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21
September 2016
OVERNIGHT MARKETS AND NEWS
Dec E-mini S&Ps (ESZ16 +0.46%) are up +0.42% and European
stocks are up +1.43% at a 1-week high on signs that global central banks will
maintain their overly easy monetary policies in an attempt to spur economic
growth and revive inflation. A rally in energy producing stocks is also giving
equity markets a boost with crude oil (CLX16 +2.07%) up +2.09% after API data late
Tuesday showed U.S. crude stockpiles dropped -7.5 million bbl last week. Asian stocks
settled mostly higher: Japan +1.91%, Hong Kong +0.59%, China +0.10%, Taiwan
+0.73%, Australia +0.68%, Singapore -0.14%,
South Korea +0.56%, India -0.06%.
Japan's Nikkei Stock Index rallied up to a 1-1/2 week high as banks and
insurance companies led the overall market higher after the BOJ refrained from
cutting interest rates further below zero and shifted the focus of its stimulus
to controlling the yield curve.
The dollar index (DXY00 -0.02%) is down -0.06%. EUR/USD (^EURUSD)
is down -0.06%. USD/JPY (^USDJPY)
is down -0.24% at a 3-week low.
Dec T-note prices (ZNZ16 -0.02%) are down -1.5 ticks.
The BOJ kept its
benchmark interest rate at -0.1% and said it will maintain its asset
purchase target at 80 trillion yen a year, but announced a new package which
shifts its emphasis from just managing the key interest rate and buying assets
to controlling the yield curve. The BOJ said it will buy bonds in a way that
ensures the 10-year government bond yield remains more or less where it is,
around 0%, as part of its "yield curve management." The BOJ also said
it would continue expanding its monetary base until inflation overshoots its 2%
target and stays above it. The Total
Investment & Insurance Solutions
Key U.S. news today
includes: (1) weekly MBA mortgage applications (previous +4.2% with purchase
sub-index +8.6% and refi sub-index +1.7%), (2) 2-day FOMC meeting concludes
with policy announcement, updated economic projections, and a press conference
by Fed Chair Yellen, and (3) EIA Weekly Petroleum Status Report.
Russell 1000 companies
that report earnings today: General Mills (consensus $0.76), CarMax (0.88), Red
Hat (0.54), Bed, Baty & Beyond (1.17), Jabil Circuit (0.25).
U.S. IPO's scheduled to
price today: elf Beauty Inc (ELF), Capstar Financial Holdings (CSTR).
Equity conferences this
week include: 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
Microsoft (MSFT -0.21%) rose over 1% in pre-market
trading after it raised its quarterly dividend by 3 cents to 39 cents and
authorized the byback of an additional $40 billion of stock on top of an
existing $40 billion repurchase program.
Cooper Cos. (COO -1.09%) gained 1% in after-hours
trading after it was announced that it will replace Starwood Hotels &
Resorts in the S&P 500 Index at the close of trading on Thursday, September
22.
SPS Commerce (SPSC +0.78%) jumped over 5% in after-hours
trading after it was announced that it will replace Northwestern in the S&P
SmallCap 600 at the close of trading on Thursday, September 22.
Adobe Systems (ADBE +0.94%) climbed nearly 5% in
pre-market trading after it reported Q3 adjusted EPS of 75 cents, better than
consensus of 72 cents, and then raised guidance on fiscal 2016 adjusted EPS to
$2.94-$3.00, higher than consensus of $2.87.
KB Home (KBH -2.42%) gained over 3% in after-hours
trading after it reported Q3 net orders were up +16% y/y, well above consensus
of +2.8%.
FedEx (FDX +0.86%) rose almost 3% in after-hours
trading after it reported Q1 adjusted EPS of $2.90, higher than consensus of
$2.79.
The Children's Place (PLCE -1.02%) was downgraded to 'Neutral'
from 'Overweight' at Piper Jaffray with a 12-month target price of $88.
