Tuesday, April 30, 2013

Barchart Morning Call 4/30


Tuesday, April 30th, 2013>>View Older Reports
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OVERNIGHT MARKETS AND NEWS
June E-mini S&Ps (ESM13 -0.13%) this morning are down -0.13%, following a -0.25% decline in European stocks after Eurozone unemployment climbed to a record high in March. Asian stocks today closed mostly higher: Japan -0.17%, Hong Kong +0.69%, Taiwan +0.80%, Australia +1.28%, Singapore +0.19%, South Korea +1.38%, India +0.60%. China was closed for a holiday. Commodity prices are mixed. June WTI crude oil (CLM13 -0.29%) is down -0.32%, June gasoline (RBM13 -0.24%) is down -0.27%, June natural gas (NGM13 -0.50%) is down -0.50%, June gold (GCM13 +0.44%) is up +0.33%, May copper (HGK13 -0.42%) is down -0.12%. Agriculture prices are higher with May corn up +1.02% at a 1-month high and May soybeans up +1.16% at a 2-1/4 month high as planting delays continue in the U.S. Midwest. The dollar index (DXY00 +0.02%) is up +0.06%. EUR/USD (^EURUSD) fell back from a 1-week high and is down -0.20% after a drop in the Eurozone Apr CPI estimate to a 3-year low nearly cements a 25 bp rate cut at Thursday's ECB meeting. USD/JPY (^USDJPY) is down -0.20%. June 10-year T-note futures prices (ZNM13 +0.12%) are up 5 ticks ahead of the 2-day FOMC meeting that begins today.
The Eurozone Mar unemployment rate rose +0.1 to a record 12.1%, in line with expectations.
The Eurozone Apr CPI estimate was +1.2% y/y, much weaker than expectations of +1.6% y/y and the lowest in 3 years. This will increase pressure on the ECB to cut interest rates at Thursday's central bank meeting.
German Mar retail sales fell -0.3% m/m and -2.8% y/y. The monthly decline of -0.3% m/m was right on expectations and the yearly drop of -2.8% y/y was weaker than estimates of -1.2% y/y.
German Apr unemployment climbed +4,000, double expectations of +2,000, while the Apr unemployment rate held steady at 6.9%, in line with expectations.
The German May GfK consumer confidence survey unexpectedly rose +0.2 to a 5-1/2 year high of 6.2 from a revised 6.0 in Apr. That was better than expectations of unchanged at 5.9.
Japan's Mar jobless rate unexpectedly declined -0.1 to a 4-1/3 year low of 4.1%, better than expectations of no change at 4.2%, while the Mar job-to-applicant ratio rose +0.01 to 0.86, right on expectations.
Japan Mar industrial production rose +0.2% m/m and fell -7.3% y/y, weaker than expectations of +0.4% m/m and -7.2% y/y.
Japan Mar retail trade fell -1.4% m/m and -0.3% y/y, weaker than expectations of -0.8% m/m and +0.4% y/y.
U.S. STOCK PREVIEW
Today’s April U.S. consumer confidence index from the Conference Board is expected to show a +0.6 point increase to 60.3, recovering a bit after the sharp -8.3 point drop to 59.7 seen in March. Today’s U.S. Feb CaseShiller composite-20 home price index is expected to show a strong increase of +0.9% m/m and +9.0% y/y, posting another strong month after January’s report of +1.0% m/m and +8.1% y/y. Today’s Apr Chicago purchasing managers index is expected to edge higher by +0.1 point to 52.5 after the sharp decline of -4.4 points to 52.4 seen in March. The 2-day FOMC meeting that begins today is expected to produce a fully unchanged monetary policy and no change in the FOMC’s QE3 program. Today is a very busy earnings day with 38 of the S&P 500 companies scheduled to release earnings (please see stock calendar below). Conferences through the remainder of this week include Barclays Retail and Consumer Discretionary Conference on Tue-Wed, PEX Week Europe 2013 on Tue-Wed.
OVERNIGHT U.S. STOCK MOVERS
Starwood Hotels & Resorts Worldwide (HOT +0.60%) reported Q1 EPS of 76 cents, well ahead of consensus of 53 cents.
