Thursday, August 4th, 2016View Older Reports
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OVERNIGHT MARKETS AND NEWS
Sep E-mini S&Ps (ESU16 +0.29%) are little changed, up +0.06%, and European stocks are up +0.74 after the BOE as expected, cut its benchmark lending rate by 25 bp to a record low 0.25% and expanded its QE program by 60 billion pounds to 435 billion pounds. GBP/USD (^GBPUSD) is down -1.11% as the BOE also cut its UK 2017 GDP forecast to 0.8% from 2.3% and said new stimulus measures can be expanded further if needed. Gains is stocks were limited as a -0.88% drop in crude oil prices (CLU16 -0.42%) undercut energy producing stocks, while a -1.55% fall in copper prices (HGU16 -1.43%) to a 3-week low put pressure on mining stocks. Asian stocks settled higher: Japan +1.07%, Hong Kong +0.43%, China +0.13%, Taiwan +0.26%, Australia +0.18%, Singapore +0.15%, South Korea +0.24%, India +0.06%. Chinese stocks found support on a statement from the PBOC that said it plans to keep monetary policy "prudent" this year, while Japan's Nikkei Stock Index recovered from a 3-week low and closed higher as a rally in brokerage and shipping stocks led the overall market higher.
The dollar index (DXY00 +0.23%) is up +0.15%. EUR/USD (^EURUSD) is down -0.17%. USD/JPY (^USDJPY)is up +0.09%.
Sep T-note prices (ZNU16 +0.15%) are up +4 ticks.
In a statement released today, the PBOC reiterated it plans to keep monetary policy "prudent" this year and said it will use multiple tools to keep liquidity at reasonably ample levels and maintain reasonable credit growth in the second half of this year.
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) Jul Challenge job cuts (Jun -14.1% y/y), (2) weekly initial unemployment claims (expected -1,000 to 265,000, previous +14,000 to 266,000) and continuing claims (expected -9,000 to 2.130 million, previous +7,000 to 2.139 million), (3) Jun factory orders (expected -1.9% and-0.2% ex transportation, May -1.0% and +0.1% ex-transportation), (4) USDA weekly Export Sales.
There are 29 of the S&P 500 companies that report earnings today with notable reports including: Viacom (consensus $1.01), Church & Dwight (0.79), Duke Energy (1.01), Kellogg (0.91), Priceline (12.67), Consolidated Edison (0.69), Fluor (0.89), Monster Beverage (1.04).
U.S. IPO's scheduled to price today: Motif Bio PLC (MTFB).
Equity conferences this week include: Wells Fargo Services Conference on Wed-Thu.
OVERNIGHT U.S. STOCK MOVERS
Transocean Ltd. (RIG +3.98%) gained nearly 2% in after-hours trading after it reported an unexpected Q2 adjusted EPS profit of 17 cents, higher than consensus of a -2 cent loss.
Prudential Financial (PRU +2.95%) dropped over 2% in after-hours trading after it reported Q2 operating EPS of $1.84, well below consensus of $2.50,
XPO Logistics (XPO +0.87%) jumped over 10% in after-hours trading after it reported Q2 adjusted EPS of 42 cents, well above consensus of 22 cents, and then raised its full-year adjusted Ebitda view to at least $1.265 billion from a July 18 view of $1.25 billion.
CF Industries Holdings (CF +0.12%) fell over 4% in after-hours trading after it reported Q2 net sales of $1.134 billion, below consensus of $1.139 billion.
Jack in the Box (JACK -0.89%) rallied almost 6% in pre-market trading after it raised guidance on full-year adjusted EPS to $3.65-$3.75 from a May 11 view of $3.50-$3.63.
Albemarle (ALB -0.45%) slid nearly 4% in after-hours trading after it reported Q2 adjusted Ebitda of $190.5 million, weaker than consensus of $237.5 million.
Square (SQ +3.88%) jumped over 15% in pre-market trading after it raised its 2016 adjusted Ebitda estimate to $18 million-$24 million from a prior view of $8 million-$14 million.
TripAdvisor (TRIP +0.12%) lost nearly 8% in after-hours trading after it reported Q2 adjusted EPS of 38 cents, below consensus of 42 cents,
GoDaddy (GDDY -3.51%) rose nearly 8% in after-hours trading after it hiked its 2016 revenue estimate to $1.84 billion-$1.847 billion from a May 4 view of $1.83 billion-$1.845 billion.
Avid Technology (AVID +1.21%) climbed 8% in after-hours trading after it raised guidance on non-GAAP year revenue to $535 million-$565 million from a prior view of $500 million-$525 million.
