The German Nov PMI services index was revised up to 55.7 from the originally reported 54.5 and matched the Jan 2013 level as the fastest pace of expansion in 2-1/3 years.
Eurozone Oct retail sales unexpectedly fell -0.2% m/m and -0.1% y/y, weaker than expectations of unch m/m and +1.0% y/y.
Eurozone Q3 GDP was left unrevised at +0.1% q/q and -0.4% y/y.
The Eurozone Nov PMI composite index was revised up to 51.7 from the originally reported 51.5.
UK Nov PMI services fell -2.5 to 60.0, a bigger decline than expectations of -0.5 to 62.0.
Equity conferences during the remainder of this week include: Citi Basic Materials Conference on Tue-Wed, Piper Jaffray Healthcare Conference on Tue-Wed, Bank of America-Merrill Lynch Leveraged Finance Conference on Tue-Wed, Cowen and Company Ultimate Energy Conference on Tue-Wed, NASDAQ OMX International Investor Program on Tue-Wed, Credit Suisse Technology Conference on Tue-Thu, Credit Suisse Business Services Conference on Tue-Thu, Asia Derivatives Conference on Tue-Wed, Janney Industrials Conference on Thu.
Ross Stores (ROST -1.93%) was downgraded to 'Neutral' from 'Outperform' at Credit Suisse.
AT&T (T -0.17%) was downgraded to 'Neutral' from 'Overweight' at JPMorgan.
eBay (EBAY +1.13%) was downgraded to 'Equal Weight' from 'Overweight' at Evercore.
U.S. Bancorp (USB -1.76%) was upgraded to 'Conviction Buy' from 'Neutral' at Goldman.
Citigroup (C -0.93%) was downgraded to 'Neutral' from 'Conviction Buy' at Goldman.
ComScore reported holiday season U.S. retail e-commerce spending from Thanksgiving through Cyber Monday, online buying from desktop computers totaled $5.3 billion, up 22% versus last year.
ESL Partners lowered its stake in Sears Holdings (SHLD -7.72%) to 48.4% from 55.4%.
J.C. Penney (JCP +1.00%) rose over 5% in after-hours trading after it reported November same-store-sales rose 10.1% y/y.
United Natural Foods (UNFI -0.23%) reported Q1 EPS of 56 cents, better than consensus of 54 cents.
Mar 10-year T-notes (ZNH14 -0.17%) this morning are down -7.5 ticks. Mar T-notes on Tuesday closed higher as a slide in stocks boosted the safe-haven demand for Treasuries. Gains were muted on expectations that the economy is strong enough to allow the Fed to cut back on its monthly asset purchases. Closes: TYH4 +7.50, FVH4 +5.00.
The dollar index (DXY00 +0.02%) this morning is up +0.043 (+0.05%). EUR/USD (^EURUSD) is down -0.0003 (-0.02%) and USD/JPY (^USDJPY) is unch. The dollar index on Tuesday closed lower. Negative factors included (1) strength in the yen after USD/JPY fell back from a 6-1/4 month high as weak stocks boosted the safe-haven demand for the yen, and (2) short-covering in EUR/USD which rose ahead of Thursday’s ECB meeting. Closes: Dollar index -0.30 (-0.37%), EUR/USD +0.00476 (+0.35%), USD/JPY -0.432 (-0.42%).
Jan WTI crude oil (CLF14 +1.25%) this morning is up +$1.23 a barrel (+1.28%) at a 5-week high and Jan gasoline (RBF14 -0.14%) is down -0.0029 (-0.11%). Jan crude oil and gasoline prices on Tuesday closed higher with Jan crude at a 1-month high. Bullish factors included (1) TransCanada’s announcement that it will begin operating the southern leg of its Keystone XL pipeline next month that will move 700,000 barrels a day of crude to Port Arthur, TX from Cushing, OK, the delivery point for WTI futures, which will reduce Cushing’s oil inventories, and (2) expectations for Wednesday’s weekly EIA crude inventories to decline by -500,000 bbl, which would be the first decline since September. Closes: CLF4 +2.22 (+2.37%), RBF4 +0.0453 (+1.69%).
|US||0700 ET||Weekly MBA mortgage applications, previous -0.3% with purchase sub-index -0.2% and refi sub-index +0.1%.|
|0815 ET||Nov ADP employment change expected +170,000, Oct +130,000.|
|0830 ET||Oct trade balance expected -$40.0 billion, Sep -$41.8 billion.|
|1000 ET||Oct new home sales expected +2.1% to 430,000, Sep postponed, Aug +7.9% to 421,000.|
|1000 ET||Nov ISM non-manufacturing index expected -0.4 to 55.0, Oct +1.0 to 55.4.|
|1030 ET||EIA Weekly Petroleum Status Report.|
|1400 ET||Fed Beige Book.|
|GER||0355 ET||Revised German Nov PMI services, previous 54.5.|
|EUR||0400 ET||Revised Eurozone Nov PMI composite, previous 51.5.|
|0500 ET||Revised Eurozone Q3 GDP, previous +0.1% q/q and -0.4% y/y.|
|0500 ET||Eurozone Oct retail sales expected unch m/m and +1.0% y/y, Sep -0.6% m/m and +0.3% y/y.|
|UK||0430 ET||UK Nov PMI services expected -0.5 o 62.0, Oct 62.5.|
|Company Name||Ticker||Time||Event Description||Period||Estimate|
|Fastenal Co||FAST US||7:00||November 2013 Sales and Revenue Release||2013|
|Brown-Forman Corp||BF/B US||8:00||Q2 2014 Earnings Release||Q2 2014||0.905|
|Unit Corp||UNT US||8:30||Investor Day||Y 2013|
|Marathon Petroleum Corp||MPC US||8:30||Analyst Day||Y 2013|
|Yum! Brands Inc||YUM US||8:45||Investor & Analyst Meeting||Y 2013|
|Xcel Energy Inc||XEL US||9:00||Analyst Meeting||Y 2013|
|Brown-Forman Corp||BF/B US||10:00||Q2 2014 Earnings Call||Q2 2014|
|Oracle Corp||ORCL US||10:00||Court of Appeals Hearing on Oracle vs. Google Patent-Infringement Case|
|Google Inc||GOOG US||10:00||Court of Appeals Hearing on Oracle vs. Google Patent-Infringement Case|
|Guess? Inc||GES US||16:30||Q3 2014 Earnings Call||Q3 2014|
|Synopsys Inc||SNPS US||17:00||Q4 2013 Earnings Call||Q4 2013|
|Avago Technologies Ltd||AVGO US||17:00||Q4 2013 Earnings Call||Q4 2013|
|Synopsys Inc||SNPS US||Aft-mkt||Q4 2013 Earnings Release||Q4 2013||0.553|
|Guess? Inc||GES US||Aft-mkt||Q3 2014 Earnings Release||Q3 2014||0.376|
|Avago Technologies Ltd||AVGO US||Aft-mkt||Q4 2013 Earnings Release||Q4 2013||0.808|
|Harman International Industries Inc||HAR US||Annual General Meeting|
|Walgreen Co||WAG US||November 2013 Sales and Revenue Release||2013|
|AutoNation Inc||AN US||November 2013 Sales and Revenue Release||2013|
|ACE Ltd||ACE US||Investor Meeting - Day 3||Y 2013|
|Ocwen Financial Corp||OCN US||Analyst and Investor Meeting - Day 2||Y 2013|
|Ameren Corp||AEE US||Investor Meeting - Day 1||Y 2013|