Showing posts with label ETP. Show all posts
Showing posts with label ETP. Show all posts

Tuesday, February 16, 2016

MORNING CALL 2/16

MORNING CALL
OVERNIGHT MARKETS AND NEWS
March E-mini S&Ps (ESH16 +1.41%) are up +1.20% at a 1-week high, led by a rally in energy producers, with ConocoPhilips and Marathon Oil up at least 2% in pre-market trading as crude oil gains +0.95%. A rally in bank stocks is also pushing stock index futures higher with Bank of America, Goldman Sachs and Morgan Stanley all up over 1% in pre-market trading. European stocks are down -0.28%, led by weakness in commodity producers, as Anglo American Plc dropped over 6% after the company said it would sell more mines and raise its debt-reduction target following a fourth year of losses. European stocks were also undercut after German Feb ZEW expectations of economic growth fell to the lowest in 16 months. Asian stocks settled mostly higher: Japan +0.20%, Hong Kong +1.08%, China +3.29%, Taiwan +1.80%, Australia +1.37%, Singapore +1.41%, South Korea +1.37%, India -1.54%. China's Shanghai Composite climbed to a 3-week high after Chinese data showed a record jump in new credit last month. Also, Chinese Premier Li Keqiang said Monday that China will take decisive actions if needed amid recent global economic headwinds and slumping equity markets.
The dollar index (DXY00 +0.65%) is up +0.69%. EUR/USD (^EURUSD) is up +0.03%. USD/JPY (^USDJPY) is down -0.48%.
Mar T-note prices (ZNH16 -0.21%) are down -4.5 ticks.
The German Feb ZEW survey expectations of economic growth fell -9.2 to 1.0, stronger than expectations of -10.2 to 0, but still the lowest in 16 months.
China Jan new yuan loans surged by a record 2.51 trillion yuan, stronger than expectations of +1.90 trillion yuan. Jan aggregate financing, the broadest measure of new credit, jumped a record +3.42 trillion yuan, stronger than expectations of +2.20 trillion yuan.
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) Feb Empire manufacturing index (expected +9.37 to -10.00, Jan -13.16 to -19.37), (2) Philadelphia Fed President Patrick Harker's speech on the 2016 economic forecast at the University of Delaware’s Center for Economic Education and Entrepreneurship, and (3) Feb NAHB housing market index (expected unch at 60, Jan unch at 60).
There are 14 of the S&P 500 companies that report earnings today with notable reports including: Agilent Technologies (consensus $0.43), Genuine Parts (1.01), Hormel Foods (0.36), Pulbic Storage (2.42), FirstEnergy (0.57).
U.S. IPO's scheduled to price today: none.
Equity conferences this week include: Consumer Analysts Group of New York Investor Conference on Tue.

OVERNIGHT U.S. STOCK MOVERS
ADT Corp. (ADT +1.90%) surged over 40% in pre-market trading after it agreed to be purchased by Apollo Global affiliates for $6.9 billion or $42 a share.
Freeport McMoRan (FCX +13.09%) jumped almost 8% in pre-market trading after it agreed to sell an additional stake n one of its biggest mines to Sumitomo Metal Mining for $1 billion.
Goldman Sachs (GS +3.87%) was upgraded to 'Overweight' from 'Underweight' at JPMorgan Chase.
Hormel Foods (HRL -0.46%) reported Q1 EPS of 43 cents, better than consensus of 39 cents.
Flowers Foods (FLO -6.54%) was upgraded to 'Buy' from 'Hold' at BB&T Capital Markets.
AutoZone (AZO +2.37%) was upgraded to 'Outperform' from 'Neutral' at Wedbush.
Peabody Energy (BTU +2.97%) was downgraded to 'Underweight' from 'Hold' at BB&T Capital Markets.
EMC Corp. (EMC -0.12%) gained over 1% in after-hours trading after Baupost Group LLC Holdings reported that it purchased 29.2 million shares in the company.
USG Corp. (USG +7.05%) fell over 1% in after-hours trading after Appaloosa Management LP Holdings said it sold its stake in USG.
Groupon (GRPN +29.02%) climbed over 2% in after-hours trading after BABA reported a 5.6% stake in the company.
Energy Transfer Partners LP (ETP +8.38%) rose 1% in after-hours trading after Perry Corporation Holdings and Appaloosa Management LP Holdings reported new stakes in the company.
Waterstone Financial (WSBF +0.81%) CFO Allan Hosack will resign effective March 1 and Mark Gerke was named interim CFO.
Anworth Mortgage (ANH +0.24%) reported Q4 core EPS of 15 cents, better than consensus of 14 cents.
MARKET COMMENTS
Mar E-mini S&Ps (ESH16 +1.41%) this morning are up +22.25 points (+1.20%) at a 1-week high. Friday's closes: S&P 500 +1.95%, Dow Jones +2.00%, Nasdaq +1.44%. The S&P 500 on Friday closed sharply higher on stronger-than-expected U.S. Jan retail sales (+0.2% and +0.1% ex autos vs. expectations of +0.1% and unchanged ex autos), and after New York Fed President Dudley said that key sectors of the U.S. economy "seem to be in good shape." Another bullish factor for stocks was the sharp 12% rally in crude oil which supported gains in energy stocks.
