Thu Jan 22 2015
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Live Index – Thu, 22 Jan 2015 Premarket

PREMARKET WORLD NEWS

March E-mini S&Ps (ESH15 +0.21%) this morning are up +0.22% at a 1-week high and European stocks are up +0.15% at a 4-month high ahead of the ECB decision later today in which the central bank is expected to announce an asset-purchase program. The market expects the ECB to commit to a quantitative-easing program that may exceed 1 trillion euros, and if the amount is smaller or if the ECB fails to give full details of the program, equity markets may be disappointed. Russia’s Micex Stock Index soared over 3% to a 3-1/3 year high today as the prospects for additional ECB stimulus prompts investors to seek out risk and higher returns, which boosts the appeal of Russian stocks. Bank of America also recommended that investors “reduce short positions in Russia going into the ECB meeting as Russia may be, counterintuitively, the main beneficiary of credible quantitative easing.” Asian stocks closed mostly higher: Japan +0.28%, Hong Kong +0.70%, China +0.53%, Taiwan +0.53%, Australia +0.49%, Singapore +0.47%, South Korea -0.05%, India +0.41%. Chinese stocks received a boost after the PBOC conducted its first reverse-repurchase operation this year, adding money to the financial system, after it said it rolled over a 269.5 billion yuan ($ 43.4 billion) lending facility to banks ahead of next month’s Chinese New Year holiday. Commodity prices are mixed. Mar crude oil (CLH15 +2.43%) is up +1.42%. Mar gasoline (RBH15 +2.01%) is up +1.27%. Feb gold (GCG15 -0.94%) is down -0.51%. Mar copper (HGH15 -1.03%) is down -0.86%. Agriculture prices are higher. The dollar index (DXY00 -0.38%) is down -0.36%. EUR/USD (^EURUSD) is up +0.24%. USD/JPY (^USDJPY) is down -0.28%. Mar T-note prices (ZNH15 -0.34%) are down -13 ticks at a 1-week low.

The UK Jan CBI trends total orders unexpectedly fell -1 to 4, weaker then expectations of unchanged at 5. The Jan CBI trends selling prices fell -13 to -6, the lowest in 5 years. Jan CBI business optimism rose +7 to 15.

U.S. STOCK PREVIEW

Today’s initial unemployment claims report is expected to show a decline of -16,000 to 300,000, reversing most of last week’s rise of +19,000 to 316,000. Meanwhile, today’s continuing claims report is expected to show a decline of -24,000 to 2.400 million, adding to last week’s decline of -51,000 to 2.424 million. Today’s Nov FHFA house price index is expected to show an increase of +0.3% m/m, adding to October’s increase of +0.6% m/m. The Treasury today will sell $ 15 billion of 10-year inflation-protected TIPS securities.

There are 16 the S&P 500 companies that report earnings today with notable reports including: Capital One (consensus $ 1.75), Starbucks (0.80), Southwest Airlines (0.55), Johnson Controls (0.77), Union Pacific (1.52), Verizon (0.72). There are no equity conferences during the remainder of this week.

PREMARKET U.S. STOCKS

Netflix (NFLX +17.34%) was initiated with a ‘Buy’ at Pivotal Research with a price target of $ 550.

Travelers (TRV -0.78%) reported Q4 EPS of $ 3.07, well above consensus of $ 2.54.

Verizon Communucations (VZ +0.15%) reported Q4 EPS of 71 cents, below consensus of 72 cents.

Endo (ENDP -1.51%) climbed over 3% in after-hours trading after it was announced that it will replace Covidien (COV -0.90%) in the S&P 500 as of the close of trading on Jan 26.

eBay (EBAY -0.56%) rose nearly 3% in after-hours trading after it reported Q4 adjusted EPS of 90 cents, better than consensus of 89 cents.

Kinder Morgan (KMI +0.43%) reported Q4 EPS of 8 cents, wel below consensus of 34 cents.

Ingersoll-Rand (IR +1.20%) was initiated with a ‘Buy’ at UBS with a price target of $ 80.

3M Company (MMM +0.37%) was initiated with a ‘Buy’ at UBS with a price target of $ 195.

General Electric (GE +0.80%) was initiated with a ‘Buy’ at UBS with a price target of $ 30.

Tyco (TYC unch) was initiated with a ‘Sell’ at UBS with a price target of $ 40.

United Rentals (URI +3.66%) moved up over 1% in after-hours trading after it reported Q4 adjusted EPS of $ 2.19, higher than consensus of $ 2.07.

