Blackstone Group - Barchart's Chart of the Day

The Blackstone Group (BX) is the Barchart Chart of the Day.  The investment management firm has a Trend Spotter buy signal, a Weighted Alpha of 52.40+, gained 48.99% in the last year and paid an 8.36% dividend yield.


The Chart of the Day belongs to the Blackstone Group (BX).  I found the stock by sorting the All Time High list for the stocks with the highest technical buy signals, then used the Flipchart feature to review the charts.  Since the Trend Spotter signaled a buy on 3/31 the stock gained 11.34%.

Blackstone is one of the world's leading investment and advisory firms. Their alternative asset management businesses include the management of corporate private equity funds, real estate funds, funds of hedge funds, credit-oriented funds, collateralized loan obligation vehicles (CLOs) and closed-end mutual funds. The Blackstone Group also provides various financial advisory services, including mergers and acquisitions advisory, restructuring and reorganization advisory and fund placement services.

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% Barchart technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 6 new highs and up 5.58% in the last month
• Relative Strength Index 69.40%
• Barchart computes a technical support level at 42.52
• Recently traded at 43.29 with a 50 day moving average of 40.19

Fundamental factors:

• Market Cap $23.09 billion
• P/E 9.61
• Dividend yield 8.36%
• Revenue expected to grow 10.20% this year and another .30% next year
• Earnings estimated to increase 8.20% this year, decrease by 5.40% next year and decease annually at a rate of 2.22% for the next 5 years
• Despite these negative forecasts Wall Street analysts issued 5 strong buy, 9 buy and 1 hold recommendation

The 20-100 Day MACD Oscillator has been a fairly reliable trading strategy for this stock and should continue to be used for entry and exit points.

BARCHART MORNING CALL 4/7

BARCHART MORNING CALL

Monday, April 7th, 2014View Older Reports

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OVERNIGHT MARKETS AND NEWS

June E-mini S&Ps (ESM14 -0.39%) this morning are down -0.34% at a 1-week low and European stocks are down -0.81% as a slide in internet and technology stocks in pre-market trading has dragged the June mini-Nasdaq futures down -0.68% to a fresh 2-month low. Friday's slide in stocks within the Nasdaq Composite Index continues today on concern that the recent rally in the index to a 13-1/2 year high has stretched valuations too far. Concern that tensions are building again in Ukraine is also undercutting European stocks after pro-Russian demonstrators seized administration buildings in Ukraine's east. Ukraine Prime Minister Yatsenyuk said Russia was sending agents into eastern Ukraine to stir up separatist unrest that would give Russian President Putin an excuse to send Russian troops into Ukraine. Asian stocks closed mostly lower: Japan -1.69%, Hong Kong -0.59%, China closed for holiday, Taiwan -0.14%, Australia -0.17%, Singapore -0.60%, South Korea +0.16%, India -0.07%. Asian stocks were undercut after the World Bank lowered its GDP forecast for developing East Asia this year to 7.1%, down from an Oct estimate of 7.2% as growth in China moderates. The World Bank also lowered its GDP forecast for China this year down to 7.6% from an Oct forecast of 7.7%. Commodity prices are mixed. May crude oil (CLK14 -0.58%) is down -0.49%. May gasoline (RBK14 -0.62%) is down -0.62%. Jun gold (GCM14 -0.28%) is down -0.20%. May copper (HGK14 -0.17%) is down -0.13% at a 1-week low after the World Bank cut its China GDP forecast. Agriculture prices are mixed. The dollar index (DXY00 -0.13%) is down -0.09%. EUR/USD (^EURUSD) is up +0.18%. USD/JPY (^USDJPY) is down -0.03%. June T-note prices (ZNM14 +0.06%) are up +2.5 ticks.
ECB Governing Council member Nowotny said he sees no "immediate need" for further ECB action on additional stimulus and ECB Executive Board member Mersch said there's no imminent risk of deflation.
The Eurozone Apr Sentix investor confidence unexpectedly rose +0.2 to 14.1, better than expectations of unchanged at 13.9 and its best level in 3 years.
German Feb industrial production rose +0.4% m/m and +4.8% y/y, better than expectations of +0.3% m/m and +4.7% y/y, although Jan was revised lower to +0.7% m/m and +4.9% y/y from the originally reported +0.8% m/m and +5.9% y/y.
The UK Mar Lloyds employment confidence was unchanged at -2, right on expectations.
The Japan Feb composite index of leading indicators fell -4.6 to 108.5, a bigger decline than expectations of -4.3 to 108.8 and the lowest level in 6-months. The Feb coincident index fell -1.8 to 113.4, right on expectations.

U.S. STOCK PREVIEW

Today's Feb U.S. consumer credit report is expected to show an increase of +$14.0 billion, a little stronger than Jan's report of +$13.7 billion. None of the Russell 1000 companies report earnings today. Equity and industry conferences this week include: BNEF Summit on Mon-Wed, IPAA Oil & Gas Investment Symposium on Tue, Noble Financial NAB Financial Forum on Tue, and New Economic Summit (NES) 2014 on Tue-Wed.

OVERNIGHT U.S. STOCK MOVERS

C.R. Bard (BCR -0.07%) was downgraded to 'Neutral' from 'Buy' at BofA/Merrill.
Netflix (NFLX -4.90%) was upgraded to 'Outperform' from 'Perform' at Oppenheimer.
Questcor (QCOR -5.96%) was acquired by Mallinckrodt (MNK +0.05%) for $5.6 billion.
Under Armour (UA -7.39%) was upgraded to 'Buy' from 'Neutral' at Sterne Agee.
Alcoa (AA -0.86%) and Newmont Mining (NEM +0.04%) were boths upgraded to 'Hold' from 'Sell' at Deutsche Bank.
Analog Devices (ADI -1.96%) was upgraded to 'Neutral' from 'Sell' at Goldman.
Mattel (MAT -1.23%) was downgraded to 'Underperform' from 'Market Perform' at BMO Capital.
Intel (INTC -0.95%) was upgraded to 'Outperform' from 'Sector Perform' at Pacific Crest.
PBF Energy (PBF -0.87%) was upgraded to 'Buy' from 'Neutral' at Citigroup.
Statoil (STO +0.54%) was downgraded to 'Sell' from 'Neutral' at Goldman Sachs.
Blackstone (BX -2.26%) will acquire Gates Global for $5.4 billion.
SAC Capital lowered its passive stake in Diamond Foods (DMND -3.07%) to 4.0% from 9.0%.

