Showing posts with label GLBL. Show all posts
Showing posts with label GLBL. Show all posts

Monday, May 16, 2016

MORNING CALL 5/16

MORNING CALL
OVERNIGHT MARKETS AND NEWS
Jun E-mini S&Ps (ESM16 +0.16%) are little changed up +0.01% as a +1.95% rally in crude oil (CLM16 +2.16%) to a 6-1/2 month high underpins energy producers. Signs of increased M&A activity is another positive for stocks with Yahoo up nearly 2% in pre-market trading after people familiar with the matter said that Warren Buffett is backing a group bidding for the company's internet assets. European stocks are down -0.67% in thin trade with Germany and Switzerland closed for holiday. Asian stocks settled higher: Japan +0.33%, Hong Kong +0.84%, China +0.84%, Taiwan +0.17%, Australia +0.56%, Singapore +0.04%, South Korea +0.09%, India +0.64%. Despite weaker-than-expected Chinese economic data on Apr industrial production and retail sales, Asian stocks closed higher after the PBOC issued a statement saying that it will create appropriate monetary and financial environment to facilitate steady economic growth.
The dollar index (DXY00 -0.05%) is down -0.06%. EUR/USD (^EURUSD) is up +0.14%. USD/JPY (^USDJPY) is up +0.21%.
Jun T-note prices (ZNM16 -0.11%) are down -3 ticks after a Washington Post story quoted Richmond Fed President Lacker saying "at this point it looks to me as if the case for raising rates looks to be pretty strong in June as inflation is moving decidedly toward 2% and the labor markets have tightened significantly."
In a statement released on its website, the PBOC said the slowdown in new yuan loan growth last month was mainly due to an acceleration in local government debt swaps and that prudent monetary policy remains unchanged, overall credit supply and aggregate financing growth are steady, and the PBOC will create appropriate monetary and financial environment to facilitate steady economic growth.
China Apr industrial production rose +5.8% year-to-date y/y, unch from Mar and weaker than expectations of +6.1% year-to-date y/y.
China Apr retail sales rose +10.3% year-to-date y/y, unch from Mar and weaker than expectations of +10.4% year-to-date y/y.
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) May Empire manufacturing index (expected -3.06 to 6.50, Apr +8.94 to 9.56), (2) May NAHB housing market index (expected +1 to 59, Apr unch at 58), (3) Minneapolis Fed President Neel Kashkari holds a town hall meeting on “Too Big to Fail” at the University of Minnesota, (4) USDA weekly grain export inspections, and (5) USDA Weekly Crop Progress.
There are 3 of the Russell 1000 companies that report earnings today: Urban Outfitters (consensus $0.25), Agilent Technologies (0.39), Akorn (0.54).
U.S. IPO's scheduled to price today: Cancer Prevention Pharmaceuticals (CPP).
Equity conferences today: American Gas Association Financial Forum on Mon, Electrical Products Group Investor Conference on Mon-Wed,
Bank of America Merrill Lynch Transportation Conference on Tue, Goldman Sachs Basic Materials Conference on Tue-Wed, Barclays Americas Select Franchise Conference on Tue-Wed, CBI's Life Sciences IT Governance and Cybersecurity Summit on Tue-Wed, Barclays Insurance Forum on Wed, MoffettNathanson Media and Communications Conference on Wed, BMO Capital Markets Farm to Market Conference on Wed-Thu, Citi Car of the Future Symposium on Thu, ITG Global Industrials Conference on Thu, Needham Emerging Technology Conference Thu, Business Analytics Innovation Summit on Thu-Fri, Medical Affairs Summit on Fri.

