Barchart Morning Call
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OVERNIGHT MARKETS AND NEWS
Dec E-mini S&Ps (ESZ17 +0.33%) this morning are up +0.23% and European stocks are up +0.39%. Better-than-expected Q3 earnings results from Lowe's pushed the stock up 3% in pre-market trading and helped lift the overall market. European stocks rose and the German 10-year bund yield fell to a 1-1/2 week low of 0.337% after Eurozone officials familiar with the matter said the ECB will take small, gradual steps next year as it moves to end its bond purchases next year. Asian stocks settled higher: Japan +0.70%, Hong Kong +1.91%, China +0.53%, Taiwan +1.08%, Australia +0.30%, Singapore +1.09%, South Korea +0.18%, India +0.36%. A rally Chinese financial stocks lifted the overall market on optimism that deleveraging efforts by the government will not be as strict as expected. Japanese stocks gained on optimism in the U.S. economic outlook after U.S. Oct leading indicators rose more than expected, which shows economic strength and should benefit Japanese exporters.
The dollar index (DXY00 +0.01%) is up +0.03%. EUR/USD (^EURUSD) is down -0.07%. USD/JPY (^USDJPY) is down -0.05%.
The dollar index (DXY00 +0.01%) is up +0.03%. EUR/USD (^EURUSD) is down -0.07%. USD/JPY (^USDJPY) is down -0.05%.
Dec 10-year T-note prices (ZNZ17 -0.01%) are up +0.5 of a tick.
According to Eurozone officials familiar with the matter, the ECB is likely to make small multiple adjustments in its guidance on monetary policy next year rather than any major change in language as it ends QE.
UK Oct public sector net borrowing rose +7.5 billion pounds, stronger than expectations of +6.5 billion pounds and the biggest increase in 6 months.
The UK Nov CBI trends total orders rose +19 to a 29-year high of 17, stronger than expectations of +5 to 3.
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) Oct Chicago Fed national activity index (expected +0.03 to 0.20, Sep +0.54 to +0.17), (2) Oct existing home sales (expected +0.2% to 5.40 million, Sep +0.7% to 5.39 million), (3) Treasury auctions $13 billion of 2-year floating-rate notes, (4) Fed Chair Janet Yellen speaks at New York University’s Stern Business School.
Notable Russell 1000 earnings reports today include: HP (consensus $0.44), salesforce.com (0.37), Burlington Stores (0.66), Eaton Vance (0.71), Dollar Tree (0.90), Medtronic (1.02), Lowe's (1.02), Analog Devices (1.36).
U.S. IPO's scheduled to price today: none.
Equity conferences this week: none.
OVERNIGHT U.S. STOCK MOVERS
Lowe's (LOW +1.55%) rose 3% in pre-market trading after it reported Q3 adjusted EPS of $1.05, better than consensus of $1.02.
Deere (DE +0.85%) was upgraded to 'Outperform' from 'Neutral' at Baird with a price target of $155.
T-Mobile (TMUS +0.47%) was upgraded to 'Buy' from 'Hold' at HSBC with a price target of $70.
Palo Alto Networks (PANW -0.13%) rose over 6% in after-hours trading after it reported Q1 adjusted EPS of 74 cents, higher than consensus of 68 cents, and then said it sees full-year adjusted EPS of $3.35 to $3.41, above consensus of $3.31.
Agilent Technologies (A +1.70%) lost nearly 5% in after-hours trading after it said it sees Q1 adjusted EPS of 55 cents=57 cents, weaker than consensus of 59 cents, and then said it sees full-year adjusted EPS of $2.50 to $2.56, below consensus of $2.59.
Black Knight (BKI +0.66%) fell 2% in after-hours trading after it announced a secondary offering of 5 million shares of common stock by affiliates of Thomas H. Lee Partners. L.P.
Planet Fitness (PLNT +0.23%) was initiated with a 'Buy' at D.A. Davidson with an 18-month target price of $42.
Comcast (CMCSA -0.91%) was initiated with a 'Buy' at Buckingham Research Group with a 12-month target price of $48.
Performance Food Group (PFGC +1.39%) lost more than 2% in after-hours trading after it announced a secondary offering of 5 million shares of common stock by an affiliate of Wellspring Capital Management.
Amtech Systems (ASYS +7.05%) rallied 13% in after-hours trading after it reported Q4 revenue of $54.7 million, above consensus of $46.9 million, and then said it sees Q1 revenue of $60 million-$70 million, better than consensus of $49.2 million.
China Cord Blood (CO +0.46%) climbed almost 4% in after-hours trading after it reported 2018 operating income was up +39.4% y/y to $11.5 million and that it added 23,647 new subscribers.
