Contact Your Financial Adviser
Money Making MC
7Th September
2016
OVERNIGHT MARKETS AND NEWS
Sep E-mini S&Ps (ESU16 -0.10%) are down -0.03% and European stocks are up +0.49%
ahead of Thursday's ECB meeting. The odds of a Fed rate hike this year were
further reduced after the U.S. Aug ISM non-manufacturing index fell to a 6-1/2
year low on Tuesday. The markets will look ahead to today's Fed Beige book to
gauge the health of the U.S. economy. Gains in energy producers and mining
stocks are supporting the market with crude oil up +1.23% and copper (HGZ16 +0.65%) up +0.84% at a 2-week high.
Gains in European stocks were limited after German Jul industrial production
unexpectedly fell by the most in nearly 2 years. Asian stocks settled mixed:
Japan -0.41%, Hong Kong -0.19%, Chia +0.04%, Taiwan +0.84%,
Australia +0.20%, Singapore -0.10%,
South Korea -0.24%, India -0.18%. China's Shanghai Composite
posted a 2-week high, although Japan's Nikkei Stock Index fell as exporter
stocks weakened after USD/JPY slid to a 1-week low, which undercuts the
earnings prospects of exporters.
The dollar index (DXY00 +0.01%) is up +0.02%. EUR/USD (^EURUSD)
is down -0.07%. USD/JPY (^USDJPY)
is down -0.42% at a 1-week low.
Dec T-note prices (ZNZ16 +0.05%) are up +0.5 of a tick on
positive carryover from a rally in German bund prices to a 3-week high.
San Francisco Fed
President Williams (non-voter) said if Fed officials wait too long to remove
monetary accommodation, they "hazard allowing imbalances to grow,
requiring us to play catch-up, and not leaving much room to maneuver."
German Jul industrial
production unexpectedly fell -1.5% m/m, weaker than expectations of +0.1%
m/m and the largest decline in 23 months. The Total Investment & Insurance Solutions
Key U.S. news today
includes: (1) weekly MBA mortgage applications (previous +2.8% with purchase
sub-index +1.3% and refi sub-index +3.7%), (2) Kansas City Fed President Esther
George (voter) and Richmond Fed President Jeffrey Lacker (non-voter) appear
before a House Financial Services sub-committee on “Federal Reserve Districts:
Governance, Monetary Policy and Economic Performance,” (3) Jul JOLTS job openings
(expected +1,000 to 5.625 million, Jun +110,000 to 5.624 million), and (4) Fed
Beige Book.
Russell 1000 companies
that report earnings today: HP Enterprise (consensus $0.45), John Wiley (0.60),
HD Supply (0.88), Guidewire Software (0.32), Valspar (1.45).
U.S. IPO's scheduled to
price today: none.
Equity conferences
during the remainder of this week include: Citi Global Technology Conference on
Tue-Thu, Barclays CEO Energy Power Conference on Tue-Thu, Barclays Global
Consumer Staples Conference on Tue-Thu, Barclays Back-to-School Conference on
Tue-Thu, Cowen and Company Global Transportation Conference on Wed, Citi
Biotech Conference on Wed, Avondale Partners Tech Services Conference on Wed,
Goldman Sachs Global Retailing Conference on Wed-Thu, Drexel Hamilton
Technology, Media and Telecom Conference on Wed-Thu, Keefe, Bruyette, &
Woods Insurance Conference on Wed-Thu, Goldman Sachs Financial Technology
Conference on Thu, Evercore ISI Real Estate Conference on Thu, Gabelli &
Company Aircraft Supplier & Connectivity Conference on Thu. The Total Investment & Insurance Solutions
Royal Caribbean Cruises
Ltd. (RCL -1.33%) was downgraded to 'Hold' from
'Buy' at Argus
Casey's General Stores (CASY +0.02%) dropped nearly 9% in
after-hours trading after it reported Q1 EPS of $1.70, below consensus of
$1.81.
Valeant Pharmaceuticals
(VRX +2.47%) climbed 2% and Progenics (PGNX +3.36%) jumped nearly 4% in
after-hours trading after the companies said the drug Relistor for treatment of
opioid-induced constipation is now available for prescribing in the U.S.
Intersil (ISIL -2.23%) was downgraded to 'Hold' from
'Buy' at Stifel with a 12-month price target of $21.
