Showing posts with label FIATY. Show all posts
Showing posts with label FIATY. Show all posts

Monday, May 12, 2014

Barchart Morning Call 5/12

OVERNIGHT MARKETS AND NEWS
June E-mini S&Ps (ESM14 +0.39%) this morning are up +0.40% and European stocks are up +0.50% on increased M&A activity after Hillshire Foods said it will buy Pinnacle Foods in a $6.6 billion dollar deal along with speculation China will boost measures to stimulate economic growth. Asian stocks closed mixed: Japan -0.35%, Hong Kong +1.82%, China +2.16%, Taiwan -0.91%, Australia -0.23%, Singapore -0.91%, South Korea +0.59%, India +2.42%. China's Shanghai Stock Index rose to a 1-1/2 week high on speculation the government will take steps to support the market after Chinese President Xi Jinping said the government must prevent risks and take "timely counter-measures to reduce potential negative effects" of faltering growth. Chinese stocks also received a boost after the State Council said the government will relax foreign-investment limits in listed companies, increase quotas for capital flows, and develop commodities trading tools. Commodity prices are mixed. Jun crude oil (CLM14 +0.45%) is up +0.46%. Jun gasoline (RBM14 +0.97%) is up +0.92%. Jun gold (GCM14 +0.61%) is up +0.55%. July copper (HGN14 +2.06%) is up +2.24% at a 2-month high on signs of smaller supplies after LME copper inventories fell -3,000 MT to 205,325 MT, the lowest in 5-1/2 years. Agriculture prices are mixed. The dollar index (DXY00 -0.08%) is down -0.09%. EUR/USD (^EURUSD) is down -0.01%. USD/JPY (^USDJPY) is up +0.06%. June T-note prices (ZNM14 -0.10%) are down -4 ticks.
China Apr aggregate financing, China's broadest measure of new credit, fell to 1.55 trillion yuan from 2.07 trillion yuan in Mar. China Apr new yuan loans were 774.7 billion yuan, less than expectations of 800.0 billion yuan.
UK Apr Lloyds consumer barometer of employment confidence rose to 1 from -1 in Mar, the highest since that data series began in 2004.
Japan Apr bankruptcies rose +1.66% y/y, the first increase in 1-1/2 years.
Japan Apr eco-watchers expectations of confidence survey rose +25.6 from Mar to 50.3, better than expectations of +5.3 to 40.0 and the highest since government data began in 2000. Apr eco-watchers survey of current conditions fell -16.3 from Mar to 41.6, weaker than expectations of -12.9 to 45.0 and the lowest in 17 months.
U.S. STOCK PREVIEW
The markets this week will focus on (1) the ongoing crisis in Ukraine and whether the U.S. and Europe may yet launch sectoral sanctions against Russia, (2) Fed Chair Yellen’s comments on Thursday before the U.S. Chamber of Commerce and the U.S. Small Business Association along with comments by four other Fed officials this week, and (3) this week’s fairly busy U.S. economic schedule. The markets will be watching oil prices as another round of nuclear talks with Iran gets underway today in Vienna. There are 6 of the Russell 1000 companies that report earnings today: Concho Resources (consensus $0.98), McKesson (2.40), MBIA (0.14), Premier (0.32), Babcock & Wilcox (0.42), Rackspace Hosting (0.12).
Equity conferences this week include: Credit Suisse Shale Symposium on Mon, Deutsche Bank Access Clean Tech, Utilities & Power Conference on Mon, BMO Capital Markets IT Services Day on Tue, Goldman Sachs Global Staples Summit on Tue, Macquarie Extreme Services Conference on Tue, Nomura Global Gaming, Lodging & Leisure Conference on Tue, Nomura Inaugural Global Gaming, Lodging & Leisure Conference on Tue, Wedbush Transformational Technologies Management Access Conference on Tue, Bank of America Merrill Lynch Global Metals, Mining & Steel Conference on Tue, Barclays Americas Select Franchise Conference on Tue-Wed, Citi Global Energy & Utilities Conference on Tue-Wed, Oppenheimer Industrial Growth Summit on Tue-Wed, Credit Suisse Industrial & Environmental Services Conference on Tue-Wed, BMO Technology Conference on Wed, ISI Bermuda Energy Conference on Wed, J.P. Morgan Homebuilding & Building Products Conference on Wed, Embedded Systems Expo & Conference (ESEC) on Wed, Credit Suisse Disruptive Technology Conference on Wed, Sanford C Bernstein & Co Inaugural Thematic Financials Conference on Wed, Bank of America Merrill Lynch Healthcare Conference on Tue-Thu, RBC Capital Markets Aerospace and Defense Investor Day on Wed-Thu, JP Morgan Cazenove Business Service Conference on Thu, JP Morgan Homebuilding & Building Products Conference on Thu, JP Morgan Homebuilding & Building Products Conference on Thu, and Janney Spring Growth Conference on Fri.
