Barchart Morning Call
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OVERNIGHT MARKETS AND NEWS
Dec E-mini S&Ps (ESZ17 -0.12%) this morning are down -0.09% as a jump in the 10-year T-note yield to a 7-month high of 2.45% spurred liquidation in stocks. U.S. Treasuries fell in overnight trading on technical selling after the 10-year T-note yield broke through widely highlighted support at 2.42%. European stocks are up +0.20% on increased optimism in the economic outlook after the German Oct IFO business climate unexpectedly rose to a record high. Gains in European stocks were limited ahead of Thursday's ECB meeting where the ECB is expected to announce that it will reduce its QE program. Asian stocks settled mostly higher: Japan -0.45%, Hong Kong +0.53%, China +0.26%, Taiwan +0.06%, Australia +0.14%, Singapore +0.28%, South Korea +0.11%, India +1.33%. Japan's Nikkei Stock Index posted a new 21-year high as exporters rallied on yen weakness after USD/JPY climbed to a 3-1/2 month high. However, long liquidation pressures set in and the index gave up its advance and closed lower for the first time in the last 17 sessions. China's Shanghai Composite climbed to a 1-week high, while India's S&P BSE Stock Index jumped +1.33% to a record high after Prime Minister Modi's government said it will inject 2.11 trillion rupees ($32 billion) into Indian banks over the next 2-years in an attempt to revice growth.
The dollar index (DXY00 +0.08%) is up +0.04%. EUR/USD (^EURUSD) is up +0.13%. USD/JPY (^USDJPY) is up +0.20% at a 3-1/2 month high.
The dollar index (DXY00 +0.08%) is up +0.04%. EUR/USD (^EURUSD) is up +0.13%. USD/JPY (^USDJPY) is up +0.20% at a 3-1/2 month high.
UK Q3 GDP rose +0.4% q/q, stronger than expectations of +0.3% q/q.
The German Oct IFO business climate unexpectedly rose +1.4 to 116.7, stronger than expectations of -0.1 to 115.1 and the hihgest since the data series began in 1991.
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) weekly MBA mortgage applications (previous +3.6% with purchase sub-index +4.2% and refi sub-index +3.0%), (2) Sep durable goods orders (expected +1.0% and +0.5% ex transportation, Aug +2.0% and +0.5% ex transportation), (3) Aug FHFA house price index (expected +0.4%, Jul +0.2% m/m), (4) Sep new home sales (expected -1.1% to 554,000, Aug -3.4% to 560,000), (5) Treasury auctions $15 billion of 2-year floating-rate notes and $34 billion of 5-year T-notes, (6) EIA weekly Petroleum Status Report.
Notable S&P 500 earnings reports today include: Visa (consensus $0.85), Boeing (2.65), Walgreens (1.21), Baxter (0.59), Coca-Cola (0.49).
U.S. IPO's scheduled to price today: ForeScout Technologies (FSCT), Merchants Bancorp (MBIN), Nexa Resources (NEXA).
Equity conferences this week: European AIDS Conference on Wed, Yahoo Finance All Markets Summit on Wed, European Committee for Treatment and Research in Multiple Sclerosis on Thu, Society of Women Engineers National Conference on Fri.
OVERNIGHT U.S. STOCK MOVERS
KB Home (KBH +2.45%) was initiated with a 'Sell' rating at UBS with a 12-month target price of $24.
Visa (V +0.82%) rose almost 1% in pre-market trading after it reported Q4 operating revenue of $4.90 billion, above consensus of $4.63 billion.
Ameriprise Financial (AMP -0.14%) gained over 1% in after-hours trading after it reported Q3 operating EPS of $3.53, well above consensus of $2.80.
Capital One Financial (COF -0.22%) climbed nearly 3% in after-hours trading after it reported Q3 adjusted EPS of $2.42, well above consensus of $2.15.
