Northern Trust: US Summary

The authors of the content on this page from Sept 2012 to June 2017 are:
Market Commentaries: Gary Paulin, Ameet Patel, Paul Moran, Douglas Morton, Oliver Sherman, Ben Brownette, Rob Arnott, James Santo, Neil Campling
Research: Ameet Patel, Paul Moran, Douglas Morton, Oliver Sherman, Rob Arnott, Neil Campling

S&P -0.02% (2050.6), D +0.05% (17660.7), N -0.06% (4309.5), CL1 +1.67% (44.51), Copper -1.88% (214.55), Gold +0.02% (1277.98) 10YrYld -0.03 (1.7453), DXY +0.59% (93.73), Vix -0.87% (15.91).

The S&P closed down 15bps from the European close spending the 2nd half of the day under the Mendoza line. Volumes off about 5% today to 7.3bln shares right to the 20 day avg. Dollars traded down 7% to $256bln falling just below est. 60-40 down volume over up volume.

The morning rally doesn’t last after the S&P topped out for the day up about 50bps less than an hour into the day. The decisive move into negative territory for the day coming mid-session w/ the diverse list of Energy, Utilities, Transports, Retailers, Materials, Cap Goods, and Financials leading the charge lower in that move. Small Caps and Most-Shorted both underfperfoming a flatish broader mkt on the day as a gauge of sentiment; Nasdaq lagging too. Crude, part of the bounce early doors, down 3.5% from its intraday highs but nonetheless posts its best day in a week +1.7% on the day. Yields went negative midday and closed at the low of the day, 1.74% on the 10yr. With that, Financials can’t get going as the 2/10yr yield curve flattens and starts to break a mild 2 month up trend and is currently at its lowest levels in 2 and half weeks. Dollar though out at the highs of the day, DXY +60bps. Worth noting Copper down 4th day in a row, a 5.5% move in that span. Payrolls tomorrow morning.

OUTPERFORMERS: Gold Miners +3.2%, Explorers +1.5%, Media +75bps, Energy +75bps, Packaged Foods +60bps

UNDERPERFORMERS: Metals/Mining -4.3%, Dept Stores -1.9%, Solar -1.7%, Retail -1.5%, Chemicals -1%

COMMODS: Cattle +1.9%, Coffee +1.5%, Crude +1.4%, Hogs +60bps, Gasoline +55bps…..Sugar -4.9%, NatGas -2.8%, Soybeans -2.1%, Copper -1.8%, Wheat -1.7%

ECON: Challenger Job Cuts +5.8% y/y, Initial Jobless Claims 274k vs 260k est

AFTER-HRS NEWS/MOVES:

HERBALIFE +13.4% says close to resolving FTC prob
ARISTA NETWORKS +5.8% q2 revs beat, mkt share gains
ENDO INT’L -20% q1 eps beat, revs inline, cuts fy view, board changes
TABLEAU -9.5% q1 beat but license revs fall
DEPOMED -2.4% q1 miss, narrows fy view
CERNER -7.1% q1 revs miss, bookings disappoint
SQUARE -11.7% q1 revs beat, reverses initial gains on lack of revs guide higher
UBIQUITI NETWORKS +5.9% q1 beat & raise
YELP +7.8% q1 beat, raises fy view
ACTIVISION +4.3% q1 beat & raise
WYNN RESORTS +1.3% q1 beat
MCDERMOTT +4.9% q1 revs beat raises fy view
SCIENTIFIC GAMES -2.9% q1 revs miss
FLUOR CORP -8.6% q1 miss, cuts fy view
BANKRATE q1 beat & raise
ATWOOD OCEANICS +6.1% q2 beat

ACTIVE TODAY:

