Showing posts with label ARRS. Show all posts
Showing posts with label ARRS. Show all posts

Thursday, February 23, 2017

MORNING CALL 2/23

Barchart Morning Call

Barchart.com - Thu Feb 23, 6:35AM CST
OVERNIGHT MARKETS AND NEWS
Mar E-mini S&Ps (ESH17 +0.04%) are up +0.06% and European stocks are up +0.08% on strength in energy producing stocks. Chesapeake Energy and Haliburton are both up over 1.5% in pre-market trading on strength in crude oil prices. Apr WTI crude oil (CLJ17 +1.42%) is up +1.31% after the API late Wednesday reported that U.S. crude inventories fell -884,000 bbl last week. European bank stocks are higher as well, led by a 2% gain in Barclays Plc, after it reported that its common equity Tier 1 ratio, a measure of capital strength, rose to 12.4% from 11.6% at the end of Q3, higher than expectations of an increase to 11.8%. Gains in stocks were limited on concern the Fed may raise interest rates sooner than expected after the minutes of the Jan 31-Feb 1 FOMC meeting stated that Fed officials saw a rate increase "fairly soon" if the economy stays on track. Asian stocks settled mostly lower: Japan -0.04%, Hong Kong -0.36%, China -0.30%, Taiwan -0.10%, Australia -0.35%, Singapore +0.49%, South Korea +0.01%, India +0.10%.
The dollar index (DXY00 -0.06%) is up +0.06%. EUR/USD (^EURUSD) is down -0.07%. USD/JPY (^USDJPY) is down -0.04%.
Mar 10-year T-note prices (ZNH17 +0.15%) are up +4.5 ticks.
ECB Executive Board member Praet said that underlying inflation "continues to remain very subdued and has yet to show clear signs of a more dynamic upward movement." He added that "the recovery in the Eurozone is firming," but still relies on a "substantial degree of accommodation."
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) weekly initial unemployment claims (expected +1,000 to 240,000, previous +5,000 to 239,000) and continuing claims (expected -8,000 to 2.068 million, previous -3,000 to 2.076 million), (2) Jan Chicago Fed national activity index (expected -0.14 to 0.00, Dec +0.47 to 0.14), (3) Dec FHFA house price index (expected +0.5%, Nov +0.5% m/m), (4) Feb Kansas City Fed manufacturing activity index (expected unch at 9, Jan unch at 9), (5) Treasury auctions $28 billion of 7-year T-notes, (6) EIA Weekly Petroleum Status Report, (7) USDA Jan Cold Storage.
Notable S&P 500 earnings reports today include: HP Enterprise (consensus $0.44), Kohl's (1.33), Gap (0.51), Nordstrom (1.15), Intuit (0.25), and others.
U.S. IPO's scheduled to price today: none.
Equity conferences: CAGNY Investor Conference on Tue-Fri, Barclays Industrial Select Conference on Wed-Thu, RBC Capital Markets Health Care Conference on Wed-Thu, Cantor Fitzgerald Internet & Technology Services Conference on Thu.
OVERNIGHT U.S. STOCK MOVERS
Home Depot (HD +0.16%) was upgraded to 'Overweight' from 'Equalweight' at Morgan Stanley with a price target of $165.
NVIDIA (NVDA -0.28%) fell 3% in after-hours trading after it was downgraded to 'Reduce' from 'Buy' at Nomura Instinet.
Square (SQ +2.80%) climbed 6% in after-hours trading after it reported Q4 adjusted EPS of 5 cents, above consensus of 3 cents.
Jack in the Box (JACK -3.51%) dropped nearly 10% in after-hours trading after it reported Q1 adjusted operating EPS of $1.18, weaker than consensus of $1.24, and said it sees full-year operating EPS of $4.25-$4.45, below consensus of $4.71.
Ctrip.com International Ltd (CTRP +1.13%) gained over 1% in after-hours trading after it reported Q4 profit per ADS of 17 cents, above consensus of 15 cents.
L Brands (LB +0.75%) plunged 12% in after-hours trading after it said it sees Q1 EPS of 20 cents-25 cents, weaker than consensus of 49 cents, and then lowered guidance on full-year EPS to $3.05-$3.35, weaker than consensus of $3.69.
CoStar Group (CSGP -0.64%) fell over 5% in after-hours trading after it said it sees Q1 adjusted EPS of 92 cents-97 cents, weaker than consensus of $1.13, and lowered guidance on full-year adjusted EPS to $4.18-$4.28, below consensus of $4.95.
Boston Beer Co. (SAM -1.13%) declined 7% in after-hours trading after it said it sees full-year EPS of $4.20 to $6.20, below consensus of $6.44.
ARRIS International PLC (ARRS +2.50%) tumbled over 8% in after-hours trading after it said it will buy Brocade's Ruckus Wireless and ICX units for $800 million.
