Wednesday, October 18, 2017

BioLife Solutions - Chart of the Day

BioLife Solutions (BLFS) is the Barchart Chart of the Day.  The medical products company has a Trend Spotter buy signal, a Weighted Alpha of 333.40+ and gained 269.70% in the last year.

The Chart of the Day is BioLife Solutions (BLFS).  I found the Medical products stock by using Barchart to sort today's 52 Week High List first by the highest Weighted Alpha, then again by technical buy signals of 80% or more.  Next I used the Flipchart feature to review the charts for consistent price appreciation.

BioLife Solutions has pioneered the next generation of preservation solutions designed to maintain the viability and health of cellular matter and tissues during freezing, transportation and storage. Based on their proprietary bio-packaging technology and a patented understanding of the mechanism of cellular damage and death, these products enable the biotechnology and medical community to address a growing problem that exists today.

The status of Barchart's Opinion trading systems are listed below. Please note that the Barchart Opinion indicators are updated live during the session every 10 minutes and can therefore change during the day as the market fluctuates. The indicator numbers shown below therefore may not match what you see live on the Barchart.com web site when you read this report.

Barchart technical indicators:

  • 333.40+ Weighted Alpha
  • 100% Technical buy signals
  • Trend Spotter buy signal
  • Above its 20, 50 and 100 day moving averages
  • 2 new highs and up 15.31% in the last month
  • Relative Strength Index 70.77%
  • Technical support level at 5.53
  • Recently traded at 6.08 with a 50 day moving average of 4.97
Fundamental factors:
  • Market Cap $76.34 million
  • Revenue expected to grow 26.00% this year and anther 36.50% next year
  • Earnings estimated to increase 55.60% this year and an additional 79.20% next year
  • Wall Street analysts issued 3 strong buy recommendations on the stock



Morning Call 11/18

Barchart Morning Call

OVERNIGHT MARKETS AND NEWS
Dec E-mini S&Ps (ESZ17 +0.15%) this morning are up +0.16% at a new record nearest-futures high and European stocks are up +0.45% at a 5-month high. Optimism that the Trump administration will pass a tax reform plan continues to underpin U.S. equity prices, while speculation that the ECB will remain accommodative for longer in lifting European stocks. An introductory speech by ECB President Draghi today at a conference in Frankfort shed no light on ECB plans, while the markets speculate that President Trump will insert a hawk to be the next Fed Chair. A person familiar with the process said that President Trump will name his choice for the next Fed Chair before he leaves Nov 3 on an 11-day trip to Asia and Hawaii. Asian stocks settled mostly higher: Japan +0.13%, Hong Kong +0.05%, China +0.29%, Taiwan -0.03%, Australia +0.01%, Singapore closed for holiday, South Korea -0.03%, India -0.08%. Chinese stocks gained ahead of data tomorrow on China GDP, industrial production and retail sales. Japan's Nikkei Stock Index rose to a new 20-3/4 year high as polls suggest Prime Minister Abe's ruling party may show its best election result in more than three decades after this Sunday's elections in Japan. Abe's Liberal Democratic Party is projected to win as many as 303 seats, close to 2/3 of the 465 seats up for election. That would be the strongest showing since 304 seats were won in the 1986 election.

