Educational and Instructional Stock Market Investing Newsletter for the hands-on investor. I use my 40+ years of experience in Accounting, Law and Financial Services To show you how to find stocks that will not only beat the market but consistently beat Warren Buffett, his Berkshire Hathaway fund and most of the Morningstar 5 Star mutual funds.
Everything you need to know about the markets in one free daily newsletter.
You will also receive a free subscription to the Barchart family of newsletters.
OVERNIGHT MARKETS AND NEWS
March E-mini S&Ps (ESH16 +0.29%) are up +0.30% and European stocks are up +2.87%, both at 1-week highs, after the Fed raised interest rates yesterday and pledged that further rate increases would be gradual. Strength in European automakers is leading European shares higher as EUR/USD fell to a 1-week low, which benefits export-oriented companies. The ECB lowered the ELA ceiling for Greek banks to 75.8 billion euros from 77.9 billion euros, citing an "improvement of the liquidity situation of Greek banks." Asian stocks settled higher: Japan +1.59%, Hong Kong +0.79%, China +1.81%, Taiwan +1.65%, Australia +1.46%, Singapore +0.71%, South Korea +0.28%, India +1.21%. Asian stocks closed higher on the heels of a rally in U.S stocks with China's Shanghai Composite at a 2-week high and Japan's Nikkei Stock Index at a 1-week high.
The dollar index (DXY00 +1.07%) is up +1.04% at a 2-week high. EUR/USD (^EURUSD) is down -0.63% at a 1-week low. USD/JPY (^USDJPY) is up +0.25% at a 1-week high.
The German Dec IFO business climate unexpectedly fell -0.3 to 108.7, weaker than expectations of no change at 109.0.
Eurozone Q3 labor costs climbed +1.1% y/y, the smallest increase since Q1 of 2014.
The Japan Nov trade balance was in deficit by -389.7 billion yen, a smaller deficit than expectations of -449.7 billion yen. Nov exports fell -3.3% y/y, weaker than expectations of -1.6% y/y and the largest decline in nearly 3 years. Nov imports fell -10.2% y/y, weaker than expectations of -7.3% y/y.
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) weekly initial unemployment claims (expected -7,000 to 275,000, previous +13,000 to 282,000) and continuing claims (expected -43,000 to 2.200 million, previous +82,000 to 2.243 million), (2) Q3 current account balance (expected -$118.5 billion, Q2 -$109.7 billion), (3) Dec Philadelphia Fed business outlook index (expected -0.9 to 1.0, Nov +6.4 to 1.9), (4) Nov leading indicators (expected +0.1%, Oct +0.6%), (5) the Treasury's auction of $16 billion of 5-year TIPS.
There are 4 of the Russell 1000 companies that report earnings today: General Mills (consensus $0.83), Accenture (1.32), Rite Aid (0.05), Red Hat (0.46).
U.S. IPO's scheduled to price today: Pulte Acquisition Corp (PLTEU), Yirendai (YRD).
Equity conferences: European Society for Medical Oncology Asia Congress on Fri.
OVERNIGHT U.S. STOCK MOVERS
Micron Technology (MU-0.78%) is up nearly 2% in pre-market trading after Morgan Stanley upgraded the stock to 'Overweight' from 'Equalweight.'
FedEx (FDX +2.86%) rallied 5% in pre-market trading after it reported Q2 adjusted EPS of $2.58, better than consensus of $2.50.
Accenture Plc (ACN +2.21%) reported Q1 EPS of $1.28, below consensus of $1.32.
General Mills (GIS +1.09%) reported Q2 EPS of 82 cents, weaker than consensus of 83 cents.
Intercontinental Exchange (ICE-0.91%) fell over 1% in after-hours trading after it reported a 5.67 million share secondary offering.
Jabil Circuit (JBL-0.25%) climbed over 2% in after-hours trading after it raised guidance on fiscal 2016 core EPS to $2.65 from a September estimate of $2.60, above consensus of $2.57.
Pier 1 Imports (PIR +4.02%) tumbled over 13% in after-hours trading after it lowered guidance on fiscal 2016 adjusted EPS to 42 cents-46 cents from a previous estimate of 56 cents-64 cents, below consensus of 58 cents.
Coca-Cola Enterprise (CCE +2.48%) slid over 2% in after-hours trading after it said forex rates negatively impacted 2015 diluted EPS by approximately 18% and that it sees forex rated negatively impacting Q1 EPS by just over 5%.
Oracle (ORCL +1.83%) fell over 1% in after-hours trading after it reported Q2 adjusted EPS of 63 cents, better than consensus of 60 cents, but reported Q2 revenue of $8.99 billion, less than consensus of $9.06 billion.
