Wed Oct 22 2014
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Live Index – Wed, 22 Oct 2014 Premarket

PREMARKET WORLD NEWS

December E-mini S&Ps (ESZ14 -0.21%) this morning fell back from a 1-week high in overnight trade and are down -0.15% and European stocks slipped -0.09% after ECB Governing Council member Luc Coene told the L’Echo newspaper that the ECB has “no concrete proposal” on corporate bond buying and that “it’s too early to say if we’ll adopt additional stimulus measures.” European stocks had rallied on Tuesday after Reuters reported that the ECB is considering corporate-bond purchases to fight the threat of deflation in the Eurozone. Asian stocks closed mostly higher: Japan +2.64%, Hong Kong +1.37%, China -0.61%, Taiwan +1.09%, Australia +1.14%, Singapore closed for holiday, South Korea +1.09%, India +0.80%. Japan’s Nikkei Stock Index rose to a 1-week high on signs of a rebound in the Japanese economy after Japan Sep exports rose more than expected by the most in 7 months. Commodity prices are mixed. Dec crude oil (CLZ14 +0.25%) is up +0.27%. Dec gasoline (RBZ14 +0.58%) is up +0.65%. Dec gold (GCZ14 -0.25%) is down -0.46%. Dec copper (HGZ14 +0.36%) is up +0.33%. Agriculture and livestock prices are mostly higher. The dollar index (DXY00 +0.13%) is up +0.24%. EUR/USD (^EURUSD) is down -0.15%. USD/JPY (^USDJPY) is down -0.01%. GBP/USD is down -0.37% after the minutes of the Oct 8-9 BOE policy meeting showed a majority of policy makers saw increased risks to the UK economy from a slump in the Eurozone. Dec T-note prices (ZNZ14 +0.09%) are up +0.5 of a tick.

The Japan Sep trade balance unexpectedly widened to a deficit of -958.3 billion yen from a revised -949.7 billion yen deficit in Aug, when expectations were for the deficit to shrink to -780.0 billion yen. Sep exports rose +6.9% y/y, more than expectations of +6.5% y/y and the most in 7 months. Sep imports climbed +6.2% y/y, over double expectations of +2.7% y/y.

The minutes of the Oct 8-9 BOE policy meeting showed members voted 7-2 to keep the policy rate unchanged at 0.50% and 9-0 to maintain the asset purchase target at 375 billion pounds. Most BOE members expressed concern over risks to the UK recovery from slowing global economic growth and weaker Eurozone economy, with a majority of the members saying the CPI outlook doesn’t justify a rate increase.

U.S. STOCK PREVIEW

The market is expecting today’s Sep CPI report to ease to a 6-month low of +1.6% y/y from +1.7% in August.  Meanwhile, the market is expecting today’s Sep core CPI to remain unchanged from August’s 6-month low of +1.7% y/y.  There are 32 of the S&P 500 companies that report earnings today with notable reports including:  AT&T (consensus $ 0.64), Abbott Labs (0.60), Boeing (1.97), Dow Chemical (0.67), General Dynamics (1.91), Northern Trust (0.87), US Bancorp (0.78), Northrup Grumman (2.13), Ingersoll-Rand (1.03), Citrix (0.73).  Equity conferences during the remainder of this week include:  Latin Markets Private Wealth Latin America and the Caribbean Forum on Thu.

PREMARKET U.S. STOCKS

VMware (VMW +0.60%) dropped nearly 2% in pre-market trading after reported Q3 EPS of 87 cents, higher than consensus of 83 cents, but then lowered guidance for Q4 sales to $ 1.67 billion to $ 1.171 billion, below consensus of $ 1.71 billion.

Boeing (BA +2.26%) reported Q3 EPS of $ 2.14, well ahead of consensus of $ 1.97.

Ingersoll-Rand PLC (IR +2.08%) reported Q3 EPS of $ 1.10, stronger than consensus of $ 1.03.

Stanley Black & Decker (SWK +1.93%) reported Q3 EPS of $ 1.55, better than consensus of $ 1.44.

Northrop Grumman (NOC +1.17%) reported Q3 EPS of $ 2.26, higher than consensus of $ 2.13.

Nabors Industries (NBR +4.36%) reported Q3 ex-items EPS of 39 cents, better than consensus of 36 cents.

Unisys (UIS +1.41%) reported Q3 adjusted EPS of $ 1.30, more than twice consensus of 60 cents.

Six Flags (SIX +3.92%) reported Q3 EPS ex-items of $ 1.56, higher than consensus of $ 1.50.

E-Trade (EFTC) reported Q3 EPS of 29 cents, better than consensus of 22 cents.

FMC Technologies (FTI +3.56%) reported Q3 EPS of 72 cents, less than consensus of 74 cents.

Intuitive Surgical (ISRG +2.17%) gained over 2% in after-hours trading after it reported adjusted Q3 EPS of $ 3.92, stronger than consensus of $ 3.80.

Discover (DFS +2.68%) reported Q3 EPS of $ 1.37, higher than consensus of $ 1.34.

