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26
October 2016
OVERNIGHT MARKETS AND NEWS
Dec E-mini S&Ps (ESZ16 -0.41%) are down -0.37% and European stocks are down -0.76%. A 3% drop in Apple in
pre-market trading is undercutting stocks after the company forecast uninspiring
forward expectations. A -1.38% slide in crude oil prices (CLZ16 -1.62%) to a 2-week low is also pushing energy producing stocks lower
after the API reported late yesterday that U.S. crude inventories rose +4.75
million bbl last week. European stocks were also pressured by an unexpected
decline in German Nov GfK consumer confidence to a 6-month low. Asian stocks
settled mostly lower: Japan +0.15%, Hong Kong -1.02%,
China -0.50%, Taiwan -0.25%, Australia -1.53%, Singapore -0.89%, South Korea -1.18%, India -0.91. Japan's Nikkei Stock Index bucked the
trend today and rallied up to a 5-3/4 month high after Tuesday's rally in
USD/JPY to a 2-3/4 month high fueled gains in exporter stocks.
The dollar index (DXY00 -0.12%) is down -0.21%.
EUR/USD (^EURUSD) is up +0.30%. USD/JPY (^USDJPY) is
down -0.01%.
Dec 10-year T-note prices (ZNZ16 -0.13%) are down -4 ticks.
ECB Governing Council member Hanson said wage growth, which could boost
price growth "remains rather modest in some regions" and "even
looking at headline inflation developments, one can notice tendency for growth
lately, but where some weakness can be seen is core inflation, where we can't
yet see a very clear trend for improvement."
The German Nov GfK consumer confidence unexpectedly fell -0.3 to
9.7, weaker than expectations of no change at 10.0 and a 6-month low. The Total Investment & Insurance
Solutions
Key U.S. news today includes: (1) weekly MBA mortgage applications
(previous +0.6% with purchase sub-index +3.0% and refi sub-index -0.8%), (2) Sep wholesale inventories
(expected +0.1%, Aug -0.2%), (3)
Oct Markit services PMI (expected +0.2 to 52.5, Sep +1.3 to 52.3), (4) Sep new
home sales (expected -1.5% to 600,000, Aug -7.6% to 609,000), (5) the Treasury's
auction of $14 billion of 2-year floating-rate notes and $34 billion of 5-year
T-notes, and (6) EIA Weekly Petroleum Status Report.
Notable S&P 500 earnings reports today include: Coca-Cola (consensus
$0.48), Boeing (2.67), General Dynamics (2.38), Norfolk Southern (1.45), Biogen
(4.97), Waste Management (0.80), Simon Property Group (2.68), Southwest
Airlines (0.88), Comcast (0.91), State Street (1.25), Nasdaq (0.90), Newmont
Mining (0.49), Public Storage (2.53).
U.S. IPO's scheduled to price today: GTY Technology Holdings (GTYHU),
Myovant Sciences (MYOV).
Equity conferences this week include: Money20/20 Conference on Mon-Wed,
American Cystic Fibrosis Conference on Thu, ARM TechCon on Thu. The Total Investment & Insurance
Solutions
Apple (AAPL +0.51%) slid 3% in pre-market trading after
it reported Q4 revenue of $46.9 billion, below consensus of $47 billion, and
forecast Q1 gross margins of 38%-38.5%, weaker than consensus of 39%
Under Armour (UA -13.22%) was downgraded to 'Market Perform'
from 'Outperform' at Cowen with a 12-month target price of $35.
Twitter (TWTR -4.27%) rose 3% in after-hours trading after
Betaville reported that Disney is still interested in acquiring the company.
Akamai Technologies (AKAM +0.39%) climbed over 6% in after-hours
trading after it reported Q3 adjusted EPS of 68 cents, higher than consensus of
61 cents.
Juniper Networks (JNPR +0.25%) rose 4% in after-hours trading after
it reported Q3 adjusted EPS of 58 cents, higher than consensus of 52 cents/
Edwards Lifesciences (EW -2.86%) slumped over 12% in after-hours
trading after it reported Q3 revenue of $739.4 million, less than consensus of
$749.1 million, and said it sees Q4 sales of $750 million-$790 million, below
consensus of $801.6 million.
