Showing posts with label EGN. Show all posts
Showing posts with label EGN. Show all posts

Tuesday, November 19, 2013

BARCHART MORNING CALL 11/19

OVERNIGHT MARKETS AND NEWS
December E-mini S&Ps (ESZ13 -0.22%) this morning are down -0.13% and European stocks are down -0.78%. Asian stocks closed mostly lower: Japan -0.25%, Hong Kong -0.01%, China -0.69%, Taiwan +0.84%, Australia -0.59%, Singapore -0.34%, South Korea +1.05%, India +0.19%. World stock markets fell on growth concerns after the OECD cut its global growth forecasts for this year and next, while European stocks shook off the increase in German Nov investor sentiment to a 4-year high. Commodity prices are mixed. Dec crude oil (CLZ13 -0.44%) is down -0.19%. Dec gasoline (RBZ13 -0.08%) is down -0.02%. Dec gold (GCZ13 +0.32%) is up +0.27% and Dec copper (HGZ13 +0.05%) is up +0.02%. Agricultural and livestock prices are mixed. The dollar index (DXY00 -0.09%) is down -0.04% at a 1-1/2 week low on speculation that Fed speakers scheduled to speak today, including Fed Chairman Bernanke, will signal economic growth isn't yet strong enough to warrant a cut in stimulus. EUR/USD (^EURUSD) is down -0.11% and USD/JPY (^USDJPY) is down -0.12%. December T-note prices (ZNZ13 -0.01%) are down -1.5 ticks.
The Organization for Economic Cooperation and Development (OECD) cut its global forecast for this year to 2.7% from 3.1% predicted in May and lowered its global 2014 GDP forecast to 3.6% from 4.0% predicted in May.
German Nov ZEW survey of expectations of economic growth rose for a fourth month as it climbed +1.8 from Oct to 54.6, better than expectations of +1.2 to 54.0 and the highest level in 4-years. Nov ZEW survey current situation unexpectedly fell -1.0 point to 28.7, weaker than expectations of a +1.3 point increase to 31.0.
Eurozone Sep construction output fell -1.3% m/m, the biggest monthly decline in 6-months, and on an annual basis construction output fell -0.2% y/y.
China Oct foreign direct investment slowed to a +1.2% y/y increase from a +4.9% y/y gain in Sep, weaker than expectations of a +6.1% y/y increase.
Japan Oct nationwide department store sales declined -0.6% y/y as they slowed from a +2.8% y/y increase in Sep.
The Japan Sep leading index CI was revised lower to 109.2 from the originally reported 109.5, while the Sep coincident index was revised higher to 108.4 from the originally reported 108.2.
U.S. STOCK PREVIEW
Today’s U.S. Q3 employment cost index (ECI) is expected to show an increase of +0.5% q/q and +2.0% y/y, little changed from the Q2 report of +0.5% q/q and +1.9% y/y. Fed Chairman Ben Bernanke this afternoon will speak to the National Economist Club. There are 7 of the Russell 1000 companies that report earnings today: Valspar (consensus $0.92), Home Depot (0.90), Campbell Soup (0.86), Best Buy (0.12), Medtronic (0.90), Dick's Sporting Goods (0.39), and TJX (0.74).
Conferences during the remainder of this week include the following: Wall Street Journal CEO Council Annual Meeting on Mon-Tue, KBW Securities Brokerage & Market Structure Conference on Tue, Gabelli & Co Inc Aircraft Supplier Conference on Tue, Morgan Stanley Global Consumer & Retail Conference on Tue-Wed, Citi Global Financial Conference on Tue-Wed, Lazard Capital Markets Healthcare Conference on Tue-Wed, Mitsubishi UFJ Securities Oil & Gas Corporate Access Day on Tue-Wed, UBS Global Technology Conference on Tue-Thu, Los Angeles Auto Show-Press Days on Tue-Thu, UBS Global Outlook Conference on Wed, Bloomberg Business Summit on Wed, Canaccord Genuity TMT Day on Wed, Goldman Sachs Metals & Mining Steel Conference on Wed-Thu, Morgan Stanley Technology Media & Telecoms Conference on Wed-Thu, Bank of America Merrill Lynch Global Energy Conference on Thu, Jefferies Global Health Care Conference on Thu, and 11th Annual MIT Sloan CFO Summit on Thu.