Edward Lifesciences (EW +0.12%) dropped nearly 6% in after-hours trading after it reported Q3 adjusted EPS of 84 cents, below consensus of 86 cents, and then said it sees Q4 adjusted EPS of 84 cents-94 cents, the mid-point below consensus of 91 cents.
iRobot (IRBT +0.57%) climbed almost 6% in after-hours trading after it reported Q3 EPS of 76 cents, well above consensus of 46 cents, and then said it sees full-year EPS of $1.65 to $2.00, the mid-point well above consensus of $1.68.
Akamai Technologies (AKAM +0.87%) jumped 10% in after-hours trading after it reported Q3 revenue of $621.4 million, above consensus of $610.7 million.
Illumina (ILMN -0.35%) gained 2% in after-hours trading after it reported Q3 adjusted EPS of $1.11, better than expectations of 99 cents, and then said it sees full-year adjusted EPS of $3.73 to $3.78, higher than consensus of $3.65.
Acadia Healthcare (ACHC -1.28%) sank 18% in after-hours trading after it reported Q3 adjusted EP from continuing operations of 58 cents, weaker than consensus of 65 cents, and then lowered guidance on full-year adjusted EPS to $2.23 to $2.25 from a prior view of $2.42 to $2.47, below consensus of $2.44.
Chipotle Mexican Grill (CMG +1.20%) tumbled 10% in after-hours trading after it reported Q3 EPS of $1.33, well below consensus of $1.63 and said it sees full-year comparable sales up +6.5%, lower than consensus of +7.2%.
Total System Services (TSS +0.04%) rose almost 3% in after-hours trading after it reported Q3 adjusted EPS of 88 cents, better than consensus of 80 cents, and then said it sees full-year adjusted PS from continuing operations of $3.29 to $3.35, above consensus of $3.28.
Shutterfly (SFLY -0.85%) slid almost 4% in after-hours trading after it said it sees Q4 revenue of $538 million to $568 million, the mid-point below consensus of $565.4 million.
Juniper Networks (JNPR +1.55%) dropped over 6% in after-hours trading after it said it sees Q4 adjusted EPS about 52 cents, plus or minus 3 cents, weaker than consensus of 61 cents.
Express Scripts Holdings (ESRX +0.34%) fell over 1% in after-hours trading after it reported Q3 revenue of $24.68 billion, less than consensus of $25.64 billion.
AT&T (T -1.11%) lost over 1% in after-hours trading after it reported Q3 revenue of $39.7 billion, below consensus of $40.08 billion.
MARKET COMMENTS
Dec S&P 500 E-mini stock futures (ESZ17 -0.12%) this morning are down -2.25 points (-0.09%). Tuesday's closes: S&P 500 +0.16%, Dow Jones +0.72%, Nasdaq +0.20%. The S&P 500 on Tuesday closed higher on signs of strength in global manufacturing activity after the Eurozone Oct Markit manufacturing PMI unexpectedly rose +0.5 to 58.6 and afer the U.S. Oct Markit manufacturing PMI rose by +1.4 points to a 9-month high of 54.5. Stocks were also supported by upbeat quarterly earnings reports from Caterpillar, 3M and General Motors. There was also strength in energy stocks after crude oil prices rose +1.10%.
Dec 10-year T-note prices (ZNZ17 -0.26%) this morning are down -9.5 ticks at a 7-month nearest-futures low. Tuesday's closes: TYZ7 -6.00, FVZ7 -2.75. Dec 10-year T-notes on Tuesday fell to a 6-1/4 month nearest-futures low and closed lower on negative carry-over from a slide in German bund prices to a 2-week low ahead of Thursday's ECB QE tapering announcement. T-notes were also undercut by the climb in the U.S. Oct Markit manufacturing PMI to a 9-month high.
