Showing posts with label CAR. Show all posts
Showing posts with label CAR. Show all posts

Tuesday, November 7, 2017

Morning Call 11/7

Barchart Morning Call

OVERNIGHT MARKETS AND NEWS
Dec E-mini S&Ps (ESZ17 -0.01%) this morning are little changed, down -0.02%, after they rose to a record nearest-futures high in overnight trade. Strength in energy stocks lifted the overall market after Dec WTI crude oil (CLZ17 -0.10%) posted a new 2-1/3 year high in overnight trade. European stocks are down slightly by -0.17% after German Sep industrial production fell more than expected. European stocks were also undercut by disappointing quarterly earnings results from BMW AG and Associated British Foods Plc. Asian stocks settled mostly higher: Japan +1.73%, Hong Kong +1.39%, China +0.75%, Taiwan +0.50%, Australia +1.02%, Singapore +0.92%, South Korea -0.19%, India -1.07%. China's Shanghai Composite climbed to a 1-week high as the rally in crude oil to a 2-1/3 year high boosted Chinese energy stocks. Japan's Nikkei Stock Index soared to a 25-3/4 year high, bolstered by strong corporate quarterly earnings results and by Monday’s rally in USD/JPY to a 7-1/2 month high. Japanese consumer stocks also gained on optimism that consumer spending may improve after Japan Sep labor cash earnings rose +0.9% y/y, its largest increase in 14 months.