OVERNIGHT U.S. STOCK MOVERS
Dick's Sporting Goods (DKS +0.97%) reported Q3 EPS of 40 cents, better than consensus of 39 cents.
Best Buy (BBY -0.30%) jumped 3% in pre-market trading after it reported Q3 EPS of 18 cents, well ahead of consensus of 12 cents.
Valspar (VAL -1.09%) reported Q4 adjusted EPS of 97 cents, stronger than consensus of 92 cents.
Medtronic (MDT -0.41%) reported Q2 EPS of 91 cents, higher than consensus of 90 cents.
Campbell Soup (CPB -1.44%) reported Q1 EPS of 66 cents, well below consensus of 86 cents.
Home Depot (HD -0.45%) reported Q3 EPS of 95 cents, better than consensus of 90 cents.
Greenlight Capital reported that it lowered its stake in Einstein Noah (BAGL -3.28%) to 38.3% from 53.1%.
ING Group (ING -0.46%) said it will sell its 11.3% direct stake in Brazilian insurer SulAmérica to Swiss Re.
Salesforce.com (CRM -3.14%) fell 1% in after-hours trading after it reported Q3 EPS of 9 cents, right on consensus, but then gave guidance on fiscal 2014 EPS of 33 cents-34 cents, on the low end of consensus of 34 cents.
Brocade (BRCD +0.12%) reported Q4 adjusted EPS of 24 cents, well ahead of consensus of 18 cents.
Urban Outfitters (URBN -1.32%) reported Q3 EPS of 47 cents, better than consensus of 45 cents.
MARKET COMMENTS
Dec E-mini S&Ps (ESZ13 -0.22%) this morning are down -2.25 points (-0.13%). The S&P 500 index on Monday posted a fresh all-time high but fell back late in the session and closed lower. Negative factors included (1) the Nov NAHB housing market index that was unchanged at 54, which was weaker than market expectations of 55, and (2) long liquidation and technical selling after the S&P 500 failed to remain above the 1800 level. Closes: S&P 500 +0.42%, Dow Jones +0.54%, Nasdaq 100 +0.22%.
Dec 10-year T-notes (ZNZ13 -0.01%) this morning are down -1.5 ticks. Dec 10-year T-note prices on Monday pushed up to a 1-week high and closed higher on speculation the Fed will maintain its pace of bond buying into next year. Another supportive factor for T-note prices was the weaker-than-expected Nov NAHB housing market index. Closes: TYZ3 +9.00, FVZ3 +4.00.
The dollar index (DXY00 -0.09%) this morning is down -0.033 (-0.04%) at a 1-1/2 week low. EUR/USD (^EURUSD) is down -0.0015 (-0.11%) and USD/JPY (^USDJPY) is down -0.12 (-0.12%). The dollar index on Monday fell to a 1-week low on speculation the Fed will maintain QE3 into next year, but the dollar recovered and settled little changed after the S&P 500 fell back from a record high. Gains in EUR/USD were limited on renewed European sovereign debt concerns after data from the Bank of Spain showed Spain Sep non-performing loans, or defaults as a proportion of total lending at Spanish banks, rose to a record +12.7%. Closes: Dollar index -0.024 (-0.03%), EUR/USD +0.00096 (+0.07%), USD/JPY -0.198 (-0.20%).
Dec WTI crude oil (CLZ13 -0.44%) this morning is down -18 cents (-0.19%) and Dec gasoline (RBZ13 -0.08%) is down -0.0005 (-0.02%). Dec crude oil and gasoline prices on Monday closed lower. Crude oil closed lower after New York Fed President Dudley said he was upbeat on the U.S. economy, which fueled speculation the Fed will taper stimulus. Dec gasoline closed lower on speculation that refineries along the East and Gulf coasts that were shut for maintenance will soon restart and boost gasoline production. Closes: CLZ3 -0.81 (-0.86%), RBZ3 -0.0009 (-0.03%).
GLOBAL EVENT CALENDAR11/19/2013
US0830 ETQ3 employment cost index expected +0.5% q/q and +2.0% y/y, Q2 +0.5% q/q and +1.9% y/y.
1300 ETChicago Fed President Charles Evans speaks to the Illinois Bankers Association Midwest Bank Leaders Conference.
1630 ETAPI weekly U.S. oil statistics.
1900 ETFed Chairman Ben Bernanke speaks to the National Economist Club.
JPN0000 ETRevised Japan Sep leading index CI, previous 109.5. Revised Sep coincident index, previous 108.2.
1850 ETJapan Oct trade balance expected -854.2 billion yen, Sep -934.3 billion yen. Oct exports expected +16.2% y/y, Sep +11.5% y/y. Oct imports expected +19.0% y/y, Sep +16.5% y/y.
2330 ETJapan Sep all-industry activity index expected +0.4% m/m, Aug +0.3% m/m.
EUR0200 ETEurozone Oct new car registrations, Sep +5.4%.
0500 ETEurozone Sep construction output, Aug +0.5% m/m and -4.7% y/y.
GER0500 ETGerman Nov ZEW survey expectations of economic growth expected +1.2 to 54.0, Oct 52.8. Nov ZEW survey current situation expected +1.3 to 31.0, Oct 29.7.
U.S. STOCK CALENDAR11/19/2013
Company NameTickerTimeEvent DescriptionPeriodEstimate
Valspar Corp/TheVAL USBef-mktQ4 2013 Earnings ReleaseQ4 20130.915
Home Depot Inc/TheHD US6:00Q3 2014 Earnings ReleaseQ3 20140.898
Campbell Soup CoCPB US6:30Q1 2014 Earnings ReleaseQ1 20140.863
Best Buy Co IncBBY US7:00Q3 2014 Earnings ReleaseQ3 20140.121
Medtronic IncMDT US7:15Q2 2014 Earnings ReleaseQ2 20140.901
Dick's Sporting Goods IncDKS US7:30Q3 2014 Earnings ReleaseQ3 20140.386
Best Buy Co IncBBY US8:00Q3 2014 Earnings CallQ3 2014
Medtronic IncMDT US8:00Q2 2014 Earnings CallQ2 2014
CH Robinson Worldwide IncCHRW US8:00Analyst and Investor DayY 2013
IntercontinentalExchange Group IncICE US8:00Business Update Call
Campbell Soup CoCPB US8:30Q1 2014 Earnings CallQ1 2014
United Continental Holdings IncUAL US8:30Investor DayY 2013
Home Depot Inc/TheHD US9:00Q3 2014 Earnings CallQ3 2014
National Fuel Gas CoNFG US9:00Analyst DayY 2013
UGI CorpUGI US9:00Q4 2013 Earnings CallQ4 2013
TJX Cos IncTJX US9:30Q3 2014 Earnings ReleaseQ3 20140.737
Energen CorpEGN USInvestment Community Meeting - Day 2
Equifax IncEFX USInvestor Meeting - LondonY 2013
BioMarin Pharmaceutical IncBMRN USFDA Adcomm, Vimizim (GALNS), Morquio A Syndrome (MPS IVA)
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Monday, November 18, 2013

