Tuesday, May 7, 2013

Barchart Moring Call 5/7


Tuesday, May 7th, 2013>>View Older Reports
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OVERNIGHT MARKETS AND NEWS
June E-mini S&Ps (ESM13 +0.11%) this morning are up +0.12% at another fresh record high. European stocks rose +0.64% to a 1-3/4 year high after German factory orders unexpectedly increased. Another positive for global stocks was the action by the Reserve Bank of Australia to cut its benchmark interest rate by 25 bp. Portugal's 10-year government bond yield slipped to 5.44%, the lowest in 2-3/4 years as the country readies the markets for a sale of 3 billion euros of 10-year government bonds, its first sale of a new bond since it asked for a bailout 2 years ago. Asian stocks closed mixed: Japan +3.55%, Hong Kong +0.58%, China +0.16%, Taiwan -0.07%, Australia -0.24%, Singapore +0.03%, South Korea -0.53%, India +1.09%. Commodity prices are mixed. June WTI crude oil (CLM13 -0.52%) is down -0.48%. June gasoline (RBM13 -0.43%) is down -0.45%, June natural gas (NGM13 -0.97%) is down -0.62%, June gold (GCM13 -0.35%) is down -0.54%, July copper (HGN13 -0.30%) is down -0.20%. Agriculture prices are higher. The dollar index (DXY00 -0.24%) is lower by -0.24%. EUR/USD (^EURUSD) is up +0.40%. USD/JPY (^USDJPY) is down -0.08%. June 10-year T-note futures prices (ZNM13 -0.02%) are little changed, down -0.5 of a tick.
German Mar factory orders unexpectedly climbed +2.2% m/m, stronger than expectations for a -0.5% m/m decline, while factory orders fell -0.4% y/y, better than expectations for a -2.9% y/y decline.
The UK April BRC shop price index weakened to a +0.4% increase from a +1.4% gain in March.
The UK April Lloyds employment confidence improved slightly to -41 from -45 in March.
The Reserve Bank of Australia (RBA) cut its benchmark interest rate by 25 bp to a record low 2.75% and RBA Governor Stevens said "The board has previously noted that the inflation outlook would afford scope to ease further and that a further decline in the cash rate was appropriate to encourage sustainable growth in the economy."
U.S. STOCK PREVIEW
Today’s March consumer credit report is expected to show an increase of +$15.5 billion, adding to the increase of +$18.139 billion seen in February. The Treasury today will sell $32 billion in 3-year T-notes to kick off this week's $72 billion quarterly refunding operation. There are 22 of the S&P 500 companies that report earnings today. Notable earnings reports include Emerson Electric (consensus $0.78), McKesson (2.31), Disney (0.77), Marathon Oil (0.72), Electronic Arts (0.58), Whole Foods (0.73), Williams Companies (0.24), Symantec (0.38).
Conferences during the remainder of this week include American Gas Association (AGA) Financial Forum on Mon, Mizuho Securities USA Healthcare Access Day on Tue, Barclays Chemical ROC Star Conference on Tue, Robert W. Baird Growth Stock Conference on Tue-Thu, Jefferies Global Technology, Media and Telecom Conference on Tue-Thu, ISI Bermuda Energy Conference on Wed, 17th Annual International Cash and Treasury Management Conference on Wed-Thu, Wells Fargo Industrial and Construction Conference on Wed-Thu, Skybridge Alternatives Conference (SALT)-Las Vegas on Wed-Thu, Sanford C. Bernstein & Co IT Services Conference on Thu.
OVERNIGHT U.S. STOCK MOVERS
Fossil (FOSL +0.71%) reported Q1 EPS of $1.08, better than consensus of 97 cents.
NRG Energy (NRG +0.11%) reported a Q1 EPS loss of -37 cents, wider than consensus of a -29 cent loss.
Discovery Communications (DISCA -0.24%) reported Q1 EPS of 63 cents, weaker than consensus of 64 cents.
According to an AP report, the Senate late Monday passed a bill allowing states to collect a tax on Internet purchases.
DCP Midstream (DPM +0.23%) reported Q1 adjusted EPS of 63 cents, below consensus of 64 cents.
Mindray Medical (MR +1.93%) reported Q1 adjusted EPS of 53 cents, much better than consensus of 41 cents.
Vantiv (VNTV -0.43%) reported Q1 adjusted EPS of 31 cents, better than consensus of 30 cents.
Alleghany (Y +1.83%) reported Q1 EPS of $11.67, well ahead of consensus of $8.01.
Chico's FAS (CHS -0.98%) was initiated with an "Outperform" at Wells Fargo with a price range of $20 to $22 a share.
Frontier Communications (FTR +1.49%) reported Q1 EPS of 5 cents, lower than consensus of 6 cents.
