earnings CallQ2 2014
Precision Castparts CorpPCP US10:00Q1 2015 Earnings CallQ1 2015
Bemis Co IncBMS US10:00Q2 2014 Earnings CallQ2 2014
Alexion Pharmaceuticals IncALXN US10:00Q2 2014 Earnings CallQ2 2014
DR Horton IncDHI US10:00Q3 2014 Earnings CallQ3 2014
Coca-Cola Enterprises IncCCE US10:00Q2 2014 Earnings CallQ2 2014
General Motors CoGM US10:00Q2 2014 Earnings CallQ2 2014
Bristol-Myers Squibb CoBMY US10:30Q2 2014 Earnings CallQ2 2014
Crown Castle International CorpCCI US10:30Q2 2014 Earnings CallQ2 2014
EQT CorpEQT US10:30Q2 2014 Earnings CallQ2 2014
Starwood Hotels & Resorts Worldwide IncHOT US10:30Q2 2014 Earnings CallQ2 2014
Dr Pepper Snapple Group IncDPS US11:00Q2 2014 Earnings CallQ2 2014
AmerisourceBergen CorpABC US11:00Q3 2014 Earnings CallQ3 2014
Caterpillar IncCAT US11:00Q2 2014 Earnings CallQ2 2014
Flowserve CorpFLS US11:00Q2 2014 Earnings CallQ2 2014
FLIR Systems IncFLIR US11:00Q2 2014 Earnings CallQ2 2014
Torchmark CorpTMK US11:00Q2 2014 Earnings CallQ2 2014
O’Reilly Automotive IncORLY US11:00Q2 2014 Earnings CallQ2 2014
Sigma-Aldrich CorpSIAL US11:00Q2 2014 Earnings CallQ2 2014
Ford Motor CoF US11:30Q2 2014 Earnings Call – Fixed IncomeQ2 2014
Southwest Airlines CoLUV US12:30Q2 2014 Earnings CallQ2 2014
AvalonBay Communities IncAVB US13:00Q2 2014 Earnings CallQ2 2014
Nucor CorpNUE US14:00Q2 2014 Earnings CallQ2 2014
Macerich Co/TheMAC US15:30Q2 2014 Earnings CallQ2 2014
Principal Financial Group IncPFG US16:00Q2 2014 Earnings ReleaseQ2 20141.009
CR Bard IncBCR US16:05Q2 2014 Earnings ReleaseQ2 20142.006
VeriSign IncVRSN US16:05Q2 2014 Earnings ReleaseQ2 20140.645
Altera CorpALTR US16:15Q2 2014 Earnings ReleaseQ2 20140.373
Cerner CorpCERN US16:30Q2 2014 Earnings CallQ2 2014
VeriSign IncVRSN US16:30Q2 2014 Earnings CallQ2 2014
Altera CorpALTR US16:45Q2 2014 Earnings CallQ2 2014
Republic Services IncRSG US17:00Q2 2014 Earnings CallQ2 2014
CR Bard IncBCR US17:00Q2 2014 Earnings CallQ2 2014
Visa IncV US17:00Q3 2014 Earnings CallQ3 2014
Chubb Corp/TheCB US17:00Q2 2014 Earnings CallQ2 2014
Amazon.com IncAMZN US17:00Q2 2014 Earnings CallQ2 2014
Stericycle IncSRCL US17:00Q2 2014 Earnings CallQ2 2014
Starbucks CorpSBUX US17:00Q3 2014 Earnings CallQ3 2014
KLA-Tencor CorpKLAC US17:00Q4 2014 Earnings CallQ4 2014
Republic Services IncRSG USAft-mktQ2 2014 Earnings ReleaseQ2 20140.488
Visa IncV USAft-mktQ3 2014 Earnings ReleaseQ3 20142.099
Chubb Corp/TheCB USAft-mktQ2 2014 Earnings ReleaseQ2 20141.9
Amazon.com IncAMZN USAft-mktQ2 2014 Earnings ReleaseQ2 2014-0.145
Stericycle IncSRCL USAft-mktQ2 2014 Earnings ReleaseQ2 20141.028
Starbucks CorpSBUX USAft-mktQ3 2014 Earnings ReleaseQ3 20140.662
KLA-Tencor CorpKLAC USAft-mktQ4 2014 Earnings ReleaseQ4 20140.855
Cerner CorpCERN USAft-mktQ2 2014 Earnings ReleaseQ2 20140.395
Leggett & Platt IncLEG USAft-mktQ2 2014 Earnings ReleaseQ2 20140.46
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