BARCHART MORNING CALL 11/18

OVERNIGHT MARKETS AND NEWS
December E-mini S&Ps (ESZ13 +0.17%) this morning are up +0.17% at a new record high and European stocks are up +0.88%. Asian stocks closed mixed: Japan -0.01%, Hong Kong +2.73%, China +3.33%, Taiwan +0.18%, Australia -0.31%, Singapore +0.05%, South Korea +0.31%, India +2.21%. China's Shanghai Stock Index jumped over 3% to a 3-week high after the government pledged to carry out the broadest expansion of economic freedoms since the 1990s. Commodity prices are mostly lower. Dec crude oil (CLZ13 -0.28%) is down -0.39%. Dec gasoline (RBZ13 -1.03%) is down -0.87%. Dec gold (GCZ13 -0.28%) is down -0.34% and Dec copper (HGZ13 unch) is down -0.16%. Agricultural prices are mixed. The dollar index (DXY00 -0.18%) is down -0.13% at a 1-week low. EUR/USD (^EURUSD) is up +0.09% and USD/JPY (^USDJPY) is down -0.04%. December T-note prices (ZNZ13 +0.01%) are up +1 tick.
ECB Governing Council member Nowotny said Eurozone inflation is "clearly" below the level that the ECB believes is in line with its definition of price stability and suggested the ECB may resort to quantitative easing to prevent deflation in the Eurozone when he said "if there should be a need for further measures, yes, we do have a number of measures in the arsenal" to fight low inflation.
Spain Sep non-performing loans, or defaults as a proportion of total lending at Spanish banks, rose to a record +12.7% according to data from the Bank of Spain. The stock of bad loans rose to 187.8 billion euros ($253.8 billion) during Sep with 6.9 billion euros in loans classified as in default.
In its monthly report, the Bundesbank said that "given expected low inflation rates over the medium term and weak economic developments, an expansive bias in monetary policy in the euro are is currently justified."
UK Nov Rightmove house prices fell -2.4% m/m, the biggest decline in 11-months, while on an annual basis prices rose +4.0% y/y, up from the +3.8% y/y pace in Oct.
The Eurozone Sep trade balance was a +14.3 billion euro surplus, bigger than expectations of a +13.0 billion euro surplus and the widest in 5-months.
The Xinhua News Agency reported that as part of the Communist Party reforms, China will expand farmers' land rights and develop a "mixed ownership economy" that helps state-owned assets maintain or increase their value and boost their competitiveness. The government will also accelerate convertibility of the yuan and the freeing-up of interest rates, improve treasury yield curves and let qualified private investors set up small-to-medium sized banks.
U.S. STOCK PREVIEW
This will be a busy week with a full U.S. economic calendar, comments by Mr. Bernanke on Tuesday, the Oct 29-30 FOMC minutes on Wednesday, and the 10-year TIPS auction on Thursday. Q3 earnings season is nearly over and there are only 25 of the S&P 500 companies that report earnings this week. Today’s Nov NAHB housing market index is expected to be unchanged at 55, which would leave the index just 3 points below the 8-year high of 58 posted in August. There are 6 of the Russell 1000 companies that report earnings today: Tyson Foods (consensus $0.70), Urban Outfitters (0.45), Brocade Communication Systems (0.18), Salesforce.com (0.09), Jacobs Engineering (0.87), UGI Corp (-0.08).
Conferences this week include the following: Dubai Airshow - Press Conferences on Mon, Wall Street Journal CEO Council Annual Meeting on Mon-Tue, KBW Securities Brokerage & Market Structure Conference on Tue, Gabelli & Co Inc Aircraft Supplier Conference on Tue, Morgan Stanley Global Consumer & Retail Conference on Tue-Wed, Citi Global Financial Conference on Tue-Wed, Lazard Capital Markets Healthcare Conference on Tue-Wed, Mitsubishi UFJ Securities Oil & Gas Corporate Access Day on Tue-Wed, UBS Global Technology Conference on Tue-Thu, Los Angeles Auto Show-Press Days on Tue-Thu, UBS Global Outlook Conference on Wed, Bloomberg Business Summit on Wed, Canaccord Genuity TMT Day on Wed, Goldman Sachs Metals & Mining Steel Conference on Wed-Thu, Morgan Stanley Technology Media & Telecoms Conference on Wed-Thu, Bank of America Merrill Lynch Global Energy Conference on Thu, Jefferies Global Health Care Conference on Thu, and 11th Annual MIT Sloan CFO Summit on Thu.

