Showing posts with label CWH. Show all posts
Showing posts with label CWH. Show all posts

Tuesday, May 23, 2017

MORNING CALL 5/23

Barchart Morning Call

OVERNIGHT MARKETS AND NEWS
Jun E-mini S&Ps (ESM17 +0.18%) this morning are up +0.14% and European stocks are up +0.68% on signs of strength in the European economy. The Eurozone May Markit manufacturing PMI unexpectedly rose +0.5 to 57.0, the fastest pace of expansion since the data series began in 2014, while confidence in the economic outlook soared after the German May IFO business climate rose +1.6 to 114.6, the highest since the data series began in 1991. Gains in equities were limited on weakness in energy producing stocks as Jul WTI crude oil (CLN17 -0.41%) tumbled -0.72% after details of the Trump administration's budget proposal call for the U.S. to sell off half of its 687.7 million bbl Strategic Oil Reserve. Asian stocks settled mixed: Japan -0.33%, Hong Kong +0.05%, China -0.45%, Taiwan +0.11%, Australia -0.19%, Singapore +0.28%, South Korea +0.24%, India -0.67%.
The dollar index (DXY00 +0.01%) is down -0.05%. EUR/USD (^EURUSD) is up +0.01% at a new 6-1/4 month high. USD/JPY (^USDJPY) is down -0.02%.
Jun 10-year T-note prices (ZNM17 unch) are up +0.5 of a tick.
The German May IFO business climate rose +1.6 to 114.6, stronger than expectations of +0.2 to 113.1 and the highest since the data series began in 1991.
The Eurozone May Markit manufacturing PMI unexpectedly rose +0.5 to 57.0, stronger than expectations of -0.2 to 56.5 and the fastest pace of expansion since the data series began in 2014.
The Eurozone May Markit composite PMI was unch at 56.8, stronger than expectations of -0.1 to 56.7 and the fastest pace of expansion in 6 years.
The German May Markit/BME manufacturing PMI unexpectedly rose +1.2 to 59.4, stronger than expectations of -0.2 to 58.0 and the fastest pace of expansion in 6 years.
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) Minneapolis Fed President Neel Kashkari (voter) holds a Q&A with the media, (2) May Markit manufacturing PMI (expected +0.3 to 53.1, Apr -0.5 to 52.8) and May Markit services PMI (expected +0.2 to 53.3, Apr +0.3 to 53.1), (3) Apr new home sales (expected -1.8% to 610,000, Mar +5.8% to 621,000), (4) May Richmond Fed manufacturing index (expected -5 to 15, Apr -2 to 20), (5) Treasury auctions $26 billion of 2-year T-notes, (6) Minneapolis Fed President Neel Kashkari (voter) discusses “Building Economic Well-Being for Native Communities through Homeownership” at a CICD Roundtable in Minneapolis, (7) Philadelphia Fed President Patrick Harker (voter) gives an economic outlook speech at an MNI Roundtable at the Harvard Club of New York.
Notable Russell 2000 earnings reports today include: Toll Brothers (consensus $0.63), AutoZone (11.99), Intuit (3.87), HEICO (0.50).
U.S. IPO's scheduled to price today: none.
Equity conferences: Electrical Products Group Conference on Mon-Wed; J.P. Morgan Global Technology, Media and Telecom Conference on Mon-Wed; UBS Global Health Care Conference on Mon-Thu; Wolfe Global Transportation Conference on Tue-Wed; Jefferies Global Automotive Aftermarket Investor Conference on Wed; UBS Auto & Auto Supplier 1x1 Conference on Thu.
OVERNIGHT U.S. STOCK MOVERS
McKesson (MCK +1.58%) was upgraded to 'Overweight' from 'Neutral' at JPMorgan Chase with a price target of $189.
AutoZone (AZO -2.10%) is indicated to open 6% lower this morning after it reported Q3 EPS of $11.44, below consensus of $11.99 as Q3 comparable sales fell -0.8%, weaker than expectations of a +2.4% increase.
Perrigo Co. PLC (PRGO +0.81%) fell 5% in pre-market trading after it reported Q4 adjusted EPS of $1.24, weaker than expectations of $1.81, and then said it sees 2017 adjusted EPS of $4.15 to $4.50, below consensus of $4.55.
Nordson (NDSN +1.36%) reported Q2 adjusted EPS of $1.35, higher than consensus of $1.31, and said it sees Q3 adjusted EPS of $1.57-$1.71.
Hyatt Hotels (H +0.65%) announced a secondary offering of 4 million shares of Class A stock by investment funds associated with Goldman Sachs.
Valero Energy (VLO -0.05%) was initiated with an 'Overweight' at U.S. Capital Advisors with a 12-month target price of $73.
Take-Two Interactive Software (TTWO +2.16%) slumped 10% in after-hours trading when it said it will delay the release of its 'Red Dead Redemption 2' on PlayStation 4 and Xbox One until the spring of 2018, later than the fall of 2017 that it previously planned.