Pitney Bowes (PBI +1.89%) reported Q1 EPS of 42 cents, below consensus of 44 cents.
Pfizer (PFE +1.13%) reported Q1 EPS of 54 cents, weaker than consensus of 55 cents.
Aetna (AET -1.49%) reported Q1 EPS of $1.50, well ahead of consensus of $1.38.
Cummins (CMI +1.84%) reported Q1 EPS of $1.44, weaker than consensus of $1.86.
NYSE Euronext (NYX +0.89%) reported Q1 EPS of 57 cents, better than consensus of 56 cents.
Standard & Poor's Ratings Services lowered its corporate credit rating on Allscripts Healthcare Solutions (MDRX +0.29%) to 'BB' from 'BB+' with a stable outlook.
Newmont Mining (NEM +1.49%) reported Q1 adjusted EPS of 71c, weaker than the consensus of 77 cents.
Community Health (CYH +3.58%) reported Q1 EPS of 86 cents, better than the consensus of 85 cents.
Brigus Gold (BRD +3.17%) reported positive drilling results at the lower East zone of its Black Fox underground mine.
Hertz Global (HTZ -0.91%) reported Q1 adjusted EPS of 21 cents, better than the consensus of 17 cents.
Arch Capital (ACGL +0.55%) reported Q1 EPS of $1.85, nearly double the consensus of 96 cents.
Herbalife (HLF +1.25%) reported Q1 adjusted EPS of $1.27, higher than consensus of $1.07. The company also raised its guidance for fiscal 2013 to $4.60-$4.80, with a higher $4.70 midpiont than the consensus of $4.66.
Buffalo Wild Wings (BWLD -0.77%) rallied more than 4% in after-hours trading and posted a record high after the company said "We are pleased with our strong same-store sales trend to date in the second quarter of 5.2% at our company-owned restaurants and 5.8% at franchised locations." The stock shrugged off an earnings miss when the company reported Q1 EPS of 87 cents, well below consensus of 99 cents.
Texas Roadhouse (TXRH +1.23%) rallied over 7% in after-hours trading after the company reported Q1 EPS ex-items of 37 cents, stronger than consensus of 35 cents, and said Q1 comparable restaurant sales were up 3.5% at company restaurants and up 4.5% at franchise restaurants.
Express Scripts (ESRX +0.92%) reported Q1 EPS of 99 cents, better than consensus of 97 cents and said it sees fiscal 201 EPS of $4.23-$4.33, higher than consensus of $4.26.
QIAGEN (QGEN +0.58%) reported Q1 adjusted EPS of 23 cents, better than consensus of 22 cents, and raised its guidance on fiscal 2013 to an EPS of $1.13, higher than consensus of $1.10.
Heartland Financial (HTLF +0.58%) reported Q1 EPS of 70 cents, well above the consensus of 58 cents.
MARKET COMMENTS
June E-mini S&Ps (ESM13 -0.13%) this morning are down -2.00 points (-0.13%). The S&P 500 index on Monday pushed up to a 2-week high and closed higher. Bullish factors included (1) carry-over strength from gains in European equities that rallied on reduced sovereign debt concerns after Spanish and Italian 10-year borrowing costs fell to 2-1/2 year lows, (2) the stronger-than-expected +0.2% increase in U.S. Mar personal spending, better than expectations of unchanged, and (3) strength in Mar pending home sales which rose +1.5% m/m, better than expectations of +1.0%. Another bullish factor for stocks is strong Q1 earnings growth as 74% of the 273 of the S&P 500 companies that have reported earnings results have beaten estimates. Closes: S&P 500 +0.72%, Dow Jones +0.72%, Nasdaq 100 +0.93%.
June 10-year T-notes (ZNM13 +0.12%) this morning are up +5 ticks and posted a new contract high in overnight trade. June 10-year T-note futures prices on Monday closed slightly higher on signs the economy may slow along with reduced inflation concerns. U.S. Mar personal income rose +0.2%, less than expectations of +0.4%, while the Mar core PCE deflator rose +1.1% y/y, weaker than expectations of +1.2% y/y and the slowest pace of increase in 2 years. T-note prices fell back from their best levels on the larger-than-expected increase in Mar personal spending and the rally in the stock market. Closes: TYM3 +0.5, FVM3 +1.0.
