Tuesday, November 5th, 2013View Older Reports
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OVERNIGHT MARKETS AND NEWS
December E-mini S&Ps (ESZ13 -0.31%) this morning are down -0.27% and European stocks are down -0.71% after the European Union trimmed its growth outlook for next year. Asian stocks closed mixed: Japan +0.17%, Hong Kong -0.65%, China +0.14%, Taiwan -1.10%, Australia +0.77%, Singapore 0.05%, South Korea -0.61%, India -1.25%. The European Union cut its 2014 Eurozone GDP forecast to 1.1%, less than the +1.2% forecast in May, and raised its 2014 Eurozone unemployment estimate to a record 12.2%, higher than the 12.1% predicted in May. Limiting losses in stocks were comments from Boston Fed President Rosengren who said late Monday that monetary policy is likely to remain simulative for "some time" until the labor market gains strength. Commodity prices are mixed. Dec crude oil (CLZ13 -0.25%) is down -0.34%. Dec gasoline (RBZ13 +0.28%) is up +0.04%. Dec gold (GCZ13 -0.20%) is down -0.20% and Dec copper (HGZ13 +0.08%) is up +0.08%. Agricultural and livestock prices are mixed. The dollar index (DXY00 +0.03%) is up +0.02%. EUR/USD (^EURUSD) is down -0.17% on speculation the ECB will announce additional stimulus measures when it meets on Thursday. USD/JPY (^USDJPY) is down -0.28%. December T-note prices (ZNZ13 -0.11%) are down -5 ticks.The European Union cut its 2014 Eurozone GDP forecast to 1.1%, less than the +1.2% forecast in May, and raised its 2014 Eurozone unemployment estimate to a record 12.2%, higher than the 12.1% predicted in May.
The UK Oct PMI services unexpectedly climbed +2.2 points from Sep to 62.5, better than expectations of a -0.3 point decline to 60.0 and the fastest pace of expansion in 16 years.
The UK Oct BRC retail sales monitor like for like sales was up +0.8% y/y, less than expectations of +1.0% y/y.
The Eurozone Sep PPI rose +0.1% m/m and fell -0.9% y/y, slower than expectations of +0.2% m/m and -0.8% y/y, with the -0.9% y/y fall the biggest annual decline in 3-1/2 years.
The China Oct HSBC/Markit services PMI rose +0.2 from Sep to 52.6.
U.S. STOCK PREVIEW
Today’s Oct ISM non-manufacturing index is expected to show a -0.4 point decline to 54.0, adding to the sharp -4.2 point decline to 54.4 seen in September. There are 25 of the S&P 500 companies that report earnings today with notable reports including Emerson Electric (consensus $1.11), Dominion Resources (0.90), ICE Exchange (1.83), Mosaic (0.74), CVS Caremark (1.02), Sempra Energy (1.23),Equity conference during the remainder of this week include: Macquarie Capital Mobile Corporate Day on Tue, Robert W Baird and Co Industrial Conference on Tue-Wed, Morningstar, Management Behind the Moat Conference on Tue-Thu, Bloomberg State & Municipal Finance Conference on Wed, Needham HDD Flash Memory Conference on Wed, Raymond James Global Airline Transportation Conference on Wed-Thu, 11th Annual Canadian Business Leadership Forum on Thu, Sanford C. Bernstein & Co Emerging Tech Long View Conference on Thu, Citi Financial Technology Conference on Thu, Bernstein Digital Marketing Symposium on Thu, and BancAnalysts Association of Boston Conference on Thu-Fri.
OVERNIGHT U.S. STOCK MOVERS
Host Hotels & Resorts (HST +1.33%) reported Q3 EPS of 25 cents, weaker than consensus of 26 cents.DirectTV (DTV +1.10%) reported Q3 adjusted EPS of $1.28, higher than consensus of $1.02.
Regeneron Pharmaceuticals (REGN -1.43%) reported Q3 EPS of $2.40, much better than consensus of $1.90.
IntercontinentalExchange (ICE -0.77%) reported Q3 EPS of $1.97, well ahead of consensus of $1.83.
CVS Caremark (CVS -0.97%) reported Q3 EPS of $1.09, better than consensus of $1.02.
