Friday, May 1st, 2015View Older Reports
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OVERNIGHT MARKETS AND NEWS
June E-mini S&Ps (ESM15 +0.41%) this morning are up +0.30% and UK stocks are up +0.18% after the China Apr manufacturing PMI came in stronger-than-expected. Gains in UK stocks were limited after the UK Apr Markit manufacturing PMI unexpected declined to its slowest pace of growth in 7 months. Most European markets are closed today for Labour Day. Monsanto is up 3.5% in pre-market trading after people familiar with the matter said it approached Syngenta AG about a takeover and Gilead Sciences is up 2.6% after it reported stronger-than-expected Q1 profit. The 10-year Greek 10-year bond fell to a 1-1/2 month low of 10.2% amid optimism a deal over bailout aid will be reached. Asian stocks that were open closed higher: Japan +0.06% and Australia +0.42%. All other Asian markets were closed for the May Day holiday.Commodity prices are mixed. Jun crude oil (CLM15 -0.20%) is down -0.23%. Jun gasoline (RBM15 -0.72%) is down -0.80%%. Metals prices are mixed. Jun gold (GCM15 -0.25%) is down -0.20%. Jul copper (HGN15 +0.54%) is up +0.47% at a 1-1/4 month high after China's manufacturing activity last month expanded more than forecast. Agriculture prices are mixed.
The dollar index (DXY00 +0.05%) is up +0.08%. EUR/USD (^EURUSD) is up +0.39% at a fresh 2-month high as Greek default concerns recede after the Greek 10-year bond yield fell to a 1-1/2 month low. USD/JPY (^USDJPY) is up +0.36%.
Jun T-note prices (ZNM15 -0.23%) are down -7 ticks.
People with knowledge of the matter said that Greek Prime Minister Tsipras told his cabinet late Thursday that he's confident a deal to unlock bailout funds is close as the Greek government steps up talks with its creditors in a bid to reach a preliminary deal by this Sunday, May 3.
The China Apr manufacturing PMI was unchanged at 50.1, stronger than expectations of -0.1 to 50.0.
U.S. STOCK PREVIEW
Key U.S. reports today include: (1) the Apr ISM manufacturing index (expected +0.5 to 52.0 after March's -1.4 point decline to 51.5), (2) the final-April Markit U.S. manufacturing PMI (expected unrevised at 54.2 after the preliminary-April report of -1.5 to 54.2), (3) the final-Apr U.S. consumer sentiment index from the University of Michigan (expected +0.1 to 96.0 after the early-April report of +2.9 to 95.9), (4) March construction spending (expected +0.5% m/m after Feb's -0.1% m/m), (5) Apr total vehicle sales (expected 16.90 million versus March's 17.05 million), and (6) a speech by San Francisco Fed President John Williams at a Chapman University conference on financial markets and monetary policy.There are 15 of the S&P 500 companies that report earnings today with notable reports including: Berkshire Hathaway (consensus $2373), Chevron (0.79), Duke Energy (1.14), Weyerhaeuser (0.25), CVS (1.08), Aon (1.28).
U.S. IPO's scheduled to price today include: MYOB Group (MYO), OpGen (OPGN), Good Times Restaurants (GTIM). IPOs that are scheduled to trade today include: Black Stone Minerals (BSM).
Equity conferences during the remainder of this week include: none.
OVERNIGHT U.S. STOCK MOVERS
AON Plc (AON -1.69%) reported Q1 EPS of $1.37, better than consensus of $1.28.Leggett & Platt (LEG -1.76%) reported Q1 EPS of 50 cents, above consensus of 46 cents.
Enbridge Energy (EEP -2.21%) reported Q1 EPS of 26 cents, higher than consensus of 22 cents.
YRC Worldwide (YRCW -2.07%) reported a Q1 EPS loss of -70 cents, a bigger loss than consensus of -49 cents.
Baidu (BIDU -8.55%) was downgraded to 'Hold' from 'Buy' at Jefferies.
Fluor (FLR -1.36%) reported Q1 EPS of 96 cents, below consensus of 98 cents.
Bloomberg reported that Monsanto (MON -0.90%) approached Syngenta (SYT -3.36%) regarding a takeover.
AIG (AIG -0.64%) reported Q1 EPS of $1.22, higher than consensus of $1.19.
Reuters reports that Intel talked about offering $58 per share for Altera (ALTR +2.36%) .
Expedia (EXPE -2.11%) climbed over 6% in after-hours trading after it unexpectedly reported a Q1 adjusted EPS loss of -3 cents, below consensus of a 9 cent profit, although Q1 revenue of $1.37 billion was above consensus of $1.35 billion.
Fortune Brands (FBHS -2.73%) reported Q1 EPS ex-items of 28 cents, weaker than consensus of 32 cents.
Visa (V -1.92%) reported Q2 EPS of 63 cents, above consensus of 62 cents.
Western Union (WU -0.54%) reported Q1 EPS of 39 cents, better than consensus of 38 cents.