The dollar index (DXY00 +0.02%) this morning is up +0.048 (+0.06%). EUR/USD (^EURUSD) is down -0.0026 (-0.20%) and USD/JPY (^USDJPY) is down -0.20 (-0.20%). The dollar index on Monday fell to a 1-1/2 week low and closed lower on speculation the Fed at this week's 2-day FOMC meeting will maintain its dollar-negative QE3 program. EUR/USD received a boost after Italian and Spanish 10-year borrowing costs fell to 2-1/2 year lows and reduced sovereign debt concerns, while USD/JPY fell to a 1-week low after the yen weakened when stock market strength reduced the safe-haven demand for the yen. Closes: Dollar index -0.355 (-0.43%), EUR/USD +0.0067 (+0.52%), USD/JPY -0.242 (-0.25%).
June WTI crude oil (CLM13 -0.29%) this morning is down -0.30 (-0.32%) and June gasoline (RBM13 -0.24%) is down -0.0076 (-0.27%). June crude oil and gasoline on Monday closed mixed. Crude oil posted a 2-week high and closed higher on economic optimism after Mar U.S. personal spending and Mar pending home sales rose more than expected. Gasoline declined after refiners in California, Louisiana and Texas restarted units that were closed for seasonal maintenance, which should boost gasoline supplies. Closes: CLM3 -1.50 (+1.61%), RBM3 -0.0053 (-0.19%).
GLOBAL EVENT CALENDAR04/30/2013
US0830 ETQ1 employment cost index expected +0.5%, Q4 +0.5%.
0900 ETFeb S&P/CaseShiller composite-20 home price index expected +0.9% m/m and +9.0% y/y, Jan +1.02% m/m and +8.08% y/y.
0945 ETApr Chicago purchasing managers index expected +0.1 to 52.5, Mar -4.4 to 52.4.
1000 ETApr U.S. consumer confidence (Conference Board) expected +0.6 to 60.3, Mar -8.3 to 59.7.
1030 ETFOMC begins 2-day policy meeting.
1630 ETAPI weekly U.S. oil statistics.
JPN0000 ETJapan Mar vehicle production, Feb -15.1% y/y.
0100 ETJapan Mar housing starts expected +6.0% y/y, Feb +3.0% y/y.
0100 ETJapan Mar construction orders, Feb +16.3% y/y.
2130 ETJapan Mar labor cash earnings expected -1.2% y/y, Feb -0.8% y/y.
GER0200 ETGerman Mar retail sales expected -0.3% m/m and -1.2% y/y, Feb -0.3% m/m and -2.2% y/y.
0200 ETGerman May GfK consumer confidence survey expected 5.9, Apr 5.9.
0355 ETGerman Apr unemployment change expected +2,000, Mar +13,000. Apr unemployment rate (sa) expected 6.9%, Mar 6.9%.
UK0430 ETUK Mar net consumer credit expected +0.5 billion pounds, Feb 0.6 billion pounds.
0430 ETUK Mar mortgage approvals expected 52,700, Feb 51,700.
0430 ETUK Mar M4 money supply, Feb -0.5% m/m and+0.5% y/y.
EUR0500 ETEurozone Apr CPI estimate expected +1,6% y/y, Mar +1.7% y/y.
0500 ETEurozone Mar unemployment rate expected +0.1 to 12.1%, Feb 12.0%.
CH2100 ETChina Apr manufacturing PMI expected -0.2 to 50.7, Mar 50.9.