MARKET COMMENTS

June E-mini S&Ps (ESM14 -0.39%) this morning are down -6.25 points (-0.34%) at a 1-week low. The S&P 500 on Friday rallied to a new record high but fell back and closed lower. Bearish factors included (1) the +192,000 increase in U.S. Mar non-farm payrolls, less than expectations of +200,000, although Feb was revised +22,000 higher to +197,000 from +175,000, and (2) the plunge in biotechnology and computer and internet-related stocks as concern over their high multiples fueled profit taking and long liquidation. Closes: S&P 500 -1.25%, Dow Jones -0.96%, Nasdaq -2.70%.
Jun 10-year T-notes (ZNM14 +0.06%) this morning are up +2.5 ticks. Jun 10-year T-note futures prices on Friday rebounded from early losses and closed higher after stocks tumbled. T-notes also found support from (1) the smaller-than-expected increase in U.S. Mar non-farm payrolls, and (2) the unchanged Mar unemployment rate of 6.7%, higher than expectations of -0.1 to 6.6%. Closes: TYM4 +22.50, FVM4 +13.50.
The dollar index (DXY00 -0.13%) this morning is down -0.074 (-0.09%). EUR/USD (^EURUSD) is up +0.0024 (+0.18%). USD/JPY (^USDJPY) is down -0.03 (-0.03%). The dollar index on Friday retreated from a 5-week high and closed lower on speculation the smaller-than-expected increase in U.S. Mar payrolls may prompt the Fed to slow its pace of QE3 tapering. EUR/USD fell to a 5-week low on negative carry-over from ECB President Draghi’s comments on Thursday that the ECB may consider additional stimulus measures to stave off deflation. Closes: Dollar index -0.052 (-0.06%), EUR/USD -0.00173 (-0.13%), USD/JPY -0.614 (-0.59%).
May WTI crude oil (CLK14 -0.58%) this morning is down -50 cents (-0.49%) and May gasoline (RBK14 -0.62%) is down -0.0182 (-0.62%). May crude and gasoline prices on Friday closed higher. Bullish factors included (1) strength in the U.S. Mar payrolls report, which is positive for the economic outlook and fuel demand, and (2) the stronger-than-expected German Feb factory orders, which was a positive indicator for Eurozone energy demand. Closes: CLK4 +0.85 (+0.85%). RBK4 +0.0195 (+0.67%).

GLOBAL EVENT CALENDAR04/07/2014

US	1100 ET	USDA weekly grain export inspections.
	1145 ET	St. Louis Fed President James Bullard speaks about the U.S. economy and monetary policy to the Asia Pacific Business Outlook Conference at USC.
	1500 ET	Feb consumer credit expected +$14.0 billion, Jan +$13.698 billion.
JPN	0100 ET	Japan Feb leading index CI expected -2.3 to 108.8, Jan 113.1. Feb coincident index expected -1.8 to 113.4, Jan 115.2.
UK	0430 ET	UK Mar Lloyds employment confidence, Feb -2.
EUR	0430 ET	Eurozone Apr Sentix investor confidence expected unch at 13.9, Mar 13.9.
	0900 ET	ECB Vice President Vitor Constancio presents the ECBs annual report to the European Parliament in Brussels.
GER	0600 ET	German Feb industrial production expected +0.3% m/m and +4.7% y/y, Jan +0.8% m/m and +5.0% y/y.

U.S. STOCK CALENDAR04/07/2014

Company Name	Ticker	Time	Event Description	Period	Estimate
Principal Financial Group Inc	PFG US	8:00	Roadshow -Tokyo Day 1	Y 2014
AO Smith Corp	AOS US		Annual General Meeting
Cheniere Energy Inc	LNG US		Analyst Day

Blackstone Group - Barchart's Chart of the Day

The Blackstone Group (BX) is the Chart of the Day.  The investment and advisory firm has a Trend Spotter buy signal,  Weighted Alpha of 88.90% and gained 91.25% in the last  year.

The Chart of the Day is The Blackstone Group (BX).  I found the stock by sorting the New High List for frequency in the last month, eliminated the stocks not having positive gains in the last week and month and reviewed the charts with the Flipchart feature.  Since the Trend Spotter signaled a buy on 11/7 the stock gained 20.57%.

Blackstone is an investment and advisory firms. Their alternative asset management businesses include the management of corporate private equity funds, real estate funds, funds of hedge funds, credit-oriented funds, collateralized loan obligation vehicles (CLOs) and closed-end mutual funds. They also provides various financial advisory services, including mergers and acquisitions advisory, restructuring and reorganization advisory and fund placement services.

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:

• 88% Barchart technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 15 new highs and up 11.47% in the last month
• Relative Strength Index 66.69%
• Barchart computes a technical support level at 30.60
• Recently traded at 31.48 with a 50 day moving average of 28.43

Fundamental factors:

• Market Cap $14.74 billion
• P/E 13.81
• Dividend yield 2.87%
• Revenue expected to grow 30.30% this year and another 19.80% next year
• Earnings estimated to increase 33.30% this year, an additional 22.90% next year and continue to increase at a rate of 16.00% annually for the next 5 years
• Wall Street analysts issued 4 strong buy, 10 buy and 2 hold recommendations
• Financial Strength is B++

Strong momentum so use the 100 day moving average as a sign of weakness.