Agilent Technologies (A -0.09%) rose nearly 4% in after-hours trading after it reported Q2 adjusted EPS of 58 cents, better than consensus of 48 cents, and then said it sees full-year adjusted EPS of $2.15 to $2.21, the midpoint above consensus of $2.16.
Mindbody (MB unch) announced that it had commenced an underwritten registered public offering of 4.4 million shares of its Class A common stock.
Camping World Holdings (CWH -1.19%) slid almost 3% in after-hours trading after it announced a proposed offering of 10 million shares of Class A common stock which includes 3.5 million shares offered by Camping World and 6.5 million shares offered by Crestview Advisors LLC.
GlycoMimetics (GLYC -13.71%) dropped over 5% in after-hours trading after it announced that it intends to sell 6.0 million shares of its common stock in an underwritten public offering.
MARKET COMMENTS
June E-mini S&Ps (ESM17 +0.18%) this morning are up +3.25 points (+0.14%). Monday's closes: S&P 500 +0.52%, Dow Jones +0.43%, Nasdaq +0.85%. The S&P 500 on Monday closed higher on strength in energy stocks after crude oil prices rose +0.91% to a 1-month high and on increased M&A activity after Clariant AG agreed to buy Huntsman for $6.4 billion. Stocks were also supported by the +0.42 point increase in the Apr Chicago Fed national activity index to 0.49, stronger than expectations of +0.3 to 0.11 and the fastest pace of expansion in 2-1/3 years.
June 10-year T-notes (ZNM17 unch) this morning are up +0.5 of a tick. Monday's closes: TYM7 -2.00, FVM7 -0.75. Jun 10-year T-notes on Monday closed slightly lower on reduced safe-haven demand with the rally in stocks and on supply pressures as the Treasury auctions $101 billion of notes this week.
The dollar index (DXY00 +0.01%) this morning is down -0.046 (-0.05%). EUR/USD (^EURUSD) is up +0.0001 (+0.01%) at a fresh 6-1/4 month high and USD/JPY (^USDJPY) is down -0.02 (-0.02%). Monday's closes: Dollar index -0.167 (-0.17%), EUR/USD +0.0031 (+0.28%), USD/JPY +0.04 (+0.04%). The dollar index on Monday tumbled to a fresh 6-1/4 month low and closed lower on strength in EUR/USD which climbed to a 6-1/4 month high on comments from German Chancellor Merkel who said Germany's trade surplus is the result of the euro which is "too weak" because of ECB policy.
July WTI crude oil prices (CLN17 -0.41%) this morning are down -37 cents (-0.72%) and July gasoline (RBN17 -0.58%) is -0.0141 (-0.85%). Monday's closes: Jul crude +0.46 (+0.91%), Jul gasoline +0.0105 (+0.64%). Jul crude oil and gasoline on Monday rallied to 1-month highs and settled higher on the slide in the dollar index to a 6-1/4 month low and on comments by Saudi Arabian Energy Minister Khalid Al-Falih who said that all oil producers participating in a deal to curb crude output are "on board" for an extension of crude production cuts for another 9 months.
GLOBAL EVENT CALENDAR05/23/2017
Tuesday, May 23
US0900 ETMinneapolis Fed President Neel Kashkari (voter) holds a Q&A with the media.
0945 ETMay Markit manufacturing PMI expected +0.3 to 53.1, Apr -0.5 to 52.8. May Markit services PMI expected +0.3 to 53.4, Apr +0.3 to 53.1.
1000 ETApr new home sales expected -1.8% to 610,000, Mar +5.8% to 621,000.
1000 ETMay Richmond Fed manufacturing index expected -5 to 15, Apr -2 to 20.
1300 ETTreasury auctions $26 billion of 2-year T-notes.
1500 ETMinneapolis Fed President Neel Kashkari (voter) discusses Building Economic Well-Being for Native Communities through Homeownership at a CICD Roundtable in Minneapolis.
1700 ETPhiladelphia Fed President Patrick Harker (voter) gives an economic outlook speech at an MNI Roundtable at the Harvard Club of New York.
Wednesday, May 24
US0700 ETWeekly MBA mortgage applications, previous -4.1% with purchase sub-index -2.7% and refi sub-index -5.7%.
0900 ETMar FHFA house price index expected +0.5% m/m, Feb +0.8% m/m. Q1 house price index, Q4 +1.5% q/q.
0945 ETMay Markit manufacturing PMI, Apr -0.5 to 52.8. May Markit services PMI, Apr +0.3 to 53.1.
1000 ETApr existing home sales expected -1.1% to 5.65 million, Mar +4.4% to 5.71 million.
1030 ETEIA Weekly Petroleum Status Report.
1130 ETTreasury auctions $13 billion of 2-year floating-rate notes.
1300 ETTreasury auctions $34 billion of 5-year T-notes.
1400 ETMinutes of the May 2-3 FOMC meeting.
1800 ETDallas Fed President Robert Kaplan (voter) speaks at an event in Toronto.
U.S. STOCK CALENDAR05/23/2017

