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29
November 2016
OVERNIGHT MARKETS AND NEWS
Dec E-mini S&Ps (ESZ16
+0.22%) are up +0.14% and European stocks are up +0.33%. Equities received a
boost after Eurozone Nov economic confidence rose to the highest in 11 months,
although trading was subdued ahead of the OPEC meeting Wednesday and Sunday's
referendum in Italy on constitutional reforms. On the negative side, Jan WTI
crude oil (CLF17 -2.36%) is down -1.81% as OPEC remains split before its meeting
tomorrow in Vienna.
Iraq and Iran continue to
resist calls to curb output, while Russia said it will not attend the OPEC
talks. Asian stocks settled mixed: Japan -0.27%, Hong Kong -0.41%, China
+0.18%, Taiwan -0.32%, Australia -0.13%, Singapore +0.16%, South Korea -0.02%,
India +0.17%.
Japanese stocks closed
lower as a stronger yen undercut exporting companies, while China's Shanghai
Composite climbed to a 10-1/2 month high on speculation that government curbs
on the real estate market will prompt funds to move into stocks.
The dollar index (DXY00
+0.12%) is down -0.02%. EUR/USD (^EURUSD) is down -0.17%. USD/JPY (^USDJPY) is
up +0.65%. The Total Investment & Insurance Solutions
Dec 10-year T-note prices
(ZNZ16 -0.10%) are down -1 tick.
Eurozone Nov economic
confidence rose +0.1 to 106.5, weaker than expectations of +0.5 to 106.8 but
still the highest in 11 months. The Nov business climate indicator unexpectedly
fell -0.14 to 0.42, weaker than expectations of +0.05 to 0.60.
U.S. STOCK PREVIEW
Key U.S. news today
includes: (1) revised Q3 GDP (expected +3.0% q/q annualized, previous +2.9%),
(2) Sep S&P CoreLogic composite-20 home price index (expected +0.4% m/m and
+5.2% y/y, Aug +0.24% m/m and +5.13% y/y), (3) Nov Conferenc Board U.S. consumer
confidence index (expected +2.7 to 101.3, Oct -4.9 to 98.6).
Russell 1000 earnings
reports today include: Tiffany (consensus $0.68), Autodesk (-0.24), Guidewire
Software (-0.05), Splunk (0.08), Berry Plastics (1.89). The Total Investment
& Insurance Solutions
U.S. IPO's scheduled to
price today: none.
Equity conferences during
the remainder of this week include: Credit Suisse Technology, Media, and
Telecom Conference on Mon-Wed, MUFG Securities Energy Tour on Tue, UBS Global
Real Estate Conference on Tue, Citi Basic Materials Conference on Tue-Wed,
Jefferies Energy Conference on Tue-Wed, Piper Jaffray Health Care Conference on
Tue-Wed, Bank of America Merrill Lynch Leveraged Finance Conference on Tue-Wed,
NASDAQ Investor Conference on Tue-Wed, J.P. Morgan FinTech & Specialty
Finance Forum on Wed, Credit Suisse Industrials Conference on Tue-Thu.
OVERNIGHT U.S. STOCK MOVERS
Pfizer (PFE -0.47%) was
upgraded to 'Overweight' from 'Equalweight' at Barclays with a 12-month price
target of $38. The Total Investment & Insurance Solutions
U.S. Steel (X -3.19%) was
downgraded to 'Hold' from 'Buy' at Argus.
TiVo (TIVO +0.24%) rallied
almost 5% in after-hours trading after it signed IP licensing pacts with
Netflix.
Thor Industries (THO
-0.25%) jumped almost 10% in after-hours trading after it reported Q1 EPS
continuing operations of $1.49, higher than consensus of $1.23.
