Live Index – Thu, 06 Nov 2014 Premarket
December E-mini S&Ps (ESZ14 -0.22%) this morning are down -0.12% and European stocks are up +0.02% ahead of the results of today’s ECB meeting and press conference from ECB President Draghi shortly after. A smaller-than-expected increase in German Sep factory orders is limiting gains in European stock prices. As expected, the BOE kept its benchmark interest rate at 0.50% and maintained its 375 billion pound asset purchase target following the conclusion of its 2-day policy meeting. The Russian ruble weakened to a record 45.59 per dollar after the U.S. and Germany warned Russia of further sanctions as fighting intensified in rebel-held areas in east Ukraine and threatened to unravel a 2-month-old truce. Asian stocks closed mixed: Japan -0.86%, Hong Kong -0.20%, China +0.10%, Taiwan -0.80%, Australia -0.21%, Singapore +0.10%, South Korea +0.54%, India closed for holiday. Commodity prices are mostly lower. Dec crude oil (CLZ14 -0.18%) is down -0.27%. Dec gasoline (RBZ14 +0.12%) is up +0.13%. Dec gold (GCZ14 -0.10%) is down -0.07%. Dec copper (HGZ14 -0.25%) is down -0.17%. Agriculture prices are weaker. The dollar index (DXY00 -0.21%) is down -0.19%. EUR/USD (^EURUSD) is up +0.23%. USD/JPY (^USDJPY) is up +0.02% at a 7-year high. Dec T-note prices (ZNZ14 +0.07%) are up +2 ticks.
German Sep factory orders rose +0.8% m/m, less than expectations of +2.3% m/m. On an annual basis Sep factory orders fell -1.0% y/y, right on expectations.
UK Sep industrial production rose +0.6% m/m, stronger than expectations of +0.4% m/m and the most in 7 months. On an annual basis Sep industrial production rose +1.5% y/y, less than expectations of +1.6% y/y.
UK Sep manufacturing production rose +0.4% m/m and +2.9% y/y, stronger than expectations of +0.3% m/m and +2.8% y/y.
UK Oct Halifax house prices unexpectedly fell -0.4% m/m, weaker than expectations of +0.4% m/m. Halifax house prices rose +8.8% in the 3-months through Oct y/y, less than expectations of +9.1% 3-monhts y/y.
The Japan Sep leading index CI rose +1.2 to 105.6, slightly better than expectations of +1.1 to 105.5 and the highest in 5 months. The Sep coincident index rose +1.4 to 109.7, less than expectations of +1.5 to 109.8.
Today’s weekly initial unemployment claims report is expected to show a small -2,000 decline to 285,000 following last week’s small +3,000 increase to 287,000. Today’s Q3 non-farm productivity report is expected to ease to +1.5% from +2.3% in Q2. There are 20 of the S&P 500 companies that report earnings today with notable reports including: Walt Disney (consensus $ 0.88), Molson Coors (1.48), Apache (1.38), NVIDIA (0.35), Monster Beverage (0.67), First Solar (0.64), Transocean (0.81). Equity conferences this week include: Raymond James Global Airline Transportation Conference on Thu, BancAnalysts Association of Boston Conference on Thu-Fri.
Perrigo PLC (PRGO -0.84%) reported Q1 EPS of $ 1.40, below consensus of $ 1.45.
Sunoco Logistics (SXL -0.70%) reported Q3 EPS of 50 cents, well above consensus of 36 cents.
CenturyLink (CTL +0.05%) reported Q3 adjusted EPS of 63 cents, above consensus of 62 cents.
News Corp. (NWSA +0.99%) reported Q1 adjusted EPS of 9 cents, three times above consensus of 3 cents.
CF Industries (CF +0.46%) slid over 5% in after-hours trading after it reported Q3 adjusted EPS of $ 2.62, well below consensus of $ 3.47.
