Saturday, April 1, 2017

Grand Canyon Education - Chart of the Day

Grand Canyon Education (LOPE) is the Barchart Chart of the Day.  The education services company has a Trend Spotter buy signal, a Weighted Alpha of 82.40+ and gained 71.07% in the last year.


The Chart of the Day belongs to Grand Canyon Education (LOPE).  I found the education services stock by using Barchart to sort today's All Time High list first by he most frequent number of new highs in the last month, then again by technical buy signals of 80% or more.  Since the Trend Spotter signaled a buy in 2/21 the stock gained 17.57%.

Grand Canyon Education, Inc. is a regionally accredited provider of online post secondary education services focused on offering graduate and undergraduate degree programs in its core disciplines of education, business, and health care. In addition to its online programs, it offers programs at its traditional campus in Phoenix, Arizona and on site at the facilities of employers.


The status of Barchart's Opinion trading systems are listed below. Please note that the Barchart Opinion indicators are updated live during the session every 10 minutes and can therefore change during the day as the market fluctuates. The indicator numbers shown below therefore may not match what you see live on the Barchart.com web site when you read this report.

Barchart technical indicators:

  • 96% technical buy signals
  • Trend Spotter buy signal
  • Above its 20, 50 and 100 day moving averages
  • 17 new highs and up 16.67% in the last month
  • Relative Strength Index 71.07%
  • Technical support level at 71.13
  • Recently traded at 71.61 with a 50 day moving average of 62.92
Fundamental factors:
  • Market Cap $3.4 billion
  • P/E 22.49
  • Revenue expected to grow 9.00% this year and another 8.60% next year
  • Earnings estimated to increase 10.20% this year, an additional 9.20% next year and continue to compound at an annual rate of 13.60% for the next 5 years
  • Wall Street analysts issued 4 strong buy recommendations on the stock

Thursday, March 30, 2017

Chemours - Chart of the Day

Chemours (CC) is the Barchart Chart of the Day.  The chemical company has a Trend Spotter buy signal, a Weighted Alpha of 412.15+ and gained 445.04% in the last year,


The Chart of the Day belongs to Chemours (CC).  I found the chemical stock by using Barchart to sort today's Top Stocks to Own list first for the highest Weighted Alpha, then again for technical buy signals of 80% or more.  Since the trend Spotter signaled a buy in 1/25 the stock gained 49.24%.

Chemours Company is involved in chemical business. It operating segment consists of Titanium Technologies, Fluoroproducts and Chemical Solutions. Titanium Technologies segment produces titanium dioxide and premium white pigment. Fluoroproducts segment provides fluoroproducts, refrigerants and industrial fluoropolymer resins. Chemical Solutions segment provides industrial and specialty chemicals. The company's brand consists of Teflon(R), Ti-Pure(R), Krytox(R) Viton(R), Opteon(R) and Nafion(R). Chemours Company is headquartered in Wilmington.


The status of Barchart's Opinion trading systems are listed below. Please note that the Barchart Opinion indicators are updated live during the session every 10 minutes and can therefore change during the day as the market fluctuates. The indicator numbers shown below therefore may not match what you see live on the Barchart.com web site when you read this report.

Barchart technical indicators:

  • 100% technical buy signals
  • Trend Spotter buy signal
  • Above its 20, 50 and 10 day moving averages
  • 5 new highs and up 13.37% in the last month
  • Relative Strength Index 71.73%
  • Technical support level at 37.21
  • Recently traded at 38.16 with a 50 day moving average of 31.43
Fundamental factors:
  • Market Cap $6.89 billion
  • P/E 35.57
  • Dividend yield .33%
  • Revenue expected to grow 2.40% this year and another 4.60% next year
  • Earnings estimated to increase 108.50% this year, an additional 19.70% next year and compound at an annual rate of 1.50% for the next 5 years
  • Wall Street analysts issued 3 buy, 2 hold and 1 sell recommendation on the stock

Time for Caution

Now is the time for caution.  Now is not the time to get out of the market and buy cash or gold but it is time to look at each individual stock in your portfolio and lock in your mental sell points.  I'm not going to say that the market is overvalued but I will say it's FULLY VALUED.  I think unless there is upward changes in Revenue and Earnings projections there is little upside potential from here.  Here are my thoughts:

