Friday, March 18th, 2016View Older Reports
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OVERNIGHT MARKETS AND NEWS
Jun E-mini S&Ps (ESM16 +0.26%) are up +0.28% and European stocks are up +0.54% on speculation that global central banks will remain accommodative. Strength in Chinese stocks also gave support to a rally in global equity markets on signs that actions taken by the Chinese government to boost economic confidence are starting to bear fruit after China Feb new home prices rose in the most cities in nearly 2 years. Energy producers are also higher as crude oil climbed over $40 a barrel to a 3-1/2 month high. Asian stocks settled mostly higher: Japan -1.25%, Hong Kong +0.82%, China +1,73%, Taiwan +0.87%, Australia +0.29%, Singapore +0.92%, South Korea +0.22%, India +1.12%. Japan's Nikkei Stock Index was the only Asian bourse to close lower as it fell to a 1-week low after exporters sold-off on earnings concerns when USD/JPY plunged to a 1-1/3 year low yesterday. The yield on Japan's 10-year government bond fell to a record low -0.135% as the BOJ ramps up it bond buying operations. China's Shanghai Composite rallied to a 1-3/4 month high as strength in property stocks propelled the overall market higher after new-home prices last month rose in 47 cities out of 70 tracked by the government, the most in nearly 2 years.
The dollar index (DXY00 +0.27%) is up +0.32%. EUR/USD (^EURUSD) is down -0.43% after ECB Executive Board member Praet said that there was still scope for the ECB to cut interest rates if the Eurozone economy falters. USD/JPY (^USDJPY) is up +0.04%.
Jun T-note prices (ZNM16 +0.11%) are up +6.5 ticks.
ECB Executive Board member Praet said "if new negative shocks should worsen the outlook or if financing conditions should not adjust in the direction and to the extent that is necessary to boost the economy and inflation, a rate reduction remains in our armory."
Feb China new home prices rose in 47 cities out of 70 tracked by the government, the most in 23 months.
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) New York Fed President William Dudley's delivery of the opening remarks at a conference on bank supervision in NY, (2) University of Michigan prelim-March U.S. consumer sentiment index (expected +0.5 to 92.2, Feb -0.3 to 91.7), (3) Boston Fed President Eric Rosengren's speech on a panel on bank supervision in NY, and (4) St. Louis Fed President James Bullard's presentation at the International Research Forum on Monetary Policy Euro Area Business Cycle Network in Frankfurt, Germany.
There are 2 of the Russell 1000 companies that report earnings today: Tiffany (consensus $1.40), Avangrid (2.16).
U.S. IPO's scheduled to price today: BioLight Life Sciences (BOLT).
Equity conferences today include: none.
OVERNIGHT U.S. STOCK MOVERS
Adobe Systems (ADBE +2.03%) rallied over 5% in pre-market trading after it reported Q1 adjusted EPS of 66 cents, better than consensus of 61 cents, and then raised guidance on fiscal 2016 adjusted EPS to $2.80 from a prior estimate of $2.70, above consensus of $2.76.
Tiffany & Co. (TIF -0.23%) reported Q4 adjusted EPS of $1.46, higher than consensus of $1.40.
JPMorgan Chase (JPM -0.29%) rose 1% in after-hours trading after its board authorized an additional $1.88 billion to be added to its $6.4 billion stock repurchase program authorized last year.
Continental Resources (CLR +4.40%) was rated a new 'Outperform" at RBC with a price target of $35.
Micron Technology (MU +1.40%) was downgraded to 'Neutral' from 'Positive' at Susquehanna.
Avista (AVA +1.33%) was downgraded to 'Sell' from 'Neutral' at UBS.
Titan Machinery (TITN +4.67%) reported a preliminary Q4 adjusted loss of -$1.31, a much bigger loss than consensus of -12 cents.
Adecoagro (AGRO +0.23%) reported Q4 net sales of $209.8 million, above consensus of $202.3 million.