Tutor Perini (TPC +0.72%) reported Q3 EPS of 73 cents, stronger than consensus of 69 cents
DryShips (DRYS +5.80%) gained over 6% in after-hours trading after it reported Q3 EPS ex-items of 7 cents, better than consensus of 5 cents.
Maiden Holdings (MHLD +1.99%) reported Q3 EPS of 38 cents, above consensus of 37 cents.
EnerSys (ENS +0.69%) reported Q2 adjusted EPS of $ 1.06, higher than consensus of $ 1.01.
Willis Group (WSH +1.42%) was upgraded to ‘Hold’ from ‘Sell’ at Deutsche Bank.
Tesla (TSLA -3.33%) rose over 5% in after-hours trading after it reported Q3 adjusted EPS of 2 cents, much better than consensus of a -1 cent loss.
Hologic (HOLX -2.14%) reported Q4 EPS ex-benefit of 38 cents, better than consensus of 37 cents.
Roundy’s (RNDY +3.77%) reported a Q3 EPS loss of -7 cents, right on consensus, although Q3 revenue of $ 973.8 million was more than consensus of $ 965.6 million.
Symantec (SYMC +0.76%) reported Q2 EPS of 48 cents, above consensus of 43 cents.
Whole Foods (WFM +0.48%) jumped over 7% in after-hours trading after it reported Q4 EPS of 35 cents, higher than consensus of 32 cents.
Qualcomm (QCOM +0.12%) fell over 6% in after-hours trading after it reported Q4 EPS of $ 1.26, less than consensus of $ 1.31, and then lowered guidance on fiscal 2015 EPS to $ 5.05-$ 5.35, weaker than consensus of $ 5.58.
CBS (CBS +0.98%) was up over 2% in after-hours trading after it reported Q3 adjusted EPS of 74 cents, better than consensus of 73 cents.
Dec E-mini S&Ps (ESZ14 -0.22%) this morning are down -2.50 points (-0.12%). The S&P 500 index on Wednesday closed higher: S&P 500 +0.57%, Dow Jones +0.58%, Nasdaq -0.07%. Bullish factors included (1) speculation that the win by Republicans in the midterm elections to their first majority in the Senate in 8 years will boost economic growth as Republicans push ahead with their pro-business policies, (2) the +230,00 increase in the Sep ADP employment report, more than expectations of +220,000 and the most in 4 months, and (3) a stellar earnings season as 81% of reporting S&P 500 companies beat estimates, the most in 4 years.
Dec 10-year T-notes (ZNZ14 +0.07%) this morning are up +2 ticks. Dec 10-year T-note futures prices on Wednesday closed little changed: TYZ4 unch, FVZ4 +0.50. Negative factors included (1) the larger-than-expected increase in the Sep ADP employment report, which may prompt the Fed to raise interest rates sooner than expected, and (2) the rally in stocks which reduced the safe-haven demand for T-notes. T-notes recovered from losses after the Oct ISM non-manufacturing index fell more than expected.
The dollar index (DXY00 -0.21%) this morning is down -0.165 (-0.19%). EUR/USD (^EURUSD) is up +0.0029 (+0.23%). USD/JPY (^USDJPY) is up +0.02 (+0.02%). The dollar index on Wednesday climbed to a new 4-1/3 year high and closed higher. Closes: Dollar index +0.460 (+0.53%), EUR/USD -0.00605 (-0.48%), USD/JPY +1.044 (+0.92%). Bullish factors included (1) the larger-than-expected increase in the Sep ADP employment change, which bolsters the case for the Fed to raise interest rates next year, and (2) the rally in USD/JPY to a 6-3/4 year high after BOJ Governor Kuroda said there is “no limit for additional easing, including on bond purchases.”
