Futures indicate lower start ahead of GDP data

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(Reuters) – Dow Futures pointed to a lower start for Canada’s main stock index on Friday ahead of the release of data on the country’s economic growth in November.

Canada’s gross domestic product is expected to have remained flat in the month from October, according to a Thomson Reuters poll.

The data is due 8.30 a.m. ET .

March futures on the S&P TSX index were down 0.48 percent at 7.15 a.m. ET.

Canada’s main stock index was little changed in choppy trading on Thursday after a decline in energy shares was offset by gains in financials and most other major sectors.

Dow Jones Industrial Average e-mini futures <1YMc1> were down 0.73 percent at 7.15 a.m. ET, while S&P 500 e-mini futures were down 0.66 percent and Nasdaq 100 e-mini futures were down 0.30 percent.

(Reporting by Abhinav Kaul in Bengaluru; Editing by Kirti Pandey)

Dow Futures – Fri, 30 Jan 2015 Morning Updates

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PREMARKET WORLD NEWS

March E-mini S&Ps (ESH15 -0.69%) this morning are down -0.63% and European stocks are down -0.10% on Eurozone deflation concerns after Jan Eurozone consumer prices fell a more-than-expected -0.6% y/y and matched the largest decline since the euro currency was introduced in 1999. Losses in European stocks were limited after the Eurozone Dec unemployment rate unexpectedly declined to the lowest in 28 months. The Russian ruble tumbled to a 1-1/2 month low against the dollar after Russia’s central bank cut the 1-week auction rate to 15% from 17%. Credit-default swaps on Russia’s government debt rose 3 bp to 617 bp, the highest since March 2009. Asian stocks closed mixed: Japan +0.39%, Hong Kong -0.36%, China -1.36%, Taiwan -0.69%, Australia +0.34%, Singapore -0.81%, South Korea -0.23%, India -1.68%. China’s Shanghai Stock Index fell to a 1-1/2 week low as government regulators begin efforts to cool the growth of margin trading. Commodity prices are mostly higher. Mar crude oil (CLH15 +0.97%) is up +1.32%. Mar gasoline (RBH15 +0.34%) is up +0.30%. Feb gold (GCG15 +0.66%) is up +0.71%. Mar copper (HGH15 +1.16%) is up +1.04%. Agriculture prices are higher. The dollar index (DXY00 -0.26%) is down -0.35%. EUR/USD (^EURUSD) is up +0.23%. USD/JPY (^USDJPY) is down -0.52%. Mar T-note prices (ZNH15 +0.23%) are up +9.5 ticks.

The Eurozone Jan CPI estimate fell -0.6% y/y, a bigger decline than expectations of -0.5% y/y and matched the July 2009 decrease as the biggest drop since the euro currency was introduced in 1999. The Jan core CPI rose +0.6% y/y, less than expectations of +0.7% y/y and the slowest pace of increase since the data series began in 1997.

The Eurozone Dec unemployment rate unexpectedly fell -0.1 to 11.4%, better than expectations of unch at 11.5% and the lowest in 28 months.

German Dec retail sales rose +0.2% m/m, less than expectations of +0.3% m/m, but on an annual basis rose +4.0% y/y, more than expectations of +3.6% y/y and the largest annual increase in 2-1/2 years.

UK Dec net consumer credit rose +0.6 billion pounds, less than expectations of +1.2 billion pounds and the slowest pace of increase in 13 months.

UK Dec mortgage approvals rose 60,300, more than expectations of 59,000.

The Japan Dec jobless rate unexpectedly fell -0.1 to 3.4%, better than expectations of unch at 3.5% and the lowest in 17-1/2 years. The Dec job-to-applicant ratio rose +0.03 to 1.15, better than expectations of unch at 1.12 and the highest in 22-3/4 years.

Japan Dec national CPI rose +2.4% y/y, unch from Nov and higher than expectations of -0.1 to 2.3% y/y. Dec national CPI ex-fresh food rose 2.5% y/y, down -0.2 from Nov and the slowest pace of increase in 9 months. Dec national CPI ex food & energy climbed +2.1% y/y, unch from Nov and right on expectations.

Japan Dec industrial production rose +1.0% m/m, less than expectations of +1.2% m/m, although year-over-year Dec industrial production rose +0.3% y/y, right on expectations.

U.S. STOCK PREVIEW

Today’s Q4 GDP report is expected to ease to +3.1% (q/q annualized) from +5.0% in Q3. Today’s final-Jan U.S. consumer confidence index from the University of Michigan is expected to be unrevised from the early-Jan figure of 98.2, thus leaving the final-Jan figure of 98.2 up by +4.6 points from December’s level. Today’s Q4 employment cost index is expected to show an increase of +0.6% q/q, which would be slightly below the +0.7% increase seen in Q3. Today’s Jan Chicago PMI report is expected to show a -1.3 point decline to 57.5, adding to the -1.9 point decline to 58.8 seen in Dec.

There are 18 of the S&P 500 companies that report earnings today with notable reports including: MasterCard (consensus $ 0.67), Chevron (1.64), Tyson Foods (0.73), AbbVie (0.86), Weyerhaeuser (0.29), Eli Lilly (0.73), Ingersoll-Rand (0.70). There are no equity conferences today.

 

 

 

 

PREMARKET U.S. STOCKS

Weyerhaeuser (WY -0.45%) reported Q4 EPS of 27 cents, below consensus of 29 cents.

Mattel (MAT -0.33%) reported Q4 EPS of 52 cents, well below consensus of 91 cents.

Eli Lilli (LLY +1.61%) reported Q4 EPS of 75 cents, better than consensus of 73 cents.

Eastman Chemical (EMN -0.01%) reported Q4 adjusted EPS of $ 1.64, higher than consensus of $ 1.52.

Unisys (UIS -1.21%) reported Q4 EPS of $ 1.60, well above consensus of $ 1.27.

Leggett & Platt (LEG +1.30%) reported Q4 adjusted EPS of 41 cents, less than consensus of 45 cents, and then lowered guidance on fiscal 2015 EPS to $ 1.90-$ 2.10, below consensus of $ 2.10.

Acuity Brands (AYI +0.16%) coverage resumed with a ‘Buy’ at Stifel witha price target of $ 185.

C.R. Bard (BCR +1.02%) reported Q4 adjusted EPS of $ 2.29, higher than consensus of $ 2.24.

JDSU (JDSU -2.43%) fell 5% in after-hours trading after it reported Q2 EPS of 15 cents, below consensus of 16 cents.

Hanesbrands (HBI +1.44%) reported Q4 adjusted EPS of $ 1.46, more than consensus of $ 1.43.

Biogen (BIIB +0.59%) reported Q4 EPS of $ 4.09, above consensus of $ 3.78, and then raised guidance on fiscal 2015 EPS to $ 16.60-$ 17.00, better than consensus of $ 16.37.

Broadcom (BRCM +0.83%) rose 3% in after-hours trading after it reported Q4 adjusted EPS ex-SBC of 90 cents, higher than consensus of 87 cents.

Visa (V +0.67%) climbed over 3% in after-hours trading after it reported Q1 EPS of $ 2.53, better than consensus of $ 2.49, and then announced a four-for-one stock split.

Principal Financial (PFG +0.29%) reported Q4 EPS of $ 1.09, higher than consensus of $ 1.04.

Manitowoc (MTW +0.89%) reported Q4 adjusted EPS of 27 cents, below consensus of 32 cents.

Google (GOOG +0.13%) reported Q4 EPS of $ 6.88, weaker than consensus of $ 7.11.

Amazon.com (AMZN +2.59%) jumped 11% in after-hours trading after it reported Q4 EPS of 45 cents, well above consensus of 17 cents.

