Mon Jan 26 2015
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Live Index – Mon, 26 Jan 2015 Premarket

PREMARKET WORLD NEWS

March E-mini S&Ps (ESH15 -0.26%) this morning are down -0.34% after Greek opposition party Syriza won in Sunday’s election. European stocks, however, shook off early losses and are up +0.18% after Syriza leader Tsipras pledged to keep Greece within the Eurozone as he negotiates a write-down of Greek debt. European stocks also received a boost after a gauge of German business confidence rose more than expected to the highest in 6 months. Asian stocks closed mixed: Japan -0.25%, Hong Kong +0.24%, China +1.02%, Taiwan +0.07%, Australia and India closed for holiday, Singapore -0.38%, South Korea -0.07%. Commodity prices are mostly lower. Mar crude oil (CLH15 -1.07%) is down -1.14% at a 1-1/2 week low. Mar gasoline (RBH15 -1.19%) is down -1.33%. Feb gold (GCG15 -0.87%) is down -1.10%. Mar copper (HGH15 -1.16%) is down -1.06% at a 5-1/2 year low after the dollar index climbed to an 11-1/3 year high and on signs of increasing supplies after LME copper inventories rose +1,700 MT to 236,850 MT, the most in 8-3/4 months. Agriculture prices are mixed. The dollar index (DXY00 +0.20%) is up +0.24% at an 11-1/3 year high. EUR/USD (^EURUSD) is up +0.18%. USD/JPY (^USDJPY) is up +0.37%. Mar T-note prices (ZNH15 +0.04%) are down -1 tick.

The German Jan IFO business climate rose +1.2 to 16.7, better than expectations of +1.0 to 106.5 and the highest in 6 months. The Jan IFO current assessment rose +1.9 to 111.7, stronger than expectations of +0.8 to 110.8. Jan IFO expectations rose +0.7 to 102.0, less than expectations of +1.4 to 102.5.

The Japan Dec trade balance shrink to a -660.7 billion yen deficit from an upward revised -893.5 billion yen deficit in Nov, a smaller deficit than expectations of -735.2 billion yen and the smallest deficit in 1-1/2 years. Dec exports rose +12.9% y/y, better than expectations of +11.2% y/y and the most in a year. Dec imports rose +1.9% y/y, slightly less than expectations of +2.0% y/y.

U.S. STOCK PREVIEW

There are no major U.S. economic reports today. There are 9 of the S&P 500 companies that report earnings today: Microsoft (0.75), Texas Instruments (0.69), Seagate (1.35), DR Horton (0.34), Roper Industries (1.79), Norfolk Souther (1.64), WW Grainger (2.83), Plum Creek Timber (0.34), Zions Bancorp (0.42). Equity conferences this week include: Phacilitate Immunotherapy Forum on Mon-Wed, and PCC 2015. CBI’s Pharmaceutical Compliance Congress on Tue.

 

 

PREMARKET U.S. STOCKS

LyondellBasell (LYB -0.75%) and Westlake (WLK -0.90%) were both downgraded to Neutral from Buy at BofA/Merrill Lynch.

United Parcel Service (UPS -9.91%) was downgraded to Neutral from Outperform at Macquarie.

Unilever (UL +1.19%) was upgraded to ‘Buy’ from ‘Underperform’ at BofA/Merrill Lynch.

Roper Industries (ROP -0.35%) reported Q4 EPS of $ 1.85, higher than conensus of $ 1.79.

DR Horton (DHI -2.49%) reporteed Q1 EPS of 39 cents, better than consensus of 34 cents.

Endo (ENDP -1.44%) will replace (COV +1.52%) Covidien in theS&P 500 as of today’s close.

Knight Transportation (KNX +0.30%) was downgraded to ‘Hold’ from ‘Buy’ at KeyBanc.

Amici Capital reported a 6.78% passive stake in Uroplasty (UPI -20.38%) .

HCA Holdings (HCA -2.50%) will replace Safeway (SWY unch) in the S&P 500 as of the close of trading today.

Salient Capital Advisors reported a 5.74% passive stake in NGL Energy Partners (NGL -0.45%) .

The U.S. Food and Drug Administration approved Bexsero, a vaccine from Novartis (NVS +0.03%) to prevent invasive meningococcal disease.

Van Berkom & Associates reported a 9.41% passive stake in RE/MAX Holdings (RMAX -0.65%) .

Point72 Asset reported a5.2% passive stake in ZELTIQ (ZLTQ -0.79%) .

MARKET COMMENTS

Mar E-mini S&Ps (ESH15 -0.26%) this morning are down -7.00 points (-0.34%). The S&P 500 index on Friday retreated from a 1-1/2 week high and closed lower: S&P 500 +1.53%, Dow Jones +1.48%, Nasdaq +1.87%. Bearish factors included (1) the +2.4% increase in U.S. Dec existing home sales to 5.04 million, weaker than expectations of +3.0% to 5.08 million, and (2) weakness in transportation stocks after UPS tumbled when it reported weaker-than-expected 2014 earnings. Stocks had opened higher on carry-over support from a rally in European stocks to a 6-1/3 year high on optimism the ECB’s quantitative easing program will spur economic growth in the Eurozone.

