Showing posts with label ETSY. Show all posts
Showing posts with label ETSY. Show all posts

Monday, November 20, 2017

Morning Call 11/20

Barchart Morning Call

Barchart.com - 27 minutes ago
OVERNIGHT MARKETS AND NEWS
Dec E-mini S&Ps (ESZ17 -0.06%) this morning are down -0.02% on concern over passage of U.S. tax reform legislation. European stocks are up +0.23%, led by strength in automakers, after Volkswagen AG raised its 2020 sales growth forecast to 25%, up from a forecast of 20% in March. The upside in European stocks was limited after German Chancellor Merkel's attempt to form a new government collapsed after a month of coalition talks fell apart over disputes about migration policies that prompted the Free Democrats to walk out of the negotiations late Sunday night. That may spur Chancellor Merkel to ask German President Steinmeier to order a second national election, most likely in the spring, or form a minority government headed by her Christian Democratic bloc. Asian stocks settled mixed: Japan -0.60%, Hong Kong +0.21%, China +0.28%, Taiwan -0.35%, Australia -0.19%, Singapore +0.12%, South Korea =0.38%, India +0.05%. China's Shanghai Composite rebounded from a 1-1/2 month low and closed higher as property developers and home building stocks rallied after China Oct new home prices increased from Sep.

