Tuesday, August 4th, 2015View Older Reports
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OVERNIGHT MARKETS AND NEWS
September E-mini S&Ps (ESU15 -0.29%) are down -0.17% as prices consolidate ahead of earnings results from 31 S&P 500 companies today, including Aetna and Disney. European stocks are down -0.79% as a slide in bank stocks is leading the overall market lower after Credit Agricole SA plunged 10% when regulators failed to approve a reorganization that may have freed up capital to repay investors. The 10-year German bund fell to a 2-month low of 0.595% after Eurozone Jun producer prices unexpectedly fell for the first time in 5 months. Asian stocks closed mixed: Japan -0.14%, Hong Kong -0.02%, China +3.69%, Taiwan -0.16%, Australia +0.33%, Singapore -0.05%, South Korea +0.86%, India -0.41%. Chinese stocks closed higher after authorities stepped up efforts to stabilize the market. Investors on the Shanghai and Shenzhen stock exchanges who borrow shares must now wait one day to pay back the loans, which may limit day trading activity and speculative short-selling of stocks.The dollar index (DXY00 -0.21%) is down -0.18%. EUR/USD (^EURUSD)is up +0.24%. USD/JPY (^USDJPY) is down -0.07%. Sep T-note prices (ZNU15 -0.11%) are down -4.5 ticks. Eurozone Jun PPI unexpectedly fell for the first time in five months as it slid -0.1% m/m, weaker than expectations of unch m/m. On an annual basis, Jun PPI fell -2.2% y/y, right on expectations.
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) July New York ISM (June was +9.1 to 63.1), (2) June factory orders (expected +1.8%, May -1.0% and +0.1% ex transportation).There are 32 of the S&P 500 companies that report earnings today with notable reports including: Kellogg (consensus $0.92), Walt Disney (1.41), Genworth Financial (0.26), First Solar (0.22), ADM (0.65), Emerson Electric (0.83), NGR Energy (0.02), Aetna (1.82), Coach (0.29). U.S. IPO's scheduled to price today include: Sunrun (RUN), Amplify Snack Brands (BETR), Integra LifeSciences (IART), Benitec Biopharma (BTEBY), Zynerba Pharmaceuticals (ZYNE). Equity conferences this week: Piper Jaffray Technology-Enabled Industrials Symposium on Tue-Wed, Needham Interconnect Conference on Wed.
OVERNIGHT U.S. STOCK MOVERS
Archer-Daniels-Midland (ADM +0.59%) reported Q2 EPS of 55 cents, below consensus of 65 cents.CVS Health Corp. (CVS +0.31%) reported Q2 EPS of $1.19, lower than consensus of $1.20. Coach (COH -2.47%) reported Q4 EPS of 31 cents, higher than consensus of 29 cents. Vornado (VNO +0.34%) reported Q2 AFFO of $1.30, higher than consensus of $1.23. Allstate (ALL +0.62%) reported Q2 EPS of 79 cents, weaker than consensus of 96 cents. D.E. Shaw reported a 5.1% passive stake in Western Refining (WNR -1.68%) . Point72 Asset Management reported a 5.2% passive stake in Ascena Retail (ASNA -3.51%) . North Tide Capital reported a 5.7% passive stake in Supervalu (SVU +1.52%) . Avis Budget (CAR -0.18%) reported Q2 EPS of 84 cents, higher than consensus of 68 cents. Texas Roadhouse (TXRH +3.53%) fell nearly 4% in after-hours trading after it reported Q2 EPS of 30 cents, below consensus of 37 cents. LinkedIn (LNKD -3.03%) was initiated with a 'Buy' at Topeka witha price target of $260. Diplomat Pharmacy (DPLO +2.86%) reported Q2 adjusted EPS of 16 cents, better than consensus of 12 cents. Scientific Games (SGMS -0.26%) reported a Q2 EPS loss of -$1.19, a wider loss than consensus 0f -98 cents. Netflix (NFLX -1.53%) was initiated with a 'Buy' at Guggenheim with a price target of $160. AIG (AIG +0.05%) reported Q2 operating EPS of $1.39, above consensus of $1.23. General Growth Properties (GGP +0.37%) reported Q2 FFO of 33 cents, right on consensus, although Q2 revenue of $579.98 million was below consensus of $616.10 million.
MARKET COMMENTS
Sep E-mini S&Ps (ESU15 -0.29%) this morning are down -3.50 points (-0.17%). Monday's closes: S&P 500 -0.28%, Dow Jones -0.52%, Nasdaq -0.18%. The S&P 500 on Monday closed lower on (1) weakness in mining and oil companies companies after copper and oil prices plunged on concern about Chinese demand for commodities when the China Jul Caixin manufacturing PMI was unexpectedly revised lower to a 2-year low of 47.8, and (2) the unexpected -0.8 point decline in the U.S. Jul ISM manufacturing index to 52.7, weaker than expectations of unchanged at 53.5.Sep 10-year T-note prices (ZNU15 -0.11%) this morning are down -4.5 ticks. Monday's closes: TYU5 +12.5, FVU5 +4.75. Sep 10-year T-notes on Monday climbed to a 2-month nearest-futures high and closed higher on the unexpected decline in the U.S. Jul ISM manufacturing index and on concern that a slowdown of Chinese economic growth could undercut the overall global economy and delay a Fed interest rate increase after a gauge of Chinese manufacturing activity last month contracted at its steepest pace in 2 years. The dollar index (DXY00 -0.21%) this morning is down -0.180 (-0.18%). EUR/USD (^EURUSD) is up +0.0026 (+0.24%). USD/JPY (^USDJPY) is down -0.09 (-0.07%). Monday's closes: Dollar Index +0.158 (+0.16%), EUR/USD -0.00337 (-0.31%), USD/JPY +0.144 (+0.12%). The dollar index on Monday closed slightly higher on weakness in commodity currencies after copper and oil prices fell sharply. Dollar gains were limited after the U.S. Jul ISM manufacturing index unexpectedly declined, which may prompt the Fed to delay an interest rate hike. Sep crude oil (CLU15 +1.31%) this morning is up +71 cents (+1.57%) and Sep gasoline (RBU15 +1.37%) is up +0.0271 (+1.62%). Monday's closes: CLU5 -1.95 (-4.14%), RBU5 -0.0899 (-5.07%). Sep crude oil and gasoline closed sharply lower Monday with Sep crude at a 4-1/4 month nearest-futures low and Sep gasoline at a 4-1/2 month low. Negative factors included (1) Chinese demand concerns after a gauge of Chinese manufacturing activity contracted at its steepest pace in 2 years, and (2) comments from Iran's oil minister who said that Iran can raise output by 500,000 bpd within a week of the end of sanctions.
GLOBAL EVENT CALENDAR08/04/2015
U.S. STOCK CALENDAR08/04/2015
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Tuesday, August 4, 2015
BARCHART MORNING CALL 8/4
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