U.S. STOCK CALENDAR04/30/2013
Company NameSymbolTimeEvent DescriptionPeriodEPS Est (US$)
NYSE EuronextNYX US2:30Q1 2013 Earnings ReleaseQ1 20130.558
Tenet Healthcare CorpTHC USBef-mktQ1 2013 Earnings ReleaseQ1 20130.299
NiSource IncNI USBef-mktQ1 2013 Earnings ReleaseQ1 20130.714
Marathon Petroleum CorpMPC USBef-mktQ1 2013 Earnings ReleaseQ1 20132.168
MeadWestvaco CorpMWV USBef-mktQ1 2013 Earnings ReleaseQ1 20130.235
Valero Energy CorpVLO USBef-mktQ1 2013 Earnings ReleaseQ1 20130.994
AGL Resources IncGAS USBef-mktQ1 2013 Earnings ReleaseQ1 20131.34
Pfizer IncPFE USBef-mktQ1 2013 Earnings ReleaseQ1 20130.551
Avon Products IncAVP USBef-mktQ1 2013 Earnings ReleaseQ1 20130.136
Pitney Bowes IncPBI USBef-mktQ1 2013 Earnings ReleaseQ1 20130.438
Cummins IncCMI USBef-mktQ1 2013 Earnings ReleaseQ1 20131.856
Ecolab IncECL USBef-mktQ1 2013 Earnings ReleaseQ1 20130.585
United States Steel CorpX USBef-mktQ1 2013 Earnings ReleaseQ1 2013-0.22
NextEra Energy IncNEE USBef-mktQ1 2013 Earnings ReleaseQ1 20131.018
Wisconsin Energy CorpWEC USBef-mktQ1 2013 Earnings ReleaseQ1 20130.707
HCP IncHCP USBef-mktQ1 2013 Earnings ReleaseQ1 20130.723
Fidelity National Information Services IncFIS USBef-mktQ1 2013 Earnings ReleaseQ1 20130.607
Starwood Hotels & Resorts Worldwide IncHOT US6:00Q1 2013 Earnings ReleaseQ1 20130.528
Aetna IncAET US6:00Q1 2013 Earnings ReleaseQ1 20131.377
Harris CorpHRS US6:30Q3 2013 Earnings ReleaseQ3 20131.12
Xylem Inc/NYXYL US7:00Q1 2013 Earnings ReleaseQ1 20130.267
Legg Mason IncLM US7:00Q4 2013 Earnings ReleaseQ4 20130.199
McGraw-Hill Cos Inc/TheMHP US7:15Q1 2013 Earnings ReleaseQ1 20130.73
Public Service Enterprise Group IncPEG US7:30Q1 2013 Earnings ReleaseQ1 20130.737
Invesco LtdIVZ US7:30Q1 2013 Earnings ReleaseQ1 20130.471
Pitney Bowes IncPBI US8:00Q1 2013 Earnings CallQ1 2013
Teradata CorpTDC US8:00Annual General Meeting
HJ Heinz CoHNZ US8:00Extraordinary Shareholders MeetingY 2013
Legg Mason IncLM US8:00Q4 2013 Earnings CallQ4 2013
NYSE EuronextNYX US8:00Q1 2013 Earnings CallQ1 2013
Masco CorpMAS US8:00Q1 2013 Earnings CallQ1 2013
Franklin Resources IncBEN US8:30Q2 2013 Earnings ReleaseQ2 20132.489
Franklin Resources IncBEN US8:30Q2 2013 Earnings Call - Pre RecordedC2 2013
Harris CorpHRS US8:30Q3 2013 Earnings CallQ3 2013
Fidelity National Information Services IncFIS US8:30Q1 2013 Earnings CallQ1 2013
Aetna IncAET US8:30Q1 2013 Earnings CallQ1 2013
McGraw-Hill Cos Inc/TheMHP US8:30Q1 2013 Earnings CallQ1 2013
NiSource IncNI US9:00Q1 2013 Earnings CallQ1 2013
Avon Products IncAVP US9:00Q1 2013 Earnings CallQ1 2013
Xylem Inc/NYXYL US9:00Q1 2013 Earnings CallQ1 2013
Hartford Financial Services Group IncHIG US9:00Q1 2013 Earnings CallQ1 2013
Invesco LtdIVZ US9:00Q1 2013 Earnings CallQ1 2013
Express Scripts Holding CoESRX US9:00Q1 2013 Earnings CallQ1 2013
NextEra Energy IncNEE US9:00Q1 2013 Earnings CallQ1 2013
Mead Johnson Nutrition CoMJN US10:00Annual General Meeting
Newmont Mining CorpNEM US10:00Q1 2013 Earnings CallQ1 2013