Barchart's Morning Call 1/31

Barchart Morning Call

BC - Thu Jan 31, 7:00AM CST

Overnight Developments

• March E-mini S&Ps this morning are trading slightly lower on continued overhang from yesterday's weak U.S. Q4 GDP report of -0.1% and a -0.86% sell-off in European stocks this morning. The German unemployment report showed a slightly stronger labor market than expected and the UK consumer confidence index improved, but German retail sales were weak and the Japan industrial production report was weaker than expected. Asian stocks closed mostly lower today. Japan closed up +0.22% but Hong Kong closed down -0.39% and China closed down -0.07%. Commodity prices are mildly lower by -0.13%. March crude oil is down -0.26%, March gasoline is down -0.12%, Feb gold is down -0.23%, March copper is up +0.05%, and agriculture prices are trading mostly lower. The dollar index is little changed while EUR/USD is down -0.10% and USD/JPY is down -0.03%. March 10-year T-note prices are up 10 ticks.
• The Japan Dec industrial production report of +2.5% m/m and -7.8% y/y was weaker than market expectations of +4.1% m/m and -5.6% y/y.
• Japan's Dec vehicle production weakened sharply to -17.2% y/y from -8.4% y/y in November. Japan's vehicle sales continue to be hurt by a partial Chinese boycott of Japanese products tied to the dispute over the islands in the East China Sea.
• The UK Jan GfK consumer confidence index improved by 3 points to -26 from -29 in December and was slightly better than market expectations for a 1 point improvement to -28.
• German Dec retail sales fell -1.7% m/m and -4.7% y/y, which was much weaker than market expectations of -0.1% m/m and -1.5% y/y.
• German Jan unemployment fell by -16,000, which showed a stronger labor market than market expectations for an +8,000 increase. Unemployment fell slightly by a revised -2,000 in December. The German Jan unemployment rate fell by -0.1 point to 6.8% from 6.9% in December.
  Market Comments
  • March E-mini S&Ps this morning are trading -1.75 points (-0.12%) as the market continues to be undercut by yesterday's weak GDP report of -0.1% and by nervousness ahead of tomorrow's Jan payroll report. The S&P 500 index on Wednesday fell back from a 5-year high and closed lower on long liquidation after U.S. Q4 GDP unexpectedly contracted -0.1% (q/q annualized), weaker than expectations of +1.1% and the slowest pace of growth since Q2 2009. Closes: S&P 500 -0.39%, Dow Jones -0.32%, Nasdaq -0.18%. Bullish factors included the +192,000 increase in the Jan ADP employment change, stronger than expectations of +165,000, along with continued strong quarterly stock earnings results as 75% of the 193 companies in the S&P 500 that reported earnings so far this season have beaten profit estimates. Further support for stocks came from the Fed's post FOMC statement in which the Fed restated its commitment to asset purchases "if the outlook for the labor market does not improve substantially."
  • March 10-year T-notes this morning are up 10 ticks as the market sees continued support from yesterday's weak U.S GDP report. March 10-year T-note prices on Wednesday closed mixed as the 10-year T-note yield climbed to a 9-month high of 2.035% on reduced safe-haven demand after the S&P 500 posted a fresh 5-year high and after the Jan ADP employment change rose by +192,000. However, prices rebounded from their worst levels after U.S. Q4 GDP unexpectedly contracted and after the Fed restated its commitment to asset purchases in its post-FOMC statement. Closes: TYH3 -1.0, FVH3 +1.25.
  • The dollar index this morning is slightly higher by +0.05 (+0.06%) while EUR/USD is down -0.0014 (-0.10%) and USD/JPY is down -0.03%. The dollar index on Wednesday slumped to a 5-week low as an unexpected contraction in U.S. Q4 GDP fueled speculation of further dollar-negative Fed stimulus, while EUR/USD surged to a 14-month high after Eurozone Jan economic confidence rose by 2.2 points to a 7-month high of 89.2. USD/JPY pushed up to a fresh 2-1/2 year high after comments from Kikuo Iwata, a potential candidate to become the next BOJ governor, who said the BOJ's best bet for achieving its inflation target is to "more than double" the assets in its current account, which suggests he favors additional quantitative easing measures by the BOJ that would be bearish for the yen. Closes: Dollar index -0.288 (-0.36%), EUR/USD +0.00754 (+0.55%), USD/JPY +0.379 (+0.41%).
  • March WTI crude oil this morning is mildly lower by -0.25 (-0.26%) and March gasoline is down -0.0036 (-0.12%). Mar crude oil and gasoline Wednesday closed higher as Mar crude posted a 4-1/4 month high and Mar gasoline climbed to a 4-month high. Bullish factors of a weak dollar and an unexpected decline in weekly DOE gasoline inventories were overshadowed by the bearish factors of an unexpected contraction in U.S Q4 GDP and a larger-than-expected build in weekly DOE crude supplies. Weekly DOE crude supplies rose +5.95 million bbl, more than double expectations for a +2.5 million bbl increase, gasoline inventories unexpectedly fell -956,000 bbl, weaker than expectations of a +1.0 million bbl build, while distillate supplies fell -2.32 million bbl, more than expectations of a -500,000 bbl draw. Closes: CLH3 +0.37 (+0.38%), RBH3 +0.0569 (+1.91%).
  • For the complete subscription version of this daily report (plus a 13-page big-picture weekly report), along with the earliest possible delivery in the morning, please visit http://www.barchart.com/register/crbfms_usmc.php
    Today's U.S. Earnings ReportsEarnings reports (ranked by market cap): UPS-UPS (consensus $1.38), OXY-Occidental Petroleum (1.66), MO-Altria (0.55), MA-Mastercard (4.80), CL-Colgate-Palmolive (1.40), EPD-Enterprise (0.65), DOW-Dow Chemical (0.34), D-Dominion (0.69), VIAB-Viacom (0.90), TWC-Time Warner (1.55), TMO-Thermo Fisher (1.28), MCK-McKesson (1.63), CB-Chubb (-0.46), BX-Blackstone Group (0.47), HSY-Hersey (0.75), PCAR-Paccar (0.68), SHW-Sherwin-Williams (1.16), AET-Aetna (0.94), CAM-Cameron International (0.95), MJN-Mead Johnson (0.68), XEL-Xcel Energy (0.28), ZMH-Zimmer Holdings (1.49), IVZ-Invesco (0.47), WYNN-Wynn Resorts (1.27), CNH-CNH Global (0.70), EMN-Eastman Chemical (1.19), PFG-Principal Financial (0.74).
    Global Financial Calendar