OVERNIGHT U.S. STOCK MOVERS
Tyson Foods (TSN +0.49%) reported Q4 adjusted EPS of 70 cents, better than consensus of 69 cents.
Bristow Group (BRS +0.94%) was upgraded to 'Neutral' from 'Sell' at Goldman.
Diebold (DBD +0.30%) was upgraded to 'Buy' from 'Hold' at KeyBanc.
Walter Energy (WLT +0.89%) and Nucor (NUE +0.96%) were both downgraded to 'Neutral' from 'Buy' at Citigroup.
Baxter (BAX +1.57%) was upgraded to 'Outperform' from 'Neutral' at Credit Suisse.
Boeing (BA +0.73%) rose 3.2% in pre-market trading after it secured new plane orders from Etihad Airways PJSC for its new 777X wide-body planes as well as for more 787 Dreamliners on the first day of the DUbai Air Show.
Microsoft (MSFT -0.47%) was downgraded to 'Underperform' from 'Neutral' at BofA/Merrill.
SuperValu (SVU -1.43%) was downgraded to 'Sell' from 'Neutral' at Goldman.
Fairfax Financial Holdings reported a 17.7% stake in BlackBerry (BBRY -0.62%) .
MARKET COMMENTS
Dec E-mini S&Ps (ESZ13 +0.17%) this morning are up +3.00 points (+0.17%) at a fresh record high. The S&P 500 index on Friday rallied up to another record high and closed higher. Supportive factors for stocks included (1) weaker-than-expected economic data on Nov Empire manufacturing that unexpectedly contracted -3.73 points to a 10-month low of -2.21, and Oct industrial production that unexpectedly fell -0.1%, weaker than expectations of +0.2%, which spurred speculation the Fed will maintain QE3 at current levels, and (2) carry-over support from Thursday's comments from Fed Chair nominee Yellen who said the Fed won't taper stimulus until the economy strengthens. Closes: S&P 500 +0.42%, Dow Jones +0.54%, Nasdaq 100 +0.22%.
Dec 10-year T-notes (ZNZ13 +0.01%) this morning are up +1 tick. Dec 10-year T-note prices on Friday closed lower. Strength in stocks undercut T-notes as the S&P 500 posted a record high and reduced the safe-haven demand for Treasuries. Declines were limited as the weaker-than-expected Nov Empire manufacturing and Oct industrial production bolstered speculation that the Fed will maintain its pace of bond buying. Closes: TYZ3 -2.50, FVZ3 -1.25.
The dollar index (DXY00 -0.18%) this morning is down -0.106 (-0.13%) at a 1-week low. EUR/USD (^EURUSD) is up +0.0012 (+0.09%) and USD/JPY (^USDJPY) is down -0.04 (-0.04%). The dollar index on Friday closed lower after weaker-than-expected U.S. economic data on Nov Empire manufacturing and Oct industrial production boosted speculation the Fed will maintain QE3. USD/JPY posted a 2-month high as the yen weakened on speculation the BOJ may increase its stimulus measures when it meets next on Nov 20-21. Closes: Dollar index -0.174 (-0.21%), EUR/USD +0.00374 (+0.28%), USD/JPY +0.176 (+0.18%).
Dec WTI crude oil (CLZ13 -0.28%) this morning is down -37 cents (-0.39%) and Dec gasoline (RBZ13 -1.03%) is down -0.0232 (-0.87%). Dec crude oil and gasoline prices on Friday closed mixed. Crude oil closed higher as the dollar weakened, while Dec gasoline closed lower after weaker-than-expected U.S. economic data on Nov Empire manufacturing and Oct industrial production signaled lower energy demand. Closes: CLZ3 -0.12 (-0.13%), RBZ3 +0.0557 (+2.12%).
GLOBAL EVENT CALENDAR11/18/2013
US1000 ETNov NAHB housing market index expected unchanged at 55, Oct -2 to 55.
1100 ETUSDA weekly grain export inspections.
1215 ETNew York Fed President William Dudley speaks at Queens College in Flushing, NY.
1330 ETPhiladelphia Fed President Charles Plosser speaks on the economic outlook at the Risk Management Associations annual conference.
1600 ETUSDA Crop Progress.
EUR0500 ETEurozone Sep trade balance expected +23.3 billion euros, Aug +12.3 billion euros.
CHI2100 ETChina Oct foreign direct investment expected +5.7% y/y, Sep +4/9% y/y.
U.S. STOCK CALENDAR11/18/2013
Company NameTickerTimeEvent DescriptionPeriodEstimate
Tyson Foods IncTSN USBef-mktQ4 2013 Earnings ReleaseQ4 20130.697
Jacobs Engineering Group IncJEC USAft-mktQ4 2013 Earnings ReleaseQ4 20130.871
UGI CorpUGI USAft-mktQ4 2013 Earnings ReleaseQ4 2013-0.078
Energen CorpEGN USInvestment Community Meeting - Day 1
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Wednesday, May 22, 2013

