Showing posts with label ELGX. Show all posts
Showing posts with label ELGX. Show all posts

Thursday, February 23, 2017

MORNING CALL 2/23

Barchart Morning Call

Barchart.com - Thu Feb 23, 6:35AM CST
OVERNIGHT MARKETS AND NEWS
Mar E-mini S&Ps (ESH17 +0.04%) are up +0.06% and European stocks are up +0.08% on strength in energy producing stocks. Chesapeake Energy and Haliburton are both up over 1.5% in pre-market trading on strength in crude oil prices. Apr WTI crude oil (CLJ17 +1.42%) is up +1.31% after the API late Wednesday reported that U.S. crude inventories fell -884,000 bbl last week. European bank stocks are higher as well, led by a 2% gain in Barclays Plc, after it reported that its common equity Tier 1 ratio, a measure of capital strength, rose to 12.4% from 11.6% at the end of Q3, higher than expectations of an increase to 11.8%. Gains in stocks were limited on concern the Fed may raise interest rates sooner than expected after the minutes of the Jan 31-Feb 1 FOMC meeting stated that Fed officials saw a rate increase "fairly soon" if the economy stays on track. Asian stocks settled mostly lower: Japan -0.04%, Hong Kong -0.36%, China -0.30%, Taiwan -0.10%, Australia -0.35%, Singapore +0.49%, South Korea +0.01%, India +0.10%.
The dollar index (DXY00 -0.06%) is up +0.06%. EUR/USD (^EURUSD) is down -0.07%. USD/JPY (^USDJPY) is down -0.04%.
Mar 10-year T-note prices (ZNH17 +0.15%) are up +4.5 ticks.
ECB Executive Board member Praet said that underlying inflation "continues to remain very subdued and has yet to show clear signs of a more dynamic upward movement." He added that "the recovery in the Eurozone is firming," but still relies on a "substantial degree of accommodation."
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) weekly initial unemployment claims (expected +1,000 to 240,000, previous +5,000 to 239,000) and continuing claims (expected -8,000 to 2.068 million, previous -3,000 to 2.076 million), (2) Jan Chicago Fed national activity index (expected -0.14 to 0.00, Dec +0.47 to 0.14), (3) Dec FHFA house price index (expected +0.5%, Nov +0.5% m/m), (4) Feb Kansas City Fed manufacturing activity index (expected unch at 9, Jan unch at 9), (5) Treasury auctions $28 billion of 7-year T-notes, (6) EIA Weekly Petroleum Status Report, (7) USDA Jan Cold Storage.
Notable S&P 500 earnings reports today include: HP Enterprise (consensus $0.44), Kohl's (1.33), Gap (0.51), Nordstrom (1.15), Intuit (0.25), and others.
U.S. IPO's scheduled to price today: none.
Equity conferences: CAGNY Investor Conference on Tue-Fri, Barclays Industrial Select Conference on Wed-Thu, RBC Capital Markets Health Care Conference on Wed-Thu, Cantor Fitzgerald Internet & Technology Services Conference on Thu.
OVERNIGHT U.S. STOCK MOVERS
Home Depot (HD +0.16%) was upgraded to 'Overweight' from 'Equalweight' at Morgan Stanley with a price target of $165.
NVIDIA (NVDA -0.28%) fell 3% in after-hours trading after it was downgraded to 'Reduce' from 'Buy' at Nomura Instinet.
Square (SQ +2.80%) climbed 6% in after-hours trading after it reported Q4 adjusted EPS of 5 cents, above consensus of 3 cents.
Jack in the Box (JACK -3.51%) dropped nearly 10% in after-hours trading after it reported Q1 adjusted operating EPS of $1.18, weaker than consensus of $1.24, and said it sees full-year operating EPS of $4.25-$4.45, below consensus of $4.71.
Ctrip.com International Ltd (CTRP +1.13%) gained over 1% in after-hours trading after it reported Q4 profit per ADS of 17 cents, above consensus of 15 cents.
L Brands (LB +0.75%) plunged 12% in after-hours trading after it said it sees Q1 EPS of 20 cents-25 cents, weaker than consensus of 49 cents, and then lowered guidance on full-year EPS to $3.05-$3.35, weaker than consensus of $3.69.
