Barchart Morning Call
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OVERNIGHT MARKETS AND NEWS
Mar E-mini S&Ps (ESH17 -0.25%) are down -0.25% and European stocks are down -0.12%. The BOE, as expected, kept its benchmark rate unchanged at 0.25% and maintained its asset purchase target at 435 billion pounds following today's policy meeting. European bank stocks are weaker, led by a 5% drop in Deutsche Bank, after it reported quarterly revenue that missed consensus. Asian stocks settled mostly lower: Japan -1.22%, Hong Kong -0.57%, China closed for holiday, Taiwan -0.20%, Australia -0.14%, Singapore -0.76%, South Korea -0.40%, India +0.30%. Japan's Nikkei Stock Index fell to a 1-week low as weakness in USD/JPY undercut exporter stocks. Mar WTI crude (CLH17 +0.37%) is up +0.56% at a 3-week high on heightened geopolitical tensions after the U.S. said it's putting Iran "on notice" for testing ballistic missiles. Apr COMEX gold (GCJ17 +1.25%) is up +1.29% at a 3-week high as the dollar index tumbled to a 2-1/2 month low.
The dollar index (DXY00 -0.23%) is down -0.35% at a 2-1/2 month low after the Fed failed to provide forward guidance on future interest rate increases following Wednesday's FOMC meeting. EUR/USD (^EURUSD) is up +0.33% at a 1-3/4 month high on speculation the ECB may have to taper QE after Eurozone PPI rose more than expected. USD/JPY (^USDJPY) is down -0.74%.
Mar 10-year T-note prices (ZNH17 +0.09%) are up +3 ticks.
Eurozone Dec PPI rose +0.7% m/m and +1.6% y/y, stronger than expectations of +0.5% m/m and +1.2% y/y with the +1.6% y/y gain the largest year-on-year increase in nearly 4 years.
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) Jan Challenger job cuts (Dec +42.2% y/y), (2) weekly initial unemployment claims (expected -9,000 to 250,000, previous +22,000 to 259,000) and continuing claims (expected -37,000 to 2.063 million, previous +41,000 to 2.100 million), (3) Q4 non-farm productivity (expected +1.0%, Q3 +3.1%) and Q4 unit labor costs (expected +1.9%, Q3 +0.7%), (4) USDA weekly Export Sales.
Notable S&P 500 earnings reports today include: Amazon (consensus $1.36), Visa (0.78), Motorola Solutions (1.86), Chipotle (0.56), Amgen (2.79), Merck (0.89), Intl Paper (0.72), CME Group (1.09), ConocoPhillips (0.41).
U.S. IPO's scheduled to price today: Kimbell Royalty Partners (KRP), IC Power Pte Ltd (ICP), Ramaco Resources (METC).
Equity conferences: none.
OVERNIGHT U.S. STOCK MOVERS
Facebook (FB +2.23%) is up over 1% in pre-market trading after it reported Q4 adjusted EPS of $1.41, higher than consensus of $1.31.
Symantec (SYMC -1.09%) dropped over 2% in after-hours trading after it said it sees Q4 non-GAAP revenue between $1.07 billion-$1.09 billion, below consensus of $1.10 billion.
Tractor Supply (TSCO -1.76%) rallied over 3% in after-hours trading after it reported Q4 EPS of 94 cents. stronger than consensus of 92 cents.
Shutterfly (SFLY +0.86%) sank 15% in after-hours trading after it reported Q4 EPS of $263, weaker than consensus of $2.82, and said it sees Q1 revenue of $185 million-$190 million, below consensus of $199.2 million.
Qorvo (QRVO +0.53%) slid 7% in after-hours trading after it said it sees Q4 adjusted revenue of $610 million-$650 million, below consensus of $718.1 million.
Cadence Design Systems (CDNS -0.81%) rose over 2% in after-hours trading after it said it sees Q1 revenue of $470 million-$480 million, above consensus of $462.2 million.
MetLife (MET -0.17%) lost 1% in after-hours trading after it reported Q4 operating EPS of $1.28, weaker than consensus of $1.35.