CompanyTickerTimeEvent DescriptionPeriodEstimate
AutoZone IncAZO USBef-mktQ3 2017 Earnings ReleaseQ3 1711.992
Toll Brothers IncTOL USBef-mktQ2 2017 Earnings ReleaseQ2 170.626
AquaBounty Technologies IncAQB US08:30Annual General Meeting
Nordson CorpNDSN US08:30Q2 2017 Earnings CallQ2 17
Boston Properties IncBXP US09:00Annual General Meeting
Merck & Co IncMRK US09:00Annual General Meeting
Spirit Airlines IncSAVE US09:00Annual General Meeting
Nielsen Holdings PLCNLSN US09:00Annual General Meeting
Xerox CorpXRX US09:00Annual General Meeting
United States Cellular CorpUSM US09:30Annual General Meeting
AutoZone IncAZO US10:00Q3 2017 Earnings CallQ3 17
Pinnacle Foods IncPF US10:00Annual General Meeting
Urban Outfitters IncURBN US10:30Annual General Meeting
Toll Brothers IncTOL US11:00Q2 2017 Earnings CallQ2 17
Alliant Energy CorpLNT US11:30Annual General Meeting
Euronet Worldwide IncEEFT USAnnual General Meeting
Mid-America Apartment Communities IncMAA US12:00Annual General Meeting
American Financial Group Inc/OHAFG USAnnual General Meeting
Kilroy Realty CorpKRC US12:00Annual General Meeting
National Instruments CorpNATI USInvestor Day
Amazon.com IncAMZN US12:00Annual General Meeting
Wendy's Co/TheWEN USAnnual General Meeting
Landstar System IncLSTR USAnnual General Meeting
Superior Energy Services IncSPN USAnnual General Meeting
Southwestern Energy CoSWN USAnnual General Meeting
Tableau Software IncDATA USAnnual General Meeting
SM Energy CoSM USAnnual General Meeting
Skechers U.S.A. IncSKX USAnnual General Meeting
Principal Financial Group IncPFG US12:00Roadshow
Citrix Systems IncCTXS US12:00Analyst Meeting
NVIDIA CorpNVDA US13:30Annual General Meeting
Reinsurance Group of America IncRGA US15:00Annual General Meeting
HEICO CorpHEI USAft-mktQ2 2017 Earnings ReleaseQ2 170.502
Intuit IncINTU USAft-mktQ3 2017 Earnings ReleaseQ3 173.874
Intuit IncINTU US16:30Q3 2017 Earnings CallQ3 17
East West Bancorp IncEWBC US17:00Annual General Meeting