  1.  The economy is still getting stronger,  According to the Conference Board's latest Report on Leading Economic Indicators both the Leading and Coincident Indicators are still on the uprise.  Please read the summary from the attached link.
  2. My proxy for the stock market is the Value Line Arithmetic Index because it is an index of the 1700 largest companies and is not weighted on capitalization so that the largest stocks skew the index.  It is still on the rise but is close to topping. (Chart below)
  3.  The composite P/E ratio of those 1700 stocks is 19.4 which is very near the high of their historical range.  If the market gets over a 20 P/E I will be trimming my portfolio and leaving the proceeds in cash - but not just yet.

Please look at your portfolio and look for stocks you feel have just run out of steam.  How many new highs are they hitting each month?  Are any trading 10% below their previous high water mark?  If they are not adding value to your portfolio why are they still in it?

If you sell something and want to replace it with something you think is better do that but only if you have the cash.  Now is not the time to buy on margin - the risk is just too great.

Be careful out there.  If you've been sitting out there is cash, I'm sorry for you but now is not the time to dive back into the market.  Be very cautious about adding new positions.

MORNING CALL 3/30

Barchart Morning Call

OVERNIGHT MARKETS AND NEWS
Jun E-mini S&Ps (ESM17 -0.13%) this morning are down -0.13% and European stocks are down -0.26% after a gauge of Eurozone economic confidence unexpectedly declined. The Eurozone Mar economic confidence unexpectedly fell -0.1 to 107.9, weaker than expectations of +0.3 to 108.3. Also, weaker than-expected regional German inflation data point to a deceleration in inflation in Germany. The expected slower pace of inflation along with dovish comments from ECB members fueled a rally in German bund prices up to a 3-week high and pushed EUR/USD down to a 1-week low. ECB Executive Board member Praet said "we are not yet sufficiently confident that inflation will converge to levels consistent with our aim in a durable manner," and ECB Council member Liikanen said the Eurozone still needs "a very substantial degree of monetary accommodation" to support prices. Asian stocks settled mostly lower: Japan -0.80%, Hong Kong -0.37%, China -0.96%, Taiwan -0.08%, Australia +0.39%, Singapore -0.36%, South Korea -0.07%, India +0.39%. China's Shanghai Composite fell to a 2-week low on tight liquidity conditions after the PBOC refrained from adding cash to the financial system for the past three days, which undercut stocks on concern the government will implement measures to cool asset bubbles.
The dollar index (DXY00 +0.06%) is up +0.10% at a 1-week high. EUR/USD (^EURUSD) is down -0.23% at a 1-week low. USD/JPY (^USDJPY) is up +0.05.
Jun 10-year T-note prices (ZNM17 +0.09%) are up +1.5 ticks.
ECB Executive Board member Praet said "the firming of the recovery has not yet translated into a durable strengthening of inflation dynamics" and "we are not yet sufficiently confident that inflation will converge to levels consistent with our aim in a durable manner."
ECB Council member Liikanen said the Eurozone still needs "a very substantial degree of monetary accommodation for underlying inflation pressures to build up and support inflation in the medium term."
Eurozone Mar economic confidence unexpectedly fell -0.1 to 107.9, weaker than expectations of +0.3 to 108.3. The Mar business climate indicator was unchanged at 0.82, weaker than expectations of +0.05 to 0.87.
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) weekly initial unemployment claims (expected -11,000 to 247,000, previous +15,000 to 258,000) and continuing claims (expected +41,000 to 2.031 million, previous -39,000 to 1.990 million), (2) revised Q4 GDP (expected +2.0% q/q annualized, previous +1.9%) (3) Dallas Fed President Robert Kaplan (voter) speaks in a moderated Q&A discussion at the U.S. Chamber of Commerce at its annual capital markets summit, (4) New York Fed President William Dudley (voter) speaks on financial conditions and the conduct of monetary policy at an event in Sarasota, FL, (5) USDA Q1 Hogs & Pigs Inventory, and (6) USDA weekly Export Sales.
Notable Russell 1000 earnings reports today include: Liberty Expedia Holdings, Dell Technologies Class V.
U.S. IPO's scheduled to price today: Kayne Anderson Acquisition Corp (KAACU)
Equity conferences: Jefferies Animal Health Summit on Thu.

