Monday, March 14th, 2016View Older Reports
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OVERNIGHT MARKETS AND NEWS
Jun E-mini S&Ps (ESM16 -0.21%)are down -0.15% as investors focus on the outcome of the Fed's 2-day policy meeting that begins tomorrow. Also, a-1.92% decline in crude oil prices has undercut energy producing stocks. European stocks are up +0.92% as a weak euro boosts automakers and as strength in copper prices lifts mining stocks with Glencore Plc and Anglo American Plc both up at least 4.5%. European stocks also found support on signs of strength in manufacturing activity after Eurozone Jan industrial production rose at the fastest pace in over 6 years. Asian stocks settled higher: Japan +1.74%, Hong Kong +1.17%, China +1.75%, Taiwan +0.48%, Australia +0.37%, Singapore +0.64%, South Korea +0.07%, India +0.35%. The Nikkei Stock Index climbed to a 1-1/4 month high after Japan Jan machine orders jumped +15.0% m/m, the largest increase in 12 years.
The dollar index (DXY00 +0.30%) is up +0.34%. EUR/USD (^EURUSD) is down -0.36%. USD/JPY (^USDJPY) is down -0.16%.
Jun T-note prices (ZNM16 -0.05%) are up +0.5 of a tick.
Japan Jan machine orders jumped +15.0% m/m, stronger than expectations of +1.9% m/m and the largest monthly increase in 12 years.
China Feb industrial production rose +5.4% y/y, weaker than expectations of +5.6% y/y and the slowest pace of increase in nearly 7 years.
China Feb retail sales rose +10.2% y/y, weaker than expectations of +11.0% y/y and the slowest pace of increase in 12 years.
Eurozone Jan industrial production rose +2.1% m/m, stronger than expectations of +1.7% m/m and the biggest increase in 6-1/3 years.
U.S. STOCK PREVIEW
Key U.S. news today includes: none.
There is 1 of the Russell 1000 companies that reports earnings today: 3D Systems (consensus $0.03).
U.S. IPO's scheduled to price today: BioLight Life Sciences (BOLT).
Equity conferences this week include: Citi Global Property CEO Conference on Mon-Wed, Bank of America Merrill Lynch Consumer & Retail Tech Conference on Tue-Wed, Barclays Emerging Payments Forum on Tue-Wed, Barclays Capital Global Health Care Conference on Tue-Thu,
3rd Annual Pharma Customer Experience Summit 2016 on Wed, Goldman Sachs Innovation Symposium on Wed, Bank of America Merrill Lynch Global Industrials & EU Autos Conference on Wed-Thu, Evercore ISI Retail Summit on Wed-Thu, ACI European Food & Beverage Plastic Packaging Conference on Thu, and Citigroup Retail Madness Conference on Thu.
3rd Annual Pharma Customer Experience Summit 2016 on Wed, Goldman Sachs Innovation Symposium on Wed, Bank of America Merrill Lynch Global Industrials & EU Autos Conference on Wed-Thu, Evercore ISI Retail Summit on Wed-Thu, ACI European Food & Beverage Plastic Packaging Conference on Thu, and Citigroup Retail Madness Conference on Thu.
OVERNIGHT U.S. STOCK MOVERS
Equinix (EQIX +3.68%) was downgraded to "market Perform' from 'Outperform' at Oppenheimer.
Noble Corp. Plc (NE +1.18%) was downgraded to 'Accumulate' from 'Buy' at Seaport Global Securities.
Starwood Hotels & Resorts (HOT +1.54%) received an unsolicited purchase proposal of $76 a share, a 7.9% premium to Friday's closing price.
Tesla Motors (TSLA +1.13%) is up 1.5% in pre-market trading after it was upgraded to 'Outperform' from 'Neutral' at Robert Baird Ltd with a 12-month price target of $300.
Cirrus Logic (CRUS +3.40%) was rated a new 'Buy" at Needham & Cp. with a 12-month price target of $50.
Rowan Cos. (RDC +4.11%) was upgraded to 'Buy' from 'Neutral' at Seaport Global Securities.
Epizyme (EPZM +3.93%) was upgraded to 'Buy' from 'Neutral' at HC Wainwright & Co, LLC with a 12-month price target of $25.
Quanex Building Products (NX +4.49%) was upgraded to 'Outperform' from 'Neutral' at Wedbush with a 12-month price target of $23.
