Thursday, June 16th, 2016View Older Reports
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OVERNIGHT MARKETS AND NEWS
Sep E-mini S&Ps (ESU16 -0.48%) are down -0.34% at a 3-week low and European stocks are down -0.56% at a 3-3/4 month low as central banks express concern about the global economic outlook due to the June 23 Brexit referendum. Fed Chair Yellen said next week's UK vote on European Union membership was a factor in the Fed's decision yesterday to hold interest rates steady, and the BOJ refrained from expanding stimulus on concern any fallout from a Brexit vote would leave its policy moves ineffective. Gold prices (GCQ16 +1.57%) surged to a 1-3/4 year high as the outlook for low U.S. interest rates and Brexit concerns fueled safe-haven demand for gold. The BOE as expected kept its benchmark interest rate at 0.50% and maintained its asset purchase target at 375 billion pounds. Crude oil dropped to a 4-week low as most commodities followed world equity markets lower, while global government bond markets rallied sharply with 10-year yields in Japan, Australia, South Korea and Germany all falling to record lows. Asian stocks settled lower: Japan -3.05%, Hong Kong -2.10%, China -0.50%, Taiwan -1.30%, Australia -0.02%, Singapore -0.82%, South Korea -0.69%, India -0.75%. Japan's Nikkei Stock Index tumbled to a 3-3/4 month low after the BOJ refrained from additional stimulus measures along with the slide in USD/JPY to a 1-3/4 year low, which undercut exporter stocks.
The dollar index (DXY00 +0.36%) is up +0.21%. EUR/USD (^EURUSD) is down -0.52%. USD/JPY (^USDJPY) is down -1.63% at a 1-3/4 year low.
Sep T-note prices (ZNU16 +0.19%) are up +7.5 ticks at a new contract high on carryover support from yesterday's Fed decision along with rallies in world bond markets.
The BOJ kept its benchmark interest rate at -0.1% and maintained its annual asset purchase target at 80 trillion yen ($764 billion). The yen surged to a 1-3/4 year high against the dollar and the Japan 10-year bond yield fell to a record low -0.21% after the BOJ's decision. BOJ Governor Kuroda said the BOJ was carefully monitoring moves in financial markets and was in touch with counterparts including the BOE, amid Brexit concerns that he said had had an impact in the bond market.
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) weekly initial unemployment claims (expected +6,000 to 270,000, previous -4,000 to 264,000) and continuing claims (expected +45,000 to 2.140 million, previous -77,000 to 2.095 million), (2) May CPI (expected +0.3% m/m and +1.1% y/y, Apr +0.4% m/m and +1.1% y/y) and May CPI ex food & energy (expected +0.2% m/m and +2.2% y/y, Apr +0.2% m/m and +2.1% y/y), (3) Jun Philadelphia Fed business outlook survey (expected +2.8 to 1.0, May -0.2 to -1.8), (4) Q1 current account deficit (expected -$125.0 billion, Q4 -$125.31 billion), and (5) Jun NAHB housing market index (expected +1 to 59, May unch at 58), and (6) USDA weekly Export Sales.
There are 3 of the Russell 1000 companies that report earnings today: Oracle (consensus $0.82), Kroger (0.69), Rite Aid (0.05).
U.S. IPO's scheduled to price today: PSAV Inc (PSAV).
Equity conferences today include: William Blair & Company Growth Stock Conference on Tue-Thu and RBC Capital Markets Global Financial Technology Investor Day on Thu.
OVERNIGHT U.S. STOCK MOVERS
Chubb Ltd. (CB -0.10%) was downgraded to 'Underweight' from 'Neutral' at Atlantic Equities.
Aetna (AET +0.30%) was rated a new 'Outperform' at Bernstein with a price target of $142.
Yahoo! (YHOO -0.21%) was upgraded to 'Buy' from 'Neutral' at Citigroup with a price target of $43.
