Tue Oct 14 2014
Live Index (1451 articles)

Live Index – Tue, 14 Oct 2014 Premarket


December E-mini S&Ps (ESZ14 +0.12%) this morning are up +0.19% as the market awaits Q3 company earnings results, while European stocks are down -1.26% at an 8-month low after the German Oct ZEW investor confidence fell for a 10th month to a nearly 2-year low and UK Sep inflation slowed to a 5-year low. Asian stocks closed mostly lower: Japan -2.38%, Hong Kong -0.41%, China -0.34%, Taiwan +0.65%, Australia +1.01%, Singapore -0.24%, South Korea +0.12%, India -0.13%. Japan’s Nikkei Stock Index slid to a 2-month low as a drop in exporters led the overall market lower after the yen strengthened to a 1-month high against the dollar, which undercuts exporters’ earnings prospects. Commodity prices are mixed. Nov crude oil (CLX14 -1.18%) is down -1.22%. Nov gasoline (RBX14 -1.32%) is down -1.33%. Dec gold (GCZ14 +0.50%) is up +0.26%. Dec copper (HGZ14 +0.33%) is up +0.67% at a 2-week high on speculation China will lower borrowing costs to spur economic growth after the PBOC cut the interest rate it pays lenders for 14-day repurchase agreements for the second time in a month. Agriculture and livestock prices are mostly lower. The dollar index (DXY00 +0.21%) is up +0.27%. EUR/USD (^EURUSD) is down -0.78%. USD/JPY (^USDJPY) is up +0.03%. Dec T-note prices (ZNZ14 +0.39%) are up +9.5 ticks at a fresh contract high as the 10-year T-note yield tumbled to a 1-1/4 year low of 2.194% on carry-over support from a rally in German bunds which rallied to an all-time high as the 10-year German bund yield fell to a record low 0.846%.

The German Oct ZEW expectations of economic growth survey fell -10.5 to -3.6, a bigger decline than expectations of -6.9 to 0 and the lowest in 23 months. The Oct ZEW current situation survey slumped -22.2 to 3.2, a much bigger decline than expectations of -10.4 to 15.0 and the lowest in 4-1/3 years.

Eurozone Aug industrial production fell -1.8% m/m and -1.9% y/y, more than expectations of -1.6% m/m and -0.9% y/y, with the -1.8% m/m decline the largest monthly drop in 2 years.

UK Sep CPI was unch m/m and rose +1.2% y/y, less than expectations of +0.2% m/m and +1.4% y/y, with the +1.2% y/y gain the slowest pace of increase in 5 years. Sep core CPI rose +1.5% y/y, less than expectations of +1.8% y/y and the slowest pace of increase in 5-1/2 years.

Japan Sep PPI fell -0.1% m/m and rose +3.5% y/y, slightly less than expectations of -0.1% m/m and +3.6% y/y.


There are no U.S. economic reports today.  There are 7 of the S&P 500 companies that report earnings today:  JPMorgan Chase (consensus $ 1.39), Citigroup (1.12), Wells Fargo (1.02), Intel (0.65), Johnson & Johnson (1.44), CSX (0.48), Linear Technology (0.58).  Equity conferences during the remainder of this week include:  Bio Japan 2014 on Wed, Bloomberg Next Big Thing Summit: East on Thu, and 5th Annual Global Automotive Forum on Thu.


JPMorgan Chase (JPM -0.62%) reported Q3 EPS of $ 1.62, well ahead of consensus of $ 1.39.

Netflix (NFLX -2.99%) was upgraded to ‘Buy’ from ‘Hold’ with a $ 600 price target at target at BTIG.

BorgWarner (BWA -3.12%) and Delphi Automotive (DLPH -3.40%) were both upgraded to ‘Buy’ from ‘Neutral’ at Goldman Sachs.

Ford (F -1.81%) was downgraded to ‘Neutral’ from ‘Buy’ at Goldman Sachs.

Wynn Resorts (WYNN -1.85%) was downgraded to ‘Neutral’ from ‘Buy’ at BofA/Merrill Lynch.

Corning (GLW -2.92%) was downgraded to ‘Neutral’ from ‘Buy’ at BofA/Merrill Lynch.

EOG Resources (EOG -6.76%) was upgraded to ‘Outperform’ from ‘Market Perform’ at Bernstein.

Cigna (CI -1.00%) was downgraded to ‘Neutral’ from ‘Buy’ at Sterne Agee.

Barclays downgraded both Tyco (TYC -1.17%) and Eaton (ETN -1.10%) to Equal Weight from Overweight.

S&P late yesterday announced changes to the S&P MidCap 400 and S&P SmallCap 600 indexes. In the S&P MidCap 400 index, Tanger Factory Outlet Centers (SKT +1.42%) will replace URS Corp. (URS -1.11%). In the S&P SmallCap 600 index, American Equity Investment Life Holding Co. (AEL +4.30%) will replace Tanger Factory Outlet Centers (SKT +1.42%) and AngioDynamics (ANGO +5.57%) will replace Annie’s (BNNY unch).

Lululemon’s (LULU -3.15%) Q3 sales are tracking below consensus, according to ITG Research.

Iliad announced that it has ended its plan to acquire T-Mobile (TMUS -2.50%).


