Live Index – Wed, 28 Jan 2015 Premarket
March E-mini S&Ps (ESH15 +0.14%) this morning are up +0.22% on stellar quarterly earnings results from Apple and AT&T and European stocks are down -0.50% as a slide in Greek stocks leads European stocks lower. Losses in European stocks were limited after Germany’s Economy Ministry raised its German 2015 GDP forecast. Greece’s ASE Stock Index plunged over 6% to a 2-1/3 year low and the 10-year Greek bond yield climbed to a 3-week high of 10.485% on concern the newly elected Syriza-led coalition will challenge austerity measures imposed on Greece. Greek Prime Minister Tsipras said his new government “will not be forgiven” if it betrays its pre-election pledges to renegotiate the terms of Greece’s bailout. Asian stocks closed mixed: Japan +0.15%, Hong Kong +0.22%, China -1.39%, Taiwan -0.11%, Australia +0.10%, Singapore +0.20%, South Korea unch, India -0.04%. Japan’s Nikkei Stock Index rose to a 4-week high after stronger-than-expected quarterly earnings from Apple boosted Japanese technology stocks. Commodity prices are mixed. Mar crude oil (CLH15 -1.56%) is down -1.56%. Mar gasoline (RBH15 +0.73%) is up +0.72%. Feb gold (GCG15 -0.10%) is down -0.12%. Mar copper (HGH15 +0.55%) is up +0.73%. Agriculture prices are lower. The dollar index (DXY00 +0.06%) is up +0.06%. EUR/USD (^EURUSD) is down -0.25%. USD/JPY (^USDJPY) is down -0.04%. Mar T-note prices (ZNH15 +0.10%) are up +3.5 ticks.
The German Dec import price index fell -1.7% m/m, more than expectations of -1.5% m/m and the biggest monthly decline in 6 years. On an annual basis, Dec import prices fell -3.7% y/y, more than expectations of -3.4% y/y and the fastest pace of decline in 5 years.
German Feb GfK consumer confidence rose +0.3 to 9.3, better than expectations of +0.1 to 9.1 and the highest since the data series began in 2005.
The German Economy Ministry in its biannual report raised its German 2015 GDP forecast to 1.5% from an Oct estimate of 1.3%.
The market consensus is that the FOMC at its 2-day meeting that ends today will leave its interest rate and policy guidance unchanged. The Treasury today will sell $ 15 billion of 2-year floating rate notes and $ 26 billion of 2-year T-notes in auctions that were delayed from yesterday due to the massive snowstorm that hit the East Coast.
There are 31 of the S&P 500 companies that report earnings today with notable reports including: Facebook (consensus $ 0.48), Boeing (2.10), St Jude Medical (1.03), Rockwell Automation (1.49), Textron (0.76), General Dynamics (2.13), Citrix (1.03), Murphy Oil (0.24), Ameriprise (2.22). Equity conferences today include: Phacilitate Immunotherapy Forum on Mon-Wed.
International Paper (IP -1.50%) reported Q4 EPS of 53 cents, higher than consensus of 48 cents.
Apple (AAPL -3.50%) jumped 7% in after-hours trading after it reported Q1 EPS of $ 3.06, well above consensus of $ 2.60.
PolyOne (POL -0.50%) reported Q4 adjusted EPS of 36 cents, better than consensus of 34 cents.
Total System (TSS -1.84%) reported Q4 adjusted EPS of 58 cents, higher than consensus of 53 cents.
VMware (VMW -2.24%) climbed over 3% in after-hours trading after it reported Q4 EPS of $ 1.08, more than consensus of $ 1.07, and then authorized an additional $ 1 billion stock buyback.
Ultra Petroleum (UPL +1.04%) was downgraded to ‘Sell’ from ‘Neutral’ at Goldman Sachs.
Western Digital (WDC -3.32%) reported Q2 adjusted EPS of $ 2.26, higher than consensus of $ 2.10.
International Game (IGT -0.29%) reported Q1 EPS of 19 cents, below consensus of 25 cents, and then said it will not provide fiscal 2015 financial guidance
Freescale (FSL +0.65%) reported Q4 adjusted EPS of 42 cents, above consensus of 33 cents.
