Thursday, January 30th, 2014View Older Reports
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OVERNIGHT MARKETS AND NEWS
March E-mini S&Ps (ESH14 +0.23%) this morning are up +0.34% and European stocks are down -0.08% as concern over emerging-markets offsets stronger-than-expected Eurozone economic data. Worries over growth in China along with Fed tapering concerns have sent global stocks down by -3.3% since Jan 23 when a gauge of manufacturing activity in China contracted for the first time in 6-months. Asian stocks closed lower: Japan -2.45%, Hong Kong -0.48%, China -1.14%, Taiwan and South Korea closed for holiday, Australia -0.78%, Singapore -0.68%, India -0.72%. Losses in European stocks were limited after Eurozone Jan economic confidence climbed to a 2-1/2 year high and after the German Jan unemployment rate matched a two-decade low. Commodity prices are mixed. Mar crude oil (CLH14 +0.47%) is up +0.37% at a 4-week high as the severe cold-snap to blanket much of the U.S. has boosted demand for heating fuels. Mar gasoline (RBH14 +0.11%) is up +0.03%. Feb gold (GCG14 -0.56%) is down -0.63%. March copper (HGH14 -0.17%) is down -0.20% at a 1-1/2 month low on Chinese demand concerns after a gauge of Chinese manufacturing activity contracted more than first reported. Agriculture and livestock prices are mixed. The dollar index (DXY00 +0.48%) is up +0.43%. EUR/USD (^EURUSD) is down -0.46%. USD/JPY (^USDJPY) is up +0.20%. March T-note prices (ZNH14 -0.20%) are down -7.5 ticks.German Jan unemployment fell -28,000, a bigger decline than expectations of -5,000 and the largest drop in 2-1/3 years. The Jan unemployment rate was unch at 6.8% from a downward revised 6.8% in Dec, better than expectations of unch at 6.9% and matched the lowest rate since data for a unified Germany began in 1991.
Eurozone Jan economic confidence rose +0.5 to 100.9 from an upward revised 100.4 in Dec, slightly less than expectations of +1.0 to 101.0 but still the highest in 2-1/2 years. The Jan business climate indicator unexpectedly fell -0.01 to 0.19 from a downward revised 0.20 in Dec, weaker than expectations of a +0.8 increase to 0.35.
UK Dec mortgage approvals rose 71,600, less than expectations of 72,900 but still the most in 5-3/4 years.
Japan Dec retail sales unexpectedly fell -1.1% m/m, weaker than expectations of +0.3% m/m, and on an annual basis climbed +2.6% y/y, weaker than expectations of +3.9% y/y.
The China Jan HSBC/Markit manufacturing PMI was revised downward to 49.5 from the originally reported 49.6, the first contraction in 6-months.
U.S. STOCK PREVIEW
Today’s weekly initial unemployment claims report is expected to show an increase of +4,000 to 330,000, adding to last week’s small increase of +1,000 to 326,000. Weekly continuing claims are expected to show a -56,000 decline to 3.000 million, more than reversing last week’s +34,000 increase to 3.056 million. Today’s Q4 GDP report is expected to be relatively strong at +3.2% (q/q annualized), although that would be down from +4.1% in Q3. Today’s Dec pending home sales report is expected to show a decline of -0.3% m/m and -0.3% y/y following the Nov report of +0.2% m/m and -4.0% y/y. The Treasury today will conclude this week’s $111 billion T-note package by selling $35 billion in 5-year T-notes and $29 billion of 7-year T-notes.There are 56 of the S&P 500 companies that report earnings today. Notable reports include Visa (consensus $2.16), Amazon (0.69), Google (12.26), UPS (1.25), Exxon Mobil (1.91), ConocoPhillips ($1.32), PulteGroup (0.45), Viacom (1.16), Time Warner (1.73), and Raytheon (1.35). Equity conferences during the remainder of this week include: Cloudcast'14 on Thu.
OVERNIGHT U.S. STOCK MOVERS
ConocoPhillips (COP -0.59%) reported Q4 EPS of $1.40, stronger than consensus of $1.32.Harley-Davidson (HOG -1.34%) reported Q4 EPS of 34 cents, higher than consensus of 33 cents.
Time Warner Cable (TWC -1.20%) reported Q4 EPS of $1.82, higher than consensus of $1.73.
