Thursday, July 23rd, 2015View Older Reports
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OVERNIGHT MARKETS AND NEWS
September E-mini S&Ps (ESU15 +0.06%) are up +0.14% and European stocks are up +0.09% led by an increase in M&A activity. Cigna rose nearly 7% in pre-market trading after people familiar with the matter said Anthem is close to a deal to buy Cigna for $48 billion. Also, technology stocks are higher, led by a 13% surge in SanDisk, after the company reported Q2 earnings that were nearly double analysts' estimates. Representatives of Greece's creditor institutions will meet in Athens on Friday to hold formal negotiations on a new bailout after the Greek parliament passed a second round of reforms needed for a bailout. A Greek government official said decisions about reopening the Athens Stock Exchange and Greek financial markets will be deferred to next week. Asian stocks closed mixed: Japan +0.44%, Hong Kong +0.46%, China +2.43%, Taiwan -1.43%, Australia -0.43%, Singapore -0.08%, South Korea -0.23%, India -0.47%. Japanese stocks closed higher after Japan Jun exports rose by the most in 5 months, and China's Shanghai Composite rallied to a 3-week high, led by gains in financial companies, after data showed margin traders increased holdings of stock purchased on margin debt for a fourth day on Wednesday.Commodity prices are mostly higher due to a weak dollar. Sep crude oil (CLU15 +0.08%) is up +0.06%. Sep gasoline (RBU15 +0.84%) is up +0.74%. Metals prices are mixed. Aug gold (GCQ15 +0.80%) is up +0.84%. Sep copper (HGU15 +0.14%) is down -0.04%. Agricultural prices are higher.
The dollar index (DXY00 -0.63%) is down -0.56% at a 1-week low. EUR/USD (^EURUSD) is up +0.59% at a 1-week high after Greece's parliament approved a second round of reforms needed for a bailout. USD/JPY (^USDJPY) is down -0.14%.
Sep T-note prices (ZNU15 +0.01%) are up +1 tick.
The Japan Jun trade balance narrowed to a -69.0 billion yen deficit from a downward revised -217.2 billion yen deficit in May, weaker than expectations of a +45.8 billion yen surplus. Jun exports rose +9.5% y/y, weaker than expectations of +10.0% y/y, although the largest increase in 5 months. Jun imports fell -2.9% y/y, a smaller decline than expectations of -4.3% y/y.
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) weekly initial unemployment claims (expected -3,000 to 278,000 after last week's -15,000 to 281,000) and continuing claims report (expected +25,000 to 2.240 million after last week's -112,000 to 2.215 million), (2) Jun Chicago Fed national activity index (expected +0.12 to -0.05 after May's +0.02 to -0.17), (3) Jun leading indicators (expected +0.3% after May's +0.7%), (4) Jul Kansas City Fed manufacturing activity (expected +4 to -5 after June's +4 to -9), (5) the Treasurys's auction of $15 billion of 10-year TIPS.There are 56 of the S&P 500 companies that report earnings today with notable reports including: Amazon.com (consensus -0.14), Visa ($0.58), AT&T (0.64), Starbucks (0.41), Caterpillar ($1.26), McDonald's (1.23), PulteGroup (0.26), Comcast (0.84), GM (1.08), Nasdaq (0.80), Under Armour (0.05), E-Trade (0.27).
U.S. IPO's scheduled to price today include: Exelixis (EXEL).
Equity conferences during the remainder of this week include: Wells Fargo Securities Telecom Symposium on Thu.
OVERNIGHT U.S. STOCK MOVERS
Eli Lilly (LLY +0.95%) gained 3% in pre-market trading after it reported Q2 EPS of 90 cents, well above consensus of 74 cents.Texas Instruments (TXN -1.85%) reported Q2 EPS of 65 cents, right on consensus, although Q2 revenue of $3.23 billion was below consensus of $3.26 billion.
Equifax (EFX +0.76%) reported Q2 adjusted EPS of $1.15, above consensus of $1.10.