Ruckus Wireless (RKUS +5.15%) reported Q1 adjusted EPS of 3 cents, weaker than consensus of 4 cents.
Scotts Miracle-Gro (SMG +1.64%) reported Q2 EPS of $1.60, well below consensus of $2.00.
First Solar (FSLR +3.67%) fell 3% in after-hours ttrading after it reported Q1 EPS of 69 cents, below consensus of 75 cents. The stock then recovered all of its losses and moved up over 1% when it reaffirmed its guidance for fiscal 2012 and announced a reduction in its work force of about 150 employees.
Norwegian Cruise Line (NCLH +0.92%) reported Q1 adjusted EPS of 6 cents, double the consensus of 3 cents.
Anadarko (APC +1.18%) reported Q1 EPS ex-items $1.08, stronger than consensus of 94 cents.
Matson (MATX +0.29%) reported Q1 EPS of 21 cents, better than consensus of 15 cents.
MARKET COMMENTS
June E-mini S&Ps (ESM13 +0.11%) this morning are up +2.00 points (+0.12%) at a new record high. The S&P 500 index on Monday posted a fresh record high and closed higher. Stocks found carry-over support from last Friday's gains after U.S. employment in April rose more than expected. Also, stocks continue to receive a boost from strong earnings results as 73% of the 407 S&P 500 companies that have reported Q1 earnings results thus far have beaten expectations. Closes: S&P 500 +0.19%, Dow Jones -0.03%, Nasdaq 100 +0.37%.
June 10-year T-notes (ZNM13 -0.02%) this morning are little changed, down -0.5 of a tick. June 10-year T-note futures prices on Monday closed lower. T-notes added to Friday's losses and posted a fresh 3-week low as stronger equities reduced the safe-haven demand for Treasuries, along with supply pressures ahead of this week's May refunding of $72 billion of T-notes and T-bonds that begins Tuesday with the Treasury's $32 billion 3-year T-note auction. Closes: TYM3 -6.0, FVM3 -2.75.
The dollar index (DXY00 -0.24%) this morning is lower by -0.201 (-0.24%). EUR/USD (^EURUSD) is up +0.0052 (+0.40%) and USD/JPY (^USDJPY) is down -0.08 (-0.08%). The dollar index on Monday closed higher. EUR/USD was knocked lower after comments from ECB Executive Board member Coeure who said the ECB is ready to cut interest rates further if the economic outlook in the Eurozone worsens. USD/JPY rallied up to a 1-week high as the yen weakened after stock market strength reduced the safe-haven demand for the yen. Closes: Dollar index +0.190 (+0.23%), EUR/USD -0.00406 (-0.31%), USD/JPY +0.326 (+0.33%).
June WTI crude oil (CLM13 -0.52%) this morning is down -46 cents a barrel (-0.48%). June gasoline (RBM13 -0.43%) is down -1.28 cents per gallon (-0.45%). June crude oil and gasoline on Monday rallied sharply in overnight trade after Israel made several air strikes in Syria over the weekend, but prices fell back from their best levels on speculation there won't be much effect on oil flow through the Middle East. Another negative factor that pulled Jun crude off of a 1-month high was the stronger dollar. Closes: CLM3 +0.55 (+0.58%), RBM3 +0.0403 (+1.43%).
GLOBAL EVENT CALENDAR05/07/2013
US1300 ETTreasury auctions $32 billion 3-year T-notes.
1500 ETMar consumer credit expected +$15.5 billion, Feb +$18.139 billion.
1630 ETAPI weekly U.S. oil statistics.
GER0600 ETGerman Mar factory orders (sa) expected -0.5% m/m and -2.9% y/y, Feb +2.3% m/m and unch y/y (nsa).
CHIn/aChina Apr trade balance expected +$15.5 billion, Mar -$0.88 billion. Apr exports expected +10.0% y/y, Mar +10.0% y/y. Apr imports expected +13.0% y/y, Mar +14.1% y/y.
