Showing posts with label AVXS. Show all posts
Showing posts with label AVXS. Show all posts

Tuesday, June 20, 2017

Morning Call 6/20

Barchart Morning Call

Barchart.com - 1 hour ago
OVERNIGHT MARKETS AND NEWS
Sep E-mini S&Ps (ESU17 unch) this morning are up +0.01% and European stocks are up +0.18% at a 2-week high. European stocks moved higher Tuesday on the heels of Monday's rally in U.S. markets where the S&P 500 climbed to a new all-time high. Gains were limited as energy stocks moved lower with Aug WTI crude oil (CLQ17 -1.85%) down -1.78% at a 7-month low on concern that rising Libyan oil production will increase the global oil surplus. According to people with knowledge of the matter, Libyan oil output is now at 900,000 bpd, the most in 4-years, after a deal with Wintershall AG enabled at least two more Libyan oil fields to resume production. Asian stocks settled mixed: Japan +0.81%, Hong Kong-0.31%, China -0.14%, Taiwan +0.72%, Australia -0.83%, Singapore -0.52%, South Korea +0.23%, India -0.04%. Chinese stocks closed slightly lower ahead of tomorrow’s decision by MSCI on whether it will include Chinese stocks in its benchmark share indexes. Japan's Nikkei Stock Index climbed to a 1-3/4 year high and garnered support from Monday's rally in the S&P 500 to a new record high spurred on by comments from New York Fed President Dudley who said the U.S. economic expansion "has a long way to go." Japanese exporters also rallied on improved earnings prospects after USD/JPY rose to a 3-week high.
The dollar index (DXY00 +0.10%) is up +0.06% at a 3-week high. EUR/USD (^EURUSD) is up +0.03%. USD/JPY (^USDJPY) is up +0.03% at a 3-week high.
Sep 10-year T-note prices (ZNU17 unch) are up +1.5 ticks.
Fed Vice Chair Fischer said a long period of low interest rates may have contributed to "high and rising" home prices in several countries. He added that the social benefits of home-ownership "come at a cost" through tax treatment and government assumption of risk and that "the world as we know it cannot afford another pair of crisis of the magnitude of the Great Recession and the Global Financial Crisis."
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) Fed Vice Chair Stanley Fischer is keynote speaker at a macroprudential conference in Amsterdam jointly hosted by the Dutch and Swedish central banks, (2) Boston Fed President Eric Rosengren (non-voter) speaks at a macroprudential conference in Amsterdam jointly hosted by the Dutch and Swedish central banks, (3) Q1 current account balance (expected -$122.4 billion, Q4 -$112.4 billion), (4) Dallas Fed President Robert Kaplan (voter) discusses current economic conditions and monetary policy with the Commonwealth Club in San Francisco.
Notable Russell 2000 earnings reports today include: FedEx (consensus $3.87), Adobe (0.95), Red Hat (0.53), Lennar (0.79).
U.S. IPO's scheduled to price today: none.
Equity conferences this week: Goldman Sachs Leveraged Finance Conference on Tue, JMP Group Securities Life Sciences Conference on Tue, Macquarie Group Ltd Global Quantitative Research Conference on Tue, Jefferies Global Consumer Conference on Tue-Wed, Oppenheimer Consumer Conference on Tue-Wed, Tudor Picker & Holt Hotter N Hell Energy Conference on Tue-Thu, Wells Fargo Securities West Coast Energy Conference on Tue-Wed, SunTrust Robinson Utilities & Power Summit on Thu, Wells Fargo Securities 5G Forum on Thu.



