US : Pre Market News – 01 Feb 2017

PREMARKET WORLD NEWS

Mar E-mini S&Ps (ESH17 +0.23%) are up +0.19% and European stocks are up +0.90%. Optimism about corporate earnings is lifting stock indexes this morning with Apple up 3% in pre-market trading after it reported better-than-expected quarterly earnings results after the market closed on Tuesday. Although expectations are for no change in monetary policy after today’s FOMC meeting, the markets will parse the post-FOMC statement for any change in forward guidance as to when the Fed may next raise interest rates. European stocks received an added boost after the Eurozone Jan Markit manufacturing PMI was revised upward to the fastest pace of expansion since the data series began in 2014. Asian stocks settled mostly higher: Japan +0.56%, Hong Kong -0.18%, Australia +0.57%, Singapore +0.68%, South Korea +0.55%, India +1.76%. China and Taiwan were closed for holiday. Japan’s Nikkei Stock Index recovered from a 1-week low and closed higher as strength in USD/JPY boosted exporter stocks.

The dollar index (DXY00 +0.06%) is up +0.06%. EUR/USD (^EURUSD) is unchanged. USD/JPY (^USDJPY) is up +0.41%.

Mar 10-year T-note prices (ZNH17 -0.14%) are down -4.5 ticks.

The Eurozone Jan Markit manufacturing PMI was revised upward to 55.2 from the originally reported 55.1, the fastest pace of expansion since the data series began in 2014.

The China Jan manufacturing PMI fell -0.1 to 51.3, stronger than expectations of -0.2 to 51.2.

The Japan Jan Nikkei manufacturing PMI was revised downward to 52.7 from the originally reported 52.8, still the fastest pace of expansion in 2-3/4 years.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) weekly MBA mortgage applications (previous +4.0% with purchase sub-index +6.0% and refi sub-index +0.2%), (2) Jan ADP employment (expected +167,000, Dec +153,000), (3) revised Jan Markit U.S. manufacturing PMI (prelim-Jan +0.8 to 55.1), (4) Jan ISM manufacturing PMI (expected +0.5 to 55.0, Dec +1.0 to 54.7), (5) Dec construction spending (expected +0.2% m/m, Nov +0.9% m/m), (6) FOMC announces policy decision (no change expected for 0.50%-0.75% fed funds target range), (7) Jan total vehicle sales (expected 17.50 million, Dec 18.29 million), (8) EIA Weekly Petroleum Status Report.

Notable S&P 500 earnings reports today include: Amazon.com (consensus $ 1.36), Visa (0.78), Motorola Solutions (1.86), CMD Group (1.09), Intl Paper (0.72), ConocoPhillips (-0.40), Eaton (1.01), Ball Corp (0.84).

U.S. IPO’s scheduled to price today: Kimbell Royalty Partners (KRP), IC Power Pte Ltd (ICP), Ramaco Resources (METC).

Equity conferences: none.

PREMARKET U.S. STOCKS

Apple (AAPL -0.23%) rose 3% in pre-market trading after it reported Q1 EPS of $ 3.36, higher than consensus of $ 3.22, and said it sold 78.3 million iPhone units, above consensus of 76.3 million.

Marathon Oil (MRO +1.33%) was upgraded to ‘Sector Outperform’ from ‘Sector Perform’ at Scotia Howard Weil with a target price of $ 25.

Illumina (ILMN +0.51%) lost 1% in after-hours trading after it said it sees Q1 revenue of $ 580 million to $ 595 million, below consensus of $ 615.3 million.

U.S. Steel (X -0.88%) lost almost 1% in after-hours trading after it reported Q4 net sales of $ 2.65 billion, below consensus of $ 2.66 billion.

Align Technology (ALGN +1.90%) gained 2% in after-hours trading after it said it sees Q1 net revenue of $ 295 million to $ 298 million, above consensus of $ 293.5 million.