OVERNIGHT U.S. STOCK MOVERS
Lululemon Athletica (LULU +4.11%) plunged 17% in after-hours trading after it said it sees a Q1 total comparable sales decrease "in the low-single digits," weaker than consensus of a +2.7% increase, and said it sees Q1 EPS of 25 cents-27 cents, below consensus of 39 cents.
Sunoco LP (SUN +0.83%) was rated a new 'Sell' at Goldman Sachs with a price target of $21.
Range Resources (RRC +4.17%) was upgraded to 'Buy' from 'Neutral' at UBS with a price target of $38.
INC Research Holdings (INCR +0.69%) gained over 2% in after-hours trading when it was announced that it will replace CEB Inc. in the S&P MidCap 400 Index before the open of trading on Wednesday, April 5.
Progress Software (PRGS +1.31%) climbed 6% in after-hours trading after it reported Q1 adjusted EPS of 34 cents, better than consensus of 26 cents.
ConocoPhillips (COP +1.26%) rose 6% and Cenovus Energy (CVE +0.85%) declined 7% in after-hours trading after Cenovus Energy purchased some ConocoPhillips oil sands assets and conventional natural gas assets in Alberta and British Columbia, Canada for $17.7 billion.
Worthington Industries (WOR +0.82%) dropped 5% in after-hours trading after it reported Q3 net sales of $703.4 million, below consensus of $717.3 million.
Cara Therapeutics (CARA +6.08%) fell over 5% in after-hours trading after it announced that it had commenced an underwritten public offering of $80 million of shares of its common stock.
Esperion Therapeutics (ESPR -2.44%) gained 2% in after-hours trading after it was rated a new 'Buy' at UBS with a price target of $52.
OFS Capital (OFS -1.58%) slid nearly 4% in after-hours trading after it announced that it had commenced an underwritten offering of 3.5 million shares of common stock.
Extreme Networks (EXTR -1.07%) surged 15% in after-hours trading after it announced that it had purchased Brocade's data center from Broadcom for $55 million in cash.
Sigma Designs (SIGM unch) dropped over 7% in after-hours trading after it reported Q4 revenue of $42.7 million, weaker than consensus of $43.3 million, and said it is "prudent to take immediate actions to lower our expense structure."
Tonix Pharmaceuticals Holding Corp. (TNXP +34.54%) tumbled 16% in after-hours trading after it announce a proposed public offering of common stock, although no size was given.
MARKET COMMENTS
Jun E-mini S&Ps (ESM17 -0.13%) this morning are down -3.00 points (-0.13%). Wednesday's closes: S&P 500 +0.11%, Dow Jones -0.20%, Nasdaq +0.43%. The S&P 500 on Wednesday closed higher on strength in homebuilders after U.S. Feb pending home sales rose +5.5% m/m, stronger than expectations of +2.5% m/m and the largest monthly increase in 6-1/2 years. There was also strength in energy producing stocks after May WTI crude rose +2.36% to a 1-week high.
Jun 10-year T-notes (ZNM17 +0.09%) this morning are down -1.5 ticks. Wednesday's closes: TYM7 +7.0, FVM7 +5.00. Jun 10-year T-notes on Wednesday closed higher on carry-over support from a rally in German bunds to a 3-week high after a Reuters report suggested that the ECB is trying to curb market rate-hike speculation. T-notes prices also boosted by decent demand for the Treasury's $28 billion 7-year T-note auction that had a bid-to-cover ratio of 2.56, above the 12-auction average of 2.53.
