US : Pre Market News – 02 May 2017

PREMARKET WORLD NEWS

Jun E-mini S&Ps (ESM17 -0.08%) this morning are trading slightly lower as the markets look ahead to the 2-day FOMC meeting that begins today and this coming Sunday’s French presidential election. European stocks are trading mildly higher by +0.22% after Monday’s holiday on positive earnings and a negotiation breakthrough on Greece. BP rallied more than 1% today after reporting favorable earnings. The UK FTSE is up +0.45% this morning on a +3.1 point increase to a 3-year high of 57.3 in the Markit April UK manufacturing PMI, which was stronger than market expectations for a -0.2 point decline to 54.0.

China’s Shanghai Composite index today fell -0.35% on continued concern about the government’s crackdown on leverage and on news that the China April Caixin manufacturing PMI fell by -0.9 to 50.3, which was weaker than market expectations of +0.1 point to 51.3. The Chinese markets were closed on Monday for the May Day holiday. However, the Nikkei index today rallied by +0.70% as the yen continued to fade on reduced safe-haven demand. Other Asian stock markets today closed mostly higher: Hong Kong +0.33%, Taiwan +0.70%, Australia -0.10%, Singapore +1.12%, South Korea +0.85%, India +0.01%.

The dollar index (DXY00 +0.01%) this morning is slightly lower by -0.04%, still consolidating near the lower end of the sell-off seen in the latter half of April. EUR/USD (^EURUSD) is up +0.0020 (+0.18%) and USD/JPY (^USDJPY) is up +0.39 at 112.23 (+0.35%). Jun 10-year T-note prices (ZNM17 -0.06%) this morning are down -2.5 ticks. T-note and T-bond prices continue to see weakness after Treasury Secretary Mnuchin on Monday said it “could absolutely make sense” for the U.S. to sell ultra-long bonds.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) 2-day FOMC meeting begins, (2) Apr total vehicle sales (expected 17.10 million, Mar 16.53 million).

Notable S&P 500 earnings reports today include: Apple (consensus $ 2.02), Mastercard (0.95), Allstate (1.06), Cummins (1.81), ADM (0.62), CVS (1.10), Pfizer (0.67), Merck (0.83), Coach (0.44), PG&E (0.83), Emerson Electric (0.58).

U.S. IPO’s scheduled to price today: none.

Equity conferences: Deutsche Bank Health Care Conference on Wed-Thu, Macquarie Group Ltd Business Services Conference on Thu.

PREMARKET U.S. STOCKS

Cognex (CGNX +0.34%) lost nearly 2% in after-hours trading after it said it sees Q2 revenue of $ 165 million-$ 170 million, below consensus of $ 171.8 million.

Texas Roadhouse (TXRH -1.92%) jumped 10% in after-hours trading after it reported Q1 revenue of $ 567.7 million, higher than consensus of $ 560.7 million.

Luminex (LMNX +0.53%) rallied 16% in after-hours trading after it reported Q1 adjusted EPS of 28 cents, well above consensus of 16 cents, and then said it sees full-year revenue of $ 300 million-$ 310 million, above consensus of $ 301.4 million.

Span-America Medical Systems (SPAN -0.18%) surged 35% in after-hours trading after it was bought by Savaria for $ 80.2 million or about $ 29 a share.

Exelixis (EXEL +3.35%) rose 4% in after-hours trading after it reported an unexpected Q1 profit of 5 cents per share, better than consensus for a loss of -1 cent per share.

Chegg (CHGG +1.66%) climbed nearly 9% in after-hours trading after it reported Q1 adjusted EPS of 6 cents, double consensus of 3 cents, and then said it sees full-year Ebitda of $ 38 million-$ 40 million, higher than consensus of $ 34.6 million.

Taylor Morrison Home Corp (TMHC +4.55%) lost 3% in after-hours trading after it announced the commencement of an underwritten public offering of 10.0 million shares of its Class A common stock.

Corcept Therapeutics (CORT +1.36%) rallied over 8% in after-hours trading after it boosted its 2017 revenue outlook to $ 125 million-$ 135 million from a prior view of $ 120 million-$ 130 million.

Tenet Healthcare Corp (THC -2.04%) jumped 13% in after-hours trading after it reported a Q1 adjusted EPS loss of -27 cents, narrower than consensus for a loss of -52 cents, and then said it sees full-year adjusted EPS of $ 1.05 to $ 1.30, the midpoint above consensus of $ 1.13.