Thursday, March 9, 2017

MORNING CALL 3/9

Barchart Morning Call

OVERNIGHT MARKETS AND NEWS
Mar E-mini S&Ps (ESH17 -0.11%) this morning are down -0.08% at a 1-week low and European stocks are little changed, up +0.02%, as weakness in energy producers drags the overall market lower. Apr WTI crude oil (CLJ17 -2.29%) is down -1.73% at a 3-1/4 month low on signs the global oil glut will persist after Wednesday's EIA data showed U.S crude inventories climbed to another record high. Losses in European stocks were limited ahead of the conclusion of today's ECB meeting and press conference from ECB President Draghi. Expectations are for no change in monetary policy but the markets will parse ECB President Draghi's comments to see if the ECB intends to maintain its asset purchases until the end of the year. The likelihood of a Fed rate hike next week has led to fund selling of precious metals with Apr COMEX gold (GCJ17 -0.20%) down -0.45% and May COMEX silver (SIK17 -0.48%) down -0.80%, both at 5-week lows, and May COMEX copper (HGK17 -1.25%) down -1.40% to a 1-3/4 month low. Asian stocks settled mostly lower: Japan +0.34%, Hong Kong -1.18%, China -0.74%, Taiwan -0.97%, Australia -0.32%, Singapore -0.84%, South Korea -0.25%, India +0.09%. Japanese stocks bucked the slide in other global bourses and closed higher as exporter stocks rallied due to a weaker yen after USD/JPY climbed to a 3-week high.
The dollar index (DXY00 -0.04%) is down -0.04%. EUR/USD (^EURUSD) is up +0.21%. USD/JPY (^USDJPY) is up +0.26% at a 3-week high.
Jun 10-year T-note prices (ZNM17 -0.08%) are down -3 ticks.
China Feb CPI rose +0.8% y/y, weaker than expectations of +1.7% y/y and the smallest pace of increase in 2 years.
China Feb PPI rose +7.8% y/y, stronger than expectations of +7.7% y/y and the fastest pace of increase in 8-1/3 years.
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) weekly initial unemployment claims (expected +15,000 to 238,000, previous -19,000 to 223,000) and continuing claims (expected -4,000 to 2.062 million, previous +3,000 to 2.066 million), (2) Feb import price index (expected +0.1% m/m and +4.4% y/y, Jan +0.4% m/m and +3.7% y/y), (3) Treasury auctions $12 billion 30-year T-bonds, (4) USDA weekly Export Sales, (5) USDA WASDE Mar crop production.
Notable Russell 1000 earnings reports today include: Staples (consensus $0.26), International Game Technology (0.51), Signet Jewelers $4.00), Tahoe Resources (0.15), Ulta Beauty (2.14), VeriFone Systems (0.20).
U.S. IPO's scheduled to price today: Presidio (PSDO), Matlin Acquisition Corp (MPACU),
Equity conferences: Susquehanna Financial Group LLLP Semi Storage & Technology Conference on Thu, UBS Global Consumer & Retail Conference on Thu-Fri.




