BARCHART MORNING CALL
Wednesday, February 19th, 2014View Older Reports
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OVERNIGHT MARKETS AND NEWS
March E-mini S&Ps (ESH14 -0.34%) this morning are down -0.34% and European stocks are down -0.55% as emerging-market currencies dropped after anti-government protests escalated in Ukraine and Thailand. Asian stocks closed mixed: Japan -0.52%, Hong Kong +0.34%, China +1.15%, Taiwan +0.24%, Australia +0.29%, Singapore +0.59%, South Korea -0.29%, India +0.43%. China's Shanghai Stock Index erased early losses and rallied up to a 2-month high and closed higher after Chinese money-market rates dropped to a 9-month low. Commodity prices are mixed. Mar crude oil (CLH14 +0.68%) is up +0.45%. Mar gasoline (RBH14 -0.08%) is down -0.20%. Apr gold (GCJ14 -0.54%) is down -0.39%. March copper (HGH14 +0.03%) is down -0.12%. Agriculture and livestock prices are mixed. The dollar index (DXY00 +0.03%) is up +0.01%. EUR/USD (^EURUSD) is down -0.09%. USD/JPY (^USDJPY) is down -0.38%. March T-note prices (ZNH14 +0.17%) are up +9 ticks at a 1-week high.UK Jan jobless claims fell -27,600, a bigger decline than expectations of -20,000. The Jan claimant count rate fell -0.1 to 3.6%, right on expectations and the lowest in 5 years.
The UK Dec ILO unemployment rate unexpectedly rose +0.1 to 7.2% in the three months through Dec, higher than expectations of unch at 7.1%.
Eurozone Dec construction output rose +0.9% m/m and fell -0.2% y/y, while Nov was revised upward to -0.2% m/m and -1.6% y/y from the originally reported -0.6% m/m and -1.7% y/y.
Japan Jan nationwide department store sales rose +2.9% y/y, the most in 7-months.
The Japan Dec leading index CI was revised down ward to 111.7 from the originally reported 112.1, still the highest level in 6-1/2 years.
The Japan Dec all industry activity index unexpectedly fell -0.1% m/m, weaker than expectations of +0.1% m/m.
U.S. STOCK PREVIEW
Today’s Jan housing starts report is expected to show a -4.9% decline to 950,000, adding to the -9.8% decline to 999,000 seen in December. Meanwhile, Jan building permits are expected to fall by -1.6% to 975,000, adding to December’s decline of -2.6% to 991,000. Today’s Jan PPI report is expected to strengthen slightly to +1.2% y/y from +1.1% in December. The Jan core PPI is expected to jump to +1.4% y/y from +1.1% in December.There are 8 of the S&P 500 companies that report earnings today: Devon Energy (consensus $1.08), Host Hotels (0.31), Garmin (0.62), Health Care REIT (0.97), Allegion (0.59), Marriott (0.49), Williams Companies (0.21), Safeway (0.48). Equity conferences during the remainder of this week include EnerCom Oil & Services Conference on Tue-Wed, Mitsubishi Tokyo Utility Conference on Tue-Wed, Consumer Analyst Group of New York Conference on Tue-Fri, and Barclays Industrial Select Conference on Wed-Thu.
OVERNIGHT U.S. STOCK MOVERS
Con-way (CNW -0.08%) was downgraded to 'Hold' from 'Buy' at Wunderlich.Zale (ZLC -0.20%) surged over 40% in pre-market trading after it agreed to be acquired by Signet Jewelers for $1.4 billion or $21 per share.
Garmin (GRMN +2.37%) reported Q4 EPS of 76 cents, stronger than consensus of 62 cents.
Host Hotels & Resorts (HST -0.68%) reported Q4 EPS of 33 cents, better than consensus of 31 cents.
Crossroads (CRDS -1.27%) filed patent infringement suits against Cisco (CSCO -0.66%) , NetApp (NTAP -0.25%) and Quantum (QTM +4.35%) .
Forest Labs reported a 13.2% stake in Trevena (TRVN +0.87%) .
Oceaneering (OII +1.85%) reported Q4 EPS of 86 cents, better than consensus of 84 cents.
CF Industries (CF -2.36%) reported Q4 EPS of $5.71, well ahead of consensus of $4.49.
Panera Bread (PNRA -2.83%) reported Q4 EPS of $1.96, better than consensus of $1.94.
