Tuesday, October 27, 2015

BARCHART MORNING CALL 10/27

OVERNIGHT MARKETS AND NEWS
December E-mini S&Ps (ESZ15 -0.07%) are down -0.04% and European stocks are down -0.20% ahead of Apple quarterly earnings and before the FOMC begins its 2-day policy meeting. With nearly no chance of a Fed rate hike priced into this month's FOMC meeting, the markets will look to Wednesday's post-FOMC meeting statement to gauge the Fed's assessment of the economy and to when it may begin to raise interest rates. Weakness in energy producers is also pulling the overall market lower with Dec crude (CLZ15 -1.32%) down -1.16% to a 1-3/4 month low. European stocks were also pressured by a 3.3% drop in BASF SE after the world's largest chemical maker cut its full-year growth targets due to the slide in crude prices and slowing demand in Brazil and China. Asian stocks settled mostly lower: Japan -0.90%, Hong Kong +0.11%, China +0.14%, Taiwan -0.50%, Australia -0.03%, Singapore -0.99%, South Korea -0.13%, India -0.40%. Asian stocks were undercut by weakness in energy producers and Japanese stocks also closed lower as exporters sold-off when the yen strengthened against the dollar, which reduces the earnings prospects of exporters. China's Shanghai Stock Index erased losses in the last hour of trade and closed higher after defense stocks rallied as a U.S. navy patrol sailed close to islands in the South China Sea claimed by China.
The dollar index (DXY00 -0.12%) is down -0.08%. EUR/USD (^EURUSD) is unchanged. USD/JPY (^USDJPY) is down -0.58%.
Dec T-note prices (ZNZ15 +0.05%) are up +1.5 ticks.
ECB Executive Board member Praet said the ECB is looking at ways to lift inflation without "taboos" as "we are in a situation in which the reaching of our objective could be delayed."
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) Sep durable goods orders (expected -1.5% and unch ex-transportation, Aug -2.3% and -0.2% ex-transportation), (2) Aug S&P CaseShiller composite-20 home price index (expected +0.10% m/m and +5.10% y/y, Jul -0.20% m/m and +4.96% y/y), (3) preliminary-Oct Markit services PMI (expected +0.4 to 55.5, Sep -1.0 to 55.1), (4) Oct U.S. consumer confidence from the Conference Board (expected unchanged at 103.0, Sep +1.7 to 103.0), (5) Oct Richmond Fed manufacturing index (expected +2 to -3, Sep -5 to -5), and (6) the first day of the FOMC's 2-day meeting.
There are 43 of the S&P 500 companies that report earnings today with notable reports including: Apple (consensus $1.88), UPS (1.37), Ford (0.47), Baxter (0.29), Merck (0.92), Pfizer (0.50), Comcast (0.80).
U.S. IPO's scheduled to price today: Optex Systems (OPXSD).
Equity conferences during the remainder of this week include: Hart Energy DUG Eagle Ford Conference on Mon-Tue, and Money20/20 Conference on Mon-Wed.



OVERNIGHT U.S. STOCK MOVERS
Ford Motor (F +0.06%) reported Q3 EPS of 45 cents, less than consensus of 47 cents.
Pfizer (PFE +0.32%) reported Q3 EPS of 60 cents, above consensus of 51 cents.
Baxter International (BAX +1.44%) reported Q3 EPS of 41 cents, higher than consensus of 29 cents.
Merck & Co. (MRK +0.06%) reported Q3 EPS of 96 cents, above consensus of 92 cents.
Corning (GLW -1.59%) reported Q3 EPS of 34 cents, below consensus of 35 cents.
Mondelez International (MDLZ +0.58%) rose over 2% in after-hours trading after it was rated a new 'Positive' at Susquehanna with a 12-month price target of $60.
Edwards Lifesciences (EW -1.97%) climbed nearly 6% in after-hours trading after it reported Q3 adjusted EPS of $1.07, higher than consensus of 98 cents, and then raised guidance on fiscal 2015 adjusted EPS to $4.43-$4.53 from a previous estimate of $4.30-$4.40, above consensus of $4.38.
Swift Transportation (SWFT +1.92%) slid nearly 2% in after-hours trading after it reported Q3 EPS of 31 cents, right on consensus, but reported Q3 revenue of $1.06 billion, below consensus of $1.08 billion.