The dollar index (DXY00 +0.36%) is up +0.30% at a 1-week high as an increase in the 10-year T-note yield boosts the dollar's interest rate differentials. EUR/USD (^EURUSD) is down -0.36% at a 3-1/2 month low and was pressured by the weaker-than-expected German Sep industrial production. USD/JPY (^USDJPY) is up +0.40%.
Dec 10-year T-note prices (ZNZ17 -0.06%) are down -2 ticks.
German Sep industrial production fell -1.6% m/m, weaker than expectations of -0.9% m/m and the biggest decline in 9 months.
Eurozone Sep retail sales rose +0.7% m/m, stronger than expectations of +0.6% m/m and the largest increase in 11 months.
Japan Sep labor cash earnings rose +0.9% y/y, stronger than expectations of +0.5% y/y and the biggest increase in 14 months. Sep real cash earnings fell -0.1% y/y, stronger than expectations of -0.2% y/y.
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) Sep JOLTS job openings (expected -29,000 to 2.053 million, Aug -58,000 to 6.082 million), (2) Fed Governor Randal Quarles speaks at The Clearing House annual conference in New York, (3) Treasury auctions $24 billion of 3-year T-notes, (4) Sep consumer credit (expected +$17.5 billion, Aug +$13.965 billion).
Notable S&P 500 earnings reports today include: Emerson Electrict (consensus $0.82), Marriott (0.99), Welltower (1.06), Royal Caribbean Cruises (3.40), Cboe Global Markets (0.87), Expeditors Intl (0.61).
U.S. IPO's scheduled to price today: CBTX Inc (CBTX), Metropolitan Bank Holding (MCB).
Equity conferences this week: Citi Financial Technology Conference on Mon-Tue, EEI Financial Conference on Mon-Tue, Credit Suisse Health Care Conference on Tue-Wed, Bernstein Technology Innovation Summit on Tue-Wed, Stephens Fall Investment Conference on Tue-Wed, RBC Capital Markets Technology, Internet, Media and Telecommunications Conference on Tue-Wed, Robert W. Baird Global Industrial Conference on Tue-Wed, Wells Fargo Technology, Media & Telecom Conference on Tue-Wed, Deutsche Bank Gaming, Lodging & Leisure Conference on Wed.
OVERNIGHT U.S. STOCK MOVERS
Priceline Group (PCLN +0.45%) tumbled over 9% in after-hours trading after it said it sees Q4 adjusted EPS of $13.40 to $14.00, well below consensus of $15.56.
Weight Watchers International (WTW +0.27%) rallied 10% in after-hours trading after it reported Q3 EPS of 65 cents, higher than consensus of 51 cents, and then said it sees full-year EPS of $1.77 to $1.83, better than consensus of $1.46.
Red Robin Gourmet Burgers (RRGB +0.15%) sank 18% in after-hours trading after it reported Q3 adjusted EPS of 21 cents, well below consensus of 29 cents, and then forecast full-year EPS of $2.16 to $2.31 weaker than consensus of $2.80.
Las Vegas Sands (LVS +1.02%) was upgraded to 'Overweight' from 'Equal Weight' at Morgan Stanley with a price target of $72.
U.S. Silica Holdings (SLCA +3.55%) jumped 6% in after-hours trading after it reported Q3 revenue of 34 million, higher than consensus of $328.9 million.
Veritone (VERI +6.26%) tumbled over 12% in after-hours trading after it reported a Q3 net loss of -$1.31 per share, wider than consensus of -43 cents.
Lowe's (LOW -0.65%) was initiated with a recommendation of 'Overweight' at KeyBanc Capital Markets with a 12-month target price of $98.
Zayo Group Holdings (ZAYO -0.12%) slipped nearly 4% in after-hours trading after it reported Q1 EPS of 9 cents, weaker than consensus of 12 cents.
Tenet Healthcare (THC -3.29%) fell 5% in after-hours trading after it said it sees Q4 adjusted EPS of $1.20 to $1.35, below consensus of $1.55, and then lowered guidance on full-year adjusted EPS to 59 cents-74 cents from a prior view of 69 cents to 99 cents, weaker than consensus of 75 cents.
Avis Budget Group (CAR +1.10%) dropped 11% in after-hours trading after it lowered guidance on full-year adjusted EPS to $2.45 to $2.65 from a prior view of $2.40 to $2.85, weaker than consensus of $2.69.
TripAdvisor (TRIP +1.67%) dropped nearly 9% in after-hours trading after it reported Q3 revenue of $439 million, weaker than consensus of $451.7 million.
Lannett (LCI +2.42%) jumped over 8% in after-hours trading after it said it sees full-year net sales of $710 million to $720 million, well above consensus of $654.9 million.
AMC Entertainment Holdings (AMC +2.52%) slid 7% in after-hours trading after it said it sees 2017 revenue of $5.00 billion to $5.20 billion, the mid-point below consensus of $5.16 billion.
TrueCar (TRUE +1.55%) plunged 26% in after-hours trading after it reported Q3 revenue of $82.4 million, weaker than consensus of $86.9 million, and then forecast full-year revenue of $321 million to $323 million, below consensus of $328.6 million.
Manitowoc (MTW +1.20%) rose nearly 5% in after-hours trading after it reported Q3 revenue of $399.4 million, better than consensus of $385.1 million.
MARKET COMMENTS
