Friday, May 2, 2014

PPL Corp - Barchart's Chart of the Day

PPL Corp (PPL) is the Barchart Chart of the Day.  The energy and utility stock has a Trend Spotter buy signal, a Weighted Alpha of 9.10+, gained 2.73% over the past year but pays a 4.47% dividend.

The Chart of the Day is PPL Corp (PPL).  I found the chart by sorting the New High List for new high frequency in the last month then used the FlipChart feature to review the charts.  The Trend Spotter has signaled a series of buys since the first of February and since the first of the year the stock is up 15.20%.

PPL is an energy and utility holding company. PPL controls more than 12,000 megawatts of generating capacity in the United States, sells energy in key U.S. markets and delivers electricity to customers in Pennsylvania and the United Kingdom.


 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:

  • 96% Barchart technical buy signals
  • Trend Spotter buy signal
  • Above its 20, 50 and 100 day moving averages
  • 14 new highs and up 4.38% in the last month
  • Relative Strength Index 61.12%
  • Barchart computes a technical support level at 32.88
  • Recently traded at 33.86 with a 50 day moving average of 32.65
Fundamental factors:
  • Market Cap $21.33 billion
  • P/E 13.61
  • Dividend yield 4.47%
  • Revenue predicted to be down 3.10% this year but up again by 1.10% next year
  • Earnings estimated to decrease by 11.00% this year but increase again by 1.40% next year and continue to increase at an annual rate of .67% for the next 5 years
  • Wall Street analysts issued 5 strong buy, 4 buy and 10 hold recommendations on the stock
The stock's price momentum may be a flight to safety signal.  Watch the 50 day moving average of signs of weakness and exit at the 100 day moving average.


5 Small Caps on the Move

Today I used Barchart to sort the S&P 600 Small Cap Index stocks to find the stocks with the best current momentum.  I first sorted for the most frequent advances in the last month then used the Flipchart feature to review te charts.

The stock that made the cut were DXP Enterprises (DXPE), EastGroup Properties (EGP), LTC Properties (LTC), Medical Properties Trust (MPW) and Ruby Tuesday (RT):

DXP Enterprises (DXPE)


Barchart technical indicators:
  • 80% Barchart technical buy signals
  • Trend Spotter buy signal
  • Above its 20, 50 and 100 day moving averages
  • 13 new highs and up 11.49% in the last month
  • Relative Strength Index 65.55%
  • Barchart computes a technical support level at 107.67
  • Recently traded at 111.45 with a 50 day moving average of 102.86


Barchart technical indicators:
  • 40% Barchart technical buy signals
  • Trend Spotter buy signal
  • Above its 20, 50 and 100 day moving averages
  • 12 new highs and up 1.64% in the last month
  • Relative Strength Index 55.00%
  • Barchart computes a technical support level at 61.96
  • Recently traded at 63.40 with a 50 day moving average of 62.74


Barchart technical indicators:
  • 100% Barchart technical buy signals
  • Trend Spotter buy signal
  • Above its 20, 50 and 100 day moving averages
  • 12 new highs and up 4.61% in the last month
  • Relative Strength Index 62.65%
  • Barchart computes a technical support level at 37.75
  • Recently traded at 39.35 with a 50 day moving average of 38.04


Barchart technical indicators:
  • 96% Barchart technical buy signals
  • Trend Spotter buy signal
  • Above its 20, 50 and 100 day moving averages
  • 11 new highs and up 4.81% in the last month
  • Relative Strength Index 67.00%
  • Barchart computes a technical support level at 13.17
  • Recently traded at 13.46 with a 50 day moving average of 13.02


Barchart technical indicators:
  • 72% Barchart technical buy signals
  • Trend Spotter buy signal
  • Above its 20, 50 and 100 day moving averages
  • 11 new highs and up 34.50% in the last month
  • Relative Strength Index 81.82%
  • Barchart computes a technical support level at 7.44
  • Recently traded at 7.66 with a 50 day moving average of 6.23