Herbalife (HLF +3.83%) gained 3% in after-hours trading after it reported Q4 adjusted EPS of $1.28, higher than consensus of $1.25.
Flowserve (FLS -0.21%) reported Q4 adjusted EPS of $1.10, stronger than consensus of $1.01.
Fluor (FLR +0.58%) reported Q4 EPS of $1.01, higher than consensus of 98 cents.
Analog Devices (ADI +0.91%) reported Q1 EPS ex-items of 49 cents, better than consensus of 48 cents.
Bruker (BRKR -0.64%) reported Q4 adjusted EPS of 31 cents, higher than consensus of 28 cents.
Columbia Sportswear (COLM +2.21%) reported Q4 EPS of $1.05, stronger than consensus of 92 cents.
MARKET COMMENTS
Mar E-mini S&Ps (ESH14 -0.34%) this morning are down -6.25 points (-0.34%). The S&P 500 on Tuesday rebounded from early losses and posted a 3-week high as weaker-than-expected U.S. economic data was offset by increased M&A activity. The Feb Empire manufacturing index fell -8.03 to 4.48, a bigger decline than expectations of -4.01 to 8.50, and the Feb NAHB housing market index unexpectedly plunged -10 points to a 9-month low of 46. Stocks recovered on increased M&A activity after Actavis Plc agreed to buy Forest Laboratories for $25 billion. Closes: S&P 500 +0.12%, Dow Jones -0.15%, Nasdaq 100 +0.42%.Mar 10-year T-notes (ZNH14 +0.17%) this morning are up +9 ticks at a 1-week high. Mar 10-year T-note futures prices on Tuesday rose to a 1-week high on speculation the U.S. economy is stumbling after the Feb Empire manufacturing index fell more than expected and the Feb NAHB housing market index unexpectedly plunged to a 9-month low. Closes: TYH4 +10.00, FVH4 +7.00.
The dollar index (DXY00 +0.03%) this morning is up +0.007 (+0.01%). EUR/USD (^EURUSD) is down -0.0012 (-0.09%). USD/JPY (^USDJPY) is down -0.39 (-0.38%). The dollar index on Tuesday closed lower on bigger-than-expected declines in the Feb Empire manufacturing index and the Feb NAHB housing market index. USD/JPY posted a 2-week high as the yen weakened after Japan Q4 GDP was weaker than expected and after the BOJ increased and extended its lending programs, a sign of easier monetary policy. Closes: Dollar index -0.128 (-0.16%), EUR/USD +0.00658 (+0.48%), USD/JPY +0.573 (+0.56%).
Mar WTI crude oil (CLH14 +0.68%) this morning is up +46 cents (+0.45%) and Mar gasoline (RBH14 -0.08%) is down -0.0058 (-0.20%). Mar crude and gasoline prices Tuesday closed higher. Mar crude rose to a 4-month high and Mar gasoline posted a 1-3/4 month nearest-futures high on bullish factors that included (1) a weaker dollar, (2) a rally in the S&P 500 to a 3-week high, and (3) expectations for the EIA to report on Thu that crude supplies at Cushing, OK, the delivery point for WTI futures, fell -1 million bbl as flows increased through the southern portion of the Keystone XL pipeline from Cushing to the Gulf Coast. Closes: CLH4 +2.13 (+2.12%), RBH4 +0.0270 (+0.96%).