United Rentals (URI -1.45%) slid 5% in after-hours trading after it reported Q2 adjusted EPS of $1.95, better than consensus of $1.74, but then lowered guidance on fiscal 2015 revenue view to $5.8 billion-$5.9 billion from $6 billion-$6.1 billion, lower than consensus of $6 billion.
Cheesecake Factory (CAKE +1.83%) reported Q2 EPS of 69 cents, higher than consensus of 62 cents.
Crown Castle (CCI -0.22%) reported Q2 AFFO of $1.03, less than consensus of $1.06.
Fortune Brands (FBHS +0.14%) reported Q2 adjusted EPS of 59 cents, higher than consensus of 57 cents.
Covanta (CVA -2.06%) reported an unexpected Q2 EPS loss of -6 cents, below consensus of a 3 cent profit.
Discover (DFS +0.12%) reported Q2 EPS of $1.33, better than consensus $1.32, although Q2 revenue of $2.18 billion was below consensus of $2.22.
F5 Networks (FFIV +0.19%) reported Q3 EPS of $1.67, higher than consensus of $1.60.
Tractor Supply (TSCO +1.34%) reported Q2 EPS of $1.12, above consensus of $1.11.
Las Vegas Sands (LVS +0.24%) reported Q2 adjusted EPS of 60 cents, less than consensus of 61 cents.
American Express (AXP +0.05%) reported Q2 EPS of $1.42, better than consensus of $1.32.
Plexus (PLXS -0.28%) reported Q3 EPS of 69 cents, below consensus of 70 cents.
Qualcomm (QCOM -1.46%) dropped 2% in after-hours trading after it reported Q3 adjusted EPS of 99 cents, higher than consensus of 95 cents, but then lowered guidance on fiscal 2015 adjusted EPS view to $4.50-$4.70 from $4.60-$5.00, below consensus of $4.79.
MARKET COMMENTS
September E-mini S&Ps (ESU15 +0.06%) this morning are up +3.00 points (+0.14%). Wednesday's closes: S&P 500 -0.24%, Dow Jones -0.38%, Nasdaq -1.09%. The S&P 500 on Wednesday closed lower on a slide in technology stocks due to disappointing earnings results from the likes of Apple, Microsoft and Yahoo, and weakness in basic-resource companies after commodity prices plunged. Stocks recovered from their worst levels after U.S. Jun existing home sales rose by +3.2% to an 8-1/3 year high of 5.49 million units.Sep 10-year T-notes (ZNU15 +0.01%) this morning are up +1 tick. Wednesday's closes: TYU5 +3.50, FVU5 -1.00. Sep T-notes in Wednesday rose to a 1-week high and closed higher on increased safe-haven demand for T-notes after stock prices tumbled and on reduced inflation expectations as the 10-year T-note break-even inflation rate fell to a 1-3/4 month low.
The dollar index (DXY00 -0.63%) this morning is down -0.547 (-0.56%) at a 1-week low. EUR/USD (^EURUSD) is up +0.0064 (+0.59%) at a 1-week high. USD/JPY (^USDJPY) is down -0.17 (-0.14%). Wednesday's closes: Dollar Index +0.270 (+0.28%), EUR/USD -0.00075 (-0.07%), USD/JPY +0.07 (+0.06%). The dollar index on Wednesday closed higher on the stronger-than-expected U.S. June existing home sales report of +3.2% to an 8-1/3 year high of 5.49 million units and on weakness in the commodity currencies of Canada, Australia and New Zealand against the dollar after the CRB commodity price index fell to a 3-month low.
Sep WTI crude oil (CLU15 +0.08%) this morning is up +3 cents (+0.06%). Sep gasoline (RBU15 +0.84%)is up +0.0134 (+0.74%). Wednesday's closes: CLU5 -1.67 (-3.28%), RBU5 -0.0556 (-2.97%). Sep crude and gasoline on Wednesday closed sharply lower with Sep crude at a 3-1/2 month low on the (1) a stronger dollar, (2) the unexpected +2.47 million bbl increase in weekly EIA crude inventories, more than expectations of a -1.75 million bbl draw, and (3) the +813,000 bbl increase in crude supplies at Cushing, OK, the delivery point of WTI futures, the fourth straight increase.