Clovis Oncology (CLVS +12.68%) rallied over 8% in
after-hours trading after Janney said there are a "long list" of
potential suitors for Clovis.
Airgain (AIRG +10.64%) gained over 4% in after-hours
trading after it reported Q2 sales surged +63% y/y to $6.1 million.
CommScope Holding Co. (COMM -0.77%) slid 1% in after-hours trading
after holder Carlyle said it sold 10 million common shares of CommScope.
Adamas Pharmaceuticals (ADMS +2.32%) jumped 5% in after-hours
trading after the results of a Phase 3 trial of ADS-5102 for the treatment of Levodopa-induced
Dyskinesia in patients with Parkinson's met its primary endpoint.
Nu Skin Enterprises (NUS -1.32%) rose over 3% in after-hours
trading after it raised its Q3 revenue view to slightly above a prior forecast
of $560 million-$580 million due to success of recent product introductions and
"favorable" currency trends.
Mirna Therapeutics (MIRN -0.40%) plunged over 25% in
after-hours trading after it said it was closing a Phase 1 study of its MRX34
in melanoma patients due to serious adverse events in patients taking the drug. The Total Investment & Insurance
Solutions
Dec E-mini S&Ps (ESZ16 +0.46%) this morning are up +9.00
points (+0.42%). Tuesday's closes: S&P 500 +0.03%, Dow Jones +0.05%, Nasdaq
+0.19%. The S&P 500 on Tuesday closed slightly higher as the market awaited
Wednesday's outcome of the FOMC meeting, which is likely to produce hawkish
language but not a rate hike. Energy producer stocks received a boost from the
+0.43% rally in crude prices. Stocks were undercut by the weak Aug housing
starts report of -5.8%, which
implied less stimulus from the housing sector.
Dec 10-year T-notes (ZNZ16 -0.02%) this morning are down -1.5 ticks.
Tuesday's closes: TYZ6 +2.50, FVZ6 +0.50. Dec T-notes on Tuesday closed higher
on the weaker-than-expected U.S. Aug housing starts and building permits
reports and on expectations for the FOMC on Wednesday to refrain from a rate
hike.
The dollar index (DXY00 -0.02%) this morning is down -0.056 (-0.06%). EUR/USD (^EURUSD)
is down -0.0007 (-0.06%). USD/JPY (^USDJPY)
is down-0.24 (-0.24%). Tuesday's
closes: Dollar index +0.178 (+0.19%), EUR/USD -0.0024 (-0.21%), USD/JPY -0.23 (-0.23%). The dollar index on Tuesday
closed higher on speculation that the Fed may be hawkish in its post-FOMC
meeting statement as it may prepare the markets for a Dec rate hike. In
addition, there was weakness in EUR/USD after German Aug PPI weakened more than
expected, which fueled speculation the ECB may expand stimulus.
Nov crude oil (CLX16 +2.07%) this morning is up +92 cents
(+2.09%) and Nov gasoline (RBX16 +2.60%)
is up +0.0356 (+2.69%). Tuesday's closes: CLX6 +0.19 (+0.43%), RBX6 -0.0280 (-2.07%). Nov crude oil and gasoline
on Tuesday settled mixed with Nov gasoline at a 2-week low. Crude oil prices
was undercut by a stronger dollar and the slide in gasoline prices after
Colonial said it will restart its damaged gasoline pipeline in Alabama one day
earlier than scheduled, which should ease East Coast supply concerns. Crude oil
was also undercut by expectations for Wednesday's EIA crude inventories to
climb +3.25 million bbl. Crude oil recovered from a 1-1/4 month low and closed
higher after Algerian Energy Minister Noureddine Bouterfa said OPEC may turn
the informal meeting in Algiers on Sep 28 into a formal meeting as it seeks
ways among producers to cut crude supplies by 1.0 million bpd to rebalance and
stabilize the oil market.The Total
Investment & Insurance Solutions
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