Mar 10-year T-notes (ZNH16 -0.21%) this morning are down -4.5 ticks. Friday's closes: TYH6 -31.00, FVH6 -15.75. Mar T-notes on Friday closed lower after U.S. Jan retail sales rose more than expected (+0.2% and +0.1% ex autos vs. expectations of +0.1% and unch ex autos), and after stocks rallied sharply, which reduced the safe-haven demand for T-notes.
The dollar index (DXY00 +0.65%) this morning is up +0.662 (+0.69%). EUR/USD (^EURUSD) is up +0.0003 (+0.03%). USD/JPY (^USDJPY) is down -0.55(-0.48%). Friday's closes: Dollar Index +0.378 (+0.40%), EUR/USD -0.0067 (-0.59%), USD/JPY +0.83 (+0.74%). The dollar index on Friday closed higher on strength in U.S. Jan retail sales along with weakness in EUR/USD after Dec industrial production unexpectedly fell by the most in 16 months (-1.0% m/m vs. expectations of +0.3% m/m).
Mar WTI crude (CLH16 +2.24%) this morning is up +28 cents (+0.95%) and Mar gasoline (RBH16 -0.57%) is down -0.0148 (-1.42%). Friday's closes: CLH6 +3.23 (+12.32%), RBH6 +0.0914 (+9.71%). Mar crude oil and gasoline on Friday settled sharply higher on short-covering after U.A.E. Oil Minister Suhail Al Mazrouei said that oil "prices are not appropriate" and that producers are ready to work together and won't make production cuts unless there is complete cooperation. Energy prices strengthened further after data from Baker Hughes showed that active U.S. oil rigs fell by 28 in the week ended Feb 12 to 439, a 6-year low.
GLOBAL EVENT CALENDAR02/16/2016
US0830 ETFeb Empire manufacturing survey of general business conditions expected +9.37 to -10.00, Jan -13.16 to -19.37.
0830 ETPhiladelphia Fed President Patrick Harker delivers a speech on the 2016 economic forecast at the University of Delawares Center for Economic Education and Entrepreneurship.
1000 ETFeb NAHB housing market index expected unch at 60, Jan unch at 60.
1100 ETUSDA weekly grain export inspections.
EUR0200 ETEurozone Jan new car registrations, Dec +16.6% y/y.
UK0430 ETUK Jan CPI expected -0.7% m/m and +0.3% y/y, Dec +0.1% m/m and +0.2% y/y. Jan core CPI expected +1.3% y/y, Dec +1.4% y/y.
0430 ETUK Jan RPI expected -0.6% m/m and +1.4% y/y, Dec +0.3% m/m and +1.2% y/y. Jan RPI ex-mortgage interest payments expected +1.4% y/y, Dec +1.3% y/y.
0430 ETUK Jan PPI input prices expected -1.3% m/m and -8.7% y/y, Dec -0.8% m/m and -10.8% y/y.
0430 ETUK Jan PPI output prices expected -0.2% m/m and -0.9% y/y, Dec -0.2% m/m and -1.2% y/y. Jan PPI output core expected +0.1% m/m and unch y/y, Dec +0.2% m/m and +0.1% y/y.
0430 ETUK Dec ONS house prices, Nov +7.7% y/y.
GER0500 ETGerman Feb ZEW survey expectations of economic growth expected -10.2 to 0, Jan 10.2. Feb ZEW survey current situation expected -4.7to 55.0, Jan 59.7.
JPN1850 ETJapan Dec machine orders expected +4.7% m/m and -2.8% y/y, Nov -14.4% m/m and +1.2% y/y.
U.S. STOCK CALENDAR02/16/2016
CompanyTickerTimeEvent DescriptionPeriodEstimate
TEGNA IncTGNA USBef-mktQ4 2015 Earnings ReleaseQ4 20150.457
Genuine Parts CoGPC USBef-mktQ4 2015 Earnings ReleaseQ4 20151.013
Hormel Foods CorpHRL USBef-mktQ1 2016 Earnings ReleaseQ1 20160.348
Zoetis IncZTS USBef-mktQ4 2015 Earnings ReleaseQ4 20150.385
Baxalta IncBXLT USBef-mktQ4 2015 Earnings ReleaseQ4 20150.555
Public StoragePSA USAft-mktQ4 2015 Earnings ReleaseQ4 20152.421
Vornado Realty TrustVNO USAft-mktQ4 2015 Earnings ReleaseQ4 20151.303
Cerner CorpCERN USAft-mktQ4 2015 Earnings ReleaseQ4 20150.568
Express Scripts Holding CoESRX USAft-mktQ4 2015 Earnings ReleaseQ4 20151.556
FirstEnergy CorpFE USAft-mktQ4 2015 Earnings ReleaseQ4 20150.568
Devon Energy CorpDVN USAft-mktQ4 2015 Earnings ReleaseQ4 20150.707
Agilent Technologies IncA USAft-mktQ1 2016 Earnings ReleaseQ1 20160.433
FMC Technologies IncFTI USAft-mktQ4 2015 Earnings ReleaseQ4 20150.483
Cimarex Energy CoXEC USAft-mktQ4 2015 Earnings ReleaseQ4 2015-0.221
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Monday, June 8, 2015

BARCHART MORNING CALL 6/8


OVERNIGHT MARKETS AND NEWS
June E-mini S&Ps (ESM15 -0.07%) this morning are down -0.10% and European stocks are down -0.78% at a 3-1/2 month low. The ongoing Greek debt crisis continues to weigh on stocks as the Greek government needs to seal an accord with creditors or get another extension before the end of the month. The 10-year Greek bond yield rose +17 bp to a 4-session high of 11.39%. Asian stocks closed mixed: Japan -0.02%, Hong Kong +0.21%, China +2.17%, Taiwan +0.30%, Australia close for holiday, Singapore -0.40%, South Korea -0.29%, India -0.92%. China's Shanghai Composite rose to a 7-1/3 year high on speculation that MSCI Inc. will include A shares of Chinese stocks in its emerging-market indexes. China, through its companies listed in Hong Kong, accounts for more than 25% of the emerging-market benchmark, the largest weighting in the gauge. MSCI has kept China's A shares out of its indexes due to limitations on their tradability and will decide on Tuesday whether to include China's locally stocks in its equity benchmarks.
