Showing posts with label FTNT. Show all posts
Showing posts with label FTNT. Show all posts

Friday, October 27, 2017

Morning Call 10/27

Barchart Morning Call

Barchart.com - Fri Oct 27, 6:40AM CDT
OVERNIGHT MARKETS AND NEWS
Dec E-mini S&Ps (ESZ17 +0.21%) this morning are up +0.25% and European stocks are up +0.63% at a 2-year high. U.S. stock index futures rose after the U.S. House passed a resolution that brings tax cuts a step closer. Also, technology stocks gained with Alphabet up 3% in pre-market trading and Amazon.com up 8% in pre-market trading after both companies reported stellar quarterly earnings results. European stocks gained on the slow approach by the ECB to reducing monetary stimulus along with the slump in EUR/USD to a 3-month low that gave European exporter stocks a boost. Asian stocks settled mostly higher: Japan +1.24%, Hong Kong +0.84%, China +0.27%, Taiwan -0.24%, Australia -0.22%, Singapore +0.90%, South Korea +0.69%, India +0.03%. China's Shanghai Composite climbed to a 1-1/4 year high on optimism in the Chinese economic outlook after China Sep industrial profits surged +27.7% y/y, the largest increase in 5-3/4 years. Japan's Nikkei Stock Index rallied to a 21-1/4 year high on strength in financial and telecommunication companies. Also. Japanese exporters surged as the yen fell to a 3-1/2 month low against the dollar, which boosted exporters' earnings prospects.

