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
US0730 ETJul Challenger job cuts, Jun -20.2% y/y.
0830 ETWeekly 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 ETUSDA weekly Export Sales.
0830 ETQ2 employment cost index expected +0.5%, Q1 +0.3%.
0900 ETJul Milwaukee ISM expected +0.4 to 61.0, Jun -2.92 to 60.57.
0945 ETJul Chicago PMI expected +0.4 to 63.0, Jun -2.9 to 62.6.
JPN0100 ETJapan Jun annualized housing starts expected -11.5% y/y to 857,000, May -15.0% y/y to 872,000.
0100 ETJapan Jun construction orders, May +13.7% y/y.
GER0200 ETGerman Jun retail sales expected +1.0% m/m and +1.3% y/y, May -0
0355 ETGerman Jul unemployment change expected -5,000, Jun +9,000. Jul unemployment rate expected unch at 6.7%, Jun 6.7%.
EUR0500 ETEurozone 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 ETEurozone Jun unemployment rate expected unchanged at 11.6%, May 11.6%.
UK0200 ETUK 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.
CHI2100 ETChina Jul manufacturing PMI (National Bureau of Statistics) expected +0.4 to 51.4, Jun +0.2 to 51.0.
2145 ETFinal-July HSBC China manufacturing PMI expected unch at 52.0, prelim-Jul +1.3 to 52.0.
U.S. STOCK CALENDAR07/31/2014
Company NameTickerTimeEvent DescriptionPeriodEstimate
Pentair PLCPNR USBef-mktQ2 2014 Earnings ReleaseQ2 20141.034
Xcel Energy IncXEL USBef-mktQ2 2014 Earnings ReleaseQ2 20140.405
DIRECTVDTV USBef-mktQ2 2014 Earnings ReleaseQ2 20141.533
Occidental Petroleum CorpOXY USBef-mktQ2 2014 Earnings ReleaseQ2 20141.764
Marathon Petroleum CorpMPC USBef-mktQ2 2014 Earnings ReleaseQ2 20142.195
PG&E CorpPCG USBef-mktQ2 2014 Earnings ReleaseQ2 20140.75
BorgWarner IncBWA USBef-mktQ2 2014 Earnings ReleaseQ2 20140.871
PPL CorpPPL USBef-mktQ2 2014 Earnings ReleaseQ2 20140.454
Automatic Data Processing IncADP USBef-mktQ4 2014 Earnings ReleaseQ4 20140.629
Exelon CorpEXC USBef-mktQ2 2014 Earnings ReleaseQ2 20140.497
Avon Products IncAVP USBef-mktQ2 2014 Earnings ReleaseQ2 20140.213
Pinnacle West Capital CorpPNW USBef-mktQ2 2014 Earnings ReleaseQ2 20141.148
L-3 Communications Holdings IncLLL USBef-mktQ2 2014 Earnings ReleaseQ2 20142.016
SCANA CorpSCG USBef-mktQ2 2014 Earnings ReleaseQ2 20140.616
McKesson CorpMCK USBef-mktQ1 2015 Earnings ReleaseQ1 20152.327
Colgate-Palmolive CoCL USBef-mktQ2 2014 Earnings ReleaseQ2 20140.734
TECO Energy IncTE USBef-mktQ2 2014 Earnings ReleaseQ2 20140.268
MasterCard IncMA USBef-mktQ2 2014 Earnings ReleaseQ2 20140.768
Ensco PLCESV USBef-mktQ2 2014 Earnings ReleaseQ2 20141.314
CME Group Inc/ILCME USBef-mktQ2 2014 Earnings ReleaseQ2 20140.793
Delphi Automotive PLCDLPH USBef-mktQ2 2014 Earnings ReleaseQ2 20141.326
Ball CorpBLL US6:00Q2 2014 Earnings ReleaseQ2 20141.022