OVERNIGHT U.S. STOCK MOVERS
Tesla (TSLA -0.43%) gained over 2% in pre-market trading after it said it is close to an agreement to produce its electric cars in China.
Costco Wholesale (COST -1.66%) was upgraded to 'Buy' from 'Neutral' at Northcoast with a price target of $190.
Goodyear (GT +0.36%) was upgraded to 'Buy' from 'Hold' at Jeffries with a 12-month target price of $39.
O'Reilly Automotive (ORLY -0.44%) was downgraded to 'Neutral' from 'Positive' at Susquehanna.
Galapagos NV (GLPG +3.69%) was initiated with a 'Buy' rating at BTIG LLC with a 12-month target price of $98.
Owens Corning (OC +2.60%) ws upgraded to 'Neutral' from 'Underperform' at Macquarie Research.
Clovis Oncology (CLVS +46.54%) lost 1% in after-hours trading after it proposed an underwritten public offering of $250 million of its common stock.
Reliance Steel & Aluminum (RS +0.10%) dropped over 6% in after-hours trading after it lowered guidance on Q2 EPS to $1.30-$1.40 from an April 27 estimate of $1.50-$1.60, citing "challenging" conditions.
Chipotle Mexican Grill (CMG +1.73%) fell 2% in after-hours trading after it said it expects expenses to r1se as much as 0.3% this quarter as it spends more on marketing and promotions to bounce back from a food-safety crisis.
Fidus Investment (FDUS +1.00%) lost 1% in after-hours trading after it announced the commencement of a registered underwritten public offering of 1.5 million shares of its common stock.
AveXis (AVXS +1.62%) slid 2% in after-hours trading after it said it intends to offer up to $200 million of its shares of its common stock in an underwritten public offering.
Lipocoine (LPCN +3.88%) surged over 30% in after-hours trading after it said its LPCN 1021 testosterone drug met the FDA primary efficacy guidelines in a dosing valuation study where 81% of the subjects achieved average testosterone levels.
MARKET COMMENTS
Sep E-mini S&Ps (ESU17 unch) this morning are up +0.25 of a point (+0.01%). Monday's closes: S&P 500 +0.83%, Dow Jones +0.68%, Nasdaq +1.60%. The S&P 500 on Monday rallied to a fresh all-time high and closed higher on carry-over support from a rally in European stocks after Sunday's second-round of French elections showed French President Macron's pro-European party won about 350 seats in France's 577-member National Assembly, the largest majority in 15 years. Stocks were also boosted by a rally in technology stocks and by upbeat comments from New York Fed President Dudley who said the U.S. expansion "still has quite a long way to go."
Sep 10-year T-notes (ZNU17 unch) this morning are up +1.5 ticks. Monday's closes: TYU7 -9.50, FVU7 -6.75. Sep 10-year T-notes on Monday closed lower on comments from New York Fed President Dudley who said the U.S. economic expansion has "a long way to go," which bolsters the case for additional Fed tightening. There was also reduced safe-haven demand with the rally in the S&P 500 to a new record high.
The dollar index (DXY00 +0.10%) this morning is up +0.058 (+0.06%) at a 3-week high. EUR/USD (^EURUSD) is up +0.0003 (+0.03%) and USD/JPY (^USDJPY) is up +0.03% at a 3-week high. Monday's closes: Dollar index +0.37 (+0.3%), EUR/USD -0.0049 (-0.44%), USD/JPY +0.65 (+0.59%). The dollar index on Monday closed higher on comments from New York Fed President Dudley who said the U.S. economic expansion has "quite a long way to go." There was also weakness in the yen against the dollar as a rally in the S&P 500 to new all-time high reduced the safe-haven demand for the yen.
Aug WTI crude oil prices (CLQ17 -1.85%) this morning are down -79 cents (-1.78%) at a 7-month low and Aug gasoline (RBQ17 -1.43%) is -0.0192 (-1.33%). Monday's closes: Aug crude -0.54 (-1.20%), Aug gasoline -0.0055 (-0.38%). Aug crude oil and gasoline on Monday closed lower on a stronger dollar and Friday afternoon's data from Baker Hughes that showed U.S. active oil rigs in the week ended Jun 16 rose +6 to 747, the most in over 2 years.
GLOBAL EVENT CALENDAR06/20/2017
Tuesday, June 20
US0315 ETFed Vice Chair Stanley Fischer is keynote speaker at a macroprudential conference in Amsterdam jointly hosted by the Dutch and Swedish central banks.
0815 ETBoston Fed President Eric Rosengren (non-voter) speaks at a macroprudential conference in Amsterdam jointly hosted by the Dutch and Swedish central banks.
0830 ETQ1 current account balance expected -$122.4 billion, Q4 -$112.4 billion
1500 ETDallas Fed President Robert Kaplan (voter) discusses current economic conditions and monetary policy with the Commonwealth Club in San Francisco.
Wednesday, June 21
US0700 ETWeekly MBA mortgage applications, previous +2.8% with purchase sub-index -2.8% and refi sub-index +9.2%.
1000 ETMay existing home sales expected -0.4% to 5.55 million, Apr -2.3% to 5.57 million.
1030 ETEIA Weekly Petroleum Status Report.
U.S. STOCK CALENDAR06/20/2017
CompanyTickerTimeEvent DescriptionPeriodEstimate
General Electric CoGE US02:00Investor Meeting
Lennar CorpLEN USBef-mktQ2 2017 Earnings ReleaseQ2 170.786
Analog Devices IncADI US08:30Investor Day
Fiserv IncFISV US09:30Investor Conference
Liberty Expedia Holdings IncLEXEA US10:00Annual General Meeting
Lennar CorpLEN US11:00Q2 2017 Earnings CallQ2 17
Humana IncHUM USInvestor Meeting
Workday IncWDAY US12:00Annual General Meeting
Cypress Semiconductor CorpCY US13:00Annual General Meeting
Equity CommonwealthEQC US14:00Annual General Meeting
Red Hat IncRHT USAft-mktQ1 2018 Earnings ReleaseQ1 180.527
Adobe Systems IncADBE US16:05Q2 2017 Earnings ReleaseQ2 170.946
FedEx CorpFDX US16:15Q4 2017 Earnings ReleaseQ4 173.873
FedEx CorpFDX US17:00Q4 2017 Earnings CallQ4 17
Red Hat IncRHT US17:00Q1 2018 Earnings CallQ1 18
Adobe Systems IncADBE US17:00Q2 2017 Earnings CallQ2 17
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Wednesday, February 10, 2016

