Showing posts with label UA. Show all posts
Showing posts with label UA. Show all posts

Wednesday, October 26, 2016

MORNING CALL 10/26

MORNING CALL
OVERNIGHT MARKETS AND NEWS
Dec E-mini S&Ps (ESZ16 -0.41%) are down -0.37% and European stocks are down -0.76%. A 3% drop in Apple in pre-market trading is undercutting stocks after the company forecast uninspiring forward expectations. A -1.38% slide in crude oil prices (CLZ16 -1.62%) to a 2-week low is also pushing energy producing stocks lower after the API reported late yesterday that U.S. crude inventories rose +4.75 million bbl last week. European stocks were also pressured by an unexpected decline in German Nov GfK consumer confidence to a 6-month low. Asian stocks settled mostly lower: Japan +0.15%, Hong Kong -1.02%, China -0.50%, Taiwan -0.25%, Australia -1.53%, Singapore -0.89%, South Korea -1.18%, India -0.91. Japan's Nikkei Stock Index bucked the trend today and rallied up to a 5-3/4 month high after Tuesday's rally in USD/JPY to a 2-3/4 month high fueled gains in exporter stocks.
The dollar index (DXY00 -0.12%) is down -0.21%. EUR/USD (^EURUSD) is up +0.30%. USD/JPY (^USDJPY) is down -0.01%.
Dec 10-year T-note prices (ZNZ16 -0.13%) are down -4 ticks.
ECB Governing Council member Hanson said wage growth, which could boost price growth "remains rather modest in some regions" and "even looking at headline inflation developments, one can notice tendency for growth lately, but where some weakness can be seen is core inflation, where we can't yet see a very clear trend for improvement."
The German Nov GfK consumer confidence unexpectedly fell -0.3 to 9.7, weaker than expectations of no change at 10.0 and a 6-month low.
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) weekly MBA mortgage applications (previous +0.6% with purchase sub-index +3.0% and refi sub-index -0.8%), (2) Sep wholesale inventories (expected +0.1%, Aug -0.2%), (3) Oct Markit services PMI (expected +0.2 to 52.5, Sep +1.3 to 52.3), (4) Sep new home sales (expected -1.5% to 600,000, Aug -7.6% to 609,000), (5) the Treasury's auction of $14 billion of 2-year floating-rate notes and $34 billion of 5-year T-notes, and (6) EIA Weekly Petroleum Status Report.
Notable S&P 500 earnings reports today include: Coca-Cola (consensus $0.48), Boeing (2.67), General Dynamics (2.38), Norfolk Southern (1.45), Biogen (4.97), Waste Management (0.80), Simon Property Group (2.68), Southwest Airlines (0.88), Comcast (0.91), State Street (1.25), Nasdaq (0.90), Newmont Mining (0.49), Public Storage (2.53).
U.S. IPO's scheduled to price today: GTY Technology Holdings (GTYHU), Myovant Sciences (MYOV).
Equity conferences this week include: Money20/20 Conference on Mon-Wed, American Cystic Fibrosis Conference on Thu, ARM TechCon on Thu.
OVERNIGHT U.S. STOCK MOVERS
Apple (AAPL +0.51%) slid 3% in pre-market trading after it reported Q4 revenue of $46.9 billion, below consensus of $47 billion, and forecast Q1 gross margins of 38%-38.5%, weaker than consensus of 39%
Under Armour (UA -13.22%) was downgraded to 'Market Perform' from 'Outperform' at Cowen with a 12-month target price of $35.
Twitter (TWTR -4.27%) rose 3% in after-hours trading after Betaville reported that Disney is still interested in acquiring the company.
Akamai Technologies (AKAM +0.39%) climbed over 6% in after-hours trading after it reported Q3 adjusted EPS of 68 cents, higher than consensus of 61 cents.
Juniper Networks (JNPR +0.25%) rose 4% in after-hours trading after it reported Q3 adjusted EPS of 58 cents, higher than consensus of 52 cents/
Edwards Lifesciences (EW -2.86%) slumped over 12% in after-hours trading after it reported Q3 revenue of $739.4 million, less than consensus of $749.1 million, and said it sees Q4 sales of $750 million-$790 million, below consensus of $801.6 million.
Panera Bread (PNRA -2.04%) rose 5% in after-hours trading after it reported Q3 adjusted EPS of $1.37, higher than consensus of $1.34, and then raised its full-year adjusted EPS view to $6.67-$6.72 from a July 26 estimate of $6.60-$6.70.
NuVasive (NUVA -2.74%) tumbled 12% in after-hours trading after it cut its full-year revenue forecast to $952 million from a prior estimate of $962 million.
Express Scripts Holding (ESRX +0.39%) gained over 1% in after-hours trading after it reported Q3 adjusted EPS of $1.74, above consensus of $1,73, and then raised the low end of its full-year adjusted EPS view to $6.36-$6.42 from a prior view of $6.33-$6.43.
