>>> US Early premarket gappers

Early premarket gappers
Gapping up: SUNE +8.1%, ITUB +6.1%, VALE +4%, MDVN +3.6%, SA +2.6%,CNHI +2.3%, CIG +1.8%, AUY +1.7%, CCL +1.4%, F +1.1%, JKS +0.8%, ABX+0.7%

Gapping down: CLMT -51.1%, CHK -6.1%, WLL -6.1%, BBD -5.2%, MRO -5.1%,EVEP -4.5%, RIG -4.2%, APA -3.9%, SNE -3.9%, SDRL -3.9%, COP -2.7%, SBGL-2.7%, APC -2.7%, ARMH -2.3%, STO -2.1%, WTI -1.8%

>>> Morgan Stanley beats by $0.08, beats on revs

--> no pre market for now

Morgan Stanley beats by $0.08, beats on revs
  • Reports Q1 (Mar) earnings of $0.55 per share, $0.08 better than the Capital IQ Consensus of $0.47; revenues fell 21.3% year/year to $7.79 bln vs the $7.63 bln Capital IQ Consensus.
  • Institutional Securities net revenues were $3.7 billion reflecting challenging market conditions in Fixed Income & Commodities sales and trading and underwriting, with strength in Equity sales and trading and M&A advisory.
  • Wealth Management net revenues were $3.7 billion and pre-tax margin was 21%.3 Results reflect strong growth in net interest income offset by weakness in transactional revenues. Fee based asset flows for the quarter were $5.9 billion.
  • Investment Management reported net revenues of $477 million reflecting losses in private equity and real estate and stable asset management fees. Assets under management or supervision were $405 billion at the end of the quarter.
  • Compensation expense of $3.7 billion decreased from $4.5 billion a year ago driven by lower revenues. Non-compensation expenses of $2.4 billion compared with $2.5 billion a year ago.
  • The annualized return on average common equity was 6.2% in the current quarter.
  • At March 31, 2016, book value and tangible book value per common share were $35.34 and $30.44,17 respectively, based on approximately 1.9 billion shares outstanding.
  • "The first quarter was characterized by challenging market conditions and muted client activity. Against that backdrop, our businesses delivered stable results. While we see some signs of market recovery, global uncertainties continue to weigh on investor activity."

>>> Hasbro beats by $0.14, beats on revs

Hasbro beats by $0.14, beats on revs
  • Reports Q1 (Mar) earnings of $0.38 per share, $0.14 better than the Capital IQ Consensus of $0.24; revenues rose 16.5% year/year to $831.2 mln vs the $779.23 mln Capital IQ Consensus.
  • First quarter 2016 revenues grew 28% in the U.S. and Canada segment and 13% in the International segment; Absent the negative impact of foreign exchange, International segment revenues increased 22%

>>> PepsiCo beats by $0.08, misses on revs; reaffirms FY16 guidance (103.77)

PepsiCo beats by $0.08, misses on revs; reaffirms FY16 guidance
  • Reports Q1 (Mar) earnings of $0.89 per share, excluding non-recurring items, $0.08 better than the Capital IQ Consensus of $0.81; revenues fell 2.9% year/year to $11.86 bln vs the $12 bln Capital IQ Consensus. Organic revenue grew 3.5%. Foreign exchange translation had a 4.5-percentage-point unfavorable impact and the Venezuela deconsolidation had a 2-percentage-point unfavorable impact on reported net revenue.
    • Core gross margin expanded 130 basis points and core operating margin increased 165 basis points. Margin expansion reflects the implementation of effective revenue management strategies and previously announced productivity initiatives, partially offset by a 65 basis point increase in advertising and marketing expense as a percentage of sales. Core constant currency operating profit increased 12%.
  • Co reaffirms guidance for FY16, sees EPS of $4.66 vs. $4.71 Capital IQ Consensus; ~4% organic revenue growth, excluding the impact of the 53rd week; Based on current foreign exchange market consensus rates, foreign exchange translation to negatively impact reported net revenue growth by 4 percentage points; The 53rd week to contribute ~1 percentage point to reported net revenue growth; Low-single-digit raw material deflation excluding the impact of transaction-related foreign exchange. Including the impact of transaction-related foreign exchange, raw materials are expected to have low-single-digit inflation; The benefit of a 53rd week will be reinvested in certain productivity and growth initiatives; Productivity savings of ~$1 billion.