Mon Oct 27 2014
Live Index (1454 articles)

Live Index – Mon, 27 Oct 2014 Premarket


December E-mini S&Ps (ESZ14 -0.22%) this morning are down -0.20% and European stocks are down -0.55%. U.S. and European stocks had initially rallied up to 2-week highs in early trade Monday after the ECB said that most European banks passed stress tests, but stocks erased their gains and headed lower after German business confidence slid for a sixth month to the lowest in 1-3/4 years. Asian stocks closed mixed: Japan +0.63%, Hong Kong -0.68%, China -0.91%, Taiwan -0.21%, Australia +0.86%, Singapore +0.11%, South Korea +0.40%, India -0.37%. Japan’s Nikkei Stock Index climbed to a 1-1/2 month high on optimism over U.S. stock earnings and after the ECB gave most European banks a clean bill of health following stress tests. Chinese stocks tumbled as the Shanghai Stock Index fell to a 1-3/4 month low after a Hong Kong bourse operator said that he had no idea when authorities will give the green light for cross-border trading between the two exchanges. Chinese stocks had rallied sharply in anticipation that price discounts versus Hong Kong stocks would narrow with the start of cross-border trading. Commodity prices are mostly lower. Dec crude oil (CLZ14 -0.52%) is down -0.53%. Dec gasoline (RBZ14 -0.48%) is down -0.87%. Dec gold (GCZ14 -0.08%) is down -0.10%. Dec copper (HGZ14 +0.31%) is up +0.07%. Agriculture prices are lower as dry, warm weather in the Midwest over the weekend sped up the pace of the U.S. harvest. The dollar index (DXY00 -0.07%) is down -0.08%. EUR/USD (^EURUSD) is up +0.01%. USD/JPY (^USDJPY) is down -0.26%. Dec T-note prices (ZNZ14 +0.02%) are down -0.5 of a tick.

The German Oct IFO business climate fell -1.5 to 103.2, a larger decline than expectations of -0.2 to 104.5 and the lowest in 1-3/4 years. The Oct IFO current assessment fell -2.0 to 108.4, more than expectations of -0.5 to 110.0 and the lowest in 1-1/2 years. Oct IFO expectations dropped -1.0 to 98.3, a bigger decline than expectations of -0.1 to 99.2 and the lowest in 1-3/4 years.

Eurozone Sep M3 money supply rose +2.5% y/y and +2.1% 3-month average, more than expectations of +2.2% y/y and +2.0% 3-month average with the 2.5% y/y gain the largest annual increase in 16 months.

Data from the ECB showed that European bank lending to companies and households in Sep fell -1.2% y/y. Although it was an improvement from the -1.5% y/y fall in Aug, it was the 29th consecutive month that bank lending has shrunk.

Japan Sep PPI services rose +3.5% y/y, right on expectations and matched the largest increase in 23 years.


Today’s Sep pending home sales report is expected to show an increase of +1.0% m/m.  There are 13 of the S&P 500 companies that report earnings today with notable reports including:  Amgen (consensus $ 2.11), Seagate (1.25), Merck (0.88), General Growth (0.31), AvalonBay Communities (1.73).  Equity conferences this week include:  RMA Annual Risk Management Conference 2014 on Mon-Tue, and GTEC (Government Technology Exhibition & Conference) 2014 on Tue-Thu.


Allergan (AGN +0.46%) reported Q3 EPS of $ 1.72, below consensus of $ 1.77.

Merck & Co. (MRK +1.73%) reported Q3 EPS of 72 cents, weaker than consensus of 88 cents.

Roper Industries (ROP +0.43%) reported Q3 EPS of $ 1.55, better than consensus of $ 1.53.

Precision Drilling (PDS -1.99%) reported Q3 EPS of 18 cents, higher than consensus of 17 cents.

Armstrong World (AWI -0.14%) reported Q3 adjusted EPS of 83 cents, stronger than consensus of 78 cents.

Business Insider reports that Wal-Mart and Best Buy have joined Rite Aid and CVS Health in rejecting Apple’s (AAPL +0.37%) mobile payments system Apple Pay.

Rackspace (RAX +0.98%) was upgraded to ‘Buy’ from ‘Neutral’ at BofA/Merrill Lynch.

Ventas (VTR -1.28%) was downgraded to ‘Neutral’ from ‘Buy’ at UBS.

Halliburton (HAL -0.13%) was downgraded to ‘Buy’ from ‘Conviction Buy’ at Goldman Sachs.

Anadarko (APC -1.29%) and EP Energy (EPE +1.64%) were both downgraded to ‘Neutral’ from ‘Buy’ at Goldman Sachs.

Precision Castparts (PCP -0.26%) was downgraded to ‘Neutral’ from ‘Overweight’ at JPMorgan Chase.

Acuity Brands (AYI +0.76%) was upgraded to ‘Conviction Buy’ from ‘Buy’ at Goldman Sachs.

Alcoa (AA +1.91%) was upgraded to ‘Buy’ from ‘Hold’ at Deutsche Bank.


Dec E-mini S&Ps (ESZ14 -0.22%) this morning are down -4.00 points (-0.20%). The S&P 500 index on Friday rallied to a 2-week high and closed higher: S&P 500 +0.71%, Dow Jones +0.76%, Nasdaq +0.74%. Bullish factors included (1) strong Q3 stock earnings results with 70% of reporting S&P 500 companies beating estimates, and (2) an unexpected +0.2% increase in Sep new home sales to a 6-year high of 467,000 after Aug was revised lower to 466,000 from 504,000. Gains in stocks were limited on concern that the spread of the Ebola virus may slow the global economy after the first case of the virus was reported in New York City.

