US : Pre Market News – 28 Apr 2017

PREMARKET WORLD NEWS

Jun E-mini S&Ps (ESM17 +0.10%) this morning are up +0.07% and European stocks are up +0.11%. Strength in company quarterly earnings results are giving the overall market a boost with Amazon.com up over 3% and Alphabet up 4% in pre-market trading. Gains were limited on lingering geopolitical concerns after President Trump warned that a “major conflict” with North Korea was possible if diplomatic solutions fail. Negatives for European stocks include weaker-than-expected UK Q1 GDP and rising inflation pressures after the Eurozone Apr core CPI rose a more-than-expected +1.2% y/y, the biggest increase in 3-3/4 years. Asian stocks settled mixed: Japan -0.29%, Hong Kong -0.34%, China +0.08%, Taiwan +0.12%, Australia +0.04%, Singapore +0.13%, South Korea -0.05%, India -0.37%. Asian market settled mixed as uncertainty surrounding the Trump administration’s trade plans and North Korean concerns limited the upside in stock prices.

The dollar index (DXY00 -0.31%) is down -0.34%. EUR/USD (^EURUSD) is up +0.54%. USD/JPY (^USDJPY) is up +0.14%.

Jun 10-year T-note prices (ZNM17 -0.02%) are down -2.5 ticks.

The Bank of Russia cut its key benchmark rate by 50 bp to 9.25%, a bigger cut than expectations of a 25 bp.

Eurozone Apr CPI rose +1.9% y/y, stronger than expectations of +1.8% y/y. Apr core CPI rose +1.2% y/y, stronger than expectations of +1.0% y/y and the biggest increase n 3-3/4 years.

Japan Mar industrial production fell -2.1% m/m, weaker than expectations of -0.8% m/m.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Q1 GDP (expected +1.0% after Q4 +2.1%), (2) Q1 employment cost index (expected +0.6%), (3) Apr Chicago PMI (expected -1.2 to 56.4, Mar +0.3 to 57.7), (4) final-Apr University of Michigan U.S. consumer sentiment index (expected unch at 98.0, prelim-Apr +1.1 to 98.0), and (5) Philadelphia Fed President Patrick Harker (voter) speaks at an event in Washington on “How STEM Can Get You Anywhere.”

Notable S&P 500 earnings reports today include: General Motors (consensus $ 1.48), Exxon Mobil (0.85), Chevron (0.86), Colgate-Palmolive (0.66), VF Corp (0.55), Ventas (1.02), Royal Carribean Cruises (0.92), Weyerhaeuser (0.19), Cabot Oil & Gas (0.16).

U.S. IPO’s scheduled to price today: Cloudera (CLDR).

Equity conferences: Burkenroad Reports l Investment Conference on Fri.

 

PREMARKET U.S. STOCKS

Amazon.com (AMZN +1.00%) rose nearly 4% in pre-market trading after it reported Q1 EPS of $ 1.48, well above consensus of $ 1.08.

Microsoft (MSFT +0.65%) fell over 2% in after-hours trading after it reported Q3 capital expenditures of $ 1.70 billion, below consensus of $ 2.27 billion.

Alphabet (GOOGL +0.26%) rallied 4% in pre-market trading after it reported Q1 EPS of $ 7.73, better than consensus of $ 7.42.

Expedia (EXPE +0.33%) lost over 2% in after-hours trading after it reported Q1 adjusted EPS of 5 cents, weaker than consensus of 6 cents.

Aflac (AFL +0.33%) slipped over 1% in after-hours trading after it reported Q1 revenue of $ 5.31 billion, below consensus of $ 5.33 billion.

Starbucks (SBUX -0.42%) dropped over 4% in pre-market trading after it reported Q1 comparable sales rose 3%, less than consensus of 3.6%.

Athenahealth (ATHN +1.34%) tumbled 15% in after-hours trading after it reported Q1 adjusted EPS of 32 cents, below consensus of 46 cents, and then said it sees full-year revenue of $ 1.21 billion-$ 1.25 billion, below consensus of $ 1.29 billion.

Intel (INTC +1.35%) fell over 3% in pre-market trading after it reported Q1 revenue of $ 14.796 billion, below consensus of $ 14.812 billion.

Baidu (BIDU +0.64%) dropped 5% in after-hours trading after it said it sees Q2 revenue of $ 2.97 billion-$ 3.05 billion, the midpoint below consensus of $ 3.04 billion.

Align Technology (ALGN +0.29%) surged 12% in after-hours trading after it reported Q1 net revenue of $ 310.3 million, above consensus of $ 297.3 million, and then said it sees Q2 net revenue of $ 340 million-$ 345 million, better than consensus of $ 324.2 million.

Cerner (CERN +0.89%) rose over 3% in after-hours trading after it reported Q1 revenue of $ 1.26 billion, better than consensus of $ 1.23 billion.