The dollar index (DXY00 +0.37%) is up +0.28% to a 3-1/4 month high after the U.S. House passed a budget resolution on tax reforms ad on speculation that President Trump will nominate a hawk as the next Fed Chair. EUR/USD (^EURUSD) is down -0.31% at a 3-month low after the ECB extended its QE program to at least Sep of 2018. USD/JPY (^USDJPY) is up +0.12% at a 3-1/2 month high as a rally in global equity markets reduces the safe-haven demand for the yen.
Dec 10-year T-note prices (ZNZ17 +0.01%) are up +1 tick.
As expected, the Bank of Russia cut its benchmark rate by -25 bp to 8.25% from 8.50%.
China Sep industrial profits jumped +27.7% y/y, the most in 5-3/4 years.
German Sep import prices rose +0.9% m/m and +3.0% y/y, stronger than expectations of +0.5% m/m and +2.6% y/y with the +0.9% m/m gain the largest monthly increase in 8 months.
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) Q3 GDP (expected +2.6% q/q annualized, Q2 +3.1%), (2) final-Oct University of Michigan U.S. consumer sentiment (expected -0.4 to 100.7, previous +6.0 to 101.1).
Notable S&P 500 earnings reports today include: Exxon Mobil (consensus $0.87), Phillips 66 (1.57), Colgate-Palmolive (0.73), Merck (1.04), Cabot Oil & Gas (0.08), AbbVie (1.39), Goodyear (0.67), Weyerhaeuser (0.32).
U.S. IPO's scheduled to price today: none.
Equity conferences this week: Society of Women Engineers National Conference on Fri.
OVERNIGHT U.S. STOCK MOVERS
Alphabet (GOOGL unch) climbed nearly 3% in pre-market trading after it reported Q3 EPS of $9.57, well above consensus of $8.34.
Amazon.com (AMZN -0.05%) jumped 8% in pre-market trading after it reported Q3 EPS of 52 cents, well above consensus of 4 cents.
First Solar (FSLR +1.12%) was upgraded to 'Buy' from 'Hold' at Needham & Co with a 12-month target price of $60.
Gilead Sciences (GILD -2.52%) slipped 3% in after-hours trading after it management said during a conference call that competition from AbbVie's hepatitis C drug Mavyret is undercutting Gilead and will have a bigger impact in Q4 and into next year.
Microsoft (MSFT +0.17%) rose almost 4% in after-hours trading after it reported Q1 EPS of 84 cents, better than consensus of 72 cents.
Intel (INTC +1.40%) gained over 1% in after-hours trading after it reported Q3 adjusted EPS of $1.01, higher than consensus of 80 cents.
Expedia (EXPE -0.37%) slumped 15% in after-hours trading after it reported Q3 adjusted EPS of $2.51, weaker than consensus of $2.62.
Stryker (SYK -0.91%) rose almost 3% in after-hours trading after it reported Q3 adjusted EPS of $1.52, above consensus of $1.49, and he said is sees full-year adjusted EPS of $6.45 to $6.50, better than consensus of $6.43.
Align Technology (ALGN +0.61%) rallied 13% in after-hours trading after it reported Q3 net revenue of $385.3 million, higher than consensus of $359.8 million, and then said it sees Q4 net revenue of $391 million to $398 million, better than consensus of $368.2 million.
Electronics for Imaging (EFII -1.33%) sank 15% in after-hours trading after it reported Q3 adjusted EPS of 48 cents, below consensus of 58 cents.
Trimble (TRMB +0.02%) climbed 4% in after-hours trading after it reported Q3 revenue of $670 million, above consensus of $660.1 million, and said it sees Q4 revenue of $655 million-$685 million, better than consensus of $653.5 million.
Fortinet (FTNT +1.01%) dropped 9% in after-hours trading after it said it sees Q4 revenue of $404 million-$412 million, below consensus of $416.9 million, and said it sees full-year revenue of $1.48 billion-$1.49 billion, the mid-point below consensus of $1.49 billion.
Mattel (MAT -0.52%) tumbled 19% in after-hours trading after it reported Q3 adjusted EPS of 9 cents, well below consensus of 57 cents.
MARKET COMMENTS
Dec S&P 500 E-mini stock futures (ESZ17 +0.21%) this morning are up +6.50 points (+0.25%). Thursday's closes: S&P 500 +0.13%, Dow Jones +0.31%, Nasdaq -0.28%. The S&P 500 on Thursday closed higher on carry-over support from a rally in European stocks after the ECB extended its QE program by 9 months and left open the option for a continuation beyond that. Stocks were also boosted by strong quarterly earnings results from Ford, UPS and Twitter.
Dec 10-year T-note prices (ZNZ17 +0.01%) this morning are up +1 tick. Thursday's closes: TYZ7 -2.50, FVZ7 -2.00. Dec 10-year T-notes on Thursday closed lower on increased inflation expectations after the 10-year T-note breakeven inflation rate rose to a 1-1/2 week high, and by strength in stocks, which curbed the safe-haven demand for T-notes. T-notes found some support on the weaker-than-expected U.S. Sep pending home sales.
The dollar index (DXY00 +0.37%) this morning is up +0.28% to a 3-1/4 month high. EUR/USD (^EURUSD) is down -0.0036(-0.31%) to a 3-month low and USD/JPY (^USDJPY) is up +0.14 (+0.12%) to a 3-1/2 month high. Thursday's closes: Dollar Index +0.901 (+0.96%), EUR/USD -0.0162 (-1.37%), USD/JPY +0.24 (+0.21%). The dollar index on Thursday rallied to a 3-month high and settled higher on weakness in EUR/USD which fell to a 3-month low after the ECB extended its QE program until Sep 2018 and ECB President Draghi said the Eurozone still needs "ample" stimulus.
Dec crude oil (CLZ17 -0.13%) this morning is down -8 cents (-0.15%) and Dec gasoline (RBZ17 -0.17%) is -0.0058 (-0.34%). Thursday's closes: Dec WTI crude +0.46 (+0.88%), Dec gasoline +0.0156 (+0.93%). Dec crude oil and gasoline on Thursday closed higher on comments from Saudi Crown Prince Mohammed bin Salman who said that he backed the extension of OPEC crude production cuts beyond Mar of 2018. Crude oil prices were also supported by the increase in the crack spread to a 1-1/4 month high, which may spur refineries to boost their crude purchases to refine the crude into gasoline. Crude oil prices were undercut by the rally in the dollar index to a 3-month high.
Metals prices this morning are weaker with Dec gold (GCZ17 -0.17%) -1.5 (-0.12%) at a 3-week low, Dec silver (SIZ17-0.78%) -0.106 (-0.63%) at a 3-week low and Dec copper -0.055 (-1.72%) at a 1-1/2 week low. Thursday's closes: Dec gold -9.4 (-0.73%), Dec silver -0.114 (-0.67%), Dec copper (HGZ17 -2.14%) -0.0055 (-0.17%). Metals on Thursday closed lower on the rally in the dollar index to a 3-month high and by strength in stocks that reduced the safe-haven demand for precious metals.