The dollar index (DXY00 +0.21%) is up +0.20% at a 1-week high on hawkish comments from San Francisco Fed President Williams and Philadelphia Fed President Harker who both look for Fed rate hike at the Dec FOMC meeting. EUR/USD (^EURUSD) is down -0.13% at a 1-week low. USD/JPY (^USDJPY) is up +0.52% at a 1-week high.
Dec 10-year T-note prices (ZNZ17 -0.22%) are down -10 ticks.
San Francisco Fed President Williams said the U.S. economy is stronger than in looks and that inflation softness in overstated. He said the Fed should aim to raise interest rates at the Dec FOMC meeting and three more times next year.
Philadelphia Fed President Harker said he sees one more rate increase in 2017 and notes that high prices for equities and other assets could be an argument for continued, steady pace for rate increases and "that's why I would like to prudently move up to the neutral real rate as quickly as possible."
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) weekly MBA mortgage applications (previous -2.1% with purchase sub-index -0.1% and refi sub-index -4.2%), (2) New York Fed President William Dudley (voter) and Dallas Fed President Robert Kaplan (voter) take part in a moderated discussion on economic development, (3) Sep housing starts (expected -0.4% to 1.175 million, Aug -0.8% to 1.18 million), (4) Fed Beige Book, (5) EIA weekly Petroleum Status Report.
Notable S&P 500 earnings reports today include: American Express (consensus $1.48), United Rentals (3.03), M&T Bank (2.04), United Continental (2.19), SL Green Realty (1.56), Northern Trust (1.12), Crown Castle (1.00), US Bancorp (0.88), Abbott Labs (0.65), EBay (0.48), Kinder Morgan (0.15).
U.S. IPO's scheduled to price today: MongoDB (MDB), RumbleOn (RMBL)
Equity conferences this week: International Association for the Study of Lung Cancer World Conference - Abstra on Mon-Wed, BIO Investor Forum on Tue, METALCON Conference on Thu, SAP Retail Executive Forum on Thu, American Association for the Study of Liver Diseases Liver Meeting on Fri.