    Thursday 1/31/13
    United States
    0730 ET	Jan Challenger job cuts, Dec -22.1% y/y.
    0830 ET	Weekly initial unemployment claims expected +20,000 to 350,000, previous -5,000 to 330,000. Weekly continuing claims expected +14,000 to 3.171 mln, previous -71,000 to 3.157 mln.
    0830 ET	Q4 employment cost index expected +0.5%, Q3 +0.4%.
    0830 ET	Dec personal spending expected +0.3%, Nov +0.4%. Dec personal income expected +0.8%, Nov +0.6%.
    0830 ET	Dec PCE deflator expected unch m/m and +1.4% y/y, Nov -0.2% m/m and +1.4% y/y. Dec core PCE deflator expected +0.1% m/m and +1.4% y/y, Nov unch m/m and +1.5% y/y.
    0830 ET	USDA weekly Export Sales.
    0900 ET	Jan Milwaukee NAPM.
    0945 ET	Jan Chicago purchasing managers index expected +0.5 to 50.5, Dec -0.2 to 50.0.
    Japan
    0000 ET	Japan Dec housing starts expected +13.5% y/y to 895,000, Nov +10.3% y/y to 907,000.
    0000 ET	Japan Dec construction orders, Nov -2.1% y/y.
    1830 ET	Japan Dec jobless rate expected 4.1%, Nov 4.1%. Dec job-to-applicant ratio expected 0.8, Nov 0.8.
    1830 ET	Japan Dec overall household spending expected -0.2% y/y, Nov +0.2% y/y.
    Germany
    0200 ET	German Dec retail sales expected -0.1% m/m and -1.5% y/y, Nov +0.9% m/m and -0.9% y/y.
    0355 ET	German Jan unemployment change expected +8,000, Dec +3,000. Jan unemployment rate expected 6.9%, Dec 6.9%.
    0800 ET	German Jan CPI expected -0.4% m/m and +2.0% y/y, Dec +0.9% m/m and +2.1% y/y. German Dec EU-harmonized CPI expected -0.5% m/m and +2.0% y/y, Nov +0.9% m/m and +2.0% y/y.
    Euro-Zone
    0500 ET	Eurozone Jan CPI, Dec +2.2% y/y.
    United Kingdom
    0200 ET	UK Jan nationwide house prices expected +0.2% m/m and -0.3% y/y, Dec -0.1% m/m and -1.0% y/y.
    CHI
    2000 ET	China Jan manufacturing PMI expected +0.4 to 51.0, Dec unch at 50.6.
    2045 ET	China HSBC Jan manufacturing PMI expected +0.5 to 52.0 from flash report of 51.5, Jan flash report +1.0 to 51.5 from Dec's 50.5.

    
    Barchart.com provides Financial Quotes, Charts and Technical Analysis for Stock and Commodity Traders.

