US : Pre Market News – 04 May 2017

PREMARKET WORLD NEWS

June E-mini S&Ps (ESM17 +0.26%) this morning are trading mildly higher by +0.25% on carry-over support from strong European stocks. The markets are looking forward to a scheduled Obamacare repeal-and-replace vote today by the House. House Republican leaders say they have the votes but the vote count is expected to be close.

The Euro Stoxx 50 index today is up +0.84% on positive earnings news and increased confidence that centrist Emmanuel Macron will win Sunday’s French presidential election against far-right Marine Le Pen. The two candidates brawled last night in their only debate with one snap poll deeming Macron the winner of the debate by 63%-34%. The polls show Macron with continued support of about 60%-40%, little changed from recent levels. Oddschecker has the betting odds at 90%-15% in favor of Macron against Le Pen.

China’s Shanghai Composite index today fell -0.25% on continued concern about the government’s crackdown on leverage and its increased regulatory scrutiny. Chinese stocks were also undercut by news that the April Caixin China services PMI fell by -0.7 points to 51.5 from 52.2 in March. The Japanese markets today were closed for a second day for a national holiday. The other main Asian stock markets today closed mixed: Hong Kong -0.05%, Taiwan +0.12%, Australia -0.27%, Singapore -0.28%, South Korea +0.97%, India +0.77%, Turkey -0.19%.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Apr Challenger job cuts (Mar -2.0% y/y), (2) weekly initial unemployment claims (expected -8,000 to 249,000, previous +14,000 to 257,000) and continuing claims (expected +2,000 to 1.990 million, previous +10,000 to 1.988 million), (3) Mar U.S. trade deficit (expected -$ 44.5 billion, Feb -$ 43.6 billion), (4) Q1 non-farm productivity (expected unch, Q4 +1.3%) and Q1 unit labor costs (expected +2.7%, Q4 +1.7%), (5) Mar factory orders (expected +0.4%, Feb +1.0% and +0.4% ex transportation), (6) USDA weekly Export Sales.

Notable S&P 500 earnings reports today include: Viacom (consensus $ 0.60), Scripps Networks (1.19), Regeneron (3.08), Church & Dwight (0.46), Occidental Petroleum (0.08), Kellogg (1.00), Apache (0.14), CBS (0.93), Marathon Oil (-0.09), Motorola Solutions (0.57), Monster Beverage (0.32), Fluor (0.67).

U.S. IPO’s scheduled to price today: Ovid Therapeutics (OVID), KKR Real Estate Finance Trust (KREF), TPG Pace Energy Holdings (TPGE/U).

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

PREMARKET U.S. STOCKS

Facebook (FB -0.64%) fell fell -1% in overnight trading after it said that it expects revenue growth to slow “meaningfully” when it slows the frequency of news-feed advertising later this year.

Tesla (TSLA -2.47%) said its Model 3 timeline is intact. Tesla Q1 adjusted EPA was larger than expected.

GoDaddy (GDDY -2.29%) fell -3% in after-hours trading after a new-share filing

AIG (AIG +0.02%) rallied by more than 1% in after-hours trading on positive Q1 EPS and a hike in stock buybacks.

Stamps.com (STMP +0.59%) rallied by +1.3% ion after-hours trading after providing positive annual EPS guidance.

Prudential Financial (PRU +0.86%) rallied by 1% in after-hours trading after a Q1 adjusted EPS beat.

Centurylink (CTL -2.04%) fell 4% in after-hours trading after missing Q1 earnings.

Cheesecake Factory (CAKE +1.79%) fell 8% in after-hours trading after a Q1 revenue miss.

Avis (CAR -2.06%) fell 6% in after-hours trading a Q1 earnings miss on higher costs and pricing pressure.

MARKET COMMENTS

June E-mini S&Ps (ESM17 +0.26%) this morning are trading mildly higher by +0.25% on carry-over support from strong European stocks. Wednesday’s closes: S&P 500 -0.13%, Dow Jones +0.04%, Nasdaq -0.34%. The S&P 500 on Wednesday closed slightly lower on the -5 tick sell-off in June 10-year T-note futures on the increased odds for a Fed rate hike at the next meeting in June. There was also weakness in tech stocks linked to a -0.31% decline in Apple on disappointing iPhone sales. Stocks were supported by the strong US ISM non-manufacturing index (+2.3 to 57.5) and by increased confidence about the health of the U.S. economy after the Fed said that Q1 GDP weakness was transitory.