Regency Centers (REG +2.12%) was downgraded to 'Hold' from 'Buy' at Argus Research.
Shoe Carnival (SCVL +5.55%) rose nearly 6% in after-hours trading after it reported Q4 EPS of 21 cents, well above consensus of 14 cents.
Columbia Pipeline Group (CPGX +2.22%) climbed over 5% in after-hours trading after TransCanada agreed to buy the company for $25.50 a share or $10.2 billion. TransCanada (TRP +3.76%) is down over 4% in after-hours trading after the announcement.
Turquoise Hill Resources (TRQ +3.51%) reported Q4 EPS of 10 cents, well above consensus of 1 cent.
MARKET COMMENTS
Jun E-mini S&Ps (ESM16 +0.26%) this morning are up +5.75 ponts (+0.28%). Thursday's closes: S&P 500 +0.66%, Dow Jones +0.90%, Nasdaq-0.09%. The S&P 500 on Thursday rallied to a 2-1/2 month high and closed higher on the unexpected +260,000 increase in Jan JOLTS job openings to a 6-month high of 5.541 million, the +15.2 point jump in the Mar Philadelphia Fed business outlook survey to a 13-month high of 12.4 (stronger than expectations of +1.3 to -1.5), and the rally in commodity prices, which pushed raw material and energy producer stocks higher.
Jun 10-year T-notes (ZNM16 +0.11%) this morning are up +6.5 ticks. Thursday's closes: TYM6 +8.50, FVM6 +4.50. Jun T-notes on Thursday rose to a 1-week high and closed higher on positive carryover from Wednesday's dovish FOMC meeting where the FOMC cut its GDP and inflation forecasts and now predicts only two rate hikes this year rather the four. T-notes were undercut by the stronger-than-expected Mar Philadelphia Fed business outlook survey that jumped to a 13-month high and by increased inflation expectations after the 10-year T-note breakeven inflation rate rose to a 3-1/4 month high.
The dollar index (DXY00 +0.27%) this morning is up +0.300 (+0.32%). EUR/USD (^EURUSD) is DOWN -0.0049 (-0.43%). USD/JPY (^USDJPY) is UP +0.04 (+0.04%). Thursday's closes: Dollar Index -1.130 (-1.18%), EUR/USD +0.0094 (+0.84%), USD/JPY -1.17 (-1.04%). The dollar index on Thursday tumbled to a 4-3/4 month low and closed lower on negative carryover from Wednesday's dovish FOMC meeting where the Fed cut its expectations for rate hikes, acknowledged global risks, and cut its GDP and inflation forecasts. In addition, there was massive short-covering in EUR/USD which rose to a 5-week high and in the yen as USD/JPY plunged to a 1-1/3 year low.
Apr WTI crude (CLJ16 +1.52%) this morning is up +58 cents (+1.44%) at a 3-1/2 month high and Apr gasoline (RBJ16 +0.75%) is up +0.0093 (+0.65%). Thursday's closes: CLJ6 +1.88 (+4.89%), RBJ6 +0.0177 (+1.25%). Apr crude and gasoline on Thursday closed higher with Apr crude at a 3-1/4 month high. Crude oil prices were boosted by the sell-off in the dollar index to a 4-3/4 month low and by expectations from U.S. crude production to continue to fall after Wednesday’s EIA data showed a -0.1% decline in U.S. crude production in the week ended Mar 11 to a 16-month low of 9.068 million bpd.
GLOBAL EVENT CALENDAR03/18/2016
U.S. STOCK CALENDAR03/18/2016
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Showing posts with label CPGX. Show all posts
Showing posts with label CPGX. Show all posts
Friday, March 18, 2016
MORNING CALL 3/18
MORNING CALL
Monday, August 3, 2015
BARCHART MORNING CALL 8/3
Monday, August 3rd, 2015View Older Reports
Everything you need to know about the markets in one free daily newsletter.
