US : Pre Market News – 25 Apr 2017

PREMARKET WORLD NEWS

Jun E-mini S&Ps (ESM17 +0.17%) this morning are up +0.17% and European stocks are up +0.19% at a 20-month high on positive carry-over from Sunday’s presidential elections in France. The results of the election have reduced market uncertainty as pro-EU candidate Macron holds a substantial lead in the polls ahead of France’s May 7 runoff election against anti-EU candidate Le Pen for the French presidency. The easing of political risks in Europe has fueled a slide in the VIX volatility index to a 2-1/2 month low, which is supporting gains in equities. The markets will digest quarterly earnings results today from some 45 companies in the S&P 500. Asian stocks settled higher: Japan +1.08%, Hong Kong +1.31%, China +0.16%, Taiwan +1.27%, Australia closed for holiday, Singapore +0.63%, South Korea +1.22%, India +0.97%. Japan’s Nikkei Stock Index rallied to a 3-week high on signs that the BOJ, which meets tomorrow and Thursday, will continue its QE program after BOJ Deputy Governor Iwata said the BOJ will continue with policies to reach its 2% CPI target and that it is too early to talk about exit from its monetary easing program.

The dollar index (DXY00 -0.04%) is down -0.05%. EUR/USD (^EURUSD) is up +0.11%. USD/JPY (^USDJPY) is up +0.60%.

Jun 10-year T-note prices (ZNM17 -0.19%) are down -7.5 ticks as a sell-off in 10-year German bund prices to a 3-1/2 week low undercuts T-notes.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Feb FHFA house price index (expected +0.4% m/m, Jan unch m/m), (2) Feb S&P CoreLogic composite-20 home price index (expected +0.77% m/m and +5.78% y/y, Jan +0.86% m/m and +5.73% y/y), (3) Mar new home sales (expected -1.5% to 583,000, Feb +6.1% to 592,000), (4) Apr Conference Board U.S. consumer confidence index (expected -3.1 to 122.5, Mar +9.5 to 125.6), (5) Apr Richmond Fed manufacturing index (expected -6 to 16, Mar +5 to 22), (6) Treasury auctions $ 26 billion of 2-year T-notes.

Notable S&P 500 earnings reports today include: AT&T (consensus $ 0.74), Capital One (1.92), Caterpillar (0.62), McDonald’s (1.34), Coca-Cola (0.44), Lockheed Martin (2.76), Baker Hughes (-0.20), PulteGroup (0.29).

U.S. IPO’s scheduled to price today: Floor & Decor Holdings (FND).

Equity conferences: Capital Link’s Closed-End Funds & Global ETFs Forum on Thu, Burkenroad Reports l Investment Conference on Fri.

 

PREMARKET U.S. STOCKS

JPMorgan Chase (JPM +3.53%) was upgraded to ‘Buy’ from ‘Neutral’ at Guggenheim with a price target of $ 96.

Humana (HUM +0.04%) climbed nearly 3% in after-hours trading after it raised guidance on 2017 adjusted EPS to at least $ 11.10 from a February 14 estimate of $ 10.80-$ 11.00.

Whirlpool (WHR +1.92%) lost 2% in after-hours trading after it reported Q1 adjusted EPS of $ 2.50, weaker than consensus of $ 2.65, and then lowered guidance on full-year EPS to $ 14.75-$ 15.50 from a January 26 estimate of $ 15.25-$ 16.25.

Express Scripts (ESRX +1.19%) plunged 12% in after-hours trading after it said its biggest customer, health insurer Anthem, is unlikely to renew its contract when it expires in 2109 following claims by Anthem that Express Scripts overcharged it by billions of dollars. Competitor CVS Health (CVS +0.97%) rose nearly 2% in after-hours trading after the news.

Alcoa (AA +5.08%) gained 2% in after-hours trading after it reported Q1 adjusted EPS of 63 cents, better than consensus of 48 cents.

