US : Pre Market News – 26 Apr 2017

PREMARKET WORLD NEWS

Jun E-mini S&Ps (ESM17 -0.04%) this morning are down slightly by -0.04% before President Trump unveils the outlines of his tax plans later today. The upside in equities was limited and European stocks slipped -0.30% as energy producing companies declined as the price of Jun WTI crude (CLM17 -0.67%) dropped by -0.48%. Crude prices were undercut after the API late Tuesday reported that U.S. crude stockpiles rose +897,000 bbl last week. Losses in European stocks were contained after the German government raised its 2017 German GDP forecast to 1.5% from a 1.4% estimate in Jan. Trading activity was subdued ahead of central bank meetings by the ECB and BOJ tomorrow. Asian stocks settled higher: Japan +1.10%, Hong Kong +0.50%, China +0.20%, Taiwan +0.15%, Australia +0.69%, Singapore +0.31%, South Korea +0.48%, India +0.63%. Japan’s Nikkei Stock Index climbed to a 1-month high as exporter stocks rallied after USD/JPY jumped to a 2-week high, which improves the earnings prospects of exporters.

The dollar index (DXY00 +0.23%) is up +0.27%. EUR/USD (^EURUSD) is down -0.29%. USD/JPY (^USDJPY) is up +0.08% at a 2-week high.

Jun 10-year T-note prices (ZNM17 unch) are up +1.5 ticks.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) weekly MBA mortgage applications (previous -1.8% with purchase sub-index -3.4% and refi sub-index +0.2%), (2) Treasury auctions $ 15 billion of 2-year floating-rate notes and $ 34 billion of 5-year T-notes, (3) EIA Weekly Petroleum Status Report.

Notable S&P 500 earnings reports today include: Waste Management (consensus $ 0.66), Dr Pepper Snapple (0.96), Rockwell Automation (1.40), Northrop Grumman (2.92), PepsiCo (0.92), United Technologies (1.39), Nasdaq (1.06), Baxter (0.52), Procter & Gamble (0.94), State Street (1.10), Boeing (1.91), General Dynamics (2.32), Amgen (3.01), Public Storage (2.42), PayPal (0.41), Unum (0.99).

U.S. IPO’s scheduled to price today: China Rapid Finance (XRF), Verona Pharma (VRNA).

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

 

PREMARKET U.S. STOCKS

Edwards Lifesciences (EW +0.98%) climbed 9% in pre-market trading after it reported Q1 adjusted EPS of 94 cents, above consensus of 82 cents, and then raised guidance for full-year EPS to $ 3.43-$ 3.55 from a February 1 forecast of $ 3.30-$ 3.45.

U.S. Steel (X -0.29%) plunged 16% in pre-market trading after it reported Q1 adjusted Ebitda of $ 74 million, well below consensus of $ 254.7 million, and then cut guidance on full-year EPS to $ 1.50 from a January 31 estimate of $ 3.08.

Costco Wholesale (COST +0.20%) rose nearly 3% in pre-market trading after it raised its quarterly dividend to 50 cents a share from 45 cents, higher than consensus of 49 cents, and said it will pay a $ 7 a share special dividend May 26 to holders of record May 10.

Capital One Financial (COF +1.06%) fell 4% in after-hours trading after it reported Q1 adjusted EPS of $ 1.75, weaker than consensus of $ 1.92.

Discover Financial Services (DFS +0.55%) slid over 4% in after-hours trading after it reported Q1 revenue net of interest expense $ 2.34 billion, below consensus of $ 2.36 billion.

Juniper Networks (JNPR -1.73%) rose 3% in after-hours trading after it reported Q1 adjusted EPS of 46 cents, better than consensus of 42 cents.

iRobot (IRBT -0.17%) jumped nearly 10% in after-hours trading after it reported Q1 EPS of 58 cents, stronger than consensus of 31 cents, and then said it sees full-year EPS of $ 1.45-$ 1.70, higher than consensus of $ 1.54.

CH Robinson Worldwide (CHRW +0.14%) lost 1% in after-hours trading after it said lower revenue at truckload and intermodal services reflects weak pricing.

Neurocrine Biosciences (NBIX +3.55%) slid 4% in after-hours trading after it announced its intention to offer $ 450 million of convertible senior notes due 2024.

Crown Castle International (CCI -0.46%) lost 1% in after-hours trading after it announced that it has commenced an offering of 4.75 million shares of its common stock in a registered public offering.

Medical Properties Trust (MPW +0.22%) fell 3% in after-hours trading after it announced that it has commenced an offering to sell 37.5 million shares of its common stock in an underwritten public offering.

Flexion Therapeutics (FLXN -0.95%) tumbled 12% in after-hours trading after it announced its intention to offer $ 125 million of convertible senior notes due 2024.

