Morning Call For February 3, 2015

The Reserve Bank of Australia (RBA) unexpectedly cut its benchmark interest rate by -25 bp to a record low 2.25% and RBA Governor Stevens said the Australian dollar "remains above most estimates of its fundamental value." He added that "output growth will probably remain a little below trend for somewhat longer, and the rate of unemployment peak a little higher, than earlier expected."

U.S. STOCK PREVIEW

Today’s Dec factory orders report is expected to show a decline of -2.4%, adding to November’s decline of -0.7%. Today’s Jan total vehicle sales report is expected to show a small decline to 16.60 million units from 16.80 million units in December.

There are 54 of the S&P 500 companies that report earnings today: Pentair (consensus $1.03), Airgas (1.23), Archer-Daniels Midland (0.96), LyondellBasell Industries NV (2.80), Ryder Systems (1.59), HCA Holdings (1.30), AutoNation ((0.91), Eaton Corp PLC (1.20), Emerson Electric (0.73), Gannett (1.01). Equity conferences this week include: ANS Conference on Nuclear Training and Education on Mon-Tue, In-Pharma Osaka 2015 on Tue, Media Insights & Engagement Conference on Tue-Thu, Cowen and Company Aerospace/Defense Conference & Transport Forum on Wed-Thu.

OVERNIGHT U.S. STOCK MOVERS

Archer-Daniels Midland (ADM +3.30%) reported Q4 EPS of $1.00, better than consensus of 96 cents.

AutoNation (AN -0.47%) reported Q4 EPS of $1.03, stronger than consensus of 91 cents.

Office Depot (ODP +0.39%) surged 13% in pre-market trading after the WSJ reported that the company is in advanced merger talks with Staples (SPLS+0.53%) .

Dow Jones reported that the NYSE said it will suspend trading in RadioShack (RSH -14.29%) immediately and begin the delisting proceedings.

MDU Resources (MDU +0.84%) reported Q4 adjusted EPS of 35 cents, weaker than consensus of 39 cents, and then lowered guidance on fiscal 2015 adjusted EPS to $1.05-$1.20, below consensus of $1.42.

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Disclosure: None.

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