GLOBAL EVENT CALENDAR10/27/2017
Friday, Oct 27
US0830 ETQ3 GDP expected +2.6% (q/q annualized), Q2 +3.1%. Q3 personal consumption expected +2.1%, Q2 +3.3%. Q3 GDP price index expected +1.7%, Q2 +1.0%. Q3 core PCE expected +1.3% q/q, Q2 +0.9% q/q.
1000 ETFinal-Oct University of Michigan U.S. consumer sentiment expected -0.4 to 100.7, previous +6.0 to 101.1.
Monday, Oct 30
US0830 ETSep personal spending expected +0.8%, Aug +0.1%. Sep personal income expected +0.4%, Aug +0.2%. Sep PCE deflator expected +0.4% m/m, Aug +0.2% m/m and +1.4% y/y. Sep core PCE deflator expected +0.1% m/m, Aug +0.1% m/m and +1.3% y/y.
1030 ETOct Dallas Fed manufacturing activity expected -0.3 to 21.0, Sep +4.3 to 21.3.
1100 ETUSDA weekly grain export inspections.
1600 ETUSDA crop conditions and progress report.
U.S. STOCK CALENDAR10/27/2017
NameTickerTimeDescriptionPeriodEstimate
Weyerhaeuser CoWY US03:05Q3 2017 Earnings ReleaseQ3 170.319
Goodyear Tire & Rubber Co/TheGT USBef-mktQ3 2017 Earnings ReleaseQ3 170.674
AbbVie IncABBV USBef-mktQ3 2017 Earnings ReleaseQ3 171.385
Ventas IncVTR USBef-mktQ3 2017 Earnings ReleaseQ3 171.043
Cabot Oil & Gas CorpCOG US06:30Q3 2017 Earnings ReleaseQ3 170.083
Aon PLCAON US06:30Q3 2017 Earnings ReleaseQ3 171.278
Rockwell Collins IncCOL US06:30Q4 2017 Earnings ReleaseQ4 171.79
Merck & Co IncMRK US06:45Q3 2017 Earnings ReleaseQ3 171.039
LyondellBasell Industries NVLYB US06:45Q3 2017 Earnings ReleaseQ3 172.492
Colgate-Palmolive CoCL US06:55Q3 2017 Earnings ReleaseQ3 170.733
Phillips 66PSX US07:00Q3 2017 Earnings ReleaseQ3 171.569
Exxon Mobil CorpXOM US08:00Q3 2017 Earnings ReleaseQ3 170.87
Merck & Co IncMRK US08:00Q3 2017 Earnings CallQ3 17
Eastman Chemical CoEMN US08:00Q3 2017 Earnings CallQ3 17
Aon PLCAON US08:30Q3 2017 Earnings CallQ3 17
Chubb LtdCB US08:30Q3 2017 Earnings CallQ3 17
Simon Property Group IncSPG US08:30Q3 2017 Earnings ReleaseQ3 172.873
Chevron CorpCVX US08:30Q3 2017 Earnings ReleaseQ3 170.988
Leggett & Platt IncLEG US08:30Q3 2017 Earnings CallQ3 17
AbbVie IncABBV US09:00Q3 2017 Earnings CallQ3 17
Goodyear Tire & Rubber Co/TheGT US09:00Q3 2017 Earnings CallQ3 17
Exxon Mobil CorpXOM US09:30Q3 2017 Earnings CallQ3 17
Cabot Oil & Gas CorpCOG US09:30Q3 2017 Earnings CallQ3 17
FirstEnergy CorpFE US10:00Q3 2017 Earnings CallQ3 17
Principal Financial Group IncPFG US10:00Q3 2017 Earnings CallQ3 17
Ventas IncVTR US10:00Q3 2017 Earnings CallQ3 17
Simon Property Group IncSPG US10:00Q3 2017 Earnings CallQ3 17
Weyerhaeuser CoWY US10:00Q3 2017 Earnings CallQ3 17
LyondellBasell Industries NVLYB US11:00Q3 2017 Earnings CallQ3 17
Colgate-Palmolive CoCL US11:00Q3 2017 Earnings CallQ3 17
National Oilwell Varco IncNOV US11:00Q3 2017 Earnings CallQ3 17
Chevron CorpCVX US11:00Q3 2017 Earnings CallQ3 17
Cincinnati Financial CorpCINF US11:00Q3 2017 Earnings CallQ3 17
Mohawk Industries IncMHK US11:00Q3 2017 Earnings CallQ3 17
Phillips 66PSX US12:00Q3 2017 Earnings CallQ3 17
LyondellBasell Industries NVLYB USQ3 2017 Earnings CallQ3 17
Apartment Investment & Management CoAIV US13:00Q3 2017 Earnings CallQ3 17
Harris CorpHRS US13:00Annual General Meeting
Posted by Jim Van Meerten at No comments:
Labels: , , , , , , , , , , , ,