The dollar index (DXY00 +0.08%) this morning is up +0.037 (+0.04%). EUR/USD (^EURUSD) is up +0.0015 (+0.13%) and USD/JPY (^USDJPY) is up +0.23 (+0.20%) at a 3-1/2 month high. Tuesday's closes: Dollar Index +0.011 (+0.01%), EUR/USD +0.0012 (+0.10%), USD/JPY +0.47 (+0.41%). The dollar index on Tuesday closed little changed. The dollar was undercut by concern that the ongoing feud between President Trump and Republican Senator Corker will complicate Republican plans for a U.S. tax overhaul and by strength in EUR/USD on expectations the ECB at Thursday's policy meeting will announce steps to begin tapering QE. A bullish factor was the jump in the 10-year T-note yield to a 6-3/4 month high of 2.426%, which boosted the dollar's interest rate differentials.
Dec crude oil (CLZ17 -0.30%) this morning is down -12 cents (-0.23%) and Dec gasoline (RBZ17 +0.26%) is +0.0061 (+0.36%). Tuesday's closes: Dec WTI crude +0.57 (+1.10%), Dec gasoline +0.0344 (+2.10%). Dec crude oil and gasoline on Tuesday closed higher on signs of global economic strength that are supportive for crude demand after the U.S. Oct Markit manufacturing PMI rose +1.4 to a 9-month high of 54.5 and Eurozone Oct Markit manufacturing PMI unexpectedly rose +0.5 to a record high 58.6 (data from 2014). Crude oil was also supported by expectations for Wednesday's EIA crude inventories to fall -3.0 million bbl.
Metals prices this morning are lower with Dec gold (GCZ17 -0.36%) -3.8 (-0.30%), Dec silver (SIZ17 -0.60%) -0.061 (-0.36%) and Dec copper (HGZ17 -0.67%) -0.024 (-0.75%). Tuesday's closes: Dec gold -2.6 (-0.20%), Dec silver -0.109 (-0.64%), Dec copper +0.0100 (+0.31%). Metals on Tuesday settled mixed. Metals prices were supported by a weaker dollar and by strength in global manufacturing sector after the Oct Markit manufacturing indexes for both the U.S. and the Eurozone were stronger than expected. Copper was supported by tighter supplies after LME copper inventories fell -1,900 MT to a 5-week low of 281,550 MT. Precious metals prices were undercut by reduced safe-haven demand with the higher close in U.S. stocks.
GLOBAL EVENT CALENDAR10/25/2017
| Wednesday, Oct 25 | ||
| US | 0700 ET | Weekly MBA mortgage applications, previous +3.6% with purchase sub-index +4.2% and refi sub-index +3.0%. |
| 0830 ET | Sep durable goods orders expected +1.0% and +0.5% ex transportation, Aug +2.0% and +0.5% ex transportation. Sep capital goods new orders nondefense ex-aircraft expected +0.3%, Aug +1.1%. | |
| 0900 ET | Aug FHFA house price index expected +0.4%, Jul +0.2% m/m. | |
| 1000 ET | Sep new home sales expected -1.1% to 554,000, Aug -3.4% to 560,000. | |
| 1030 ET | EIA weekly Petroleum Status Report. | |
| 1130 ET | Treasury auctions $15 billion of 2-year floating-rate notes. | |
