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8 September 2016
OVERNIGHT MARKETS AND NEWS
Sep E-mini S&Ps (ESU16 +0.06%) are up +0.07% at a 2-week high
and European stocks are down -0.06% ahead of today's ECB meeting and press
conference from ECB President Draghi. The markets will look to see if Draghi
extends QE past this year or whether the ECB may include bank bonds in their
asset purchase program. A +1.63% rally in crude prices (CLV16 +1.69%)
is giving energy producing stocks a lift after API data late yesterday showed
U.S. crude inventories plunged -12.1 million bbl last week. Asian stocks
settled mixed: Japan -0.32%, Hong
Kong +0.75%, China +0.13%, Taiwan +0.04%, Australia -0.71%, Singapore +0.03%, South Korea
+0.21%, India +0.41%. Chinese stocks received a boost after trade data from
last month showed export declines moderated and imports unexpectedly grew at
the fastest pace in 1-3/4 years.
The dollar index (DXY00 -0.32%) is down -0.32% at a 1-1/2 week low. EUR/USD (^EURUSD) is up +0.48% at a 1-1/2 week high.
USD/JPY (^USDJPY) is down -0.11%.
Dec T-note prices (ZNZ16 -0.04%) are down -1 tick.
Japan Q2 GDP was revised higher to +0.7% (q/q annualized) from the
previously reported +0.2% (q/q annualized).
The China Aug trade balance unexpectedly shrunk to a surplus of +$52.05
billion, a smaller surplus than expectations of +$58.85 billion. Aug exports
fell -2.8% y/y, a smaller decline than
expectations of -4.0% y/y. Aug imports unexpectedly rose
+1.5% y/y, stronger than expectations of -5.4% y/y and the biggest increase in 1-3/4
years. The Total Investment &
Insurance Solutions
Key U.S. news today includes: (1) weekly initial unemployment claims
(expected +2,000 to 265,000, previous +2,000 to 263,000) and continuing claims
(expected -8,000 to 2.151
million, previous +14,000 to 2.159 million), (2) Jul consumer credit (expected
+$16.00 billion, Jun +$12.32 billion), and (3) EIA Weekly Petroleum Status
Report.
Russell 1000 companies that report earnings today: Donaldson (consensus
$0.49), Santander Consumer USA Holdings (0.68).
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, 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
Nike (NKE +0.54%) was downgraded to 'Neutral'
from 'Overweight' at Piper Jaffray.
Pier 1 (PIR +3.23%) tumbled 12% in pre-market
trading after it reported a preliminary Q2 loss of -5 cents
to -6 cents a share, weaker than consensus
of-3 cents, and the CEO Alex
Smith said he will step down effetive Dec 31.
AutoNation (AN +2.10%) was rated a new 'Buy' at CL
King with a 12-month target price of $57.
Wingstop (WING -0.80%) was rated a new 'Overweight'
at Keybanc Capital Markets with a 12-month price target of $36.
Apple (AAPL +0.61%) was downgraded to 'Market
Perform' from 'Outperform' at Wells Fargo Securities.
Tailored Brands (TLRD +3.04%) jumped over 10% in after-hours
trading after it reported Q2 adjusted EPS of 99 cents, higher than consensus of
93 cents.
Guidewire Software (GWRE +0.60%) fell nearly 6% in after-hours
trading after it lowered guidance on full-year EPS to 69 cents-79 cents, weaker than consensus of 84
cents.
Tractor Supply (TSCO -0.02%) slumped over 9% in after-hours
trading after it cut its full-year EPS outlook to $3.22-$3.26 from a prior view
of $3.35-$3.40.
Sage Therapeutics (SAGE +1.03%) dropped nearly 6% in
after-hours trading after it announced a $150 million public offering of common
stock.
Hewlett Packard Enterprise (HPE +1.05%) lost nearly 2% in after-hours
trading after it said it will spin off some of its software assets and merge
them with Micro Focus.
Abeona Therapeutics (ABEO +2.13%) climbed over 4% in after-hours
trading after Cantor Fitzgerald rated the stock a new 'Buy.'
Bazaarvoice (BV +4.60%) gained 3% in after-hours
trading after it reported Q1 adjusted EPS at breakeven, better than consensus
for a -4 cent loss.
Repros Therapeutics (RPRX -2.56%) surged 40% in after-hours
trading after the company said its Proellex drug cut menstrual pain in a Phase
2 trial versus a placebo.
Netlist (NLST -2.84%) tumbled 14% in after-hours
trading after it said it will offer $15 million in common stock. The Total Investment & Insurance
Solutions
Sep E-mini S&Ps (ESU16 +0.06%) this morning are up +1.50
points (+0.07%) at a 2-week high. Wednesday's closes: S&P 500 -0.01%, Dow Jones-0.06%, Nasdaq
+0.05%. The S&P 500 on Wednesday closed slightly lower on weakness in
consumer-staple companies, led by a -13% drop in Sprouts Farmers Markets after
the company cut its profit outlook. Stocks were also undercut by the sharp
+228,000 increase in U.S. Jul JOLTS job openings to a record 5.871 million,
which bolstered the case for the Fed to raise interest rates. Stocks recovered
in the early afternoon when the Fed's Beige Book said the U.S. economy grew at
a modest pace and price increases "remained slight overall."
Dec 10-year T-notes (ZNZ16 -0.04%) this morning are down -1 tick.
Wednesday's closes: TYZ6 unch, FVZ6 -0.25. Dec T-notes on Wednesday closed little
changed. T-notes were supported by weaker stocks and by carryover support from
a rally in German bunds to a 1-3/4 month high ahead of Thursday's ECB meeting.
T-notes were undercut by news that U.S. Jul JOLTS job openings rose to a record
5.871 million, which bolstered the case for a Fed rate hike.
The dollar index (DXY00 -0.32%) this morning is down -0.308 (-0.32%) at a 1-1/2 week low. EUR/USD
(^EURUSD) is up +0.0054 (+0.48%) at 1-1/2 week
high. USD/JPY (^USDJPY) is down -0.11 (-0.11%). Wednesday's closes: Dollar
index +0.133 (+0.14%), EUR/USD -0.0016 (-0.14%), USD/JPY-0.28 (-0.27%). The dollar index on
Wednesday closed higher on signs of U.S. labor market strength that may prompt
the Fed to raise interest rates after U.S. Jul JOLTS job openings rose to a
record high. In addition, there was weakness in EUR/USD after German Jul
industrial production unexpectedly fell -1.5% m/m, the largest decline in 23 months.
Oct crude oil (CLV16 +1.69%) this morning is up +74 cents
(+1.63%) and Oct gasoline (RBV16 +1.84%) is up +0.0267 (+1.98%).
Wednesday's closes: CLV6 +1.31 (+2.92%), RBV6 +0.0456 (+3.46%). Oct crude oil
and gasoline on Wednesday closed higher on the increase in Jul JOLTS job
openings to a record high, which signals strength in the labor market that may
fuel economic expansion and energy demand. Oil prices were undercut by the
EIA's hike in its U.S. 2016 oil production estimate to 8.77 million bpd from
8.73 million bpd and by expectations for Thursday's EIA crude inventories
report to show an increase of +1.0 million bbl.The Total Investment & Insurance Solutions
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