The dollar index (DXY00 +0.08%) is up +0.12%. EUR/USD (^EURUSD) is down -0.12%. USD/JPY (^USDJPY) is up +0.13%.
Dec 10-year T-note prices (ZNZ17 +0.10%) are up +2 ticks.
China Oct new home prices rose in 50 of the 70 cities tracked by the government, an improvement from 44 of the 70 that rose in Sep.
German Oct PPI rose +0.3% m/m and +2.7% y/y, right on expectations.
The Japan Oct trade balance shrank to a surplus of +285.4 billion yen, narrower than expectations of +330.0 billion yen. Oct exports rose +14.0% y/y, weaker than expectations of +15.7% y/y. Oct imports rose +18.9% y/y, weaker than expectations of +20.2% y/y.
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) Oct leading indicators (expected +0.7%, Sep -0.2%), (2) USDA weekly grain export inspections, (3) USDA crop conditions and progress report.
Notable Russell 2000 earnings reports today include: Intuit (consensus $0.04), Brocade Communicates (0.18), Palo Alto (0.68), Urban Outfitters (0.33), Agilent Technologies (0.62).
U.S. IPO's scheduled to price today: none.
Equity conferences this week: none.
OVERNIGHT U.S. STOCK MOVERS
Wal-Mart (WMT -2.16%) was downgraded to 'Neutral' from 'Buy' at Goldman Sachs.
Monster Beverage (MNST +0.27%) was downgraded to 'Negative' from 'Neutral' at Susquehanna Financial with a price target of $51.
Verizon (VZ +1.45%) was upgraded to 'Outperform' from 'Market Perform' at Wells Fargo Securities with a target price of $50.
General Motors (GM +0.64%) was upgraded to 'Buy' from 'Neutral' at Guggenheim Securities.
Delphi Automotive Plc (DLPH -0.54%) was upgraded to 'Buy' from 'Neutral' at Bank of America/Merrill Lynch with a price target of $120.
Cardinal Health (CAH +0.16%) was downgraded to 'Underweight' from 'Equal weight' at Morgan Stanley with a price target of $51.
Resolute Energy (REN +4.02%) was upgraded to 'Overweight' from suspended coverage at Barclays with a 12-month target price of $37.
Jack in the Box (JACK +0.56%) was downgraded to 'Neutral' from 'Outperform' at Wedbush.
WGL Holdings (WGL -0.17%) reported a Q4 operating loss of -17 cents per share, narrower than consensus of -20 cents.
Advanced Accelerator Applications SA (AAAP -0.05%) American depository receipts were downgraded to 'Neutral' from 'Overweight' at JPMorgan Chase.
Pointer Telocation (PNTR -1.13%) was downgraded to 'Neutral' from 'Buy' at Roth Capital Partners.
Johnson & Johnson (JNJ -0.63%) said patients treated with its Invokana for type 2 diabetes had a 43% reduced risk for all-cause mortality and hospitalization for heart failure after an average of 1.6 years, compared to similar patients treated with a non-SGLT2i medication.
California Resources (CRC +4.46%) fell 4% in after-hours trading after it entered into an equity distribution pact with Morgan Stanley to sell up to 6 million shares of common stock from time to time.
Etsy (ETSY +0.30%) gained almost 1% in after-hours trading after the company announced a $100 million stock buyback program.
MARKET COMMENTS
Dec S&P 500 E-mini stock futures (ESZ17 -0.06%) this morning are down -0.50 points (-0.02%). Friday's closes: S&P 500 -0.26%, Dow Jones -0.43%, Nasdaq -0.39%. The S&P 500 on Friday closed lower on some concern that Senate Republicans may not have the support to pass tax reform legislation and the -7 point decline in the U.S. Nov Kansas City Fed manufacturing activity to 16, weaker than expectations of -2 to 21. Stocks were supported by news that U.S. Oct housing starts rose +13.7% to a 1-year high of 1.29 million, stronger than expectations of +5.6% to 1.19 million.
Dec 10-year T-note prices (ZNZ17 +0.10%) this morning are up +2 ticks. Friday's closes: TYZ7 +1.50, FVZ7 +0.25. Dec 10-year T-notes on Friday closed higher on the the decline in stocks, which boosted the safe-haven demand for T-notes, and on reduced inflation expectations after the 10-year T-note breakeven inflation rate fell to a 1-week low.
The dollar index (DXY00 +0.08%) this morning is up +0.111 (+0.12%). EUR/USD (^EURUSD) is down -0.0014 (-0.12%) and USD/JPY (^USDJPY) is up +0.15 (+0.13%). Friday's closes: Dollar Index -0.270 (-0.29%), EUR/USD +0.0020 (+0.17%), USD/JPY -0.96 (-0.85%). The dollar index on Friday closed lower on the slump in stocks, which sent USD/JPY to a 1-month low on increased safe-haven demand for the yen. The dollar was also undercut by the decline in the 10-year T-note yield, which reduced the dollar's interest rate differentials.
Dec crude oil (CLZ17 -0.55%) this morning is down -20 cents (-0.35%) and Dec gasoline (RBZ17 -0.91%) is -0.0056 (-0.32%). Friday's closes: Dec WTI crude +1.41 (+2.56%), Dec gasoline +0.0310 (+1.81%). Dec crude oil and gasoline on Friday closed higher on a weaker dollar and on comments by Saudi Arabian Energy Minister Khalid Al-Falih that OPEC should announce an extension of output cuts when it meets on Nov 30.
Metals prices this morning are lower with Dec gold (GCZ17 -0.35%) -5.9 (-0.46%), Dec silver (SIZ17 -1.08%) -0.213 (-1.23%) and Dec copper (HGZ17 -0.18%) -0.002 (-0.07%). Friday's closes: Dec gold +18.3 (+1.43%), Dec silver +0.301 (+1.76%), Dec copper +0.0190 (+0.62%). Metals prices on Friday closed higher with Dec gold and Dec silver at 1-month highs. Metals prices were boosted by a weaker dollar and the stronger-than-expected U.S. Oct housing starts and building permits, which is positive for copper consumption. Copper prices were also supported by tighter supplies after LME copper inventories fell -3,850 MT to a 2-month low of 247,700 MT.
GLOBAL EVENT CALENDAR11/20/2017
Monday, Nov 20
US1000 ETOct leading indicators expected +0.7%, Sep -0.2%.
1100 ETUSDA weekly grain export inspections.
1600 ETUSDA crop conditions and progress report.
Tuesday, Nov 21
US0830 ETOct Chicago Fed national activity index expected +0.03 to 0.20, Sep +0.54 to +0.17.
1000 ETOct existing home sales expected +0.2% to 5.40 million, Sep +0.7% to 5.39 million.
1300 ETTreasury auctions $13 billion of 2-year floating-rate notes.
1800 ETFed Chair Janet Yellen speaks at New York Universitys Stern Business School.
U.S. STOCK CALENDAR11/20/2017

