Monday, April 25th, 2016View Older Reports
Everything you need to know about the markets in one free daily newsletter.
You will also receive a free subscription to the Barchart family of newsletters.
OVERNIGHT MARKETS AND NEWS
Jun E-mini S&Ps (ESM16 -0.07%) are down -0.11% and European stocks are down -0.46% as crude oil and metals prices fall. Marathon Oil is down over 2% in pre-market trading to lead energy producing stocks lower and Freeport McMoRan and Alcoa are both down over 1% in pre-market trading to lead raw-material producers lower. Another negative for European stocks was an unexpected decline in German Apr IFO business confidence. Asian stocks settled mostly lower: Japan -0.76%, Hong Kong -0.76%, China -0.42%, Taiwan +0.29%, Australia closed for holiday, Singapore -1.37%, South Korea -0.08%, India -0.62%. Chinese stocks closed lower as material companies fell after commodity exchanges in Zhengzhou and Dalian announced late Friday that they will raise margin requirements on futures contracts of cotton and thermal coal, which followed hikes of margins in steel reinforcement-bar iron and iron ore contracts earlier last week. Recent stronger-than-expected Chinese economic data has reduced the odds of further easing and led to increased speculation in Chinese commodity markets. Japan's Nikkei Stock Index retreated from a 2-3/4 month high and closed lower after USD/JPY fell back from a 3-week high and moved lower, which curbs the earnings prospects of Japanese exporters.
The dollar index (DXY00 -0.35%) is down -0.23%. EUR/USD (^EURUSD) is up +0.34%. USD/JPY (^USDJPY) is down -0.63%.
Jun T-note prices (ZNM16 +0.11%) are up +3 ticks.
The German Apr IFO business climate unexpectedly fell -0.1 to 106.6, weaker than expectations of +0.4 to 107.1.
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) Mar new home sales (expected +1.6% to 520,000, Feb +2.0% to 512,000), (2) Apr Dallas Fed manufacturing activity (expected +3.6 to -10.0, Mar +18.2 to -13.6), and (3) the Treasury's auction of $26 billion of 2-year T-notes.
There are 5 of the S&P 500 companies that report earnings today with notable reports including: Halliburton (consensus $0.04), Lab Corp of America (1.95), Roper Technologies (1.46), Xerox (0.23), Express Scripts (1.22), Pioneer Natural Resources (-0.75).
U.S. IPO's scheduled to price today: none.
Equity conferences this week include: Nomura Retail and Restaurants Conference on Wed.
OVERNIGHT U.S. STOCK MOVERS
Marathon OIL (MRO +3.46%) slid over 2% in pre-market trading as the price of crude oil fell.
Public Storage (PSA +0.73%) dropped over 1% in pre-market trading after it was downgraded to 'Sell' form 'Neutral' at Goldman Sachs.
Freeport McMoRan (FCX +1.30%) and Alcoa (AA -0.19%) are both down over 1% in pre-market trading as the price of copper declined.
PulteGroup (PHM -0.42%) was downgraded to 'Market Perform' from 'Outperform' at Raymond James.
L Brands (LB -0.58%) was upgraded to 'Buy' from 'Hold' at Stifel with a price target of $90.
Hub Group (HUBG +2.26%) was downgraded to 'Hold' from 'Buy' at BB&T Capital Markets.
Jazz Pharmaceuticals Plc (JAZZ +0.67%) was upgraded to 'Buy' from 'Neutral' at SunTrust with a price target of $200.
Discovery Communications (DISCK +0.98%) was downgraded to 'Hold' from 'Buy' at Topeka Capital Markets.
Joy Global (JOY -0.82%) was upgraded to 'Neutral' from 'Sell' at Goldman Sachs.
International Paper (IP +1.86%) was downgraded to 'Sector Perform' from 'Outperform' at RBC Capital Markets.
Halliburton (HAL +1.26%) reported Q1 revenue of $4.2 billion, higher than consensus of $4.15 billion, said it cut over 6,000 jobs in Q1, and took a $2.1 billion after-tax restructuring charge in Q1.
Inflobox (BLOX +1.52%) jumped almost 6% in after-hours trading after Starboard Value reported a 7.5% stake in the company.
Cabot Oil & Gas (COG +1.88%) fell nearly 3% in after-hours trading after the New York Department of Environmental Conservation denied a key water permit for the Constitution gas pipeline.
MARKET COMMENTS
June E-mini S&Ps (ESM16 -0.07%) this morning are down -2.25 points (-0.11%). Friday's closes: S&P 500 unch, Dow Jones +0.12%, Nasdaq -1.47%. The S&P 500 on Friday closed little changed. Stocks were boosted by strength in bank stocks and by a rally in mining stocks and energy producers after copper prices rose to a 1-month high and crude oil prices gained. Stocks were undercut by the unexpected -0.7 point decline in the U.S. Apr Markit manufacturing PMI to 50.8 (weaker than expectations of +0.5 to 52.0) and by a slide in technology as the Nasdaq fell to a 1-1/2 week low after Microsoft and Alphabet both reported disappointing earnings results.