BARCHART MORNING CALL 5/2

OVERNIGHT MARKETS AND NEWS
June E-mini S&Ps (ESM14 +0.07%) this morning are up +0.05% ahead of this morning's U.S. Apr non-farm payrolls report and European stocks are down -0.32% as the Ukraine crisis intensified when two Ukrainian helicopters were shot down as government forces launched a military offensive to retake Slovyansk, a stronghold for pro-separatist forces. Losses in European stocks were limited after Royal Bank of Scotland jumped nearly 7% when it reported Q1 profit of 1.2 billion pounds, six times better than consensus of 200 million pounds. Another positive for European stocks is reduced European sovereign debt concerns as Eurozone government bond yields fell to record lows after Italy's 10-year government bond yield fell to 3.047% and Spain's 10-year bond yield dropped to 2.98%, both the lowest since data began in 1993. Asian stocks closed mixed: Japan -0.19%, Hong Kong +0.57%, China closed for holiday, Taiwan +0.86%, Australia +0.17%, Singapore -0.37%, South Korea -0.10%, India -0.06%. Commodity prices are mostly higher. Jun crude oil (CLM14 +0.42%) is up +0.42%. Jun gasoline (RBM14 +0.27%) is up +0.28%. Jun gold (GCM14 +0.26%) is up +0.25%. July copper (HGN14 +0.58%) is up +0.60%. Agriculture and livestock prices are mixed. The dollar index (DXY00 +0.04%) is up +0.07%. EUR/USD (^EURUSD) is down -0.07%. USD/JPY (^USDJPY) is up +0.18%. June T-note prices (ZNM14 -0.06%) are down -4 ticks.
The Eurozone Mar unemployment rate was unchanged from Feb at 11.8%, which was revised lower from the originally reported 11.9%.
The Eurozone Apr Markit manufacturing PMI was revised upward to 53.4 from the originally reported 53.3.
The German Apr Markit/BME manufacturing PMI was revised down to 54.1 from the originally reported 54.2.
The Japan Mar jobless rate held steady at a 16-1/3 year low of 3.6%, right on expectations. The Mar job-to-applicant ration rose +0.02 to 1.07, better than expectations of +0.01 to 1.06 and the most in 7-1/2 years.
Japan Mar overall household spending jumped +7.2% y/y, over three times expectations of +2.0% y/y and the largest increase since the data series began in 2001.
U.S. STOCK PREVIEW
Today’s April payroll report is expected to show an increase of +215,000, strengthening from +192,000 in March. Today’s April unemployment rate is expected to fall -0.1 point to 6.6%, thus matching the 5-1/2 year low posted in January. Today’s March factory orders report is expected to show a +1.5% increase, adding to the +1.6% increase seen in February.
There are 10 of the S&P 500 companies that report earnings today. Notable reports include Berkshire Hathaway (cosnensus $2171.39), Chevron (2.52), Sempra Energy (0.95), Newell Rubbermaid (0.32), CVS Caremark (1.04), Estee Lauder (0.55). There are no equity conferences today.
OVERNIGHT U.S. STOCK MOVERS
Newell Rubbermaid (NWL -0.23%) reported Q1 EPS of 35 cents, higher than consensus of 32 cents.
CVS Caremark (CVS +0.51%) reported Q1 EPS of $1.02, weaker than consensus of $1.04.
XL Group (XL +1.28%) reported Q1 EPS of 85 cents, better than consensus of 74 cents.
Manitowoc (MTW +1.57%) reported Q1 adjusted EPS of 17 cents, below consensus of 20 cents.
Fluor (FLR -0.21%) reported Q1 EPS of 92 cents, weaker than consensus of 97 cents.
Tempur Sealy (TPX +0.74%) reported Q1 adjusted EPS of 53 cents, better than consensus of 51 cents.
Southwestern Energy (SWN -0.98%) reported Q1 adjusted EPS of 66 cents, stronger than consensus of 63 cents.
Akamai (AKAM +2.75%) reported Q1 adjusted EPS of 58 cents, higher than consensus of 53 cents.
Covance (CVD -0.28%) reported Q1 EPS ex-items of 90 cents, better than consensus of 89 cents.
Mohawk (MHK +0.69%) reported Q1 EPS ex-items of $1.23, stronger than consensus of $1.17.
DaVita (DVA +0.91%) reported Q1 adjusted EPS of 85 cents, less than consensus of 86 cents, although Q1 revenue of $3.04 billion was slightly above consensus of $3.03 billion.
Outerwall (OUTR -2.86%) reported Q1 EPS of 94 cents, better than consensus of 93 cents.
Avon Products (AVP -10.21%) was downgraded to 'Neutral' from 'Buy' at BTIG.
Western Union (WU -0.13%) reported Q1 EPS of 37 cents, better than consensus of 35 cents.
Wynn Resorts (WYNN +1.34%) reported Q1 adjusted EPS of $2.32, well ahead of consensus of $2.07.
LinkedIn (LNKD +5.05%) fell nearly 3% in pre-market trading after it reported Q1 adjusted EPS of 38 cents, better than consensus of 34 cents, but then said it sees fiscal 2014 revenue of $2.05 billion-$2.06 billion, lower than cosnensus of $2.11 billion.
Kraft Foods (KRFT -0.30%) reported Q1 EPS ex-items of 78 cents, higher than consensus of 76 cents.
Expedia (EXPE +4.06%) reported Q1 adjusted EPS of 16 cents, better than consensus of 15 cents.
MARKET COMMENTS