June 10-year T-notes (ZNM17 -0.22%) this morning are down -9.5 ticks on carry-over weakness from a -0.73 point drop in June bunds this morning on reduced safe-haven demand tied to increased confidence that centrist Emmanuel Macron will win Sunday’s French presidential election. Wednesday’s closes: TYM7 -5.00, FVM7 -5.50. Jun 10-year T-notes on Wednesday closed lower on the increased odds for a Fed rate hike at its June 13-14 meeting after the Fed brushed off weak Q1 GDP growth. T-notes were also undercut by firm economic data with the as-expected +177,000 increase in April ADP jobs and the +2.3 point increase to 57.5 in the U.S. ISM non-manufacturing index.

The dollar index (DXY00 -0.07%) this morning is slightly lower by -0.09 (-0.09%), EUR/USD (^EURUSD) is up +0.0045 (+0.41%), and USD/JPY (^USDJPY) is up +0.17 (+0.15%). The euro is seeing some strength from Emmanuel Macron’s favorable showing in yesterday’s debate. Wednesday’s closes: Dollar index +0.233 (+0.24%), EUR/USD -0.0044 (-0.40%), USD/JPY +0.754 (+0.67). The dollar index on Wednesday closed mildly higher on the mildly hawkish FOMC meeting and increased odds for a June rate hike. The dollar was also boosted by the strong U.S. ISM non-manufacturing index and as-expected ADP report.

June WTI crude oil prices (CLM17 -1.34%) are down -0.58 (-1.21%) and June gasoline (RBM17 -1.98%) is down -0.0277 (-1.81%). Wednesday’s closes: Jun crude +0.16 (+0.34%), Jun gasoline +0.0202 (+1.33%). Jun crude oil and gasoline on Wednesday closed higher on the the tighter-than-expected product inventory reports with gasoline inventories up +191,000 bbls (vs expectations of +1.0 million bbls) and distillate inventories down -562,000 (vs expectations of +1.5 million bbls). Crude oil prices were undercut by the +0.3% rise in U.S. crude oil production to a 1-3/4 yr high of 9.293 million bpd.