Harmonic (HLIT unch) tumbled over 15% in after-hours trading after it said it sees full-year EPS of 2 cents-16 cents, well below consensus of 24 cents.

Advanced Micro Devices (AMD +2.41%) dropped 9% in after-hours trading after it reported Q1 revenue of $ 984 million, weaker than consensus of $ 984.5 million.

Community Health Systems (CYH +0.12%) rose over 6% in after-hours trading after it reported Q1 adjusted EPS from continuing operations of 8 cents, higher than consensus of 6 cents.

Angie’s List (ANGI +0.17%) surged 40% in after-hours trading after IAC bought the company for $ 500 million, or $ 8.50 a share.

MARKET COMMENTS

Jun E-mini S&Ps this morning are trading slightly lower. Monday’s closes: S&P 500 +0.17%, Dow Jones -0.13%, Nasdaq +0.83%. The S&P 500 on Monday closed higher on the tentative Congressional agreement on a $ 1.1 trillion spending bill through the end of September, which averts a government shutdown. There was also strength in technology stocks that sent the Nasdaq Composite up to a new record high. Stocks were undercut by the U.S. Mar personal spending report of unchanged (weaker than expectations of +0.2%) and the -2.4 point drop in the Apr ISM manufacturing index to 54.8 (weaker than expectations of -0.7 to 56.5).

Jun 10-year T-note prices this morning are down -2.5 ticks. T-note and T-bond prices continue to see weakness after Treasury Secretary Mnuchin on Monday said it “could absolutely make sense” for the U.S. to sell ultra-long bonds. Monday’s closes: TYM7 -8.00, FVM7 -4.50. Jun 10-year T-notes on Monday closed lower on reduced safe-haven demand with the rally in stocks and the Congressional agreement to keep the U.S. government open through September.

The dollar index this morning is slightly lower by -0.04%, still consolidating near the lower end of the sell-off seen in the latter half of April. EUR/USD is up +0.0020 (+0.18%) and USD/JPY is up +0.39 at 112.23 (+0.35%). Monday’s closes: Dollar index +0.026 (+0.02%), EUR/USD +0.0004 (+0.04%), USD/JPY +0.35 (+0.31%). The dollar index on Monday closed slightly higher on the increase in T-note yields, which boosts the dollar’s interest rate differentials. The dollar also received a boost from yen weakness, which fell on reduced safe-haven demand.

June WTI crude oil prices are up +0.40 (+0.82%) at $ 49.24 as the market looks for Wednesday’s weekly EIA report to show a large -3.25 million bbl decline in U.S. oil inventories. June gasoline prices are up +0.0243 (+1.59%), and June heating oil is up +2.02 (+1.36%). Monday’s closes: Jun crude -0.49 (-0.99%), Jun gasoline -0.0209 (-1.35%). Jun crude oil and gasoline on Monday closed lower with Jun gasoline at a 2-month low. Crude oil prices were undercut by increased crude output in Libya after Libya’s National Oil Corp said Libya’s crude production rose to more than 760,000 bpd, the highest in 2-1/3 years. There was also negative carry-over from Friday’s data from Baker Hughes that showed a 9-rig increase in U.S. active oil rigs to a 2-year high of 697 rigs.

 