June E-mini S&Ps (ESM14 +0.07%) this morning are up +1.00 point (+0.05%). The S&P 500 index on Thursday rose to a 3-week high but fell back and closed little changed. Bullish factors included (1) the +0.9% increase in Mar personal spending, more than expectations of +0.6% and the largest increase in 4-1/2 years, and (2) the +1.2 point increase in the Apr ISM manufacturing index, a larger increase than expectations of +0.6 to 54.3. Limiting strength in stocks was the unexpected +14,000 jump in weekly initial unemployment claims to a 2-month high of 344,000, more than expectations of a -9,000 decline to 320,000. Closes: S&P 500 -0.01%, Dow Jones -0.13%, Nasdaq +0.34%.
Jun 10-year T-notes (ZNM14 -0.06%) this morning are down -4 ticks. Jun 10-year T-note futures prices on Thursday climbed to a 2-week high and closed higher. Bullish factors included (1) the unexpected increase in weekly U.S. jobless claims to a 2-month high, and (2) scant inflation pressures after the Mar core PCE deflator of +1.2% y/y remained far below the Fed’s inflation target of +2.0% y/y. Closes: TYM4 +7.50, FVM4 +4.00.
The dollar index (DXY00 +0.04%) this morning is up +0.055 (+0.07%). EUR/USD (^EURUSD) is down -0.0010 (-0.07%). USD/JPY (^USDJPY) is up +0.18 (+0.18%). The dollar index on Thursday rebounded from a 2-week low and closed higher: Dollar index +0.053 (+0.07%), EUR/USD +0.0002 (+0.02%), USD/JPY +0.092 (+0.09%). Bullish factors for the dollar included signs of strength in the U.S. economy after (1) U.S. Mar personal spending rose more than expected by +0.9% at the fastest pace in 4-1/2 years, and (2) the larger-than-expected increase in the Apr ISM manufacturing index.
Jun WTI crude oil (CLM14 +0.42%) this morning is up +42 cents (+0.42%). Jun gasoline (RBM14 +0.27%) is up +0.0083 (+0.28%). Jun crude and gasoline prices on Thursday closed lower with Jun crude at a 4-week low and Jun gasoline at a 3-week low. Bearish factors included (1) negative carry-over from Wednesday’s EIA data where U.S. crude inventories rose to their highest since EIA data began in 1982 and monthly government data began in 1920, and (2) the recovery in the dollar which rebounded from a 2-1/2 week low and closed higher. Closes: CLM4 -1.54 (-1.52%). RBM4 -0.0436 (-1.45%).
GLOBAL EVENT CALENDAR05/02/2014
US0830 ETApr non-farm payrolls expected +215,000, Mar +192,000. Apr private payrolls expected +215,000, Mar +192,000. Apr manufacturing payrolls expected +8,000, Mar 1,000. Apr unemployment rate expected -0.1 to 6.6%, Mar unch at 6.7%.
0830 ETApr avg hourly earnings expected +0.2% m/m and +2.1% y/y, Mar unch m/m and +2.1% y/y. Apr avg weekly hours expected unch at 34.5 hours, Mar 34.5 hours.
0945 ETApr New York ISM expected +2.0 to 54.0, Mar 52.0.
1000 ETMar factory orders expected +1.5%, Feb +1.6%.
EUR0400 ETEurozone Apr Markit manufacturing PMI, Mar 53.4.
0500 ETEurozone Mar unemployment rate expected unch at 11.9%, Feb 11.9%.
UK0430 ETUK Apr Markit/CIPS construction PMI, Mar 62.5.
CHI2100 ETChina Apr non-manufacturing PMI (National Bureau of Statistics), Mar -0.5 to 54.5.
n/aChinese markets closed for Labour Day holiday.
U.S. STOCK CALENDAR05/02/2014
Company NameTickerTimeEvent DescriptionPeriodEstimate
Newell Rubbermaid IncNWL USBef-mktQ1 2014 Earnings ReleaseQ1 20140.321
Pinnacle West Capital CorpPNW USBef-mktQ1 2014 Earnings ReleaseQ1 20140.129
Marsh & McLennan Cos IncMMC USBef-mktQ1 2014 Earnings ReleaseQ1 20140.803
CVS Caremark CorpCVS USBef-mktQ1 2014 Earnings ReleaseQ1 20141.044
Estee Lauder Cos Inc/TheEL US7:30Q3 2014 Earnings ReleaseQ3 20140.55
Newell Rubbermaid IncNWL US8:00Q1 2014 Earnings CallQ1 2014
XL Group PLCXL US8:00Q1 2014 Earnings CallQ1 2014
Chevron CorpCVX US8:30Q1 2014 Earnings ReleaseQ1 20142.524
Graham Holdings CoGHC US8:30Q1 2014 Earnings ReleaseQ1 2014
Marsh & McLennan Cos IncMMC US8:30Q1 2014 Earnings CallQ1 2014
CVS Caremark CorpCVS US8:30Q1 2014 Earnings CallQ1 2014
Northeast UtilitiesNU US9:00Q1 2014 Earnings CallQ1 2014
Integrys Energy Group IncTEG US9:00Q1 2014 Earnings CallQ1 2014
Sempra EnergySRE US9:00Q1 2014 Earnings ReleaseQ1 20140.948
Alcoa IncAA US9:30Annual General MeetingY 2014
Equifax IncEFX US9:30Annual General Meeting
Estee Lauder Cos Inc/TheEL US9:30Q3 2014 Earnings CallQ3 2014
Southwestern Energy CoSWN US10:00Q1 2014 Earnings CallQ1 2014
Mohawk Industries IncMHK US11:00Q1 2014 Earnings CallQ1 2014
Chevron CorpCVX US11:00Q1 2014 Earnings CallQ1 2014
Entergy CorpETR US11:00Annual General Meeting
Wisconsin Energy CorpWEC US11:00Annual General Meeting
Pinnacle West Capital CorpPNW US12:00Q1 2014 Earnings CallQ1 2014
Public StoragePSA US13:00Q1 2014 Earnings CallQ1 2014
Apartment Investment & Management CoAIV US13:00Q1 2014 Earnings CallQ1 2014
Sempra EnergySRE US13:00Q1 2014 Earnings CallQ1 2014
Illinois Tool Works IncITW US16:00Annual General MeetingY 2014
Occidental Petroleum CorpOXY USAnnual General Meeting
Berkshire Hathaway IncBRK/A USQ1 2014 Earnings ReleaseQ1 20142171.37
Ryder System IncR USAnnual General Meeting
Consolidated Edison IncED USQ1 2014 Earnings ReleaseQ1 20141.048
AutoNation IncAN USApril 2014 Sales and Revenue Release2014
FMC Technologies IncFTI USAnnual General Meeting
Merck & Co IncMRK USFDA Adcomm, Singulair Allergy (montelukast 10mg tablet) OTC, allergy

