Friday, September 27th, 2013View Older Reports
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OVERNIGHT MARKETS AND NEWS
December E-mini S&Ps (ESZ13 -0.40%) this morning are down -0.40% and European stocks are also down -0.40% over concern a shutdown of the federal government due to the U.S. budget impasse will hurt economic growth. Asian stocks closed mixed: Japan -0.26%, Hong Kong +0.35%, China +0.44%, Taiwan +0.56%, Australia +0.24%, Singapore +0.50%, South Korea +0.10%, India -0.84%. The U.S. Senate will vote today on an emergency budget to prevent a shutdown of the federal government when the new fiscal year begins on Tuesday. Commodity prices are mostly lower. Nov crude oil (CLX13 -0.45%) is down -0.60% and Nov gasoline (RBX13 -0.33%) is down -0.38% as the five permanent members of the UN Security Council prepare to vote later today on a resolution to eliminate Syria's chemical weapons. Dec gold (GCZ13 +0.87%) is up +0.07% and Dec copper (HGZ13 +0.29%) is up +0.12%. Agricultural and livestock prices are mixed. The dollar index (DXY00 -0.22%) is down -0.14%. EUR/USD (^EURUSD) is up +0.12% after Eurozone Sep economic confidence rose to a 2-year high. USD/JPY (^USDJPY) is down -0.46%. December T-note prices (ZNZ13 +0.14%) are up +3.5 ticks.The Eurozone Sep business climate indicator rose +0.02 from Aug to -0.20, less than expectations of +0.11 to -0.10, but still the highest in 1-1/2 years. Sep economic confidence rose +1.6 to 96.9, better than expectations of +0.8 to 96.0 and the highest in 2 years.
UK Sep Lloyds business barometer of economic optimism rose +3 to 57, the highest since the data series began in 2002.
UK Sep GfK consumer confidence climbed +3 to -10, better than expectations of +2 to -11 and the highest in nearly 6 years.
UK Sep nationwide house prices increased +0.9% m/m and +5.0% y/y, higher than expectations of +0.5% m/m and +4.4% y/y with the +5.0% y/y increase the biggest annual gain in 3 years.
Japan Aug national CPI rose +0.9% y/y, higher than expectations of +0.8% y/y. Aug national CPI ex-fresh food rose +0.8% y/y, higher than expectations of +0.7% y/y, and Aug national CPI ex food & energy fell -0.1% y/y, right on expectations.
China Aug industrial profits year-to-date rose +12.8% y/y from +11.1% y/y in July, the most in 6 months.
U.S. STOCK PREVIEW
Today’s final-Sep U.S. consumer confidence index from the University of Michigan is expected to show a +1.2 point increase to 78.0 from 76.8 in early-Sep. Today’s Aug personal income and spending reports are expected to remain lackluster, suggesting that consumers will not be providing any significant near-term boost to the U.S. economy. Aug personal income is expected to improve to +0.4% from +0.1% in July and Aug personal spending is expected to improve to +0.3% from +0.1% in July. Today’s Aug PCE deflator is expected to ease to +1.2% y/y from +1.4% in July. Meanwhile, the Aug core PCE deflator, which is the Fed’s preferred inflation measure, is expected to edge higher to +1.3% /y from +1.2% y/y in July. There is one of the Russell 1000 companies that report earnings today: Chimera Investment Corp (consensus $0.11).
OVERNIGHT U.S. STOCK MOVERS
Bank of America (BAC -0.42%) and Goldman Sachs (GS -0.01%) wwere both downgraded to "Neutral" from "Buy" at Guggenheim.BlackBerry (BBRY -0.75%) reported a Q2 adjusted EPS loss of -47 cents, a smaller loss than consensus of -49 cents.
Occidental Petroleum (OXY +0.72%) was upgraded to "Positive" from "Neutral" at Susquehanna.
Finish Line (FINL +0.45%) reported Q2 EPS of 54 cents, better than consensus of 45 cents.
The NY Times reports that the Justice Department has asked JPMorgan Chase (JPM +0.37%) to pay a higher fine for questionable mortgage practices than the roughly $7 billion that it has offered to pay.
Akamai (AKAM +1.32%) was downgraded to "Neutral" from "Buy" at B. Riley.
Arch Coal (ACI -1.52%) was downgraded to "Sell" from "Neutral" at Goldman.
KKR Fund reported a 28.4% stake in RigNet (RNET +3.43%) .
Thor Industries (THO -0.53%) reported Q4 EPS of $1.04, well ahead of consensus of 95 cents.
Nike (NKE +2.06%) rose over 6% in after-hours trading after it reported Q1 EPS of 86 cents, stronger than consensus of 78 cents.
PetSmart (PETM +0.76%) announced that it will increase its quarterly dividend from 16.5 cents to 19.5 cents per share beginning in the third quarter of fiscal 2013.
Accenture (ACN -0.33%) reported Q4 EPS of $1.01, right on consensus, although Q4 revenue of $7.1 billion was higher than consensus of $6.9 billion.
