Barchart Morning Call
Barchart.com - 3 hours ago
OVERNIGHT MARKETS AND NEWS
Mar E-mini S&Ps (ESH17 -0.04%) are unchanged in thin pre-holiday trade and European stocks are up +0.04% on strength in bank stocks led by a nearly 3% increase in Deutsche Bank after it agreed to pay $7.2 billion to resolve a years-long U.S. investigation into its dealings in mortgage-backed securities. Also, Italian bank stocks rallied after the government said it will put as much as 20 billion euros ($21 billion) into the country's banks. GBP/USD fell -0.24% to a 1-1/2 month low, despite UK Q3 GDP being revised higher, on concern Article 50 of Brexit will be triggered early next year. Asian stocks settled mostly lower: Japan closed for holiday, Hong Kong -0.28%, China -0.94%, Taiwan -0.44%, Australia -0.28%, Singapore -0.38%, South Korea -0.14%, India +0.24%. Concerns over capital outflows pressured Chinese stocks, while a -1.10% slide in Feb WTI crude oil prices (CLG17 -1.10%) undercuts energy producing stocks.
The dollar index (DXY00 -0.10%) is down -0.08%. EUR/USD (^EURUSD) is up +0.11%. USD/JPY (^USDJPY) is down -0.14%.
Mar 10-year T-note prices (ZNH17 +0.08%) are up +2.5 ticks.
UK Q3 GDP was revised upward to +0.6% q/q from the previously reported +0.5% q/q.
German Jan GfK consumer confidence rose +0.1 to 9.9, right on expectations.
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) Nov new home sales (expected +2.1% to 575,000, Oct -1.9% to 563,000), (2) final-Dec University of Michigan U.S. consumer sentiment index (expected unch at 98.0, prelim-Dec +4.2 to 98.0), (3) USDA Nov Cattle on Feed, (4) USDA Q4 Hogs & Pigs inventory, (5) USDA Nov Cold Storage.
Russell 1000 earnings reports today include: none.
U.S. IPO's scheduled to price today: none.
Equity conferences this week: none.
OVERNIGHT U.S. STOCK MOVERS
FedEx (FDX -0.64%) was initiated with a 'Buy' at Aegis Capital wih a 12-month target price of $215.
Time Warner (TWX +0.49%) was downgraded to 'Hold' from 'Buy' at Brean Capital.
Cal-Maine Foods (CALM -1.64%) gained over 1% in after-hours trading after it reported a Q2 loss of -48 cents per share, right on expectations.
Lockheed Martin (LMT +0.11%) slid 2% in after-hours trading after President-elect Trump said that based on tremendous cost and cost overruns he asked Boeing to price-out a comparable F-18 Super Hornet jet.
Global Partners LP (GLP +13.74%) was upgraded to 'Buy' from 'Hold' at Stifel with a 12-month target price of $19.
Fred's (FRED -4.77%) rose over 6% in after-hours trading after Alden Global Capital reported a 24.8% stake in the company.
GameStop (GME -5.04%) was initiated with a 'Buy' by Mizuho Securities with a 12-month target price of $35.
Cintas (CTAS +0.49%) dropped 3% in after-hours trading after it reported Q2 continuing operations EPS of $1.13, below consensus of $1.15.
Progenics Pharmaceuticals (PGNX -0.23%) jumped 7% in after-hours trading after an independent review of its Phase 3 clinical trial of agent 1404 for treatment of prostate cancer recommended a continuation of the trial.
Synergy Pharmaceuticals (SGYP -1.46%) climbed nearly 3% in after-hours trading after the company said its Phase 3 trial of its plecanatide met primary endpoints in treatment of chronic idiopathic constipation.
MARKET COMMENTS
Mar E-mini S&Ps (ESH17 -0.04%) this morning are unch. Thursday's closes: S&P 500 -0.19%, Dow Jones -0.12%, Nasdaq -0.29%. The S&P 500 on Thursday closed lower on the +21,000 increase in U.S weekly jobless claims to 275,000 (more than expectations of +3,000 to 257,000 and the most in 6 months) and the weaker than expected U.S. Nov personal spending report of +0.2% and personal income report of unchanged.
Mar 10-year T-notes (ZNH17 +0.08%) this morning are up +2.5 ticks. Thursday's closes: TYH7 -1.50, FVH7 -0.50. Mar 10-year T-notes on Thursday closed lower on the stronger-than-expected upward revision to U.S. Q3 GDP to 3.5% (q/q annualized), the fastest pace of growth in 2-years, and on the stronger-than-expected U.S. Nov durable goods orders report.
The dollar index (DXY00 -0.10%) this morning is down -0.080 (-0.08%). EUR/USD (^EURUSD) is up +0.0011 (+0.11%). USD/JPY (^USDJPY) is down -0.16 (-0.14%). Thursday's closes: Dollar index +0.070 (+0.07%), EUR/USD +0.0013 (+0.12%), USD/JPY -0.01 (-0.01%). The dollar index on Thursday closed slightly higher on the stronger-than-expected upward revision for U.S. Q3 GDP and the stronger-than-expected U.S. Nov durable goods orders report. The dollar was undercut by the weaker-than-expected U.S. Nov personal spending and personal income data.
Feb WTI crude oil prices (CLG17 -1.10%) this morning are down -58 cents (-1.10%) and Feb gasoline (RBG17 -1.41%) is -0.0243 (-1.50%). Thursday's closes: Feb crude +0.16 (+0.39%), Feb gasoline -0.0060 (-0.37%). Feb crude oil and gasoline on Thursday settled mixed. Crude oil prices were boosted by the stronger-than-expected U.S. Q3 GDP report and by comments from Iraqi Oil Minister Jabbar al-Luaibi who said the Kurdish region of Iraq also agreed to cut its crude oil output. Crude oil prices were undercut by the stronger dollar.
GLOBAL EVENT CALENDAR12/23/2016
| Friday, Dec 23 | ||
| US | 1000 ET | Nov new home sales expected +2.1% to 575,000, Oct -1.9% to 563,000. |
| 1000 ET | Final-Dec University of Michigan U.S. consumer sentiment index expected unch at 98.0, prelim-Dec +4.2 to 98.0. | |
| 1200 ET | USDA Nov Cattle on Feed. | |
| 1200 ET | USDA Q4 Hogs & Pigs inventory. | |
| 1500 ET | USDA Nov Cold Storage. | |
| Tuesday, Dec 27 | ||
| US | 0900 ET | Oct S&P CoreLogic compoite-20 home prices expected +0.5% m/m and +5.0% y/y, Sep +0.37% m/m and +5.08% y/y. |
| 1000 ET | Dec Richmond Fed manufacturing survey expected +1 to 5, Nov +8 to 4. | |
| 1000 ET | Dec consumer confidence (Conference Board) expected +1.2 to 108.3, Nov +6.3 to 107.1. | |
| 1100 ET | USDA weekly grain export inspections. | |
| 1300 ET | Treasury auctions $26 billion of 2-year T-notes. |
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