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OVERNIGHT MARKETS AND NEWS
September E-mini S&Ps (ESU15 +0.01%) are little changed, down -0.02%, and European stocks are down -0.09% led by weakness in energy producers after the price of crude oil (CLU15 -0.82%) fell to a 4-1/2 month low. Losses in European stocks were muted after German Jun factory orders rose more than expected. The BOE, as expected, maintained its benchmark interest rate at 0.50% and kept its asset purchase target unchanged at 375 billion pounds following today's monetary policy meeting. Asian stocks closed mostly lower: Japan +0.24%, Hong Kong -0.57%, China -0.89%, Taiwan -1.09%, Australia -1/13%, Singapore +0.17%, South Korea -1.27%, India +0.27%. Japan's Nikkei Stock Index bucked the trend and closed up at a 2-week high as exporter stocks rallied on the prospects of improved earnings after the yen tumbled to a 1-3/4 month low against the dollar on Wednesday.The dollar index (DXY00 +0.06%) is down -0.06%. EUR/USD (^EURUSD) is up +0.06% on the stronger-than-expected German Jun factory orders. USD/JPY (^USDJPY) is down -0.03%. The Russian ruble slid to a 5-1/2 month low against the dollar after the price of crude fell to a 4-1/2 month low. Sep T-note prices (ZNU15 +0.07%) are up +2 ticks. German Jun factory orders jumped +2.0% m/m and +7.2% y/y, stronger than expectations of +0.3% m/m and +5.2% y/y with the +7.2% y/y gain the biggest annual increase in 13 months.
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) July Challenger job cuts (June +42.7% y/y), and (2) weekly initial unemployment claims (expected +5,000 to 272,000, previous +12,000 to 267,000) and continuing claims (expected -13,000 to 2.249 million, previous +46,000 to 2.262 million).There are 14 of the S&P 500 companies that report earnings today with notable reports including: Viacom (consensus $1.47), Duke Energy (0.99), Apache Corp (-0.28), NVIDIA (0.21), Consolidated Edison (0.63), Monster Beverage (0.91). U.S. IPO's scheduled to price today include: First Foundation (FFWM). Equity conferences during the remainder of this week include: none.
OVERNIGHT U.S. STOCK MOVERS
Teradata (TDC +0.78%) reported Q2 EPS of 43 cents, well below consensus of 56 cents.Albemarle (ALB -0.69%) reported Q2 EPS of 84 cents, higher than consensus of 82 cents. Transocean (RIG +0.98%) climbed over 7% in pre-market trading after it reported Q2 EPS $1.11, more than double consensus of 50 cents and reported Q2 revenue of $1.88 billion, better than consensus of $1.70 billion. American Water (AWK +0.72%) reported Q2 EPS of 68 cents, better than consensus of 67 cents. Tesoro (TSO +1.34%) reported Q2 adjusted EPS of $4.62, well above consensus of $4.02. Dun & Bradstreet (DNB +0.66%) reported Q2 EPS of $1.25, less than consensus of $1.31. Tesla (TSLA +1.45%) reported a Q2 EPS loss of -48 cents, a narrower loss than consensus of -60 cents. Andersons (ANDE +0.61%) reported Q2 EPS of $1.09, above consensus of 99 cents, although Q2 revenue of $1.21 billion was below consensus of $1.26 billion. Masonite (DOOR -1.46%) reported Q2 EPS of 42 cents, below consensus of 50 cents. Prudential (PRU +0.02%) reported Q2 adjusted EPS of $2.91, above consensus of $2.47. Herbalife (HLF -2.39%) jumped 8% in after-hours trading after it reported Q2 EPS of $1.24, higher than consensus of $1.11. Fitbit reported Q2 EPS of 21 cents, more than double consensus of 8 cents. 21st Century Fox (FOXA -7.02%) reported Q4 adjusted EPS of 39 cents, above consensus of 37 cents. CBS (CBS -4.62%) reported Q2 adjusted EPS of 74 cents, higher than consensus of 72 cents. Keurig Green Mountain (GMCR -2.10%) plunged 30% in after-hours trading after it reported Q3 adjusted EPS of 80 cents, better than consensus of 79 cents, but then lowered guidance on Q4 adjusted EPS to 70 cents-75 cents, well below consensus of 97 cents.
MARKET COMMENTS
Sep E-mini S&Ps (ESU15 +0.01%) this morning are down -0.50 of a point (-0.02%). Wednesday's closes: S&P 500 +0.31%, Dow Jones -0.06%, Nasdaq +0.76%. The S&P 500 on Wednesday closed higher on the +4.3 point increase in the Jul ISM non-manufacturing PMI to a 10-year high of 60.3, and mostly positive company Q2 earnings results with 75% of reporting S&P 500 companies having beaten earnings estimates. The main bearish factor was the weak July ADP employment report of +185,000, less than expectations of +215,000.Sep 10-year T-note prices (ZNU15 +0.07%) this morning are up +2 ticks. Wednesday's closes: TYU5 -16.5, FVU5 -7.75. Sep T-notes on Wednesday closed lower on the larger-than-expected increase in the U.S. July non-manufacturing ISM to a 10-year high and negative carry-over from comments made Tuesday by Atlanta Fed President Lockhart who said September may be the appropriate time for the Fed to begin raising interest rates. The dollar index (DXY00 +0.06%) this morning is down -0.054 (-0.06%). EUR/USD (^EURUSD) is up +0.0006 (+0.06%). USD/JPY (^USDJPY) is down -0.04 (-0.03%). Wednesday's closes: Dollar Index +0.027 (+0.03%), EUR/USD +0.00244 (+0.22%), USD/JPY +0.48 (+0.39%). The dollar index on Wednesday rose to a 3-1/4 month high and closed higher on the stronger-than-expected increase in the Jul ISM non-manufacturing index to a 10-year high and weakness in the yen as USD/JPY climbed to a 1-3/4 month high as a rally in stocks reduced the safe haven demand for the yen. Sep crude oil (CLU15 -0.82%) this morning is down -50 cents (-1.11%) at a fresh 4-1/2 month low and Sep gasoline (RBU15 -0.40%) is down -0.0100 (-0.60%). Wednesday's closes: CLU5 -0.59 (-1.29%), RBU5 -0.0119 (-0.71%). Sep crude and gasoline on Wednesday closed lower with Sep crude at a 4-3/4 month low and Sep gasoline at a 5-1/4 month low. Negative factors included (1) the rally in the dollar index to a 3-1/4 month high, (2) the unexpected +811,000 bbl increase in weekly EIA gasoline inventories (vs expectations of -200,000 bbl), and (3) the +709,000 bbl increase in EIA distillate inventories to a 3-1/2 year high. Crude oil found underlying support on the news that EIA crude stockpiles fell -4.41 million bbl to a 4-3/4 month low vs expectations of -1.6 million bbl.
GLOBAL EVENT CALENDAR08/06/2015
U.S. STOCK CALENDAR08/06/2015
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Thursday, August 6, 2015
BARCHART MORNING CALL 8/6
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