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3rd Aug 2016
OVERNIGHT MARKETS AND NEWS
Sep
E-mini S&Ps (ESU16 -0.22%)
are down -0.20% ahead of data on U.S. Jul ADP
employment. Losses in U.S. stock index futures were limited as energy producing
stocks rose as the price of crude oil (CLU16 +0.38%) climbed +0.51% after API data
late yesterday showed U.S. oil inventories fell by-1.34 million bbl. European stocks are down -0.01% at a 3-week low as automakers fell
after tire manufacturer Continental AG dropped over 1% when it reported Q2
revenue that was below expectations. Losses in European stocks were contained
after the Eurozone Jul Markit composite PMI unexpectedly accelerated to the
highest in six months. Activity in European trading was muted ahead of
tomorrow's BOE policy meeting that is expected to show the BOE boosting easing
measures to contain the Brexit fallout. Asian stocks settled mostly lower:
Japan -1.88%, Hong Kong -1.76%, China +0.24%, Taiwan -0.74%, Australia -1.35%, Singapore -1.02%, South Korea -1.30%, India -1.02%. Chinese stocks closed higher
after brokerage-related stocks rallied after people familiar with the matter
said that China's futures exchange is planning to relax trading restrictions it
implemented last year after China's stock market rout. Japan's Nikkei Stock
Index fell to a 3-week low as exporter stocks sold-off when USD/JPY tumbled to
a 3-week low on disappointment over the size of Prime Minister Abe's stimulus
package.
The
dollar index (DXY00 +0.20%)
is up +0.20%. EUR/USD (^EURUSD) is down -0.20%. USD/JPY (^USDJPY)
is up +0.36%.
Sep
T-note prices (ZNU16 -0.01%)
are down -1 tick.
The Eurozone Jul Markit
composite PMI was revised upward to 53.2 from the originally reported 52.9, the
fastest pace of expansion in 6 months. The
Total Investment & Insurance Solutions
Key
U.S. news today includes: (1) weekly MBA mortgage applications (previous -11.2% with purchase sub-index -3.3% and refi sub-index -15.1%), (2) Jul ADP employment
(expected +170,000, Jun +172,000), (3) revised-Jul Markit services PMI
(expected +0.1 to 51.0, prelim-Jul -0.5 to 50.9), (4) Jul ISM
non-manufacturing PMI (expected -0.5 to 56.0, Jun +3.6 to 56.5), (5) EIA
Weekly Petroleum Status Report.
There
are 29 of the S&P 500 companies that report earnings today with notable
reports including: Time Warner (consensus $1.17), Marathon Oil (-0.25),
Allstate (0.58), ICE (3.38), Humana (2.28), Prudential Financial (2.50),
MetLife (1.35), First Solar (0.54). TripAdvisor (0.42).
U.S.
IPO's scheduled to price today: At Home Group (HOME), Atomera (ATMR)
Equity
conferences this week include: Wells Fargo Services Conference on Wed-Thu.The Total Investment & Insurance
Solutions
American
International Group (AIG -0.13%)
gained over 2% in pre-market trading after it reported Q2 operating EPS of 98
cents, higher than consensus of 92 cents, and then said it will add up to $3
billion to its stock buyback plan.
Verisk
Analytics (VRSK -1.34%)
lost over 4% in after-hours trading after it reported Q2 adjusted EPS
continuing operations of 73 cents, below consensus of 76 cents.
Hanesbrands
(HBI -3.39%) fell nearly 5% in after-hours
trading after it reported Q2 adjusted EPS of 51 cents, weaker than consensus of
52 cents.
Phillips
66 (PSX +2.55%) was upgraded to 'Outperform'
from 'Market Perform' at Cowen.
Fitbit
(FIT -3.87%) rose over 5% in after-hours
trading after it reported Q2 adjusted EPS of 12 cents, above consensus of 11
cents.
Qorvo
(QRVO -3.18%) slid over 7% in after-hours
trading after it reported fiscal-year Q1 gross margin of 48.2%, weaker than
consensus of 50% and then said it sees fiscal-year Q2 gross margin of 47%,
below consensus of 50.3%.