Cadence Design Systems (CDNS +1.82%) dropped almost 5% in after-hours trading after it said it sees Q2 adjusted EPS of 31 cents-33 cents, below consensus of 34 cents.

U.S. Silica Holdings (SLCA +2.57%) rallied over 4% in after-hours trading after it reported Q1 adjusted EPS of 9 cents, better than consensus of 6 cents.

Canadian National Railway (CNI +1.26%) lost over 1% in after-hours trading after it reported Q1 revenue of C$ 3.21 billion, below consensus of C$ 3.23 billion.

Range Resources (RRC -0.87%) rose nearly 3% in after-hours trading after it reported Q1 adjusted EPS of 25 cents, higher than consensus of 19 cents.

Zions Bancorporation (ZION +2.72%) fell almost 2% in after-hours trading after CEO Simmons said Q1 loan growth was “lackluster” and Q1 operating costs were “seasonally higher.”

Sanmina (SANM +3.50%) rose nearly 3% in after-hours trading after it said it sees Q3 adjusted EPS of 72 cents-77 cents, above consensus of 72 cents.

Barrick Gold (ABX -0.99%) fell nearly 3% in after-hours trading after it reported Q1 adjusted EPS of 14 cents, below consensus of 21 cents.

Unisys (UIS +1.83%) jumped over 10% in after-hours trading after it reported Q1 adjusted EPS of 30 cents, well above consensus of 22 cents.

Karyopharm Therapeutics (KPTI unch) slid nearly 4% in after-hours trading after it announced that it was commencing a registered underwritten public offering of $ 40 million in shares of its common stock.

MARKET COMMENTS

Jun E-mini S&Ps (ESM17 +0.17%) this morning are up +4.00 points (+0.17%). Monday’s closes: S&P 500 +1.08%, Dow Jones +1.05%, Nasdaq +1.21%. The S&P 500 on Monday gapped up to a 2-week high and settled higher on carry-over support from the surge in European stocks to a 1-1/2 year high after Sunday’s first round of presidential elections left pro-EU candidate Macron in a good position to beat anti-EU candidate Le Pen in the May 7 run-off election. Stocks were also boosted by anticipation that the Trump administration will release an outline of its tax plan on Wednesday. Stocks came off their best levels after the Mar Chicago Fed national activity index unexpectedly fell -0.19 to 0.08, weaker than expectations of +0.16 to 0.50.

Jun 10-year T-notes (ZNM17 -0.19%) this morning are down -7.5 ticks. Monday’s closes: TYM7 -8.50, FVM7 -6.50. Jun 10-year T-notes on Monday gapped lower, posted a 1-1/2 week low, and closed lower. T-note prices were undercut by reduced safe-haven demand as world stocks rally and as centrist-Macron has a good chance of beating anti-EU candidate Le Pen in the May run-off election for French president. T-notes were also undercut by an increase in inflation expectations after the 10-year T-note breakeven rate jumped to a 1-week high.

The dollar index (DXY00 -0.04%) this morning is down -0.053 (-0.05%). EUR/USD (^EURUSD) is up +0.0012 (+0.11%) and USD/JPY (^USDJPY) is up +0.66 (+0.60%). Monday’s closes: Dollar index -0.885 (-0.89%), EUR/USD +0.0140 (+1.30%), USD/JPY +0.68 (+0.62%). The dollar index on Monday tumbled to a 5-1/2 month low and closed lower on strength in EUR/USD which rose to a 5-1/2 month after political risks eased in Europe as pro-EU candidate Macron is now favored to beat anti-EU candidate Le Pen in the May 7 French presidential election.

