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Morning Summary

Jayme Casey, Pat O’Donohue (203) 861-7650 | 11.3.2015

News

Equity markets are mixed on light volume in uninspired trading as investors digest a slew of mixed earnings results. The US Dollar weakened against most Asian currencies after Australia’s central bank held interest rates steady, but did leave the door open for further cuts. Macro data was extremely light and Japan shut for public holiday. Chinese markets were quiet overnight, but an economist from ANZ is calling for another RRR cut before the year ends. Across the pond, equities are little changed and the euro weakened before European Central Bank President Draghi speaks in Frankfurt. UBS slipped 4% after postponing a profitability target and VW lost 5% after US regulators said their testing found some models including Porsche have equipment to alter emissions systems. Volkswagen denied the allegations. In other news, Standard Chartered announced that they will cut 17 percent of its workforce. The only regional data came from the UK, where Construction PMI for October met expectations. As for commodities, the overall complex is mixed with energy trading higher and metals heading in the opposite direction. S&P futures are lower ahead of today’s ISM NY, Factory Orders, IBD/TIPP Economic Optimism and Vehicle Sales. Also get 31 S&P500 companies on tap to report. In M&A news, KING jumped 14% after the maker of Candy Crush agreed to a $5.9bn takeover offer from ATVI. DELL is preparing to sell ~$10bn in non-core assets to reduce debt load taking on to buy EMC. In other equity news, ADM misses by $0.09, misses on revs; AIG posts loss, cuts jobs as Icahn calls for breakup of the insurer. CGNX Q4 rev forecast below estimates; CIE beats by $0.05; CIT beats by $0.05. DISCA beats by $0.05, misses on revs and narrows/lowers FY15 rev forecast. EMR misses by $0.04, reports revs in-line, guides FY16 EPS in-line and expects to announced 70mm share repurchase and div increase. FIT lost 7% after announcing plans to sell additional shares. HRS beats by $0.01, misses on revs; reaffirms FY16 guidance. JPM, BAC and C. are among eight large US banks that may have credit grades cut by Standard & Poor’s on the prospect that the US government is less likely to provide aid in a crisis, according to Bloomberg. LMNX Q3 EPS, revs beat and the company raised full year revenue forecast; MHFI beats by $0.13, reports revs in-line and raises FY15 EPS. MOS beats by $0.10, misses on revs; NI beats by $0.04 and guides FY16 EPS below consensus. NSM misses by $0.04, beats on revs. ODP reports EPS in-line, misses on revs, reaffirms sales guidance and states that the acquisition by SPLS could be delayed into 2016 given regulatory approvals needed by US, EU. SMG beats by $0.04, beats on revs, guides FY16 EPS in-line, revs above consensus. WLK beats by $0.10, beats on revs; ZTS beats by $0.10, beats on revs and raises FY15 EPS above consensus.
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Asia

Last

Actual

%change

Mtd

Ytd

Nikkei 225

18683.24

Closed

Closed

-2.10%

7.06%

Shanghai

3,316.70

(8.39)

-0.25%

-1.95%

2.54%

Hang Seng

22,568.43

198.39

0.89%

-0.32%

-4.39%

Australia

5,239.22

73.47

1.42%

0.00%

-3.18%

Europe

Last

Actual

%change

Mtd

Ytd

EuroStoxx 50

3,427.52

(6.46)

-0.19%

0.29%

8.95%

Germany

10,913.66

(39.69)

-0.36%

0.56%

11.27%

UK

6,357.30

(3.56)

-0.06%

-0.04%

-3.17%

France

4,911.56

(4.32)

-0.09%

0.29%

14.96%


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