Wednesday, October 16, 2013

BARCHART MORNING CALL 10/16

OVERNIGHT MARKETS AND NEWS
December E-mini S&Ps (ESZ13 +0.37%) this morning are up +0.34% after Democratic Senator Reid and Republican Senator McConnell reopened stalled budget negotiations last night and said they are "optimistic that an agreement is within reach." European stocks are down -0.39% on weaker-than-expected earnings results from Danone, which fell -3.9% after the company said Q3 revenue rose +4.2% y/y, weaker than expectations of a +4.8% y/y increase, and a -6.2% slide in LVMH Moet Hennessy Louis Vuitton SA, after the company reported Q3 revenue of 7.02 billion euros, lower than expectations of 7.24 billion euros. Asian stocks closed mixed: Japan +0.18%, Hong Kong -0.46%, China -1.87%, Taiwan -0.43%, Australia +0.07%, Singapore +0.28%, South Korea -0.29%. China's Shanghai Stock Index closed down -1.87% after JPMorgan Chase cut its recommendation on Chinese stocks to "Underweight," citing an economic slowdown and potential policy disappointment from a Communist Party meeting next month. Commodity prices are mostly higher. Nov crude oil (CLX13 +0.05%) is up +0.06% and Nov gasoline (RBX13 +0.20%) is up +0.18%. Dec gold (GCZ13 +0.57%) is up +0.78% and Dec copper (HGZ13 -1.07%) is down -1.09%. Agricultural and livestock prices are mixed. The dollar index (DXY00 -0.22%) is down -0.16%. EUR/USD (^EURUSD) is up +0.18% and USD/JPY (^USDJPY) is up +0.18%. December T-note prices (ZNZ13 -0.04%) are unchanged.
UK Sep jobless claims fell -41,700, more than expectations of -25,000 and the biggest decline in 16 years. The Sep claimant count rate unexpectedly fell -0.2 to 4.0%, the lowest in 4-3/4 years as jobless claims have now fallen for eleven consecutive months.
UK Aug employment climbed +155,000 in the 3-months through Aug to a record 29.9 million, better than expectations of an increase of +125,000. The Aug ILO unemployment rate was 7.7% in the 3-months through Aug, right on expectations.
U.S. STOCK PREVIEW
The markets today will be hoping for a CR and debt ceiling agreement from the Senate and that House Speaker Boehner will be willing to put the Senate plan to a vote on the House floor. There are 22 of the S&P 500 companies that report earnings today with notable reports including Abbott Labs (consensus $0.51), Northern Trust (0.77), US Bancorp (0.76), Mattel (1.11), Bank of New York Mellon (0.58), Blackrock (3.88), Bank of America (0.21), Pepsico (1.17), eBay (0.63), American Express (1.22), IBM (3.96).
Equity conferences during the remainder of this week include: 10/16/2013 on Wed; International Cash and Treasury Management Conference on Wed-Fri; Canaccord Genuity Global Resource Conference on Wed-Fri; Conference Board of Canada: Canada's North Summit 2013 on Wed; Bloomberg Oil & Gas Conference on Thu; Global Automotive Forum Annual Conference on Thu.
OVERNIGHT U.S. STOCK MOVERS
Reuters reported that Dallas Fed President Fisher said "reckless" U.S. fiscal policy will likely force the Fed to stand pat on monetary policy this month.
PNC Financial Services Group (PNC -0.64%) reported Q3 EPS of $1.79, well ahead of consensus of $1.62.
Pepsico (PEP -0.60%) reported Q3 EPS of $1.24, stronger than consensus of $1.17.
Bank of America (BAC -0.77%) reported Q3 EPS of 28 cents, better than consensus of 21 cents.
Mattel (MAT -0.93%) reported Q3 EPS of $1.16, stronger than consensus of $1.11.
Stanley Black & Decker (SWK -2.26%) reported Q3 EPS of $1.39, better than consensus of $1.38.