GLOBAL EVENT CALENDAR07/23/2015
| US | 0830 ET | Weekly initial unemployment claims expected -3,000 to 278,000, previous -15,000 to 281,000. Weekly continuing claims expected +25,000 to 2.240 million, previous 112,000 to 2.215 million. |
| 0830 ET | Jun Chicago Fed national activity index expected +0.12 to -0.05, May +0.02 to -0.17. | |
| 0830 ET | USDA weekly Export Sales. | |
| 1000 ET | Jun leading indicators expected +0.3%, May +0.7%. | |
| 1100 ET | Jul Kansas City Fed manufacturing activity expected +4 to -5, Jun +4 to -9. | |
| 1100 ET | Treasury announces amount of 2-year T-notes (previous $26 billion), 2-year floating-rate notes (previous $13 billion), 5-year T-notes (previous $35 billion) and 7-year T-notes (previous $29 billion) to be auctioned Jul 28-30. | |
| 1300 ET | Treasury auctions $15 billion of 10-year TIPS. | |
| UK | 0430 ET | UK Jun retail sales including auto fuel expected +0.4% m/m and +4.8% y/y, May +0.2% m/m and +4.6% y/y. |
| 0430 ET | UK Jun retail sales ex-auto fuel expected +0.4% m/m and +5.1% y/y, May +0.2% m/m and +4.4% y/y. | |
| EUR | 1000 ET | Eurozone Jul consumer confidence expected -0.2 to -5.8, Jun unch at -5.6. |
U.S. STOCK CALENDAR07/23/2015
| Company | Ticker | Time | Event Description | Period | Estimate |
|---|---|---|---|---|---|
| American Electric Power Co Inc | AEP US | Bef-mkt | Q2 2015 Earnings Release | Q2 2015 | 0.806 |
| Boston Scientific Corp | BSX US | Bef-mkt | Q2 2015 Earnings Release | Q2 2015 | 0.214 |
| Dow Chemical Co/The | DOW US | Bef-mkt | Q2 2015 Earnings Release | Q2 2015 | 0.819 |
| EQT Corp | EQT US | Bef-mkt | Q2 2015 Earnings Release | Q2 2015 | 0.017 |
| Kimberly-Clark Corp | KMB US | Bef-mkt | Q2 2015 Earnings Release | Q2 2015 | 1.359 |
| Eli Lilly & Co | LLY US | Bef-mkt | Q2 2015 Earnings Release | Q2 2015 | 0.737 |
| McDonald's Corp | MCD US | Bef-mkt | Q2 2015 Earnings Release | Q2 2015 | 1.232 |
| Nucor Corp | NUE US | Bef-mkt | Q2 2015 Earnings Release | Q2 2015 | 0.251 |
| PulteGroup Inc | PHM US | Bef-mkt | Q2 2015 Earnings Release | Q2 2015 | 0.262 |
| Snap-on Inc | SNA US | Bef-mkt | Q2 2015 Earnings Release | Q2 2015 | 2 |
| Southwest Airlines Co | LUV US | Bef-mkt | Q2 2015 Earnings Release | Q2 2015 | 1.009 |
| Comcast Corp | CMCSA US | Bef-mkt | Q2 2015 Earnings Release | Q2 2015 | 0.842 |
| Celgene Corp | CELG US | Bef-mkt | Q2 2015 Earnings Release | Q2 2015 | 1.23 |
| Huntington Bancshares Inc/OH | HBAN US | Bef-mkt | Q2 2015 Earnings Release | Q2 2015 | 0.206 |
| T Rowe Price Group Inc | TROW US | Bef-mkt | Q2 2015 Earnings Release | Q2 2015 | 1.201 |
| Macerich Co/The | MAC US | Bef-mkt | Q2 2015 Earnings Release | Q2 2015 | 0.929 |