Ctrip.com International Ltd. (CTRP -2.14%) climbed 5% in after-hours trading after it reported Q1 net revenue of $648 million, higher than consensus of $629 million.
Kansas City Southern (KSU -1.58%) was rated a new 'Outperform' at Oppenheimer with an 18-month price target of $103.
Cal-Maine Foods (CALM -0.37%) was upgraded to 'Hold' from 'Underweight' at BB&T Capital Markets.
Hannon Armstrong Sustainable Infrastructure (HASI +0.48%) slid over 4% in after-hours trading after it started a 3.9 million share secondary offering
Culp (CFI +1.50%) reported Q4 net sales of $77.3 million, below consensus of $79.1 million, and said it sees Q1 comparable sales slightly lower y/y.
Jabil Circuit (JBL -0.32%) slumped 8% in after-hours trading after it said it expects Q4 core EPS between 15 cents and 35 cents, well below consensus of 53 cents.
Korn/Ferry (KFY -2.51%) lost over 1% in after-hours trading after it said it sees Q1 adjusted EPS of 50 cents-58 cents, below consensus of 58 cents.
Cavium (CAVM +3.81%) will acquire QLogic ({=QLGC for about $1.36 billion in cash and stock.
Clarcor (CLC +0.65%) reported Q2 adjusted EPS of 73 cents. better than consensus of 68 cents.
Tonix Pharmaceuticals Holding Corp. (TNXP -2.77%) dropped 12% in after-hours trading after it announced a proposed public offering of common stock.
MARKET COMMENTS
September E-mini S&Ps (ESU16 -0.48%) this morning are down -7.00 points at a new 3-week low. Wednesday's closes: S&P 500 -0.18%, Dow Jones-0.20%, Nasdaq -0.35%. The S&P 500 on Wednesday closed lower on the -0.4% decline in U.S. May manufacturing production (weaker than expectations of -0.1%) and on the FOMC's cut in its U.S. 2016 GDP forecast to 2.0% from 2.2%. Stocks received support from reduced concern about a Fed rate hike after the number of FOMC members who see only one rate hike this year rose to 6 from 1 in March. Stocks were also boosted by a rally in mining stocks and raw-material producers after the price of copper jumped to a 1-week high and silver rose to a 1-month high. Another supportive factor was the +15.3 point increase in the U.S. Jun Empire manufacturing survey to 6.01, stronger than expectations of +4.12 to -4.90.
Sep 10-year T-note prices (ZNU16 +0.19%) this morning are up +7.5 ticks at a fresh contract high. Wednesday's closes: TYU6 +9.50, FVU6 +6.25. Sep T-notes on Wednesday rose to a fresh contract high and closed higher on the FOMC's reiteration of its plan to raise interest rates at only a "gradual" pace and its cut in its U.S. 2016 GDP estimate to 2.0% from 2.2%. T-notes were also supported by the bigger-than-expected decline in U.S. May industrial and manufacturing production and by reduced inflation expectations as the 10-year T-note breakeven inflation rate fell to a 3-month low.
The dollar index (DXY00 +0.36%) this morning is up +0.196 (+0.21%). EUR/USD (^EURUSD) is down -0.0058 (-0.52%). USD/JPY (^USDJPY) is down-1.73 (-1.63%) a t 1-3/4 year low. Wednesday's closes: Dollar Index -0.318 (-0.33%), EUR/USD +0.0053 (+0.47%), USD/JPY -0.10 (-0.09%). The dollar index on Wednesday closed lower on the weaker-than-expected U.S. May industrial and manufacturing production reports and the dovish outcome of the FOMC meeting, which hurt U.S. interest rate differentials.