CH Robinson Worldwide (CHRW +0.45%) declined over 3% in after-hours trading after it reported Q3 EPS of 90 cents, below consensus of 96 cents.
Owens-Illinois (OI -0.99%) rallied over 3% in after-hours trading after it raised the low end its full-year adjusted EPS view to $2.27-$2.32 from a July 27 view of $2.25-$2.35.
Pandora Media (P -4.84%) fell 5% in after-hours trading after it lowered guidance on full-year revenue to $1.354 billion-$1.366 billion from a prior view of $1.385 billion-$1.405 billion.
NCR Corp. (NCR -2.17%) rose over 3% in pre-market trading after it reported Q3 adjusted EPS of 87 cents, above consensus of 81 cents, and then raised its full-year adjusted EPS view to $2.97-$3.02 from a prior view of $2.90-$3.00.
Diplomat Pharmacy (DPLO -0.24%) dropped over 5% in after-hours trading after President Gary Kadlec and CFO Sean Whelan said they will both step down on Dec 31.
Gladstone Capital (GLAD -1.68%) slid over 3% in after-hours trading after it announced a common stock offering, although no size was given.
MARKET COMMENTS
Dec E-mini S&Ps (ESZ16 -0.41%) this morning are down -8.00 points (-0.37%). Tuesday's closes: S&P 500 -0.38%, Dow Jones -0.30%, Nasdaq-0.38%. The S&P 500 on Tuesday closed lower on the -4.9 point decline in U.S. Oct consumer confidence to 98.6 (weaker than expectations of -2.6 to 101.5) and on negative earnings news after 3M cut the top end of its 2016 profit forecast, Caterpillar cut its sales forecast for this year and Whirlpool lowered its profit outlook. There was also weakness in energy producer stocks as the price of crude oil fell -2.41%.
Dec 10-year T-notes (ZNZ16 -0.13%) this morning are down -4 ticks. Tuesday's closes: TYZ6 -5.50, FVZ6 -3.25. Dec 10-year T-notes on Tuesday recovered from a 1-week low and closed unchanged. T-notes found underlying support from the larger-than-expected decline in U.S. Oct consumer confidence index and from increased safe-haven demand with the weakness in stocks. Stocks were undercut by slack demand for the Treasury's $26 billion 2-year auction that had a bid-to-cover ratio of 2.53, weaker than the 12-auction average of 2.86 and the weakest demand for a 2-year auction in 3 months.
The dollar index (DXY00 -0.12%) this morning is down -0.209 (-0.21%). EUR/USD (^EURUSD) is up +0.0033 (+0.30%). USD/JPY (^USDJPY) is down-0.01 (-0.01%). Tuesday's closes: Dollar index -0.037 (-0.04%), EUR/USD +0.0007 (+0.06%), USD/JPY +0.04 (+0.04%). The dollar index on Tuesday fell back from an 8-1/2 month high and closed lower on the weaker-than-expected U.S. Oct consumer confidence index. The dollar was also undercut by the rebound in EUR/USD from a 7-1/2 month low after the German Oct IFO business climate index showed an unexpectedly strong increase to a 2-1/2 year high.
Dec WTI crude oil (CLZ16 -1.62%) this morning is down -69 cents (-1.38%) at a 2-week low and Dec gasoline (RBZ16 -1.74%) is down -0.0246(-1.66%) at a 1-1/2 week low. Tuesday's closes: Dec crude -1.22 (-2.41%), Dec gasoline -0.0244 (-1.66%). Dec crude oil and gasoline on Tuesday closed lower on comments from a Russian OPEC envoy who said an oil production cut is not a suitable option for Russia, only a freeze of output at current levels. Crude oil prices were also undercut by expectations for Wednesday's EIA crude inventories to increase by +1.75 million bbl.
GLOBAL EVENT CALENDAR10/26/2016
Wednesday, Oct 26
US0700 ETWeekly MBA mortgage applications, previous +0.6% with purchase sub-index +3.0% and refi sub-index -0.8%.
0830 ETSep wholesale inventories expected +0.1%, Aug -0.2%. Sep wholesale trade sales, Aug +0.7%,
0945 ETOct Markit services PMI expected +0.2 to 52.5, Sep +1.3 to 52.3.
1000 ETSep new home sales expected -1.5% to 600,000, Aug -7.6% to 609,000.
1030 ETEIA Weekly Petroleum Status Report.
1130 ETTreasury auctions $14 billion of 2-year floating-rate notes.
1300 ETTreasury auctions $34 billion of 5-year T-notes.
Thursday, Oct 27
US0830 ETWeekly initial unemployment claims expected -5,000 to 255,000, previous +13,000 to 260,000. Weekly continuing claims expected-5,000 to 2.052 million, previous +7,000 to 2.057 million.