| AmerisourceBergen Corp | ABC US | Bef-mkt | Q3 2015 Earnings Release | Q3 2015 | 1.146 |
| Cameron International Corp | CAM US | Bef-mkt | Q2 2015 Earnings Release | Q2 2015 | 0.772 |
| Quest Diagnostics Inc | DGX US | Bef-mkt | Q2 2015 Earnings Release | Q2 2015 | 1.235 |
| Fidelity National Information Services Inc | FIS US | Bef-mkt | Q2 2015 Earnings Release | Q2 2015 | 0.708 |
| Mead Johnson Nutrition Co | MJN US | Bef-mkt | Q2 2015 Earnings Release | Q2 2015 | 0.771 |
| Dr Pepper Snapple Group Inc | DPS US | Bef-mkt | Q2 2015 Earnings Release | Q2 2015 | 1.1 |
| General Motors Co | GM US | Bef-mkt | Q2 2015 Earnings Release | Q2 2015 | 1.081 |
| Danaher Corp | DHR US | 6:00 | Q2 2015 Earnings Release | Q2 2015 | 1.04 |
| Raytheon Co | RTN US | 7:00 | Q2 2015 Earnings Release | Q2 2015 | 1.634 |
| NASDAQ OMX Group Inc/The | NDAQ US | 7:00 | Q2 2015 Earnings Release | Q2 2015 | 0.795 |
| Under Armour Inc | UA US | 7:15 | Q2 2015 Earnings Release | Q2 2015 | 0.048 |
| Bristol-Myers Squibb Co | BMY US | 7:30 | Q2 2015 Earnings Release | Q2 2015 | 0.363 |
| Caterpillar Inc | CAT US | 7:30 | Q2 2015 Earnings Release | Q2 2015 | 1.262 |
| CMS Energy Corp | CMS US | 7:30 | Q2 2015 Earnings Release | Q2 2015 | 0.292 |
| 3M Co | MMM US | 7:30 | Q2 2015 Earnings Release | Q2 2015 | 1.995 |
| Waste Management Inc | WM US | 7:30 | Q2 2015 Earnings Release | Q2 2015 | 0.629 |
| Alliance Data Systems Corp | ADS US | 7:30 | Q2 2015 Earnings Release | Q2 2015 | 3.245 |
| Ryder System Inc | R US | 7:55 | Q2 2015 Earnings Release | Q2 2015 | 1.615 |
| Boston Scientific Corp | BSX US | 8:00 | Q2 2015 Earnings Call | Q2 2015 | |
| Danaher Corp | DHR US | 8:00 | Q2 2015 Earnings Call | Q2 2015 | |
| Freeport-McMoRan Inc | FCX US | 8:00 | Q2 2015 Earnings Release | Q2 2015 | 0.077 |
| Union Pacific Corp | UNP US | 8:00 | Q2 2015 Earnings Release | Q2 2015 | 1.347 |
| NASDAQ OMX Group Inc/The | NDAQ US | 8:00 | Q2 2015 Earnings Call | Q2 2015 | |
| CMS Energy Corp | CMS US | 8:30 | Q2 2015 Earnings Call | Q2 2015 | |
| Equifax Inc | EFX US | 8:30 | Q2 2015 Earnings Call | Q2 2015 | |
| PulteGroup Inc | PHM US | 8:30 | Q2 2015 Earnings Call | Q2 2015 | |
| Comcast Corp | CMCSA US | 8:30 | Q2 2015 Earnings Call | Q2 2015 | |
| Quest Diagnostics Inc | DGX US | 8:30 | Q2 2015 Earnings Call | Q2 2015 | |
| Alliance Data Systems Corp | ADS US | 8:30 | Q2 2015 Earnings Call | Q2 2015 | |
| Fidelity National Information Services Inc | FIS US | 8:30 | Q2 2015 Earnings Call | Q2 2015 | |
| Under Armour Inc | UA US | 8:30 | Q2 2015 Earnings Call | Q2 2015 | |