Dec S&P 500 E-mini stock futures (ESZ17 -0.01%) this morning are down -0.50 points (-0.02%). Monday's closes: S&P 500 +0.13%, Dow Jones +0.04%, Nasdaq +0.29%. The S&P 500 on Monday climbed to a new record high and closed higher on strength in technology stocks led by a +1.0% gain in Apple to a record high. There was also strength in energy stocks after the price of crude oil climbed +3.07% to a 2-1/3 year high.
Dec 10-year T-note prices (ZNZ17 -0.06%) this morning are down -2 ticks. Monday's closes: TYZ7 +6.50, FVZ7 +2.50. Dec 10-year T-notes on Monday posted a fresh 2-week high and closed higher on carry-over support from a rally in 10-year German bunds to a 1-3/4 month high and on increased safe-haven demand from geopolitical tensions in the Middle East after Saudi Arabia said an attempted missile attack on Riyadh's airport could be an act of war by Iran.
The dollar index (DXY00 +0.36%) this morning is up +0.284 (+0.30%) at a 1-week high. EUR/USD (^EURUSD) is down -0.0042 (-0.36%) at a 3-1/2 month low and USD/JPY (^USDJPY) is up +0.45 (+0.40%). Monday's closes: Dollar Index -0.184(-0.19%), EUR/USD +0.0002 (+0.02%), USD/JPY -0.36 (-0.32%). The dollar index on Monday fell back from a 1-week high and closed lower on increased safe-haven demand for the yen as USD/JPY declined on tensions between Iran and Saudi Arabi after Saudi Arabi said a weekend attempted missile strike at Riyadh's airport could be an act of war by Iran. The dollar was also undercut by the decline in the 10-year T-note yield to a 2-week low, which undercuts the dollar's interest rate differentials.
Dec crude oil (CLZ17 -0.10%) this morning is down -2 cents (-0.03%) and Dec gasoline (RBZ17 -0.51%) is -0.0079 (-0.43%). Monday's closes: Dec WTI crude +1.71 (+3.07%), Dec gasoline +0.0366 (+2.04%). Dec crude oil and gasoline on Monday closed higher with Dec crude at a 2-1/3 year high. Crude oil prices were boosted by geopolitical concerns that may lead to disruption of Middle Eastern crude supplies after Saudi Arabia blamed Iran for an attempted missile attack on Riyadh's international airport and said it could be considered an "act of war."
Metals prices this morning are weaker with Dec gold (GCZ17 -0.39%) -4.5 (-0.35%), Dec silver (SIZ17 -1.25%) -0.195(-1.13%) and Dec copper (HGZ17 -1.06%) -0.032 (-1.00%). Monday's closes: Dec gold +12.4 (+0.98%), Dec silver +0.401 (+2.38%), Dec copper +0.0400 (+1.28%). Metals on Monday closed higher on a weaker dollar and the -1,950 MT decline in LME copper inventories to a 1-3/4 month low of 268,450 MT, a sign of tighter supplies.
GLOBAL EVENT CALENDAR11/07/2017
Tuesday, Nov 7
US1000 ETSep JOLTS job openings expected -32,000 to 6.050 million, Aug -58,000 to 6.082 million.
1235 ETFed Governor Randal Quarles speaks at The Clearing House annual conference in New York.
1300 ETTreasury auctions $24 billion of 3-year T-notes.
1500 ETSep consumer credit expected +$17.5 billion, Aug +$13.965 billion.
Wednesday, Nov 8
US0700 ETWeekly MBA mortgage applications, previous -2.6% with purchase sub-index -0.8% and refi sub-index -4.5%.
1030 ETEIA weekly Petroleum Status Report.
1300 ETTreasury auctions $23 billion of 10-year T-notes.
U.S. STOCK CALENDAR11/07/2017
NameTickerTimeDescriptionPeriodEstimate
Welltower IncHCN USBef-mktQ3 2017 Earnings ReleaseQ3 171.055
Expeditors International of Washington IncEXPD USBef-mktQ3 2017 Earnings ReleaseQ3 170.606
Royal Caribbean Cruises LtdRCL USBef-mktQ3 2017 Earnings ReleaseQ3 173.398
Tapestry IncTPR US06:45Q1 2018 Earnings ReleaseQ1 180.36
Emerson Electric CoEMR US06:55Q4 2017 Earnings ReleaseQ4 170.82
Cboe Global Markets IncCBOE US07:30Q3 2017 Earnings ReleaseQ3 170.874
Principal Financial Group IncPFG US08:00Roadshow
TripAdvisor IncTRIP US08:30Q3 2017 Earnings CallQ3 17
Cboe Global Markets IncCBOE US08:30Q3 2017 Earnings CallQ3 17
Tapestry IncTPR US08:30Q1 2018 Earnings CallQ1 18
FMC CorpFMC US09:00Q3 2017 Earnings CallQ3 17
Delphi Automotive PLCDLPH US09:00Extraordinary Shareholders Meeting
Welltower IncHCN US10:00Q3 2017 Earnings CallQ3 17
International Flavors & Fragrances IncIFF US10:00Q3 2017 Earnings CallQ3 17
Royal Caribbean Cruises LtdRCL US10:00Q3 2017 Earnings CallQ3 17
Automatic Data Processing IncADP USAnnual General Meeting - Proxy Fight for Board Representation
salesforce.com IncCRM US14:00Investor Day
Emerson Electric CoEMR US15:00Q4 2017 Earnings CallQ4 17
DaVita IncDVA USAft-mktQ3 2017 Earnings ReleaseQ3 170.941
DXC Technology CoDXC USAft-mktQ2 2018 Earnings ReleaseQ2 181.525
CSRA IncCSRA US16:15Q2 2018 Earnings ReleaseQ2 180.481
Marriott International Inc/MDMAR US16:30Q3 2017 Earnings ReleaseQ3 170.985
CSRA IncCSRA US17:00Q2 2018 Earnings CallQ2 18
DaVita IncDVA US17:00Q3 2017 Earnings CallQ3 17
DXC Technology CoDXC US17:00Q2 2018 Earnings CallQ2 18
Cimarex Energy CoXEC US23:00Q3 2017 Earnings ReleaseQ3 170.962