Genpact Ltd. (G +0.15%) lost 2% in after-hours trading after it lowered its 2016 revenue estimate to $2.59 billion-$2.62 billion from a May 5 estimate of $2.62 billion-$2.66 billion.
AxoGen (AXGN +7.32%) rallied 10% in after-hours trading after it reported a Q2 loss of -9 cents, a smaller loss than consensus of -12 cents.
Insulet (PODD +0.42%) jumped 8% in after-hours trading after it boosted its full-year revenue estimate to $345 million-$355 million from a May 3 view of $330 million-$350 million.
Teladoc (TDOC -1.17%) plunged over 25% in after-hours trading after it said it sees a full-year loss per share between $1.47-$1.52, a wider loss than consensus of -$1.25.
MARKET COMMENTS
Sep E-mini S&Ps (ESU16 +0.29%) this morning are up +1.25 points (+0.06%). Wednesday's closes: S&P 500 +0.31%, Dow Jones +0.23%, Nasdaq +0.32%. The S&P 500 index on Wednesday closed higher on the +179,000 increase in the Jul ADP employment report (stronger than expectations of +170,000) and on the +3.34% rally in crude oil prices, which spurred gains in energy producer stocks. Stocks were undercut by the -1.0 point decline in the U.S. Jul ISM non-manufacturing PMI to 55.5, weaker than expectations of -0.6 to 55.9.
Sep 10-year T-notes (ZNU16 +0.15%) this morning are up +4 ticks. Wednesday's closes: TYU6 +1.00, FVU6 +1.00. Sep T-notes on Wednesday closed little changed. T-notes were undercut by signs of strength in the U.S. labor market after the Jun ADP employment rose +179,000, more than expectations of +170,000. T-notes found support from Minneapolis Fed President Kashkari's comment that "when I look at the data I don't see much inflationary pressure" and from the larger-than-expected decline in the U.S. Jul ISM non-manufacturing index.
The dollar index (DXY00 +0.23%) this morning is up +0.142 (+0.15%). EUR/USD (^EURUSD) is down -0.0019 (-0.17%). USD/JPY (^USDJPY) is up +0.09 (+0.09%). Wednesday's closes: Dollar index +0.482 (+0.51%), EUR/USD -0.0075 (-0.67%), USD/JPY +0.35 (+0.35%). The dollar index on Wednesday closed higher on the larger-than-expected increase in the U.S. Jul ADP employment, (+179,000 vs. expectations of +170,000) and weakness in EUR/USD after Eurozone Jun retail sales rose +1.6% y/y, weaker than expectations of +1.8% y/y.
Sep WTI crude oil (CLU16 -0.42%) this morning is down -36 cents (-0.88%) and Sep gasoline (RBU16 -1.47%) is down -0.0221 (-1.64%). Wednesday's closes: CLU6 +1.32 (+3.34%), RBU6 +0.0383 (+2.92%). Sep crude and gasoline on Wednesday closed higher as Sep crude recovered from a 3-1/2 month low. Crude oil prices were boosted by the -0.6% drop in U.S. crude production in the week ended Jul 29, the first decline in 4 weeks, and the -3.262 million bbl decline in EIA gasoline inventories, more than expectations of -650,000 bbl. Crude oil prices were undercut by the stronger dollar and by the unexpected +1.413 million bbl increase in EIA crude supplies (vs expectations of a -1.75 million bbl).