OVERNIGHT U.S. STOCK MOVERS
Expedia (EXPE +0.44%) was upgraded to 'Buy' from 'Neutral' at Redburn.
Grainger (GWW +12.65%) was upgraded to 'Outperform' from 'Market Perform' at Oppenheimer with an 18-month target price of $245.
Chipotle Mexican Grill (CMG +2.78%) fell nearly 3% in pre-market trading after it was downgraded to 'Underperform' from 'Neutral' at Bank of America/Merrill Lynch.
WP Carey (WPC -0.43%) was initiated as an 'Outperform' at Baird with a 12-month target price of $77.
Allergan (AGN -0.32%) was downgraded to 'Hold' from 'Buy' at Edward Jones,
International Business Machines (IBM -0.20%) jumped nearly 5% in after-hours trading after it reported Q3 operating EPS of $3.30, better than consensus of $3.28, and said it sees a $2.8 billion to $2.9 billion increase in Q4 sales from Q3.
Cree (CREE +0.20%) lost nearly 3% in after-hours trading after it forecast Q2 revenue of $340 million-$360 million, below consensus of $369 million.
Select Comfort (SCSS -0.56%) fell over 4% in after-hours trading after it reported Q3 EPS of 62 cents, weaker than consensus of 68 cents, and then said it sees full-year EPS of $1.30-$1.45, the midpoint below consensus of $1.39.
Hi-Crush Partners LP (HCLP +2.87%) jumped nearly 12% in after-hours trading when it announced that it will resume a quarterly cash distribution of 15 cents per share and its board said it authorized a stock buyback program of up to $100 million.
Inovio Pharmaceuticals (INO +0.48%) rose nearly 3% in after-hours trading after it was initiated as an 'Outperform' at RBC Capital Markets with a 12-month target price of $11.
Akari Therapeutics LLC (AKTX -1.23%) plunged 15% in after-hours trading after it was said to offer $17 million in company shares at $5.00-$5.25 each, a 17.97%-21.88% discount to Tuesday's close.
MobileIron (MOBL -2.56%) slumped 10% in after-hours trading after it announced that CEO Barry Mainz will step down effective immediately amid a "mutual decision," and after the company reported preliminary Q3 revenue of $42 million-$43 million, below a July 27 forecast of $44 million-$46 million.
MARKET COMMENTS
Dec S&P 500 E-mini stock futures (ESZ17 +0.15%) this morning are up +4.00 points (+0.16%) at a fresh record nearest-futures high. Tuesday's closes: S&P 500 +0.07%, Dow Jones +0.18%, Nasdaq +0.13%. The S&P 500 on Tuesday eked out a new record high and closed slightly higher on the unexpected +4 point increase in the U.S. Oct NAHB housing market index to 68, stronger than expectations of unchanged at 64 and a 5-month high. There was also strength in health-care stocks after Republican Senator Alexander and Democratic Senator Murray said they have the "basic outlines" of a bipartisan deal to resume federal subsidies to health insurers for 2 years. Stocks were undercut by news that U.S. Sep import prices rose +0.7% m/m, stronger than expectations of +0.6% m/m and the fastest pace of increase in 15 months, which bolsters the case for a Fed rate hike in Dec.
Dec 10-year T-note prices (ZNZ17 -0.22%) this morning are down -10 ticks. Tuesday's closes: TYZ7 +0.50, FVZ7 unch. Dec 10-year T-notes on Tuesday closed little changed. T-note prices were supported by the the weaker-than-expected U.S. Sep manufacturing production report and by the decline in the 10-year T-note breakeven inflation expectations rate to a 3-week low. T-note prices were undercut by the stronger-than expected U.S. Sep import price report of +0.7% m/m, the most in 15 months, and by the unexpected 4-point increase in the U.S. Oct NAHB housing market index to a 5-month high.
The dollar index (DXY00 +0.21%) this morning is up +0.183 (+0.20%) at a 1-week high. EUR/USD (^EURUSD) is down -0.0015 (-0.13%) at a 1-week low and USD/JPY (^USDJPY) is up +0.58 (+0.52%) at a 1-week high. Tuesday's closes: Dollar Index +0.174 (+0.19%), EUR/USD -0.0030 (-0.25%), USD/JPY +0.01 (+0.01%). The dollar index on Tuesday closed higher on speculation that President Trump may be leaning toward John Taylor as the next Fed chair, who is thought to be hawkish. There was also weakness in EUR/USD which fell to a 1-week low after the German Oct ZEW came in lower than expected and after Spain cut its 2018 GDP estimates.
Nov crude oil (CLX17 +0.31%) this morning is up +20 cents (+0.39%) and Nov gasoline (RBX17 +0.50%) is +0.0083 (+0.51%). Tuesday's closes: Nov WTI crude +0.01 (+0.02%), Nov gasoline +0.0132 (+0.82%). Nov crude oil and gasoline on Tuesday closed higher on expectations for Wednesday's EIA crude inventories to fall -3.0 million bbl and the increase in the crack spread to a 1-week high, which gives incentive for refineries to purchase more crude to refine into gasoline. Crude oil prices were undercut by a stronger dollar and by reduced tensions between Iraq and Kurdistan after Sky News reported that the Kurdish Peshmerga agreed to return to Iraq's 2003 border demarcations, which reduces the likelihood of disruptions of crude supplies from Iraq.
Metals prices this morning are lower with Dec gold (GCZ17 -0.35%-5.5 (-0.43%) at a 1-week low, Dec silver (SIZ17-0.36%-0.081 (-0.48%) at a 1-week low and Dec copper (HGZ17 -0.25%-0.007 (-0.20%). Tuesday's closes: Dec gold -16.8(-1.29%), Dec silver -0.328 (-1.89%), Dec copper -0.0435 (-1.34%). Metals on Tuesday closed lower with Dec gold and Dec silver at 1-week lows. Metals prices were undercut by a stronger dollar and by speculation that President Trump is leaning toward John Taylor as the next Fed chair, who is thought to be a monetary policy hawk.