Energen - Barchart's Chart of the Day

Summary:

Energen (EGN) is the Chart of the Day.  The diversified energy holding company has solid support on Wall Street.  The stock has a Trend Spotter buy signal and 100% technical buy signals, plus 16 new highs and a gain of 18.26% in the last month alone.

Article:

The Chart of the Day is Energen (EGN).  The price advanced in 16 of the last 20 sessions while gaining 18.26%.  The stock not only had momentum but also positive recommendations from Wall Street.  The stock was near the top of the New High list when sorted for frequency.

The Company is a diversified energy holding company engaged in natural gas distribution and oil and natural gas exploration and production activities. The Corporation's utility subsidiary, Alabama Gas Corporation, is the largest natural gas distribution utility in the State of Alabama. The Corporation's oil and gas exploration and production activities are conducted by its subsidiary, Taurus Exploration, Inc. and its subsidiary.




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
  • 16 new highs and up 18.26% in the last month
  • Relative Strength Index 75.48%
  • Barchart computes a technical support level at 52.91
  • Recently traded at 54.98 with a 50 day moving average of 49.60
Fundamental factors:
  • Market Cap $3.97 billion
  • P/E 18.00
  • Dividend yield 1.09%
  • Revenue projected to grow 13.10% this year and another 10.80% next year
  • Earnings estimated to increase 4.90% this year, 18.70% next year and continue to increase by 12.00% annually for the next 5 years
  • Wall Street analysts issued 6 strong buy and 5 hold recommendation on the stock
  • Financial Strength A
Exit if the price drops below the 50 day moving average
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Monday, April 29, 2013

