Tuesday, April 26th, 2016View Older Reports
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OVERNIGHT MARKETS AND NEWS
Jun E-mini S&Ps (ESM16 +0.12%) are up +0.12% and European stocks are up +0.22% ahead of the start of the 2-day FOMC meeting that begins today. The market is not expecting any increase in interest rates at this meeting but will be looking for clues as when to the Fed may be considering another hike in rates. Energy producers are stronger as crude oil (CLM16 +1.01%) is up +0.89% and GBP/USD is up +0.52% at a 2-1/2 month high on speculation that Britain will vote to remain in the EU following the June 23 referendum. Asian stocks settled mixed: Japan -0.49%, Hong Kong +0.48%, China +0.61%, Taiwan +0.25%, Australia -0.30%, Singapore -0.19%, South Korea +0.32%, India +1.28%.
The dollar index (DXY00 -0.25%) is down -0.26%. EUR/USD (^EURUSD) is up +0.12%. USD/JPY (^USDJPY) is down -0.26%.
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) Mar durable goods orders (expected +1.8% and +0.5% ex transportation, Feb -3.0% and -1.3% ex transportation), (2) Feb S&P/CaseShiller composite-20 home price index (expected +0.8% m/m and +5.5% y/y, Jan +0.8% m/m and +5.75% y/y), (3) prelim-Apr Markit services PMI (expected +0.7 to 52.0, Mar +1.6 to 51.3), (4) Apr Conference Board U.S. consumer confidence index (expected -0.3 to 95.9, Mar +2.2 to 96.2), (5) Apr Richmond Fed manufacturing survey (expected -10 to 12, Mar +26 to 22), (6) first day of the 2-day FOMC meeting, and (7) the Treasury's auction of $34 billion of 5-year T-notes.
There are 50 of the S&P 500 companies that report earnings today with notable reports including: Apple (consensus 2.00), eBay (0.45), Capital One (1.92), Procter & Gamble (0.82), AT&T (0.69), Chipotle (-1.05),
U.S. IPO's scheduled to price today: Yintech Investment Holdings (YIN), Red Rock Investments (RRR).
Equity conferences this week include: Nomura Retail and Restaurants Conference on Wed.
OVERNIGHT U.S. STOCK MOVERS
NXP Semiconductors (NXPI -1.24%) climbed over 2% in pre-market trading after it reported Q1 adjusted EPS of $1.14, higher than consensu sof $1.11.
Pioneer National Resources (PXD +0.23%) gained almost 3% in after-hours trading after it said it sees 2016 production growth of 12%, higher than a previous estimate of 10%.
Chemtura (CHMT +0.14%) was upgraded to 'Buy' from 'Hold' at BB&T Capital Markets with a 12-month price target of $37.
Spark Energy (SPKE -2.06%) was rated a new 'Outperform' at FBR Capital Markets with a 12-month price target of $27.
Express Scripts Holdings (ESRX +0.23%) fell over 2% in after-hour trading after it reported Q1 adjusted EPS of $1.22, right on consensus, but Q1 revenue of $24.8 billion was less than consensus of $25.2 billion.
Office Depot (ODP -1.13%) reported Q1 adjusted EPS of 10 cents, below consensus of 12 cents.
Ethan Allen Interiors (ETH -0.06%) rallied nearly 4% in after-hours trading after it reported Q3 adjusted EPS of 34 cents, better than consensus of 31 cents,
Canadian National Railway (CNI -1.05%) slipped nearly 5% in after-hours trading after it cut its full-year forecast and said it sees carloads down 4%-5%y/y.
Sanmina (SANM +0.82%) rose over 5% in after-hours trading after it reported Q2 non-GAP EPS of 63 cents, higher than consensus of 57 cents.
Artana Therapeutics (PETX -4.29%) climbed over 15% in after-hours trading after it entered into a licensing agreement with Eli Lilly's Elanco animal health unit.
Nabors Industries (NBR -4.34%) fell nearly 5% in after-hours trading after it reported Q1 operating revenue of $597.6 million, less than consensus of $633.4 million and said it sees margins deteriorating, particularly in the lower 48 U.S. states.
Knowles (KN -8.89%) surged over 20% in after-hours trading after it reported Q1 adjusted EPS of 8 cents, more than double consensus of 3 cents, and said it sees Q2 adjusted EPS of 8 cents-14 cents, above consensus of 8 cents.