Friday, February 3, 2017

MORNING CALL 2/3

Barchart Morning Call

Barchart.com - Fri Feb 3, 6:35AM CST
OVERNIGHT MARKETS AND NEWS
Mar E-mini S&Ps (ESH17 +0.16%) are up +0.15% and European stocks are up +0.63% ahead of this morning's U.S. payroll report that may provide clues as to the timing of the next Fed rate hike. Mar WTI crude oil (CLH17 +0.19%) is up +0.50% and is giving energy producing stocks a lift after President Trump tweeted this morning that Iran was "playing with fire" following its ballistic missile test this week. European stocks also found support after the Eurozone Jan Markit composite PMI was revised upward to its fastest pace in 3 years. Gains in stocks were contained as mining companies weakened as Mar COMEX copper prices (HGH17 -1.06%) fell -0.89% after a gauge of Chinese manufacturing activity weakened more than expected last month, and after Chinese copper supplies rose after weekly Shanghai copper inventories climbed +10,928 MT to 223,853 MT, an 8-1/2 month high. Asian stocks settled mixed: Japan +0.02%, Hong Kong -0.24%, China -0.60%, Taiwan +0.28%, Australia -0.42%, Singapore -0.07%, South Korea +0.13%, India +0.05%.
The dollar index (DXY00 +0.28%) is up +0.33%. EUR/USD (^EURUSD) is down -0.26% after ECB Executive Board member Praet said "the firming recovery is not yet sufficiently robust to ensure a self-sustained convergence of inflation rates to levels closer to 2%." USD/JPY (^USDJPY) is up +0.33%.
Mar 10-year T-note prices (ZNH17 -0.11%) are down -5.5 ticks.
ECB Executive Board member Praet said that "the firming recovery is not yet sufficiently robust to ensure a self-sustained convergence of inflation rates to levels closer to 2% as underlying inflation dynamics remain subdued, and risks and uncertainties still prevail, especially those related to the geopolitical environment."
The Eurozone Jan Markit composite PMI was revised upward to 54.4 from the originally reported 54.3, the fastest pace of expansion since the data series began in 2014.
The China Jan Caixin (flash) manufacturing PMI fell -0.9 to 51.0, weaker than expectations of -0.1 to 51.8.
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) Jan non-farm payrolls (expected +175,000, Dec +156,000) and Jan unemployment rate (expected unch at 4.7%, Dec +0.1 to 4.7%), (2) Chicago Fed President Charles Evans (voter) speaks on economic conditions and monetary policy at a Prairie State College Economic Breakfast in Olympia Fields, IL, (3) revised Jan Markit services PMI (prelim-Jan +1.2 to 55.1), (4) Jan ISM non-manufacturing PMI (expected +0.4 to 57.0, Dec +0.4 to 56.6), (5) Dec factory orders expected +0.7%, Nov -2.4% and +0.1% ex-transportation.
Notable S&P 500 earnings reports today include: Weyerhaeuser (consensus $0.16), AutoNation (0.96), LyondellBasell (2.17), Clorox (1.22), Hershey (1.08), Phillips (0.40).
U.S. IPO's scheduled to price today: none.
Equity conferences: none.
OVERNIGHT U.S. STOCK MOVERS
Visa (V -0.17%) rose 3% in after-hours trading after it reported Q1 operating revenue of $4.5 billion, above consensus of $4.3 billion, and then was initiated with an 'Outperform' at RBC Capital Markets with a 12-month target price of $97.
Amazon.com (AMZN +0.91%) fell 4% in after-hours trading after it reported Q4 net sales of $43.7 billion, below consensus of $44.7 billion, and said it sees Q1 net sales of $33.3 billion-$35.8 billion, less than consensus of $36.0 billion.
Esterline Technologies (ESL +0.70%) rallied over 4% in after-hours trading after it reported Q1 adjusted EPS continuing operations of 82 cents, well above consensus of 46 cents.
Tableau Software (DATA -0.52%) surged 13% in after-hours trading after it reported Q4 revenue of $250.7 million, well above consensus of $230.2 million.
Amgen (AMGN -0.06%) rose nearly 3% in after-hours trading after it reported that a Phase 3 trial of its Repatha showed significantly reduced risk of cardiovascular events in patients with atherosclerotic cardiovascular disease.
Computer Sciences (CSC +1.12%) gained 2% in after-hours trading after it reported Q3 adjusted EPS continuing operations of 81 cents, higher than consensus of 70 cents.
Fortinet (FTNT +0.24%) climbed 10% in after-hours trading after it forecast full-year EPS of 87 cents-89 cents, better than consensus of 80 cents.
