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28 September 2016
OVERNIGHT MARKETS AND NEWS
Dec E-mini S&Ps (ESZ16 -0.01%) are up +0.01% and European
stocks are up +0.97% after Deutsche Bank AG rose for the first time in 4
sessions. Deutsche Bank is up over 2% and is leading a rally in European bank
stocks after it sold its Abbey Life Assurance Co. to Phoenix Group Holdings for
935 million pounds ($1.2 billion). Deutsche Bank also rose after CEO Cryan
ruled out a capital increase and said he hasn't sought help from the German
government. Royal Bank of Scotland Plc gained after it agreed to pay $1.1
billion to settle National Credit Union Administration claims that it sold
faulty mortgage-backed securities to U.S. credit unions. Crude oil (CLX16 +1.48%)
is up +1.50% after API data late yesterday showed U.S. crude inventories declined -752,000 bbl. last week. Asian stocks
settled mixed: Japan -1.31%, Hong
Kong +0.20%, China -0.34%, Taiwan
closed due to Typhoon Megi, Australia +0.12%, Singapore -0.08%, South Korea -0.52%, India +0.24%.
The dollar index (DXY00 +0.10%) is up +0.09%. EUR/USD (^EURUSD) is down -0.03%. USD/JPY (^USDJPY) is up +0.29%.
Dec 10-year T-note prices (ZNZ16 -0.13%) are down -6 ticks.
ECB President Draghi said "if interest rates are to rise safely
from the lower bound, we need structural reforms to raise potential output in
the Eurozone and boost long-run interest rates." The Total Investment & Insurance Solutions
Key U.S. news today includes: (1) weekly MBA mortgage applications
(previous -7.3% with purchase sub-index -6.8% and refi sub-index -7.6%), (2) Aug durable goods orders
(expected -1.5% and -0.5% ex transportation, Jul +4.4% and +1.3%
ex transportation), (3) Fed Chair Janet Yellen testifies before the House
Financial Services Committee on the topic of bank supervision and regulation,
(4) St. Louis Fed President James Bullard (voter) delivers introductory and
welcoming comments at the “Community Banking in the 21st Century” conference,
(5) the Treasury's auction of $13 billion of 2-year floating rate notes and $28
billion of 7-year T-notes, (6) Chicago Fed President Charles Evans (non-voter)
delivers a keynote address at the research conference “Community Banking in the
21st Century,” (7) Kansas City Fed President Esther George (voter) speaks at an
event hosted by the Kansas City Fed titled “Banking and the Economy: A Forum
for Minority Bankers,” (8) EIA Weekly Petroleum Status Report.
Russell 1000 companies that report earnings today: Paychex (consensus
$0.57), Santander Consumer USA Holdings (0.68).
U.S. IPO's scheduled to price today: MedEquities Realty Trust (MRT),
Tabula Rasa HealthCare (TRHC), Alliance MMA (AMMA).
Equity conferences during the remainder of this week include: Deutsche
Bank Leveraged Finance Conference on Tue, JMP Securities Financial Services
& Real Estate Conference on Tue, Wolfe Research Power and Gas Leaders
Conference on Tue-Wed, Leerink Partners Rare Disease & Immuno Oncology
Roundtable Conference on Wed-Thu. The
Total Investment & Insurance Solutions
AT&T (T +0.78%) was downgraded to 'Neutral'
from 'Buy' at UBS.
Macy's (M +0.99%) was downgraded to 'Neutral'
from 'Outperform' at Credit Suisse.
Amazon.com (AMZN +2.12%) was rated a new 'Buy' at
Nomura with a price target of $950.
Coty (COTY -0.51%) jumped nearly 5% in
after-hours trading after it was announced that it will replace Diamond
Offshore Drilling in the S&P 500
at the close of trading Friday, September 30.
at the close of trading Friday, September 30.
Nike (NKE +1.73%) fell over 3% in pre-market
trading after it reported worldwide futures orders ex-forex were up +7%, weaker
than consensus of +8%.
Alphabet (GOOGL +1.01%) fell 1% in after-hours trading
after it was downgraded to 'Underperform' from 'Neutral' at Wed bush.