The WSJ reported that JPMorgan Chase (JPM -0.76%) has agreed to pay the Commodity Futures Trading Commission $100 million to settle charges related to the bank's failed London Whale trade.
CNBC reports that Twitter (TWTR) will be listed on the NYSE.
Gabelli reported a 6.16% stake in Lennar (LEN -2.83%) .
CSX (CSX +0.31%) reported Q3 EPS of 46 cents, better than consensus of 43 cents.
Yahoo (YHOO -1.82%) rallied 2% in after-hours trading after it reported Q3 EPS of 34 cents, better than consensus of 33 cents.
Intel (INTC -0.26%) fell 1.5% in after-hours trading after it reported Q3 EPS of 58 cents, better than consensus of 53 cents, but then said manufacturing snags will delay its new Broadwell line of processors.
MARKET COMMENTS
Dec E-mini S&Ps (ESZ13 +0.37%) this morning are up +5.75 points (+0.34%). The S&P 500 index on Tuesday fell back from a 3-week high and closed lower after the House attempted to circumvent the Senate’s emerging bipartisan agreement. Another negative for stocks was the the weaker-than-expected Oct Empire manufacturing index of -4.77 to a 5-month low of 1.52. Closes: S&P 500 -0.72%, Dow Jones -0.71%, Nasdaq 100 -0.87%.
Dec 10-year T-notes (ZNZ13 -0.04%) this morning are unchanged. Dec 10-year T-note prices on Tuesday closed little changed. Dec T-notes had fallen to a 3-week low after Senate leaders said there was progress on raising the debt limit. T-notes recovered and closed little changed, however, after the Oct Empire manufacturing index unexpectedly fell to a 5-month low. Closes: TYZ3 -2, FVZ3 +2.50.
The dollar index (DXY00 -0.22%) this morning is down -0.131 (-0.16%). EUR/USD (^EURUSD) is up +0.0024 (+0.18%) and USD/JPY (^USDJPY) is up +0.18 (+0.18%). The dollar index on Tuesday jumped to a 3-week high and closed higher. Prices fell back from their best levels as U.S. lawmakers continued to struggle to reach an agreement on a CR and a hike in the debt ceiling. EUR/USD fell to a 2-week low after the Oct ZEW survey current situation unexpectedly fell -0.9 to 29.7, weaker than expectations of +0.7 to 31.3. Closes: Dollar index +0.219 (+0.27%), EUR/USD -0.00374 (-0.28%), USD/JPY -0.398 (-0.40%).
Nov WTI crude oil (CLX13 +0.05%) this morning is up +6 cents (+0.06%) and Nov gasoline (RBX13 +0.20%) is up +0.0048 (+0.18%). Nov crude oil and gasoline prices on Tuesday closed lower on bearish factors that included (1) a rally in the dollar index to a 3-week high, (2) the unexpected decline in the Oct Empire manufacturing index to a 5-month low, and (3) reduced geopolitical risks as Iran entered talks in Geneva on its nuclear program in an attempt to have the international sanctions on its oil exports lifted. Closes: CLX3 -1.20 (-1.17%), RBX3 -0.0070 (-0.26%).
GLOBAL EVENT CALENDAR10/16/2013
US0700 ETWeekly MBA mortgage applications, previous +1.3% with purchase sub-index -0.7% and refi sub-index +2.5%.
1330 ETCleveland Fed President Sandra Pianalto speaks on Housing in the National Economy at the Northeast Ohio Real Estate Convention.
1400 ETFed releases Beige Book.
1630 ETAPI weekly U.S. oil statistics.
1845 ETDallas Fed President Richard Fisher speaks at an Intelligence Squared U.S. Debate on Break Up the Big Banks.
EUR0200 ETEurozone Sep new car registrations, Aug -5.0%.
0500 ETEurozone Sep CPI expected +0.5% m/m, Aug +0.1% m/m. Revised Eurozone Sep CPI, previous +1.1% y/y and core +1.0% y/y.
UK0430 ETUK Sep jobless claims change expected -25,000, Aug -32,600. Sep claimant count rate expected -0.1 to 4.1%, Aug 4.2%.
0430 ETUK Aug avg weekly earnings expected +1.0% 3-mo/year-over-year, July +1.1% 3-mo/year-over-year. Aug avg weekly earnings ex-bonus expected +1.0% 3-mo/year-over-year, July +1.0% 3-mo/year-over-year.