Cypress Semiconductor (CY -1.58%) rallied 5% in after-hours trading after it reported Q4 adjusted revenue of $530.2 million, higher than consensus of $525.6 million.
athenahealth (ATHN +1.41%) tumbled 7% in after-hours trading after it reported Q4 revenue of $288.2 million, below consensus of $303.7 million.
Hanesbrands (HBI -2.24%) sank over 10% in after-hours trading after it said it sees 2017 adjusted EPS of $1.93-$2.03, below consensus of $2.14.
GoPro (GPRO +3.78%) tumbled 13% in after-hours trading after it said it sees Q1 revenue of $190 million=-$210 million, well below consensus of $267.6 million.
Paylocity Holding (PCTY -1.32%) jumped 8% in after-hours trading after it said it sees fiscal 2017 adjusted EPS of 41 cents-43 cents, stronger than consensus of 38 cents.
Deckers Outdoor (DECK -2.30%) plunged over 20% in after-hours trading after it reported Q3 adjusted EPS of $4.11, below consensus of $4.22, and then cut its 2017 adjusted EPS forecast to $3.45-$3.55 from a prior view of $4.05-$4.25.
Neos Therapeutics (NEOS unch) slumped 14% in after-hours trading after it announced an offering of common stock, although no size was given.
MARKET COMMENTS
Mar E-mini S&Ps (ESH17 +0.16%) this morning are up +3.50 points (+0.15%). Thursday's closes: S&P 500 +0.06%, Dow Jones -0.03%, Nasdaq -0.10%. The S&P 500 on Thursday closed slightly higher on the -14,000 decline in U.S. weekly jobless claims (a bigger decline than expectations of -9,000) and the +1.3% increase in U.S. Q4 non-farm productivity (better than expectations of +1.0%). Stocks were undercut by uncertainty regarding the Trump administration’s fiscal and trade policies and by position squaring ahead of Friday's monthly U.S. payrolls report.
Mar 10-year T-notes (ZNH17 -0.11%) this morning are down -5.5 ticks. Thursday's closes: TYH7 +1.50, FVH7 +1.00. Mar 10-year T-notes on Thursday rallied to a 1-week high and closed higher on positive carry-over from Wednesday's post-FOMC meeting statement where policy makers gave no signal as to the timing of another interest rate hike.
The dollar index (DXY00 +0.28%) this morning is up +0.33 (+0.33%). EUR/USD (^EURUSD) is down -0.0028 (-0.26%). USD/JPY (^USDJPY) is up +0.37 (+0.33%). Thursday's closes: Dollar index +0.149 (+0.15%), EUR/USD -0.0010 (-0.09%), USD/JPY -0.45 (-0.40%). The dollar index on Thursday recovered from a 2-1/2 month low and closed higher on the larger-than-expected decline in U.S. weekly initial unemployment claims, a sign of labor market strength, and the larger-than-expected increase in U.S. Q4 non-farm productivity. The dollar index posted an early 2-1/2 month low on negative carry-over from Wednesday's FOMC meeting where policy makers failed to signal the timing of the next Fed interest rate increase.
Mar WTI crude oil prices (CLH17 +0.19%) this morning are up +27 cents (+0.50%) and Mar gasoline (RBH17 -0.11%) is +0.0063 (+0.41%). Thursday's closes: Mar crude -0.34 (-0.63%), Mar gasoline -0.0462 (-2.93%). Mar crude oil and gasoline on Thursday closed lower on concern that ramped-up oil production in Libya and Nigeria may offset cuts in crude production from other OPEC members as Libya's crude output rose to 690,000 bpd, a 2-year high, and Nigerian Jan crude production rose to 1.64 million bpd, up +9.3% m/m. In addition, the slide in the crack spread to a 2-1/4 month low, which may curb refinery demand for crude.
GLOBAL EVENT CALENDAR02/03/2017
Friday, Feb 3
US0830 ETJan non-farm payrolls expected +175,000, Dec +156,000. Jan private payrolls expected +170,000, Dec +144,000. Jan manufacturing payrolls expected +5,000, Dec +17,000. Jan unemployment rate expected unch at 4.7%, Dec +0.1 to 4.7%.
0830 ETJan avg hourly earnings expected +0.3% m/m and +2.8% y/y, Dec +0.4% m/m and +2.9% y/y. Jan avg weekly hours all-employees expected unch at 34.3 hours, Dec unch at 34.3 hours.
0915 ETChicago Fed President Charles Evans (voter) speaks on economic conditions and monetary policy at a Prairie State College Economic Breakfast in Olympia Fields, IL.
0945 ETRevised Jan Markit services PMI, prelim-Jan +1.2 to 55.1.
1000 ETJan ISM non-manufacturing PMI expected +0.4 to 57.0, Dec +0.4 to 56.6.
1000 ETDec factory orders expected +0.7%, Nov -2.4% and +0.1% ex-transportation.
Monday, Feb 6
US1100 ETUSDA weekly grain export inspections.
1500 ETPhiladelphia Fed President Patrick Harker (voter) speaks at a payment conference in San Diego.
U.S. STOCK CALENDAR02/03/2017