Aratana Therapeutics (PETX -1.15%) jumped nearly 7% in after-hours trading after it reached agreement with the FDA’s Center for Vetinary Medicine regarding resubmission for Entyce which may be commercially available by fall of 2017 if submission is approved.

Zix Corp (ZIXI -2.62%) rallied 10% in after-hours trading after it boosted its fiscal 2017 revenue view to $ 66.2 million-$ 66.7 million from a February estimate of $ 64.5 million-$ 666.0 million.

Amtech Systems (ASYS -0.90%) surged 30% in after-hours trading after it received a follow-on order for the second phase of a IGW solar project in China.

MARKET COMMENTS

Jun E-mini S&Ps (ESM17 -0.04%) this morning are down -1.00 point (-0.04%). Tuesday’s closes: S&P 500 +0.61%, Dow Jones +1.125%, Nasdaq +0.73%. The S&P 500 on Tuesday climbed to a 1-3/4 month high and closed higher on optimism ahead of President Trump’s release of his tax reform plan and on the unexpected +5.8% increase in U.S. Mar new home sales to an 8-month high of 621,000, stronger than expectations of -1.4% to 584,000. There were also stronger-than-expected earnings results from Caterpillar which rose +7.86% and McDonald’s which climbed +5.57%.

Jun 10-year T-notes (ZNM17 unch) this morning are up +1.5 ticks. Tuesday’s closes: TYM7 -12.50, FVM7 -7.25. Jun 10-year T-notes on Tuesday closed lower on negative carry-over from a slide in German bund prices to a 3-1/2 week low and the unexpected increase in U.S. Mar new home sales to an 8-month high. T-notes were also undercut by the rally in the S&P 500 to a 1-3/4 month high.

The dollar index (DXY00 +0.23%) this morning is up +0.269 (+0.27%). EUR/USD (^EURUSD) is down -0.0032 (-0.29%) and USD/JPY (^USDJPY) is up +0.09 (+0.08%) at a 2-week high. Tuesday’s closes: Dollar index -0.307 (-0.31%), EUR/USD +0.0058 (+0.53%), USD/JPY +1.32 (+1.20%). The dollar index on Tuesday dropped to a fresh 5-1/2 month low and closed lower on the weaker-than-expected U.S. Apr consumer confidence report. There was also strength in EUR/USD, which rose to a 5-1/2 month high, on talk that a favorable outcome of the French election might spur faster ECB exit from QE.

Jun WTI crude oil prices (CLM17 -0.67%) this morning are down -24 cents (-0.48%) and Jun gasoline (RBM17 -1.43%) is -0.0206 (-1.27%). Tuesday’s closes: Jun crude +0.33 (+0.67%), Jun gasoline +0.0003 (+0.02%). Jun crude oil and gasoline on Tuesday rebounded from 4-week lows and closed higher. Crude oil prices were boosted by the fall in the dollar index to a 5-1/2 month low and by expectations for Wednesday’s EIA crude inventories to fall -1.75 million bbl. Crude oil prices were undercut by comments from Russian energy minister Novak who said that Russia will wait until OPEC’s meeting next month before it decides on if it will extend its crude production cuts.