GLOBAL EVENT CALENDAR10/18/2017
Wednesday, Oct 18
US0700 ETWeekly MBA mortgage applications, previous -2.1% with purchase sub-index -0.1% and refi sub-index -4.2%.
0800 ETNew York Fed President William Dudley (voter) and Dallas Fed President Robert Kaplan (voter) take part in a moderated discussion on economic development.
0830 ETSep housing starts expected -0.4% to 1.175 million, Aug -0.8% to 1.18 million. Sep building permits expected -2.1%to 1.245 million, Aug +3.4% to 1.272 million.
1030 ETEIA weekly Petroleum Status Report.
1400 ETFed Beige Book.
Thursday, Oct 19
US0830 ETWeekly initial unemployment claims expected -3,000 to 240,000, previous -15,000 to 243,000. Weekly continuing claims expected +1,000 to 1.890 million, previous -32,000 to 1.889 million.
0830 ETOct Philadelphia Fed business outlook survey expected -1.8 to 22.0, Sep +4.9 to 23.8.
0830 ETUSDA weekly Export Sales.
1000 ETSep leading indicators expected +0.1%, Aug +0.4%.
1100 ETTreasury announces amount of 2-year T-notes (previous $26 billion), 2-year floating-rate notes (previous $13 billion), 5-year T-notes (previous $34 billion) and 7-year T-notes (previous $28 billion) to be auctioned Oct 24-26
1300 ETTreasury auctions $5 billion of 30-year TIPS.
U.S. STOCK CALENDAR10/18/2017
NameTickerTimeDescriptionPeriodEstimate
M&T Bank CorpMTB USBef-mktQ3 2017 Earnings ReleaseQ3 172.404
US BancorpUSB USBef-mktQ3 2017 Earnings ReleaseQ3 170.881
Northern Trust CorpNTRS US07:30Q3 2017 Earnings ReleaseQ3 171.123
Abbott LaboratoriesABT US07:30Q3 2017 Earnings ReleaseQ3 170.653
Navient CorpNAVI US08:00Q3 2017 Earnings CallQ3 17
US BancorpUSB US09:00Q3 2017 Earnings CallQ3 17
Abbott LaboratoriesABT US09:00Q3 2017 Earnings CallQ3 17
M&T Bank CorpMTB US11:00Q3 2017 Earnings CallQ3 17
Northern Trust CorpNTRS US12:00Q3 2017 Earnings CallQ3 17
Seagate Technology PLCSTX USAnnual General Meeting
SL Green Realty CorpSLG USAft-mktQ3 2017 Earnings ReleaseQ3 171.56
United Continental Holdings IncUAL USAft-mktQ3 2017 Earnings ReleaseQ3 172.189
Hewlett Packard Enterprise CoHPE US16:00Analyst Meeting
Kinder Morgan Inc/DEKMI USAft-mktQ3 2017 Earnings ReleaseQ3 170.146
American Express CoAXP US16:05Q3 2017 Earnings ReleaseQ3 171.48
eBay IncEBAY US16:15Q3 2017 Earnings ReleaseQ3 170.48
United Rentals IncURI US16:15Q3 2017 Earnings ReleaseQ3 173.025
Kinder Morgan Inc/DEKMI US16:30Q3 2017 Earnings CallQ3 17
American Express CoAXP US17:00Q3 2017 Earnings CallQ3 17
eBay IncEBAY US17:00Q3 2017 Earnings CallQ3 17
Adobe Systems IncADBE US17:00Analyst Meeting
Crown Castle International CorpCCI US17:00Q3 2017 Earnings ReleaseQ3 170.995

Tuesday, October 17, 2017

Ichor - Chart of the Day

Ichor (ICHR) is the Barchart Chart of the Day.  The Semiconductor company has a Trend Spotter buy signal. a Weighted Alpha of 226.41+ and gained 239.41% in the last year.

The Chart of the Day belongs to Ichor (ICHR).  I found the semiconductor stock by using Barchart to sort today's Top Stocks to Own list first by the highest Weighted Alpha, next by technical buy signals of 80% or more then the Flipchart feature to find charts with consistent price appreciation.  Since the Trend Spotter signaled a buy in 8/31 the stock gained 44.94%.

Ichor Holdings, Ltd. is engaged in the design, engineering and manufacturing of critical fluid delivery subsystems for semiconductor capital equipment. Ichor Holdings, Ltd. is based in Fremont, United States


The status of Barchart's Opinion trading systems are listed below. Please note that the Barchart Opinion indicators are updated live during the session every 10 minutes and can therefore change during the day as the market fluctuates. The indicator numbers shown below therefore may not match what you see live on the Barchart.com web site when you read this report.