GLOBAL EVENT CALENDAR08/04/2016
| Thursday, Aug 4 | ||
| US | 0730 ET | Jul Challenge job cuts, Jun -14.1% y/y. |
| 0830 ET | Weekly initial unemployment claims expected -1,000 to 265,000, previous +14,000 to 266,000. Weekly continuing claims expected -9,000 to 2.130 million, previous +7,000 to 2.139 million. | |
| 0830 ET | USDA weekly Export Sales. | |
| 1000 ET | Jun factory orders expected -1.9% and -0.2% ex transportation, May -1.0% and +0.1% ex-transportation. | |
| Friday, Aug 5 | ||
| US | 0830 ET | Jul non-farm payrolls expected +180,000, Jun +287,000. Jul private payrolls expected +170,000, Jun +265,000. Jul manufacturing payrolls expected +4,000, Jun +14,000. Jul unemployment rate expected -0.1 to 4.8%, Jun +0.2 to 4.9%. |
| 0830 ET | Jul avg hourly earnings expected +0.2% m/m and +2.6% y/y, Jun +0.1% m/m and +2.6% y/y. Jul avg weekly hours all employees expected unch at 34.4 hours, Jun unch at 34.4 hours. | |
| 0830 ET | Jun trade balance expected -$43.0 billion, May -$41.1 billion. | |
| 1400 ET | Jun consumer credit expected +16.0 billion, May +$18.558 billion. | |
| JPN | 0100 ET | Japan Jun leading index CI expected unch at 99.7, May -0.3 to 99.7. Jun coincident index expected +1.3 to 111.2, May -2.1 to 109.9. |
| GER | 0200 ET | German Jun factory orders expected +0.5% m/m and -1.5% y/y, May unch m/m and -0.2% y/y. |
| UK | 0330 ET | UK Jul Halifax house prices expected -0.2% m/m and +8.8% 3-mo/y/y, Jun +1.3% m/m and +8.4% 3-mo/y/y. |
U.S. STOCK CALENDAR08/04/2016
| Company | Ticker | Time | Event Description | Period | Estimate |
|---|---|---|---|---|---|
| Ball Corp | BLL US | Bef-mkt | Q2 2016 Earnings Release | Q2 2016 | 0.991 |
| Becton Dickinson and Co | BDX US | Bef-mkt | Q3 2016 Earnings Release | Q3 2016 | 2.203 |
| Regeneron Pharmaceuticals Inc | REGN US | Bef-mkt | Q2 2016 Earnings Release | Q2 2016 | 2.617 |
| Chesapeake Energy Corp | CHK US | Bef-mkt | Q2 2016 Earnings Release | Q2 2016 | -0.107 |
| Henry Schein Inc | HSIC US | Bef-mkt | Q2 2016 Earnings Release | Q2 2016 | 1.627 |
| Iron Mountain Inc | IRM US | Bef-mkt | Q2 2016 Earnings Release | Q2 2016 | 0.523 |
| AMETEK Inc | AME US | Bef-mkt | Q2 2016 Earnings Release | Q2 2016 | 0.589 |
| Quanta Services Inc | PWR US | Bef-mkt | Q2 2016 Earnings Release | Q2 2016 | 0.356 |
| WestRock Co | WRK US | 6:45 | Q3 2016 Earnings Release | Q3 2016 | 0.663 |
| Apache Corp | APA US | 7:00 | Q2 2016 Earnings Release | Q2 2016 | -0.141 |
| Church & Dwight Co Inc | CHD US | 7:00 | Q2 2016 Earnings Release | Q2 2016 | 0.794 |
| Duke Energy Corp | DUK US | 7:00 | Q2 2016 Earnings Release | Q2 2016 | 1.009 |
| Fastenal Co | FAST US | 7:00 | July 2016 Sales and Revenue Release | 2016 | |
| L Brands Inc | LB US | 7:30 | July 2016 Sales and Revenue Call - Pre-Recorded | 2016 | |
| Parker-Hannifin Corp | PH US | 7:30 | Q4 2016 Earnings Release | Q4 2016 | 1.765 |
| Becton Dickinson and Co | BDX US | 8:00 | Q3 2016 Earnings Call | Q3 2016 | |
| Harman International Industries Inc | HAR US | 8:00 | Q4 2016 Earnings Release | Q4 2016 | 1.52 |
| Kellogg Co | K US | 8:00 | Q2 2016 Earnings Release | Q2 2016 | 0.908 |
| MetLife Inc | MET US | 8:00 | Q2 2016 Earnings Call | Q2 2016 | |
| Michael Kors Holdings Ltd | KORS US | 8:00 | Annual General Meeting | Y 2016 | |
| Tesoro Corp | TSO US | 8:30 | Q2 2016 Earnings Call | Q2 2016 | |
| Regeneron Pharmaceuticals Inc | REGN US | 8:30 | Q2 2016 Earnings Call | Q2 2016 | |
| Iron Mountain Inc | IRM US | 8:30 | Q2 2016 Earnings Call | Q2 2016 | |
| AMETEK Inc | AME US | 8:30 | Q2 2016 Earnings Call | Q2 2016 | |
| Viacom Inc | VIAB US | 8:30 | Q3 2016 Earnings Call | C2 2016 | |