CoStar Group (CSGP -0.64%) fell over 5% in after-hours trading after it said it sees Q1 adjusted EPS of 92 cents-97 cents, weaker than consensus of $1.13, and lowered guidance on full-year adjusted EPS to $4.18-$4.28, below consensus of $4.95.
Boston Beer Co. (SAM -1.13%) declined 7% in after-hours trading after it said it sees full-year EPS of $4.20 to $6.20, below consensus of $6.44.
ARRIS International PLC (ARRS +2.50%) tumbled over 8% in after-hours trading after it said it will buy Brocade's Ruckus Wireless and ICX units for $800 million.
Tessera Holding (TSRA unch) sank nearly 9% in after-hours trading after it reported Q4 adjusted EPS of 45 cents, well below consensus of 58 cents, and said it sees Q1 revenue of $60 million-$63 million, less than consensus of $72.9 million.
AxoGen (AXGN -0.94%) lost 3% in after-hours trading after it reported a Q4 adjusted loss per share of -10 cents, wider than consensus of -9 cents.
Ultra Clean Holdings (UCTT +1.62%) surged over 10% in after-hours trading after it reported Q4 revenue of $174.5 million, better than consensus of $173 million, and then said it expects Q1 revenue of $190 million-$197 million, above consensus of $168.3 million.
Bellicum Pharmaceuticals (BLCM -4.48%) climbed nearly 5% in after-hours trading after it said updated results from a BP-004 trial of its BPX-501 and rimiducid show "consistent, durable outcomes" at 6 and 12 months with rapid immune recovery in patients with inherited blood disorders and hematological cancers and "very low" incidence of graft-versus-host disease.
Endologix (ELGX +0.62%) dropped nearly 6% in after-hours trading after it reported Q4 revenue of $47.5 million, less than consensus of $48.7 million.
Foundation Medicine (FMI -2.45%) fell 5% in after-hours trading after it reported Q4 revenue of $28.8 million, below consensus of $29.2 million.
MARKET COMMENTS
Mar E-mini S&Ps (ESH17 +0.04%) this morning are up +1.50 ponts (+0.06%). Wednesday's closes: S&P 500 -0.11%, Dow Jones +0.16%, Nasdaq +0.03%. The S&P 500 on Wednesday closed slightly lower on the Jan 31-Feb 1 FOMC meeting minutes that said policy makers saw a Fed rate hike "fairly soon." There was also weakness in energy producing stocks as the price of crude oil fell -0.85%. A supportive factor was the +3.5% rise in U.S. Jan existing home sales to a 9-3/4 year high of 5.69 million.
Mar 10-year T-notes (ZNH17 +0.15%) this morning are up +4.5 ticks. Wednesday's closes: TYH7 +2.00, FVH7 +1.00. Mar 10-year T-notes on Wednesday rose to a 1-week high and closed higher on carry-over support from a rally in German bunds to a 1-1/2 month high on increased safe-haven demand due to political risks in France. T-notes were also boosted by the -0.85% slide in crude oil prices, which reduced inflation expectations. T-note prices were undercut by the larger-than-expected increase in U.S. Jan existing home sale to their highest in 9-3/4 years, and by weak demand for the Treasury's $34 billion 5-year T-note auction that had a bid-to-cover ratio of 2.29, weaker than the 12-auction average of 2.45 and the lowest in 7 months.
The dollar index (DXY00 -0.06%) this morning is up +0.06 (+0.06%). EUR/USD (^EURUSD) is down -0.0007 (-0.07%). USD/JPY (^USDJPY) is down -0.04 (-0.04%). Wednesday's closes: Dollar index -0.15 (-0.15%), EUR/USD +0.0022 (+0.21%), USD/JPY -0.37 (-0.33%). The dollar index on Wednesday closed lower on a recovery in EUR/USD which rebounded from a 5-week low and moved higher on reduced French presidential election concerns after candidate Bayrou dropped out of the race and said he will back candidate Macron, which improves Macron's chances that he will beat Marine Le Pen in the French presidential election. The dollar was supported by the larger-than-expected increase in U.S. Jan existing home sales and by the minutes of the Jan 31-Feb 1 FOMC meeting that said that many FOMC members supported a Fed rate hike "fairly soon."
