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14
September 2016
OVERNIGHT MARKETS AND NEWS
Dec E-mini S&Ps (ESZ16 +0.26%) are up +0.07% and European
stocks are up +0.14% as a rally in copper prices lifts mining stocks. Copper (HGZ16+1.28%) is up +1.31% at a 3-week high on
speculation Chinese economic growth may rebound after China Aug credit growth
expanded more than forecast. Gains in European stocks were limited after Eurozone
Jul industrial production fell more than expected. Asian stocks settled mostly
lower: Japan -0.69%, Hong Kong -0.11%, China -0.68%, Taiwan -0.43%, Australia +0.38%, Singapore -0.32%, South Korea closed for
holiday, India +0.07%. China's Shanghai Composite fell to a 5-week low ahead of
holidays on Thursday and Friday. Japan's Nikkei Stock Index dropped to a 2-week
low as bank stocks sold off on profit concerns after the Nikkei newspaper
reported the BOJ is considering pushing interest rates deeper into negative
territory.
The dollar index (DXY00 -0.18%) is down -0.12%. EUR/USD (^EURUSD) is up +0.05%. USD/JPY (^USDJPY) is up +0.12% at a 1-week high.
Dec T-note prices (ZNZ16 +0.13%) are up +4 ticks.
Eurozone Jul industrial production fell -1.1% m/m, weaker than expectations of -1.0% m/m.
China Aug aggregate financing, the broadest measure of credit growth,
climbed +1.47 trillion yuan, stronger than expectations of 900 billion yuan. The Total Investment & Insurance
Solutions
Key U.S. news today includes: (1) weekly MBA mortgage applications
(previous +0.9% with purchase sub-index +1.2% and refi sub-index +0.7%), (2)
Aug import price index (expected -0.1% m/m and -2.2% y/y, Jul +0.1% m/m and -3.7% y/y), (3) EIA Weekly Petroleum Status
Report.
Russell 1000 companies that report earnings today: none.
U.S. IPO's scheduled to price today: Noble Midstream Partners (NBLX)
Equity conferences today include: Barclays Global Financial Services
Conference on Mon-Wed, Morgan Stanley Global Health Care Conference on Mon-Thu,
Bank of America Merrill Lynch Global Real Estate Conference on Tue-Wed,
Deutsche Bank Technology Conference on Tue-Wed, Hart Energy DUG Eagle Ford
Conference on Tue-Wed, KeyBanc Basic Materials & Packaging Conference on Tue-Wed,
Credit Suisse Basic Materials Conference on Tue-Thu, Bank of America Merrill
Lynch Power & Gas Leaders Conference on Wed, Credit Suisse European
Industrials Conference on Wed, Deutsche Bank Metals and Mining Conference on
Wed, Mizuho Investment Conference on Wed, Peters & Co.Limited Energy
Conference on Wed, Bank of America Merrill Lynch Media, Communications &
Entertainment Conference on Wed-Thu, Morgan Stanley Laguna Conference on
Wed-Fri, Bank of America Merrill Lynch Japan Conference on Thu, BMO Capital
Markets Back to School Education Conference on Thu, UBS Best of Americas
Conference on Thu, Citi Global Industrials Conference on Fri, Kazakh Drilling
Roundtable - 2nd Annual on Fri. The
Total Investment & Insurance Solutions
F5 Networks (FFIV -1.62%) was upgraded to 'Outperform'
from 'Market Perform' at Oppenheimer with an 18-month price target of $140.
Consolidated Edison (ED -1.64%) was upgraded to 'Buy' from
'Hold' at Jeffries with a 12-month target price of $82.
Macy's (M -2.72%) gained nearly 2% in pre-market
trading after Citigroup upgraded the stock to 'Buy' from 'Neutral.'
Aerie Pharmaceuticals (AERI -5.94%) jumped nearly 6% in
after-hours trading after it was rated a 'Strong Buy' at Raymond James with a
12-month target price of $48.
