Barchart Morning Call
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OVERNIGHT MARKETS AND NEWS
Mar E-mini S&Ps (ESH17 +0.19%) are up +0.22% and European stocks are up +0.93% on the heels of a rally in European bank stocks. Societe Generale SA is up almost 2% as it leads European bank stocks higher after reporting better-than-expected quarterly earnings results. A +0.96% rally in Mar WTI crude oil (CLH17 +0.61%) is giving energy producing stocks a lift as well. Asian stocks settled mostly higher: Japan -0.53%, Hong Kong +0.17%, China +0.51%, Taiwan +0.49%, Australia +0.23%, Singapore +0.44%, South Korea -0.01%, India +0.14%. China's Shanghai Composite climbed to a 1-3/4 month high as Chinese exporters rallied after trade concerns with the U.S. eased when President Trump sent Chinese President Xi Jinping a letter saying he is looking forward to a constructive relationship between the two countries.
The dollar index (DXY00 +0.08%) is up +0.02%. EUR/USD (^EURUSD) is down -0.14%. USD/JPY (^USDJPY) is up +0.39%.
The German Dec trade balance shrank to a surplus of +18.7 billion euros, smaller than expectations of +20.5 billion euros and the smallest surplus in 11 months. Dec exports fell -3.3% m/m. weaker than expectations of -1.3% m/m and the biggest monthly decline in 16 months. Dec imports were unch m/m, stronger than expectations of -1.1% m/m.
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) weekly initial unemployment claims (expected +3,000 to 249,000, previous -14,000 to 246,000) and continuing claims (expected -6,000 to 2.058 million, previous -39,000 to 2.064 million), (2) St. Louis Fed President James Bullard (non-voter) speaks on the U.S. economy and monetary policy at a finance forum at Washington University in St. Louis, (3) revised Dec wholesale inventories (expected unrevised from prelim-Dec +1.0%. Dec wholesale trade sales, Nov +0.4% m/m), (4) Treasury auctions $15 billion of 30-year T-bonds, (5) Chicago Fed President Charles Evans (voter) speaks about current economic conditions and monetary policy at the CFA Society of Chicago, (6) USDA weekly Export Sales, (7) USDA Feb WASDE crop production.
Notable S&P 500 earnings reports today include: Coca-Cola (consensus $0.37), Kellogg (0.85), Yum Brands (0.74), Viacom (0.84), Cummins (2.00), Regeneron (3.04), VeriSign (0.88), Expedia (1.37), News Corp (0.18).
U.S. IPO's scheduled to price today: Foundation Building Materials (FBM), Sachem Capital (SACH), Clipper Realty (CLPR).
Equity conferences: Cowen Aerospace/Defense & Industrials Conference on Wed-Thu.
OVERNIGHT U.S. STOCK MOVERS
Paycom Software (PAYC -0.31%) rallied 10% in after-hours trading after it reported Q4 adjusted EPS of 18 cents, higher than consensus of 13 cents, and then said it sees Q1 revenue of $114.5 million-$116.5 million, above consensus of $113.8 million.
Twitter (TWTR +2.52%) tumbled 9% in pre-market trading after it reported Q4 revenue of $717 million, below consensus of $740 million.
Imperva (IMPV +0.59%) jumped nearly 9% in after-hours trading after it reported Q4 adjusted EPS of 32 cents, well above consensus of 2 cents, and then said it sees 2017 adjusted EPS of 31 cents-24 cents, stronger than consensus of 10 cents.
PayPal Holdings (PYPL +2.15%) lost nearly 2% in after-hours trading after it said it received subpoenas from the DOJ asking for information related to anti-money laundering.
iRobot (IRBT -1.05%) dropped 7% in after-hours trading after it said it sees 2017 EPS of $1.35-$1.65, below consensus of $1.74.
FleetCar Technologies (FLT +1.68%) climbed 6% in after-hours trading after it reported Q4 adjusted EPS of $1.90, above consensus of $1.87, and said it sees 2017 adjusted EPS of $8.10-$6.30 the midpoint above consensus of $8.16.
Zendesk (ZEN -0.28%) jumped 6% in after-hours trading after it reported a Q4 EPS loss of -4 cents, narrower than consensus of -6 cents, and said it sees full-year revenue of $415 million-$425 million, above consensus of $410.3 million.
Pilgrim's Pride (PPC +0.37%) dropped 3% in after-hours trading after it reported Q4 adjusted EPS of 30 cents, well below consensus of 40 cents.