Apr WTI crude oil (CLJ17 +1.42%) prices this morning are up +70 cents (+1.31%) and Apr gasoline (RBJ17 +0.97%) is up +0.0148 (+0.85%). Wednesday's closes: Apr crude -0.46 (-0.85%), Apr gasoline +0.0109 (+0.63%). Apr crude oil and gasoline on Wednesday settled mixed. Crude oil prices were boosted by a weaker dollar and the jump in the crack spread to a 3-1/2 month high, which may boost crude demand from refineries to refine crude into gasoline. Crude oil closed lower on expectations for Thursday's weekly EIA crude inventories to climb +3.5 million bbl to another record high.
GLOBAL EVENT CALENDAR02/23/2017
Thursday, Feb 23
US0830 ETWeekly initial unemployment claims expected +1,000 to 240,000, previous +5,000 to 239,000. Weekly continuing claims expected -11,000 to 2.065 million, previous -3,000 to 2.076 million.
0830 ETJan Chicago Fed national activity index expected -0.17 to -0.03, Dec +0.47 to 0.14.
0900 ETDec FHFA house price index expected +0.5%, Nov +0.5% m/m. Q4 house price purchase index expected +0.4% q/q, Q3 +1.5% q/q.
1100 ETFeb Kansas City Fed manufacturing activity expected unch at 9, Jan unch at 9.
1100 ETEIA Weekly Petroleum Status Report.
1300 ETTreasury auctions $28 billion of 7-year T-notes.
1500 ETUSDA Jan Cold Storage.
Friday, Feb 24
US0830 ETUSDA weekly Export Sales.
1000 ETJan new home sales expected +6.5% to 571,000, Dec -10.4% to 536,000.
1000 ETRevised-Feb University of Michigan U.S. consumer sentiment expected +0.3 to 96.0, prelim-Feb -2.8 to 95.7.
1500 ETUSDA Jan Cattle on Feed.
U.S. STOCK CALENDAR02/23/2017
CompanyTickerTimeEvent DescriptionPeriodEstimate
Hormel Foods CorpHRL USBf-mktQ1 2017 Earnings ReleaseQ1 20170.451
Patterson Cos IncPDCO USBf-mktQ3 2017 Earnings ReleaseQ3 20170.574
Chesapeake Energy CorpCHK USBf-mktQ4 2016 Earnings ReleaseQ4 20160.061
Iron Mountain IncIRM USBf-mktQ4 2016 Earnings ReleaseQ4 20160.398
LKQ CorpLKQ USBf-mktQ4 2016 Earnings ReleaseQ4 20160.392
Kohl's CorpKSS US7:00Q4 2017 Earnings ReleaseQ4 20171.34
Apache CorpAPA US7:30Q4 2016 Earnings ReleaseQ4 20160.067
Kohl's CorpKSS US8:30Q4 2017 Earnings CallQ4 2017
Iron Mountain IncIRM US8:30Q4 2016 Earnings CallQ4 2016
Hormel Foods CorpHRL US9:00Q1 2017 Earnings CallQ1 2017
L Brands IncLB US9:00Q4 2017 Earnings CallQ4 2017
Range Resources CorpRRC US9:00Q4 2016 Earnings CallQ4 2016
Chesapeake Energy CorpCHK US9:00Q4 2016 Earnings CallQ4 2016
Transocean LtdRIG US9:00Q4 2016 Earnings CallQ4 2016
Patterson Cos IncPDCO US10:00Q3 2017 Earnings CallQ3 2017
LKQ CorpLKQ US10:00Q4 2016 Earnings CallQ4 2016
Public StoragePSA US13:00Q4 2016 Earnings CallQ4 2016
Apache CorpAPA US14:00Q4 2016 Earnings CallQ4 2016
Realty Income CorpO US14:30Q4 2016 Earnings CallQ4 2016
Gap Inc/TheGPS US16:15Q4 2017 Earnings ReleaseQ4 20170.502
Intuit IncINTU US16:30Q2 2017 Earnings CallQ2 2017
Nordstrom IncJWN US16:45Q4 2017 Earnings CallQ4 2017
Gap Inc/TheGPS US17:00Q4 2017 Earnings CallQ4 2017
Hewlett Packard Enterprise CoHPE US17:00Q1 2017 Earnings CallQ1 2017
Southwestern Energy CoSWN USAft-mktQ4 2016 Earnings ReleaseQ4 20160.123
Alliant Energy CorpLNT USAft-mktQ4 2016 Earnings ReleaseQ4 20160.283
Nordstrom IncJWN USAft-mktQ4 2017 Earnings ReleaseQ4 20171.153
