Tuesday, May 17th, 2016View Older Reports
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OVERNIGHT MARKETS AND NEWS
Jun E-mini S&Ps (ESM16 -0.10%) are little changed, down -0.05% and European stocks are up +0.12% as the price of crude oil rose to a 7-month high. Crude oil retreated from that high and is now unchanged in early trade, which pulled stocks back from their best levels. Home Depot rose over 1% in pre-market trading and gave recently battered retail stocks a lift after it raised guidance on its full-year EPS this year to $6.27, higher than expectations of $6.22. European stocks also received a boost from a rally in telecommunication stocks, led by a 2.4% gain in Vodafone Group Plc, after the company reported Q1 adjusted service revenue rose +1.8%, better than consensus of +1.5%. Asian stocks settled mostly higher: Japan +1.13%, Hong Kong +1.18%, China -0.25%, Taiwan +0.90%, Australia +0.69%, Singapore +1.65%, South Korea +0.09%, India +0.47%.
The dollar index (DXY00 unch) is down -0.02%. EUR/USD (^EURUSD) is down -0.04%. USD/JPY (^USDJPY) is up +0.47% at a 2-week high.
In its monthly report published today, the Bundesbank said "growth in the German economy will probably lose momentum in the spring," even as the "solid underlying economic trend" is likely to stay intact.
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) Key U.S. reports today include: (1) Apr housing starts (expected +3.3% to 1.125 million, Mar -8.8% at 1.089 million), (2) Apr CPI (expected +0.3% m/m and +1.1% y/y, Mar +0.1% m/m and +0.9% y/y; Apr core CPI expected +0.2% m/m and +2.1% y/y, Mar +0.1% m/m and +2.2% y/y), (3) Apr industrial production (expected +0.3%, Mar -0.6%), and (4) San Francisco Fed President John Williams (non-voter) and Atlanta Fed President Dennis Lockhart (non-voter) interview on the U.S. economic outlook.
There are 2 of the Russell 1000 companies that report earnings today: Home Depot (consensus $1.35), TJX (0.71).
U.S. IPO's scheduled to price today: PhaseRX (PZRX)
Equity conferences today: Electrical Products Group Investor Conference on Mon-Wed, Bank of America Merrill Lynch Transportation Conference on Tue, Goldman Sachs Basic Materials Conference on Tue-Wed, Barclays Americas Select Franchise Conference on Tue-Wed, CBI's Life Sciences IT Governance and Cybersecurity Summit on Tue-Wed, Barclays Insurance Forum on Wed, MoffettNathanson Media and Communications Conference on Wed, BMO Capital Markets Farm to Market Conference on Wed-Thu, Citi Car of the Future Symposium on Thu, ITG Global Industrials Conference on Thu, Needham Emerging Technology Conference Thu, Business Analytics Innovation Summit on Thu-Fri, Medical Affairs Summit on Fri.
OVERNIGHT U.S. STOCK MOVERS
Hartford Financial Services Group (HIG -0.32%) was downgraded to 'Market Perform' from 'Outperform' at Wells Fargo Securities.
Home Depot (HD +1.66%) climbed over 1% in pre-market trading after it reported Q1 EPS of $1.44, higher than consensu sof $1.35, and then raised guidance on full-year EPS to $6.27 from a previous view of $6.12-$6.18.
Freeport-McMoRan (FCX +6.05%) is up over 3% in pre-market trading after Jeffries Group upgraded toe stock to 'Buy' from 'Hold.'
Bob Evans Farms (BOBE +0.43%) was rated a new 'Buy' at Maxim Group with a 12-month price target of $59.
Agilent Technologies (A +0.75%) climbed nearly 4% in after-hours trading after it raised guidance on fiscal 2016 adjusted EPS to $1.88-$1.92 from a March 7 estimate of $1.81-$1.87, above consensus of $1.86.
Office Depot (ODP -5.16%) gained over 2% in after-hours trading after the company hired Bain for a strategic review of its business.
Relypsa (RLYP +4.07%) dropped over 7% in after-hours trading after it reported no increase in April in the weekly average of new patients who began taking Veltassa with a free starter supply.