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OVERNIGHT MARKETS AND NEWS
September E-mini S&Ps (ESU15 unch) are down -0.04%, led by a decline in basic-resource companies and energy producers, as the price of copper (HGU15 -0.83%) dropped to a 6-year low on concerns over Chinese demand and crude oil (CLU15 -1.57%) tumbled to a 4-1/4 month low on concern the global supply glut will persist after Iranian Oil Minister Bijan Namdar Zanganeh said Iran can raise oil output by 500,000 bpd within a week of the end of sanctions. European stocks are up +0.68% on signs of improving company earnings after Heineken NV and Commerzbank AG both reported better-than-expected earnings results. Another positive for European stocks was the upward revision to the Eurozone Jul Markit manufacturing PMI. European stocks rose despite the -17.24% plunge in Greek stocks which reopened after a 5-week suspension. The Greek economy is in shambles as it trys to recover from its debt crisis after the Greek Jul Markit manufacturing PMI collapsed to a record low of 30.2 from 46.9 in Jun. Asian stocks closed mostly lower: Japan -0.18%, Hong Kong -0.91%, China -1.11%, Taiwan -1.63%, Australia -0.35%, Singapore -0.30%, South Korea -1.15%, India +0.26%. Chinese stocks were undercut by economic concerns after a gauge of Chinese manufacturing activity last month was revised lower to its steepest pace of contraction in 2 years.The dollar index (DXY00 +0.17%) is up +0.14%. EUR/USD (^EURUSD) is down -0.22%. USD/JPY (^USDJPY) is up +0.27%.
Sep T-note prices (ZNU15 +0.06%) are up +1 tick.
The Eurozone Jul Markit manufacturing PMI was revised upward to 52.4 from the previously reported 52.2.
The China Jul Caixin manufacturing PMI was unexpectedly revised lower to 47.8 from the previously reported 48.2, weaker than expectations of +0.1 to 48.3 and the steepest pace of contraction in 2 years.
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) June personal spending (expected +0.2%, May +0.9%) and June personal income (expected +0.3%, May +0.5%), (2) June PCE deflator (expected +0.2% m/m and +0.2% y/y, May +0.3% m/m and +0.2% y/y) and June core PCE deflator (expected +0.1% m/m and +1.2% y/y, May +0.1% m/m and +1.2% y/y), (3) final-Jul Markit manufacturing PMI (expected unrevised at 53.8, prelim-Jul +0.2 to 53.8), (4) June construction spending (expected +0.6%, May +0.8% m/m), (5) July ISM manufacturing index (expected unch at 53.5, Jun +0.3 to 53.5), and (5) July total vehicle sales (expected 17.20 million).There are 17 of the S&P 500 companies that report earnings today with notable reports including: AllState (consensus $0.96), NextEra Energy (1.50), Tyson Foods (0.92), Tenet Healthcare (0.45), General Growth Properties (0.33).
U.S. IPO's scheduled to price today include: none.
Equity conferences this week: Piper Jaffray Technology-Enabled Industrials Symposium on Tue-Wed, Needham Interconnect Conference on Wed.
OVERNIGHT U.S. STOCK MOVERS
Lowes (L -0.52%) reported Q2 EPS of 45 cents, well below consensus of 70 cents.Diamond Offshore Drilling (DO -1.61%) reported Q2 EPS of 66 cents, higher than consensus of 47 cents.
Noble Energy (NBL -2.54%) reported Q2 EPS of 26 cents, well above conensus of 6 cents.
NiSource (NI +1.99%) reported Q2 EPS of 18 cents, weaker than consensus of 21 cents.
Torchmark (TMK -0.29%) was upgraded to 'Market Perform' from 'Underperform' at FBR Capital.
AMC Networks (AMCX +0.60%) was upgraded to 'Overweight' from 'Equal Weight' at Morgan Stanley.
Coach (COH -0.32%) was downgraded to 'Neutral' from 'Overweight' at JPMorgan Chase.