Barchart Morning Call 10/18

Barchart Morning Call

BC - 1 hr 49 mins ago

Overnight Developments

• Dec E-mini S&Ps are trading slightly lower by -0.14% on the -0.17% sell-off in European stocks and as the markets await today's U.S. initial unemployment claims report and developments from the 2-day EU Summit that begins today. E-minis received underlying support from relief that last night's Chinese Q3 GDP report of +7.4% was in line with market expectations and that the Chinese retail sales and industrial production reports were a little stronger than expected. Asian stocks today closed higher nearly across the board. Japanese stocks today closed +2.00% and Chinese stocks closed +1.53%. Commodity prices are slightly higher by +0.06% today with Nov crude oil down -0.20%, Dec gold down -0.47%, Dec copper down -0.04%, and agriculture prices trading mostly higher. The dollar index is mildly higher by +0.14% and EUR/USD is slightly lower by -0.10%. Dec 10-year T-notes are up 3 ticks.
• China's Q3 GDP eased to +7.4% from +7.6% in Q2, which was exactly in line with market expectations. In other data released last night, China's Sep industrial production report of +9.2% y/y was up from +8.9% in August and was stronger than market expectations of +9.0%. The Sep retail sales report of +14.2% was up from +13.2% in August and was stronger than market expectations of +13.2%. The Sep fixed asset investment report of +20.5% was up from +20.2% in August and was stronger than market expectations of +20.2%.
• The markets are awaiting the outcome of the 2-day EU Summit that begins today. Troika officials are reportedly close to an agreement with Greece needed to release the 31 billion euro tranche of bailout aid, but the deal will apparently not be done in time for approval at this summit. Greek Prime Minister Samaras will be pleading with EU leaders for an extra two years to meet austerity targets. EU leaders will also be discussing the terms under which Spain can obtain a precautionary line of credit from the ECB/ESM bailout program. EU leaders will discuss proposals for further banking and fiscal integration.
• Spain today successfully sold a total of 4.61 billion euros of 3-year, 4-year and 10-year bonds, which was slightly more than the targeted amount of 4.5 billion euros. The Spanish 10-year bond yield is down 4 bp at 5.40% this morning on relief about the successful auction.
• The UK Sep retail sales report (excluding auto fuel) of +0.6% m/m and +2.9% was stronger than market expectations of +0.3% m/m and +2.4% y/y. The report was supportive for GBP/USD and UK stocks.
  Market Comments
  • Dec E-mini S&Ps this morning are down -2.00 points (-0.14%) on some nervousness ahead of today's U.S. initial unemployment claims report and the 2-day EU Summit that begins today. However, there is support from last night's Chinese economic data. The S&P 500 index on Wednesday closed moderately higher: S&P 500 +0.41%, Dow Jones +0.04%, Nasdaq 100 -0.10%. Bullish factors included the sharp 15% increase in U.S. housing starts, optimism about Europe with this week's sharp decline in Italian and Spanish bond yields, and Chinese Premier Wen's comment that China's Q3 economic situation is "relatively good." Stocks were undercut by disappointing earnings news from IBM and Intel. U.S. Sep housing starts soared by 15.0% to a new 4-year high of 872,000, which was much stronger than market expectations of +2.7% to 770,000.
  • Dec 10-year T-notes this morning are up 3 ticks on a little short-covering after yesterday's plunge. Dec 10-year T-note prices on Wednesday closed with sharp losses: TYZ2 -25.5, FVZ2 -13.25. T-note prices fell sharply and posted a new 1-month low on the very strong U.S. housing starts report and reduced safe-haven demand with the sharp drop in Spanish and Italian bond yields.
  • The dollar index this morning is up +0.11 (+0.14%) and EUR/USD is down -0.0013 (-0.10%) ahead of the 2-day EU Summit that begins today. USD/JPY is up +0.37 (+0.47%). The dollar index on Wednesday closed moderately lower once again and posted a new 1-month low: Dollar index -0.39 (-0.49%), EUR/USD +0.0065 (+0.50%), USD/JPY +0.04 (+0.05%). The dollar was undercut by the sharp drop in Spanish and Italian bond yields that followed the late-Tuesday announcement from Moody's that it was leaving Spain's investment-grade credit rating unchanged.
  • Nov WTI crude oil prices this morning are down -0.18 (-0.20%) and Nov gasoline is down -0.0317 (-1.14%). Nov crude oil and gasoline prices closed mixed on Wednesday: CLX2 +0.03 (+0.03%), RBX2 -0.0636 (-2.24%). Crude oil saw some support from optimism about the U.S. economy from the surge in housing starts, but was undercut by the unexpectedly large 2.860 million barrel in crude oil inventories. Gasoline prices fell sharply in part due to the 1.720 million barrel increase in gasoline inventories, which was stronger than market expectations of +250,000 barrels. As a summary, the DOE report showed a bearish 2.860 million barrel increase in U.S. crude oil inventories (versus expectations of +1.5 million barrels), a bearish 1.720 million barrel increase in gasoline inventories (versus expectations of +250,000 barrels), and a bullish 2.218 million barrel decline in distillate inventories (versus expectations of -1.25 million barrels). The refinery operation rate rose by 0.7 point to 87.4%, which was 4.3 points above the 5-year average and was bearish for products since refineries are working harder than usual this time of year to take advantage of the wide crack profit margin spreads.
  • For the complete subscription version of this daily report (plus a 13-page big-picture weekly report), along with the earliest possible delivery in the morning, please visit http://www.barchart.com/register/crbfms_usmc.php
    Today's U.S. Earnings Reports Earnings reports (ranked by market cap): MSFT-Microsoft (Consensus:$0.57), GOOG-Google (10.65), PM-Philip Morris (1.39), VZ-Verizon (0.64), UNP-Union Pacific (2.18), DHR-Danaher (0.79), MS-Morgan Stanley (0.25), COF-Capital One (1.69), BAX-Baxter (1.14), TRV-Travelers (1.60), BBT-BB&T (0.72), PPG-PPG Industries (2.20), BX-Blackstone ((0.42), FITB-Fifth Third BanC (0.39), NUE-Nucor (0.41), SNDK-Sandisk (0.34), DO-Diamond Offshore (1.02), GPC-Genuine Parts (1.12), CMG-Chipotle (2.29), LH-Laboratory CP (1.74), BSX-Boston Scientific (0.11), KEY-Keycorp (0.21), ADS-Alliance Data (2.23), LUV-Southwest Air (0.12), HBAN-Huntington Banc (0.17), PII-Polaris (1.20), HUB-Hubbell (1.44).
    Global Financial Calendar
    

    Thursday 10/18/12
    United States
    0830 ET	Weekly initial unemployment claims expected +26,000 to 365,000, previous -30,000 to 339,000. Weekly continuing claims expected +2,000 to 3.275 mln, previous -15,000 to 3.273 mln.
    0830 ET	USDA weekly Net Export Sales.
    1000 ET	Oct Philadelphia Fed index expected +2.9 to +1.0, Sep +5.2 to -1.9.
    1000 ET	Sep leading indicators expected +0.2% m/m, Aug -0.1% m/m.
    1100 ET	Treasury announces 2, 5 and 7-year T-note auctions for next week.
    1300 ET	Treasury auctions $7 billion in 30-year TIPS.
    1630 ET	Weekly money supply report and Fed balance sheet.
    United Kingdom
    0430 ET	UK Sep retail sales ex-auto fuel expected +0.3% m/m and +2.4% y/y, Aug -0.3% m/m and +3.1% y/y. UK retail sales with auto fuel expected +0.4% m/m and +2.1% y/y, Aug -0.2% m/m and +2.7% y/y.
    China
    2135 ET	China MNI Oct flash business sentiment indicator.