Intuit IncINTU USAft-mktQ2 2017 Earnings ReleaseQ2 20170.28
Hewlett Packard Enterprise CoHPE USAft-mktQ1 2017 Earnings ReleaseQ1 20170.442
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Thursday, July 7, 2016

MORNING CALL 7/7

MORNING CALL
OVERNIGHT MARKETS AND NEWS
Sep E-mini S&Ps (ESU16 -0.12%) are down -0.06% ahead of Jun ADP employment data later this morning and European stocks are up +1.21%. Energy producing stocks higher as crude oil (CLQ16 +1.08%) is up +0.97% after API data released late yesterday showed U.S. crude stockpiles dropped -6.7 million bbl last week. Increased M&A activity is another positive factor for stocks with Danone up 7% after it agreed to buy WhiteWave Foods for about $10 billion. EUR/USD fell -0.20% and gains in European stocks were limited after German May industrial production unexpectedly declined by the most in 1-3/4 years. Asian stocks settled mixed: Japan -0.67%, Hong Kong +1.03%, China -0.01%, Taiwan +0.76%, Australia +0.59%, Singapore -0.09%, South Korea +1.13%, India +0.13%.
The dollar index (DXY00 -0.02%) is down -0.03%. EUR/USD (^EURUSD) is down -0.20%. USD/JPY (^USDJPY)is down -0.17%.
Sep T-note prices (ZNU16 -0.05%) are unchanged.
German May industrial production unexpectedly fell -1.3% m/m, weaker than expectations of +0.1% m/m and the biggest decline in 1-3/4 years.
UK May industrial production fell -0.5% m/m and rose +1.4% y/y, stronger than expectations of -1.0% m/m and +0.5% y/y.
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) Jun Challenger job cuts (May -26.5% y/y), (2) June ADP employment change (expected +160,000, May +173,000), (3) weekly initial unemployment claims (expected -1,000 to 267,000, previous +10,000 to 268,000) and continuing claims (expected unch at 2.120 million, previous 20,000 to 2.120 million), and (4) EIA Weekly Petroleum Status Report.
Russell 1000 companies reporting earnings today: PepsiCo (consensus $1.29).
U.S. IPO's scheduled to price today: none.
Equity conferences this week include: none.


OVERNIGHT U.S. STOCK MOVERS
First Solar (FSLR +2.85%) slipped 3% in pre-market trading after it was downgraded to 'Hold' from 'Buy' at Deutsche Bank.
WhiteWave Foods (WWAV +0.94%) jumped 18% in pre-market trading after Danone agreed to buy the company for about $10 billion.
Endologix (ELGX +2.49%) was upgraded to 'Outperform' from 'Market Perform' at BMO Capital Markets.
Depomed (DEPO +3.79%) was downgraded to 'Neutral' from 'Buy' at UBS.
Red Hat (RHT +1.25%) was downgraded to 'Equalweight' from 'Overweight' at Morgan Stanley.
Pepsico (PEP -0.47%) reported Q2 EPS of $1.35, better than consensus of $1.29.
Plains GP Holdings LP (PSGP unch) was downgraded to 'Hold' from 'Buy' at Evercore ISI.
Seagate Technology (STX +1.55%) gained almost 2% in after-hours trading after the company announced that Mark Long will become CFO in addition to his current role as chief strategy officer.
Time Warner (TWX +0.93%) was rated a new 'Buy' at Brean Capital with a 12-month price target of $90.
Western Digital (WDC +1.65%) climbed nearly 3% in after-hours trading after it reported preliminary Q4 adjusted EPS of 72 cents, above a previous forecast of 65 cents-70 cents.
