Wednesday, April 22nd, 2015View Older Reports
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OVERNIGHT MARKETS AND NEWS
June E-mini S&Ps (ESM15 -0.20%) this morning are down -0.33% and European stocks are down -0.67% as a decline in crude oil undercuts energy producers which are leading the overall market lower. Chipotle Mexican Grill slumped over 5% in pre-market trading as Q1 revenue trailed analysts' estimates. Losses in European stocks were limited after ASML Holding NV, Europe's largest chip-equipment maker, jumped over 6% after it said it signed a deal with a U.S. customer to deliver at least 15 of its extreme ultraviolet lithography systems. Greek default concerns eased as the Greek 10-year bond yield fell back from a 2-1/3 year high on signs that Greek and EU officials were moving closer to a resolution on financing Greece's debt. Asian stocks closed mostly higher: Japan +1.13%, Hong Kong +0.30%, China +2.44%, Taiwan +0.83%, Australia -0.59%, Singapore -0.35%, South Korea +0.18%, India +0.77%. Japan's Nikkei Stock Index rose to a 15-year high after Japan's Mar trade balance showed Japan swung to its largest trade surplus in 3-1/2 years. China's Shanghai Composite Index climbed to a new 7-year high on speculation the Chinese government will counter slowing growth with stimulus.Commodity prices are mostly lower. Jun crude oil (CLM15 -0.72%) is down -0.53% and Jun gasoline (RBM15 -0.13%) is down -0.06% ahead of an expected +2.5 million bbl increase in EIA crude supplies later today. Metals prices are lower. Jun gold (GCM15 -0.03%) is down -0.08%. May copper (HGK15 -0.37%) is down -0.39%. Agriculture prices are mixed. The dollar index (DXY00 -0.34%) is down -0.35%. EUR/USD (^EURUSD) is up +0.27%. USD/JPY (^USDJPY) is down -0.12%. Jun T-note prices (ZNM15 +0.01%) are up +4 ticks. The Greek 10-year bond yield fell back from a 2-1/3 year high as Greek default concerns eased after Greek Finance Minister Varoufakis said late Tuesday that there were narrowing differences between the government and Eurozone officials and that neither "will let the opportunity slip to arrive at an agreement."
U.S. STOCK PREVIEW
U.S. reports today include: (1) weekly MBA mortgage applications (last -2.3% with purchase sub-index -3.1% and refi sub-index -1.8%), (2) Feb FHFA house price index (expected +0.5% m/m after Jan's +0.3% m/m), and (3) Mar existing home sales (expected +3.1% to 5.03 million after Feb's +1.2% to 4.88 million).There are 31 of the S&P 500 companies that report earnings today with notable reports including: Facebook (consensus $0.40), eBay (0.70), AT&T (0.62), Boeing (1.80), Coca-Cola (0.42), McDonald's (1.06), Bank of NY Mellon (0.59). U.S. IPO's scheduled to price today include: National Storage Affiliates (NSA). Equity conferences during the remainder of this week include: American Association for Cancer Research Meeting on Mon-Wed, IHS CERAWeek Energy Conference on Mon-Thu, Financial Times Commodities Global Summit on Tue-Wed, Future Bank Asia 2015 on Tue-Wed, American Academy of Neurology Meeting on Wed, Capital Link Closed-End Funds & Global ETFs Forum - Panel on Thu, RSA Conference on Thu.