GLOBAL EVENT CALENDAR 04/26/2017
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.
Thursday, Apr 27
0830 ETMar durable goods orders expected +1.3% and +0.4% ex transportation, Feb +1.8% and +0.5% ex transportation. Mar capital goods new orders non-defense ex aircraft & parts expected +0.5%, Feb -0.1%.
0830 ETMar wholesale inventories expected +0.3% m/m, Feb +0.4% m/m. Mar retail inventories, Feb +0.4% m/m.
0830 ETUSDA weekly Export Sales.
1000 ETMar pending home sales expected -0.5% m/m, Feb +5.5% m/m and -2.4% y/y.
1100 ETApr Kansas City Fed manufacturing activity expected -3 to 17, Mar +6 to 20.
1300 ETTreasury auctions $ 28 billion 7-year T-notes,
U.S. STOCK CALENDAR 04/26/2017
CompanyTickerTimeEvent DescriptionPeriodEstimate
Eaton Corp PLCETN US03:00Annual General Meeting
Waste Management IncWM USBef-mktQ1 2017 Earnings ReleaseQ1 170.656
Thermo Fisher Scientific IncTMO USBef-mktQ1 2017 Earnings ReleaseQ1 172.023
Dr Pepper Snapple Group IncDPS USBef-mktQ1 2017 Earnings ReleaseQ1 170.963
TE Connectivity LtdTEL USBef-mktQ2 2017 Earnings ReleaseQ2 171.076
DTE Energy CoDTE USBef-mktQ1 2017 Earnings ReleaseQ1 171.562
Rockwell Automation IncROK USBef-mktQ2 2017 Earnings ReleaseQ2 171.402
Northrop Grumman CorpNOC USBef-mktQ1 2017 Earnings ReleaseQ1 172.922
Seagate Technology PLCSTX USBef-mktQ3 2017 Earnings ReleaseQ3 171.076
Anthem IncANTM US06:00Q1 2017 Earnings ReleaseQ1 173.857
PepsiCo IncPEP US06:00Q1 2017 Earnings ReleaseQ1 170.916
United Technologies CorpUTX USBef-mktQ1 2017 Earnings ReleaseQ1 171.389
Wyndham Worldwide CorpWYN US06:30Q1 2017 Earnings ReleaseQ1 171.105
WestRock CoWRK US06:30Q2 2017 Earnings ReleaseQ2 170.46
Ingersoll-Rand PLCIR US06:30Q1 2017 Earnings ReleaseQ1 170.521
Entergy CorpETR US06:30Q1 2017 Earnings ReleaseQ1 171.066
Avery Dennison CorpAVY US06:45Q1 2017 Earnings ReleaseQ1 171.045
Nasdaq IncNDAQ US07:00Q1 2017 Earnings ReleaseQ1 171.056
Baxter International IncBAX US07:00Q1 2017 Earnings ReleaseQ1 170.515
Procter & Gamble Co/ThePG US07:00Q3 2017 Earnings ReleaseQ3 170.94
Hershey Co/TheHSY US07:00Q1 2017 Earnings ReleaseQ1 171.249
State Street CorpSTT US07:00Q1 2017 Earnings ReleaseQ1 171.104
Boeing Co/TheBA US07:30Q1 2017 Earnings ReleaseQ1 171.912
Hess CorpHES US07:30Q1 2017 Earnings ReleaseQ1 17(1.095)
FLIR Systems IncFLIR US07:30Q1 2017 Earnings ReleaseQ1 170.364
General Dynamics CorpGD US07:30Q1 2017 Earnings ReleaseQ1 172.319
PepsiCo IncPEP US07:45Q1 2017 Earnings CallQ1 17
Norfolk Southern CorpNSC US08:00Q1 2017 Earnings ReleaseQ1 171.36
Nasdaq IncNDAQ US08:00Q1 2017 Earnings CallQ1 17
Amphenol CorpAPH US08:00Q1 2017 Earnings ReleaseQ1 170.665
United Technologies CorpUTX US08:00Q1 2017 Earnings CallQ1 17
Alaska Air Group IncALK US08:00Q1 2017 Earnings ReleaseQ1 171.028
Chubb LtdCB US08:30Q1 2017 Earnings CallQ1 17
Thermo Fisher Scientific IncTMO US08:30Q1 2017 Earnings CallQ1 17
CH Robinson Worldwide IncCHRW US08:30Q1 2017 Earnings CallQ1 17
Baxter International IncBAX US08:30Q1 2017 Earnings CallQ1 17
Coca-Cola Co/TheKO US08:30Annual General Meeting
Procter & Gamble Co/ThePG US08:30Q3 2017 Earnings CallQ3 17
TE Connectivity LtdTEL US08:30Q2 2017 Earnings CallQ2 17
Wyndham Worldwide CorpWYN US08:30Q1 2017 Earnings CallQ1 17
WestRock CoWRK US08:30Q2 2017 Earnings CallQ2 17
Rockwell Automation IncROK US08:30Q2 2017 Earnings CallQ2 17
Anthem IncANTM US08:30Q1 2017 Earnings CallQ1 17
Hershey Co/TheHSY US08:30Q1 2017 Earnings CallQ1 17
Norfolk Southern CorpNSC US08:45Q1 2017 Earnings CallQ1 17
DTE Energy CoDTE US09:00Q1 2017 Earnings CallQ1 17
Seagate Technology PLCSTX US09:00Q3 2017 Earnings CallQ3 17
Universal Health Services IncUHS US09:00Q1 2017 Earnings CallQ1 17