Whirlpool (WHR -1.58%) reported Q4 EPS of $2.97, weaker than consensus of $3.03.
AutoNation (AN -0.80%) reported Q4 EPS of 83 cents, better than consensus of 76 cents.
Viacom (VIAB -1.57%) reported Q1 EPS of $1.20, higher than consensus of $1.16.
Raytheon (RTN -0.65%) was awarded a $107.92 million modification to a government contract for work on the Patriot missile system.
Gates Capital reported a 5% passive stake in International Game Technology (IGT -1.35%) .
Google (GOOG -1.43%) rose 2% in after-hours trading after it announced that Lenovo Group (LNVGY +3.57%) bought its Motorola handset unit for $2.91 billion.
Las Vegas Sands (LVS -1.77%) reported Q4 EPS of 87 cents, stronger than consensus of 85 cents.
Flextronics (FLEX +0.52%) reported Q3 adjusted EPS of 26 cents, higher than consensus of 23 cents.
Lam Research (LRCX +0.06%) reported Q2 adjusted EPS of $1.10, stronger than consensus of $1.03.
Tractor Supply (TSCO -2.38%) reported Q4 EPS of 68 cents, better than consensus of 65 cents.
Facebook (FB -2.92%) jumped 13% in after-hours trading after it reported Q4 EPS of 31 cents, higher than consensus of 27 cents.
Hanesbrands (HBI +1.40%) reported Q4 adjusted EPS of 98 cents, better than consensus of 90 cents, and then raised guidance on fiscal 2014 adjusted EPS to $4.60-$4.80, much better than consensus of $4.48.
Spectrum Brands (SPB -1.61%) reported Q1 adjusted EPS of $1.09, well ahead of consensus of 99 cents.
Qualcomm (QCOM -1.21%) reported Q1 adjusted EPS of $1.26, stronger than consensus of $1.18, but then lowered guidance on Q2 adjusted EPS to $1.15-$1.25, below consensus of $1.26.
MARKET COMMENTS
Mar E-mini S&Ps (ESH14 +0.23%) this morning are up +6.00 points (+0.34%). The S&P 500 on Wednesday fell to a 1-1/4 month low and closed lower. Bearish factors included (1) concern that weakness in emerging-market economies may crimp global economic growth after a hike in interest rates by the central banks of Turkey and South Africa failed to instill confidence in emerging-market currencies, and (2) the Fed’s $10 billion per month QE3 tapering action. Closes: S&P 500 -1.02%, Dow Jones -1.19%, Nasdaq 100 -0.12%.Mar 10-year T-notes (ZNH14 -0.20%) this morning are down -7.5 ticks. Mar 10-year T-note futures prices on Wednesday jumped to a 2-month high on increased safe-haven demand after stocks slumped on concern that the weakness in emerging-market currencies will slow global economic growth. T-notes held gains even after the Fed cut QE3 by $10 billion. Closes: TYH4 +17.5, FVH4 +9.75.
The dollar index (DXY00 +0.48%) this morning is up +0.350 (+0.43%). EUR/USD (^EURUSD) is down -0.0063 (-0.46%). USD/JPY (^USDJPY) is up +0.20 (+0.20%). The dollar index on Wednesday settled little changed even after the Fed tapered QE3 by $10 billion. EUR/USD was undercut by comments from ECB Governing Council member Noyer who said further euro appreciation “would be negative.” USD/JPY fell back as a slide in stocks boosted the safe-haven demand for the yen. Closes: Dollar index -0.063 (-0.08%), EUR/USD -0.00076 (-0.06%), USD/JPY -0.66 (-0.64%).
Mar WTI crude oil (CLH14 +0.47%) this morning is up +36 cents (+0.37%) at a 4-week high and Mar gasoline (RBH14 +0.11%) is up +0.0009 (+0.03%). Mar crude oil and gasoline prices on Wednesday settled mixed. Crude closed lower after weekly EIA inventory data showed crude supplies jumped +6.421 million bbl, more than double expectations for a +2.560 million bbl increase. Gasoline closed higher on concern the sub-zero cold to grip much of the U.S. will lead to reduced gasoline production after output at the 182,200 bpd PBF refinery in Delaware was slowed due to a frozen control switch. Closes: CLH4 -0.05 (-0.05%), RBH4 +0.0310 (+1.18%).