Barchart technical indicators:

  • 226.41+ Weighted Alpha
  • 96% technical buy signals
  • Trend Spotter buy signal
  • Above its 20, 50 and 100 day moving averages
  • 10 new highs and up 36.29% in the last month
  • Relative Strength Index 81.32%
  • Technical support level at 32.45
  • Recently traded at 33.19 with a 50 day moving average of 23.90
Fundamental factors:
  • Market Cap $226.41 million
  • Revenue expected to grow 59.20% this year and another 14.40% next year
  • Earnings estimated to increase 83.20% this year, an additional 18.20% next year and continue to compound at an annual rate of 37.29% for the next 5 years
  • Wall Street analysts issued 1 strong buy and 4 buy recommendations on the stock



5 Great Small Caps

Today I wanted to find 5 Small Cap stocks that had great returns but still had some momentum left.  I used Barchart to sort the S&P 600 Small Cap Index stocks first for the highest Weighted Alpha, next for technical buy signals of 80% or more and then used the Flipchart feature to make sure they were all above their 20, 50 and 100 day moving averages.  Today's Watch List includes:

Kemet (KEM), Electro Scientific Industries (ESIO), Spectrum Pharmaceuticals (SPPI), Advansix (ASIX) and Integer (ITGR)



Kemet (KEM)



Barchart technical indicators:

  • 96% technical buy signals
  • Trend Spotter buy signal
  • Above its 20, 50 and 100 day moving averages
  • 13 new highs and up 33.55% in the last month
  • Relative Strength Index 79.93%
  • Technical support level at 25.65
  • Recently traded at 2691 with a 50 day moving average of 21.71




Barchart technical indicators:

  • 96% technical buy signals
  • Trend Spotter buy signal
  • Above its 20, 50 and 100 day moving averages
  • 7 new highs and up 21.36% in the last month
  • Relative Strength Index 77.61%
  • Technical support level at 14.70
  • Recently traded at 15.50 with a 50 day moving average of 12.79



Barchart technical indicators:

  • 88% technical buy signals
  • Trend Spotter buy signal
  • Above its 20, 50 and 100 day moving averages
  • 6 new highs and up 40.31% in the last month
  • Relative Strength Index 69.43%
  • Technical support level at 13.53
  • Recently traded at 14.25 with a 50 day moving average of 10.95
Advansix (ASIX)

Barchart technical indicators:
  • 80% technical buy signals
  • Trend Spotter buy signal
  • Above ts 20, 50 and 100 day moving averages
  • 11 new highs and up 21.18% in the last month
  • Relative Strength Index 75.28%
  • Technical support level at 44.06
  • Recently traded at 44.27 with a 50 day moving average of 36.34
Integer (ITGR)



Barchart technical indicator:

  • 88% technical buy signals
  • Trend Spotter buy signal
  • Above its 20, 50 and 100 day moving averages
  • 10 new highs and up 15.02% in the last month
  • Relative Strength Index 70.65%
  • Technical support level at 53.98
  • Recently traded at 54.00 with a 50 day moving average of 48.29










Morning Call 10/17

Barchart Morning Call

OVERNIGHT MARKETS AND NEWS
Dec E-mini S&Ps (ESZ17 -0.02%) this morning are little changed, down -0.03%, and European stocks are up +0.08%. U.S. stock indexes were consolidating their gains from Monday's rally to new all-time highs. The upside in European stocks was limited after Spain cut its 2018 GDP estimate to 2.3% from 2.6%, citing the impact of the political standoff in Catalonia. Also, the German Oct ZEW survey expectations of economic growth rose less than expected. Asian stocks settled mostly higher: Japan +0.38%, Hong Kong +0.02%, China -0.19%, Taiwan -0.47%, Australia +0.73%, Singapore +0.18%, South Korea +0.21%, India -0.08%. Chinese stocks retreated ahead of a meeting of Chinese Communist Party leaders on Wednesday, while Japan's Nikkei Stock Index rallied to a new 20-3/4 year high on optimism in the global economic outlook along with carry-over support from Monday's rally in U.S stocks to new record highs. 

