Mon Aug 11 2014
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Live Index – Mon, 11 Aug 2014 Premarket

PREMARKET WORLD NEWS

September E-mini S&Ps (ESU14 +0.48%) this morning are up +0.42% and European stocks are up +1.07% on reduced tensions in Ukraine after Russia said it ended military exercises near the Ukraine border. European bank stocks also rallied, led by an 8% jump in Italy’s Banco Popolare, that rose after it unexpectedly reported a Q2 profit of 25 million euros ($ 33.5 million), better than consensus of a -12.8 million euro loss. Asian stocks closed higher: Japan +2.38%, Hong Kong +1.29%, China +1.47%, Taiwan +0.96%, Australia +0.40%, Singapore +0.53%, South Korea +0.50%, India +0.75%. Japan’s Nikkei Stock Index climbed over 2% after Japan Jul consumer confidence rose to an 8-month high, and Chinese stocks rallied on speculation that benign inflation data will allow the government to implement additional stimulus measures after China Jul CPI rose +2.3% y/y, the same pace as in Jun and below the government’s 3.5% target. Commodity prices are mixed. Sep crude oil (CLU14 +0.06%) is up +0.08%. Sep gasoline (RBU14 -0.02%) is down -0.04%. Dec gold (GCZ14 -0.02%) is down -0.14%. Sep copper (HGU14 +0.33%) is up +0.52%. Agriculture prices are mixed. The dollar index (DXY00 +0.06%) is up +0.07%. EUR/USD (^EURUSD) is down -0.12%. USD/JPY (^USDJPY) is up +0.06%. Sep T-note prices (ZNU14 -0.12%) are down -5 ticks.

Speaking at a conference in Stockholm, Fed Vice Chairman Fischer said that sluggish U.S. labor supply growth is a “source of concern” because it may contribute to a slowdown in longer-run output of the economy, which also faces a drag from housing and “broad-based” slowing from emerging markets.

China Jun CPI rose +2.3% y/y, unchanged from Jun and right on expectations. PPI fell -0.9% y/y, right on expectations and the 30th consecutive month of falling producer prices.

UK Jul Lloyds employment confidence rose +5 to 6, the highest since the data series began in 2004.

Japan Jul consumer confidence rose +0.4 to 41.5, less than expectations of +0.9 to 42.0 but still the highest in 8 months.

The Japan Jun tertiary industry activity index unexpectedly fell -0.1% m/m, a bigger decline than expectations of unch m/m.

U.S. STOCK PREVIEW

Market attention his week will focus on (1) the geopolitical hotspots of Ukraine, Gaza, and Iraq, (2) the tail end of Q2 earnings season with only 18 of the S&P 500 companies reporting this week, (3) the Treasury’s sale of $ 67 billion on notes and bonds on Tuesday through Thursday, and (4) a fairly busy U.S. economic schedule.

There are 3 of the S&P 500 companies that report earnings today: Sysco (consensus $ 0.50), Priceline (12.02), Ventas (1.10). Equity conferences this week include: Avondale Partners Health Care Conference on Mon, Pacific Crest Global Technology Leadership Forum on Mon-Tue, Jefferies Global Industrials Conference on Mon-Thu, Goldman Sachs Power, Utilities, MLP & Pipeline Conference on Tue, Wedbush Life Sciences Management Access Conference on Tue, 8/12/2014 on Tue-Wed, J.P. Morgan Auto Conference on Tue, Oppenheimer Technology, Internet & Communications Conference on Tue-Wed, JP Morgan Auto Conference on Wed, Canaccord Genuity Growth Conference on Wed-Thu, and Barclays Summer Utilities Conference on Thu.

 

PREMARKET U.S. STOCKS

Freeport McMoRan (FCX +0.94%) was upgraded to ‘Buy’ from ‘Hold’ at Argus.

Priceline.com (PCLN -0.28%) reported Q2 EPS of$ 12.51, well ahead of consensus of $ 12.04.

Tesla Motors (TSLA -1.69%) rose over 2% in pre-market trading after Deutsche Bank upgraded the stock to ‘Buy’ from ‘Hold.’

PepsiCo (PEP +0.43%) was upgraded to ‘Buy’ from ‘Neutral’ at UBS with a price target of $ 100.

Wal-Mart (WMT +0.97%) was downgraded to ‘Hold’ from ‘Buy’ at Jefferies.

Southwest Gas (SWX +2.94%) was upgraded to ‘Buy’ from ‘Hold’ at Brean Capital.

Hyatt Hotels (H -0.53%) was upgraded to ‘Buy’ from ‘Hold’ at Stifel.

Sentry Investments reported a 17.0% passive stake in Timmins Gold (TGD -0.57%) .

Capital Research reported a 10.1% passive stake in Herbalife (HLF +2.98%) and a 10.4% passive stake in GW Pharmaceuticals (GWPH +0.79%) .

Baupost Group reported a 14.06% passive stake in Veritiv (VRTV -0.21%) .

Karpus reported a 12.87% passive stake in Montgomergy Street Securities (MTS -0.98%) .