Thursday, May 1, 2014

Royal Ducth Shell - Barchart's Chart of the day

Royal Dutch Shell (RDS.A) is the Barchart Chart of the Day.  The world wide independent oil and gas stock has a Trend Spotter buy signal, a Weighted Alpha of 25.70, gained 21.40% in the last year and pays a 4.40% dividend.


The Chart of the Day is Royal Dutch Shell (RDS.A).  I found the stock by sorting today New High List for frequency in the last month then used the Flipchart feature to find the chart I liked.  since the Trend Spotter signaled a buy on 3/28 the stock gained 8.83%.

RDS operates as an independent oil and gas company worldwide. The company explores for and extracts crude oil, natural gas, and natural gas liquids. It also converts natural gas to liquids to provide fuels and other products; markets and trades natural gas; extracts bitumen from mined oil sands and converts it to synthetic crude oil; and generates electricity from wind energy. In addition, the company is engaged in manufacturing, supplying, and shipping crude oil; selling fuels, lubricants, bitumen, and liquefied petroleum gas (LPG) for home, transport, and industrial use; converting crude oil into a range of refined products, including gasoline, diesel, heating oil, aviation fuel, marine fuel, lubricants, bitumen, sulphur, and LPG; producing and marketing petrochemicals, such as the raw materials for plastics, coatings, and detergents for industrial customers; and alternative energy business.

 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:

  • 100% Barchart technical buy signals
  • Trend Spotter buy signal
  • Above its 20, 50 and 100 day moving averages
  • 14 new highs and up 8.48% in the last month
  • Relative Strength Index 81.70%
  • Barchart computes a technical support level at 84.07
  • Recently traded at 84.82 with a 50 day moving average of 78.51
Fundamental factors:
  • Market Cap $266.43 billion
  • P/E 12.94
  • Dividend yield 4.40%
  • Since this is a foreign stock analysts have not published revenue and earnings projections
  • 7 Wall Street analysts predict the stock will beat the market
  • On Motley Fool the individual investors voted the stock to beat the market 432 to 17
Oil and Gas stock are very price sensitive so use the 50 day moving average as a sign of weakness and the 100 day moving average as a sell point.

