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20
September 2016
OVERNIGHT MARKETS AND NEWS
Dec E-mini S&Ps (ESZ16 +0.36%) are up +0.33% and European
stocks are up +0.34% ahead of the 2-day FOMC meeting that begins later this
morning and the 2-day BOJ meeting that begins later today. Increased M&A
activity is giving U.S. equities a boost with Community Health Systems up over
8% in pre-market trading after Reuters reported that Apollo Global Management
is interested in the company's assets. Weakness in energy producing stocks is
limiting the upside in stock index futures with the price of crude oil (CLX16 -1.12%)
down -0.62% on concern the global oil glut may
persist after Nigeria's Minister of State for Petroleum said that Nigeria's
crude output reached 1.75 million bpd and will keep rising after a cease-fire
between government troops and rebels was implemented. Asian stocks settled
mixed: Japan -0.16%, Hong Kong -0.08%, China -0.10%, Taiwan +0.10%, Australia
+0.17%, Singapore +0.09%, South Korea +0.46%, India -0.39%. Japanese stocks closed lower
as USD/JPY weakened, which reduces the earnings prospects for exporting
companies.
The dollar index (DXY00 +0.07%) is up +0.09%. EUR/USD (^EURUSD) is up +0.04%. USD/JPY (^USDJPY) is down -0.01%.
Dec T-note prices (ZNZ16 +0.04%) are up +1.5 ticks.
The ECB wrote in an economic bulletin today that weak trade will be the
"new normal" in the post crisis world. While global trade grew on
average twice as fast as global output prior to the financial crisis, the ECB
said the ratio of imports to world GDP has largely stagnated over the last 5
years and will probably remain at current levels. The Total Investment & Insurance Solutions
Key U.S. news today includes: (1) Aug housing starts (expected -1.7% to 1.190 million, Jul +2.1% to 1.211
million) and Aug building permits (expected +1.8% to 1.165 million, Jul -0.8% to 1.144 million), (2) FOMC begins
2-day policy meeting.
Russell 1000 companies that report earnings today: Lennar Corp
(consensus $0.90), Adobe Systems (0.72), FedEx (2.80), Copart (0.55).
U.S. IPO's scheduled to price today: Novan (NOVN), Trade Desk (TTD).
Equity conferences this week include: BMO Capital Markets North American
Real Estate Conference on Mon-Tue, Deutsche Bank Energy Summit on Tue, J.P.
Morgan U.S. All Stars Conference on Tue, Scotiabank Fertilizer and Chemicals
Conference on Tue, Finance Montreal FinTech Forum on Tue-Wed, Johnson Rice
Energy Conference on Tue-Wed, Goldman Sachs Communicopia Conference on Tue-Thu,
Finance Shared Services & GBS Exchange Conference on Wed. The Total Investment & Insurance
Solutions
Wells Fargo (WFC +1.28%) was upgraded to 'Overweight'
from 'Equal Weight' at Morgan Stanley with a price target of $53.
Community Health Systems (CYH -9.76%) is up over 8% in pre-market
trading after Reuters reported that Apollo Global Management is interested in
the company's assets.
Novartis (NVS +0.76%) was rated a new 'Buy' at
Chardan Capital Markets with a 12-month price target of $95.
Cirrus Logic (CRUS +0.91%) gained 1% in after-hours
trading after it was announced that it will replace Fairchild in the S&P
Midcap 400 as of the close of trading on Wednesday, Sep 21.
Ultimate Software Group (ULTI -0.08%) was rated a new 'Overweight'
at Pacific Crest with a 12-month target price of $245.
HNI Corp. (HNI +2.30%) dropped nearly 8% in
after-hours trading after it lowered guidance on Q3 sales to down -4% to -7% from
a prior view of flat to up +3%, and then lowered its full-year adjusted EPS
view to $2.50-$2.70 from a prior view of $2.80-$2.95.
Ascena Retail Group (ASNA +1.88%) plunged over 20% in
after-hours trading after it said it sees full-year adjusted EPS of 60 cents-65 cents, weaker than consensus of 82
cents.