OVERNIGHT U.S. STOCK MOVERS
Tiffany & Co. (TIF +0.41%) was downgraded to 'Sell' from 'Hold' at SBG Securities with a 12-month target price of $90.
Semtech (SMTC +2.39%) rallied 5% in after-hours trading after it reported Q4 adjusted EPS of 37 cents, better than consensus of 35 cents, and then said it sees Q1 adjusted EPS of 39 cents-43 cents, above consensus of 36 cents.
Camping World Holdings (CWH +0.65%) slid 4% in after-hours trading after it reported Q4 revenue of $670 million, below consensus of $679.0 million.
Sinclair Broadcast Group (SBGI -1.65%) slipped almost 2% in after-hours trading after it announced a public offering of 12.0 million shares of Class A common stock.
Planet Fitness (PLNT +1.30%) lost 1% in after-hours trading after it announced a secondary offering of 15 million shares of Class A common stock.
Comtech Telecommunications (CMTL +0.82%) rose 3% in after-hours trading after it said it sees full-year EPS of 68 cents, above consensus of 28 cents.
Tech Data (TECD -4.19%) was upgraded to 'Buy' from 'Hold' at Needham & Co. with a 12-month target price of $107.
elf Beauty (ELF -2.39%) surged 14% in after-hours trading after it reported Q4 adjusted EPS of 19 cents, higher than consensus of 13 cents, and then said it sees full-year net sales of $285 million-$295 million, better than consensus of $281.3 million.
Tailored Brands (TLRD +1.08%) plunged over 25% in after-hours trading after it reported Q4 net sales of $793.3 million, weaker than consensus of $811.3 million, and then said its sees full-year EPS of $1.45-$1.75, well below consensus of $2.10.
Bankrate (RATE +1.39%) dropped over 7% in after-hours trading after it reported Q4 adjusted EPS of 16 cents, below consensus of 19 cents.
Amplify Snack Brands (BETR -4.18%) gained nearly 2% in after-hours trading after it reported Q4 net sales of $88,6 million, above consensus of $87.4 million, and said it sees 2017 net sales of $404 million-$420 million, above consensus of $404 million.
BioCryst Pharmaceuticals (BCRX +8.38%) fell over 4% in after-hours trading after it began a public offering of $45 million in common stock.
21Vianet Group (VNET +0.71%) dropped 6% in after-hour trading after it reported a Q4 loss per ads of 60 cents.
MARKET COMMENTS
Mar E-mini S&Ps (ESH17 -0.11%) this morning are down -2.00 points (-0.08%). Wednesday's closes: S&P 500 -0.23%, Dow Jones -0.33%, Nasdaq +0.16%. The S&P 500 on Wednesday closed lower on weakness in energy producing stocks after crude oil plunged by -5.38% to a 2-3/4 month low. There were also interest rate concerns after the 10-year T-note yield jumped to a 2-1/4 month high. Stocks found support on signs that Chinese domestic demand may be picking up, which would boost overall global growth, after China Feb imports rose +38.1% y/y, stronger than expectations of +20.0% y/y and the largest increase in 5 years. Stocks were also boosted by the +298,000 increase in U.S. Feb ADP employment, stronger than expectations of +187,000 and the biggest increase in 2-3/4 years.
Jun 10-year T-notes (ZNM17 -0.08%) this morning are down -3 ticks: Wednesday's closes: TYM7 -10.00, FVM7 -5.50. Jun 10-year T-notes sold off to a 2-1/4 month low Wednesday and closed lower on the stronger-than-expected Feb ADP employment report of +298,000, which may prompt the Fed into a faster pace of interest rate hikes. There were also supply pressures as the Treasury auctions $56 billion of T-notes and T-bonds this week.
The dollar index (DXY00 -0.04%) this morning is down -0.04 (-0.04%). EUR/USD (^EURUSD) is up +0.002 (+0.21%). USD/JPY (^USDJPY) is up +0.30 (+0.26%) at a 3-week high. Wednesday's closes: Dollar index +0.26 (+0.26%), EUR/USD -0.0025 (-0.24%), USD/JPY +0.37 (+0.32%). The dollar index on Wednesday closed higher on the surge in U.S. Feb ADP employment by +298,000, the most in 2-3/4 years, which bolsters the case for additional Fed rate hikes. The dollar was also supported by the jump in 10-year T-note yields to a 2-1/4 month high, which boosts the dollar's interest rate differentials.
Apr WTI crude oil prices (CLJ17 -2.29%) this morning are down -87 cents (-1.73%) to a 3-1/4 month low and Apr gasoline (RBJ17 -1.97%) is -0.0284 (-1.72%). Wednesday's closes: Apr crude -2.86 (-5.38%), Apr gasoline -0.0272 (-1.62%). Apr crude oil and gasoline on Wednesday closed sharply lower with Apr crude at a 2-3/4 month low. Crude oil prices were undercut by a stronger dollar, the +8.21 million bbl increase in EIA crude inventories to a record 528.39 million bbl (well above expectations for a +2.0 million bbl gain), and the +0.6% increase in U.S. crude production in the week of Mar 3 to 9.088 million bpd, a 1-year high.
GLOBAL EVENT CALENDAR03/09/2017
Thursday, Mar 9
US0830 ETWeekly initial unemployment claims expected +15,000 to 238,000, previous -19,000 to 223,000. Weekly continuing claims expected -4,000 to 2.062 million, previous +3,000 to 2.066 million.
0830 ETFeb import price index expected +0.1% m/m and +4.4% y/y, Jan +0.4% m/m and +3.7% y/y.
0830 ETUSDA weekly Export Sales.
1200 ETUSDA WASDE Mar crop production.
1300 ETTreasury auctions $12 billion 30-year T-bonds.
Friday, Mar 10
US0830 ETFeb non-farm payrolls expected +190,000, Jan +227,000. Feb private payrolls expected +195,000, Jan +237,000. Feb manufacturing payrolls expected +9,000, Jan +5,000. Feb unemployment rate expected -0.1 to 4.7%, Jan +0.1 to 4.8%.
0830 ETFeb avg hourly earnings expected +0.3% m/m and +2.7% y/y, Jan +0.1% m/m and +2.5% y/y. Feb avg weekly hours all employees expected unch at 34.4 hours, Jan unch at 34.4 hours.
1400 ETFeb monthly budget statement expected -$170.0 billion, Jan +$51.257 billion.
U.S. STOCK CALENDAR03/09/2017

