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22Nd Aug 2016
OVERNIGHT MARKETS AND NEWS
Sep E-mini S&Ps (ESU16 -0.19%) are down -0.14% and European stocks are down -0.18% on concern the Fed may be closer to
raising interest rates after hawkish comments from Fed Vice Chair Fischer who
said the Fed is close to meeting its goals and that economic growth will pick
up in coming quarters as investment recovers. Fischer's comments boosted the
dollar and undercut commodity prices, which put pressure on energy producers
and raw-material stocks. Another negative for crude oil prices, which are down
over $1 a barrel (-2.74%) in early trade is concern over bigger global supplies
after Iraq said it will increase exports by +150,000 bpd as exports resume from
three oil fields in Kirkuk. Asian stocks settled mixed: Japan +0.32%, Hong Kong
+0.26%, China -0.75%, Taiwan -0.58%, Australia -0.21%, Singapore -0.10%, South Korea -0.55%, India -0.33%. Japan's Nikkei Stock Index
settled higher as exporter stocks rallied after USD/JPY rose when BOJ Governor
Kuroda told the Sankei newspaper that the BOJ is conducting a comprehensive
review of Japan's economy and finances and said there is "sufficient chance"
of more easing at next month's policy meeting.
The dollar index (DXY00 +0.17%) is up +0.27%. EUR/USD (^EURUSD)
is down -0.22%. USD/JPY (^USDJPY)
is up +0.28%.
Sep T-note prices (ZNU16 -0.06%) are down -3 ticks
at a 1-month low after the comments from Fed Vice Chair Fischer bolstered speculation
of a Fed rate hike this year.
Fed Vice Chair Fischer
said in a speech in Aspen, Colorado on Sunday that the Fed is "close to
our targets" and that "looking ahead, I expect GDP growth to pick up
in coming quarters, as investment recovers from a surprisingly weak patch and
the drag from past dollar appreciation diminishes." The Total Investment & Insurance Solutions
Key U.S. news today
includes: (1) Jul Chicago Fed national activity index (Jun 0.16), (2) USDA
weekly grain export inspections, (3) USDA Jul Cold Storage, and (4) USDA Weekly
Crop Progress.
Russell 1000 companies
that report earnings today: Nordson (cosnensus $1.33), Premier Inc (0.38),
CommerceHub.
U.S. IPO's scheduled to
price today: none.
Equity conferences this
week: Heikkinen Energy Conference 2016 on Wed. The Total Investment & Insurance Solutions
Freeport-McMoRan (FCX -2.13%) slid almost 3% in pre-market
trading as metals price declined.
Medivation (MDVN -0.04%) jumped almost 20% in
pre-market trading after people familiar with the situation said that Pfizer is
close to an agreement to buy the company for about $14 billion, or $81.50 a
share.
Workday (WDAY +0.87%) was downgraded to 'Hold' from
'Buy' at Needham & Co.
Cardiovascular Systems (CSII -0.26%) was upgraded to 'Outperform'
from 'Market Perform' at Leerink Partners.
Hormel Foods (HRL +4.37%) was upgraded to 'Outperform'
from 'Neutral' at Credit Suisse.
Illumina (ILMN -0.41%) was downgraded to 'Neutral'
from 'Buy' at CL King.
Mattress Firm Holding MFRM was downgraded to 'Underperform' from 'Market Perform' at Raymond James.
Mattress Firm Holding MFRM was downgraded to 'Underperform' from 'Market Perform' at Raymond James.
Lockheed Martin (LMT -0.51%) won a $10 billion U.S. defense
contract for support of the Air Force's C-130J program with work expected to be
completed by Aug 18, 2026.
Green Plains Partners LP
(GPP +0.59%) was rated a new 'Buy' at DA
Davidson with a 12-month target price of $21.
Marvel (MRVL +4.29%) gained almost 1% in
after-hours trading after DealReporter said the company was continuing steps to
explore a sale.
SITO Mobile Ltd (SITO -0.96%) slid over 4% in after-hours
trading after it registered a $50 million mixed securities shelf.
CIFC LLC (CIFC +0.43%) surged over 40% in after-hours
trading after F.A.B. Partners acquired the company for $333 million of 11.46 a
share, a 65% premium from Friday's closing price. The Total Investment & Insurance Solutions
Sep E-mini S&Ps (ESU16 -0.19%) this morning are down -3.00 points (-0.14%). Friday's closes:
S&P 500 -0.14%, Dow Jones -0.24%, Nasdaq -0.05%. The S&P 500 on Friday
closed lower on long liquidation pressures spurred on by hawkish comments from
San Francisco Fed President Williams who said the Sep FOMC meeting was "in
play" for a Fed rate hike. A positive for stocks was the action by the NY
Fed to raise its U.S. Q3 GDP estimate to 3.0% from a previous estimate of 2.4%,
citing "positive news" from economic data.
Sep 10-year T-notes (ZNU16 -0.06%) this morning are down -3 ticks
at a 1-month low. Friday's closes: TYU6 -13.50,
FVU6 -8.00. Sep T-notes on Friday closed lower after
San Francisco Fed President Williams said the Sep FOMC meeting is "in
play" for a rate move as are all meetings. Also, a slide in German bund
prices undercut T-notes after German Jul PPI rose more than expected, which may
keep the ECB from further expanding stimulus measures.
The dollar index (DXY00 +0.17%) this morning is up +0.252
(+0.27%). EUR/USD (^EURUSD) is down -0.0025 (-0.22%). USD/JPY (^USDJPY)
is up +0.28 (+0.28%). Friday's closes: Dollar index +0.354 (+0.38%), EUR/USD -0.0029 (-0.26%), USD/JPY +0.33 (+0.33%). The
dollar index on Friday closed higher after the NY Fed raised its U.S. Q3 GDP
estimate to 3.0% from a previous estimate of 2.4%, and after San Francisco Fed
President Williams said the Sep FOMC meeting was "in play" for a Fed
interest rate increase.
Sep crude oil (CLU16 -2.70%) this morning is down -$1.33 a
barrel (-2.74%) and Sep gasoline (RBU16 -2.53%)
is down -0.0399 (-2.64%). Friday's closes: CLU6 +0.30
(+0.62%), RBU6 +0.0232 (+1.56%). Sep crude oil and gasoline on Friday rallied
to 1-1/2 month highs and closed higher on heightened speculation that OPEC may
agree to a production freeze when it meets next month for informal talks in
Algiers. Gains in crude were limited after data from Baker Hughes showed active
U.S. oil rigs in the week ended Aug 19 rose by 10 to 406, a 6-month high and
the eighth consecutive increase.The
Total Investment & Insurance Solutions
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