Tessera Holding (TSRA unch) sank nearly 9% in after-hours trading after it reported Q4 adjusted EPS of 45 cents, well below consensus of 58 cents, and said it sees Q1 revenue of $60 million-$63 million, less than consensus of $72.9 million.
AxoGen (AXGN -0.94%) lost 3% in after-hours trading after it reported a Q4 adjusted loss per share of -10 cents, wider than consensus of -9 cents.
Ultra Clean Holdings (UCTT +1.62%) surged over 10% in after-hours trading after it reported Q4 revenue of $174.5 million, better than consensus of $173 million, and then said it expects Q1 revenue of $190 million-$197 million, above consensus of $168.3 million.
Bellicum Pharmaceuticals (BLCM -4.48%) climbed nearly 5% in after-hours trading after it said updated results from a BP-004 trial of its BPX-501 and rimiducid show "consistent, durable outcomes" at 6 and 12 months with rapid immune recovery in patients with inherited blood disorders and hematological cancers and "very low" incidence of graft-versus-host disease.
Endologix (ELGX +0.62%) dropped nearly 6% in after-hours trading after it reported Q4 revenue of $47.5 million, less than consensus of $48.7 million.
Foundation Medicine (FMI -2.45%) fell 5% in after-hours trading after it reported Q4 revenue of $28.8 million, below consensus of $29.2 million.
MARKET COMMENTS
Mar E-mini S&Ps (ESH17 +0.04%) this morning are up +1.50 ponts (+0.06%). Wednesday's closes: S&P 500 -0.11%, Dow Jones +0.16%, Nasdaq +0.03%. The S&P 500 on Wednesday closed slightly lower on the Jan 31-Feb 1 FOMC meeting minutes that said policy makers saw a Fed rate hike "fairly soon." There was also weakness in energy producing stocks as the price of crude oil fell -0.85%. A supportive factor was the +3.5% rise in U.S. Jan existing home sales to a 9-3/4 year high of 5.69 million.
Mar 10-year T-notes (ZNH17 +0.15%) this morning are up +4.5 ticks. Wednesday's closes: TYH7 +2.00, FVH7 +1.00. Mar 10-year T-notes on Wednesday rose to a 1-week high and closed higher on carry-over support from a rally in German bunds to a 1-1/2 month high on increased safe-haven demand due to political risks in France. T-notes were also boosted by the -0.85% slide in crude oil prices, which reduced inflation expectations. T-note prices were undercut by the larger-than-expected increase in U.S. Jan existing home sale to their highest in 9-3/4 years, and by weak demand for the Treasury's $34 billion 5-year T-note auction that had a bid-to-cover ratio of 2.29, weaker than the 12-auction average of 2.45 and the lowest in 7 months.
The dollar index (DXY00 -0.06%) this morning is up +0.06 (+0.06%). EUR/USD (^EURUSD) is down -0.0007 (-0.07%). USD/JPY (^USDJPY) is down -0.04 (-0.04%). Wednesday's closes: Dollar index -0.15 (-0.15%), EUR/USD +0.0022 (+0.21%), USD/JPY -0.37 (-0.33%). The dollar index on Wednesday closed lower on a recovery in EUR/USD which rebounded from a 5-week low and moved higher on reduced French presidential election concerns after candidate Bayrou dropped out of the race and said he will back candidate Macron, which improves Macron's chances that he will beat Marine Le Pen in the French presidential election. The dollar was supported by the larger-than-expected increase in U.S. Jan existing home sales and by the minutes of the Jan 31-Feb 1 FOMC meeting that said that many FOMC members supported a Fed rate hike "fairly soon."
Apr WTI crude oil (CLJ17 +1.42%) prices this morning are up +70 cents (+1.31%) and Apr gasoline (RBJ17 +0.97%) is up +0.0148 (+0.85%). Wednesday's closes: Apr crude -0.46 (-0.85%), Apr gasoline +0.0109 (+0.63%). Apr crude oil and gasoline on Wednesday settled mixed. Crude oil prices were boosted by a weaker dollar and the jump in the crack spread to a 3-1/2 month high, which may boost crude demand from refineries to refine crude into gasoline. Crude oil closed lower on expectations for Thursday's weekly EIA crude inventories to climb +3.5 million bbl to another record high.
GLOBAL EVENT CALENDAR02/23/2017
Thursday, Feb 23
US0830 ETWeekly initial unemployment claims expected +1,000 to 240,000, previous +5,000 to 239,000. Weekly continuing claims expected -11,000 to 2.065 million, previous -3,000 to 2.076 million.
0830 ETJan Chicago Fed national activity index expected -0.17 to -0.03, Dec +0.47 to 0.14.
0900 ETDec FHFA house price index expected +0.5%, Nov +0.5% m/m. Q4 house price purchase index expected +0.4% q/q, Q3 +1.5% q/q.