The dollar index (DXY00 +0.06%) this morning is up +0.102 (+0.10%) at a 1-week high. EUR/USD (^EURUSD) is down -0.0025 (-0.23%) at a 1-week low and USD/JPY (^USDJPY) is up +0.05 (+0.05%). Wednesday's closes: Dollar index +0.286 (+0.29%), EUR/USD -0.0048 (-0.44%), USD/JPY -0.11 (-0.10%). The dollar index on Wednesday rose to a 1-week high and settled higher on comments from Chicago Fed President Evans who said he supports two more interest rate increases this year. There was also weakness in EUR/USD which fell to a 1-week low after Reuters reported that ECB officials said their Mar 9 ECB meeting statement was over-interpreted and that the ECB does plan to make any guidance changes before Jun.
May WTI crude oil prices (CLK17 -0.14%) this morning are down -10 cents (-0.20%) and May gasoline (RBK17 -0.11%) is -0.0049 (-0.29%). Wednesday's closes: May crude +1.14 (+2.36%), May gasoline +0.0370 (+2.26%). May crude oil and gasoline on Wednesday closed higher with May crude at a 1-week high and May gasoline at a 2-week high. Crude oil prices were boosted by the +866,999 bbl increase in EIA crude inventories (less than expectations of +2.0 million bbl), and the -3.75 million bbl decline in EIA gasoline inventories (a bigger decline than expectations of -2.0 million bbl). On the negative side was the +0.2% increase in U.S. crude production in the week of Mar 24 to a 13-1/2 month high of 9.147 million bpd.
GLOBAL EVENT CALENDAR03/30/2017
Thursday, Mar 30
US0830 ETWeekly initial unemployment claims expected -11,000 to 247,000, previous +15,000 to 258,000. Weekly continuing claims expected +41,000 to 2.031 million, previous -39,000 to 1.990 million.
0830 ETRevised Q4 GDP expected +2.0% q/q annualized, previous +1.9%. Q4 personal consumption expected unrevised from +3.0%. Q4 GDP price index expected unrevised from +2.0%. Q4 core PCE expected unrevised from +1.2%.
0830 ETUSDA weekly Export Sales.
1100 ETDallas Fed President Robert Kaplan (voter) speaks in a moderated Q&A discussion at the U.S. Chamber of Commerce at its annual capital markets summit.
1500 ETUSDA Q1 Hogs & Pigs Inventory.
1630 ETNew York Fed President William Dudley (voter) speaks on financial conditions and the conduct of monetary policy at an event in Sarasota, FL.
Friday, Mar 31
US0830 ETFeb personal spending expected +0.2%, Jan +0.2%. Feb personal income expected +0.4%, Jan +0.4%.
0830 ETFeb PCE deflator expected +0.1% m/m and +2.1% y/y, Jan +0.4% m/m and +1.9% y/y. Feb core PCE deflator expected +0.2% m/m and +1.7% y/y, Jan +0.3% m/m and +1.7% y/y.
0945 ETMar Chicago PMI expected -0.5 to 56.9, Feb +7.1 to 57.4.
1000 ETFinal-Mar University of Michigan U.S. consumer sentiment index expected unch at 97.6, prelim-Mar +1.3 to 97.6.
1000 ETMinneapolis Fed President Neel Kashkari participates in a Q&A at the Annual Banking Law Institute conference in Minneapolis.
1200 ETUSDA Q1 Quarterly Grain Stocks and prospective planting data.
U.S. STOCK CALENDAR03/30/2017

