Thu Jul 31 2014
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Live Index – Thu, 31 Jul 2014 Premarket

PREMARKET WORLD NEWS

September E-mini S&Ps (ESU14 -0.59%) this morning are down -0.56% and European stocks are down -0.86%, both at 1-1/2 week lows, as company earnings results disappointed. Samsung, the world’s biggest smartphone maker, fell 3.7% in South Korea and led technology stocks lower after it reported Q2 net income that fell short of consensus, while Lufthansa dropped nearly 6% after Europe’s second-largest airline said Q2 profit fell and predicted travel markets will remain weak in the second half of this year. Standard & Poor’s said Argentina was in default after it missed an interest payment on $ 13 billion of debt. Asian stocks closed mixed: Japan -0.16%, Hong Kong +0.10%, China +1.22%, Taiwan -1.39%, Australia +0.18%, Singapore +0.61%, South Korea -0.55%, India -0.74%. China’s Shanghai Stock Index climbed to its highest level in 7-1/2 months on speculation government stimulus and reform measures will boost economic growth. Commodity prices are mixed. Sep crude oil (CLU14 -0.72%) is down -0.74% at a 2-week low as it fell below $ 100 a barrel on dollar strength. Sep gasoline (RBU14 -0.56%) is down -0.69% at a 3-1/2 month low. Aug gold (GCQ14 -0.05%) is up +0.05%. Sep copper (HGU14 -0.06%) is up +0.11%. Agriculture and livestock prices are lower. The dollar index (DXY00 +0.08%) is up +0.06%. EUR/USD (^EURUSD) is down -0.07% after weaker-than-expected Eurozone Jul CPI boosted the prospects for additional ECB easing measures. USD/JPY (^USDJPY) is up +0.08%. Sep T-note prices (ZNU14 -0.01%) are unchanged.

The Eurozone Jul CPI estimate unexpectedly weakened to +0.4% y/y, lower than expectations of unch at +0.5% y/y and the slowest pace of increase in 4-3/4 years. The Jul core CPI rose +0.8% y/y, right on expectations.

The Eurozone Jun unemployment rate unexpectedly fell -0.1 to 11.5%, better than expectations of no change at 11.6% y/y and the lowest in 1-3/4 years.

The German Jul unemployment change fell -12,000, over double expectations of -5,000 and the first decrease in 3 months. The Jul unemployment rate remained unchanged at 6.7%, right on expectations and the lowest since data for a reunified Germany began in 1991.

German Jun retail sales were mixed as sales rose +1.3% m/m, better than expectations of +1.0% m/m, but rose only +0.4% y/y, less than expectations of +1.3% y/y.

UK Jul GfK consumer confidence unexpectedly fell -3 points to -2, weaker than expectations of +1 to 2.

UK Jul nationwide house prices rose +0.1% m/m and +10.6% y/y, less than expectations of +0.5% m/m and +11.3% y/y.

Japan Jun labor cash earnings rose +0.4% y/y, less than expectations of +0.8% y/y.

U.S. STOCK PREVIEW

Today’s weekly initial unemployment claims report is expected to show a +16,000 gain to 300,000, reversing most of last week’s -19,000 decline to 284,000. Meanwhile, today’s continuing claims report is expected to show a -8,000 decline to 2.492 million, matching last week’s decline of -8,000 to 2.500 million. Today’s Q2 employment cost index is expected to strengthen to +0.5% q/q (+2.0% annualized) from +0.3% (+1.2% annualized) in Q1. Today’s July Chicago PMI report is expected to show a +0.4 point increase to 63.0, recovering some of the sharp -2.9 point loss to 62.6 seen in June.

There are 51 of the S&P 500 companies that report earnings today with notable reports including: Mastercard (consensus $ 0.77), Exxon (1.86), Kellogg (1.02), Expedia (0.76), CME Group (0.79), Time Warner (1.90), ConocoPhillips (1.61), Marathon Petroleum (2.20), ADP (0.63), Excelon (0.50). Equity conferences this week include the following: Institute of Validation technology on Tue-Thu, and Marcus Evans 13th Annual Outage Management for Power Plants Conference on Tue-Thu.

PREMARKET U.S. STOCKS

CME Group (CME +0.44%) reported Q2 EPS of 77 cents, below consensus of 79 cents.

Avon Products (AVP +0.39%) reported Q2 EPS of 20 cents, weaker than consensus of 21 cents.

Con-way (CNW +0.19%) reported Q2 EPS of 91 cents, well above consensus of 75 cents.

