Monday, June 1st, 2015View Older Reports
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OVERNIGHT MARKETS AND NEWS
June E-mini S&Ps (ESM15 +0.23%) this morning are little changed, down -0.06% ahead of U.S. economic data on May ISM manufacturing and Apr personal spending that are expected to show a pickup in growth. European stocks are up +0.02& as they hover just above a 2-week low. Gains in European stocks were limited as Greece's debt payment deadlines draw closer amid a standoff with creditors. Asian stocks closed mixed: Japan +0.03%, Hong Kong +0.63%, China +4.71%, Taiwan -0.78%, Australia -0.72%, Singapore closed for holiday, South Korea -0.63%, India +0.07%. Chinese stocks closed sharply higher after a gauge of Chinese manufacturing activity expanded or a third month. Another positive for Chinese stocks was a report from people familiar with the situation that China was considering doubling the size of a local bond-swap program to 1 trillion yuan ($81 billion) from 500 billion yuan that would be authorized to swap bonds issued by provinces and cities in an attempt to clean up local government finances. The bond-swap program includes inducements for banks to buy new, longer-maturity bonds that may alleviate a funding crunch among Chinese provinces that had threatened to deepen China's economic slowdown.Commodity prices are mostly lower. Jul crude oil (CLN15 -1.19%) is down -1.04% and Jul gasoline (RBN15 -0.67%) is down -0.61. Metals prices are weaker. Aug gold (GCQ15 -0.26%) is down -0.31% and Jul copper (HGN15 -0.38%) is down -0.24%. Agricultural prices are lower.
The dollar index (DXY00 +0.44%) is up +0.46%. EUR/USD (^EURUSD) is down -0.56%. USD/JPY (^USDJPY) is down -0.07%.
Sep T-note prices (ZNU15 -0.24%) are down -8 ticks.
Speaking at an event in Beijing, San Francisco Fed President John Williams said the U.S. economy is "basically in a good place," and he doesn't worry about a strong dollar weakening U.S. growth. He added that long-term interest rates are expected to rise and to be more normal in the next few years.
The China May manufacturing PMI rose +0.1 to 50.2, weaker than expectations of +0.2 to 50.3. The May non-manufacturing PMI fell -0.2 to 53.2, the slowest pace of expansion in 6-1/3 years.
U.S. STOCK PREVIEW
Key U.S. reports today include: (1) Apr personal spending (expected +0.2% after March's +0.4%) and Apr personal income (expected +0.3% after March's unchanged), (2) Apr PCE deflator (expected +0.2% y/y after March's +0.3% y/y) and Apr PCE core deflator (+1.3% y/y after March's +1.3% y/y), (3) a speech by Boston Fed President Eric Rosengren at the 2015 Workforce Stars Breakfast in Hartford, CT, (4) Apr construction spending (expected +0.7% m/m after March's -0.6% m/m), (5) May ISM manufacturing index (expected +0.5 to 52.0 after April's unchanged at 51.5), and (6) final-May Markit manufacturing PMI (expected unrevised at 53.8 vs prelim-May -0.3 to 53.8).There is 1 of the Russell 1000 companies that reports earnings today: PVH Corp (consensus $1.38).
U.S. IPO's scheduled to price today include: none.
Equity conferences today include: Stifel Financial Corp WasteExpo Inestor Summit on Mon, American Society of Clinical Oncology Meeting on Mon-Tue, Andean Institutional Real Estate Forum on Mon-Tue, RBC - Conference: Global Energy & Power Executive Conference - New York on Mon-Tue, Jefferies Global Healthcare Conference on Mon-Wed, Bank of America Merrill Lynch Global Telecom & Media Conference on Tue, Goldman Sachs Lodging, Gaming, Restaurant and Leisure Conference on Tue, Keefe, Bruyette, & Woods Mortgage Finance Conference on Tue, RBC Global Energy Conference on Tue, Bank of America Merrill Lynch Global Technology Conference on Tue-Wed, Deutsche Bank Global Financial Services Investor Conference on Tue-Wed, KBW Asset Management and Capital Markets Conference on Wed, Sandler O'Neill & Partners Global Exchange and Brokerage Conference on Wed, Deutsche Bank Global Industrials and Basic Materials Conference on Wed-Thu, FBN Securities: Field Trip - 8th Semi-Annual Silicon Valley Tour on Wed-Thu, Credit Suisse Engineering & Construction Conference on Thu, Morgan Stanley Leveraged Finance Conference on Thu.
OVERNIGHT U.S. STOCK MOVERS
Juniper (JNPR +0.54%) was downgraded to 'Sell' from 'Neutral' at MKM Partners.Wells Fargo said it sees a potential for 75% upside in DISH (DISH +0.70%) shares.
Duke Energy (DUK -0.29%) was upgraded to 'Outperform' from 'Market Perform' at Bernstein.
Verifone (PAY +0.37%) was upgraded to 'Outperform' from 'Market Perform' at Raymond James.
Enbridge (ENB -1.40%) and Boyd Gaming (BYD -0.28%) were both upgraded to 'Outperform' from 'Neutral' at Credit Suisse.
Coca-Cola (KO -0.44%) was upgraded to 'Outperform' from 'Market Perform' at BMO Capital.
According to DigiTimes, data from Gartner showed Q1 global server shipments up 13% y/y.
Citigroup (C -0.86%) was upgraded to 'Buy' from 'Neutral' at Goldman Sachs.
Altera (ALTR +4.00%) jumped over 6% in pre-market trading after people familiar with the matter said that Intel INTC is near a deal to acquire the chipmaker.
Stonepine Capital reported a 5.2% passive stake in Aegerion (AEGR -1.02%) .
O'Reilly Automotive (ORLY -1.41%) increased its stock repurchase authorization by $500 million to $5.5 billion.