Dec E-mini S&Ps (ESZ14 +0.12%) this morning are up +3.50 points (+0.19%). The S&P 500 index on Monday extended the month-long sell-off and closed sharply lower, with the S&P 500 index posting a new 5-month low. S&P 500 -1.65%, Dow Jones -1.35%, Nasdaq -1.62%. Bearish factors include (1) ongoing concern about weaker European and Asian economic growth, (2) the Ebola scare after the first case of transmission within American borders occurred over the weekend, (3) heavy technical selling as the S&P 500 index fell to a new 5-month low and crossed below its 200-day moving average, and (4) ideas that the stock market had previously been overvalued.

Dec 10-year T-notes (ZNZ14 +0.39%) this morning are up +9.5 ticks at a fresh contact high. Dec 10-year T-note futures prices on Monday rallied sharply and posted a new contract high. Closes: TYZ4 +23, FVZ4 +16.5. Bullish factors include (1) expectations for delayed Fed tightening due to slower global economic growth, and (2) increased safe-haven demand with the plunge in global stocks.

The dollar index (DXY00 +0.21%) this morning is up +0.228 (+0.27%). EUR/USD (^EURUSD) is down -0.0099 (-0.78%). USD/JPY (^USDJPY) is up +0.03 (+0.03%). The dollar index on Monday continued lower as the market pushed back expectations for Fed tightening due to the weakness in global economic growth and the sharp sell-off in the stock market. Closes: Dollar index -0.38 (-0.44%), EUR/USD +0.0124 (+0.98%), USD/JPY -0.80 (-0.74%). Meanwhile, the yen saw some strength on safe-haven demand.

Nov WTI crude oil (CLX14 -1.18%) this morning is down -$ 1.05 a barrel (-1.22%). and Nov gasoline (RBX14 -1.32%) is down -0.0300 (-1.33%). Nov crude and Nov gasoline prices on Monday extended the recent plunge and closed lower. Closes: CLX4 -0.62 (-0.72%), RBXX4 -0.0137 (-0.61%). Crude oil and gasoline prices continued to see downward pressure from worries about weaker global economic growth, and from the price war among OPEC members. OPEC leaders over the weekend rejected Venezuela’s call for an emergency meeting to discuss production cuts, illustrating that Saudi Arabia is not interested in cutting production at present.

US1100 ETUSDA weekly grain export inspections.
1600 ETUSDA weekly crop progress.
UK0430 ETUK Sep CPI expected +0.2% m/m and +1.4% y/y, Aug +0.4% m/m and +1.5% y/y. Sep core CPI expected +1.8% y/y, Aug +1.9% y/y.
0430 ETUK Sep RPI expected +0.3% m/m and +2.3% y/y, Aug +0.4% m/m and +2.4% y/y. Sep RPI ex-mortgage interest payments expected +2.4% y/y, Aug +2.5% y/y.
0430 ETUK Sep PPI input prices expected -0.5% m/m and -6.7% y/y, Aug 0.6% m/m and -7.2% y/y. Sep PPI output prices expected -0.1% m/m and -0.3% y/y, Aug -0.1% m/m and -0.3% y/y. Sep PPI output core expected unch m/m and +0.9% y/y, Aug +0.1% m/m and +0.9% y/y.
0430 ETUK Aug ONS house prices, Jul +11.7% y/y.
GER0500 ETGerman Oct ZEW survey expectations of economic growth expected 0.0, Sep 6.9. Oct ZEW survey current situation expected 15.0, Sep 25.4.
EUR0500 ETEurozone Aug industrial production expected -1.6% m/m and -0.9% y/y, Jul +1.0% m/m and +2.2% y/y.
CHI2130 ETChina Sep CPI expected +1.7% y/y, Aug +2.0% y/y. Sep PPI expected -1.6% y/y, Aug -1.2% y/y.
Company NameTickerTimeEvent DescriptionPeriodEstimate
JPMorgan Chase & CoJPM US7:00Q3 2014 Earnings ReleaseQ3 20141.386
Domino’s Pizza IncDPZ US7:30Q3 2014 Earnings ReleaseQ3 20140.612
Johnson & JohnsonJNJ US7:45Q3 2014 Earnings ReleaseQ3 20141.435
Wells Fargo & CoWFC US8:00Q3 2014 Earnings ReleaseQ3 20141.02
Citigroup IncC US8:00Q3 2014 Earnings ReleaseQ3 20141.117
JPMorgan Chase & CoJPM US8:30Q3 2014 Earnings CallQ3 2014
Johnson & JohnsonJNJ US8:30Q3 2014 Earnings CallQ3 2014
Procter & Gamble Co/ThePG US9:00Annual General MeetingY 2014
Mallinckrodt PLCMNK US9:00Investor BriefingY 2014
Wells Fargo & CoWFC US10:00Q3 2014 Earnings CallQ3 2014
Domino’s Pizza IncDPZ US10:00Q3 2014 Earnings CallQ3 2014
Citigroup IncC US11:30Q3 2014 Earnings CallQ3 2014
Intel CorpINTC US17:00Q3 2014 Earnings CallQ3 2014
CSX CorpCSX USAft-mktQ3 2014 Earnings ReleaseQ3 20140.475
Intel CorpINTC USAft-mktQ3 2014 Earnings ReleaseQ3 20140.646
Linear Technology CorpLLTC USAft-mktQ1 2015 Earnings ReleaseQ1 20150.594
salesforce.com incCRM US19:30Investment Community Meeting – Day 2Y 2014
Carpenter Technology CorpCRS USAnnual General Meeting
JB Hunt Transport Services IncJBHT USQ3 2014 Earnings ReleaseQ3 20140.846
Brown & Brown IncBRO USQ3 2014 Earnings ReleaseQ3 20140.467
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