Amplify Snack Brands (BETR +0.39%) slid over 4% in after-hours trading after it started a 10-million share secondary offering of common stock.
Community Health Systems (CYH +2.00%) climbed nearly 4% in after-hours trading after Greenlight Capital Holdings reported a new stake in the company in Q1.
Akorn (AKRX +4.94%) rose over 1% in after-hours trading after it reported Q1 revenue of $268.3 million, better than consensus of $267.1 million.
Meritage Homes (MTH +0.77%) gained over 2% in after-hours trading after it said it sees Q2 EPS of 78 cents-85 cents, higher than consensus of 78 cents.
Globalstar (GSAT +12.24%) rose over 5% in after-hours trading after Greenlight Capital Holdings reported a new stake in the company in Q1.
Aegerion Pharmaceuticals (AEGR +33.53%) dropped over 13% in after-hours trading after it lowered guidance on full-year sales to $130 million-$150 million from a prior view of $160 million-$190 million, below consensus of $174.8 million.
MARKET COMMENTS
June E-mini S&Ps (ESM16 -0.10%) this morning are down -1.00 point (-0.05%). Monday's closes: S&P 500 +0.98%, Dow Jones +1.00%, Nasdaq +1.25%. The S&P 500 on Monday closed higher on strength in energy producer stocks after crude oil climbed to a 6-1/2 month high and on a rally in drug stocks on increased M&A activity after Pfizer agreed to buy Amacor Pharmaceuticals for $5.2 billion. Stocks were undercut by the -18.58 point plunge in the U.S. May Empire manufacturing index to -9.02, weaker than expectations of -3.56 to 6.50.
June 10-year T-note prices (ZNM16 -0.05%) this morning are down -1.5 ticks. Monday's closes: TYM6 -14.50, FVM6 -8.75. Jun T-notes on Monday closed lower on reduced safe-haven demand with the rally in stocks and on increased inflation expectations after crude oil rallied to a 6-1/2 month high.
The dollar index (DXY00 unch) this morning is down -0.023 (-0.02%). EUR/USD (^EURUSD) is down -0.0004 (-0.04%). USD/JPY (^USDJPY) is up +0.51 (+0.47%) at a 2-week high. Monday's closes: Dollar Index -0.036 (-0.04%), EUR/USD +0.0012 (+0.11%), USD/JPY +0.40 (+0.37%). The dollar index on Monday closed lower on strength in the currencies of the crude-producing countries of Russia and Canada after the price of crude soared to a 6-1/2 month high and on the weaker-than-expected May Empire manufacturing index and May HAHB housing market index.
June WTI crude oil (CLM16 unch) this morning is unchanged. June gasoline (RBM16 -0.26%) is down -0.0044 (-0.27%). Monday's closes: CLM6 +1.51 (+3.27%), RBM6 +0.0181 (+1.14%). Jun crude and gasoline on Monday closed higher with Jun crude at a 6-1/2 month high and Jun gasoline at an 8-1/2 month high. Crude oil prices were boosted by a weaker dollar, Chinese demand with the +2.4% y/y rise in China Apr crude processing to a record 10.93 million bpd, and stronger U.S. refinery demand for gasoline after the crack spread climbed to a 1-1/2 week high.