Lam Research (LRCX -1.32%) reported Q4 adjusted EPS of $ 1.25, better than consensus of $ 1.23.

Western Digital (WDC +0.38%) reported Q4 EPS of $ 1.85, stronger than consensus of $ 1.74.

Unum Group (UNM -0.46%) reported Q2 EPS of 94 cents, higher than consensus of 87 cents.

Endurance Specialty (ENH -0.19%) terminated its offer to acquire Aspen Insurance (AHL -0.63%) .

Hologic (HOLX +1.68%) reported Q3 EPS of 37 cents, better than consensus of 34 cents, and then raisd guidance on fiscal 2014 EPS view ex-items to $ 1.44-$ 1.45 from $ 1.37-$ 1.40, higher than consensus of $ 1.40.

Allstate (ALL -0.28%) gained nearly 3% in after-hours tradng after it reported Q2 operating EPS of $ 1.01, well above consensus of 70 cents.

MetLife (MET +0.65%) reported Q2 EPS of $ 1.39, less than consensus of $ 1.41.

Kraft Foods (KRFT -0.90%) dropped over 2% in after-hours trading after it reported Q2 EPS of 80 cents, weaker than consensus of 83 cents.

Fortune Brands (FBHS +0.11%) reported Q2 EPS of 55 cents, higher than consensus of 54 cents, although Q2 revenue of $ 1.14 billion was slightly less than consensus of $ 1.17 billion.

Whiting Petroleum (WLL -0.13%) rose over 1% in after-hours trading after it reported adjusted Q2 EPS of $ 1.40, stronger than consensus of $ 1.28.

AMC Entertainment (AMC -0.31%) reported Q2 EPS of 32 cents, higher than consensus of 29 cents.

Whole Foods Market (WFM +3.80%) fell over 4% in afer-hours trading after it reported Q3 EPS of 41 cents, better than consensus of 39 cents, but then lowered guidance on fiscal 2014 EPS view to $ 1.52-$ 1.54 from $ 1.52-$ 1.56, at the low end of consensus of $ 1.53.

Akamai (AKAM +2.93%) reported Q2 EPS of 58 cents, higher than consensus of 55 cents.

MARKET COMMENTS

Sep E-mini S&Ps (ESU14 -0.59%) this morning are down -11,00 points (-0.56%). The S&P 500 index on Wednesday recovered from a 1-1/2 week low and closed higher: S&P 500 +0.01%, Dow Jones -0.19%, Nasdaq +0.43%. Bullish factors included (1) the +4.0% gain in U.S. Q2 GDP, stronger than expectations of +3.0% as Q2 personal consumption rose +2.5%, better than expectations of +1.9%, and (2) positive Q2 company earnings results as 77% of reporting S&P 500 companies have beaten estimates. A negative factor was the +218,000 increase in Jul ADP employment, less than expectations of +230,000.

Sep 10-year T-notes (ZNU14 -0.01%) this morning are unch. Sep 10-year T-note futures prices on Wednesday tumbled to a 3-week low and closed lower. Bearish factors included (1) the stronger-than-expected U.S. Q2 GDP of +4.0%, which bolstered the outlook for the Fed to raise interest rates sooner rather than later, and (2) the +2.0% increase in the Q2 core PCE deflator, more than expectations of +1.9% and the fastest pace in 2-1/4 years. Closes: TYU4 -23.00, FVU4 -11.00.

The dollar index (DXY00 +0.08%) this morning is up +0.048 (+0.06%). EUR/USD (^EURUSD) is down -0.0010 (-0.07%) and USD/JPY (^USDJPY) is up +0.08 (+0.08%). The dollar index on Wednesday soared to a 10-1/2 month high after the stronger-than-expected U.S. Q2 GDP report bolstered the outlook for the Fed to tighten monetary policy. EUR/USD fell to an 8-1/2 month low and USD/JPY rose to a 2-3/4 month high as the yen weakened on speculation the BOJ may expand its stimulus measures after Japan Jun industrial production fell -3.3% m/m, the most in 3-1/4 years. Closes: Dollar index +0.218 (+0.27%), EUR/USD -0.0012 (-0.09%), USD/JPY +0.672 (+0.66%).

Sep WTI crude oil (CLU14 -0.72%) this morning is down -74 cents (-0.74%) at a 2-week low and Sep gasoline (RBU14 -0.56%) is down -0.0194 (-0.69%) at a 3-1/2 month low. Sep crude and gasoline prices on Wednesday closed lower with Sep crude at a 2-week low and Sep gasoline at a 2-1/2 month low: CLU4 -1.29 (-1.28%), RBU4 -0.0419 (-1.47%). Bearish factors included (1) the rally in the dollar index to a 10-1/2 month high, and (2) the +789,000 bbl increase in EIA distillate inventories to a 10-month high of 126.7 million bbl. Crude prices failed to rally on the -3.697 million bbl drop in weekly EIA inventories, three times more than expectations of a -1.25 million bbl draw.