1100 ETFeb Kansas City Fed manufacturing activity expected unch at 9, Jan unch at 9.
1100 ETEIA Weekly Petroleum Status Report.
1300 ETTreasury auctions $28 billion of 7-year T-notes.
1500 ETUSDA Jan Cold Storage.
Friday, Feb 24
US0830 ETUSDA weekly Export Sales.
1000 ETJan new home sales expected +6.5% to 571,000, Dec -10.4% to 536,000.
1000 ETRevised-Feb University of Michigan U.S. consumer sentiment expected +0.3 to 96.0, prelim-Feb -2.8 to 95.7.
1500 ETUSDA Jan Cattle on Feed.
U.S. STOCK CALENDAR02/23/2017
CompanyTickerTimeEvent DescriptionPeriodEstimate
Hormel Foods CorpHRL USBf-mktQ1 2017 Earnings ReleaseQ1 20170.451
Patterson Cos IncPDCO USBf-mktQ3 2017 Earnings ReleaseQ3 20170.574
Chesapeake Energy CorpCHK USBf-mktQ4 2016 Earnings ReleaseQ4 20160.061
Iron Mountain IncIRM USBf-mktQ4 2016 Earnings ReleaseQ4 20160.398
LKQ CorpLKQ USBf-mktQ4 2016 Earnings ReleaseQ4 20160.392
Kohl's CorpKSS US7:00Q4 2017 Earnings ReleaseQ4 20171.34
Apache CorpAPA US7:30Q4 2016 Earnings ReleaseQ4 20160.067
Kohl's CorpKSS US8:30Q4 2017 Earnings CallQ4 2017
Iron Mountain IncIRM US8:30Q4 2016 Earnings CallQ4 2016
Hormel Foods CorpHRL US9:00Q1 2017 Earnings CallQ1 2017
L Brands IncLB US9:00Q4 2017 Earnings CallQ4 2017
Range Resources CorpRRC US9:00Q4 2016 Earnings CallQ4 2016
Chesapeake Energy CorpCHK US9:00Q4 2016 Earnings CallQ4 2016
Transocean LtdRIG US9:00Q4 2016 Earnings CallQ4 2016
Patterson Cos IncPDCO US10:00Q3 2017 Earnings CallQ3 2017
LKQ CorpLKQ US10:00Q4 2016 Earnings CallQ4 2016
Public StoragePSA US13:00Q4 2016 Earnings CallQ4 2016
Apache CorpAPA US14:00Q4 2016 Earnings CallQ4 2016
Realty Income CorpO US14:30Q4 2016 Earnings CallQ4 2016
Gap Inc/TheGPS US16:15Q4 2017 Earnings ReleaseQ4 20170.502
Intuit IncINTU US16:30Q2 2017 Earnings CallQ2 2017
Nordstrom IncJWN US16:45Q4 2017 Earnings CallQ4 2017
Gap Inc/TheGPS US17:00Q4 2017 Earnings CallQ4 2017
Hewlett Packard Enterprise CoHPE US17:00Q1 2017 Earnings CallQ1 2017
Southwestern Energy CoSWN USAft-mktQ4 2016 Earnings ReleaseQ4 20160.123
Alliant Energy CorpLNT USAft-mktQ4 2016 Earnings ReleaseQ4 20160.283
Nordstrom IncJWN USAft-mktQ4 2017 Earnings ReleaseQ4 20171.153
Intuit IncINTU USAft-mktQ2 2017 Earnings ReleaseQ2 20170.28
Hewlett Packard Enterprise CoHPE USAft-mktQ1 2017 Earnings ReleaseQ1 20170.442
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Wednesday, March 16, 2016

MORNING CALL 3/16

MORNING CALL

OVERNIGHT MARKETS AND NEWS
Jun E-mini S&Ps (ESM16 -0.04%) are unchanged ahead of the outcome of today's FOMC meeting and press conference from Fed Chair Yellen. Gains in mining stocks and energy producers are supporting the overall market as the price of crude oil and copper gain. European stocks are up +0.12% as a rally in automakers leads the market higher after data from the European Automobile Manufacturers' Association showed European new car registrations rose for a 30th month in Feb. Asian stocks settled mixed: Japan -0.83%, Hong Kong -0.15%, China +0.21%, Taiwan +1.02%, Australia +0.15%, Singapore +0.17%, South Korea +0.22%, India +0.53%.
The dollar index (DXY00 +0.25%) is up +0.23%. EUR/USD (^EURUSD) is down -0.20%. USD/JPY (^USDJPY) is up +0.36% as the yen weakened after comments from BOJ Governor Kuroda who said that a negative -0.5% Japanese benchmark rate was a possibility.