0830 ETSep durable goods orders expected unch and +0.2% ex transportation, Aug +0.1% and -0.2% ex transportation. Sep capital goods orders nondefense ex-aircraft & parts expected -0.1%, Aug +0.9%.
0830 ETUSDA weekly Export Sales.
1000 ETSep pending home sales expected +1.1% m/m and +4.0% y/y, Aug -2.4% m/m and +4.0% y/y.
1100 ETOct Kansas City Fed manufacturing activity survey expected -3 to 3, Sep +10 to 6.
1300 ETTreasury auctions $28 billion 7-year T-notes
U.S. STOCK CALENDAR10/26/2016
CompanyTickerTimeEvent DescriptionPeriodEstimate
St Jude Medical IncSTJ US3:00Annual General Meeting - M&A Vote
Boston Scientific CorpBSX USBef-mktQ3 2016 Earnings ReleaseQ3 20160.268
Coca-Cola Co/TheKO USBef-mktQ3 2016 Earnings ReleaseQ3 20160.482
Laboratory Corp of America HoldingsLH USBef-mktQ3 2016 Earnings ReleaseQ3 20162.293
Northrop Grumman CorpNOC USBef-mktQ3 2016 Earnings ReleaseQ3 20162.808
Exelon CorpEXC USBef-mktQ3 2016 Earnings ReleaseQ3 20160.786
Huntington Bancshares Inc/OHHBAN USBef-mktQ3 2016 Earnings ReleaseQ3 20160.211
Biogen IncBIIB USBef-mktQ3 2016 Earnings ReleaseQ3 20164.967
Waste Management IncWM USBef-mktQ3 2016 Earnings ReleaseQ3 20160.801
Simon Property Group IncSPG USBef-mktQ3 2016 Earnings ReleaseQ3 20162.676
DTE Energy CoDTE USBef-mktQ3 2016 Earnings ReleaseQ3 20161.651
Garmin LtdGRMN USBef-mktQ3 2016 Earnings ReleaseQ3 20160.544
Ingersoll-Rand PLCIR US6:30Q3 2016 Earnings ReleaseQ3 20161.287
Southwest Airlines CoLUV US6:30Q3 2016 Earnings ReleaseQ3 20160.876
Wyndham Worldwide CorpWYN US6:30Q3 2016 Earnings ReleaseQ3 20161.885
Avery Dennison CorpAVY US6:45Q3 2016 Earnings ReleaseQ3 20160.997
WEC Energy Group IncWEC US7:00Q3 2016 Earnings ReleaseQ3 20160.614
Comcast CorpCMCSA US7:00Q3 2016 Earnings ReleaseQ3 20160.91
State Street CorpSTT US7:00Q3 2016 Earnings ReleaseQ3 20161.253
Nasdaq IncNDAQ US7:00Q3 2016 Earnings ReleaseQ3 20160.901
Hess CorpHES US7:30Q3 2016 Earnings ReleaseQ3 2016-1.24
Boeing Co/TheBA US7:30Q3 2016 Earnings ReleaseQ3 20162.674
General Dynamics CorpGD US7:30Q3 2016 Earnings ReleaseQ3 20162.381
FLIR Systems IncFLIR US7:30Q3 2016 Earnings ReleaseQ3 20160.425
Boston Scientific CorpBSX US8:00Q3 2016 Earnings CallQ3 2016
Norfolk Southern CorpNSC US8:00Q3 2016 Earnings ReleaseQ3 20161.451
Owens-Illinois IncOI US8:00Q3 2016 Earnings CallQ3 2016
FLIR Systems IncFLIR US8:00Q3 2016 Earnings CallQ3 2016
Nasdaq IncNDAQ US8:00Q3 2016 Earnings CallQ3 2016
Mondelez International IncMDLZ US8:00Q3 2016 Earnings ReleaseQ3 20160.434
Assurant IncAIZ US8:00Q3 2016 Earnings CallQ3 2016
Franklin Resources IncBEN US8:30Q4 2016 Earnings ReleaseQ4 20160.691
Franklin Resources IncBEN US8:30Q4 2016 Earnings Call - Pre RecordedC4 2016
Comcast CorpCMCSA US8:30Q3 2016 Earnings CallQ3 2016
Express Scripts Holding CoESRX US8:30Q3 2016 Earnings CallQ3 2016
Biogen IncBIIB US8:30Q3 2016 Earnings CallQ3 2016
Chubb LtdCB US8:30Q3 2016 Earnings CallQ3 2016
CH Robinson Worldwide IncCHRW US8:30Q3 2016 Earnings CallQ3 2016
Wyndham Worldwide CorpWYN US8:30Q3 2016 Earnings CallQ3 2016
Norfolk Southern CorpNSC US8:45Q3 2016 Earnings CallQ3 2016
Coca-Cola Co/TheKO US9:00Q3 2016 Earnings CallQ3 2016
General Dynamics CorpGD US9:00Q3 2016 Earnings CallQ3 2016
Laboratory Corp of America HoldingsLH US9:00Q3 2016 Earnings CallQ3 2016
Parker-Hannifin CorpPH US9:00Annual General MeetingY 2016
Huntington Bancshares Inc/OHHBAN US9:00Q3 2016 Earnings CallQ3 2016
Range Resources CorpRRC US9:00Q3 2016 Earnings CallQ3 2016
DTE Energy CoDTE US9:00Q3 2016 Earnings CallQ3 2016
Ameriprise Financial IncAMP US9:00Q3 2016 Earnings CallQ3 2016
State Street CorpSTT US9:30Q3 2016 Earnings CallQ3 2016
Hess CorpHES US10:00Q3 2016 Earnings CallQ3 2016