Panera Bread (PNRA -2.04%) rose 5% in after-hours trading after
it reported Q3 adjusted EPS of $1.37, higher than consensus of $1.34, and then
raised its full-year adjusted EPS view to $6.67-$6.72 from a July 26 estimate
of $6.60-$6.70.
NuVasive (NUVA -2.74%) tumbled 12% in after-hours trading
after it cut its full-year revenue forecast to $952 million from a prior
estimate of $962 million.
Express Scripts Holding (ESRX +0.39%) gained over 1% in after-hours trading
after it reported Q3 adjusted EPS of $1.74, above consensus of $1,73, and then
raised the low end of its full-year adjusted EPS view to $6.36-$6.42 from a
prior view of $6.33-$6.43.
CH Robinson Worldwide (CHRW +0.45%) declined over 3% in after-hours
trading after it reported Q3 EPS of 90 cents, below consensus of 96 cents.
Owens-Illinois (OI -0.99%) rallied over 3% in after-hours
trading after it raised the low end its full-year adjusted EPS view to
$2.27-$2.32 from a July 27 view of $2.25-$2.35.
Pandora Media (P -4.84%) fell 5% in after-hours trading after
it lowered guidance on full-year revenue to $1.354 billion-$1.366 billion from
a prior view of $1.385 billion-$1.405 billion.
NCR Corp. (NCR -2.17%) rose over 3% in pre-market trading
after it reported Q3 adjusted EPS of 87 cents, above consensus of 81 cents, and
then raised its full-year adjusted EPS view to $2.97-$3.02 from a prior view of
$2.90-$3.00.
Diplomat Pharmacy (DPLO -0.24%) dropped over 5% in after-hours
trading after President Gary Kadlec and CFO Sean Whelan said they will both
step down on Dec 31.
Gladstone Capital (GLAD -1.68%) slid over 3% in after-hours trading
after it announced a common stock offering, although no size was given. The Total Investment & Insurance
Solutions
Dec E-mini S&Ps (ESZ16 -0.41%) this morning are down -8.00 points (-0.37%). Tuesday's closes:
S&P 500 -0.38%, Dow Jones -0.30%, Nasdaq-0.38%. The S&P 500
on Tuesday closed lower on the -4.9 point decline in U.S. Oct consumer
confidence to 98.6 (weaker than expectations of -2.6 to
101.5) and on negative earnings news after 3M cut the top end of its 2016
profit forecast, Caterpillar cut its sales forecast for this year and Whirlpool
lowered its profit outlook. There was also weakness in energy producer stocks
as the price of crude oil fell -2.41%.
Dec 10-year T-notes (ZNZ16 -0.13%) this morning are down -4 ticks. Tuesday's closes: TYZ6 -5.50, FVZ6 -3.25. Dec 10-year T-notes on Tuesday
recovered from a 1-week low and closed unchanged. T-notes found underlying
support from the larger-than-expected decline in U.S. Oct consumer confidence
index and from increased safe-haven demand with the weakness in stocks. Stocks
were undercut by slack demand for the Treasury's $26 billion 2-year auction
that had a bid-to-cover ratio of 2.53, weaker than the 12-auction average of
2.86 and the weakest demand for a 2-year auction in 3 months.
The dollar index (DXY00 -0.12%) this morning is down -0.209 (-0.21%). EUR/USD (^EURUSD) is
up +0.0033 (+0.30%). USD/JPY (^USDJPY) is
down-0.01 (-0.01%). Tuesday's
closes: Dollar index -0.037 (-0.04%), EUR/USD +0.0007 (+0.06%),
USD/JPY +0.04 (+0.04%). The dollar index on Tuesday fell back from an 8-1/2
month high and closed lower on the weaker-than-expected U.S. Oct consumer
confidence index. The dollar was also undercut by the rebound in EUR/USD from a
7-1/2 month low after the German Oct IFO business climate index showed an
unexpectedly strong increase to a 2-1/2 year high.
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