NYSE Euronext (NYX -0.63%) reported Q3 EPS of 53 cents, below consensus of 55 cents.
CF Industries (CF +1.25%) reported Q3 EPS of $4.07, higher than consensus of $4.00, but reported Q3 revenue of $1.1 billion, below consensus of $1.14 billion.
RockTenn (RKT +1.62%) reported Q4 adjusted EPS of $2.66, well above consensus of $2.46.
Owens & Minor (OMI +1.49%) reported Q3 adjusted EPS of 47 cents, below consensus of 49 cents.
Weatherford (WFT +0.55%) reported Q3 EPS of 23 cents, better than consensus of 22 cents.
Tutor Perini (TPC +0.57%) reported Q3 EPS of 49 cents, weaker than consensus of 55 cents.
Pioneer Natural (PXD +3.96%) reported Q3 EPS ex-items of $1.26, below of consensus $1.35.
Marathon Oil (MRO +0.65%) rose nearly 2% in pre-market trading after it reported Q3 adjusted EPS of 87 cents, stronger than consensus of 77 cents.
Anadarko (APC +1.63%) fell 3% in after-hours trading after it reported Q3 EPS ex-items of $1.13, below consensus of $1.16.
MARKET COMMENTS
Dec E-mini S&Ps (ESZ13 -0.31%) this morning are down -4.75 points (-0.27%). The S&P 500 index on Monday closed higher after weaker-than-expected July-Aug-Sep U.S. factory orders reports boosted speculation the Fed will maintain QE3. Stocks are also seeing support from strong Q3 earnings results as 76% of the 373 S&P 500 companies that reported earnings results have beaten estimates. Closes: S&P 500 +0.36%, Dow Jones +0.15%, Nasdaq 100 +0.15%.Dec 10-year T-notes (ZNZ13 -0.11%) this morning are down -5 ticks. Dec 10-year T-note prices on Monday recovered from a 2-week low and closed higher. Bullish factors included (1) dovish comments from Fed Governor Powell and St. Louis Fed President Bullard who both said the Fed could maintain QE3, and (2) the weaker-than-expected July-Sep factory orders reports. Closes: TYZ3 +6.50, FVZ3 +3.50.
The dollar index (DXY00 +0.03%) this morning is up +0.013 (+0.02%). EUR/USD (^EURUSD) is down -0.0023 (-0.17%). USD/JPY (^USDJPY) is down -0.28 (-0.28%). The dollar index on Monday fell back from a 1-1/2 month high and closed lower after dovish comments from Fed Governor Powell and St. Louis Fed President Bullard suggested the Fed could maintain QE3. EUR/USD rebounded from a 1-1/2 month low and closed higher after Eurozone Nov Sentix investor confidence climbed to a 2-1/2 year high and after German Oct PMI manufacturing was revised higher. Closes: Dollar index -0.163 (-0.20%), EUR/USD +0.0026 (+0.20%), USD/JPY +0.039 (+0.04%).
Dec WTI crude oil (CLZ13 -0.25%) this morning is down -32 cents (-0.34%) and Dec gasoline (RBZ13 +0.28%) is up +0.0009 (+0.04%). Dec crude oil and gasoline prices on Monday closed mixed. Dec gasoline posted a 1-3/4 year nearest-futures low and Dec crude posted a 4-month low, but crude recovered to close little changed as the dollar fell. Bearish factors included (1) the weaker-than-expected Sep and Aug factory orders and (2) expectations for crude supplies to increase for a seventh consecutive week when weekly EIA crude inventories are reported on Wednesday. Closes: CLZ3 +0.01 (+0.01%), RBZ3 -0.0172 (-0.68%).
