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.
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.
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.
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.
|Wednesday, Apr 26|
|US||0700 ET||Weekly MBA mortgage applications, previous -1.8% with purchase sub-index -3.4% and refi sub-index +0.2%.|
|1000 ET||U.S. retail sales benchmark revisions.|
|1030 ET||EIA Weekly Petroleum Status Report.|
|1130 ET||Treasury auctions $ 15 billion of 2-year floating-rate notes.|
|1300 ET||Treasury auctions $ 34 billion of 5-year T-notes.|
|Thursday, Apr 27|
|0830 ET||Mar 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 ET||Mar wholesale inventories expected +0.3% m/m, Feb +0.4% m/m. Mar retail inventories, Feb +0.4% m/m.|
|0830 ET||USDA weekly Export Sales.|
|1000 ET||Mar pending home sales expected -0.5% m/m, Feb +5.5% m/m and -2.4% y/y.|
|1100 ET||Apr Kansas City Fed manufacturing activity expected -3 to 17, Mar +6 to 20.|
|1300 ET||Treasury auctions $ 28 billion 7-year T-notes,|
|Eaton Corp PLC||ETN US||03:00||Annual General Meeting|
|Waste Management Inc||WM US||Bef-mkt||Q1 2017 Earnings Release||Q1 17||0.656|
|Thermo Fisher Scientific Inc||TMO US||Bef-mkt||Q1 2017 Earnings Release||Q1 17||2.023|
|Dr Pepper Snapple Group Inc||DPS US||Bef-mkt||Q1 2017 Earnings Release||Q1 17||0.963|
|TE Connectivity Ltd||TEL US||Bef-mkt||Q2 2017 Earnings Release||Q2 17||1.076|
|DTE Energy Co||DTE US||Bef-mkt||Q1 2017 Earnings Release||Q1 17||1.562|
|Rockwell Automation Inc||ROK US||Bef-mkt||Q2 2017 Earnings Release||Q2 17||1.402|
|Northrop Grumman Corp||NOC US||Bef-mkt||Q1 2017 Earnings Release||Q1 17||2.922|
|Seagate Technology PLC||STX US||Bef-mkt||Q3 2017 Earnings Release||Q3 17||1.076|
|Anthem Inc||ANTM US||06:00||Q1 2017 Earnings Release||Q1 17||3.857|
|PepsiCo Inc||PEP US||06:00||Q1 2017 Earnings Release||Q1 17||0.916|
|United Technologies Corp||UTX US||Bef-mkt||Q1 2017 Earnings Release||Q1 17||1.389|
|Wyndham Worldwide Corp||WYN US||06:30||Q1 2017 Earnings Release||Q1 17||1.105|
|WestRock Co||WRK US||06:30||Q2 2017 Earnings Release||Q2 17||0.46|
|Ingersoll-Rand PLC||IR US||06:30||Q1 2017 Earnings Release||Q1 17||0.521|
|Entergy Corp||ETR US||06:30||Q1 2017 Earnings Release||Q1 17||1.066|
|Avery Dennison Corp||AVY US||06:45||Q1 2017 Earnings Release||Q1 17||1.045|
|Nasdaq Inc||NDAQ US||07:00||Q1 2017 Earnings Release||Q1 17||1.056|
|Baxter International Inc||BAX US||07:00||Q1 2017 Earnings Release||Q1 17||0.515|
|Procter & Gamble Co/The||PG US||07:00||Q3 2017 Earnings Release||Q3 17||0.94|
|Hershey Co/The||HSY US||07:00||Q1 2017 Earnings Release||Q1 17||1.249|
|State Street Corp||STT US||07:00||Q1 2017 Earnings Release||Q1 17||1.104|
|Boeing Co/The||BA US||07:30||Q1 2017 Earnings Release||Q1 17||1.912|
|Hess Corp||HES US||07:30||Q1 2017 Earnings Release||Q1 17||(1.095)|
|FLIR Systems Inc||FLIR US||07:30||Q1 2017 Earnings Release||Q1 17||0.364|
