| SP500 | 2,181.30 | -4.86 | -0.22% |
| Nasdaq | 5,259.48 | -24.44 | -0.46% |
| Dow | 18,479.91 | -46.23 | -0.25% |
| Russell 2000 | 1,258.36 | -2.65 | -0.21% |
| VIX | 12.51 | 0.57 | 4.77% |
| WTI | 47.38 | 1.88 | 4.13% |
| Gold | 1,341.80 | -7.4 | -0.55% |
| US market volume +6% vs 50 day avg | |||
| SPY option volume -1% vs 20 day avg | |||
Sector: Energy +1.67% > Utilities > Financials > Health Care > Industrials > Telecom > Material > consumer Staples > Consumer Discretionary > IT > REIT -1.22%
美股盤勢分析
美股受到歐洲央行的貨幣政策仍維持不變情況下,市場失望賣壓出爐而走低. 投資人尤其對德拉吉堅定表示本次會議並未討論延長至2017.3以後的資產購回計畫, 並且也不需要更進一步的刺激方案. 歐洲央行的資料顯示官員認為歐洲的GDP & CPI有下行風險, 政府債劵(gilt, bunds, long-term treasuries)賣壓湧現, 股票市場相對反應冷靜
US macro data had minor impact: US Initial Jobless Claims (259K vs est. 265K vs prev. 263K) and July Consumer Credit (17.71B vs est. 16.00B)
Aside from ECB, WTI had a big day with over 4% gain. Crude price rose overnight on back of the API data published Wed evening, suggesting one of largest drawdown since 1999 due to the tropical storm in the Gulf of Mexico regions. During US session, DoE report gave additional boost as the data confirmed the huge decrease in inventory (-14.51M vs est. +0.905M bbl vs -12.085M by API).
Sector actions
Tech
§ AAPL -2.62%: 1) reaffirmed forecast for Sept. quarter; expects to sell out available iPhone 7 in opening weekend 2) company said it will not be releasing iPhone pre-order numbers as it traditionally has in the past 3) downgraded to market perform from outperform at Wells Fargo; PT cut to $105-$120 from $115-$125; says positives are "largely known/expected" and expects range bound
§ MU +1.69%: company said FY16 EPS is "in positive territory"; revenue and gross margin "at or near upper end" of views and "sustained momentum" into 1Q FY17 (est. -0.06 loss/share according to Bloomberg)
§ AMD -8.99%: extending recent weakness after announcing convertible debt and equity offering.
Consumer Discretionary
§ TSCO -16.94%: lowered guidance; FY EPS lowered to $3.22-$3.26 from $3.35-$3.40 vs est. $3.38; sales outlook reduced to $6.70b-$6.75b from $6.8b-$6.9b vs est. $6.84b; FY comp. sales up 1.0%-1.7%, saw up 2.5%-3.5%; 3Q outlooks also lowered (downgraded at Piper Jaffray, Deutsche Bank, Credit Suisse and RBC)
§ WHR -4.08%: WTO again faults U.S. for illegal duties against imports of Korean washing machines; US must now reduce its antidumping and countervailing duties against several Korean companies {NSN OD5RWG3H0JK0 <GO>}
§ PIR -15.21%: Prelim. 2Q loss/share 5c-6c vs est. loss 3c; prelim 2Q net sales fell by ~6.7%; comps down 4.3% vs 0.4% decline expected. CEO to step down at end of year. Downgraded by multiple analysts.
Consumer Staple
§ EL -0.17%: Reaffirm forecast for FY17 EPS (8%-10%); targets FY17 net sales growth 6%-7% constant FX; sees FY17-FY19 net sales growth 6%-8%; FY17-FY19 EPS growth double-digit positive percentage in constant FX
§ RAD +5.7%, WBA +2.16%: Walgreen is exploring potential divestiture remedies to address regulatory concerns surrounding proposed acquisition. Still expects deal to close in 2H
Industrials
§ TSLA (-2.16%) initiated underperform at Cowen; noted production targets ambitious; noted challenges with battery design and production as well as SCTY integration
§ F +0.28%: cut year pretax profit to $10.2b from $10.8b after recognizing $640m cost for recalling 1.5m vehicles (not much material impact from this news based on price reaction)
Health Care
§ BLUE +8.9% on opening of global Phase 3 study of LentiGlobin
§ JUNO +3.77%: Science Translational Medicine published paper that highlighted positive takeaways on non-Hodgkin lymphoma treatment
Others
§ TWTR -5.89%: Management said they have no bids on the table and will focus on cost cutting
§ CHK +13.56%: sees addiitonal$900m plus asset sales this year; sees 5%-15% annual production growth 2016-2020; cash flow neutrality achievable in 2018, based on 2017 investment
§ UDR -3.05%: repeated Q3, FY guidance
§ RIO +1.9% upgraded to outperform at RBC; cited positive view on iron-ore market, attractive valuation, and best-in-class growth.