Lannett (LCI +2.73%) climbed 4% in after-hours trading after it reported Q2 adjusted EPS of 92 cents, better than consensus of 85 cents.
Cavium (CAVM +0.47%) rose 2% in after-hours trading after it reported Q4 adjusted EPS of 56 cents, higher than consensus of 54 cents.
Hologic (HOLX +0.79%) lost 1% in after-hours trading after it said it sees fiscal 2017 adjusted EPS of $1.90-$1.94, below consensus of $1.94.
Axcelis Technologies (ACLS +2.96%) gained almost 4% in after-hours trading after it reported Q4 WPS of 13 cents, better than consensus of 10 cents, and then said it sees Q1 EPS of 20 cents-24 cents, above consensus of 18 cents.
CACI International (CACI +0.37%) rallied 5% in after-hours trading after it reported Q2 adjusted EPS of $2.30, well above consensus of $1.46.
Legg Mason ({=LM =}) dropped over 4% in after-hours trading after it reported Q3 EPS of cents, weaker than consensus of 64 cents.
Brooks Automation (BRKS +1.55%) rose over 3% in after-hours trading after it reported Q1 adjusted EPS of 25 cents, better than consensus of 20 cents.
Manitowoc (MTW +0.44%) fell 5% in after-hours trading after it reported Q4 net sales of $378.2 million, below consensus of $390.2 million.
Electro Scientific Industries (ESIO unch) surged 14% in after-hours trading after it reported Q3 revenue of $33.8 million, better than expectations of $30 million.
Civeo Corp. (CVEO +1.69%) tumbled 11% in after-hours trading after it announced a public offering of 20 million shares of common stock.
MARKET COMMENTS
Mar E-mini S&Ps (ESH17 -0.25%) this morning are down -5.75 points (-0.25%). Wednesday's closes: S&P 500 +0.03%, Dow Jones +0.14%, Nasdaq +0.70%. The S&P 500 on Wednesday closed slightly higher on the U.S. Jan ADP employment report of +246,000 (stronger than expectations of +168,000 and the largest increase in 7 months) and on the +1.5 point increase in the U.S. Jan ISM manufacturing PMI to 56.0 (stronger than expectations of +0.5 to 55.0 and the fastest pace of expansion in 2 years). The tech sector saw strength led by a 6% rally in Apple, after it reported stronger-than-expected quarterly earnings results.
Mar 10-year T-notes (ZNH17 +0.09%) this morning are up +3 ticks. Wednesday's closes: TYH7 -4.50, FVH7 -2.50. Mar 10-year T-notes on Wednesday closed lower on the stronger than expected Jan ADP employment report of +246,000 (the fastest pace in 7 months) and the Jan ISM manufacturing report that expanded at its fastest pace in 2 years (+1.5 to 56.0).
The dollar index (DXY00 -0.23%) this morning is down -0.353 (-0.35%) at a 2-1/2 month low. EUR/USD (^EURUSD) is up +0.0035 (+0.33%) at a 1-3/4 month high. USD/JPY (^USDJPY) is down -0.84 (-0.74%). Wednesday's closes: Dollar index +0.129 (+0.13%), EUR/USD -0.0029 (-0.27%), USD/JPY +0.45 (+0.40%). The dollar index on Wednesday closed higher on signs of strength in the U.S. economy after the Jan ISM manufacturing index expanded at the fastest pace in 2 years and the U.S. Jan ADP employment report showed a strong increase of +246,000.
Mar WTI crude oil prices (CLH17 +0.37%) this morning are up +30 cents (0.56%) at a 3-week high and Mar gasoline (RBH17 -0.20%) is +0.0013 (+0.08%). Wednesday's closes: Mar crude +1.07 (+2.03%), Mar gasoline +0.0290 (+1.87%). Mar crude oil and gasoline on Wednesday closed higher on the stronger-than-expected Jan ISM manufacturing index and ADP reports and on the -1.25 million bbl decline in crude supplies at Cushing, delivery point of WTI futures. On the bearish side, EIA crude inventories rose +6.47 million bbl versus expectations of +3.0 million bbl.