Commodity prices are mixed. Jul crude oil (CLN15 -0.68%) is down -0.88%. Jul gasoline (RBN15 -0.49%) is down -0.55%. Metals prices are mixed. Aug gold (GCQ15 +0.43%) is up +0.39%. Jul copper (HGN15 -0.11%) is down -0.28%. Agricultural prices are higher.
The dollar index (DXY00 -0.13%) is down -0.02%. EUR/USD (^EURUSD) is up +0.21% on upbeat comments from ECH Governing Council member Nowotny. USD/JPY (^USDJPY) is down -0.26% on stronger-than-expected Q1 Japan GDP.

Sep T-note prices (ZNU15 +0.05%) are up +4 ticks.
ECB Governing Council member Nowotny said the Eurozone's economic downturn "is over." He said the Eurozone has overcome the risk of deflation as the ECB's asset purchases have had the desired effect. He added that economic development in Europe is "positive," although challenges remain.
The China May trade balance widened to a surplus of +$59.49 billion from +$34.13 billion in Apr, more than expectations of +$44.80 billion. May exports fell -2.5% y/y, less than expectations of -4.4% y/y. May imports fell -17.6% y/y, more than expectations of -10.0% y/y.
Japan Q1 GDP was revised upward to 3.9% q/q annualized from the originally reported 2.4% q/q annualized, stronger than expectations of 2.8% q/q annualized and the fastest pace of growth in a year.

U.S. STOCK PREVIEW
Key U.S. news today includes: (1) the second day of the 2-day G-7 Summit in Germany.
There are two of the Russell 1000 companies that report earnings today: Sears (consensus -$2.59), H&R Block (2.68).
U.S. IPO's scheduled to price today include: none.
Equity conferences this week include: Apple's Worldwide Developer's Conference (WWDC15) on Mon-Fri, Nomura Retail Conference on Tue, Oppenheimer Energy Conference on Tue, Morgan Stanley Financials Conference on Tue-Wed, NAREIT REITWeek Investor Forum on Tue-Wed, Piper Jaffray Consumer Conference on Tue-Wed, Piper Jaffray Consumer Conference on Tue-Wed, Goldman Sachs Global Healthcare Conference on Tue-Thu, Deutsche Bank db Access Global Consumer Conference on Tue-Thu, William Blair Growth Stock Conference on Tue-Thu, Goldman Sachs European Payments Conference on Wed, Macquarie Group Ltd. Global Metals, Mining & Materials Conference on Wed, Gabelli & Co., Inc. Movie & Entertainment Conference on Thu, Goldman Sachs 2020 Vision Chemicals Conference on Thu, Susquehanna Energy and Industrials Conference on Thu, Barclays High Yield Bond and Syndicated Loan Conference on Thu-Fri.

OVERNIGHT U.S. STOCK MOVERS
Delta Air Lines (DAL -0.05%) and United Continental (UAL -0.88%) were both downgraded to 'Outperform' from 'Strong Buy' at Raymond James.
CBOE Holdings (CBOE -0.64%) was upgraded to 'Hold' from 'Sell' at Evercore.
Wal-Mart (WMT -1.47%) was upgraded to 'Strong Buy' from 'Outperform' at Raymond James.
Affiliated Managers (AMG -0.39%) was initiated with a 'Buy' at Goldman Sachs with a price target of $258.
Franklin Resources (BEN +0.28%) was initiated with a 'Sell' at Goldman Sachs with a price target of $49.
BlackRock (BLK -0.70%) was initiated with a 'Buy' at Goldman Sachs with a price target of $421.
Home Depot (HD -0.98%) was initiated with an 'Overweight' at Atlantic Equities witha price target of $128.
Invesco (IVZ +0.05%) was upgraded to 'Buy' from 'Neutral' at UBS.
Energy Transfer Equity (ETE +2.43%) was reinstated with an 'Overweight' at Barclays with a price target of $92.
Energy Transfer Partners (ETP +0.66%) was reinstated with an 'Overweight' at Barclays with a price target of $70.
Huntington Ingalls (HII +0.24%) was awarded a $3.35 billion government contract for detail, design and construction of CVN 79, the aircraft carrier USS John F. Kennedy.
AB Value Partners reported a 6.61% stake in Image Sensing Systems (ISNS -0.96%) .
Soros Fund reported a 5.19% passive stake in MaxLinear (MXL +0.66%) .
Piedmont Natural Gas (PNY -0.91%) reported Q2 EPS of 84 cents, better than consensus of 79 cents, although Q2 revenue of $424.9 million was weaker than consensus of $488.8 million.