At Home Group (HOME +6.23%) gained over 3% in after-hours
trading after it reported Q2 adjusted EPS of 13 cents, better than consensus of
11 cents.
Brooks Automation (BRKS -1.67%) was rated a new 'Buy' at
Janney Montgomery with a 12-month target price of $20. The Total Investment & Insurance Solutions
American Electric Power (AEP -1.39%) slid nearly 2% in after-hours
trading after it said it will sell its Midwest power plants to Blackstone,
Arclight for about $2.1 billion.
Oasis Petroleum (OAS -6.55%) lost nearly 3% in after-hours
trading after it offered $250 million of senior convertible notes due 2023.
Callidius Software (CALD -1.97%) dropped 4% in after-hours
trading after it reported a public offering of 4 million shares of common
stock.
Avinger (AVGR -1.59%) gained over 4% in after-hours
trading after it signed an agreement with the U.S. Department of Veteran
Affairs for Lumivascular technology.
Herbalife (HRB -0.54%) is up over 2% in after-hours
trading after Carl Icahn asked the FTC for permission to raise his stake in the
company to 50%, up from the 35% he already has permission to buy.
Agios Pharmaceuticals (AGIO +0.33%) fell 5% in after-hours trading
after it proposed an offering of up to $150 million of common stock.
Radiant Logistics (RLGT -3.55%) slipped 5% in after-hours
trading after it reported a Q4 loss of -1 cent per share and said Q4 revenue was
down -6.4%y/y to $183.6 million. The Total Investment & Insurance
Solutions
Dec E-mini S&Ps (ESZ16 +0.26%) this morning are up +1.50
points (+0.07%). Tuesday's closes: S&P 500 -1.48%, Dow Jones -1.41%, Nasdaq -0.88%. The S&P 500 on Tuesday
closed lower on weakness in energy producer stocks after crude oil plunged -3%. Stocks were also undercut by the
sharp sell-off in T-bond prices and by continued concern that global central
banks will stop expanding their stimulus measures.
Dec 10-year T-notes (ZNZ16 +0.13%) this morning are up +4 ticks.
Tuesday's closes: TYZ6 -16.50,
FVZ6 -8.75. Dec T-notes on Tuesday closed lower on
weak demand for the Treasury's $15 billion auction of 30-year T-bonds that had
a bid-to-cover ratio of 2.13, below the 12-auction average of 2.36. T-note
prices were also undercut by a relatively heavy slate of corporate debt
offerings with 15 companies selling corporate debt on Tuesday, which prompts
bond dealers to sell T-notes futures to hedge their corporate bond purchases.
The dollar index (DXY00 -0.18%) this morning is down -0.117 (-0.12%). EUR/USD (^EURUSD) is up +0.0006 (+0.05%). USD/JPY (^USDJPY) is up +0.12 (+0.12%). Tuesday's
closes: Dollar index +0.538 (+0.57%), EUR/USD -0.0015 (-0.13%), USD/JPY +0.71 (+0.70%). The
dollar index on Tuesday closed higher on weakness in the currencies of the
crude-exporting countries of Canada and Russia after crude oil fell 3%. There
was also weakness in GBP/USD, which fell to a 1-week low on speculation the BOE
may boost stimulus measures after UK Aug CPI rose less than expected.
Oct crude oil (CLV16 +0.47%) this morning is up +23 cents
(+0.51%) and Oct gasoline (RBV16 -0.23%) is down -0.0047 (-0.34%). Tuesday's closes: CLV6 -1.39 (-3.00%), RBV6 -0.0134 (-0.96%). Oct crude and gasoline on
Tuesday closed lower on a stronger dollar and on the IEA's projection that the
global oil market will remain oversupplied through 2017, longer than last
month's estimate for the global oil market to reach equilibrium this year.
Crude oil prices were also undercut by expectations for Wednesday's weekly EIA
crude inventories report to show a rise of +4.0 million bbl.The Total Investment & Insurance
Solutions
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