CompanyTickerTimeEvent DescriptionPeriodEstimate
Weyerhaeuser CoWY USBf-mktQ4 2016 Earnings ReleaseQ4 20160.162
AutoNation IncAN USBf-mktQ4 2016 Earnings ReleaseQ4 20160.963
LyondellBasell Industries NVLYB USBf-mktQ4 2016 Earnings ReleaseQ4 20162.152
Clorox Co/TheCLX US6:30Q2 2017 Earnings ReleaseQ2 20171.219
Hershey Co/TheHSY US7:00Q4 2016 Earnings ReleaseQ4 20161.078
Phillips 66PSX US7:00Q4 2016 Earnings ReleaseQ4 20160.396
Hershey Co/TheHSY US8:30Q4 2016 Earnings CallQ4 2016
Hartford Financial ServicesHIG US9:00Q4 2016 Earnings CallQ4 2016
Kimco Realty CorpKIM US10:00Q4 2016 Earnings CallQ4 2016
Weyerhaeuser CoWY US10:00Q4 2016 Earnings CallQ4 2016
AutoNation IncAN US10:00Q4 2016 Earnings CallQ4 2016
LyondellBasell Industries NVLYB US11:00Q4 2016 Earnings CallQ4 2016
Phillips 66PSX US12:00Q4 2016 Earnings CallQ4 2016
Apartment Investment & MangAIV US13:00Q4 2016 Earnings CallQ4 2016
Clorox Co/TheCLX US13:30Q2 2017 Earnings CallQ2 2017
Essex Property Trust IncESS US14:00Q4 2016 Earnings CallQ4 2016
Posted by Jim Van Meerten at No comments:
Labels: , , , , , , , , , , , , , , , , , , ,
Subscribe to: Posts (Atom)