OVERNIGHT U.S. STOCK MOVERS
Travelers (TRV +0.07%) was upgraded to 'Buy' from 'Neutral' at Guggenheim.
Twitter (TWTR +0.28%) was upgraded to 'Buy' from 'Neutral' at SunTrust.
Hillshire Brands (HSH +0.65%) will acquire Pinnacle Foods (PF +0.69%) for $6.6 billion.
Deere (DE +0.06%) was downgraded to 'Underperform' from 'Neutral' at Longbow.
Actavis (ACT -0.44%) was upgraded to 'Top Pick' from 'Outperform' at RBC Capital.
Chrysler (FIATY +1.16%) is recalling 780,000 2010-2014 Dodge Grand Caravan and Chrysler Town & Country minivans due to reports of overheating.
Pandora (P +1.89%) was upgraded to 'Buy' from 'Neutral' at MKM Partners.
M&T Bank (MTB +0.37%) was upgraded to 'Buy' from 'Neutral' at Goldman Sachs.
Core Laboratories (CLB -0.18%) lowered guidance on fiscal 2014 EPS view to $5.80-$6.00 from $6.00-$6.25, below consensus of $6.20.
Logitech (LOGI -2.49%) was upgraded to 'Outperform' from 'Neutral' at Credit Suisse.
Barclays (BCS -1.07%) was downgraded to 'Neutral' from 'Outperform' at Exane BNP Paribas.
Standard General reported a 9.8% passive stake in RadioShack (RSH -9.52%) .
Gabelli reported a 9.1% stake in National Fuel (NFG +0.74%) .
Amarin (AMRN -3.21%) was downgraded to 'Neutral' from 'Buy' at Citigroup.
MARKET COMMENTS
June E-mini S&Ps (ESM14 +0.39%) this morning are up +7.50 points (+0.40%). The S&P 500 index on Friday closed slightly higher: S&P 500 +0.15%, Dow Jones +0.20%, Nasdaq +0.43%. The main bullish factor Friday was stronger-than-expected Q1 company earnings results as 76% of the 453 companies in the S&P 500 that have reported earnings results have exceeded profit estimates. Limiting strength in stocks was (1) negative carry-over from a slide in European stocks on concern of slowing growth in the Eurozone after German Mar exports unexpectedly fell -1.8% m/m, weaker than expectations of +1.3% m/m and the largest decrease in 10 months, and (2) Chinese demand concerns after China Apr CPI rose +1.8% y/y, less than expectations of +2.1% y/y and the slowest pace of increase in 1-1/2 years.
Jun 10-year T-notes (ZNM14 -0.10%) this morning are down -4 ticks. Jun 10-year T-note futures prices on Friday fell back from a 2-month high and closed lower: TYM4 -3.50, FVM4 -0.50. Bearish factors included (1) supply overhand as U.S. bond dealers distribute the $69 billion of T-notes and T-bonds they bought at the Treasury's May refunding, and (2) expectations for the Fed to continue to taper its bond buying program.
The dollar index (DXY00 -0.08%) this morning is down -0.070 (-0.09%). EUR/USD (^EURUSD) is down -0.0001 (-0.01%). USD/JPY (^USDJPY) is up +0.06 (+0.06%). The dollar index on Friday rose to a 1-week high and closed higher: Dollar index +0.542 (+0.68%), EUR/USD -0.0079 (-0.57%), USD/JPY +0.138(+0.14%). The main bullish factor was weakness in EUR/USD which tumbled to a 1-month low after (1) the unexpected -1.8% m/m decline in German Mar exports, the largest decrease in 10 months, and (2) negative carry-over from Thursday's comments from ECB President Draghi who said the ECB would be "comfortable" with further easing at its June policy meeting.