MORNING CALL 2/10

MORNING CALL

OVERNIGHT MARKETS AND NEWS
March E-mini S&Ps (ESH16 +1.01%) are up +1.03% and European stocks are up +2.67% as crude oil (CLH16 +2.18%) rallied +1.65% and bank stocks climbed. Bank of America, Citigroup and Morgan Stanley were all up at least 1.5% in pre-market trading ahead of Fed Chair Yellen's testimony on the economy to the House Financial Services Committee later this morning. Technology stocks are also higher, as Amazon.com, Facebook and Netflix were all up at least 2% in pre-market trading. European bank stocks also rallied to lead European stocks higher with Commerzbank AG up over 8% and Deutsche Bank AG surged 13% on reports that Germany's biggest bank was considering a share buyback, which eased concern about its funds. Asian stocks settled lower: Japan -2.31%, Australia -1.17%, Singapore -1.57%, India -1.09%. Hong Kong, China, Taiwan and South Korea were all closed for holiday. Japan's Nikkei Stock Index tumbled to a 1-1/4 year low as strength in the yen undercut exporter stocks along with concern that margin calls were generating forced selling of stocks.
The dollar index (DXY00 +0.06%) is up +0.07%. EUR/USD (^EURUSD) is down -0.34%. USD/JPY (^USDJPY) is down -0.11%.
Mar T-note prices (ZNH16 -0.18%) are down -7.5 ticks.
UK Dec industrial production fell -1.1% m/m, weaker than expectations of -0.1% m/m and the largest monthly decline in 3-1/4 years. Dec manufacturing production unexpectedly fell -0.2% m/m, weaker than expectations of +0.1% m/m and the third consecutive decline.
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) weekly MBA mortgage applications (previous -2.6% with purchase sub-index -7.0% and refi sub-index +0.3%), (2) Fed Chair Janet Yellen's testimony before the House Financial Services Committee to deliver the Fed’s semi-annual monetary policy report to Congress, (3) the Treasury's auction of $23 billion of 10-year T-notes, and (4) Jan monthly budget statement (expected +$10.1 billion, Dec -$14.444 billion).
There are 19 of the S&P 500 companies that report earnings today with notable reports including: Cisco (consensus $0.54), Time Warner (1.00), Humana (1.45), Whole Foods (0.40), Expedia (1.00), Prudential Financial (2.30).
U.S. IPO's scheduled to price today: Avexis (AVXS), Proteostasis Therapeutics (PTI), Advanced Disposal Services (ADSW).
Equity conferences during the remainder of this week include: Credit Suisse Financial Services Forum on Tue-Wed, Stifel Nicolaus Transportation and Logistics Conference on Tue-Wed, Goldman Sachs Technology and Internet Conference on Tue-Thu, Bank Of America Merrill Lynch Insurance Conference on Wed-Thu, BB&T Capital Markets Transportation Services Conference on Wed-Thu, Leerink Partners Global Health Care Conference on Wed-Thu, Morgan Stanley Chemicals Corporate Access Day on Thu.