Discover (DFS -0.05%) fell over 3% in after-hours trading after it reported Q4 adjusted EPS of $ 1.19, less than consensus of $ 1.30.

F5 Networks (FFIV -0.24%) reported Q1 adjusted EPS of $ 1.55, better than consensus of $ 1.49.

SanDisk (SNDK +2.08%) rose 1% in after-hours trading after it reported Q4 EPS $ 1.30, higher than consensus of $ 1.27, and then said it will expand its stock repurchase program by $ 2.5 billion.

American Express (AXP +0.47%) reported Q4 EPS of $ 1.39, better than consensus of $ 1.38.

MARKET COMMENTS

Mar E-mini S&Ps (ESH15 +0.21%) this morning are up +4.50 points (+0.22%) at a new 1-week high. The S&P 500 index on Wednesday shook off early losses and climbed to a 1-week high and closed higher: S&P 500 +0.47%, Dow Jones +0.22%, Nasdaq +0.50%. Bullish factors included (1) carry-over support from a rally in European stocks on expectations the ECB on Thursday will announce a QE program, and (2) the +4.4% increase in U.S. Dec housing starts to 1.089 million, stronger than expectations of +1.2% to 1.040 million. Stocks had opened lower after comments from ECB Governing Council member Nowotny dampened speculation the ECB will announce a large-scale asset purchase program when he said “one should not get overexcited” about one policy meeting.

Mar 10-year T-notes (ZNH15 -0.34%) this morning are down -13 ticks at a 1-week low. Mar 10-year T-note futures prices on Wednesday closed lower. Closes: TYH5 -13.50, FVH5 -6.50. Negative factors included (1) the strongr-than-expected increase in U.S. Dec housing starts, and (2) reduced safe-haven demand for T-notes after the S&P 500 rallied to a 1-week high.

The dollar index (DXY00 -0.38%) this morning is down -0.333 (-0.36%). EUR/USD (^EURUSD) is up +0.0028 (+0.24%). USD/JPY (^USDJPY) is down -0.33 (-0.28%). The dollar index on Wednesday closed lower: Dollar index -0.142 (-0.15%), EUR/USD +0.00602 (+0.52%), USD/JPY -0.852 (-0.72%). Bullish factors included (1) weakness in USD/JPY as the yen strengthened after the BOJ refrained from expanding stimulus following its 2-day policy meeting, and (2) short-covering in EUR/USD ahead of Thursday’s ECB meeting. The dollar recovered from its worst levels after two unnamed ECB officials said the ECB on Thursday will propose purchasing as much as 1.3 trillion euros (50 billion euros per month) in asset purchases through 2016 in an attempt to spur growth and stave off deflation risks.

Mar WTI crude oil (CLH15 +2.43%) this morning is up +68 cents (+1.42%) and Mar gasoline (RBH15 +2.01%) is up +0.0173 (+1.27%). Mar crude oil and Mar gasoline on Wednesday closed higher: CLH5 +1.31 (+2.82%), RBH5 +0.0126 (+0.94%). Bullish factors included (1) a weaker dollar, and (2) signs of slower U.S. crude output after data from Baker Hughes showed the number of active U.S. oil rigs fell to 1,366 in the week ended Jan 16, the lowest level in 15 months. Gains in crude were muted on expectations that Thursday’s weekly EIA inventory data will show U.S. crude inventories rose +2.5 million bbl.