The Cheesecake Factory (CAKE +2.52%) fell over 5% in after-hours trading after it reported adjusted Q3 EPS of 59 cents, better than consensus of 56 cents, but reported Q3 revenue of $526.7 million, less than consensus of $535.5 million.
Hartford Financial (HIG -0.87%) slid over 4% in after-hours trading after it reported Q3 EPS of 86 cents, weaker than consensus of 99 cents.
MicroStrategy (MSTR +4.29%) fell over 11% in after-hours trading after it reported Q3 revenue of $129.5 million, below consensus of $137.8 million.
Rent-A-Center (RCII +0.74%) plunged nearly 20% in after-hours trading after it lowered guidance on fiscal 2015 EPS to $2.00-$2.10 from a September estimate of $2.05-$2.20, below consensus of $2.15.
Marvell Technology (MRVL -1.26%) tumbled 17% in after-hours trading after PricewaterhouseCooper resigned as its external accounting firm.
Gold Resources (GORO -1.06%) fell over 3% in after-hours trading after it cut its 2015 gold production forecast by 6% to 29,600 ounces and cut its silver production estimate by 16% to 2.5 million ounces.
MARKET COMMENTS
Dec E-mini S&Ps (ESZ15 -0.07%) this morning are down -0.75 of a point (-0.04%). Monday's closes: S&P 500 -0.19%, Dow Jones -0.13%, Nasdaq +0.15%. The S&P 500 on Monday closed lower on caution ahead of the Tue/Wed FOMC meeting, the sharp -11.5% decline in U.S. Sep new home sales, and weakness in technology stocks after Apple fell by more than 3%.
Dec 10-year T-notes (ZNZ15 +0.05%) this morning are up +1.5 ticks. TYZ5 +5.50, FVZ5 +2.50. Dec T-notes on Monday settled higher on weakness in stocks and on the sharp decline in U.S. Sep new home sales to a 10-month low.
The dollar index (DXY00 -0.12%) this morning is down -0.080 (-0.08%). EUR/USD (^EURUSD) is unch. USD/JPY (^USDJPY) is down -0.70 (-0.58%). Dollar Index -0.266 (-0.27%), EUR/USD +0.0040 (+0.36%), USD/JPY -0.37 (-0.30%). The dollar index on Monday closed lower on expectations the FOMC this week will keep rates unchanged and on strength in EUR/USD which recovered from a 2-1/2 month low and closed higher after the German IFO Oct business confidence fell less than expected.
Dec crude oil (CLZ15 -1.32%) this morning is down -51 cents (-1.16%) at a 1-3/4 month low and Dec gasoline (RBZ15 -0.34%) is down -0.0001 (-0.01%). CLZ5 -0.87 (-1.95%), RBZ5 -0.0162 (-1.25%). Dec crude oil and gasoline on Monday closed lower with Dec crude at a 1-month low. Crude oil prices closed lower on weak U.S. economic data and the ongoing supply glut as EIA data shows U.S. crude inventories at 476.6 million bbl in the week ended Oct 16, the highest for this time of year in data going back to 1930.
GLOBAL EVENT CALENDAR10/27/2015
US0830 ETSep durable goods orders expected -1.5% and unch ex transportation, Aug -2.3% and -0.2% ex transportation. Sep capital goods orders non-defense ex-aircraft expected +0.2%, Aug -0.8%.
0900 ETAug S&P CaseShiller composite-20 home price index expected +0.10% m/m and +5.10% y/y, Jul -0.20% m/m and +4.96% y/y.
0945 ETPreliminary Oct Markit services PMI expected +0.4 to 55.5, Sep -1.0 to 55.1. Oct Markit composite PMI, Sep 0.7 to 55.0.
1000 ETOct consumer confidence (Conference Board) expected unchanged at 103.0, Sep +1.7 to 103.0.
1000 ETOct Richmond Fed manufacturing index expected +2 to -3, Sep -5 to -5.
1100 ETFOMC begins 2-day policy meeting.
1300 ETTreasurys 2-year T-note auction postponed due to debt ceiling constraints.
EUR0500 ETEurozone Sep M3 money supply expected +5.0% y/y, Aug +4.8% y/y.
UK0530 ETUK Q3 GDP expected +0.6% q/q and +2.4% y/y, Q2 +0.7% q/q and +2.4% y/y.