OVERNIGHT U.S. STOCK MOVERS
EMC (EMC -1.72%) reported Q1 adjusted EPS of 31 cents, below consensus of 36 cents.United Rentals (URI -0.97%) reported Q1 adjusted EPS of $1.34, well above consensus of $1.13. Yum! Brands (YUM -0.30%) climbed 4% in after-hours trading after it reported Q1 adjusted EPS of 80 cents, higher than consensus of 72 cents. Rush Enterprises (RUSHA +1.03%) reported Q1 EPS of 41 cents, above consensus of 38 cents. Perrigo (PRGO -2.66%) reported Q3 adjusted EPS of $1.85, stronger than consensus of $1.78. Discover (DFS -0.39%) reported Q1 EPS $1.28, better than consensus of $1.27. Illumina (ILMN +3.17%) reported Q1 adjusted EPS of 91 cents, higher than consensus of 72 cents, and then raised guidance on fiscal 2015 adjusted EPS view to $3.36-$3.42 from $3.12-$3.18, well above consensus of $3.20. Intuitive Surgical (ISRG -1.13%) dropped over 3% in after-hours trading after it reported Q1 EPS of $3.57, well below consensus of $3.87. Yahoo (YHOO -0.36%) fell over 2% in after-hours trading after it reported Q1 EPS of 15 cents, weaker than consensus of 18 cents. Broadcom (BRCM +0.83%) moved up 4% in after-hours trading after it reported Q1 adjusted EPS of 64 cents, above consensus of 60 cents. FMC Technologies (FTI -4.48%) reported Q1 EPS of 63 cents, better than consensus of 59 cents. Stryker (SYK +1.46%) reported Q1 adjusted EPS of $1.11, higher than consensus of $1.08. Chipotle (CMG +0.81%) slid over 5% in pre-market trading after it reported Q1 EPS of $3.88, better than consensus of $3.66, but reported Q1 revenue of $1.09 billion, below consensus of $1.11 billion. Amgen (AMGN +1.50%) gained nearly 2% in after-hours trading after it reported Q1 EPS of $2.48, well above consensus of $2.10, and then raised guidance on fiscal 2015 EPS view to $9.35-$9.65 from $9.05-$9.40, stronger than consensus of $9.32. Cree (CREE +0.85%) dropped over 5% in after-hours trading after it reported Q3 adjusted EPS of 22 cents, below consensus of 23 cents. VMware (VMW +1.34%) reported Q1 EPS of 86 cents, higher than consensus of 84 cents.
MARKET COMMENTS
June E-mini S&Ps (ESM15 -0.20%) this morning are down -7.00 points (-0.33%). Tuesday's closes: S&P 500 -0.15%, Dow Jones -0.47%, Nasdaq +0.42%. The S&P 500 index on Tuesday closed mildly lower on continued concern about a Greek debt default and on weakness in oil producers after crude oil fell more than 2%. Stocks got a boost from M&A after Teva Pharmaceutical Industries offered to buy Mylan for $40.1 billion.Jun 10-year T-notes (ZNM15 +0.01%) this morning are up +4 ticks. Tuesday's closes: TYM5 -5.50, FVM5 -2.75. T-note prices on Tuesday closed lower after New York Fed President Dudley said on Monday that he is relatively optimistic that U.S. economic growth will support a hike in interest rates. The dollar index (DXY00 -0.34%) this morning is down -0.339 (-0.35%). EUR/USD (^EURUSD) is up +0.0029 (+0.27%). USD/JPY (^USDJPY) is down -0.14 (-0.12%). Tuesday's closes: Dollar Index +0.063 (+0.06%), EUR/USD -0.0002 (-0.02%), USD/JPY +0.498 (+0.42%). The dollar index on Tuesday closed slightly higher as EUR/USD fell on news that the German Apr ZEW survey of expectations for economic growth unexpectedly fell for the first time in six months with a -1.5 point decline to 53.3. EUR/USD also saw weakness on Greek default concerns after the Greek 10-year bond yield rose to a 2-1/3 year high. However, EUR/USD got a boost after Dutch Finance Minister Dijsselbloem said that some progress has been made in Greek debt talks that could result in a deal by the end of the month. Jun WTI crude oil (CLM15 -0.72%) this morning is down -30 cents (-0.53%) and Jun gasoline (RBM15 -0.13%) is down -0.0011 (-0.39%). Tuesday's closes: CLM5 -1.27 (-2.19%), RBM5 -0.0522 (-2.70%). Jun crude and gasoline on Tuesday closed lower on expectations that Wednesday's weekly EIA data will show that crude oil inventories rose +2.5 million bbl to another new record high.
GLOBAL EVENT CALENDAR04/22/2015
U.S. STOCK CALENDAR04/22/2015
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Wednesday, April 22, 2015
BARCHART MORNING CALL 4/11
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