|General Dynamics Corp||GD US||07:30||Q1 2017 Earnings Release||Q1 17||2.319|
|PepsiCo Inc||PEP US||07:45||Q1 2017 Earnings Call||Q1 17|
|Norfolk Southern Corp||NSC US||08:00||Q1 2017 Earnings Release||Q1 17||1.36|
|Nasdaq Inc||NDAQ US||08:00||Q1 2017 Earnings Call||Q1 17|
|Amphenol Corp||APH US||08:00||Q1 2017 Earnings Release||Q1 17||0.665|
|United Technologies Corp||UTX US||08:00||Q1 2017 Earnings Call||Q1 17|
|Alaska Air Group Inc||ALK US||08:00||Q1 2017 Earnings Release||Q1 17||1.028|
|Chubb Ltd||CB US||08:30||Q1 2017 Earnings Call||Q1 17|
|Thermo Fisher Scientific Inc||TMO US||08:30||Q1 2017 Earnings Call||Q1 17|
|CH Robinson Worldwide Inc||CHRW US||08:30||Q1 2017 Earnings Call||Q1 17|
|Baxter International Inc||BAX US||08:30||Q1 2017 Earnings Call||Q1 17|
|Coca-Cola Co/The||KO US||08:30||Annual General Meeting|
|Procter & Gamble Co/The||PG US||08:30||Q3 2017 Earnings Call||Q3 17|
|TE Connectivity Ltd||TEL US||08:30||Q2 2017 Earnings Call||Q2 17|
|Wyndham Worldwide Corp||WYN US||08:30||Q1 2017 Earnings Call||Q1 17|
|WestRock Co||WRK US||08:30||Q2 2017 Earnings Call||Q2 17|
|Rockwell Automation Inc||ROK US||08:30||Q2 2017 Earnings Call||Q2 17|
|Anthem Inc||ANTM US||08:30||Q1 2017 Earnings Call||Q1 17|
|Hershey Co/The||HSY US||08:30||Q1 2017 Earnings Call||Q1 17|
|Norfolk Southern Corp||NSC US||08:45||Q1 2017 Earnings Call||Q1 17|
|DTE Energy Co||DTE US||09:00||Q1 2017 Earnings Call||Q1 17|
|Seagate Technology PLC||STX US||09:00||Q3 2017 Earnings Call||Q3 17|
|Universal Health Services Inc||UHS US||09:00||Q1 2017 Earnings Call||Q1 17|
|General Dynamics Corp||GD US||09:00||Q1 2017 Earnings Call||Q1 17|
|State Street Corp||STT US||09:30||Q1 2017 Earnings Call||Q1 17|
|Waste Management Inc||WM US||10:00||Q1 2017 Earnings Call||Q1 17|
|Hess Corp||HES US||10:00||Q1 2017 Earnings Call||Q1 17|
|T Rowe Price Group Inc||TROW US||10:00||Annual General Meeting|
|Marathon Petroleum Corp||MPC US||10:00||Annual General Meeting|
|Dr Pepper Snapple Group Inc||DPS US||10:00||Q1 2017 Earnings Call||Q1 17|
|Ingersoll-Rand PLC||IR US||10:00||Q1 2017 Earnings Call||Q1 17|
|General Electric Co||GE US||10:00||Annual General Meeting|
|Bank of America Corp||BAC US||10:00||Annual General Meeting|
|Boston Properties Inc||BXP US||10:00||Q1 2017 Earnings Call||Q1 17|
|Boeing Co/The||BA US||10:30||Q1 2017 Earnings Call||Q1 17|
|S&P Global Inc||SPGI US||11:00||Annual General Meeting|
|WW Grainger Inc||GWW US||11:00||Annual General Meeting|
|FLIR Systems Inc||FLIR US||11:00||Q1 2017 Earnings Call||Q1 17|
|Equity Residential||EQR US||11:00||Q1 2017 Earnings Call||Q1 17|
|Entergy Corp||ETR US||11:00||Q1 2017 Earnings Call||Q1 17|
|Alaska Air Group Inc||ALK US||11:30||Q1 2017 Earnings Call||Q1 17|
|Ball Corp||BLL US||Annual General Meeting|
|Textron Inc||TXT US||Annual General Meeting|
|Ameriprise Financial Inc||AMP US||12:00||Annual General Meeting|