MARKET COMMENTS
June E-mini S&Ps (ESM15 -0.07%) this morning are down -2.00 points (-0.10%). Friday's closes: S&P 500 -0.14%, Dow Jones -0.31%, Nasdaq -0.22%. The S&P 500 on Friday slid to a 3-1/2 week low and closed lower on concern about an accelerated Fed rate hike after the +280,000 increase in U.S. May non-farm payrolls, stronger than expectations of +226,000 and the largest increase in 5 months. In addition, there continued to be concern about the Greek crisis after the Greek PM appeared to reject the take-it-or-leave-it offer by the Eurozone/IMF.
Sep 10-year T-notes (ZNU15 +0.05%) this morning are up +4 ticks. Friday's closes: TYU5 -26.50, FVU5 -15.75. Sep T-notes on Friday slumped to an 8-month low and closed lower on concerns that the Fed might be closer to a rate hike after the stronger-than-expected U.S. May payroll report of +280,000. In addition, May average hourly earnings rose by +2.3% y/y, more than expectations of +2.2% y/y and the largest annual increase in 1-3/4 years.
The dollar index (DXY00 -0.13%) this morning is down -0.022 (-0.02%). EUR/USD (^EURUSD) is up +0.0023 (+0.21%). USD/JPY (^USDJPY) is down -0.33 (-0.26%). Friday's closes: Dollar Index +0.845 (+0.89%), EUR/USD -0.01275 (-1.13%), USD/JPY +1.220 (+0.98%). The dollar index on Friday settled higher on the possibility of an accelerated Fed rate hike after the strong U.S. May payroll report of +280,000. In addition, the euro was undercut by the Greek crisis after Greece deferred a debt payment due to the IMF Friday until the end of the month. USD/JPY surged to a 13-year high on expectations for the Fed to tighten monetary policy while the BOJ expands stimulus.
July WTI crude oil (CLN15 -0.68%) this morning is down -52 cents (-0.88%). July gasoline (RBN15 -0.49%) is down -0.0112 (-0.55%). Friday's closes: CLN5 +0.96 (+1.66%), RBN5 +0.0465 (+2.35%). Jul crude oil and gasoline on Friday rebounded from 1-week lows and closed higher on the larger-than-expected +280,000 increase in U.S. May non-farm payrolls, which signaled stronger economic growth and energy demand. In addition, Baker Hughes reported that U.S. operating oil rigs fell to a 4-3/4 year low of 642, which will undercut U.S. oil production. Other bearish factors included the stronger dollar and OPEC's decision to maintain its crude production target at 30 million bpd, thus keeping alive its price war on high-cost crude oil producers.

GLOBAL EVENT CALENDAR06/08/2015
US1100 ETUSDA weekly grain export inspections.
1600 ETUSDA weekly crop progress.
JPN0030 ETJapan May bankruptcies, Apr -18.16% y/y.
0100 ETJapan May eco-watchers survey current expected +0.4 to 54.0, Apr 53.6. May eco-watchers survey outlook expected -0.2 to 54.0, Apr 54.2.
GER0200 ETGerman Apr industrial production expected +0.6% m/m and +0.9% y/y, Mar -0.5% m/m and +0.1% y/y.
0200 ETGerman Apr trade balance expected +19.4 billion euros, Mar +23.0 billion euros. Apr exports expected -0.4% m/m, Mar +1.3% m/m. Apr imports expected +0.5% m/m, Mar +2.4% m/m.
0200 ETGerman Apr current account balance expected +20.5 billion euros, Mar +27.9 billion euros.
EUR0430 ETEurozone Jun Sentix investor confidence expected -0.9 to 18.7, May 19.6.
UK1901 ETUK May BRC sales like-for-like expected +1.2% y/y, Apr -2.4% y/y.
CHI2130 ETChina May CPI expected +1.3% y/y, Apr +1.5% y/y. China May PPI expected -4.5% y/y, Apr -4.6% y/y.

U.S. STOCK CALENDAR06/08/2015
CompanyTickerTimeEvent DescriptionPeriodEstimate
American Airlines Group IncAAL USBef-mktMay 2015 Sales and Revenue Release - Traffic Results2015
Sears Holdings CorpSHLD US6:00Q1 2016 Earnings ReleaseQ1 2016-2.59
H&R Block IncHRB US16:30Q4 2015 Earnings CallQ4 2015
United Continental Holdings IncUAL US17:00May 2015 Sales and Revenue Release - Operational Performance2015
H&R Block IncHRB USQ4 2015 Earnings ReleaseQ4 20152.682
McDonald's CorpMCD USMay 2015 Sales and Revenue Release2015
Sears Holdings CorpSHLD USQ1 2016 Earnings CallQ1 2016
GoPro IncGPRO USAnnual General Meeting
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Thursday, August 7, 2014

BARCHART MORNING CALL

OVERNIGHT MARKETS AND NEWS
September E-mini S&Ps (ESU14 +0.21%) this morning are up +0.16% as Q2 stock earnings results continue to surprise on the upside, while European stocks are down -0.36% after German industrial output rose less than expected along with concern the Ukraine conflict and sanctions against Russia will undermine the European economy. Russia's Micex Stock Index tumbled to a 3-month low as retailers plunged on concern a ban on food imports from sanctioned countries will cut earnings after Russian President Putin ordered restrictions on food and agricultural imports for one year from countries that have imposed or supported sanctions against Russia. Limiting losses in European stocks is the fall in the 10-year German bund yield to a record low 1.078% ahead of today's ECB meeting. Asian stocks closed mostly lower: Japan +0.48%, Hong Kong -0.80%, China -1.51%, Taiwan -0.14%, Australia -0.05%, Singapore -0.18%, South Korea -0.36%, India -0.30%. Commodity prices are mostly lower. Sep crude oil (CLU14 -0.02%) is down -0.33% at a fresh 6-month low. Sep gasoline (RBU14 +0.07%) is down -0.11%. Dec gold (GCZ14 -0.05%) is down -0.09%. Sep copper (HGU14 +0.16%) is up +0.14%. Agriculture and livestock prices are mostly lower with Oct lean hogs down -0.71% at a 3-1/2 month low. The dollar index (DXY00 +0.02%) is up +0.05%. EUR/USD (^EURUSD) is down -0.06%. USD/JPY (^USDJPY) is up +0.20%. Sep T-note prices (ZNU14 +0.16%) are up +4.5 ticks on positive carry-over from a rally in German bunds.