GLOBAL EVENT CALENDAR 05/04/2017
Thursday, May 4
US0730 ETApr Challenger job cuts, Mar -2.0% y/y.
0830 ETWeekly initial unemployment claims expected -8,000 to 249,000, previous +14,000 to 257,000. Weekly continuing claims expected +2,000 to 1.990 million, previous +10,000 to 1.988 million.
0830 ETMar trade balance expected -$ 44.5 billion, Feb -$ 43.6 billion.
0830 ETQ1 non-farm productivity expected unch, Q4 +1.3%. Q1 unit labor costs expected +2.7%, Q4 +1.7%.
0830 ETUSDA weekly Export Sales.
1000 ETMar factory orders expected +0.4%, Feb +1.0% and +0.4% ex transportation.
Friday, May 5
US0830 ETApr non-farm payrolls expected +190,000, Mar +98,000. Apr private payrolls expected +190,000, Mar +89,000. Apr manufacturing payrolls expected +10,000, Mar +11,000. Apr unemployment rate expected +0.1 to 4.6%, Mar -0.2 to 4.5%.
0830 ETApr avg hourly earnings expected +0.3% m/m and +2.7% y/y, Mar +0.2% m/m and +2.7% y/y. Apr avg weekly hours all employees expected +0.1 to 34.4 hours, Mar unch at 34.3 hours.
1130 ETFed Vice Chair Stanley Fischer speaks on a panel on at the Hoovers Monetary Policy Conference.
1245 ETSan Francisco Fed President John Williams (non-voter) delivers keynote address at the Manhattan Institute Shadow Open Market Committee event in New York.
1330 ETFed Chair Janet Yellen speaks at an event at Brown University to commemorate 125 Years of Women at Brown.
1330 ETChicago Fed President Charles Evans (voter) and Boston Fed President Eric Rosengren (non-voter) speak on a panel on The Structural Foundations of Monetary Policy at the Hoovers Monetary Policy Conference.
1500 ETMar consumer credit expected +$ 14.0 billion, Feb +$ 15.206 billion.
2400 ETContinuing resolution expires, forcing partial U.S. government shutdown if no new spending bill is approved.
U.S. STOCK CALENDAR 05/04/2017
CompanyTickerTimeEvent DescriptionPeriodEstimate
Scripps Networks Interactive IncSNI USBef-mktQ1 2017 Earnings ReleaseQ1 171.194
Ball CorpBLL USBef-mktQ1 2017 Earnings ReleaseQ1 170.691
Global Payments IncGPN USBef-mktQ1 2017 Earnings ReleaseQ1 170.792
Regeneron Pharmaceuticals IncREGN USBef-mktQ1 2017 Earnings ReleaseQ1 173.082
Willis Towers Watson PLCWLTW USBef-mktQ1 2017 Earnings ReleaseQ1 173.344
Chesapeake Energy CorpCHK USBef-mktQ1 2017 Earnings ReleaseQ1 170.181
Quanta Services IncPWR USBef-mktQ1 2017 Earnings ReleaseQ1 170.401
Gartner IncIT USBef-mktQ1 2017 Earnings ReleaseQ1 170.606
PPL CorpPPL USBef-mktQ1 2017 Earnings ReleaseQ1 170.614
Eversource EnergyES USBef-mktQ1 2017 Earnings ReleaseQ1 170.823
Dominion Resources Inc/VAD USBef-mktQ1 2017 Earnings ReleaseQ1 170.956
Ameren CorpAEE USBef-mktQ1 2017 Earnings ReleaseQ1 170.386
AmerisourceBergen CorpABC US6:30Q2 2017 Earnings ReleaseQ2 171.679
Church & Dwight Co IncCHD US7:00Q1 2017 Earnings ReleaseQ1 170.462
Viacom IncVIAB US7:00Q2 2017 Earnings ReleaseQ2 170.599
Occidental Petroleum CorpOXY US7:00Q1 2017 Earnings ReleaseQ1 170.084
Incyte CorpINCY US7:00Q1 2017 Earnings ReleaseQ1 17-0.935
Zoetis IncZTS US7:00Q1 2017 Earnings ReleaseQ1 170.481
Global Payments IncGPN US8:00Q1 2017 Earnings CallQ1 17
United Parcel Service IncUPS US8:00Annual General Meeting
MetLife IncMET US8:00Q1 2017 Earnings CallQ1 17
Kellogg CoK US8:00Q1 2017 Earnings ReleaseQ1 170.995
Apache CorpAPA US8:00Q1 2017 Earnings ReleaseQ1 170.138
Gartner IncIT US8:00Q1 2017 Earnings CallQ1 17
Viacom IncVIAB US8:30Q2 2017 Earnings CallQ2 17
Regeneron Pharmaceuticals IncREGN US8:30Q1 2017 Earnings CallQ1 17
AmerisourceBergen CorpABC US8:30Q2 2017 Earnings CallQ2 17
Zoetis IncZTS US8:30Q1 2017 Earnings CallQ1 17
PPL CorpPPL US8:30Q1 2017 Earnings CallQ1 17