Yahoo (YHOO -2.93%) jumped 8% in after-hours trading after it reported Q4 EPS of 30 cents, higher than consensus of 29 cents, and then said its Board of Directors authorized a plan for a tax-free spin-off of the company’s remaining holdings in Alibaba Group (BABA) into a newly formed independent registered investment company.
Illumina (ILMN +0.78%) reported Q4 non-GAAP EPS of 87 cents, better than consensus of 78 cents.
Stryker (SYK -0.24%) reported Q4 adjusted EPS of $ 1.44, less than consensus of $ 1.45, and then lowered guidance on fiscal 2015 adjusted EPS to $ 4.90-$ 5.10, below consensus of $ 5.14.
Juniper (JNPR -1.44%) climbed over 3% in after-hours trading after it reported Q4 EPS of 41 cents, above consensus of 31 cents.
AT&T (T -1.12%) rose 2% in after-hours trading after it reported Q4 EPS of 55 cents, right on consensus, although Q4 revenue of $ 34.40 billion was above consensus of $ 34.26 billion.
Amgen (AMGN -0.53%) rose 2% in after-hours trading after it reported Q4 EPS of $ 2.16, better than consensus of $ 2.05.
Electronic Arts (EA -2.14%) reported Q3 EPS of $ 1.22, well above consensus of 92 cents, and then raised guidance on fiscal 2015 EPS to $ 2.35, above consensus of $ 2.09.
Mar E-mini S&Ps (ESH15 +0.14%) this morning are up +4.50 points (+0.22%). The S&P 500 index on Tuesday closed sharply lower: S&P 500 -1.34%, Dow Jones -1.65%, Nasdaq -2.58%. Negative factors included (1) the unexpected decline in U.S. Dec durable goods orders by -3.4% and -0.8% ex-transportation, weaker than expectations of +0.3% and +0.6% ex-transportation, and (2) concerns about corporate earnings after disappointing results from Microsoft, Caterpillar, Procter & Gamble, and DuPont. Stocks recovered from their worst levels after U.S. Dec new home sales surged +11.6% to 481,000, stronger than expectations of +2.7% to 450,000 and the most in 6-1/2 years, and after Jan consumer confidence (Conference Board) climbed +9.8 to 102.9, stronger than expectations of +2.6 to 95.5 and the highest in 7-1/3 years.
Mar 10-year T-notes (ZNH15 +0.10%) this morning are up +3.5 ticks. Mar 10-year T-note futures prices on Tuesday closed higher. Closes: TYH5 +5.00, FVH5 +3.00. Bullish factors included (1) the unexpected decline in U.S. Dec durable goods orders, and (2) increased safe-haven demand for T-notes after stocks plunged. Gains in T-note prices were limited after U.S. Dec new home sales and Jan consumer confidence were both stronger than expected.
The dollar index (DXY00 +0.06%) this morning is up +0.052 (+0.06%). EUR/USD (^EURUSD) is down -0.0029 (-0.25%). USD/JPY (^USDJPY) is down -0.05 (-0.04%). The dollar index on Tuesday closed lower: Dollar index -0.780 (-0.82%), EUR/USD +0.01421 (+1.26%), USD/JPY -0.588 (-0.50%). Bearish factors included (1) the unexpected decline in U.S. Dec durable goods orders, which may prompt the Fed to delay interest rate hikes, and (2) short-covering in EUR/USD after Swiss National Bank Vice President Danthine said “we’re fundamentally prepared” to intervene again in the currency markets.