Jun WTI crude oil (CLM14 +0.45%) this morning is up +46 cents (+0.46%). Jun gasoline (RBM14 +0.97%) is up _0.0266 (+0.92%). Jun crude and gasoline prices on Friday closed lower. Jun crude fell back from a 1-week high on bearish factors that included (1) the rally in the dollar index to a 1-week high, and (2) the unexpected decline in German Mar exports, a sign of economic weakness. Closes: CLM4 -0.27 (-0.27%). RBM4 -0.0090 (-0.31%).
GLOBAL EVENT CALENDAR05/12/2014
US1100 ETUSDA weekly grain export inspections.
1200 ETPhiladelphia Fed President Charles Plosser delivers opening remarks at the Philadelphia Feds conference on Reinventing Older Communities.
1400 ETApr monthly budget statement expected +$114.0 billion, Mar -$36.893 billion.
1600 ETUSDA weekly crop progress.
JPN0030 ETJapan Apr bankruptcies, Mar -12.37% y/y.
0100 ETJapan Apr eco-watchers survey current expected 45.0, Mar 57.9. Apr eco-watchers survey outlook expected 40.0, Mar 34.7.
EUR0300 ETECB Vice President Vitor Constancio and fellow ECB Council member Ewald Nowotny speak at an economics conference in Vienna.
UK0430 ETUK Apr Lloyds employment confidence, Mar -2.
1901 ETUK Apr BRC sales like-for-like expected +1.6% y/y, Mar -1.7% y/y.
U.S. STOCK CALENDAR05/12/2014
Company NameTickerTimeEvent DescriptionPeriodEstimate
Concho Resources IncCXO USBef-mktQ1 2014 Earnings ReleaseQ1 20140.976
American Express CoAXP US9:00Annual General MeetingY 2014
American International Group IncAIG US9:00Annual General MeetingY 2014
Royal Caribbean Cruises LtdRCL US9:00Annual General Meeting
Concho Resources IncCXO US10:00Q1 2014 Earnings CallQ1 2014
Silicon Laboratories IncSLAB US10:30Analyst DayY 2014
PG&E CorpPCG US13:00Annual General Meeting
Mack-Cali Realty CorpCLI US14:00Annual General Meeting
StanCorp Financial Group IncSFG US14:00Annual General Meeting
Vectren CorpVVC US14:00Q1 2014 Earnings CallQ1 2014
McKesson CorpMCK US16:00Q4 2014 Earnings ReleaseQ4 20142.396
Markel CorpMKL US16:30Annual General Meeting
Rackspace Hosting IncRAX US16:30Q1 2014 Earnings CallQ1 2014
McKesson CorpMCK US17:00Q4 2014 Earnings CallQ4 2014
Premier IncPINC US17:00Q3 2014 Earnings CallQ3 2014
MBIA IncMBI USAft-mktQ1 2014 Earnings ReleaseQ1 20140.135
Premier IncPINC USAft-mktQ3 2014 Earnings ReleaseQ3 20140.318
Babcock & Wilcox Co/TheBWC USAft-mktQ1 2014 Earnings ReleaseQ1 20140.418
Rackspace Hosting IncRAX USAft-mktQ1 2014 Earnings ReleaseQ1 20140.116
International Paper CoIP USAnnual General Meeting
Pitney Bowes IncPBI USAnnual General Meeting
Raymond James Financial IncRJF USAnalyst DayY 2014
Protective Life CorpPL USAnnual General Meeting
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Friday, April 4, 2014

BARCHART MORNING CALL 4/4

OVERNIGHT MARKETS AND NEWS
June E-mini (ESM14 +0.20%) S&Ps this morning are up +0.16% and European stocks are up +0.15% on optimism that today's U.S. payrolls data for Mar may signal the economy is strengthening. Another positive for European stocks is signs of strength in German factory output after German Feb factory orders rose more than expected. Yesterday's comments from ECB President Draghi that the ECB may use quantitative easing to ward off deflation has boosted European government bonds as yields on Spanish, Italian and Irish securities all declined to record lows. Asian stocks closed mixed: Japan -0.05%, Hong Kong -0.24%, China +0.95%, Taiwan closed for holiday, Australia +0.24%, Singapore -0.23%, South Korea +0.05%, India -0.66%. Commodity prices are mixed. May crude oil (CLK14 +0.88%) is up +0.76%. May gasoline (RBK14 +0.31%) is up +0.15%. Jun gold (GCM14 +0.61%) is up +0.53%. May copper (HGK14 +0.66%) is up +0.69%. Agriculture and livestock prices are mixed. The dollar index (DXY00 +0.02%) is up +0.03% at a 5-week high on expectations that today's U.S. Mar payrolls data will show employers added the most jobs in 4 months, which will bolster the case for further Fed tapering of QE3. EUR/USD (^EURUSD) is down -0.12% at a 5-week low. USD/JPY (^USDJPY) is down -0.02%. June T-note prices (ZNM14 -0.04%) are down -1.5 ticks.