BARCHART MORNING CALL 5/1

OVERNIGHT MARKETS AND NEWS
June E-mini S&Ps (ESM14 unch) this morning are up 0.08% and UK stocks are up +0.25% on signs of economic strength after the Apr UK manufacturing PMI grew more than expected and expanded at the fastest pace in 5 months. Gains in stocks were muted and most commodities fell after Chinese manufacturing activity expanded less than forecast last month. The rest of Europe is closed today for the Labour Day holiday. Asian stocks closed mixed: Japan +1.27%, Australia -0.73%, China, Hong Kong, Taiwan Singapore, South Korea and India are all closed for holidays. The situation in Ukraine remains tense after Ukraine's Interior Ministry said that as many as 1,000 gunmen have seized buildings in more than ten cities in eastern Ukraine. Commodity prices are mostly lower. Jun crude oil (CLM14 -0.67%) is down -0.49% at a 4-week low. Jun gasoline (RBM14 -0.79%) is down -0.76% at a 3-week low. Jun gold GCM14 -0.91%) is down -0.83%. July copper (HGN14 +0.13%) is down -0.10%. Agriculture and livestock prices are lower. The dollar index (DXY00 -0.01%) is down -0.01% at a 2-1/2 week low. EUR/USD (^EURUSD) is up +0.06% at a 2-1/2 week high. USD/JPY (^USDJPY) is up +0.01%. The British pound climbed to a 4-3/4 year high against the dollar after UK Apr manufacturing PMI beat expectations and UK Apr house prices rose at the fastest pace in 6-3/4 years. June T-note prices (ZNM14 -0.05%) are down -2.5 ticks.
The China Apr manufacturing PMI rose +0.1 to 50.4, less than expectations of +0.2 to 50.5.
Japan Apr vehicle sales dropped -11.4% y/y, the biggest decline in 9-months, as consumers stayed away after Japan raised the consumption tax by 3 percentage points to 8.0% on Apr 1.
UK Apr nationwide house prices rose +1.2% m/m and +10.9% y/y, more than expectations of +0.6% m/m and +9.8% y/y, with the +10.9% y/y increase the largest annual gain in 6-3/4 years.
UK Apr Markit PMI manufacturing rose +1.5 to 57.3, better than expectations of +0.1 to 55.4 and the fastest pace of expansion in 5 months.
UK Mar net consumer credit climbed 1.1 billion pounds, more than expectations of 0.6 billion pounds and the most in 1-1/2 years.
UK Mar mortgage approvals were 67,100, less than expectations of 72,000.
U.S. STOCK PREVIEW
Today’s weekly initial unemployment claims report is expected to show a decline of -9,000 to 320,000, reversing part of last week’s +24,000 increase to 329,000. Meanwhile, continuing claims are expected to show an increase of +20,000 to 2.700 million, reversing part of last week’s decline of -61,000 to 2.680 million. Today’s April ISM manufacturing index is expected to show a +0.6 point increase to 54.3, adding to the +0.5 point increase to 53.7 seen in March. Today’s March personal spending report is expected to show a solid increase of +0.6%, adding to the increase of +0.3% seen in February. Meanwhile, March personal income is expected to show an increase of +0.4%, adding to the +0.3% increase seen in February. Today’s March PCE deflator, which is the Fed’s preferred inflation measure, is expected to rise slightly to +1.1% y/y from +0.9% in February. Meanwhile, today’s March core PCE deflator is expected to edge higher to +1.2% y/y from +1.1% in February. Today’s April total vehicle sales report is expected to ease to 16.20 million from 16.33 million in March.
There are 47 of the S&P 500 companies that report earnings today. Notable reports include MasterCard (consensus $0.72), Marathon Petroleum (1.06), PG&E (0.63), ConnocoPhillips (1.55), Textron (0.34), CME Group (0.83), Motorola Solutions (0.50), Exxon Mobil (1.88), Kellogg (0.97), Kraft Foods (0.76). Equity conferences during the remainder of this week include: Linley Group Mobile Conference on Wed-Thu.
OVERNIGHT U.S. STOCK MOVERS
Viacom (VIAB +1.52%) reported Q2 EPS of $1.08, better than consensus of $1.05.
Marathon Petroleum (MPC -0.46%) reported Q1 EPS of 81 cents, weaker than consensus of $1.06.
ConocoPhillips (COP -0.50%) reported Q1 EPS of $1.81, well above consensus of $1.55.
Con-way (CNW +0.93%) reported Q1 EPS of 20 cents, higher than consensus of 16 cents.
CBRE Group (CBG +0.95%) reported Q1 EPS ex-items of 25 cents, well above consensus of 17 cents.
Amdocs (DOX +1.37%) reported Q2 EPS of 81 cents, higher than consensus of 78 cents.