Dec WTI crude oil (CLZ14 -0.18%) this morning is down -21 cents (-0.27%) and Dec gasoline (RBZ14 +0.12%) is up +0.0028 (+0.13%). Dec crude and Dec gasoline on Wednesday closed higher despite the rally in the dollar index to a 4-1/3 year high. Closes: CLZ4 +1.49 (+1.93%), RBZ4 +0.0210 (+1.01%). Supportive factors included (1) the +460,000 bbl increase in weekly EIA crude inventories, less than expectations of +2.0 million bbl, and (2) the -1.38 million bbl decline in EIA gasoline stockpiles to a 23-month low of 201.76 million bbl, a larger draw than expectations of -500,000 bbl.
|US||0730 ET||Oct Challenger job cuts, Sep -24.4% y/y.|
|0830 ET||Weekly initial unemployment claims expected -2,000 to 285,000, previous +3,000 to 287,000. Weekly continuing claims expected -19,000 to 2.365 million, previous +29,000 to 2.384 million.|
|0830 ET||Q3 non-farm productivity expected +1.5%, Q2 +2.3%. Q3 unit labor costs expected +0.5%, Q2 -0.1%.|
|0830 ET||USDA weekly Export Sales.|
|1040 ET||Chicago Fed President Charles Evans delivers opening remarks at the Chicago Fed banking conference.|
|1330 ET||Fed Governor Jerome Powell speaks on central clearing of over-the-counter derivatives at the Chicago Fed banking conference.|
|1905 ET||Cleveland Fed President Loretta Mester speaks to the Money Marketeers of NYU on Federal Reserve Communications and Forward Guidance.|
|JPN||0000 ET||Japan Sep leading index CI expected 105.5, Aug 104.4. Sep coincident index expected 109.8, Aug 108.3.|
|GER||0200 ET||German Sep factory orders expected +2.3% m/m and -1.0% y/y, Aug -5.7% m/m and -1.3% y/y.|
|UK||0430 ET||UK Sep industrial production expected +0.4% m/m and +1.6% y/y, Aug unch m/m and +2.5% y/y.|
|0430 ET||UK Sep manufacturing production expected +0.3% m/m and +2.8% y/y, Aug +0.1% m/m and +3.9% y/y.|
|0700 ET||BOE announces interest rate decision and asset purchase target expected no change to the 0.50% benchmark rate or to the 375 billion pound asset purchase target.|
|EUR||0745 ET||ECB announces interest rate decision.|
|0830 ET||ECB President Mario Draghi holds monthly press conference following ECB policy meeting.|
|Company Name||Ticker||Time||Event Description||Period||Estimate|
|Scripps Networks Interactive Inc||SNI US||Bef-mkt||Q3 2014 Earnings Release||Q3 2014||0.844|
|Hospira Inc||HSP US||Bef-mkt||Q3 2014 Earnings Release||Q3 2014||0.538|
|Cablevision Systems Corp||CVC US||Bef-mkt||Q3 2014 Earnings Release||Q3 2014||0.185|
|Teradata Corp||TDC US||Bef-mkt||Q3 2014 Earnings Release||Q3 2014||0.664|
|AES Corp/VA||AES US||Bef-mkt||Q3 2014 Earnings Release||Q3 2014||0.343|
|Molson Coors Brewing Co||TAP US||Bef-mkt||Q3 2014 Earnings Release||Q3 2014||1.481|
|Windstream Holdings Inc||WIN US||Bef-mkt||Q3 2014 Earnings Release||Q3 2014||0.043|
|Ameren Corp||AEE US||Bef-mkt||Q3 2014 Earnings Release||Q3 2014||1.214|
|DIRECTV||DTV US||7:30||Q3 2014 Earnings Release||Q3 2014||1.3|