Ingersoll-Rand PLCIR US10:00Q3 2016 Earnings CallQ3 2016
Citigroup IncC US10:00Q3 2016 Earnings Call - Fixed IncomeC3 2016
Waste Management IncWM US10:00Q3 2016 Earnings CallQ3 2016
Boston Properties IncBXP US10:00Q3 2016 Earnings CallQ3 2016
Mondelez International IncMDLZ US10:00Q3 2016 Earnings CallQ3 2016
Boeing Co/TheBA US10:30Q3 2016 Earnings CallQ3 2016
Garmin LtdGRMN US10:30Q3 2016 Earnings CallQ3 2016
Avery Dennison CorpAVY US11:00Q3 2016 Earnings CallQ3 2016
Franklin Resources IncBEN US11:00Q4 2016 Earnings CallQ4 2016
Exelon CorpEXC US11:00Q3 2016 Earnings CallQ3 2016
Torchmark CorpTMK US11:00Q3 2016 Earnings CallQ3 2016
Cincinnati Financial CorpCINF US11:00Q3 2016 Earnings CallQ3 2016
Equity ResidentialEQR US11:00Q3 2016 Earnings CallQ3 2016
Simon Property Group IncSPG US11:00Q3 2016 Earnings CallQ3 2016
Northrop Grumman CorpNOC US12:00Q3 2016 Earnings CallQ3 2016
Southwest Airlines CoLUV US12:30Q3 2016 Earnings CallQ3 2016
UDR IncUDR US13:00Q3 2016 Earnings CallQ3 2016
WEC Energy Group IncWEC US14:30Q3 2016 Earnings CallQ3 2016
F5 Networks IncFFIV US16:00Q4 2016 Earnings ReleaseQ4 20161.941
Robert Half International IncRHI US16:15Q3 2016 Earnings ReleaseQ3 20160.709
Unum GroupUNM US16:15Q3 2016 Earnings ReleaseQ3 20160.949
Western Digital CorpWDC US16:15Q1 2017 Earnings ReleaseQ1 20171.05
Texas Instruments IncTXN US16:30Q3 2016 Earnings ReleaseQ3 20160.863
O'Reilly Automotive IncORLY US16:30Q3 2016 Earnings ReleaseQ3 20162.923
F5 Networks IncFFIV US16:30Q4 2016 Earnings CallQ4 2016
Fortune Brands Home & Security IncFBHS US16:30Q3 2016 Earnings CallQ3 2016
Robert Half International IncRHI US17:00Q3 2016 Earnings CallQ3 2016
Varian Medical Systems IncVAR US17:00Q4 2016 Earnings CallQ4 2016
Western Digital CorpWDC US17:00Q1 2017 Earnings CallQ1 2017
Fiserv IncFISV US17:00Q3 2016 Earnings CallQ3 2016
XL Group LtdXL US17:00Q3 2016 Earnings CallQ3 2016
Equifax IncEFX USAft-mktQ3 2016 Earnings ReleaseQ3 20161.356
Murphy Oil CorpMUR USAft-mktQ3 2016 Earnings ReleaseQ3 2016-0.2
Newmont Mining CorpNEM USAft-mktQ3 2016 Earnings ReleaseQ3 20160.491
Universal Health Services IncUHS USAft-mktQ3 2016 Earnings ReleaseQ3 20161.683
Varian Medical Systems IncVAR USAft-mktQ4 2016 Earnings ReleaseQ4 20161.34
Fiserv IncFISV USAft-mktQ3 2016 Earnings ReleaseQ3 20161.134
Realty Income CorpO USAft-mktQ3 2016 Earnings ReleaseQ3 20160.728
Extra Space Storage IncEXR USAft-mktQ3 2016 Earnings ReleaseQ3 20160.995
Fortune Brands Home & Security IncFBHS USAft-mktQ3 2016 Earnings ReleaseQ3 20160.782
XL Group LtdXL USAft-mktQ3 2016 Earnings ReleaseQ3 20160.377
Public StoragePSA US17:30Q3 2016 Earnings ReleaseQ3 20162.525
Texas Instruments IncTXN US17:30Q3 2016 Earnings CallQ3 2016
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Tuesday, July 26, 2016

MORNING CALL 7/26

MORNING CALL
OVERNIGHT MARKETS AND NEWS
Sep E-mini S&Ps (ESU16 -0.08%) this morning are little changed as the market awaits tomorrow's outcome of the 2-day FOMC meeting that begins today. The chances are virtually zero for a Fed rate hike but the market is still a little nervous that the FOMC may adopt slightly more hawkish language in its post-meeting statement. The Euro Stoxx 50 index this morning is mildly lower by -0.19%. Japanese stocks today closed down -1.43% after Japanese Finance Aso poured cold water on hopes for a big fiscal stimulus program when he said that the government will "leave actual policy measures to the BOJ." Other Asian stock markets today closed mostly higher: Hong Kong +0.62%, China Shanghai +1.14%, Taiwan +0.37%, Australia +0.07%, Singapore +0.12%, South Korea +0.83%, India -0.42%, Turkey -0.48%.