GLOBAL EVENT CALENDAR02/19/2014
| US | 0700 ET | Weekly MBA mortgage applications, previous -2.0% with purchase sub-index -5.0% and refi sub-index -0.2%. |
| 0830 ET | Jan housing starts expected -4.9% to 950,000, Dec -9.8% to 999,000. Jan building permits expected -1.6% to 975,000, Dec -2.6% to 991,000. | |
| 0830 ET | Jan PPI expected+0.1% m/m and +1.2% y/y, Dec +0.1% m/m and +1.1% y/y. Jan PPI ex food & energy expected +0.1% m/m and +1.4% y/y, Dec +0.3% m/m and +1.1% y/y. | |
| 1215 ET | Atlanta Fed President Dennis Lockhart speaks on the economic outlook at Mercer University. | |
| 1300 ET | St. Louis Fed President James Bullard speaks to the Exchequer Club in Washington D.C. | |
| 1400 ET | Fed releases minutes from the Jan 28-29 FOMC meeting. | |
| 1900 ET | San Francisco Fed President John Williams speaks on the economy to the Money Marketeers of NYU. | |
| JPN | 0000 ET | Revised Japan Dec leading index CI, previous 112.1. Revised Dec coincident index, previous 111.7. |
| 0000 ET | BOJ monthly economic report for Feb. | |
| 0030 ET | Japan Jan nationwide department store sales, Dec +1.7% y/y. | |
| 1850 ET | Japan Jan trade balance expected -2.487 trillion yen, Dec -1.304 trillion yen. Jan exports expected +12.7% y/y, Dec +15.3% y/y. Jan imports expected +22.7% y/y, Dec +24.7% y/y. | |
| UK | 0430 ET | Minutes of the Feb 5-6 BOE policy meeting. |
| 0430 ET | UK Jan jobless claims change expected -20,000, Dec -24,000. Jan claimant count rate expected -0.1 to 3.6%, Dec 3.7%. | |
| 0430 ET | UK Dec ILO unemployment rate expected unch at 7.1% 3-months through Dec, Nov 7.1% 3-months through Nov. Dec avg weekly earnings expected +1.0% 3-mo avg y/y, Nov +0.9% 3-mo avg y/y. Dec avg weekly earnings ex-bonus expected +1.0% 3o avg y/y, Nov +0.9% 3-mo avg y/y. | |
| EUR | 0500 ET | Eurozone Dec construction output, Nov -0.6% m/m and -1.7% y/y. |
| CHI | 2045 ET | China Feb HSBC/Markit flash manufacturing PMI expected unch at 49.5, Jan 49.5. |
U.S. STOCK CALENDAR02/19/2014
| Company Name | Ticker | Time | Event Description | Period | Estimate |
|---|---|---|---|---|---|
| Devon Energy Corp | DVN US | Bef-mkt | Q4 2013 Earnings Release | Q4 2013 | 1.081 |
| Host Hotels & Resorts Inc | HST US | 6:00 | Q4 2013 Earnings Release | Q4 2013 | 0.313 |
| Garmin Ltd | GRMN US | 7:00 | Q4 2013 Earnings Release | Q4 2013 | 0.617 |
| Health Care REIT Inc | HCN US | 7:30 | Q4 2013 Earnings Release | Q4 2013 | 0.974 |
| Edison International | EIX US | 9:00 | Investor Meeting | Y 2014 | |
| Bank of America Corp | BAC US | 9:30 | Hearing on Bank of Americas $8.5 billion Accord with Mortgage-Bond Investors | ||
| Dover Corp | DOV US | 9:30 | Analyst Day | Y 2014 | |
| Health Care REIT Inc | HCN US | 10:00 | Q4 2013 Earnings Call | Q4 2013 | |
| CF Industries Holdings Inc | CF US | 10:00 | Q4 2013 Earnings Call | Q4 2013 | |
| Host Hotels & Resorts Inc | HST US | 10:00 | Q4 2013 Earnings Call | Q4 2013 | |
| Garmin Ltd | GRMN US | 10:30 | Q4 2013 Earnings Call | Q4 2013 | |
| Devon Energy Corp | DVN US | 11:00 | Q4 2013 Earnings Call | Q4 2013 | |
| Flowserve Corp | FLS US | 11:00 | Q4 2013 Earnings Call | Q4 2013 | |
| Nabors Industries Ltd | NBR US | 11:00 | Q4 2013 Earnings Call | Q4 2013 | |
| Allegion PLC | ALLE US | 17:00 | Q4 2013 Earnings Release | Q4 2013 | 0.59 |
| Marriott International Inc/DE | MAR US | 17:00 | Q4 2013 Earnings Release | Q4 2013 | 0.494 |
| Safeway Inc | SWY US | 17:00 | Q4 2013 Earnings Call | Q4 2013 | |
| Williams Cos Inc/The | WMB US | Aft-mkt | Q4 2013 Earnings Release | Q4 2013 | 0.213 |
| Safeway Inc | SWY US | Aft-mkt | Q4 2013 Earnings Release | Q4 2013 | 0.484 |
| American Electric Power Co Inc | AEP US | Roadshow - Japan - Day 3 | Y 2014 | ||
| E*TRADE Financial Corp | ETFC US | January 2014 Sales and Revenue Release - Activities Report | 2014 |
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