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Visteon in slide presentation sees FY16 & FY17 guidance in line with estimates  (81.68)

• Co issues in-line guidance for FY16 (Dec), sees FY16 (Dec) revs of $3.1 bln vs. $3.11 bln Capital IQ Consensus Estimate; sees adjusted EBITDA of $340-345 mln
• Co issues in-line guidance for FY17 (Dec), sees FY17 (Dec) revs of $3.1-3.2 bln vs. $3.18 bln Capital IQ Consensus Estimate; sees adjusted EBITDA of $355-370 mln

 Ascena Retail Group (halted) reports holiday comps down 3.1%; lowers Q2, FY17 EPS guidance below consensus  (6.01)

• Reports holiday comps down 3.1% (guided quarter down 4-5%)
  • Ann Taylor -8.2%, Loft -1.8%, Maurices -7.1%, Dressbarn -4.6%, Lane Bryant -5.1%, catherines +1.6%
• Lowers Q2 EPS to ($0.11-0.08) from ($0.05)-0.00 vs ($0.03) Capital IQ Consensus.
• Lowers FY17 EPS to $0.37-0.42 from $0.60-0.65 vs. $0.58 consensus.

 Early premarket gappersGapping up: GNVC +61.8%, ILMN +13%, VRX +12%, CUDA +9.4%, ARRY +8.1%, SSI +5.7%, RIO +5.5%, CLF +5%, PSTI +4.8%, VALE +4.7%, BBL +4.7%, MT +4.1%, AKS +3.6%, BIO +3%, PTX +2.7%, CNDT +2.4%, XRX +2.2%, X +2.2%, MDRX +2%, TACO+1.7%, PTCT +1.2%, KITE +1%, VOXX +0.9%

Gapping down: HGG -23.7%, AKER -22.6%, WMB -8.8%, FRSH -7.1%, WPZ -6.4%, WDFC -5.8%, BOOT -5.4%, ATW -5.2%, CIO -4.3%, CRAY -4.2%, HALO -4.1%, DB -2.4%, SCVL -2.3%, ABMD -2.2%, ZLTQ -2.1%, DM -1.5%, FLDM -1%, ICLR -0.5%

 Zimmer Biomet sees Q4 sales of approx $2.013 bln, Capital IQ consensus $1.971 bln; sees FY16 EPS at upper end of prior guidance  (107.00)

• Expects fourth quarter net sales to be approximately $2.013 billion (Capital IQ consensus $1.971 bln), an increase of 4.1% over the prior year period. On an adjusted, constant currency basis, revenue increased by 4.4% over the prior year period, with the recently acquired LDR Holding Corporation contributing approximately 230 basis points. Previously, the Company had estimated fourth quarter revenue growth to be in a range of 1.0% to 2.0% on a similar basis.
• Preliminary full year net sales are projected to be $7.684 billion, an increase of 28.1% over the prior year.
  • FY16 revenues increased by 2.3% on a constant currency, adjusted pro forma basis, excluding the contribution from the LDR transaction. Previously, the Company had estimated full year revenue growth to be in a range of 1.65% to 1.90% on a similar basis.
• The Company is unable to provide updated GAAP (reported) guidance for full-year 2016 diluted earnings per share, without unreasonable efforts, as the Company is finalizing the accounting for certain integration-related items that are excluded from the computation of adjusted diluted earnings per share. The Company now expects full year 2016 adjusted diluted earnings per share to be towards the upper end of the previously estimated range of $7.90 to $7.95.

 Overnight Treasury Summary

Treasuries Flatline Despite Surging Small Business Optimism

• U.S. Treasuries are trading mostly unchanged this morning after the Chinese CPI report missed expectations last night. The U.S. economic data calendar today is light but the NFIB reported earlier that its Small Business Optimism Index jumped by the most since the survey began during December. Business sentiment has improved quite sharply in the U.S. since the election and we will soon see if that translates into faster growth in business investment. The U.S. Treasury kicks off its new supply this week with a $24 bln 3-year note auction today, with 10s and 30s to follow on Wednesday and Thursday. The U.S. Dollar Index is down 0.03% to 101.90 after trading as low as 101.50 overnight and the S&P 500 is set to open up 0.07% at 2,270.6. WTI crude is advancing by 0.19% at $52.06/bbl. and gold is down just 0.02% at $1,184.7/troy oz.
• Yield Check:
  
  • 2-yr: +2 bps to 1.20%
  • 5-yr: unch at 1.88%
  • 10-yr: unch at 2.37%
  • 30-yr: +1 bp to 2.97%

• International News:
  
  • China's consumer price index grew by 0.2% m/m in December (2.1% y/y), missing expectations but accelerating from November's 0.1% growth
    