Dec 10-year T-notes (ZNZ14 +0.02%) this morning are down -0.5 of a tick. Dec 10-year T-note futures prices on Friday closed slightly higher on concern the spread of the Ebola virus will slow the economy and bolster the case for the Fed to delay raising interest rates. Closes: TYZ4 +0.50, FVZ4 +0.75. T-note prices fell back from their best levels after stocks rallied and after Sep new home sales climbed to a 6-year high.

The dollar index (DXY00 -0.07%) this morning is down -0.069 (-0.08%). EUR/USD (^EURUSD) is up +0.0001 (+0.01%). USD/JPY (^USDJPY) is down -0.28 (-0.26%). The dollar index on Friday closed lower. Closes: Dollar index -0.111 (-0.13%), EUR/USD +0.00232 (+0.18%), USD/JPY -0.125 (-0.12%). Bearish factors included (1) strength in EUR/USD after German Nov GfK consumer confidence unexpectedly rose +0.1 to 8.5, better than expectations of -0.3 to 8.0, and (2) concern that the spread of the Ebola virus may undercut economic growth and prompt the Fed to delay any interest rate hikes after New York City reported its first case of the virus.

Dec WTI crude oil (CLZ14 -0.52%) this morning is down -43 cents (-0.53%) and Dec gasoline (RBZ14 -0.48%) is down -0.0187 (-0.87%). Dec crude and Dec gasoline on Friday closed lower. Closes: CLZ4 -1.08 (-1.32%), RBZ4 -0.0238 (-1.10%). Negative factors included (1) speculation that Saudi Arabia won’t cut crude production in an attempt to push oil prices higher as they try to keep their share of OPEC output, and (2) concern that the spread of the Ebola virus may undercut consumer sentiment and spending and lead to slower economic growth and energy demand after the first case of the Ebola virus was reported in New Your City.

US0945 ETOct Markit services PMI expected -0.9 to 58.0, Sep -0.6 to 58.9. Oct Markit composite PMI, Sep -0.7 to 59.0.
1000 ETSep pending home sales expected +1.0% m/m and +2.2% y/y, Aug -1.0% m/m and -4.1% y/y.
1030 ETOct Dallas Fed manufacturing activity index expected +0.2 to 11.0, Sep +3.7 to 10.8.
1100 ETUSDA weekly grain export inspections.
1600 ETUSDA weekly crop progress.
GER0500 ETGerman Oct IFO business climate expected +0.1 to 104.8. Oct IFO current assessment expected -0.5 to 110.0, Sep 110.5. Oct IFO expectations expected -0.1 to 99.2, Sep 99.3.
EUR0500 ETEurozone Sep M3 money supply expected +2.2% y/y and +2.0% 3-mo avg, Aug +2.0% y/y and +1.8% 3-mo avg.
UK0700 ETUK Oct CBI reported sales expected -6 to 25, Sep 31.
JPN1950 ETJapan Sep retail sales expected +0.9% m/m and +0.8% y/y, Aug +1.9% m/m and +1.2% y/y.
CHI2130 ETChina Sep industrial profits, Aug -0.6% y/y.
Company NameTickerTimeEvent DescriptionPeriodEstimate
Allergan Inc/United StatesAGN USBef-mktQ3 2014 Earnings ReleaseQ3 20141.765
Seagate Technology PLCSTX USBef-mktQ1 2015 Earnings ReleaseQ1 20151.246
Merck & Co IncMRK USBef-mktQ3 2014 Earnings ReleaseQ3 20140.878
Roper Industries IncROP US7:00Q3 2014 Earnings ReleaseQ3 20141.534
Merck & Co IncMRK US8:00Q3 2014 Earnings CallQ3 2014
Roper Industries IncROP US8:30Q3 2014 Earnings CallQ3 2014
Franklin Resources IncBEN US8:30Q4 2014 Earnings ReleaseQ4 20140.928
Franklin Resources IncBEN US8:30Q4 2014 Earnings Call – Pre-RecordedC4 2014
Allergan Inc/United StatesAGN US9:00Q3 2014 Earnings CallQ3 2014
Seagate Technology PLCSTX US9:00Q1 2015 Earnings CallQ1 2015
Charles Schwab Corp/TheSCHW US11:00Business Update Call
Franklin Resources IncBEN US11:00Q4 2014 Earnings CallQ4 2014
Plum Creek Timber Co IncPCL US17:00Q3 2014 Earnings CallQ3 2014
XL Group PLCXL US17:00Q3 2014 Earnings CallQ3 2014
Amgen IncAMGN US17:00Q3 2014 Earnings CallQ3 2014
Plum Creek Timber Co IncPCL USAft-mktQ3 2014 Earnings ReleaseQ3 20140.297
Hartford Financial Services Group Inc/TheHIG USAft-mktQ3 2014 Earnings ReleaseQ3 20140.825
General Growth Properties IncGGP USAft-mktQ3 2014 Earnings ReleaseQ3 20140.313
XL Group PLCXL USAft-mktQ3 2014 Earnings ReleaseQ3 20140.62
Amgen IncAMGN USAft-mktQ3 2014 Earnings ReleaseQ3 20142.112
Masco CorpMAS USAft-mktQ3 2014 Earnings ReleaseQ3 20140.317
AvalonBay Communities IncAVB USAft-mktQ3 2014 Earnings ReleaseQ3 20141.732
Universal Health Services IncUHS US17:01Q3 2014 Earnings ReleaseQ3 20141.342
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