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Barchart Morning Call 7/19

Barchart Morning Call

BC - 1 hr 39 mins ago

Overnight Developments

• Sep E-mini S&Ps are trading mildly higher by +0.40% on positive U.S. and European earnings news and on expectations for an announcement soon on additional Chinese stimulus measures. IBM and Ebay are trading higher in European trading this morning on better-than-expected earnings reports. The Euro Stoxx 50 this morning is up 0.94%. Commodity prices are trading higher almost across the board with an average gain of +0.88%. Sep crude oil is up +1.20%, Aug gold is up +0.83%, Sep copper is up 1.02%, and agricultural prices are all trading higher expect for cattle. The dollar index is down -0.33% while EUR/USD is up +0.13%. Sep 10-year T-notes are down 6.5 ticks.
• Asian stocks today closed higher across the board: Japan +0.79%, Hong Kong +1.66%, China +0.41%, Taiwan +1.41%, Australia +2.02%, Singapore +0.39%, South Korea +1.70%, India +0.55%, Turkey +0.27%.
• Chinese stocks rallied today on a report that China's four big banks boosted new loans to 50 billion yuan in the first half of July, which is double the month-earlier period. In addition, the market is looking for new stimulus measures from the Chinese government including another cut in the bank reserve ratio and rule changes that will make it easier for insurance companies to invest in debt securities, share rights and fixed assets.
• The German parliament today is expected to approve Germany's participation in the Spanish bank bailout of up to 100 billion euros. Eurozone finance ministers meet on Friday to approve the Spanish bank bailout and to discuss the Greek situation.
• Spain's 10-year bond yield today rose by 5 bp to 7.01%, breaching the red flag level of 7.00%. Spain today was able to sell 2-year, 5-year and 7-year securities but yields were substantially higher than previous auctions and the amount of bids received was lower than previous auctions. The bid cover ratio (bids received divided by bids accepted) was only 1.9 for the 2-year security versus 4.26 in last month's auction and 2.06 for the 5-year security versus 3.44 at the June auction.
• The UK June retail sales report of +0.1% m/m and +1.6% y/y was substantially weaker than market expectations of +0.6% m/m and +2.3% y/y and was down from May's revised report of +1.5% m/m and +2.1% y/y.
• The May Eurozone current account surplus (seasonally adjusted) of 10.9 billion euros was wider than market expectations of 4.6 billion euros and up from April's 5.5 billion euros in a supportive factor for the euro.
  Market Comments
  • Sep E-mini S&Ps this morning are trading +0.40% on positive earnings reports and expectations for additional stimulus measures from China. Today is a big day for earnings reports with Microsoft and Google scheduled to report. Stocks on Wednesday closed moderately higher: S&P 500 +0.67%, Dow Jones +0.81%, Nasdaq 100 +1.32%. Bullish factors included the stronger-than-expected U.S. housing starts report of +6.9% to 760,000 units and positive earnings reports from companies such as Intel and Honeywell. The Beige Book report was in line with market expectations and said that U.S. economic growth was "modest to moderate" in June and early July. The report said, "Employment levels improved at a tepid pace."
  • Sep 10-year T-notes this morning are down -6.5 ticks with most of the world's stock markets trading higher today. Sep 10-year T-note prices on Wednesday closed mildly higher: TYU2 +6.5, FVU2 +4.5. T-note prices were boosted by Fed Chairman Bernanke's second day of generally downbeat economic commentary and Mr. Bernanke's comment that the U.S. fiscal situation is "unsustainable."
  • The dollar index this morning is mildly lower by -0.33% on reduced safe-haven demand with the rally in world stocks. EUR/USD is up +0.13% even though the Spanish 10-year bond yield today crept above 7.00%. USD/JPY is down -0.28%. The dollar index on Wednesday closed little changed: Dollar index +0.04 (+0.04%), EUR/USD -0.0010 (-0.08%), USD/JPY -0.29 (-0.37%). The dollar index on Wednesday continued to trade on a weak note as it settles back after the early-July rally. EUR/USD closed slightly lower as the Spanish 10-year bond yield rose by 15 bp to 6.92%, moving back up towards the red-flag level of 7.00%.
  • Sep WTI crude oil prices this morning are trading +1.08 (+1.20%) and Sep gasoline is up +0.0240 (+0.86%) on more positive economic sentiment with the rally in stocks and expectations for Chinese stimulus measures. Crude oil and gasoline prices on Wednesday closed higher: CLQ2 +0.65 (+0.73%), RBQ2 +0.0384 (+1.35%). Bullish factors included the positive U.S. housing starts report and the unexpected 1.815 million bbl drop in gasoline inventories versus expectations for a 1.1 million bbl increase. Crude oil inventories fell by 809,000 bbls, which was fairly close to expectations for a drop of 750,000 bbls. Distillate inventories rose by 2.619 million bbls, which was larger than expectations for a rise of 1 million bbls. The refinery operation rate fell by 0.7 points to 92.0% versus expectations for a 0.4 point rise to a new 5-year high of 93.1%.
  • For the complete subscription version of this daily report (plus a 13-page big-picture weekly report), along with the earliest possible delivery in the morning, please visit http://www.barchart.com/register/crbfms_usmc.php
    Today's U.S. Earnings Reports Earnings reports (ranked by market cap): MSFT (Consensus $0.62), Google (10.12), PM-Philip Morris (1.35), VZ-Verizon (0.64), UNH-UnitedHealth (1.20), UNP-Union Pacific (1.97), DHR-Danaher (0.81), COF-Capital One (1.46), FCX-Freeport-McMoran (0.75), BAX-Baxter (1.11), MS-Morgan Stanley (0.29), TRV-Travelers (1.34), BBt-BB&T (0.70), ISRG-Intuitive Surgical (3.57), JCI-Johnson Controls (0.66), PPG-PPG Industries (2.36), VFC-VF Corp (0.94), BX-Blackstone Group (0.11), SHW-Sherwin-Williams, FITB-Fifth Third Banc (0.35), CMG-Chipotle Mexican (2.30), NUE-Nucor (0.48).
    Global Financial Calendar
    

    Thursday 7/19/12
    United States
    0830 ET	Weekly initial unemployment claims expected +15,000 to 365,000, previous -26,000 to 350,000. Weekly continuing unemployment claims expected -4,000 to 3.300 mln, previous -14,000 to 3.304 mln.
    0830 ET	USDA weekly exports.
    1000 ET	July Philadelphia Fed index expected +8.6 to -8.0, June -10.8 to -16.6.
    1000 ET	June existing home sales expected +1.5% m/m to 4.62 mln, May -1.5% m/m to 4.55 mln units.
    1000 ET	June leading indicators expected -0.1% m/m, May +0.3% m/m.
    1030 ET	DOE natural gas storage.
    1300 ET	Treasury sells $15 billion in 10-year TIPS.
    1400 ET	June U.S. budget statement.
    n/a	Treasury announces 2-year, 5-year and 7-year T-notes auctions for July 24-26.
    1630 ET	Weekly money supply report and Fed balance sheet.
    Japan
    0030 ET	Japan May all-industry activity index expected -0.3% m/m, Apr +0.1% m/m.
    0100 ET	Japan final-May leading index CI, prelim May 95.9. Final-May coincident index, prelim May 95.8.
    0130 ET	Japan June nationwide department store sales, May -1.0% y/y. June Tokyo department store sales, Apr +2.1% y/y.
    Euro-Zone
    0400 ET	Eurozone May current account (sa), April 4.6 bln euros.
    United Kingdom
    0430 ET	UK June retail sales (including fuel) expected +0.6% m/m and +2.3% y/y, May +1.4% m/m and +2.4% y/y. June retail sales ex-fuel expected +0.4% m/m and +2.6% y/y, May +0.9% m/m and +3.0% y/y.
    CHI
    2135 ET	China MNI July flash business sentiment survey.