    • China's producer price index was up 5.5% y/y in December, exceeding both economists' estimates and November's 3.3% rate
  • In Japan, an index of household confidence rose more than expected to 43.1 for December from 40.9 in November
  • Australian retail sales increased by 0.2% m/m in November, missing forecasts and slowing from October's 0.5% growth
  • Russia's Markit Manufacturing PMI ticked up to 53.7 for December from 53.6 in November
  • Switzerland's unemployment rate remained at a seasonally adjusted 3.3% in December, as expected
  • In France, industrial production jumped by 2.2% m/m in November, beating both estimates and October's 0.1% dip
  • Brazilian retail sales were up 2.0% m/m in November (-3.5% y/y), topping forecasts and recouping October's 0.3% decline
  • In the U.S., small business optimism jumped by the most in history according to the National Federation of Independent Business's Small Business Optimism Index
    
    • The December reading was 105.8, up from 98.4 in November
    • The prospect for business tax cuts and deregulation coupled with the bullish reaction of global equity markets to the election result supported sentiment

• Data out Today:
  
  • November Wholesale Inventories (10:00 ET)
  • November JOLTS — Job Openings (10:00 ET)
• Treasury Auction:
  
  • $24 bln 3-year Treasury auction (results at 13:00 ET)

 S&P futures vs fair value: +1.00. Nasdaq futures vs fair value: +2.30.

Equity futures are flat ahead of Tuesday's open with the S&P 500 futures trading one point above fair value. Global markets are mixed with Asia closing on a mostly lower note while European indices hold modest gains.

Crude oil spent most of the overnight session near its flat line and remains at the same level this morning. The commodity is modestly higher, up 0.3% at $52.11/bbl.

After an upbeat start to the week, U.S. Treasuries are under modest selling pressure early this morning. The 10-yr yield is higher by two basis points at 2.39%.

Today's economic data will be limited to November Job Openings (JOLTS) and November Wholesale Inventories (Briefing.com consensus 0.9%). Both reports will be released at 10:00 am ET.

In U.S. corporate news of note:

• Chipotle Mexican Grill (CMG 382.00, -13.06): -3.3% after issuing downside guidance.
• Barracuda Networks (CUDA 26.00, +2.23): +9.8% after beating on revenues and issuing in-line guidance.
• Williams Companies (WMB 28.83, -3.10): -9.7% after the stock was downgraded to 'Hold' from 'Buy' at Jefferies.
• Illumina (ILMN 161.00, +19.46): +13.8% after issuing above-consensus revenue guidance for the fourth quarter. The stock was upgraded to 'Buy' from 'Neutral' at Bank of America/Merrill Lynch.

Reviewing overnight developments:

• Equity indices in the Asia-Pacific region ended Tuesday on a mostly lower note. Japan's Nikkei -0.8%, Hong Kong's Hang Seng +0.8%, China's Shanghai Composite -0.3%, India's Sensex +0.7%.
  • In economic data:
    • China's December PPI +5.5% year-over-year (consensus 4.5%; last 3.3%). December CPI +0.2% month-over-month (expected 0.3%; last 0.1%); +2.1% year-over-year (consensus 2.3%; previous 2.3%)
    • Japan's December Household Confidence 43.1 (expected 41.3; last 40.9)
    • Australia's November Retail Sales +0.2% month-over-month (expected 0.4%; last 0.5%)
  • In news:
    • In China, December PPI (5.5% year-over-year; expected 4.5%) climbed to a five-year high while inflation on the consumer level (2.1% year-over-year; expected 2.3%) was cooler than expected. The National Development and Reform Commission said that uncertainty will be on the rise in 2017, but the government will continue keeping tabs on economic performance.

• Major European indices trade with slim gains while Spain's IBEX underperforms. UK's FTSE +0.4%, Germany's DAX +0.2%, France's CAC +0.1%, Spain's IBEX -0.7%.
  • In economic data:
    • France's November Industrial Production +2.2% month-over-month (expected 0.6%; last -0.1%)
    • Swiss December Unemployment Rate held at 3.3%, as expected
  • In news:
    • In Germany, Jorg Meuthen, who is the economist for the right-wing AFD party, said the Eurozone could be split into two separate currency unions—a stronger one clustered around Germany while a weaker one would be clustered around France. Recall that Marine Le Pen, who is expected to be in a tight three-way race for French presidency in April, has voiced support for significant changes to the structure of the eurozone.

 Overseas Research Calls

Upgrades: 

• Royal Dutch Shell (RDS.A) upgraded to Outperform from Market Perform at BMO Capital
• Compagnie Financiere Richemont (CFRUY) upgraded to Overweight from Equal Weight at Morgan Stanley
• Tullow Oil plc (TUWLF) upgraded to Spec. Buy from Reduce at GMP
• SKF (SKFRY) upgraded to Hold from Sell at Societe Generale
• GKN plc (GKNLY) upgraded to Buy from Hold at Societe Generale
• Atlas Copco AB (ATLKY) upgraded to Buy from Hold at Societe Generale
• Siemens AG (SIEGY) upgraded to Buy from Neutral at UBS

Downgrades: 