MARKET COMMENTS

Mar E-mini S&Ps (ESH15 -0.69%) this morning are down -12.75 points (-0.63%). The S&P 500 index on Thursday rebounded from a 1-1/2 week low and closed higher: S&P 500 -1.35%, Dow Jones -1.13%, Nasdaq -0.60%. Bullish factors included (1) the -43,000 decline in U.S. weekly initial unemployment claims to 265,000, more than expectations of -7,000 to 300,000 and the lowest level in 14-3/4 years, and (2) strength in energy producers which recovered from early losses after crude oil rebounded from a 5-3/4 year low and closed higher. A bearish factor was the unexpected -3.7% m/m decline in U.S. Dec pending home sales, weaker than expectations of a +0.5% m/m increase and the biggest decline in a year.

Mar 10-year T-notes (ZNH15 +0.23%) this morning are up +9.5 ticks. Mar 10-year T-note futures prices on Thursday closed lower. Closes: TYH5 -9.00, FVH5 -4.75. Bearish factors included (1) the larger-than-expected decline in U.S. weekly jobless claims to the lowest level in 14-3/4 years, and (2) reduced safe-haven demand for T-notes after stocks rallied.

The dollar index (DXY00 -0.26%) this morning is down -0.328 (-0.35%). EUR/USD (^EURUSD) is up +0.0026 (+0.23%). USD/JPY (^USDJPY) is down -0.62 (-0.52%). The dollar index on Thursday closed higher: Dollar index +0.315 (+0.33%), EUR/USD +0.00324 (-0.29%), USD/JPY -0.3458 (-0.29%). Bullish factors included (1) the larger-than-expected fall in U.S. weekly jobless claims to the lowest level in 14-3/4 years, which signals labor market strength and bolsters speculation the Fed will soon raise interest rates, and (2) the increase in Eurozone Jan economic confidence to a 6-month high, which was supportive for EUR/USD.

Mar WTI crude oil (CLH15 +0.97%) this morning is up +59 cents (+1.32%) and Mar gasoline (RBH15 +0.34%) is up +0.0042 (+0.30%). Mar crude oil and Mar gasoline on Thursday recovered from early losses and closed higher: CLH5 +0.08 (+0.18%), RBH5 +0.0143 (+1.04%). Mar crude posted a 5-3/4 year low on carry-over weakness from Wednesday’s EIA report where U.S. crude inventories climbed to a record high 406.7 million bbl and U.S. crude production rose to 9.213 million bpd, the highest in over 40 years. However, fund short covering near the lows helped crude oil erase its losses and close higher.

GLOBAL EVENT CALENDAR01/30/2015
US 0830 ET Q4 GDP expected +3.1% q/q annualized, Q3 +5.0%. Q4 personal consumption expected +4.0%, Q3 +3.2%. Q2 GDP price index expected +0.9%, Q3 +1.4%. Q4 GDP core PCE expected +1.1% q/q, Q3 +1.4% q/q.
0830 ET Q4 employment cost index expected +0.6%, Q3 +0.7%.
0900 ET Jan Milwaukee ISM expected +0.39 to 58.00, Dec -11.32 to 57.61.
0945 ET Jan Chicago PMI expected -1.3 to 57.5, Dec -1.9 to 58.8.
0955 ET Final-Jan U.S. consumer confidence index (University of Michigan) expected unch at 98.2, prelim-Jan +4.6 to 98.2.
JPN 0000 ET Japan Dec annualize housing starts expected -14.8% y/y to 900,000, Nov -14.3% y/y to 888,000.
0100 ET Japan Dec construction orders, Nov +16.9% y/y
GER 0200 ET German Dec retail sales expected +0.3% m/m and +3.6% y/y, Nov +0.5% m/m and -0.8% y/y.
UK 0430 ET UK Dec net consumer credit expected +1.2 billion pounds, Nov +1.3 billion pounds.
0430 ET UK Dec mortgage approvals expected 59,000, Nov 59,000.
0430 ET UK Dec M4 money supply, Nov unch m/m and -2.8% y/y.
EUR 0500 ET Eurozone Jan CPI estimate expected -0.5% y/y, Dec -0.2% y/y. Jan CPI core expected +0.7% y/y, Dec +0.7% y/y.
0500 ET Eurozone Dec unemployment rate expected unch at +11.5%.
U.S. STOCK CALENDAR01/30/2015
Company Ticker Time Event Description Period Estimate
Newell Rubbermaid Inc NWL US Bef-mkt Q4 2014 Earnings Release Q4 2014 0.481
AbbVie Inc ABBV US Bef-mkt Q4 2014 Earnings Release Q4 2014 0.856
Chevron Corp CVX US Bef-mkt Q4 2014 Earnings Release Q4 2014 1.643
Tyco International Plc TYC US Bef-mkt Q1 2015 Earnings Release Q1 2015 0.491
MasterCard Inc MA US Bef-mkt Q4 2014 Earnings Release Q4 2014 0.674
Weyerhaeuser Co WY US Bef-mkt Q4 2014 Earnings Release Q4 2014 0.287
PACCAR Inc PCAR US Bef-mkt Q4 2014 Earnings Release Q4 2014 1.095
Simon Property Group Inc SPG US Bef-mkt Q4 2014 Earnings Release Q4 2014 2.465
Eli Lilly & Co LLY US Bef-mkt Q4 2014 Earnings Release Q4 2014 0.732
Mattel Inc MAT US 6:00 Q4 2014 Earnings Release Q4 2014 0.913
CONSOL Energy Inc CNX US 6:45 Q4 2014 Earnings Release Q4 2014 0.202
Altria Group Inc MO US 7:00 Q4 2014 Earnings Release Q4 2014 0.664
Ingersoll-Rand PLC IR US 7:00 Q4 2014 Earnings Release Q4 2014 0.698
Xerox Corp XRX US 7:15 Q4 2014 Earnings Release Q4 2014 0.288
Tyson Foods Inc TSN US 7:30 Q1 2015 Earnings Release Q1 2015 0.727
Tyco International Plc TYC US 8:00 Q1 2015 Earnings Call Q1 2015
Legg Mason Inc LM US 8:00 Q3 2015 Earnings Release Q3 2015 0.663
Legg Mason Inc LM US 8:00 Q3 2015 Earnings Call Q3 2015
Eastman Chemical Co EMN US 8:00 Q4 2014 Earnings Call Q4 2014
Newell Rubbermaid Inc NWL US 8:30 Q4 2014 Earnings Call Q4 2014
Franklin Resources Inc BEN US 8:30 Q1 2015 Earnings Release Q1 2015 0.934
Franklin Resources Inc BEN US 8:30 Q1 2015 Earnings Call – Pre Recorded C1 2015
Mattel Inc MAT US 8:30 Q4 2014 Earnings Call Q4 2014
Altria Group Inc MO US 9:00 Q4 2014 Earnings Call Q4 2014
AbbVie Inc ABBV US 9:00 Q4 2014 Earnings Call Q4 2014
Boston Properties Inc BXP US 9:00 Q4 2014 Earnings Call Q4 2014
MasterCard Inc MA US 9:00 Q4 2014 Earnings Call Q4 2014
Tyson Foods Inc TSN US 9:00 Q1 2015 Earnings Call Q1 2015
Leggett & Platt Inc LEG US 9:00 Q4 2014 Earnings Call Q4 2014
Eli Lilly & Co LLY US 9:00 Q4 2014 Earnings Call Q4 2014
CONSOL Energy Inc CNX US 10:00 Q4 2014 Earnings Call Q4 2014
Weyerhaeuser Co WY US 10:00 Q4 2014 Earnings Call Q4 2014
Xerox Corp XRX US 10:00 Q4 2014 Earnings Call Q4 2014
Principal Financial Group Inc PFG US 10:00 Q4 2014 Earnings Call Q4 2014
Ingersoll-Rand PLC IR US 10:00 Q4 2014 Earnings Call Q4 2014
Chevron Corp CVX US 11:00 Q4 2014 Earnings Call Q4 2014
Franklin Resources Inc BEN US 11:00 Q1 2015 Earnings Call Q1 2015
Tyson Foods Inc TSN US 11:00 Annual General Meeting Y 2015
Simon Property Group Inc SPG US 11:00 Q4 2014 Earnings Call Q4 2014
PACCAR Inc PCAR US 12:00 Q4 2014 Earnings Call Q4 2014
Monsanto Co MON US 14:30 Annual General Meeting Y 2015
Computer Sciences Corp CSC US Q3 2015 Earnings Release Q3 2015 1.115