Jun WTI crude oil prices (CLM17 +0.14%) this morning are up +15 cents (+0.30%) and Jun gasoline (RBM17 -0.33%) is -0.0020 (-0.12%). Monday’s closes: Jun crude -0.39 (-0.79%), Jun gasoline -0.0195 (-1.19%). Jun crude oil and gasoline on Monday sold off to 3-week lows and closed lower on negative carry-over from Friday’s data from Baker Hughes that showed that U.S. active oil rigs rose +5 to a 2-year high of 688 rigs. Crude oil prices were also boosted by the slide in the crack spread to a 3-session low, which may lead to a decrease in refinery demand for crude oil to refine into gasoline. Losses were contained as the dollar index fell to a 5-1/2 month low.

GLOBAL EVENT CALENDAR 04/25/2017
Tuesday, Apr 25
US0900 ETFeb FHFA house price index expected +0.4% m/m, Jan unch m/m.
0900 ETFeb S&P CoreLogic composite-20 home price index expected +0.77% m/m and +5.78% y/y, Jan +0.86% m/m and +5.73% y/y.
1000 ETMar new home sales expected -1.5% to 583,000, Feb +6.1% to 592,000.
1000 ETApr Conference Board U.S. consumer confidence index expected -3.1 to 122.5, Mar +9.5 to 125.6.
1000 ETApr Richmond Fed manufacturing index expected -6 to 16, Mar +5 to 22.
1300 ETTreasury auctions $ 26 billion of 2-year T-notes.
Wednesday, Apr 26
US0700 ETWeekly MBA mortgage applications, previous -1.8% with purchase sub-index -3.4% and refi sub-index +0.2%.
1000 ETU.S. retail sales benchmark revisions.
1030 ETEIA Weekly Petroleum Status Report.
1130 ETTreasury auctions $ 15 billion of 2-year floating-rate notes.
1300 ETTreasury auctions $ 34 billion of 5-year T-notes.
U.S. STOCK CALENDAR 04/25/2017
CompanyTickerTimeEvent DescriptionPeriodEstimate
Laboratory Corp of America HoldingsLH USBef-mktQ1 2017 Earnings ReleaseQ1 172.196
Centene CorpCNC US06:00Q1 2017 Earnings ReleaseQ1 171.042
Ryder System IncR USBef-mktQ1 2017 Earnings ReleaseQ1 170.841
PulteGroup IncPHM USBef-mktQ1 2017 Earnings ReleaseQ1 170.29
Biogen IncBIIB USBef-mktQ1 2017 Earnings ReleaseQ1 174.979
Pentair PLCPNR USBef-mktQ1 2017 Earnings ReleaseQ1 170.612
EI du Pont de Nemours & CoDD US06:00Q1 2017 Earnings ReleaseQ1 171.386
McDonald’s CorpMCD USBef-mktQ1 2017 Earnings ReleaseQ1 171.338
Corning IncGLW USBef-mktQ1 2017 Earnings ReleaseQ1 170.348
Freeport-McMoRan IncFCX USBef-mktQ1 2017 Earnings ReleaseQ1 170.139
Eli Lilly & CoLLY US06:25Q1 2017 Earnings ReleaseQ1 170.963
Baker Hughes IncBHI US06:30Q1 2017 Earnings ReleaseQ1 17(0.204)
Fifth Third BancorpFITB US06:30Q1 2017 Earnings ReleaseQ1 170.372
Nielsen Holdings PLCNLSN US06:30Q1 2017 Earnings ReleaseQ1 170.479
Xerox CorpXRX US06:45Q1 2017 Earnings ReleaseQ1 170.159
Coca-Cola Co/TheKO US06:55Q1 2017 Earnings ReleaseQ1 170.437
Valero Energy CorpVLO US07:00Q1 2017 Earnings ReleaseQ1 170.603
AutoNation IncAN US07:00Q1 2017 Earnings ReleaseQ1 170.909