 

GLOBAL EVENT CALENDAR07/31/2014
US 0730 ET Jul Challenger job cuts, Jun -20.2% y/y.
0830 ET Weekly initial unemployment claims expected +16,000 to 300,000, previous -19,000 to 284,000. Weekly continuing claims expected -8,000 to 2.492 million, previous -8,000 to 2.500 million.
0830 ET USDA weekly Export Sales.
0830 ET Q2 employment cost index expected +0.5%, Q1 +0.3%.
0900 ET Jul Milwaukee ISM expected +0.4 to 61.0, Jun -2.92 to 60.57.
0945 ET Jul Chicago PMI expected +0.4 to 63.0, Jun -2.9 to 62.6.
JPN 0100 ET Japan Jun annualized housing starts expected -11.5% y/y to 857,000, May -15.0% y/y to 872,000.
0100 ET Japan Jun construction orders, May +13.7% y/y.
GER 0200 ET German Jun retail sales expected +1.0% m/m and +1.3% y/y, May -0
0355 ET German Jul unemployment change expected -5,000, Jun +9,000. Jul unemployment rate expected unch at 6.7%, Jun 6.7%.
EUR 0500 ET Eurozone Jul CPI estimate expected +0.5% y/y, Jun +0.5% y/y. Jul core CPI expected +0.8% y/y, Jun +0.8% y/y.
0500 ET Eurozone Jun unemployment rate expected unchanged at 11.6%, May 11.6%.
UK 0200 ET UK Jul Nationwide House Price index expected +0.5% m/m and +11.3% y/y, June +1.0% m/m and +11.8% y/y.
CHI 2100 ET China Jul manufacturing PMI (National Bureau of Statistics) expected +0.4 to 51.4, Jun +0.2 to 51.0.
2145 ET Final-July HSBC China manufacturing PMI expected unch at 52.0, prelim-Jul +1.3 to 52.0.
U.S. STOCK CALENDAR07/31/2014
Company Name Ticker Time Event Description Period Estimate
Pentair PLC PNR US Bef-mkt Q2 2014 Earnings Release Q2 2014 1.034
Xcel Energy Inc XEL US Bef-mkt Q2 2014 Earnings Release Q2 2014 0.405
DIRECTV DTV US Bef-mkt Q2 2014 Earnings Release Q2 2014 1.533
Occidental Petroleum Corp OXY US Bef-mkt Q2 2014 Earnings Release Q2 2014 1.764
Marathon Petroleum Corp MPC US Bef-mkt Q2 2014 Earnings Release Q2 2014 2.195
PG&E Corp PCG US Bef-mkt Q2 2014 Earnings Release Q2 2014 0.75
BorgWarner Inc BWA US Bef-mkt Q2 2014 Earnings Release Q2 2014 0.871
PPL Corp PPL US Bef-mkt Q2 2014 Earnings Release Q2 2014 0.454
Automatic Data Processing Inc ADP US Bef-mkt Q4 2014 Earnings Release Q4 2014 0.629
Exelon Corp EXC US Bef-mkt Q2 2014 Earnings Release Q2 2014 0.497
Avon Products Inc AVP US Bef-mkt Q2 2014 Earnings Release Q2 2014 0.213
Pinnacle West Capital Corp PNW US Bef-mkt Q2 2014 Earnings Release Q2 2014 1.148
L-3 Communications Holdings Inc LLL US Bef-mkt Q2 2014 Earnings Release Q2 2014 2.016
SCANA Corp SCG US Bef-mkt Q2 2014 Earnings Release Q2 2014 0.616
McKesson Corp MCK US Bef-mkt Q1 2015 Earnings Release Q1 2015 2.327
Colgate-Palmolive Co CL US Bef-mkt Q2 2014 Earnings Release Q2 2014 0.734
TECO Energy Inc TE US Bef-mkt Q2 2014 Earnings Release Q2 2014 0.268
MasterCard Inc MA US Bef-mkt Q2 2014 Earnings Release Q2 2014 0.768
Ensco PLC ESV US Bef-mkt Q2 2014 Earnings Release Q2 2014 1.314
CME Group Inc/IL CME US Bef-mkt Q2 2014 Earnings Release Q2 2014 0.793
Delphi Automotive PLC DLPH US Bef-mkt Q2 2014 Earnings Release Q2 2014 1.326