TTM Technologies (TTMI +2.43%) rallied 5% in after-hours trading after it reported Q4 adjusted EPS of 58 cents, higher than consensus of 45 cents, and then said it sees Q1 adjusted EPS of 25 cents-31 cents, above consensus of 24 cents.
CoreCivic (CXW +1.27%) gained over 2% in after-hours trading after it reported Q4 revenue of $464.1 million, higher than consensus of $459 million.
TrueBlue (TBI -0.62%) slid over 6% in after-hours trading after it forecast Q1 adjusted EPS of 9 cents-14 cents, weaker than consensus of 17 cents.
PCM Inc. (PCMI +1.44%) rallied over 9% in after-hours trading after it reported Q4 adjusted EPS of 51 cents, better than consensus of 45 cents.
Qualys (QLYS +0.27%) dropped over 7% in after-hours trading after it said it sees Q1 adjusted EPS of 17 cents-19 cents, weaker than consensus of 21 cents, and then said its sees 2017 adjusted EPS of 81 cents-86 cents, below consensus of 92 cents.
Sterling Construction (STRL -1.15%) fell 8% in after-hours trading after it reported a Q4 preliminary net loss of -$5.5 million to -$6.5 million, well below a prior forecast of breakeven.
OraSure Technologies (OSUR +0.34%) jumped 12% in after-hours trading after it reported Q4 EPS of 13 cents, stronger than consensus of 6 cents, and then said it sees Q1 revenue of $31 million-$31.5 million, better than consensus of $29.7 million.
Student Transportation (STB +1.63%) rose 3% in after-hours trading after it was awarded a 10-year, $187 million contract starting July 1 to provide the Duval County School District in Jacksonville, Florida, with 230 school vehicles.
MARKET COMMENTS
Mar E-mini S&Ps (ESH17 +0.19%) this morning are up +5.00 points (+0.22%). Wednesday's closes: S&P 500 +0.07%, Dow Jones -0.18%, Nasdaq +0.21%. The S&P 500 on Wednesday closed higher on strength in energy producing stocks after crude oil prices recovered from a 3-week low and closed up +0.33%, and on reduced interest rate concerns after the 10-year T-note yield fell to a 3-week low. Technology stocks rallied as the Nasdaq Composite posted a fresh all-time high.
Mar 10-year T-notes (ZNH17 -0.16%) this morning are down -6 ticks. Wednesday's closes: TYH7 +8.00, FVH7 +4.75. Mar 10-year T-notes on Wednesday rallied to a 2-1/2 month high and closed higher on carry-over support from a rally in German bunds to a 3-week high as heightened political risks in Europe have boosted the safe-haven demand for government debt. T-notes also rallied on reduced inflation expectations after the 10-year T-note breakeven inflation rate fell to a 4-week low. T-notes fell back from their best levels on weak demand for the Treasury's $23 billion 10-year T-note auction that had a bid-to-cover-ratio of 2.29, weaker than the 12-auction average of 2.50.
The dollar index (DXY00 +0.08%) this morning is up +0.02 (+0.02%). EUR/USD (^EURUSD) is down -0.0015 (-0.14%). USD/JPY (^USDJPY) is up +0.44 (+0.39%). Wednesday's closes: Dollar index -0.070 (-0.07%), EUR/USD +0.0015 (+0.14%), USD/JPY -0.46 (-0.41%). The dollar index on Wednesday closed lower on weakness in USD/JPY as political risks in Europe boosted the safe-haven demand for the yen and on the fall in the 10-year T-note yield to a 3-week low, which undercuts the dollar's interest rate differentials.
Mar WTI crude oil prices (CLH17 +0.61%) this morning are up +50 cents (+0.96%) and Mar gasoline (RBH17 +0.47%) is +0.0125 (+0.81%). Wednesday's closes: Mar crude +0.17 (+0.33%), Mar gasoline +0.0652 (+4.38%). Mar crude oil rebounded from a 3-week low and Mar gasoline recovered from a 2-1/4 month low on on a weaker dollar and on the unexpected decline in EIA gasoline inventories by -869,000 bbl (versus expectations for a +1.5 million bbl increase). Crude oil prices were undercut by the +13.83 million bbl surge in EIA crude oil inventories to an 8-1/2 month high (well above expectations of +2.5 million bbl) and by the +0.7% increase in U.S. crude production in the week of Feb 3 to a 10-month high of 8.978 million bpd.