OVERNIGHT U.S. STOCK MOVERS
Time Warner (TWX -6.08%) reported Q4 EPS of $1.06, higher than consensus of $1.00.
Dean Foods (DF +0.26%) was upgraded to 'Buy' from 'Hold' at BB&T with a price target of $22.
Hess Corp. (HES -0.74%) was upgraded to 'Conviction Buy' from 'Hold' at Goldman Sachs.
Disney (DIS +0.22%) fell over 3% in pre-market trading after it reported Q1 adjusted EPS of $1.63, above consensus of $1.45, but reported a -6% decline in networks operating income for Q1, driven by a decline in subscribers from ESPN and lower advertising revenue from A&E.
Akamai (AKAM -3.44%) surged over 12% in after-hours trading after it reported Q4 adjusted EPS of 72 cents, higher than consensus of 62 cents, and then said its board authorized a new $1 billion share buyback plan.
Seattle Genetics (SGEN -1.06%) slid over 4% in after-hours trading after it lowered guidance on 2016 Adcetris sales to $255 million-$275 million, below consensus of $291.3 million.
Nuance Communications (NUAN -1.40%) rose nearly 7% in after-hours trading after it reported Q1 adjusted EPS of 36 cents, higher than consensus of 33 cents.
Paycom Software (PAYC -7.18%) jumped over 10% in after-hours trading after it reported Q4 adjusted EPS of 10 cents, higher than consensus of 8 cents, and then raised guidance on Q1 revenue to $82 million-$84 million, above consensus of $74.6 million.
Computer Sciences (CSC +0.33%) reported Q3 adjusted EPS continuing operations of 71 cents, better than consensus of 68 cents.
SolarCity (SCTY -5.69%) slumped 30% in after-hours trading after it lowered guidance on Q1 adjusted EPS to a loss of -$2.55 to -$2.65, a much wider loss than expectations of -$2.06.
Berkshire Partners reported a 10.4% stake in Mattress Firm (MFRM -4.08%) .
Empire District Electric (EDE +0.57%) jumped nearly 15% in after-hours trading after Algonquin Power & Utilities acquired the company for $2.4 billion.
Standard & Poor's cut the credit rating of Chesapeake Energy (CHK -4.41%) by one level to ccc, saying its debt is "unsustainable."
MARKET COMMENTS
Mar E-mini S&Ps (ESH16 +1.01%) this morning are up +19.00 points (+1.03%). Tuesday's closes: S&P 500 -.07%, Dow Jones -0.08%, Nasdaq -0.32%. The S&P 500 on Tuesday closed lower on negative carryover from a fall in European stocks to a 2-1/3 year low, a sell-off in bank stocks on concern the recent plunge in crude prices will force some oil producers and oil service companies into default, and concern that the global economic slowdown may deepen after German Dec industrial production unexpectedly fell -1.2% m/m, the biggest decline in 16 months. Losses were limited after the U.S. Dec JOLTS job openings unexpectedly rose +261,000 to 5.607 million, stronger than expectations of -18,000 to 5.413 million and the most in 5 months.
Mar 10-year T-notes (ZNH16 -0.18%) this morning are down -7.5 ticks. Tuesday's closes: TYH6 +0.50, FVH6 -0.75. Mar T-notes on Tuesday posted a new contract high but fell back and closed little changed. T-notes found support from increased safe-haven demand for T-notes as stocks prices declined and from reduced inflation expectations as the 10-year breakeven inflation expectations rate fell to a 6-3/4 year low. T-notes fell back from their best levels after the U.S. Dec JOLTS job openings unexpectedly rose to the highest in 5 months, a sign of labor market strength.
The dollar index (DXY00 +0.06%) this morning is up +0.069 (+0.07%). EUR/USD (^EURUSD) is down -0.0038 (-0.34%). USD/JPY (^USDJPY) is down-0.13 (-0.11%). Tuesday's closes: Dollar Index -0.499 (-0.52%), EUR/USD +0.010 (+0.89), USD/JPY -0.74 (-0.64%). The dollar index on Tuesday sold off to a 3-1/2 month low and closed lower on weakness in USD/JPY which plunged to a 14-3/4 month low a fall in global stocks fueled safe-haven buying of the yen, and on speculation that the slide in global equity markets will keep the Fed from additional interest rate increases.