Jun T-note prices (ZNM16 +0.06%) are unchanged.
BOJ Governor Kuroda told a Japanese parliamentary committee that "looking at Europe, theoretically, there is a lot of room" to cut the negative interest rate further. He added that a cut in the interest rate to -0.5% was a possibility.
Eurozone Feb new car registrations rose +14.3% y/y t0 1.057 million, the 30th consecutive month that new car registrations have increased.
U.S. STOCK PREVIEW
Key U.S. news today includes: weekly MBA mortgage applications (previous +0.2% with purchase sub-index +4.2% and refi sub-index -2.3%), (2) Feb housing starts (expected +4.6% to 1.150 million, Jan -3.8% to 1.099 million), (3) Feb CPI (expected -0.2% m/m and +0.9% y/y, Jan unch m/m and +1.4% y/y) and Feb CPI ex food & energy (expected +0.2% m/m and +2.2% y/y, Jan +0.3% m/m and +2.2% y/y), (4) Feb industrial production (expected -0.3%, Jan +0.9%), and (5) the FOMC post-meeting statement and a press conference by Fed Chair Yellen.
There are 3 of the Russell 1000 companies that report earnings today: FedEx (consensus $2.34), Williams-Sonoma (1.58), Jabil Circuit (0.60).
U.S. IPO's scheduled to price today: Hutchison China MediTech (HCM).
Equity conferences during the remainder of this week include: Citi Global Property CEO Conference on Mon-Wed, Bank of America Merrill Lynch Consumer & Retail Tech Conference on Tue-Wed, Barclays Emerging Payments Forum on Tue-Wed, Barclays Capital Global Health Care Conference on Tue-Thu,
3rd Annual Pharma Customer Experience Summit 2016 on Wed, Goldman Sachs Innovation Symposium on Wed, Bank of America Merrill Lynch Global Industrials & EU Autos Conference on Wed-Thu, Evercore ISI Retail Summit on Wed-Thu, ACI European Food & Beverage Plastic Packaging Conference on Thu, and Citigroup Retail Madness Conference on Thu.


OVERNIGHT U.S. STOCK MOVERS
Oracle (ORCL +0.10%) rallied over 4% in pre-market trading after it reported Q3 adjusted EPS of 64 cents, higher than consensus of 62 cents.
Chipotle Mexican Grill (CMG -2.47%) is down nearly 6% in pre-market trading after it said it expects a Q1 EPS loss of -$1.00, much weaker than consensus for a 3 cent gain.
Kraft Heinz (KHC +0.27%) and Monster Beverage (MNST +0.02%) were both added to the 'Conviction Buy' list at Goldman Sachs.
Valeant Pharmaceuticals International (VRX -51.46%) slid 6% in pre-market trading after the stock plunged more than 51% yesterday.
LinkedIn (LNKD -1.45%) dropped nearly 5% in pre-market trading after it was downgraded to 'Equalweight' from 'Overweight' at Morgan Stanley.
Achaogen (AKAO -1.63%) was downgraded to 'Hold' from 'Buy' at Needham & Co.
Casey's General Stores (CASY +0.80%) reported that its February same-store-sales for grocery and other merchandise rose +12% y/y.
Relypsa (RLYP -9.95%) climbed over 3% in after-hours trading after it reported that 812 new patients started taking its Veltassa last month versus 409 in January.
Caleres (CAL -0.79%) dropped over 8% in after-hours trading after it lowered guidance on full-year adjusted EPS to $2.00-$2.10, below consensus of $2.22.
Osiris Therapeutics (OSIR -4.29%) reported that it received a subpoena from the SEC about its accounting practices.
Xcel Brands (XELB +4.58%) jumped nearly 7% in after-hours trading after it reported Q4 adjusted EPS of 10 cents, higher than consensus of 7 cents.
Tronox Ltd. (TROX -6.96%) rose over 3% in after-hours trading on signs of insider buying after Tronox SVP Willlem Van Niekerk reported that he bought another 4,600 shares of stock.
MARKET COMMENTS
Jun E-mini S&Ps (ESM16 -0.04%) this morning are unchanged. Tuesday's closes: S&P 500 -0.18%, Dow Jones +0.13%, Nasdaq -0.01%. The S&P 500 on Tuesday closed lower on concern about weak consumer spending after the Feb retail sales report of -0.1% and -0.1% ex-autos and the downward revision in Jan retail sales to -0.4% and -0.4% ex-autos from +0.2% and +0.1% ex-autos. There was also weakness in energy producers after crude oil dropped to a 1-week low.