MARKET COMMENTS
Dec E-mini S&Ps (ESZ13 -0.40%) this morning are down -6.75 points (-0.40%). The S&P 500 index on Thursday closed higher after weekly initial unemployment claims unexpectedly fell -5,000 to 305,000, better than expectations for a +16,000 increase to 325,000. Gains in stocks were limited by (1) the -1.6% decline in Aug pending home sales (weaker than expectations of -1.0% m/m), and (2) concern that the budget impasse in Washington could prompt a shutdown of the federal government and weaken the economic recovery. Closes: S&P 500 +0.35%, Dow Jones +0.36%, Nasdaq 100 +0.79%.Dec 10-year T-notes (ZNZ13 +0.14%) this morning are up +3.5 ticks. Dec 10-year T-note prices on Thursday closed lower after weekly jobless claims unexpectedly fell. However, supportive factors included (1) the weaker-than-expected Aug pending home sales report of -1.6%, and (2) safe-haven demand over the battle in Washington over the continuing resolution and the debt ceiling. Closes: TYZ3 -6.00, FVZ3 -2.25.
The dollar index (DXY00 -0.22%) this morning is down -0.110 (-0.14%). EUR/USD (^EURUSD) is up +0.0016 (+0.12%) and USD/JPY (^USDJPY) is down -0.46 (-0.46%). The dollar index on Thursday closed higher as an unexpected decline in U.S. weekly initial unemployment claims bolstered speculation the Fed may taper QE3 as soon as next month. USD/JPY rose as the yen weakened on the Kyodo News report that Prime Minister Abe’s administration pledged to “promptly” begin a study on reducing Japan’s corporate tax rate. Closes: Dollar index +0.189 (+0.24%), EUR/USD -0.00371 (-0.27%), USD/JPY +0.546 (+0.55%).
Nov WTI crude oil (CLX13 -0.45%) this morning is down -62 cents (-0.60%) and Nov gasoline (RBX13 -0.33%) is down -0.0102 (-0.38%). Nov crude oil and gasoline prices on Thursday closed higher. Bullish factors included (1) signs of economic strength after U.S. weekly jobless claims unexpectedly fell -5,000, versus expectations of a +16,000 increase, and (2) strength in gasoline on speculation that supplies will be limited on reduced output due to seasonal refinery maintenance and turnarounds to winter-blends. Closes: CLX3 +0.37 (+0.36%), RBX3 +0.0303 (+1.14%).
GLOBAL EVENT CALENDAR09/27/2013
| US | 0545 ET | Chicago Fed President Charles Evans speaks on current economic conditions and monetary policy at the Norges Bank Conference in Oslo, Norway. |
| 0830 ET | Aug personal spending expected +0.3%, July +0.1%. Aug personal income expected +0.4%, July +0.1%. Aug PCE deflator expected +0.1% m/m and +1.2% y/y, July +0.1% m/m and +1.4% y/y. Aug PCE core deflator expected +0.1% m/m and +1.3% y/y, July +0.1% m/m and +1.2% y/y. | |
| 0830 ET | Boston Fed President Eric Rosengren delivers opening remarks at a conference on stable funding at the New York Fed. | |
| 0955 ET | Final U.S. Sep University of Michigan consumer confidence expected +1.2 to 78.0, previous -5.3 to 76.8. | |
| 1015 ET | Chicago Fed President Charles Evans speaks as part of a panel discussion titled Monetary and Macroprudential Policies Going Forward at the Norges Bank Conference in Oslo, Norway. | |
| 1400 ET | New York Fed President William Dudley speaks at an event in New York on national and regional economic conditions. | |
| 1500 ET | Q3 Quarterly Hogs & Pigs. | |
| UK | 0200 ET | UK Sep nationwide house prices expected +0.5% m/m and +4.4% y/y, Aug +0.6% m/m and +3.5% y/y. |
| 0430 ET | UK Sep Lloyds business barometer, Aug 54. | |
| 0430 ET | UK July index of services expected +0.5% m/m and +0.6% 3-mo/3-mo, June unch m/m and +0.6% 3-mo/3-mo. | |
| EUR | 0500 ET | Eurozone Sep business climate indicator expected +0.11 to -0.10, Aug -0.21. Sep economic confidence expected +0.8 to 96.0, Aug 95.2. |
| 0500 ET | Revised Eurozone Sep consumer confidence. | |
| GER | 0800 ET | German Sep CPI (EU harmonized) expected unch m/m and +1.6% y/y, Aug unch m/m and +1.6% y/y. |
U.S. STOCK CALENDAR09/27/2013
| Company Name | Ticker | Time | Event Description | Period | Estimate |
|---|---|---|---|---|---|
| General Electric Co | GE US | 7:15 | Ottawa Chamber of Commerce Presents CEO, Elyse Allan | ||
| ConAgra Foods Inc | CAG US | 9:30 | Annual General Meeting | Y 2013 | |
| John Wiley & Sons Inc | JW/A US | 10:00 | Investor and Analyst Day | Y 2013 | |
| Mid-America Apartment Communities Inc | MAA US | Extraordinary Shareholders Meeting | |||
| Mid-America Apartment Communities Inc | MAA US | Special Meeting - M&A Vote | |||
| Chimera Investment Corp | CIM US | Q2 2012 Earnings Release | Q2 2012 | 0.108 |
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