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24
February 2017
OVERNIGHT
MARKETS AND NEWS
Mar E-mini S&Ps (ESH17 -0.41%) are down -0.47% and European stocks are down -1.19%. Uncertainty ahead of France's
presidential election in April and Tuesday's speech to Congress from President
Trump has fueled long liquidation in stocks. European political risks have
increased as far-right French presidential candidate Marine Le Penn, who wants
to take France out of the EU, is seen gaining in polls, while President Trump
promised something "phenomenal" with respect to tax reform three
weeks ago, and his every word will be parsed when he addresses House and Senate
lawmakers on Tuesday. The slide in equity markets has boosted the price of gold
with Apr COMEX gold (GCJ17 +0.53%) up +0.59% to a 3-1/4 month high.
Government bonds are also higher on increased safe-haven demand as German bunds
climbed to a 1-1/2 month high and T-notes are at a 2-week high. Asian stocks
settled mostly lower: Japan -0.45%,
Hong Kong -0.62%, China +0.06%,
Taiwan -0.19%, Australia -0.79%, Singapore -0.65%, South Korea -0.92%, India closed for holiday. A
stronger yen undercut Japanese stocks as USD/JPY tumbled to a 2-week low. The Total Investment & Insurance
Solutions
The dollar index (DXY00 -0.26%) is down -0.24%.
EUR/USD (^EURUSD) is up +0.23%. USD/JPY (^USDJPY) is
down -0.26% at a 2-week low. The Total Investment & Insurance
Solutions
Mar 10-year T-note prices (ZNH17 +0.16%) are up +6 ticks at a 2-week high.
Key U.S. news today includes: (1) Jan new home sales (expected +6.3% to
570,000, Dec -10.4% to 536,000), (2) revised-Feb
University of Michigan U.S. consumer sentiment index (expected +0.3 to 96.0,
prelim-Feb -2.8 to 95.7), (3) USDA weekly Export
Sales, (4) USDA Jan Cattle on Feed.
Notable S&P 500 earnings reports today include: Foot Locker
(consensus $1.32), Public Service Enterprise Group (0.53), Pinnacle West
Capital (0.48), Cabot Oil & Gas (0.01).
U.S. IPO's scheduled to price today: none. The Total Investment & Insurance Solutions
Equity conferences: CAGNY Investor Conference on Tue-Fri.
Goldman Sachs (GS -0.21%) was downgraded to 'Sell' from 'Hold'
at Berenberg with a price target of $190.
Incyte (INCY +0.49%) climbed over 4% in after-hours
trading after it was announced that it will replace Spectra Energy in the
S&P 500 at the open of trading on Tuesday, February 28.
Nordstrom (JWN -3.11%) rallied 3% in after-hours trading
after it reported Q4 adjusted EPS of $1.37, higher than consensus of $1.15.
Stamps.com (STMP -0.52%) fell almost 3% in after-hours trading
after it said it sees full-year adjusted EPS of $6.00-$7.00, weaker than
consensus of $7.91
Hewlett Packard Enterprise (HPE -0.48%) dropped 6% in after-hours trading
after it reported Q1 net revenue of $11.4 billion, weaker than consensus of
$12.1 billion, and said it sees Q2 adjusted EPS of 41 cents-45 cents, below consensus of 47 cents.
B&G Foods (BGS -1.37%) slid 6% in after-hours trading after
it reported Q4 adjusted EPS of 29 cents, weaker than consensus of 40 cents. The Total Investment & Insurance
Solutions
RH US (RH -3.15%) surged 15% in after-hours trading
after it reported Q4 adjusted EPS of 68 cents, above consensus of 66 cents.
MercadoLibre (MELI -0.29%) gained 2% in after-hours trading
after it reported Q4 net revenue of $256.3 million, better than consensus of
$250 million.
Universal Display (OLED -5.33%) jumped nearly 12% in after-hours
trading after it reported Q4 EPS of 55 cents, above consensus of 43 cents.
Baidu (BIDU -0.74%) rose 3% in after-hours trading after
it reported Q4 adjusted profit for ADS of $1.91, well above consensus of $1.09.