U.S. STOCK CALENDAR05/07/2013
Company NameSymbolTimeEvent DescriptionPeriodEPS Est (US$)
DIRECTVDTV USBef-mktQ1 2013 Earnings ReleaseQ1 20131.095
Health Care REIT IncHCN USBef-mktQ1 2013 Earnings ReleaseQ1 20130.904
Emerson Electric CoEMR USBef-mktQ2 2013 Earnings ReleaseQ2 20130.781
NRG Energy IncNRG USBef-mktQ1 2013 Earnings ReleaseQ1 2013-0.294
Molson Coors Brewing CoTAP USBef-mktQ1 2013 Earnings ReleaseQ1 20130.343
International Flavors & Fragrances IncIFF USBef-mktQ1 2013 Earnings ReleaseQ1 20131.132
FirstEnergy CorpFE USBef-mktQ1 2013 Earnings ReleaseQ1 20130.686
Fossil IncFOSL USBef-mktQ1 2013 Earnings ReleaseQ1 20130.969
Discovery Communications IncDISCA US7:00Q1 2013 Earnings ReleaseQ1 20130.645
Perrigo CoPRGO US8:00Q3 2013 Earnings ReleaseQ3 20131.444
Discovery Communications IncDISCA US8:30Q1 2013 Earnings CallQ1 2013
EOG Resources IncEOG US9:00Q1 2013 Earnings CallQ1 2013
NRG Energy IncNRG US9:00Q1 2013 Earnings CallQ1 2013
Fossil IncFOSL US9:00Q1 2013 Earnings CallQ1 2013
Anadarko Petroleum CorpAPC US10:00Q1 2013 Earnings CallQ1 2013
Baxter International IncBAX US10:00Annual General MeetingY 2013
Health Care REIT IncHCN US10:00Q1 2013 Earnings CallQ1 2013
Boston Scientific CorpBSX US10:00Annual General MeetingY 2013
Vornado Realty TrustVNO US10:00Q1 2013 Earnings CallQ1 2013
Gannett Co IncGCI US10:00Annual General MeetingY 2013
Perrigo CoPRGO US10:00Q3 2013 Earnings CallQ3 2013
International Flavors & Fragrances IncIFF US10:00Q1 2013 Earnings CallQ1 2013
Molson Coors Brewing CoTAP US11:00Q1 2013 Earnings CallQ1 2013
Kinder Morgan Inc/DEKMI US11:00Annual General MeetingY 2013
Cliffs Natural Resources IncCLF US11:30Annual General MeetingY 2013
Sigma-Aldrich CorpSIAL US12:00Annual General MeetingY 2013
Wynn Resorts LtdWYNN US13:00Annual General MeetingY 2013
FirstEnergy CorpFE US13:00Q1 2013 Earnings CallQ1 2013
DIRECTVDTV US14:00Q1 2013 Earnings CallQ1 2013
Emerson Electric CoEMR US14:00Q2 2013 Earnings CallQ2 2013
Molson Coors Brewing CoTAP US14:00Q1 2013 Earnings Call - Follow-Up SessionC1 2013
Murphy Oil CorpMUR US15:00Analyst MeetingY 2013
Danaher CorpDHR US15:00Annual General MeetingY 2013
Mondelez International IncMDLZ US16:00Q1 2013 Earnings ReleaseQ1 20130.334
McKesson CorpMCK US16:00Q4 2013 Earnings ReleaseQ4 20132.308
CA IncCA US16:15Q4 2013 Earnings ReleaseQ4 20130.553
Walt Disney Co/TheDIS US16:15Q2 2013 Earnings ReleaseQ2 20130.77
CH Robinson Worldwide IncCHRW US16:15Q1 2013 Earnings ReleaseQ1 20130.685
CA IncCA US16:30Q4 2013 Earnings CallQ4 2013
Mondelez International IncMDLZ US17:00Q1 2013 Earnings CallQ1 2013
DaVita HealthCare Partners IncDVA US17:00Q1 2013 Earnings CallQ1 2013
McKesson CorpMCK US17:00Q4 2013 Earnings CallQ4 2013
Walt Disney Co/TheDIS US17:00Q2 2013 Earnings CallQ2 2013
Electronic Arts IncEA US17:00Q4 2013 Earnings CallQ4 2013
Whole Foods Market IncWFM US17:00Q2 2013 Earnings CallQ2 2013
TripAdvisor IncTRIP US17:00Q1 2013 Earnings CallQ1 2013
BMC Software IncBMC US17:00Q4 2013 Earnings CallQ4 2013
CH Robinson Worldwide IncCHRW US17:00Q1 2013 Earnings CallQ1 2013
Symantec CorpSYMC US17:00Q4 2013 Earnings CallQ4 2013
DaVita HealthCare Partners IncDVA USAft-mktQ1 2013 Earnings ReleaseQ1 20131.797
Marathon Oil CorpMRO USAft-mktQ1 2013 Earnings ReleaseQ1 20130.719
Electronic Arts IncEA USAft-mktQ4 2013 Earnings ReleaseQ4 20130.575
Whole Foods Market IncWFM USAft-mktQ2 2013 Earnings ReleaseQ2 20130.729
Williams Cos Inc/TheWMB USAft-mktQ1 2013 Earnings ReleaseQ1 20130.24
TripAdvisor IncTRIP USAft-mktQ1 2013 Earnings ReleaseQ1 20130.468
Symantec CorpSYMC USAft-mktQ4 2013 Earnings ReleaseQ4 20130.381
United Parcel Service IncUPS USRoadshow - MontrealY 2013
United Parcel Service IncUPS USRoadshow - Kansas CityY 2013
Posted by Jim Van Meerten at
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