Weight Watchers (WTW -3.51%) reported Q1 EPS of 31 cents, over three times consensus of 9 cents.
Fortune Brands (FBHS -0.65%) reported Q1 EPS ex-items of 25 cents, well below consensus of 32 cents.
Western Digital (WDC +0.72%) reported Q3 EPS of $1.94, better than consensus of $1.88.
Equinix (EQIX +1.31%) reported Q1 EPS of 81 cents, higher than consensus of 72 cents.
Hologic (HOLX +0.10%) jumped over 7% in after-hours trading after it reported Q2 EPS of 37 cents, higher than consensus of 33 cents, and then raised guidance on fiscal 2014 EPS view to $1.37-$1.40 from $1.34 to $1.38, above Consensus of $1.37.
MetLife (MET +0.98%) reported Q1 adjusted EPS of $1.37, below consensus of $1.40.
Boyd Gaming (BYD +0.34%) reported a Q1 EPS loss of -4 cents, weaker than consensus of a 1 cent gain.
Whiting Petroleum (WLL -0.34%) reported Q1 adjusted EPS of $1.05, better than consensus of 97 cents.
Reuters reports that Merck (MRK -0.27%) is working with investment banks as it is looking to sell a "big portfolio of mature drugs."
MARKET COMMENTS
June E-mini S&Ps (ESM14 unch) this morning are up +1.50 points (+0.08%). The S&P 500 index on Wednesday closed higher. Bullish factors included (1) the +220,000 increase in the Apr ADP employment report, more than expectations of +210,000 and the most in 5 months, and (2) the +7.1 point gain in the April Chicago Apr manufacturing PMI to 63.0, more than expectations of +1.1 to 57.0 and the fastest pace of expansion in 6 months. Limiting gains was the +0.1% (q/q annualized) increase in U.S. Q1 GDP, weaker than expectations of +1.2% and the slowest pace of growth since Q4-2012. Closes: S&P 500 +0.30%, Dow Jones +0.27%, Nasdaq +0.22%.
Jun 10-year T-notes (ZNM14 -0.05%) this morning are down -2.5 ticks. Jun 10-year T-note futures prices on Wednesday posted a 1-1/2 week high and closed higher. Bullish factors included (1) the +0.3% increase in the Q1 employment cost index, less than expectations of +0.5% and the slowest pace of increase in 2-1/2 years, and (2) the slower-than-expected increase in U.S. Q1 GDP of +0.1% (q/q annualized), which fueled ideas the Fed will not taper QE3 any faster than it is now. Closes: TYM4 +13.50, FVM4 +9.75.
The dollar index (DXY00 -0.01%) this morning is down -0.002 (-0.01%) at a 2-1/2 week low. EUR/USD (^EURUSD) is up +0.0009 (+0.06%) at a 2-1/2 week high. USD/JPY (^USDJPY) is up +0.01 (+0.01%). The dollar index on Wednesday fell to a 2-week low and closed lower: Dollar index -0.334 (-0.42%), EUR/USD +0.0055 (+0.40%), USD/JPY -0.403 (-0.39%). Bearish factors for the dollar included (1) U.S. economic growth concerns after Q1 GDP expanded well below expectations, and (2) strength in EUR/USD which rebounded from a 3-week low and closed higher on speculation the ECB will refrain from expanding its stimulus measures when it meets next week.
Jun WTI crude oil (CLM14 -0.67%) this morning is down -49 cents (-0.49%) at a 4-week low. Jun gasoline (RBM14 -0.79%) is down -0.0224 (-0.76%) at a 3-week low. Jun crude and gasoline prices on Wed closed lower with Jun crude at a 4-week low and Jun gasoline at a 3-week low. Bearish factors included (1) the +0.1% (q/q annualized) gain in U.S. Q1 GDP, weaker than expectations of +1.2%, (2) the +1.698 million bbl increase in EIA crude inventories to 399.357 million bbl, the most since weekly EIA data began in 1982 and monthly government data began in 1920, and (3) the unexpected +1.56 million bbl increase in EIA gasoline supplies, more than expectations for a -425,000 bbl draw. Closes: CLM4 -1.54 (-1.52%). RBM4 -0.0436 (-1.45%).
GLOBAL EVENT CALENDAR05/01/2014
US0730 ETApr Challenger job cuts, Mar -30.2% y/y.
0830 ETFed Chair Janet Yellen speaks to the Independent Community Bankers of Americas annual Washington Policy Summit.
0830 ETWeekly initial unemployment claims expected -9,000 to 320,000, previous +24,000 to 329,000. Weekly continuing claims expected +20,000 to 2.700 million, previous 61,000 to 2.680 million.
0830 ETMar personal spending expected +0.6%, Feb +0.3%. Mar personal income expected +0.4%, Feb +0.3%.
0830 ETMar PCE deflator expected +0.2% m/m and +1.1% y/y, Feb +0.1% m/m and +0.9% y/y. Mar core PCE deflator expected +0.2% m/m and +1.2% y/y, Feb +0.1% m/m and +1.1% y/y.
0830 ETUSDA weekly Export Sales.
0945 ETRevised Markit Apr manufacturing PMI, previous 55.4.