Ryanair (RYAAY -2.06%) was downgraded to 'Neutral' from 'Buy' at Goldman Sachs.
Point72 reported a 5.0% passive stake in Achillion (ACHN +5.89%) .
MARKET COMMENTS
June E-mini S&Ps (ESM15 +0.23%) this morning are down -1.25 points (-0.06%). Friday's closes: S&P 500 -0.63%, Dow Jones -0.64%, Nasdaq -0.60%. The S&P 500 on Friday settled lower on the unresolved Greek situation and on the unexpected -6.1 point drop in the May Chicago PMI to 46.2, weaker than expectations of +0.7 to 53.0. Stocks found some support from the final-May U.S. consumer sentiment index, which rose +2.1 to 90.7, stronger than expectations of +0.9 to 89.5.Sep 10-year T-notes (ZNU15 -0.24%) this morning are down -8 ticks. Friday's closes: TYU5 +9.50, FVU5 +6.50. Sep 10-year T-notes on Friday rallied to a 1-month high on ideas the Fed will be forced to delay a rate hike after Q1 GDP was revised lower to -0.7% from +0.2% and the Chicago PMI was expectedly weak at -6.1 points to 46.2. T-notes also found some carry-over support from a rally in German bunds to a 3-week high on the unresolved Greek debt crisis.
The dollar index (DXY00 +0.44%) this morning is u[ +0.443 (+0.46%). EUR/USD (^EURUSD)is down -0.0062 (-0.56%). USD/JPY (^USDJPY) is down -0.09 (-0.07%). Friday's closes: Dollar Index -0.058 (-0.06%), EUR/USD +0.00413 (+0.38%), USD/JPY +0.153 (+0.12%). The dollar index on Friday closed lower on talk of a delayed Fed rate hike after the downward revision for U.S. Q1 GDP to -0.7% and the unexpected -6.1 point decline in the May Chicago PMI.
July WTI crude oil (CLN15 -1.19%) this morning is down 63 cents (-1.04%). July gasoline (RBN15 -0.67%) is down -0.0126 (-0.61%). Friday's closes: CLN5 +2.62 (+4.54%), RBN5 +0.0922 (+4.68%). Jul crude oil and gasoline on Friday settled sharply higher on the weaker dollar and on the EPA's cut in its corn ethanol mandate levels to 13.4 billion gallons 2015 and 14 billion gallons for 2016 (from 15 billion gallons), which will increase U.S. gasoline usage levels.
GLOBAL EVENT CALENDAR06/01/2015
| US | 0830 ET | Apr personal spending expected +0.2%, Mar +0.4%. Apr personal income expected +0.3%, Mar unch. |
| 0830 ET | Apr PCE deflator expected +0.1% m/m and +0.2% y/y, Mar +0.2% m/m and +0.3% y/y. Apr PCE core deflator expected +0.2% m/m and +1.3% y/y, Mar +0.1% m/m and +1.3% y/y. | |
| 0905 ET | Boston Fed President Eric Rosengren speaks from a prepared text at the 2015 Workforce Stars Breakfast in Hartford, CT. | |
| 0945 ET | Final-May Markit manufacturing PMI expected unrevised at 53.8, prelim-May -0.3 to 53.8. | |
| 1000 ET | Apr construction spending expected +0.7% m/m, Mar -0.6% m/m. | |
| 1000 ET | May ISM manufacturing index expected +0.5 to 52.0, Apr unch at 51.5. May ISM new orders, Apr +1.7 to 53.5. May ISM employment, Apr -1.7 to 48.3. May ISM prices paid expected +2.5 to 43.0, Apr +1.5 to 40.5. | |
| 1100 ET | USDA weekly grain export inspections. | |
| 1600 ET | USDA weekly crop progress. | |
| JPN | 0100 ET | Japan May vehicle sales, Apr +5.0% y/y. |
| 2130 ET | Japan Apr labor cash earnings expected +0.4% y/y, Mar unch y/y. Apr real cash earnings, Mar -2.7% y/y. | |
| GER | 0355 ET | Revised German May Markit/BME manufacturing PMI, previous -0.7 to 51.4. |
| 0800 ET | German May CPI (EU harmonized) expected unch m/m and +0.6% y/y, Apr -0.1% m/m and +0.3% y/y. | |
| EUR | 0400 ET | Revised Eurozone May Markit manufacturing PMI, previous +0.3 to 52.3. |
| UK | 0430 ET | UK May Markit manufacturing PMI expected +0.6 to 52.5, Apr 51.9. |
U.S. STOCK CALENDAR06/01/2015
| Company | Ticker | Time | Event Description | Period | Estimate |
|---|---|---|---|---|---|
| American Water Works Co Inc | AWK US | 8:45 | Annual General Meeting - Second Call | Y 2015 | |
| Wendy's Co/The | WEN US | 10:00 | Annual General Meeting | ||
| Wendy's Co/The | WEN US | 10:00 | Annual General Meeting | ||
| Staples Inc | SPLS US | 16:00 | Annual General Meeting | ||
| PVH Corp | PVH US | Aft-mkt | Q1 2016 Earnings Release | Q1 2016 | 1.384 |
| Windstream Holdings Inc | WIN US | Aft-mkt | Talen Energy Replaces Windstream Holdings in S&P MidCap 400 | ||
| Arthur J Gallagher & Co | AJG US | Annual General Meeting | |||
| Questar Corp | STR US | Roadshow - Europe - Day 1 | Y 2015 | ||
| UnitedHealth Group Inc | UNH US | Annual General Meeting | |||
| Hospitality Properties Trust | HPT US | Annual General Meeting - Proxy Fight | |||
| Arista Networks Inc | ANET US | Annual General Meeting |
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