Mon Sep 08 2014
Live Index (1454 articles)

Live Index – Mon, 08 Sep 2014 Premarket


September E-mini S&Ps (ESU14 -0.14%) this morning are down -0.16% and European stocks are down -0.41%, led by a slide in UK bank stocks after a poll showed a majority of voters favored Scottish independence. According to the YouGov Plc poll for the Sunday Times, 51% of Scottish voters favor breaking away from the UK, less than 2 weeks before Scottish voters vote on the referendum on Sep 18. Another negative for European stocks was the plunge in the Eurozone Sep Sentix investor confidence to a 14-month low. Asian stocks closed mixed: Japan +0.23%, Hong Kong -0.20%, China, Taiwan and South Korea closed for holiday, Australia -0.39%, Singapore -0.20%, India +1.08%. Commodity prices are mixed. Oct crude oil (CLV14 -0.62%) is down -0.66% at a 7-3/4 month low on Chinese demand concerns after China Aug imports unexpectedly fell by the most in 5 months. Oct gasoline (RBV14 -0.60%) is down -0.82%. Dec gold (GCZ14 -0.02%) is down -0.11%. Dec copper (HGZ14 +0.87%) is up +0.90% at a 1-week high. Agriculture prices are weaker. The dollar index (DXY00 +0.21%) is up +0.24%. EUR/USD (^EURUSD) is down -0.03%. USD/JPY (^USDJPY) is up +0.11%. GBP/USD is down -1.24% as the British pound sank to a 9-1/2 month low against the dollar amid speculation a Scotland breakaway from the UK would encourage the BOE to keep interest rates lower for longer. Dec T-note prices (ZNZ14 +0.14%) are up +5.5 ticks.

The China Aug trade balance unexpectedly widened to a record surplus of $ 49.84 billion from $ 47.30 billion in July, more than expectations for the trade balance to shrink to a $ 40.00 billion surplus. Aug exports rose +9.4% y/y, stronger than expectations of +9.0% y/y, and Aug imports unexpectedly fell -2.4% y/y, weaker than expectations of +3.0% y/y and the biggest decline in 5 months.

The Eurozone Sep Sentix investor confidence dropped -12.5 points to -9.8, a bigger decline than expectations of -1.3 to 1.4 and the lowest in 14 months.

The German Jul trade balance widened to a record 23.4 billion euro surplus from a 16.6 billion euro surplus in Jun, a larger surplus than expectations of 16.8 billion euros. Jul exports rose +4.7% m/m, stronger than expectations of +0.6% m/m and the biggest increase in 2 years. Jul imports unexpectedly fell -1.8% m/m, weaker than expectations of +0.2% m/m.

The German Jul current account balance unexpectedly widened to a 21.7 billion euros surplus from an upward revised +17.2 billion euro surplus in Jun, a bigger surplus than expectations of 14.0 billion euros and the most in 8 months.

UK Aug Halifax house prices rose +0.1% m/m and +9.7% y/y, less than expectations of +0.3% m/m and +10.0% y/y.

Japan Q2 GDP was revised lower to -7.1% q/q annualized from the previously reported -6.8% q/q annualized, a larger decline than expectations of -7.0% q/q annualized and the biggest pace of contraction in 5 years.


The markets this week will focus on the situation in the Ukraine, anticipation of next week’s FOMC meeting, the Treasury’s sale of 3, 10 and 30-year securities, and this week’s light U.S. economic calendar. There is one Russell 1000 companie that reports earnings today: Campbell Soup (consensus: $ 0.49).

Equity conferences this week include: Jefferies Big Data and Cloud Summit on Mon, Morgan Stanley Healthcare Conference on Mon-Wed, Barclays Global Financial Services Conference on Mon-Wed, D.A. Davidson Engineering & Construction Conference on Tue, KeyBanc Capital Markets Basic Materials & Packaging Conference on Tue, 4G World 2014/Tower & Small Cell Summit on Tue, Gabelli & Company Aerospace Conference on Tue, Gabelli Aircraft Suppliers Conference on Tue, Raymond James North American Equities Conference on Tue, Deutsche Bank dbAccess Technology Conference on Tue-Wed, RBC Capital Market Global Industrials Conference on Tue-Wed, UBS Best of Americas Conference on Tue-Thu, Latin Markets Mexico Energy Summit on Wed, Pareto Oil & Offshore Conference on Wed, Longbow Research – Industrial Manufacturing & Technology Investor Conference on Wed, Goldman Sachs Communacopia Conference on Wed-Fri, UBS Global Paper & Forest Products Conference on Thu, BIO Latin America Conference on Thu, and Credit Suisse Asian Technology Conference on Thu.


Ford (F -0.75%) slipped over 2% in pre-market trading after Morgan Stanley downgraded the stock to ‘Underweight’ from ‘Equal Weight.’

Campbell Soup (CPB +0.66%) reported Q4 adjusted continuing operating EPS of 49 cents, right on consensus, although Q4 revenue of $ 1.85 billion was less than consensus of $ 1.87 billion.

Citigroup initiated a ‘Buy’ rating on AIG (AIG -0.34%) with a price target of $ 68.

Bank of America (BAC -0.56%) was upgraded to ‘Buy’ from ‘Neutral’ at Goldman Sachs.