GLOBAL EVENT CALENDAR02/02/2017
| Thursday, Feb 2 | ||
| US | 0730 ET | Jan Challenger job cuts, Dec +42.2% y/y. |
| 0830 ET | Weekly initial unemployment claims expected -9,000 to 250,000, previous +22,000 to 259,000. Weekly continuing claims expected -37,000 to 2.063 million, previous +41,000 to 2.100 million. | |
| 0830 ET | Q4 non-farm productivity expected +1.0%, Q3 +3.1%. Q4 unit labor costs expected +1.9%, Q3 +0.7%. | |
| 0830 ET | USDA weekly Export Sales. | |
| Friday, Feb 3 | ||
| US | 0830 ET | Jan non-farm payrolls expected +175,000, Dec +156,000. Jan private payrolls expected +170,000, Dec +144,000. Jan manufacturing payrolls expected +4,000, Dec +17,000. Jan unemployment rate expected unch at 4.7%, Dec +0.1 to 4.7%. |
| 0830 ET | Jan avg hourly earnings expected +0.3% m/m and +2.8% y/y, Dec +0.4% m/m and +2.9% y/y. Jan avg weekly hours all-employees expected unch at 34.3 hours, Dec unch at 34.3 hours. | |
| 0915 ET | Chicago Fed President Charles Evans (voter) speaks on economic conditions and monetary policy at a Prairie State College Economic Breakfast in Olympia Fields, IL. | |
| 0945 ET | Revised Jan Markit services PMI, prelim-Jan +1.2 to 55.1. | |
| 1000 ET | Jan ISM non-manufacturing PMI expected +0.4 to 57.0, Dec +0.4 to 56.6. | |
| 1000 ET | Dec factory orders expected +0.7%, Nov -2.4% and +0.1% ex-transportation. |
U.S. STOCK CALENDAR02/02/2017
| Company | Ticker | Time | Event Description | Period | Estimate |
|---|---|---|---|---|---|
| Ball Corp | BLL US | Bf-mkt | Q4 2016 Earnings Release | Q4 2016 | 0.84 |
| Eaton Corp PLC | ETN US | Bf-mkt | Q4 2016 Earnings Release | Q4 2016 | 1.101 |
| EQT Corp | EQT US | Bf-mkt | Q4 2016 Earnings Release | Q4 2016 | -0.049 |
| ConocoPhillips | COP US | Bf-mkt | Q4 2016 Earnings Release | Q4 2016 | -0.403 |
| Ryder System Inc | R US | Bf-mkt | Q4 2016 Earnings Release | Q4 2016 | 1.409 |
| Snap-on Inc | SNA US | Bf-mkt | Q4 2016 Earnings Release | Q4 2016 | 2.416 |
| Xcel Energy Inc | XEL US | Bf-mkt | Q4 2016 Earnings Release | Q4 2016 | 0.437 |
| Delphi Automotive PLC | DLPH US | Bf-mkt | Q4 2016 Earnings Release | Q4 2016 | 1.594 |
| Becton Dickinson and Co | BDX US | 6:00 | Q1 2017 Earnings Release | Q1 2017 | 2.117 |
| Boston Scientific Corp | BSX US | 6:30 | Q4 2016 Earnings Release | Q4 2016 | 0.286 |
| Cigna Corp | CI US | 6:30 | Q4 2016 Earnings Release | Q4 2016 | 1.735 |
| Harris Corp | HRS US | 6:30 | Q2 2017 Earnings Release | Q2 2017 | 1.374 |
| Merck & Co Inc | MRK US | 6:45 | Q4 2016 Earnings Release | Q4 2016 | 0.887 |
| Estee Lauder Cos Inc/The | EL US | 6:45 | Q2 2017 Earnings Release | Q2 2017 | 1.172 |
| Xylem Inc/NY | XYL US | 6:55 | Q4 2016 Earnings Release | Q4 2016 | 0.647 |