Monday, May 15, 2017

MORNING CALL - 5/15

Barchart Morning Call

OVERNIGHT MARKETS AND NEWS
Jun E-mini S&Ps (ESM17 +0.13%) this morning are up +0.10% as energy producing stocks rallied after Jun WTI crude oil (CLM17 +3.05%) surged +2.91% to a 2-week high when Saudi Arabia and Russia said they favored extending a crude oil production-cut deal for another nine months, longer than expectations of six months. European stocks are down -0.30% as the markets gauge the effect of a massive cyber-attack on European businesses. More than 200,000 computers from at least 150 countries have so far been infected with a ransomware, according to Europol. It has affected the UK's National Health Service, Russia's Ministry of Interior, Chinese government agencies, Germany's Deutsche Bahn rail system, automakers Renault SA and Nissan Motor, and other company and hospital computer systems. Asian stocks settled mostly higher: Japan -0.07%, Hong Kong +0.86%, China +0.22%, Taiwan +0.50%, Australia +0.03%, Singapore +0.27%, South Korea +0.21%, India +0.44%. China's Shanghai Composite climbed to a 1-week high after Chinese President Xi Jinping unveiled an infrastructure spending plan at the Belt and Road Forum in Beijing. Gains were limited, though, after data on China Apr industrial production and retail sales missed estimates.
The dollar index (DXY00 -0.36%) is down -0.35%. EUR/USD (^EURUSD) is up +0.34%. USD/JPY (^USDJPY) is up +0.04%.
Jun 10-year T-note prices (ZNM17 +0.01%) are up +2 ticks at a 1-week high.
Japan Apr PPI rose +0.2% m/m and +2.1% y/y, stronger than expectations of -0.1% m/m and +1.8% y/y with the +2.1% y/y gain the largest year-on-year increase in 2-1/3 years.
China Apr industrial production rose +6.5% y/y, weaker than expectations of +7.0% y/y.
China Apr retail sales rose +10.7% y/y, weaker than expectations of +10.8% y/y.
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) May Empire manufacturing index (expected +2.1 to 7.3, Apr -11.2 to 5.2), (2) May NAHB housing market index (expected unch at 68, Apr -3 to 68), (3) USDA weekly grain export inspections, (4) USDA crop conditions and planting progress.
Notable Russell 2000 earnings reports today include: Alere (consensus $0.52).
U.S. IPO's scheduled to price today: none.
Equity conferences: JP Morgan Denver Energy Bus Tour on Mon-Tue, Bank of America Merrill Lynch Global Mining Metals & Steel Conference on Tue, Deutsche Bank Clean Tech Utility & Power Conference on Tue, Needham Emerging Technology Conference on Tue-Wed, Goldman Sachs Basic Materials Conference on Tue-Wed, Bank of America Merrill Lynch Health Care Conference on Tue-Thu, Barclays Americas Select Franchise Conference on Tue-Fri, Stephens Energy Executive Summit on Wed, BMO Capital Markets Farm to Market Conference on Wed-Thu, J.P. Morgan Homebuilding & Building Products Conference on Wed-Thu, MoffettNathanson Media & Communications Summit on Wed-Thu, RBC Capital Markets Canadian Automotive, Transportation & Industrials Conference on Thu, Barclays Water Symposium - Panel on Thu.
OVERNIGHT U.S. STOCK MOVERS
Cisco (CSCO -0.54%) climbed nearly 2% in pre-market trading after it was upgraded to 'Overweight' from 'Equal-Weight' at Morgan Stanley with a price target of $39.
Johnson & Johnson (JNJ +0.36%) was upgraded to 'Overweight' from 'Neutral' at JP Morgan Chase with a price target of $140.
Acadia Health (ACHC +0.59%) was downgraded to 'Market Perform' from 'Outperform' at Leerink Partners LLC.
JC Penney (JCP -13.99%) was downgraded to 'Hold' from 'Buy' at Deutsche Bank.
TD Ameritrade (AMTD -1.30%) was upgraded to 'Outperform' from ‘Market Perform' at Wells Fargo with a price target of $44.
Starbucks (SBUX -0.56%) was upgraded to 'Buy' from 'Hold' at Deutsche Bank with a price target of $69.
Xylem (XYL +0.20%) was upgraded to 'Overweight' from 'Equal Weight' at Barclays with a price target of $59.
Cimarex Energy (XEC -0.84%) was upgraded to 'Buy' from 'Hold' at Williams Capital with a price target of $160.
Buffalo Wild Wings (BWLD -0.19%) was upgraded to 'Buy' from 'Hold' at Deutsche Bank with a price target of $180.
Tesla (TSLA +0.53%) is down over 2% in pre-market trading after it was downgraded to 'Equal-Weight' from 'Overweight.'
Avis Budget Group (CAR -1.65%) fell 2% in after-hours trading after CFO David Wyshner resigned, effective next month, to pursue other opportunities.
Progressive (PGR -0.62%) announced that its board authorized the repurchase of up to 25 million of its common shares.
Allscripts Healthcare Solutions (MDRX -2.53%) announced that Dennis Olis has been named interim CEO and will replace Melinda Whittington who is leaving the company.

