US : Pre Market News – 29 Nov 2016

PREMARKET WORLD NEWS

Dec E-mini S&Ps (ESZ16 +0.22%) are up +0.14% and European stocks are up +0.33%. Equities received a boost after Eurozone Nov economic confidence rose to the highest in 11 months, although trading was subdued ahead of the OPEC meeting Wednesday and Sunday’s referendum in Italy on constitutional reforms. On the negative side, Jan WTI crude oil (CLF17 -2.36%) is down -1.81% as OPEC remains split before its meeting tomorrow in Vienna. Iraq and Iran continue to resist calls to curb output, while Russia said it will not attend the OPEC talks. Asian stocks settled mixed: Japan -0.27%, Hong Kong -0.41%, China +0.18%, Taiwan -0.32%, Australia -0.13%, Singapore +0.16%, South Korea -0.02%, India +0.17%. Japanese stocks closed lower as a stronger yen undercut exporting companies, while China’s Shanghai Composite climbed to a 10-1/2 month high on speculation that government curbs on the real estate market will prompt funds to move into stocks.

The dollar index (DXY00 +0.12%) is down -0.02%. EUR/USD (^EURUSD) is down -0.17%. USD/JPY (^USDJPY) is up +0.65%.

Dec 10-year T-note prices (ZNZ16 -0.10%) are down -1 tick.

Eurozone Nov economic confidence rose +0.1 to 106.5, weaker than expectations of +0.5 to 106.8 but still the highest in 11 months. The Nov business climate indicator unexpectedly fell -0.14 to 0.42, weaker than expectations of +0.05 to 0.60.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) revised Q3 GDP (expected +3.0% q/q annualized, previous +2.9%), (2) Sep S&P CoreLogic composite-20 home price index (expected +0.4% m/m and +5.2% y/y, Aug +0.24% m/m and +5.13% y/y), (3) Nov Conferenc Board U.S. consumer confidence index (expected +2.7 to 101.3, Oct -4.9 to 98.6).

Russell 1000 earnings reports today include: Tiffany (consensus $ 0.68), Autodesk (-0.24), Guidewire Software (-0.05), Splunk (0.08), Berry Plastics (1.89).

U.S. IPO’s scheduled to price today: none.

Equity conferences during the remainder of this week include: Credit Suisse Technology, Media, and Telecom Conference on Mon-Wed, MUFG Securities Energy Tour on Tue, UBS Global Real Estate Conference on Tue, Citi Basic Materials Conference on Tue-Wed, Jefferies Energy Conference on Tue-Wed, Piper Jaffray Health Care Conference on Tue-Wed, Bank of America Merrill Lynch Leveraged Finance Conference on Tue-Wed, NASDAQ Investor Conference on Tue-Wed, J.P. Morgan FinTech & Specialty Finance Forum on Wed, Credit Suisse Industrials Conference on Tue-Thu.

PREMARKET U.S. STOCKS

Pfizer (PFE -0.47%) was upgraded to ‘Overweight’ from ‘Equalweight’ at Barclays with a 12-month price target of $ 38.

U.S. Steel (X -3.19%) was downgraded to ‘Hold’ from ‘Buy’ at Argus.

TiVo (TIVO +0.24%) rallied almost 5% in after-hours trading after it signed IP licensing pacts with Netflix.

Thor Industries (THO -0.25%) jumped almost 10% in after-hours trading after it reported Q1 EPS continuing operations of $ 1.49, higher than consensus of $ 1.23.

SiteOne Landscape Supply (SITE -1.49%) slipped 3% in after-hours trading after it announced a secondary offering of 8 million shares of common stock.

Allstate (ALL -0.47%) fell over 1% in after-hours trading after it said it will buy SquareTrade for $ 1.4 billion in cash.

Texas Capital Bancshares (TCBI -3.11%) dropped 3% in after-hours trading after it announced an offering of 3 million shares of common stock.

Shoe Carnival (SCVL -3.75%) sank 10% in after-hours trading after it reported Q3 WPS of 54 cents, weaker than consensus of 56 cents, and then cut its view on fiscal 2017 EPS to $ 1.46-$ 1.51 from an August 31 view of $ 1.58-$ 1.65.

ZTO Express Cayman (ZTO -0.57%) gained over 3% in after-hours trading after it reported Q3 earnings per ADS were 12 cents, higher than consensus of 11 cents.

Cotiviti Holdings (COTV -1.35%) lost over 1% in after-hours trading after it announced a secondary public offering of 10 million shares of common stock.

21Vianet Group (VNET -1.17%) rose over 3% in after-hours trading aft it reported a Q3 loss/ADR of -13 cents, a smaller decline than consensus of -15 cents.

Cherokee Global (CHKE -4.76%) lost over 2% in after-hours trading after it announced plans to buy Hi-Tec Sports International Holdings for $ 95.8 million.

Bojangles’ Inc. (BOJA -1.75%) slid 4% in after-hours trading after holders proposed a secondary offering of 6 million shares of common stock.

Nivalis Therapeutics (NVLS -0.48%) plunged over 50% in after-hours trading after it said its Phase 2 study evaluating cavosonstat failed to meet the primary endpoint in adult patients with cystic fibrosis.