• 3i Group (TGOPF) downgraded to Neutral from Outperform at Macquarie
• Deutsche Telekom (DTEGY) downgraded to Neutral from Buy at Goldman
• Telenor ASA (TELNY) downgraded to Sell from Neutral at Goldman
• Proximus (BGAOY) downgraded to Sell from Neutral at Goldman
• Lanxess (LNXSF) downgraded to Hold from Buy at Deutsche Bank
• SKF (SKFRY) downgraded to Sell from Buy at UBS
• Commerzbank AG (CRZBY) downgraded to Sell from Neutral at UBS
• Air France-KLM (AFLYY) downgraded to Underweight from Equal Weight at Barclays
• Repsol SA (REPYY) downgraded to Market Perform from Outperform at BMO Capital
• BP (BP) downgraded to Market Perform from Outperform at BMO Capital

Miscellaneous: 

• Vivendi (VIVHY) initiated with an Underperform at Credit Suisse
• BT Group plc (BT) removed from Conviction Buy List at Goldman

 European Summary

European Yields Dip

• European sovereign debt yields are moving generally lower this morning during a session very light on economic new flow. French industrial and manufacturing production rose much more quickly than expected in November and there is little reason to believe that the trend will reverse in December, judging by strong manufacturing PMI data for that month. The eurozone periphery, however, still faces risks according to investors in Portuguese sovereign debt. The 10-year PGB yield is up four basis points today to 4.00% and this yield premium of 372 basis points to the German Bund of the same tenor implies very significant risk for debt restructuring. Portugal's finance minister made some remarks on Monday about his country meeting its deficit target for 2016 but market pricing suggests that Portugal's woes are far from over. Portugal's largest bank, Millennium BCP, saw its stock decline by more than 10% today as it raised EUR1.33 bln in a rights issue
• Turkey's central bank reduced its FX reserve requirements for Turkish banks to free up $1.5 bln in dollar liquidity. It now takes 3.77 lira to buy one dollar, down from roughly 3.00 at the time of the failed coup attempt last summer. President Erdogan's consolidation power in the wake of that effort to seize power and his politicization of monetary policy has hurt the lira in an environment that was already difficult for emerging market currencies
• European Economic Data:
  
  • Switzerland's unemployment rate remained at a seasonally adjusted 3.3% in December, as expected
  • In France, industrial production jumped by 2.2% m/m in November (1.8% y/y), beating both estimates and October's 0.1% dip
• Yield Check:
  
  • France, 10-yr OAT: -1 bp to 0.79%
  • Germany, 10-yr Bund: -1 bp to 0.28% 
  • Greece, 10-yr note: -1 bp to 6.81%
  • Italy, 10-yr BTP: unch at 1.90%
  • Portugal, 10-yr PGB: +4 bps to 4.00%
  • Spain, 10-yr ODE: -3 bps to 1.46%
  • U.K., 10-yr Gilt: +1 bp to 1.43%

 On The Wires

• Lianluo Smart Limited (LLIT) announced that it has received the design patent certificate for the DHR 998 Plus Wearable Sleep Apnea Syndrome Diagnostic Watch, which is a main product under the business of the Company's medical wearable device sector.
• Natera (NTRA) announced the termination of a distribution agreement with Bioreference Laboratories. With the ending of the distribution agreement, Natera intends to promote Panorama directly to clinicians, who previously ordered this test through Bio-Reference. Natera also plans to promote its Horizon carrier screen test to these clinicians, which it had not done previously.
•  Lionsgate (LGF.A, LGF.B) announced that it has invested in leading eSports franchise Immortals.
• Merck (MKGAY) announced the expansion of its end-to-end biodevelopment centers to meet increasing customer demand for its turnkey portfolio of bioprocessing products, manufacturing capabilities and industry leading technological expertise.
• Majesco Entertainment (COOL) changes name to 'PolarityTE, Inc.' effective January 11; ticker unchanged. 
• Wix.com (WIX) announced its integration with Square to give Wix merchants and entrepreneurs in North America a new way to accept online and in-person credit card payments.
• RedHill Biopharma (RDHL) announced the first group of subjects have been dosed in a single-dose three-way crossover pharmacokinetic study with RHB-105 versus the active comparators in the confirmatory Phase III study and in a food-effect study with RHB-105 in healthy volunteers. The confirmatory Phase III study with RHB-105 for H. pylori infection is planned to be initiated, subject to regulatory approvals and completion of the supportive pharmacokinetic program, by April of this year. Subject to a successful outcome, the confirmatory Phase III study and the supportive pharmacokinetic program are expected to complete the package required for a U.S. NDA for RHB-105.
• InVivo Therapeutics (NVIV) announced that Rhode Island Hospital in Providence, RI has been added as a clinical site for The INSPIRE Study: InVivo Study of Probable Benefit of the Neuro-Spinal Scaffold™ for Safety and Neurologic Recovery in Subjects with Complete Thoracic AIS A Spinal Cord Injury.