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7
November 2016
OVERNIGHT MARKETS AND NEWS
Dec E-mini S&Ps (ESZ16
+1.35%) are up sharply by +1.37% and European stocks are up +1.69% after U.S.
presidential candidate Clinton's prospects improved when FBI Director Comey
said in a letter to Congress that the FBI was sticking to its conclusion that
Clinton's handling of her e-mails as secretary of state wasn't a crime. Stock
prices have recently been whipsawed on Clinton's presidential prospects as the
race tightened with challenger Trump. Raw-material producers and mining stocks
are higher as well as the price of copper (HGZ16 +0.95%) jumped +1.13% to a
7-3/4 month high on signs of tighter supplies after LME copper inventories fell
-6,600 MT to a 2-1/4 month low. Energy producing stocks caught a bid as well
with crude oil (CLZ16 +1.45%) up +1.75% after a magnitude 5.0 earthquake struck
near Cushing, OK, delivery point of WTI futures, which prompted some pipeline
operators to shut operations at the site as a precaution. European stocks also
found support on the stronger-than-expected Eurozone Sep retail sales along
with the jump in the Sentix Nov investor confidence to an 11-month high. Asian
stocks settled higher: Japan +1.61%, Hong Kong +0.70%, China +0.26%, Taiwan
+1.34%, Australia +1.35%, Singapore +0.44%, South Korea +0.80%, India +0.68%.
The dollar index (DXY00
+0.53%) is up +0.59%. EUR/USD (^EURUSD) is down -0.67%. USD/JPY (^USDJPY) is up
+1.13%.
Dec 10-year T-note prices
(ZNZ16 -0.19%) are down -8.5 ticks.
Eurozone Sep retail sales
fell -0.2% m/m, stronger than expectations of -0.3% m/m.
Eurozone Nov Sentix
investor confidence rose +4.6 to 13.1, stronger than expectations of +0.1 to
8.6 and the highest in 11 months. The Total Investment & Insurance
Solutions
U.S. STOCK PREVIEW
Key U.S. news today
includes: (1) Sep consumer credit expected +17.50 billion, Aug +$25.873
billion, (2) USDA weekly grain export inspections, (3) USDA Weekly Crop
Progress.
Notable S&P 500
earnings reports today include: News Corp (consensus 0.00), Sysco (0.59),
Rockwell Automation (1.49), Cognizant Technology (0.84), Scripts (0.96),
WestRock (0.62), Intl Flavors and Fragrances (1.42), Priceline (29.88),
Marriott (0.89), PerkinElmber (0.66), Microchip Technology (0.87), Albemarle
(0.82).
U.S. IPO's scheduled to
price today: none.
Equity conferences this
week include: Credit Suisse Health Care Conference on Mon-Tue, Bernstein
Technology Innovation Summit on Mon-Tue, Robert W. Baird Global Industrial
Conference on Mon-Thu, Daiwa Investment Conference on Tue, EEI Financial
Conference on Tue, Evercore Technology Conference on Tue, Stephens Fall
Investment Conference on Tue, Hart Energy Publishing LLLP Executive Oil
Conference on Tue, Baird Global Industrial Conference on Wed, RBC Technology
Internet Media and Telecommunications Conference on Wed-Thu, Wells Fargo
Technology, Media & Telecom Conference on Wed-Fri, Citi Financial
Technology Conference on Thu, SunTrust Robinson Humphrey Financial Technology,
Business & Government Services on Thu. The Total Investment & Insurance
Solutions
OVERNIGHT U.S. STOCK MOVERS
NetSuite (N -3.89%) surged
20% in pre-market trading after shareholders endorsed Oracle's bid for the
company
Cummins (CMI +2.10%) was
raised to 'Buy' at Evercore ISI with a price target of $133.
Physicians Realty Trust
(DOC +2.15%) was upgraded to 'Strong Buy' form 'Marker Perform' at Raymond
James with a 12-month target price of $22.
