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9Th
Aug 2016
OVERNIGHT
MARKETS AND NEWS
Sep
E-mini S&Ps (ESU16 +0.09%)
are up +0.10% and European stocks are up +0.51% at a 1-week high on
speculation central banks will continue efforts to boost economic
growth. GBP/USD is down -0.48% at a 4-week low and the UK
10-year Gilt yield fell to a record low 0.59% as the BOE resumed debt
purchases. Gains in stocks were muted after mining shares fell as the
price of copper (HGU16 -0.35%)
slid -0.46% to a 4-week low on Chinese demand concerns
after China July unwrought copper imports fell -14% m/m to
360,000 MT, the fewest in 11 months. Asian stocks settled mostly
higher: Japan +0.69%, Hong Kong -0.13%, China +0.71%, Taiwan
+0.05%, Australia +0.27%, Singapore closed for holiday, South Korea
+0.68%, India-0.35%. China's Shanghai Composite rose to a 1-1/2 week
high on signs that deflation is stabilizing after China Jul producer
prices posted their smallest decline in nearly 2 years.
The
dollar index (DXY00 +0.02%)
is down -0.04%. EUR/USD (^EURUSD)
is down -0.03%. USD/JPY (^USDJPY)
is down -0.26%.
Sep
T-note prices (ZNU16 -0.01%)
are little changed, up +0.5 of a tick.
China
Jul CPI rose +1.8% y/y, right on expectations. Jul PPI
fell -1.7% y/y, stronger than expectations of -2.0% and
the smallest pace of decline in 1-3/4 years.The Total Investment &
Insurance Solutions
Key
U.S. news today includes: (1) Q2 non-farm productivity (expected
+0.4%, Q1 -0.6%) and Q2 unit labor costs (expected +1.8%, Q1
+4.5%), (2) Jun wholesale inventories (expected unch, May unch) and
Jun wholesale trade sales (expected +0.5%, May +0.5%), (3) Treasury
auction of $24 billion of 3-year T-notes.
There
are 10 of the S&P 500 companies that report earnings today: Walt
Disney (consensus $1.61), Exelon (0.56), Mylan (1.14), NRG Energy
(0.15), Coach (0.41), Scripps (1.50), TransDigm Group 2.82), PPL
(0.53), Jacobs Engineering (0.75), HCP (0.70).
U.S.
IPO's scheduled to price today: Motif Bio (MTFB),
Equity
conferences during the remainder of this week include: Cowen and
Company Communications Infrastructure Summit on Mon-Tue, Pacific
Crest Global Technology Leadership Forum on Mon-Tue, UBS Financial
Services Conference on Tue, J.P. Morgan Auto Conference on Tue-Wed,
Oppenheimer Technology, Internet & Communications Conference on
Tue-Wed, 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
Chevron
(CVX +0.69%)
was upgraded to 'Overweight' from 'Neutral' at Piper Jaffray with a
price target of $117.
Waste
Management (WM -0.70%)
was upgraded to 'Overweight' from 'Sector Weight' at Keyblanc Capital
Markets with a 12-month target price of $74.
SINA
Corp/China (SINA +1.44%)
climbed over 4% in after-hours trading after it reported Q2 adjusted
EPS of 27 cents, well above consensus of 15 cents, and then raised
its view on 2016 adjusted revenue to $950 million-$1 billion from a
March 2 view of $850 million-$950 million.
DaVita
Healthcare Partners (DVA -2.08%)
dropped over 4% in after-hours trading after it lowered guidance on
2016 adjusted operating income to $1.785 billion-$1.875 billion from
a prior view of $1.8 billion-$1.95 billion.
Endo
International PLC (ENDP +0.66%)
gained over 3% in after-hours trading after it reported Q2 adjusted
EPS continuing operations of 86 cents, higher than consensus of 74
cents.
LendingClub
(LC +0.84%)
lost nearly 3% in after-hours trading after CFO Carrie Dolan stepped
down.
Rogers
(ROG -0.85%)
slid over 10% in after-hours trading after it reported Q1 net sales
of $157.5 million, less than consensus of $162.7 million, and then
said it sees Q3 adjusted EPS of 69 cents-79 cents, weaker than
consensus of 92 cents.
Callon
Petroleum (CPE +3.41%)
climbed nearly 5% in after-hours trading after it reported Q2 EPS of
5 cents, above consensus of 4 cents.