§ MON +1.39%, Bayer deal could be done as early as next week – Fox
§ SEAS -3.85%: Probes Reporter tweets about undisclosed SEC investigation
§ WFC: fined $185m for opening bank accounts without the consent of customers; fired 5,300 employees involved in creating phony accounts (no much material impact on stock)
§ SHAK -2.56%: holder Select Equity Group reports 3.4% stake vs 4.4% stake on Aug. 17
Rating change
§ LLY +1.64%: upgraded to overweight from neutral at JPMorgan
§ ENB +4.6%: upgraded to buy from neutral at Goldman Sachs
§ ABBV -1.42%: downgraded to neutral from overweight at JPMorgan
§ LULU -3.15%: downgraded to hold from buy at Jefferies, says athleisure is starting to peak
§ NKE -2.67%: downgraded to neutral from overweight at Piper Jaffray; Resurgence of Adidas has "taken a toll" on NKE's growth rate; also seeing other competition for brand in Europe from Puma, New Balance and "surprisingly" Reebok Classics
§ ORCL -1.31%: downgraded to mixed from positive at OTR Global over license revenue concerns
Other headlines
Fed makes recommendation to lawmakers to ban banks from making investments in non-financial companies
Hanjin bankruptcy fallout: $14 billion worth of cargo stranded at sea - Bloomberg (some concerns for holiday sales?)
Manhattan property market peaked? - No rent growth in August, with listings up 40% from prior year - Bloomberg (considering Utility sector was up today, this article may have influenced underperformance by REIT sector)
London-NY session
ECB: maintained monetary policy; no adjustment to QE program
§ Deposit Facility Rate -0.40%
§ Main Refinancing Rate 0.00%
§ Marginal Lending Facility 0.25%
§ Asset Purchase Target 80B
§ Reaffirms its plan to run QE to March 2017 or beyond if needed
ECB staff projections
§ CPI forecast: 2016 0.2% (prev. 0.2%); 2017 1.2% (prev. 1.3%); 2018 1.6% (prev. 1.6%)
§ GDP forecast: 2016: 1.7% (prev. 1.4%); 2017 1.6% (prev. 1.7%); 2018 1.6% (prev. 1.7%)
President Mario Draghi
§ Rates at present or lower level for extended period, well past QE horizon
§ ECB tasked committees to evaluate stimulus options
§ ECB did not discuss extension of asset purchase plan
§ They are focusing on QE implementation instead
§ No need for extra stimulus for the time being
§ Fiscal policies should support economic recovery
§ ECB stands ready to act if second round effects are seen
Bank of America CEO Moynihan interview on CNBC
§ Low yield is pushing investors to stocks
§ Banking would have recovery if rates rise
§ Consumers are in very good shape
§ August debit/credit card spending very strong
Oil
§ Crude inventory -14.51M bbl vs est. +0.905M bbl
o Cushing crude -434k
o PADD 3 crude -8,720k
o Gasoline -4,211k vs est. -750k
o PADD 1B gasoline -466k
o Distillates +3,382k vs est. +1,150k
o PADD 1 Distillates -414k
o Refinery utilization +0.9 ppt vs est. -0.4 ppt
o Refinery crude inputs +315k b/d
o Crude imports -1,848k b/d
o Crude production -30k b/d
§ API Crude Oil Inventories -12.085M (prev. +942K) Wed night
§ Russian energy minister Novak: output freeze talks will not be on the agenda at discussions in Algeria
§ Saudi Arabia government has ended talks aimed at saving Saudi Oger, which is now facing the prospect of a multi-billion-dollar debt restructuring to stave off collapse - Reuters
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