Hostess Brands (TWNK) was
rated a new 'Buy' at SunTrust with a price target of $15.
Macerich (MAC +0.72%) was upgraded
to 'Buy' from 'Neutral' at Mizuho Securities with a target price of $84.
Biogen (BIIG) was upgraded
to 'Overweight' from 'Neutral' at Piper Jaffray with a 12-month target price of
$335.
Healthcare Trust of America
(HTA +0.35%) was upgraded to 'Outperform' from 'Market Perform' at Raymond
James with a 12-month target price of $33.
Compass Point Research
& Trading initiated a 'Sell' recommendation on Alliance Data Systems (ADS
-0.12%) with a price target of $168.
Berkshire Hathaway (BRK)
reported Q3 operating EPS of $2,961, below consensus of $3,058.
Knoll Capital reported a
6.1% passive stake in Abeona Therapeutics (ABEO -2.63%) .
Total System Services (TSS
+0.91%) fell nearly 1% in after-hours trading after the company said it is in
talks with the FTC on a potential settlement over certain marketing practices
with its NetSpend unit that was investigated by the FTC. The Total Investment
& Insurance Solutions
MARKET COMMENTS
Dec E-mini S&Ps (ESZ16
+1.35%) this morning are up sharply by +28.50 points (+1.37%). Friday's closes:
S&P 500 -0.17%, Dow Jones -0.24%, Nasdaq -0.40%. The S&P 500 on Friday
fell to a 4-month low and closed lower on strength in wages in the U.S.
unemployment report that bolstered the case for the Fed to raise interest rates
next month after U.S. Oct avg hourly earnings rose +2.8% y/y, stronger than
expectations of +2.6% y/y and the largest year-on-year increase in 7-1/3 years.
Stocks also continued to suffer from uncertainty ahead of Tuesday's U.S.
presidential election that sent the VIX volatility index up to a 4-1/4 month
high and spurred long liquidation in stocks.
Dec 10-year T-notes (ZNZ16
-0.19%) this morning down -8.5 ticks. Friday's closes: TYZ6 +7.0, FVZ6 +3.5.
Dec 10-year T-notes rallied to a 1-1/2 week high and closed higher on increased
safe-haven demand caused by stock market weakness and by uncertainty about
Tuesday's U.S. presidential election. T-notes were also boosted by the slide in
crude oil prices to a 1-1/2 month low, which undercuts inflation expectations
as the 10-year T-note breakeven inflation rate fell to a 2-week low. The Total
Investment & Insurance Solutions
The dollar index (DXY00
+0.53%) this morning isup +0.572 (+0.59%). EUR/USD (^EURUSD) is down -0.0075
(-0.67%). USD/JPY (^USDJPY) is up +1.17 (+1.13%). Friday's closes: Dollar index
-0.0921 (-0.09%), EUR/USD +0.0036 (+0.32%), USD/JPY +0.14 (+0.14%). The dollar
index on Friday sold off to a 3-week low and closed lower on uncertainty ahead of
Tuesday's U.S. presidential election and on strength in EUR/USD which climbed
to a 3-week high after Eurozone Sep PPI was stronger than expected, which may
keep the ECB from expanding stimulus. The Total Investment & Insurance
Solutions
Dec crude oil prices (CLZ16
+1.45%) are up +77 cents (+1.75%) and Dec gasoline (RBZ16 +0.04%) is up +0.0007
(+0.05%). Friday's closes: Dec crude -0.59 (-1.32%), Dec gasoline -0.0365
(-2.56%). Dec crude oil and gasoline on Friday closed lower with Dec crude at a
1-1/2 month low and Dec gasoline at a 5-week low. Crude oil prices were
undercut by skepticism that OPEC will be able to reach and enforce any
meaningful cuts in crude production. Crude oil also took a hit on a Reuters
report saying that Saudi Arabia threatened to raise its oil production to 11
million bpd or 12 million bpd if Iran doesn't limit its supply.The Total
Investment & Insurance Solutions
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