Showing posts with label CSII. Show all posts
Showing posts with label CSII. Show all posts

Friday, January 22, 2016

MORNING CALL 1/22

MORNING CALL

OVERNIGHT MARKETS AND NEWS
March E-mini S&Ps (ESH16 +1.44%) are up sharply by +1.48% and European stocks are up +2.75% on speculation central banks around the world will act to support the global economy. ECB President Draghi on Thursday hinted at expanding stimulus at next month's ECB meeting, while the Nikkei Asian Review reported today that the BOJ is considering additional easing at next week's BOJ meeting. Energy producers and mining stocks are higher with Chevron and Freeport-McMoRan both up over 2% in pre-market trading as the price of crude oil and copper rallied. Asian stocks settled higher: +5.88%, Hong Kong +2.90%, China +1.25%, Taiwan +1.20%, Australia +1.07%, Singapore +1.75%, South Korea +2.23%, India +1.98%. Chinese stocks rallied on speculation of further stimulus by the PBOC after China's vice president Li Yuanchao said the government is willing to intervene to tap down market volatility, while Japanese stocks surged as the yen fell to a 1-week low against the dollar, which boosted exporters.
The dollar index is up +0.22%. EUR/USD is down -0.39%. USD/JPY is up +0.41% at a 1-week high as he rally in global equities reduces the safe-haven demand for the yen.
Mar T-note prices are down -14.5 ticks.
The Nikkei Asian Review reported that the BOJ is considering steps to counter the hit to inflation from the recent plunge in crude oil. The BOJ meets on Jan 28-29 and the report bolsters speculation the BOJ will expand easing measures.
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) Dec Chicago Fed national activity index (expected +0.15 to -0.15, Nov -0.13 to -0.30), (2) Markit preliminary-Jan U.S. manufacturing PMI (expected -0.2 to 51.0, Dec -1.6 to 51.2), (3) Dec existing home sales (expected +9.2% to 5.20 million, Nov -10.5% to 4.76 million), and (4) Dec leading indicators (expected -0.1%, Nov +0.4%).
There are 6 of the S&P 500 companies that report earnings today: GE (consensus $0.49), Kansas City Southern (1.10), SunTrust Banks (0.87), Synchrony Financial (0.63), Rockwell Collins (1.04), Legg Mason (0.70).
U.S. IPO's scheduled to price today: none.
Equity conferences during the remainder of this week: none.