MiMedx Group (MDXG-2.29%) jumped 14% in after-hours trading after it raised guidance on fiscal 2016 adjusted EPS to 31 cents-35 cents, above consensus of 26 cents.
Pandora (P +2.91%) surged over 15% in after-hours trading after the U.S. Copyright Royalty Board said web radio services must pay rights-holders 17 cents per 100 streams, higher than the 14 cents Pandora had been paying, but below the 25 cents-29 cents the music industry had sought.
Clovis Oncology (CLVS-2.66%) gained 1% in after-hours trading after Janney upgraded the stock to a 'Buy' with a price target of $50.
Apogee Enterprises (APOG +1.89%) fell nearly 4% in after-hours trading after it reported Q3 EPS of 63 cents, below consensus of 64 cents.
Mar E-mini S&Ps (ESH16 +0.29%) this morning are up +6.25 points (+0.30%) at a 1-week high. Wednesday's closes: S&P 500 +1.45%, Dow Jones +1.28%, Nasdaq +1.46%. The S&P 500 on Wednesday closed higher on the +10.5% increase in U.S. Nov housing starts to 1.173 million, stronger than expectations of +6.6% to 1.130 million, and on the post-FOMC meeting statement that said the FOMC sees conditions warranting "only gradual' interest rate increases going forward.
Mar 10-year T-notes (ZNH16 +0.16%) this morning are up +9 ticks. Wednesday's closes: TYH6 -11.50, FVH6 -7.75. Mar T-notes on Wednesday fell to a 1-1/2 week low and closed lower on the stronger-than-expected U.S. Nov housing starts and building permits reports and the rise in short-term interest rates with the Fed's 25 bp rate hike.
The dollar index (DXY00 +1.07%) this morning is up +1.022 (+1.04%) at a 2-week high. EUR/USD (^EURUSD) is down -0.0069 (-0.63%) at a 1-week low. USD/JPY (^USDJPY) is up +0.30 (+0.25) at a 1-week high. Wednesday's closes: Dollar Index -0.346 (-0.35%), EUR/USD -0.0019 (-0.17%), USD/JPY +0.53 (+0.44%). The dollar index on Wednesday fell back from a 1-week high and closed lower on the post-FOMC meeting statement saying that the FOMC sees conditions warranting "only gradual' increases going forward. In addition, EUR/USD saw some strength on the +0.3 point increase in the Eurozone Dec Markit manufacturing PMI to 53.1, the fastest pace of expansion in 20 months.
Jan crude oil (CLF16-0.39%) this morning is down -14 cents (-0.39%) and Jan gasoline (RBF16 +1.62%) is up +0.0181 (+1.47%). Wednesday's closes: CLF6 -1.61 (-4.31%), RBF6 -0.0116 (-0.93%). Jan crude oil and gasoline prices on Wednesday closed sharply lower on the unexpected +4.8 million bbl increase in EIA crude inventories to a 7-1/2 month high (vs expectations for a -1.5 million bbl decline) and the +607,000 bbl increase in crude supplies at Cushing, OK, delivery point of WTI futures, to a 6-3/4 month high.
GLOBAL EVENT CALENDAR12/17/2015
Weekly initial unemployment claims expected -7,000 to 275,000, previous +13,000 to 282,000. Weekly continuing claims expected-43,000 to 2.200 million, previous +82,000 to 2.243 million.
Q3 current account balance expected -$118.5 billion, Q2 -$109.7 billion.
Dec Philadelphia Fed business outlook survey expected -0.9 to 1.0, Nov +6.4 to 1.9
USDA weekly Export Sales.
Nov leading indicators expected +0.1%, Oct +0.6%.
Treasury announces amount of 2-year floating-rate notes to be auctioned Dec 23 (previous $13 billion).
Treasury auctions $16 billion 5-year TIPS.
German Dec IFO business climate expected unch at 109.0. Dec IFO current assessment expected unch at 113.4. Dec IFO expectations expected +0.3 to 105.0, Nov 104.7.
UK Nov retail sales ex-auto fuel expected +0.5% m/m and +2.2% y/y, Oct -0.9% m/m and +3.0% y/y.
UK Nov retail sales including auto fuel expected +0.6% m/m and +3.0% y/y, Oct -0.6% m/m and +3.8% y/y.
UK Dec CBI trends total orders expected +1 to -10, Nov -11. Dec CBI trends selling prices, Nov -2.
Eurozone Oct construction output, Sep -0.4% m/m and +1.8% y/y.