Tuesday, December 22nd, 2015View Older Reports
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OVERNIGHT MARKETS AND NEWS
March E-mini S&Ps (ESH16 +0.02%) are up +0.02%and European stocks are up +0.09%% as crude oil prices (CLG16 +0.20%) gained +0.45% in overnight trading. European stocks also found support after German Dec GfK consumer confidence unexpectedly rose. Gains in stocks were limited as weaker metals prices undercut miners and raw-material producers. Asian stocks settled mixed: Japan -0.16%, Hong Kong +0.18%, China +0.26%, Taiwan +0.13%, Australia +0.15%, Singapore +0.26%, South Korea +0.71%, India -0.56%. China's Shanghai Composite eked out a new 3-week high on positive carryover from Monday when the Chinese government signaled more stimulus measures.
The dollar index (DXY00 -0.12%) is down -0.13%. EUR/USD (^EURUSD) is up +0.26 % after German Nov import prices fell less than expected and German Dec GfK consumer confidence unexpectedly rose. USD/JPY (^USDJPY) is down -0.21%.
German Dec GfK consumer confidence unexpectedly rose +0.1 to 9.4, stronger than expectations of unch at 9.3.
The German Nov import price index fell -0.2% m/m and -3.5% y/y, a slower pace of decline than expectations of -0.2% m/m and -3.7% y/y.
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) Q3 GDP (expected revised to +1.9% from +2.1%), (2) Oct FHFA house price index (expected +0.5% m/m, Sep +0.8% m/m), (3) Nov existing home sales (expected -0.4% at 5.34 million, Oct -3.4% to 5.36 million), (4) Dec Richmond Fed manufacturing survey (expected +2 to -1, Nov -2 to -3).
There are 4 of the Russell 1000 companies that report earnings today: ConAgra Foods (consensus $0.60), Paychex (0.51), NIKE (0.86), Micron Technology (0.23).
U.S. IPO's scheduled to price today: none.
Equity conferences this week: none.
OVERNIGHT U.S. STOCK MOVERS
Express Scripts Holdings (ESRX +1.78%) rose over 1% in pre-market trading after it gave guidance on fiscal 2016 adjusted EPS of $6.08-$6.28, above consensus of $6.05.
American Express (AXP +0.78%) was rated new 'Market Perform' at JMP Securities.
Chipolte Mexican Grill (CMG -3.52%) was downgraded to 'Neutral' from 'Overweight' at JPMorgan Chase.
Whiting Petroleum (WLL -8.58%) was downgraded to 'Market Perform' from 'Outperform' at BMO.
Alaska Air Group (ALK +3.19%) was downgraded to 'Hod' from 'Buy' at Stifel.
Box Inc. (BOX +0.36%) was rated new 'Market Outperform' at JMP Securities with a 12-month price target of $18.
NetApp (NTAP unch) said it will acquire SolidFire for $870 million.
Pfizer (PFE +1.47%) reported that a Phase 3 study of its Pristiq drug did demonstrate superior efficacy versus a placebo in pediatric patients ages 7 to 17 with Major Depressive Disorder.
Cintas (CTAS +0.80%) rallied over 1% in after-hours trading after it reported Q2 continuing operations EPS of $1.03, better than consensus of $1.00.
Steelcase (SCS +3.00%) slumped over 15% in after-hours trading after reported Q3 adjusted EPS of 30 cents, below consensus of 33 cents, and then lowered guidance on Q4 adjusted EPS to 20 cents-24 cents, weaker than consensus of 26 cents.
Stone Energy (SGY -14.36%) slid nearly 2% in after-hours trading after it lowered its Q4 production forecast to 23-24 Mboepd (thousand barrels of oil equivalents per day) from 25-26 Mboepd.
Alexza Pharmaceuticals (ALXA -2.22%) soared over 30% in after-hours trading after it said it was "encouraged" by data in a Phase 2a study of it AZ-002drug being developed for the management of epilepsy in patients with acute repetitive seizures.
MARKET COMMENTS
Mar E-mini S&Ps (ESH16 +0.02%) this morning are up +0.50 of a point (+0.02%). Monday's closes: S&P 500 +0.78%, Dow Jones +0.72%, Nasdaq +1.01%. The S&P 500 on Monday closed higher on positive carryover from a +1.77% increase in China's Shanghai Composite on speculation China may boost stimulus measures after a statement from the government's Central Economic Work Conference said that monetary policy must be more "flexible" and fiscal policy more "forceful." There was also strength in mining and raw-material producing stocks after metals prices rallied.
