BARCHART MORNING CALL 4/30

BARCHART MORNING CALL

Thursday, April 30th, 2015View Older Reports

Everything you need to know about the markets in one free daily newsletter.

E-mail:

You will also receive a free subscription to the Barchart family of newsletters.

OVERNIGHT MARKETS AND NEWS

June E-mini S&Ps (ESM15 -0.30%) this morning are down -0.23%, led by a 1% drop in Apple after a report that a component defect could force it to limit supply of its new watch. European stocks are down -0.14% at a 1-1/2 month low after German Mar retail sales unexpectedly fell -2.3% m/m, the biggest monthly drop in 15 months. Also, Nokia Oyj is down nearly 8% after it reported Q1 profits that were below estimates, and STMicroelectronics plunged 12% after it forecast weaker-than-expected revenue and profit margins amid a slowdown in demand. Asian stocks closed mostly lower: Japan -2.69%, Hong Kong -0.94%, China -0.78%, Taiwan -0.34%, Australia -0.83%, Singapore +0.01%, South Korea -0.60%, India -0.79%. Japan's Nikkei Stock Index fell to a 1-week low, led by a slide in exporters, after the yen climbed to a 1-month high against the dollar, which reduces the earnings prospects of exporters.
Commodity prices are mixed. Jun crude oil (CLM15 +1.02%) is up +0.89% at a new 4-1/2 month high as the dollar weakened and after Wednesday's EIA data showed a decline in crude supplies at Cushing for the first time since Nov. Jun gasoline (RBM15 +0.61%) is up +0.33%. Metals prices are mixed. Jun gold (GCM15 -0.62%) is down -0.63% after Wednesday's post-FOMC statement signaled the Fed is still open to raising interest rates. May copper (HGK15 +1.45%) is up +1.29% at a 1-month high after weekly Shanghai copper inventories fell for a fourth week as they slid -20,120 Mt TO 188,165 MT, a 2-1/2 month low. Agriculture prices are higher due to a weaker dollar.
The dollar index (DXY00 -0.39%) is down -0.44% at a fresh 2-month low on speculation the Fed is in no hurry to raise interest rates. EUR/USD (^EURUSD) is up +0.58% at a 2-month high after Eurozone Apr CPI was unch y/y and ended a 4-month streak of declines. USD/JPY (^USDJPY) is down -0.06% at a 1-month low.

Jun T-note prices (ZNM15 -0.04%) are down -0.5 of a tick on carry-over weakness from a slide in German bunds to a 1-1/2 month low.
In its Economic Bulletin for Apr, the ECB was upbeat in its economic prospects for the Eurozone when it said "the latest economic indicators and survey results are consistent with continued economic expansion in Q1 of 2015. Looking beyond the short term, the monetary measures taken by the Governing Council, the low oil price and the depreciation of the euro should help broaden and gradually strengthen the recovery."

U.S. STOCK PREVIEW

Key U.S. reports today include: (1) weekly unemployment claims (initial unemployment claims expected -5,000 to 290,000 after last week's +1,000 to 295,000; continuing claims expected -25,000 to 2.300 million after last week's +50,000 to 2.325 million), (2) Mar personal spending (expected +0.5% after Feb's +0.1%) and Mar personal income (expected +0.2% after Feb's +0.4%), (3) the Mar PCE deflator (expected +0.4% y/y after Feb's +0.3% y/y) and Mar core PCE deflator (expected unchanged from Feb's +1.4% y/y), (4) the Q1 employment cost index (expected +0.6% q/q after Q4's +0.6%), and (5) the April Chicago PMI (expected +3.7 to 50.0 after March's +0.5 to 46.3), and (6) the Apr Milwaukee ISM (expected -0.25 to 53.00 after March's +2.93 to 53.25).
There are 52 of the S&P 500 companies that report earnings today with notable reports including: Exxon Mobil (consensus $0.82), Visa (0.62), Time Warner Cable (1.88), Coca-Cola Enterprises (0.40), ConocoPhillips (-0.22), Marathon Petroleum (2.85), CME Group (0.95).
U.S. IPO's scheduled to price today include: Black Stone Minerals (BSM), Biondvax Pharmaceuticals (BVXV), Advaxis (ADXS), Inovio Pharmaceuticals (INO), Scorpio Tankers (STNG). IPOs that are scheduled to trade today include: Blueprint Medicines (BPMC).
Equity conferences during the remainder of this week include: none.