Masco CorpMAS US07:00Q1 2017 Earnings ReleaseQ1 170.356
Waters CorpWAT US07:00Q1 2017 Earnings ReleaseQ1 171.336
S&P Global IncSPGI US07:15Q1 2017 Earnings ReleaseQ1 171.394
Lockheed Martin CorpLMT US07:25Q1 2017 Earnings ReleaseQ1 172.763
T Rowe Price Group IncTROW US07:30Q1 2017 Earnings ReleaseQ1 171.206
Northern Trust CorpNTRS US07:30Q1 2017 Earnings ReleaseQ1 171.067
Caterpillar IncCAT US07:30Q1 2017 Earnings ReleaseQ1 170.624
3M CoMMM US07:30Q1 2017 Earnings ReleaseQ1 172.068
Whirlpool CorpWHR US08:00Q1 2017 Earnings CallQ1 17
Masco CorpMAS US08:00Q1 2017 Earnings CallQ1 17
PACCAR IncPCAR US08:00Q1 2017 Earnings ReleaseQ1 170.875
Pentair PLCPNR US08:00Q1 2017 Earnings CallQ1 17
EI du Pont de Nemours & CoDD US08:00Q1 2017 Earnings CallQ1 17
Waters CorpWAT US08:00Q1 2017 Earnings CallQ1 17
Nielsen Holdings PLCNLSN US08:00Q1 2017 Earnings CallQ1 17
Centene CorpCNC US08:30Q1 2017 Earnings CallQ1 17
Baker Hughes IncBHI US08:30Q1 2017 Earnings CallQ1 17
PulteGroup IncPHM US08:30Q1 2017 Earnings CallQ1 17
Charter Communications IncCHTR US08:30Annual General Meeting
S&P Global IncSPGI US08:30Q1 2017 Earnings CallQ1 17
Biogen IncBIIB US08:30Q1 2017 Earnings CallQ1 17
Express Scripts Holding CoESRX US08:30Q1 2017 Earnings CallQ1 17
Corning IncGLW US08:30Q1 2017 Earnings CallQ1 17
Coca-Cola Co/TheKO US09:00Q1 2017 Earnings CallQ1 17
Laboratory Corp of America HoldingsLH US09:00Q1 2017 Earnings CallQ1 17
Range Resources CorpRRC US09:00Q1 2017 Earnings CallQ1 17
Citigroup IncC US09:00Annual General Meeting
American Electric Power Co IncAEP US09:00Annual General Meeting
Fifth Third BancorpFITB US09:00Q1 2017 Earnings CallQ1 17
Ameriprise Financial IncAMP US09:00Q1 2017 Earnings CallQ1 17
Exelon CorpEXC US09:00Annual General Meeting
Eli Lilly & CoLLY US09:00Q1 2017 Earnings CallQ1 17
3M CoMMM US09:00Q1 2017 Earnings CallQ1 17
Moody’s CorpMCO US09:30Annual General Meeting
SunTrust Banks IncSTI US09:30Annual General Meeting
Humana IncHUM US09:30Investor Day
Newmont Mining CorpNEM US10:00Q1 2017 Earnings CallQ1 17
Kimco Realty CorpKIM US10:00Annual General Meeting
International Business Machines CorpIBM US10:00Annual General Meeting
Valero Energy CorpVLO US10:00Q1 2017 Earnings CallQ1 17
Northern Trust CorpNTRS US10:00Q1 2017 Earnings CallQ1 17
Xerox CorpXRX US10:00Q1 2017 Earnings CallQ1 17
Freeport-McMoRan IncFCX US10:00Q1 2017 Earnings CallQ1 17
Wells Fargo & CoWFC US10:00Annual General Meeting
Centene CorpCNC US10:00Annual General Meeting
Noble Energy IncNBL US10:30Annual General Meeting
Comerica IncCMA US10:30Annual General Meeting
Crown Castle International CorpCCI US10:30Q1 2017 Earnings CallQ1 17
Ryder System IncR US11:00Q1 2017 Earnings CallQ1 17
Praxair IncPX US11:00Annual General Meeting