Mar 10-year T-notes (ZNH16 -0.02%) this morning are down -2.5 ticks. Monday's closes: TYH6 +2.50, FVH6 +2.25. Mar T-notes on Monday settled higher on the fall in crude oil prices to a 6-3/4 year low, which undercuts inflation expectations, and on the weaker-than-expected Nov Chicago Fed national activity index. T-notes were undercut by a rally in stocks curbed the safe-haven demand for T-notes.
The dollar index (DXY00 -0.12%) this morning is down -0.132 (-0.13%). EUR/USD (^EURUSD) is up +0.0028 (+0.26%). USD/JPY (^USDJPY) is down-0.26 (-0.21%). Monday's closes: Dollar Index -0.340 (-0.34%), EUR/USD +0.0047 (+0.43%), USD/JPY +0.03 (+0.02%). The dollar index on Monday closed lower on the weaker-than-expected Nov Chicago Fed national activity index, which fell to a 6-month low, and on strength in EUR/USD after Eurozone Dec consumer confidence unexpectedly climbed to a 6-month high.
Feb crude oil (CLG16 +0.20%) this morning is up +16 cents (+0.45%) and Feb gasoline (RBG16 -1.86%) is down -0.0237 (-1.95%). Monday's closes: CLG6 +0.01 (+0.03%), RBG6 -0.0627 (-4.94%). Feb crude oil and gasoline on Monday settled mixed with nearest-futures (F16) crude at a new 6-3/4 year low and Feb gasoline at a 1-1/2 week low. Crude oil prices were undercut by concern that energy stockpiles may increase further as the above-normal winter temperatures in the U.S. reduce demand for heating fuels. Crude oil prices recovered from their worst levels as a weak dollar spurred short covering in crude futures.
GLOBAL EVENT CALENDAR12/22/2015
| US | 0830 ET | Q3 GDP expected revised to +1.9% from +2.1% (q/q annualized). Q3 personal consumption expected revised to +2.9% from +3.0%. Q3 GDP price index expected unrevised from +1.3%. Q3 core PCE expected unrevised from +1.3% q/q. |
| 0900 ET | Oct FHFA house price index expected +0.5% m/m, Sep +0.8% m/m. | |
| 1000 ET | Nov existing home sales expected -0.4% at 5.34 million, Oct -3.4% to 5.36 million. | |
| 1000 ET | Dec Richmond Fed manufacturing survey expected +2 to -1, Nov -2 to -3. | |
| 1500 ET | USDA Nov Cold Storage. | |
| GER | 0200 ET | German Jan GfK consumer confidence expected unch at 9.3. |
| 0200 ET | German Nov import price index expected -0.2% m/m and -3.7% y/y, Oct -0.3% m/m and -4.1% y/y. | |
| UK | 0430 ET | UK Nov public sector net borrowing expected +11.1 billion pounds, Oct +7.5 billion pounds. |
U.S. STOCK CALENDAR12/22/2015
| Company | Ticker | Time | Event Description | Period | Estimate |
|---|---|---|---|---|---|
| ConAgra Foods Inc | CAG US | 7:30 | Q2 2016 Earnings Release | Q2 2016 | 0.598 |
| Paychex Inc | PAYX US | 8:30 | Q2 2016 Earnings Release | Q2 2016 | 0.513 |
| Express Scripts Holding Co | ESRX US | 9:00 | Q4 2016 Guidance Call | Q4 2016 | |
| ConAgra Foods Inc | CAG US | 9:30 | Q2 2016 Earnings Call | Q2 2016 | |
| Paychex Inc | PAYX US | 9:30 | Q2 2016 Earnings Call | Q2 2016 | |
| Donaldson Co Inc | DCI US | 10:00 | Annual General Meeting | ||
| Avangrid Inc | EAS US | 12:00 | Business Update Call | ||
| NIKE Inc | NKE US | 16:15 | Q2 2016 Earnings Release | Q2 2016 | 0.856 |
| Micron Technology Inc | MU US | 16:30 | Q1 2016 Earnings Call | Q1 2016 | |
| NIKE Inc | NKE US | 17:00 | Q2 2016 Earnings Call | Q2 2016 | |
| Micron Technology Inc | MU US | Aft-mkt | Q1 2016 Earnings Release | Q1 2016 | 0.233 |
| Raymond James Financial Inc | RJF US | November 2015 Sales and Revenue Release - Operating Data | 2015 | ||
| NVIDIA Corp | NVDA US | ITC Due to Release Findings in 2nd Samsung vs. Nvidia Patent Case |
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