July WTI crude oil (CLN16 -1.44%) this morning is down -64 cents (-1.33%) at a 4-week low. July gasoline (RBN16 -0.53%) is down -0.0075 (-0.50%). Wednesday's closes: CLN6 -0.48 (-0.99%), RBN6 -0.0199 (-1.31%). July crude oil and gasoline prices on Wednesday closed lower with July crude at a 3-week low and July gasoline at a 1-month low. Crude oil prices were undercut by the -933,000 bbl decline in weekly EIA crude inventories (vs expectations of -2.35 million bbl) and the +904,000 bbl increase in crude oil supplies at Cushing. Crude oil prices found support from news that U.S. crude oil production in the week ended Jun 10 fell -0.3% to a 1-3/4 year low of 8.716 million bpd.
GLOBAL EVENT CALENDAR06/16/2016
U.S. STOCK CALENDAR06/16/2016
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Showing posts with label CFI. Show all posts
Showing posts with label CFI. Show all posts
Thursday, June 16, 2016
MORNING CALL 6/16
MORNING CALL
Wednesday, December 2, 2015
MORNING CALL 12/2
Wednesday, December 2nd, 2015View Older Reports
Everything you need to know about the markets in one free daily newsletter.
You will also receive a free subscription to the Barchart family of newsletters.
OVERNIGHT MARKETS AND NEWS
December E-mini S&Ps (ESZ15 unch) are up +0.08% at a 4-week high and European stocks are up +0.28% ahead of speeches today and tomorrow from Fed Chair Yellen. European stocks and government bonds also rose after weaker-than-expected Eurozone Nov CPI reinforced the argument for the ECB to expand stimulus when it meets tomorrow. Gains in European stocks were muted as ArcelorMittal tumbled over 6% and pulled other mining companies lower after Vale SA predicted steel prices will slump more next year. Asian stocks settled mixed: Japan -0.37%, Hong Kong +0.44%, China +2.33%, Taiwan -0.07%, Australia -0.15%, Singapore +0.47%, South Korea -0.84%, India -0.20%. China's Shanghai Composite closed up over 2% as financial companies and property stocks rallied on prospects for additional monetary stimulus from the PBOC.
The dollar index (DXY00 +0.30%) is up +0.28%. EUR/USD (^EURUSD) is down -0.36% after the slower-than-expected Eurozone Nov consumer prices bolstered the outlook for additional ECB easing. USD/JPY (^USDJPY) is up +0.20%.
Mar T-note prices (ZNH16 -0.06%) are unchanged.
Comments Tuesday night from Fed Governor Brainard suggest she sees the federal funds rate topping out at a lower level than in previous expansions. She said "a broad deterioration in foreign growth prospects, together with greater risk sensitivity in the wake of the crisis and changes in the rate of potential output growth, may be contributing to a 'new normal.'" This new normal "implies a delay in the date of liftoff and a shallower path for the federal funds rate over several years."
The Eurozone Nov CPI estimate rose +0.1% y/y, less than expectations of +0.2% y/y. The Nov core CPI rose +0.9% y/y, less than expectations of +1.1% y/y.
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) weekly MBA mortgage applications (previous -3.2% with purchase sub-index -0.5% and refi sub-index -4.8%), (2) Atlanta Fed President Dennis Lockhart speech on the U.S. economy to the Broward Workshop in Fort Lauderdale, FL, (3) Nov ADP employment change (expected +190,000, Oct +182,000), (4) Fed Chair Janet Yellen's welcoming remarks at the National College Fed Challenge Finals, (5) revised Q3 non-farm productivity (expected +2.2% vs last +1.6%) and revised Q3 unit labor costs (expected +1.0% vs last +1.4%), (6) Fed Governor Danial Tarullo's opening remarks at an Economic Growth and Regulatory Paperwork Reduction Act Outreach meeting, (7) Nov New York ISM (Oct +21.3 to 65.8), (8) Fed Chair Janet Yellen speech to the Economic Club of Washington, (9) the Fed's Beige Book, (10) San Francisco Fed President John Williams' speech on the economic outlook to community leaders in Portland, Oregon.
There are 4 of the Russell 1000 companies report earnings today: Brown-Forman (consensus $1.00), PVH Corp (2.47), Synopsys (0.65), Avago Technologies (2.38).