Assurant (AIZ -0.73%) was upgraded to 'Buy' from 'Underperform' at BofA/Merrill Lynch.
Monster Beverage (MNST +0.90%) should be bought on any weakness, says Stifel.
NVIDIA (NVDA -0.35%) was upgraded to 'Outperform' from 'Neutral' at Macquarie.
Yelp's (YELP +1.42%) recent guidance cut may signal weakness for similar companies such as Groupon (GRPN +0.21%) and others, according to a weekend Barron's story.
Kellogg (K +0.12%) on Sunday announced an agreement on a five-year master contract with labor unions at four of its ready-to-eat cereal factories in Battle Creek, one day before current contract expires on Monday.
Renewable Energy (REGI -1.45%) announced an agreement to acquire most of the assets of Imperium Renewables.
MARKET COMMENTS
Sep E-mini S&Ps (ESU15 unch) this morning are down -0.75 of a point (-0.04%). Friday's closes: S&P 500 -0.23%, Dow Jones -0.32%, Nasdaq -0.01%. The S&P 500 on Friday closed the day mildly lower on some pre-weekend long liquidation pressure and on the downward revision in the final-July U.S. consumer sentiment index to 93.1 from the preliminary-July level of 93.3, which was substantially weaker than market expectations of +0.7 to 94.0. Stocks received some underlying support from the rally in T-notes and the stronger-than-expected July Chicago PMI report of +5.3 to 54.7 vs expectations of +1.4 to 50.8.Sep 10-year T-note prices (ZNU15 +0.06%) this morning are up +1 tick. Friday's closes: TYU5 +19, FVU5 +12. Sep 10-year T-notes on Friday rallied sharply on the much weaker-than-expected +0.2% increase in the Q2 ECI, which indicated weaker inflation pressure. T-notes also received a boost after the Treasury on Thursday concluded its $105 billion weekly T-note package.
The dollar index (DXY00 +0.17%) this morning is up +0.133 (+0.14%). EUR/USD (^EURUSD) is down -0.0024 (-0.22%). USD/JPY (^USDJPY) is up +0.33 (+0.27%). Friday's closes: Dollar Index -0.224 (-0.23%), EUR/USD -0.0006 (-0.05%), USD/JPY +0.11 (+0.09%). The dollar index on Friday closed mildly lower on the weak U.S. ECI report, which gives the Fed less reason to raise interest rates.
Sep crude oil (CLU15 -1.57%) this morning is down -71 cents (-1.57%) at a 4-1/4 month low and Sep gasoline (RBU15 -1.86%) is down -0.0336 (-1.90%). Friday's closes: CLU5 -1.40 (-2.89%), RBU5 +0.0030 (+0.17%). Sep crude oil and gasoline on Friday closed mixed. Crude oil prices continued to see downward pressure on expectations for a boost in Iranian oil late this year when sanctions are dropped since it does not appear that Republicans have enough Democratic support to gain a veto-proof way of stopping President Obama from dropping Iranian sanctions.