Marathon Petroleum CorpMPC US10:00Q1 2013 Earnings CallQ1 2013
MeadWestvaco CorpMWV US10:00Q1 2013 Earnings CallQ1 2013
AGL Resources IncGAS US10:00Annual General MeetingY 2013
Pfizer IncPFE US10:00Q1 2013 Earnings CallQ1 2013
Cummins IncCMI US10:00Q1 2013 Earnings CallQ1 2013
Total System Services IncTSS US10:00Annual General Meeting
Hershey Co/TheHSY US10:00Annual General MeetingY 2013
International Flavors & Fragrances IncIFF US10:00Annual General MeetingY 2013
Kimco Realty CorpKIM US10:00Annual General MeetingY 2013
Franklin Resources IncBEN US10:30Q2 2013 Earnings CallQ2 2013
Starwood Hotels & Resorts Worldwide IncHOT US10:30Q1 2013 Earnings CallQ1 2013
Valero Energy CorpVLO US11:00Q1 2013 Earnings CallQ1 2013
Public Service Enterprise Group IncPEG US11:00Q1 2013 Earnings CallQ1 2013
Spectra Energy CorpSE US11:00Shareholders MeetingY 2013
Ensco PLCESV US11:00Q1 2013 Earnings CallQ1 2013
Jacobs Engineering Group IncJEC US11:00Q2 2013 Earnings CallQ2 2013
Tenet Healthcare CorpTHC US11:30Q1 2013 Earnings CallQ1 2013
HCP IncHCP US12:00Q1 2013 Earnings CallQ1 2013
Allergan Inc/United StatesAGN US13:00Annual General Meeting
Ecolab IncECL US13:00Q1 2013 Earnings CallQ1 2013
Wisconsin Energy CorpWEC US14:00Q1 2013 Earnings CallQ1 2013
Stryker CorpSYK US14:00Annual General MeetingY 2013
L-3 Communications Holdings IncLLL US14:30Annual General Meeting
United States Steel CorpX US15:00Q1 2013 Earnings CallQ1 2013
AGL Resources IncGAS US16:00Q1 2013 Earnings CallQ1 2013
Western Union Co/TheWU US16:00Q1 2013 Earnings ReleaseQ1 20130.323
Western Union Co/TheWU US16:30Q1 2013 Earnings CallQ1 2013
Edison InternationalEIX US17:00Q1 2013 Earnings CallQ1 2013
TECO Energy IncTE US17:00Q1 2013 Earnings CallQ1 2013
Fiserv IncFISV US17:00Q1 2013 Earnings CallQ1 2013
Equity ResidentialEQR USAft-mktQ1 2013 Earnings ReleaseQ1 20130.63
ONEOK IncOKE USAft-mktQ1 2013 Earnings ReleaseQ1 20130.585
MetroPCS Communications IncPCS USAft-mktRegeneron Pharmaceuticals Relaces MetroPCS Communications in S&P 500
Edison InternationalEIX USAft-mktQ1 2013 Earnings ReleaseQ1 20130.662
TECO Energy IncTE USAft-mktQ1 2013 Earnings ReleaseQ1 20130.17
Boston Properties IncBXP USAft-mktQ1 2013 Earnings ReleaseQ1 20131.211
Hudson City Bancorp IncHCBK USAft-mktQ1 2013 Earnings ReleaseQ1 20130.108
Genworth Financial IncGNW USAft-mktQ1 2013 Earnings ReleaseQ1 20130.277
FMC CorpFMC USAft-mktQ1 2013 Earnings ReleaseQ1 20131.069
QEP Resources IncQEP USAft-mktQ1 2013 Earnings ReleaseQ1 20130.301
Fiserv IncFISV USAft-mktQ1 2013 Earnings ReleaseQ1 20131.339
AvalonBay Communities IncAVB USAft-mktQ1 2013 Earnings ReleaseQ1 2013-0.625
Chubb Corp/TheCB USAnnual General Meeting
United States Steel CorpX USAnnual General Meeting
Apartment Investment & Management CoAIV USAnnual General MeetingY 2013
International Business Machines CorpIBM USAnnual General MeetingY 2013
Posted by Jim Van Meerten at
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