Community
Health Systems (CYH -3.02%)
dropped over 12% in after-hours trading after it reported Q2 adjusted EPS
continuing operations of 9 cents, well below consensus of 56 cents, and then
lowered its view of 2016 EPS continuing operations to $1.40-$1.90 from a prior
view of $2.50-$2.80.
Hudson
Technologies (HDSN +7.41%)
gained over 3% in after-hours trading after it reported Q2 EPS of 14 cents,
higher than consensus of 11 cents.
Oclaro
(OCLR -3.99%) rose over 9% in after-hours
trading after it reported Q4 adjusted EPS of 11 cents, better than consensus of
6 cents, and then forecast Q1 revenue of $126 million-$134 million, above
consensus of $118.6 million.
Stone
Energy (SGY -1.16%) sank 20% in after-hours
trading after it reported a Q2 adjusted loss of -$7.45, a bigger loss than
consensus of -$6.12.
Big
5 Sporting Goods (BGFV +1.65%)
climbed nearly 10% in after-hours trading after it reported Q2 net sales of
$241.4 million, above consensus of $239 million.
ZAGG
Inc. (ZAGG -0.31%) jumped over 11% in after-hours
trading after it reported Q2 adjusted EPS of 11 cents, well above consensus of
2 cents.
Cray
(CRAY -0.92%) plunged 20% in after-hours
trading after it reported a Q2 adjusted EPS loss of -29 cents,
a wider loss than consensus of -2 cents, and then cut its fiscal 2016
revenue estimate to in the range of $650 million, well below consensus of $796
million.The Total Investment &
Insurance Solutions
Sep
E-mini S&Ps (ESU16 -0.22%)
this morning are down -4.25 points (-0.20%). Tuesday's closes:
S&P 500 -0.64%, Dow Jones -0.49%, Nasdaq-0.77%. The S&P on
Tuesday tumbled to a 2-1/2 week low and closed lower on the
weaker-than-expected +0.2% increase in U.S. Jun personal income (vs
expectations of +0.3%) and weakness in energy producers due to the -1.37% drop in crude oil prices to a new
3-1/2 month low. Stocks were also undercut by long liquidation pressures after
the +9.4% rally in the S&P 500 over the past month to Monday's all-time
high.
Sep
10-year T-notes (ZNU16 -0.01%)
this morning are down -1 tick. Tuesday's closes: TYU6 -8.00, FVU6 -3.00. Sep T-notes on Tuesday closed lower on
negative carry-over from a slide in German bund prices after Eurozone Jun PPI
rose more than expected and the +0.4% increase in U.S. Jun personal spending
(stronger than expectations of +0.3%).
The
dollar index (DXY00 +0.20%)
this morning is up +0.187 (+0.20%). EUR/USD (^EURUSD)
is down -0.0023 (-0.20%). USD/JPY (^USDJPY)
is up +0.36 (+0.36%). Tuesday's closes: Dollar index -0.649 (-0.68%), EUR/USD +0.0061 (+0.55%),
USD/JPY -1.50 (-1.46%). The dollar index on Tuesday
dropped to a 1-1/4 month low and closed lower on strength in EUR/USD which
rallied to a 1-1/4 month high after Eurozone Jun PPI rose +0.7% m/m, the
largest monthly increase in 3-3/4 years, perhaps keeping the ECB from expanding
stimulus measures. In addition, USD/JPY fell to a 3-week low on a yen rally
generated by some disappointment that the Japanese government announced only
4.6 trillion yen ($45 billion) in extra spending for the current fiscal year as
part of its fiscal stimulus package.
Sep
WTI crude oil (CLU16 +0.38%)
this morning is up +20 cents (+0.51%) and Sep gasoline (RBU16 -0.41%) is down -0.0037 (-0.38%). Tuesday's closes: CLU6 -0.55 (-1.37%), RBU6 +0.0080 (+0.61%). Sep
crude oil and gasoline on Tuesday settled mixed with Sep crude at a 3-1/2 month
low. Crude oil was undercut by increased OPEC output as OPEC July crude
production rose +130,000 bpd to a record 33.24 million bpd. Gasoline received a
boost from the fall in the dollar index to a 1-1/4-month low and on increased
refinery demand for gasoline as the crack spread rose to a 1-month high.The Total Investment & Insurance
Solutions
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