GLOBAL EVENT CALENDAR11/05/2013
| US | 1000 ET | Oct ISM non-manufacturing index expected -0.4 to 54.0, Sep -4.2 to 54.4. |
| 1315 ET | Richmond Fed President Jeffrey Lacker speaks to area business people on the labor market topic Starting Early in Workforce Development. | |
| 1630 ET | API weekly U.S. oil statistics. | |
| 1700 ET | San Francisco Fed President John Williams speaks to reporters at the Asia Economic Policy Conference. | |
| UK | 0430 ET | UK Oct PMI services expected -0.3 to 60.0, Sep 60.3. |
| 1901 ET | UK Oct BRC shop price index expected +0.1% y/y, Sep -0.2% y/y. | |
| EUR | 0500 ET | Eurozone Sep PPI expected +0.2% m/m and -0.8% y/y, Aug unch m/m and -0.8% y/y. |
| 0500 ET | European Commission releases economic growth forecasts. |
U.S. STOCK CALENDAR11/05/2013
| Company Name | Ticker | Time | Event Description | Period | Estimate |
|---|---|---|---|---|---|
| DIRECTV | DTV US | Bef-mkt | Q3 2013 Earnings Release | Q3 2013 | 1.008 |
| Becton Dickinson and Co | BDX US | Bef-mkt | Q4 2013 Earnings Release | Q4 2013 | 1.463 |
| Health Care REIT Inc | HCN US | Bef-mkt | Q3 2013 Earnings Release | Q3 2013 | 0.961 |
| Rowan Cos Plc | RDC US | Bef-mkt | Q3 2013 Earnings Release | Q3 2013 | 0.402 |
| Zoetis Inc | ZTS US | Bef-mkt | Q3 2013 Earnings Release | Q3 2013 | 0.339 |
| Regeneron Pharmaceuticals Inc | REGN US | Bef-mkt | Q3 2013 Earnings Release | Q3 2013 | 1.9 |
| Denbury Resources Inc | DNR US | Bef-mkt | Q3 2013 Earnings Release | Q3 2013 | 0.428 |
| Dominion Resources Inc/VA | D US | Bef-mkt | Q3 2013 Earnings Release | Q3 2013 | 0.902 |
| Emerson Electric Co | EMR US | Bef-mkt | Q4 2013 Earnings Release | Q4 2013 | 1.112 |
| IntercontinentalExchange Inc | ICE US | Bef-mkt | Q3 2013 Earnings Release | Q3 2013 | 1.832 |
| Mosaic Co/The | MOS US | Bef-mkt | Q1 2014 Earnings Release | Q1 2014 | 0.735 |
| International Flavors & Fragrances Inc | IFF US | Bef-mkt | Q3 2013 Earnings Release | Q3 2013 | 1.184 |
| FirstEnergy Corp | FE US | Bef-mkt | Q3 2013 Earnings Release | Q3 2013 | 0.918 |
| Delphi Automotive PLC | DLPH US | Bef-mkt | Q3 2013 Earnings Release | Q3 2013 | 0.946 |
| CVS Caremark Corp | CVS US | Bef-mkt | Q3 2013 Earnings Release | Q3 2013 | 1.02 |
| Cognizant Technology Solutions Corp | CTSH US | 6:00 | Q3 2013 Earnings Release | Q3 2013 | 1.101 |
| Host Hotels & Resorts Inc | HST US | 6:00 | Q3 2013 Earnings Release | Q3 2013 | 0.264 |
| Fastenal Co | FAST US | 7:00 | October 2013 Sales and Revenue Release | 2013 | |
| Dun & Bradstreet Corp/The | DNB US | 8:00 | Q3 2013 Earnings Call | Q3 2013 | |
| Becton Dickinson and Co | BDX US | 8:00 | Q4 2013 Earnings Call | Q4 2013 | |
| Cognizant Technology Solutions Corp | CTSH US | 8:00 | Q3 2013 Earnings Call | Q3 2013 | |
| ONEOK Inc | OKE US | Aft-mkt | Q3 2013 Earnings Release | Q3 2013 | 0.299 |
| DaVita HealthCare Partners Inc | DVA US | Aft-mkt | Q3 2013 Earnings Release | Q3 2013 | 0.961 |
| Frontier Communications Corp | FTR US | Aft-mkt | Q3 2013 Earnings Release | Q3 2013 | 0.058 |
| QEP Resources Inc | QEP US | Aft-mkt | Q3 2013 Earnings Release | Q3 2013 | 0.39 |
| Fossil Group Inc | FOSL US | Aft-mkt | Q3 2013 Earnings Release | Q3 2013 | 1.362 |
| Walgreen Co | WAG US | October 2013 Sales and Revenue Release | 2013 |
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