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24Th Aug 2016
OVERNIGHT MARKETS AND NEWS
Sep E-mini S&Ps (ESU16 +0.05%) are up +0.09% and European
stocks are up +0.60% as the markets await Fed Chair Yellen's speech Friday from
Jackson Hole, Wyoming, for clues as to when the Fed may raise interest rates. A
rally in European bank stocks is leading the overall market higher, although
gains were limited as mining stocks and energy producers weakened after crude
oil and copper sold-off on signs of rising inventories. Oct WTI crude oil (CLV16 -1.87%) is down -1.64% and Sep COMEX copper (HGU16 -0.59%) is down -0.45% at a 2-month low. API data late
Tuesday showed U.S. crude inventories rose 4.46 million bbl last week and LME
data today showed LME copper inventories jumped +14,625 MT to a 9-month high of
254,700 MT. LME copper inventories have now surged by 24% over the past week.
Asian stocks settled mixed: Japan +0.61%, Hong Kong -0.77%, China -0.12%, Taiwan -0.15%, Australia +0.14%, Singapore
+0.67%, South Korea -0.43%, India
+0.25%.
The dollar index (DXY00 +0.12%) is up +0.12%. EUR/USD (^EURUSD)
is down -0.26%. USD/JPY (^USDJPY)
is unchanged.
Sep T-note prices (ZNU16 unch) are little changed, down -0.5 of
a tick. The Total Investment &
Insurance Solutions
Key U.S. news today
includes: (1) weekly MBA mortgage applications (previous -4.0% with purchase sub-index -4.2% and refi sub-index -4.2%), (2) Jun FHFA house price index
(expected +0.3% m/m, May +0.2% m/m), (3) Jul existing home sales (expected -1.1% to 5.51 million, Jun +1.1% to 5.57 million),
(4) Treasury's auction of $13 billion of 2-year floating rate notes, (5)
Treasury's auction of $34 billion of 5-year T-notes, and (6) EIA Weekly
Petroleum Status Report.
Russell 1000 companies
that report earnings today: HP (consensus $0.45), PVH (1.29), HEICO (0.59),
Williams Sonoma (0.58), Workday (-0.02), Santander Consumer USA Holdings
(0.68).
U.S. IPO's scheduled to
price today: none.
Equity conferences this
week: Heikkinen Energy Conference 2016 on Wed. The Total Investment & Insurance Solutions
Garmin Ltd. (GRMN +0.96%) was downgraded to 'Sell' from
'Neutral' at Goldman Sachs.
CST Brands (CST +0.30%) was downgraded to 'Market
Perform' from 'Outperform' at Wells Fargo.
SEACOR Holdings (CKH +0.88%) was rated a new 'Buy' at
Stifel with a 12-month price target of $70.
Dycom Industries (DY +0.70%) dropped 4% in after-hours
trading after it said the recently acquired operations of Goodman Networks is
now expected to produce lower revenue in fiscal 2017 than initially
anticipated.
Lannett (LCI +2.83%) surged nearly 15% in
after-hours trading after it reported Q4 adjusted EPS of 73 cents, well above
consensus of 59 cents, and then raised its fiscal 2017 revenue estimate to $690
million-$700 million from a prior view of $665.4 million.
Intuit (INTU +1.16%) fell over 4% in pre-market
trading after it said that it sees Q1 revenue of $740 million-$760 million,
below consensus of $771.9 million.
Wabash National (WNC +0.89%) climbed over 2% in after-hours
trading after it was announced that it will replace Enersys in the S&P
SmallCap 600 after the close of trading on Thursday, August 25.
OraSure Technologies (OSUR +0.14%) jumped over 9% in after-hours
trading after it said it received a 6-year contract worth up to $16.6 million
from the U.S. Department of Health and Human Services to advance the company's
rapid Zika tests.
La-Z-Boy (LZB +3.59%) tumbled 15% in after-hours
trading after it reported Q1 EPS of 28 cents, weaker than consensus of 29
cents.
Nimble Storage (NMBL +1.73%) gained over 2% in after-hours
trading after it reported a Q2 adjusted loss of 018 cents, a smaller loss than
consensus of-20 cents. The Total Investment & Insurance
Solutions
Sep E-mini S&Ps (ESU16 +0.05%) this morning are up +2.00
ponts (+0.09%). Tuesday's closes: S&P 500 +0.20%, Dow Jones +0.10%, Nasdaq
+0.21%. The S&P 500 on Tuesday rallied to a 1-week high and closed higher
on optimism about the U.S. economic outlook after July new home sales jumped
+12.4% to an 8-3/4 year high of 654,000. Stocks were also boosted by a rally in
energy producers after a +1.46% rally in crude oil. Stocks were undercut by the -0.8 point
decline in U.S. Aug Markit manufacturing PMI to 52.1, weaker than expectations
of -0.3 to 52.6.
Sep 10-year T-notes (ZNU16 unch) this morning are down -0.5 of
a tick. Tuesday's closes: TYU6 -2.00,
FVU6 -1.75. Sep T-notes on Tuesday closed lower on
reduced safe-haven demand with the rally in stocks and the jump in U.S. Jul new
home sales to their highest level in 8-3/4 years, which bolsters the case for
the Fed to raise interest rates. T-notes were also pressured by the Treasury's
auction of $101 billion of T-notes and floating rate notes this week.
The dollar index (DXY00 +0.12%) this morning is up +0.111
(+0.12%). EUR/USD (^EURUSD) is down -0.0029 (-0.26%). USD/JPY (^USDJPY)
is unch. Tuesday's closes: Dollar index +0.020 (+0.02%), EUR/USD -0.0015 (-0.13%), USD/JPY -0.09 (-0.09%). The dollar index on Tuesday
closed slightly higher on the jump in U.S. July new home sales to their highest
level in 8-3/4 years. In addition, there was weakness in EUR/USD after Eurozone
Aug consumer confidence fell more than expected. The dollar was undercut by the
weaker-than-expected U.S. Aug Markit manufacturing PMI report.
Oct crude oil (CLV16 -1.87%) this morning is down -79 cents
(-1.64%) and Oct gasoline (RBV16 -0.89%)
is down -0.0103 (-0.73%). Tuesday's closes: CLV6 +0.69
(+1.46%), RBV6 +0.0150 (+1.07%). Oct crude oil and gasoline on Tuesday erased
early losses and closed higher on a Reuters report saying that Iran is sending
"positive signals" that it may support an OPEC initiative to freeze
oil production. Crude oil prices were also boosted by expectations for
Wednesday's weekly EIA data to show that crude inventories fell by -850,000 bbl.The Total Investment & Insurance Solutions
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