DJIA futures down 114 pts

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The Dow Futures were under pressure across the board. Dow Jones Industrial Average Index futures was last recorded at 17,474 pts, down 114 pts or nearly 0.7%; Standard & Poor’s 500 Index futures last stood at 2,033 pts, down over 0.5%; Nasdaq Composite Index futures slipped 0.5% to 4,246.

AAStocks Financial News
Web Site: www.aastocks.com

Goldman Set to Be Largest Dow Member After Visa Stock Split

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(Bloomberg) — Goldman Sachs Group Inc. is poised to become the most heavily weighted component of the Dow Jones Industrial Average after Visa Inc. completes a 4-for-1 stock split.

The Dow, which was created in 1896 by Dow Jones & Co. co-founder Charles H. Dow, is weighted based on the share prices of the 30 companies in the average.

Visa, which closed today at $ 248 a share, announced the stock split Thursday when it reported fiscal first-quarter results. The split will take effect March 19, Foster City, California-based Visa said in a statement. Shares of New York-based Goldman Sachs climbed 1.7 percent to end the day at $ 175.99. The next biggest Dow components based on today’s close are 3M Co. and International Business Machines Corp.

Visa currently accounts for more than 9 percent of the Dow. The split theoretically would cut the share price to $ 62 based on today’s close and bump it down to 21st place behind Merck & Co. Goldman Sachs has a 6.5 percent weighting in the Dow average.

More from Bloomberg.com: Renault to Increase Dealer Rebates in China as Demand Slows

More from Bloomberg.com: Honda Investigating Fifth Fatality Linked to Takata Air Bags

Goldman Sachs and Visa both entered the Dow in September 2013, when the average was last reshuffled. Goldman Sachs, Nike Inc. and Visa replaced Bank of America Corp., Hewlett-Packard Co. and Alcoa Inc. Visa rallied 25 percent since it joined the gauge on Sept. 20, 2013, while Goldman Sachs gained 3.7 percent, compared with Dow’s 13 percent advance.

Visa shareholders on Wednesday approved a proposal making it easier for the world’s biggest payment network to initiate stock splits. The change allowed Visa to divide Class A shares without altering the relative ownership rights or economics between other stockholder groups, according to a regulatory filing.

More from Bloomberg.com: Dollar Pares Monthly Gain, U.S. Futures Drop; Gold Rises

To contact the reporters on this story: Elizabeth Dexheimer in New York at [email protected]; Michael P. Regan in New York at [email protected]

To contact the editors responsible for this story: Peter Eichenbaum at [email protected]; Jeff Sutherland at [email protected] Dan Kraut

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Dow Futures – Thu, 29 Jan 2015 Morning Updates

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PREMARKET WORLD NEWS

March E-mini S&Ps (ESH15 +0.51%) this morning are up +0.50% led by gains in Apple and McDonald’s in pre-market trading, and European stocks are up +0.23% after Eurozone Jan economic confidence rose to the highest in 6 months. Also, a rally in Greek bank stocks is boosting the overall market after the head of the ECB’s Supervisory Board, Daniele Nouy, said that Greek lenders are “pretty strong” and can survive the current market turbulence. Asian stocks closed mostly lower: Japan -1.06%, Hong Kong -1.07%, China -1.23%, Taiwan -0.88%, Australia +0.30%, Singapore unch, South Korea -0.69%, India +0.41%. China’s Shanghai Stock Index fell to a 1-week low amid speculation that increased regulatory scrutiny of margin loans will reduce leveraged buying of Chinese stocks after the Xinhua News Agency reported that China’s Securities Regulatory Commission will start a new round of checks into the margin-lending businesses of brokerages. Commodity prices are mostly lower. Mar crude oil (CLH15 +0.11%) is down -0.04%. Mar gasoline (RBH15 +0.65%) is up +0.43%. Feb gold (GCG15 -1.29%) is down -1.40% at a 1-1/2 week low. Mar copper (HGH15 -1.86%) is down -2.00%. Agriculture prices are weaker. The dollar index (DXY00 +0.13%) is up +0.10%. EUR/USD (^EURUSD) is up +0.24%. USD/JPY (^USDJPY) is up +0.45%. Mar T-note prices (ZNH15 -0.18%) are down -6 ticks.

Eurozone Jan economic confidence rose +0.6 to 101.2, less than expectations of +0.9 to 101.6 but still the highest in 6 months. The Jan business climate indicator rose +0.01 from an upward revised 0.15 in Dec to 0.16, higher than expectations of +0.12.

Eurozone Dec M3 money supply rose +3.6% y/y, more than expectations of +3.5% y/y and the fastest pace of increase in 2 years. The Dec 3-month avg rose +3.1%, right on expectations.

The German Jan unemployment change fell -9,000, slightly less than expectations of -10,000, The Jan unemployment rate fell -0,a from an upward revised 6.6% in Dec to 6.5%, right on expectations and the lowest since data for a reunified Germany began in 1991.

UK Jan CBI reported sales fell -22 to 39, a smaller decline than expectations of -29 to 32.

UK Jan nationwide house prices rose +0.3% m/m and +6.8% y/y, close to expectations of +0.35 m/m and +6.6% y/y.

Japan Dec retail sales unexpectedly fell for a third month as they fell -0.3% m/m, weaker than expectations of +0.3% m/m. On an annual basis, Dec retail sales rose +0.2% y/y, less than expectations of +0.9% y/y.

U.S. STOCK PREVIEW

Today’s initial unemployment claims report is expected to fall by -7,000 to 300,000, adding to last week’s decline of -10,000 to 307,000. Today’s continuing claims report is expected to fall by -38,000 to 2.405 million, more than reversing last week’s +15,000 rise to 2.443 million. Today’s Dec pending home sales report is expected to show an increase of +0.5% m/m and +10.9% y/y following the Nov report of +0.8% m/m and +1.7% y/y. The Treasury today will sell $ 35 billion of 5-year T-notes and $ 29 billion of 7-year T-notes, concluding this week’s $ 105 billion T-note package. There are no equity conferences today.

There are 51 of the S&P 500 companies that report earnings today with notable reports including: Google (consensus $ 7.19), Amazon.com (0.19), Visa (2.49), Abbot (0.69), PulteGroup (0.40), Baxter (1.31), Time Warner (2.09), Dow Chemical (0.70), Ford (0.22), Nasdaq (0.74).

 

 

 

 

PREMARKET U.S. STOCKS

McDonald’s (MCD -0.88%) rose more than 3% in after-hours trading after it was announced that CEO Don Thompson will retire and Steve Easterbrook will replace him.

IDEX Corp. (IEX -0.52%) reported Q4 EPS of 77 cents, weaker than consensus of 87 cents, and then lowered guidance on fiscal 2015 EPS to $ 3.65-$ 3.75, below consensus of $ 3.82.