The dollar index (DXY00 +0.25%) is up +0.22% after several people with knowledge of the matter said that John Taylor, a known hawk, made a favorable impression on President Trump after his interview with the President for Fed Chair. EUR/USD (^EURUSD) is down -0.31% on the prospects for the ECB to extend QE after Spain cut its 2018 GDP forecasts and after the German Oct ZEW came in lower than expected. USD/JPY (^USDJPY) is down -0.02%.
Dec 10-year T-note prices (ZNZ17 -0.01%) are little changed, down -0.5 of a tick.
The German Oct ZEW survey expectations of economic growth rose +0.6 to 17.6, weaker than expectations of +3.0 to 20.0.
The UK Sep CPI of +0.3% m/m and +3.0% y/y was right on expectations with the +3.0% y/y gain the fastest year-on-year pace of increase in 5-1/2 years. The Sep core CPI rose +2.7% y/y, right on expectations and the fastest pace of growth in 5-3/4 years.
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) Sep import price index (expected +0.6% m/m and +2.6% y/y, Aug +0.6% m/m and +2.1% y/y), (2) Sep industrial production (expected +0.2%, Aug -0.9% m/m), (3) Oct NAHB housing market index (expected unch at 64, Sep -3 to 64).
Notable S&P 500 earnings reports today include: Goldman Sachs (consensus $4.25), Morgan Stanley (0.82), IBM (3.28), UnitedHealth Group (2.57, Johnson & Johnson (1.80), Navient (0.51), Harley-Davidson (0.40), Progressive Corp (0.35).
U.S. IPO's scheduled to price today: Qudian (QD).
Equity conferences this week: International Association for the Study of Lung Cancer World Conference - Abstra on Mon-Wed, BIO Investor Forum on Tue, METALCON Conference on Thu, SAP Retail Executive Forum on Thu, American Association for the Study of Liver Diseases Liver Meeting on Fri.

