Stock futures are holding steadily higher, as health-care stocks will once again be in the spotlight ahead of an expected vote by the House regarding the replacement to Obamacare. Republican Party leaders delayed the vote yesterday amid fear of not getting enough votes to pass, but have said that the vote will indeed take place this morning. Major averages slipped late day yesterday after the bill was delayed. The Healthcare bill vote delay is concerning for the Trump administration, and overall equity markets as it is seen as a barometer for other bills (tax reform, etc.) that have been catalysts for stock market gains since the November election. Oil is higher, gold a little lower and the dollar mixed.
In Asian markets, The Nikkei Index rose 177 points to 19,262, the Shanghai Index…the Hang Seng Index gained 30 points to 24,358. In Europe, the German DAX is down about -15 points at 12,020 while the FTSE 100 is down about -10 points at 7,330. European stocks are generally lower, with the delayed health-care-bill vote in the U.S. keeping investors on edge. The Eurozone’s economy grew at the fastest pace in six years during the first three months of 2017, according to surveys of purchasing managers. The EuroZone composite for March rose to the highest level in almost six years at 56.7, beating forecasts of a 55.8 reading. Stocks in Europe have fell four out of the five trading days this week.
Market Closing Prices Yesterday
- The S&P 500 Index slipped -2.49 points, or 0.11%, to 2,345.96
- The Dow Jones Industrial Average fell -4.72 points, or 0.02%, to 20,656.58
- The Nasdaq Composite dipped -3.95 points, or 0.07%, to 5,817.69
- The Russell 2000 Index advanced 7.83 points, or 0.58% to 1,353.43
Events Calendar for Today
- 8:00 AM ET Fed’s Evans speaks at Community Development Event
- 8:30 AM ET Durable Goods Orders, Feb-P…est. 1.3%
- 8:30 AM ET Durable Goods Ex; Transportation, Feb-P…est. 0.6%
- 9:05 AM ET Fed’s Bullard speaks to Economic Club of Memphis
- 9:45 AM ET Markit US Manufacturing PMI, March-P…est. 54.7
- 1:00 PM ET Baker Hughes Weekly Rig Count
- Russian Central Bank lowers key interest rate to 9.75%
- Eurozone flash manufacturing PMI for March rises to 71-month high at 56.2
- Eurozone flash services PMI for March rises to 71-month high at 56.5
- Eurozone flash composite PMI for March rises to 71-month high at 56.7
- Germany March flash services PMI rises to 15-month high at 55.6
Sector News Breakdown
- KB Home (KBH) Q1 EPS 15c/$818.6M vs. est. 14c/$806.6M; Q1 deliveries up 14% to 2,224 homes and average selling price increased 6% to $364,600; Q1 net orders up 14% to 2,580
- Sportsman’s Warehouse (SPWH) Q4 EPS 25c/$221.4M vs. est. 26c/$227.39M; sees FY17 EPS 60c-68c on revs $825.0M-$845.0M vs. est. 69c/$844.09M; 4Q comp sales fell (-5.2%) vs. est. (-1.4%)
- Oxford Industries (OXM) Q4 EPS 63c/$261M vs. est. 93c/$266.5M; sees Q1 EPS $1.00-$1.10 on sales $270M-$280M vs. est. $1.35/$273.5M; sees FY EPS $3.50-$3.70 on sales $1.08B-$1.10B vs. est. $3.99/$1.09B
- Shoe Carnival (SCVL) Q4 EPS 7c/$234.2M vs. est. 4c/$234.89M; Q4 comp sales down (-1.2%) and inventory down (-6.8%) on per-store basis; sees FY EPS $1.45-$1.54, vs. est. $1.37 and sales $1.03B-$1.04B vs. est. $1.00B; sees 2017 comp sales flat to up low single digits; sees ‘strong’ athletic footwear cycle continuing into 2017
- Inventure Foods (SNAK) Fresh Frozen Foods to Pictsweet for $23.7M in cash
- Starwood Property (STWD) announces $200M convertible senior notes offering due 2023
- Dunkin’ Brands (DNKN) CFO Paul Carbone is leaving the company effective April 21, for a general management position in the specialty retail industry
- Macy’s (M) downgraded to Neutral from Buy at Citi
- GasLog Partners (GLOP) agrees to buy the GasLog Greece liquefied natural gas carrier from GasLog Ltd. (GLOG) for $219M
- CMS Energy (CMS) files $100M common stock offering
- Credit Suisse downgraded refiners Alon (ALJ), Tesoro (TSO) and Delek (DK) to neutral from outperform
- Envestnet (ENV) Q4 EPS 32c/$155.5M vs. est. 31c/$155.22M; sees FY17 revenue $649M-$659M vs. est. $672.88M
- Condor Hospitality Trust (CDOR)15M share Secondary priced at $10.50
- Ignyta, Inc. (RXDX) said it is exploring strategic options for taladegib and has entered into an amended and restated license, development and commercialization agreement with Eli Lilly and Company (LLY) for the taladegib oncology program.
- Verastem (VSTM) sees $80.9M cash position funding operations into 2018
- Amgen (AMGN) said the European Commission (EC) granted marketing authorization for Amgevita, a biosimilar to AbbVie’s Humira (adalimumab) in all available indications.
- Quotient Limited (QTNT) announced that eight new rare antisera blood typing reagent products have been licensed for commercialization in the U.S. by the U.S. FDA
Industrials & Materials
- Air Products (APD) announced that it has determined it is not in the best interests of Air Products’ shareholders to continue to pursue an acquisition of Yingde Gases Group Co. Ltd. at this time
- CSRA announces $39M contract with Navy to continue supporting its worldwide public communication and media support services program
Technology, Media & Telecom
- Micron (MU) Q2 EPS 90c/$4.65B vs. est. 85c/$4.64B; sees 3Q EPS $1.43-$1.57 on revs $5.20B-$5.60B vs. est. 95c/$4.77B; sees 3Q gross margin 44%-48% (est. 38.4% and Q2 GM’s of 36.7% missed est. 37.5% Bloomberg est.); 2Q DRAM avg. selling prices +21% and capital expenditures $1.17B
- GameStop (GME) Q4 EPS $2.38/$3.05B vs. est. $2.29/$3.07B; Q4 consolidated comp sales down (-16.3%) vs. est. (-17.5%); sees FY EPS $3.10-$3.40 vs. est. $3.70, while sees FY comp. sales down (-5% to 0%); said sees closing between 2%-3% of global store footprint
- Upland Software (UPLD) Q4 EPS loss (12c)/$19.4M vs est. loss (9c)/$18.75M; sees Q1 revenue at top end of $20.0M-$20.8M view (est. $20.31M)
- com Inc. (AMZN) prevailed over the Internal Revenue Service in a more than $1.5 billion dispute over the online retailer’s transactions with a Luxembourg subsidiary.
- Alteryx (AYX) 9M share IPO priced at $14.00
- WikiLeaks on Thursday released new documents it says describe hacking tools used by the Central Intelligence Agency over the past decade to infect Apple Inc. (AAPL)
- Adobe (ADBE) upgraded to Outperform at Credit Suisse
Market commentary provided by Hammerstone Markets, a division The Hammerstone Group, a firm separate from and not affiliated with Regal Securities L.P. Regal Securities L.P. has not participated in the creation of the content, and does not explicitly or implicitly endorse the content.