OVERNIGHT U.S. STOCK MOVERS
Yahoo! (YHOO -1.49%) climbed nearly 2% in pre-market trading after people familiar with the matter said that Warren Buffett is backing a group bidding for the company's internet assets.
Globalstar (GSAT +35.36%) jumped 16% in pre-market trading after the chairman of the FCC late Friday asked the agency to vote on Globalstar's proposal to offer mobile service on airwaves now reserved for satellite use.
Nokia OYJ (NOK unch) was upgraded to 'Buy' from 'Hold' at Canaccord Genuity with a price target of $7.
Weibo (WB +2.10%) was downgraded to 'Neutral' from 'Buy' at Goldman Sachs.
Vornado Realty Trust (VNO -1.54%) was upgraded to 'Buy' from 'Hold' at Evercore ISI with a 12-month price target of $108.
Regions Financial Corp. (RF -1.53%) was downgraded to 'Underperform' from 'Market perform' at KBW.
Infoblox (BLOX -2.99%) was downgraded to 'Underperform' from 'Neutral' at DA Davidson.
Globus Medical (GMED +0.51%) was downgraded to 'Sell' from 'Neutral' at Goldman Sachs.
Digital Realty Trust (DLR -0.29%) climbed nearly 4% in after-hours trading after it was announced that it will replace Tim Warner Cable in the S&P 500 after the close of trading on Tuesday, May 17.
Blue Buffalo Pet Products (BUFF -0.83%) slid over 4% in after-hours trading after it started a 25 million share secondary offering of common stock.
TerraForm Global (GLBL -1.50%) rose nearly 3% in after-hours trading after Appaloosa Management’s 13F filing showed it increased its stake in TerraForm Global.
MARKET COMMENTS
June E-mini S&Ps (ESM16 +0.16%) this morning are little changed, up +0.25 of a point (+0.01%). Friday's closes: S&P 500 -0.85%, Dow Jones -1.05%, Nasdaq -0.37%. The S&P 500 on Friday closed lower on concern about a sooner-than-expected Fed rate hike after the very strong U.S. retail sales and consumer sentiment reports. In addition, retail stocks moved lower, led by a -13% plunge in Nordstrom, after the retailer cut its full-year earnings forecast and added to evidence that the U.S. department-store industry is in a deep and probably permanent slump. Stocks were boosted by improved confidence about the U.S. economy after U.S. Apr retail sales rose +1.3% and +0.8% ex-autos, stronger than expectations of +0.8% and +0.5% ex-autos, and by the +6.8 point increase in the U.S. May University of Michigan U.S. consumer sentiment index to an 11-month high of 95.8, stronger than expectations of +0.5 to 89.5.
June 10-year T-note prices (ZNM16 -0.11%) this morning are down -3 ticks. Friday's closes: TYM6 +12.00, FVM6 +5.25. Jun T-notes on Friday closed higher on increased safe-haven demand with the sell-off in stocks. T-notes were above to shake off the strong U.S. retail sales and consumer sentiment reports.
The dollar index (DXY00 -0.05%) this morning is down -0.059 (-0.06%). EUR/USD (^EURUSD) is up +0.0016 (+0.14%). USD/JPY (^USDJPY) is up +0.23 (+0.21%). Friday's closes: Dollar Index +0.426 (+0.45%), EUR/USD -0.0068 (-0.60%), USD/JPY -0.39 (-0.36%). The dollar index on Friday rallied to a 2-1/2 week high and closed higher on increased chances for a Fed rate hike after the strong U.S. Apr retail sales and May U.S. consumer sentiment reports.
June WTI crude oil (CLM16 +2.16%) this morning is up +90 cents (+1.95%) at a 6-1/2 month high. June gasoline (RBM16 +1.44%) is up +0.0206 (+1.30%) at a 2-week high. Friday's closes: CLM6 -0.49 (-1.05%), RBM6 +0.0049 (+0.31%). Jun crude oil and gasoline on Friday settled mixed. Crude oil prices were undercut by the rally in the dollar index to a 2-1/2 week high and by the ongoing U.S. crude oil supply glut with U.S. crude inventories at +33% above their 5-year average. Crude oil prices received a boost from Baker Hughes' report that the number of active U.S. oil rigs fell by another -10rigs to 318 in the week ended May 13, the fewest in 6-1/2 years.