| 1300 ET | Treasury auctions $34 billion of 5-year T-notes. | |
| Thursday, Oct 26 | ||
| US | 0830 ET | Weekly initial unemployment claims expected +13,000 to 235,000, previous -22,000 to 222,000. Weekly continuing claims expected +7,000 to 1.895 million, previous -16,000 to 1.88 million. |
| 0830 ET | Sep wholesale inventories expected +0.4%, Aug +0.9%. | |
| 0830 ET | USDA weekly Export Sales. | |
| 1000 ET | Sep pending home sales expected +0.4% m/m, Aug -2.6% m/m and -3.1% y/y. | |
| 1100 ET | Oct Kansas City Fed manufacturing activity expected unch at 17, Sep +1 to 17. | |
| 1300 ET | Treasury auctions $28 billion of 7-year T-notes. |
U.S. STOCK CALENDAR10/25/2017
| Name | Ticker | Time | Description | Period | Estimate |
|---|---|---|---|---|---|
| DTE Energy Co | DTE US | Bef-mkt | Q3 2017 Earnings Release | Q3 17 | 1.541 |
| General Dynamics Corp | GD US | Bef-mkt | Q3 2017 Earnings Release | Q3 17 | 2.436 |
| Anthem Inc | ANTM US | 06:00 | Q3 2017 Earnings Release | Q3 17 | 2.409 |
| Thermo Fisher Scientific Inc | TMO US | 06:00 | Q3 2017 Earnings Release | Q3 17 | 2.247 |
| Northrop Grumman Corp | NOC US | Bef-mkt | Q3 2017 Earnings Release | Q3 17 | 2.914 |
| Visa Inc | V US | Bef-mkt | Q4 2017 Earnings Release | Q4 17 | 0.847 |
| Wyndham Worldwide Corp | WYN US | 06:30 | Q3 2017 Earnings Release | Q3 17 | 2.018 |
| Ingersoll-Rand PLC | IR US | 06:30 | Q3 2017 Earnings Release | Q3 17 | 1.426 |
| Nielsen Holdings PLC | NLSN US | 06:30 | Q3 2017 Earnings Release | Q3 17 | 0.686 |
| Avery Dennison Corp | AVY US | 06:45 | Q3 2017 Earnings Release | Q3 17 | 1.211 |
| AO Smith Corp | AOS US | 06:50 | Q3 2017 Earnings Release | Q3 17 | 0.532 |
| Coca-Cola Co/The | KO US | 06:55 | Q3 2017 Earnings Release | Q3 17 | 0.488 |
| Laboratory Corp of America Holdings | LH US | 06:56 | Q3 2017 Earnings Release | Q3 17 | 2.384 |
| International Paper Co | IP US | 06:59 | Q3 2017 Earnings Release | Q3 17 | 1.049 |
| Nasdaq Inc | NDAQ US | 07:00 | Q3 2017 Earnings Release | Q3 17 | 1.022 |
| WEC Energy Group Inc | WEC US | 07:00 | Q3 2017 Earnings Release | Q3 17 | 0.665 |
| Walgreens Boots Alliance Inc | WBA US | 07:00 | Q4 2017 Earnings Release | Q4 17 | 1.21 |
| Baxter International Inc | BAX US | 07:15 | Q3 2017 Earnings Release | Q3 17 | 0.592 |
| Boeing Co/The | BA US | 07:30 | Q3 2017 Earnings Release | Q3 17 | 2.652 |
| Huntington Bancshares Inc/OH | HBAN US | 07:30 | Q3 2017 Earnings Release | Q3 17 | 0.253 |
| FLIR Systems Inc | FLIR US | 07:30 | Q3 2017 Earnings Release | Q3 17 | 0.483 |
| Hess Corp | HES US | 07:30 | Q3 2017 Earnings Release | Q3 17 | (1.303) |
| Freeport-McMoRan Inc | FCX US | 08:00 | Q3 2017 Earnings Release | Q3 17 | 0.309 |
