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11Th
Aug 2016
OVERNIGHT
MARKETS AND NEWS
Sep
E-mini S&Ps (ESU16 +0.25%)
are up +0.21% and European stocks are up +0.62% at a 1-1/2 month high
on better-than-expected company quarterly earnings results. Alibaba
Group Holdings Ltd is up over 5% in pre-market trading after posting
better-than-expected Q1 EPS and revenue. Zurich Insurance Group AG
rose 4% after it said earnings fell less than expected and KBC Group
NV gained over 5% after posting higher-than-expected profit and
revenue. Asian stocks settled mixed: Japan closed for holiday, Hong
Kong +0.39%, China -0.53%, Taiwan -0.75%, Australia -0.64%,
Singapore -0.20%, South Korea +0.29%, India +0.31%. The South
Korean won retreated from a 14-month high against the dollar after
the Bank of Korea (BOK) kept interest rates at a record low and BOK
Governor Lee Ju Yeol said the central bank "still has monetary
and fiscal policy room."
The
dollar index (DXY00 +0.16%)
is up +0.18%. EUR/USD (^EURUSD)
is down -0.20%. USD/JPY (^USDJPY)
is up +0.06%.
Sep
T-note prices (ZNU16 -0.09%)
are down -4.5 ticks.
Economists
at the IMF said that the ECB may need to rely more on asset purchases
for monetary stimulus as negative interest rates reach their limit of
effectiveness. They said, "while negative interest rates have
spurred a modest credit expansion that supports growth and inflation,
they have also squeezed bank profitability."
The
UK Jul RICS housing market survey fell to 5% from a downward revised
15% in Jun, the lowest in 3-1/4 years.The Total Investment &
Insurance Solutions
Key
U.S. news today includes: (1) weekly initial unemployment claims
(expected -4,000 to 265,000, previous +3,000 to 269,000) and
continuing claims (expected -5,000 to 2.133 million,
previous -6,000 to 2.138 million), (2) Jul import price index
(expected -0.4% m/m and -4.3% y/y, Jun +0.2% m/m
and-4.8% y/y), (3) Treasury auction of $15 billion of 30-year
T-bonds, and (4) USDA weekly Export Sales.
There
are 4 of the S&P 500 companies that report earnings today: Macy's
(consensus $0.45), Kohl's (1.03), Nordstrom (0.57), NVIDIA (0.48).
U.S.
IPO's scheduled to price today: AzurRX BioPharma (AXRX).
Equity
conferences during the remainder of this week include: Jefferies
Industrials Conference on Tue-Thu, Canaccord Genuity Growth
Conference on Wed-Thu, Jefferies Financial Services Conference on
Wed-Thu, Goldman Sachs Power, Utilities, MLP, and Pipeline Conference
on Thu.The Total Investment & Insurance Solutions
Kohl's
(KSS +0.90%)
rallied 6% in pre-market trading after it reported Q2 adjusted EPS of
$1.22, higher than consensus of $1.03.
Alibaba
Group Holdings Ltd (BABA +2.45%)
jumped over 5% in pre-market trading after it reported Q1 revenue of
$4.84 billion, well above consensus of $4.54 billion.
Scripps
Networks Interactive (SNI +1.04%)
was downgraded to 'Hold' from 'Buy' at Evercore ISI.
Flowers
Foods (FLO -9.01%)
reported Q2 adjusted EPS of 24 cents, below consensus of 26 cents,
and then cut its 2016 adjusted EPS view to 90 cents-95 cents,
weaker than consensus of $1.00.
Masonite
International (DOOR +0.13%)
reported Q2 adjusted EPS of $1.02, well above consensus of 88 cents.
Shake
Shack (SHAK -1.71%)
tumbled nearly 10% in pre-market trading after it reported Q2
comparable sales of up +4.5%, below consensus of +5.4%.
Chesapeake
Energy (CHK -0.21%)
climbed over 5% in after-hours trading after it cut $1.9 billion in
commitments by selling its interests in the Barnett Shale operating
area to Saddle Barnett Resources.
Spark
Energy (SPKE +0.52%)
rose over 6% in after-hours trading after it raised its 2016 adjusted
Ebitda view to $75 million-$82 million from a May 4 view of $44
million-$48 million.
Blue
Buffalo Pet Products (BUFF +1.17%)
gained over 2% in after-hours trading after it reported Q2 adjusted
EPS of 19 cents, better than consensus of 17 cents, and then raised
its full-year adjusted EPS view to 74 cents-76 cents from a
prior view of 73 cents-74 cents.
Avinger
(AVGR -1.70%)
slumped over 15% in after-hours trading after it began a secondary
offering of common stock, no amount was mentioned.
Omeros
(OMER -3.81%)
dropped nearly 9% in after-hours trading after it announced a
secondary offering of $40 million of common stock.
Gulf
Resources (GURE -3.39%)
surged 14% in after-hours trading after it reported Q2 EPS of 28
cents, versus 23 cents y/y.The
Total Investment & Insurance Solutions
Sep
E-mini S&Ps (ESU16 +0.25%)
this morning are up +4.50 points (+0.21%). The S&P 500 on
Wednesday closed lower: S&P 500 -0.29%, Dow Jones-0.20%,
Nasdaq -0.26%. Bearish factors included (1) the +110,000
increase in U.S. Jun JOLTS job openings to 5.624 million, weaker than
expectations of +175,000 to 5.675 million, and (2) the -2.48% slide
in oil prices, which undercut energy producing stocks.
Sep
10-year T-notes (ZNU16 -0.09%)
this morning are down -4.5 ticks. Sep T-notes on Wednesday
closed higher: TYU6 +12.50, FVU6 +6.50. Bullish factors included (1)
the weaker-than-expected U.S. Jun JOLTS job openings, (2) the side in
stocks, which boosted the safe-haven demand for T-notes, and (3)
strong foreign demand for the Treasury's $23 billion 10-year T-note
auction where indirect bidders, a proxy for foreign buyers, bought
72.2% of the total auction, above the 12-auction average of 62.8%.
The
dollar index (DXY00 +0.16%)
this morning is up +0.171 (+0.18%). EUR/USD (^EURUSD)
is down -0.0022 (-0.20%). USD/JPY (^USDJPY)
is up +0.06 (+0.06%). The dollar index on Wednesday closed lower:
Dollar index -0.533 (-0.55%), EUR/USD +0.0059 (+0.53%),
USD/JPY -0.59 (-0.58%). Bearish factors included (1) the
smaller-than-expected increase in U.S. Jun JOLTS job openings, and
(2) increased speculation that the Fed will refrain from raising
interest rates until next year at the earliest.
Sep
WTI crude oil (CLU16 +0.02%)
this morning is up +2 cents (+0.05%) and Sep gasoline (RBU16 -0.19%)
is down -0.0010 (-0.08%). Sep crude oil and gasoline on
Wednesday closed lower: CLU6 -1.06 (-2.48%),
RBU6 -0.0448 (-3.33%).
Bearish factors included (1) ramped
up Saudi output as Saudi Arabian Jul crude production rose to a
record 10.67 million bpd, (2) the unexpected +1.05 million bbl
increase in weekly EIA crude inventories, more than expectations
of -1.5 million bbl. Bullish factors included (1) a weaker
dollar and (2) the -2.81 million bbl decline in weekly EIA
gasoline supplies to a 7-month low, a bigger drop than expectations
of -1.3 million bbl.The
Total Investment & Insurance Solutions
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