0530 ETUK Aug index of services expected +0.2% m/m and +1.0% y/y, Jul +0.2% m/m and +0.8% 3-mo/3-mo.
JPN1950 ETJapan Sep retail sales expected +1.1% m/m and +0.4% y/y, Aug +0.8%m/m and unch y/y.
CHI2145 ETChina Oct Westpac-MNI consumer sentiment, Sep 118.2.
U.S. STOCK CALENDAR10/27/2015
CompanyTickerTimeEvent DescriptionPeriodEstimate
Airgas IncARG USBef-mktQ2 2016 Earnings ReleaseQ2 20161.292
Baxter International IncBAX USBef-mktQ3 2015 Earnings ReleaseQ3 20150.294
Corning IncGLW USBef-mktQ3 2015 Earnings ReleaseQ3 20150.347
Marsh & McLennan Cos IncMMC USBef-mktQ3 2015 Earnings ReleaseQ3 20150.598
Merck & Co IncMRK USBef-mktQ3 2015 Earnings ReleaseQ3 20150.915
Pfizer IncPFE USBef-mktQ3 2015 Earnings ReleaseQ3 20150.504
Comcast CorpCMCSA USBef-mktQ3 2015 Earnings ReleaseQ3 20150.799
Waste Management IncWM USBef-mktQ3 2015 Earnings ReleaseQ3 20150.712
Simon Property Group IncSPG USBef-mktQ3 2015 Earnings ReleaseQ3 20152.464
United Parcel Service IncUPS USBef-mktQ3 2015 Earnings ReleaseQ3 20151.372
Waters CorpWAT USBef-mktQ3 2015 Earnings ReleaseQ3 20151.398
AMETEK IncAME USBef-mktQ3 2015 Earnings ReleaseQ3 20150.648
Reynolds American IncRAI USBef-mktQ3 2015 Earnings ReleaseQ3 20150.547
HCA Holdings IncHCA USBef-mktQ3 2015 Earnings ReleaseQ3 20151.17
EI du Pont de Nemours & CoDD US6:00Q3 2015 Earnings ReleaseQ3 20150.1
Textron IncTXT US6:30Q3 2015 Earnings ReleaseQ3 20150.608
Wyndham Worldwide CorpWYN US6:30Q3 2015 Earnings ReleaseQ3 20151.679
CONSOL Energy IncCNX US6:45Q3 2015 Earnings ReleaseQ3 2015-0.032
Ford Motor CoF US7:00Q3 2015 Earnings ReleaseQ3 20150.465
Ingersoll-Rand PLCIR US7:00Q3 2015 Earnings ReleaseQ3 20151.156
Masco CorpMAS US7:00Q3 2015 Earnings ReleaseQ3 20150.318
Coach IncCOH US7:00Q1 2016 Earnings ReleaseQ1 20160.397
Bristol-Myers Squibb CoBMY US7:30Q3 2015 Earnings ReleaseQ3 20150.35
Cummins IncCMI US7:30Q3 2015 Earnings ReleaseQ3 20152.601
Sealed Air CorpSEE US7:30Q3 2015 Earnings ReleaseQ3 20150.56
Masco CorpMAS US8:00Q3 2015 Earnings CallQ3 2015
Merck & Co IncMRK US8:00Q3 2015 Earnings CallQ3 2015
Textron IncTXT US8:00Q3 2015 Earnings CallQ3 2015
PACCAR IncPCAR US8:00Q3 2015 Earnings ReleaseQ3 20151.163
Baxter International IncBAX US8:30Q3 2015 Earnings CallQ3 2015
Corning IncGLW US8:30Q3 2015 Earnings CallQ3 2015
Marsh & McLennan Cos IncMMC US8:30Q3 2015 Earnings CallQ3 2015
Comcast CorpCMCSA US8:30Q3 2015 Earnings CallQ3 2015
United Parcel Service IncUPS US8:30Q3 2015 Earnings CallQ3 2015
Waters CorpWAT US8:30Q3 2015 Earnings CallQ3 2015
AMETEK IncAME US8:30Q3 2015 Earnings CallQ3 2015
Coach IncCOH US8:30Q1 2016 Earnings CallQ1 2016
Wyndham Worldwide CorpWYN US8:30Q3 2015 Earnings CallQ3 2015
EI du Pont de Nemours & CoDD US9:00Q3 2015 Earnings CallQ3 2015
Ford Motor CoF US9:00Q3 2015 Earnings CallQ3 2015
Kroger Co/TheKR US9:00Investor MeetingY 2015
