Mon Nov 03 2014
Live Index (1454 articles)

Live Index – Mon, 03 Nov 2014 Premarket


December E-mini S&Ps (ESZ14 -0.19%) this morning are down -0.10% and European stocks are down -0.65% on concern over a slowdown in the Chinese economy after the China Oct PMI unexpectedly fell to the slowest pace in 6 months and the China Oct non-manufacturing PMI dropped to the slowest pace of growth in 9 months. Asian stocks closed mostly lower: Japan closed for holiday, Hong Kong -0.34%, China +0.17%, Taiwan +0.34%, Australia -0.36%, Singapore +0.51%, South Korea -0.70%, India -0.02%. Despite economic data that showed weakness in China’s economy, the Shanghai Stock Index climbed to a 1-1/2 year high after asset purchases by China’s Guangzhou Shipyard and Sichuan Changhong Electric signal that state-owned enterprise reform is moving forward. Guangzhou Shipyard rallied 10% after the company said it will buy CSSC Huangpu Wenchong for 4.53 billion yuan ($ 740.3 million) from its competitor China State Shipbuilding, while Sichuan Changhong Electric also rose 10% after the company said it plans to raise as much as 4 billion yuan from a private placement to fund its acquisition of a defense company. Commodity prices are mixed. Dec crude oil (CLZ14 +0.41%) is up +0.27%. Dec gasoline (RBZ14 -0.01%) is up +0.04%. Dec gold (GCZ14 +0.01%) is up +0.01%. Dec copper (HGZ14 +0.44%) is up +0.56%. Agriculture prices are lower. The dollar index (DXY00 +0.30%) is up +0.32% at a 4-1/3 year high. EUR/USD (^EURUSD) is down -0.23% at a 2-year low after the Eurozone Oct manufacturing PMI was revised lower, which adds to evidence of a slowdown in the European economy that may prod the ECB into additional stimulus measures when it meets on Thursday. USD/JPY (^USDJPY) is up +1.20% at a 6-3/4 year high on carry-over strength from Friday when the BOJ unexpectedly stimulus. Dec T-note prices (ZNZ14 +0.05%) are +1.5 up ticks on carry-over support from a rally in German bunds as the 10-year bund yield fell to a 2-week low.

The China Oct manufacturing PMI unexpectedly fell -0.3 to 50.8, less than expectations of +0.1 to 51.2 and the slowest pace of expansion in 6 months. The Oct non-manufacturing PMI fell -0.2 to 53.8, the slowest pace of expansion in 9 months.

The Eurozone Oct Markit manufacturing PMI was revised lower to 50.6 from the originally reported 50.7.

The German Markit/BME manufacturing PMI was revised lower to 51.4 from the originally reported 51.8.

The UK Oct Markit manufacturing PMI unexpectedly rose _1.7 to 53.2, stronger than expectations of -0.2 to 51.4.


Today’s Oct ISM manufacturing index is expected to show a -0.4 point decline to 56.2, adding to the -2.4 point decline to 56.6 seen in September. Today’s Oct total vehicle sales report is expected to edge higher to 16.40 million units from 16.34 million units in September.

There are 8 of the S&P 500 companies that report earnings today: Marathon Oil (consensus $ 0.59), Sysco (0.51), Affiliated Managers Group (2.71), Lowes (0.68), Tenet Healthcare (0.09), AIG (1.09), Frontier Communications (0.04), Vornado Realty Trust (1.22). Equity conferences this week include: Latin Markets Hedge Fund Americas Forum on Tue-Wed, Gabelli & Company Automotive Aftermarket Symposium on Tue, Raymond James Global Airline Transportation Conference on Thu, BancAnalysts Association of Boston Conference on Thu-Fri.


Loews (L +1.16%) reported Q3 EPS of 56 cents, well below consensus of 68 cents.

Home Depot (HD unch) was downgraded to ‘Market Perform’ from ‘Outperform’ at Raymond James.

Newmont Mining (NEM -7.72%) was downgraded to ‘Hold’ from ‘Buy’ at BB&T.

Barrick Gold (ABX -3.42%) was downgraded to ‘Hold’ from ‘Buy’ at Deutsche Bank.

TD Ameritrade (AMTD +1.90%) and BlackRock (BLK +2.36%) were both upgraded to ‘Buy’ from ‘Neutral’ at Citigroup.

Facebook (FB +1.19%) was initiated with an ‘Overweight’ at Morgan Stanley with a price target of $ 90.

LabCorp (LH +1.77%) will acquire Covance (CVD +0.72%) for approximately $ 5.6 billion.

Royal Gold (RGLD -4.18%) was upgraded to ‘Buy’ from ‘Neutral’ at Goldman Sachs.

American Tower (AMT -1.42%) was downgraded to ‘Neutral’ from ‘Buy’ at Goldman. (SOHU +6.09%) reported a Q3 EPS loss of -61 cents, a much smaller loss than consensus of -$ 1.14.

Crown Castle (CCI -6.15%) was upgraded to ‘Buy’ from ‘Neutral’ at Goldman Sachs.

BAE Systems (BAESY +1.52%) was awarded $ 141.8 million government contract modification to provide the U.S. Army with 18 Self-Propelled Howitzers and 18 Carrier Ammunition Tracked vehicles.

Abingworth reported a 13.5% stake in Proteon Therapeutics (PRTO unch) and RA Capital reported an 8.3% passive stale in Proteon Therapeutics.