Container Store Group (TCS -8.04%) jumped over 20% in after-hours trading after it reported Q4 adjusted EPS of 20 cents, right on consensus, but said comparable sales were up +0.2%, better than expectations of a -3.6% decline.
Ballard Power Systems (BLDP -2.11%) rallied over 15% in after-hours trading after it delivered a prototype PEM (proton exchange membrane) fuel cell propulsion modules to Boeing's Insitu unit for use in the ScanEagle unmanned aerial vehicle.
MARKET COMMENTS
June E-mini S&Ps (ESM16 +0.12%) this morning are up +2.50 points (+0.12%). Monday's closes: S&P 500 -0.18%, Dow Jones -0.15%, Nasdaq unchanged. The S&P 500 on Monday closed lower on negative carryover from a slide in European stocks after a gauge of German investor confidence unexpectedly declined. Stocks were also undercut by the unexpected -1.5% decline in U.S. Mar new home sales to 511,000 (weaker than expectations of +1.6% to 520,000).
June 10-year T-note prices (ZNM16 -0.04%) this morning are down -2.5 ticks at a 4-week low. Monday's closes: TYM6 -3.00, FVM6 -1.50. Jun T-notes on Monday fell to a 3-1/2 week low and closed lower on supply overhang amidst this week's $103 billion T-note auction package, the rise in the 10-year T-note breakeven inflation expectations rate to an 8-1/2 month high, and negative carryover from a fall in German bund prices to a 5-week low.
The dollar index (DXY00 -0.25%) this morning is down -0.251 (-0.26%). EUR/USD (^EURUSD) is up +0.0014 (+0.12%). USD/JPY (^USDJPY) is down-0.29 (-0.26%). Monday's closes: Dollar Index -0.274 (-0.29%), EUR/USD +0.0046 (+0.41%), USD/JPY -0.59 (-0.53%). The dollar index on Monday closed lower on weakness in USD/JPY as a slide in stocks boosted the safe-haven demand for the yen. The dollar was also hurt by strength in GBP/USD, which climbed to a 2-1/4 month high on increased hopes for Britain to remain within the EU ahead of June's referendum.
June WTI crude oil (CLM16 +1.01%) this morning is up +38 cents (+0.89%). June gasoline (RBM16 +0.88%) is up +0.0119 (+0.78%). Monday's closes: CLM6 -1.09 (-2.49%), RBM6 -0.0170 (-1.10%). Jun crude and gasoline on Monday closed lower on concern that the global crude oil glut will persist after Saudi Aramco said it will complete expansion of its Shaybah oilfield next month to boost its output capacity to 1.0 million bpd from 750,000 bpd currently. In addition, Iranian Oil Minister Zanganeh said Iran's oil production has increased by +1.0 million bpd since Jan and will continue to increase until Iran's pre-sanctions oil market share is regained.
GLOBAL EVENT CALENDAR04/26/2016
| US | 0830 ET | Mar durable goods orders expected +1.8% and +0.5% ex transportation, Feb -3.0% and -1.3% ex transportation. Mar capital goods new orders nondefense ex-aircraft & parts expected +0.6%, Feb -2.5%. |
| 0900 ET | Feb S&P/CaseShiller composite-20 home price index expected +0.8% m/m and +5.5% y/y, Jan +0.8% m/m and +5.75% y/y. | |
| 0945 ET | Prelim-Apr Markit services PMI expected +0.7 to 52.0, Mar +1.6 to 51.3. Apr Markit composite PMI, Mar +1.3 to 51.3. | |