Concho Resources IncCXO US9:00Q1 2017 Earnings CallQ1 17
American International Group IncAIG US9:00Q1 2017 Earnings CallQ1 17
Albemarle CorpALB US9:00Q1 2017 Earnings CallQ1 17
Willis Towers Watson PLCWLTW US9:00Q1 2017 Earnings CallQ1 17
CF Industries Holdings IncCF US9:00Q1 2017 Earnings CallQ1 17
Chesapeake Energy CorpCHK US9:00Q1 2017 Earnings CallQ1 17
American Water Works Co IncAWK US9:00Q1 2017 Earnings CallQ1 17
Quanta Services IncPWR US9:00Q1 2017 Earnings CallQ1 17
Eversource EnergyES US9:00Q1 2017 Earnings CallQ1 17
Transocean LtdRIG US9:00Q1 2017 Earnings CallQ1 17
Archer-Daniels-Midland CoADM US9:30Annual General Meeting
Verizon Communications IncVZ US9:30Annual General Meeting
Fluor CorpFLR US9:30Annual General Meeting
Kellogg CoK US9:30Q1 2017 Earnings CallQ1 17
Williams Cos Inc/TheWMB US9:30Q1 2017 Earnings CallQ1 17
Scripps Networks Interactive IncSNI US10:00Q1 2017 Earnings CallQ1 17
Lincoln National CorpLNC US10:00Q1 2017 Earnings CallQ1 17
Church & Dwight Co IncCHD US10:00Q1 2017 Earnings CallQ1 17
TEGNA IncTGNA US10:00Annual General Meeting
Incyte CorpINCY US10:00Q1 2017 Earnings CallQ1 17
Whirlpool CorpWHR US10:00Investor Day
Alliant Energy CorpLNT US10:00Q1 2017 Earnings CallQ1 17
Dominion Resources Inc/VAD US10:00Q1 2017 Earnings CallQ1 17
Ameren CorpAEE US10:00Q1 2017 Earnings CallQ1 17
Pioneer Natural Resources CoPXD US10:00Q1 2017 Earnings CallQ1 17
Prudential Financial IncPRU US11:00Q1 2017 Earnings CallQ1 17
Ball CorpBLL US11:00Q1 2017 Earnings CallQ1 17
Occidental Petroleum CorpOXY US11:00Q1 2017 Earnings CallQ1 17
Murphy Oil CorpMUR US11:00Q1 2017 Earnings CallQ1 17
Federal Realty Investment TrustFRT US11:00Q1 2017 Earnings CallQ1 17
Progressive Corp/ThePGR US11:00Q1 2017 Earnings CallQ1 17
Ecolab IncECL US11:00Annual General Meeting
Welltower IncHCN USAnnual General Meeting
Mettler-Toledo International IncMTD USAnnual General Meeting
DTE Energy CoDTE USAnnual General Meeting
Allergan PLCAGN USAnnual General Meeting
Capital One Financial CorpCOF USAnnual General Meeting
Eastman Chemical CoEMN USAnnual General Meeting
Tesoro CorpTSO USAnnual General Meeting
Equifax IncEFX USAnnual General Meeting
United Rentals IncURI USAnnual General Meeting
Kansas City SouthernKSU USAnnual General Meeting
Church & Dwight Co IncCHD US12:00Annual General Meeting
Mettler-Toledo International IncMTD USQ1 2017 Earnings ReleaseQ1 173.086
Duke Energy CorpDUK US12:30Annual General Meeting
Apache CorpAPA US14:00Q1 2017 Earnings CallQ1 17
CBS CorpCBS USAft-mktQ1 2017 Earnings ReleaseQ1 170.929
PerkinElmer IncPKI USAft-mktQ1 2017 Earnings ReleaseQ1 170.538
Consolidated Edison IncED USAft-mktQ1 2017 Earnings ReleaseQ1 171.187
Marathon Oil CorpMRO USAft-mktQ1 2017 Earnings ReleaseQ1 17-0.087
Motorola Solutions IncMSI USAft-mktQ1 2017 Earnings ReleaseQ1 170.572
Monster Beverage CorpMNST USAft-mktQ1 2017 Earnings ReleaseQ1 170.319
Fluor CorpFLR USAft-mktQ1 2017 Earnings ReleaseQ1 170.666
Stericycle IncSRCL USAft-mktQ1 2017 Earnings ReleaseQ1 171.032
Activision Blizzard IncATVI US16:05Q1 2017 Earnings ReleaseQ1 170.213
CBS CorpCBS US16:30Q1 2017 Earnings CallQ1 17
Activision Blizzard IncATVI US16:30Q1 2017 Earnings CallQ1 17
PerkinElmer IncPKI US17:00Q1 2017 Earnings CallQ1 17
Alaska Air Group IncALK US17:00Annual General Meeting
Motorola Solutions IncMSI US17:00Q1 2017 Earnings CallQ1 17
Mettler-Toledo International IncMTD US17:00Q1 2017 Earnings CallQ1 17
Monster Beverage CorpMNST US17:00Q1 2017 Earnings CallQ1 17
Stericycle IncSRCL US17:00Q1 2017 Earnings CallQ1 17
Fluor CorpFLR US17:30Q1 2017 Earnings CallQ1 17

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