Barchart Morning Call 4-29


BARCHART MORNING CALL - Monday, April 29th, 2013>>View Older Reports
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OVERNIGHT MARKETS AND NEWS
June E-mini S&Ps (ESM13 +0.35%) this morning are up +0.27% as European stocks rally +0.52% on a decline in Eurozone government debt yields. Italian 10-year borrowing costs plummeted to a 2-1/2 year low of 3.94% after new Italian Prime Minister Enrico Letta was sworn in, which ended a 2-month long political standoff caused by inconclusive elections. European stocks gained despite a larger-than-expected decline in the Eurozone April economic and business confidence surveys. Asian stocks today closed mostly higher: Hong Kong +0.15%, Taiwan +0.10%, Australia +0.56%, Singapore +0.39%, South Korea -0.31%, India +0.52%. Japan and China closed for holiday. Commodity prices are mostly higher with a weaker dollar. June WTI crude oil (CLM13 +0.39%) is up +0.40, June gasoline (RBM13 -0.54%)is down -0.0147, June natural gas (NGM13 +1.23%) is down by -1.14, June gold (GCM13 +1.45%) is up +1.22%, May copper (HGK13 +1.24%) is up +0.96%. The dollar index (DXY00 -0.42%) is weaker by -0.36% and fell to a 1-1/2 week low. EUR/USD (^EURUSD) is higher by +0.41%. USD/JPY (^USDJPY) is lower by -0.16% and posted a 1-week low. June 10-year T-note (ZNM13 -0.01%) futures prices are down -1.5 ticks.
Italy sold 3 billion euros of 10-year bonds at 3.94%, down from 4.66% at last month's auction and the lowest yield in 2-1/2 years. The bid-to-cover ratio was 1.42 times the amount offered, up from 1.33 last month. Italy also sold 3 billion euros of 5-year notes at a yield of 2.84%, down from 3.65% at a similar auction last month.
Spain’s 10-year bond yield fell to 4.20%, a 2-1/2 year low, as German Finance Minister Schaeuble travels to Spain today to unveil a plan aimed at spurring investment in Spanish companies.
The Eurozone April economic confidence fell -1.5 points to 88.6 from a revised 90.1 in March. That was weaker than expectations of a -0.7 point decline to 89.3. The April business climate indicator fell -0.18 to -0.93 from a revised -0.75 in March. That was also weaker than expectations of a -0.5 point decline to -0.91.
Minutes from the Apr 16 Riksbank meeting showed board members were concerned with strength in the Swedish krona and its impact on the economy. Sweden's central bank kept its main lending rate unchanged at 1.0%, and pushed back plans for a rate increase until 2014, citing a strengthening krona and the inability of companies to raise prices because of weak demand. The Riksbank also cut its inflation forecast to 0.1% from 0.4% for this year and predicted the Swedish economy will grow 1.4% this year and 2.7% in 2014.
U.S. STOCK PREVIEW
June E-mini S&Ps (ESM13 +0.35%) this morning are up +0.27%. The S&P 500 index on Friday moved lower after the U.S. economy grew less than expected in Q1. U.S. Q1 GDP grew at a +2.5% (q/q annualized) pace, weaker than expectations of +3.0%. Stock losses were limited, however, as U.S. Q1 personal consumption rose +3.2%, stronger than expectations of +2.8%, and after the final U.S. Apr consumer confidence (University of Michigan) climbed +4.1 points to 76.4, stronger than expectations of +1.2 to 73.5. Another bullish factor for stocks is strong Q1 earnings growth as 74% of the 270 of the S&P 500 companies that have reported earnings results have beaten estimates. Closes: S&P 500 -0.18%, Dow Jones +0.08%, Nasdaq 100 -0.28%.
OVERNIGHT U.S. STOCK MOVERS

