Showing posts with label AMD. Show all posts
Showing posts with label AMD. Show all posts

Monday, October 30, 2017

Morning Call 10/30

Barchart Morning Call

Barchart.com - Mon Oct 30, 6:53AM CDT
OVERNIGHT MARKETS AND NEWS
Dec E-mini S&Ps (ESZ17 -0.21%) this morning are down -0.23% on long liquidation ahead of several potential market moving events in the U.S. this week including Wednesday's FOMC decision, President Trump's nomination of a new Fed Chair, and Friday's monthly payroll data. European stocks are up +0.16% after Eurozone Oct economic confidence rose to a 16-1/2 year high and as Spain's IBEX Stock Index rallied +1.31% as political tensions in Spain eased after the Spanish government began the process of reasserting control over Catalonia. Asian stocks settled mixed: Japan +0.01%, Hong Kong -0.36%, China -0.77%, Taiwan +0.45%, Australia +0.27%, Singapore -0.31%, South Korea +0.35%, India +0.33%. Japan's Nikkei Stock Index climbed to a new 21-year high on carry-over support from Friday's gains in U.S. equities to new record highs. China's Shanghai Composite tumbled to a 1-month low as a slide in China's bond market deepened amid concerns about deleveraging. China's 10-year government bond yield jumped 8 bp to 3.93%, near a 3-year high, which will boost funding costs for Chinese companies as more than 1 trillion yuan ($150 billion) of funding provided by the PBOC matures this week, the most in 8 months. 