| Union Pacific Corp | UNP US | 8:45 | Q2 2015 Earnings Call | Q2 2015 | |
| American Electric Power Co Inc | AEP US | 9:00 | Q2 2015 Earnings Call | Q2 2015 | |
| Dow Chemical Co/The | DOW US | 9:00 | Q2 2015 Earnings Call | Q2 2015 | |
| Eli Lilly & Co | LLY US | 9:00 | Q2 2015 Earnings Call | Q2 2015 | |
| 3M Co | MMM US | 9:00 | Q2 2015 Earnings Call | Q2 2015 | |
| Raytheon Co | RTN US | 9:00 | Q2 2015 Earnings Call | Q2 2015 | |
| Celgene Corp | CELG US | 9:00 | Q2 2015 Earnings Call | Q2 2015 | |
| Ameriprise Financial Inc | AMP US | 9:00 | Q2 2015 Earnings Call | Q2 2015 | |
| Brown-Forman Corp | BF/B US | 9:30 | Annual General Meeting | Y 2015 | |
| Cameron International Corp | CAM US | 9:30 | Q2 2015 Earnings Call | Q2 2015 | |
| Mead Johnson Nutrition Co | MJN US | 9:30 | Q2 2015 Earnings Call | Q2 2015 | |
| Freeport-McMoRan Inc | FCX US | 10:00 | Q2 2015 Earnings Call | Q2 2015 | |
| Kimberly-Clark Corp | KMB US | 10:00 | Q2 2015 Earnings Call | Q2 2015 | |
| Newmont Mining Corp | NEM US | 10:00 | Q2 2015 Earnings Call | Q2 2015 | |
| Snap-on Inc | SNA US | 10:00 | Q2 2015 Earnings Call | Q2 2015 | |
| Huntington Bancshares Inc/OH | HBAN US | 10:00 | Q2 2015 Earnings Call | Q2 2015 | |
| Waste Management Inc | WM US | 10:00 | Q2 2015 Earnings Call | Q2 2015 | |
| General Motors Co | GM US | 10:00 | Q2 2015 Earnings Call | Q2 2015 | |
| Bristol-Myers Squibb Co | BMY US | 10:30 | Q2 2015 Earnings Call | Q2 2015 | |
| EQT Corp | EQT US | 10:30 | Q2 2015 Earnings Call | Q2 2015 | |
| Crown Castle International Corp | CCI US | 10:30 | Q2 2015 Earnings Call | Q2 2015 | |
| Caterpillar Inc | CAT US | 11:00 | Q2 2015 Earnings Call | Q2 2015 | |
| McDonald's Corp | MCD US | 11:00 | Q2 2015 Earnings Call | Q2 2015 | |
| Ryder System Inc | R US | 11:00 | Q2 2015 Earnings Call | Q2 2015 | |
| AmerisourceBergen Corp | ABC US | 11:00 | Q3 2015 Earnings Call | Q3 2015 | |
| United Rentals Inc | URI US | 11:00 | Q2 2015 Earnings Call | Q2 2015 | |
| Dr Pepper Snapple Group Inc | DPS US | 11:00 | Q2 2015 Earnings Call | Q2 2015 | |
| Southwest Airlines Co | LUV US | 12:30 | Q2 2015 Earnings Call | Q2 2015 | |
| Nucor Corp | NUE US | 14:00 | Q2 2015 Earnings Call | Q2 2015 | |
| SL Green Realty Corp | SLG US | 14:00 | Q2 2015 Earnings Call | Q2 2015 | |
| Stryker Corp | SYK US | 16:00 | Q2 2015 Earnings Release | Q2 2015 | 1.168 |
| Principal Financial Group Inc | PFG US | 16:00 | Q2 2015 Earnings Release | Q2 2015 | 1.043 |
| Robert Half International Inc | RHI US | 16:02 | Q2 2015 Earnings Release | Q2 2015 | 0.661 |
| Stericycle Inc | SRCL US | 16:02 | Q2 2015 Earnings Release | Q2 2015 | 1.141 |