Jun 10-year T-notes (ZNM16 +0.06%) this morning are unchanged. Tuesday's closes: TYM6 -0.50, FVM6 -2.25. Jun T-notes on Tuesday closed little changed. T-notes were undercut by the +17.26 point increase in the Mar Empire manufacturing survey of business conditions to an 8-month high of 0.62 (stronger than expectations of +6.14 to -10.50) and by some position-squaring ahead of Wednesday's FOMC meeting outcome, which could be a bit more hawkish in tone than the market expects. T-notes received support from the weak retail sales report and March NAHB housing index report and by the mildly lower close in stocks.
The dollar index (DXY00 +0.25%) this morning is up +0.223 (+0.23%). EUR/USD (^EURUSD) is down -0.0022 (-0.20%). USD/JPY (^USDJPY) is up +0.41 (+0.26%). Tuesday's closes: Dollar Index +0.009 (+0.01%), EUR/USD +0.0006 (+0.05%), USD/JPY -0.64 (-0.56%). The dollar index on Tuesday closed little changed. The dollar received a boost from the stronger-than-expected Mar Empire manufacturing survey business conditions index that rose to an 8-month high and bolstered the case for the Fed to keep raising interest rates. However, the dollar index was undercut by the weak U.S. retail sales report and by some strength in the yen which received a boost after the BOJ left its policy unchanged and refrained from expanding stimulus measures.
Apr WTI crude (CLJ16 +2.09%) this morning is up +72 cents (+1.98%) and Apr gasoline (RBJ16 +0.48%) is up +0.0027 (+0.19%). Tuesday's closes: CLJ6 -0.84 (-2.26%), RBJ6 -0.0146 (-1.03%). Apr crude and gasoline on Tuesday closed lower with Apr crude at a 1-week low. Crude oil prices were undercut by Russian Energy Minister Novak's comment that Iran has "reasonable arguments" for not joining other major producers in freezing production and by expectations for Wednesday's weekly EIA crude inventories to increase by +2.75 million bbl.
GLOBAL EVENT CALENDAR03/16/2016
US0700 ETWeekly MBA mortgage applications, previous +0.2% with purchase sub-index +4.2% and refi sub-index -2.3%.
0830 ETFeb housing starts expected +4.6% to 1.150 million, Jan -3.8% to 1.099 million. Feb building permits expected 0.2% to 1.200 million, Jan unch at 1.202 million.
0830 ETFeb CPI expected -0.2% m/m and +0.9% y/y, Jan unch m/m and +1.4% y/y. Feb CPI ex food & energy expected +0.2% m/m and +2.2% y/y, Jan +0.3% m/m and +2.2% y/y.
0915 ETFeb industrial production expected -0.3%, Jan +0.9%. Feb manufacturing production expected +0.1%, Jan +0.5%. Feb capacity utilization expected -0.2 to 76.9%, Jan 77.1%.
1030 ETEIA Weekly Petroleum Status Report.
1400 ETFOMC announces interest rate decision; no change expected to the 0.25%-0.50% fed funds rate target.
1430 ETFed Chair Janet Yellen holds press conference following FOMC meeting.
JPN0200 ETRevised Japan Feb machine tool orders.
1950 ETJapan Feb trade balance expected +400.2 billion yen, Jan -648.5 billion yen. Feb exports expected -3.0% y/y, Jan -12.9% y/y. Feb imports expected -15.8% y/y, Jan -17.8% y/y.
EUR0300 ETEurozone Feb new car registrations, Jan +6.2% y/y.
0600 ETEurozone Jan construction output, Dec -0.6% m/m and -0.4% y/y.
UK0530 ETUK Feb jobless claims change expected -9,100, Jan -14,800. Feb claimant count rate expected unch at 2.2%.
0530 ETUK Jan avg weekly earnings expected +2.0% 3-month avg y/y, Dec +1.9% 3-month avg y/y.
0530 ETUK Jan avg weekly earnings ex-bonus expected +2.1% 3-month avg y/y, Dec +2.0% 3-month avg y/y.
0530 ETUK Jan ILO unemployment rate expected unch at 5.1% for the three months through Jan, previous 5.1% for the 3-months through Dec.