German Feb factory orders rose +0.6% m/m, three times better than expectations of +0.2% m/m, while on an annual basis Feb factory orders rose +6.1% y/y, less than expectations of +6.8% y/y. Jan Factory orders were revised down to +0.1% m/m and +7.0% y/y, well below the previously reported +1.2% m/m and +8.4% y/y.
The German Mar Markit retail PMI fell -0.9 to 50.2, the slowest rate of expansion in 11 months.
The Eurozone Mar Markit retail PMI climbed +0.7 to 49.2
UK Mar Halifax house prices unexpectedly fell -1.1% m/m, weaker than expectations of +0.6% m/m and the biggest monthly decline in 1-3/4 years. On an annual basis, prices rose +8.7% y/y, less than expectations of +9.4% y/y.
U.S. STOCK PREVIEW
Unemployment report – Today’s March payroll report is expected to show an increase of +200,000, improving substantially from the weak average monthly increase of +129,000 seen in the previous three months (Dec +84,000, Jan +129,000, Feb +175,000). Meanwhile, today’s March unemployment rate is expected to show a -0.1 point decline to 6.6%, thus matching the 5-1/2 year low posted in January. There is one of the Russell 1000 companies that reports earnings today: CarMax (consensus $0.54). There are no equity conferences today.
OVERNIGHT U.S. STOCK MOVERS
JPMorgan Chase (JPM +0.30%) was upgraded to 'Outperform' from 'Neutral' at Macquarie.
CarMax (KMX -0.67%) reported Q4 EPS of 44 cents, weaker than consensus of 54 cents.
Genesco (GCO -0.62%) was upgraded to 'Buy' from 'Neutral' at Sterne Agee.
General Mills (GIS +1.18%) was downgraded to 'Hold' from 'Buy' at Argus.
Hasbro (HAS -0.92%) was downgraded to 'Hold' from 'Buy' at Needham.
GameStop (GME +2.35%) was upgraded to 'Buy' from 'Neutral' at BofA/Merrill.
Anadarko (APC +14.51%) was upgraded to 'Overweight' from 'Underweight' at JPMorgan Chase.
Fiat (FIATY +0.17%) was upgraded to 'Buy' from 'Neutral' at UBS.
Vodafone (VOD -1.25%) was downgraded to 'Neutral' from 'Buy' at Nomura.
David E. Lazovsky reported a 5.7% passive stake in Intermolecular (IMI +0.36%) .
SAC Capital lowered its passive stake in E-House (EJ -2.98%) to 2.2% from 5.6%.
Micron (MU -1.44%) reported Q2 adjusted EPS of 85 cents, better than consensus of 76 cents.
SYNNEX (SNX -1.53%) reported Q1 adjusted EPS of $1.25, well ahead of consensus of 94 cents.
Global Payments (GPN -0.31%) reported Q3 adjusted EPS of 96 cents, higher than consensus of 95 cents, and then raised guidance on fiscal 2014 EPS view to $4.06-$4.11 from $4.03-$4.10; consensus $4.10.