GLOBAL EVENT CALENDAR 05/02/2017
Tuesday, May 2
US1030 ETFOMC begins 2-day policy meeting.
n/aApr total vehicle sales expected 17.10 million, Mar 16.53 million. Apr domestic vehicle sales expected 13.40 million, Mar 12.97 million.
Wednesday, May 3
US0700 ETWeekly MBA mortgage applications, previous +2.7% with purchase sub-index -1.0% and refi sub-index +7.2%.
0815 ETApr ADP employment change expected +178,000, Mar +263,000.
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 May 9-11 in the May quarterly refunding.
0945 ETRevised Apr Markit services PMI expected unrevised at 52.5, prelim-Apr -0.3 to 52.5. Revised Apr Markit composite PMI, Mar -0.3 to 52.7.
1000 ETApr ISM non-manufacturing PMI expected +0.6 to 55.8, Mar -2.4 to 55.2.
1030 ETEIA Weekly Petroleum Status Report.
1400 ETFOMC announces interest rate decision; fed funds target range expected unchanged at 0.75%-1.00%.
U.S. STOCK CALENDAR 05/02/2017
CompanyTickerTimeEvent DescriptionPeriodEstimate
Fidelity National Information Services IncFIS USBef-mktQ1 2017 Earnings ReleaseQ1 170.823
Emerson Electric CoEMR USBef-mktQ2 2017 Earnings ReleaseQ2 170.581
NRG Energy IncNRG USBef-mktQ1 2017 Earnings ReleaseQ1 17(0.284)
AMETEK IncAME USBef-mktQ1 2017 Earnings ReleaseQ1 170.565
PG&E CorpPCG USBef-mktQ1 2017 Earnings ReleaseQ1 170.832
Pinnacle West Capital CorpPNW USBef-mktQ1 2017 Earnings ReleaseQ1 170.158
HCP IncHCP USBef-mktQ1 2017 Earnings ReleaseQ1 170.484
Aetna IncAET US06:00Q1 2017 Earnings ReleaseQ1 172.347
Coach IncCOH USBef-mktQ3 2017 Earnings ReleaseQ3 170.444
HCA Holdings IncHCA USBef-mktQ1 2017 Earnings ReleaseQ1 171.795
Martin Marietta Materials IncMLM USBef-mktQ1 2017 Earnings ReleaseQ1 170.49
Ecolab IncECL USBef-mktQ1 2017 Earnings ReleaseQ1 170.807
Eaton Corp PLCETN USBef-mktQ1 2017 Earnings ReleaseQ1 170.878
Becton Dickinson and CoBDX USBef-mktQ2 2017 Earnings ReleaseQ2 172.233
ConocoPhillipsCOP USBef-mktQ1 2017 Earnings ReleaseQ1 17(0.003)
Merck & Co IncMRK US06:45Q1 2017 Earnings ReleaseQ1 170.832
Pfizer IncPFE US06:45Q1 2017 Earnings ReleaseQ1 170.669
Xylem Inc/NYXYL US06:55Q1 2017 Earnings ReleaseQ1 170.38
CVS Health CorpCVS US06:55Q1 2017 Earnings ReleaseQ1 171.103
Charter Communications IncCHTR US07:00Q1 2017 Earnings ReleaseQ1 170.94
Archer-Daniels-Midland CoADM US07:00Q1 2017 Earnings ReleaseQ1 170.615
Altria Group IncMO US07:00Q1 2017 Earnings ReleaseQ1 170.736
Mosaic Co/TheMOS US07:00Q1 2017 Earnings ReleaseQ1 170.176
WEC Energy Group IncWEC US07:00Q1 2017 Earnings ReleaseQ1 171.062
Cummins IncCMI US07:30Q1 2017 Earnings ReleaseQ1 171.808
Merck & Co IncMRK US08:00Q1 2017 Earnings CallQ1 17
Mastercard IncMA US08:00Q1 2017 Earnings ReleaseQ1 170.947
NRG Energy IncNRG US08:00Q1 2017 Earnings CallQ1 17
Becton Dickinson and CoBDX US08:00Q2 2017 Earnings CallQ2 17
Fidelity National Information Services IncFIS US08:30Q1 2017 Earnings CallQ1 17
Charter Communications IncCHTR US08:30Q1 2017 Earnings CallQ1 17
AMETEK IncAME US08:30Q1 2017 Earnings CallQ1 17
CVS Health CorpCVS US08:30Q1 2017 Earnings CallQ1 17
Aetna IncAET US08:30Q1 2017 Earnings CallQ1 17
Coach IncCOH US08:30Q3 2017 Earnings CallQ3 17
Mastercard IncMA US09:00Q1 2017 Earnings CallQ1 17