Becton Dickinson and CoBDX US6:00Q3 2014 Earnings ReleaseQ3 20141.671
Cigna CorpCI US6:00Q2 2014 Earnings ReleaseQ2 20141.842
Iron Mountain IncIRM US6:00Q2 2014 Earnings ReleaseQ2 20140.423
Time Warner Cable IncTWC US6:00Q2 2014 Earnings ReleaseQ2 20141.901
Helmerich & Payne IncHP US6:00Q3 2014 Earnings ReleaseQ3 20141.63
Host Hotels & Resorts IncHST US6:00Q2 2014 Earnings ReleaseQ2 20140.434
Quanta Services IncPWR US6:07Q2 2014 Earnings ReleaseQ2 20140.403
Newell Rubbermaid IncNWL US6:30Q2 2014 Earnings ReleaseQ2 20140.544
NiSource IncNI US6:30Q2 2014 Earnings ReleaseQ2 20140.244
Discovery Communications IncDISCA US7:00Q2 2014 Earnings ReleaseQ2 20140.966
ConocoPhillipsCOP US7:00Q2 2014 Earnings ReleaseQ2 20141.606
Mosaic Co/TheMOS US7:00Q2 2014 Earnings ReleaseQ2 20140.739
DENTSPLY International IncXRAY US7:00Q2 2014 Earnings ReleaseQ2 20140.682
Legg Mason IncLM US7:00Q1 2015 Earnings ReleaseQ1 20150.553
Invesco LtdIVZ US7:30Q2 2014 Earnings ReleaseQ2 20140.586
Newell Rubbermaid IncNWL US8:00Q2 2014 Earnings CallQ2 2014
Apache CorpAPA US8:00Q2 2014 Earnings ReleaseQ2 20141.64
Allegion PLCALLE US8:00Q2 2014 Earnings CallQ2 2014
Becton Dickinson and CoBDX US8:00Q3 2014 Earnings CallQ3 2014
Exxon Mobil CorpXOM US8:00Q2 2014 Earnings ReleaseQ2 20141.862
Kellogg CoK US8:00Q2 2014 Earnings ReleaseQ2 20141.017
Legg Mason IncLM US8:00Q1 2015 Earnings CallQ1 2015
MetLife IncMET US8:00Q2 2014 Earnings CallQ2 2014
Discovery Communications IncDISCA US8:30Q2 2014 Earnings CallQ2 2014
PPL CorpPPL US8:30Q2 2014 Earnings CallQ2 2014
Automatic Data Processing IncADP US8:30Q4 2014 Earnings CallQ4 2014
McKesson CorpMCK US8:30Q1 2015 Earnings CallQ1 2015
Cigna CorpCI US8:30Q2 2014 Earnings CallQ2 2014
Iron Mountain IncIRM US8:30Q2 2014 Earnings CallQ2 2014
Tesoro CorpTSO US8:30Q2 2014 Earnings CallQ2 2014
Time Warner Cable IncTWC US8:30Q2 2014 Earnings CallQ2 2014
DENTSPLY International IncXRAY US8:30Q2 2014 Earnings CallQ2 2014
CME Group Inc/ILCME US8:30Q2 2014 Earnings CallQ2 2014
Pentair PLCPNR US9:00Q2 2014 Earnings CallQ2 2014
NiSource IncNI US9:00Q2 2014 Earnings CallQ2 2014
Avon Products IncAVP US9:00Q2 2014 Earnings CallQ2 2014
TECO Energy IncTE US9:00Q2 2014 Earnings CallQ2 2014
Invesco LtdIVZ US9:00Q2 2014 Earnings CallQ2 2014
Noble Corp plcNE US9:00Q2 2014 Earnings CallQ2 2014
Unum GroupUNM US9:00Q2 2014 Earnings CallQ2 2014
MasterCard IncMA US9:00Q2 2014 Earnings CallQ2 2014
Mosaic Co/TheMOS US9:00Q2 2014 Earnings CallQ2 2014
Delphi Automotive PLCDLPH US9:00Q2 2014 Earnings CallQ2 2014
Allstate Corp/TheALL US9:00Q2 2014 Earnings CallQ2 2014
BorgWarner IncBWA US9:30Q2 2014 Earnings CallQ2 2014
Quanta Services IncPWR US9:30Q2 2014 Earnings CallQ2 2014