OVERNIGHT U.S. STOCK MOVERS

Time Warner Cable (TWC -0.02%) reported Q1 EPS of $1.65, below consensus of $1.88.
Manitowoc (MTW -0.96%) reported a Q1 adjusted EPS loss of -5 cents, a larger loss than consensus of -2 cents.
Baidu (BIDU -0.09%) reported Q1 adjusted EPS of $1.22, better than consensus of $1.16.
Marriott (MAR +3.14%) reported Q1 EPS of 73 cents, above consensus of 70 cents.
Flextronics (FLEX +0.41%) reported Q4 adjusted EPS of 27 cents, higher than consensus of 25 cents.
Apple (AAPL -1.47%) is down over 1% in pre-market trading after Dow Jones reported that the company found defects in the 'taptic engine' of the Apple Watch.
AMC Entertainment (AMC +0.37%) reported Q1 EPS of 6 cents, less than consensus of 8 cents.
Con-way (CNW -2.77%) reported Q1 EPS of 39 cents, better than consensus of 38 cents, but Q1 revenue of $1.37 billion was below consensus of $1.45 billion.
CACI (CACI -2.36%) reported Q3 EPS of $1.18, weaker than consensus of $1.27.
Williams (WMB +1.21%) reported Q1 adjusted EPS of 16 cents, above consensus of 15 cents.
Service Corp. (SCI -1.00%) reported Q1 adjusted EPS of 32 cents, higher than consensus of 28 cents. although Q1 revenue of $748.1 million was below consensus of $752.45 million.
Bob Evans Farms (BOBE -3.74%) announced that it will close 20 restaurants over the next 12 months.
Varian Medical (VAR +0.02%) reported Q2 EPS of $1.05, better than consensus of $1.00.
ARRIS (ARRS -0.89%) reported Q1 adjusted EPS of 44 cents, right on consensus
Hologic (HOLX -1.15%) reported Q2 EPS of 41 cents, above consensus of 39 cents, and then raised guidance on fiscal 2015 EPS view to $1.57-$1.59, above consensus of $1.57.

MARKET COMMENTS

June E-mini S&Ps (ESM15 -0.30%) this morning are down -4.75 points (-0.23%). Wednesday's closes: S&P 500 -0.37%, Dow Jones -0.41%, Nasdaq -0.60%. The S&P 500 index on Wednesday closed lower on the weak U.S. Q1 GDP report of +0.2% (q/q annualized) versus expectations of +1.0%. There was also weakness in health-care stocks after Humana plunged 6% on disappointing earnings news.
Jun 10-year T-notes (ZNM15 -0.04%) this morning are down -0.5 of a tick. Wednesday's closes: TYM5 -14.00, FVM5 -5.00. Jun 10-year T-notes on Wednesday fell sharply to post a new 1-1/4 month low as the 10-year T-note breakeven inflation rate climbed to a 5-1/2 month high. In addition, there was some negative carry-over from the decline in German bund prices to a 1-1/4 month low.
The dollar index (DXY00 -0.39%) this morning is down -0.423 (-0.44%) to a fresh 2-month low. EUR/USD (^EURUSD) is up +0.0065 (+0.58%) to a 2-month high. USD/JPY (^USDJPY) is down -0.07 (-0.06%) to a 1-month low. Wednesday's closes: Dollar Index -0.883 (-0.92%), EUR/USD +0.01467 (+1.34%), USD/JPY +0.159 (+0.13%). The dollar index on Wednesday fell to a 2-month low on the weaker-than-expected U.S. Q1 GDP report of +0.2% versus expectations of +1.0%. EUR/USD rallied to a 1-3/4 month high after the Eurozone Apr business climate indicator unexpectedly rose to an 11-month high.
Jun WTI crude oil (CLM15 +1.02%) this morning is up +52 cents (+0.89%) to a new 4-1/2 month high and Jun gasoline (RBM15 +0.61%) is up +0.0067 (+0.33%). Wednesday's closes: CLM5 +1.52 (+2.66%), RBM5 +0.0061 (+0.31%). Jun crude oil and gasoline prices on Wednesday climbed to 4-1/2 month highs on the plunge in the dollar index to a 2-month low and on the -514,000 bbl decline in crude supplies at Cushing, which was the first decline in 21 weeks.