General Dynamics CorpGD US09:00Q1 2017 Earnings CallQ1 17
State Street CorpSTT US09:30Q1 2017 Earnings CallQ1 17
Waste Management IncWM US10:00Q1 2017 Earnings CallQ1 17
Hess CorpHES US10:00Q1 2017 Earnings CallQ1 17
T Rowe Price Group IncTROW US10:00Annual General Meeting
Marathon Petroleum CorpMPC US10:00Annual General Meeting
Dr Pepper Snapple Group IncDPS US10:00Q1 2017 Earnings CallQ1 17
Ingersoll-Rand PLCIR US10:00Q1 2017 Earnings CallQ1 17
General Electric CoGE US10:00Annual General Meeting
Bank of America CorpBAC US10:00Annual General Meeting
Boston Properties IncBXP US10:00Q1 2017 Earnings CallQ1 17
Boeing Co/TheBA US10:30Q1 2017 Earnings CallQ1 17
S&P Global IncSPGI US11:00Annual General Meeting
WW Grainger IncGWW US11:00Annual General Meeting
FLIR Systems IncFLIR US11:00Q1 2017 Earnings CallQ1 17
Equity ResidentialEQR US11:00Q1 2017 Earnings CallQ1 17
Entergy CorpETR US11:00Q1 2017 Earnings CallQ1 17
Alaska Air Group IncALK US11:30Q1 2017 Earnings CallQ1 17
Ball CorpBLL USAnnual General Meeting
Textron IncTXT USAnnual General Meeting
Ameriprise Financial IncAMP US12:00Annual General Meeting
Advanced Micro Devices IncAMD US12:00Annual General Meeting
BorgWarner IncBWA USAnnual General Meeting
Cigna CorpCI USAnnual General Meeting
Northrop Grumman CorpNOC US12:00Q1 2017 Earnings CallQ1 17
Avery Dennison CorpAVY US12:00Q1 2017 Earnings CallQ1 17
Amphenol CorpAPH US13:00Q1 2017 Earnings CallQ1 17
Realty Income CorpO US14:30Q1 2017 Earnings CallQ1 17
Fortune Brands Home & Security IncFBHS USAft-mktQ1 2017 Earnings ReleaseQ1 170.464
Extra Space Storage IncEXR USAft-mktQ1 2017 Earnings ReleaseQ1 170.981
Varian Medical Systems IncVAR USAft-mktQ2 2017 Earnings ReleaseQ2 170.896
AvalonBay Communities IncAVB USAft-mktQ1 2017 Earnings ReleaseQ1 172.117
Amgen IncAMGN US16:00Q1 2017 Earnings ReleaseQ1 173.006
F5 Networks IncFFIV US16:00Q2 2017 Earnings ReleaseQ2 171.971
Tractor Supply CoTSCO USAft-mktQ1 2017 Earnings ReleaseQ1 170.458
Cincinnati Financial CorpCINF USAft-mktQ1 2017 Earnings ReleaseQ1 170.553
Fiserv IncFISV USAft-mktQ1 2017 Earnings ReleaseQ1 171.189
Equifax IncEFX USAft-mktQ1 2017 Earnings ReleaseQ1 171.405
Equinix IncEQIX USAft-mktQ1 2017 Earnings ReleaseQ1 173.205
TechnipFMC PLCFTI USAft-mktQ1 2017 Earnings ReleaseQ1 170.328
Public StoragePSA USAft-mktQ1 2017 Earnings ReleaseQ1 172.417
Kimco Realty CorpKIM USAft-mktQ1 2017 Earnings ReleaseQ1 170.37
Xilinx IncXLNX USAft-mktQ4 2017 Earnings ReleaseQ4 170.542
Mid-America Apartment Communities IncMAA USAft-mktQ1 2017 Earnings ReleaseQ1 171.414
Raymond James Financial IncRJF USAft-mktQ2 2017 Earnings ReleaseQ2 171.136
XL Group LtdXL US16:05Q1 2017 Earnings ReleaseQ1 170.441
PayPal Holdings IncPYPL US16:05Q1 2017 Earnings ReleaseQ1 170.414
Citrix Systems IncCTXS US16:05Q1 2017 Earnings ReleaseQ1 170.952
Unum GroupUNM US16:15Q1 2017 Earnings ReleaseQ1 170.99
Fortune Brands Home & Security IncFBHS US16:30Q1 2017 Earnings CallQ1 17
O’Reilly Automotive IncORLY US16:30Q1 2017 Earnings ReleaseQ1 172.885
F5 Networks IncFFIV US16:30Q2 2017 Earnings CallQ2 17
Citrix Systems IncCTXS US16:45Q1 2017 Earnings CallQ1 17
Varian Medical Systems IncVAR US17:00Q2 2017 Earnings CallQ2 17
Public StoragePSA US17:00Annual General Meeting
Amgen IncAMGN US17:00Q1 2017 Earnings CallQ1 17
Tractor Supply CoTSCO US17:00Q1 2017 Earnings CallQ1 17
Fiserv IncFISV US17:00Q1 2017 Earnings CallQ1 17
XL Group LtdXL US17:00Q1 2017 Earnings CallQ1 17
PayPal Holdings IncPYPL US17:00Q1 2017 Earnings CallQ1 17
Xilinx IncXLNX US17:00Q4 2017 Earnings CallQ4 17
Equinix IncEQIX US17:30Q1 2017 Earnings CallQ1 17

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