Manhattan Associates (MANH +0.06%) fell 5% in after-hours trading after it said it sees fiscal 2017 adjusted EPS of $ 1.89 to $ 1.93, below consensus of $ 2.02.

Carbonite (CARB +2.37%) rose nearly 3% in after-hours trading after it reported Q4 preliminary non-GAAP EPS of 10 cents-13 cents, higher than consensus of 10 cents. It also purchased Double-Take for $ 65.3 million in cash and stock.

Under Armour (UAA -25.74%) was downgraded to ‘Underperform’ from ‘Neutral’ at Credit Suisse.

Overstock.com (OSTK unch) surged over 13% in after-hours trading after it reported Q4 EPS of 12 cents versus zero y/y and Q4 revenue of $ 526.2 million versus $ 480.3 million y/y.

Advanced Micro Devices (AMD -2.26%) climbed nearly 5% in after-hours trading after it reported Q4 revenue of $ 1.11 billion, better than consensus of $ 1.07 billion.

Match Group (MTCH -0.52%) dropped nearly 8% in after-hours trading after it said it sees Q1 revenue of $ 287 million-$ 297 million, well below consensus of $ 330.2 billion.

Sanchez Energy (SN -1.49%) slid 3% in after-hours trading after it announced a public offering of 10 million shares of common stock.

Boot Barn Holdings (BOOT +3.43%) sank nearly 10% in after-hours trading after it cut its fiscal 2017 EPS estimate to 60 cents-63 cents from an Oct 26 projection of 66 cents-73 cents, below consensus of 68 cents.

Synergy Pharmaceuticals (SGYP +8.10%) sank over 10% in after-hours trading after it announced a public offering of $ 125 million of common stock.

Catabasis Pharmaceuticals (CATB +2.80%) plunged over 60% in after-hours trading after part B of the MoveDMD trial of its edasalonexent (CAT-1004) for treatment of Duchenne muscular dystrophy failed to meet its primary endpoint.

MARKET COMMENTS

Mar E-mini S&Ps (ESH17 +0.23%) this morning are up +4.25 points (+0.19%). Tuesday’s closes: S&P 500 -0.09%, Dow Jones -0.54%, Nasdaq -0.24%. The S&P 500 on Tuesday moved lower for a third day and closed slightly lower on the -1.5-point decline in U.S. Jan consumer confidence (Conference Board) to 111.8 (weaker than expectations of -0.9 to 112.8) and on the unexpected -3.6 point drop in the Jan Chicago PMI to 50.3 (weaker than expectations of +0.4 to 55.0 and the slowest pace of expansion in 8 months).

Mar 10-year T-notes (ZNH17 -0.14%) this morning are down -4.5 ticks. Tuesday’s closes: TYH7 +8.00, FVH7 +3.75. Mar 10-year T-notes on Tuesday closed higher on the unexpected decline in the Jan Chicago PMI (-3.6 to 50.3) to an 8-month low and on increased safe-haven demand with the slide in stocks.

The dollar index (DXY00 +0.06%) this morning is up +0.061 (+0.06%). EUR/USD (^EURUSD) is unch. USD/JPY (^USDJPY) is up +0.46 (+0.41%). Tuesday’s closes: Dollar index -0.854 (-0.85%), EUR/USD +0.0103 (+0.96%), USD/JPY -0.97 (-0.85%). The dollar index on Tuesday tumbled to a 2-1/2 month low and closed lower on a surge in EUR/USD to a 1-1/2 month high after the Financial Times reported that Peter Navarro, the Trump administration’s chief trade advisor, said the euro was “grossly undervalued.”

Mar WTI crude oil prices (CLH17 +0.74%) this morning are up +34 cents (+0.64%) and Mar gasoline (RBH17 +1.45%) is +0.0177 (+1.14%). Tuesday’s closes: Mar crude +0.18 (+0.34%), Mar gasoline +0.0170 (+1.11%). Mar crude oil and gasoline on Tuesday closed higher on the slump in the dollar index to a 2-1/2 month low and the shutdown of the 400,000 bpd Legacy pipeline after it was damaged by road workers, which reduces the flow of crude from Cushing to the Gulf Coast. Gains were limited on expectations that Wednesday’s EIA data will show U.S. crude inventories rose +3.0 million bbl.