GLOBAL EVENT CALENDAR04/30/2015

US	0830 ET	Weekly initial unemployment claims expected -5,000 to 290,000, previous +1,000 to 295,000. Weekly continuing claims expected -25,000 to 2.300 million, previous +50,000 to 2.325 million.
	0830 ET	Mar personal spending expected +0.5%, Feb +0.1%. Mar personal income expected +0.2%, Feb +0.4%.
	0830 ET	Mar PCE deflator expected +0.2% m/m and +0.4% y/y, Feb +0.2% m/m and +0.3% y/y. Mar core PCE deflator expected +0.2% m/m and +1.4% y/y, Feb +0.1% m/m and +1.4% y/y.
	0830 ET	Q1 employment cost index expected +0.6%, Q4 +0.6%.
	0830 ET	USDA weekly Export Sales.
	0900 ET	Apr Milwaukee ISM expected -0.25 to 53.00, Mar +2.93 to 53.25.
	0945 ET	Apr Chicago PMI expected +3.7 to 50.0, Mar +0.5 to 46.3.
JPN	0100 ET	Japan Mar housing starts expected -1.9% y/y to 892,000 annualized, Feb -3.1% y/y to 905,000 annualized.
	0100 ET	Japan Mar construction orders, Feb +1.0% y/y.
	1930 ET	Japan Mar jobless rate expected unch at 3.5%. Mar job-to-applicant ratio expected unch at 1.15.
	1930 ET	Japan Mar overall household spending expected -11.8% y/y, Feb -2.9% y/y.
	1930 ET	Japan Mar national CPI expected +2.2% y/y, Feb +2.2% y/y. Mar national CPI ex-fresh food expected +2.0% y/y, Feb +2.0% y/y. Mar national CPI ex food & energy expected +2.0% y/y, Feb +2.0% y/y.
	1930 ET	Japan Apr Tokyo CPI expected +0.7% y/y, Mar +2.3% y/y. Apr Tokyo CPI ex-fresh food expected +0.5% y/y, Mar +2.2% y/y. Apr Tokyo CPI ex food & energy expected +0.2% y/y, Mar +1.7% y/y.
	2130 ET	Japan Mar labor cash earnings expected +0.4% y/y, Feb +0.1% y/y. Mar real cash earnings, Feb -2.3% y/y.
	2135 ET	Revised Japan Apr Markit/JMMA manufacturing PMI.
GER	0200 ET	German Mar retail sales expected +0.5% m/m and +3.1% y/y, Feb -0.1% m/m and +3.1% y/y.
	0355 ET	German Apr unemployment change expected -15,000, Mar -14,000. Apr unemployment rate expected unch at 6.4%.
UK	0430 ET	UK Apr Lloyds business barometer, Mar 53.
EUR	0500 ET	Eurozone Apr CPI estimate expected unch y/y, Mar -0.1% y/y. Apr core CPI expected +0.6% y/y, Mar +0.6% y/y.
	0500 ET	Eurozone Mar unemployment rate expected -0.1 to 11.2%, Feb 11.3%.
CHI	2100 ET	China Apr manufacturing PMI expected -0.1 to 50.0, Mar 50.1. Apr non-manufacturing PMI, Mar 53.7.