BB&T CorpBBT US11:00Annual General Meeting
PNC Financial Services Group Inc/ThePNC US11:00Annual General Meeting
AutoNation IncAN US11:00Q1 2017 Earnings CallQ1 17
PACCAR IncPCAR US11:00Q1 2017 Earnings CallQ1 17
Fastenal CoFAST US11:00Annual General Meeting
Lockheed Martin CorpLMT US11:00Q1 2017 Earnings CallQ1 17
McDonald’s CorpMCD US11:00Q1 2017 Earnings CallQ1 17
Caterpillar IncCAT US11:00Q1 2017 Earnings CallQ1 17
Northern Trust CorpNTRS US11:30Annual General Meeting
Apartment Investment & Management CoAIV USAnnual General Meeting
PerkinElmer IncPKI USAnnual General Meeting
VF CorpVFC USAnnual General Meeting
UDR IncUDR US13:00Q1 2017 Earnings CallQ1 17
PACCAR IncPCAR US13:30Annual General Meeting
FMC CorpFMC US14:00Annual General Meeting
Hanesbrands IncHBI US14:15Annual General Meeting
CH Robinson Worldwide IncCHRW USAft-mktQ1 2017 Earnings ReleaseQ1 170.807
Chubb LtdCB USAft-mktQ1 2017 Earnings ReleaseQ1 172.432
Realty Income CorpO USAft-mktQ1 2017 Earnings ReleaseQ1 170.74
Stryker CorpSYK US16:00Q1 2017 Earnings ReleaseQ1 171.428
Edwards Lifesciences CorpEW USAft-mktQ1 2017 Earnings ReleaseQ1 170.821
Discover Financial ServicesDFS USAft-mktQ1 2017 Earnings ReleaseQ1 171.434
AT&T IncT USAft-mktQ1 2017 Earnings ReleaseQ1 170.74
Illumina IncILMN USAft-mktQ1 2017 Earnings ReleaseQ1 170.644
Universal Health Services IncUHS USAft-mktQ1 2017 Earnings ReleaseQ1 172.066
Equity ResidentialEQR USAft-mktQ1 2017 Earnings ReleaseQ1 170.738
Boston Properties IncBXP USAft-mktQ1 2017 Earnings ReleaseQ1 171.495
Juniper Networks IncJNPR USAft-mktQ1 2017 Earnings ReleaseQ1 170.422
Wynn Resorts LtdWYNN USAft-mktQ1 2017 Earnings ReleaseQ1 170.944
Capital One Financial CorpCOF US16:05Q1 2017 Earnings ReleaseQ1 171.921
Arconic IncARNC US16:05Q1 2017 Earnings ReleaseQ1 170.236
Chipotle Mexican Grill IncCMG US16:10Q1 2017 Earnings ReleaseQ1 171.283
Total System Services IncTSS US16:15Q1 2017 Earnings ReleaseQ1 170.769
Chipotle Mexican Grill IncCMG US16:30Q1 2017 Earnings CallQ1 17
Stryker CorpSYK US16:30Q1 2017 Earnings CallQ1 17
Texas Instruments IncTXN US16:30Q1 2017 Earnings ReleaseQ1 170.828
AT&T IncT US16:30Q1 2017 Earnings CallQ1 17
Wynn Resorts LtdWYNN US16:30Q1 2017 Earnings CallQ1 17
Total System Services IncTSS US17:00Q1 2017 Earnings CallQ1 17
Edwards Lifesciences CorpEW US17:00Q1 2017 Earnings CallQ1 17
Capital One Financial CorpCOF US17:00Q1 2017 Earnings CallQ1 17
Illumina IncILMN US17:00Q1 2017 Earnings CallQ1 17
Arconic IncARNC US17:00Q1 2017 Earnings CallQ1 17
Juniper Networks IncJNPR US17:00Q1 2017 Earnings CallQ1 17
Texas Instruments IncTXN US17:30Q1 2017 Earnings CallQ1 17
Discover Financial ServicesDFS US18:00Q1 2017 Earnings CallQ1 17

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Discussion on US : Pre Market News – 25 Apr 2017