Chemours (CC +2.84%) was upgraded to 'Buy' from 'Neutral' at Goldman Sachs.
Comerica (CMA +3.27%) was upgraded to 'Outperform' from 'Sell' at CLSA.
CyberArk Software Ltd. (CYBR +2.91%) was upgraded to a 'Buy' at Summit Research.
HCA Holdings (HCA +3.81%) was upgraded to 'Overweight" from 'Neutral' at JPMorgan Chase with a price target of $85.
Constellation Brands (STZ +1.11%) was upgraded to 'Buy' at SunTrust with a price target of $170.
Autoliv (ALV +2.39%) was downgraded to 'Sell' from 'Neutral' at Evercore.
MARKET COMMENTS
Jun E-mini S&Ps (ESM16 -0.21%) this morning are down -3.00 points (-0.15%). Friday's closes: S&P 500 +1.64%, Dow Jones +1.28%, Nasdaq +1.75%. The S&P 500 on Friday rallied to a 2-1/4 month high and closed higher on optimism that Thursday's ECB rate cut and QE expansion will boost European growth to the benefit of the global economy. Stocks also received a boost from energy producers, which rallied as crude oil climbed to a 3-month high. There was also carryover support for U.S. stocks from a rally in Asian markets after the yuan rose to a 2-1/2 month high against the dollar when the PBOC strengthened its daily reference rate for the yuan by 0.34%.
Jun 10-year T-notes (ZNM16 -0.05%) this morning are up +0.5 of a tick. Friday's closes: TYM6 -9.50, FVM6 -6.50. Jun T-notes on Friday fell to a 1-1/2 month low and closed lower on reduced safe-haven demand for T-notes after the S&P 500 rallied to a 2-month high and on the rally in crude oil to a 3-month high, which boosted inflation expectations.
The dollar index (DXY00 +0.30%) this morning is up +0.33 (+0.34%). EUR/USD (^EURUSD) is down -0.0040 (-0.36%). USD/JPY (^USDJPY) is down-0.18 (-0.16%). Friday's closes: Dollar Index +0.106 (+0.11%), EUR/USD -0.0021 (-0.19%), USD/JPY +0.67 (+0.59%). The dollar index on Friday closed higher on weakness in EUR/USD on negative carryover from Thursday's action by the ECB to cut interest rates and expand QE. USD/JPY also gained srength as a rally in stocks reduced safe-haven demand for the yen.
Apr WTI crude (CLJ16 -2.29%) this morning is down -74 cents (-1.92%) and Apr gasoline (RBJ16 -1.04%) is down -0.0107 (-0.74%). Friday's closes: CLJ6 +0.66 (+1.74%), RBJ6 +0.0053 (+0.37%). Apr crude and gasoline on Friday closed higher with Apr crude at a 3-month high on the IEA's cut in its 2016 non-OPEC crude production estimate to 750,000 bpd, down -150,000 from 900,000 bpd estimated last month. In addition, Baker Hughes reported late Friday that U.S. active oil rigs declined for a 12th straight week by -6 rigs to a 6-1/4 year low of 386 rigs.
GLOBAL EVENT CALENDAR03/14/2016
| US | 1100 ET | USDA weekly grain export inspections. |
| EUR | 0600 ET | Eurozone Jan industrial production expected +1.7% m/m and +1.5% y/y, Dec -1.0% m/m and -1.3% y/y. |
| JPN | n/a | BOJ begins 2-day policy meeting. |
U.S. STOCK CALENDAR03/14/2016
| Company | Ticker | Time | Event Description | Period | Estimate |
|---|---|---|---|---|---|
| 3D Systems Corp | DDD US | Bef-mkt | Q4 2015 Earnings Release | Q4 2015 | 0.028 |
| 3D Systems Corp | DDD US | 8:30 | Q4 2015 Earnings Call | Q4 2015 | |
| SS&C Technologies Holdings Inc | SSNC US | 9:00 | Acquisition of Citi's Alternative Investor Services Business by SS&C Technologi | ||
| Cooper Cos Inc/The | COO US | Annual General Meeting | Y 2016 | ||
| Questar Corp | STR US | Roadshow - Chicago | Y 2016 | ||
| Viacom Inc | VIAB US | Annual General Meeting | |||
| LPL Financial Holdings Inc | LPLA US | Roadshow-New York |
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