Chesapeake Energy (CHK -7.35%) slid over 3% in after-hours
trading after Carl Icahn cut his stake in the company to 4.55% from a 9.4%
stake.
Hortonworks (HDP +0.26%) jumped over 5% in after-hours
trading after the company announced a collaboration with IBM and provide IBM
customers with open source data disribition for big data processing.
Genpact Ltd (G +1.59%) gained 1% in after-hours
trading after the company expanded its stock buyback program by $250 million.
8Point3 Energy Partners LP (CAFD +1.43%) jumped over 5% in after-hours
trading after it boosted its quarterly dividend to $0.2406 a share from $0.2325
a share.
TherapeuticsMD (TXMD -1.19%) rose nearly 5% in after-hours
trading after the U.S. FDA said it will review the company's filing for its
drug Yuvvexy to treat vulvar vaginal atrophy in postmenopausal women.
SeaWorld Entertainment (SEAS +0.55%) tumbled over 6% in pre-market
trading after it cut its dividend to 10 cents from 21 cents and said it plan to
suspend its dividend after the current declaration.
Oclaro (OCLR +2.36%) dropped nearly 5% in
after-hours trading after it filed to sell 13 million shares of common stock. The Total Investment & Insurance
Solutions
Dec E-mini S&Ps (ESZ16 +0.36%) this morning are up +7.00
points (+0.33%). Monday's closes: S&P 500 unch, Dow Jones -0.02%, Nasdaq -0.46%. The S&P 500 on Monday
closed unchanged. Stocks were boosted by short-covering ahead of the Tue/Wed
FOMC meeting on expectations for the Fed to refrain from raising interest
rates. There was also a rally in homebuilder stocks after the +6 point increase
in the U.S. Sep NAHB housing market index to 65, stronger than expectations of
unch at 60 and the highest in 11 months. Stocks gave up their gains after Apple
retreated from a 9-1/4 month high and closed down -1.17%, which dragged technology
stocks lower.
Dec 10-year T-notes (ZNZ16 +0.04%) this morning are up +1.5
ticks. Monday's closes: TYZ6 +0.50, FVZ6 +0.50. Dec T-notes on Monday closed
slightly higher on short-covering and position squaring on expectations for the
Fed to refrain from raising interest rates at this week's FOMC meeting. T-notes
were undercut by the unexpected gain in the Sep NAHB housing market index to an
11-month high.
The dollar index (DXY00 +0.07%) this morning is up +0.091
(+0.09%). EUR/USD (^EURUSD) is up +0.0005
(+0.04%). USD/JPY (^USDJPY) is down-0.01 (-0.01%). Monday's closes: Dollar
index -0.267 (-0.28%), EUR/USD +0.0020 (+0.18%),
USD/JPY -0.36 (-0.35%). The dollar index on Monday
closed lower on expectations that the FOMC at its Tue/Wed meeting will refrain
from a rate hike. There was also strength in EUR/USD after an MNI report cited
an unnamed senior ECB official who said the ECB will probably stay on hold the
rest of this year as it waits for previous policy measures to take full effect.
Nov crude oil (CLX16 -1.12%) this morning is down -27 cents
(-0.62%) and Nov gasoline (RBX16 -1.51%) is down 09,0164 (-1.21%).
Monday's closes: Closes: CLX6 +0.24 (+0.55%), RBX6 -0.0305 (-2.20%). Nov crude oil and gasoline
on Monday settled mixed. Crude oil prices were boosted by a weaker dollar and
fighting between rebels and Libya's military that has delayed a restart of
Libyan crude exports. Crude oil prices were also boosted by OPEC Secretary
General Mohammed Barkindo's comment that the cartel may convene an
extraordinary meeting if the group's energy ministers reach a consensus at an
informal meeting next week in Algiers. Crude oil prices were undercut by
expectations that Wednesday's weekly EIA data will show U.S. crude inventories
rose +3.5 million bbl in the past week.The
Total Investment & Insurance Solutions
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