GLOBAL EVENT CALENDAR 02/01/2017
Wednesday, Feb 1
US0700 ETWeekly MBA mortgage applications, previous +4.0% with purchase sub-index +6.0% and refi sub-index +0.2%.
0815 ETJan ADP employment change expected +167,000, Dec +153,000.
0830 ETTreasury announces amount of 3-year T-notes (previous $ 24 billion), 10-year T-notes (previous $ 20 billion) and 30-year T-bonds (previous $ 12 billion) to be auctioned Feb 7-9 in the Feb quarterly refunding.
0945 ETRevised Jan Markit U.S. manufacturing PMI, prelim-Jan +0.8 to 55.1.
1000 ETJan ISM manufacturing PMI expected +0.5 to 55.0, Dec +1.0 to 54.7. Jan ISM new orders, Dec +5.5 to 60.3. Jan ISM employment, Dec +0.3 at 52.8. Jan ISM prices paid expected +0.5 to 66.0, Dec +11.0 to 65.5.
1000 ETDec construction spending expected +0.2% m/m, Nov +0.9% m/m.
1030 ETEIA Weekly Petroleum Status Report.
1400 ETFOMC announces interest rate decision; no change expected for 0.50%-0.75% fed funds target range.
n/aJan total vehicle sales expected 17.50 million, Dec 18.29 million. Jan domestic vehicle sales expected 14.00 million, Dec 14.19 million.
Thursday, Feb 2
US0730 ETJan Challenger job cuts, Dec +42.2% y/y.
0830 ETWeekly initial unemployment claims expected -9,000 to 250,000, previous +22,000 to 259,000. Weekly continuing claims expected -37,000 to 2.063 million, previous +41,000 to 2.100 million.
0830 ETQ4 non-farm productivity expected +1.0%, Q3 +3.1%. Q4 unit labor costs expected +1.9%, Q3 +0.7%.
0830 ETUSDA weekly Export Sales.
U.S. STOCK CALENDAR 02/01/2017
CompanyTickerTimeEvent DescriptionPeriodEstimate
Automatic Data Processing IncADP USBf-mktQ2 2017 Earnings ReleaseQ2 20170.812
Baxter International IncBAX USBf-mktQ4 2016 Earnings ReleaseQ4 20160.521
PPL CorpPPL USBf-mktQ4 2016 Earnings ReleaseQ4 20160.52
Marathon Petroleum CorpMPC USBf-mktQ4 2016 Earnings ReleaseQ4 20160.26
Dominion Resources Inc/VAD US6:00Q4 2016 Earnings ReleaseQ4 20161.005
Anthem IncANTM US6:00Q4 2016 Earnings ReleaseQ4 20161.762
Ingersoll-Rand PLCIR US6:30Q4 2016 Earnings ReleaseQ4 20160.92
Avery Dennison CorpAVY US6:45Q4 2016 Earnings ReleaseQ4 20160.933
Johnson Controls InternationalJCI US6:55Q1 2017 Earnings ReleaseQ1 20170.517
Altria Group IncMO US7:00Q4 2016 Earnings ReleaseQ4 20160.668
Pitney Bowes IncPBI US7:00Q4 2016 Earnings ReleaseQ4 20160.567
WEC Energy Group IncWEC US7:00Q4 2016 Earnings ReleaseQ4 20160.606
Automatic Data Processing IncADP US8:30Q2 2017 Earnings CallQ2 2017
Baxter International IncBAX US8:30Q4 2016 Earnings CallQ4 2016
PPL CorpPPL US8:30Q4 2016 Earnings CallQ4 2016