Ellie Mae (ELLI +1.42%) dropped 9% in after-hours trading after it said it sees full-year adjusted EPS of $ 1.79-$ 1.92, the midpoint below consensus of $ 1.88.

MARKET COMMENTS

Jun E-mini S&Ps (ESM17 +0.10%) this morning are up +1.75 points (+0.07%). Thursday’s closes: S&P 500 +0.06%, Dow Jones +0.03%, Nasdaq +0.54%. The S&P 500 on Thursday closed higher on reduced global trade concerns after President Trump said he won’t terminate NAFTA “at this time.” Stocks were undercut by the +14,000 increase in U.S. weekly initial unemployment claims (more than expectations of +1,000 to 245,000) and by the weaker-than-expected U.S. Mar durable goods orders of +0.7% and -0.2% ex-transportation (vs expectations of +1.3% and +0.4% ex transportation). There was also weakness in energy producing stocks after Jun WTI crude oil fell to a 1-month low.

Jun 10-year T-notes (ZNM17 -0.02%) this morning are down -2.5 ticks. Thursday’s closes: TYM7 +2.50, FVM7 +2.25. Jun 10-year T-notes on Thursday closed higher on the larger-than-expected increase in U.S. weekly jobless claims (+14,000 vs expectations of +1,000) and the weaker than expected U.S. Mar durable goods orders report. There was also carry-over support from a rally in German bunds after ECB President Draghi said that underlying inflation pressures remain subdued.

The dollar index (DXY00 -0.31%) this morning is down -0.332 (-0.34%). EUR/USD (^EURUSD) is up +0.0059 (+0.54%) and USD/JPY (^USDJPY) is up +0.16 (+0.14%). Thursday’s closes: Dollar index +0.101 (+0.10%), EUR/USD -0.0031 (-0.28%), USD/JPY +0.20 (+0.18%). The dollar index on Thursday closed higher on weakness in EUR/USD after the ECB left its guidance intact and ECB President Draghi said “underlying inflation pressures continue to remain subdued and have yet to show a convincing upward trend.” The yen was undercut by signs that the BOJ will maintain its QE program after the BOJ lowered its inflation projection for the fiscal year that starts this month to 1.4% from 1.5% and BOJ Governor Kuroda said “it’s premature” to discuss an exit from its easing policies.

Jun WTI crude oil prices (CLM17 +0.96%) this morning are up +42 cents (+0.86%) and Jun gasoline (RBM17 +1.69%) is +0.0259 (+1.67%). Thursday’s closes: Jun crude -0.65 (-1.31%), Jun gasoline -0.0401 (-2.52%). Jun crude oil and gasoline on Thursday closed lower with Jun crude at a 1-month low and Jun gasoline at a 2-month low. Crude oil prices were undercut by a stronger dollar and the reopening of Libya’s Sharara oil field, the country’s biggest, which had been shut since early-Apr. There was also carry-over bearishness from Wednesday’s EIA report showing a +0.1% increase in U.S. crude production in the week of Apr 21 to a 1-1/2 year high of 9.265 million bpd.

