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OVERNIGHT MARKETS AND NEWS
Jun E-mini S&Ps (ESM16 +0.08%) are up +0.07% and European stocks are up +0.16% at a 4-week high as the market waits a speech later today from Fed Chair Yellen that may signal the timing of the Fed's next interest rate increase. Mining stocks and raw-material producers are higher as the price of copper (HGN16 +0.64%) climbs +0.78% on signs of tighter global supplies. LME copper inventories dropped -2,225 MT to 153,750 MT, a 4-week low, and weekly Shanghai copper inventories fell -36,122 MT to 221,212 MT, a 4-month low. On the negative side, energy producers were lower as the price of crude oil (CLN16-0.81%) slips -0.93% as Canadian oil-sands producers moved to resume operations after wildfires eased. Asian stocks settled mostly higher: Japan +0.37%, Hong Kong +0.88%, China -0.05%, Taiwan +0.83%, Australia +0.33%, Singapore +1.05%, South Korea +0.53%, India +1.09%.
The dollar index (DXY00 +0.09%) is up +0.09%. EUR/USD (^EURUSD) is down -0.13%. USD/JPY (^USDJPY) is down -0.11%.
Jun T-note prices (ZNM16-0.06%) are down -1.5 ticks.
In the final communique from the G-7 summit in Japan, G-7 nations said they will use "all policy tools; monetary, fiscal and structural, individually and collectively, to strengthen global demand and address supply constraints while continuing our efforts to put debt on a sustainable path."
Japan Apr national CPI fell -0.3% y/y, less than expectations of -0.4% y/y. Apr national CPI ex fresh food fell -0.3% y/y, a smaller decline than expectations of -0.4% y/y. Apr national CPI ex food & energy rose +0.7% y/y, right on expectations.
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) revised Q1 GDP (expected +0.9% q/q annualized, previous +0.5%), (2) final-May University of Michigan U.S. consumer sentiment index (expected -0.4 to 95.4, prelim-May +6.8 to 95.8), (3) Fed Chair Yellen speaks at Harvard University’s Radcliffe Day.
There is 1 of the Russell 1000 companies that report earnings today: Golar LNG (consensus -$0.42).
U.S. IPO's scheduled to price today: none.
Equity conferences today: none.
OVERNIGHT U.S. STOCK MOVERS
Ulta Salon Cosmetics & Fragrance (ULTA +1.05%) rallied nearly 8% in pre-market trading after it reported Q1 EPS of $1.45, higher than consensus of $1.29, and said it sees full-year EPS growth in the low twenties percentage range versus a prior view of up 18%-20%.
Monsanto (MON-1.84%) was downgraded to 'Neutral' from 'Overweight' at Atlantic Equities with a 12-month price target of $105.
GameStop (GME +0.84%) dropped over 8% in after-hours trading after it said it sees Q2 adjusted EPS of 23 cents-30 cents, below consensus of 33 cents.
Duluth Holdings (DLTH-0.96%) was rated a new 'Buy' at Stifel with a 12-month price target of $28.
Terex (TEX-3.45%) was downgraded to 'Hold' from 'Buy' at Evercore ISI with a 12-month price target of $21.
Caleres (CAL +1.16%) lost 1% in after-hours trading after it reported Q1 EPS of 41 cents, below consensus of 43 cents, and then lowered guidance on full-year revenue to $2.60 billion-$2.63 billion from a March 15 view of $2.65 billion-$2.68 billion, below consensus of $2.66 billion.
Veeva Systems (VEEV-0.43%) jumped 10% in after-hours trading after it reported Q1 adjusted EPS of 15 cents, higher than consensus of 11 cents, and then raised its full-year revenue estimate to $516 million-$520 million from a prior view of $508 million-$513 million, above consensus of $512.1 million.
Palo Alto Networks (PANW +1.71%) sank 11% in pre-market trading after it reported Q3 adjusted EPS of 42 cents, right on consensus, but said it sees Q4 adjusted EPS of 48 cents-50 cents, below consensus of 50 cents.
Deckers Outdoor (DECK +0.61%) fell over 2% in after-hours trading after it said it sees full-year net sales of unchanged to down -3%, weaker than estimates of up +2%, and then lowered guidance on full-year adjusted EPS to $4.05-$4.40, below consensus of $4.61.