CompanyTickerTimeEvent DescriptionPeriodEstimate
Dell Technologies Inc Class VDVMT US07:00Q4 2017 Earnings ReleaseQ4 17
Dell Technologies Inc Class VDVMT US08:00Q4 2017 Earnings CallQ4 17
Akamai Technologies IncAKAM US08:30Investor Summit
VF CorpVFC US09:00Investor Day
Liberty Expedia Holdings IncLEXEA USQ4 2016 Earnings ReleaseQ4 16

Wednesday, March 29, 2017

Banco Santander - Chile - Chart of the Day

Banco Santander Chile (BSAC) is the Barchart Chart of the Day.  The largest bank in Chile has a Trend Spotter buy signal, a Weighted Alpha of 35.25+, gained 33.67% in the last year and paid a 3.48% dividend.

The Chart of the Day belongs to Banco Santander - Chile (BSAC).  I found the Chilean bank stock by using Barchart to sort today's  Top Stocks to Own list, first for the most frequent new highs in the last month, then again for technical buy signals of 80% or more.  Since the Trend Spotter signaled a buy on 3/1 the stock gained 12.36%.

Banco Santiago is the largest bank in Chile, in terms of assets with Ch$4,088 billion (approximately US$9.86 billion ) as of March 31, 1997. The bank is the result of the merger of two of the largest institutions in the Chilean banking system, Banco O'Higgins S.A., mainly a corporate bank, and Banco de Santiago S.A., mainly focused in consumer and middle-market lending.


The status of Barchart's Opinion trading systems are listed below. Please note that the Barchart Opinion indicators are updated live during the session every 10 minutes and can therefore change during the day as the market fluctuates. The indicator numbers shown below therefore may not match what you see live on the Barchart.com web site when you read this report.

Barchart technical indicators:

  • 100% technical buy signals
  • Trend Spotter buy signals
  • Above its 20, 50 and 100 day moving averages
  • 14 new highs and up 15.79% in the last month
  • Relative Strength Index 82.23%
  • Technical support level at 24.97
  • Recently traded at 25.45 with a 50 day moving average of 22.67
Fundamental factors:
  • Market Cap $11.99 billion
  • P/E 16.49
  • Dividend yield 3.48%
  • Revenue expected to grow 9.90% this year and another 8.20% next year
  • Earnings estimated to increase 13.90% this year, 8.70% next year and continue to compound at an annual rate of 5.30% for the next 5 years
  • Wall Street analysts issued 2 buy, 6 hold and 1 under perform recommendations on the stock

MORNING CALL 3/29

Barchart Morning Call

OVERNIGHT MARKETS AND NEWS
Jun E-mini S&Ps (ESM17 unch) this morning are little changed, down -0.02%, and European stocks are up +0.08% at a 1-1/4 year high. Strength in crude oil prices is lifting energy producing stocks with May WTI crude oil (CLK17 +0.41%) up +0.45% at a 1 week high on disruptions in Libyan oil output after Libya's NOC said that its crude production fell to 500,000 bpd when a pipeline from the Sharara oil field, the country's biggest, stopped operating. GBP/USD fell -0.10% to a 1-week low and gains in European stocks were muted ahead of the expected signing of Article 50 of the Lisbon Treaty by UK Prime Minister May that will begin the exit of the UK from the European Union. Another negative is the potential breakup of the UK as Scotland may use Brexit and start a referendum in their push for autonomy from England. Asian stocks settled mixed: Japan +0.08%, Hong Kong +0.19%, China -0.36%, Taiwan -0.20%, Australia +0.90%, Singapore +0.85%, South Korea +0.22%, India +0.41%. Chinese stocks retreated as property stocks fell on concern the government will start imposing tighter property controls to keep the housing market from a bubble.
The dollar index (DXY00 +0.09%) is up +0.15%. EUR/USD (^EURUSD) is down -0.26%. USD/JPY (^USDJPY) is down -0.16%.
Jun 10-year T-note prices (ZNM17 +0.06%) are unchanged.
The German Feb import price index rose +0.7% m/m and +7.4% y/y, stronger than expectations of +0.4% m/m and +7.0% y/y with the +7.4%y/y gain the largest year=on-year increase in 5-3/4 years.
Japan Feb retail sales rose +0.2% m/m and +0.1% y/y, weaker than expectations of +0.3% m/m and +0.7% y/y.
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) weekly MBA mortgage applications (previous -2.7% with purchase sub-index -2.1% and refi sub-index -3.3%), (2) Chicago Fed President Charles Evans (voter) speaks on current economic conditions and monetary policy at the DZ Bank-OMFIF International Capital Markets Conference in Frankfurt, (3) Feb pending home sales (expected +2.5% m/m, Jan -2.8% m/m and +2.7% y/y), (4) Treasury auctions $13 billion 2-year floating-rate notes, (5) Boston Fed President Eric Rosengren (non-voter) speaks on the economic outlook to the Economic Club of Boston, (6) Treasury auctions $28 billion of 7-year T-notes, (7) San Francisco Fed President John Williams speaks to the Forecasters Club of New York on “From Sustained Recovery to Sustainable Growth: What a Difference Four Years Makes,” (8) EIA Weekly Petroleum Status Report.
Notable Russell 1000 earnings reports today include: Paychex (consensus $0.54), Perrigo (1.81), Lululemon (1.01).
U.S. IPO's scheduled to price today: none.
Equity conferences: Jefferies Animal Health Summit on Thu.