Mar WTI crude oil (CLH15 -1.56%) this morning is down -72 cents (-1.56%) and Mar gasoline (RBH15 +0.73%) is up +0.0100 (+0.72%). Mar crude oil and Mar gasoline on Tuesday closed higher: CLH5 +1.08 (+2.39%), RBH5 +0.0463 (+3.44%). Bullish factors included (1) a weaker dollar, and (2) the surge in U.S. Jan consumer confidence to the highest level in 7-1/3 years, which may lead to an increase in consumer spending and energy demand.
|US||0700 ET||Weekly MBA mortgage applications, previous +14.2% with purchase sub-index -2.5% and refi sub-index +22.3%.|
|1030 ET||EIA Weekly Petroleum Status Report.|
|1130 ET||Treasury auctions $ 15 billion 2-year floating rate notes.|
|1300 ET||Treasury auctions $ 26 billion 2-year T-notes.|
|1400 ET||FOMC announces interest rate decision.|
|GER||0200 ET||German Dec import price index expected -1.5% m/m and -3.4% y/y, Nov -0.8% m/m and -2.1% y/y.|
|0200 ET||German Feb GfK consumer confidence expected +0.1 to 9.1, Jan 9.0.|
|JPN||1850 ET||Japan Dec retail sales expected +0.3% m/m and +0.9% y/y, Nov -0.2% m/m and +0.5% y/y.|
|American Electric Power Co Inc||AEP US||Bef-mkt||Q4 2014 Earnings Release||Q4 2014||0.499|
|Hess Corp||HES US||Bef-mkt||Q4 2014 Earnings Release||Q4 2014||0.231|
|Praxair Inc||PX US||Bef-mkt||Q4 2014 Earnings Release||Q4 2014||1.566|
|Progressive Corp/The||PGR US||Bef-mkt||Q4 2014 Earnings Release||Q4 2014||0.45|
|AmerisourceBergen Corp||ABC US||Bef-mkt||Q1 2015 Earnings Release||Q1 2015||0.971|
|Textron Inc||TXT US||Bef-mkt||Q4 2014 Earnings Release||Q4 2014||0.762|
|Rockwell Automation Inc||ROK US||Bef-mkt||Q1 2015 Earnings Release||Q1 2015||1.493|
|ADT Corp/The||ADT US||Bef-mkt||Q1 2015 Earnings Release||Q1 2015||0.491|
|Hudson City Bancorp Inc||HCBK US||Bef-mkt||Q4 2014 Earnings Release||Q4 2014||0.045|
|TE Connectivity Ltd||TEL US||Bef-mkt||Q1 2015 Earnings Release||Q1 2015||0.901|
|McCormick & Co Inc/MD||MKC US||Bef-mkt||Q4 2014 Earnings Release||Q4 2014||1.153|
|International Paper Co||IP US||Bef-mkt||Q4 2014 Earnings Release||Q4 2014||0.484|
|Anthem Inc||ANTM US||6:00||Q4 2014 Earnings Release||Q4 2014||1.744|
|AMETEK Inc||AME US||7:00||Q4 2014 Earnings Release||Q4 2014||0.615|
|St Jude Medical Inc||STJ US||7:15||Q4 2014 Earnings Release||Q4 2014||1.026|
|T Rowe Price Group Inc||TROW US||7:30||Q4 2014 Earnings Release||Q4 2014||1.137|
|Boeing Co/The||BA US||7:30||Q4 2014 Earnings Release||Q4 2014||2.103|
|General Dynamics Corp||GD US||7:30||Q4 2014 Earnings Release||Q4 2014||2.134|
|Textron Inc||TXT US||8:00||Q4 2014 Earnings Call||Q4 2014|
|McCormick & Co Inc/MD||MKC US||8:00||Q4 2014 Earnings Call||Q4 2014|
|St Jude Medical Inc||STJ US||8:00||Q4 2014 Earnings Call||Q4 2014|
|Anthem Inc||ANTM US||8:30||Q4 2014 Earnings Call||Q4 2014|
|Anthem Inc||ANTM US||8:30||Q4 2014 Earnings Call||C4 2014|
