Live Index – Fri, 26 Sep 2014 Premarket
December E-mini S&Ps (ESZ14 +0.14%) this morning are up +0.09% as they recover slightly from Thursday’s rout and European stocks are up +0.49% as they rebound from a 3-week low. Nike is up nearly 7% in pre-market trading after the company reported stronger-than-expected Q1 profit and Micron is up 6% after its quarterly sales beat consensus. Gains in European stocks were muted after a gauge of German consumer confidence fell more than expected to the lowest in 9 months. Asian stocks closed mixed: Japan -0.88%, Hong Kong -0.38%, China +0.01%, Taiwan -0.24%, Australia -1.28%, Singapore +0.04%, South Korea -0.05%, India +0.60%. India’s Sensex Stock Index closed higher and the rupee recovered from a 1-1/2 month low against the dollar after Standard & Poor’s raised India’s credit rating outlook to stable from negative. Commodity prices are mixed. Nov crude oil (CLX14 +0.64%) is up +0.41%. Nov gasoline (RBX14 -0.04%) is down -0.05%. Dec gold (GCZ14 -0.23%) is up +0.13%. Dec copper (HGZ14 +0.43%) is up +0.51%. Agriculture and livestock prices are mostly lower. The dollar index (DXY00 +0.16%) is up +0.06%. EUR/USD (^EURUSD) is down -0.08%. USD/JPY (^USDJPY) is up +0.27%. Dec T-note prices (ZNZ14 +0.04%) are up +2.5 ticks at a 2-week high on carry-over support from a rally in German bunds which also rose to a 2-week high.
The German Oct GfK consumer confidence fell -0.3 to 8.3, a bigger decline than expectations of -0.1 to 8.5 and the lowest in 9 months.
The German Aug import price index fell -0.1% m/m and -1.9% y/y, a slower pace of decline than expectations of -0.2% m/m and -2.0% y/y.
Japan Aug national CPI rose +3.3% y/y, right on expectations. Aug national CPI ex-fresh food rose +3.1% y/y, a slower pace than expectations of +3.2% y/y. Aug national CPI ex food & energy rose +2.3% y/y, right on expectations.
The market is expecting today’s Q2 GDP to be revised higher to +4.6% from the last estimate of +4.2%. That would make the Q2 rebound from Q1’s weather-induced -2.1% decline all the more impressive. There are no Russell 1000 companies that report earnings today. There are no equity conferences today.
BlackBerry (BBRY -6.76%) rose over 4% in pre-market trading after it reported a Q2 EPS loss of -2 cents, a much smaller loss than consensus of -16 cents.
Finish Line (FINL -1.31%) reported Q2 adjusted EPS of 54 cents, weaker than consensus of 60 cents, and then lowered guidance on fiscal 2015 EPS to $ 1.66, less than consensus of $ 1.87.
H.B. Fuller (FUL -14.32%) was downgraded to ‘Neutral’ from ‘Overweight’ at Piper Jaffray.
Northrop Grumman (NOC -0.84%) was upgraded to ‘Buy’ from ‘Hold’ at Deutsche Bank.
Verint Systems (VRNT -3.14%) are initiated with a ‘Buy’ at Goldman Sachs with a price target of $ 68.
Philips (PHG -1.75%) was upgraded to ‘Overweight’ from ‘Equal Weight’ at Morgan Stanley.
General Dynamics (GD -1.55%) was awarded a $ 310.77 million government contract modification to a previously awarded contract for additional design agent, planning yard, engineering and technical support for active nuclear submarines.
Lockheed Martin (LMT -0.53%) was awarded $ 331.41 million government contract modification to a previously awarded contract for the production and support of the F-35 Lightning II Joint Strike Fighter aircraft for the U.S. Marine Corps, U.S. Air Force, U.S. Navy, international partners, and foreign military sales.
Thor Industries (THO -0.90%) reported Q4 EPS of $ 1.25, better than consensus of $ 1.23.