Archer-Daniels-Midland CoADM US09:00Q1 2017 Earnings CallQ1 17
Altria Group IncMO US09:00Q1 2017 Earnings CallQ1 17
Mosaic Co/TheMOS US09:00Q1 2017 Earnings CallQ1 17
Xylem Inc/NYXYL US09:00Q1 2017 Earnings CallQ1 17
Noble Energy IncNBL US09:00Q1 2017 Earnings CallQ1 17
Bristol-Myers Squibb CoBMY US10:00Annual General Meeting
Pfizer IncPFE US10:00Q1 2017 Earnings CallQ1 17
Cummins IncCMI US10:00Q1 2017 Earnings CallQ1 17
Vornado Realty TrustVNO US10:00Q1 2017 Earnings CallQ1 17
Baxter International IncBAX US10:00Annual General Meeting
PG&E CorpPCG US11:00Q1 2017 Earnings CallQ1 17
Flowserve CorpFLS US11:00Q1 2017 Earnings CallQ1 17
HCA Holdings IncHCA US11:00Q1 2017 Earnings CallQ1 17
Martin Marietta Materials IncMLM US11:00Q1 2017 Earnings CallQ1 17
Eaton Corp PLCETN US11:00Q1 2017 Earnings CallQ1 17
Expeditors International of Washington IncEXPD USQ1 2017 Earnings ReleaseQ1 170.563
Expeditors International of Washington IncEXPD US12:00Annual General Meeting
Fortune Brands Home & Security IncFBHS USAnnual General Meeting
Pinnacle West Capital CorpPNW US12:00Q1 2017 Earnings CallQ1 17
HCP IncHCP US12:00Q1 2017 Earnings CallQ1 17
Red Hat IncRHT USAnalyst Day
ConocoPhillipsCOP US12:00Q1 2017 Earnings CallQ1 17
Xcel Energy IncXEL USRoadshow
Ecolab IncECL US13:00Q1 2017 Earnings CallQ1 17
Emerson Electric CoEMR US14:00Q2 2017 Earnings CallQ2 17
WEC Energy Group IncWEC US14:00Q1 2017 Earnings CallQ1 17
Alexandria Real Estate Equities IncARE US15:00Q1 2017 Earnings CallQ1 17
Western Union Co/TheWU US16:00Q1 2017 Earnings ReleaseQ1 170.395
Newfield Exploration CoNFX USAft-mktQ1 2017 Earnings ReleaseQ1 170.44
Mondelez International IncMDLZ US16:00Q1 2017 Earnings ReleaseQ1 170.502
Hanesbrands IncHBI USAft-mktQ1 2017 Earnings ReleaseQ1 170.281
Devon Energy CorpDVN USAft-mktQ1 2017 Earnings ReleaseQ1 170.395
Gilead Sciences IncGILD US16:00Q1 2017 Earnings ReleaseQ1 172.278
Envision Healthcare CorpEVHC USAft-mktQ1 2017 Earnings ReleaseQ1 170.774
Assurant IncAIZ USAft-mktQ1 2017 Earnings ReleaseQ1 171.533
ONEOK IncOKE USAft-mktQ1 2017 Earnings ReleaseQ1 170.443
DaVita IncDVA USAft-mktQ1 2017 Earnings ReleaseQ1 170.816
Akamai Technologies IncAKAM USAft-mktQ1 2017 Earnings ReleaseQ1 170.674
Verisk Analytics IncVRSK USAft-mktQ1 2017 Earnings ReleaseQ1 170.784
FMC CorpFMC USAft-mktQ1 2017 Earnings ReleaseQ1 170.566
Anadarko Petroleum CorpAPC US16:05Q1 2017 Earnings ReleaseQ1 17(0.228)
Allstate Corp/TheALL US16:15Q1 2017 Earnings ReleaseQ1 171.061
Western Union Co/TheWU US16:30Q1 2017 Earnings CallQ1 17
Apple IncAAPL US16:30Q2 2017 Earnings ReleaseQ2 172.024
Hanesbrands IncHBI US16:30Q1 2017 Earnings CallQ1 17
Gilead Sciences IncGILD US16:30Q1 2017 Earnings CallQ1 17
Akamai Technologies IncAKAM US16:30Q1 2017 Earnings CallQ1 17
Apple IncAAPL US17:00Q2 2017 Earnings CallQ2 17
Mondelez International IncMDLZ US17:00Q1 2017 Earnings CallQ1 17
Envision Healthcare CorpEVHC US17:00Q1 2017 Earnings CallQ1 17
Envision Healthcare CorpEVHC US17:00Q1 2017 Earnings CallQ1 17
DaVita IncDVA US17:00Q1 2017 Earnings CallQ1 17

Dow Futures

dowfutures.org@privydomain.com

You may also like...

Discussion on US : Pre Market News – 02 May 2017