| Amphenol Corp | APH US | 08:00 | Q3 2017 Earnings Release | Q3 17 | 0.79 |
| Nasdaq Inc | NDAQ US | 08:00 | Q3 2017 Earnings Call | Q3 17 | |
| Alaska Air Group Inc | ALK US | 08:00 | Q3 2017 Earnings Release | Q3 17 | 2.26 |
| Norfolk Southern Corp | NSC US | 08:00 | Q3 2017 Earnings Release | Q3 17 | 1.644 |
| Visa Inc | V US | 08:00 | Q4 2017 Earnings Call | Q4 17 | |
| Dr Pepper Snapple Group Inc | DPS US | 08:00 | Q3 2017 Earnings Release | Q3 17 | 1.152 |
| Nielsen Holdings PLC | NLSN US | 08:00 | Q3 2017 Earnings Call | Q3 17 | |
| Baxter International Inc | BAX US | 08:30 | Q3 2017 Earnings Call | Q3 17 | |
| Wyndham Worldwide Corp | WYN US | 08:30 | Q3 2017 Earnings Call | Q3 17 | |
| Anthem Inc | ANTM US | 08:30 | Q3 2017 Earnings Call | Q3 17 | |
| Express Scripts Holding Co | ESRX US | 08:30 | Q3 2017 Earnings Call | Q3 17 | |
| Thermo Fisher Scientific Inc | TMO US | 08:30 | Q3 2017 Earnings Call | Q3 17 | |
| Walgreens Boots Alliance Inc | WBA US | 08:30 | Q4 2017 Earnings Call | Q4 17 | |
| Norfolk Southern Corp | NSC US | 08:45 | Q3 2017 Earnings Call | Q3 17 | |
| Coca-Cola Co/The | KO US | 09:00 | Q3 2017 Earnings Call | Q3 17 | |
| Laboratory Corp of America Holdings | LH US | 09:00 | Q3 2017 Earnings Call | Q3 17 | |
| DTE Energy Co | DTE US | 09:00 | Q3 2017 Earnings Call | Q3 17 | |
| General Dynamics Corp | GD US | 09:00 | Q3 2017 Earnings Call | Q3 17 | |
| Ameriprise Financial Inc | AMP US | 09:00 | Q3 2017 Earnings Call | Q3 17 | |
| Huntington Bancshares Inc/OH | HBAN US | 09:00 | Q3 2017 Earnings Call | Q3 17 | |
| Range Resources Corp | RRC US | 09:00 | Q3 2017 Earnings Call | Q3 17 | |
| FLIR Systems Inc | FLIR US | 09:00 | Q3 2017 Earnings Call | Q3 17 | |
| AO Smith Corp | AOS US | 10:00 | Q3 2017 Earnings Call | Q3 17 | |
| Freeport-McMoRan Inc | FCX US | 10:00 | Q3 2017 Earnings Call | Q3 17 | |
| Ingersoll-Rand PLC | IR US | 10:00 | Q3 2017 Earnings Call | Q3 17 | |
| International Paper Co | IP US | 10:00 | Q3 2017 Earnings Call | Q3 17 | |
| Dr Pepper Snapple Group Inc | DPS US | 10:00 | Q3 2017 Earnings Call | Q3 17 | |
| Hess Corp | HES US | 10:00 | Q3 2017 Earnings Call | Q3 17 | |
| Boeing Co/The | BA US | 10:30 | Q3 2017 Earnings Call | Q3 17 | |
| Equity Residential | EQR US | 11:00 | Q3 2017 Earnings Call | Q3 17 | |
| Torchmark Corp | TMK US | 11:00 | Q3 2017 Earnings Call | Q3 17 | |
| Alaska Air Group Inc | ALK US | 11:30 | Q3 2017 Earnings Call | Q3 17 | |
| Equifax Inc | EFX US | Q3 2017 Earnings Release | Q3 17 | 1.49 | |
| Parker-Hannifin Corp | PH US | Annual General Meeting | |||
| NIKE Inc | NKE US | 12:00 | Investor Day | ||
| Avery Dennison Corp | AVY US | 12:00 | Q3 2017 Earnings Call | Q3 17 | |
| Northrop Grumman Corp | NOC US | 12:00 | Q3 2017 Earnings Call | Q3 17 | |