Ball Corp BLL US 6:00 Q2 2014 Earnings Release Q2 2014 1.022
Becton Dickinson and Co BDX US 6:00 Q3 2014 Earnings Release Q3 2014 1.671
Cigna Corp CI US 6:00 Q2 2014 Earnings Release Q2 2014 1.842
Iron Mountain Inc IRM US 6:00 Q2 2014 Earnings Release Q2 2014 0.423
Time Warner Cable Inc TWC US 6:00 Q2 2014 Earnings Release Q2 2014 1.901
Helmerich & Payne Inc HP US 6:00 Q3 2014 Earnings Release Q3 2014 1.63
Host Hotels & Resorts Inc HST US 6:00 Q2 2014 Earnings Release Q2 2014 0.434
Quanta Services Inc PWR US 6:07 Q2 2014 Earnings Release Q2 2014 0.403
Newell Rubbermaid Inc NWL US 6:30 Q2 2014 Earnings Release Q2 2014 0.544
NiSource Inc NI US 6:30 Q2 2014 Earnings Release Q2 2014 0.244
Discovery Communications Inc DISCA US 7:00 Q2 2014 Earnings Release Q2 2014 0.966
ConocoPhillips COP US 7:00 Q2 2014 Earnings Release Q2 2014 1.606
Mosaic Co/The MOS US 7:00 Q2 2014 Earnings Release Q2 2014 0.739
DENTSPLY International Inc XRAY US 7:00 Q2 2014 Earnings Release Q2 2014 0.682
Legg Mason Inc LM US 7:00 Q1 2015 Earnings Release Q1 2015 0.553
Invesco Ltd IVZ US 7:30 Q2 2014 Earnings Release Q2 2014 0.586
Newell Rubbermaid Inc NWL US 8:00 Q2 2014 Earnings Call Q2 2014
Apache Corp APA US 8:00 Q2 2014 Earnings Release Q2 2014 1.64
Allegion PLC ALLE US 8:00 Q2 2014 Earnings Call Q2 2014
Becton Dickinson and Co BDX US 8:00 Q3 2014 Earnings Call Q3 2014
Exxon Mobil Corp XOM US 8:00 Q2 2014 Earnings Release Q2 2014 1.862
Kellogg Co K US 8:00 Q2 2014 Earnings Release Q2 2014 1.017
Legg Mason Inc LM US 8:00 Q1 2015 Earnings Call Q1 2015
MetLife Inc MET US 8:00 Q2 2014 Earnings Call Q2 2014
Discovery Communications Inc DISCA US 8:30 Q2 2014 Earnings Call Q2 2014
PPL Corp PPL US 8:30 Q2 2014 Earnings Call Q2 2014
Automatic Data Processing Inc ADP US 8:30 Q4 2014 Earnings Call Q4 2014
McKesson Corp MCK US 8:30 Q1 2015 Earnings Call Q1 2015
Cigna Corp CI US 8:30 Q2 2014 Earnings Call Q2 2014
Iron Mountain Inc IRM US 8:30 Q2 2014 Earnings Call Q2 2014
Tesoro Corp TSO US 8:30 Q2 2014 Earnings Call Q2 2014
Time Warner Cable Inc TWC US 8:30 Q2 2014 Earnings Call Q2 2014
DENTSPLY International Inc XRAY US 8:30 Q2 2014 Earnings Call Q2 2014
CME Group Inc/IL CME US 8:30 Q2 2014 Earnings Call Q2 2014
Pentair PLC PNR US 9:00 Q2 2014 Earnings Call Q2 2014
NiSource Inc NI US 9:00 Q2 2014 Earnings Call Q2 2014
Avon Products Inc AVP US 9:00 Q2 2014 Earnings Call Q2 2014
TECO Energy Inc TE US 9:00 Q2 2014 Earnings Call Q2 2014
Invesco Ltd IVZ US 9:00 Q2 2014 Earnings Call Q2 2014
Noble Corp plc NE US 9:00 Q2 2014 Earnings Call Q2 2014
Unum Group UNM US 9:00 Q2 2014 Earnings Call Q2 2014
MasterCard Inc MA US 9:00 Q2 2014 Earnings Call Q2 2014
Mosaic Co/The MOS US 9:00 Q2 2014 Earnings Call Q2 2014
Delphi Automotive PLC DLPH US 9:00 Q2 2014 Earnings Call Q2 2014
Allstate Corp/The ALL US 9:00 Q2 2014 Earnings Call Q2 2014
BorgWarner Inc BWA US 9:30 Q2 2014 Earnings Call Q2 2014