OVERNIGHT U.S. STOCK MOVERS
Schlumberger (SLB +0.64%) gained almost 4% in pre-market trading after it reported Q4 adjusted EPS of 65 cents, better than consensus of 63 cents.
MetLife (MET +1.16%) was upgraded to 'Strong Buy' from 'Market Perform' at Raymond James with a 12-month price target of $56.
Dr Pepper Snapple (DPS -0.28%) was upgraded to 'Ourperform' from 'Underperform' at CLSA.
Boeing (BA +1.03%) fell over 1% in after-hours trading after it said it will cut its 747 production rate to 0.5/month from a planned 1.0/month.
Starbucks (SBUX +3.71%) fell over 3% in after-hours trading after it reported Q1 revenue of $5.37 billion, below consensus of $5.39 billion.
Maxim Integrated (MXIM -0.42%) rose nearly 2% in after-hours trading after it reported fiscal year Q2 revenue of $510.8 million, above consensus of $505.1 million.
Intuitive Surgical (ISRG +0.19%) climbed almost 1% in after-hours trading after it reported Q4 adjusted EPS of $5.89, well above consensus of $5.04.
American Express (AXP -0.62%) slipped over 4% in after-hours trading after it said it is targeting 2017 fiscal EPS at least $5.60, less than estimates of $5.96.
ResMed (RMD +0.52%) rose over 1% in after-hours trading after it reported Q2 adjusted EPS of 69 cents, higher than consensus of 66 cents.
Digi International (DGII +0.48%) fell over 9% in after-hours trading after it lowered guidance on Q2 profit continuing operations to 3 cents-7 cents, below consensus of 9 cents.
E*Trade Financial (ETFC -0.12%) dropped nearly 3% in after-hours trading after it reported total Q4 net revenue of $454 million, below consensus of $454.5 million.
8x8 Inc. (EGHT +1.27%) jumped over 5% in after-hours trading after it reported Q3 adjusted EPS of 5 cents, higher than consensus of 3 cents.
Cardiovascular Systems (CSII -2.35%) slumped over 20% in after-hours trading after it lowered guidance on Q3 revenue to $40.5 million-$42.0 million, below consensus of $45.8 million.
MARKET COMMENTS
Mar E-mini S&Ps (ESH16 +1.44%) this morning are up sharply by +27.50 points (+1.48%). Thursday's closes: S&P 500 +0.52%, Dow Jones +0.74%, Nasdaq +0.15%. The S&P 500 on Thursday closed higher on strength in energy producers as crude oil prices rose and on carryover support from a rally in European equities after ECB President Draghi said that downside risks have increased and the ECB may need to boost stimulus measures at next month's policy meeting. On the bearish side, U.S. weekly jobless claims unexpectedly rose +10,000 to a 6-1/4 month high of 293,000, indicating a weaker labor market than expected.
Mar 10-year T-notes (ZNH16 -0.35%) this morning are down -14.5 ticks. Thursday's closes: TYH6 -6.50, FVH6 -2.00. Mar T-notes on Thursday closed lower on a rebound in stock prices that reduced safe-haven demand for T-notes. T-notes saw support from (1) carryover support from a rally in German bunds to a 2-3/4 month high after ECB President Draghi hinted at additional stimulus at next month's ECB meeting, and (2) the unexpected increase in U.S. weekly jobless claims to a 6-1/4 month high.
The dollar index (DXY00 +0.26%) this morning is up +0.214 (+0.22%). EUR/USD (^EURUSD) is down -0.0042 (-0.39%). USD/JPY (^USDJPY) is up +0.48 (+0.41%) at a 1-week high. Thursday's closes: Dollar Index -0.035 (-0.04%), EUR/USD -0.0016 (-0.15%), USD/JPY +0.76 (+0.65%). The dollar index on Thursday jumped to a 1-1/2 month high but fell back and closed little changed. The dollar received a boost as EUR/USD fell to a 2-week low on signs the ECB may expand stimulus after ECB President Draghi said that "downside risks have increased" and that the ECB will consider its options at next month's policy meeting. Meanwhile, USD/JPY saw some reduced safe-haven demand for the yen after the stock market rallied.
Mar crude oil (CLH16 +4.94%) this morning is up +$1.58 a barrel (+5.35%) and Mar gasoline (RBH16 +4.08%) is up +0.0477 (+4.52%). Thursday's closes: CLH6 +1.50 (+5.29%), RBH6 +0.0201 (+1.93%). Mar crude oil and gasoline on Thursday closed higher on comments from ECB President Draghi who said the ECB may bolster stimulus measures next month and on short-covering after crude oil prices plunged by over 22% in the past 2 weeks. Crude oil prices were undercut by the +3.98 million bbl increase in weekly EIA crude inventories, more than expectations of +2.5 million bbl, and the +4.563 million bbl increase in EIA gasoline supplies to a 15-3/4 year high of 245 million bbl.
GLOBAL EVENT CALENDAR01/22/2016
US0830 ETDec Chicago Fed national activity index expected +0.15 to -0.15, Nov -0.13 to -0.30.
0830 ETUSDA weekly Export Sales.
0945 ETPreliminary U.S. Jan Markit manufacturing PMI expected -0.2 to 51.0, Dec -1.6 to 51.2.
1000 ETDec existing home sales expected +9.2% to 5.20 million, Nov -10.5% to 4.76 million.
1000 ETDec leading indicators expected -0.1%, Nov +0.4%.
1500 ETUSDA Dec Cold Storage.
1500 ETUSDA Jan Cattle on Feed.
GER0330 ETGerman Jan Markit/BME manufacturing PMI expected -0.2 to 53.0, Dec 53.2.
0330 ETGerman Jan Markit services PMI expected -0.5 to 55.5, Dec 56.0.
EUR0400 ETEurozone Jan Markit manufacturing PMI expected -0.2 to 53.0, Dec 53.2. Jan Markit composite PMI expected 0.2 to54.1.
UK0430 ETUK Dec retail sales ex auto fuel expected -0.3% m/m and +3.5% y/y, Nov +1.7% m/m and +3.9% y/y.
0430 ETUK Dec retail sales including auto fuel expected -0.3% m/m and +4.4% y/y, Nov +1.7% m/m and +5.0% y/y.
0430 ETUK Dec public sector net borrowing expected +10.0 billion pounds, Nov +13.6 billion pounds.
U.S. STOCK CALENDAR01/22/2016