Williams Cos Inc/TheWMB US9:30Q2 2014 Earnings CallQ2 2014
Kellogg CoK US9:30Q2 2014 Earnings CallQ2 2014
Xcel Energy IncXEL US10:00Q2 2014 Earnings CallQ2 2014
Occidental Petroleum CorpOXY US10:00Q2 2014 Earnings CallQ2 2014
Marathon Petroleum CorpMPC US10:00Q2 2014 Earnings CallQ2 2014
Exelon CorpEXC US10:00Q2 2014 Earnings CallQ2 2014
Progressive Corp/ThePGR US10:00Investor Relations Conference Call
Lincoln National CorpLNC US10:00Q2 2014 Earnings CallQ2 2014
Host Hotels & Resorts IncHST US10:00Q2 2014 Earnings CallQ2 2014
PG&E CorpPCG US11:00Q2 2014 Earnings CallQ2 2014
Ball CorpBLL US11:00Q2 2014 Earnings CallQ2 2014
L-3 Communications Holdings IncLLL US11:00Q2 2014 Earnings CallQ2 2014
Hartford Financial Services Group Inc/TheHIG US11:00Q2 2014 Earnings CallQ2 2014
Colgate-Palmolive CoCL US11:00Q2 2014 Earnings CallQ2 2014
Exxon Mobil CorpXOM US11:00Q2 2014 Earnings CallQ2 2014
FMC CorpFMC US11:00Q2 2014 Earnings CallQ2 2014
Ensco PLCESV US11:00Q2 2014 Earnings CallQ2 2014
Helmerich & Payne IncHP US11:00Q3 2014 Earnings CallQ3 2014
ConocoPhillipsCOP US12:00Q2 2014 Earnings CallQ2 2014
Pinnacle West Capital CorpPNW US12:00Q2 2014 Earnings CallQ2 2014
Michael Kors Holdings LtdKORS US12:00Annual General MeetingY 2014
Murphy Oil CorpMUR US13:00Q2 2014 Earnings CallQ2 2014
DIRECTVDTV US14:00Q2 2014 Earnings CallQ2 2014
Apache CorpAPA US14:00Q2 2014 Earnings CallQ2 2014
SCANA CorpSCG US15:00Q2 2014 Earnings CallQ2 2014
Western Union Co/TheWU US16:00Q2 2014 Earnings ReleaseQ2 20140.357
Western Union Co/TheWU US16:30Q2 2014 Earnings CallQ2 2014
Expedia IncEXPE US16:30Q2 2014 Earnings CallQ2 2014
DaVita HealthCare Partners IncDVA US17:00Q2 2014 Earnings CallQ2 2014
Microchip Technology IncMCHP US17:00Q1 2015 Earnings CallQ1 2015
Edison InternationalEIX US17:00Q2 2014 Earnings CallQ2 2014
PerkinElmer IncPKI US17:00Q2 2014 Earnings CallQ2 2014
Electronic Arts IncEA US17:00Annual General Meeting
Northeast UtilitiesNU USAft-mktQ2 2014 Earnings ReleaseQ2 20140.506
Fluor CorpFLR USAft-mktQ2 2014 Earnings ReleaseQ2 20140.992
DaVita HealthCare Partners IncDVA USAft-mktQ2 2014 Earnings ReleaseQ2 20140.888
Microchip Technology IncMCHP USAft-mktQ1 2015 Earnings ReleaseQ1 20150.665
Mohawk Industries IncMHK USAft-mktQ2 2014 Earnings ReleaseQ2 20142.197
Edison InternationalEIX USAft-mktQ2 2014 Earnings ReleaseQ2 20140.818
Public StoragePSA USAft-mktQ2 2014 Earnings ReleaseQ2 20141.961
PerkinElmer IncPKI USAft-mktQ2 2014 Earnings ReleaseQ2 20140.579
Apartment Investment & Management CoAIV USAft-mktQ2 2014 Earnings ReleaseQ2 20140.505
Expedia IncEXPE USAft-mktQ2 2014 Earnings ReleaseQ2 20140.758
Fluor CorpFLR US17:30Q2 2014 Earnings CallQ2 2014

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