Murphy Oil (MUR -7.23%) reported Q3 EPS of 39 cents, above consensus of 30 cents

Kirby (KEX -3.97%) reported Q4 EPS of $ 1.19, higher than consensus of $ 1.15.

Helmerich & Payne (HP -6.49%) was downgraded to ‘Sell’ from ‘Neutral’ at Citigroup with a price target of $ 55.

Tetra Tech (TTEK -2.34%) reported Q1 EPS of 41 cents, more than consensus of 35 cents.

Cabot (CBT -2.01%) reported Q1 EPS of 69 cents, better than consensus of 65 cents.

Ameriprise (AMP -2.03%) reported Q4 operating EPS of $ 2.30, higher than consensus of $ 2.22.

CACI (CACI +0.05%) reported Q2 EPS of $ 1.01, below consensus of $ 1.06.

Swift Transport (SWFT -1.77%) reported Q4 adjusted EPS of 55 cents, more than consensus of 48 cents.

Hologic (HOLX unch) reported Q1 EPS of 39 cents, better than consensus of 36 cents, and then raised guidance on fiscal 2015 EPS outlook to $ 1.54-$ 1.57 from $ 1.50-$ 1.54, higher than consensus of $ 1.54.

Lam Research (LRCX -0.54%) reported Q2 EPS of $ 1.19, higher than consensus $ 1.13.

Citrix (CTXS -1.53%) rose over 4% in after-hours trading after it reported Q4 EPS of $ 1.10, stronger than consensus of $ 1.03.

Las Vegas Sands (LVS -1.60%) climbed over 2% in after-hours trading after it reported Q4 adjusted EPS of 92 cents, more than consensus of 81 cents.

Qualcomm (QCOM -1.09%) fell over 9% in after-hours trading after it reported Q1 adjusted EPS of $ 1.34, better than consensus of $ 1.25, but then lowered guidance on fiscal 2015 adjusted EPS view to $ 4.75-$ 5.05 from $ 5.05-$ 5.35, below consensus of $ 5.21.

Facebook (FB +0.61%) reported Q4 EPS of 54 cents, higher than consensus of 48 cents.

MARKET COMMENTS

Mar E-mini S&Ps (ESH15 +0.51%) this morning are up +10.00 points (+0.50%). The S&P 500 index on Wednesday fell to a 1-1/2 week low and closed lower: S&P 500 -1.35%, Dow Jones -1.13%, Nasdaq -0.60%. Bearish factors included (1) carry-over weakness from a slide in European stocks on concern that Greece’s new government may default on its international debts if it abandons agreements made by the prior Greek administration, and (2) weakness in energy producers after crude oil sold off. Bullish factors included (1) early strength in technology stocks on better-than-expected earnings results from Apple, and (2) the post-FOMC meeting statement where the Fed pledged to remain “patient” on raising interest rates.

Mar 10-year T-notes (ZNH15 -0.18%) this morning are down -6 ticks. Mar 10-year T-note futures prices on Wednesday posted a 1-1/2 week high and closed higher. Closes: TYH5 +26.00, FVH5 +14.75. Bullish factors included (1) the post-FOMC meeting statement where the Fed maintained its pledge to be “patient” on raising interest rates, and (2) increased safe-haven demand for T-notes as stocks declined.

The dollar index (DXY00 +0.13%) this morning is up +0.096 (+0.10%). EUR/USD (^EURUSD) is up +0.0027 (+0.24%). USD/JPY (^USDJPY) is up +0.53 (+0.45%). The dollar index on Wednesday closed higher: Dollar index +0.445 (+0.47%), EUR/USD -0.00932 (-0.82%), USD/JPY -0.3458 (-0.29%). Bullish factors included (1) Greek sovereign debt concerns that weighed on EUR/USD, and (2) the Fed’s post-FOMC statement that said the economy is “expanding at a solid pace,” which bolstered speculation the Fed will raise interest rates later this year.

Mar WTI crude oil (CLH15 +0.11%) this morning is down -2 cents (-0.04%) and Mar gasoline (RBH15 +0.65%) is up +0.0059 (+0.43%). Mar crude oil and Mar gasoline on Wednesday settled mixed: CLH5 -1.78 (-3.85%), RBH5 -0.0006 (-0.04%). Bearish factors that sent Mar crude down to a 5-3/4 year low included (1) the +8.87 million bbl surge in weekly EIA crude inventories to 406.7 million bbl, twice as much as expectations of +4.0 million bbl and the highest since 1931, (2) the +2.09 million bbl increase in crude supplies at Cushing, OK, delivery point of WTI futures, to an 11-1/2 month high of 38.9 million bbl, and (3) the +0.3% w/w increase in U.S. crude production in the week ended Jan 23 to 9.213 million bpd, the highest in over 40 years. Gasoline prices recovered from their worst levels after weekly EIA gasoline inventories unexpectedly fell -2.6 million bbl versus expectations for a +500,000 bbl increase.