0430 ETUK Aug ILO unemployment rate expected 7.7% 3-months, July 7.7% 3-months.
U.S. STOCK CALENDAR10/16/2013
Company NameTickerTimeEvent DescriptionPeriodEstimate
Abbott LaboratoriesABT USBef-mktQ3 2013 Earnings ReleaseQ3 20130.514
Comerica IncCMA USBef-mktQ3 2013 Earnings ReleaseQ3 20130.708
PNC Financial Services Group Inc/ThePNC USBef-mktQ3 2013 Earnings ReleaseQ3 20131.616
Northern Trust CorpNTRS USBef-mktQ3 2013 Earnings ReleaseQ3 20130.767
KeyCorpKEY USBef-mktQ3 2013 Earnings ReleaseQ3 20130.221
US Bancorp/MNUSB USBef-mktQ3 2013 Earnings ReleaseQ3 20130.755
Mattel IncMAT US6:00Q3 2013 Earnings ReleaseQ3 20131.114
Stanley Black & Decker IncSWK US6:00Q3 2013 Earnings ReleaseQ3 20131.378
Bank of New York Mellon Corp/TheBK US6:30Q3 2013 Earnings ReleaseQ3 20130.578
BlackRock IncBLK US6:30Q3 2013 Earnings ReleaseQ3 20133.882
Bank of America CorpBAC US7:00Q3 2013 Earnings ReleaseQ3 20130.205
PepsiCo IncPEP US7:00Q3 2013 Earnings ReleaseQ3 20131.17
St Jude Medical IncSTJ US7:30Q3 2013 Earnings ReleaseQ3 20130.895
Bank of New York Mellon Corp/TheBK US8:00Q3 2013 Earnings CallQ3 2013
Comerica IncCMA US8:00Q3 2013 Earnings CallQ3 2013
WW Grainger IncGWW US8:00Q3 2013 Earnings ReleaseQ3 20133.036
WW Grainger IncGWW US8:00Q3 2013 Earnings CallQ3 2013
PepsiCo IncPEP US8:00Q3 2013 Earnings CallQ3 2013
Stanley Black & Decker IncSWK US8:00Q3 2013 Earnings CallQ3 2013
St Jude Medical IncSTJ US8:00Q3 2013 Earnings CallQ3 2013
CSX CorpCSX US8:30Q3 2013 Earnings CallQ3 2013
L Brands IncLTD US8:30Investor MeetingY 2013
Mattel IncMAT US8:30Q3 2013 Earnings CallQ3 2013
Bank of America CorpBAC US8:30Q3 2013 Earnings CallQ3 2013
BlackRock IncBLK US8:30Q3 2013 Earnings CallQ3 2013
Mallinckrodt PLCMNK US8:30FY 2014 Guidance CallY 2014
Abbott LaboratoriesABT US9:00Q3 2013 Earnings CallQ3 2013
KeyCorpKEY US9:00Q3 2013 Earnings CallQ3 2013
US Bancorp/MNUSB US9:30Q3 2013 Earnings CallQ3 2013
PNC Financial Services Group Inc/ThePNC US10:00Q3 2013 Earnings CallQ3 2013
Paychex IncPAYX US10:00Annual General MeetingY 2013
Linear Technology CorpLLTC US11:30Q1 2014 Earnings CallQ1 2014
Northern Trust CorpNTRS US12:00Q3 2013 Earnings CallQ3 2013
eBay IncEBAY US16:00Q3 2013 Earnings ReleaseQ3 20130.627
Xilinx IncXLNX US16:20Q2 2014 Earnings ReleaseQ2 20140.524
International Business Machines CorpIBM US16:30Q3 2013 Earnings CallQ3 2013
Kinder Morgan Inc/DEKMI US16:30Q3 2013 Earnings CallQ3 2013
American Express CoAXP US17:00Q3 2013 Earnings CallQ3 2013
Xilinx IncXLNX US17:00Q2 2014 Earnings CallQ2 2014
SanDisk CorpSNDK US17:00Q3 2013 Earnings CallQ3 2013
eBay IncEBAY US17:00Q3 2013 Earnings CallQ3 2013
American Express CoAXP USAft-mktQ3 2013 Earnings ReleaseQ3 20131.221
Crown Holdings IncCCK USAft-mktQ3 2013 Earnings ReleaseQ3 20131.082
International Business Machines CorpIBM USAft-mktQ3 2013 Earnings ReleaseQ3 20133.956
Albemarle CorpALB USAft-mktQ3 2013 Earnings ReleaseQ3 20131.072
SanDisk CorpSNDK USAft-mktQ3 2013 Earnings ReleaseQ3 20131.327
Steel Dynamics IncSTLD USAft-mktQ3 2013 Earnings ReleaseQ3 20130.242
United Rentals IncURI USAft-mktQ3 2013 Earnings ReleaseQ3 20131.585
East West Bancorp IncEWBC USAft-mktQ3 2013 Earnings ReleaseQ3 20130.538
SLM CorpSLM USAft-mktQ3 2013 Earnings ReleaseQ3 20130.591
Kinder Morgan Inc/DEKMI USAft-mktQ3 2013 Earnings ReleaseQ3 20130.305
Questar CorpSTR USRoadshow -St. LouisY 2013
Posted by Jim Van Meerten at
Labels: , , , , , , , , , , , , , , , , , , ,

No comments:

Post a Comment

Subscribe to: Post Comments (Atom)