CompanyTickerTimeEvent DescriptionPeriodEstimate
General Electric CoGE USBef-mktQ4 2015 Earnings ReleaseQ4 20150.494
Kansas City SouthernKSU USBef-mktQ4 2015 Earnings ReleaseQ4 20151.101
SunTrust Banks IncSTI USBef-mktQ4 2015 Earnings ReleaseQ4 20150.867
Synchrony FinancialSYF USBef-mktQ4 2015 Earnings ReleaseQ4 20150.633
Rockwell Collins IncCOL US6:30Q1 2016 Earnings ReleaseQ1 20161.044
Legg Mason IncLM US7:00Q3 2016 Earnings ReleaseQ3 20160.7
SunTrust Banks IncSTI US8:00Q4 2015 Earnings CallQ4 2015
General Electric CoGE US8:30Q4 2015 Earnings CallQ4 2015
Legg Mason IncLM US8:30Q3 2016 Earnings CallQ3 2016
Synchrony FinancialSYF US8:30Q4 2015 Earnings CallQ4 2015
Kansas City SouthernKSU US8:45Q4 2015 Earnings CallQ4 2015
Schlumberger LtdSLB US9:00Q4 2015 Earnings CallQ4 2015
Rockwell Collins IncCOL US9:00Q1 2016 Earnings CallQ1 2016
Legg Mason IncLM USInvestor DayY 2016
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Thursday, October 8, 2015

BARCHART MORNING CALL 10/8

OVERNIGHT MARKETS AND NEWS
December E-mini S&Ps (ESZ15 -0.31%) are down -0.36% and European stocks are down -0.28% after disappointing German export data added to concerns that the global recovery may be weaker than previously thought. German Aug exports fell by the most in 6-1/2 years, although European stocks recovered a good portion of their losses on speculation the weak trade data may spur the ECB into expanding QE. Automakers are also higher, led by a +2.9% increase in Fiat Chrysler Automobiles NV, after the company reached a tentative agreement with the United Auto Workers Union in the U.S. to avert a strike. Asian stocks settled mostly lower: Japan -0.99%, Hong Kong -0.71%, China +2.97%, Taiwan -0.58%, Australia +0.24%, Singapore -0.50%, South Korea +1.03%, India -0.70%. China's Shanghai Composite resumed trade after a week-long holiday and closed up nearly 3% on speculation the government will take additional steps to revive economic growth.
The dollar index (DXY00 -0.27%) is down % at a 2-week low. EUR/USD (^EURUSD) is up +0.53%. USD/JPY (^USDJPY) is down -0.17%.
Dec T-note prices (ZNZ15 +0.10%) are up +4.5 ticks.
As expected, the BOE maintained its benchmark interest rate at 0.50% and kept its asset purchase target at 375 billion pounds following today's policy meeting.
The German Aug trade balance shrank to a surplus of 15.3 billion euros, less than expectations of 19.0 billion euros and the smallest surplus in a year. Aug exports fell -5.2% m/m, a bigger drop than expectations of -0.9% m/m and the largest decline in 6-1/2 years. Aug imports fell -3.1% m/m, a bigger drop than expectations of -0.6% m/m and the largest decline in 2-3/4 years.
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) weekly initial unemployment claims (expected -3,000 to 274,000, previous +10,000 to 277,000) and continuing claims (expected +9,000 to 2.200 million, previous 53,000 to 2.191 million), (2) the minutes of the Sep 16-17 FOMC meeting, (3) the Treasury's auction of $13 billion of 30-year T-bonds, (4) welcoming remarks by Minneapolis Fed President Narayana Kocherlakota followed by a forum at the Greater Mankato Growth Event at Minnesota State University, and (5) San Francisco Fed President John Williams' speech on the economic outlook to the Spokane Metropolitan Area Business and Community Leaders’ Luncheon.
There are 2 of the Russell 2000 companies report earnings today: Alcoa (consensus $0.13), Domino's Pizza (0.74).
U.S. IPO's scheduled to price today: none.
Equity conferences during the remainder of this week include: Goldman Sachs EMEA Leveraged Finance Conference on Thu.


