Thursday, June 11, 2015


June E-mini S&Ps (ESM15 -0.05%) are down -0.07% ahead of U.S. data on May retail sales and weekly jobless claims. European stocks are up +0.75% on optimism that Greece will finally reach a deal with creditors after Greek Prime Minister Tsipras promised that he will work with "higher intensity" to find a package of reforms and budget fixes that are needed for Greece to receive financial aid. Tsipras' comments sent Greek stocks soaring with Greece's ASE Stock Index up +6.62%. Asian stocks closed mostly higher: Japan +1.68%, Hong Kong +0.83%, China +0.30%, Taiwan +0.04%, Australia +1.42%, Singapore +0.66%, South Korea +0.08%, India -1.75%. Japanese stocks closed higher as the yen weakened, which lifted exporters, and Chinese stocks closed higher after data on industrial production and credit show that China's economy may be stabilizing.
Commodity prices are weaker as the dollar moves higher. Jul crude oil (CLN15 -1.40%) is down -1.25%. Jul gasoline (RBN15 -0.99%) is down -0.88%. Metals prices are lower. Aug gold (GCQ15 -0.62%) is own -0.67%. Jul copper (HGN15 -2.07%) is down -2.15%. Agricultural prices are mixed.
The dollar index (DXY00 +0.47%) is up +0.42%. EUR/USD (^EURUSD) is down -0.54%. USD/JPY (^USDJPY) is up +0.77%.