The dollar index (DXY00 -0.23%) this morning is mildly lower by -0.27% this morning. EUR/USD (^EURUSD) is up +0.0012 (+0.11%). USD/JPY (^USDJPY) is sharply lower by -1.42 yen (-1.34%) on Japanese Finance Minister Aso's comments that dampened hopes for an aggressive new round of Japanese fiscal stimulus. The BOJ meets later this week. Sterling is down -0.1% this morning after BOE MPC member Martin Weale said in an interview with the Financial Times that he favors immediate monetary stimulus because Brexit has shaken the UK economy more than he expected. The market is widely expecting the BOE at its meeting next week to cut interest rates by 25 bp from 0.50% in response to Brexit.
Sep 10-year T-note prices (ZNU16 +0.09%) this morning are up +3 ticks as the market awaits Wednesday's FOMC announcement.
Commodity prices this morning are little changed on net. Sep WTI crude oil (CLU16 -1.16%) is down -0.43 (-1.00%) and Sep gasoline (RBU16 -1.44%) is down -0.0174 (-1.30%) on a continued slide on high crude oil and product inventories and the 2-month rise in U.S. active oil rigs that will boost U.S. oil production. Metals prices are mixed with some support from the weaker dollar index. Aug gold (GCQ16 +0.01%) is up +0.9 (+0.07), Sep silver (SIU16+0.24%) is up +0.068 (+0.35%), and Sep copper (HGU16 -0.43%) is down -0.007 (-0.32%). Grains this morning are mixed with Dec corn down -0.25(-0.07%), Sep soybeans up +7.00 (+0.72%), and Sep wheat down -2.75 (-0.64%). Softs this morning are trading higher with some support from the weaker dollar: Oct sugar +0.11 (+0.55%), Sep coffee +1.10 (+0.78%), Sep cocoa +6 (+0.21%), and Dec cotton +0.35 (+0.48%).
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) May S&P/CaseShiller composite-20 home price index (expected +0.2% m/m and +5.6% y/y, Apr +0.45% m/m and +5.44% y/y), (2) prelim-Jul Markit services PMI (expected +0.6 to 52.0, Jun 51.4. Jul Markit composite PMI, Jun 51.2), (3) Jul consumer confidence from the Conference Board (expected -2.5 to 95.5, Jun +5.6 to 98.0), (4) Jul Richmond Fed manufacturing survey (expected +3 to -4, Jun -6 to -7), (5) Jun new home sales (expected +1.6% to 560,000, May -6.0% to 551,000), (6) FOMC begins 2-day meeting, and (7) Treasury auctions $34 billion of 5-year T-notes.
There are 46 of the S&P 500 companies that report earnings today with notable reports including: Apple (consensus $1.39), Caterpillar (0.96), Verizon (0.92), McDonalds (1.39), Under Amour (0.03).
U.S. IPO's scheduled to price today: Kadmon Holdings (KDMN).
Equity conferences this week include: none.
Sep E-mini S&Ps this morning are little changed as the market awaits the results of the 2-day FOMC meeting that begins today. Monday's closes: S&P 500-0.30%, Dow Jones -0.42%, Nasdaq -0.05%. The S&P 500 on Monday closed lower on concern that the FOMC at its Tue-Wed meeting might adopt more hawkish language and on long liquidation pressure after the sharp rally seen in the first half of July. Stocks were also undercut by weakness in energy producers after the -2.4% sell-off in Sep crude oil prices.
OVERNIGHT U.S. STOCK MOVERS
  • Today is a big day for earnings results with 46 of the SPX companies scheduled to report.