| CR Bard Inc | BCR US | 16:05 | Q2 2015 Earnings Release | Q2 2015 | 2.176 |
| Capital One Financial Corp | COF US | 16:05 | Q2 2015 Earnings Release | Q2 2015 | 1.98 |
| E*TRADE Financial Corp | ETFC US | 16:05 | Q2 2015 Earnings Release | Q2 2015 | 0.269 |
| VeriSign Inc | VRSN US | 16:05 | Q2 2015 Earnings Release | Q2 2015 | 0.746 |
| Visa Inc | V US | 16:05 | Q3 2015 Earnings Release | Q3 2015 | 0.584 |
| Altera Corp | ALTR US | 16:15 | Q2 2015 Earnings Release | Q2 2015 | 0.251 |
| AT&T Inc | T US | 16:30 | Q2 2015 Earnings Call | Q2 2015 | |
| Stryker Corp | SYK US | 16:30 | Q2 2015 Earnings Call | Q2 2015 | |
| Macerich Co/The | MAC US | 16:30 | Q2 2015 Earnings Call | Q2 2015 | |
| VeriSign Inc | VRSN US | 16:30 | Q2 2015 Earnings Call | Q2 2015 | |
| TripAdvisor Inc | TRIP US | 16:30 | Q2 2015 Earnings Call | Q2 2015 | |
| CR Bard Inc | BCR US | 17:00 | Q2 2015 Earnings Call | Q2 2015 | |
| CA Inc | CA US | 17:00 | Q1 2016 Earnings Call | Q1 2016 | |
| Robert Half International Inc | RHI US | 17:00 | Q2 2015 Earnings Call | Q2 2015 | |
| Skyworks Solutions Inc | SWKS US | 17:00 | Q3 2015 Earnings Call | Q3 2015 | |
| Starbucks Corp | SBUX US | 17:00 | Q3 2015 Earnings Call | Q3 2015 | |
| Capital One Financial Corp | COF US | 17:00 | Q2 2015 Earnings Call | Q2 2015 | |
| Stericycle Inc | SRCL US | 17:00 | Q2 2015 Earnings Call | Q2 2015 | |
| E*TRADE Financial Corp | ETFC US | 17:00 | Q2 2015 Earnings Call | Q2 2015 | |
| Amazon.com Inc | AMZN US | 17:00 | Q2 2015 Earnings Call | Q2 2015 | |
| Republic Services Inc | RSG US | 17:00 | Q2 2015 Earnings Call | Q2 2015 | |
| Juniper Networks Inc | JNPR US | 17:00 | Q2 2015 Earnings Call | Q2 2015 | |
| Visa Inc | V US | 17:00 | Q3 2015 Earnings Call | Q3 2015 | |
| Chubb Corp/The | CB US | Aft-mkt | Q2 2015 Earnings Release | Q2 2015 | 1.858 |
| CA Inc | CA US | Aft-mkt | Q1 2016 Earnings Release | Q1 2016 | 0.617 |
| AT&T Inc | T US | Aft-mkt | Q2 2015 Earnings Release | Q2 2015 | 0.636 |
| Skyworks Solutions Inc | SWKS US | Aft-mkt | Q3 2015 Earnings Release | Q3 2015 | 1.286 |
| Starbucks Corp | SBUX US | Aft-mkt | Q3 2015 Earnings Release | Q3 2015 | 0.409 |
| Amazon.com Inc | AMZN US | Aft-mkt | Q2 2015 Earnings Release | Q2 2015 | -0.142 |
| Republic Services Inc | RSG US | Aft-mkt | Q2 2015 Earnings Release | Q2 2015 | 0.51 |
| Juniper Networks Inc | JNPR US | Aft-mkt | Q2 2015 Earnings Release | Q2 2015 | 0.404 |
| TripAdvisor Inc | TRIP US | Aft-mkt | Q2 2015 Earnings Release | Q2 2015 | 0.545 |
| Hanesbrands Inc | HBI US | Q2 2015 Earnings Release | Q2 2015 | 0.5 |
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