Barchart Morning Call
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OVERNIGHT MARKETS AND NEWS
Dec E-mini S&Ps (ESZ16 +0.22%) are up +0.14% and European stocks are up +0.33%. Equities received a boost after Eurozone Nov economic confidence rose to the highest in 11 months, although trading was subdued ahead of the OPEC meeting Wednesday and Sunday's referendum in Italy on constitutional reforms. On the negative side, Jan WTI crude oil (CLF17 -2.36%) is down -1.81% as OPEC remains split before its meeting tomorrow in Vienna. Iraq and Iran continue to resist calls to curb output, while Russia said it will not attend the OPEC talks. Asian stocks settled mixed: Japan -0.27%, Hong Kong -0.41%, China +0.18%, Taiwan -0.32%, Australia -0.13%, Singapore +0.16%, South Korea -0.02%, India +0.17%. Japanese stocks closed lower as a stronger yen undercut exporting companies, while China's Shanghai Composite climbed to a 10-1/2 month high on speculation that government curbs on the real estate market will prompt funds to move into stocks.
The dollar index (DXY00 +0.12%) is down -0.02%. EUR/USD (^EURUSD) is down -0.17%. USD/JPY (^USDJPY) is up +0.65%.
Eurozone Nov economic confidence rose +0.1 to 106.5, weaker than expectations of +0.5 to 106.8 but still the highest in 11 months. The Nov business climate indicator unexpectedly fell -0.14 to 0.42, weaker than expectations of +0.05 to 0.60.
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) revised Q3 GDP (expected +3.0% q/q annualized, previous +2.9%), (2) Sep S&P CoreLogic composite-20 home price index (expected +0.4% m/m and +5.2% y/y, Aug +0.24% m/m and +5.13% y/y), (3) Nov Conferenc Board U.S. consumer confidence index (expected +2.7 to 101.3, Oct -4.9 to 98.6).
Russell 1000 earnings reports today include: Tiffany (consensus $0.68), Autodesk (-0.24), Guidewire Software (-0.05), Splunk (0.08), Berry Plastics (1.89).
U.S. IPO's scheduled to price today: none.
Equity conferences during the remainder of this week include: Credit Suisse Technology, Media, and Telecom Conference on Mon-Wed, MUFG Securities Energy Tour on Tue, UBS Global Real Estate Conference on Tue, Citi Basic Materials Conference on Tue-Wed, Jefferies Energy Conference on Tue-Wed, Piper Jaffray Health Care Conference on Tue-Wed, Bank of America Merrill Lynch Leveraged Finance Conference on Tue-Wed, NASDAQ Investor Conference on Tue-Wed, J.P. Morgan FinTech & Specialty Finance Forum on Wed, Credit Suisse Industrials Conference on Tue-Thu.
OVERNIGHT U.S. STOCK MOVERS
Pfizer (PFE -0.47%) was upgraded to 'Overweight' from 'Equalweight' at Barclays with a 12-month price target of $38.
U.S. Steel (X -3.19%) was downgraded to 'Hold' from 'Buy' at Argus.
TiVo (TIVO +0.24%) rallied almost 5% in after-hours trading after it signed IP licensing pacts with Netflix.
Thor Industries (THO -0.25%) jumped almost 10% in after-hours trading after it reported Q1 EPS continuing operations of $1.49, higher than consensus of $1.23.
SiteOne Landscape Supply (SITE -1.49%) slipped 3% in after-hours trading after it announced a secondary offering of 8 million shares of common stock.
Allstate (ALL -0.47%) fell over 1% in after-hours trading after it said it will buy SquareTrade for $1.4 billion in cash.
Texas Capital Bancshares (TCBI -3.11%) dropped 3% in after-hours trading after it announced an offering of 3 million shares of common stock.
Shoe Carnival (SCVL -3.75%) sank 10% in after-hours trading after it reported Q3 WPS of 54 cents, weaker than consensus of 56 cents, and then cut its view on fiscal 2017 EPS to $1.46-$1.51 from an August 31 view of $1.58-$1.65.
ZTO Express Cayman (ZTO -0.57%) gained over 3% in after-hours trading after it reported Q3 earnings per ADS were 12 cents, higher than consensus of 11 cents.
Cotiviti Holdings (COTV -1.35%) lost over 1% in after-hours trading after it announced a secondary public offering of 10 million shares of common stock.
21Vianet Group (VNET -1.17%) rose over 3% in after-hours trading aft it reported a Q3 loss/ADR of -13 cents, a smaller decline than consensus of -15 cents.
Cherokee Global (CHKE -4.76%) lost over 2% in after-hours trading after it announced plans to buy Hi-Tec Sports International Holdings for $95.8 million.
Bojangles' Inc. (BOJA -1.75%) slid 4% in after-hours trading after holders proposed a secondary offering of 6 million shares of common stock.
Nivalis Therapeutics (NVLS -0.48%) plunged over 50% in after-hours trading after it said its Phase 2 study evaluating cavosonstat failed to meet the primary endpoint in adult patients with cystic fibrosis.
MARKET COMMENTS
Dec E-mini S&Ps (ESZ16 +0.22%) this morning are up +3.00 points (+0.14%). Monday's closes: S&P 500 -0.53%, Dow Jones -0.28%, Nasdaq -0.27%. The S&P 500 on Monday closed lower on carry-over weakness from a slide in European stocks led by a sell-off in Italian bank stocks on concern Italian voters may vote "no" for Prime Minister Renzi's referendum on Sunday on constitutional reforms. The Financial Times reports that as many as 8 Italian banks risk failing if Renzi loses that vote. Stocks were also undercut by a slide in consumer discretionary stocks led by a -1.7% drop in Amazon.com after Citigroup cut its price target on the stock, citing deep discounting by the retailer to compete during the holiday season. Energy producer stocks received a boost from the +1.82% gain in crude oil prices.