U.S. IPO's scheduled to price today: Sabre Corp (SABR), Rice Midstream Partners (RMP), Travelport Worldwide (TVPT), ChromaDex Corp (CDXC),
Equity conferences during the remainder of this week include: Credit Suisse Technology Conference on Tue, Citi Basic Materials Conference on Tue-Wed, Cowen and Company Ultimate Energy Conference on Tue-Wed, Piper Jaffray Health Care Conference on Tue-Wed, Credit Suisse Global Industrials Conference on Tue-Thu, Credit Suisse Technology, Media & Telecom Conference on Tue-Thu, Citi Global Financial Conference on Wed, J.P. Morgan Fintech & Specialty Finance Forum on Wed, Wells Fargo Connected Commerce Investor Summit on Wed, NASDAQ OMX Group, Inc. Investor Program on Wed-Thu, ASEAN Business Summit on Wed-Thu, Bank of America Merrill Lynch Leveraged Finance Conference on Thu.
OVERNIGHT U.S. STOCK MOVERS
Yahoo! (YHOO -0.30%) jumped over 8% in pre-market trading after the WSJ cited people familiar with the matter as saying the company's board will consider the sale of its main Internet business.
Fitbit (FIT +1.74%) rose nearly 3% in pre-market trading after the U.S. International Trade Commission said it would investigate a patent complaint filed by Fotbit against Jawbone Inc.
Bristol-Myers Squibb (BMY +1.87%) was upgraded to 'Buy' from 'Neutral' at Guggenheim Securities with a price target of $82.
Lockheed Martin (LMT +0.47%) won a Pentagon contract worth $914 million to upgrade F-16 aircraft for Singapore's military.
Louisiana-Pacific (LPX -2.45%) was added to the 'Top Pick' list at RBC.
Bob Evans (BOBE +0.13%) slid nearly 5% in after-hours trading after it lowered guidance on its fiscal 2016 revenue estimate to $1.35 billion from a prior view of $1.33 billion-$1.39 billion, below consensus of $1.36 billion.
Mobileye (MBLY -0.32%) rose 1% in after-hours trading after the stock was rated a new 'Buy' at Evercore ISI with a price target of $68.
Powell Industries (POWL -0.31%) slumped 10% in after-hours trading after it reported Q4 adjusted EPS of 45 cents, below consensus of 48 cents, and then lowered guidance on fiscal 2016 adjusted EPS to 65 cents-$1.05, well below consensus of $1.62.
Guidewire Software (GWRE +2.06%) rose over 4% in after-hours trading after it reported Q1 adjusted EPS of 7 cents, over double consensus of 3 cents.
Ascena Retail (ASNA +3.97%) jumped over 7% in after-hours trading after it reported Q1 adjusted EPS of 36 cents, higher than consensus of 29 cents.
Culp (CFI +2.66%) reported Q2 EPS of 41 cents, better than consensus 40 cents, although Q2 revenue of $77.0 million was below consensus of $77.6 million.
OncoGenex Pharmaceuticals (OGXI +1.55%) plunged over 25% in after-hours trading after it said some patients in its prostate cancer drug study did not respond to treatment with its custirsen drug.
MARKET COMMENTS
Dec E-mini S&Ps (ESZ15 unch) this morning are up +1.75 points (+0.08%) at a 4-week high. Tuesday's closes: S&P 500 +1.07%, Dow Jones +0.95%, Nasdaq +1.11%. The S&P 500 on Tuesday rallied to a 3-week high and settled higher on speculation that any Fed interest rate hikes will be slow and shallow after the Nov ISM manufacturing index unexpectedly fell -1.5 to a 6-1/3 year low of 48.6, weaker than expectations of +0.4 to 50.5. The S&P 500 also received a boost from a rally in China's Shanghai Composite that shook off early losses and closed up +0.32% after the China Nov manufacturing PMI unexpected fell -0.2 to a 3-1/4 year low of 49.6 and fueled speculation that the PBOC will expand stimulus.