OVERNIGHT U.S. STOCK MOVERS
Briggs & Stratton (BGG +1.07%) was downgraded to 'Underperform' from 'Market Perform' at Raymond James.
Morgan Stanley (MS +1.33%) gained nearly 2% in pre-market trading after it reported Q3 FICC sales and trading revenue of $1.17 billion, better than consensus of $1.15 billion.
Humana (HUM -0.24%) was initiated a new 'Outperform' at BMO Capital Markets with a 12-month target price of $300.
Celgene (CELG +0.18%) was initiated a new 'Outperform' at Bernstein with a 12-month target price of $162.
Netflix (NFLX +1.60%) gained almost 2% in after-hours trading after it reported Q3 domestic streaming net adds of 850,000, more than consensus of 774,000, and then said it sees Q4 revenue of $3.27 billion, better than consensus of $3.16 billion.
Sonic (SONC +1.72%) lost over 2% in after-hours trading after it reported Q4 revenue of $123.6 million, less than consensus of $125 million.
Badger Meter (BMI -1.17%) slumped 11% in after-hours trading after it reported Q3 EPS of 27 cents, below consensus of 35 cents.
KMG Chemicals ({=KMG rose over 2% in after-hours trading after it forecast full-year net sales of $435 million-$450 million, well above consensus of $386.5 million.
Brown & Brown (BRO -0.85%) dropped 5% in after-hours trading after it reported Q3 revenue of $475.6 billion, below consensus of $476 million.
Spirit Airlines (SAVE -0.98%) climbed 5% in after-hours trading after it reported traffic in Sep was up +5.9% and that it now sees Q3 traffic down -6.5% y/y, less than a prior forecast of down -7% y/y to -8.5% y/y.
Caesars Entertainment (CZR -2.47%) may move higher on the opening today after Apollo Global Management reported a 15% stake in the company.
Abeona Therapeutics (ABEO +3.73%) slid 4% in after-hours trading after it announced a public offering of common stock, although no size was given.
Immune Design (IMDZ -7.76%) jumped 9% in after-hours trading after it said it will start a Phase 3 trial of its CMB305 drug as a vaccine for patients with synovial sarcoma.
KalVista Pharmaceuticals (KALV -2.77%) gained 3% in after-hours trading after Director Rajeev Shah reported a purchase of 850,000 shares on Oct 12 at $8.50 apiece.
MARKET COMMENTS
Dec S&P 500 E-mini stock futures (ESZ17 -0.02%) this morning are down -0.75 points (-0.03%). Monday's closes: S&P 500 +0.18%, Dow Jones +0.37%, Nasdaq +0.36%. The S&P 500 on Monday climbed to a new record high and closed higher on a rally in energy stocks as crude oil prices climbed +0.82% to a 2-week high and on strength in mining stocks after copper prices surged +3.37% to a 3-year high. Stocks were also boosted by signs of strength in the U.S. economy after the Oct Empire manufacturing index unexpectedly rose +7.8 to 30.2, stronger than expectations of -4.0 to 20.4 and a 3-year high.
Dec 10-year T-note prices (ZNZ17 -0.01%) this morning are down -0.5 of a tick. Monday's closes: TYZ7 +10.00, FVZ7 +5.25. Dec 10-year T-notes on Monday closed lower on the unexpected +7.9 point increase in the U.S. Oct Empire manufacturing index to a 3-year high of 30.2 and by comments from Fed Chair Yellen that her "best guess" is that consumer prices will soon accelerate after a period of surprising softness and that "the ongoing strength in the economy will warrant gradual increases" in the Fed funds rate.
The dollar index (DXY00 +0.25%) this morning is up +0.202 (+0.22%). EUR/USD (^EURUSD) is down -0.0037 (-0.31%) and USD/JPY (^USDJPY) is down -0.02 (-0.02%). Monday's closes: Dollar Index +0.183 (+0.20%), EUR/USD -0.0024 (-0.20%), USD/JPY +0.37 (+0.33%). The dollar index on Monday closed higher on comments on Saturday from Fed Chair Yellen who said that "the ongoing strength of the economy will warrant gradual increases" in the Fed funds rate. There was also weakness in EUR/USD after the 10-year German bund yield fell to a 1-month low, which reduces the euro's interest rate differentials.
Nov crude oil (CLX17 +0.40%) this morning is up +25 cents (+0.48%) and Nov gasoline (RBX17 +0.78%) is +0.0124 (+0.77%). Monday's closes: Nov WTI crude +0.42 (+0.82%), Nov gasoline -0.0053 (-0.33%). Nov crude oil and gasoline on Monday settled mixed with Nov crude at a 2-week high. Crude oil prices were boosted by concern that tensions between Iraq and Kurdish forces may disrupt crude oil flows after Iraqi soldiers seized oil facilities including a refinery from Kurdish forces. Crude oil prices were undercut by a stronger dollar and by Kuwaiti Oil Minister Essam al-Marzouk's comment that OPEC may not need to extend its crude production cuts beyond March 2018 if everyone complies with their quotas.