German Jun industrial production rose +0.3% m/m and unexpectedly fell -0.5% y/y, weaker than expectations of +1.2% m/m and +0.3% y/y with the -0.5% y/y drop the largest annual decline in 11 months.
As expected, the BOE maintained its benchmark rate at 0.50% and kept its asset purchase target at 375 billion pounds.
U.S. STOCK PREVIEW
Today’s U.S. weekly unemployment claims report should continue to show a slowly-improving layoff picture. Today’s initial unemployment claims report is expected to show a slight +3,000 increase to 305,000 after last week’s +23,000 gain to 302,000.  Today’s June U.S. consumer credit report is expected to show another strong increase of +$18.700 billion, close to May’s increase of +$19.602 billion.
There are 17 of the S&P 500 companies that report earnings today with notable reports including: Mylan (consensus $0.72), AES Corp. (0.28), Wendy's (0.10), InterContinentalExchange (2.02), Scripps Networks (1.13), Duke Energy (0.98). Equity conferences for the remainder of this week include: Black Hat USA 2014 on Wed-Thu and Needham Advanced Industrial Technologies Conference on Thu.
OVERNIGHT U.S. STOCK MOVERS
Duke Energy (DUK -1.61%) reported Q2 EPS of $1.11, well above consensus of 98 cents.
Carnival Corp. (CCL +0.69%) rose nearly 3% in pre-market trading after BOA/Merril upgraded the stock to 'Buy' from 'Neutral.'
Aetna (AET -0.18%) was downgraded to 'Neutral' from 'Buy' at Goldman Sachs.
Esterline (ESL +0.14%) was upgraded to 'Buy' from 'Neutral' at Goldman Sachs who also raised their price target on the stock to $140 from $111.
Energy Transfer Partners (ETP -1.49%) reported Q2 EPS of 79 cents, higher than consensus of 64 cents.
Babcock & Wilcox (BWC -0.35%) sank over 12% in after-hours trading after it reported Q2 adjusted EPS of 44 cents, lower than consensus of 49 cents, and then lowered guidance on fiscal 2014 EPS view to $1.70-$1.85 from $2.00-$2.20, below consensus of $2.12.
Transocean (RIG -1.09%) rose over 2% in after-hours trading after it reported Q2 adjusted EPS of $1.61, well ahead of consensus of $1.12.
CF Industries (CF +1.36%) reported Q2 EPS of $6.10, well below consensus of $6.71.
Envision Healthcare (EVHC -0.62%) reported Q2 adjusted EPS of 28 cents, better than consensus of 25 cents, and then raised guidance on 2014 adjusted EPS view to $1.15-$1.20 from $1.10-$1.15, higher than consensus of $1.13.
CenturyLink (CTL -1.32%) rallied nearly 3% in after-hours trading after it reported Q2 adjusted EPS of 72 cents, higher than consensus of 64 cents.
Prudential (PRU +0.96%) reported Q2 EPS of $2.49, stronger than consensus of $2.35.
21st Century Fox (FOXA +3.29%) climbed over 2% in after-hours trading after it reported Q4 EPS of 42 cents, higher than consensus of 38 cents.
Symantec (SYMC -0.79%) reported Q1 EPS of 45 cents, better than consensus of 42 cents.
Keurig Green Mountain (GMCR +0.33%) fell over 2% in after-hours trading after it reported Q3 EPS of 99 cents, above consensus of 88 cents, and then raised guidance on fiscal 2014 EPS outlook to $3.71-$3.78 from $3.63-$3.73, although that is still below consensus of $3.78.
MARKET COMMENTS
Sep E-mini S&Ps (ESU14 +0.21%) this morning are up +3.00 points (+0.16%). The S&P 500 index on Wednesday opened lower at a 2-1/4 month low on geopolitical concerns after NATO said there's a risk of Russia sending troops into Ukraine under the "pretext" of a humanitarian or peacekeeping mission. Stock prices recovered, however, and closed little changed: S&P 500 unch, Dow Jones +0.08%, Nasdaq -0.02%. Bullish factors included (1) the U.S. Jun trade balance that unexpectedly narrowed to a -$41.5 billion deficit, better than expectations of an increase to a -$44.8 billion deficit and the smallest deficit in 5 months, which is positive for GDP growth, and (2) positive Q2 company earnings results as 75% of companies in the S&P 500 that have reported earnings thus far have beaten profit estimates.