MARKET COMMENTS
June E-mini S&Ps (ESM17 +0.13%) this morning are up +2.50 points (+0.10%). Friday's closes: S&P 500 -0.15%, Dow Jones -0.11%, Nasdaq +0.22%. The S&P 500 on Friday closed lower on concerns about U.S. consumer spending after Apr retail sales rose +0.4% and +0.3% ex autos, weaker than expectations of +0.6% and +0.5% ex autos. There was also weakness in retail stocks, led by an 11% plunge in Nordstrom's, after it reported an unexpected -0.8% decline in Q1 comparable-store-sales, weaker than consensus of unchanged. Stocks found support on news that the May University of Michigan U.S. consumer sentiment rose +0.7 to 97.7, stronger than expectations of unch at 97.0.
June 10-year T-notes (ZNM17 +0.01%) this morning are up +2 ticks at a 1-week high. Friday's closes: TYM7 +17.50, FVM7 +12.00. Jun T-=notes on Friday rose to a 1-week high and settled higher on the weaker-than-expected U.S. Apr CPI and Apr retail sales, which takes some of the urgency away for future Fed rate hikes. T-note prices were also supported by comments from Chicago Fed President Evans who said inflation pressures are "still under-running" the Fed's 2% objective.
The dollar index (DXY00 -0.36%) this morning is down -0.238 (-0.35%). EUR/USD (^EURUSD) is up +0.0037 (+0.34%) and USD/JPY (^USDJPY) is up +0.05 (+0.04%). Friday's closes: Dollar index -0.371 (-0.37%), EUR/USD -0.0007 (-0.06%), USD/JPY -0.42 (-0.37%). The dollar index on Friday closed lower on the weaker-than-expected U.S. Apr retail sales and Apr CPI reports, which may delay a Fed rate hike, and Chicago Fed President Evans' comment that downside risks to inflation "still predominate."
June WTI crude oil prices (CLM17 +3.05%) this morning are up +$1.39 a barrel (+2.91%) at a 2-week high and June gasoline (RBM17 +2.36%) is +0.0307 (+1.95%) at a 2-week high. Friday's closes: Jun crude +0.01 (+0.02%), Jun gasoline +0.0139 (+0.89%). Jun crude oil and gasoline on Friday closed higher with Jun gasoline at a 2-week high. Crude oil prices were boosted by a weaker dollar and by the jump in the crack spread to a 2-week high, which may boost refinery demand for crude oil to refine into gasoline. Crude oil prices were undercut by last Friday's report from Baker Hughes that active U.S. oil rigs in the week of May 12 rose 9 to 712, a 2-year high.
GLOBAL EVENT CALENDAR05/15/2017
Monday, May 15
US0830 ETMay Empire manufacturing survey general business conditions expected +2.1 to 7.3, Apr -11.2 to 5.2.
1000 ETMay NAHB housing market index expected unch at 68, Apr -3 to 68.
1100 ETUSDA weekly grain export inspections.
1600 ETUSDA crop conditions and planting progress.
Tuesday, May 16
US0830 ETApr housing starts expected +3.7% to 1.260 million, Mar -6.8% to 1.215 million. Apr building permits expected +0.2% to 1.270 million, Mar +4.2% to 1.267 million.
0915 ETApr industrial production expected +0.4%, Mar +0.5%. Apr manufacturing production expected +0.4%, Mar -0.4%. Apr capacity utilization expected +0.2 to 76.3%, Mar +0.4 to 76.1%.
U.S. STOCK CALENDAR05/15/2017

CompanyTickerTimeEvent DescriptionPeriodEstimate
American International Group IncAIG US09:30Investor Day
Liberty Expedia Holdings IncLEXEA USQ1 2017 Earnings ReleaseQ1 17
Alere IncALR USQ4 2016 Earnings ReleaseQ4 160.516
Ultimate Software Group Inc/TheULTI USAnnual General Meeting
Motorola Solutions IncMSI USAnnual General Meeting
Markel CorpMKL USAnnual General Meeting
Consolidated Edison IncED USAnnual General Meeting
Equifax IncEFX USInvestor Meeting - Zurich
Equifax IncEFX USInvestor Meeting - Geneva
PacWest BancorpPACW US13:30Annual General Meeting