  • Positive earnings results so far this morning include du Pont (DD +0.66%) (1.24 vs consensus of 1.10), Centene (CNC -0.17%) (1.10 vs 1.09), Avery Denison (AVY -0.47%) (1.09 vs 1.01), Waters Corp (WAT -0.64%) (1.58 vs 1.45), DTE Energy (DTE -0.59%) (0.98 vs 0.89), United Technologies ({=UTX) (1.82 vs 1.68), Baxter (BAX -0.47%) (0.46 vs 0.40), Verizon (VZ -0.41%) (0.94 vs 0.92), Masco (MAS +1.30%) (0.46 vs 0.43), Fidelity National Information Services (FIS -0.10%) (0.90 vs 0.87), Valero (VLO +0.82%) (1.07 vs 0.99).
  • Negative earnings results this morning include Reynolds American (RAI +0.04%) (0.58 vs 0.61), Starwood (HOT +0.18%) (0.71 vs 0.73), KeyCorp (KEY-1.10%) (0.27 vs 0.28), Nielsen (NLSN -1.06%) (0.71 vs 0.715), and Under Armour (UA +1.73%) (0.01 vs 0.04).
  • Annheuser-Busch InBev (ABI Euronext) raised its offer for SABMiller Plc (SAB London) by 2.3% to 79 billion pounds to account for the Brexit-related plunge in sterling.
  • Commerzbank AG (CMZB) is down nearly 5% this morning after reporting a deterioration of a capital strength ratio and helped drag down other European banks ahead of Friday's stress-test results.
  • CoreLogic (CLGX -0.69%) rallied +6% in after-hours trading on positive earnings results along with higher 2016 guidance and a boost in full-year repurchase target.
  • Texas Instruments (TXN +1.11%) rallied +5% in after-hours trading on positive earnings results of 76 cents vs expectations of 72 cents.
  • Celgene (CELG +0.38%) fell -3% in after-hours trading on disappointing news about its "Remarc" product.
  • Las Vegas Sands (LVS +1.01%) rallied +3% in after-hours trading despite weaker-than-expected earnings results as the company indicated a possible turnaround in Macau.
  • Gilead Sciences (GILD +2.31%) fell -4% in after-hours trading after reducing its 2016 sales forecast.
  • MB Financial (MBFI +0.26%) will replace First Niagra (FNFG) in the S&P MidCap 400.
MARKET COMMENTS
Sep 10-year T-note prices this morning up 3 ticks. Monday's closes: TYU6 -2, FVU6 -3. Sep 10-year T-notes on Monday closed mildly lower on supply overhang amidst this week's $103 billion T-note package and on some concern that the FOMC at its Tue-Wed meeting might adopt more hawkish language in its post-meeting statement. T-notes found some support from the mild sell-off in stocks and on the -2.6% drop in crude oil prices, which pushed the 10-year breakeven inflation expectations rate lower by -2 bp to 1.50%.
The dollar index this morning is mildly lower by -0.27% mainly due to yen strength as USD/JPY fell sharply by -1.42 yen (-1.34%) on reduced hopes for a large Japanese fiscal stimulus package. Monday's closes: Dollar index -0.18 (-0.19%), EUR/USD +0.0018 (+0.16%), USD/JPY -0.32 (-0.30%). The dollar index on Monday edged to a new 4-1/2 month high but fell back and closed mildly lower. The dollar was undercut by some long liquidation pressure in the dollar index after posting a new 4-1/2 month high. In addition, EUR/USD saw some strength on the stronger-than-expected German IFO business climate index, which fell -0.4 points to 108.3, stronger than market expectations of -1.2 to 107.5. The dollar index found some support on the possibility that the FOMC in its post-meeting statement to be released on Wednesday might adopt slightly more hawkish language.
Sep WTI crude oil is down -0.43 (-1.00%) and Sep gasoline is down -0.0174 (-1.30%) on a continued slide on high crude oil and product inventories and the 2-month rise in U.S. active oil rigs that will boost U.S. oil production. Monday's closes: CLU6 -1.06 (-2.40%), RBU6 -0.0280 (-2.06%). Sep crude oil and gasoline closed sharply lower on Monday on technical selling with a new 3-month low in Sep crude oil and on carry-over pressure from last Friday's Baker Hughes report that the number of active U.S. oil rigs rose by +14 rigs to 371, bringing the 8-week upward rebound to a total of +55 rigs (+17.4%).
GLOBAL EVENT CALENDAR07/26/2016
Tuesday, July 26
US0900 ETMay S&P/CaseShiller composite-20 home price index expected +0.2% m/m and +5.6% y/y, Apr +0.45% m/m and +5.44% y/y.
0945 ETPrelim-Jul Markit services PMI expected +0.6 to 52.0, Jun 51.4. Jul Markit composite PMI, Jun 51.2.
1000 ETJul consumer confidence (Conference Board) expected -2.5 to 95.5, Jun +5.6 to 98.0.
1000 ETJul Richmond Fed manufacturing survey expected +3 to -4, Jun -6 to -7.
1000 ETJun new home sales expected +1.6% to 560,000, May -6.0% to 551,000.
1030 ETFOMC begins 2-day meeting.
1300 ETTreasury auctions $34 billion of 5-year T-notes.
CHI2130 ETChina Jun industrial profits, Jun +3.7% y/y.