| International Paper Co | IP US | 6:58 | Q4 2016 Earnings Release | Q4 2016 | 0.715 |
| Marsh & McLennan Cos Inc | MMC US | 7:00 | Q4 2016 Earnings Release | Q4 2016 | 0.836 |
| IDEXX Laboratories Inc | IDXX US | 7:00 | Q4 2016 Earnings Release | Q4 2016 | 0.509 |
| CME Group Inc | CME US | 7:00 | Q4 2016 Earnings Release | Q4 2016 | 1.094 |
| Philip Morris International Inc | PM US | 7:00 | Q4 2016 Earnings Release | Q4 2016 | 1.102 |
| CMS Energy Corp | CMS US | 7:30 | Q4 2016 Earnings Release | Q4 2016 | 0.289 |
| L Brands Inc | LB US | 7:30 | January 2017 Sales and Revenue Call | 2017 | |
| Parker-Hannifin Corp | PH US | 7:30 | Q2 2017 Earnings Release | Q2 2017 | 1.388 |
| Becton Dickinson and Co | BDX US | 8:00 | Q1 2017 Earnings Call | Q1 2017 | |
| Boston Scientific Corp | BSX US | 8:00 | Q4 2016 Earnings Call | Q4 2016 | |
| Merck & Co Inc | MRK US | 8:00 | Q4 2016 Earnings Call | Q4 2016 | |
| Ralph Lauren Corp | RL US | 8:00 | Q3 2017 Earnings Release | Q3 2017 | 1.636 |
| MetLife Inc | MET US | 8:00 | Q4 2016 Earnings Call | Q4 2016 | |
| Cigna Corp | CI US | 8:30 | Q4 2016 Earnings Call | Q4 2016 | |
| Harris Corp | HRS US | 8:30 | Q2 2017 Earnings Call | Q2 2017 | |
| Marsh & McLennan Cos Inc | MMC US | 8:30 | Q4 2016 Earnings Call | Q4 2016 | |
| IDEXX Laboratories Inc | IDXX US | 8:30 | Q4 2016 Earnings Call | Q4 2016 | |
| CME Group Inc | CME US | 8:30 | Q4 2016 Earnings Call | Q4 2016 | |
| CMS Energy Corp | CMS US | 9:00 | Q4 2016 Earnings Call | Q4 2016 | |
| Unum Group | UNM US | 9:00 | Q4 2016 Earnings Call | Q4 2016 | |
| Allstate Corp/The | ALL US | 9:00 | Q4 2016 Earnings Call | Q4 2016 | |
| Ralph Lauren Corp | RL US | 9:00 | Q3 2017 Earnings Call | Q3 2017 | |
| Philip Morris International Inc | PM US | 9:00 | Q4 2016 Earnings Call | Q4 2016 | |
| Ameriprise Financial Inc | AMP US | 9:00 | Q4 2016 Earnings Call | Q4 2016 | |
| Xylem Inc/NY | XYL US | 9:00 | Q4 2016 Earnings Call | Q4 2016 | |
| Delphi Automotive PLC | DLPH US | 9:00 | Q4 2016 Earnings Call | Q4 2016 | |
| Estee Lauder Cos Inc/The | EL US | 9:30 | Q2 2017 Earnings Call | Q2 2017 | |
| QIAGEN NV | QGEN US | 9:30 | Q4 2016 Earnings Call | Q4 2016 | |
| Eaton Corp PLC | ETN US | 10:00 | Q4 2016 Earnings Call | Q4 2016 | |
| International Paper Co | IP US | 10:00 | Q4 2016 Earnings Call | Q4 2016 | |
| Lincoln National Corp | LNC US | 10:00 | Q4 2016 Earnings Call | Q4 2016 | |
| Snap-on Inc | SNA US | 10:00 | Q4 2016 Earnings Call | Q4 2016 | |
| Mid-America Apt Communities | MAA US | 10:00 | Q4 2016 Earnings Call | Q4 2016 | |
| Xcel Energy Inc | XEL US | 10:00 | Q4 2016 Earnings Call | Q4 2016 | |
| EQT Corp | EQT US | 10:30 | Q4 2016 Earnings Call | Q4 2016 | |