Pitney Bowes IncPBI US8:30Q4 2016 Earnings CallQ4 2016
Chubb LtdCB US8:30Q4 2016 Earnings CallQ4 2016
CH Robinson Worldwide IncCHRW US8:30Q4 2016 Earnings CallQ4 2016
Anthem IncANTM US8:30Q4 2016 Earnings CallQ4 2016
Aflac IncAFL US9:00Q4 2016 Earnings CallQ4 2016
Anadarko Petroleum CorpAPC US9:00Q4 2016 Earnings CallQ4 2016
Altria Group IncMO US9:00Q4 2016 Earnings CallQ4 2016
Marathon Petroleum CorpMPC US9:00Q4 2016 Earnings CallQ4 2016
Ford Motor CoF US9:15January 2017 Sales and Revenue Release2017
Dominion Resources Inc/VAD US10:00Q4 2016 Earnings CallQ4 2016
Ford Motor CoF US10:00January 2017 Sales and Revenue Call2017
Ingersoll-Rand PLCIR US10:00Q4 2016 Earnings CallQ4 2016
Boston Properties IncBXP US10:00Q4 2016 Earnings CallQ4 2016
Avery Dennison CorpAVY US11:00Q4 2016 Earnings CallQ4 2016
Johnson Controls InternationalJCI US11:00Q1 2017 Earnings CallQ1 2017
Equity ResidentialEQR US11:00Q4 2016 Earnings CallQ4 2016
WEC Energy Group IncWEC US14:00Q4 2016 Earnings CallQ4 2016
QIAGEN NVQGEN US16:00Q4 2016 Earnings ReleaseQ4 20160.377
Qorvo IncQRVO US16:00Q3 2017 Earnings ReleaseQ3 20171.252
Torchmark CorpTMK US16:05Q4 2016 Earnings ReleaseQ4 20161.128
Symantec CorpSYMC US16:05Q3 2017 Earnings ReleaseQ3 20170.282
Facebook IncFB US16:05Q4 2016 Earnings ReleaseQ4 20161.307
Unum GroupUNM US16:15Q4 2016 Earnings ReleaseQ4 20160.975
Allstate Corp/TheALL US16:15Q4 2016 Earnings ReleaseQ4 20161.632
Edwards Lifesciences CorpEW US16:15Q4 2016 Earnings ReleaseQ4 20160.717
Hologic IncHOLX US16:30Q1 2017 Earnings CallQ1 2017
Symantec CorpSYMC US17:00Q3 2017 Earnings CallQ3 2017
Tractor Supply CoTSCO US17:00Q4 2016 Earnings CallQ4 2016
Edwards Lifesciences CorpEW US17:00Q4 2016 Earnings CallQ4 2016
Facebook IncFB US17:00Q4 2016 Earnings CallQ4 2016
Qorvo IncQRVO US17:00Q3 2017 Earnings CallQ3 2017
XL Group LtdXL US17:00Q4 2016 Earnings CallQ4 2016
Lincoln National CorpLNC USAft-mktQ4 2016 Earnings ReleaseQ4 20161.706
Hologic IncHOLX USAft-mktQ1 2017 Earnings ReleaseQ1 20170.509
Mid-America ApartmentMAA USAft-mktQ4 2016 Earnings ReleaseQ4 20161.485
AvalonBay Communities IncAVB USAft-mktQ4 2016 Earnings ReleaseQ4 20162.104
Tractor Supply CoTSCO USAft-mktQ4 2016 Earnings ReleaseQ4 20160.916
MetLife IncMET USAft-mktQ4 2016 Earnings ReleaseQ4 20161.346
Ameriprise Financial IncAMP USAft-mktQ4 2016 Earnings ReleaseQ4 20162.422
XL Group LtdXL USAft-mktQ4 2016 Earnings ReleaseQ4 20160.346
Costco Wholesale CorpCOST US21:00January 2017 Sales and Revenue Release2017

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