1000 ETApr ISM manufacturing index expected +0.6 to 54.3, Mar +0.5 to 53.7. Apr ISM new orders, Mar +0.6 to 55.1. Apr ISM employment, Mar -1.2 to 51.1. Apr ISM prices paid expected +0.5 to 59.5, Mar -1.0 to 59.0.
1000 ETMar construction spending expected +0.5% m/m, Feb +0.1% m/m.
n/aApr total vehicle sales expected 16.20 million, Mar 16.33 million. Apr domestic vehicle sales expected 12.80 million, Mar 12.78 million.
JPN0100 ETJapan Apr vehicle sales, Mar +14.5% y/y.
1930 ETJapan May jobless rate expected unch at 3.6%, Feb 3.6%. Mar job-to-applicant ratio expected +0.01 to 1.06, Feb 1.05.
1930 ETJapan Mar overall household spending expected +2.0% y/y, Feb -2.5% y/y.
UK0200 ETUK Apr nationwide house prices expected +0.6% m/m and +9.8% y/y, Mar +0.4% m/m and +9.5% y/y.
0430 ETUK Mar net consumer credit expected +0.6 billion pounds, Feb +0.6 billion pounds.
0430 ETUK Mar mortgage approvals expected 72,000, Feb 70,300.
0430 ETUK Mar M4 money supply, Feb +0.7% m/m and +0.7% y/y.
0430 ETUK Apr Markit manufacturing PMI expected +0.1 to 55.4, Mar 55.3.
CHIn/aChinese markets closed for Labour Day holiday.
U.S. STOCK CALENDAR05/01/2014
Company NameTickerTimeEvent DescriptionPeriodEstimate
Mylan Inc/PAMYL USBef-mktQ1 2014 Earnings ReleaseQ1 20140.625
Xcel Energy IncXEL USBef-mktQ1 2014 Earnings ReleaseQ1 20140.503
Airgas IncARG USBef-mktQ4 2014 Earnings ReleaseQ4 20141.198
Marathon Petroleum CorpMPC USBef-mktQ1 2014 Earnings ReleaseQ1 20141.056
PG&E CorpPCG USBef-mktQ1 2014 Earnings ReleaseQ1 20140.634
BorgWarner IncBWA USBef-mktQ1 2014 Earnings ReleaseQ1 20140.799
PPL CorpPPL USBef-mktQ1 2014 Earnings ReleaseQ1 20140.713
ConocoPhillipsCOP USBef-mktQ1 2014 Earnings ReleaseQ1 20141.553
Avon Products IncAVP USBef-mktQ1 2014 Earnings ReleaseQ1 20140.209
Ball CorpBLL USBef-mktQ1 2014 Earnings ReleaseQ1 20140.672
L-3 Communications Holdings IncLLL USBef-mktQ1 2014 Earnings ReleaseQ1 20141.949
Becton Dickinson and CoBDX USBef-mktQ2 2014 Earnings ReleaseQ2 20141.503
Quanta Services IncPWR USBef-mktQ1 2014 Earnings ReleaseQ1 20140.418
Viacom IncVIAB USBef-mktQ2 2014 Earnings ReleaseQ2 20141.047
Clorox Co/TheCLX USBef-mktQ3 2014 Earnings ReleaseQ3 20141.076
Iron Mountain IncIRM USBef-mktQ1 2014 Earnings ReleaseQ1 20140.258
Textron IncTXT USBef-mktQ1 2014 Earnings ReleaseQ1 20140.343
MasterCard IncMA USBef-mktQ1 2014 Earnings ReleaseQ1 20140.719
Cardinal Health IncCAH USBef-mktQ3 2014 Earnings ReleaseQ3 20141.006
CenterPoint Energy IncCNP USBef-mktQ1 2014 Earnings ReleaseQ1 20140.321
Fidelity National Information Services IncFIS USBef-mktQ1 2014 Earnings ReleaseQ1 20140.683
CME Group Inc/ILCME USBef-mktQ1 2014 Earnings ReleaseQ1 20140.827
Host Hotels & Resorts IncHST USBef-mktQ1 2014 Earnings ReleaseQ1 20140.304
Cigna CorpCI US6:30Q1 2014 Earnings ReleaseQ1 20141.541
Motorola Solutions IncMSI US7:00Q1 2014 Earnings ReleaseQ1 20140.499
American Tower CorpAMT US7:00Q1 2014 Earnings ReleaseQ1 20141.04
Legg Mason IncLM US7:00Q4 2014 Earnings ReleaseQ4 20140.578
Public Service Enterprise Group IncPEG US7:30Q1 2014 Earnings ReleaseQ1 20140.962
Invesco LtdIVZ US7:30Q1 2014 Earnings ReleaseQ1 20140.554
Motorola Solutions IncMSI US8:00Q1 2014 Earnings CallQ1 2014
Allegion PLCALLE US8:00Q1 2014 Earnings CallQ1 2014
Becton Dickinson and CoBDX US8:00Q2 2014 Earnings CallQ2 2014
Textron IncTXT US8:00Q1 2014 Earnings CallQ1 2014
Exxon Mobil CorpXOM US8:00Q1 2014 Earnings ReleaseQ1 20141.877
Harman International Industries IncHAR US8:00Q3 2014 Earnings ReleaseQ3 20141.009
Kellogg CoK US8:00Q1 2014 Earnings ReleaseQ1 20140.972
Legg Mason IncLM US8:00Q4 2014 Earnings CallQ4 2014
MetLife IncMET US8:00Q1 2014 Earnings CallQ1 2014
PPL CorpPPL US8:30Q1 2014 Earnings CallQ1 2014
Viacom IncVIAB US8:30Q2 2014 Earnings CallQ2 2014
Cigna CorpCI US8:30Q1 2014 Earnings CallQ1 2014
Iron Mountain IncIRM US8:30Q1 2014 Earnings CallQ1 2014
Tesoro CorpTSO US8:30Q1 2014 Earnings CallQ1 2014
MasterCard IncMA US8:30Q1 2014 Earnings CallQ1 2014
American Tower CorpAMT US8:30Q1 2014 Earnings CallQ1 2014
Cardinal Health IncCAH US8:30Q3 2014 Earnings CallQ3 2014
Fidelity National Information Services IncFIS US8:30Q1 2014 Earnings CallQ1 2014
CME Group Inc/ILCME US8:30Q1 2014 Earnings CallQ1 2014
Avon Products IncAVP US9:00Q1 2014 Earnings CallQ1 2014
Invesco LtdIVZ US9:00Q1 2014 Earnings CallQ1 2014
BorgWarner IncBWA US9:30Q1 2014 Earnings CallQ1 2014