GLOBAL EVENT CALENDAR05/17/2016
| US | 0830 ET | Apr housing starts expected +3.3% to 1.125 million, Mar -8.8% at 1.089 million. Apr building permits expected +5.5% to 1.135 million, Mar -8.6% to 1.076 million. |
| 0830 ET | Apr CPI expected +0.3% m/m and +1.1% y/y, Mar +0.1% m/m and +0.9% y/y. Apr CPI ex food & energy expected +0.2% m/m and +2.1% y/y, Mar +0.1% m/m and +2.2% y/y. | |
| 0915 ET | Apr industrial production expected +0.3%, Mar -0.6%. Apr manufacturing production, Mar -0.3%. Apr capacity utilization expected +0.2 to 75.0%, Mar -0.5 to 74.8%. | |
| 1200 ET | San Francisco Fed President John Williams (non-voter) and Atlanta Fed President Dennis Lockhart (non-voter) interview on the U.S. economic outlook. | |
| JPN | 0030 ET | Revised Japan Mar industrial production, preliminary +3.6% m/m and +0.1% y/y. |
| 0030 ET | Japan Mar capacity utilization, Feb -5.4% m/m. | |
| 1950 ET | Japan Q1 GDP expected +0.3% q/q annualized, Q4 -1.1% q/q annualized. Q1 GDP deflator expected +1.0% y/y, Q4 +1.5% y/y. | |
| 1950 ET | Japan Q1 private consumption expected +0.2% q/q, Q4 -0.9% q/q. Q1 business spending expected -0.8% q/q, Q4 +1.5% q/q. | |
| UK | 0430 ET | UK Apr CPI expected +0.3% m/m and +0.5% y/y, Mar +0.4% m/m and +0.5% y/y. Apr core CPI expected +1.4% y/y, Mar +1.5% y/y. |
| 0430 ET | UK Apr RPI expected +0.3% m/m and +1.5% y/y, Mar +0.4% m/m and +1.6% y/y. Apr RPI ex mortgage interest payments expected +1.6% y/y, Mar +1.6% y/y. | |
| 0430 ET | UK Apr PPI input prices expected +1.1% m/m and -6.7% y/y, Mar +2.0% m/m and -6.5% y/y. | |
| 0430 ET | UK Apr PPI output prices expected +0.2% m/m and -0.8% y/y, Mar +0.3% m/m and -0.9% y/y. Apr PPI output core expected +0.1% m/m and +0.3% y/y, Mar +0.1% m/m and +0.2% y/y. | |
| 0430 ET | UK Mar ONS house price, Feb +7.6% y/y. | |
| CHI | 2130 ET | China Apr property prices. |
U.S. STOCK CALENDAR05/17/2016
| Company | Ticker | Time | Event Description | Period | Estimate |
|---|---|---|---|---|---|
| Home Depot Inc/The | HD US | Bef-mkt | Q1 2017 Earnings Release | Q1 2017 | 1.352 |
| Home Depot Inc/The | HD US | 9:00 | Q1 2017 Earnings Call | Q1 2017 | |
| TJX Cos Inc/The | TJX US | 9:30 | Q1 2017 Earnings Release | Q1 2017 | 0.708 |
| Principal Financial Group Inc | PFG US | 10:00 | Annual General Meeting | Y 2016 | |
| Boston Properties Inc | BXP US | 10:00 | Annual General Meeting | ||
| JPMorgan Chase & Co | JPM US | 11:00 | Annual General Meeting | Y 2016 | |
| TJX Cos Inc/The | TJX US | 11:00 | Q1 2017 Earnings Call | Q1 2017 | |
| Electronic Arts Inc | EA US | 11:00 | Investor Day | Y 2016 | |
| Southwestern Energy Co | SWN US | 12:00 | Annual General Meeting | ||
| Amazon.com Inc | AMZN US | 12:00 | Annual General Meeting | Y 2016 | |
| Juniper Networks Inc | JNPR US | 12:00 | Investor Day | Y 2016 | |
| Gap Inc/The | GPS US | 13:00 | Annual General Meeting | Y 2016 | |
| Morgan Stanley | MS US | 14:00 | Annual General Meeting | ||
| Essex Property Trust Inc | ESS US | 16:00 | Annual General Meeting | Y 2016 | |
| Charles Schwab Corp/The | SCHW US | 17:00 | Annual General Meeting | ||
| Time Warner Cable Inc | TWC US | Aft-mkt | Digital Realty Trust Replaces Time Warner Cable in S&P 500 | ||
| Equifax Inc | EFX US | Investor Meeting - London | Y 2016 | ||
| Leggett & Platt Inc | LEG US | Annual General Meeting | |||
| General Growth Properties Inc | GGP US | Annual General Meeting | Y 2016 | ||
| Newfield Exploration Co | NFX US | Annual General Meeting | |||
| Realty Income Corp | O US | Annual General Meeting | |||
| Diamond Offshore Drilling Inc | DO US | Annual General Meeting | |||
| FirstEnergy Corp | FE US | Annual General Meeting | Y 2016 |
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