Metals prices this morning are weaker with Dec gold (GCZ17 -1.02%-11.9 (-0.91%), Dec silver (SIZ17 -1.72%-0.249(-1.43%) and Dec copper (HGZ17 -0.88%-0.033 (-1.00%). Monday's closes: Dec gold -1.6 (-0.12%), Dec silver -0.042(-0.24%), Dec copper +0.1055 (+3.37%). Metals on Monday settled mixed with Dec copper at a 3-year nearest-futures high. Metals prices were boosted by fund buying of copper on speculation that Chinese demand will strengthen after China Sep producer prices rose +6.9% y/y, the fastest pace of increase in 6 months. There was also increased demand for gold as an inflation hedge after Fed Chair Yellen said that her "best guess" is that consumer prices will soon accelerate after a period of surprising softness. Metals prices were undercut by a stronger dollar and and by reduced safe-haven demand with the rally in the S&P 500 to a new record high.
GLOBAL EVENT CALENDAR10/17/2017
Tuesday, Oct 17
US0830 ETSep import price index expected +0.6% m/m and +2.6% y/y, Aug +0.6% m/m and +2.1% y/y. Sep import price index ex-petroleum expected +0.1% m/m, Aug +0.3% m/m.
0830 ETSep export price index expected +0.5% m/m, Aug +0.6% m/m and +2.3% y/y.
0915 ETSep industrial production expected +0.3%, Aug -0.9% m/m. Sep manufacturing production expected +0.2%, Aug -0.3% m/m. Sep capacity utilization expected +0.1 to 76.2%, Aug -0.8 to 76.1%.
1000 ETOct NAHB housing market index expected unch at 64, Sep -3 to 64.
Wednesday, Oct 18
US0700 ETWeekly MBA mortgage applications, previous -2.1% with purchase sub-index -0.1% and refi sub-index -4.2%.
0800 ETNew York Fed President William Dudley (voter) and Dallas Fed President Robert Kaplan (voter) take part in a moderated discussion on economic development.
0830 ETSep housing starts expected -0.4% to 1.175 million, Aug -0.8% to 1.18 million. Sep building permits expected -2.3%to 1.243 million, Aug +3.4% to 1.272 million.
1030 ETEIA weekly Petroleum Status Report.
1400 ETFed Beige Book.
U.S. STOCK CALENDAR10/17/2017
NameTickerTimeDescriptionPeriodEstimate
UnitedHealth Group IncUNH US05:55Q3 2017 Earnings ReleaseQ3 172.565
Synovus Financial CorpSNV USBef-mktQ3 2017 Earnings ReleaseQ3 170.646
Progressive Corp/ThePGR USBef-mktQ3 2017 Earnings Release - September SalesQ3 170.348
Comerica IncCMA US06:40Q3 2017 Earnings ReleaseQ3 171.212
Johnson & JohnsonJNJ US06:40Q3 2017 Earnings ReleaseQ3 171.803
Harley-Davidson IncHOG US06:55Q3 2017 Earnings ReleaseQ3 170.395
Morgan StanleyMS US07:00Q3 2017 Earnings ReleaseQ3 170.816
Goldman Sachs Group Inc/TheGS US07:30Q3 2017 Earnings ReleaseQ3 174.252
Brown & Brown IncBRO US08:00Q3 2017 Earnings CallQ3 17
WW Grainger IncGWW US08:00Q3 2017 Earnings ReleaseQ3 172.556
Comerica IncCMA US08:00Q3 2017 Earnings CallQ3 17
Prologis IncPLD US08:00Q3 2017 Earnings ReleaseQ3 170.664
Morgan StanleyMS US08:15Q3 2017 Earnings CallQ3 17
Omnicom Group IncOMC US08:30Q3 2017 Earnings CallQ3 17
Synovus Financial CorpSNV US08:30Q3 2017 Earnings CallQ3 17
Johnson & JohnsonJNJ US08:30Q3 2017 Earnings CallQ3 17
CSX CorpCSX US08:30Q3 2017 Earnings CallQ3 17
UnitedHealth Group IncUNH US08:45Q3 2017 Earnings CallQ3 17
Harley-Davidson IncHOG US09:00Q3 2017 Earnings CallQ3 17
Goldman Sachs Group Inc/TheGS US09:30Q3 2017 Earnings CallQ3 17
Celanese CorpCE US10:00Q3 2017 Earnings CallQ3 17
Cintas CorpCTAS US10:00Annual General Meeting
IDEX CorpIEX US10:30Q3 2017 Earnings CallQ3 17
Equity LifeStyle Properties IncELS US11:00Q3 2017 Earnings CallQ3 17
WW Grainger IncGWW US11:00Q3 2017 Earnings CallQ3 17
Omnicom Group IncOMC USQ3 2017 Earnings ReleaseQ3 171.095
Prologis IncPLD US12:00Q3 2017 Earnings CallQ3 17
Navient CorpNAVI USAft-mktQ3 2017 Earnings ReleaseQ3 170.506
International Business Machines CorpIBM US16:00Q3 2017 Earnings ReleaseQ3 173.28
Lam Research CorpLRCX USAft-mktQ1 2018 Earnings ReleaseQ1 183.276
Interactive Brokers Group IncIBKR US16:00Q3 2017 Earnings ReleaseQ3 170.378
Interactive Brokers Group IncIBKR US16:30Q3 2017 Earnings CallQ3 17
International Business Machines CorpIBM US17:00Q3 2017 Earnings CallQ3 17
Pinnacle Financial Partners IncPNFP US17:00Q3 2017 Earnings ReleaseQ3 170.896
Lam Research CorpLRCX US17:00Q1 2018 Earnings CallQ1 18