Sep 10-year T-notes (ZNU14 +0.16%) this morning are up +4.5 ticks. Sep 10-year T-note futures prices on Wednesday climbed to a 2-month high on increased safe-haven demand after NATO said that there's a risk that Russia will invade Ukraine. Another positive was the Treasury's announcement that it will auction $67 billion of T-notes and bonds in next week's quarterly refunding, -$2 billion less than the prior refunding. T-notes came off of their best levels after the S&P 500 recovered from a 2-1/4 month low and. Closes: TYU4 +3.50, FVU4 +2.50.
The dollar index (DXY00 +0.02%) this morning is up +0.039 (+0.05%). EUR/USD (^EURUSD) is down -0.0008 (-0.06%) and USD/JPY (^USDJPY) is UP +0.20 (+0.20%). The dollar index on Wednesday posted a 10-3/4 month high on increased safe-haven demand over concern Russia may soon invade Ukraine. EUR/USD fell to an 8-3/4 month low on concern over the European economy after German factory orders unexpectedly fell -3.2% m/m, the largest monthly decline in 2-3/4 years, and after Italy Q2 GDP fell -0.2% q/q, which puts it into recession. EUR/USD recovered its losses and closed higher ahead of Thursday's ECB meeting. Closes: Dollar index +0.116 (+0.14%), EUR/USD +0.00067 (+0.05%), USD/JPY -0.494 (-0.48%).
Sep WTI crude oil (CLU14 -0.02%) this morning is down -32 cents (-0.33%) at a fresh 6-month low and Sep gasoline (RBU14 +0.07%) is down -0.0031 (-0.11%). Sep crude and gasoline prices on Wednesday settled mixed: CLU4 -0.46 (-0.47%), RBU4 +0.0270 (+0.99%). Crude oil fell back after the dollar index strengthened to a 10-3/4 month high and after crude supplies at Cushing, OK, the delivery point for WTI futures, rose +83,000 bbl, their first increase in a month. Gasoline closed higher after weekly EIA gasoline stockpiles unexpectedly plunged -4.387 million bbl, more than expectations for no change.
GLOBAL EVENT CALENDAR08/07/2014
US0830 ETWeekly initial unemployment claims expected +3,000 to 305,000, previous +23,000 to 302,000. Weekly continuing claims expected -27,000 to 2.512 million, previous +31,000 to 2.539 million.
0830 ETUSDA weekly Export Sales.
1500 ETJun consumer credit expected +$18.700 billion, May +$19.602 billion.
GER0200 ETGerman Jun industrial production expected +1.2% m/m and +0.3% y/y, May -1.8% m/m and +1.3% y/y.
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.
EUR0745 ETECB announces interest rate decision.
0830 ETECB President Mario Draghi speaks at monthly press conference following ECB meeting.
CHIn/aChina Jul trade balance expected +$26.00 billion, Jun +$31.56 billion. Jul exports expected +7.3% y/y, Jun +7.2% y/y. Jul imports expected +3.0% y/y, Jun +5.5% y/y.
U.S. STOCK CALENDAR08/07/2014
Company NameTickerTimeEvent DescriptionPeriodEstimate
Brinker International IncEAT USBef-mktQ4 2014 Earnings ReleaseQ4 20140.866
Mylan Inc/PAMYL USBef-mktQ2 2014 Earnings ReleaseQ2 20140.716
AES Corp/VAAES USBef-mktQ2 2014 Earnings ReleaseQ2 20140.277
Wendy's Co/TheWEN USBef-mktQ2 2014 Earnings ReleaseQ2 20140.095
Royal Gold IncRGLD USBef-mktQ4 2014 Earnings ReleaseQ4 20140.301
Teekay CorpTK USBef-mktQ2 2014 Earnings ReleaseQ2 2014-0.251
Lamar Advertising CoLAMR USBef-mktQ2 2014 Earnings ReleaseQ2 20140.374
AMC Networks IncAMCX USBef-mktQ2 2014 Earnings ReleaseQ2 20140.868
Intercontinental Exchange IncICE USBef-mktQ2 2014 Earnings ReleaseQ2 20142.021
NRG Energy IncNRG USBef-mktQ2 2014 Earnings ReleaseQ2 20140.183
NorthStar Realty Finance CorpNRF USBef-mktQ2 2014 Earnings ReleaseQ2 20140.373
Teradata CorpTDC USBef-mktQ2 2014 Earnings ReleaseQ2 20140.645
Broadridge Financial Solutions IncBR USBef-mktQ4 2014 Earnings ReleaseQ4 20141.161
Scripps Networks Interactive IncSNI USBef-mktQ2 2014 Earnings ReleaseQ2 20141.134
Laredo Petroleum IncLPI USBef-mktQ2 2014 Earnings ReleaseQ2 20140.179