CBS Corp. (CBS +0.77%) was rated a new 'Buy' at Brean Capital with a 12-month price target of $65.
MARKET COMMENTS
September E-mini S&Ps (ESU16 -0.12%) this morning are down -1.25 ponts (-0.06%). Wedneday's closes: S&P 500 +0.54%, Dow Jones +0.44%, Nasdaq +0.77%. The S&P 500 on Wednesday rebounded from early losses and closed higher on the +3.6 point increase in the U.S. Jun ISM non-manufacturing index to 56.5, stronger than expectations of +0.4 to 53.3 and the fastest pace of expansion in 7 months. Stocks were also boosted by a rally in drug companies that lifted the health-care sector.
Sep 10-year T-note prices (ZNU16 -0.05%) this morning are unchnaged. Wedneday's closes: TYU6 -7.00. FVU6 -4.25. Sep T-notes on Wednesday fell back from a 3-1/2 year nearest-futures high and closed lower on signs of economic strength after the U.S. Jun ISM non-manufacturing index expanded at the fastest pace in 7 months (+3.6 to 56.5). T-notes were also undercut by reduced safe-haven demand after the S&P 500 rebounded from early losses and moved higher. T-notes found support from carryover support from rallies in German bunds and UK gilts to all-time highs and from dovish comments from Fed Governor Tarullo who said that inflation and unemployment haven't yet reached levels that would justify an interest rate hike.
The dollar index (DXY00 -0.02%) this morning is down -0.032 (-0.03%). EUR/USD (^EURUSD) is down -0.0022 (-0.20%). USD/JPY (^USDJPY) is down-0.17 (-0.17%). Wedneday's closes: Dollar Index -0.113 (-0.12%), EUR/USD +0.0024 (+0.22%), USD/JPY -0.42 (-0.41%). The dollar index on Wednesday fell back from a 1-week high and closed lower on weakness in USD/JPY, which fell to a 1-week low, and on dovish comments from Fed Governor Tarullo who said that inflation and unemployment haven't yet reached levels that would justify an interest rate increase. The dollar index was boosted by weakness in GBP/USD which fell to a fresh 31-year low, and by the stronger-than-expected U.S. Jun ISM non-manufacturing index.
Aug WTI crude oil (CLQ16 +1.08%) this morning is up +46 cents (+0.97%). Aug gasoline (RBQ16 +2.13%) is up +0.0313 (+2.18%). Wedneday's closes: CLQ6 +0.83 (+1.78%), RBQ6 +0.0042 (+0.29%). Aug crude oil and gasoline on Wednesday closed higher as Aug crude recovered from a 1-week low and Aug gasoline rebounded from a 2-3/4 month low. Crude oil prices were boosted by a weaker dollar and by expectations that Thursday's weekly EIA report will show that U.S. crude inventories fell -2.5 million bbl.
GLOBAL EVENT CALENDAR07/07/2016
Thursday, July 7, 2016
US0730 ETJun Challenger job cuts, May -26.5% y/y.
0815 ETJun ADP employment change expected +160,000, May +173,000.
0830 ETWeekly initial unemployment claims expected -1,000 to 267,000, previous +10,000 to 268,000. Weekly continuing claims expected unch at 2.120 million, previous -20,000 to 2.120 million.
1100 ETEIA Weekly Petroleum Status Report.
1100 ETTreasury announces amount of 3-year T-notes (previous $24 billion), 10-year T-notes (previous $20 billion), and 30-year T-bonds (previous $12 billion) to be auctioned Jul 11-13.
Friday, July 8, 2016
US0830 ETJun non-farm payrolls expected +180,000, May +38,000. Jun private payrolls expected +170,000, May +25,000. Jun manufacturing payrolls expected -1,000, May 10,000. Jun unemployment rate expected +0.1 to 4.8%, May -0.3 to 4.7%.
0830 ETJun avg hourly earnings expected +0.2% m/m and +2.7% y/y, May +0.2% m/m and +2.5% y/y. Jun avg weekly hours all employees expected unch at 34.4 hours, May unch at 34.4 hours.
