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Monday, November 20, 2017

Morning Call 11/20

Barchart Morning Call

Barchart.com - 27 minutes ago

OVERNIGHT MARKETS AND NEWS

Dec E-mini S&Ps (ESZ17 -0.06%) this morning are down -0.02% on concern over passage of U.S. tax reform legislation. European stocks are up +0.23%, led by strength in automakers, after Volkswagen AG raised its 2020 sales growth forecast to 25%, up from a forecast of 20% in March. The upside in European stocks was limited after German Chancellor Merkel's attempt to form a new government collapsed after a month of coalition talks fell apart over disputes about migration policies that prompted the Free Democrats to walk out of the negotiations late Sunday night. That may spur Chancellor Merkel to ask German President Steinmeier to order a second national election, most likely in the spring, or form a minority government headed by her Christian Democratic bloc. Asian stocks settled mixed: Japan -0.60%, Hong Kong +0.21%, China +0.28%, Taiwan -0.35%, Australia -0.19%, Singapore +0.12%, South Korea =0.38%, India +0.05%. China's Shanghai Composite rebounded from a 1-1/2 month low and closed higher as property developers and home building stocks rallied after China Oct new home prices increased from Sep.

The dollar index (DXY00 +0.08%) is up +0.12%. EUR/USD (^EURUSD) is down -0.12%. USD/JPY (^USDJPY) is up +0.13%.

Dec 10-year T-note prices (ZNZ17 +0.10%) are up +2 ticks.

China Oct new home prices rose in 50 of the 70 cities tracked by the government, an improvement from 44 of the 70 that rose in Sep.

German Oct PPI rose +0.3% m/m and +2.7% y/y, right on expectations.

The Japan Oct trade balance shrank to a surplus of +285.4 billion yen, narrower than expectations of +330.0 billion yen. Oct exports rose +14.0% y/y, weaker than expectations of +15.7% y/y. Oct imports rose +18.9% y/y, weaker than expectations of +20.2% y/y.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Oct leading indicators (expected +0.7%, Sep -0.2%), (2) USDA weekly grain export inspections, (3) USDA crop conditions and progress report.

Notable Russell 2000 earnings reports today include: Intuit (consensus $0.04), Brocade Communicates (0.18), Palo Alto (0.68), Urban Outfitters (0.33), Agilent Technologies (0.62).

U.S. IPO's scheduled to price today: none.

Equity conferences this week: none.

OVERNIGHT U.S. STOCK MOVERS

Wal-Mart (WMT -2.16%) was downgraded to 'Neutral' from 'Buy' at Goldman Sachs.

Monster Beverage (MNST +0.27%) was downgraded to 'Negative' from 'Neutral' at Susquehanna Financial with a price target of $51.

Verizon (VZ +1.45%) was upgraded to 'Outperform' from 'Market Perform' at Wells Fargo Securities with a target price of $50.

General Motors (GM +0.64%) was upgraded to 'Buy' from 'Neutral' at Guggenheim Securities.

Delphi Automotive Plc (DLPH -0.54%) was upgraded to 'Buy' from 'Neutral' at Bank of America/Merrill Lynch with a price target of $120.

Cardinal Health (CAH +0.16%) was downgraded to 'Underweight' from 'Equal weight' at Morgan Stanley with a price target of $51.

Resolute Energy (REN +4.02%) was upgraded to 'Overweight' from suspended coverage at Barclays with a 12-month target price of $37.

Jack in the Box (JACK +0.56%) was downgraded to 'Neutral' from 'Outperform' at Wedbush.

WGL Holdings (WGL -0.17%) reported a Q4 operating loss of -17 cents per share, narrower than consensus of -20 cents.

Advanced Accelerator Applications SA (AAAP -0.05%) American depository receipts were downgraded to 'Neutral' from 'Overweight' at JPMorgan Chase.

Pointer Telocation (PNTR -1.13%) was downgraded to 'Neutral' from 'Buy' at Roth Capital Partners.

Johnson & Johnson (JNJ -0.63%) said patients treated with its Invokana for type 2 diabetes had a 43% reduced risk for all-cause mortality and hospitalization for heart failure after an average of 1.6 years, compared to similar patients treated with a non-SGLT2i medication.