Mar crude (CLH16 +2.18%) this morning is up +46 cents (+1.65%) and Mar gasoline (RBH16 +2.57%) is up +0.0186 (+2.07%). Tuesday's closes: CLH6-1.75 (-5.89%), RBH6 -0.0486 (-5.08%). Mar crude oil and gasoline on Tuesday closed sharply lower with Mar crude at a 2-week low and Mar gasoline at a 7-year low. Crude oil prices were undercut by the IEA's cut in its 2016 global crude oil demand forecast to 95.6 million bpd from last month's forecast of 95.7 million bpd, and by expectations for Wednesday's weekly EIA crude inventories to increase by +3.2 million bbl. Energy prices recovered from their worst levels after the dollar index slid to a 3-1/2 month low.
GLOBAL EVENT CALENDAR02/10/2016
US0700 ETWeekly MBA mortgage applications, previous -2.6% with purchase sub-index -7.0% and refi sub-index +0.3%.
1000 ETFed Chair Janet Yellen appears before the House Financial Services Committee to deliver the Feds semi-annual monetary policy report to Congress.
1030 ETEIA Weekly Petroleum Status Report.
1300 ETTreasury auctions $23 billion 10-year T-notes.
1400 ETJan monthly budget statement expected +$42.5 billion, Dec -$14.444 billion.
UK0430 ETUK Dec industrial production expected -0.1% m/m and +1.0% y/y, Nov -0.7% m/m and +0.9% y/y.
0430 ETUK Dec manufacturing production expected +0.1% m/m and -1.4% y/y, Nov -0.4% m/m and -1.2% y/y.
1901 ETUK Jan RICS house price balance expected 52%, Dec 50%.
U.S. STOCK CALENDAR02/10/2016
CompanyTickerTimeEvent DescriptionPeriodEstimate
Time Warner IncTWX USBef-mktQ4 2015 Earnings ReleaseQ4 20151.003
Henry Schein IncHSIC USBef-mktQ4 2015 Earnings ReleaseQ4 20151.644
DTE Energy CoDTE USBef-mktQ4 2015 Earnings ReleaseQ4 20151
Humana IncHUM US7:30Q4 2015 Earnings ReleaseQ4 20151.453
Sealed Air CorpSEE US7:30Q4 2015 Earnings ReleaseQ4 20150.5
Assurant IncAIZ US8:00Q4 2015 Earnings CallQ4 2015
DTE Energy CoDTE US9:00Q4 2015 Earnings CallQ4 2015
Willis Towers Watson PLCWLTW US9:00Q4 2015 Earnings CallQ4 2015
Henry Schein IncHSIC US10:00Q4 2015 Earnings CallQ4 2015
Sealed Air CorpSEE US10:00Q4 2015 Earnings CallQ4 2015
Time Warner IncTWX US10:30Q4 2015 Earnings CallQ4 2015
Federal Realty Investment TrustFRT US11:00Q4 2015 Earnings CallQ4 2015
Emerson Electric CoEMR US15:00Investor Conference - Day 1Y 2016
Mylan NVMYL US16:30Q4 2015 Earnings CallQ4 2015
Cisco Systems IncCSCO US16:30Q2 2016 Earnings CallQ2 2016
O'Reilly Automotive IncORLY US16:30Q4 2015 Earnings ReleaseQ4 20152.082
Expedia IncEXPE US16:30Q4 2015 Earnings CallQ4 2015
CenturyLink IncCTL US17:00Q4 2015 Earnings CallQ4 2015
Whole Foods Market IncWFM US17:00Q1 2016 Earnings CallQ1 2016
CSRA IncCSRA US17:00Q3 2016 Earnings CallQ3 2016
CenturyLink IncCTL USAft-mktQ4 2015 Earnings ReleaseQ4 20150.65
Equifax IncEFX USAft-mktQ4 2015 Earnings ReleaseQ4 20151.113
FMC CorpFMC USAft-mktQ4 2015 Earnings ReleaseQ4 20150.635
International Flavors & Fragrances IncIFF USAft-mktQ4 2015 Earnings ReleaseQ4 20151.147
Mylan NVMYL USAft-mktQ4 2015 Earnings ReleaseQ4 20151.277
Cisco Systems IncCSCO USAft-mktQ2 2016 Earnings ReleaseQ2 20160.538
Whole Foods Market IncWFM USAft-mktQ1 2016 Earnings ReleaseQ1 20160.399
Prudential Financial IncPRU USAft-mktQ4 2015 Earnings ReleaseQ4 20152.297
Realty Income CorpO USAft-mktQ4 2015 Earnings ReleaseQ4 20150.691
Pioneer Natural Resources CoPXD USAft-mktQ4 2015 Earnings ReleaseQ4 2015-0.335
Expedia IncEXPE USAft-mktQ4 2015 Earnings ReleaseQ4 20151.004
CSRA IncCSRA USAft-mktQ2 2016 Earnings ReleaseQ2 20160.54
AGL Resources IncGAS USQ4 2015 Earnings ReleaseQ4 20150.67
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