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19Th July 2016
OVERNIGHT MARKETS AND NEWS
Sep E-mini S&Ps (ESU16 -0.22%) are down -0.23% and European stocks are down -1.18% on concern the decision by the UK to
leave the European Union could weaken economic growth in the Eurozone after the
German Jul ZEW survey expectations of economic growth fell more than expected
to-6.8, a 3-1/2 year low. Also, Netflix plunged 12% in pre-market trading after
it reported a slower-than-expected increase in subscriber growth, and Fiat
Chrysler Automobiles NV is down 4% after U.S. authorities opened a criminal
investigation of the company amid allegations it inflated sales figures. Asian
stocks settled mixed: Japan +1.37%, Hong Kong -0.60%,
China -0.23%, Taiwan +0.30%,
Australia -0.13%, Singapore -0.31%, South Korea-0.22%, India
+0.15%. Japan's Nikkei Stock Index rallied to a 1-1/4 month high as it reopened
following Monday's holiday, led by a 14% surge in Nintendo as the frenzy over
the company's mobile game Pokemon Go continues.
The dollar index (DXY00 +0.23%) is up +0.21% at a 1-week high.
EUR/USD (^EURUSD) is down -0.17%. USD/JPY (^USDJPY)
is down -0.02%.
Sep T-note prices (ZNU16 +0.20%) are up +9 ticks.
The German Jul ZEW survey
expectations of economic growth plunged -26.0 to -6.8,
weaker than expectations of -10.2 to 9.0 and the lowest in 3-1/2 years. The Total Investment & Insurance
Solutions
Key U.S. news today
includes: (1) Jun housing starts (expected +0.1% to 1.166 million, May -0.3% to 1.164 million).
There are 17 of the
S&P 500 companies that report earnings today with notable reports
including: Goldman Sachs (consensus $3.05), Microsoft (0.58), UnitedHealth
(1.89), Johnson & Johnson (1.68), Cintas (1.01), Discover Financial (1.40),
Naviet (0.44).
U.S. IPO's scheduled to
price today: none.
Equity conferences this
week include: none. The Total
Investment & Insurance Solutions
Netflix (NFLX +0.43%) plunged 12% in pre-market
trading after it said it sees Q3 international streaming net adds of 2 million,
below consensus of 2.54 million, and said it sees Q3 EPS of 5 cents, weaker
than consensus of 7 cents.
Seagate Technology PLC (STX +4.33%) was upgrraded to 'Neutral'
from 'Sell' at Citigroup. The Total
Investment & Insurance Solutions
Fiat Chrysler
Automobiles NV (FCAU -0.30%)
dropped 4% in pre-market trading as U.S. authorities are investigating the
company on allegations it inflated vehicle sales figures.
International Business
Machines (IBM +0.05%) climbed nearly 3% in
after-hours trading after it reported Q2 operating EPS of $2.95, higher than
consensus of $2.89. The Total
Investment & Insurance Solutions
Super Micro Computer (SMCI +1.31%) sank 18% in after-hours
trading after it reported preliminary Q4 adjusted EPS of 15 cents-17 cents, well below an April 28 estimate
of 46 cents-58 cents.
VMWare (VMW +0.81%) jumped 8% in after-hours
trading after it reported Q2 adjusted EPS of 97 cents, better than consensus of
95 cents.
Spirit Airlines (SAVE +0.74%) lost over 6% in after-hours
trading after it reported Q2 TRASM (total revenue per available seat mile) down -14.3% y/y at the lower end of initial
guidance range. The Total Investment
& Insurance Solutions
Hyatt Hotels (H +0.77%) was downgraded to 'Hold' from
'Buy' at Stifel.
Yahoo! (YHOO +0.61%) rose nearly 1% in after-hours
trading after it reported Q2 revenue ex-TAC $841.2 million, higher than
consensus of $839.6 million.
Rambus (RMBS +0.47%) slipped nearly 3% in
after-hours trading after it reported Q2 adjusted EPS of 15 cents, higher than
13 cents, but then forecast Q3 revenue of $75 million-$80 million, below
consensus of $84 million.
EMC Corp. (EMC -0.04%) gained over 1% in after-hours
trading after it reported Q2 adjusted EPS of 45 cents, higher than consensus of
42 cents.
Enviva Partners LP (EVA -1.65%) was rated a new 'Buy' at DA Davidson
with a 12-month target price of $28.
Wynn Resorts Ltd. (WYNN +4.81%) lost 1% in after-hours trading
after MGM Resorts International launched its easyPLAY Mobile Tournaments and is
the first regulated casino to host an interactive digital gaming platform.
Hudson Technologies (HDSN +7.98%) surged over 30% in after-hours
trading after the U.S. Department of Defense awarded Hudson a 5-year contract worth
up to $400 million. The Total
Investment & Insurance Solutions
Sep E-mini S&Ps (ESU16 -0.22%) this morning are down -5.00 points (-0.23%). Monday's closes:
S&P 500 +0.24%, Dow Jones +0.09%, Nasdaq +0.65%. The S&P 500 on Monday
closed higher on reduced geopolitical concerns after Turkish President Erdogan
put an end to Friday's failed coup attempt. Stocks were also boosted by
strength in bank stocks after Bank of America rose by more than 3% after
reporting better-than-expected Q2 EPS. Another positive factor was increased
M&A activity after SoftBank Group Corp bought ARM Holdings Plc for $32
billion. Stocks were undercut by the -1point
decline in the U.S. Jul NAHB housing market index to 59, weaker than expectations
of unchanged at 60.
Sep 10-year T-note
prices (ZNU16 +0.20%) this morning are up +9 ticks.
Monday's closes: TYU6 +5.00, FVU6 +3.25. Sep T-notes on Monday recovered from a
3-week low and closed higher on carryover support from a rally in German bunds
and on the unexpected -1 point decline in the U.S. July NAHB
housing market index. T-notes were undercut by reduced safe-haven demand for
T-notes after Turkish President Erdogan regained control of the government
following Friday's failed coup attempt.
The Total Investment & Insurance Solutions
The dollar index (DXY00 +0.23%) this morning is up +0.200
(+0.21%) at a 1-week high. EUR/USD (^EURUSD)
is down -0.0019 (-0.17%) and USD/JPY (^USDJPY)
is down -0.02 (-0.02%). Monday's closes: Dollar
index -0.018 (-0.02%), EUR/USD +0.0040 (+0.36%),
USD/JPY +1.28 (+1.22%). The dollar index on Monday closed lower on the
unexpected decline in the U.S. July NAHB housing market index and strength in
EUR/USD after an upbeat monthly report from the Bundesbank said that "a
significant increase in overall economic performance in the summer quarter is
expected." The Total Investment
& Insurance Solutions
Aug WTI crude oil prices
(CLQ16 -0.11%) this morning are down -16 cents
(-0.35%) and Aug gasoline prices (RBQ16 -0.37%)
are down -0.0094(-0.68%).
Monday's closes: CLQ6 -0.75 (-1.63%), RBQ6 -0.0330 (-2.32%). Aug crude oil and gasoline
on Monday closed lower on the lack of any disruption in crude oil flows through
Turkey, a major distribution point of crude from the Middle East into Europe,
after Friday's failed coup attempt in Turkey. The Total Investment & Insurance Solutions
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