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10
March 2017
OVERNIGHT
MARKETS AND NEWS
Jun E-mini S&Ps (ESM17 +0.34%)
this morning are up +0.38% and European stocks are up +0.81% at a 15-month high
as strength in crude oil lifts energy producing stocks with Apr WTI crude oil (CLJ17 +0.69%) up +0.65%. Also, optimism that
this morning's U.S. Feb non-farm payrolls report will show a strong increase of
+200,000 jobs is boosting equity prices. European stocks received an added
boost from German trade data that showed German Jan exports and import rose
more than expected. The outlook for a strong U.S. payroll report has nearly
cemented expectations for a 25 bp Fed rate hike next week and has undercut
precious metals prices with Apr COMEX gold (GCJ17 -0.40%)
down -0.52% and May COMEX silver (SIK17 -0.53%)
down -0.83%,
both at 1-1/4 month lows. Asian
stocks settled mostly higher: Japan +1.48%, Hong Kong +0.29%, China -0.12%,
Taiwan -0.32%,
Australia +0.60%, Singapore +0.47%, South Korea +0.25%, India +0.06%. Japan's
Nikkei Stock Index climbed to a 1-week high as weakness in the yen boosted the
earnings prospects of exporter stocks after USD/JPY rallied to a 1-1/2 month high. The Total Investment & Insurance Solutions
The dollar index (DXY00 -0.04%)
is up +0.02%. EUR/USD (^EURUSD) is up +0.26%. USD/JPY (^USDJPY)
is up +0.38% at a 1-1/2 month high. The Total Investment & Insurance
Solutions
Jun 10-year T-note prices (ZNM17 +0.01%) are little changed, up +0.5 of
a tick.
The German Jan current account balance shrank
to a surplus of +14.8 billion euros, narrower than expectations of +15.5 billion
euros and the smallest surplus in 20 months.
German Q4 labor costs rose +1.5% q/q and
+3.0% y/y with the +1.5% q/q gain the largest quarterly increase in 8 years. The Total Investment & Insurance
Solutions
The German Jan trade balance shrank to a
surplus of +14.8 billion euros, narrower than expectations of +18.0 billion
euros and the smallest surplus in a year. Jan exports rose +2.7% m/m, better
than expectations of +2.0% m/m. Jan imports rose +3.0% m/m, stronger than
expectations of +0.5% m/m.
Key U.S. news today includes: (1) Feb
non-farm payrolls (expected +200,000, Jan +227,000) and Feb unemployment rate
(expected -0.1 to 4.7%, Jan +0.1 to 4.8%), (2) Feb
avg hourly earnings (expected +0.3% m/m and +2.7% y/y, Jan +0.1% m/m and +2.5%
y/y), (3) Feb monthly budget statement (expected -$187.5 billion, Jan +$51.257
billion). The Total Investment &
Insurance Solutions
Notable Russell 1000 earnings reports today
include: Vail Resorts (consensus $3.40).
U.S. IPO's scheduled to price today: none.
Equity conferences: UBS Global Consumer &
Retail Conference on Thu-Fri.
Yum! Brands (YUM -0.42%)
was upgraded to 'Outperform' from 'In-Line' at Evercore ISI.
FedEx (FDX -0.83%)
was upgraded to 'Buy' from 'Hold' at Edward Jones.
VeriFone Systems (PAY +0.59%) rose 2% in after-hours trading
after it reported Q1 adjusted net revenue of $457 million, higher than
consensus of $450 million, and said it sees Q2 adjusted net revenue of $470
million-$474 million, above the mid-point of consensus of $470.7 million.
Ulta Beauty (ULTA -0.62%)
declined 4% in after-hours trading after it said it sees Q1 net sales of $1.24
billion-$1.27 billion, below consensus of $1.28 billion. The Total Investment & Insurance Solutions
Finisar (FNSR +1.60%) plunged 20% in after-hours
trading after it reported Q3 adjusted EPS of 59 cents, below consensus of 62
cents, and said it sees Q4 adjusted EPS of 50 cents-56 cents, weaker than consensus of 58
cents.