U.S. STOCK CALENDAR04/30/2015

Company	Ticker	Time	Event Description	Period	Estimate
Air Products & Chemicals Inc	APD US	Bef-mkt	Q2 2015 Earnings Release	Q2 2015	1.547
Airgas Inc	ARG US	Bef-mkt	Q4 2015 Earnings Release	Q4 2015	1.143
Automatic Data Processing Inc	ADP US	Bef-mkt	Q3 2015 Earnings Release	Q3 2015	1.019
Ball Corp	BLL US	Bef-mkt	Q1 2015 Earnings Release	Q1 2015	0.79
Coca-Cola Enterprises Inc	CCE US	Bef-mkt	Q1 2015 Earnings Release	Q1 2015	0.403
Colgate-Palmolive Co	CL US	Bef-mkt	Q1 2015 Earnings Release	Q1 2015	0.659
Host Hotels & Resorts Inc	HST US	Bef-mkt	Q1 2015 Earnings Release	Q1 2015	0.333
Marsh & McLennan Cos Inc	MMC US	Bef-mkt	Q1 2015 Earnings Release	Q1 2015	0.86
NiSource Inc	NI US	Bef-mkt	Q1 2015 Earnings Release	Q1 2015	0.809
ConocoPhillips	COP US	Bef-mkt	Q1 2015 Earnings Release	Q1 2015	-0.218
Pitney Bowes Inc	PBI US	Bef-mkt	Q1 2015 Earnings Release	Q1 2015	0.406
SCANA Corp	SCG US	Bef-mkt	Q1 2015 Earnings Release	Q1 2015	1.249
Cardinal Health Inc	CAH US	Bef-mkt	Q3 2015 Earnings Release	Q3 2015	1.157
Celgene Corp	CELG US	Bef-mkt	Q1 2015 Earnings Release	Q1 2015	1.059
BorgWarner Inc	BWA US	Bef-mkt	Q1 2015 Earnings Release	Q1 2015	0.842
Martin Marietta Materials Inc	MLM US	Bef-mkt	Q1 2015 Earnings Release	Q1 2015	0.096
AmerisourceBergen Corp	ABC US	Bef-mkt	Q2 2015 Earnings Release	Q2 2015	1.189
Rockwell Automation Inc	ROK US	Bef-mkt	Q2 2015 Earnings Release	Q2 2015	1.418
L-3 Communications Holdings Inc	LLL US	Bef-mkt	Q1 2015 Earnings Release	Q1 2015	1.542
Quanta Services Inc	PWR US	Bef-mkt	Q1 2015 Earnings Release	Q1 2015	0.405
CME Group Inc/IL	CME US	Bef-mkt	Q1 2015 Earnings Release	Q1 2015	0.948
Time Warner Cable Inc	TWC US	Bef-mkt	Q1 2015 Earnings Release	Q1 2015	1.884
Xcel Energy Inc	XEL US	Bef-mkt	Q1 2015 Earnings Release	Q1 2015	0.493
Fidelity National Information Services Inc	FIS US	Bef-mkt	Q1 2015 Earnings Release	Q1 2015	0.654
Viacom Inc	VIAB US	Bef-mkt	Q2 2015 Earnings Release	Q2 2015	1.064
Marathon Petroleum Corp	MPC US	Bef-mkt	Q1 2015 Earnings Release	Q1 2015	2.854
Delphi Automotive PLC	DLPH US	Bef-mkt	Q1 2015 Earnings Release	Q1 2015	1.173
Allegion PLC	ALLE US	Bef-mkt	Q1 2015 Earnings Release	Q1 2015	0.468
Cigna Corp	CI US	6:30	Q1 2015 Earnings Release	Q1 2015	1.845
American Tower Corp	AMT US	7:00	Q1 2015 Earnings Release	Q1 2015	1.11
Sealed Air Corp	SEE US	7:00	Q1 2015 Earnings Release	Q1 2015	0.419
Mosaic Co/The	MOS US	7:00	Q1 2015 Earnings Release	Q1 2015	0.742
Xylem Inc/NY	XYL US	7:00	Q1 2015 Earnings Release	Q1 2015	0.313
Invesco Ltd	IVZ US	7:30	Q1 2015 Earnings Release	Q1 2015	0.603
Zimmer Holdings Inc	ZMH US	7:30	Q1 2015 Earnings Release	Q1 2015	1.583
Exxon Mobil Corp	XOM US	8:00	Q1 2015 Earnings Release	Q1 2015	0.821