MARKET COMMENTS

Dec E-mini S&Ps (ESZ16 +0.22%) this morning are up +3.00 points (+0.14%). Monday’s closes: S&P 500 -0.53%, Dow Jones -0.28%, Nasdaq -0.27%. The S&P 500 on Monday closed lower on carry-over weakness from a slide in European stocks led by a sell-off in Italian bank stocks on concern Italian voters may vote “no” for Prime Minister Renzi’s referendum on Sunday on constitutional reforms. The Financial Times reports that as many as 8 Italian banks risk failing if Renzi loses that vote. Stocks were also undercut by a slide in consumer discretionary stocks led by a -1.7% drop in Amazon.com after Citigroup cut its price target on the stock, citing deep discounting by the retailer to compete during the holiday season. Energy producer stocks received a boost from the +1.82% gain in crude oil prices.

Dec 10-year T-notes (ZNZ16 -0.10%) this morning are up +1 tick. Monday’s closes: TYZ6 +14.00, FVZ6 +6.75. Dec 10-year T-note futures on Monday closed higher on carry-over support from a rally in German bund prices to a 2-week high and on higher safe-haven demand with the sell-off in stocks.

The dollar index (DXY00 +0.12%) this morning is down -0.020 (-0.02%). EUR/USD (^EURUSD) is -0.0018 (-0.17%). USD/JPY (^USDJPY) is up +0.73 (+0.65%). Monday’s closes: Dollar index -0.160 (-0.16%), EUR/USD +0.0025 (+0.24%), USD/JPY -1.28 (-1.13%). The dollar index on Monday fell to a 1-week low and closed lower on the decline in 10-year T-note yields, which reduced the dollar’s interest rate differentials. In addition, USD/JPY showed weakness as a sell-off in stocks boosted he safe-haven demand for the yen.

Jan crude oil prices (CLF17 -2.36%) this morning are down -85 cents (-1.81%) and Jan gasoline (RBF17 -1.61%) is -0.0157 (-1.11%). Monday’s closes: Jan crude +0.84 (+1.82%), Jan gasoline -0.0355 (+2.58%). Jan crude oil and gasoline on Monday closed higher on the slide in the dollar index to a 1-week low and on comments from Iraq Oil Minister Jabbar al-Luaibi who said he’s “optimistic” a deal can be reached on oil production cuts when OPEC meets Wednesday in Vienna.

GLOBAL EVENT CALENDAR 11/29/2016
Tuesday, Nov 29
US0830 ETRevised Q3 GDP expected +3.0% (q/q annualized), previous +2.9% (q/q annualized). Q3 personal consumption expected +2.3%, previous +2.1%. Q3 price index expected unrevised at +1.5%. Q3 core PCE expected unrevised at +1.7% q/q.
0900 ETSep S&P CoreLogic composite-20 home price index expected +0.4% m/m and +5.2% y/y, Aug +0.24% m/m and +5.13% y/y.
1000 ETNov consumer confidence (Conference Board) expected +2.7 to 101.3, Oct -4.9 to 98.6.
Wednesday, Nov 30
US0700 ETWeekly MBA mortgage applications, previous +5.5% with purchase sub-index +18.8% and refi sub-index -3.1%.
0800 ETDallas Fed President Robert Kaplan (non-voter) speaks to the Economic Club of New York.
0815 ETNov ADP employment change expected +169,000, Oct +147,000.
0830 ETOct personal spending expected +0.5%, Sep +0.5%. Oct personal income expected +0.4%, Sep +0.3%.
0830 ETOct PCE deflator expected +0.3% m/m and +1.5% y/y, Sep +0.2% m/m and +1.2% y/y. Oct core PCE expected +0.1% m/m and +1.7% y/y, Sep +0.1% m/m and +1.7% y/y.
0945 ETNov Chicago PMI expected +1.9 to 52.5, Oct -3.6 to 50.6.
1000 ETOct pending home sales expected unch m/m, Sep +1.5% m/m and +2.0% y/y.
1030 ETEIA Weekly Petroleum Status Report.
1145 ETFed Governor Jerome Powell speaks at the Brookings Institute in Washington, D.C.
1400 ETFed Beige Book.
n/aOPEC meeting in Vienna.
U.S. STOCK CALENDAR 11/29/2016
CompanyTickerTimeEvent DescriptionPeriodEstimate
Berry Plastics Group IncBERY USBef-mktQ4 2016 Earnings ReleaseQ4 20160.588
Mallinckrodt PLCMNK US6:00Q4 2016 Earnings ReleaseQ4 20161.887
Tiffany & CoTIF US6:40Q3 2017 Earnings ReleaseQ3 20170.675
UnitedHealth Group IncUNH US8:00Investor ConferenceY 2016
Tiffany & CoTIF US8:30Q3 2017 Earnings CallQ3 2017
Mallinckrodt PLCMNK US8:30Q4 2016 Earnings CallQ4 2016
Berry Plastics Group IncBERY US10:00Q4 2016 Earnings CallQ4 2016
Autodesk IncADSK US16:01Q3 2017 Earnings ReleaseQ3 2017-0.24
Splunk IncSPLK US16:30Q3 2017 Earnings CallQ3 2017
Autodesk IncADSK US17:00Q3 2017 Earnings CallQ3 2017
Guidewire Software IncGWRE US17:00Q1 2017 Earnings CallQ1 2017
Guidewire Software IncGWRE USAft-mktQ1 2017 Earnings ReleaseQ1 2017-0.045
Splunk IncSPLK USAft-mktQ3 2017 Earnings ReleaseQ3 20170.079

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