California Resources (CRC +4.46%) fell 4% in after-hours trading after it entered into an equity distribution pact with Morgan Stanley to sell up to 6 million shares of common stock from time to time.

Etsy (ETSY +0.30%) gained almost 1% in after-hours trading after the company announced a $100 million stock buyback program.

MARKET COMMENTS

Dec S&P 500 E-mini stock futures (ESZ17 -0.06%) this morning are down -0.50 points (-0.02%). Friday's closes: S&P 500 -0.26%, Dow Jones -0.43%, Nasdaq -0.39%. The S&P 500 on Friday closed lower on some concern that Senate Republicans may not have the support to pass tax reform legislation and the -7 point decline in the U.S. Nov Kansas City Fed manufacturing activity to 16, weaker than expectations of -2 to 21. Stocks were supported by news that U.S. Oct housing starts rose +13.7% to a 1-year high of 1.29 million, stronger than expectations of +5.6% to 1.19 million.

Dec 10-year T-note prices (ZNZ17 +0.10%) this morning are up +2 ticks. Friday's closes: TYZ7 +1.50, FVZ7 +0.25. Dec 10-year T-notes on Friday closed higher on the the decline in stocks, which boosted the safe-haven demand for T-notes, and on reduced inflation expectations after the 10-year T-note breakeven inflation rate fell to a 1-week low.

The dollar index (DXY00 +0.08%) this morning is up +0.111 (+0.12%). EUR/USD (^EURUSD) is down -0.0014 (-0.12%) and USD/JPY (^USDJPY) is up +0.15 (+0.13%). Friday's closes: Dollar Index -0.270 (-0.29%), EUR/USD +0.0020 (+0.17%), USD/JPY -0.96 (-0.85%). The dollar index on Friday closed lower on the slump in stocks, which sent USD/JPY to a 1-month low on increased safe-haven demand for the yen. The dollar was also undercut by the decline in the 10-year T-note yield, which reduced the dollar's interest rate differentials.

Dec crude oil (CLZ17 -0.55%) this morning is down -20 cents (-0.35%) and Dec gasoline (RBZ17 -0.91%) is -0.0056 (-0.32%). Friday's closes: Dec WTI crude +1.41 (+2.56%), Dec gasoline +0.0310 (+1.81%). Dec crude oil and gasoline on Friday closed higher on a weaker dollar and on comments by Saudi Arabian Energy Minister Khalid Al-Falih that OPEC should announce an extension of output cuts when it meets on Nov 30.

Metals prices this morning are lower with Dec gold (GCZ17 -0.35%) -5.9 (-0.46%), Dec silver (SIZ17 -1.08%) -0.213 (-1.23%) and Dec copper (HGZ17 -0.18%) -0.002 (-0.07%). Friday's closes: Dec gold +18.3 (+1.43%), Dec silver +0.301 (+1.76%), Dec copper +0.0190 (+0.62%). Metals prices on Friday closed higher with Dec gold and Dec silver at 1-month highs. Metals prices were boosted by a weaker dollar and the stronger-than-expected U.S. Oct housing starts and building permits, which is positive for copper consumption. Copper prices were also supported by tighter supplies after LME copper inventories fell -3,850 MT to a 2-month low of 247,700 MT.

GLOBAL EVENT CALENDAR11/20/2017

		Monday, Nov 20
US	1000 ET	Oct leading indicators expected +0.7%, Sep -0.2%.
	1100 ET	USDA weekly grain export inspections.
	1600 ET	USDA crop conditions and progress report.
		Tuesday, Nov 21
US	0830 ET	Oct Chicago Fed national activity index expected +0.03 to 0.20, Sep +0.54 to +0.17.
	1000 ET	Oct existing home sales expected +0.2% to 5.40 million, Sep +0.7% to 5.39 million.
	1300 ET	Treasury auctions $13 billion of 2-year floating-rate notes.
	1800 ET	Fed Chair Janet Yellen speaks at New York Universitys Stern Business School.