Acacia Communications (ACIA +1.94%) tumbled 11% in after-hours trading
after it said it sees Q1 adjusted EPS of 63 cents-70 cents, weaker than consensus of 78
cents.
Sarepta Therapeutics (SRPT -0.76%) gained over 1% in after-hours trading
after Point72 Asset Management said it raised its passive stake in the company
to 5.2% from 2.5%.
Zoe's Kitchen (ZOES -1.49%) sank 11% in after-hours trading after
it said it sees full-year revenue of $325 million-$327 million, below consensus
of $329.1 million.
Accelerate Diagnostics (AXDX +1.23%) rose 3% in after-hours trading after
it received clearance from the FDA to market its PhenoTest BC Kit as the first
test to identify organisms that cause bloodstream infections and provide
information on antibiotic sensitivity.
Emergent BioSolutions (EBS -0.47%) gained over 2% in after-hours trading
after it reported Q4 adjusted EPS of 74 cents, better than consensus of 61
cents.
Acadia Healthcare (ACHC +1.41%) fell over 8% in after-hours trading after
it said it sees Q1 adjusted EPS of 45 cents-47 cents, below consensus of 56 cents,
and then lowered guidance on full-year EPS to $2.40-$2.50, weaker than
consensus of $2.53. The Total
Investment & Insurance Solutions
Hi-Crush Partners LP (HCLP -6.38%) slid over 7% in after-hours trading
after it announced a primary offering of 20.5 million common units.
Mar E-mini S&Ps (ESH17 -0.41%) this morning are down -11.00 points (-0.47%). Thursday's closes:
S&P 500 +0.04%, Dow Jones +0.17%, Nasdaq -0.37%.
The S&P 500 on Thursday posted a new record high and closed higher on
strength in energy producing stocks after the price of crude oil rose +1.44% to
a 1-1/2 month high and on a rally in mining stocks after the price of gold and
silver climbed to 3-1/4 month highs. Stocks were undercut by weakness in
technology stocks and by hawkish comments from Atlanta Fed President Lockhart
who said that "two or three 25 bp rate hikes are likely this year as long
as the economy remains on the track it is on."
Mar 10-year T-notes (ZNH17 +0.16%) this morning are up +6 ticks at a 2-week high. Thursday's
closes: TYH7 +9.00, FVH7 +6.50. Mar 10-year T-notes on Thursday climbed to a
2-week high and closed higher on carry-over support from a rally in German
bunds to a 1-1/2 month high on increased safe-haven demand due to political
risks in France and on short-covering at the conclusion of this week's T-note
auctions.
The dollar index (DXY00 -0.26%) this morning is down -0.24 (-0.24%). EUR/USD (^EURUSD) is
up +0.0024 (+0.23%). USD/JPY (^USDJPY) is
down -0.29 (-0.26%) at a 2-week low. Thursday's
closes: Dollar index -0.17 (-0.17%), EUR/USD +0.0024 (+0.23%),
USD/JPY -0.70 (-0.62%). The dollar index on Thursday
closed lower on the slide in 10-year T-note yields to 2-week lows, which
reduces the dollar's interest rate differentials. The dollar was also undercut
by Treasury Secretary Mnuchin's comment that fiscal stimulus effects on the
U.S. economy this year may be limited.
The Total Investment & Insurance Solutions
Apr WTI crude oil prices (CLJ17 -0.77%) this morning are down -25 cents (-0.46%) and Apr gasoline (RBJ17 -0.51%) is -0.0037 (-0.21%). Thursday's closes: Apr crude
+0.77 (+1.44%), Apr gasoline +0.0128 (+0.74%). Apr crude and gasoline on
Thursday closed higher with Apr crude at a 1-1/2 month high and Apr gasoline at
a 1-week high. Crude oil prices were boosted by a weaker dollar, the +564,000
increase in EIA crude inventories (less than expectations of +3.25 million bbl)
and the -1.528 million bbl decline in crude supplies
at Cushing to a 2-1/2 month low. Crude prices fell back from their best levels
after U.S. crude production in the week of Feb 17 rose +0.3% to 9.001 million
bpd, a 10-1/2 month high.The Total
Investment & Insurance Solutions
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