Mar 10-year T-notes (ZNH16 -0.06%) this morning are unchanged. Tuesday's closes: TYH6 +16.50, FVH6 +10.25. Mar T-notes on Tuesday jumped to a 1-month high and closed higher on speculation that the Fed will move to raise interest rates very gradually after the Nov ISM manufacturing index unexpectedly contracted by the most in 6-1/3 years. T-notes also received a boost from a lack of inflation pressures after the Nov ISM prices paid sub-index contracted at its steepest pace in 9 months.
The dollar index (DXY00 +0.30%) this morning is up +0.275 (+0.28%). EUR/USD (^EURUSD) is down -0.0038 (-0.36%). USD/JPY (^USDJPY) is up +0.25 (+0.20%). Tuesday's closes: Dollar Index -0.375 (-0.37%), EUR/USD -0.0028 (-0.26%), USD/JPY +0.31 (+0.25%). The dollar index on Tuesday closed lower on the unexpected contraction in the Nov ISM manufacturing index, which bolsters the outlook for a gradual pace of Fed tightening, and strength in EUR/USD after the Eurozone Oct unemployment rate unexpectedly fell to a nearly 4-year low.
Jan crude oil (CLF16 -1.12%) this morning is down -43 cents (-1.03%) and Jan gasoline (RBF16 -1.71%) is down -0.0214 (-1.57%). Tuesday's closes: CLF6 unch, RBF6 +0.0526 (+4.02%). Jan crude oil and gasoline on Tuesday settled mixed with Jan crude at a 1-week low and Jan gasoline at a 3-week high. Crude oil prices were undercut by news that China's Nov manufacturing PMI contracted by the most in 3-1/4 years and the Nov ISM manufacturing index contracted by the most in 6-1/3 years. Crude oil is also seeing weakness on expectations that OPEC will keep its crude production quotas unchanged when it meets on Friday. Supportive factors included the weaker dollar and strength in gasoline prices after the crack spread jumped to a 2-1/2 month high when the EPA increased the level of renewable fuels that must be blended with gasoline.
GLOBAL EVENT CALENDAR12/02/2015
| US | 0700 ET | Weekly MBA mortgage applications, previous -3.2% with purchase sub-index -0.5% and refi sub-index -4.8%. |
| 0810 ET | Atlanta Fed President Dennis Lockhart speaks on the U.S. economy to the Broward Workshop in Fort Lauderdale, FL. | |
| 0815 ET | Nov ADP employment change expected +190,000, Oct +182,000. | |
| 0830 ET | Fed Chair Janet Yellen delivers welcoming remarks at the National College Fed Challenge Finals. | |
| 0830 ET | Revised Q3 non-farm productivity expected +2.2% vs last +1.6%. Revised Q3 unit labor costs expected +1.0% vs last +1.4%. | |
| 0900 ET | Fed Governor Danial Tarullo makes opening remarks at an Economic Growth and Regulatory Paperwork Reduction Act Outreach meeting. | |
| 0945 ET | Nov New York ISM, Oct +21.3 to 65.8. | |
| 1030 ET | EIA Weekly Petroleum Status Report. | |
| 1225 ET | Fed Chair Janet Yellen speaks to the Economic Club of Washington. | |
| 1400 ET | Fed Beige Book. | |
| 1540 ET | San Francisco Fed President John Williams delivers a speech on the economic outlook to community leaders in Portland, Oregon. | |
| UK | 0430 ET | UK Nov Markit/CIPS construction PMI expected -0.3 to 58.5, Oct 58.8. |
| EUR | 0500 ET | Eurozone Nov CPI expected +0.2% y/y, Oct unch y/y. Nov core CPI expected +1.1% y/y, Oct +1.1% y/y. |
| 0500 ET | Eurozone Oct PPI expected -0.4% m/m and -3.2% y/y, Sep -0.3% m/m and -3.1% y/y. |
U.S. STOCK CALENDAR12/02/2015
| Company | Ticker | Time | Event Description | Period | Estimate |
|---|---|---|---|---|---|
| Brown-Forman Corp | BF/B US | 8:00 | Q2 2016 Earnings Release | Q2 2016 | 0.996 |
| Brown-Forman Corp | BF/B US | 10:00 | Q2 2016 Earnings Call | Q2 2016 | |