0830 ETUSDA weekly Export Sales.
1500 ETMay consumer credit expected +$16.250 billion, Apr +$13.416 billion.
n/aG-20 trade ministers meet in Shanghai.
JPN0030 ETJapan Jun bankruptcies, May -7.32% y/y.
0100 ETJapan Jun eco watchers survey outlook expected -0.6 to 46.7, May 47.3. Jun eco watchers survey current expected +0.1 to 43.1, May 43.0.
GER0200 ETGerman May trade balance expected +23.5 billion euros, Apr +25.7 billion euros. May exports expected +0.4% m/m, Apr +0.1% m/m. May imports expected +0.7% m/m, Apr -0.3% m/m.
0200 ETGerman May current account balance expected +24.6 billion euros, Apr +28.8 billion euros.
UK0430 ETUK Q1 unit labor costs expected +1.6% y/y, Q4 +1.3% y/y.
U.S. STOCK CALENDAR07/07/2016
CompanyTickerTimeEvent DescriptionPeriodEstimate
PepsiCo IncPEP US6:30Q2 2016 Earnings ReleaseQ2 20161.294
Fastenal CoFAST US7:00June 2016 Sales and Revenue Release2016
L Brands IncLB US7:30June 2016 Sales and Revenue Call2016
PepsiCo IncPEP US8:00Q2 2016 Earnings CallQ2 2016
Gap Inc/TheGPS US16:15June 2016 Sales and Revenue Release2016
L Brands IncLB USJune 2016 Sales and Revenue Release2016
Healthcare Trust of America IncHTA USAnnual General Meeting
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Monday, December 29, 2014

BARCHART MORNING CALL 12/29

BARCHART MORNING CALL

OVERNIGHT MARKETS AND NEWS
March E-mini S&Ps (ESH15 -0.18%) this morning are down -0.14% and European stocks are down -0.83% after Greek Prime Minister Samaras failed in a third and final attempt to get his presidential candidate, Stavros Dimas confirmed, which will trigger early elections in late Jan or early Feb. Greece's stock market plunged over 7% to a 2-year low and the 10-year German bund yield fell to a record low of 0.563% on heightened sovereign debt concerns. Greece's parliament will now be dissolved and general elections called, which raises concern that Syriza, an anti-austerity party that seeks to renegotiate Greek's debt, comes to power just before the EU's 240 billion euro ($292 billion) bailout to Greece expires. Asian stocks closed mixed: Japan -0.50%, Hong Kong +1.82%, China +0.28%, Taiwan +0.74%, Australia +1.47%, Singapore +0.42%, South Korea -1.50%, India +0.57%. China's Shanghai Stock Index climbed to a 4-3/4 year high after a plunge in China Nov industrial profits bolstered speculation that the government will boost steps to spur lending and economic growth. Commodity prices are mixed. Feb crude oil (CLG15 +1.15%) is up +1.32%. Feb gasoline (RBG15 +0.63%) is up +0.99%. Feb gold (GCG15 -0.24%) is down -0.18%. Mar copper (HGH15 +0.05%) is down -0.07% at a 4-1/2 year low after China industrial profits fell the most in 2-1/4 years last month, which fueled speculation that demand from China, the world's largest copper consumer, will weaken. Agriculture prices are mixed. The dollar index (DXY00 -0.08%) is down -0.06%. EUR/USD (^EURUSD) is up +0.07%. USD/JPY (^USDJPY) is up +0.11%. Mar T-note prices (ZNH15 +0.20%) are up +6.5 ticks on carryover support from a rally German bunds to a record high.
China Nov industrial profits fell -4.2% y/y, twice as much as the -2.1% y/y decline in Oct and the biggest drop in 2-1/4 years.
ECB Governing Council member Liikanen said the ECB will assess the impact of monetary stimulus, balance sheet growth, and price developments when it meets on Jan 22 and that "we must be ready for new measures if exceptionally low inflation is prolonged and increases risks to price stability and the economy."
U.S. STOCK PREVIEW
There are no U.S. economic reports today.  None of the Russell 3000 companies report earnings today.  There are no equity conferences this week.  
OVERNIGHT U.S. STOCK MOVERS
Endologix (ELGX +0.20%) and Towers Watson (TW -0.47%) were identified as top picks at Piper Jaffray for 2015.