GLOBAL EVENT CALENDAR08/03/2015
| US | 0830 ET | Jun personal spending expected +0.2%, May +0.9%. Jun personal income expected +0.3%, May +0.5%. Personal income and spending benchmark revisions. |
| 0830 ET | Jun PCE deflator expected +0.2% m/m and +0.2% y/y, May +0.3% m/m and +0.2% y/y. Jun core PCE deflator expected +0.1% m/m and +1.2% y/y, May +0.1% m/m and +1.2% y/y. | |
| 0945 ET | Final-Jul Markit manufacturing PMI expected unrevised at 53.8, prelim-Jul +0.2 to 53.8. | |
| 1000 ET | Jun construction spending expected +0.6%, May +0.8% m/m. | |
| 1000 ET | Jul ISM manufacturing index expected unch at 53.5, Jun +0.3 to 53.5. Jul ISM new orders, Jun +0.2 to 56.0, Jul ISM employment, Jun +3.8 to 55.5. Jul ISM prices paid expected -0.2 to 49.3, Jun unch at 49.5. | |
| 1100 ET | USDA weekly grain export inspections. | |
| 1600 ET | USDA weekly crop progress. | |
| n/a | Jul total vehicle sales expected 17.20 million, Jun 17.11 million. Jul domestic vehicle sales expected 13.50 million, Jun 13.34 million. | |
| JPN | 0100 ET | Japan Jul vehicle sales, Jun +5.4% y/y. |
| 2130 ET | Japan Jun labor cash earnings, May +0.7% y/y. Jun real cash earnings, May unch y/y. | |
| GER | 0355 ET | Revised German Jul Markit/BME manufacturing PMI, previous -0.4 to 51.5. |
| EUR | 0400 ET | Revised Eurozone Jul Markit manufacturing PMI, previous -0.3 to 52.2. |
| UK | 0430 ET | UK Jul Markit manufacturing PMI, Jun 51.4. |
U.S. STOCK CALENDAR08/03/2015
| Company | Ticker | Time | Event Description | Period | Estimate |
|---|---|---|---|---|---|
| Reynolds American Inc | RAI US | 4:00 | Investor Meeting - London | Y 2015 | |
| Frontier Communications Corp | FTR US | Bef-mkt | Q2 2015 Earnings Release | Q2 2015 | 0.029 |
| Clorox Co/The | CLX US | Bef-mkt | Q4 2015 Earnings Release | Q4 2015 | 1.372 |
| NextEra Energy Inc | NEE US | Bef-mkt | Q2 2015 Earnings Release | Q2 2015 | 1.497 |
| Loews Corp | L US | Bef-mkt | Q2 2015 Earnings Release | Q2 2015 | 0.7 |
| NiSource Inc | NI US | Bef-mkt | Q2 2015 Earnings Release | Q2 2015 | 0.211 |
| Noble Energy Inc | NBL US | Bef-mkt | Q2 2015 Earnings Release | Q2 2015 | 0.055 |
| PPL Corp | PPL US | Bef-mkt | Q2 2015 Earnings Release | Q2 2015 | 0.466 |
| Tyson Foods Inc | TSN US | Bef-mkt | Q3 2015 Earnings Release | Q3 2015 | 0.921 |
| Diamond Offshore Drilling Inc | DO US | Bef-mkt | Q2 2015 Earnings Release | Q2 2015 | 0.468 |
| Columbia Pipeline Group Inc | CPGX US | Bef-mkt | Q2 2015 Earnings Release | Q2 2015 | 0.203 |
| Frontier Communications Corp | FTR US | 8:30 | Q2 2015 Earnings Call | Q2 2015 | |
| PPL Corp | PPL US | 8:30 | Q2 2015 Earnings Call | Q2 2015 | |
| Diamond Offshore Drilling Inc | DO US | 8:30 | Q2 2015 Earnings Call | Q2 2015 | |
| NextEra Energy Inc | NEE US | 9:00 | Q2 2015 Earnings Call | Q2 2015 | |
| NiSource Inc | NI US | 9:00 | Q2 2015 Earnings Call | Q2 2015 | |
| Tyson Foods Inc | TSN US | 9:00 | Q3 2015 Earnings Call | Q3 2015 | |
| Ford Motor Co | F US | 9:15 | July 2015 Sales and Revenue Release | 2015 | |
| Ford Motor Co | F US | 10:00 | July 2015 Sales and Revenue Call | 2015 | |
| Noble Energy Inc | NBL US | 10:00 | Q2 2015 Earnings Call | Q2 2015 | |
| Columbia Pipeline Group Inc | CPGX US | 10:00 | Q2 2015 Earnings Call | Q2 2015 | |
| Loews Corp | L US | 11:00 | Q2 2015 Earnings Call | Q2 2015 | |
| Clorox Co/The | CLX US | 13:30 | Q4 2015 Earnings Call | Q4 2015 | |
| American International Group Inc | AIG US | Aft-mkt | Q2 2015 Earnings Release | Q2 2015 | 1.228 |