June 10-year T-note prices (ZNM16 +0.11%) this morning are up +3 ticks. Friday's closes: TYM6 -4.50, FVM6 -2.75. Jun T-notes on Friday fell to a 3-week low and closed lower on the rise in the 10-year T-note breakeven inflation expectations rate to a 3-week high and on reduced safe-haven demand as stocks recovered from early losses.
The dollar index (DXY00 -0.35%) this morning is down -0.215 (-0.23%). EUR/USD (^EURUSD) is up +0.0038 (+0.34%). USD/JPY (^USDJPY) is is down -0.70 (-0.63%). Friday's closes: Dollar Index +0.517 (+0.55%), EUR/USD -0.0066 (-0.58%), USD/JPY +2.33 (+2.12%). The dollar index on Friday closed higher on the rally in USD/JPY to a 2-1/2 week high on speculation the BOJ will boost stimulus measures when it meets Apr 27-28 in an attempt to weaken the yen. In addition, EUR/USD saw weakness on the unexpected decline in the Eurozone Apr Markit manufacturing PMI (-0.1 versus expectations of +0.3).
June WTI crude oil (CLM16 -0.75%) this morning is down -39 cents (-0.89%). June gasoline (RBM16 -0.80%) is down -0.0119 (-0.77%). Friday's closes: CLM6 +0.57 (+1.32%), RBM6 +0.0162 (+1.06%). Jun crude and gasoline on Friday closed higher with Jun gasoline at a 3-1/2 month high. Crude oil prices were boosted by the outlook for U.S. crude production to continue to decline after Baker Hughes reported that the number of active U.S. oil rigs fell -8 to a 6-1/2 year low of 343 rigs in the week ended Apr 22. In addition, the International Energy Agency forecast that non-OPEC oil production will drop about -700,000 bpd this year.
GLOBAL EVENT CALENDAR04/25/2016
| US | 1000 ET | Mar new home sales expected +1.6% to 520,000, Feb +2.0% to 512,000. |
| 1030 ET | Apr Dallas Fed manufacturing activity expected +3.6 to -10.0, Mar +18.2 to -13.6. | |
| 1100 ET | USDA weekly grain export inspections. | |
| 1300 ET | Treasury auctions $26 billion of 2-year T-notes. | |
| 1600 ET | USDA Weekly Crop Progress. | |
| JPN | 0100 ET | Revised Japan Feb leading index CI, preliminary 99.8. Revised Feb coincident index, preliminary 110.3. |
| GER | 0400 ET | German Apr IFO business climate expected +0.3 to 107.0, Mar 106.7. Apr IFO current assessment expected -0.1 to 113.7. Apr IFO expectations expected +0.9 to 100.9, Mar 100.0. |
| UK | 0600 ET | UK Apr CBI trends total orders expected -3 to -17, Mar -14. Apr CBI business optimism, Mar -4. Apr CBI trends selling prices, Mar -1. |
U.S. STOCK CALENDAR04/25/2016
| Company | Ticker | Time | Event Description | Period | Estimate |
|---|---|---|---|---|---|
| Halliburton Co | HAL US | Bef-mkt | Q1 2016 Earnings Release | Q1 2016 | 0.042 |
| Laboratory Corp of America Holdings | LH US | Bef-mkt | Q1 2016 Earnings Release | Q1 2016 | 1.954 |
| Roper Technologies Inc | ROP US | Bef-mkt | Q1 2016 Earnings Release | Q1 2016 | 1.461 |
| Xerox Corp | XRX US | 7:00 | Q1 2016 Earnings Release | Q1 2016 | 0.23 |
| United Technologies Corp | UTX US | 8:00 | Annual General Meeting | ||
| Roper Technologies Inc | ROP US | 8:30 | Q1 2016 Earnings Call | Q1 2016 | |
| Laboratory Corp of America Holdings | LH US | 9:00 | Q1 2016 Earnings Call | Q1 2016 | |
| Xerox Corp | XRX US | 10:00 | Q1 2016 Earnings Call | Q1 2016 | |
| Honeywell International Inc | HON US | 10:30 | Annual General Meeting | Y 2016 | |
| NVIDIA Corp | NVDA US | 17:00 | ITC Final Decision Due in Samsung vs. Nvidia Patent-Infringement Case | ||
| UDR Inc | UDR US | Aft-mkt | Q1 2016 Earnings Release | Q1 2016 | 0.431 |
| Express Scripts Holding Co | ESRX US | Aft-mkt | Q1 2016 Earnings Release | Q1 2016 | 1.218 |
| Zions Bancorporation | ZION US | Aft-mkt | Q1 2016 Earnings Release | Q1 2016 | 0.393 |
| Pioneer Natural Resources Co | PXD US | Aft-mkt | Q1 2016 Earnings Release | Q1 2016 | -0.747 |
| Zions Bancorporation | ZION US | 17:30 | Q1 2016 Earnings Call | Q1 2016 | |
| Genuine Parts Co | GPC US | Annual General Meeting | |||
| Public Storage | PSA US | Annual General Meeting | |||
| Hanesbrands Inc | HBI US | Annual General Meeting |
No comments:
Post a Comment