GLOBAL EVENT CALENDAR01/29/2015
US 0830 ET Weekly initial unemployment claims expected -7,000 to 300,000, previous -10,000 to 307,000. Weekly continuing claims expected -38,000 to 2.405 million, previous +15,000 to 2.443 million.
0830 ET USDA weekly Export Sales.
1000 ET Dec pending home sales expected +0.5% m/m and +10.9% y/y, Nov +0.8% m/m and +1.7% y/y.
1130 ET Treasury auctions $ 35 billion 5-year T-notes.
1300 ET Treasury auctions $ 29 billion 7-year T-notes.
UK 0200 ET UK Jan nationwide house prices expected +0.3% m/m and +6.6% y/y, Dec +0.2% m/m and +7.2% y/y.
0600 ET UK Jan CBI reported sales expected -29 to 32, Dec 61.
1905 ET UK Jan GfK consumer confidence expected +2 to -2, Dec -4.
GER 0355 ET German Jan unemployment change expected -10,000, Dec -27,000. Jan unemployment rate expected unch at 6.5%.
0800 ET German Jan CPI (EU harmonized) expected -1.0% m/m and -0.2% y/y, Dec +0.1% m/m and +0.1% y/y.
EUR 0400 ET Eurozone Dec M3 money supply expected +3.5% y/y and +3.1% 3-mo avg, Nov +3.1% y/y and +2.7% 3-mon avg.
0500 ET Eurozone Jan business climate indicator expected +0.08 to 0.12, Dec 0.04. Jan economic confidence expected +0.9 to 101.6, Dec 100.7.
0500 ET Revised Eurozone Jan consumer confidence, previous +2.4 to -8.5.
JPN 1830 ET Japan Dec jobless rate expected unch at 3.5%. Dec job-to-applicant ratio expected unch at 1.12.
1830 ET Japan Dec overall household spending expected -2.3% y/y, Nov -2.5% y/y.
1830 ET Japan Dec national CPI expected +2.3% y/y, Nov +2.4% y/y. Dec national CPI ex-fresh food expected +2.6% y/y, Nov +2.7% y/y. Dec national CPI ex food & energy expected +2.1% y/y, Nov +2.1% y/y.
1830 ET Japan Jan Tokyo CPI expected +2.2% y/y, Dec +2.1% y/y. Jan Tokyo CPI ex-fresh food expected +2.2% y/y, Dec +2.3% y/y. Jan Tokyo CPI ex food & energy expected +1.8% y/y, Dec +1.8% y/y.
1850 ET Japan Dec industrial production expected +1.2% m/m and +0.3% y/y, Nov -0.5% m/m and -3.7% y/y.
2300 ET Japan Dec vehicle production, Nov-12.2% y/y.
U.S. STOCK CALENDAR01/29/2015
Company Ticker Time Event Description Period Estimate
Abbott Laboratories ABT US Bef-mkt Q4 2014 Earnings Release Q4 2014 0.686
Xcel Energy Inc XEL US Bef-mkt Q4 2014 Earnings Release Q4 2014 0.344
Air Products & Chemicals Inc APD US Bef-mkt Q1 2015 Earnings Release Q1 2015 1.491
Mead Johnson Nutrition Co MJN US Bef-mkt Q4 2014 Earnings Release Q4 2014 0.882
Northrop Grumman Corp NOC US Bef-mkt Q4 2014 Earnings Release Q4 2014 2.258
Occidental Petroleum Corp OXY US Bef-mkt Q4 2014 Earnings Release Q4 2014 0.678
Valero Energy Corp VLO US Bef-mkt Q4 2014 Earnings Release Q4 2014 1.328
ConocoPhillips COP US Bef-mkt Q4 2014 Earnings Release Q4 2014 0.584
PulteGroup Inc PHM US Bef-mkt Q4 2014 Earnings Release Q4 2014 0.402
L-3 Communications Holdings Inc LLL US Bef-mkt Q4 2014 Earnings Release Q4 2014 2.291
Baxter International Inc BAX US Bef-mkt Q4 2014 Earnings Release Q4 2014 1.311
Viacom Inc VIAB US Bef-mkt Q1 2015 Earnings Release Q1 2015 1.285
Alexion Pharmaceuticals Inc ALXN US Bef-mkt Q4 2014 Earnings Release Q4 2014 1.287
CMS Energy Corp CMS US Bef-mkt Q4 2014 Earnings Release Q4 2014 0.359
Colgate-Palmolive Co CL US Bef-mkt Q4 2014 Earnings Release Q4 2014 0.743
Stanley Black & Decker Inc SWK US Bef-mkt Q4 2014 Earnings Release Q4 2014 1.518
Cameron International Corp CAM US Bef-mkt Q4 2014 Earnings Release Q4 2014 1.203
Thermo Fisher Scientific Inc TMO US Bef-mkt Q4 2014 Earnings Release Q4 2014 1.94
Quest Diagnostics Inc DGX US Bef-mkt Q4 2014 Earnings Release Q4 2014 1.042
Time Warner Cable Inc TWC US Bef-mkt Q4 2014 Earnings Release Q4 2014 2.092
Dow Chemical Co/The DOW US Bef-mkt Q4 2014 Earnings Release Q4 2014 0.695
Harley-Davidson Inc HOG US Bef-mkt Q4 2014 Earnings Release Q4 2014 0.334
Cardinal Health Inc CAH US Bef-mkt Q2 2015 Earnings Release Q2 2015 1.101
Helmerich & Payne Inc HP US Bef-mkt Q1 2015 Earnings Release Q1 2015 1.564
Hershey Co/The HSY US Bef-mkt Q4 2014 Earnings Release Q4 2014 1.064
Celgene Corp CELG US Bef-mkt Q4 2014 Earnings Release Q4 2014 1.007
Royal Caribbean Cruises Ltd RCL US Bef-mkt Q4 2014 Earnings Release Q4 2014 0.418
Zimmer Holdings Inc ZMH US 7:00 Q4 2014 Earnings Release Q4 2014 1.705
Raytheon Co RTN US 7:00 Q4 2014 Earnings Release Q4 2014 1.797
EMC Corp/MA EMC US 7:00 Q4 2014 Earnings Release Q4 2014 0.683
Coach Inc COH US 7:00 Q2 2015 Earnings Release Q2 2015 0.66
Ford Motor Co F US 7:00 Q4 2014 Earnings Release Q4 2014 0.224
NASDAQ OMX Group Inc/The NDAQ US 7:00 Q4 2014 Earnings Release Q4 2014 0.744
Invesco Ltd IVZ US 7:30 Q4 2014 Earnings Release Q4 2014 0.621
Zimmer Holdings Inc ZMH US 8:00 Q4 2014 Earnings Call Q4 2014
Sherwin-Williams Co/The SHW US 8:00 Q4 2014 Earnings Release Q4 2014 1.371
Stanley Black & Decker Inc SWK US 8:00 Q4 2014 Earnings Call Q4 2014
NASDAQ OMX Group Inc/The NDAQ US 8:00 Q4 2014 Earnings Call Q4 2014
Harman International Industries Inc HAR US 8:00 Q2 2015 Earnings Release Q2 2015 1.291
Phillips 66 PSX US 8:00 Q4 2014 Earnings Release Q4 2014 1.407
PulteGroup Inc PHM US 8:30 Q4 2014 Earnings Call Q4 2014
Baxter International Inc BAX US 8:30 Q4 2014 Earnings Call Q4 2014
Viacom Inc VIAB US 8:30 Q1 2015 Earnings Call Q1 2015
Thermo Fisher Scientific Inc TMO US 8:30 Q4 2014 Earnings Call Q4 2014
Quest Diagnostics Inc DGX US 8:30 Q4 2014 Earnings Call Q4 2014
Time Warner Cable Inc TWC US 8:30 Q4 2014 Earnings Call Q4 2014
EMC Corp/MA EMC US 8:30 Q4 2014 Earnings Call Q4 2014
Coach Inc COH US 8:30 Q2 2015 Earnings Call Q2 2015
Cardinal Health Inc CAH US 8:30 Q2 2015 Earnings Call Q2 2015
Hershey Co/The HSY US 8:30 Q4 2014 Earnings Call Q4 2014
Abbott Laboratories ABT US 9:00 Q4 2014 Earnings Call Q4 2014
Raytheon Co RTN US 9:00 Q4 2014 Earnings Call Q4 2014
CMS Energy Corp CMS US 9:00 Q4 2014 Earnings Call Q4 2014
Invesco Ltd IVZ US 9:00 Q4 2014 Earnings Call Q4 2014
Dow Chemical Co/The DOW US 9:00 Q4 2014 Earnings Call Q4 2014
General Growth Properties Inc GGP US 9:00 Q4 2014 Earnings Call Q4 2014
Ford Motor Co F US 9:00 Q4 2014 Earnings Call C4 2014
Harley-Davidson Inc HOG US 9:00 Q4 2014 Earnings Call Q4 2014
Celgene Corp CELG US 9:00 Q4 2014 Earnings Call Q4 2014
Ameriprise Financial Inc AMP US 9:00 Q4 2014 Earnings Call Q4 2014
Mead Johnson Nutrition Co MJN US 9:30 Q4 2014 Earnings Call Q4 2014
Cameron International Corp CAM US 9:30 Q4 2014 Earnings Call Q4 2014
Xcel Energy Inc XEL US 10:00 Q4 2014 Earnings Call Q4 2014
Air Products & Chemicals Inc APD US 10:00 Q1 2015 Earnings Call Q1 2015
Occidental Petroleum Corp OXY US 10:00 Q4 2014 Earnings Call Q4 2014
Valero Energy Corp VLO US 10:00 Q4 2014 Earnings Call Q4 2014
Alexion Pharmaceuticals Inc ALXN US 10:00 Q4 2014 Earnings Call Q4 2014
Keurig Green Mountain Inc GMCR US 10:00 Annual General Meeting Y 2015
Royal Caribbean Cruises Ltd RCL US 10:00 Q4 2014 Earnings Call Q4 2014
L-3 Communications Holdings Inc LLL US 11:00 Q4 2014 Earnings Call Q4 2014
Colgate-Palmolive Co CL US 11:00 Q4 2014 Earnings Call Q4 2014
Ford Motor Co F US 11:00 Q4 2014 Earnings Call – Fixed Income Call Q4 2014
Harman International Industries Inc HAR US 11:00 Q2 2015 Earnings Call Q2 2015
Helmerich & Payne Inc HP US 11:00 Q1 2015 Earnings Call Q1 2015
Jacobs Engineering Group Inc JEC US 11:00 Q1 2015 Earnings Call Q1 2015
Phillips 66 PSX US 11:00 Q4 2014 Earnings Call Q4 2014
Northrop Grumman Corp NOC US 12:00 Q4 2014 Earnings Call Q4 2014
ConocoPhillips COP US 12:00 Q4 2014 Earnings Call Q4 2014
Goldman Sachs Group Inc/The GS US 12:00 Q4 2014 Earnings Call – Fixed Income C4 2014
Murphy Oil Corp MUR US 13:00 Q4 2014 Earnings Call Q4 2014
AvalonBay Communities Inc AVB US 13:00 Q4 2014 Earnings Call Q4 2014
Sherwin-Williams Co/The SHW US 14:00 Q4 2014 Earnings Call Q4 2014
Robert Half International Inc RHI US 16:00 Q4 2014 Earnings Release Q4 2014 0.606
Principal Financial Group Inc PFG US 16:00 Q4 2014 Earnings Release Q4 2014 1.048
Google Inc GOOGL US 16:30 Q4 2014 Earnings Call Q4 2014
Biogen Idec Inc BIIB US 16:30 Q4 2014 Earnings Call Q4 2014
Broadcom Corp BRCM US 16:45 Q4 2014 Earnings Call Q4 2014
Broadcom Corp BRCM US Aft-mkt Q4 2014 Earnings Release Q4 2014 0.869
CR Bard Inc BCR US Aft-mkt Q4 2014 Earnings Release Q4 2014 2.243
Visa Inc V US Aft-mkt Q1 2015 Earnings Release Q1 2015 2.487
Microchip Technology Inc MCHP US Aft-mkt Q3 2015 Earnings Release Q3 2015 0.621
Google Inc GOOGL US Aft-mkt Q4 2014 Earnings Release Q4 2014 7.185
Chubb Corp/The CB US Aft-mkt Q4 2014 Earnings Release Q4 2014 2.171
Amazon.com Inc AMZN US Aft-mkt Q4 2014 Earnings Release Q4 2014 0.19
Biogen Idec Inc BIIB US Aft-mkt Q4 2014 Earnings Release Q4 2014 3.775
PerkinElmer Inc PKI US Aft-mkt Q4 2014 Earnings Release Q4 2014 0.778
Boston Properties Inc BXP US Aft-mkt Q4 2014 Earnings Release Q4 2014 1.253
Leggett & Platt Inc LEG US Aft-mkt Q4 2014 Earnings Release Q4 2014 0.447
Mylan Inc/PA MYL US Special Meeting – M&A Vote
Keurig Green Mountain Inc GMCR US Annual General Meeting
Jacobs Engineering Group Inc JEC US Annual General Meeting