2145 ETChina Jul Westpac-MNI consumer sentiment, Jun +1.7 to 115.9.
Wednesday, July 27
US0700 ETWeekly MBA mortgage applications, previous -1.3% with purchase sub-index -2.0% and refi sub-index down -0.9%.
0830 ETJun durable goods orders expected -1.1% and +0.3% ex-transportation, May -2.3% and -0.3% ex-transportation. Jun capital goods orders nondefense ex-aircraft expected +0.4%, May -0.4%.
1000 ETJun pending home sales expected +1.2% m/m and +3.0% y/y, May -3.7% m/m and +2.4% y/y.
1030 ETEIA Weekly Petroleum Status Report.
1130 ETTreasury auctions $15 billion of 2-year floating-rate notes.
1400 ETFOMC announces interest rate decision; 0.25%-0.50% fed funds rate target expected unchanged.
GER0200 ETGerman Jun import price index expected +0.6% m/m and -4.6% y/y, May +0.9% m/m and -5.5% y/y.
0200 ETGerman Aug GfK consumer confidence expected -0.2 to 9.9, Jul +0.3 to 10.1.
EUR0400 ETEurozone Jun M3 money supply, May +4.9% y/y.
UK0430 ETUK Q2 GDP expected +0.5% q/q and +2.1% y/y, Q1 +0.4% q/q and +2.0% y/y.
0430 ETUK May index of services expected +0.1% m/m and +0.3% 3-mo/3-mo, Apr +0.6% m/m and +0.5% 3-mo/3-mo.
0600 ETUK Jul CBI retailing reported sales expected -3 to 1, Jun -3 to 4
U.S. STOCK CALENDAR07/26/2016
CompanyTickerTimeEvent DescriptionPeriodEstimate
Baxter International IncBAXBef-mktQ2 2016 Earnings ReleaseQ2 20160.396
Freeport-McMoRan IncFCXBef-mktQ2 2016 Earnings ReleaseQ2 2016-0.008
TEGNA IncTGNABef-mktQ2 2016 Earnings ReleaseQ2 20160.474
McDonald's CorpMCDBef-mktQ2 2016 Earnings ReleaseQ2 20161.385
United Technologies CorpUTXBef-mktQ2 2016 Earnings ReleaseQ2 20161.681
KeyCorpKEYBef-mktQ2 2016 Earnings ReleaseQ2 20160.276
Waters CorpWATBef-mktQ2 2016 Earnings ReleaseQ2 20161.447
Valero Energy CorpVLOBef-mktQ2 2016 Earnings ReleaseQ2 20160.993
Reynolds American IncRAIBef-mktQ2 2016 Earnings ReleaseQ2 20160.608
DTE Energy CoDTEBef-mktQ2 2016 Earnings ReleaseQ2 20160.888
Fidelity National Information Services IncFISBef-mktQ2 2016 Earnings ReleaseQ2 20160.867
Nielsen Holdings PLCNLSNBef-mktQ2 2016 Earnings ReleaseQ2 20160.716
EI du Pont de Nemours & CoDD6:00Q2 2016 Earnings ReleaseQ2 20161.101
Centene CorpCNC6:00Q2 2016 Earnings ReleaseQ2 20161.084
Starwood Hotels & Resorts Worldwide IncHOT6:30Q2 2016 Earnings ReleaseQ2 20160.733
Eli Lilly & CoLLY6:30Q2 2016 Earnings ReleaseQ2 20160.856
Avery Dennison CorpAVY6:45Q2 2016 Earnings ReleaseQ2 20161.014
Masco CorpMAS7:00Q2 2016 Earnings ReleaseQ2 20160.426
Under Armour IncUA7:15Q2 2016 Earnings ReleaseQ2 20160.032
Verizon Communications IncVZ7:30Q2 2016 Earnings ReleaseQ2 20160.921
Caterpillar IncCAT7:30Q2 2016 Earnings ReleaseQ2 20160.959
3M CoMMM7:30Q2 2016 Earnings ReleaseQ2 20162.063
T Rowe Price Group IncTROW7:30Q2 2016 Earnings ReleaseQ2 20160.725
EI du Pont de Nemours & CoDD8:00Q2 2016 Earnings CallQ2 2016
Masco CorpMAS8:00Q2 2016 Earnings CallQ2 2016
PACCAR IncPCAR8:00Q2 2016 Earnings ReleaseQ2 20161.023
Waters CorpWAT8:00Q2 2016 Earnings CallQ2 2016
Nielsen Holdings PLCNLSN8:00Q2 2016 Earnings CallQ2 2016
Baxter International IncBAX8:30Q2 2016 Earnings CallQ2 2016
Verizon Communications IncVZ8:30Q2 2016 Earnings CallQ2 2016