Cintas (CTAS +0.21%) rose 3% in after-hours trading
after it boosted its full-year EPS continuing operations estimate to
$4.55-$4.63 from a July 19 view of $4.35-$4.45.
Sonic (SONC +0.18%) slid 2% in after-hours trading
after it said Q4 adjusted EPS will be 43 cents-45 cents, below consensus of 48 cents as
preliminary system-wide same-store sales were down -2%.
Landec (LNDC +1.81%) reported Q1 EPS of 12 cents,
above consensus of 10 cents, although Q2 revenue of $132.4 million was below
consensus of $134.5 million.
Tempur Sealy International (TPX -0.07%) plunged over 20% in pre-market
trading after it lowered guidance on full-year net sales to down -1% to -3%from a prior view of growth in the
low single-digit range.
Harmonic (HLIT +1.30%) rose 4% in after-hours trading
after a warrant agreement with Comcast will give Comcast the opportunity to
acquire Harmonic shares based on specific HLIT product sales and deployment
milestones.
Fiesta Restaurant Group (FRGI -0.65%) climbed 2% in after-hours
trading after it suspended the separation of Taco Cabana on "challenging
market conditions."
Origin Agritech Ltd. (SEED -0.43%) surged nearly 30% in
after-hours trading after it announced plans to sell its commercial seed
production and distribution business for $60 million to Beijing Shihui
Agricultural Development. The Total
Investment & Insurance Solutions
Dec E-mini S&Ps (ESZ16 -0.01%) this morning are up +0.25 of a
point (+0.01%). Tuesday's closes: S&P 500 +0.64%, Dow Jones +0.74%, Nasdaq
+1.03%. The S&P 500 on Tuesday closed higher on the outcome of Monday
night's presidential debate. Stocks were also boosted by the unexpected +2.3
point increase in U.S. Sep consumer confidence to a 9-year high of 104.1,
stronger than expectations of -2.1 to 99.0. Stocks were undercut by lower
energy producer stocks after the price of crude oil fell -2.74%.
Dec 10-year T-notes (ZNZ16 -0.13%) this morning are down -6 ticks.
Tuesday's closes: TYZ6 +7.00, FVZ6 +3.00. Dec 10-year T-notes on Tuesday rose
to a 1-1/2 month high and closed higher on carry-over support from a rally in
German bunds to a 2-1/2 month high as European banking concerns fueled
safe-haven demand for government debt. T-notes were also boosted by the -2.74% slide in crude oil prices, which
undercut inflation expectations. T-note prices were undercut by the unexpected
rise in U.S. Sep consumer confidence to a 9-year high.
The dollar index (DXY00 +0.10%) this morning is up +0.085
(+0.09%). EUR/USD (^EURUSD) is down -0.0003 (-0.03%). USD/JPY (^USDJPY) is up +0.29 (+0.29%). Tuesday's
closes: Dollar index +0.138 (+0.14%), EUR/USD -0.0039 (-0.35%), USD/JPY +0.10 (+0.10%). The
dollar index on Tuesday closed higher on weakness in the crude-exporting
currencies of Canada and Russia against the dollar after crude oil price
tumbled -2.74%. The dollar was
also boosted by weakness in EUR/USD, which fell on concern about European banks
after Deutsche Bank AG, Germany's largest bank, fell to a record low on concern
it may have to raise capital.
Nov WTI crude oil (CLX16 +1.48%) this morning is up +67 cents
(+1.50%) and Nov gasoline (RBX16 +2.41%) is up +0.0321 (+2.36%).
Tuesday's closes: Nov crude -1.26 (-2.74%), Nov gasoline -0.0115 (-0.83%). Nov crude oil and gasoline
on Tuesday closed lower on a stronger dollar and on comments from Iranian Oil
Minister Zanganeh who said Iran does not want to freeze its oil production but
wants to raise it to 4 million bpd from its current 3.6 million bpd. Crude oil
was also undercut by expectations for Wednesday's weekly EIA crude inventories
to rise +3.0 million bbl.The Total
Investment & Insurance Solutions
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