Mar 10-year T-notes (ZNH15 +0.04%) this morning are down -1 tick. Mar 10-year T-note futures prices on Friday closed higher. Closes: TYH5 +17.50, FVH5 +8.50. Bullish factors included (1) carry-over support from a rally in European bonds that sent the 10-year German bund yield down to a record low of 0.345%, and (2) increased safe-haven demand for T-notes after stocks erased an early rally and closed lower.

The dollar index (DXY00 +0.20%) this morning is up +0.228 (+0.24%) at a new 11-1/3 year high. EUR/USD (^EURUSD) is up +0.0020 (+0.18%). USD/JPY (^USDJPY) is up +0.44 (+0.37%). The dollar index on Friday rose to an 11-1/3 year high and closed higher: Dollar index +0.685 (+0.73%), EUR/USD -0.01615 (-1.42%), USD/JPY -0.745 (-0.63%). Bullish factors included (1) the fall in EUR/USD to an 11-1/3 year low on negative carry-over from ECB’s QE announcement on Thursday, and (2) Greek sovereign debt concerns on speculation the anti-austerity Syriza party would win Sunday’s election in Greece.

Mar WTI crude oil (CLH15 -1.07%) this morning is down 52 cents (-1.14%) and Mar gasoline (RBH15 -1.19%) is down -0.0182 (-1.33%). Mar crude oil and Mar gasoline on Friday settled mixed with Mar crude at a 1-week low: CLH5 -0.72 (-1.55%), RBH5 +0.0156 (+1.15%). Bearish factors included (1) the rally in the dollar index to an 11-1/3 year high, and (2) comments from Salman Bin Abdulaziz Al Saud, the new Saudi Arabian king, that he will maintain the current Saudi crude oil policy of refusing to cut production. Crude prices recovered from their worst levels and gasoline closed higher on signs of global economic growth after the China Jan HSBC flash manufacturing PMI and the Eurozone Jan Markit manufacturing PMI both rose more than expected.

GLOBAL EVENT CALENDAR01/26/2015
US1030 ETJan Dallas Fed outlook of manufacturing activity expected -0.1 to 4.0, Dec -6.4 to 4.1.
1100 ETUSDA weekly grain export inspections.
GER0400 ETGerman Jan IFO business climate expected +1.0 to 106.5, Dec 105.5. Jan IFO current assessment expected +1.0 to 110.8, Dec 109.8. Jan IFO expectations expected +1.1 to 102.5, Dec 101.4.
JPN1850 ETJapan Dec PPI services expected +3.6% y/y, Nov +3.6% y/y.
CHI2030 ETChina Dec industrial profits, Nov -4.2% y/y.
U.S. STOCK CALENDAR01/26/2015
CompanyTickerTimeEvent DescriptionPeriodEstimate
Seagate Technology PLCSTX USBef-mktQ2 2015 Earnings ReleaseQ2 20151.348
DR Horton IncDHI US7:00Q1 2015 Earnings ReleaseQ1 20150.344
Roper Industries IncROP US7:00Q4 2014 Earnings ReleaseQ4 20141.792
WW Grainger IncGWW US7:30Q4 2014 Earnings CallQ4 2014
Norfolk Southern CorpNSC US8:00Q4 2014 Earnings ReleaseQ4 20141.638
WW Grainger IncGWW US8:00Q4 2014 Earnings ReleaseQ4 20142.83
Roper Industries IncROP US8:30Q4 2014 Earnings CallQ4 2014
Norfolk Southern CorpNSC US8:45Q4 2014 Earnings CallQ4 2014
Seagate Technology PLCSTX US9:00Q2 2015 Earnings CallQ2 2015
DR Horton IncDHI US10:00Q1 2015 Earnings CallQ1 2015
Texas Instruments IncTXN US16:30Q4 2014 Earnings ReleaseQ4 20140.691
Plum Creek Timber Co IncPCL US17:00Q4 2014 Earnings CallQ4 2014
Plum Creek Timber Co IncPCL USAft-mktQ4 2014 Earnings ReleaseQ4 20140.335
Microsoft CorpMSFT USAft-mktQ2 2015 Earnings ReleaseQ2 20150.749
Zions BancorporationZION USAft-mktQ4 2014 Earnings ReleaseQ4 20140.424
Texas Instruments IncTXN US17:30Q4 2014 Earnings CallQ4 2014
Microsoft CorpMSFT US17:30Q2 2015 Earnings CallQ2 2015
Zions BancorporationZION US17:30Q4 2014 Earnings CallQ4 2014

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