Zumiez (ZUMZ -1.18%)
sank over 10% in after-hours trading after it said it sees Q1 revenue of $178
million-$182 million, below consensus of $186 million. The Total Investment & Insurance Solutions
Alere (ALR +0.42%) fell nearly 4% in after-hours
trading after a U.S. District Judge rejected the company's request for a
temporary reversal of the Department of Health and Human Service's decision to
cancel the Alere's ability to bill the government-run insurance program. The Total Investment & Insurance
Solutions
El Pollo Loco Holdings (LOCO -3.81%)
dropped 4% in after-hours trading after it said it sees fiscal proforma EPS of
65 cents-69 cents, below consensus of 70 cents. The Total Investment & Insurance
Solutions
Alexandria Real Estate Equities (ARE -1.72%)
lost 3% in after-hours trading after it announced a public offering of 6.1
million shares of common stock.
Surgery Partners (SGRY -0.24%)
tumbled 14% in after-hours trading after it said it sees 2017 Ebitda up 10%-15% y/y,
weaker than consensus of up 23% y/y.
Autobytel (ABTL -2.03%)
rose over 3% in after-hours trading after it reported Q4 adjusted EPS of 35
cents, above consensus of 30 cents.
Cara Therapeutics (CARA +0.46%) fell nearly 6% in after-hours
trading after it reported a Q4 loss per share of -81 cents, a wider loss than consensus of -48 cents.
Freshpet (FRPT +3.68%) slipped 1% in after-hours
trading after it said it will increase its investment in media this year, which
is expected to lower 2017 adjusted Ebitda by 10%.
Ooma (OOMA -8.16%)
lost 1% in after-hours trading after it announced a secondary offering of 2.86
million shares.
Codexis (CDXS +9.52%) rose over 6% in after-hours
trading after it said it sees 2017 revenue of $50 million-$53 million, better
than consensus of $46.3 million.
Jun E-mini S&Ps (ESM17 +0.34%) this morning are up +9.00
points (+0.38%). Thursday's closes: S&P 500 +0.08%, Dow Jones +0.01%,
Nasdaq +0.07%. The S&P 500 on Thursday recovered from a 1-1/2 week low and closed higher. Stocks
received a boost from carry-over support from a rally in European stocks as the
Euro Stoxx 50 climbed to a 15-month high on upbeat comments from ECB President
Draghi who said that risks to growth are more balanced. Stocks were undercut by
weakness in energy producers, which declined as crude oil prices tumbled -1.99% to a 3-1/4
month low.
Jun 10-year T-notes (ZNM17 +0.01%) this morning are up +0.5 of a
tick. Thursday's closes: TYM7 -10.00, FVM7 -5.25. Jun 10-year T-notes on Thursday fell
to a 2-1/4 month low and closed
lower on negative carry-over from a fall in German bund prices to a 1-month low
after ECB President Draghi said the economic outlook in the Eurozone has
improved. T-notes were also undercut by the larger-than-expected increase in
the U.S. Feb import price index, which may prompt the Fed into a faster pace of
interest rate hikes.
The dollar index (DXY00 -0.04%)
this morning is up +0.02 (+0.02%). EUR/USD (^EURUSD)
is up +0.0028 (+0.26%). USD/JPY (^USDJPY)
is up +0.44 (+0.38%). Thursday's closes: Dollar index -0.22 (-0.22%),
EUR/USD +0.0036 (+0.34%), USD/JPY +0.60 (+0.52%). The dollar index on Thursday
closed lower on upbeat comments from ECB President Draghi that boosted EUR/USD
when he said "the risks surrounding the euro-area economic outlook have
become less pronounced." The dollar found underlying support as the
10-year T-note yield rise to a 2-1/2
month high, which boosts the dollar's interest rate differentials.
Apr WTI crude oil prices (CLJ17 +0.69%) this morning are up +32 cents
(+0.65%) and Apr gasoline (RBJ17 +0.26%)
is +0.0050 (+0.31%). Thursday's closes: Apr crude -1.00 (-1.99%),
Apr gasoline -0.0283 (-1.71%). Apr crude oil and gasoline on
Thursday tumbled to 3-1/4 month
lows and closed lower on fund selling on concern the global oil glut will
persist after Saudi Arabian Energy Minister Al-Falih said that global oil
inventories aren't draining as quickly as expected. There was also negative
carry-over from Wednesday's EIA data that showed a +8.21 million bbl increase
in EIA crude inventories to a record 528.39 million bbl (well above
expectations for a +2.0 million bbl gain), and the +0.6% increase in U.S. crude
production in the week of Mar 3 to 9.088 million bpd, a 1-year high.The Total Investment & Insurance
Solutions
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