GLOBAL EVENT CALENDAR05/16/2016
US0830 ETMay Empire manufacturing index expected -3.06 to 6.50, Apr +8.94 to 9.56.
1000 ETMay NAHB housing market index expected +1 to 59, Apr unch at 58.
1100 ETUSDA weekly grain export inspections.
1600 ETUSDA Weekly Crop Progress.
1900 ETMinneapolis Fed President Neel Kashkari holds a town hall meeting on Too Big to Fail at the University of Minnesota.
JPN0200 ETJapan Apr machine tool orders, Mar -21.2% y/y.
U.S. STOCK CALENDAR05/16/2016
CompanyTickerTimeEvent DescriptionPeriodEstimate
Reynolds American IncRAI US4:00Investor MeetingY 2016
RenaissanceRe Holdings LtdRNR US8:00Annual General MeetingY 2016
CommScope Holding Co IncCOMM US8:30Investor DayY 2016
Liberty Interactive Corp QVC GroupQVCA US12:15Investor MeetingY 2016
PacWest BancorpPACW US13:30Annual General MeetingY 2016
Markel CorpMKL US16:30Annual General Meeting
Agilent Technologies IncA US16:30Q2 2016 Earnings CallQ2 2016
Motorola Solutions IncMSI US17:00Annual General Meeting
Akorn IncAKRX USAft-mktQ1 2016 Earnings ReleaseQ1 20160.539
Agilent Technologies IncA USAft-mktQ2 2016 Earnings ReleaseQ2 20160.389
American Express CoAXP USCredit-card Charge-offs and Delinquencies
JPMorgan Chase & CoJPM USCredit-card Charge-offs and Delinquencies
Consolidated Edison IncED USAnnual General Meeting
Equifax IncEFX USInvestor Meeting - StockholmY 2016
Bank of America CorpBAC USCredit-card Charge-offs and Delinquencies
Office Depot IncODP USBusiness Update Call
Citigroup IncC USCredit-card Charge-offs and Delinquencies
Robert Half International IncRHI USAnnual General Meeting
Urban Outfitters IncURBN USQ1 2017 Earnings ReleaseQ1 20170.251
Capital One Financial CorpCOF USCredit-card Charge-offs and Delinquencies
Ultimate Software Group Inc/TheULTI USAnnual General Meeting
Alliance Data Systems CorpADS USCredit-card Charge-offs and Delinquencies
Discover Financial ServicesDFS USCredit-card Charge-offs and Delinquencies
Synchrony FinancialSYF USCredit-card Charge-offs and Delinquencies
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Tuesday, March 29, 2016