U.S. STOCK CALENDAR03/16/2016
CompanyTickerTimeEvent DescriptionPeriodEstimate
Mallinckrodt PLCMNK US5:30Annual General Meeting
ARRIS International PLCARRS US8:00Investor & Analyst DayY 2016
MDU Resources Group IncMDU US9:00Investor MeetingY 2016
Expedia IncEXPE US10:00Investor & Analyst MeetingY 2016
Jabil Circuit IncJBL US16:02Q2 2016 Earnings ReleaseQ2 20160.596
FedEx CorpFDX US16:15Q3 2016 Earnings ReleaseQ3 20162.337
Jabil Circuit IncJBL US16:30Q2 2016 Earnings CallQ2 2016
FedEx CorpFDX US17:00Q3 2016 Earnings CallQ3 2016
Williams-Sonoma IncWSM US17:00Q4 2016 Earnings CallQ4 2016
Williams-Sonoma IncWSM USAft-mktQ4 2016 Earnings ReleaseQ4 20161.582
Progressive Corp/ThePGR USFebruary 2016 Sales and Revenue Release2016
Questar CorpSTR USRoadshow - New YorkY 2016
Agilent Technologies IncA USAnnual General Meeting
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Thursday, February 18, 2016

Morning Call 2/18

Morning Call 
OVERNIGHT MARKETS AND NEWS
March E-mini S&Ps (ESH16 +0.42%) are up +0.36% at a 2-week high and European stocks are up +1.06% at a 1-1/2 week high as crude oil moved higher and after St. Louis Fed President Bullard said the Fed should delay interest rate hikes. U.S. stock index futures fell back from their best levels as Wal-Mart slid 3% in pre-market trading after it lowered its sales forecast for the year. Mar crude is up +2.45% at a 2-week high after API data late Wednesday showed U.S. crude inventories fell -3.26 million bbl and St. Louis Fed President Bullard said that recent turmoil that has contributed to a decline in inflation expectations gives the Fed scope to delay further interest rate increases. Asian stocks settled mostly higher: Japan +2.28%, Hong Kong +2.32%, China-0.16%, Taiwan +1.22%, Australia +2.25%, Singapore +1.67%, South Korea +1.21%, India +1.14%. China's Shanghai Composite retreated from a 3-week high and closed lower after government data showed inflation picked up in January on rising food prices.
The dollar index (DXY00 +0.12%) is up +0.10%. EUR/USD (^EURUSD) is down -0.28%. USD/JPY (^USDJPY) is down -0.23%.
Mar T-note prices (ZNH16 -0.02%) are down -1 tick.
St. Louis Fed President Bullard suggested Wednesday evening that he favors delaying further interest rate hikes when he said "I regard it as unwise to continue a normalization strategy in an environment of declining market-based inflation expectations."
The Organization for Economic Cooperation and Development (OECD) cut its 2016 global GDP forecast to 3.0%, down from a 3.3% projection in Nov, citing a slowdown in Germany and the U.S. along with exchange-rate volatility that may hurt emerging markets.
The China Jan CPI rose +1.8% y/y, weaker than expectations of +1.9% y/y, but still the fastest pace of increase in 5 months. Jan PPI fell -5.3% y/y, a smaller decline than expectations of -5.4% y/y.
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) weekly initial unemployment claims (expected +6,000 to 275,000, previous -16,000 to 269,000) and continuing claims (expected +11,000 to 2.250 million, previous -21,000 to 2.239 million), (2) Feb Philadelphia Fed business outlook index (expected +0.5 to -3.0, Jan +6.7 to-3.5), (3) Jan leading indicators (expected -0.2%, Dec -0.2%), (4) the Treasury's auction of $7 billion of 30-year TIPS, (5) San Francisco Fed President John Williams' speech on the economic outlook at an event in Los Angeles, and (6) EIA Weekly Petroleum Status Report.
There are 20 of the S&P 500 companies that report earnings today with notable reports including: Wal-Mart (consensus $1.46), PG&E (0.44), Waste Management (0.8), Duke Energy (0.91), Nordstrom (1.21), Applied Materials (0.26), Fluor (0.93).
U.S. IPO's scheduled to price today: none.
Equity conferences during the remainder of this week include: none.



OVERNIGHT U.S. STOCK MOVERS
NVIDIA (NVDA +2.48%) jumped nearly 8% in pre-market trading after it reported Q4 adjusted EPS of 52 cents, higher than consensus of 43 cents.
Wal-Mart (WMT +0.32%) slid 3% in pre-market tradng after it reported Q4 revenue of $129.7 billion, below consensus of $130.6 billion, and cut its yearly sales forecast to "relatively flat" from a previous view of up 3%-4%.
Brocade Communications Systems (BRCD +3.02%) rallied over 5% in after-hours trading after it reported Q1 adjusted EPS of 29 cents, above consensus of 24 cents.
Williams Cos. (WMB +4.53%) lost over 2% in after-hours trading after it reported Q4 adjusted EPS continuing operations of 1 cent, weaker than consensus of 27 cents.
Intercept Pharmaceuticals (ICPT +5.42%) rose over 5% in after-hours trading after departing CFO Barbara Duncan said she will delay her departure date of June 30 if no successor is in office by that time.
CF Industries (CF +1.80%) fell over 4% in after-hours trading after it reported Q4 adjusted EPS of 76 cents, below consensus of 82 cents.
Synopsys (SNPS +1.51%) climbed 6% in after-hours trading after it reported Q1 adjusted EPS of 68 cents, above consensus of 62 cents and then raised guidance on Q2 adjusted EPS to 78 cents-81 cents, above consensus of 70 cents.