Dec 10-year T-notes (ZNZ16 -0.10%) this morning are up +1 tick. Monday's closes: TYZ6 +14.00, FVZ6 +6.75. Dec 10-year T-note futures on Monday closed higher on carry-over support from a rally in German bund prices to a 2-week high and on higher safe-haven demand with the sell-off in stocks.
The dollar index (DXY00 +0.12%) this morning is down -0.020 (-0.02%). EUR/USD (^EURUSD) is -0.0018 (-0.17%). USD/JPY (^USDJPY) is up +0.73 (+0.65%). Monday's closes: Dollar index -0.160 (-0.16%), EUR/USD +0.0025 (+0.24%), USD/JPY -1.28(-1.13%). The dollar index on Monday fell to a 1-week low and closed lower on the decline in 10-year T-note yields, which reduced the dollar's interest rate differentials. In addition, USD/JPY showed weakness as a sell-off in stocks boosted he safe-haven demand for the yen.
Jan crude oil prices (CLF17 -2.36%) this morning are down -85 cents (-1.81%) and Jan gasoline (RBF17 -1.61%) is -0.0157(-1.11%). Monday's closes: Jan crude +0.84 (+1.82%), Jan gasoline -0.0355 (+2.58%). Jan crude oil and gasoline on Monday closed higher on the slide in the dollar index to a 1-week low and on comments from Iraq Oil Minister Jabbar al-Luaibi who said he's "optimistic" a deal can be reached on oil production cuts when OPEC meets Wednesday in Vienna.
GLOBAL EVENT CALENDAR11/29/2016
| Tuesday, Nov 29 | ||
| US | 0830 ET | Revised Q3 GDP expected +3.0% (q/q annualized), previous +2.9% (q/q annualized). Q3 personal consumption expected +2.3%, previous +2.1%. Q3 price index expected unrevised at +1.5%. Q3 core PCE expected unrevised at +1.7% q/q. |
| 0900 ET | Sep S&P CoreLogic composite-20 home price index expected +0.4% m/m and +5.2% y/y, Aug +0.24% m/m and +5.13% y/y. | |
| 1000 ET | Nov consumer confidence (Conference Board) expected +2.7 to 101.3, Oct -4.9 to 98.6. | |
| Wednesday, Nov 30 | ||
| US | 0700 ET | Weekly MBA mortgage applications, previous +5.5% with purchase sub-index +18.8% and refi sub-index -3.1%. |
| 0800 ET | Dallas Fed President Robert Kaplan (non-voter) speaks to the Economic Club of New York. | |
| 0815 ET | Nov ADP employment change expected +169,000, Oct +147,000. | |
| 0830 ET | Oct personal spending expected +0.5%, Sep +0.5%. Oct personal income expected +0.4%, Sep +0.3%. | |
| 0830 ET | Oct PCE deflator expected +0.3% m/m and +1.5% y/y, Sep +0.2% m/m and +1.2% y/y. Oct core PCE expected +0.1% m/m and +1.7% y/y, Sep +0.1% m/m and +1.7% y/y. | |
| 0945 ET | Nov Chicago PMI expected +1.9 to 52.5, Oct -3.6 to 50.6. | |
| 1000 ET | Oct pending home sales expected unch m/m, Sep +1.5% m/m and +2.0% y/y. | |
| 1030 ET | EIA Weekly Petroleum Status Report. | |
| 1145 ET | Fed Governor Jerome Powell speaks at the Brookings Institute in Washington, D.C. | |
| 1400 ET | Fed Beige Book. | |
| n/a | OPEC meeting in Vienna. |
U.S. STOCK CALENDAR11/29/2016
| Company | Ticker | Time | Event Description | Period | Estimate |
|---|---|---|---|---|---|
| Berry Plastics Group Inc | BERY US | Bef-mkt | Q4 2016 Earnings Release | Q4 2016 | 0.588 |
| Mallinckrodt PLC | MNK US | 6:00 | Q4 2016 Earnings Release | Q4 2016 | 1.887 |
| Tiffany & Co | TIF US | 6:40 | Q3 2017 Earnings Release | Q3 2017 | 0.675 |
| UnitedHealth Group Inc | UNH US | 8:00 | Investor Conference | Y 2016 | |
| Tiffany & Co | TIF US | 8:30 | Q3 2017 Earnings Call | Q3 2017 | |
| Mallinckrodt PLC | MNK US | 8:30 | Q4 2016 Earnings Call | Q4 2016 | |
| Berry Plastics Group Inc | BERY US | 10:00 | Q4 2016 Earnings Call | Q4 2016 | |
| Autodesk Inc | ADSK US | 16:01 | Q3 2017 Earnings Release | Q3 2017 | -0.24 |
| Splunk Inc | SPLK US | 16:30 | Q3 2017 Earnings Call | Q3 2017 | |
| Autodesk Inc | ADSK US | 17:00 | Q3 2017 Earnings Call | Q3 2017 | |
| Guidewire Software Inc | GWRE US | 17:00 | Q1 2017 Earnings Call | Q1 2017 | |
| Guidewire Software Inc | GWRE US | Aft-mkt | Q1 2017 Earnings Release | Q1 2017 | -0.045 |
| Splunk Inc | SPLK US | Aft-mkt | Q3 2017 Earnings Release | Q3 2017 | 0.079 |
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