GLOBAL EVENT CALENDAR01/30/2014
| US | 0830 ET | Weekly initial unemployment claims expected +4,000 to 330,000, previous +1,000 to 326,000. Weekly continuing claims expected -56,000 to 3.000 million, previous +34,000 to 3.056 million. |
| 0830 ET | Q4 GDP expected +3.2% (q/q annualized), Q3 +4.1%. Q4 personal consumption expected +3.7%, Q3 +2.0%. Q4 GDP price index expected +1.2%, Q3 +2.0%. Q4 core PCE expected +1.1% q/q, Q3 +1.4% q/q. | |
| 0830 ET | USDA weekly Export Sales. | |
| 1000 ET | Dec pending home sales expected -0.3% m/m and -0.3% y/y, Nov +0.2% m/m and -4.0% y/y. | |
| 1130 ET | Treasury auctions $35 billion 5-year T-notes. | |
| 1300 ET | Treasury auctions $29 billion 7-year T-notes. | |
| GER | 0355 ET | German Jan unemployment change expected -5,000, Dec -15,000. Jan unemployment rate expected unch at 6.9%, Dec 6.9%. |
| 0800 ET | German Jan CPI (EU harmonized) expected -0.6% m/m and +1.3% y/y, Dec +0.5% m/m and +1.2% y/y. | |
| UK | 0430 ET | UK Dec net consumer credit expected +0.7 billion pounds, Nov +0.6 billion pounds. |
| 0430 ET | UK Dec mortgage approvals expected 72,900, Nov 70,800. | |
| 0430 ET | UK Dec M4 money supply, Nov unch m/m and +2.7% y/y. | |
| 1905 ET | UK Jan GfK consumer confidence expected +1 to -12, Dec -13. | |
| EUR | 0500 ET | Eurozone Jan business climate indicator expected +0.08 to 0.35, Dec +0.27. Jan economic confidence expected +1.0 to 101.0, Dec 100.0. |
| 0500 ET | Revised Eurozone Jan consumer confidence. | |
| JPN | 1815 ET | Japan Jan Markit/JMMA manufacturing PMI, Dec 55.2. |
| 1830 ET | Japan Dec overall household spending expected +1.1% y/y, Nov +0.2% y/y. | |
| 1830 ET | Japan Dec jobless rate expected -0.1 to 3.9%, Nov 4.0%. Dec job-to-applicant ratio expected 1.01, Nov 1.00. | |
| 1830 ET | Japan Dec national CPI expected +1.5% y/y, Nov +1.5% y/y. Dec national CPI ex-fresh food expected +1.2% y/y, Nov +1.2% y/y. Dec national CPI ex food & energy expected +0.7% y/y, Nov +0.6% y/y. | |
| 1830 ET | Japan Jan Tokyo CPI expected +0.8% y/y, Dec +0.9% y/y. Japan Tokyo CPI ex-fresh food expected +0.7% y/y, Dec +0.7% y/y. Jan Tokyo CPI ex food & energy expected +0.4% y/y, Dec +0.3% y/y. | |
| 1850 ET | Japan Dec industrial production expected +1.3% m/m and +7.3% y/y, Nov +0.1% m/m and +5.0% y/y. | |
| 2300 ET | Japan Dec vehicle production, Nov +10.2% y/y. |
U.S. STOCK CALENDAR01/30/2014
| Company Name | Ticker | Time | Event Description | Period | Estimate |
|---|---|---|---|---|---|
| Xcel Energy Inc | XEL US | Bef-mkt | Q4 2013 Earnings Release | Q4 2013 | 0.287 |
| Airgas Inc | ARG US | Bef-mkt | Q3 2014 Earnings Release | Q3 2014 | 1.178 |
| Northrop Grumman Corp | NOC US | Bef-mkt | Q4 2013 Earnings Release | Q4 2013 | 1.941 |
| Occidental Petroleum Corp | OXY US | Bef-mkt | Q4 2013 Earnings Release | Q4 2013 | 1.669 |