U.S. STOCK CALENDAR11/20/2017

Name	Ticker	Time	Description	Period	Estimate
Brocade Communications Systems Inc	BRCD US		Q4 2017 Earnings Release	Q4 17	0.18
Intuit Inc	INTU US	Aft-mkt	Q1 2018 Earnings Release	Q1 18	0.044
Palo Alto Networks Inc	PANW US	Aft-mkt	Q1 2018 Earnings Release	Q1 18	0.683
Urban Outfitters Inc	URBN US	Aft-mkt	Q3 2018 Earnings Release	Q3 18	0.333
Agilent Technologies Inc	A US	16:05	Q4 2017 Earnings Release	Q4 17	0.624
Intuit Inc	INTU US	16:30	Q1 2018 Earnings Call	Q1 18
Palo Alto Networks Inc	PANW US	16:30	Q1 2018 Earnings Call	Q1 18
Agilent Technologies Inc	A US	16:30	Q4 2017 Earnings Call	Q4 17
Urban Outfitters Inc	URBN US	17:00	Q3 2018 Earnings Call	Q3 18

Tuesday, October 13, 2015

BARCHART MORNING CALL 10/13

BARCHART MORNING CALL

Tuesday, October 13th, 2015View Older Reports

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OVERNIGHT MARKETS AND NEWS

December E-mini S&Ps (ESZ15 -0.39%) are down -0.44% and European stocks are down -1.21% on global growth concerns after China Sep imports fell by the most in 7 months and after German Oct ZEW investor confidence fell to the lowest in a year. Losses in stocks were limited on increased M&A activity after SABMiller Plc agreed to be purchased by Anheuser-Busch InBev SA for 69 billion pounds ($106 billion). Asian stocks settled mostly lower: Japan -1.11%, Hong Kong -0.57%, China +0.17%, Taiwan -0.07%, Australia -0.57%, Singapore -1.56%, South Korea -0.18%, India -0.21% . Asian stocks emerging markets were undercut by the weak Chinese Sep trade data, although China's Shanghai Composite managed to eke out a slight gain on speculation the weak trade data will prompt the government to boost stimulus measures.

The dollar index (DXY00 -0.02%) is down -0.02% at a 3-week low. EUR/USD (^EURUSD) is up +0.20% at a 3-week high. USD/JPY (^USDJPY) is down-0.24% at a 1-week low.

Dec T-note prices (ZNZ15 +0.04%) are up +3 ticks.

The German Oct ZEW survey expectations of economic growth fell -10.2 to 1.9, a bigger decline than expectations of -5.6 to 6.5 and the lowest in a year. The Oct ZEW survey current situation fell -12.3 to 55.2, a larger decline than expectations of -3.5 to 64.0 and the lowest in 7 months.

The China Sep trade balance unexpectedly widened to a $60.34 billion surplus, more than expectations of a $48.21 billion surplus and the largest surplus in 7 months. Sep exports fell -3.7% y/y, a smaller decline than expectations of -6.0% y/y. Sep imports dropped -20.4% y/y, more than expectations of -16.0%y/y and the biggest decline in 7 months.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) St. Louis Fed President James Bullard's speech to the National Association for Business Economics meeting.

There are 5 of the Russell 2000 companies report earnings today: JPMorgan Chase (consensus 1.38), Intel (0.59), Fastenal (0.47), Johnson & Johnson (1.45), CSX (0.50), Linear Technology (0.46).

U.S. IPO's scheduled to price today: none.

Equity conferences this week include: Bloomberg-The Future of Energy Summit 2015 on Mon-Tue, Energy Storage North America Conference on Thu, and Moody's UK Water Sector Conference on Thu.

OVERNIGHT U.S. STOCK MOVERS

American Airlines (AAL +3.35%) was cut to 'Hold' from 'Buy' at Evercore ISI.

Johnson & Johnson (JNJ +0.65%) rose nearly 2% in pre-market trading after it reported Q3 EPS of $1.49, better than consensus of $1.45, and then announced a new $10 billion stock buyback program.

Fastenal (FAST -0.44%) reported Q3 EPS of 47 cents, right on consensus.