Yahoo (YHOO +2.29%) climbed over 2% in after-hours trading after it reported Q3 EPS of 52 cents, much better than consensus of 30 cents.

Broadcom (BRCM +2.84%) jumped 6% in after-hours trading after it reported Q3 adjusted EPS of 91 cents, well above consensus of 84 cents.

MARKET COMMENTS

Dec E-mini S&Ps (ESZ14 -0.21%) this morning are down -3.00 points (-0.15%). The S&P 500 index on Tuesday rallied up to a 1-1/2 week high and closed sharply higher: S&P 500 +1.96%, Dow Jones +1.31%, Nasdaq +2.62%. Bullish factors included (1) signs of U.S. economic strength after Sep existing home sales rose +2.4% to 5.17 million, better than expectations of +1.0% to 5.10 million and the most in a year, (2) strength in technology stocks after Apple gained more than 2% when it reported stronger-than-expected Q4 earnings results, and (3) reduced Chinese economic concerns after China Q3 GDP rose +7.3% y/y, a faster pace of expansion than expectations of +7.2% y/y.

Dec 10-year T-notes (ZNZ14 +0.09%) this morning are up +0.5 of a tick. Dec 10-year T-note futures prices on Tuesday closed lower. Closes: TYZ4 -5.00, FVZ4 -1.25. Negative factors included (1) the larger-than-expected increase in Sep existing home sales by the most in a year, and (2) reduced safe-haven demand for T-notes after the S&P 500 rallied up to a 1-1/2 week high.

The dollar index (DXY00 +0.13%) this morning is up +0.208 (+0.24%). EUR/USD (^EURUSD) is down -0.0019 (-0.15%). USD/JPY ^USDJPY) is down -0.02 (-0.02%). The dollar index on Tuesday closed higher on signs of U.S. economic strength after Sep existing home sales rose more than expected by the most in a year. Closes: Dollar index +0.397 (+0.47%), EUR/USD -0.00837 (-0.65%), USD/JPY +0.05 (+0.05%). EUR/USD retreated after Reuters reported that unidentified sources familiar with the situation said the ECB could make a decision on adding corporate bond purchases to its easing measures as soon as December.

Dec WTI crude oil (CLZ14 +0.25%) this morning is up +22 cents (+0.27%) and Dec gasoline (RBZ14 +0.58%) is up +0.0141 (+0.65%). Dec crude and Dec gasoline on Tuesday closed higher. Closes: CLZ4 +0.58 (+0.71%), RBZ4 +0.0145 (+0.68%). Bullish factors included (1) signs of stronger Chinese oil demand after China Q3 GDP grew at a faster than expected pace and after China Sep crude processing rose +9.1% y/y to 10.3 million bpd, the most in 15 months, and (2) the stronger-than-expected U.S. Sep existing home sales that boosted stocks and bolstered the economic outlook.