Dec E-mini S&Ps (ESZ14 -0.19%) this morning are down -2.00 points (-0.10%). The S&P 500 index on Friday jumped to a 6-week high and closed higher: S&P 500 +1.17%, Dow Jones +1.13%, Nasdaq +1.40%. Bullish factors included (1) carry-over support from a rally in global stocks after the BOJ unexpectedly boosted its stimulus measures, (2) the unexpected +5.7 point rise in the Chicago Oct PMI to 66.2, stronger than expectations of -0.5 to 60.0 and the fastest pace of expansion in a year, and (3) the unexpected upward revision to the Oct University of Michigan consumer confidence to a 7-1/4 year high of 86.9.

Dec 10-year T-notes (ZNZ14 +0.05%) this morning are up +1.5 ticks. Dec 10-year T-note futures prices on Friday closed lower: TYZ4 -8.50, FVZ4 -5.25. Bearish factors included (1) reduced safe-haven demand for T-notes after stocks rallied sharply, and (2) stronger-than-expected U.S. economic data as the Chicago Oct PMI unexpectedly rose +5.7 to 66.2, the fastest pace of expansion in a year and the Oct University of Michigan consumer confidence that was unexpectedly revised upward to its highest in 7-1/4 years.

The dollar index (DXY00 +0.30%) this morning is up +0.279 (+0.32%) at a new 4-1/3 year high. EUR/USD (^EURUSD) is down -0.0029 (-0.23%) at a fresh 2-year low. USD/JPY (^USDJPY) is up 1.35 (+1.20%) at a 6-3/4 year high. The dollar index on Friday rallied to a 4-1/3 year high and closed higher. Closes: Dollar index +0.770 (+0.89%), EUR/USD -0.00897 (-0.71%), USD/JPY +3.099 (+2.84%). Bullish factors included (1) a surge in USD/JPY to a 6-3/4 year high as the yen plunged after the BOJ unexpectedly expanded stimulus, and (2) weakness in EUR/USD which slumped to a fresh 2-year low on speculation the ECB will boost its stimulus measures after Eurozone Oct core CPI eased to a record low of +0.7% y/y.

Dec WTI crude oil (CLZ14 +0.41%) this morning is up +22 cents (+0.27%) and Dec gasoline (RBZ14 -0.01%) is up +0.0008 (+0.04%). Dec crude and Dec gasoline on Friday closed lower. Closes: CLZ4 -0.58 (-0.71%), RBZ4 -0.0123 (-0.57%). Bearish factors included (1) the surge in the dollar index to a 4-1/3 year high, and (2) comments from Iraqi Oil Minister Adel Abdul Mahdi who said “there is a price war within OPEC” as members seek to preserve their share of an oversupplied market.

US0930 ETChicago Fed President Charles Evans delivers opening remarks at the Chicago Fed conference on Infrastructure and Economic Growth: Measuring the Impact of Funding Models.
0945 ETFinal-Oct Markit manufacturing PMI expected unrevised at 56.2, prelim-Oct -1.3 to 56.2.
1000 ETOct ISM manufacturing index expected -0.4 to 56.2, Sep -2.4 to 56.6. Oct ISM new orders, Sep -6.7 to 60.0. Oct ISM employment, Sep -3.5 to 54.6. Oct ISM prices paid expected -1.5 to 58.0, Sep +1.5 to 59.5.
1000 ETSep construction spending expected +0.7%, Aug -0.8%.
1100 ETUSDA weekly grain export inspections.
1600 ETUSDA weekly crop progress.
n/aOct total vehicle sales expected 16.40 million, Sep 16.34 million. Oct domestic vehicle sales expected 13.10 million, Sep 12.89 million.
GER0355 ETRevised German Oct Markit/BME manufacturing PMI, previous 51.8.
EUR0400 ETRevised Eurozone Oct Markit manufacturing PMI, previous 51.6.
1230 ETECB Governing Council member Ewald Nowotny delivers keynote speech on European Economic Policy of the Future at an event in Vienna.
UK0430 ETUK Oct manufacturing PMI expected -0.2 to 51.4, Sep 51.6.
JPNn/aJapanese markets closed for Culture Day holiday.
2035 ETRevised Japan Oct Markit/JMMA manufacturing PMI, previous 52.8.
Company NameTickerTimeEvent DescriptionPeriodEstimate
Sysco CorpSYY USBef-mktQ1 2015 Earnings ReleaseQ1 20150.508
Affiliated Managers Group IncAMG USBef-mktQ3 2014 Earnings ReleaseQ3 20142.713
Loews CorpL US6:00Q3 2014 Earnings ReleaseQ3 20140.677
Ford Motor CoF US9:30October 2014 Sales and Revenue Release2014
Sysco CorpSYY US10:00Q1 2015 Earnings CallQ1 2015
Ford Motor CoF US10:00October 2014 Sales and Revenue Call2014
Affiliated Managers Group IncAMG US11:00Q3 2014 Earnings CallQ3 2014
Loews CorpL US11:00Q3 2014 Earnings CallQ3 2014
Frontier Communications CorpFTR US16:30Q3 2014 Earnings CallQ3 2014
Tenet Healthcare CorpTHC USAft-mktQ3 2014 Earnings ReleaseQ3 20140.093
American International Group IncAIG USAft-mktQ3 2014 Earnings ReleaseQ3 20141.093
Frontier Communications CorpFTR USAft-mktQ3 2014 Earnings ReleaseQ3 20140.037
Marathon Oil CorpMRO USAft-mktQ3 2014 Earnings ReleaseQ3 20140.593
Vornado Realty TrustVNO USAft-mktQ3 2014 Earnings ReleaseQ3 20141.215
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