Quanta Services Inc PWR US 9:30 Q2 2014 Earnings Call Q2 2014
Williams Cos Inc/The WMB US 9:30 Q2 2014 Earnings Call Q2 2014
Kellogg Co K US 9:30 Q2 2014 Earnings Call Q2 2014
Xcel Energy Inc XEL US 10:00 Q2 2014 Earnings Call Q2 2014
Occidental Petroleum Corp OXY US 10:00 Q2 2014 Earnings Call Q2 2014
Marathon Petroleum Corp MPC US 10:00 Q2 2014 Earnings Call Q2 2014
Exelon Corp EXC US 10:00 Q2 2014 Earnings Call Q2 2014
Progressive Corp/The PGR US 10:00 Investor Relations Conference Call
Lincoln National Corp LNC US 10:00 Q2 2014 Earnings Call Q2 2014
Host Hotels & Resorts Inc HST US 10:00 Q2 2014 Earnings Call Q2 2014
PG&E Corp PCG US 11:00 Q2 2014 Earnings Call Q2 2014
Ball Corp BLL US 11:00 Q2 2014 Earnings Call Q2 2014
L-3 Communications Holdings Inc LLL US 11:00 Q2 2014 Earnings Call Q2 2014
Hartford Financial Services Group Inc/The HIG US 11:00 Q2 2014 Earnings Call Q2 2014
Colgate-Palmolive Co CL US 11:00 Q2 2014 Earnings Call Q2 2014
Exxon Mobil Corp XOM US 11:00 Q2 2014 Earnings Call Q2 2014
FMC Corp FMC US 11:00 Q2 2014 Earnings Call Q2 2014
Ensco PLC ESV US 11:00 Q2 2014 Earnings Call Q2 2014
Helmerich & Payne Inc HP US 11:00 Q3 2014 Earnings Call Q3 2014
ConocoPhillips COP US 12:00 Q2 2014 Earnings Call Q2 2014
Pinnacle West Capital Corp PNW US 12:00 Q2 2014 Earnings Call Q2 2014
Michael Kors Holdings Ltd KORS US 12:00 Annual General Meeting Y 2014
Murphy Oil Corp MUR US 13:00 Q2 2014 Earnings Call Q2 2014
DIRECTV DTV US 14:00 Q2 2014 Earnings Call Q2 2014
Apache Corp APA US 14:00 Q2 2014 Earnings Call Q2 2014
SCANA Corp SCG US 15:00 Q2 2014 Earnings Call Q2 2014
Western Union Co/The WU US 16:00 Q2 2014 Earnings Release Q2 2014 0.357
Western Union Co/The WU US 16:30 Q2 2014 Earnings Call Q2 2014
Expedia Inc EXPE US 16:30 Q2 2014 Earnings Call Q2 2014
DaVita HealthCare Partners Inc DVA US 17:00 Q2 2014 Earnings Call Q2 2014
Microchip Technology Inc MCHP US 17:00 Q1 2015 Earnings Call Q1 2015
Edison International EIX US 17:00 Q2 2014 Earnings Call Q2 2014
PerkinElmer Inc PKI US 17:00 Q2 2014 Earnings Call Q2 2014
Electronic Arts Inc EA US 17:00 Annual General Meeting
Northeast Utilities NU US Aft-mkt Q2 2014 Earnings Release Q2 2014 0.506
Fluor Corp FLR US Aft-mkt Q2 2014 Earnings Release Q2 2014 0.992
DaVita HealthCare Partners Inc DVA US Aft-mkt Q2 2014 Earnings Release Q2 2014 0.888
Microchip Technology Inc MCHP US Aft-mkt Q1 2015 Earnings Release Q1 2015 0.665
Mohawk Industries Inc MHK US Aft-mkt Q2 2014 Earnings Release Q2 2014 2.197
Edison International EIX US Aft-mkt Q2 2014 Earnings Release Q2 2014 0.818
Public Storage PSA US Aft-mkt Q2 2014 Earnings Release Q2 2014 1.961
PerkinElmer Inc PKI US Aft-mkt Q2 2014 Earnings Release Q2 2014 0.579
Apartment Investment & Management Co AIV US Aft-mkt Q2 2014 Earnings Release Q2 2014 0.505
Expedia Inc EXPE US Aft-mkt Q2 2014 Earnings Release Q2 2014 0.758
Fluor Corp FLR US 17:30 Q2 2014 Earnings Call Q2 2014

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