Quanta Services IncPWR US9:30Q1 2014 Earnings CallQ1 2014
Ford Motor CoF US9:30April 2014 Sales and Revenue Release2014
Williams Cos Inc/TheWMB US9:30Q1 2014 Earnings CallQ1 2014
Kellogg CoK US9:30Q1 2014 Earnings CallQ1 2014
Xcel Energy IncXEL US10:00Q1 2014 Earnings CallQ1 2014
Airgas IncARG US10:00Q4 2014 Earnings CallQ4 2014
Marathon Petroleum CorpMPC US10:00Q1 2014 Earnings CallQ1 2014
Public Service Enterprise Group IncPEG US10:00Q1 2014 Earnings CallQ1 2014
Capital One Financial CorpCOF US10:00Annual General MeetingY 2014
Total System Services IncTSS US10:00Annual General Meeting
Duke Energy CorpDUK US10:00Annual General MeetingY 2014
Ford Motor CoF US10:00April 2014 Sales and Revenue Call2014
Gannett Co IncGCI US10:00Annual General MeetingY 2014
Lincoln National CorpLNC US10:00Q1 2014 Earnings CallQ1 2014
Host Hotels & Resorts IncHST US10:00Q1 2014 Earnings CallQ1 2014
Northeast UtilitiesNU US10:30Annual General Meeting
Tractor Supply CoTSCO US11:00Annual General MeetingY 2014
Mylan Inc/PAMYL US11:00Q1 2014 Earnings CallQ1 2014
Equity ResidentialEQR US11:00Q1 2014 Earnings CallQ1 2014
PG&E CorpPCG US11:00Q1 2014 Earnings CallQ1 2014
Valero Energy CorpVLO US11:00Annual General MeetingY 2014
Ball CorpBLL US11:00Q1 2014 Earnings CallQ1 2014
L-3 Communications Holdings IncLLL US11:00Q1 2014 Earnings CallQ1 2014
Exxon Mobil CorpXOM US11:00Q1 2014 Earnings CallQ1 2014
Harman International Industries IncHAR US11:00Q3 2014 Earnings CallQ3 2014
Goldman Sachs Group Inc/TheGS US11:30Q1 2014 Earnings Call - Fixed IncomeQ1 2014
CenterPoint Energy IncCNP US11:30Q1 2014 Earnings CallQ1 2014
ConocoPhillipsCOP US12:00Q1 2014 Earnings CallQ1 2014
HCP IncHCP US12:30Annual General MeetingY 2014
Eastman Chemical CoEMN US12:30Annual General MeetingY 2014
Murphy Oil CorpMUR US13:00Q1 2014 Earnings CallQ1 2014
Allegheny Technologies IncATI US13:00Annual General Meeting
Clorox Co/TheCLX US13:30Q3 2014 Earnings CallQ3 2014
Western Union Co/TheWU US16:00Q1 2014 Earnings ReleaseQ1 20140.349
Kraft Foods Group IncKRFT US16:00Q1 2014 Earnings ReleaseQ1 20140.759
Prologis IncPLD US16:30Annual General MeetingY 2014
Akamai Technologies IncAKAM US16:30Q1 2014 Earnings CallQ1 2014
Western Union Co/TheWU US16:30Q1 2014 Earnings CallQ1 2014
Wynn Resorts LtdWYNN US16:30Q1 2014 Earnings CallQ1 2014
Expedia IncEXPE US16:30Q1 2014 Earnings CallQ1 2014
DaVita HealthCare Partners IncDVA US17:00Q1 2014 Earnings CallQ1 2014
Vertex Pharmaceuticals IncVRTX US17:00Q1 2014 Earnings CallQ1 2014
Kraft Foods Group IncKRFT US17:00Q1 2014 Earnings CallQ1 2014
Fluor CorpFLR USAft-mktQ1 2014 Earnings ReleaseQ1 20140.967
DaVita HealthCare Partners IncDVA USAft-mktQ1 2014 Earnings ReleaseQ1 20140.857
Mohawk Industries IncMHK USAft-mktQ1 2014 Earnings ReleaseQ1 20141.179
Southwestern Energy CoSWN USAft-mktQ1 2014 Earnings ReleaseQ1 20140.629
Public StoragePSA USAft-mktQ1 2014 Earnings ReleaseQ1 20141.852
Vertex Pharmaceuticals IncVRTX USAft-mktQ1 2014 Earnings ReleaseQ1 2014-0.769
XL Group PLCXL USAft-mktQ1 2014 Earnings ReleaseQ1 20140.739
Akamai Technologies IncAKAM USAft-mktQ1 2014 Earnings ReleaseQ1 20140.534
Integrys Energy Group IncTEG USAft-mktQ1 2014 Earnings ReleaseQ1 20141.753
Wynn Resorts LtdWYNN USAft-mktQ1 2014 Earnings ReleaseQ1 20142.067
Apartment Investment & Management CoAIV USAft-mktQ1 2014 Earnings ReleaseQ1 20140.485
Expedia IncEXPE USAft-mktQ1 2014 Earnings ReleaseQ1 20140.154
Fluor CorpFLR US17:30Q1 2014 Earnings CallQ1 2014
Mead Johnson Nutrition CoMJN USAnnual General Meeting
Fluor CorpFLR USAnnual General MeetingY 2014
Archer-Daniels-Midland CoADM USAnnual General Meeting
Verizon Communications IncVZ USAnnual General Meeting
Bemis Co IncBMS USAnnual General Meeting
Health Care REIT IncHCN USAnnual General Meeting
Cabot Oil & Gas CorpCOG USAnnual General Meeting
Yum! Brands IncYUM USAnnual General Meeting
DTE Energy CoDTE USAnnual General MeetingY 2014
Public StoragePSA USAnnual General Meeting
Dover CorpDOV USAnnual General Meeting
EOG Resources IncEOG USAnnual General Meeting
Expeditors International of Washington IncEXPD USQ1 2014 Earnings ReleaseQ1 20140.415
St Jude Medical IncSTJ USAnnual General Meeting
Starwood Hotels & Resorts Worldwide IncHOT USAnnual General Meeting
Kansas City SouthernKSU USAnnual General Meeting
Kimberly-Clark CorpKMB USAnnual General Meeting