Vipshop Holdings Ltd (VIPS -5.42%) rose nearly 3% in after-hours trading after it reported Q3 revenue of $2.30 billion, higher than consensus of $2.28 billion,
Celsion (CLSN +7.00%) surged over 20% in after-hours trading after it was initiated with coverage at 'Outperform' at Oppenheimer with a 12-month target price of $9.
MARKET COMMENTS
Dec S&P 500 E-mini stock futures (ESZ17 +0.33%) this morning are up +6.00 points (+0.23%). Monday's closes: S&P 500 +0.13%, Dow Jones +0.31%, Nasdaq -0.09%. The S&P 500 on Monday closed higher on the +1.2% increase in U.S. Oct leading indicators index, stronger than expectations of +0.8% and the biggest increase in nearly 4 years. There was also strength in retail stocks ahead of this Friday's Black Friday shopping day, the kickoff of the holiday shopping season.
Dec 10-year T-note prices (ZNZ17 -0.01%) this morning are up +0.5 of a tick. Monday's closes: TYZ7 -7.00, FVZ7 -5.50. Dec 10-year T-notes on Monday closed lower on the stronger-than-expected U.S. Oct leading indicators index and on reduced safe-haven demand with the rally in stocks.
The dollar index (DXY00 +0.01%) this morning is up +0.024 (+0.03%). EUR/USD (^EURUSD) is down -0.0008 (-0.07%) and USD/JPY (^USDJPY) is down -0.06 (-0.05%). Monday's closes: Dollar Index +0.418 (+0.45%), EUR/USD -0.0057 (-0.48%), USD/JPY +0.52 (+0.46%). The dollar index on Monday closed higher on the stronger-than-expected U.S. Oct leading indicators index and on weakness in EUR/USD after ECB President Draghi said that "despite the firm economic recovery, inflation dynamics have yet to show convincing signs of a self-sustained upward trend."
Jan crude oil (CLF18 +0.41%) this morning is up +13 cents (+0.23%) and Jan gasoline (RBF18 +0.69%) is +0.0071 (+0.41%). Monday's closes: Jan WTI crude -0.29 (-0.51%), Jan gasoline -0.0064 (-0.37%). Jan crude oil and gasoline on Monday closed lower on a stronger dollar and on increased Iraq crude exports after JODI reported Iraq Sep crude exports rose +1.7% m/m and +17.6% y/y to 3.854 million bpd.
Metals prices this morning are higher with Dec gold (GCZ17 +0.19%) +2.8 (+0.22%), Dec silver (SIZ17 +0.67%) +0.098 (+0.58%) and Dec copper (HGZ17 +0.32%) +0.009 (+0.29%). Monday's closes: Dec gold -21.2 (-1.64%), Dec silver -0.531(-3.06%), Dec copper +0.0260 (+0.85%). Metals on Monday settled mixed. Metals prices were undercut by a stronger dollar and by the rally in stocks, which reduced safe-haven demand for precious metals. Copper closed higher on signs of tighter supplies after LME copper inventories fell -6,300 MT to a 2-1/4 month low of 241,400 MT.
GLOBAL EVENT CALENDAR11/21/2017
| Tuesday, Nov 21 | ||
| US | 0830 ET | Oct Chicago Fed national activity index expected +0.03 to 0.20, Sep +0.54 to +0.17. |
| 1000 ET | Oct existing home sales expected +0.2% to 5.40 million, Sep +0.7% to 5.39 million. | |
| 1300 ET | Treasury auctions $13 billion of 2-year floating-rate notes. | |
| 1800 ET | Fed Chair Janet Yellen speaks at New York Universitys Stern Business School. | |
| Wednesday, Nov 22 | ||
| US | 0700 ET | Weekly MBA mortgage applications, previous +3.1% with purchase sub-index +0.4% and refi sub-index +6.3%. |
| 0830 ET | Weekly initial unemployment claims expected -9,000 to 240,000, previous +10,000 to 249,000. Weekly continuing claims expected +20,000 to 1.880 million, previous -44,000 to 1.860 million. | |