The dollar index (DXY00 -0.28%) is down -0.28%. EUR/USD (^EURUSD) is up +0.26%. USD/JPY (^USDJPY) is down -0.05%.
Dec 10-year T-note prices (ZNZ17 +0.18%) are up +9 ticks.
German Sep retail sales rose +0.5% m/m, right on expectations.
Eurozone Oct economic confidence rose +0.9 to 114.0, stronger than expectations of +0.3 to 113.3 and a 16-1/2 year high.
Japan Sep retail sales rose +0.8% m/m, right on expectations.
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) Sep personal spending (expected +0.9%, Aug +0.1%) and Sep personal income (expected +0.4%, Aug +0.2%), (2) Sep PCE deflator (expected +0.4% m/m and +1.6% y/y, Aug +0.2% m/m and +1.4% y/y) and Sep core PCE deflator (expected +0.1% m/m and +1.3% y/y, Aug +0.1% m/m and +1.3% y/y), (3) Oct Dallas Fed manufacturing activity (expected -0.3 to 21.0, Sep +4.3 to 21.3), (4) USDA weekly grain export inspections, (5) USDA crop conditions and progress report.
Notable S&P 500 earnings reports today include: Dominion Energy (consensus $1.02), Noble Energy (-0.13), Mondelez (0.54), Loews (0.55), Vornado Realty Trust (0.55), Sempra Energy (1.05), Edison Intl (1.33), AvalonBay Communities (2.17), Affiliated Managers (3.35).
U.S. IPO's scheduled to price today: none.
Equity conferences this week: ACEP Scientific Assembly on Mon, Gabelli & Company Automotive Aftermarket Symposium on Mon-Tue, VancAnalysts Association of Boston Conference on Thu-Fri, American College of Rheumatology Meeting on Fri, North American Cystic Fibrosis Conference on Fri.
OVERNIGHT U.S. STOCK MOVERS
Macy's (M -7.73%) is down over 2% in pre-market trading after it was downgraded to 'Sell' from 'Neutral' at Citigroup with a price target of $16.
J.C. Penney (JCP -14.75%) was downgraded to 'Sell' from 'Neutral' at Citigroup with a price target of $1.50.
Advanced Micro Devices (AMD -1.33%) is down 3% in pre-market trading after it was downgraded to 'Underweight' from 'Equal-Weight' at Morgan Stanley with a price target of $8.
Praxair (PX -0.98%) was upgraded to 'Buy' from 'Neutral' at Citigroup with a price target of $168.
Intel (INTC +7.38%) was upgraded to 'Outperform' from 'Market Perform' at BMO Capital Markets with a price target of $58.
General Motors (GM -1.35%) was downgraded to 'Sell from 'Neutral' at Goldman Sachs.
Piper Jaffray (PJC +1.61%) was upgraded to 'Outperform' from 'Market Perform' at Keefe, Bruyette & Woods with a price target of $78.
Office Depot (ODP -0.27%) was downgraded to 'Underweight' from 'Neutral' at JP Morgan Chase.
Leggett & Platt (LEG +2.53%) was downgraded to 'Neutral' from 'Overweight' at Piper Jaffray with a price target of $46.
Bristol-Meyers Squibb (BMY -1.66%) rose over 1% in after-hours trading after competitor Merck withdrew its European application for KEYTRUDA in combination with pemetrexed and carboplatin as a treatment for non-small cell lung cancer. Merck MRK fell nearly 3% in after-hours trading on the news.
La Jolla Pharmaceuticals (LJPC +7.42%) filed a $150 million mixed securities shelf.
Century Aluminum (CENX -0.26%) was downgraded to 'Neutral' from 'Overweight' at JP Morgan Chase with a price target of $14.50.
MARKET COMMENTS
Dec S&P 500 E-mini stock futures (ESZ17 -0.21%) this morning are down -6.00 points (-0.23%). Friday's closes: S&P 500 +0.81%, Dow Jones +0.14%, Nasdaq +2.91%. The S&P 500 on Friday rallied to a fresh record high and closed higher on the U.S. Q3 GDP report of +3.0% (q/q annualized), stronger than expectations of +2.6%, and on speculation that President Trump will name Jerome Powell as the next Fed Chair, which signals a continuation of Fed Chair Yellen's policies. There was also impressive strength in technology stocks, led by a 4% gain in Alphabet, a 6% gain in Microsoft and a 13% jump in Amazon.com after they all reported stellar quarterly earnings results.
Dec 10-year T-note prices (ZNZ17 +0.18%) this morning are up +9 ticks. Friday's closes: TYZ7 +7.00, FVZ7 +4.25. Dec 10-year T-notes on Friday closed higher on carry-over support from a rally in 10-year German bunds to a 1-week high on increased safe-haven demand after Catalan lawmakers voted for independence in defiance of Spain. T-notes also closed higher on media reports that President Trump is leaning toward Jerome Powell as next Fed Chair, which would signal a continuation of Fed Chair Yellen's monetary policy direction.
The dollar index (DXY00 -0.28%) this morning is down -0.27 (-0.28%). EUR/USD (^EURUSD) is up +0.0030 (+0.26%) and USD/JPY (^USDJPY) is down -0.06 (-0.05%). Friday's closes: Dollar Index +0.304 (+0.32%), EUR/USD -0.0043 (-0.37%), USD/JPY -0.31 (-0.27%). The dollar index on Friday rallied to a 3-1/4 month high and closed higher on the stronger-than-expected U.S. Q3 GDP report, which bolsters the case for additional Fed rate hikes, and on the recent increase in hopes for a Republican tax cut. EUR/USD continued to show weakness after the ECB on Thursday extended QE until September 2018 and left the option open for an extension pasat Sep 2018.
Dec crude oil (CLZ17 +0.02%) this morning is down -1 cent (-0.02%) and Dec gasoline (RBZ17 -0.09%) is -0.0008 (-0.05%). Friday's closes: Dec WTI crude +1.26 (+2.39%), Dec gasoline +0.0157 (+0.92%). Dec crude oil and gasoline on Friday closed higher with Dec crude at a 6-1/2 month high. Crude oil prices were boosted by optimism that OPEC will agree to extend its production cuts after Saudi Crown Prince Mohammed bin Salman said Thursday that he backed the extension of OPEC crude production cuts beyond Mar of 2018. Crude oil prices were also boosted by Friday's stronger-than-expected U.S. Q3 GDP, which signals strength in energy demand and consumption.
Metals prices this morning are higher Dec gold (GCZ17 +0.01%) +1.2 (+0.09%), Dec silver (SIZ17 +0.02%) +0.023 (+0.14%) and Dec copper (HGZ17 +0.32%) +0.007 (+0.21%). Friday's closes: Dec gold +2.2 (+0.17%), Dec silver -0.059 (-0.35%), Dec copper -0.0740 (-2.33%). Metals on Friday settled mixed with Dec copper at a 2-week low. Metals prices were undercut by the surge in the dollar index to a 3-1/4 month high, and by the rally in the S&P 500 to a new record high, which curbs the safe-haven demand for precious metals. Gold closed higher on media reports that President Trump is leading toward Jerome Powell as the next Fed Chair, which gave gold a boost on expectations that Powell will keep Fed Chair Yellen's gradual approach to raising interest rates.
GLOBAL EVENT CALENDAR10/30/2017
Monday, Oct 30
US0830 ETSep personal spending expected +0.9%, Aug +0.1%. Sep personal income expected +0.4%, Aug +0.2%.
0830 ETSep PCE deflator expected +0.4% m/m and +1.6% y/y, Aug +0.2% m/m and +1.4% y/y. Sep core PCE deflator expected +0.1% m/m and +1.3% y/y, Aug +0.1% m/m and +1.3% y/y.
1030 ETOct Dallas Fed manufacturing activity expected -0.3 to 21.0, Sep +4.3 to 21.3.
1100 ETUSDA weekly grain export inspections.
1600 ETUSDA crop conditions and progress report.
Tuesday, Oct 31
US0830 ETQ3 employment index expected +0.7%, Q2 +0.5%.
0900 ETAug S&P CoreLogic composite-20 home prices expected +0.40% m/m and +5.9% y/y, Jul +0.35% m/m and +5.81% y/y.
0945 ETOct Chicago PMI expected -5.2 to 60.0, Sep +6.3 to 65.2.
1000 ETOct consumer confidence (Conference Board) expected +1.2 to 121.0, Sep -0.6 to 119.8.
1030 ETFOMC begins 2-day policy meeting.
U.S. STOCK CALENDAR10/30/2017