Hartford Financial Services Group Inc/TheHIG US9:00Q3 2015 Earnings CallQ3 2015
Reynolds American IncRAI US9:00Q3 2015 Earnings CallQ3 2015
Airgas IncARG US10:00Q2 2016 Earnings CallQ2 2016
Cummins IncCMI US10:00Q3 2015 Earnings CallQ3 2015
Ingersoll-Rand PLCIR US10:00Q3 2015 Earnings CallQ3 2015
Pfizer IncPFE US10:00Q3 2015 Earnings CallQ3 2015
Waste Management IncWM US10:00Q3 2015 Earnings CallQ3 2015
Sealed Air CorpSEE US10:00Q3 2015 Earnings CallQ3 2015
CONSOL Energy IncCNX US10:00Q3 2015 Earnings CallQ3 2015
HCA Holdings IncHCA US10:00Q3 2015 Earnings CallQ3 2015
Ford Motor CoF US11:00Q3 2015 Earnings Call - Fixed IncomeC3 2015
Charles Schwab Corp/TheSCHW US11:00Business Update Call
Torchmark CorpTMK US11:00Q3 2015 Earnings CallQ3 2015
Simon Property Group IncSPG US11:00Q3 2015 Earnings CallQ3 2015
AvalonBay Communities IncAVB US11:00Q3 2015 Earnings CallQ3 2015
Bristol-Myers Squibb CoBMY US11:30Q3 2015 Earnings CallQ3 2015
PACCAR IncPCAR US12:00Q3 2015 Earnings CallQ3 2015
Gilead Sciences IncGILD US16:05Q3 2015 Earnings ReleaseQ3 20152.879
CH Robinson Worldwide IncCHRW US16:15Q3 2015 Earnings ReleaseQ3 20150.936
Edison InternationalEIX US16:30Q3 2015 Earnings CallQ3 2015
Apple IncAAPL US16:30Q4 2015 Earnings ReleaseQ4 20151.878
Gilead Sciences IncGILD US16:30Q3 2015 Earnings CallQ3 2015
Akamai Technologies IncAKAM US16:30Q3 2015 Earnings CallQ3 2015
Total System Services IncTSS US17:00Q3 2015 Earnings CallQ3 2015
Apple IncAAPL US17:00Q4 2015 Earnings CallQ4 2015
Fiserv IncFISV US17:00Q3 2015 Earnings CallQ3 2015
CBRE Group IncCBG US17:00Q3 2015 Earnings CallQ3 2015
Aflac IncAFL USAft-mktQ3 2015 Earnings ReleaseQ3 20151.482
Anadarko Petroleum CorpAPC USAft-mktQ3 2015 Earnings ReleaseQ3 2015-0.73
Owens-Illinois IncOI USAft-mktQ3 2015 Earnings ReleaseQ3 20150.553
Edison InternationalEIX USAft-mktQ3 2015 Earnings ReleaseQ3 20151.18
Total System Services IncTSS USAft-mktQ3 2015 Earnings ReleaseQ3 20150.592
Cincinnati Financial CorpCINF USAft-mktQ3 2015 Earnings ReleaseQ3 20150.68
Express Scripts Holding CoESRX USAft-mktQ3 2015 Earnings ReleaseQ3 20151.44
Fiserv IncFISV USAft-mktQ3 2015 Earnings ReleaseQ3 20150.974
Macerich Co/TheMAC USAft-mktQ3 2015 Earnings ReleaseQ3 20150.981
Akamai Technologies IncAKAM USAft-mktQ3 2015 Earnings ReleaseQ3 20150.575
CBRE Group IncCBG USAft-mktQ3 2015 Earnings ReleaseQ3 20150.457
Assurant IncAIZ USAft-mktQ3 2015 Earnings ReleaseQ3 20151.569
Verisk Analytics IncVRSK USAft-mktQ3 2015 Earnings ReleaseQ3 20150.766
Universal Health Services IncUHS US17:01Q3 2015 Earnings ReleaseQ3 20151.579
Danaher CorpDHR USITC to Release Findings in Danaher Corp vs. Instradent Patent-Infringement Case
Amgen IncAMGN USPDUFA, talimogene laherparepvec, metastatic melanoma
Posted by Jim Van Meerten at
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