OVERNIGHT U.S. STOCK MOVERS
Domino's Pizza (DPZ +0.72%) reported Q3 adjusted EPS of 67 cents, below consensus of 76 cents.
Fiat Chrysler Automobiles NV (FCAU +4.00%) rose 1.5% in pre-market trading after the company reached a tenative agreement with the United Auto Workers Union in the U.S. to avert a strike.
EMC Corp. (EMC +0.58%) jumped nearly 7% in pre-market trading after people familiar with the matter said Dell is in talks to combine with all or part of the company.
AmSurg (AMSG +2.73%) rose over 1% in after-hours trading after it was announced it will replace Con-way in the S&P Midcap 400 effective the close of trading Oct 14.
Newtek Business Services (NEWT -2.00%) dropped 3% in after-hours trading after it said it plans to make a public offering of 2 million shares of common stock.
Mistras Group (MG +3.04%) jumped 16% in after-hours trading after it reported Q1 adjusted EPS of 23 cents, more than double consensus of 9 cents.
Chemours (CC -4.14%) surged over 15% in after-hours trading after Apollo Global Management LLC said it was mulling a buyout of the company.
Tilly's (TLYS +1.56%) climbed nearly 3% in after-hours trading after it announced that Dan Griesemer resigned as CEO and Ed Thomas, ex-CEO of Wet Seal, will replace him as new CEO.
Zumiez (ZUMZ +4.05%) rose over 7% in after-hours trading after it reported that total net sales for the five weeks ended Oct 3 grew +1.5% y/y to 67.3 million.
Journal Media Group (JMG +5.46%) jumped 8% in after-hours trading after Gannet said it was near a deal to buy the company for $300 million.
Deutsche Bank (DB +1.37%) fell nearly 6% in after-hours trading after it said it expects a surprise Q3 loss of 6.2 billion euros ($7 billion) after writing down the value of its two biggest divisions and boosting its reserve for legal costs. Prices recovered, however, and are now up nearly 1% in pre-market trading on speculation the potential elimination of the company's dividend may allow it to overhaul its structure and increase capital without issuing additional stock.
Cardiovascular Systems (CSII -1.36%) slumped over 15% in after-hours trading after the company reported preliminary Q1 revenue of $43.9 million, below consensus of $49.4 million, and said it sees a loss of -41 cents to -43 cents a share, a bigger loss than consensus of -39 cents.
MARKET COMMENTS
Dec E-mini S&Ps (ESZ15 -0.31%) this morning are down -7.25 points (-0.36%). Wednesday's closes: S&P 500 +0.80%, Dow Jones +0.73%, Nasdaq +0.62%. The S&P 500 on Wednesday rose to a 2-1/2 week high and closed higher on a rally in miners and metals producers as the price of copper rose to a 2-week high and after Morgan Stanley upgraded the sectors to "Attractive." In addition, there was M&A activity after Anheuser-Busch InBev NV raised its offer for SABMiller to $104 billion. Stocks fell back from earlier highs as energy producers declined on a sell-off in crude oil prices on the bearish weekly EIA data.
Dec 10-year T-notes (ZNZ15 +0.10%) this morning are up +4.5 ticks. Wednesday's closes: TYZ5 -7.00, FVZ5 -5.75. Dec T-note prices on Wednesday closed lower on the rally in stock prices, an increase in the 10-year T-note breakeven inflation rate to a 2-week high, and supply pressures as the Treasury auctioned $21 billion of 10-year T-notes and auctions $13 billion of 30-year T-bonds on Thursday.