NameTickerTimeDescriptionPeriodEstimate
Loews CorpL US06:00Q3 2017 Earnings ReleaseQ3 170.547
Affiliated Managers Group IncAMG USBef-mktQ3 2017 Earnings ReleaseQ3 173.354
Roper Technologies IncROP US06:55Q3 2017 Earnings ReleaseQ3 172.295
Sempra EnergySRE US07:00Q3 2017 Earnings ReleaseQ3 171.053
Dominion Energy IncD US07:30Q3 2017 Earnings ReleaseQ3 171.018
CSX CorpCSX US08:00Analyst and Investor Conference
Roper Technologies IncROP US08:30Q3 2017 Earnings CallQ3 17
Affiliated Managers Group IncAMG US08:30Q3 2017 Earnings CallQ3 17
Dominion Energy IncD US10:00Q3 2017 Earnings CallQ3 17
Loews CorpL US11:00Q3 2017 Earnings CallQ3 17
Sempra EnergySRE US12:00Q3 2017 Earnings CallQ3 17
Mondelez International IncMDLZ US16:00Q3 2017 Earnings ReleaseQ3 170.544
Vornado Realty TrustVNO USAft-mktQ3 2017 Earnings ReleaseQ3 170.548
Noble Energy IncNBL USAft-mktQ3 2017 Earnings ReleaseQ3 17(0.127)
SBA Communications CorpSBAC USAft-mktQ3 2017 Earnings ReleaseQ3 171.55
Edison InternationalEIX US16:01Q3 2017 Earnings ReleaseQ3 171.329
Alexandria Real Estate Equities IncARE US16:10Q3 2017 Earnings ReleaseQ3 171.502
Macerich Co/TheMAC US16:15Q3 2017 Earnings ReleaseQ3 170.976
Everest Re Group LtdRE US16:15Q3 2017 Earnings ReleaseQ3 17(16.094)
AvalonBay Communities IncAVB US16:16Q3 2017 Earnings ReleaseQ3 172.167
UDR IncUDR US16:16Q3 2017 Earnings ReleaseQ3 170.47
Edison InternationalEIX US16:30Q3 2017 Earnings CallQ3 17
Mondelez International IncMDLZ US17:00Q3 2017 Earnings CallQ3 17
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Thursday, September 21, 2017