|ACE Ltd||ACE US||8:30||Q4 2014 Earnings Call||Q4 2014|
|Rockwell Automation Inc||ROK US||8:30||Q1 2015 Earnings Call||Q1 2015|
|ADT Corp/The||ADT US||8:30||Q1 2015 Earnings Call||Q1 2015|
|TE Connectivity Ltd||TEL US||8:30||Q1 2015 Earnings Call||Q1 2015|
|AMETEK Inc||AME US||8:30||Q4 2014 Earnings Call||Q4 2014|
|American Electric Power Co Inc||AEP US||9:00||Q4 2014 Earnings Call||Q4 2014|
|Lorillard Inc||LO US||9:00||Special Meeting – M&A Vote|
|General Dynamics Corp||GD US||9:00||Q4 2014 Earnings Call||Q4 2014|
|Kinder Morgan Inc/DE||KMI US||9:00||Analyst Meeting||Y 2015|
|International Paper Co||IP US||9:00||Q4 2014 Earnings Call||Q4 2014|
|Reynolds American Inc||RAI US||9:00||Special Meeting – M&A Vote|
|Hess Corp||HES US||10:00||Q4 2014 Earnings Call||Q4 2014|
|MeadWestvaco Corp||MWV US||10:00||Q4 2014 Earnings Call||Q4 2014|
|Boeing Co/The||BA US||10:30||Q4 2014 Earnings Call||Q4 2014|
|Praxair Inc||PX US||11:00||Q4 2014 Earnings Call||Q4 2014|
|AmerisourceBergen Corp||ABC US||11:00||Q1 2015 Earnings Call||Q1 2015|
|Visa Inc||V US||11:30||Annual General Meeting||Y 2015|
|Oracle Corp||ORCL US||12:00||Analyst Meeting||Y 2015|
|QUALCOMM Inc||QCOM US||16:00||Q1 2015 Earnings Release||Q1 2015||1.254|
|Tractor Supply Co||TSCO US||16:01||Q4 2014 Earnings Release||Q4 2014||0.764|
|Citrix Systems Inc||CTXS US||16:05||Q4 2014 Earnings Release||Q4 2014||1.029|
|QUALCOMM Inc||QCOM US||16:45||Q1 2015 Earnings Call||Q1 2015|
|Citrix Systems Inc||CTXS US||16:45||Q4 2014 Earnings Call||Q4 2014|
|Lam Research Corp||LRCX US||17:00||Q2 2015 Earnings Call||C4 2015|
|Tractor Supply Co||TSCO US||17:00||Q4 2014 Earnings Call||Q4 2014|
|Vertex Pharmaceuticals Inc||VRTX US||17:00||Q4 2014 Earnings Call||Q4 2014|
|Varian Medical Systems Inc||VAR US||17:00||Q1 2015 Earnings Call||Q1 2015|
|Facebook Inc||FB US||17:00||Q4 2014 Earnings Call||Q4 2014|
|Lam Research Corp||LRCX US||Aft-mkt||Q2 2015 Earnings Release||Q2 2015||1.128|
|Murphy Oil Corp||MUR US||Aft-mkt||Q4 2014 Earnings Release||Q4 2014||0.238|
|General Growth Properties Inc||GGP US||Aft-mkt||Q4 2014 Earnings Release||Q4 2014||0.379|
|Vertex Pharmaceuticals Inc||VRTX US||Aft-mkt||Q4 2014 Earnings Release||Q4 2014||-0.689|
|Varian Medical Systems Inc||VAR US||Aft-mkt||Q1 2015 Earnings Release||Q1 2015||0.874|
|Facebook Inc||FB US||Aft-mkt||Q4 2014 Earnings Release||Q4 2014||0.483|
|Ameriprise Financial Inc||AMP US||Aft-mkt||Q4 2014 Earnings Release||Q4 2014||2.215|
|Jacobs Engineering Group Inc||JEC US||Aft-mkt||Q1 2015 Earnings Release||Q1 2015||0.78|
|AvalonBay Communities Inc||AVB US||Aft-mkt||Q4 2014 Earnings Release||Q4 2014||1.764|
|Martin Marietta Materials Inc||MLM US||Q4 2014 Earnings Release||Q4 2014||0.821|
|Progressive Corp/The||PGR US||Q4 2014 Earnings Release||Q4 2014||0.45|
|Johnson Controls Inc||JCI US||Annual General Meeting|