OVERNIGHT U.S. STOCK MOVERS
Groupon (GRPN +0.25%) and Twitter (TWTR -0.33%) both fell 1% in pre-market trading after Barclays PLC initiated coverage on the Internet sector with 'Underweight' ratings for both stocks.
CyberArk Software (CYBR unch) was upgraded to 'Outperform' from 'Neutral' at Evercore ISI with a price target of $60.
RH (RH +3.57%) surged 15% in after-hours trading after it forecast Q1 net revenue of $530 million-$545 million, above consensus of $485.1 million
Computer Sciences (CSC +1.50%) gained 1% in after-hours trading after it was announced that it will replace Southwestern Energy in the S&P 500 before the open of trading on Tuesday, April 4.
Wells Fargo (WFC +1.03%) reached an agreement in principle to pay $1110 million to settle a class action lawsuit concerning retail sales practices over fake accounts.
Dave & Buster's Entertainment (PLAY +2.34%) fell over 3% in after-hours trading after it reported Q4 comparable sales rose +3.2%, below consensus of +3.7%.
Ollie's Bargain Outlet Holdings (OLLI +0.46%) rose 3% in after-hours trading after it reported Q4 net sales of $283.4 million, higher than consensus of $281 million.
Western Union (WU +0.60%) was downgraded to 'Sell' from 'Hold' at Edward Jones.
Sonic (SONC +2.44%) lost nearly 3% in after-hours trading after it reported Q3 revenue of $100.2 million, weaker than consensus of $104.6 million and said Q2 system-wide comparable sales fell -7.4%, a bigger decline than consensus of -4.5%.
Landex (LNDC +0.87%) said it sees Q4 EPS of 9 cents-11 cents, well below consensus of 21 cents.
Depomed (DEPO -4.50%) slid 4% in after-hours trading after it said it sees Q1 net sales of $95 million-$100 million, below consensus of $114.7 million.
Laureate Education (LAUR +2.51%) reported Q4 EPS of 27 cents, well above consensus of 12 cents.
Verint Systems (VRNT -1.13%) jumped 8% in after-hours trading after it reported Q4 adjusted EPS of 90 cents, better than consensus of 86 cents.
Orexigen Therapeutics (OREX +2.66%) dropped 7% in after-hours trading after it reported a Q4 loss per share of -$1.69, much wider than consensus of -86 cents.
Pernix Therapeutics Holdings (PTX -2.64%) tumbled nearly 10% in after-hours trading after it said it continues to analyze various alternatives, including strategic and refinancing alternatives, to improve financial flexibility.
MARKET COMMENTS
Jun E-mini S&Ps (ESM17 unch) this morning are down -0.50 points (-0.02%). Tuesday's closes: S&P 500 +0.73%, Dow Jones +0.73%, Nasdaq +0.61%. The S&P 500 on Tuesday closed higher on the unexpected +9.5 point increase in U.S. Mar consumer confidence (Conference Board) to 125.6 (stronger than expectations of -0.8 to 114.0 and the highest in 16-1/4 years) and the unexpected +5 point increase in the Mar Richmond Fed manufacturing index to 22 (stronger than expectations of -2 to 15 and the fastest pace of expansion in 6-3/4 years). Energy producer stocks rallied due to the +1.3% rally in crude oil prices.
Jun 10-year T-notes (ZNM17 +0.06%) this morning are unch. Tuesday's closes: TYM7 -10.-0, FVM7 -7.00. Jun 10-year T-notes on Tuesday closed lower on the unexpected increase in U.S. Mar consumer confidence to a 16-1/4 year high and on reduced safe-haven demand with the strength in stocks.