First Data Corp. (FDC +1.39%) gained 1% in after-hours trading after Vice Chairman Plumeri disclosed a purchase of 250,000 shares of the company's stock on Wednesday.
BG Staffing (BGSF-0.24%) slumped over 14% in after-hours trading after it announced a public offering of stock, although no terms were available at the time of this writing.
21Vianet Group (VNET +6.09%) slid 4% in after-hours trading after it reported a Q1 adjusted loss/Ads of 13 cents and Q1 gross margins of 19.6% versus 26.8% y/y.
Splunk (SPLK +1.05%) dropped over 7% in after-hours trading despite reporting a -2 cent Q1 adjusted EPS loss, right on consensus.
Titan Pharmaceuticals (TTNP +1.29%) surged 23% in after-hours trading after it said it will receive a $15 million payment from partner Braeburn Pharma, double-digit royalties and up to $165 million is sales milestones following FDA approval of its Probuphine implant.
June E-mini S&Ps (ESM16 +0.08%) this morning are up +1.50 points (+0.07%). Thursday's closes: S&P 500 +0.70%, Dow Jones +0.82%, Nasdaq +0.72%. The S&P 500 on Thursday closed little changed. Stocks were undercut by the unexpected -0.8% decline in U.S. Apr capital goods orders non-defense ex-aircraft, weaker than expectations of +0.3% and the third straight monthly decline. There was also some long liquidation pressure and position-squaring ahead of Friday's speech from Fed Chair Yellen that may signal the timing of the next Fed rate hike. Stocks found support from the-10,000 decline in U.S. weekly initial unemployment claims (vs expectations of -3,000 to 275,000) and from the +5.1% m/m increase in U.S. Apr pending home sales, stronger than expectations of +0.7% m/m and the largest monthly increase in 5-1/2 years.
June 10-year T-note prices (ZNM16-0.06%) this morning are down -1.5 ticks. Thursday's closes: TYM6 +13.50, FVM6 +9.00. Jun T-notes on Thursday closed higher on U.S. economic concerns after Apr capital goods orders non-defense ex-aircraft, a gauge of capital spending, unexpectedly fell -0.8%, the third straight monthly decline. T-notes were also boosted by strong demand for the Treasury's $28 billion auction of 7-year T-notes that had a bid-to-cover ratio of 2.57, above the 12-auction average of 2.49.
The dollar index (DXY00 +0.09%) this morning is up +0.090 (+0.09%). EUR/USD (^EURUSD) is down -0.0015 (-0.13%). USD/JPY (^USDJPY) is down-0.12 (-0.11%). Thursday's closes: Dollar Index -0.186 (-0.20%), EUR/USD +0.0039 (+0.35%), USD/JPY -0.43 (-0.39%). The dollar index on Thursday closed lower on the unexpected decline in U.S. Apr capital goods orders non-defense ex-aircraft, a sign of weakness in capital spending that may give the Fed pause on additional rate hikes. The dollar was also undercut by the slide in USD/JPY as weak stocks boosted the safe-haven demand for the yen.
July WTI crude oil (CLN16-0.81%) this morning is down -46 cents (-0.93%). July gasoline (RBN16-0.72%) is down -0.0157 (-0.97%). Thursday's closes: CLN6 -0.16 (-0.32%), RBN6 -0.0219 (-1.33%). July crude and gasoline on Thursday closed lower as July crude retreated from a 7-1/2 month high. Crude oil was undercut by profit-taking after the sharp 3-month rally and by the restart of oil-sands facilities in Alberta as wildfire risks abated. Crude oil found underlying support from the weaker dollar.
GLOBAL EVENT CALENDAR05/27/2016
Revised Q1 GDP expected +0.9% (q/q annualized), previous +0.5%. Q1 personal consumption expected +2.1%, previous +1.9%. Q1 GDP price index, previous +0.7%. Q1 core PCE, previous +2.1% q/q.
Final-May University of Michigan U.S. consumer sentiment index expected -0.4 to 95.4, prelim-May +6.8 to 95.8.
Fed Chair Yellen will speak at Harvard Universitys Radcliffe Day.