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Barchart Morning Call 2/2

Barchart Morning Call

Barchart.com - 1 hr 44 mins ago

Overnight Developments

• Global stocks this morning are mixed with the Euro Stoxx 50 down -0.22% and Mar S&Ps down -0.60 of a point. The dollar and Treasuries are higher while most commodities weakened with crude oil at a 1-1/4 month low as Greece struggles to reach an agreement with bondholders on cutting its debt burden. The euro came off of its low after Chinese Premier Wen Jiabao said China is still researching the best way to participate in the European Financial Stability Facility. The euro also received a boost after France sold 7.96 billion euros of 6, 8, and 10-year debt at the top of its planned range while Spain sold 4.56 billion euros of bonds maturing between 2015-17, just above its maximum target of 4.50 billion euros. German bunds rallied after Dec Euro-Zone PPI fell -0.2% m/m, a bigger than decline than expectations of -0.1% m/m, while European stocks were undercut after Jan U.K. PMI construction fell -1.8 to 51.4, weaker than expectations of -0.7 to 52.5.
• Asian stocks today closed higher with Japan up +0.76%, China +2.36%, Australia +1.00%, South Korea +1.28%, India +0.76%. Asian stocks moved higher as manufacturing gained in the U.S. and Europe, which boosts confidence the global economy is recovering. Asian carmakers rallied after U.S. vehicle sales in Jan rose +11% y/y, while Chinese automakers were boosted after Daiwa securities predicted a "double-digit" gain this year in China's vehicle sales. Chinese stocks also received a lift after Premier Wen Jiabao said the government will support small companies with a 15 billion-yuan ($2.4 billion) fund, extend preferential tax policies for small companies until 2015 and ask banks to increase tolerance for bad loans to these businesses. The yen held near a 3-month high against the dollar despite warnings from Japanese Finance Minster Azumi who said that "speculative moves are increasing in the market and we can't overlook them," which may signal Japan is close to resuming foreign-exchange intervention to stem the yen's gains.

Overnight U.S. Stock News

• March S&Ps this morning are trading little changed, down -0.60 of a point. The US stock market Wednesday rallied sharply and settled higher after strength in global manufacturing activity reduced economic growth concerns and optimism increased that Greek debt-swap talks would soon be resolved: Dow Jones +0.66%, S&P 500 +0.89%, Nasdaq Composite +1.22%. The Nasdaq posted a 10-3/4 year high. Bullish factors on Wednesday included (1) reduced economic growth concerns as global manufacturing activity expanded last month after the Jan ISM manufacturing index rose +1.0 to 54.1, its best level in 7 months, the Jan German PMI expanded at its fastest pace in 6 months (51.0), the Jan U.K. PMI rose to its best level in 9 months (+2.4 to 52.1), India's Jan manufacturing activity grew at the fastest pace in 8 months (+3.3 to 57.5) and the Jan China PMI unexpectedly expanded (+0.2 to 50.5), (2) a decline in Spanish, Italian and Portuguese government bond yields on optimism that Greek debt-swap talks would soon be resolved, and (3) strength in technology stocks as Microsoft rose 1.2% and Hewlett-Packard gained 2.8%, which boosted the Philadelphia Semiconductor Index to a 6-1/2 month high.
• Bearish factors included (1) the smaller-than-expected increase in the Jan ADP employment change along with the downward revision to Dec (Jan +170,000 versus expectations of +182,000 and Dec revised down to +292,000 from the originally reported +325,000) and (2) the larger-than-expected increase in the Jan ISM prices paid sub-index which jumped to a 4-month high (+8.0 to 55.5 versus expectations of +2.5 to 50.0).
• Qualcomm (QCOM) rose 4.8% in pre-market trading up to a 12-year high after the company raised its full-year earnings-per-share forecast to $3.36 to $3.56 from an earlier prediction of $2.80 to $3.00 a share on strength in its phone shipments to India and China.