CompanyTickerTimeEvent DescriptionPeriodEstimate
International Game Technology PLCIGT USBef-mktQ4 2016 Earnings ReleaseQ4 160.507
Staples IncSPLS USBef-mktQ4 2017 Earnings ReleaseQ4 170.255
Signet Jewelers LtdSIG US07:00Q4 2017 Earnings ReleaseQ4 174.004
International Game Technology PLCIGT US08:00Q4 2016 Earnings CallQ4 16
Staples IncSPLS US08:00Q4 2017 Earnings CallQ4 17
Signet Jewelers LtdSIG US08:30Q4 2017 Earnings CallQ4 17
B/E Aerospace IncBEAV US10:00Extraordinary Shareholders Meeting - M&A Vote
National Fuel Gas CoNFG USAnnual General Meeting
Rockwell Collins IncCOL USExtraordinary Shareholders Meeting - M&A Vote
Xcel Energy IncXEL USRoadshow
Johnson Controls International plcJCI USAnnual General Meeting
Applied Materials IncAMAT USAnnual General Meeting
Xcel Energy IncXEL USRoadshow
F5 Networks IncFFIV US14:00Annual General Meeting
Tahoe Resources IncTHO CNAft-mktQ4 2016 Earnings ReleaseQ4 160.15
Ulta Beauty IncULTA USAft-mktQ4 2017 Earnings ReleaseQ4 172.135
VeriFone Systems IncPAY USAft-mktQ1 2017 Earnings ReleaseQ1 170.204
Cabot CorpCBT US16:00Annual General Meeting
VeriFone Systems IncPAY US16:30Q1 2017 Earnings CallQ1 17
Ulta Beauty IncULTA US17:00Q4 2017 Earnings CallQ4 17