GLOBAL EVENT CALENDAR01/22/2015
US 0830 ET Weekly initial unemployment claims expected -16,000 to 300,000, previous +19,000 to 316,000. Weekly continuing claims expected -24,000 to 2.400 million, previous 51,000 to 2.424 million.
0900 ET Nov FHFA house price index expected +0.3% m/m, Oct +0.6% m/m.
1100 ET Jan Kansas City Fed manufacturing activity expected unch at 8.
1100 ET EIA Weekly Petroleum Status Report.
1100 ET Treasury announces amount of 2-year T-notes (previous $ 27 billion), 2-year floating rate notes (previous $ 13 billion) 5-year T-notes (previous $ 35 billion) and 7-year T-notes (previous $ 29 billion) to be auctioned Jan 27-29.
1300 ET Treasury auctions $ 15 billion of 10-year TIPS.
1500 ET USDA Dec Cold Storage.
UK 0430 ET UK Dec public sector net borrowing expected +9.0 billion pounds, Nov +13.4 billion pounds.
0600 ET UK Jan CBI trends total orders expected unch at 5. Jan CBI trends selling prices, Dec 7. Jan CBI business optimism, Dec 8.
EUR 0500 ET Eurozone Jan consumer confidence expected +0.4 to -10.5, Dec -10.9.
0745 ET ECB announces interest rate decision.
0830 ET ECB President Mario Draghi holds press conference following ECB meeting.
JPN 2035 ET Japan Jan Markit/JMMA manufacturing PMI, Dec 52.0.
CHI 2045 ET China Jan HSBC flash manufacturing PMI expected -0.1 to 49.5, Dec 49.6.
U.S. STOCK CALENDAR01/22/2015
Company Ticker Time Event Description Period Estimate
Huntington Bancshares Inc/OH HBAN US Bef-mkt Q4 2014 Earnings Release Q4 2014 0.191
Southwest Airlines Co LUV US Bef-mkt Q4 2014 Earnings Release Q4 2014 0.552
Travelers Cos Inc/The TRV US Bef-mkt Q4 2014 Earnings Release Q4 2014 2.538
BB&T Corp BBT US 5:45 Q4 2014 Earnings Release Q4 2014 0.733
Covidien PLC COV US 6:00 Q1 2015 Earnings Release Q1 2015 1.051
KeyCorp KEY US 6:30 Q4 2014 Earnings Release Q4 2014 0.262
Precision Castparts Corp PCP US 7:00 Q3 2015 Earnings Release Q3 2015 3.084
Johnson Controls Inc JCI US 7:00 Q1 2015 Earnings Release Q1 2015 0.768
Verizon Communications Inc VZ US 7:30 Q4 2014 Earnings Release Q4 2014 0.72
Navient Corp NAVI US 8:00 Q4 2014 Earnings Call Q4 2014
BB&T Corp BBT US 8:00 Q4 2014 Earnings Call Q4 2014
Union Pacific Corp UNP US 8:00 Q4 2014 Earnings Release Q4 2014 1.522
Verizon Communications Inc VZ US 8:30 Q4 2014 Earnings Call Q4 2014
Union Pacific Corp UNP US 8:45 Q4 2014 Earnings Call Q4 2014
Travelers Cos Inc/The TRV US 9:00 Q4 2014 Earnings Call Q4 2014
Family Dollar Stores Inc FDO US 9:00 Extraordinary Shareholders Meeting Y 2015
KeyCorp KEY US 9:00 Q4 2014 Earnings Call Q4 2014
Precision Castparts Corp PCP US 10:00 Q3 2015 Earnings Call Q3 2015
Huntington Bancshares Inc/OH HBAN US 10:00 Q4 2014 Earnings Call Q4 2014
Crown Castle International Corp CCI US 10:30 Q4 2014 Earnings Call Q4 2014
Micron Technology Inc MU US 11:00 Annual General Meeting Y 2015
Intuit Inc INTU US 11:00 Annual General Meeting
United Rentals Inc URI US 11:00 Q4 2014 Earnings Call Q4 2014
Johnson Controls Inc JCI US 11:00 Q1 2015 Earnings Call Q1 2015
Southwest Airlines Co LUV US 12:30 Q4 2014 Earnings Call Q4 2014
Air Products & Chemicals Inc APD US 14:00 Annual General Meeting Y 2015
Capital One Financial Corp COF US 16:05 Q4 2014 Earnings Release Q4 2014 1.75
E*TRADE Financial Corp ETFC US 16:05 Q4 2014 Earnings Release Q4 2014 0.256
Intuitive Surgical Inc ISRG US 16:05 Q4 2014 Earnings Release Q4 2014 4.366
Altera Corp ALTR US 16:15 Q4 2014 Earnings Release Q4 2014 0.351
KLA-Tencor Corp KLAC US 16:15 Q2 2015 Earnings Release Q2 2015 0.513
Intuitive Surgical Inc ISRG US 16:30 Q4 2014 Earnings Call Q4 2014
Altera Corp ALTR US 16:45 Q4 2014 Earnings Call Q4 2014
Capital One Financial Corp COF US 17:00 Q4 2014 Earnings Call Q4 2014
Starbucks Corp SBUX US 17:00 Q1 2015 Earnings Call Q1 2015
E*TRADE Financial Corp ETFC US 17:00 Q4 2014 Earnings Call Q4 2014
KLA-Tencor Corp KLAC US 17:00 Q2 2015 Earnings Call Q2 2015
Starbucks Corp SBUX US Aft-mkt Q1 2015 Earnings Release Q1 2015 0.803
Dollar Tree Inc DLTR US Extraordinary Shareholders Meeting Y 2015
DR Horton Inc DHI US Annual General Meeting

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