| 0830 ET | Oct durable goods orders expected +0.4% and +0.5% ex transportation, Sep +2.0% and +0.7% ex transportation. Oct capital goods orders nondefense ex-aircraft expected +0.6%, Sep +1.7%. | |
| 1000 ET | University of Michigan final-Nov U.S. consumer sentiment expected +0.2 to 98.0, prelim-Nov -2.9 to 97.8. | |
| 1030 ET | EIA weekly Petroleum Status Report. | |
| 1100 ET | Treasury announces amount of 2-year T-notes (previous $26 billion), 5-year T-notes (previous $34 billion) and 7-year T-notes (previous $28 billion) to be auctioned Nov 27-28 | |
| 1400 ET | Minutes of the Oct 31-Nov 1 FOMC meeting. | |
| 1500 ET | USDA Oct Cold Storage. |
U.S. STOCK CALENDAR11/21/2017
| Name | Ticker | Time | Description | Period | Estimate |
|---|---|---|---|---|---|
| Hormel Foods Corp | HRL US | Bef-mkt | Q4 2017 Earnings Release | Q4 17 | 0.396 |
| Jacobs Engineering Group Inc | JEC US | Bef-mkt | Q4 2017 Earnings Release | Q4 17 | 0.823 |
| Patterson Cos Inc | PDCO US | Bef-mkt | Q2 2018 Earnings Release | Q2 18 | 0.539 |
| Campbell Soup Co | CPB US | Bef-mkt | Q1 2018 Earnings Release | Q1 18 | 0.972 |
| Lowe's Cos Inc | LOW US | 06:00 | Q3 2018 Earnings Release | Q3 18 | 1.023 |
| Dollar Tree Inc | DLTR US | Bef-mkt | Q3 2018 Earnings Release | Q3 18 | 0.899 |
| Burlington Stores Inc | BURL US | Bef-mkt | Q3 2018 Earnings Release | Q3 18 | 0.656 |
| Medtronic PLC | MDT US | 06:45 | Q2 2018 Earnings Release | Q2 18 | 1.022 |
| Signet Jewelers Ltd | SIG US | 07:00 | Q3 2018 Earnings Release | Q3 18 | 0.133 |
| Analog Devices Inc | ADI US | 08:00 | Q4 2017 Earnings Release | Q4 17 | 1.364 |
| Medtronic PLC | MDT US | 08:00 | Q2 2018 Earnings Call | Q2 18 | |
| Campbell Soup Co | CPB US | 08:30 | Q1 2018 Earnings Call | Q1 18 | |
| Signet Jewelers Ltd | SIG US | 08:30 | Q3 2018 Earnings Call | Q3 18 | |
| Burlington Stores Inc | BURL US | 08:30 | Q3 2018 Earnings Call | Q3 18 | |
| Eaton Vance Corp | EV US | 09:00 | Q4 2017 Earnings Release | Q4 17 | 0.706 |
| Lowe's Cos Inc | LOW US | 09:00 | Q3 2018 Earnings Call | Q3 18 | |
| Dollar Tree Inc | DLTR US | 09:00 | Q3 2018 Earnings Call | Q3 18 | |
| Hormel Foods Corp | HRL US | 09:30 | Q4 2017 Earnings Call | Q4 17 | |
| Analog Devices Inc | ADI US | 10:00 | Q4 2017 Earnings Call | Q4 17 | |
| Jacobs Engineering Group Inc | JEC US | 10:00 | Q4 2017 Earnings Call | Q4 17 | |
| Patterson Cos Inc | PDCO US | 10:00 | Q2 2018 Earnings Call | Q2 18 | |
| Westar Energy Inc | WR US | 11:00 | Extraordinary Shareholders Meeting - M&A Vote | ||
| Eaton Vance Corp | EV US | 11:00 | Q4 2017 Earnings Call | Q4 17 | |
| Great Plains Energy Inc | GXP US | Extraordinary Shareholders Meeting - M&A Vote | |||
| Hewlett Packard Enterprise Co | HPE US | Aft-mkt | Q4 2017 Earnings Release | Q4 17 | 0.282 |
| GameStop Corp | GME US | Aft-mkt | Q3 2018 Earnings Release | Q3 18 | 0.439 |
| salesforce.com Inc | CRM US | Aft-mkt | Q3 2018 Earnings Release | Q3 18 | 0.365 |
| Copart Inc | CPRT US | Aft-mkt | Q1 2018 Earnings Release | Q1 18 | 0.266 |
| HP Inc | HPQ US | Aft-mkt | Q4 2017 Earnings Release | Q4 17 | 0.442 |
| Hewlett Packard Enterprise Co | HPE US | 16:30 | Q4 2017 Earnings Call | Q4 17 | |
| GameStop Corp | GME US | 17:00 | Q3 2018 Earnings Call | Q3 18 | |
| salesforce.com Inc | CRM US | 17:00 | Q3 2018 Earnings Call | Q3 18 | |
| HP Inc | HPQ US | 17:35 | Q4 2017 Earnings Call | Q4 17 |
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