Molson Coors Brewing (TAP -3.50%) jumped over 8% in pre-market trading as the company stands to take full control of MillerCoors on speculation Anheuser-Busch InBev NV will have to offload its stake in MillerCoors if it wants its takeover of SABMiller to pass the scrutiny of regulators.

UTi Worldwide (UTIW -0.14%) was downgraded to 'Market Perform' from 'Outperform' at FBR Capital Markets.

FMC Corp. (FMC -2.47%) dropped nearly 11% in after-hours trading after it lowered guidance for fiscal 2015 EPS to $2.35 to $2.45 a share, well below an August projection of $3.00 to $3.30.

The WSJ reported that JPMorgan Chase will eliminate support for BlackBerry (BBRY -3.37%) wireless devices next year to cut costs.

Fortress Investment Group (FIG -3.37%) tumbled 9% in after-hours trading after it announced that it will liquidate its macro hedge run by Michael Novogratz who is leaving the firm.

Jet Blue (JBLU +2.91%) fell 1% in after-hours trading after it announced its August preliminary passenger revenue per available seat mile (PRASM) fell approximately 3% y/y.

Amgen (AMGN +2.30%) said its romosozuman increased bone strength in the spine and hip more than Eli Lilly's Forteo drug after 12 months in postmenopausal women with low bone mass, based on small exploratory sub-study data.

Ryder (R -0.30%) slid nearly 7% in after-hours trading after it lowered guidance on Q3 EPS to $1.72-$1.74 from $1.82-$1.87, below consensus of $1.86.

MARKET COMMENTS

Dec E-mini S&Ps (ESZ15 -0.39%) this morning are down -8.75 points (-0.44%). Monday's closes: S&P 500 +0.13%, Dow Jones +0.28%, Nasdaq +0.29%. The S&P 500 on Monday settled higher on carry-over support from a +3.28% rally in China's Shanghai Composite and on increased M&A activity after Dell agreed to buy EMC Corp for about $67 billion. Stocks were undercut by comments made Sunday from Fed Vice Chair Fischer who said the U.S. economy may be strong enough to merit an interest rate increase this year. In addition, energy stocks fell after the price of crude oil plunged -5.1%.

Dec 10-year T-notes (ZNZ15 +0.04%) this morning are up +3 ticks. Monday's closes: TYZ5 +9.0, FVZ5 +4.75. Dec T-notes on Monday closed higher on carry-over support from a rally in European government bonds and on dovish comments from Chicago Fed President Evans who said that he favors waiting until the middle of next year before starting to raise interest rates.

The dollar index (DXY00 -0.02%) this morning is down -0.022 (-0.02%) at a 3-week low. EUR/USD (^EURUSD) is up +0.0023 (+0.20%) at a 3-week high. USD/JPY (^USDJPY) is down -0.29 (-0.24%) at a 1-week low. Monday's closes: Dollar Index +0.061 (+0.06%), EUR/USD unch, USD/JPY -0.23(-0.19%). The dollar index on Monday rebounded from a 3-week low and closed slightly higher. The dollar index was undercut by Chicago Fed President Evans's comment that mid-2016 is the "best choice" for the Fed to begin raising interest rates and by strength in EUR/USD which climbed to a 3-week high after ECB Governing Council member Vasiliauskas said that he doesn't see any need for additional stimulus or additional fine-tuning of the ECB's QE program. The dollar recovered its losses and moved higher after crude oil sold off sharply, which undercut the commodity currencies of Canada and Australia.

Nov crude oil (CLX15 -0.02%) this morning is up +6 cents (+0.13%) and Nov gasoline (RBX15 -0.22%) is up +0.0013 (+0.10%). Monday's closes: CLX5-2.53 (-5.10%), RBX5 -0.0672 (-4.74%). Nov crude and gasoline prices on Monday closed sharply lower on OPEC's monthly report disclosing that OPEC Sep crude output rose +109.2000 bpd to a 3-year high of 31.571 million bpd.