Catalent (CTLT +0.16%) lost over 7% in after-hours
trading after it announced a 19-million share secondary offering.
Advanced Micro Devices (AMD -2.26%) dropped 4% in after-hours
trading after it filed to sell $600 million in stock and $450 million of
convertible notes to repay debt.
Sigma Designs (SIGM +8.07%) gained 3% in after-hours
trading after it reported Q2 adjusted EPS of 7 cents, well above consensus of 2
cents.
Ollie's Bargain Outlet
Holdings (OLLI -0.98%)
fell nearly 3% in after-hours trading after it started a secondary offering of
13.7 million shares.
HealthEquity (HQY +0.92%) rose nearly 3% in after-hours
trading after it reported Q2 adjusted EPS of 16 cents, higher than consensus of
13 cents, and then raised its full-year revenue estimate to $174 million-$178
million from a prior view of $173 million-$177 million
Dave & Buster's
Entertainment (PLAY -0.71%)
slid 7% in after-hours trading after it cut its full-year comparable sales
estimate to 2.25%-3.25% from a
June 7 estimate of 3.25%-4.25%.
Momenta Pharmaceuticals
(MNTA -0.57%) ws downgraded to 'Sell' from
'Hold' at Maxim Group.
Applied Optoelectronics
(AAOI -0.57%) surged 23% in after-hours
trading after it raised its Q3 revenue forecast to $63 million-$65 million from
an Aug 5 estimate of $56 million-$59 million, The Total Investment & Insurance Solutions
Sep E-mini S&Ps (ESU16 -0.10%) this morning are down -0.75 of a point (-0.03%). Tuesday's closes:
S&P 500 +0.30%, Dow Jones +0.25%, Nasdaq +0.31%. The S&P 500 on Tuesday
rallied to a 1-week high and closed higher on increased M&A activity after
Danaher bought Cepheid for about $4 billion and Enbridge agreed to buy Spectra
Energy for $28 billion in stock. The -4.1 point decline in the Aug ISM
non-manufacturing index to a 6-1/2 year low of 51.4 was a negative factor for
the economy, although it also produced a delay in expectations for a Fed rate
hike.
Dec 10-year T-notes (ZNZ16 +0.05%) this morning are up +0.5 of a
tick. Tuesday's closes: TYZ6 +18.50, FVZ6 +11.50. Dec T-notes on Tuesday closed
higher on positive carryover from a rally in German bunds to a 3-week high and
on the decline in Aug ISM non-manufacturing index to a 6-1/2 years, which may
further delay a Fed rate hike.
The dollar index (DXY00 +0.01%) this morning is up +0.020
(+0.02%). EUR/USD (^EURUSD) is down -0.0008 (-0.07%). USD/JPY (^USDJPY)
is down-0.43 (-0.42%). Tuesday's
closes: Dollar index -1.021 (-1.07%), EUR/USD +0.0108 (+0.97%),
USD/JPY -1.41 (-1.36%). The dollar index on Tuesday
fell to a 1-week low and closed lower on the weaker-than-expected Aug ISM
non-manufacturing index, which bolsters the case for the Fed to delay raising
interest rates. There was also strength in the yen against the dollar on speculation
the BOJ may delay additional easing measures after an economic advisor to Prime
Minister Abe said the BOJ should wait until after the Fed decides on interest
rates before the BOJ acts.
Oct crude oil (CLV16 +0.80%) this morning is up +55 cents
(+1.23%) and Oct gasoline (RBV16 +1.41%)
is up +0.0225 (+1.71%). Tuesday's closes: CLV6 +0.39 (+0.88%), RBV6 +0.0148
(+1.14%). Oct crude oil and gasoline on Tuesday closed higher on the slide in
the dollar index to a 1-week low and on comments from Iraqi Prime Minister
Al-Abadi who said current oil prices aren't acceptable and he supports an
oil-output freeze to increase prices. Oil prices were undercut by a lack of any
concrete proposals from Russia or Saudi Arabia to stabilize oil prices after
Russian Energy Minister Novak and Saudi Oil Minister Khalid Al-Falih on Monday
pledged to cooperate to stabilize oil markets.The Total Investment & Insurance Solutions
No comments:
Post a Comment