GLOBAL EVENT CALENDAR10/22/2014
US 0700 ET Weekly MBA mortgage applications, previous +5.6% with purchase sub-index -0.7% and refi sub-index +10.6%.
0830 ET Sep CPI expected unch m/m and +1.6% y/y, Aug -0.2% m/m and +1.7% y/y. Sep CPI ex food & energy expected +0.1% m/m and +1.7% y/y, Aug unch m/m and +1.7% y/y.
1030 ET EIA Weekly Petroleum Status Report.
1500 ET USDA Sep Cold Storage.
UK 0430 ET Minutes of the Oct 8-9 BOE policy meeting.
JPN 2135 ET Japan Oct Markit/JMMA manufacturing PMI expected unch at 51.7.
CHI 2145 ET China Oct HSBC manufacturing PMI expected unch at 50.2, Sep unch at 50.2.
U.S. STOCK CALENDAR10/22/2014
Company Name Ticker Time Event Description Period Estimate
Abbott Laboratories ABT US Bef-mkt Q3 2014 Earnings Release Q3 2014 0.598
Boeing Co/The BA US Bef-mkt Q3 2014 Earnings Release Q3 2014 1.969
Dow Chemical Co/The DOW US Bef-mkt Q3 2014 Earnings Release Q3 2014 0.673
Biogen Idec Inc BIIB US Bef-mkt Q3 2014 Earnings Release Q3 2014 3.488
General Dynamics Corp GD US Bef-mkt Q3 2014 Earnings Release Q3 2014 1.912
Northern Trust Corp NTRS US Bef-mkt Q3 2014 Earnings Release Q3 2014 0.87
Simon Property Group Inc SPG US Bef-mkt Q3 2014 Earnings Release Q3 2014 1.856
Interpublic Group of Cos Inc/The IPG US Bef-mkt Q3 2014 Earnings Release Q3 2014 0.211
US Bancorp/MN USB US Bef-mkt Q3 2014 Earnings Release Q3 2014 0.779
Stanley Black & Decker Inc SWK US 6:00 Q3 2014 Earnings Release Q3 2014 1.443
Thermo Fisher Scientific Inc TMO US 6:00 Q3 2014 Earnings Release Q3 2014 1.69
Northrop Grumman Corp NOC US 7:00 Q3 2014 Earnings Release Q3 2014 2.133
Boston Scientific Corp BSX US 7:00 Q3 2014 Earnings Release Q3 2014 0.195
Xerox Corp XRX US 7:00 Q3 2014 Earnings Release Q3 2014 0.263
Sigma-Aldrich Corp SIAL US 7:00 Q3 2014 Earnings Release Q3 2014 1.058
Ingersoll-Rand PLC IR US 7:00 Q3 2014 Earnings Release Q3 2014 1.028
Ryder System Inc R US 7:55 Q3 2014 Earnings Release Q3 2014 1.628
Norfolk Southern Corp NSC US 8:00 Q3 2014 Earnings Release Q3 2014 1.827
Boston Scientific Corp BSX US 8:00 Q3 2014 Earnings Call Q3 2014
Stanley Black & Decker Inc SWK US 8:00 Q3 2014 Earnings Call Q3 2014
Hudson City Bancorp Inc HCBK US 8:00 Q3 2014 Earnings Release Q3 2014 0.056
Amphenol Corp APH US 8:00 Q3 2014 Earnings Release Q3 2014 0.569
Thermo Fisher Scientific Inc TMO US 8:30 Q3 2014 Earnings Call Q3 2014
ACE Ltd ACE US 8:30 Q3 2014 Earnings Call Q3 2014
Biogen Idec Inc BIIB US 8:30 Q3 2014 Earnings Call Q3 2014
EMC Corp/MA EMC US 8:30 Q3 2014 Earnings Release Q3 2014 0.462
EMC Corp/MA EMC US 8:30 Q3 2014 Earnings Call Q3 2014
Interpublic Group of Cos Inc/The IPG US 8:30 Q3 2014 Earnings Call Q3 2014
Norfolk Southern Corp NSC US 8:45 Q3 2014 Earnings Call Q3 2014
Abbott Laboratories ABT US 9:00 Q3 2014 Earnings Call Q3 2014
Parker-Hannifin Corp PH US 9:00 Annual General Meeting Y 2014
Dow Chemical Co/The DOW US 9:00 Q3 2014 Earnings Call Q3 2014
FMC Technologies Inc FTI US 9:00 Q3 2014 Earnings Call Q3 2014
General Dynamics Corp GD US 9:00 Q3 2014 Earnings Call Q3 2014
US Bancorp/MN USB US 9:00 Q3 2014 Earnings Call Q3 2014
Xerox Corp XRX US 10:00 Q3 2014 Earnings Call Q3 2014
Ingersoll-Rand PLC IR US 10:00 Q3 2014 Earnings Call Q3 2014
Boeing Co/The BA US 10:30 Q3 2014 Earnings Call Q3 2014
Ryder System Inc R US 11:00 Q3 2014 Earnings Call Q3 2014
Nabors Industries Ltd NBR US 11:00 Q3 2014 Earnings Call Q3 2014
Simon Property Group Inc SPG US 11:00 Q3 2014 Earnings Call Q3 2014
Northrop Grumman Corp NOC US 12:00 Q3 2014 Earnings Call Q3 2014
Northern Trust Corp NTRS US 12:00 Q3 2014 Earnings Call Q3 2014
Amphenol Corp APH US 13:00 Q3 2014 Earnings Call Q3 2014
CR Bard Inc BCR US 16:05 Q3 2014 Earnings Release Q3 2014 2.099
Citrix Systems Inc CTXS US 16:05 Q3 2014 Earnings Release Q3 2014 0.728
CA Inc CA US 16:05 Q2 2015 Earnings Release Q2 2015 0.623
AT&T Inc T US 16:30 Q3 2014 Earnings Call Q3 2014
Citrix Systems Inc CTXS US 16:45 Q3 2014 Earnings Call Q3 2014
Lam Research Corp LRCX US 17:00 Q1 2015 Earnings Call Q1 2015
Tractor Supply Co TSCO US 17:00 Q3 2014 Earnings Call Q3 2014
CR Bard Inc BCR US 17:00 Q3 2014 Earnings Call Q3 2014
CA Inc CA US 17:00 Q2 2015 Earnings Call Q2 2015
Varian Medical Systems Inc VAR US 17:00 Q4 2014 Earnings Call Q4 2014
Lam Research Corp LRCX US Aft-mkt Q1 2015 Earnings Release Q1 2015 0.931
Tractor Supply Co TSCO US Aft-mkt Q3 2014 Earnings Release Q3 2014 0.503
AT&T Inc T US Aft-mkt Q3 2014 Earnings Release Q3 2014 0.637
Torchmark Corp TMK US Aft-mkt Q3 2014 Earnings Release Q3 2014 1.024
Equifax Inc EFX US Aft-mkt Q3 2014 Earnings Release Q3 2014 0.987
Varian Medical Systems Inc VAR US Aft-mkt Q4 2014 Earnings Release Q4 2014 1.211
Leggett & Platt Inc LEG US Aft-mkt Q3 2014 Earnings Release Q3 2014 0.487
O’Reilly Automotive Inc ORLY US 18:30 Q3 2014 Earnings Release Q3 2014 1.955
Seagate Technology PLC STX US Annual General Meeting

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