| XL Group PLC | XL US | Aft-mkt | Q2 2015 Earnings Release | Q2 2015 | 0.795 |
| Tenet Healthcare Corp | THC US | Aft-mkt | Q2 2015 Earnings Release | Q2 2015 | 0.453 |
| Vornado Realty Trust | VNO US | Aft-mkt | Q2 2015 Earnings Release | Q2 2015 | 1.243 |
| Microchip Technology Inc | MCHP US | Aft-mkt | Q1 2016 Earnings Release | Q1 2016 | 0.71 |
| General Growth Properties Inc | GGP US | Aft-mkt | Q2 2015 Earnings Release | Q2 2015 | 0.33 |
| Allstate Corp/The | ALL US | Aft-mkt | Q2 2015 Earnings Release | Q2 2015 | 0.962 |
| Microchip Technology Inc | MCHP US | 18:00 | Q1 2016 Earnings Call | Q1 2016 |
Wednesday, June 24, 2015
BARCHART MORNING CALL 6/24
Wednesday, June 24th, 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
September E-mini S&Ps (ESU15 -0.20%) are down -0.20% and European stocks are down -0.47% after Greek Prime Minister Tsipras said that creditors didn't accept his government's proposals for more aid. According to a person familiar with the matter, a new set of measures were sent to the Greek government today ahead of a meeting between Greek Prime Minister Tsipras and the three creditor institutions; the ECB, the IMF and the European Commission. Another negative for European stocks was the decline in German business confidence after the Jun IFO business climate fell more than expected to a 4-month low. Asian stocks closed mostly higher: Japan +0.28%, Hong Kong +0.26%, China +2.48%, Taiwan +0.07%, Australia +0.04%, Singapore +0.35%, South Korea +0.17%, India -0.27%. Japan's Nikkei Stock Index rallied to a fresh 15 year high after the minutes of the May BOJ policy meeting showed many policy makers want to continue monetary stimulus until Japan's inflation rate stabilizes at 2%. A rally in shipping stocks also aided gains in Asian stocks after the Baltic Dry Index, a gauge of commodity shipping rates, rose 1.4% to its highest close this year.Commodity prices are mostly higher due to a weaker dollar. Aug crude oil (CLQ15 -0.05%) is up +0.20%, Aug gasoline (RBQ15 +0.77%) is up +0.59%. Metals prices are stronger. Aug gold (GCQ15 unch) is up +0.08%. Jul copper (HGN15 +0.46%) is up +0.06%. Agricultural prices are weaker.
The dollar index (DXY00 -0.32%) is down -0.24%. EUR/USD (^EURUSD) is up +0.29%. USD/JPY (^USDJPY) is down -0.02%.
Sep T-note prices (ZNU15 +0.10%) are up +2.5 ticks.
Greece's creditors handed Greece an overhauled set of measures the country must meet in order to receive bailout funds ahead of a meeting today in Brussels between Greek Prime Minister Tsipras and the heads of the three creditor institutions; ECB President Draghi, IMF Managing Director Lagarde and European Commission President Juncker. Eurozone finance ministers will then meet later today in an effort to reach a deal on more aid for Greece before its current bailout expires and 1.5 billion euros in debt payments come due to the IMF on Jun 30.
The German Jun IFO business climate fell -1.1 to 107.4, weaker than expectations of -0.4 to 108.1 and the lowest in 4 months.
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) weekly MBA mortgage applications (last week -5.5% with purchase sub-index -4.2% and refi sub-index -5.9%), (2) Q1 GDP revision (expected -0.2% vs last -0.7%), and (3) the Treasury's auction of $13 billion of 2-year floating-rate notes and $35 billion of 5-year T-notes.There are 3 of the Russell 1000 companies that report earnings today: Lennar (0.64), Monsanto (2.06), Bed, Bath & Beyond (0.95).