Marriott International (MAR +2.49%) dropped over 2% in after-hours trading after it lowered guidance on Q1 EPS to 81 cents-85 cents, weaker than consensus of 89 cents.
Capital One Financial (COF +1.51%) gained over 1% in after-hours trading after it said its board authorized an additional $300 million to its stock buyback plan.
ARRIS International PLC (ARRS +2.11%) dropped 5% in after-hours trading after it said it sees Q1 adjusted EPS of 37 cents-42 cents, below consensus of 53 cents.
Tyler Technologies (TYL +3.47%) slip nearly 8% in after-hours trading after it reported Q4 adjusted EPS of 59 cents, below consensus of 66 cents, and then lowered guidance on fiscal 2016 adjusted EPS to $3.33-$3.45, below consensus of $3.55.
Jack in the Box (JACK +2.68%) tumbled 20% in pre-market trading after it reported Q1 adjusted EPS of 93 cents, below consensus of $1.03.
Lattice Semiconductor (LSCC unch) slid over 2% in after-hours trading after it reported Q4 revenue of $101.3 million, below consensus of $110.3 million.
Aerie Pharmaceuticals (AERI +6.46%) jumped 15% in after-hours trading after it reported successful 12-month safety results in its Phase 3 trial for its Rhopressa once-daily eye drop for its ability to lower intraocular pressure in patients with glaucoma or ocular hypertension.
Ingram Micro (IM +0.78%) surged over 20% in after-hours trading after Tianjin Tianhai bought the company for $6 billion or $38.90 a share.
MARKET COMMENTS
Mar E-mini S&Ps (ESH16 +0.42%) this morning are up +7.00 points (+0.36%) at a 2-week high. Wednesday's closes: S&P 500 +1.65%, Dow Jones +1.59%, Nasdaq +2.31%. The S&P 500 on Wednesday climbed to a 2-week high and closed higher on a rally in bank stocks and retailers that had been beaten down to start the year, the +0.5% increase in U.S. Jan manufacturing production (stronger than expectations of +0.2% and the largest increase in 6 months), and the +5% jump in crude oil, which sparked a rally in energy producer stocks.
Mar 10-year T-notes (ZNH16 -0.02%) this morning are down -1 tick. Wednesday's closes: TYH6 -15.00, FVH6 -7.50. Mar T-notes on Wednesday dropped to a 1-week low and closed lower on reduced safe-haven demand with the rally in the S&P 500 to a 2-week high, the larger-than-expected increase in U.S. Jan PPI, and the stronger-than-expected U.S. Jan manufacturing and industrial production reports.
The dollar index (DXY00 +0.12%) this morning is up +0.099 (+0.10%). EUR/USD (^EURUSD) is down -0.0031 (-0.28%). USD/JPY (^USDJPY) is down-0.26 (-0.23%). Wednesday's closes: Dollar Index +0.082 (-0.08%), EUR/USD -0.0016 (-0.14%), USD/JPY +0.03 (+0.03%). The dollar index on Wednesday closed lower on the rally in crude oil that benefited the oil-exporting currencies of Russia and Canada as the Russian ruble rallied to a 2-week high and the Canadian dollar climbed to a 1-week high against the U.S. dollar. The dollar was also undercut by the minutes of the Jan 26-27 FOMC meeting that stated policy makers saw increased downside risks, which may keep the Fed from additional rate hikes.
Mar WTI crude (CLH16 +3.03%) this morning is up +75 cents (+2.45%) and Mar gasoline (RBH16 +1.24%) is up +0.0092 (+0.92%). Wednesday's closes: CLH6 +1.62 (+5.58%), RBH6 +0.0325 (+3.35%). Mar crude and gasoline on Wednesday closed higher on comments from Iran's Oil Minister Bijan Zanganeh who said that Iran supports cooperation between OPEC and non-OPEC countries and supports an accord by Saudi Arabia and Russia to cap their crude output at Jan levels. Mar crude oil was also boosted by signs of strength in the U.S. economy that is positive for energy demand after U.S. Jan manufacturing production rose +0.5%, the most in 6 months.
GLOBAL EVENT CALENDAR02/18/2016
US0830 ETWeekly initial unemployment claims expected +6,000 to 275,000, previous -16,000 to 269,000. Weekly continuing claims expected +11,000 to 2.250 million, previous -21,000 to 2.239 million.
0830 ETFeb Philadelphia Fed business outlook survey expected +0.5 to -3.0, Jan +6.7 to -3.5.
1000 ETJan leading indicators expected -0.2%, Dec -0.2%.
1100 ETEIA Weekly Petroleum Status Report.
1100 ETTreasury announces amount of 2-year T-notes (previous $26 billion, 2-year floating-rate notes (previous $15 billion), 5-year T-notes (previous $35 billion) and 7-year T-notes (previous $29 billion) to be auctioned Feb 23-25.