|L Brands Inc||LB US||7:30||October 2014 Sales and Revenue Call||2014|
|Apache Corp||APA US||8:00||Q3 2014 Earnings Release||Q3 2014||1.384|
|Genworth Financial Inc||GNW US||8:00||Q3 2014 Earnings Call||Q3 2014|
|Perrigo Co PLC||PRGO US||8:00||Q1 2015 Earnings Release||Q1 2015||1.446|
|Teradata Corp||TDC US||8:30||Q3 2014 Earnings Call||Q3 2014|
|Windstream Holdings Inc||WIN US||8:30||Q3 2014 Earnings Call||Q3 2014|
|Hospira Inc||HSP US||9:00||Q3 2014 Earnings Call||Q3 2014|
|AES Corp/VA||AES US||9:00||Q3 2014 Earnings Call||Q3 2014|
|QEP Resources Inc||QEP US||9:00||Q3 2014 Earnings Call||Q3 2014|
|Scripps Networks Interactive Inc||SNI US||10:00||Q3 2014 Earnings Call||Q3 2014|
|Cablevision Systems Corp||CVC US||10:00||Q3 2014 Earnings Call||Q3 2014|
|CF Industries Holdings Inc||CF US||10:00||Q3 2014 Earnings Call||Q3 2014|
|Ameren Corp||AEE US||10:00||Q3 2014 Earnings Call||Q3 2014|
|Perrigo Co PLC||PRGO US||10:00||Q1 2015 Earnings Call||Q1 2015|
|Molson Coors Brewing Co||TAP US||11:00||Q3 2014 Earnings Call||C3 2014|
|Prudential Financial Inc||PRU US||11:00||Q3 2014 Earnings Call||Q3 2014|
|Lam Research Corp||LRCX US||12:30||Annual General Meeting||Y 2014|
|Molson Coors Brewing Co||TAP US||13:00||Q3 2014 Earnings Call – Follow-up Session||Q3 2014|
|Eastman Chemical Co||EMN US||13:00||Investor Day||Y 2014|
|DIRECTV||DTV US||14:00||Q3 2014 Earnings Call||Q3 2014|
|Apache Corp||APA US||14:00||Q3 2014 Earnings Call||Q3 2014|
|Computer Sciences Corp||CSC US||16:15||Q2 2015 Earnings Release||Q2 2015||1.013|
|Walt Disney Co/The||DIS US||16:15||Q4 2014 Earnings Release||Q4 2014||0.883|
|NVIDIA Corp||NVDA US||16:20||Q3 2015 Earnings Release||Q3 2015||0.354|
|First Solar Inc||FSLR US||16:30||Q3 2014 Earnings Call||Q3 2014|
|NVIDIA Corp||NVDA US||17:00||Q3 2015 Earnings Call||Q3 2015|
|DaVita HealthCare Partners Inc||DVA US||17:00||Q3 2014 Earnings Call||Q3 2014|
|Monster Beverage Corp||MNST US||17:00||Q3 2014 Earnings Call||Q3 2014|
|Computer Sciences Corp||CSC US||17:00||Q2 2015 Earnings Call||Q2 2015|
|Walt Disney Co/The||DIS US||17:00||Q4 2014 Earnings Call||Q4 2014|
|Northeast Utilities||NU US||Aft-mkt||Q3 2014 Earnings Release||Q3 2014||0.747|
|DaVita HealthCare Partners Inc||DVA US||Aft-mkt||Q3 2014 Earnings Release||Q3 2014||0.895|
|Monster Beverage Corp||MNST US||Aft-mkt||Q3 2014 Earnings Release||Q3 2014||0.666|
|Consolidated Edison Inc||ED US||Aft-mkt||Q3 2014 Earnings Release||Q3 2014||1.446|
|First Solar Inc||FSLR US||Aft-mkt||Q3 2014 Earnings Release||Q3 2014||0.636|
|Transocean Ltd||RIG US||Aft-mkt||Q3 2014 Earnings Release||Q3 2014||0.81|
|Coach Inc||COH US||Annual General Meeting|
|Gap Inc/The||GPS US||October 2014 Sales and Revenue Release||2014|
|Costco Wholesale Corp||COST US||October 2014 Sales and Revenue Release||2014|
|Johnson & Johnson||JNJ US||PDUFA, Olysio, combo with Sovaldi in hepatitis C genotype 1|
|L Brands Inc||LB US||October 2014 Sales and Revenue Release||2014|