U.S. IPO's scheduled to price today include: TransUnion (TRU), Milacron Holdings (MCRN), Gener8 Maritime (GNRT), Wayne Farms (WNFM), Glaukos (GKOS), Lantheus Holdings (LNTH), Catabasis Pharmaceuticals (CATB).
Equity conferences during the remainder of this week include: Global Hunter Securities Energy Conference on Tue-Wed, Jefferies Global Consumer Conference on Tue-Wed, Oppenheimer Consumer Conference on Tue-Wed, 3rd Annual Mobile Pharma Summit on Wed, and Sanford C. Bernstein Media Summit on Wed.
OVERNIGHT U.S. STOCK MOVERS
Citigroup (C +0.77%) and Goldman Sachs (GS +0.87%) were both downgraded to 'Hold' from 'Buy' at Deutsche Bank.McCormick (MKC +0.06%) was upgraded to 'Outperform' from 'Market Perform' at Bernstein.
Electronic Arts (EA -0.06%) was upgraded to 'Buy' from 'Hold' at Jefferies with a price target of $80.
Anthem (ANTM -0.61%) was initiated with an 'Outperform' at RBC Capital with a price target of $222.
UnitedHealth (UNH +2.07%) was initiated with an 'Outperform' at RBC Capital with a price target of $159.
Comerica (CMA +1.10%) was upgraded to 'Buy' from 'Neutral' at BofA/Merril Lynch.
BHP Billiton (BHP +1.48%) was upgraded to 'Neutral' from 'Underperform' at Credit Suisse.
Lennar (LEN -1.01%) reported Q2 EPS of 79 cents, better than consensus of 64 cents.
Sysco (SYY -0.03%) dropped nearly 3% in after-hours trading after a federal judge blocked its bid to acquire U.S. Foods.
Ford (F +1.06%) was upgraded to 'Buy' from 'Neutral' at Goldman Sachs.
General Motors (GM +0.30%) was downgraded to 'Neutral' from 'Buy' at Goldman Sachs.
Columbia Pipeline Group (CPGX) will replace Allegheny Technologies (ATI +3.22%) in the S&P 500 as of the close of trading on July 1.
Netflix (NFLX +0.93%) rose nearly 3% in after-hours trading after it announced a seven-for-one stock split.
MARKET COMMENTS
September E-mini S&Ps (ESU15 -0.20%) this morning are down -4.25 points (-0.20%). Tuesday's closes: S&P 500 +0.06%, Dow Jones +0.13%, Nasdaq +0.10%. The S&P 500 on Tuesday closed slightly higher on strong global manufacturing data as the Eurozone Jun manufacturing PMI rose +0.3 to a 14-month high of 52.5 and the China Jun HSBC flash manufacturing PMI rose +0.4 to 49.6, stronger than expectations of +0.2 to 49.4. Stocks also received a boost from the +2.2% increase in U.S. May new home sales to 546,000, stronger than expectations of +1.2% to 523,000 and the highest in 7-1/4 years.Sep 10-year T-notes (ZNU15 +0.10%) this morning are up +2.5 ticks. Tuesday's closes: TYU5 -12.00, FVU5 -6.25. Sep T-notes on Tuesday closed lower on the stronger-than-expected U.S. May new home sales report of +2.2% to a 7-1/4 year high of 546,000, and an increase in inflation expectations after the 10-year T-note breakeven inflation rate climbed to a 1-1/2 month high.
The dollar index (DXY00 -0.32%) this morning is down -0.233 (-0.24%). EUR/USD (^EURUSD) is up +0.0032 (+0.29%). USD/JPY (^USDJPY) is down -0.02 (-0.02%). Tuesday's closes: Dollar Index +1.103 (+1.17%), EUR/USD -0.01731 (-1.53%), USD/JPY +0.574 (+0.47%). The dollar index on Tuesday rose to a 1-week high and closed higher on the stronger-than-expected U.S. May new home sales report, which may prompt the Fed to raise interest rates sooner rather than later.