The dollar index (DXY00 +0.09%) this morning is up +0.145 (+0.15%). EUR/USD (^EURUSD) is down -0.0028 (-0.26%) and USD/JPY (^USDJPY) is down -0.18 (-0.16%). Tuesday's closes: Dollar index +0.546 (+0.55%), EUR/USD -0.0050 (-0.46%), USD/JPY +0.49 (+0.44%). The dollar index on Tuesday closed higher on the unexpected increase in U.S. Mar consumer confidence to a 16-1/4 year high (+9.5 to 125.6) and on weakness in EUR/USD after ECB Executive Board member Praet said that it's too soon to start discussing when to withdraw stimulus.
May WTI crude oil prices (CLK17 +0.41%) this morning are up +22 cents (+0.45%) at a 1-week high and May gasoline (RBK17 +0.75%) is +0.0105 (+0.64%). Tuesday's closes: May crude +0.64 (+1.34%), May gasoline +0.0101 (+0.62%). May crude oil and gasoline on Tuesday closed higher with May gasoline at a 2-week high. Crude oil prices were boosted by the action by Libya's NOC to declare force majeure on loadings of Sharara crude from its Zawiya oil terminal after it closed its pipeline from the Sharara field, its biggest pipeline. Crude oil prices were undercut by expectations for EIA crude inventories to climb +2.0 million bbl on Wednesday.
GLOBAL EVENT CALENDAR03/29/2017
Wednesday, Mar 29
US0700 ETWeekly MBA mortgage applications, previous -2.7% with purchase sub-index -2.1% and refi sub-index -3.3%.
0920 ETChicago Fed President Charles Evans (voter) speaks on current economic conditions and monetary policy at the DZ Bank-OMFIF International Capital Markets Conference in Frankfurt.
1000 ETFeb pending home sales expected +2.5% m/m, Jan -2.8% m/m and +2.7% y/y.
1030 ETEIA Weekly Petroleum Status Report.
1130 ETTreasury auctions $13 billion 2-year floating-rate notes.
1130 ETBoston Fed President Eric Rosengren (non-voter) speaks on the economic outlook to the Economic Club of Boston.
1300 ETTreasury auctions $28 billion of 7-year T-notes.
1315 ETSan Francisco Fed President John Williams speaks to the Forecasters Club of New York on From Sustained Recovery to Sustainable Growth: What a Difference Four Years Makes.
Thursday, Mar 30
US0830 ETWeekly initial unemployment claims expected -11,000 to 247,000, previous +15,000 to 258,000. Weekly continuing claims expected +41,000 to 2.031 million, previous -39,000 to 1.990 million.
0830 ETRevised Q4 GDP expected +2.0% q/q annualized, previous +1.9%. Q4 personal consumption expected unrevised from +3.0%. Q4 GDP price index expected unrevised from +2.0%. Q4 core PCE expected unrevised from +1.2%.
0830 ETUSDA weekly Export Sales.
1100 ETDallas Fed President Robert Kaplan (voter) speaks in a moderated Q&A discussion at the U.S. Chamber of Commerce at its annual capital markets summit.
1500 ETUSDA Q1 Hogs & Pigs Inventory.
1630 ETNew York Fed President William Dudley (voter) speaks on financial conditions and the conduct of monetary policy at an event in Sarasota, FL.
U.S. STOCK CALENDAR03/29/2017
CompanyTickerTimeEvent DescriptionPeriodEstimate
Paychex IncPAYX USBef-mktQ3 2017 Earnings ReleaseQ3 170.538
Paychex IncPAYX US09:30Q3 2017 Earnings CallQ3 17
McCormick & Co Inc/MDMKC US10:00Annual General Meeting
Alaska Air Group IncALK US11:30Investor Day
Computer Sciences CorpCSC USInvestor Day
Perrigo Co PLCPRGO USQ4 2016 Earnings ReleaseQ4 161.812
Lululemon Athletica IncLULU USAft-mktQ4 2017 Earnings ReleaseQ4 171.006
Lululemon Athletica IncLULU US16:30Q4 2017 Earnings CallQ4 17