| Ball Corp | BLL US | 11:00 | Q4 2016 Earnings Call | Q4 2016 | |
| Micron Technology Inc | MU US | 11:00 | Analyst Conference | Y 2017 | |
| Parker-Hannifin Corp | PH US | 11:00 | Q2 2017 Earnings Call | Q2 2017 | |
| Ryder System Inc | R US | 11:00 | Q4 2016 Earnings Call | Q4 2016 | |
| Torchmark Corp | TMK US | 11:00 | Q4 2016 Earnings Call | Q4 2016 | |
| Ferrari NV | RACE US | 11:00 | Q4 2016 Earnings Call | Q4 2016 | |
| Charles Schwab Corp/The | SCHW US | 11:30 | Investor and Analyst Meeting | Y 2017 | |
| ConocoPhillips | COP US | 12:00 | Q4 2016 Earnings Call | Q4 2016 | |
| Southern Copper Corp | SCCO US | 12:00 | Q4 2016 Earnings Call | Q4 2016 | |
| Rockwell Collins Inc | COL US | 12:00 | Annual General Meeting | Y 2017 | |
| AvalonBay Communities Inc | AVB US | 13:00 | Q4 2016 Earnings Call | Q4 2016 | |
| Amgen Inc | AMGN US | 16:00 | Q4 2016 Earnings Release | Q4 2016 | 2.79 |
| Kimco Realty Corp | KIM US | 16:01 | Q4 2016 Earnings Release | Q4 2016 | 0.38 |
| Amazon.com Inc | AMZN US | 16:01 | Q4 2016 Earnings Release | Q4 2016 | 1.36 |
| Visa Inc | V US | 16:05 | Q1 2017 Earnings Release | Q1 2017 | 0.783 |
| Chipotle Mexican Grill Inc | CMG US | 16:10 | Q4 2016 Earnings Release | Q4 2016 | 0.559 |
| PerkinElmer Inc | PKI US | 16:15 | Q4 2016 Earnings Release | Q4 2016 | 0.858 |
| Chipotle Mexican Grill Inc | CMG US | 16:30 | Q4 2016 Earnings Call | Q4 2016 | |
| Hanesbrands Inc | HBI US | 16:30 | Q4 2016 Earnings Call | Q4 2016 | |
| PerkinElmer Inc | PKI US | 17:00 | Q4 2016 Earnings Call | Q4 2016 | |
| Motorola Solutions Inc | MSI US | 17:00 | Q4 2016 Earnings Call | Q4 2016 | |
| Amgen Inc | AMGN US | 17:00 | Q4 2016 Earnings Call | Q4 2016 | |
| Mettler-Toledo International Inc | MTD US | 17:00 | Q4 2016 Earnings Call | Q4 2016 | |
| Visa Inc | V US | 17:00 | Q1 2017 Earnings Call | Q1 2017 | |
| Motorola Solutions Inc | MSI US | Aft-mkt | Q4 2016 Earnings Release | Q4 2016 | 1.855 |
| Essex Property Trust Inc | ESS US | Aft-mkt | Q4 2016 Earnings Release | Q4 2016 | 2.812 |
| Apartment Investment | AIV US | Aft-mkt | Q4 2016 Earnings Release | Q4 2016 | 0.599 |
| Hartford Financial Services | HIG US | Aft-mkt | Q4 2016 Earnings Release | Q4 2016 | 0.934 |
| Mettler-Toledo International Inc | MTD US | Aft-mkt | Q4 2016 Earnings Release | Q4 2016 | 5.118 |
| Hanesbrands Inc | HBI US | Aft-mkt | Q4 2016 Earnings Release | Q4 2016 | 0.576 |
| Amazon.com Inc | AMZN US | 17:30 | Q4 2016 Earnings Call | Q4 2016 | |
| L Brands Inc | LB US | January 2017 Sales and Revenue Release | 2017 | ||
| Mallinckrodt PLC | MNK US | Q1 2017 Earnings Release | Q1 2017 | 1.798 | |
| Ferrari NV | RACE US | Q4 2016 Earnings Release | Q4 2016 | 0.537 |
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