General Electric (GE +0.54%) will sell its appliances business to Electrolux AB (ELUXY -1.84%) for $ 3.3 billion.

Yahoo! (YHOO +1.02%) climbed over 3% in pre-market trading after Alibaba Group Holding Ltd. said it plans to raise as much as $ 21.1 billion in an intial public offering.

Facebook (FB +1.72%) rose over 2% in pre-market trading after it reported that daily views on its platform exceeded 1 billion.

Biotechnology Value Fund reported a 19.7% stake in Targacept (TRGT -3.31%) .

Starboard Value raises its stake in RealD (RLD +0.83%) to 9.1% from 7.9%.

Teledyne Technologies reported a 5.65% stake in Bolt Technology (BOLT -0.09%) .


Sep E-mini S&Ps (ESU14 -0.14%) this morning are down -3.25 points (-0.16%). The S&P 500 Index on Friday recovered from a 2-week low and closed higher: S&P 500 +0.50%, Dow Jones +0.40%, Nasdaq +0.59%. Bullish factors included (1) speculation the Fed will be slow to raise interest rates after the weaker-than-expected Aug payrolls report, and (2) reduced tensions in Ukraine after the Ukraine government and pro-Russian separatists agreed to a cease-fire. Stocks had opened lower after the Aug payroll report showed (1) a +142,000 increase in Aug non-farm payrolls, less than expectations of +225,000 and the fewest in 8 months, and (2) no increase in Aug manufacturing payrolls, less than expectations of +18,000 and the fewest in 13 months.

Dec 10-year T-notes (ZNZ14 +0.14%) this morning are up +5.5 ticks. Dec 10-year T-note futures prices on Friday closed higher. The main bullish factor Friday was the smaller-than-expected increase in Aug non-farm payrolls that rose by the least in 8 months, which bolstered speculation the Fed will maintain record stimulus well into next year. Prices came off of their best levels on (1) reduced safe-haven demand after Ukraine and pro-Russian separatists agreed to a cease-fire, and (2) after stocks shook off early losses and closed higher. Closes: TYZ4 +2.50, FVZ4 +5.25.

The dollar index (DXY00 +0.21%) this morning is up +0.203 (+0.24%). EUR/USD (^EURUSD) is down -0.0004 (-0.03%) and USD/JPY (^USDJPY) is up +0.12 (+0.11%). The dollar index on Friday fell back from a 13-3/4 month high and closed lower. Bearish factors included (1) long liquidation in the dollar on speculation the Fed will be slow to raise interest rates after Aug non-farm payrolls rose less than expected, and (2) the larger-than-expected +1.9% increase in German Jul industrial production, the most in 2-1/3 years and also supportive for EUR/USD. Closes: Dollar index -0.081 (-0.10%), EUR/USD +0.0005 (+0.04%), USD/JPY -0.230 (-0.22%).

Oct WTI crude oil (CLV14 -0.62%) this morning is down -62 cents (-0.66%) at a 7-3/4 month low and Oct gasoline (RBV14 -0.60%) is down -0.0211 (-0.82%). Oct crude and gasoline prices on Friday closed lower: CLV4 -1.16 (-1.23%), RBV4 -0.0165 (-0.63%). Bearish factors included (1) the smaller-than-expected increase in U.S. Aug non-farm payrolls, which suggests slower economic growth and energy demand, and (2) speculation that scheduled autumn U.S. refinery maintenance will reduce refinery demand for crude.

US1100 ETUSDA weekly grain export inspections.
1500 ETJul consumer credit expected +$ 17.200 billion, Jun +$ 17.255 billion.
1600 ETUSDA weekly crop progress.
JPN0030 ETJapan Aug bankruptcies, Jul -13.95% y/y.
0100 ETJapan Aug eco-watchers survey current expected -0.3 to 51.0. Aug eco-watchers survey outlook, Jul 51.5.
1950 ETJapan Jul tertiary industry index expected +0.3% m/m, Jun -0.1% m/m.
GER0200 ETGerman Q2 labor costs, Q1 +1.1% y/y.
0200 ETGerman Jul trade balance expected +16.8 billion euros, Jun +16.6 billion euros. Jul exports expected +0.6% m/m, Jun +0.9% m/m. Jul imports expected +0.2% m/m, Jun +4.5% m/m.
0200 ETGerman Jul current account balance expected +14.0 billion euros, Jun +15.0 billion euros.
EUR0430 ETEurozone Sep Sentix investor confidence expected -1.3 to 1.4, Aug 2.7.
UK0430 ETUK Aug Lloyds employment confidence, Jul 6.
1901 ETUK Aug BRC retail sales monitor like-for-like, Jul -0.3% y/y.
Company NameTickerTimeEvent DescriptionPeriodEstimate
Campbell Soup CoCPB US8:30Q4 2014 Earnings CallQ4 2014
Stratasys LtdSSYS US8:30Analyst DayY 2014
Marriott International Inc/DEMAR US10:00Analyst MeetingY 2014
Campbell Soup CoCPB USQ4 2014 Earnings ReleaseQ4 20140.494
SPX CorpSPW USInvestor and Analyst Meeting – Day 1Y 2014
Patterson Cos IncPDCO USAnnual General Meeting
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