TMT
QORVO +4.8% q4 beat, sees q1/fy ahead of est
TRIPADVISOR -1.7% q1 revs miss low end of est
21ST CENTURY FOX +13bps q3 inline
ZYNGA +10.9% q1 beat, q2 loss seen wider than est
FITBIT -18.8% q1 beat but sees q2 below lowest est
FLEETMATIC +5.8% q1 inline, ceo succession plan
GODADDY -3.5% q1 revs best, slightly boots midpoint of outlook
CENTURYLINK -8.9% q1 eps beat, revs miss, q2 guide low
CINCINNATI BELL -7.7% q1 miss
TERADATA +7.7% q1 beat & raise, CEO out
DISCOVERY +4.3% q4 beat, raises fy
MOBILEYE -2.4% q1 beat but no lift to fy view
ALIBABA +4.0% q4 eps miss, revs beat
WINDSTREAM -2.8% q1 loss as revs go flat
SCRIPPS NETWORKS +3.1% q1 beat, fy raise
TIME INC +4.0% q1 loss less than est
GRIFOLS +13bps q1 eps falls while revs up small
MICROCHIP -1.2% q4 beat, q1 guide midpoint below est
TRIBUNE PUBLISHING +9bps rejects Gannett, fy revs seen below est
WEBMD -1.1% q1 beat & raise but loses initial pop
AMDOCS -2.2% q2 beats, tweaks fy lower
3D SYSTEMS -6.4% q1 revs miss
MONSTER WORLDWIDE -9.8% q1 inline, q2 view below est
BLUE NILE -4.1% q1 eps inline, revs miss

HEALTHCARE
MERCK -1.3% q1 eps beat, revs miss
AMERISOURCEBERGEN -7.5% q2 eps beats, revs miss, lowers fy view
SAREPTA -2.7% q1 loss & cash drawdown
RADIUS HEALTH -7.7% q1 loss wider than est
REGENERON +4.7% q1 eps slight miss, revs beat, boosts top end of Eylea

CAPITAL GOODS
TASER +3.7% q1 sales beat
FASTENAL +2.2% April net sales fall nearly 1%

CONSUMER
TESLA -5.0% q1 loss less than est, reaffirms deliveries view, ups assembly output
WHOLE FOODS +6.0% q2 eps beats, comps miss
KRAFT HEINZ +3.7% q1 eps/revs beat
WEIGHT WATCHERS +2.9% q1 loss just better than est, boots fy revs view
L BRANDS -12% April comps miss
CHURCH & DWIGHT +1.3% q1 beat
COSTCO -2.4% April comps miss
ELIZABETH ARDEN +13.5% q3 loss less than est
AVON -2.6% q1 unexpected loss
SEAWORLD -5.0% q1 beats, lowers forecast
SALLY BEAUTY -5.8% q2 eps inline, revs better, ebitda light
GILDAN ACTIVEWEAR +2.3% q1 inline, $110mm acq
DICK’S SPORTING GOODS -3.7% d/g @ Morgan Stanley
CONN’S -1.3% April comps fall
KELLOGG -2.6% q1 sales miss
COTT +4.9% q1 loss less than est, revs beat
DINEQUITY -2.8% q1 below lowest est
TREEHOUSE +5.6% q1 beat

FINANCIALS
METLIFE -2.6% q1 miss
PRUDENTIAL -0.6% q1 miss
FORTRESS INVESTMENT GROUP +4.6% q1 miss but spec div
INVESTMENT TECHNOLOGY GROUP +2.0% q1 revs beat
CHUBB +3.9% q1 beat
ALLSTATE +4.0% q1 beat
LEUCADIA +2.2% q1 miss, talks up q2 for Jefferies
ICAHN ENTERPRISES -8.2% q1 shows inv fund loss nearly 13%

CAPITAL GOODS
ORBITAL ATK -1.3% q1 eps inline, revs miss
GENESEE & WYOMING -2.3% d/g @ Stifel

INDUSTRIAL
JACOBS ENGINEERING +4.8% q2 beat

MATERIALS
CF INDUSTRIES -4.1% q1 miss
MARTIN MARIETTA +3.3% q1 beat & raise

ENERGY
GULFPORT ENERGY +1.5% q1 eps beat, revs miss
CONTINENTAL RESOURCES +13.9% q1 loss wider than est, revs beat
OCCIDENTAL +2.9% q1 core eps miss but cost cutting/asset sales helping cash position
WEATHERFORD -24.2% q1 revs miss, fcf forecast cut
TRANSOCEAN -0.8% q1 beat
APACHE +8.1% q1 loss less than est, boosts prod view

SERVICES
FLEETCOR -0.7% q1 eps beat, revs miss, midpoint of fy seen below est
GARTNER +8.6% q1 beat & raise
FAIR ISSAC +1.7% q2 revs beat
REALOGY -5.6% q1 loss less than est but no upside to revs