BARCHART MORNING CALL 3/29

BARCHART MORNING CALL
OVERNIGHT MARKETS AND NEWS
June E-mini S&Ps (ESM16 -0.23%) this morning are trading slightly lower by -3.25 points (-0.16%) on Tuesday's -1.28% sell-off in China's stock market and on a renewed sell-off in crude oil prices this morning. May WTI crude oil futures are down -0.61 (-1.55%) this morning on expectations for a 3.0 million bbl build in Wednesday's weekly API report. The market is also cautious ahead of a speech by Fed Chair Yellen late this morning. Meanwhile, European stocks are mildly higher after reopening from Monday's holiday. The Euro Stoxx 50 index is up +0.34%. Asian stocks today settled mixed: Japan -0.18%, Hong Kong +0.10%, China Shanghai -1.28%, Taiwan -0.84%, Australia -1.57%, Singapore -0.40%, South Korea +0.65%, India -0.26%, and Turkey +0.57%.
The dollar index (DXY00 -0.04%) this morning is little changed. EUR/USD (^EURUSD) is slightly higher by +0.04% and USD/JPY (^USDJPY) is up +0.18%. The forex market is treading water ahead of today's Yellen comments. June 10-year T-note prices (ZNM16 +0.02%) this morning are slightly higher by +1 tick.
Commodity prices this morning are down by an average -0.37% due to a sell-off in energy and metals. May WTI crude (CLK16 -1.90%) is down -0.61 at $38.78 (-1.55%) and May gasoline (RBK16 -1.84%) is down -0.0236 (-1.58%). May natural gas (NGK16 -0.21%) is slightly higher by +0.10%. Metals prices are lower with April gold (GCJ16 +0.02%) down -0.20%, May silver (SIK16 -0.03%) down -0.56%, and May copper (HGK16 -1.36%) down-1.49%. Grains are higher with May corn up +0.13%, May soybeans up +0.19%, and May wheat up +0.58%. Softs are lower with May sugar down-0.63%, May coffee down -0.70%, May cocoa down -0.07%, and May cotton down -0.07%.
There is some negative geopolitical news this morning after an EgyptAir flight was hijacked to Cyprus and after North Korea fired another short-range missile along its coast.
San Francisco Fed President John Williams, speaking today in Singapore, said that the Fed's future pace of interest rate hikes "will be, as we've said repeatedly, gradual and thoughtful." He said the Fed will not go to negative rates in the "foreseeable future." He said that "on the inflation side, we're not quite where I'd like us to be, but recent developments have been very encouraging and add to my confidence that we're on course to reach our goal." He also said that Brexit is clearly a risk scenario that the Fed is worried about.
The Bank of England warned on Brexit risks and is tightening some banking rules.
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) San Francisco Fed President John Williams' speech on the global economic outlook and U.S. monetary policy at the National University of Singapore, (2) Jan S&P/CaseShiller composite-20 home price index (expected +0.7% m/m and +5.8% y/y, Dec +0.80% m/m and +5.74% y/y), (3) Conference Board's Mar U.S. consumer confidence index (expected +1.8 to 94.0, Feb -5.6 to 92.2), (4) Fed Chair Janet Yellen's speech to the Economic Club of New York, (5) the Treasury's auction of $34 billion of 5-year T-notes, and (6) Dallas Fed President Robert Kaplan's participation in a moderated Q&A session at the University of Texas at Austin.
There are 2 of the Russell 1000 companies that report earnings today: Lennar Corp (consensus $0.52), McCormick (0.69).
U.S. IPO's scheduled to price today: Sensus Healthcare (SRTS).
Equity conferences this week include: Barclays Global Cross-Asset Class Materials Conference on Tue, Hart Energy Energy Capital Conference on Tue, Jefferies Animal Health Summit on Thu, William Blair Cancer Immunotherapy A Long-Awaited Reality Conference on Thu.
June E-mini S&Ps this morning are trading slightly lower by -3.25 points (-0.16%) on Tuesday's -1.28% sell-off in China's stock market and on a renewed sell-off in crude oil prices this morning. Monday's closes: S&P 500 -0.04%, Dow Jones +0.08%, Nasdaq +0.07%. The S&P 500 on Monday closed little changed. Stocks received support from Friday's upward revision in Q4 GDP to +1.4% from +1.0%, Monday's +0.2% increase in U.S. Feb personal spending (stronger than expectations of +0.1%), and Monday's +3.5% m/m and +5.1% y/y increase in U.S. Feb pending home sales (stronger than expectations of +1.2% m/m and -0.4% y/y. Stocks were undercut by negative carryover from Monday's -0.73% decline in China's Shanghai Composite to a 1-week low and by weakness in energy producers as the price of crude oil fell mildly by -0.18%.