GLOBAL EVENT CALENDAR 04/28/2017
Friday, Apr 28
US0830 ETQ1 GDP expected +1.0% (q/q annualized), Q4 +2.1%. Q1 personal consumption expected +0.9%, Q4 +3.5%. Q1 GDP price index expected +2.0%, Q4 +2.1%. Q1 core PCE expected +2.0%, Q4 +1.3%.
0830 ETQ1 employment cost index expected +0.6%, Q4 +0.5%.
0945 ETApr Chicago PMI expected -1.2 to 56.4, Mar +0.3 to 57.7.
1000 ETFinal-Apr University of Michigan U.S. consumer sentiment index expected unch at 98.0, prelim-Apr +1.1 to 98.0.
1430 ETPhiladelphia Fed President Patrick Harker (voter) speaks at an event in Washington on How STEM Can Get You Anywhere.
Monday, May 1
US0830 ETMar personal spending expected +0.2%, Feb +0.1%. Mar personal income expected +0.3%, Feb +0.4%. Mar PCE deflator expected -0.2% m/m and +1.9% y/y, Feb +0.1% m/m and +2.1% y/y. Mar core PCE deflator expected -0.1% m/m and +1.6% y/y, Feb +0.2% and +1.8% y/y.
0945 ETRevised Apr Markit manufacturing PMI.
1000 ETApr ISM manufacturing index expected -0.7 to 56.5, Mar -0.5 to 57.2. Apr ISM new orders sub-index, Mar -0.6 to 64.5. Apr ISM employment sub-index, Mar +4.7 to 58.9. Apr ISM prices paid sub-index, Mar +2.5 to 70.5.
1000 ETMar construction spending expected +0.4%, Feb +0.8%.
1100 ETUSDA weekly grain export inspections.
1600 ETUSDA crop conditions and planting progress.
U.S. STOCK CALENDAR 04/28/2017
CompanyTickerTimeEvent DescriptionPeriodEstimate
Host Hotels & Resorts IncHST USBef-mktQ1 2017 Earnings ReleaseQ1 170.39
Cabot Oil & Gas CorpCOG USBef-mktQ1 2017 Earnings ReleaseQ1 170.163
Synchrony FinancialSYF USBef-mktQ1 2017 Earnings ReleaseQ1 170.733
Weyerhaeuser CoWY USBef-mktQ1 2017 Earnings ReleaseQ1 170.187
Royal Caribbean Cruises LtdRCL USBef-mktQ1 2017 Earnings ReleaseQ1 170.922
Goodyear Tire & Rubber Co/TheGT USBef-mktQ1 2017 Earnings ReleaseQ1 170.626
Ventas IncVTR USBef-mktQ1 2017 Earnings ReleaseQ1 171.016
Roper Technologies IncROP USBef-mktQ1 2017 Earnings ReleaseQ1 171.99
LyondellBasell Industries NVLYB US06:45Q1 2017 Earnings ReleaseQ1 172.336
VF CorpVFC US06:55Q1 2017 Earnings ReleaseQ1 170.55
Colgate-Palmolive CoCL US06:55Q1 2017 Earnings ReleaseQ1 170.659
IDEXX Laboratories IncIDXX US07:00Q1 2017 Earnings ReleaseQ1 170.609
Phillips 66PSX US07:00Q1 2017 Earnings ReleaseQ1 170.046
Public Service Enterprise Group IncPEG US07:30Q1 2017 Earnings ReleaseQ1 170.849
General Motors CoGM US07:30Q1 2017 Earnings ReleaseQ1 171.475
Exxon Mobil CorpXOM US08:00Q1 2017 Earnings ReleaseQ1 170.849
Eastman Chemical CoEMN US08:00Q1 2017 Earnings CallQ1 17
Goldman Sachs Group Inc/TheGS US08:30Annual General Meeting
VF CorpVFC US08:30Q1 2017 Earnings CallQ1 17
Franklin Resources IncBEN US08:30Q2 2017 Earnings ReleaseQ2 170.672
IDEXX Laboratories IncIDXX US08:30Q1 2017 Earnings CallQ1 17
Synchrony FinancialSYF US08:30Q1 2017 Earnings CallQ1 17
Chevron CorpCVX US08:30Q1 2017 Earnings ReleaseQ1 170.855
Leggett & Platt IncLEG US08:30Q1 2017 Earnings CallQ1 17
Roper Technologies IncROP US08:30Q1 2017 Earnings CallQ1 17
Arthur J Gallagher & CoAJG US09:00Q1 2017 Earnings CallQ1 17
Hartford Financial Services Group Inc/TheHIG US09:00Q1 2017 Earnings CallQ1 17
Goodyear Tire & Rubber Co/TheGT US09:00Q1 2017 Earnings CallQ1 17
Aflac IncAFL US09:00Q1 2017 Earnings CallQ1 17
Cabot Oil & Gas CorpCOG US09:30Q1 2017 Earnings CallQ1 17
Exxon Mobil CorpXOM US09:30Q1 2017 Earnings CallQ1 17
Host Hotels & Resorts IncHST US10:00Q1 2017 Earnings CallQ1 17
AT&T IncT US10:00Annual General Meeting
Abbott LaboratoriesABT US10:00Annual General Meeting
Principal Financial Group IncPFG US10:00Q1 2017 Earnings CallQ1 17
General Motors CoGM US10:00Q1 2017 Earnings CallQ1 17
Weyerhaeuser CoWY US10:00Q1 2017 Earnings CallQ1 17
FirstEnergy CorpFE US10:00Q1 2017 Earnings CallQ1 17
Royal Caribbean Cruises LtdRCL US10:00Q1 2017 Earnings CallQ1 17
Ventas IncVTR US10:00Q1 2017 Earnings CallQ1 17
Public Service Enterprise Group IncPEG US11:00Q1 2017 Earnings CallQ1 17
Mohawk Industries IncMHK US11:00Q1 2017 Earnings CallQ1 17
LyondellBasell Industries NVLYB US11:00Q1 2017 Earnings CallQ1 17
Franklin Resources IncBEN US11:00Q2 2017 Earnings CallQ2 17
Colgate-Palmolive CoCL US11:00Q1 2017 Earnings CallQ1 17
Chevron CorpCVX US11:00Q1 2017 Earnings CallQ1 17
LyondellBasell Industries NVLYB USQ1 2017 Earnings CallQ1 17
Phillips 66PSX US12:00Q1 2017 Earnings CallQ1 17
Kellogg CoK US13:00Annual General Meeting
Apartment Investment & Management CoAIV US13:00Q1 2017 Earnings CallQ1 17
Macerich Co/TheMAC US13:30Q1 2017 Earnings CallQ1 17
Essex Property Trust IncESS US14:00Q1 2017 Earnings CallQ1 17

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