Dow Futures – Wed, 28 Jan 2015 Morning Updates

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PREMARKET WORLD NEWS

March E-mini S&Ps (ESH15 +0.14%) this morning are up +0.22% on stellar quarterly earnings results from Apple and AT&T and European stocks are down -0.50% as a slide in Greek stocks leads European stocks lower. Losses in European stocks were limited after Germany’s Economy Ministry raised its German 2015 GDP forecast. Greece’s ASE Stock Index plunged over 6% to a 2-1/3 year low and the 10-year Greek bond yield climbed to a 3-week high of 10.485% on concern the newly elected Syriza-led coalition will challenge austerity measures imposed on Greece. Greek Prime Minister Tsipras said his new government “will not be forgiven” if it betrays its pre-election pledges to renegotiate the terms of Greece’s bailout. Asian stocks closed mixed: Japan +0.15%, Hong Kong +0.22%, China -1.39%, Taiwan -0.11%, Australia +0.10%, Singapore +0.20%, South Korea unch, India -0.04%. Japan’s Nikkei Stock Index rose to a 4-week high after stronger-than-expected quarterly earnings from Apple boosted Japanese technology stocks. Commodity prices are mixed. Mar crude oil (CLH15 -1.56%) is down -1.56%. Mar gasoline (RBH15 +0.73%) is up +0.72%. Feb gold (GCG15 -0.10%) is down -0.12%. Mar copper (HGH15 +0.55%) is up +0.73%. Agriculture prices are lower. The dollar index (DXY00 +0.06%) is up +0.06%. EUR/USD (^EURUSD) is down -0.25%. USD/JPY (^USDJPY) is down -0.04%. Mar T-note prices (ZNH15 +0.10%) are up +3.5 ticks.

The German Dec import price index fell -1.7% m/m, more than expectations of -1.5% m/m and the biggest monthly decline in 6 years. On an annual basis, Dec import prices fell -3.7% y/y, more than expectations of -3.4% y/y and the fastest pace of decline in 5 years.

German Feb GfK consumer confidence rose +0.3 to 9.3, better than expectations of +0.1 to 9.1 and the highest since the data series began in 2005.

The German Economy Ministry in its biannual report raised its German 2015 GDP forecast to 1.5% from an Oct estimate of 1.3%.

U.S. STOCK PREVIEW

The market consensus is that the FOMC at its 2-day meeting that ends today will leave its interest rate and policy guidance unchanged. The Treasury today will sell $ 15 billion of 2-year floating rate notes and $ 26 billion of 2-year T-notes in auctions that were delayed from yesterday due to the massive snowstorm that hit the East Coast.

There are 31 of the S&P 500 companies that report earnings today with notable reports including: Facebook (consensus $ 0.48), Boeing (2.10), St Jude Medical (1.03), Rockwell Automation (1.49), Textron (0.76), General Dynamics (2.13), Citrix (1.03), Murphy Oil (0.24), Ameriprise (2.22). Equity conferences today include: Phacilitate Immunotherapy Forum on Mon-Wed.

 

 

PREMARKET U.S. STOCKS

International Paper (IP -1.50%) reported Q4 EPS of 53 cents, higher than consensus of 48 cents.

Apple (AAPL -3.50%) jumped 7% in after-hours trading after it reported Q1 EPS of $ 3.06, well above consensus of $ 2.60.

PolyOne (POL -0.50%) reported Q4 adjusted EPS of 36 cents, better than consensus of 34 cents.

Total System (TSS -1.84%) reported Q4 adjusted EPS of 58 cents, higher than consensus of 53 cents.

VMware (VMW -2.24%) climbed over 3% in after-hours trading after it reported Q4 EPS of $ 1.08, more than consensus of $ 1.07, and then authorized an additional $ 1 billion stock buyback.

Ultra Petroleum (UPL +1.04%) was downgraded to ‘Sell’ from ‘Neutral’ at Goldman Sachs.

Western Digital (WDC -3.32%) reported Q2 adjusted EPS of $ 2.26, higher than consensus of $ 2.10.

International Game (IGT -0.29%) reported Q1 EPS of 19 cents, below consensus of 25 cents, and then said it will not provide fiscal 2015 financial guidance

Freescale (FSL +0.65%) reported Q4 adjusted EPS of 42 cents, above consensus of 33 cents.

Yahoo (YHOO -2.93%) jumped 8% in after-hours trading after it reported Q4 EPS of 30 cents, higher than consensus of 29 cents, and then said its Board of Directors authorized a plan for a tax-free spin-off of the company’s remaining holdings in Alibaba Group (BABA) into a newly formed independent registered investment company.

Illumina (ILMN +0.78%) reported Q4 non-GAAP EPS of 87 cents, better than consensus of 78 cents.

Stryker (SYK -0.24%) reported Q4 adjusted EPS of $ 1.44, less than consensus of $ 1.45, and then lowered guidance on fiscal 2015 adjusted EPS to $ 4.90-$ 5.10, below consensus of $ 5.14.

Juniper (JNPR -1.44%) climbed over 3% in after-hours trading after it reported Q4 EPS of 41 cents, above consensus of 31 cents.