| 1000 ET | Apr Conference Board U.S. consumer confidence index expected -0.3 to 95.9, Mar +2.2 to 96.2. | |
| 1000 ET | Apr Richmond Fed manufacturing survey expected -10 to 12, Mar +26 to 22. | |
| 1030 ET | FOMC begins 2-day policy meeting. | |
| 1300 ET | Treasury auctions $34 billion of 5-year T-notes. | |
| CHI | 2130 ET | China Mar industrial profits, Feb -4.7% y/y. |
| 2145 ET | China Apr Westpac-MNI consumer sentiment, Mar +6.8 to 118.1. |
U.S. STOCK CALENDAR04/26/2016
| Company | Ticker | Time | Event Description | Period | Estimate |
|---|---|---|---|---|---|
| Baxter International Inc | BAX US | Bef-mkt | Q1 2016 Earnings Release | Q1 2016 | 0.292 |
| Corning Inc | GLW US | Bef-mkt | Q1 2016 Earnings Release | Q1 2016 | 0.284 |
| EI du Pont de Nemours & Co | DD US | Bef-mkt | Q1 2016 Earnings Release | Q1 2016 | 1.036 |
| Entergy Corp | ETR US | Bef-mkt | Q1 2016 Earnings Release | Q1 2016 | 1.192 |
| Freeport-McMoRan Inc | FCX US | Bef-mkt | Q1 2016 Earnings Release | Q1 2016 | -0.172 |
| Hershey Co/The | HSY US | Bef-mkt | Q1 2016 Earnings Release | Q1 2016 | 1.068 |
| Eli Lilly & Co | LLY US | Bef-mkt | Q1 2016 Earnings Release | Q1 2016 | 0.853 |
| 3M Co | MMM US | Bef-mkt | Q1 2016 Earnings Release | Q1 2016 | 1.924 |
| Procter & Gamble Co/The | PG US | Bef-mkt | Q3 2016 Earnings Release | Q3 2016 | 0.817 |
| Ryder System Inc | R US | Bef-mkt | Q1 2016 Earnings Release | Q1 2016 | 1.048 |
| PACCAR Inc | PCAR US | Bef-mkt | Q1 2016 Earnings Release | Q1 2016 | 0.959 |
| Pentair PLC | PNR US | Bef-mkt | Q1 2016 Earnings Release | Q1 2016 | 0.713 |
| T Rowe Price Group Inc | TROW US | Bef-mkt | Q1 2016 Earnings Release | Q1 2016 | 1.032 |
| Simon Property Group Inc | SPG US | Bef-mkt | Q1 2016 Earnings Release | Q1 2016 | 2.537 |
| Lockheed Martin Corp | LMT US | Bef-mkt | Q1 2016 Earnings Release | Q1 2016 | 2.602 |
| Reynolds American Inc | RAI US | Bef-mkt | Q1 2016 Earnings Release | Q1 2016 | 0.503 |
| DTE Energy Co | DTE US | Bef-mkt | Q1 2016 Earnings Release | Q1 2016 | 1.49 |
| Wyndham Worldwide Corp | WYN US | Bef-mkt | Q1 2016 Earnings Release | Q1 2016 | 1.105 |
| Whirlpool Corp | WHR US | 6:00 | Q1 2016 Earnings Release | Q1 2016 | 2.684 |
| Centene Corp | CNC US | 6:00 | Q1 2016 Earnings Release | Q1 2016 | 0.719 |
| Ingersoll-Rand PLC | IR US | 6:30 | Q1 2016 Earnings Release | Q1 2016 | 0.367 |
| Masco Corp | MAS US | 7:00 | Q1 2016 Earnings Release | Q1 2016 | 0.262 |
| Waters Corp | WAT US | 7:00 | Q1 2016 Earnings Release | Q1 2016 | 1.234 |
| McGraw Hill Financial Inc | MHFI US | 7:15 | Q1 2016 Earnings Release | Q1 2016 | 1.153 |
| Parker-Hannifin Corp | PH US | 7:30 | Q3 2016 Earnings Release | Q3 2016 | 1.445 |
| FLIR Systems Inc | FLIR US | 7:30 | Q1 2016 Earnings Release | Q1 2016 | 0.321 |
| Coca-Cola Enterprises Inc | CCE US | 8:00 | Annual General Meeting | Y 2016 | |
| EI du Pont de Nemours & Co | DD US | 8:00 | Q1 2016 Earnings Call | Q1 2016 | |
| Masco Corp | MAS US | 8:00 | Q1 2016 Earnings Call | Q1 2016 | |
| Pentair PLC | PNR US | 8:00 | Q1 2016 Earnings Call | Q1 2016 | |
| Baxter International Inc | BAX US | 8:30 | Q1 2016 Earnings Call | Q1 2016 | |