NameTickerTimeDescriptionPeriodEstimate
Brocade Communications Systems IncBRCD USQ4 2017 Earnings ReleaseQ4 170.18
Intuit IncINTU USAft-mktQ1 2018 Earnings ReleaseQ1 180.044
Palo Alto Networks IncPANW USAft-mktQ1 2018 Earnings ReleaseQ1 180.683
Urban Outfitters IncURBN USAft-mktQ3 2018 Earnings ReleaseQ3 180.333
Agilent Technologies IncA US16:05Q4 2017 Earnings ReleaseQ4 170.624
Intuit IncINTU US16:30Q1 2018 Earnings CallQ1 18
Palo Alto Networks IncPANW US16:30Q1 2018 Earnings CallQ1 18
Agilent Technologies IncA US16:30Q4 2017 Earnings CallQ4 17
Urban Outfitters IncURBN US17:00Q3 2018 Earnings CallQ3 18
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Tuesday, May 16, 2017

MORNING CALL 5/16

Barchart Morning Call

Barchart.com - Tue May 16, 6:42AM CDT
OVERNIGHT MARKETS AND NEWS
Jun E-mini S&Ps (ESM17 +0.07%) this morning are little changed, up +0.01%, as stock prices consolidate following Monday's rally to a new record high. European stocks are down -0.12% as exporter companies weakened after EUR/USD climbed to a 6-1/4 month high. Losses were contained on signs of European economic optimism after the German May ZEW survey expectations of economic growth rose to a 1-3/4 year high. Asian stocks settled mostly higher: Japan +0.25%, Hong Kong -0.14%, China +0.74%, Taiwan -0.05%, Australia +0.21%, Singapore -1.12%, South Korea +0.27%, India +0.86%. China's Shanghai Composite erased early declines and climbed to a 1-week high on signs that policy makers are trying to stabilize the market with state-sponsored buying of equities. Japan's Nikkei Stock Index rallied to a 17-1/2 month high as optimism over corporate earnings boosts stock prices. Japanese telecommunication stocks rose, led by gains in Nippon Telegraph & Telephone, after it announced plans to raise its dividend this year.
The dollar index (DXY00 -0.47%) is down -0.42% at a 6-month low. EUR/USD (^EURUSD) is up +0.75% at a 6-1/4 month high. USD/JPY (^USDJPY) is down -0.11%.
Jun 10-year T-note prices (ZNM17 -0.05%) are down -1 tick.
ECB Governing Council member Smets said risks to Eurozone economic growth "are certainly close to balance," although "in my opinion, it is still too early to declare that inflation is durably converging to its target."
Eurozone Apr new car registrations fell -6.6% y/y to 1.191 million, the largest decline in 4 years. Year-to-date registrations are up +4.7% y/y to 3,819,086.
The German May ZEW survey expectations of economic growth rose +1.1 to 20.6, weaker than expectations of +2.5 to 22.0, but still the highest in 1-3/4 years.
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) Apr housing starts (expected +3.7% to 1.260 million, Mar -6.8% to 1.215 million), (2) Apr industrial production (expected +0.4%, Mar +0.5%).
Notable Russell 2000 earnings reports today include: Home Depot (consensus $1.61), TJX (0.79), Staples (0.17), Dick's Sporting Goods (0.54), Alere (0.54), Urban Outfitters (0.15).
U.S. IPO's scheduled to price today: G1 Therapeutics (GTHX), Modern Media Acquisition (MMDMU).
Equity conferences: JP Morgan Denver Energy Bus Tour on Mon-Tue, Bank of America Merrill Lynch Global Mining Metals & Steel Conference on Tue, Deutsche Bank Clean Tech Utility & Power Conference on Tue, Needham Emerging Technology Conference on Tue-Wed, Goldman Sachs Basic Materials Conference on Tue-Wed, Bank of America Merrill Lynch Health Care Conference on Tue-Thu, Barclays Americas Select Franchise Conference on Tue-Fri, Stephens Energy Executive Summit on Wed, BMO Capital Markets Farm to Market Conference on Wed-Thu, J.P. Morgan Homebuilding & Building Products Conference on Wed-Thu, MoffettNathanson Media & Communications Summit on Wed-Thu, RBC Capital Markets Canadian Automotive, Transportation & Industrials Conference on Thu, Barclays Water Symposium - Panel on Thu.