| ConocoPhillips | COP US | Bef-mkt | Q4 2013 Earnings Release | Q4 2013 | 1.321 |
| PulteGroup Inc | PHM US | Bef-mkt | Q4 2013 Earnings Release | Q4 2013 | 0.452 |
| Ball Corp | BLL US | Bef-mkt | Q4 2013 Earnings Release | Q4 2013 | 0.725 |
| L-3 Communications Holdings Inc | LLL US | Bef-mkt | Q4 2013 Earnings Release | Q4 2013 | 1.974 |
| Pitney Bowes Inc | PBI US | Bef-mkt | Q4 2013 Earnings Release | Q4 2013 | 0.454 |
| Bemis Co Inc | BMS US | Bef-mkt | Q4 2013 Earnings Release | Q4 2013 | 0.537 |
| Visa Inc | V US | Bef-mkt | Q1 2014 Earnings Release | Q1 2014 | 2.164 |
| Viacom Inc | VIAB US | Bef-mkt | Q1 2014 Earnings Release | Q1 2014 | 1.156 |
| Sherwin-Williams Co/The | SHW US | Bef-mkt | Q4 2013 Earnings Release | Q4 2013 | 1.286 |
| Prologis Inc | PLD US | Bef-mkt | Q4 2013 Earnings Release | Q4 2013 | 0.423 |
| TECO Energy Inc | TE US | Bef-mkt | Q4 2013 Earnings Release | Q4 2013 | 0.203 |
| Quest Diagnostics Inc | DGX US | Bef-mkt | Q4 2013 Earnings Release | Q4 2013 | 0.931 |
| AutoNation Inc | AN US | Bef-mkt | Q4 2013 Earnings Release | Q4 2013 | 0.762 |
| ADT Corp/The | ADT US | Bef-mkt | Q1 2014 Earnings Release | Q1 2014 | 0.49 |
| Harley-Davidson Inc | HOG US | Bef-mkt | Q4 2013 Earnings Release | Q4 2013 | 0.331 |
| Peabody Energy Corp | BTU US | Bef-mkt | Q4 2013 Earnings Release | Q4 2013 | -0.1 |
| Helmerich & Payne Inc | HP US | Bef-mkt | Q1 2014 Earnings Release | Q1 2014 | 1.463 |
| Hershey Co/The | HSY US | Bef-mkt | Q4 2013 Earnings Release | Q4 2013 | 0.859 |
| Celgene Corp | CELG US | Bef-mkt | Q4 2013 Earnings Release | Q4 2013 | 1.51 |
| Thermo Fisher Scientific Inc | TMO US | 6:00 | Q4 2013 Earnings Release | Q4 2013 | 1.375 |
| Time Warner Cable Inc | TWC US | 6:00 | Q4 2013 Earnings Release | Q4 2013 | 1.73 |
| Whirlpool Corp | WHR US | 6:00 | Q4 2013 Earnings Release | Q4 2013 | 3.029 |
| Alexion Pharmaceuticals Inc | ALXN US | 6:30 | Q4 2013 Earnings Release | Q4 2013 | 0.841 |
| Eli Lilly & Co | LLY US | 6:30 | Q4 2013 Earnings Release | Q4 2013 | 0.733 |
| Altria Group Inc | MO US | 7:00 | Q4 2013 Earnings Release | Q4 2013 | 0.582 |
| Raytheon Co | RTN US | 7:00 | Q4 2013 Earnings Release | Q4 2013 | 1.345 |
| Colgate-Palmolive Co | CL US | 7:00 | Q4 2013 Earnings Release | Q4 2013 | 0.739 |
| Dover Corp | DOV US | 7:00 | Q4 2013 Earnings Release | Q4 2013 | 1.274 |
| Cardinal Health Inc | CAH US | 7:00 | Q2 2014 Earnings Release | Q2 2014 | 0.841 |
| 3M Co | MMM US | 7:30 | Q4 2013 Earnings Release | Q4 2013 | 1.615 |
| Zimmer Holdings Inc | ZMH US | 7:30 | Q4 2013 Earnings Release | Q4 2013 | 1.62 |
| Cameron International Corp | CAM US | 7:30 | Q4 2013 Earnings Release | Q4 2013 | 0.958 |
| Invesco Ltd | IVZ US | 7:30 | Q4 2013 Earnings Release | Q4 2013 | 0.566 |
| United Parcel Service Inc | UPS US | 7:45 | Q4 2013 Earnings Release | Q4 2013 | 1.25 |