Century Aluminum (CENX -1.60%) reported Q1 EPS of 76 cents, higher than consensus of 63 cents.
LinkedIn (LNKD -1.95%) plunged over 20% in after-hours trading after it reported Q1 EPS of 57 cents, better than consensus of 56 cents, but then lowered guidance on fiscal 2015 EPS to $1.90, well below consensus of $3.03.
Columbia Sportswear (COLM -1.55%) reported Q1 EPS of 37 cents, above consensus of 36 cents.
Gilead (GILD -1.77%) is up over 2% in pre-market trading after it reported Q1 adjusted EPS of $2.94, well above consensus of $2.32.
MARKET COMMENTS
June E-mini S&Ps (ESM15 +0.41%) this morning are up +6.25 points (+0.30%). Thursday's closes: S&P 500 -1.01%, Dow Jones -1.08%, Nasdaq -1.65%. The S&P 500 index on Thursday slid to a 1-1/2 week low and closed sharply lower on (1) tech stock weakness after Apple fell more than 2% on news of a defect in its watches, and (2) the weaker-than-expected U.S. Mar personal income and spending report of unchanged m/m and +0.4%, respectively. There was also concern that the Fed might raise rates sooner than earlier thought after initial weekly unemployment claims fell-34,000 to a 15-year low of 262,000.Jun 10-year T-notes (ZNM15 -0.23%) this morning are down -7 ticks. Thursday's closes: TYM5 -4.50, FVM5 -3.25. Jun 10-year T-notes on Thursday fell to a 1-1/2 month low and closed mildly lower on the sharp -34,000 decline in initial unemployment claims to a new 15-year low. There was also negative carry-over from the decline in German bund prices to a 1-1/2 month low.
The dollar index (DXY00 +0.05%) this morning is up +0.071 (+0.08%). EUR/USD (^EURUSD) is up +0.0044 (+0.39%) at a 2-moth high. USD/JPY (^USDJPY) is up +0.43 (+0.39%). Dollar Index -0.609 (-0.64%), EUR/USD +0.00955 (+0.86%), USD/JPY +0.355 (+0.30%). The dollar index on Thursday fell to a 2-month low and closed with a fairly sharp loss as concern continues about the weak U.S. economic data and a delayed Fed tightening. Meanwhile, there was strength in EUR/USD on signs that Eurozone deflation risks are easing a bit after the Eurozone Apr CPI was unch y/y and ended four straight months of declines.
Jun WTI crude oil (CLM15 -0.20%) this morning is down -14 cents (-0.23%) and Jun gasoline (RBM15 -0.72%) is down -0.0163 (-0.80%). Thursday's closes: CLM5 +1.05 (+1.79%), RBM5 +0.0355 (+1.76%). Jun crude oil on Thursday posted a new 4-1/2 month high on carry-over support from Wednesday's news that Cushing oil inventories fell by -514,000 bbls, the first decline in 21 weeks.
GLOBAL EVENT CALENDAR05/01/2015
| US | 0945 ET | Final-Apr Markit manufacturing PMI expected no change at 54.2, prelim-Apr -1.5 to 54.2. |
| 1000 ET | Mar construction spending expected +0.5% m/m, Feb -0.1% m/m. | |
| 1000 ET | Apr ISM manufacturing index expected +0.5 to 52.0, Mar 51.5. Apr ISM new orders, Mar 51.8. Apr ISM employment, Mar 50.0. Apr ISM prices paid expected +3.0 to 42.0, Mar 39.0. | |
| 1000 ET | Final-Apr U.S. consumer sentiment index (University of Michigan) expected +0.1 to 96.0, previous +2.9 to 95.9. | |
| 1545 ET | San Francisco Fed President John Williams speaks at a Chapman University conference on financial markets and monetary policy. | |
| n/a | Apr total vehicle sales expected 16.90 million, Mar 17.05 million. Apr domestic vehicle sales expected 13.40 million, Mar 13.35 million. | |
| JPN | 0100 ET | Japan Apr vehicle sales, Mar -13.1% y/y. |
| UK | 0430 ET | UK Mar net consumer credit expected +0.8 billion pounds, Feb +0.7 billion pounds. |
| 0430 ET | UK Mar mortgage approvals expected 62,500, Feb 61,800. | |
| 0430 ET | UK Mar M4 money supply, Feb -0.2% m/m and -3.2% y/y. | |
| 0430 ET | UK Apr Markit manufacturing PMI expected +0.2 to 54.6, Mar 54.4. | |
| GER | n/a | German markets closed for Labor Day. |