OVERNIGHT U.S. STOCK MOVERS
Yum! Brands (YUM +0.46%) was upgraded to 'Buy' from 'Hold' at Argus with a price target of $80.
Dr Pepper Snapple Group (DPS +0.82%) was upgraded to 'Overweight' from 'Equalweight' at Morgan Stanley with a price target of $104.
Pfizer (PFE +0.33%) is down over 1% in pre-market trading after it was downgraded to 'Sell' from 'Neutral' at Citigroup.
Sysco (SYY +0.17%) was initiated with a 'Buy' at Loop Capital Markets with a 12-month price target of $61.
LGI Homes ({=LGIH was upgraded to 'Market Perform' from 'Underperform' at Wells Fargo Securities with a price target of $33.
Sage Therapeutics (SAGE -0.58%) was initiated with a 'Buy' at Needham & Co. with a 12-month target price of $82.
Vipshop Holdings Ltd (VIPS -0.87%) rose over 2% in after-hours trading after it reported Q1 revenue of $2.32 billion, above consensus of $2.27 billion.
Kornit Digital Ltd (KRNT +0.68%) slid 3% in after-hours trading after it announced the launch of an underwritten secondary public offering of 4.25 million shares of its stock by the company's largest shareholder, Fortissimo Capital Fund II LP.
Editas Medicine (EDIT +3.73%) lost nearly 7% in after-hours trading after it reported a Q1 loss of -85 cents a share, wider than consensus of -70 cents.
Akebia Therapeutics (AKBA +1.65%) jumped 12% in after-hour trading after it entered into an exclusive license pact with Fresenius Medical to exclusively distribute vadadustat upon FDA approval.
Etsy Inc (ETSY +0.53%) may move higher today after TPG Group reported a 4.3% stake in Etsy and Dragoneer reported a 3.7% stake in the company.
Pernix Therapeutics Holdings (PTX -2.05%) plunged 30% in after-hours trading after it reported a Q1 net loss of -$29.5 million and said it is still analyzing strategic and refinancing alternatives.
MARKET COMMENTS
June E-mini S&Ps (ESM17 +0.07%) this morning are up +0.25 of a point (+0.01%). Monday's closes: S&P 500 +0.48%, Dow Jones +0.41%, Nasdaq +0.31%. The S&P 500 on Monday rallied to a new record high and closed higher on the unexpected +2 point increase in the U.S. May NAHB housing market index, stronger than expectations of unchanged at 68, and on strength in energy producing companies after crude oil rose 2.11% to a 2-week high. Stocks were undercut by the -6.2 point decline in the U.S. May Empire manufacturing index to -1.0, weaker than expectations of +2.3 to 7.5 and the steepest pace of contraction in 7 months.
June 10-year T-notes (ZNM17 -0.05%) this morning are down -1 tick. Monday's closes: TYM7 -0.50, FVM7 -0.50. Jun 10-year T-notes on Monday fell back from a 1-1/2 week high and closed slightly lower on the unexpected increase in the U.S. May NAHB housing market index (+2 to 70), and (2) the rally in the S&P 500 to a new record high, which reduces the safe-haven demand for T-notes.
The dollar index (DXY00 -0.47%) this morning is down -0.419 (-0.42%) to a 6-month low. EUR/USD (^EURUSD) is up +0.0082 (+0.75%) at a 6-1/4 month high and USD/JPY (^USDJPY) is down -0.12 (-0.11%). Monday's closes: Dollar index -0.341 (-0.34%), EUR/USD +0.0044 (+0.40%), USD/JPY +0.41 (+0.36%). The dollar index on Monday closed lower on the rally in crude oil that boosted the currencies of the crude oil exporting countries of Russia and Canada to 2-week highs against the dollar. The dollar index was also undercut by the unexpected contraction in the U.S. May Empire manufacturing survey of general business conditions (-6.2 to -1.0), which bolsters the case for the Fed to refrain from further raising interest rates.