Nike (NKE -1.35%) rose over 6% in after-hours trading after it reported Q1 EPS of $ 1.09, well ahead of consensus of 88 cents.
Moab Capital reported a 7.68% passive stake in Symmetry Medical (SMA +0.51%) .
Micron (MU -1.61%) climbed 6% in after-hours trading after it reported Q4 EPS of 82 cents, higher than consensus of 81 cents.
Dec E-mini S&Ps (ESZ14 +0.14%) this morning are up +1.75 points (+0.09%). The S&P 500 index on Thursday fell to a 5-week low and closed sharply lower: S&P 500 -1.62%, Dow Jones -1.54%, Nasdaq -2.11%. Bearish factors included (1) a slide in technology stocks that dragged the overall market lower after Apple plunged by more than 3% as it was forced to pull a software update for its iPhones, and (2) an escalation of global geopolitical tensions with the ongoing airstrikes against ISIS positions in Syria and a report that Russian lawmakers are drafting legislation that would allow the Russian government to seize foreign assets in response to sanctions.
Dec 10-year T-notes (ZNZ14 +0.04%) this morning are up +2.5 ticks at a 2-week high. Dec 10-year T-note futures prices on Thursday rose to a 2-week high and closed higher. Bullish factors included (1) increased safe-haven demand for Treasuries after the S&P 500 fell to a 5-week low, and (2) carry-over support from a rally in European government bonds on speculation the ECB will expand its stimulus measures. Closes: TYZ4 +15.00, FVZ4 +9.00.
The dollar index (DXY00 +0.16%) this morning is up +0.055 (+0.06%). EUR/USD (^EURUSD) is down -0.0010 (-0.08%) and USD/JPY (^USDJPY) is up +0.29 (+0.27%). The dollar index on Thursday posted a new 4-year high and closed higher. Bullish factors included (1) bullish momentum in the dollar amid speculation the Fed will raise interest rates before other global central banks, and (2) weakness in EUR/USD which plunged to a 1-3/4 year low on speculation the ECB may add to its stimulus measures after ECB President Draghi said the Eurozone recovery “seems to have lost momentum recently.” Closes: Dollar index +0.158 (+0.19%), EUR/USD -0.00298 (-0.23%), USD/JPY -0.291 (-0.27%).
Nov WTI crude oil (CLX14 +0.64%) this morning is up +38 cents (+0.41%) and Nov gasoline (RBX14 -0.04%) is down -0.0013 (-0.05%). Nov crude and gasoline prices on Thursday settled mixed: CLX4 -0.27 (-0.29%), RBXX4 +0.0200 (+0.80%). Crude prices retreated after the dollar index rose to a 4-year high and after the S&P 500 dropped to a 5-week low, which dampened optimism in the economic outlook. Nov gasoline rose to a 2-1/2 week high on concern over gasoline supplies in the U.S. Northeast after Irving Oil reported an outage at its 146,000 bpd St. John, New Brunswick, refinery.
|US||0830 ET||U.S. Q2 GDP expected revised to +4.6% (q/q annualized) from +4.2%. Q2 personal consumption expected revised to +3.0% from +2.5%. Q2 GDP price index expected unrevised at +2.1%. Q2 core PCE deflator expected unrevised at +2.0%.|
|0955 ET||Final U.S. Sep University of Michigan consumer confidence expected +0.2 to 84.8, previous +2.1 to 84.6.|
|1500 ET||USDA Q3 Hogs & Pigs inventory.|
|GER||0200 ET||German Oct GfK consumer confidence expected -0.1 to 8.5, Sep 8.6.|
|0200 ET||German Aug import price index expected -0.2% m/m and -2.0% y/y, Jul -0.4% m/m and -1.7% y/y.|
|CHI||2130 ET||China Aug industrial profits, Jul +13.5% y/y.|
|Company Name||Ticker||Time||Event Description||Period||Estimate|
|John Wiley & Sons Inc||JW/A US||10:00||Investor Day||Y 2014|