GLOBAL EVENT CALENDAR02/09/2017
| Thursday, Feb 9 | ||
| US | 0830 ET | Weekly initial unemployment claims expected +3,000 to 249,000, previous -14,000 to 246,000. Weekly continuing claims expected -6,000 to 2.058 million, previous -39,000 to 2.064 million. |
| 0830 ET | USDA weekly Export Sales. | |
| 0910 ET | St. Louis Fed President James Bullard (non-voter) speaks on the U.S. economy and monetary policy at a finance forum at Washington University in St. Louis. | |
| 1000 ET | Revised Dec wholesale inventories expected unrevised from prelim-Dec +1.0%. Dec wholesale trade sales, Nov +0.4% m/m. | |
| 1200 ET | USDA Feb WASDE crop production. | |
| 1300 ET | Treasury auctions $15 billion of 30-year T-bonds. | |
| 1310 ET | Chicago Fed President Charles Evans (voter) speaks about current economic conditions and monetary policy at the CFA Society of Chicago. | |
| Friday, Feb 10 | ||
| US | 0830 ET | Jan import price index expected +0.3% m/m and +3.3% y/y, Dec +0.4% m/m and +1.8% y/y. |
| 1000 ET | Preliminary-Feb University of Michigan U.S. consumer sentiment index expected -0.6 to 97.9, Jan +0.3 to 98.5. | |
| 1400 ET | Jan monthly budget statement expected +$43.0 billion, Dec -$27.5 billion. | |
| n/a | President Trump and Japanese Prime Minister Abe meet in Washington. |
U.S. STOCK CALENDAR02/09/2017
| Company | Ticker | Time | Event Description | Period | Estimate |
|---|---|---|---|---|---|
| Cummins Inc | CMI US | Bf-mkt | Q4 2016 Earnings Release | Q4 2016 | 2.001 |
| Regeneron Pharmaceuticals Inc | REGN US | Bf-mkt | Q4 2016 Earnings Release | Q4 2016 | 3.047 |
| Roper Technologies Inc | ROP US | Bf-mkt | Q4 2016 Earnings Release | Q4 2016 | 1.835 |
| Coty Inc | COTY US | Bf-mkt | Q2 2017 Earnings Release | Q2 2017 | 0.341 |
| Reynolds American Inc | RAI US | Bf-mkt | Q4 2016 Earnings Release | Q4 2016 | 0.602 |
| DTE Energy Co | DTE US | Bf-mkt | Q4 2016 Earnings Release | Q4 2016 | 0.855 |
| Willis Towers Watson PLC | WLTW US | Bf-mkt | Q4 2016 Earnings Release | Q4 2016 | 1.61 |
| Teradata Corp | TDC US | Bf-mkt | Q4 2016 Earnings Release | Q4 2016 | 0.602 |
| Viacom Inc | VIAB US | Bf-mkt | Q1 2017 Earnings Release | Q1 2017 | 0.834 |
| Allegion PLC | ALLE US | Bf-mkt | Q4 2016 Earnings Release | Q4 2016 | 0.873 |
| Nielsen Holdings PLC | NLSN US | 6:30 | Q4 2016 Earnings Release | Q4 2016 | 0.794 |
| Coca-Cola Co/The | KO US | 6:55 | Q4 2016 Earnings Release | Q4 2016 | 0.367 |
| CVS Health Corp | CVS US | 6:55 | Q4 2016 Earnings Release | Q4 2016 | 1.668 |
| Masco Corp | MAS US | 7:00 | Q4 2016 Earnings Release | Q4 2016 | 0.344 |
| Occidental Petroleum Corp | OXY US | 7:00 | Q4 2016 Earnings Release | Q4 2016 | -0.017 |
| Yum! Brands Inc | YUM US | 7:00 | Q4 2016 Earnings Release | Q4 2016 | 0.728 |
| Sealed Air Corp | SEE US | 7:00 | Q4 2016 Earnings Release | Q4 2016 | 0.743 |
| Kellogg Co | K US | 8:00 | Q4 2016 Earnings Release | Q4 2016 | 0.853 |
| Masco Corp | MAS US | 8:00 | Q4 2016 Earnings Call | Q4 2016 | |
| BorgWarner Inc | BWA US | 8:00 | Q4 2016 Earnings Release | Q4 2016 | 0.838 |
| Coty Inc | COTY US | 8:00 | Q2 2017 Earnings Call | Q2 2017 | |