| Corning Inc | GLW US | 8:30 | Q1 2016 Earnings Call | Q1 2016 | |
| Hershey Co/The | HSY US | 8:30 | Q1 2016 Earnings Call | Q1 2016 | |
| McGraw Hill Financial Inc | MHFI US | 8:30 | Q1 2016 Earnings Call | Q1 2016 | |
| Procter & Gamble Co/The | PG US | 8:30 | Q3 2016 Earnings Call | Q3 2016 | |
| Express Scripts Holding Co | ESRX US | 8:30 | Q1 2016 Earnings Call | Q1 2016 | |
| Waters Corp | WAT US | 8:30 | Q1 2016 Earnings Call | Q1 2016 | |
| Centene Corp | CNC US | 8:30 | Q1 2016 Earnings Call | Q1 2016 | |
| Coach Inc | COH US | 8:30 | Q3 2016 Earnings Call | Q3 2016 | |
| Wyndham Worldwide Corp | WYN US | 8:30 | Q1 2016 Earnings Call | Q1 2016 | |
| American Electric Power Co Inc | AEP US | 9:00 | Annual General Meeting | ||
| Eli Lilly & Co | LLY US | 9:00 | Q1 2016 Earnings Call | Q1 2016 | |
| 3M Co | MMM US | 9:00 | Q1 2016 Earnings Call | Q1 2016 | |
| Exelon Corp | EXC US | 9:00 | Annual General Meeting | ||
| Citigroup Inc | C US | 9:00 | Annual General Meeting | Y 2016 | |
| Reynolds American Inc | RAI US | 9:00 | Q1 2016 Earnings Call | Q1 2016 | |
| DTE Energy Co | DTE US | 9:00 | Q1 2016 Earnings Call | Q1 2016 | |
| Comerica Inc | CMA US | 9:30 | Annual General Meeting | ||
| Freeport-McMoRan Inc | FCX US | 10:00 | Q1 2016 Earnings Call | Q1 2016 | |
| Ingersoll-Rand PLC | IR US | 10:00 | Q1 2016 Earnings Call | Q1 2016 | |
| International Business Machines Corp | IBM US | 10:00 | Annual General Meeting | Y 2016 | |
| Kimco Realty Corp | KIM US | 10:00 | Annual General Meeting | Y 2016 | |
| Wells Fargo & Co | WFC US | 10:00 | Annual General Meeting | Y 2016 | |
| Whirlpool Corp | WHR US | 10:00 | Q1 2016 Earnings Call | Q1 2016 | |
| Pioneer Natural Resources Co | PXD US | 10:00 | Q1 2016 Earnings Call | Q1 2016 | |
| Entergy Corp | ETR US | 11:00 | Q1 2016 Earnings Call | Q1 2016 | |
| Parker-Hannifin Corp | PH US | 11:00 | Q3 2016 Earnings Call | Q3 2016 | |
| PNC Financial Services Group Inc/The | PNC US | 11:00 | Annual General Meeting | Y 2016 | |
| Praxair Inc | PX US | 11:00 | Annual General Meeting | Y 2016 | |
| Ryder System Inc | R US | 11:00 | Q1 2016 Earnings Call | Q1 2016 | |
| PACCAR Inc | PCAR US | 11:00 | Q1 2016 Earnings Call | Q1 2016 | |
| FLIR Systems Inc | FLIR US | 11:00 | Q1 2016 Earnings Call | Q1 2016 | |
| Simon Property Group Inc | SPG US | 11:00 | Q1 2016 Earnings Call | Q1 2016 | |
| Lockheed Martin Corp | LMT US | 11:00 | Q1 2016 Earnings Call | Q1 2016 | |
| Centene Corp | CNC US | 11:00 | Annual General Meeting | Y 2016 | |
| UDR Inc | UDR US | 13:00 | Q1 2016 Earnings Call | Q1 2016 | |
| PACCAR Inc | PCAR US | 13:30 | Annual General Meeting | ||
| FMC Corp | FMC US | 14:00 | Annual General Meeting | Y 2016 | |
| Capital One Financial Corp | COF US | 16:05 | Q1 2016 Earnings Release | Q1 2016 | 1.92 |
| Robert Half International Inc | RHI US | 16:15 | Q1 2016 Earnings Release | Q1 2016 | 0.642 |
| Edwards Lifesciences Corp | EW US | 16:15 | Q1 2016 Earnings Release | Q1 2016 | 0.658 |
| AT&T Inc | T US | 16:30 | Q1 2016 Earnings Call | Q1 2016 | |
| Akamai Technologies Inc | AKAM US | 16:30 | Q1 2016 Earnings Call | Q1 2016 | |