Morning Call 9/21

Barchart Morning Call

Barchart.com - 1 hour ago
OVERNIGHT MARKETS AND NEWS
Dec E-mini S&Ps (ESZ17 -0.06%) this morning are down -0.02% with mining stocks leading losses in the overall market as metals prices decline with Dec COMEX gold (GCZ17 -1.51%) down -1.48% to a 3-1/2 week low and Dec COMEX copper (HGZ17 -1.18%) down -0.94% to a 1-month low. Metals prices retreated after the Fed signaled Wednesday afternoon, after metals markets had closed, that it will start trimming its balance sheet next month and projected another interest rate increase for this year. European stocks are up +0.55% at a 2-1/2 month high due to a rally in bank stocks and insurance companies on rising bond yields as the 10-year German bund climbed to a 1-1/2 month high of 0.484%. Asian stocks settled mostly lower: Japan +0.18%, Hong Kong -0.06%, China -0.24%, Taiwan +0.56%, Australia -0.94%, Singapore -0.13%, South Korea -0.07%, India -0.09%. Chinese stocks fell back after S&P Global Ratings cut China's sovereign credit rating by one step to A+ from AA-, citing the risks from soaring debt. Japan's Nikkei Stock Index rallied to a new 2-year high after the BOJ kept its benchmark interest rate at a record low and maintained its QE program. The divergence in monetary policies between the Fed and BOJ also weakened the yen, which boosted Japanese exporter stocks as USD/JPY climbed to a 2-month high.
The dollar index (DXY00 +0.03%) is down -0.06%. EUR/USD (^EURUSD) is up +0.08%. USD/JPY (^USDJPY) is up +0.29% to a 2-month high.
Dec 10-year T-note prices (ZNZ17 +0.01%) are up +1 tick.
As expected, the BOJ kept its benchmark interest rate at -0.1% and said it will maintain its purchases of government bonds to keep the 10-year bond yield at about zero percent.
S&P Global Ratings cut China's sovereign credit rating by one step to A+ from AA-, the first cut since 1999, saying "China's prolonged period of strong credit growth has increased its economic and financial risks."
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) weekly initial unemployment claims (expected +16,000 to 300,000, previous -14,000 to 284,000) and continuing claims (expected +31,000 to 1.975 million, previous -7,000 to 1.944 million), (2) Sep Philadelphia Fed business outlook index (expected -1.7 to 17.2, Aug -0.6 to 18.9), (3) Jul FHFA house price index (expected +0.4% m/m, Jun +0.1% m/m), (4) Aug leading indicators (expected +0.3%, Jul +0.3%), (5) Treasury auctions $11 billion of 10-year TIPS, (6) USDA weekly Export Sales.
Notable Russell 1000 earnings reports today include: none.
U.S. IPO's scheduled to price today: none.
Equity conferences this week: Electronic Design Process Symposium on Thu.
OVERNIGHT U.S. STOCK MOVERS
PRA Group (PRAA +0.17%) was downgraded to 'Underperform' from 'Market Perform' at Raymond James.
Netflix (NFLX -0.09%) was initiated with a 'Buy' at Buckingham Research Group with a 12-month target price of $214.
Anadarko Petroleum (APC +2.40%) jumped over 4% in after-hours trading after its board authorized a $2.5 billion share repurchase program through the end of 2018.
Nvidia (NVDA -0.81%) slid 2% in after-hours trading after CNBC reported that AMD is working with Tesla on a chip for autonomous driving. Nvidia currently supplies Tesla with graphics processing units.
Advanced Micro Devices (AMD +4.73%) climbed 4% in after-hours trading after it said it was working with Tesla on an AI self-drive chip.
Herman Miller (MLHR unch) lost nearly 2% in after-hours trading after the CEO said the company faces "some challenges resulting from the recent storms in Texas and the South East."
Global Blood Therapeutics (GBT +0.35%) rose 3% in after-hours trading after Needham initiated coverage on the stock with a 'Buy' and a price target of $59.
Juno Therapeutics (JUNO +3.22%) fell over 4% in after-hours trading after it announced a $225 million secondary offering of its common stock.
Amphastar Pharmaceuticals (AMPH -0.13%) gained almost 3% in after-hours trading after the company received approval from the FDA for its sodium bicarbonate injection prefilled syringe system.
GSE Systems (GVP +1.82%) rose 2% in after-hours trading after it purchased Absolute Consulting for $8.75 million in cash.
Blue Apron Holdings (APRN -5.26%) gained 3% in after-hours trading on take-over speculation after Albertsons agreed to purchase Plated, another meal-kit service.
VEON Ltd (VEON -0.71%) dropped 4% in after-hours trading after it announced that Telenor East Holding II is offering for sale 90 million shares of VEON.
MARKET COMMENTS