| Dun & Bradstreet Corp/The | DNB US | 8:00 | Q4 2016 Earnings Call | Q4 2016 | |
| Allegion PLC | ALLE US | 8:00 | Q4 2016 Earnings Call | Q4 2016 | |
| Nielsen Holdings PLC | NLSN US | 8:00 | Q4 2016 Earnings Call | Q4 2016 | |
| Yum! Brands Inc | YUM US | 8:15 | Q4 2016 Earnings Call | Q4 2016 | |
| Equifax Inc | EFX US | 8:30 | Q4 2016 Earnings Call | Q4 2016 | |
| CVS Health Corp | CVS US | 8:30 | Q4 2016 Earnings Call | Q4 2016 | |
| Regeneron Pharmaceuticals Inc | REGN US | 8:30 | Q4 2016 Earnings Call | Q4 2016 | |
| Roper Technologies Inc | ROP US | 8:30 | Q4 2016 Earnings Call | Q4 2016 | |
| Teradata Corp | TDC US | 8:30 | Q4 2016 Earnings Call | Q4 2016 | |
| Viacom Inc | VIAB US | 8:30 | Q1 2017 Earnings Call | Q1 2017 | |
| Coca-Cola Co/The | KO US | 9:00 | Q4 2016 Earnings Call | Q4 2016 | |
| DTE Energy Co | DTE US | 9:00 | Q4 2016 Earnings Call | Q4 2016 | |
| Willis Towers Watson PLC | WLTW US | 9:00 | Q4 2016 Earnings Call | Q4 2016 | |
| Kellogg Co | K US | 9:30 | Q4 2016 Earnings Call | Q4 2016 | |
| BorgWarner Inc | BWA US | 9:30 | Q4 2016 Earnings Call | Q4 2016 | |
| Cummins Inc | CMI US | 10:00 | Q4 2016 Earnings Call | Q4 2016 | |
| Occidental Petroleum Corp | OXY US | 10:00 | Q4 2016 Earnings Call | Q4 2016 | |
| Intel Corp | INTC US | 10:00 | Investor Meeting | Y 2017 | |
| Sealed Air Corp | SEE US | 10:00 | Q4 2016 Earnings Call | Q4 2016 | |
| Tyson Foods Inc | TSN US | 11:00 | Annual General Meeting | Y 2017 | |
| Cincinnati Financial Corp | CINF US | 11:00 | Q4 2016 Earnings Call | Q4 2016 | |
| Prudential Financial Inc | PRU US | 11:00 | Q4 2016 Earnings Call | Q4 2016 | |
| Coca-Cola Co/The | KO US | 11:30 | Financial Modeling Call | ||
| Western Union Co/The | WU US | 16:00 | Q4 2016 Earnings Release | Q4 2016 | 0.427 |
| VeriSign Inc | VRSN US | 16:05 | Q4 2016 Earnings Release | Q4 2016 | 0.884 |
| NVIDIA Corp | NVDA US | 16:20 | Q4 2017 Earnings Release | Q4 2017 | 0.938 |
| Activision Blizzard Inc | ATVI US | 16:30 | Q4 2016 Earnings Call | Q4 2016 | |
| Cerner Corp | CERN US | 16:30 | Q4 2016 Earnings Call | Q4 2016 | |
| Western Union Co/The | WU US | 16:30 | Q4 2016 Earnings Call | Q4 2016 | |
| VeriSign Inc | VRSN US | 16:30 | Q4 2016 Earnings Call | Q4 2016 | |
| Expedia Inc | EXPE US | 16:30 | Q4 2016 Earnings Call | Q4 2016 | |
| NVIDIA Corp | NVDA US | 17:00 | Q4 2017 Earnings Call | Q4 2017 | |
| News Corp | NWSA US | 17:00 | Q2 2017 Earnings Call | Q2 2017 | |
| Activision Blizzard Inc | ATVI US | Aft-mkt | Q4 2016 Earnings Release | Q4 2016 | 0.723 |
| Cerner Corp | CERN US | Aft-mkt | Q4 2016 Earnings Release | Q4 2016 | 0.609 |
| Mohawk Industries Inc | MHK US | Aft-mkt | Q4 2016 Earnings Release | Q4 2016 | 3.22 |
| Expedia Inc | EXPE US | Aft-mkt | Q4 2016 Earnings Release | Q4 2016 | 1.359 |
| News Corp | NWSA US | Aft-mkt | Q2 2017 Earnings Release | Q2 2017 | 0.196 |
| Varian Medical Systems Inc | VAR US | 19:30 | Annual General Meeting | Y 2017 | |
| Advance Auto Parts Inc | AAP US | Q4 2016 Earnings Release | Q4 2016 | 1.084 |
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