Nevro
(NVRO +0.51%)
rallied over 7% in after-hours trading after it reported a Q2
adjusted loss per share of -31 cents, narrower than
consensus of -47cents, and then raised its 2016 revenue estimate
to $210 million-$220 million from a prior view of $175 million-$185
million.
Castlight
Health (CSLT -3.14%)
rose over 8% in after-hours trading after it reported a Q2 adjusted
loss per share of -11 cents, smaller than consensus
of-13 cents.
MaxLinear
(MXL +1.62%)
dropped over 12% in after-hours trading after it said it sees Q3
revenue of $94 million-$98 million, below consensus od $102.9
million.
Resolute
Energy (REN +23.70%)
jumped 17% in after-hours trading after it reported Q2 revenue of
$55.9 million, higher than consensus of $51.6 million, and then
raised its 2016 production view to 11,500-13,400 barrels of ethanol
per day from a prior estimate of 10,200-11,900 barrels of ethanol per
day.
Zeltiq
Aesthetics (ZLTQ -3.45%)
rose over 4% in after-hours trading after it raised its 2016 revenue
estimate to $340 million-$350 million from a May estimate of $320
million-$325 million.
Health
Insurance Innovations (HIIQ +0.50%)
surged over 20% in after-hours trading after it reported Q2 adjusted
EPS of 27 cents, well above consensus of 6 cents, and then raised its
full-year revenue view to $155 million-$165 million from a prior view
of $138 million-$144 million.
TubeMogul
(TUBE +6.49%)
plunged 24% in after-hours trading after it reported Q2 revenue of
$55.4 million, less than consensus of $58.2 million, and then lowered
guidance on its full-year revenue estimate to $217 million-$221
million, below consensus of $229.1 million.The
Total Investment & Insurance Solutions
Sep
E-mini S&Ps (ESU16 +0.09%)
this morning are up +2.25 points (+0.10%). Monday's closes: S&P
500 -0.09%, Dow Jones -0.08%, Nasdaq -0.14%. The S&P
500 on Monday retreated from a new record high and closed slightly
lower on weakness in health-care stocks after Merck fell by more
than-1.5% and Allergan fell by more than -2%. There was
also concern about global growth after China July exports and imports
fell more than expected. On the supportive side, stocks found
continued support from last Friday's strong payroll report and from
Monday's +2.92% gain in crude oil prices that gave energy producers a
boost.
Sep
10-year T-notes (ZNU16 -0.01%)
this morning are up +0.5 of a tick. Monday's closes: TYU6 -3.00,
FVU6 -1.00. Sep T-notes on Monday dropped to a 2-week low
and closed lower on supply pressures ahead of this week's refunding
operation and on speculation the Fed may be closer to raising
interest rates after last Friday's larger-than-expected increase in
U.S. July non-farm payrolls. T-notes received a little safe-haven
support after stocks faded and closed slightly lower.
The
dollar index (DXY00 +0.02%)
this morning is down -0.041 (-0.04%). EUR/USD (^EURUSD)
is down -0.0003 (-0.03%). USD/JPY (^USDJPY)
is down -0.27 (-0.26%). Monday's closes: Dollar index
+0.207 (+0.22%), EUR/USD +0.0002 (+0.02%), USD/JPY +0.63 (+0.62%).
The dollar index on Monday settled higher on carry-over strength from
last Friday's better-than-expected U.S. July non-farm payroll report,
which may spur the Fed to raise interest rates. The dollar also
received a boost from weakness in the Chinese yuan which fell to a
1-1/2 week low against the dollar on speculation China may need to
boost stimulus measures to revive economic growth as both China July
exports and imports declined more than expected.
Sep
WTI crude oil (CLU16 +0.53%)
this morning is up +23 cents (+0.53%) and Sep gasoline (RBU16 -0.15%)
is down -0.0023 (-0.17%). Monday's closes: CLU6 +1.22
(+2.92%), RBU6 -0.0143 (-1.04%). Sep crude and gasoline on
Monday settled mixed with Sep crude at a 1-1/2 week high. Crude oil
was boosted by OPEC President Mohammed Al Sada's comment that OPEC
members are in "constant deliberations" on stabilizing the
oil market and will hold informal talks at a conference in Algiers
next month. Crude oil also received support from expectations for
weekly EIA crude inventories to decline -1.5 million bbl on
Wednesday. Crude oil was undercut by a stronger dollar and by reduced
Chinese crude demand after China July crude imports fell -1.7% m/m
to 7.35 million bpd, the lowest in 6 months.The
Total Investment & Insurance Solutions
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