Piper Jaffray says Facebook (FB +2.72%) could report Q1 revenue on Wednesday that misses consensus expectations by 1%-2%. Piper Jaffray says the company's core ad revenue growth may not accelerate as fast as analysts expect.
Abercrombie & Fitch (ANF +0.56%) upgraded to Outperform from Neutral at Macquarie.
Penske Automotive (PAG -1.29%) reported Q1 continuing EPS of 63 cents, better than consensus of 62 cents.
Roper Industries (ROP -0.28%) reported Q1 EPS of $1.27, better than consensus of $1.22.
Eaton Corp PLC (ETN -0.07%) reported Q1 EPS of 84 cents, better than consensus of 78 cents.
Loews (L -1.27%) reported Q1 EPS of 82 cwnts, weaker than consensus of 84 cents.
Amin Fadul Ali reported a 9.5% stake in Atlantic Coast Federal (ACFC -0.60%) .
CNBC reported after the markets closed Friday that Goldman Sachs (GS -0.45%) had secured a $1.75 billion loan for J.C. Penney (JCP +11.55%) that would be backed by the company's real estate and real estate leases.
PAR Investment Partners reported a 7% passive stake in Churchill Downs (CHDN +1.59%) .
Dow Jones reported after the markets closed Friday that Clearwire stock holder Aurelius Capital had filed a motion to block the Clearwire (CLWR +3.93%) and Sprint (S -0.28%) merger.
Rent-A-Center (RCII +0.56%) announced that its board has increased the authorization for stock repurchases under the company's common stock repurchase plan by $250 million to $1.25 billion.
MARKET COMMENTS
June 10-year T-notes (ZNM13 -0.01%) this morning are down -1.5 ticks. June 10-year T-note futures prices on Friday settled higher. T-notes found support on the weaker-than-expected U.S. Q1 GDP, which sent stocks lower and increased the safe-haven demand for Treasuries. Another supportive factor was bond-dealer short covering as dealers lifted short-hedges after Thursday’s conclusion to the week’s $99 billion of T-note auctions. Closes: TYM3 +12.0, FVM3 +4.50.
The dollar index (DXY00 -0.42%) this morning is weaker by -0.36% and at a a 1-1/2 week low. EUR/USD (^EURUSD) is up +0.41% and USD/JPY (^USDJPY) is down -0.16% at a 1-week low. The dollar index on Friday closed lower. The main bearish factor was the slower-than-expected growth in U.S. Q1 GDP, which increased speculation the Fed will maintain its dollar-negative QE program. USD/JPY fell to a 1-week low as the yen strengthened after the BOJ failed to offer new stimulus measures at the conclusion of its policy meeting Friday. Closes: Dollar index -0.270 (-0.33%), EUR/USD +0.0018 (+0.14%), USD/JPY -1.224 (-1.23%).
June WTI crude oil (CLM13 +0.39%) this morning is up +0.40 and June gasoline (RBM13 -0.54%)is down -0.0147. June crude oil and gasoline on Friday settled mixed. The main bearish factor was the weaker-than-expected U.S. Q1 GDP, which raised demand concerns. Prices came off of their worst levels, though, after the Apr U.S. University of Michigan consumer confidence came in stronger than expected. Closes: CLM3 -0.64 (-0.68%), RBM3 +0.0032 (+0.11%).
GLOBAL EVENT CALENDAR04/29/2013
US0830 ETMar personal spending expected +0.1% m/m Feb +0.7%. Mar personal income expected +0.4%, Feb +1.1%.
0830 ETMar PCE deflator expected -0.1% m/m and +1.0% y/y, Feb +0.4% m/m and +1.3% y/y. Mar core PCE deflator expected +0.1% m/m and +1.2% y/y, Feb +0.1% m/m and +1.3% y/y.
1000 ETMar pending home sales expected +1.0% m/m, Feb -0.4% m/m and +5.0% y/y.
1030 ETApr Dallas Fed manufacturing activity, Mar 7.4.
1100 ETUSDA weekly grain export inspections.
1500 ETTreasury issues quarterly borrowing estimates.
1600 ETUSDA Crop Progress.
EUR0500 ETEurozone Apr economic confidence expected 89.4, Mar 90.0. Apr business climate indicator expected -0.91, Mar -0.86.
0500 ETFinal Eurozone Apr consumer confidence, previous -22.3.
GER0800 ETGerman Apr CPI (EU harmonized) expected -0.1% m/m and +1.7% y/y, Mar +0.4% m/m and +1.8% y/y.
UK1901 ETUK Apr GfK consumer confidence survey expected -26, Mar -26.
JPN1930 ETJapan Mar overall household spending expected +1.6% y/y, Feb +0.8% y/y.
1930 ETJapan Mar jobless rate expected 4.2%, Feb 4.3%.
1950 ETJapan Mar industrial production expected +0.4% m/m and -7.2% y/y, Feb +0.6% m/m and -10.5% y/y.
1950 ETJapan Mar retail trade expected -0.8% m/m and +0.4% y/y, Feb +1.7% m/m and -2.2% y/y.
n/aJapanese markets closed for Showa Day.
CHn/aChinese markets closed for Labor Day