MARKET COMMENTS
June E-mini S&Ps (ESM14 +0.20%) this morning are up +3.00 points (+0.16%). The S&P 500 on Thursday posted a fresh record high but fell back and closed lower. Negative factors included (1) U.S. weekly jobless claims that rose +16,000 to 326,000, more than expectations of +8,000 to 319,000 and the most in 5-weeks, and (2) the U.S. Feb trade balance that widened to a -$42.3 billion deficit, more than expectations of -$38.5 billion and the biggest trade deficit in 5 months, which is negative for U.S. Q1 GDP. Closes: S&P 500 -0.11, Dow Jones unch, Nasdaq -0.77%.
Jun 10-year T-notes (ZNM14 -0.04%) this morning are down -1.5 ticks. Jun 10-year T-note futures prices on Thursday closed slightly higher. Supportive factors for T-notes included (1) the larger-than-expected increase in U.S. weekly initial unemployment claims to the most in 5 weeks, and (2) the widening of U.S. Feb trade deficit to a 5-month high, which has negative implications for U.S. Q1 GDP. Closes: TYM4 +1.50, FVM4 +0.50.
The dollar index (DXY00 +0.02%) this morning is up +0.024 (+0.03%) at a 5-week high. EUR/USD (^EURUSD) is down -0.0016 (-0.12%) at a 5-week low. USD/JPY (^USDJPY) is down -0.02 (-0.02%). The dollar index on Thursday rallied to a 5-week high and closed higher. Supportive factors for the dollar included (1) weakness in EUR/USD which fell to a 5-week low on signs the ECB is considering additional stimulus measures after ECB President Draghi said that “we do not exclude further monetary policy easing” to prevent “too prolonged a period of low inflation.” Also, the dollar rose on expectations that strength in Friday’s U.S. Mar payrolls report will keep the Fed’s tapering regime intact. Closes: Dollar index +0.260 (+0.32%), EUR/USD -0.00474 (-0.34%), USD/JPY +0.045 (+0.04%).
May WTI crude oil (CLK14 +0.88%) this morning is up +76 cents (+0.76%) and May gasoline (RBK14 +0.31%) is up +0.0043 (+0.15%). May crude and gasoline prices on Thursday closed higher after comments from ECB President Draghi suggested the ECB may provide additional stimulus to fight deflation risks, which may boost economic growth and energy demand. Gains were limited after the dollar index rallied to a 5-week high. Gasoline also found support on supply concerns after Wednesday’s EIA inventory data showed gasoline stockpiles dropped to a 4-month low. Closes: CLK4 +0.67 (+0.67%). RBK4 +0.0450 (+1.57%).
GLOBAL EVENT CALENDAR04/04/2014
US0030 ETDallas Fed President Richard Fisher speaks on monetary policy at the Asia Society Hong Kong Center.
0830 ETMar non-farm payrolls expected +200,000, Feb +175,000. Mar private payrolls expected +200,000, Feb +162,000. Mar manufacturing payrolls expected +6,000, Feb +6,000. Mar unemployment rate expected -0.1 to 6.6%, Feb +0.1 to 6.7%.
0830 ETMar avg hourly earnings expected +0.2% m/m and +2.3% y/y, Feb +0.4% m/m and +2.2% y/y. Mar avg weekly hours expected +0.2 to 34.4 hours, Feb 34.2.
GER0400 ETGerman Feb factory orders expected +0.2% m/m and +6.8% y/y, Jan +1.0% m/m and +8.4% y/y.
0410 ETGerman Mar Markit retail PMI, Feb 52.1.
EUR0410 ETEurozone Mar Markit retail PMI, Feb 48.5.
U.S. STOCK CALENDAR04/04/2014
Company NameTickerTimeEvent DescriptionPeriodEstimate
CarMax IncKMX USBef-mktQ4 2014 Earnings ReleaseQ4 20140.537
CarMax IncKMX US9:00Q4 2014 Earnings CallQ4 2014
Walt Disney Co/TheDIS USU.S. Box Office Release of Movie Captain America: The Winter Soldier""
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