Today's Market Focus

• March 10-year T-notes this morning are up +4 ticks. T-note prices on Wednesday retreated on reduced safe-haven demand as stocks rallied after global manufacturing activity expanded and on optimism that the Greek debt-swap talks would soon be resolved: TYH2 -8.5, FVH2 -1.5, EDM2 +2.5. Bearish factors included (1) reduced safe-haven demand for Treasuries after stocks rallied sharply as strength in global manufacturing eased concern the European debt crisis will curb economic growth after the Jan ISM manufacturing index rose +1.0 to 54.1, its best level in 7 months, the Jan German PMI expanded at its fastest pace in 6 months (51.0), the Jan U.K. PMI rose to its best level in 9 months (+2.4 to 52.1), India's Jan manufacturing activity grew at the fastest pace in 8 months (+3.3 to 57.5) and the Jan China PMI unexpectedly expanded (+0.2 to 50.5), (2) the larger-than-expected increase in the Jan ISM prices paid sub-index which jumped to a 4-month high (+8.0 to 55.5 versus expectations of +2.5 to 50.0), and (3) a decline in Spanish, Italian and Portuguese government bond yields on optimism that Greek debt-swap talks would soon be resolved. Bullish factors Wednesday included (1) the smaller-than-expected increase in the Jan ADP employment change along with the downward revision to Dec (Jan +170,000 versus expectations of +182,000 and Dec revised down to +292,000 from the originally reported +325,000) and (2) the action by the Fed to purchase $1.746 billion of Treasuries as part of it Operation Twist program to replace $400 billion of short-term debt in its portfolio with longer-term Treasuries in an effort to keep borrowing costs low.
• The dollar index this morning is higher with the dollar/yen -0.07 yen and the euro/dollar -0.67 cents. The dollar index on Wednesday fell to a fresh 1-1/2 month low and settled lower on reduced safe-haven demand as strength in global manufacturing activity boosted stocks along with optimism that progress was being made in Greek debt-swap talks: Dollar Index -0.366, USDJPY -0.057, EURUSD +0.00765. Bearish factors Wednesday included (1) strength in the euro after the Jan German PMI was revised up to a 6-month high of 51.0, (2) reduced safe-haven demand for the dollar as stocks rallied on economic optimism after Jan China manufacturing activity unexpectedly expanded and the Jan ISM manufacturing index expanded at its fastest pace in 7 months, (3) strength in the yen which rallied to a 3-month high against the dollar, and (4) optimism that Greek debt-swap talks would be soon resolved after people with knowledge of the debt talks said creditors negotiating with Greece may get a sweetener tied to a revival in economic growth that would ease the impact of accepting a lower interest rate on the new bonds. A bullish factor was speculation that Japan may intervene in currency markets to curb the yen's gains if it strengthens further against the dollar.
• Mar crude oil prices this morning are down -$1.00 a barrel at a 1-1/4 month low and Mar gasoline is -2.27 cents per gallon. Crude oil and gasoline prices on Wednesday traded on either side of unchanged and finally settled mixed as a weaker dollar and strong global manufacturing activity offset a larger-than-expected increase in weekly DOE supplies and a plunge in U.S. gasoline demand: CLH12 -$0.87, RBH12 +0.13. Bullish factors included (1) the slump in the dollar index to a 1-1/2 month low, which boosts investment demand in commodities, and (2) strength in global manufacturing activity which may boost worldwide energy demand after the Jam ISM manufacturing index expanded at its fastest pace in 7 months, the Jan German PMI climbed to its best level in 6 months, India's Jan manufacturing activity grew at the fastest pace in 8 months and China's PMI unexpectedly expanded last month. Bearish factors included (1) the larger-than-expected increase in weekly DOE crude supplies (+4.18 million bbl to a 3-month high of 338.9 million bbl versus expectations of +2.7 million bbl), (2) the surge in weekly DOE gasoline supplies to their highest level in 11 months (+3.02 million bbl to 230.1 million bbl versus expectations of +500,000 bbl), (3) slack demand after U.S. gasoline demand in the week ended Jan 27 fell -1.6% to 7.97 million barrels a day, the lowest in 10-1/3 years.

Today's U.S. Earnings Reports Earnings reports (confirmed releases, sorted by mkt cap): MRK-Merck (BEST earnings consensus $0.95), MA-Mastercard (3.91), DOW-Dow Chemical (0.31), GILD-Gilead Sciences (1.05), NOV-National Oilwell Varco (1.30), AGN-Allergan (1.00), VIAB-Viacom (1.05), SE-Spectra Energy (0.49), CMI-Cummins (2.24), K-Kellogg (0.62), BX-Blackstone Group LP (0.40), CME-CME Group (3.67), GR-Goodrich (1.57), CAH-Cardinal Health (0.76), WYNN-Wynn Resorts Ltd. (1.29), IP-International Paper (0.61).
Global Financial Calendar

Thursday 2/2/12
United States
0730 ET	Jan Challenger job cuts, Dec +30.6% y/y.
0830 ET	Weekly initial unemployment claims expected -6,000 to 371,000, previous +21,000 to 377,000. Weekly continuing claims expected -19,000 to 3.535 million, previous +88,000 to 3.554 million.
0830 ET	Q4 non-farm productivity expected +0.8%, Q3 +2.3%. Q4 unit labor costs expected +0.8%, Q3 -2.5%.
0900 ET	Chicago Fed President Charles Evans speaks to reporters in Chicago.
1000 ET	Fed Chairman Ben Bernanke testifies before the House Budget Committee on the state of the U.S. economy.
1030 ET	Jan ICSC chain store sales, Dec +3.5% y/y.
1630 ET	Weekly money supply report and Fed balance sheet.
1915 ET	Dallas Fed President Richard Fisher speaks on the economy and Fed policy at the Headliners Club of Austin Famous Austinites Dinner.
United Kingdom
0430 ET	Jan U.K. PMI construction expected -0.7 to 52.5, Dec +0.9 to 53.2.
Euro-Zone
0500 ET	Dec Euro-Zone PPI expected -0.1% m/m and +4.3% y/y, Nov +0.2% m/m and +5.3% y/y.
0600 ET	European Parliament votes on resolution on Iran?s nuclear program and votes on a Euro bond resolution.
CHI
2000 ET	Jan China non-manufacturing PMI, Dec +6.3 to 56.0.

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Blackstone -BX -- Barchart Cgart of the Day

Barchart.com's Chart of the Day - The Blackstone Group (BX)

Barchart Research Team - Barchart.com - Wed Mar 23, 8:12PM CDT

Related Stocks

 BX - The Blackstone Group L.P.

Sym	Last	Chg	Pct
BX	18.20	+0.66	+3.76%

The "Chart of the Day" is The Blackstone Group (BX), which showed up on Wednesday's list of stocks that had a new "Buy" signal from the Barchart "TrendSpotter" trading system. Blackstone on Wednesday rallied by 3.76% and posted a new 3-1/4 year high, reaching the highest level since December 2007, the month that the U.S. recession officially began. In recent news on the stock, Citigroup on March 1 initiated coverage on Blackstone with a Buy and a target of $23.50. Blackstone, with a market cap of $6 billion, is a leading investment and advisory firm with services including alternative asset management and various financial advisory services, including mergers and acquisitions advisory, restructuring and reorganization advisory and fund placement services.


How we found the Chart of the Day:
We found the "Chart of the Day" by scanning the Barchart "Trading Signals" page. That page provides a summary of changes in the Barchart signals. We then clicked on the TrendSpotter "Buy" category to obtain a list of all the stocks for which the Barchart TrendSpotter trading system has just turned to a buy. We then clicked on the "Today's Opinion" column header in order to sort the list with the strongest stocks on top. Further information is available at Barchart Signals Guide help page and at TrendSpotter help page.
Barchart's Opinion trading systems are all a Buy and Barchart's daily TrendSpotter trading system is a "Buy." 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.

• TrendSpotter: Buy
• Short-Term Indicators: 100% Buy
• Medium-Term Indicators: 100% Buy
• Long-Term Indicators: 100% Buy
• Overall Average 100% Buy

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