|Advanced Micro Devices Inc||AMD US||12:00||Annual General Meeting|
|BorgWarner Inc||BWA US||Annual General Meeting|
|Cigna Corp||CI US||Annual General Meeting|
|Northrop Grumman Corp||NOC US||12:00||Q1 2017 Earnings Call||Q1 17|
|Avery Dennison Corp||AVY US||12:00||Q1 2017 Earnings Call||Q1 17|
|Amphenol Corp||APH US||13:00||Q1 2017 Earnings Call||Q1 17|
|Realty Income Corp||O US||14:30||Q1 2017 Earnings Call||Q1 17|
|Fortune Brands Home & Security Inc||FBHS US||Aft-mkt||Q1 2017 Earnings Release||Q1 17||0.464|
|Extra Space Storage Inc||EXR US||Aft-mkt||Q1 2017 Earnings Release||Q1 17||0.981|
|Varian Medical Systems Inc||VAR US||Aft-mkt||Q2 2017 Earnings Release||Q2 17||0.896|
|AvalonBay Communities Inc||AVB US||Aft-mkt||Q1 2017 Earnings Release||Q1 17||2.117|
|Amgen Inc||AMGN US||16:00||Q1 2017 Earnings Release||Q1 17||3.006|
|F5 Networks Inc||FFIV US||16:00||Q2 2017 Earnings Release||Q2 17||1.971|
|Tractor Supply Co||TSCO US||Aft-mkt||Q1 2017 Earnings Release||Q1 17||0.458|
|Cincinnati Financial Corp||CINF US||Aft-mkt||Q1 2017 Earnings Release||Q1 17||0.553|
|Fiserv Inc||FISV US||Aft-mkt||Q1 2017 Earnings Release||Q1 17||1.189|
|Equifax Inc||EFX US||Aft-mkt||Q1 2017 Earnings Release||Q1 17||1.405|
|Equinix Inc||EQIX US||Aft-mkt||Q1 2017 Earnings Release||Q1 17||3.205|
|TechnipFMC PLC||FTI US||Aft-mkt||Q1 2017 Earnings Release||Q1 17||0.328|
|Public Storage||PSA US||Aft-mkt||Q1 2017 Earnings Release||Q1 17||2.417|
|Kimco Realty Corp||KIM US||Aft-mkt||Q1 2017 Earnings Release||Q1 17||0.37|
|Xilinx Inc||XLNX US||Aft-mkt||Q4 2017 Earnings Release||Q4 17||0.542|
|Mid-America Apartment Communities Inc||MAA US||Aft-mkt||Q1 2017 Earnings Release||Q1 17||1.414|
|Raymond James Financial Inc||RJF US||Aft-mkt||Q2 2017 Earnings Release||Q2 17||1.136|
|XL Group Ltd||XL US||16:05||Q1 2017 Earnings Release||Q1 17||0.441|
|PayPal Holdings Inc||PYPL US||16:05||Q1 2017 Earnings Release||Q1 17||0.414|
|Citrix Systems Inc||CTXS US||16:05||Q1 2017 Earnings Release||Q1 17||0.952|
|Unum Group||UNM US||16:15||Q1 2017 Earnings Release||Q1 17||0.99|
|Fortune Brands Home & Security Inc||FBHS US||16:30||Q1 2017 Earnings Call||Q1 17|
|O’Reilly Automotive Inc||ORLY US||16:30||Q1 2017 Earnings Release||Q1 17||2.885|
|F5 Networks Inc||FFIV US||16:30||Q2 2017 Earnings Call||Q2 17|
|Citrix Systems Inc||CTXS US||16:45||Q1 2017 Earnings Call||Q1 17|
|Varian Medical Systems Inc||VAR US||17:00||Q2 2017 Earnings Call||Q2 17|
|Public Storage||PSA US||17:00||Annual General Meeting|
|Amgen Inc||AMGN US||17:00||Q1 2017 Earnings Call||Q1 17|
|Tractor Supply Co||TSCO US||17:00||Q1 2017 Earnings Call||Q1 17|
|Fiserv Inc||FISV US||17:00||Q1 2017 Earnings Call||Q1 17|
|XL Group Ltd||XL US||17:00||Q1 2017 Earnings Call||Q1 17|
|PayPal Holdings Inc||PYPL US||17:00||Q1 2017 Earnings Call||Q1 17|
|Xilinx Inc||XLNX US||17:00||Q4 2017 Earnings Call||Q4 17|
|Equinix Inc||EQIX US||17:30||Q1 2017 Earnings Call||Q1 17|