Mallinckrodt PLCMNK USBef-mktQ3 2014 Earnings ReleaseQ3 20140.874
CBS Outdoor Americas IncCBSO USBef-mktQ2 2014 Earnings ReleaseQ2 20140.229
Duke Energy CorpDUK US7:00Q2 2014 Earnings ReleaseQ2 20140.979
L Brands IncLB US7:30July 2014 Sales and Revenue Call - Pre-Recorded2014
Harman International Industries IncHAR US8:00Q4 2014 Earnings ReleaseQ4 20141.214
Hill-Rom Holdings IncHRC US8:00Q3 2014 Earnings CallQ3 2014
MBIA IncMBI US8:00Q2 2014 Earnings CallQ2 2014
SunEdison IncSUNE US8:00Q2 2014 Earnings CallQ2 2014
Dun & Bradstreet Corp/TheDNB US8:00Q2 2014 Earnings CallQ2 2014
Babcock & Wilcox Co/TheBWC US8:30Q2 2014 Earnings CallQ2 2014
Windstream Holdings IncWIN US8:30Q2 2014 Earnings CallQ2 2014
Intercontinental Exchange IncICE US8:30Q2 2014 Earnings CallQ2 2014
Teradata CorpTDC US8:30Q2 2014 Earnings CallQ2 2014
Broadridge Financial Solutions IncBR US8:30Q4 2014 Earnings CallQ4 2014
Mallinckrodt PLCMNK US8:30Q3 2014 Earnings CallQ3 2014
Stratasys LtdSSYS US8:30Q2 2014 Earnings CallQ2 2014
CBS Outdoor Americas IncCBSO US8:30Q2 2014 Earnings CallQ2 2014
OGE Energy CorpOGE US9:00Q2 2014 Earnings CallQ2 2014
Integrys Energy Group IncTEG US9:00Q2 2014 Earnings CallQ2 2014
AES Corp/VAAES US9:00Q2 2014 Earnings CallQ2 2014
Wendy's Co/TheWEN US9:00Q2 2014 Earnings CallQ2 2014
Gulfport Energy CorpGPOR US9:00Q2 2014 Earnings CallQ2 2014
Sempra EnergySRE US9:00Q2 2014 Earnings ReleaseQ2 20141.13
QEP Resources IncQEP US9:00Q2 2014 Earnings CallQ2 2014
Charles River Laboratories International IncCRL US9:00Q2 2014 Earnings CallQ2 2014
NRG Energy IncNRG US9:00Q2 2014 Earnings CallQ2 2014
NorthStar Realty Finance CorpNRF US9:00Q2 2014 Earnings CallQ2 2014
Brookdale Senior Living IncBKD US9:00Q2 2014 Earnings CallQ2 2014
SandRidge Energy IncSD US9:00Q2 2014 Earnings CallQ2 2014
American Water Works Co IncAWK US9:00Q2 2014 Earnings CallQ2 2014
Two Harbors Investment CorpTWO US9:00Q2 2014 Earnings CallQ2 2014
Huntington Ingalls Industries IncHII US9:00Q2 2014 Earnings CallQ2 2014
EP Energy CorpEPE US9:00Q2 2014 Earnings CallQ2 2014
Sabre CorpSABR US9:00Q2 2014 Earnings CallQ2 2014
Concho Resources IncCXO US9:30Q2 2014 Earnings CallQ2 2014
Atmos Energy CorpATO US10:00Q3 2014 Earnings CallQ3 2014
Brinker International IncEAT US10:00Q4 2014 Earnings CallQ4 2014
Duke Energy CorpDUK US10:00Q2 2014 Earnings CallQ2 2014
Mylan Inc/PAMYL US10:00Q2 2014 Earnings CallQ2 2014
Westar Energy IncWR US10:00Q2 2014 Earnings CallQ2 2014
Alliant Energy CorpLNT US10:00Q2 2014 Earnings CallQ2 2014
Lamar Advertising CoLAMR US10:00Q2 2014 Earnings CallQ2 2014
Annaly Capital Management IncNLY US10:00Q2 2014 Earnings CallQ2 2014
WhiteWave Foods Co/TheWWAV US10:00Q2 2014 Earnings CallQ2 2014
Scripps Networks Interactive IncSNI US10:00Q2 2014 Earnings CallQ2 2014
Laredo Petroleum IncLPI US10:00Q2 2014 Earnings CallQ2 2014
Markel CorpMKL US10:30Q2 2014 Earnings CallQ2 2014
Harman International Industries IncHAR US11:00Q4 2014 Earnings CallQ4 2014
Forest City Enterprises IncFCE/A US11:00Q2 2014 Earnings CallQ2 2014
Middleby Corp/TheMIDD US11:00Q2 2014 Earnings CallQ2 2014
Teekay CorpTK US11:00Q2 2014 Earnings CallQ2 2014
AMERCOUHAL US11:00Q1 2015 Earnings CallQ1 2015
Prudential Financial IncPRU US11:00Q2 2014 Earnings CallQ2 2014
Corrections Corp of AmericaCXW US11:00Q2 2014 Earnings CallQ2 2014
AMC Networks IncAMCX US11:00Q2 2014 Earnings CallQ2 2014
Murphy USA IncMUSA US11:00Q2 2014 Earnings CallQ2 2014
CF Industries Holdings IncCF US11:00Q2 2014 Earnings CallQ2 2014
Copa Holdings SACPA US11:00Q2 2014 Earnings CallQ2 2014
EchoStar CorpSATS US11:00Q2 2014 Earnings CallQ2 2014
Antero Resources CorpAR US11:00Q2 2014 Earnings CallQ2 2014
Royal Gold IncRGLD US12:00Q4 2014 Earnings CallQ4 2014