AT&T (T -1.12%) rose 2% in after-hours trading after it reported Q4 EPS of 55 cents, right on consensus, although Q4 revenue of $ 34.40 billion was above consensus of $ 34.26 billion.

Amgen (AMGN -0.53%) rose 2% in after-hours trading after it reported Q4 EPS of $ 2.16, better than consensus of $ 2.05.

Electronic Arts (EA -2.14%) reported Q3 EPS of $ 1.22, well above consensus of 92 cents, and then raised guidance on fiscal 2015 EPS to $ 2.35, above consensus of $ 2.09.

MARKET COMMENTS

Mar E-mini S&Ps (ESH15 +0.14%) this morning are up +4.50 points (+0.22%). The S&P 500 index on Tuesday closed sharply lower: S&P 500 -1.34%, Dow Jones -1.65%, Nasdaq -2.58%. Negative factors included (1) the unexpected decline in U.S. Dec durable goods orders by -3.4% and -0.8% ex-transportation, weaker than expectations of +0.3% and +0.6% ex-transportation, and (2) concerns about corporate earnings after disappointing results from Microsoft, Caterpillar, Procter & Gamble, and DuPont. Stocks recovered from their worst levels after U.S. Dec new home sales surged +11.6% to 481,000, stronger than expectations of +2.7% to 450,000 and the most in 6-1/2 years, and after Jan consumer confidence (Conference Board) climbed +9.8 to 102.9, stronger than expectations of +2.6 to 95.5 and the highest in 7-1/3 years.

Mar 10-year T-notes (ZNH15 +0.10%) this morning are up +3.5 ticks. Mar 10-year T-note futures prices on Tuesday closed higher. Closes: TYH5 +5.00, FVH5 +3.00. Bullish factors included (1) the unexpected decline in U.S. Dec durable goods orders, and (2) increased safe-haven demand for T-notes after stocks plunged. Gains in T-note prices were limited after U.S. Dec new home sales and Jan consumer confidence were both stronger than expected.

The dollar index (DXY00 +0.06%) this morning is up +0.052 (+0.06%). EUR/USD (^EURUSD) is down -0.0029 (-0.25%). USD/JPY (^USDJPY) is down -0.05 (-0.04%). The dollar index on Tuesday closed lower: Dollar index -0.780 (-0.82%), EUR/USD +0.01421 (+1.26%), USD/JPY -0.588 (-0.50%). Bearish factors included (1) the unexpected decline in U.S. Dec durable goods orders, which may prompt the Fed to delay interest rate hikes, and (2) short-covering in EUR/USD after Swiss National Bank Vice President Danthine said “we’re fundamentally prepared” to intervene again in the currency markets.

Mar WTI crude oil (CLH15 -1.56%) this morning is down -72 cents (-1.56%) and Mar gasoline (RBH15 +0.73%) is up +0.0100 (+0.72%). Mar crude oil and Mar gasoline on Tuesday closed higher: CLH5 +1.08 (+2.39%), RBH5 +0.0463 (+3.44%). Bullish factors included (1) a weaker dollar, and (2) the surge in U.S. Jan consumer confidence to the highest level in 7-1/3 years, which may lead to an increase in consumer spending and energy demand.

GLOBAL EVENT CALENDAR01/28/2015
US 0700 ET Weekly MBA mortgage applications, previous +14.2% with purchase sub-index -2.5% and refi sub-index +22.3%.
1030 ET EIA Weekly Petroleum Status Report.
1130 ET Treasury auctions $ 15 billion 2-year floating rate notes.
1300 ET Treasury auctions $ 26 billion 2-year T-notes.
1400 ET FOMC announces interest rate decision.
GER 0200 ET German Dec import price index expected -1.5% m/m and -3.4% y/y, Nov -0.8% m/m and -2.1% y/y.
0200 ET German Feb GfK consumer confidence expected +0.1 to 9.1, Jan 9.0.
JPN 1850 ET Japan Dec retail sales expected +0.3% m/m and +0.9% y/y, Nov -0.2% m/m and +0.5% y/y.
U.S. STOCK CALENDAR01/28/2015
Company Ticker Time Event Description Period Estimate
American Electric Power Co Inc AEP US Bef-mkt Q4 2014 Earnings Release Q4 2014 0.499
Hess Corp HES US Bef-mkt Q4 2014 Earnings Release Q4 2014 0.231
Praxair Inc PX US Bef-mkt Q4 2014 Earnings Release Q4 2014 1.566
Progressive Corp/The PGR US Bef-mkt Q4 2014 Earnings Release Q4 2014 0.45
AmerisourceBergen Corp ABC US Bef-mkt Q1 2015 Earnings Release Q1 2015 0.971
Textron Inc TXT US Bef-mkt Q4 2014 Earnings Release Q4 2014 0.762
Rockwell Automation Inc ROK US Bef-mkt Q1 2015 Earnings Release Q1 2015 1.493
ADT Corp/The ADT US Bef-mkt Q1 2015 Earnings Release Q1 2015 0.491
Hudson City Bancorp Inc HCBK US Bef-mkt Q4 2014 Earnings Release Q4 2014 0.045
TE Connectivity Ltd TEL US Bef-mkt Q1 2015 Earnings Release Q1 2015 0.901
McCormick & Co Inc/MD MKC US Bef-mkt Q4 2014 Earnings Release Q4 2014 1.153
International Paper Co IP US Bef-mkt Q4 2014 Earnings Release Q4 2014 0.484
Anthem Inc ANTM US 6:00 Q4 2014 Earnings Release Q4 2014 1.744
AMETEK Inc AME US 7:00 Q4 2014 Earnings Release Q4 2014 0.615
St Jude Medical Inc STJ US 7:15 Q4 2014 Earnings Release Q4 2014 1.026
T Rowe Price Group Inc TROW US 7:30 Q4 2014 Earnings Release Q4 2014 1.137
Boeing Co/The BA US 7:30 Q4 2014 Earnings Release Q4 2014 2.103
General Dynamics Corp GD US 7:30 Q4 2014 Earnings Release Q4 2014 2.134
Textron Inc TXT US 8:00 Q4 2014 Earnings Call Q4 2014
McCormick & Co Inc/MD MKC US 8:00 Q4 2014 Earnings Call Q4 2014
St Jude Medical Inc STJ US 8:00 Q4 2014 Earnings Call Q4 2014
Anthem Inc ANTM US 8:30 Q4 2014 Earnings Call Q4 2014
Anthem Inc ANTM US 8:30 Q4 2014 Earnings Call C4 2014
ACE Ltd ACE US 8:30 Q4 2014 Earnings Call Q4 2014
Rockwell Automation Inc ROK US 8:30 Q1 2015 Earnings Call Q1 2015
ADT Corp/The ADT US 8:30 Q1 2015 Earnings Call Q1 2015
TE Connectivity Ltd TEL US 8:30 Q1 2015 Earnings Call Q1 2015
AMETEK Inc AME US 8:30 Q4 2014 Earnings Call Q4 2014
American Electric Power Co Inc AEP US 9:00 Q4 2014 Earnings Call Q4 2014
Lorillard Inc LO US 9:00 Special Meeting – M&A Vote
General Dynamics Corp GD US 9:00 Q4 2014 Earnings Call Q4 2014
Kinder Morgan Inc/DE KMI US 9:00 Analyst Meeting Y 2015
International Paper Co IP US 9:00 Q4 2014 Earnings Call Q4 2014
Reynolds American Inc RAI US 9:00 Special Meeting – M&A Vote
Hess Corp HES US 10:00 Q4 2014 Earnings Call Q4 2014
MeadWestvaco Corp MWV US 10:00 Q4 2014 Earnings Call Q4 2014
Boeing Co/The BA US 10:30 Q4 2014 Earnings Call Q4 2014
Praxair Inc PX US 11:00 Q4 2014 Earnings Call Q4 2014
AmerisourceBergen Corp ABC US 11:00 Q1 2015 Earnings Call Q1 2015
Visa Inc V US 11:30 Annual General Meeting Y 2015
Oracle Corp ORCL US 12:00 Analyst Meeting Y 2015
QUALCOMM Inc QCOM US 16:00 Q1 2015 Earnings Release Q1 2015 1.254
Tractor Supply Co TSCO US 16:01 Q4 2014 Earnings Release Q4 2014 0.764
Citrix Systems Inc CTXS US 16:05 Q4 2014 Earnings Release Q4 2014 1.029
QUALCOMM Inc QCOM US 16:45 Q1 2015 Earnings Call Q1 2015
Citrix Systems Inc CTXS US 16:45 Q4 2014 Earnings Call Q4 2014
Lam Research Corp LRCX US 17:00 Q2 2015 Earnings Call C4 2015
Tractor Supply Co TSCO US 17:00 Q4 2014 Earnings Call Q4 2014
Vertex Pharmaceuticals Inc VRTX US 17:00 Q4 2014 Earnings Call Q4 2014
Varian Medical Systems Inc VAR US 17:00 Q1 2015 Earnings Call Q1 2015
Facebook Inc FB US 17:00 Q4 2014 Earnings Call Q4 2014
Lam Research Corp LRCX US Aft-mkt Q2 2015 Earnings Release Q2 2015 1.128
Murphy Oil Corp MUR US Aft-mkt Q4 2014 Earnings Release Q4 2014 0.238
General Growth Properties Inc GGP US Aft-mkt Q4 2014 Earnings Release Q4 2014 0.379
Vertex Pharmaceuticals Inc VRTX US Aft-mkt Q4 2014 Earnings Release Q4 2014 -0.689
Varian Medical Systems Inc VAR US Aft-mkt Q1 2015 Earnings Release Q1 2015 0.874
Facebook Inc FB US Aft-mkt Q4 2014 Earnings Release Q4 2014 0.483
Ameriprise Financial Inc AMP US Aft-mkt Q4 2014 Earnings Release Q4 2014 2.215
Jacobs Engineering Group Inc JEC US Aft-mkt Q1 2015 Earnings Release Q1 2015 0.78
AvalonBay Communities Inc AVB US Aft-mkt Q4 2014 Earnings Release Q4 2014 1.764
Martin Marietta Materials Inc MLM US Q4 2014 Earnings Release Q4 2014 0.821
Progressive Corp/The PGR US Q4 2014 Earnings Release Q4 2014 0.45
Johnson Controls Inc JCI US Annual General Meeting

