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November 2016
OVERNIGHT MARKETS AND NEWS
Dec E-mini S&Ps (ESZ16 -0.14%) are down -0.18% on
profit-taking after Monday's sharp rally and on caution ahead of today's U.S.
presidential election results. European stocks are down -0.14% after German Sep
industrial production fell by the most in 2-years. Losses in European stocks
were limited as bank stocks rallied, led by a 5% jump in with Credit Agricole
SA, after it said quarterly profit doubled y/y and bond-trading income surged.
Asian stocks settled mostly higher: Japan -0.03%, Hong Kong +0.47%, China
+0.46%, Taiwan +0.30%, Australia +0.13%, Singapore +0.69%, South Korea +0.26%,
India +0.48%. China's Shanghai Composite rallied to its highest in 9-3/4 months
on expectations for a Clinton victory in today's U.S. presidential election,
which is seen as positive for trade policies between China and the U.S. The
Total Investment & Insurance Solutions
The dollar index (DXY00 +0.03%) is down -0.02%. EUR/USD
(^EURUSD) is down -0.01%. USD/JPY (^USDJPY) is up +0.30%.
Dec 10-year T-note prices (ZNZ16 +0.06%) are up +3 ticks.
German Sep industrial production fell -1.8% m/m, weaker than
expectations of -0.5% m/m and the biggest decline in 2 years.
The China Oct trade balance was in surplus by +$49.06
billion, smaller than expectations of +$51.70 billion. Oct exports fell -7.3%
y/y, weaker than expectations of -6.0% y/y. Oct imports fell -1.4% y/y, weaker
than expectations of -1.0% y/y. The Total Investment & Insurance Solutions
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) Chicago Fed President
Charles Evans speaks on the economy and monetary policy in a Q&A at the
Council on Foreign Relations, (2) Sep JOLTS job openings (expected +32,000 to
5.475 million, Aug -388,000 to 5.443 million), (3) the Treasury's auction of
$24 billion of 3-year T-notes, (4) U.S. Election Day.
Notable S&P 500 earnings reports today include: CVS
Health (consensus $1.57), Johnson Controls, DR Horton (0.77), Expeditors
(0.65), Endo Intl (0.82), Concho Resources (0.19), TripAdvisor (0.52).
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
Best Buy (BBY +2.30%) was downgraded to 'Sell' from 'Hold'
at Evercore ISI.
Priceline Group (PCLN +3.94%) rose 5% in pre-market trading
after it reported Q3 adjusted EPS of $31.18, higher than consensus of $29.86.
Fabrinet (FN +3.55%) jumped 8% in after-hours trading after
it reported Q1 non-GAAP EPS of 80 cents, above consensus of 71 cents, and then
said it sees Q2 non-GAAP EPS of 78 cents-80 cents, higher than consensus of 69
cents.
Marriott International (MAR +2.14%) fell nearly 3% in
pre-market trading after it said it sees Q4 EPS of 80 cents-85 cents, weaker
than consensus of 86 cents.
Align Technology (ALGN +2.48%) gained over 1% in after-hours
trading after it reported Q3 adjusted EPS of 63 cents, higher than consensus of
52 cents.
Hertz Global Holdings (HTZ +7.26%) plunged 25% in
after-hours trading after it lowered guidance on 2106 adjusted Ebitda to $575
million-$625 million from an August 8 view of $850 million-$950 million.
Depomed (DEPO +1.02%) dropped over 10% in after-hours
trading after it reported Q3 adjusted EPS of 28 cents, weaker than consensus of
36 cents, and then lowered guidance on full-year Ebitda to $152 million-$160
million from a prior view of $175 million-$190 million.
Resolute Energy (REN -1.51%) lost over 6% in after-hours
trading after it reported an unexpected Q3 loss of -$1.24 a share, well below
consensus of a profit of 55 cents.
Cray (CRAY +2.02%) slid nearly 9% in after-hours trading
after it reported a Q3 adjusted EPS loss of -49 cents, wider than consensus of
35 cents.
News Corp. (NWSA +2.78%) rose nearly 4% in after-hours
trading after it reported an unexpected Q1 adjusted profit of 1 cent, better
than consensus of breakeven.
OPKO Health (OPK -0.51%) lost nearly 1% in after-hours
trading after it reported Q3 revenue of $298 million, below consensus of $322
million.
Microchip Technology (MCHP +3.34%) gained 1% in after-hours
trading after it reported fiscal year Q2 adjusted EPS of 94 cents, higher than
consensus of 87 cents, and said it sees Q3 adjusted EPS of 85 cents-95 cents,
above consensus of 84 cents.
Kindred Healthcare (KND +6.71%) slumped 15% in after-hours
trading after it lowered guidance on full-year adjusted EPS to 70 cents-8-
cents from a prior view of 80 cents-$1.00. The Total Investment & Insurance
Solutions
MARKET COMMENTS
Dec E-mini S&Ps (ESZ16 -0.14%) this morning are down
-3.75 points (-0.18%). Monday's closes: S&P 500 +2.22%, Dow Jones +2.08%,
Nasdaq +2.43%. The S&P 500 on Monday closed sharply higher on the improved
prospects for Mrs. Clinton to win Tuesday's U.S. presidential election after
the FBI on Sunday said she did nothing illegal in the handling of her emails.
There was also strength in mining stocks after the price of copper climbed +1.96%
to a 7-3/4 month high.
Dec 10-year T-notes (ZNZ16 +0.06%) this morning are up +3
ticks. Monday's closes: TYZ6 -13.0, FVZ6 -7.75. Dec 10-year T-notes on Monday
closed lower on reduced safe-haven demand with the rally in stocks and on
increased expectations for a Fed rate hike with the higher odds for Mrs.
Clinton to become president after the FBI's announcement on Sunday absolving
her of legal responsibility for her email server.
The dollar index (DXY00 +0.03%) this morning is down -0.022
(-0.02%). EUR/USD (^EURUSD) is down -0.0001 (-0.01%). USD/JPY (^USDJPY) is up
+0.31 (+0.30%). Monday's closes: Dollar index +0.716 (+0.74%), EUR/USD -0.0100
(-0.90%), USD/JPY +1.34 (+1.30%). The dollar index on Monday closed higher on
the improved prospects for a Clinton win in Tuesday's U.S. presidential
election, which boosted U.S. stocks and bolstered the chance for a Fed rate
hike next month. USD/JPY rallied on reduced safe-haven demand for the yen after
stock prices rallied sharply.
Dec crude oil prices (CLZ16 -0.53%) are down -7 cents
(-0.16%) and Dec gasoline (RBZ16 -0.50%) is -0.0038 (-0.28%). Monday's closes:
Dec crude +0.82 (+1.86%), Dec gasoline -0.0096 (-0.70%). Dec crude oil and
gasoline on Monday settled mixed with Dec gasoline at a 1-1/2 month low. Crude
oil prices were undercut by the rally in the dollar and by reduced gasoline
supply concerns after Colonial Pipeline restarted its largest gasoline line
that had been closed for 6 days after a fire and explosion in Alabama. Crude
oil prices were boosted by a 5.0 magnitude earthquake that struck near Cushing,
OK, delivery point of WTI futures, which prompted some pipeline operators to
shut down operations there as a precaution. Crude oil prices were also boosted
by comments from OPEC Secretary General Barkindo who said that Russia is
"on board" with an OPEC agreement to limit production to help
rebalance the market.The Total Investment & Insurance Solutions
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