SiteOne Landscape Supply
(SITE -1.49%) slipped 3% in after-hours trading after it announced a secondary
offering of 8 million shares of common stock. The Total Investment &
Insurance Solutions
Allstate (ALL -0.47%) fell
over 1% in after-hours trading after it said it will buy SquareTrade for $1.4
billion in cash. The Total Investment & Insurance Solutions
Texas Capital Bancshares
(TCBI -3.11%) dropped 3% in after-hours trading after it announced an offering
of 3 million shares of common stock. The Total Investment & Insurance
Solutions
Shoe Carnival (SCVL -3.75%)
sank 10% in after-hours trading after it reported Q3 WPS of 54 cents, weaker
than consensus of 56 cents, and then cut its view on fiscal 2017 EPS to
$1.46-$1.51 from an August 31 view of $1.58-$1.65. The Total Investment &
Insurance Solutions
ZTO Express Cayman (ZTO
-0.57%) gained over 3% in after-hours trading after it reported Q3 earnings per
ADS were 12 cents, higher than consensus of 11 cents. The Total Investment
& Insurance Solutions
Cotiviti Holdings (COTV
-1.35%) lost over 1% in after-hours trading after it announced a secondary
public offering of 10 million shares of common stock. The Total Investment
& Insurance Solutions
21Vianet Group (VNET
-1.17%) rose over 3% in after-hours trading aft it reported a Q3 loss/ADR of
-13 cents, a smaller decline than consensus of -15 cents. The Total Investment
& Insurance Solutions
Cherokee Global (CHKE
-4.76%) lost over 2% in after-hours trading after it announced plans to buy
Hi-Tec Sports International Holdings for $95.8 million. The Total Investment
& Insurance Solutions
Bojangles' Inc. (BOJA
-1.75%) slid 4% in after-hours trading after holders proposed a secondary
offering of 6 million shares of common stock. The Total Investment &
Insurance Solutions
Nivalis Therapeutics (NVLS
-0.48%) plunged over 50% in after-hours trading after it said its Phase 2 study
evaluating cavosonstat failed to meet the primary endpoint in adult patients
with cystic fibrosis.
MARKET COMMENTS
Dec E-mini S&Ps (ESZ16
+0.22%) this morning are up +3.00 points (+0.14%). Monday's closes: S&P 500
-0.53%, Dow Jones -0.28%, Nasdaq -0.27%. The S&P 500 on Monday closed lower
on carry-over weakness from a slide in European stocks led by a sell-off in
Italian bank stocks on concern Italian voters may vote "no" for Prime
Minister Renzi's referendum on Sunday on constitutional reforms. The Financial
Times reports that as many as 8 Italian banks risk failing if Renzi loses that
vote. Stocks were also undercut by a slide in consumer discretionary stocks led
by a -1.7% drop in Amazon.com after Citigroup cut its price target on the
stock, citing deep discounting by the retailer to compete during the holiday
season. Energy producer stocks received a boost from the +1.82% gain in crude oil
prices. The Total Investment & Insurance Solutions
Dec 10-year T-notes (ZNZ16
-0.10%) this morning are up +1 tick. Monday's closes: TYZ6 +14.00, FVZ6 +6.75.
Dec 10-year T-note futures on Monday closed higher on carry-over support from a
rally in German bund prices to a 2-week high and on higher safe-haven demand
with the sell-off in stocks.
The dollar index (DXY00
+0.12%) this morning is down -0.020 (-0.02%). EUR/USD (^EURUSD) is -0.0018
(-0.17%). USD/JPY (^USDJPY) is up +0.73 (+0.65%). Monday's closes: Dollar index
-0.160 (-0.16%), EUR/USD +0.0025 (+0.24%), USD/JPY -1.28(-1.13%). The dollar
index on Monday fell to a 1-week low and closed lower on the decline in 10-year
T-note yields, which reduced the dollar's interest rate differentials. In
addition, USD/JPY showed weakness as a sell-off in stocks boosted he safe-haven
demand for the yen.
Jan crude oil prices (CLF17
-2.36%) this morning are down -85 cents (-1.81%) and Jan gasoline (RBF17
-1.61%) is -0.0157(-1.11%). Monday's closes: Jan crude +0.84 (+1.82%), Jan
gasoline -0.0355 (+2.58%). Jan crude oil and gasoline on Monday closed higher
on the slide in the dollar index to a 1-week low and on comments from Iraq Oil
Minister Jabbar al-Luaibi who said he's "optimistic" a deal can be
reached on oil production cuts when OPEC meets Wednesday in Vienna.The Total
Investment & Insurance Solutions
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