June WTI crude oil prices (CLM17 +0.63%) this morning are up +18 cnts (+0.37%) and June gasoline (RBM17 +0.81%) is +0.0080 (+0.50%). Monday's closes: Jun crude +1.01 (+2.11%), Jun gasoline +0.0139 (+1.22%). Jun crude oil and gasoline on Monday rallied to 2-week highs and settled higher. Crude oil prices rallied on a weaker dollar and comments from Saudi Arabia's and Russia's energy ministers that they favor extending their crude oil production cuts until Mar 2018, three months longer than expectations for an extension to the end of 2017.
GLOBAL EVENT CALENDAR05/16/2017
Tuesday, May 16
US0830 ETApr housing starts expected +3.7% to 1.260 million, Mar -6.8% to 1.215 million. Apr building permits expected +0.2% to 1.270 million, Mar +4.2% to 1.267 million.
0915 ETApr industrial production expected +0.4%, Mar +0.5%. Apr manufacturing production expected +0.4%, Mar -0.4%. Apr capacity utilization expected +0.2 to 76.3%, Mar +0.4 to 76.1%.
Wednesday, May 17
US0700 ETWeekly MBA mortgage applications, previous +2.4% with purchase sub-index +1.7% and refi sub-index +3.3%.
1030 ETEIA Weekly Petroleum Status Report.
U.S. STOCK CALENDAR05/16/2017
CompanyTickerTimeEvent DescriptionPeriodEstimate
Staples IncSPLS USBef-mktQ1 2018 Earnings ReleaseQ1 180.173
Dick's Sporting Goods IncDKS USBef-mktQ1 2018 Earnings ReleaseQ1 180.542
Murphy USA IncMUSA US08:00Investor Day
Staples IncSPLS US08:00Q1 2018 Earnings CallQ1 18
Diamond Offshore Drilling IncDO US08:30Annual General Meeting
Hanover Insurance Group Inc/TheTHG US09:00Annual General Meeting
Stanley Black & Decker IncSWK US09:00Investor Day
FirstEnergy CorpFE US09:00Annual General Meeting
Home Depot Inc/TheHD US09:00Q1 2018 Earnings CallQ1 18
Home Depot Inc/TheHD US09:00Q1 2018 Earnings ReleaseQ1 181.614
TJX Cos Inc/TheTJX US09:30Q1 2018 Earnings ReleaseQ1 180.79
Avis Budget Group IncCAR US09:30Annual General Meeting
BankUnited IncBKU US10:00Annual General Meeting
Dick's Sporting Goods IncDKS US10:00Q1 2018 Earnings CallQ1 18
JPMorgan Chase & CoJPM US10:00Annual General Meeting
Principal Financial Group IncPFG US10:00Annual General Meeting
Arthur J Gallagher & CoAJG US10:00Annual General Meeting
Halliburton CoHAL US10:00Annual General Meeting
Quest Diagnostics IncDGX US10:30Annual General Meeting
Square IncSQ US11:00Investor Day
Vectren CorpVVC US11:00Annual General Meeting
TJX Cos Inc/TheTJX US11:00Q1 2018 Earnings CallQ1 18
Stanley Black & Decker IncSWK USInvestor Day
Realty Income CorpO USAnnual General Meeting
WR Berkley CorpWRB USAnnual General Meeting
Alere IncALR USQ1 2017 Earnings ReleaseQ1 170.54
Newfield Exploration CoNFX USAnnual General Meeting
ConocoPhillipsCOP USAnnual General Meeting
QEP Resources IncQEP USAnnual General Meeting
Packaging Corp of AmericaPKG USAnnual General Meeting
Arconic IncARNC USAnnual General Meeting - Proxy Fight for Board Representation
Masco CorpMAS US13:00Investor Day
Nordstrom IncJWN US14:00Annual General Meeting
Essex Property Trust IncESS US16:00Annual General Meeting
Urban Outfitters IncURBN USAft-mktQ1 2018 Earnings ReleaseQ1 180.151
Charles Schwab Corp/TheSCHW US17:00Annual General Meeting
Urban Outfitters IncURBN US17:00Q1 2018 Earnings CallQ1 18
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