GLOBAL EVENT CALENDAR10/13/2015

US	0800 ET	St. Louis Fed President James Bullard speaks to the National Association for Business Economics meeting.
	1100 ET	USDA weekly grain export inspections.
	1600 ET	USDA weekly crop progress.
JPN	0100 ET	Japan Sep consumer confidence index expected -0.1 to 41.6, Aug 41.7.
	0200 ET	Japan Sep machine tool orders, Aug -16.5% y/y.
	1950 ET	Japan Sep PPI expected -0.4% m/m and -3.9% y/y, Aug -0.6% m/m and -3.6% y/y.
GER	0200 ET	Revised German Sep CPI (EU harmonized), previous -0.3% m/m and -0.2% y/y.
	0200 ET	German Sep wholesale price index, Aug -0.8% m/m and -1.1% y/y.
	0500 ET	German Oct ZEW survey expectations of economic growth expected -5.6 to 6.5, Sep 12.1. Oct ZEW survey current situation expected -3.5to 64.0, Sep 67.5.
UK	0430 ET	UK Sep CPI expected unch m/m and unch y/y, Aug +0.2% m/m and unch y/y. Sep core CPI expected +1.1% y/y, Aug +1.0% y/y.
	0430 ET	UK Sep RPI expected +0.1% m/m and +1.0% y/y, Aug +0.5% m/m and +1.1% y/y. Sep RPI ex-mortgage interest payments expected +1.1% y/y, Aug +1.2% y/y.
	0430 ET	UK Sep PPI input prices expected +0.3% m/m and -13.0% y/y, Aug -2.4% m/m and -13.8% y/y.
	0430 ET	UK Sep PPI output prices expected -0.1% m/m and -1.8% y/y, Aug -0.4% m/m and -1.8% y/y. Sep PPI output core prices expected unch m/m and +0.2% y/y, Aug unch m/m and +0.1% y/y.
	0430 ET	UK Aug ONS house prices expected +5.0% y/y, Jul +5.2% y/y.
	0430 ET	BOE credit conditions and bank liabilities survey.
CHI	2130 ET	China Sep CPI expected +1.8% y/y, Aug +2.0% y/y. Sep PPI expected -5.9% y/y, Aug -5.9% y/y.

U.S. STOCK CALENDAR10/13/2015

Company	Ticker	Time	Event Description	Period	Estimate
Fastenal Co	FAST US	7:00	Q3 2015 Earnings Release	Q3 2015	0.465
Johnson & Johnson	JNJ US	7:30	Q3 2015 Earnings Release	Q3 2015	1.452
Johnson & Johnson	JNJ US	8:30	Q3 2015 Earnings Call	Q3 2015
Procter & Gamble Co/The	PG US	9:00	Annual General Meeting	Y 2015
Fastenal Co	FAST US	10:00	Q3 2015 Earnings Call	Q3 2015
California Resources Corp	CRC US	10:30	Analyst Day - Day 1	Y 2015
JPMorgan Chase & Co	JPM US	16:00	Q3 2015 Earnings Release	Q3 2015	1.377
CSX Corp	CSX US	16:02	Q3 2015 Earnings Release	Q3 2015	0.502
JPMorgan Chase & Co	JPM US	17:00	Q3 2015 Earnings Call	Q3 2015
Mylan NV	MYL US	17:00	Acquisition of Perrigo Company plc by Mylan N.V. Call
Intel Corp	INTC US	17:00	Q3 2015 Earnings Call	Q3 2015
Linear Technology Corp	LLTC US	17:00	Q1 2016 Earnings Release	Q1 2016	0.456
Intel Corp	INTC US	Aft-mkt	Q3 2015 Earnings Release	Q3 2015	0.586
JetBlue Airways Corp	JBLU US		September 2015 Sales and Revenue Release - Traffic Results	2015

Wednesday, April 22, 2015

5 Breakout Mid Caps

It is important to find stocks that seem to be just starting to break out of their current patterns. The easiest way is to take the stocks in an index like the S&P 400 Mid Cap Index and use Barchart to sort them by the number of up days they have had in the last month.

Today's list includes Hill-Rom Holdings (HRC), Rosetta Resources (ROSE), SM Energy (SM), Dean Foods (DF) and California Resources (CRC).

Hill-Rom Holdings (HRC)