| Microsoft Corp | MSFT US | 11:00 | Annual General Meeting | Y 2015 | |
| Synopsys Inc | SNPS US | 17:00 | Q4 2015 Earnings Call | Q4 2015 | |
| Avago Technologies Ltd | AVGO US | 17:00 | Q4 2015 Earnings Call | Q4 2015 | |
| PVH Corp | PVH US | Aft-mkt | Q3 2016 Earnings Release | Q3 2016 | 2.466 |
| Synopsys Inc | SNPS US | Aft-mkt | Q4 2015 Earnings Release | Q4 2015 | 0.654 |
| Avago Technologies Ltd | AVGO US | Aft-mkt | Q4 2015 Earnings Release | Q4 2015 | 2.377 |
| Costco Wholesale Corp | COST US | 21:00 | November 2015 Sales and Revenue Release | 2015 | |
| AutoNation Inc | AN US | November 2015 Sales and Revenue Release | 2015 | ||
| Copart Inc | CPRT US | Annual General Meeting | |||
| Delta Air Lines Inc | DAL US | November 2015 Sales and Revenue Release - Traffic Results | 2015 |
Monday, April 6, 2015
Culp - Barchart's Chart of the Day
Culp Inc (CFI) is the Barchart Chart of the Day. The textile - home furnishings company has a Trend Spotter buy signal, a Weighted Alpha of 71.10+ , gained 47.33% in the last year and paid a 1.10% dividend.
The Chart of the Day belongs to Culp Inc (CFI). 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 2/19 the stock gained 30.83%.
Culp, Inc. manufactures, sources, markets, and sells mattress fabrics and upholstery fabrics. The Company's fabrics are used in the production of residential and commercial furniture and bedding products, including sofas, recliners, chairs, loveseats, sectionals, sofa-beds, office seating, panel systems, and mattress sets. It operates in two segments, Mattress Fabrics and Upholstery Fabrics. The Mattress Fabrics segment offers woven jacquard, knitted, and converted fabrics for covering mattresses, box springs, and foundations. The Upholstery Fabric segment provides synthetic leathers, velvets, woven jacquards, woven dobbies, and suedes.
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.
The Chart of the Day belongs to Culp Inc (CFI). 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 2/19 the stock gained 30.83%.
Culp, Inc. manufactures, sources, markets, and sells mattress fabrics and upholstery fabrics. The Company's fabrics are used in the production of residential and commercial furniture and bedding products, including sofas, recliners, chairs, loveseats, sectionals, sofa-beds, office seating, panel systems, and mattress sets. It operates in two segments, Mattress Fabrics and Upholstery Fabrics. The Mattress Fabrics segment offers woven jacquard, knitted, and converted fabrics for covering mattresses, box springs, and foundations. The Upholstery Fabric segment provides synthetic leathers, velvets, woven jacquards, woven dobbies, and suedes.
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
- 8 new highs and up 19.88% in the last month
- Relative Strength Index 75.65%
- Barchart computes a technical support level at 27.29
- Recently traded at 28.52 with a 50 day moving average of 23.21
Fundamental factors:
- Market Cap $348.51 million
- P/E 17.03
- Dividend yield 1.10%
- Revenue expected to grow 8.00% this year and another 3.60% next year
- Earnings estimated to increase 19.80% this year, an additional 7.90% next year and continue to increase at an annual rate of 9.00% for the next 5 years
- Wall Street analysts issued 3 strong buy recommendations on the stock
The 50-100 Day MACD Oscillator has been an effective technical trading strategy on this stock and should continue to be used for entry and exit points.
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