Essex Property Trust IncESS US13:00Q2 2014 Earnings CallQ2 2014
Sempra EnergySRE US13:00Q2 2014 Earnings CallQ2 2014
Regency Centers CorpREG US14:00Q2 2014 Earnings CallQ2 2014
American Express CoAXP US15:00Fixed Income Investor Conference Call
IDEXX Laboratories IncIDXX US16:00Analyst Day - Day 1Y 2014
Assured Guaranty LtdAGO US16:00Q2 2014 Earnings ReleaseQ2 20140.413
Computer Sciences CorpCSC US16:15Q1 2015 Earnings ReleaseQ1 20150.938
NVIDIA CorpNVDA US16:20Q2 2015 Earnings ReleaseQ2 20150.256
CBS CorpCBS US16:30Q2 2014 Earnings CallQ2 2014
Salix Pharmaceuticals LtdSLXP US16:30Q2 2014 Earnings CallQ2 2014
Medivation IncMDVN US16:30Q2 2014 Earnings CallQ2 2014
Allscripts Healthcare Solutions IncMDRX US16:30Q2 2014 Earnings CallQ2 2014
Alnylam Pharmaceuticals IncALNY US16:30Q2 2014 Earnings CallQ2 2014
Air Lease CorpAL US16:30Q2 2014 Earnings CallQ2 2014
Computer Sciences CorpCSC US17:00Q1 2015 Earnings CallQ1 2015
DeVry Education Group IncDV US17:00Q4 2014 Earnings CallQ4 2014
Monster Beverage CorpMNST US17:00Q2 2014 Earnings CallQ2 2014
NVIDIA CorpNVDA US17:00Q2 2015 Earnings CallQ2 2015
Zynga IncZNGA US17:00Q2 2014 Earnings CallQ2 2014
CareFusion CorpCFN US17:00Q4 2014 Earnings CallQ4 2014
Sprouts Farmers Market IncSFM US17:00Q2 2014 Earnings CallQ2 2014
SolarCity CorpSCTY US17:00Q2 2014 Earnings CallQ2 2014
Consolidated Edison IncED USAft-mktQ2 2014 Earnings ReleaseQ2 20140.538
Federal Realty Investment TrustFRT USAft-mktQ2 2014 Earnings ReleaseQ2 20141.211
Great Plains Energy IncGXP USAft-mktQ2 2014 Earnings ReleaseQ2 20140.408
Monster Beverage CorpMNST USAft-mktQ2 2014 Earnings ReleaseQ2 20140.748
CBS CorpCBS USAft-mktQ2 2014 Earnings ReleaseQ2 20140.715
Lions Gate Entertainment CorpLGF USAft-mktQ1 2015 Earnings ReleaseQ1 20150.212
Salix Pharmaceuticals LtdSLXP USAft-mktQ2 2014 Earnings ReleaseQ2 20141.689
Medivation IncMDVN USAft-mktQ2 2014 Earnings ReleaseQ2 20140.233
Allscripts Healthcare Solutions IncMDRX USAft-mktQ2 2014 Earnings ReleaseQ2 20140.089
Alnylam Pharmaceuticals IncALNY USAft-mktQ2 2014 Earnings ReleaseQ2 2014-0.516
Columbia Property Trust IncCXP USAft-mktQ2 2014 Earnings ReleaseQ2 20140.498
Zynga IncZNGA USAft-mktQ2 2014 Earnings ReleaseQ2 20140.002
CareFusion CorpCFN USAft-mktQ4 2014 Earnings ReleaseQ4 20140.723
Sprouts Farmers Market IncSFM USAft-mktQ2 2014 Earnings ReleaseQ2 20140.178
SolarCity CorpSCTY USAft-mktQ2 2014 Earnings ReleaseQ2 2014-0.994
News CorpNWSA USAft-mktQ4 2014 Earnings ReleaseQ4 20140.029
Frank's International NVFI USAft-mktQ2 2014 Earnings ReleaseQ2 20140.309
News CorpNWSA US17:30Q4 2014 Earnings CallQ4 2014
Foster Wheeler AGFWLT USQ2 2014 Earnings ReleaseQ2 20140.47
Gap Inc/TheGPS USJuly 2014 Sales and Revenue Release2014
Hill-Rom Holdings IncHRC USQ3 2014 Earnings ReleaseQ3 20140.594
L Brands IncLB USJuly 2014 Sales and Revenue Release2014
National Fuel Gas CoNFG USQ3 2014 Earnings ReleaseQ3 20140.728
OGE Energy CorpOGE USQ2 2014 Earnings ReleaseQ2 20140.515
Costco Wholesale CorpCOST USJuly 2014 Sales and Revenue Release2014
DeVry Education Group IncDV USQ4 2014 Earnings ReleaseQ4 20140.674
Eagle Materials IncEXP USAnnual General Meeting
SunEdison IncSUNE USQ2 2014 Earnings ReleaseQ2 2014-0.259
Ralph Lauren CorpRL USAnnual General Meeting
WhiteWave Foods Co/TheWWAV USQ2 2014 Earnings ReleaseQ2 20140.218
Red Hat IncRHT USAnnual General Meeting
Windstream Holdings IncWIN USQ2 2014 Earnings ReleaseQ2 20140.08
EchoStar CorpSATS USQ2 2014 Earnings ReleaseQ2 20140.165
Air Lease CorpAL USQ2 2014 Earnings ReleaseQ2 20140.51
Huntington Ingalls Industries IncHII USQ2 2014 Earnings ReleaseQ2 20141.814
Stratasys LtdSSYS USQ2 2014 Earnings ReleaseQ2 20140.447
Sabre CorpSABR USQ2 2014 Earnings ReleaseQ2 20140.18
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