Harman International Industries Inc	HAR US	8:00	Q3 2015 Earnings Release	Q3 2015	1.274
Pitney Bowes Inc	PBI US	8:00	Q1 2015 Earnings Call	Q1 2015
Morgan Stanley	MS US	8:00	Fixed Income Investor Call
Zimmer Holdings Inc	ZMH US	8:00	Q1 2015 Earnings Call	Q1 2015
Phillips 66	PSX US	8:00	Q1 2015 Earnings Release	Q1 2015	1.432
Automatic Data Processing Inc	ADP US	8:30	Q3 2015 Earnings Call	Q3 2015
Cigna Corp	CI US	8:30	Q1 2015 Earnings Call	Q1 2015
Marsh & McLennan Cos Inc	MMC US	8:30	Q1 2015 Earnings Call	Q1 2015
Cardinal Health Inc	CAH US	8:30	Q3 2015 Earnings Call	Q3 2015
Rockwell Automation Inc	ROK US	8:30	Q2 2015 Earnings Call	Q2 2015
American Tower Corp	AMT US	8:30	Q1 2015 Earnings Call	Q1 2015
Sealed Air Corp	SEE US	8:30	Q1 2015 Earnings Call	Q1 2015
CME Group Inc/IL	CME US	8:30	Q1 2015 Earnings Call	Q1 2015
Time Warner Cable Inc	TWC US	8:30	Q1 2015 Earnings Call	Q1 2015
Fidelity National Information Services Inc	FIS US	8:30	Q1 2015 Earnings Call	Q1 2015
Viacom Inc	VIAB US	8:30	Q2 2015 Earnings Call	Q2 2015
Delphi Automotive PLC	DLPH US	8:30	Q1 2015 Earnings Call	Q1 2015
Allegion PLC	ALLE US	8:30	Q1 2015 Earnings Call	Q1 2015
Host Hotels & Resorts Inc	HST US	9:00	Q1 2015 Earnings Call	Q1 2015
NiSource Inc	NI US	9:00	Q1 2015 Earnings Call	Q1 2015
Eversource Energy	ES US	9:00	Q1 2015 Earnings Call	Q1 2015
SCANA Corp	SCG US	9:00	Annual General Meeting	Y 2015
Unum Group	UNM US	9:00	Q1 2015 Earnings Call	Q1 2015
Celgene Corp	CELG US	9:00	Q1 2015 Earnings Call	Q1 2015
Noble Corp plc	NE US	9:00	Q1 2015 Earnings Call	Q1 2015
Invesco Ltd	IVZ US	9:00	Q1 2015 Earnings Call	Q1 2015
QEP Resources Inc	QEP US	9:00	Q1 2015 Earnings Call	Q1 2015
Mosaic Co/The	MOS US	9:00	Q1 2015 Earnings Call	Q1 2015
Xylem Inc/NY	XYL US	9:00	Q1 2015 Earnings Call	Q1 2015
Williams Cos Inc/The	WMB US	9:30	Q1 2015 Earnings Call	Q1 2015
BorgWarner Inc	BWA US	9:30	Q1 2015 Earnings Call	Q1 2015
Quanta Services Inc	PWR US	9:30	Q1 2015 Earnings Call	Q1 2015
Air Products & Chemicals Inc	APD US	10:00	Q2 2015 Earnings Call	Q2 2015
Coca-Cola Enterprises Inc	CCE US	10:00	Q1 2015 Earnings Call	Q1 2015
EMC Corp/MA	EMC US	10:00	Annual General Meeting
Lincoln National Corp	LNC US	10:00	Q1 2015 Earnings Call	Q1 2015
Marriott International Inc/MD	MAR US	10:00	Q1 2015 Earnings Call	Q1 2015
Xcel Energy Inc	XEL US	10:00	Q1 2015 Earnings Call	Q1 2015
Marathon Petroleum Corp	MPC US	10:00	Q1 2015 Earnings Call	Q1 2015
Airgas Inc	ARG US	11:00	Q4 2015 Earnings Call	Q4 2015
Ball Corp	BLL US	11:00	Q1 2015 Earnings Call	Q1 2015
Colgate-Palmolive Co	CL US	11:00	Q1 2015 Earnings Call	Q1 2015
Corning Inc	GLW US	11:00	Annual General Meeting	Y 2015
Exxon Mobil Corp	XOM US	11:00	Q1 2015 Earnings Call	Q1 2015
Harman International Industries Inc	HAR US	11:00	Q3 2015 Earnings Call	Q3 2015