MarkWest Energy (MWE +0.33%) was upgraded to 'Overweight' from 'Equal Weight' at Stephens.
Manitowoc (MTW +4.29%) jumped over 10% in pre-market trading after activist investor Carl Icahn reported a 7.7% stake in the company.
Macquarie reiterates its 'Outperform' rating on Live Nation (LYV -0.34%) and raises its price target on the stock to $30 from $28.
Gilead ({=GILD =})was upgraded to 'Overweight' from 'Equal Weight' at Morgan Stanley who raised their price target on the stock to $104 from $100.
RF Micro Devices (RFMD +0.84%) and MacLinear (MXL +0.55%) were both downgraded to 'Hold' from 'Buy' at Needham.
China Mobile selects Ericsson (ERIC +0.24%) as the sole supplier for its LTE FDD/TDD network.
A weekend article in Barron's said that CarMax (KMX unch) looks to have become a momentum stock and investors should consider buying General Motors (GM +0.90%) or Ford (F +0.98%) instead.
MARKET COMMENTS
Mar E-mini S&Ps (ESH15 -0.18%) this morning are down -3.00 points (-0.14%). The S&P 500 index on Friday posted a fresh record high and closed higher: S&P 500 +0.33%, Dow Jones +0.13%, Nasdaq +0.72%. Bullish factors included (1) carry-over support from a rally in Chinese stocks on speculation the Chinese government will expand measures to spur economic growth, and (2) strength in retailer stocks after the International Council of Shopping Centers reported that early retail estimates showed the best holiday sales in 3 years.
Mar 10-year T-notes (ZNH15 +0.20%) this morning are up +6.5 ticks. Mar 10-year T-note futures prices on Friday closed slightly higher: TYH5 +2, FVH5 +0.75. T-notes found carry-over support from a rally in Japan JGBs to a record high on speculation the BOJ may be forced to expand stimulus since Japan Nov CPI was weaker than expected. Limiting gains in T-notes was the rally in the S&P 500 to a new record high, which cut safe-haven demand.
The dollar index (DXY00 -0.08%) this morning is down -0.053 (-0.06%). EUR/USD (^EURUSD) is up +0.0008 (+0.07%). USD/JPY (^USDJPY) is up +0.13 (+0.11%). The dollar index on Friday closed higher. Closes: Dollar index +0.160 (+0.18%), EUR/USD -0.00404 (-0.33%), USD/JPY +0.275 (+0.23%). Bullish factors included (1) strength in USD/JPY which rose on speculation the BOJ may expand stimulus after Japan Nov CPI rose at its slowest pace in 8 months and after Nov industrial production unexpectedly declined, and (2) weakness in EUR/USD on expectations for the ECB to start QE next year while the Fed begins to raise interest rates.
Feb WTI crude oil (CLG15 +1.15%) this morning is up +72 cents (+1.32%) and Feb gasoline (RBG15 +0.63%) is up +0.0151 (+0.99%). Feb crude and Feb gasoline prices on Friday closed lower with Feb gasoline at a contract low. Closes: CLG5 -0.70 (-1.25%), RBG5 -0.0040 (-0.26%). Bearish factors included (1) a stronger dollar, and (2) a -17.7% y/y decline in Japan Nov oil imports. Losses were limited after fighting intensified between Libyan troops and Islamist militants at the Es Sider oil terminal, Libya’s largest petroleum port.
GLOBAL EVENT CALENDAR12/29/2014
US0830 ETUSDA weekly Export Sales.
1030 ETDec Dallas Fed manufacturing activity expected -1.5 to 9.0, Nov unchanged at 10.5.
1100 ETUSDA weekly grain export inspections.
GERn/aGerman Nov retail sales expected 0.1% m/m and +0.6% y/y, Oct +1.6% m/m and +1.7% y/y.
U.S. STOCK CALENDAR12/29/2014
CompanyTickerTimeEvent DescriptionPeriodEstimate
Walgreen CoWAG USExtraordinary Shareholders Meeting - Restructuring VoteY 2014
TCP International Holdings LtdTCPI USSpecial Meeting
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