Aug WTI crude oil (CLQ15 -0.05%) this morning is up +12 cents (+0.20%). Aug gasoline (RBQ15 +0.77%) is up +0.0121 (+0.59%). Tuesday's closes: CLQ5 +0.63 (+1.04%), RBQ5 +0.0551 (+2.76%). Aug crude oil and gasoline on Tuesday closed higher on (1) expectations that Wednesday's weekly EIA data will show that crude inventories fell -1.5 million bbl, the eighth straight weekly decline, and (2) signs of strength in the global economy after the Eurozone Jun Markit manufacturing PMI and the China Jun HSBC manufacturing PMI were both stronger than expected.
GLOBAL EVENT CALENDAR06/24/2015
| US | 0700 ET | Weekly MBA mortgage applications, previous -5.5% with purchase sub-index -4.2% and refi sub-index -5.9%. |
| 0830 ET | Revised Q1 GDP expected -0.2% (q/q annualized), previous -0.7%. Q1 personal consumption expected +1.9%, previous +1.8%. Q1 GDP price index, previous -0.1%. Q1 core PCE deflator, previous +0.8%. | |
| 1030 ET | EIA Weekly Petroleum Status Report. | |
| 1130 ET | Treasury auctions $13 billion of 2-year floating-rate notes. | |
| 1300 ET | Treasury auctions $35 billion of 5-year T-notes. | |
| GER | 0400 ET | German Jun IFO business climate expected -0.4 to 108.1, May 108.5. Jun IFO current assessment expected -0.2 to 114.1, May 114.3. Jun IFO expectations expected -0.6 to 102.4, May 103.0. |
U.S. STOCK CALENDAR06/24/2015
| Company | Ticker | Time | Event Description | Period | Estimate |
|---|---|---|---|---|---|
| Lennar Corp | LEN US | Bef-mkt | Q2 2015 Earnings Release | Q2 2015 | 0.641 |
| Monsanto Co | MON US | Bef-mkt | Q3 2015 Earnings Release | Q3 2015 | 2.063 |
| CenturyLink Inc | CTL US | 8:45 | Analyst Day | Y 2015 | |
| Rock-Tenn Co | RKT US | 9:00 | Extraordinary Shareholders Meeting - M&A Vote | Y 2015 | |
| McKesson Corp | MCK US | 9:00 | Investor Day | Y 2015 | |
| MeadWestvaco Corp | MWV US | 9:00 | Extraordinary Shareholders Meeting - M&A Vote | Y 2015 | |
| Signet Jewelers Ltd | SIG US | 9:30 | Investor Conference | Y 2015 | |
| Monsanto Co | MON US | 9:30 | Q3 2015 Earnings Call | Q3 2015 | |
| Red Hat Inc | RHT US | 10:30 | Analyst Day | Y 2015 | |
| Lennar Corp | LEN US | 11:00 | Q2 2015 Earnings Call | Q2 2015 | |
| Equity Residential | EQR US | 14:00 | Annual General Meeting | Y 2015 | |
| Bed Bath & Beyond Inc | BBBY US | 17:00 | Q1 2016 Earnings Call | Q1 2016 | |
| Bed Bath & Beyond Inc | BBBY US | Aft-mkt | Q1 2016 Earnings Release | Q1 2016 | 0.945 |
| Questar Corp | STR US | Roadshow - Texas Day 1 | Y 2015 | ||
| Raymond James Financial Inc | RJF US | May 2015 Sales and Revenue Release - Operating Data | 2015 | ||
| IAC/InterActiveCorp | IACI US | Annual General Meeting | |||
| Yahoo! Inc | YHOO US | Annual General Meeting |
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