Dow components reporting results since Monday close cost the index 144 points

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NEW YORK (MarketWatch) — The shares of all seven Dow Jones Industrial Average components that reported results since Monday’s close were selling off in premarket trade Tuesday, as the companies’ either reported results that missed expectations in some way or provided downbeat outlooks. At current prices, the declines would shave off a total of about 144 points from the Dow, which is a price-weighted index. Dow futures were recently down 278 points. The approximate impact of each stocks’ decline on the Dow: Microsoft MSFT, -9.25% : -25.88 points; United Technologies UTX, +0.35% : 24.50 points; Caterpillar CAT, -7.18% : 45.27 points; 3M MMM, -0.37% : 17.60 points; Pfizer PFE, -0.61% : 1.93 points; Procter & Gamble PG, -3.45% : 15.22 points; DuPont DD, -1.25% : 13.55 points.

Dow Whacked by Bout of Poor Earnings

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The Northeast isn’t the only one waking up to a storm.

Stock futures are getting whacked premarket after disappointing earnings from major Dow components, a bad durable goods report and the unfolding Greek drama. The Dow Jones Industrial Average is poised to open down 300 points. If those losses hold, Tuesday would make for the blue-chip index’s worst performance since January 5 when oil was plunging, global bond yields were tumbling and fears mounted of a possible Greek exit from the euro zone.

Among the Dow stocks delivering poor earnings – whether it be missing expectations or giving gloomy outlook – are Caterpillar Inc., Pfizer Inc., Microsoft Corp., Procter & Gamble Co., United Technologies Corp., 3M Co. and DuPont Co. Premarket Microsoft and Caterpillar are the worst performers, each down more than 8%.

Slowing corporate earnings growth is a concern as the six-year-bull market ages. According to FactSet, fourth quarter blended earnings growth stands at 0.25% as of Friday. If that figure holds, it would be the worst earnings growth rate since the third quarter of 2012 when earnings contracted 1.0%. Stocks’ record run has been built on historic earnings growth, stimulus from the Federal Reserve and an improving economy. With earnings deteriorating and the Fed set to raise interest rates midyear, stocks are facing headwinds in the near- and medium-term.

Stocks futures were already under pressure early Tuesday morning as lackluster earnings started rolling in. But the markets took a leg lower after what BTIG Chief Strategist Dan Greenhaus calls an “absolutely terrible” durable goods report.

“At first blush, this is a terrible report and we’ll have to go back and revise our Q4 GDP estimate,” Mr. Greenhaus added. “The odds of GDP printing 3.5% or more for the fifth quarter in the last six are now virtually nil.”

To be sure, the durable goods report can be very volatile and its weakness stands in contrast to other positive U.S. data, such as consumer sentiment and employment. Regardless, it was an eye sore, especially considering a downward revision to the prior month.

Adding to the pressure on stocks Tuesday morning is the situation unraveling in Greece. Anti-austerity party leader Antonis Tsipras is in the process of selecting his cabinet. Against that backdrop the Greek stock market is down 5% and the country’s bond yields are rising.

“The upcoming discussions between the new Syriza leadership and the Troika will not be a kumbaya moment,” warned Peter Boockvar, Chief market Analyst at The Lindsey Group.

Dow Jones Industrial Average Futures Down 217 Points on Earnings

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The Dow Jones Industrial Average (INDEXDJX:DJI) is sitting deep in the red this morning, as Winter Storm Juno descends on the East Coast. Also, a number of companies reported lackluster earnings and/or guidance this morning — including Dow components Caterpillar Inc. (NYSE:CAT), Procter & Gamble Co (NYSE:PG), and Pfizer Inc. (NYSE:PFE) — creating headwinds. Looking ahead, a raft of economic data — including durable goods orders — will hit the Street this morning, while Apple Inc. (NASDAQ:AAPL) will lead a number of high-profile companies into the earnings confessional this evening.

  • Why these put buyers are likely celebrating Microsoft Corporation’s (NASDAQ:MSFT) latest quarterly report.
  • Bullish betting accelerated on Mylan Inc (NASDAQ:MYL) yesterday, after the company expanded its partnership with Gilead Sciences, Inc. (NASDAQ:GILD).
  • In case you missed it, Advanced Micro Devices, Inc. (NASDAQ:AMD) saw increased call buying amid unconfirmed buyout rumors.

And now, on to the numbers…

Futures on the Dow Jones Industrial Average 2 Minute (INDEXDJX:.DJI) are roughly 217 points below fair value.

Market Statistics

The Chicago Board Options Exchange (CBOE) saw 865,102 call contracts traded on Monday, compared to 568,997 put contracts. The resultant single-session equity put/call ratio edged down to 0.66, while the 21-day moving average remained at 0.66.

Currencies and Commodities

  • The U.S. dollar index has dipped 0.2% at 94.62.
  • Crude oil is off 0.1% at $ 45.09 per barrel.
  • Gold appears ready to rebound, up 0.1% at $ 1,281.80 per ounce.