MARKET COMMENTS

Sep E-mini S&Ps (ESU14 +0.48%) this morning are up +8.00 points (+0.42%). The S&P 500 index on Friday closed higher: S&P 500 +1.15%, Dow Jones +1.13%, Nasdaq +0.78%. Bullish factors included (1) reduced tensions in Ukraine after Russia offered to mediate between the Ukraine government and separatists, and (2) signs of strength in the global economy after China Jul exports rose +14.5% y/y, more than double expectations of +7.0% y/y and the most in 15 months.

Sep 10-year T-notes (ZNU14 -0.12%) this morning are down -5 ticks. Sep 10-year T-note futures prices on Friday posted a 2-1/2 month high and closed higher. Bullish factors included (1) increased safe-haven demand after President Obama authorized U.S. air strikes against militants in Iraq, and (2) reduced inflation concerns after the stronger-than-expected increase in U.S. Q2 non-farm productivity report and the smaller-than-expected increase in Q2 unit labor costs. Closes: TYU4 +1.50, FVU4 -1.25.

The dollar index (DXY00 +0.06%) this morning is up +0.060 (+0.07%). EUR/USD (^EURUSD) is down -0.0016 (-0.12%) and USD/JPY (^USDJPY) is up +0.06 (+0.06%). The dollar index on Friday closed lower. Bearish factors included (1) strength in the yen after USD/JPY fell to a 2-week low when U.S. air strikes against militants in Iraq boosted safe-haven demand for the yen, and (2) the larger-than-expected increase in German Jun exports, which signals economic strength in the Eurozone and is positive for the euro. Closes: Dollar index -0.135 (-0.17%), EUR/USD +0.00472 (+0.35%), USD/JPY -0.055 (-0.05%).

Sep WTI crude oil (CLU14 +0.06%) this morning is up +8 cents (+0.08%) and Sep gasoline (RBU14 -0.02%) is down -0.0011 (-0.04%). Sep crude and gasoline prices on Friday settled mixed: CLU4 +0.31 (+0.32%), RBU4 -0.0186 (-0.67%). Crude prices fell back from their best levels on speculation U.S. air strikes against militants in Iraq will stabilize Iraq oil exports. Bullish factors included (1) a weaker dollar, and (2) signs of strength in the global economy after German Jun exports rose more than expected and after China Jul exports rose by the most in 15 months.

GLOBAL EVENT CALENDAR08/11/2014
US0315 ETFed Vice Chairman Stanley Fischer delivers a speech on The Great Recession: Moving Ahead at a conference in Stockholm.
1100 ETUSDA weekly grain export inspections.
1600 ETUSDA weekly crop progress.
JPN0100 ETJapan Jul consumer confidence, Jun 41.1.
0200 ETJapan Jul machine tool orders, Jun +34.1% y/y
1950 ETJapan Jul PPI expected +0.4% m/m and +4.4% y/y, Jun +0.2% m/m and +4.6% y/y
UK0430 ETUK Jul Lloyds employment confidence, Jun 1.
1901 ETUK Jul BRC sales like-for-like expected +0.9% y/y, Jun -0.8% y/y.
U.S. STOCK CALENDAR08/11/2014
Company NameTickerTimeEvent DescriptionPeriodEstimate
Sysco CorpSYY USBef-mktQ4 2014 Earnings ReleaseQ4 20140.501
Hospitality Properties TrustHPT USBef-mktQ2 2014 Earnings ReleaseQ2 20140.9
Rice Energy IncRICE USBef-mktQ2 2014 Earnings ReleaseQ2 20140.046
Priceline Group Inc/ThePCLN US7:00Q2 2014 Earnings ReleaseQ2 201412.02
Priceline Group Inc/ThePCLN US7:30Q2 2014 Earnings CallQ2 2014
Techne CorpTECH US9:00Q4 2014 Earnings CallQ4 2014
Sysco CorpSYY US10:00Q4 2014 Earnings CallQ4 2014
AramarkARMK US10:00Q3 2014 Earnings CallQ3 2014
Rice Energy IncRICE US10:00Q2 2014 Earnings CallQ2 2014
Hawaiian Electric Industries IncHE US13:00Q2 2014 Earnings CallQ2 2014
Hospitality Properties TrustHPT US13:00Q2 2014 Earnings CallQ2 2014
Rackspace Hosting IncRAX US16:30Q2 2014 Earnings CallQ2 2014
Intercept Pharmaceuticals IncICPT US16:30Q2 2014 Earnings CallQ2 2014
Nuance Communications IncNUAN US17:00Q3 2014 Earnings CallQ3 2014
Ventas IncVTR USAft-mktQ2 2014 Earnings ReleaseQ2 20141.099
Nuance Communications IncNUAN USAft-mktQ3 2014 Earnings ReleaseQ3 20140.272
Intercept Pharmaceuticals IncICPT USAft-mktQ2 2014 Earnings ReleaseQ2 20140.116
Hawaiian Electric Industries IncHE USQ2 2014 Earnings ReleaseQ2 20140.382
Techne CorpTECH USQ4 2014 Earnings ReleaseQ4 20140.854
AramarkARMK USQ3 2014 Earnings ReleaseQ3 20140.25
Chimera Investment CorpCIM USQ2 2014 Earnings ReleaseQ2 20140.094
Rackspace Hosting IncRAX USQ2 2014 Earnings ReleaseQ2 20140.162

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