1300 ETTreasury auctions $7 billion 30-year TIPS.
1530 ETSan Francisco Fed President John Williams delivers a speech on the economic outlook at an event in Los Angeles, CA.
EUR0400 ETEurozone Dec current account balance, Nov +29.8 billion euros (nsa).
JPN2330 ETJapan Dec all-industry activity index expected -0.3% m/m, Nov -1.0% m/m.
U.S. STOCK CALENDAR02/18/2016
CompanyTickerTimeEvent DescriptionPeriodEstimate
Entergy CorpETR USBef-mktQ4 2015 Earnings ReleaseQ4 20151.448
Laboratory Corp of America HoldingsLH USBef-mktQ4 2015 Earnings ReleaseQ4 20151.989
NiSource IncNI USBef-mktQ4 2015 Earnings ReleaseQ4 20150.3
PG&E CorpPCG USBef-mktQ4 2015 Earnings ReleaseQ4 20150.44
SCANA CorpSCG USBef-mktQ4 2015 Earnings ReleaseQ4 20150.746
Wal-Mart Stores IncWMT USBef-mktQ4 2016 Earnings ReleaseQ4 20161.46
Welltower IncHCN USBef-mktQ4 2015 Earnings ReleaseQ4 20151.121
Waste Management IncWM USBef-mktQ4 2015 Earnings ReleaseQ4 20150.677
Columbia Pipeline Group IncCPGX USBef-mktQ4 2015 Earnings ReleaseQ4 20150.18
Perrigo Co PLCPRGO US6:00Q4 2015 Earnings ReleaseQ4 20151.927
Starwood Hotels & Resorts Worldwide IncHOT US6:30Q4 2015 Earnings ReleaseQ4 20150.789
Duke Energy CorpDUK US7:00Q4 2015 Earnings ReleaseQ4 20150.909
Wal-Mart Stores IncWMT US7:00Q4 2016 Earnings CallQ4 2016
Discovery Communications IncDISCA US7:00Q4 2015 Earnings ReleaseQ4 20150.443
Perrigo Co PLCPRGO US8:00Q4 2015 Earnings CallQ4 2015
Discovery Communications IncDISCA US8:30Q4 2015 Earnings CallQ4 2015
Laboratory Corp of America HoldingsLH US9:00Q4 2015 Earnings CallQ4 2015
NiSource IncNI US9:00Q4 2015 Earnings CallQ4 2015
Marathon Oil CorpMRO US9:00Q4 2015 Earnings CallQ4 2015
CF Industries Holdings IncCF US9:00Q4 2015 Earnings CallQ4 2015
Columbia Pipeline Group IncCPGX US9:00Q4 2015 Earnings CallQ4 2015
Newmont Mining CorpNEM US9:30Q4 2015 Earnings CallQ4 2015
Williams Cos Inc/TheWMB US9:30Q4 2015 Earnings CallQ4 2015
Duke Energy CorpDUK US10:00Q4 2015 Earnings CallQ4 2015
Welltower IncHCN US10:00Q4 2015 Earnings CallQ4 2015
Waste Management IncWM US10:00Q4 2015 Earnings CallQ4 2015
Marriott International Inc/MDMAR US10:00Q4 2015 Earnings CallQ4 2015
Entergy CorpETR US11:00Q4 2015 Earnings CallQ4 2015
PG&E CorpPCG US12:00Q4 2015 Earnings CallQ4 2015
Starwood Hotels & Resorts Worldwide IncHOT US13:00Q4 2015 Earnings CallQ4 2015
SCANA CorpSCG US15:00Q4 2015 Earnings CallQ4 2015
Applied Materials IncAMAT US16:30Q1 2016 Earnings CallQ1 2016
Nordstrom IncJWN US16:45Q4 2016 Earnings CallQ4 2016
Consolidated Edison IncED USAft-mktQ4 2015 Earnings ReleaseQ4 20150.538
Nordstrom IncJWN USAft-mktQ4 2016 Earnings ReleaseQ4 20161.213
Applied Materials IncAMAT USAft-mktQ1 2016 Earnings ReleaseQ1 20160.256
Flowserve CorpFLS USAft-mktQ4 2015 Earnings ReleaseQ4 20150.916
Fluor CorpFLR USAft-mktQ4 2015 Earnings ReleaseQ4 20150.931
Equinix IncEQIX USAft-mktQ4 2015 Earnings ReleaseQ4 20153.071
Fluor CorpFLR US17:30Q4 2015 Earnings CallQ4 2015
Equinix IncEQIX US17:30Q4 2015 Earnings CallQ4 2015
Quanta Services IncPWR USQ4 2015 Earnings ReleaseQ4 20150.284
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