Dec S&P 500 E-mini stock futures (ESZ17 -0.06%) this morning are down -0.50 points (-0.02%). Wednesday's closes: S&P 500 +0.06%, Dow Jones +0.19%, Nasdaq -0.29%. The S&P 500 on Wednesday rose to a new record high and settled higher on the FOMC's confidence in the economy as displayed by its willingness to issue a hawkish interest rate forecast and also raise its 2017 GDP estimate to +2.4% from 2.2%. There was also strength in energy stocks as crude oil prices rose +1.58% to a 3-3/4 month high. Stocks were undercut by the weaker-than-expected U.S. Aug existing home sales report of -1.7% to a 1-year low of 5.35 million (vs expectations of +0.2% to 5.45 million) and the jump in the 10-year T-note yield to a 1-1/2 month high after the FOMC maintained its projection for one more 25 bp rate hike this year and three more next year.
Dec 10-year T-note prices (ZNZ17 +0.01%) this morning are up +1 tick. Wednesday's closes: TYZ7 -11.50, FVZ7 -8.00. Dec 10-year T-notes on Wednesday fell to a 1-1/2 month low and closed lower on the FOMC's projections for one more 25 bp rate hike this year and three more next year and the FOMC's hike in its U.S. 2017 GDP estimate to 2.4% from 2.2%.
The dollar index (DXY00 +0.03%) this morning is down -0.058 (-0.06%). EUR/USD (^EURUSD) is up +0.0010 (+0.08%) and USD/JPY (^USDJPY) is up +0.32 (+0.29%) at a 2-month high. Wednesday's closes: Dollar Index +0.715 (+0.78), EUR/USD -0.0102 (-0.85%), USD/JPY +0.63 (+0.56%). The dollar index on Wednesday rallied to a 2-week high and closed higher on the FOMC's hike in its 2017 U.S. GDP estimate to 2.4% from 2.2% and the FOMC's projections for one more 25 bp rate hike this year and three more rate hikes next year.
Nov crude oil (CLX17 -1.01%) this morning is down -29 cents (-0.57%) and Nov gasoline (RBX17 -0.72%) is -0.0079(-0.49%). Wednesday's closes: Nov WTI crude +0.79 (+1.58%), Nov gasoline +0.0099 (+0.62%). Nov crude oil and gasoline on Wednesday closed higher on the -2.13 million bbl decline in EIA gasoline inventories to a 1-3/4 year low and the -5.693 bbl fall in EIA distillate stockpiles to a 2-year low, more than expectations of -1.95 million bbl.
Metals prices this morning are weaker with Dec gold (GCZ17 -1.51%) -19.5 (-1.48%) at a 3-1/2 week low, Dec silver (SIZ17-1.90%) -0.349 (-2.01%) at a 3-1/2 week low and Dec copper (HGZ17 -1.18%) -0.028 (-0.94% at a 1-month low. Wednesday's closes: Dec gold +5.8 (+0.44%), Dec silver +0.055 (+0.32%), Dec copper -0.0005 (-0.02%). Metals on Wednesday settled mixed. Metals were supported by early weakness in the dollar and by short-covering ahead of the outcome of Wednesday's 2-day FOMC meeting, which happened after the close of metals trading. Copper closed lower after U.S. Aug existing home sales unexpectedly fell -1.7% to a 1-year low of 5.35 million, a sign of weaker copper demand.
GLOBAL EVENT CALENDAR09/21/2017
Thursday, Sep 21
US0830 ETWeekly initial unemployment claims expected +16,000 to 300,000, previous -14,000 to 284,000. Weekly continuing claims expected +31,000 to 1.975 million, previous -7,000 to 1.944 million.
0830 ETSep Philadelphia Fed business outlook index expected -1.7 to 17.2, Aug -0.6 to 18.9.
0830 ETUSDA weekly Export Sales.
0900 ETJul FHFA house price index expected +0.4% m/m, Jun +0.1% m/m.
1000 ETAug leading indicators expected +0.3%, Jul +0.3%.
1100 ETTreasury announces amount of 2-year T-notes (previous $26 billion), 2-year floating-rate notes (previous $13 billion), 5-year T-notes (previous $34 billion) and 7-year T-notes (previous $28 billion) to be auctioned Sep 26-28.
1300 ETTreasury auctions $11 billion 10-year TIPS.
Friday, Sep 22
US0600 ETSan Francisco Fed President John Williams (non-voter) speaks to media prior to taking part in a closed academic conference at the Swiss National Bank in Zurich.
0930 ETKansas City Fed President Esther George delivers opening keynote speech at a conference on global oil supply and demand hosted jointly by the Kansas City and Dallas Fed titled Global Oil Supply & Demand; Prospects for Greater Balance.
0945 ETPreliminary-Sep Markit U.S. manufacturing PMI expected +0.2 to 53.0, Aug -0.5 to 52.8. Sep Markit U.S. services PMI expected -0.2 to 55.8, Aug +1.3 to 56.0.
1330 ETDallas Fed President Robert Kaplan speaks in a moderated Q&A at a conference on global oil supply and demand hosted jointly by the Kansas City and Dallas Fed.
1500 ETUSDA Aug Cold Storage.
1500 ETUSDA Aug Cattle on Feed.
U.S. STOCK CALENDAR09/21/2017

NameTickerTimeDescriptionPeriodEstimate
Darden Restaurants IncDRI USAnnual General Meeting
NIKE IncNKE US13:00Annual General Meeting
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