| EUR | n/a | Eurozone markets closed for Labor Day. |
U.S. STOCK CALENDAR05/01/2015
| Company | Ticker | Time | Event Description | Period | Estimate |
|---|---|---|---|---|---|
| Aon PLC | AON US | Bef-mkt | Q1 2015 Earnings Release | Q1 2015 | 1.284 |
| CVS Health Corp | CVS US | Bef-mkt | Q1 2015 Earnings Release | Q1 2015 | 1.078 |
| Newell Rubbermaid Inc | NWL US | Bef-mkt | Q1 2015 Earnings Release | Q1 2015 | 0.341 |
| Pinnacle West Capital Corp | PNW US | Bef-mkt | Q1 2015 Earnings Release | Q1 2015 | 0.18 |
| Weyerhaeuser Co | WY US | Bef-mkt | Q1 2015 Earnings Release | Q1 2015 | 0.249 |
| FirstEnergy Corp | FE US | Bef-mkt | Q1 2015 Earnings Release | Q1 2015 | 0.52 |
| Moody's Corp | MCO US | Bef-mkt | Q1 2015 Earnings Release | Q1 2015 | 1.027 |
| Duke Energy Corp | DUK US | 7:00 | Q1 2015 Earnings Release | Q1 2015 | 1.138 |
| Legg Mason Inc | LM US | 7:00 | Q4 2015 Earnings Release | Q4 2015 | 0.677 |
| VF Corp | VFC US | 7:00 | Q1 2015 Earnings Release | Q1 2015 | 0.672 |
| Public Service Enterprise Group Inc | PEG US | 7:30 | Q1 2015 Earnings Release | Q1 2015 | 0.952 |
| American International Group Inc | AIG US | 8:00 | Q1 2015 Earnings Call | Q1 2015 | |
| Boston Scientific Corp | BSX US | 8:00 | Investor Day | Y 2015 | |
| Legg Mason Inc | LM US | 8:00 | Q4 2015 Earnings Call | Q4 2015 | |
| Eastman Chemical Co | EMN US | 8:00 | Q1 2015 Earnings Call | Q1 2015 | |
| Aon PLC | AON US | 8:30 | Q1 2015 Earnings Call | Q1 2015 | |
| Chevron Corp | CVX US | 8:30 | Q1 2015 Earnings Release | Q1 2015 | 0.793 |
| Clorox Co/The | CLX US | 8:30 | Q3 2015 Earnings Release | Q3 2015 | 1.094 |
| CVS Health Corp | CVS US | 8:30 | Q1 2015 Earnings Call | Q1 2015 | |
| Newell Rubbermaid Inc | NWL US | 8:30 | Q1 2015 Earnings Call | Q1 2015 | |
| VF Corp | VFC US | 8:30 | Q1 2015 Earnings Call | Q1 2015 | |
| Leggett & Platt Inc | LEG US | 9:00 | Q1 2015 Earnings Call | Q1 2015 | |
| Yum! Brands Inc | YUM US | 9:00 | Annual General Meeting | Y 2015 | |
| FirstEnergy Corp | FE US | 9:00 | Q1 2015 Earnings Call | Q1 2015 | |
| Ford Motor Co | F US | 9:15 | April 2015 Sales and Revenue Release | 2015 | |
| Alcoa Inc | AA US | 9:30 | Annual General Meeting | Y 2015 | |
| Equifax Inc | EFX US | 9:30 | Annual General Meeting | ||
| Duke Energy Corp | DUK US | 10:00 | Q1 2015 Earnings Call | Q1 2015 | |
| Ford Motor Co | F US | 10:00 | April 2015 Sales and Revenue Call | 2015 | |
| Ryder System Inc | R US | 10:00 | Annual General Meeting | ||
| Weyerhaeuser Co | WY US | 10:00 | Q1 2015 Earnings Call | Q1 2015 | |
| Zoetis Inc | ZTS US | 10:00 | Annual General Meeting | ||
| Chevron Corp | CVX US | 11:00 | Q1 2015 Earnings Call | Q1 2015 | |
| Public Service Enterprise Group Inc | PEG US | 11:00 | Q1 2015 Earnings Call | Q1 2015 | |
| Flowserve Corp | FLS US | 11:00 | Q1 2015 Earnings Call | Q1 2015 | |
| eBay Inc | EBAY US | 11:00 | Annual General Meeting | Y 2015 | |
| Occidental Petroleum Corp | OXY US | 11:30 | Annual General Meeting | ||
| Moody's Corp | MCO US | 11:30 | Q1 2015 Earnings Call | Q1 2015 | |
| Pinnacle West Capital Corp | PNW US | 12:00 | Q1 2015 Earnings Call | Q1 2015 | |
| Public Storage | PSA US | 12:00 | Q1 2015 Earnings Call | Q1 2015 | |
| Apartment Investment & Management Co | AIV US | 13:00 | Q1 2015 Earnings Call | Q1 2015 | |
| Clorox Co/The | CLX US | 13:30 | Q3 2015 Earnings Call | Q3 2015 | |
| Berkshire Hathaway Inc | BRK/A US | Q1 2015 Earnings Release | Q1 2015 | 2372.75 | |
| Walt Disney Co/The | DIS US | U.S. Box Office Release of Movie Avengers: Age of Ultron"" | |||
| Integrys Energy Group Inc | TEG US | Q1 2015 Earnings Release | Q1 2015 | 1.82 | |
| Allegheny Technologies Inc | ATI US | Annual General Meeting |
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