| TripAdvisor Inc | TRIP US | 8:30 | Q2 2016 Earnings Call | Q2 2016 | |
| WestRock Co | WRK US | 8:30 | Q3 2016 Earnings Call | Q3 2016 | |
| Marathon Oil Corp | MRO US | 9:00 | Q2 2016 Earnings Call | Q2 2016 | |
| Chesapeake Energy Corp | CHK US | 9:00 | Q2 2016 Earnings Call | Q2 2016 | |
| Allstate Corp/The | ALL US | 9:00 | Q2 2016 Earnings Call | Q2 2016 | |
| Transocean Ltd | RIG US | 9:00 | Q2 2016 Earnings Call | Q2 2016 | |
| Albemarle Corp | ALB US | 9:00 | Q2 2016 Earnings Call | Q2 2016 | |
| Quanta Services Inc | PWR US | 9:00 | Q2 2016 Earnings Call | Q2 2016 | |
| Sempra Energy | SRE US | 9:00 | Q2 2016 Earnings Release | Q2 2016 | 0.971 |
| CF Industries Holdings Inc | CF US | 9:00 | Q2 2016 Earnings Call | Q2 2016 | |
| American Water Works Co Inc | AWK US | 9:00 | Q2 2016 Earnings Call | Q2 2016 | |
| Kellogg Co | K US | 9:30 | Q2 2016 Earnings Call | Q2 2016 | |
| Church & Dwight Co Inc | CHD US | 10:00 | Q2 2016 Earnings Call | Q2 2016 | |
| Duke Energy Corp | DUK US | 10:00 | Q2 2016 Earnings Call | Q2 2016 | |
| Lincoln National Corp | LNC US | 10:00 | Q2 2016 Earnings Call | Q2 2016 | |
| Henry Schein Inc | HSIC US | 10:00 | Q2 2016 Earnings Call | Q2 2016 | |
| Ball Corp | BLL US | 11:00 | Q2 2016 Earnings Call | Q2 2016 | |
| Harman International Industries Inc | HAR US | 11:00 | Q4 2016 Earnings Call | Q4 2016 | |
| Parker-Hannifin Corp | PH US | 11:00 | Q4 2016 Earnings Call | Q4 2016 | |
| Prudential Financial Inc | PRU US | 11:00 | Q2 2016 Earnings Call | Q2 2016 | |
| Cimarex Energy Co | XEC US | 11:00 | Q2 2016 Earnings Call | Q2 2016 | |
| Sempra Energy | SRE US | 12:00 | Q2 2016 Earnings Call | Q2 2016 | |
| Progressive Corp/The | PGR US | 13:00 | Investor Relations Conference Call | ||
| Apache Corp | APA US | 14:00 | Q2 2016 Earnings Call | Q2 2016 | |
| Symantec Corp | SYMC US | 16:00 | Q1 2017 Earnings Release | Q1 2017 | 0.248 |
| Priceline Group Inc/The | PCLN US | 16:00 | Q2 2016 Earnings Release | Q2 2016 | 12.671 |
| Activision Blizzard Inc | ATVI US | 16:30 | Q2 2016 Earnings Call | Q2 2016 | |
| Priceline Group Inc/The | PCLN US | 16:30 | Q2 2016 Earnings Call | Q2 2016 | |
| Kraft Heinz Co/The | KHC US | 16:30 | Q2 2016 Earnings Call | Q2 2016 | |
| PerkinElmer Inc | PKI US | 17:00 | Q2 2016 Earnings Call | Q2 2016 | |
| Motorola Solutions Inc | MSI US | 17:00 | Q2 2016 Earnings Call | Q2 2016 | |
| Symantec Corp | SYMC US | 17:00 | Q1 2017 Earnings Call | Q1 2017 | |
| Monster Beverage Corp | MNST US | 17:00 | Q2 2016 Earnings Call | Q2 2016 | |
| Consolidated Edison Inc | ED US | Aft-mkt | Q2 2016 Earnings Release | Q2 2016 | 0.693 |
| PerkinElmer Inc | PKI US | Aft-mkt | Q2 2016 Earnings Release | Q2 2016 | 0.658 |
| EOG Resources Inc | EOG US | Aft-mkt | Q2 2016 Earnings Release | Q2 2016 | -0.486 |
| Federal Realty Investment Trust | FRT US | Aft-mkt | Q2 2016 Earnings Release | Q2 2016 | 1.409 |
| Motorola Solutions Inc | MSI US | Aft-mkt | Q2 2016 Earnings Release | Q2 2016 | 0.86 |
| Activision Blizzard Inc | ATVI US | Aft-mkt | Q2 2016 Earnings Release | Q2 2016 | 0.426 |
| Fluor Corp | FLR US | Aft-mkt | Q2 2016 Earnings Release | Q2 2016 | 0.886 |
| Kraft Heinz Co/The | KHC US | Aft-mkt | Q2 2016 Earnings Release | Q2 2016 | 0.711 |
| Monster Beverage Corp | MNST US | Aft-mkt | Q2 2016 Earnings Release | Q2 2016 | 1.038 |
| Fluor Corp | FLR US | 17:30 | Q2 2016 Earnings Call | Q2 2016 | |
| L Brands Inc | LB US | July 2016 Sales and Revenue Release | 2016 | ||
| Mohawk Industries Inc | MHK US | Q2 2016 Earnings Release | Q2 2016 | 3.369 | |
| Viacom Inc | VIAB US | Q3 2016 Earnings Release |
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