| Chipotle Mexican Grill Inc | CMG US | 16:30 | Q1 2016 Earnings Release | Q1 2016 | -1.054 |
| Danaher Corp | DHR US | 17:00 | ITC Final Decision Due in Instradent vs. Danaher Corp. Patent Case | ||
| Robert Half International Inc | RHI US | 17:00 | Q1 2016 Earnings Call | Q1 2016 | |
| Total System Services Inc | TSS US | 17:00 | Q1 2016 Earnings Call | Q1 2016 | |
| Apple Inc | AAPL US | 17:00 | Q2 2016 Earnings Call | Q2 2016 | |
| Capital One Financial Corp | COF US | 17:00 | Q1 2016 Earnings Call | Q1 2016 | |
| eBay Inc | EBAY US | 17:00 | Q1 2016 Earnings Call | Q1 2016 | |
| Edwards Lifesciences Corp | EW US | 17:00 | Q1 2016 Earnings Call | Q1 2016 | |
| Chipotle Mexican Grill Inc | CMG US | 17:00 | Q1 2016 Earnings Call | Q1 2016 | |
| Aflac Inc | AFL US | Aft-mkt | Q1 2016 Earnings Release | Q1 2016 | 1.626 |
| AT&T Inc | T US | Aft-mkt | Q1 2016 Earnings Release | Q1 2016 | 0.692 |
| Public Storage | PSA US | Aft-mkt | Q1 2016 Earnings Release | Q1 2016 | 2.194 |
| Torchmark Corp | TMK US | Aft-mkt | Q1 2016 Earnings Release | Q1 2016 | 1.063 |
| Total System Services Inc | TSS US | Aft-mkt | Q1 2016 Earnings Release | Q1 2016 | 0.613 |
| Apple Inc | AAPL US | Aft-mkt | Q2 2016 Earnings Release | Q2 2016 | 1.998 |
| KLA-Tencor Corp | KLAC US | Aft-mkt | Q3 2016 Earnings Release | Q3 2016 | 0.98 |
| Cincinnati Financial Corp | CINF US | Aft-mkt | Q1 2016 Earnings Release | Q1 2016 | 0.727 |
| Equity Residential | EQR US | Aft-mkt | Q1 2016 Earnings Release | Q1 2016 | 0.758 |
| Realty Income Corp | O US | Aft-mkt | Q1 2016 Earnings Release | Q1 2016 | 0.705 |
| Boston Properties Inc | BXP US | Aft-mkt | Q1 2016 Earnings Release | Q1 2016 | 1.587 |
| CH Robinson Worldwide Inc | CHRW US | Aft-mkt | Q1 2016 Earnings Release | Q1 2016 | 0.818 |
| FirstEnergy Corp | FE US | Aft-mkt | Q1 2016 Earnings Release | Q1 2016 | 0.759 |
| eBay Inc | EBAY US | Aft-mkt | Q1 2016 Earnings Release | Q1 2016 | 0.446 |
| Akamai Technologies Inc | AKAM US | Aft-mkt | Q1 2016 Earnings Release | Q1 2016 | 0.631 |
| FMC Technologies Inc | FTI US | Aft-mkt | Q1 2016 Earnings Release | Q1 2016 | 0.299 |
| Assurant Inc | AIZ US | Aft-mkt | Q1 2016 Earnings Release | Q1 2016 | 1.213 |
| PerkinElmer Inc | PKI US | Annual General Meeting | |||
| EOG Resources Inc | EOG US | Annual General Meeting | |||
| Noble Energy Inc | NBL US | Annual General Meeting | |||
| BB&T Corp | BBT US | Annual General Meeting | |||
| SunTrust Banks Inc | STI US | Annual General Meeting | |||
| VF Corp | VFC US | Annual General Meeting | Y 2016 | ||
| Perrigo Co PLC | PRGO US | Annual General Meeting | |||
| Apartment Investment & Management Co | AIV US | Annual General Meeting | |||
| Affiliated Managers Group Inc | AMG US | Q1 2016 Earnings Release | Q1 2016 | 2.922 | |
| Coach Inc | COH US | Q3 2016 Earnings Release | Q3 2016 | 0.414 | |
| Wynn Resorts Ltd | WYNN US | Q1 2016 Earnings Release | Q1 2016 | 0.768 | |
| Teradata Corp | TDC US | Annual General Meeting | |||
| Spectra Energy Corp | SE US | Annual General Meeting |
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