Snap-on Inc	SNA US	11:00	Annual General Meeting	Y 2015
Torchmark Corp	TMK US	11:00	Annual General Meeting	Y 2015
Ensco PLC	ESV US	11:00	Q1 2015 Earnings Call	Q1 2015
AmerisourceBergen Corp	ABC US	11:00	Q2 2015 Earnings Call	Q2 2015
Valero Energy Corp	VLO US	11:00	Annual General Meeting	Y 2015
L-3 Communications Holdings Inc	LLL US	11:00	Q1 2015 Earnings Call	Q1 2015
ConocoPhillips	COP US	12:00	Q1 2015 Earnings Call	Q1 2015
HCP Inc	HCP US	12:30	Annual General Meeting	Y 2015
Murphy Oil Corp	MUR US	13:00	Q1 2015 Earnings Call	Q1 2015
Phillips 66	PSX US	13:00	Q1 2015 Earnings Call	Q1 2015
Macerich Co/The	MAC US	13:30	Q1 2015 Earnings Call	Q1 2015
Martin Marietta Materials Inc	MLM US	14:00	Q1 2015 Earnings Call	Q1 2015
Realty Income Corp	O US	14:30	Q1 2015 Earnings Call	Q1 2015
SCANA Corp	SCG US	15:00	Q1 2015 Earnings Call	Q1 2015
HCA Holdings Inc	HCA US	15:00	Annual General Meeting	Y 2015
Western Union Co/The	WU US	16:00	Q1 2015 Earnings Release	Q1 2015	0.38
Gilead Sciences Inc	GILD US	16:05	Q1 2015 Earnings Release	Q1 2015	2.32
Gilead Sciences Inc	GILD US	16:30	Q1 2015 Earnings Call	Q1 2015
Western Union Co/The	WU US	16:30	Q1 2015 Earnings Call	Q1 2015
Expedia Inc	EXPE US	16:30	Q1 2015 Earnings Call	Q1 2015
PerkinElmer Inc	PKI US	17:00	Q1 2015 Earnings Call	Q1 2015
Skyworks Solutions Inc	SWKS US	17:00	Q2 2015 Earnings Call	Q2 2015
Eastman Chemical Co	EMN US	17:00	Q1 2015 Earnings Release	Q1 2015	1.595
First Solar Inc	FSLR US	17:00	Q1 2015 Earnings Call	Q1 2015
Visa Inc	V US	17:00	Q2 2015 Earnings Call	Q2 2015
American International Group Inc	AIG US	Aft-mkt	Q1 2015 Earnings Release	Q1 2015	1.194
PerkinElmer Inc	PKI US	Aft-mkt	Q1 2015 Earnings Release	Q1 2015	0.462
Leggett & Platt Inc	LEG US	Aft-mkt	Q1 2015 Earnings Release	Q1 2015	0.452
Public Storage	PSA US	Aft-mkt	Q1 2015 Earnings Release	Q1 2015	1.95
Skyworks Solutions Inc	SWKS US	Aft-mkt	Q2 2015 Earnings Release	Q2 2015	1.127
Flowserve Corp	FLS US	Aft-mkt	Q1 2015 Earnings Release	Q1 2015	0.701
Apartment Investment & Management Co	AIV US	Aft-mkt	Q1 2015 Earnings Release	Q1 2015	0.513
Fluor Corp	FLR US	Aft-mkt	Q1 2015 Earnings Release	Q1 2015	0.984
Expedia Inc	EXPE US	Aft-mkt	Q1 2015 Earnings Release	Q1 2015	0.065
First Solar Inc	FSLR US	Aft-mkt	Q1 2015 Earnings Release	Q1 2015	-0.284
Visa Inc	V US	Aft-mkt	Q2 2015 Earnings Release	Q2 2015	0.624
Fluor Corp	FLR US	17:30	Q1 2015 Earnings Call	Q1 2015
EOG Resources Inc	EOG US		Annual General Meeting
HCP Inc	HCP US		Annual General Meeting
Kimberly-Clark Corp	KMB US		Annual General Meeting
Public Storage	PSA US		Annual General Meeting
Capital One Financial Corp	COF US		Annual General Meeting
Fluor Corp	FLR US		Annual General Meeting	Y 2015
Mead Johnson Nutrition Co	MJN US		Annual General Meeting