| Zimmer Holdings Inc | ZMH US | 8:00 | Q4 2013 Earnings Call | Q4 2013 | |
| Pitney Bowes Inc | PBI US | 8:00 | Q4 2013 Earnings Call | Q4 2013 | |
| Thermo Fisher Scientific Inc | TMO US | 8:00 | Q4 2013 Earnings Call | Q4 2013 | |
| Time Warner Cable Inc | TWC US | 8:00 | Q4 2013 Earnings Call | Q4 2013 | |
| Exxon Mobil Corp | XOM US | 8:00 | Q4 2013 Earnings Release | Q4 2013 | 1.908 |
| Harman International Industries Inc | HAR US | 8:00 | Q2 2014 Earnings Release | Q2 2014 | 0.942 |
| PulteGroup Inc | PHM US | 8:30 | Q4 2013 Earnings Call | Q4 2013 | |
| Visa Inc | V US | 8:30 | Q1 2014 Earnings Call | Q1 2014 | |
| Viacom Inc | VIAB US | 8:30 | Q1 2014 Earnings Call | Q1 2014 | |
| CMS Energy Corp | CMS US | 8:30 | Q4 2013 Earnings Release | Q4 2013 | 0.369 |
| Quest Diagnostics Inc | DGX US | 8:30 | Q4 2013 Earnings Call | Q4 2013 | |
| ADT Corp/The | ADT US | 8:30 | Q1 2014 Earnings Call | Q1 2014 | |
| Franklin Resources Inc | BEN US | 8:30 | Q1 2014 Earnings Release | Q1 2014 | 0.931 |
| Franklin Resources Inc | BEN US | 8:30 | Q1 2014 Earnings Call - Pre-Recorded | C1 2014 | |
| Cardinal Health Inc | CAH US | 8:30 | Q2 2014 Earnings Call | Q2 2014 | |
| Hershey Co/The | HSY US | 8:30 | Q4 2013 Earnings Call | Q4 2013 | |
| United Parcel Service Inc | UPS US | 8:30 | Q4 2013 Earnings Call | Q4 2013 | |
| 3M Co | MMM US | 9:00 | Q4 2013 Earnings Call | Q4 2013 | |
| Altria Group Inc | MO US | 9:00 | Q4 2013 Earnings Call | Q4 2013 | |
| Raytheon Co | RTN US | 9:00 | Q4 2013 Earnings Call | Q4 2013 | |
| CMS Energy Corp | CMS US | 9:00 | Q4 2013 Earnings Call | Q4 2013 | |
| Invesco Ltd | IVZ US | 9:00 | Q4 2013 Earnings Call | Q4 2013 | |
| Harley-Davidson Inc | HOG US | 9:00 | Q4 2013 Earnings Call | Q4 2013 | |
| Celgene Corp | CELG US | 9:00 | Q4 2013 Earnings Call | Q4 2013 | |
| Eli Lilly & Co | LLY US | 9:00 | Q4 2013 Earnings Call | Q4 2013 | |
| Cameron International Corp | CAM US | 9:30 | Q4 2013 Earnings Call | Q4 2013 | |
| Broadcom Corp | BRCM US | Aft-mkt | Q4 2013 Earnings Release | Q4 2013 | 0.575 |
| Newmont Mining Corp | NEM US | Aft-mkt | Q4 2013 Sales and Revenue Release - Production Results | Q4 2013 | |
| Microchip Technology Inc | MCHP US | Aft-mkt | Q3 2014 Earnings Release | Q3 2014 | 0.608 |
| Google Inc | GOOG US | Aft-mkt | Q4 2013 Earnings Release | Q4 2013 | 12.257 |
| Chubb Corp/The | CB US | Aft-mkt | Q4 2013 Earnings Release | Q4 2013 | 2.035 |
| Consolidated Edison Inc | ED US | Aft-mkt | Q4 2013 Earnings Release | Q4 2013 | 0.654 |
| Amazon.com Inc | AMZN US | Aft-mkt | Q4 2013 Earnings Release | Q4 2013 | 0.691 |
| PerkinElmer Inc | PKI US | Aft-mkt | Q4 2013 Earnings Release | Q4 2013 | 0.701 |
| Wynn Resorts Ltd | WYNN US | Aft-mkt | Q4 2013 Earnings Release | Q4 2013 | 1.745 |
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