Sep T-note prices (ZNU15 -0.04%) are down -3 ticks at a fresh 8-month low.
During a teleconference on Wednesday, the ECB increased the limit on Emergency Liquidity Assistance (ELA) to Greek banks by 2.3 billion euros, the largest increase in 4 months, to a total of 83 billion euros.
China May industrial production climbed +6.1% y/y, stronger than expectations of +6.0% y/y.
Key U.S. news today includes: (1) weekly initial unemployment claims (expected -1,000 to 275,000 after last week's -8,000 to 276,000) and continuing claims (expected +4,000 to 2.200 million after last week's -30,000 to 2.196 million), (2) May retail sales (expected +1.2% and +0.8% ex autos after April's unch and +0.1% ex autos), (3) May import price index (expected +0.8% m/m and -10.0% y/y after April's -0.3% m/m and -10.7% y/y), (4) Apr business inventories (expected +0.2% after March's +0.1%), (5) Q1 household net worth change (Q4 was +$1.517 trillion), and (6) the Treasury's auction of $13 billion of 30-year T-bonds.
None of the Russell 1000 companies report earnings today.
U.S. IPO's scheduled to price today include: Wingstop (WING), Invuity (IVTY), People's Utah Bancorp (PUB), Principal Solar (PSWWD), Yulong Eco-Materials (YECO).
Equity conferences during the remainder of this week include: Apple's Worldwide Developer's Conference (WWDC15) on Mon-Fri, Goldman Sachs Global Healthcare Conference on Tue-Thu, Deutsche Bank db Access Global Consumer Conference on Tue-Thu, William Blair Growth Stock Conference on Tue-Thu, Gabelli & Co., Inc. Movie & Entertainment Conference on Thu, Goldman Sachs 2020 Vision Chemicals Conference on Thu, Susquehanna Energy and Industrials Conference on Thu, Barclays High Yield Bond and Syndicated Loan Conference on Thu-Fri.
Colgate-Palmolive (CL +1.58%) was downgraded to 'Equal Weight' from 'Overweight' on valuation at Morgan Stanley.
Toll Brothers (TOL +1.66%) was upgraded to 'Outperform' from 'Neutral' at Credit Suisse.
Newmont Mining (NEM -2.91%) was upgraded to 'Outperform' from 'Sector Perform' at RBC Capital.
Qorvo (QRVO +3.06%) will replace Lorillard (LO +0.50%) in the S&P 500 as of today's close.
Transocean (RIG +1.81%) was initiated with an 'Underweight' at Barclays with a price target of $14.
Hilton Worldwide (HLT -1.75%) was initiated with a 'Buy' at Brean Capital with a price target of $34.
Bank of America reported a 10.08% passive stake in Greenbrier (GBX +1.58%) .
Men's Wearhouse (MW +0.10%) reported Q1 adjusted EPS of 54 cents, higher than consensus of 52 cents.
Pleasant Lake Partners reported a 7.7% stake in MagnaChip (MX unch) .
General Dynamics (GD +2.06%) was awarded a $225.6 million government contract for the demilitarization recycling, reuse, and disposal of various conventional munitions.
Southeastern reported a 11.4% passive stake in Triangle Petroleum (TPLM +4.93%) .
According to Bloomberg, Amgen’s (AMGN +0.48%) cholesterol drug Repatha won the backing of a panel of FDA advisors, who voted 11-4 that the benefits outweighed the risks for some patients with difficult-to-treat high cholesterol.
Nike (NKE +1.96%) rose 1% in after-hours trading after it announced an eight-year merchandising and marketing partnership with the National Basketball Association.
Standard & Poor's cut Greece's credit rating to 'CCC' from 'CCC+' with a negative outlook.
C.R. Bard (BCR +1.44%) authorizeed the repurchase of up to $500 mllion of the company’s common stock in addition to approximately $160 million remaining under the prior authorization announced in June 2014.
June E-mini S&Ps (ESM15 -0.05%) this morning are down -1.50 points (-0.07%). Wednesday's closes: S&P 500 +1.20%, Dow Jones +1.33%, Nasdaq +1.31%. The S&P 500 on Wednesday closed sharply higher on reports that German Chancellor Merkel may be satisfied with Greece's commitment to at least one economic reform sought by creditors in exchange for bailout funds. In addition, there was strength in energy producers after crude oil rallied to a 1-month high.
Sep 10-year T-notes (ZNU15 -0.04%) this morning are down -3 ticks at a fresh 8-month low. Wednesday's closes: TYU5 -14.50, FVU5 -7.25. Sep T-notes on Wednesday fell to an 8-month low and closed lower on bearish carryover from a plunge in German bund prices to an 8-1/2 month low and on reduced safe-haven demand for T-notes as stocks rallied sharply.
The dollar index (DXY00 +0.47%) this morning is up +0.398 (+0.42%). EUR/USD (^EURUSD) is down -0.0061 (-0.54%). USD/JPY (^USDJPY) is up +0.95 (+0.77%). Wednesday's closes: Dollar Index -0.520 (-0.55%), EUR/USD +0.0041 (+0.36%), USD/JPY -1.66 (-1.33%). The dollar index on Wednesday fell to a 3-week low on (1) BOJ Governor Kuroda's comment that further declines in the yen were "unlikely," and (2) strength in EUR/USD after the ECB raised its ELA line of credit to the Greek central bank by a hefty 2.3 billion euros to 83 billion euros.
July WTI crude oil (CLN15 -1.40%) this morning is down -77 cents (-1.25%). July gasoline (RBN15 -0.99%) is down -0.0189 (-0.88%). Wednesday's closes: CLN5 +1.29 (+2.14%), RBN5 +0.0693 (+3.34%). July crude and gasoline closed sharply higher Wednesday with July crude at a 1-month high and July gasoline at a 7-month high. The markets rallied on the fall in the dollar index to a 3-week low, the -6.81 million bbl plunge in EIA crude inventories, and the -2.94 million bbl draw in EIA gasoline inventories to a 6-month low of 217.35 million bbl.
US0830 ETWeekly initial unemployment claims expected -1,000 to 275,000, previous -8,000 to 276,000. Weekly continuing claims expected -6,000 to 2.190 million, previous -30,000 to 2.196 million.
0830 ETMay retail sales expected +1.2% and +0.8% ex autos, Apr unch and +0.1% ex autos. April retail sales ex auto and gasoline expected +0.5%, Apr unch.
0830 ETMay import price index expected +0.8% m/m and -10.0% y/y, Apr -0.3% m/m and -10.7% y/y.
0830 ETUSDA weekly Export Sales.
1000 ETApr business inventories expected +0.2%, Mar +0.1%.
1100 ETTreasury announces amount of 30-year TIPS to be auctioned Jun 18 (previous $9 billion).
1200 ETQ1 household net worth change, Q4 +$1.517 trillion.
1300 ETTreasury auctions $13 billion of 30-year T-bonds.
CHI0130 ETChina May industrial production expected +6.0% y/y, Apr +5.9% y/y.
0130 ETChina May retail sales expected +10.1% y/y, Apr +10.0% y/y.
CompanyTickerTimeEvent DescriptionPeriodEstimate
Multiple CompaniesLLY US10:00Baricitinib Phase III Trial Study Results Call
Multiple CompaniesLLY US10:00Baricitinib Phase III Trial Study Results Call
Hormel Foods CorpHRL US10:30Investor DayY 2015
Zillow Group IncZ US11:00Annual General Meeting
Visteon CorpVC US11:00Annual General MeetingY 2015
Zynga IncZNGA US13:00Annual General Meeting
Juno Therapeutics IncJUNO US13:00Annual General Meeting
Facebook IncFB US14:00Annual General MeetingY 2015
FireEye IncFEYE US14:00Annual General Meeting
Lorillard IncLO USAft-mktQorvo Inc. Replaces Lorillard Inc. in S&P 500
TJX Cos Inc/TheTJX USAnnual General MeetingY 2015
Cheniere Energy IncLNG USAnnual General Meeting
Splunk IncSPLK USAnnual General Meeting
Pinnacle Foods IncPF USAnnual General Meeting
Platform Specialty Products CorpPAH USAnnual General Meeting

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