U.S. STOCK CALENDAR04/29/2013
Company NameSymbolTimeEvent DescriptionPeriodEPS Est (US$)
Pentair LtdPNR US4:00Annual General MeetingY 2013
CNA Financial CorpCNA USBef-mktQ1 2013 Earnings ReleaseQ1 20130.713
Eaton Corp PLCETN USBef-mktQ1 2013 Earnings ReleaseQ1 20130.784
Energen CorpEGN USBef-mktQ1 2013 Earnings ReleaseQ1 20131.214
Loews CorpL USBef-mktQ1 2013 Earnings ReleaseQ1 20130.84
Health Net Inc/CAHNT USBef-mktQ1 2013 Earnings ReleaseQ1 20130.407
Roper Industries IncROP USBef-mktQ1 2013 Earnings ReleaseQ1 20131.222
Choice Hotels International IncCHH USBef-mktQ1 2013 Earnings ReleaseQ1 20130.268
Senior Housing Properties TrustSNH USBef-mktQ1 2013 Earnings ReleaseQ1 20130.437
Extra Space Storage IncEXR USBef-mktQ1 2013 Earnings ReleaseQ1 20130.438
Compass Minerals International IncCMP US7:00Q1 2013 Earnings ReleaseQ1 20131.116
Roper Industries IncROP US8:30Q1 2013 Earnings CallQ1 2013
American Express CoAXP US9:00Annual General MeetingY 2013
Capitol Federal Financial IncCFFN US9:00Q2 2013 Earnings ReleaseQ2 20130.118
CNA Financial CorpCNA US10:00Q1 2013 Earnings CallQ1 2013
Eaton Corp PLCETN US10:00Q1 2013 Earnings CallQ1 2013
Fulton Financial CorpFULT US10:00Annual General MeetingY 2013
Regal-Beloit CorpRBC US10:00Annual General Meeting
Choice Hotels International IncCHH US10:00Q1 2013 Earnings CallQ1 2013
Compass Minerals International IncCMP US10:00Q1 2013 Earnings CallQ1 2013
Boeing Co/TheBA US11:00Annual General Meeting
Energen CorpEGN US11:00Q1 2013 Earnings CallQ1 2013
Loews CorpL US11:00Q1 2013 Earnings CallQ1 2013
Health Net Inc/CAHNT US11:00Q1 2013 Earnings CallQ1 2013
Coca-Cola Co/TheKO US11:45Economic Club of Canada Presents President Nicola Kettlitz
Mercury General CorpMCY US13:00Q1 2013 Earnings CallQ1 2013
Senior Housing Properties TrustSNH US13:00Q1 2013 Earnings CallQ1 2013
Armstrong World Industries IncAWI US13:00Q1 2013 Earnings CallQ1 2013
Extra Space Storage IncEXR US13:00Q1 2013 Earnings CallQ1 2013
PACCAR IncPCAR US13:30Annual General Meeting
United Technologies CorpUTX US14:00Annual General Meeting
QIAGEN NVQGEN US16:00Q1 2013 Earnings ReleaseQ1 20130.222
Hartford Financial Services Group IncHIG US16:15Q1 2013 Earnings ReleaseQ1 20130.82
CapitalSource IncCSE US16:15Q1 2013 Earnings ReleaseQ1 20130.143
Riverbed Technology IncRVBD US16:30Q1 2013 Earnings CallQ1 2013
Allison Transmission Holdings IncALSN US16:30Q1 2013 Earnings CallQ1 2013
Fortune Brands Home & Security IncFBHS US16:30Annual General Meeting
Plum Creek Timber Co IncPCL US17:00Q1 2013 Earnings CallQ1 2013
CapitalSource IncCSE US17:30Q1 2013 Earnings CallQ1 2013
Peabody Energy CorpBTU US18:00Annual General Meeting
Masco CorpMAS USAft-mktQ1 2013 Earnings ReleaseQ1 20130.135
Newmont Mining CorpNEM USAft-mktQ1 2013 Earnings ReleaseQ1 20130.772
Plum Creek Timber Co IncPCL USAft-mktQ1 2013 Earnings ReleaseQ1 20130.323
Express Scripts Holding CoESRX USAft-mktQ1 2013 Earnings ReleaseQ1 20130.976
General Growth Properties IncGGP USAft-mktQ1 2013 Earnings ReleaseQ1 20130.225
Post Properties IncPPS USAft-mktQ1 2013 Earnings ReleaseQ1 20130.701
CBL & Associates Properties IncCBL USAft-mktQ1 2013 Earnings ReleaseQ1 20130.511
PartnerRe LtdPRE USAft-mktQ1 2013 Earnings ReleaseQ1 20132.376
Arch Capital Group LtdACGL USAft-mktQ1 2013 Earnings ReleaseQ1 20130.958
Hanover Insurance Group Inc/TheTHG USAft-mktQ1 2013 Earnings ReleaseQ1 20131.052
Erie Indemnity CoERIE USAft-mktQ1 2013 Earnings ReleaseQ1 20130.725
Alexandria Real Estate Equities IncARE USAft-mktQ1 2013 Earnings ReleaseQ1 20131.111
SBA Communications CorpSBAC USAft-mktQ1 2013 Earnings ReleaseQ1 2013-0.209
Community Health Systems IncCYH USAft-mktQ1 2013 Earnings ReleaseQ1 20130.849
Herbalife LtdHLF USAft-mktQ1 2013 Earnings ReleaseQ1 20131.064
Riverbed Technology IncRVBD USAft-mktQ1 2013 Earnings ReleaseQ1 20130.236
Hertz Global Holdings IncHTZ USAft-mktQ1 2013 Earnings ReleaseQ1 20130.158
Allison Transmission Holdings IncALSN USAft-mktQ1 2013 Earnings ReleaseQ1 20130.191
Jacobs Engineering Group IncJEC US22:00Q2 2013 Earnings ReleaseQ2 20130.825
Boeing Co/TheBA USExtraordinary Shareholder Meeting
Mercury General CorpMCY USQ1 2013 Earnings ReleaseQ1 20130.468
Armstrong World Industries IncAWI USQ1 2013 Earnings ReleaseQ1 20130.386
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