United Technologies CorpUTX8:30Q2 2016 Earnings CallQ2 2016
Express Scripts Holding CoESRX8:30Q2 2016 Earnings CallQ2 2016
Centene CorpCNC8:30Q2 2016 Earnings CallQ2 2016
Fidelity National Information Services IncFIS8:30Q2 2016 Earnings CallQ2 2016
Under Armour IncUA8:30Q2 2016 Earnings CallQ2 2016
Eli Lilly & CoLLY9:00Q2 2016 Earnings CallQ2 2016
3M CoMMM9:00Q2 2016 Earnings CallQ2 2016
KeyCorpKEY9:00Q2 2016 Earnings CallQ2 2016
Reynolds American IncRAI9:00Q2 2016 Earnings CallQ2 2016
DTE Energy CoDTE9:00Q2 2016 Earnings CallQ2 2016
Freeport-McMoRan IncFCX10:00Q2 2016 Earnings CallQ2 2016
TEGNA IncTGNA10:00Q2 2016 Earnings CallQ2 2016
Legg Mason IncLM10:00Annual General Meeting
Avery Dennison CorpAVY11:00Q2 2016 Earnings CallQ2 2016
Caterpillar IncCAT11:00Q2 2016 Earnings CallQ2 2016
McDonald's CorpMCD11:00Q2 2016 Earnings CallQ2 2016
AvalonBay Communities IncAVB11:00Q2 2016 Earnings CallQ2 2016
Valero Energy CorpVLO11:00Q2 2016 Earnings CallQ2 2016
PACCAR IncPCAR12:00Q2 2016 Earnings CallQ2 2016
Akamai Technologies IncAKAM16:01Q2 2016 Earnings ReleaseQ2 20160.636
Anadarko Petroleum CorpAPC16:05Q2 2016 Earnings ReleaseQ2 2016-0.743
Robert Half International IncRHI16:15Q2 2016 Earnings ReleaseQ2 20160.733
Edwards Lifesciences CorpEW16:15Q2 2016 Earnings ReleaseQ2 20160.699
Ameriprise Financial IncAMP16:15Q2 2016 Earnings ReleaseQ2 20162.26
Apple IncAAPL16:30Q3 2016 Earnings ReleaseQ3 20161.389
Akamai Technologies IncAKAM16:30Q2 2016 Earnings CallQ2 2016
CR Bard IncBCR17:00Q2 2016 Earnings CallQ2 2016
Robert Half International IncRHI17:00Q2 2016 Earnings CallQ2 2016
Total System Services IncTSS17:00Q2 2016 Earnings CallQ2 2016
Apple IncAAPL17:00Q3 2016 Earnings CallQ3 2016
Illumina IncILMN17:00Q2 2016 Earnings CallQ2 2016
Juniper Networks IncJNPR17:00Q2 2016 Earnings CallQ2 2016
Edwards Lifesciences CorpEW17:00Q2 2016 Earnings CallQ2 2016
CR Bard IncBCRAft-mktQ2 2016 Earnings ReleaseQ2 20162.469
Total System Services IncTSSAft-mktQ2 2016 Earnings ReleaseQ2 20160.72
UDR IncUDRAft-mktQ2 2016 Earnings ReleaseQ2 20160.442
Universal Health Services IncUHSAft-mktQ2 2016 Earnings ReleaseQ2 20161.938
Cincinnati Financial CorpCINFAft-mktQ2 2016 Earnings ReleaseQ2 20160.467
Linear Technology CorpLLTCAft-mktQ4 2016 Earnings ReleaseQ4 20160.534
Range Resources CorpRRCAft-mktQ2 2016 Earnings ReleaseQ2 2016-0.185
Zions BancorporationZIONAft-mktQ2 2016 Earnings ReleaseQ2 20160.411
Chubb LtdCBAft-mktQ2 2016 Earnings ReleaseQ2 20162.211
Equity ResidentialEQRAft-mktQ2 2016 Earnings ReleaseQ2 20160.76
Citrix Systems IncCTXSAft-mktQ2 2016 Earnings ReleaseQ2 20161.142
CH Robinson Worldwide IncCHRWAft-mktQ2 2016 Earnings ReleaseQ2 20161.003
Illumina IncILMNAft-mktQ2 2016 Earnings ReleaseQ2 20160.733
Juniper Networks IncJNPRAft-mktQ2 2016 Earnings ReleaseQ2 20160.47
Assurant IncAIZAft-mktQ2 2016 Earnings ReleaseQ2 20161.388
Citrix Systems IncCTXS17:15Q2 2016 Earnings CallQ2 2016
Zions BancorporationZION17:30Q2 2016 Earnings CallQ2 2016
Boston Properties IncBXP18:00Q2 2016 Earnings ReleaseQ2 20161.391
Alaska Air Group IncALKExtraordinary Shareholders MeetingY 2016
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