| Amphenol Corp | APH US | 13:00 | Q3 2017 Earnings Call | Q3 17 | |
| F5 Networks Inc | FFIV US | 16:00 | Q4 2017 Earnings Release | Q4 17 | 2.205 |
| TechnipFMC PLC | FTI US | Aft-mkt | Q3 2017 Earnings Release | Q3 17 | 0.45 |
| Fortune Brands Home & Security Inc | FBHS US | Aft-mkt | Q3 2017 Earnings Release | Q3 17 | 0.818 |
| Digital Realty Trust Inc | DLR US | Aft-mkt | Q3 2017 Earnings Release | Q3 17 | 1.484 |
| Duke Realty Corp | DRE US | Aft-mkt | Q3 2017 Earnings Release | Q3 17 | 0.289 |
| Packaging Corp of America | PKG US | Aft-mkt | Q3 2017 Earnings Release | Q3 17 | 1.683 |
| Vertex Pharmaceuticals Inc | VRTX US | Aft-mkt | Q3 2017 Earnings Release | Q3 17 | 0.358 |
| Universal Health Services Inc | UHS US | Aft-mkt | Q3 2017 Earnings Release | Q3 17 | 1.677 |
| Public Storage | PSA US | Aft-mkt | Q3 2017 Earnings Release | Q3 17 | 2.606 |
| Raymond James Financial Inc | RJF US | Aft-mkt | Q4 2017 Earnings Release | Q4 17 | 1.323 |
| Tractor Supply Co | TSCO US | Aft-mkt | Q3 2017 Earnings Release | Q3 17 | 0.68 |
| Aflac Inc | AFL US | Aft-mkt | Q3 2017 Earnings Release | Q3 17 | 1.63 |
| Kimco Realty Corp | KIM US | 16:01 | Q3 2017 Earnings Release | Q3 17 | 0.374 |
| Amgen Inc | AMGN US | 16:01 | Q3 2017 Earnings Release | Q3 17 | 3.112 |
| Varian Medical Systems Inc | VAR US | 16:02 | Q4 2017 Earnings Release | Q4 17 | 1.189 |
| CA Inc | CA US | 16:05 | Q2 2018 Earnings Release | Q2 18 | 0.621 |
| Citrix Systems Inc | CTXS US | 16:05 | Q3 2017 Earnings Release | Q3 17 | 1.051 |
| Realty Income Corp | O US | 16:05 | Q3 2017 Earnings Release | Q3 17 | 0.767 |
| Unum Group | UNM US | 16:15 | Q3 2017 Earnings Release | Q3 17 | 1.039 |
| Xilinx Inc | XLNX US | 16:20 | Q2 2018 Earnings Release | Q2 18 | 0.624 |
| Mid-America Apartment Communities Inc | MAA US | 16:20 | Q3 2017 Earnings Release | Q3 17 | 1.466 |
| F5 Networks Inc | FFIV US | 16:30 | Q4 2017 Earnings Call | Q4 17 | |
| Fortune Brands Home & Security Inc | FBHS US | 16:30 | Q3 2017 Earnings Call | Q3 17 | |
| O'Reilly Automotive Inc | ORLY US | 16:30 | Q3 2017 Earnings Release | Q3 17 | 3.148 |
| Vertex Pharmaceuticals Inc | VRTX US | 16:30 | Q3 2017 Earnings Call | Q3 17 | |
| Citrix Systems Inc | CTXS US | 16:45 | Q3 2017 Earnings Call | Q3 17 | |
| Xilinx Inc | XLNX US | 17:00 | Q2 2018 Earnings Call | Q2 18 | |
| CA Inc | CA US | 17:00 | Q2 2018 Earnings Call | Q2 18 | |
| Varian Medical Systems Inc | VAR US | 17:00 | Q4 2017 Earnings Call | Q4 17 | |
| Amgen Inc | AMGN US | 17:00 | Q3 2017 Earnings Call | Q3 17 | |
| Tractor Supply Co | TSCO US | 17:00 | Q3 2017 Earnings Call | Q3 17 | |
| Digital Realty Trust Inc | DLR US | 17:30 | Q3 2017 Earnings Call | Q3 17 |
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