The dollar index (DXY00 -0.27%) this morning is down -0.273 (-0.29%) at a 2-week low. EUR/USD (^EURUSD) is up +0.0059 (+0.53%). USD/JPY (^USDJPY) is down -0.21 (-0.17%). Wednesday's closes: Dollar Index +0.042 (+0.04%), EUR/USD -0.0035 (-0.31%), USD/JPY -0.22 (-0.18%). The dollar index on Wednesday closed slightly higher on an increase in U.S. inflation expectations after the 10-year T-note breakeven inflation rate climbed to a 2-week high, and weakness in EUR/USD on speculation the ECB may expand easing measures after German Aug industrial production unexpectedly fell-1.2%, the biggest decline in a year. GBP/USD rallied to a 2-week high after UK Aug industrial production rose +1.0% m/m, the largest increase in 18 months. USD/JPY saw weakness as the yen strengthened after the BOJ refrained from additional stimulus measures following the 2-day policy meeting.
Nov crude oil (CLX15 +0.59%) this morning is up +9 cents (+0.19%) and Nov gasoline (RBX15 -0.04%) is down -0.0059 (-0.42%). Wednesday's closes: CLX5 -0.72 (-1.48%), RBX5 -0.0327 (-2.28%). Nov crude oil and gasoline prices closed lower on Wednesday with Nov crude retreating from a 2-1/2 month nearest futures high. The weekly EIA report was bearish due to the +3.07 million bbl increase in weekly EIA crude inventories (vs expectations of +2.25 million bbl), the +98,000 bbl increase in crude supplies at Cushing, the first increase in 6 weeks, and the +0.8% increase in U.S. crude production to 9.172 million bpd in the week ended Oct 2.
GLOBAL EVENT CALENDAR10/08/2015
US0830 ETWeekly initial unemployment claims expected -3,000 to 274,000, previous +10,000 to 277,000. Weekly continuing claims expected +9,000 to 2.200 million, previous 53,000 to 2.191 million.
0830 ETUSDA weekly Export Sales.
1300 ETTreasury auctions $13 billion of 30-year T-bonds.
1300 ETMinneapolis Fed President Narayana Kocherlakota gives welcoming remarks followed by a forum at the Greater Mankato Growth Event at Minnesota State University.
1400 ETMinutes of the Sep 16-17 FOMC meeting.
1530 ETSan Francisco Fed President John Williams delivers a speech on the economic outlook to the Spokane Metropolitan Area Business and Community Leaders Luncheon.
JPN0030 ETJapan Sep bankruptcies, Aug -13.06% y/y.
0100 ETJapan Sep eco-watchers survey current expected -0.3 to 49.0, Aug 49.3. Sep eco-watchers survey outlook expected +0.1 to 48.3, Aug 48.2.
GER0200 ETGerman Aug trade balance expected +19.0 billion euros, Jul +25.0 billion euros. Aug exports expected -0.9% m/m, Jul +2.5% m/m. Aug imports expected -0.6% m/m, Jul +2.3% m/m.
0200 ETGerman Aug current account balance expected +16.7 billion euros, Jul+23.4 billion euros.
UK0700 ETBOE announces interest rate decision and asset purchase target, expected no change to the 0.50% benchmark rate or to the 375 billion pound asset purchase target.
U.S. STOCK CALENDAR10/08/2015

CompanyTickerTimeEvent DescriptionPeriodEstimate
L Brands IncLB US7:30September 2015 Sales and Revenue Release - Sales Report2015
L Brands IncLB US7:30September 2015 Sales and Revenue Call2015
Domino's Pizza IncDPZ US7:30Q3 2015 Earnings ReleaseQ3 20150.739
Leucadia National CorpLUK US9:00Investor MeetingY 2015
Domino's Pizza IncDPZ US10:00Q3 2015 Earnings CallQ3 2015
Franklin Resources IncBEN US12:00Annual General MeetingY 2015
Alcoa IncAA US17:00Q3 2015 Earnings CallQ3 2015
United Continental Holdings IncUAL US17:00September 2015 Sales and Revenue Release - Operational Performance2015
Alcoa IncAA USAft-mktQ3 2015 Earnings ReleaseQ3 20150.128
Gap Inc/TheGPS USSeptember 2015 Sales and Revenue Release2015
RPM International IncRPM USAnnual General MeetingY 2015
Xcel Energy IncXEL USInvestor Meeting - Day 3Y 2015
General Motors CoGM USGeneral Motors Deposition of CEO, Mary Barra, in Inition-Switch Defect Case
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