OVERNIGHT U.S. STOCK MOVERS
  • Cleco Corp (CNL +0.51%) is up 13% this morning on news that the Macquarie-led group's takeover of Cleco was approved by Louisiana.
  • SunEdison (SUNE +4.13%) is down 30% in pre-market trading on a WSJ report that the SEC is probing its cash liquidity disclosures.
  • TerraForm Global (GLBL -2.72%) is down -20% this morning on news that it will delay its 10-K filing.
  • Monro Muffler Brake (MNRO +1.59%) was rated a new 'Outperform' at Oppenheimer with a price target of $80.
  • HealthStream (HSTM -0.96%) was rated a new 'Outperform' at FBR Capital Markets with a 12-month price target of $27.
  • Synnex (SNX +0.60%) dropped nearly 7% in after-hours trading after it reported Q1 adjusted EPS of $1.37, right on consensus, but said Q2 adjusted EPS will be $1.27-$1.33, well below consensus of $1.57.
  • Iconix Brand Group (ICON +2.39%) slipped almost 3% in after-hours trading after it lowered guidance on fiscal 2016 adjusted EPS to $1.15-$1.30 from a February forecast of $1.35-$1.50, below consensus of $1.41.
  • Foot Locker (FL +2.73%) climbed nearly 2% in after-hours trading after it was announced that it will replace Cameron International in the S&P 500 after the close of trading on Friday, April 1.
  • Lions Gate Entertainment (LGF +1.60%) was rated a new 'Overweight' at Pacific Crest with a 12-month price target of $27.
  • The U.S. Justice Department will withdraw legal action against Apple (AAPL -0.45%) after it said it successfully gained access to the data on the iPhone used by a man in the San Bernadino, CA, terrorism attack.
MARKET COMMENTS
Jun 10-year T-notes this morning are slightly higher by 1 tick awaiting today's consumer confidence report and Yellen speech. Monday's closes: TYM6 +6.00, FVM6 +3.50. Jun T-notes on Monday closed higher on the +1.7% y/y increase in the U.S. Feb core PCE deflator (weaker than expectations of +1.8% y/y) and reduced inflation expectations after the 10-year T-note breakeven inflation rate fell to a 1-week low.
The dollar index this morning is little changed. EUR/USD is slightly higher by +0.04% and USD/JPY is up +0.18%. The forex market is treading water ahead of today's Yellen comments. Monday's closes: Dollar Index -0.312 (-0.32%), EUR/USD +0.0029 (+0.26%), USD/JPY +0.37 (+0.33%). The dollar index on Monday closed lower on the smaller-than-expected +1.7% y/y increase in the Feb core PCE deflator (weaker than expectations of +1.8% y/y), which gives the Fed less reason for an imminent rate hike, and San Francisco Fed President Williams' comment that the global economy has a "huge impact" on the Fed's inflation and employment goals.
May WTI crude is down -0.61 at $38.78 (-1.55%) and May gasoline is down -0.0236 (-1.58%). Monday's closes: CLK6 -0.07 (-0.18%), RBK6 +0.0010 (+0.07%). May crude and gasoline on Monday settled mixed. Crude oil prices were undercut by concern that OPEC and non-OPEC oil producers will not be able to curb crude output when they meet on Apr 17 to discuss a production freeze since Iran and Libya are not even attending the meeting. Crude oil prices were underpinned by a weaker dollar and the outlook for U.S. crude production to decline after Baker Hughes reported last Friday that active U.S. oil rigs fell -15 to a 6-1/3 year low of 372 rigs.
GLOBAL EVENT CALENDAR03/29/2016
US0515 ETSan Francisco Fed President John Williams delivers a speech on the global economic outlook and U.S. monetary policy at the National University of Singapore.
0900 ETJan S&P/CaseShiller composite-20 home price index expected +0.7% m/m and +5.8% y/y, Dec +0.80% m/m and +5.74% y/y.
1000 ETMar consumer confidence (Conference Board) expected +1.8 to 94.0, Feb -5.6 to 92.2.
1130 ETFed Chair Janet Yellen speaks to the Economic Club of New York.
1300 ETTreasury auctions $34 billion of 5-year T-notes.
1600 ETDallas Fed President Robert Kaplan takes part in a moderated Q&A session at the University of Texas at Austin.
EUR0400 ETEurozone Feb M3 money supply expected +5.0% y/y, Jan +5.0% y/y.
JPN1950 ETJapan Feb industrial production expected -5.9% m/m and -1.7% y/y, Jan +3.7% m/m and -3.8% y/y.
CHI2145 ETChina Mar Westpac-MNI consumer sentiment, Feb 111.3.
U.S. STOCK CALENDAR03/29/2016

CompanyTickerTimeEvent DescriptionPeriodEstimate
Lennar CorpLEN USBef-mktQ1 2016 Earnings ReleaseQ1 20160.52
McCormick & Co Inc/MDMKC USBef-mktQ1 2016 Earnings ReleaseQ1 20160.685
McCormick & Co Inc/MDMKC US8:00Q1 2016 Earnings CallQ1 2016
3M CoMMM US8:30Investor DayY 2016
Lennar CorpLEN US11:00Q1 2016 Earnings CallQ1 2016
Synopsys IncSNPS US11:00Annual General Meeting
Equifax IncEFX USInvestor Meeting - DenverY 2016
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Thursday, July 30, 2015

BARCHART MORNING CALL 7/30

OVERNIGHT MARKETS AND NEWS
Sep E-mini S&Ps (ESU15 -0.06%) this morning are little changed while the EuroStoxx 50 index is up +0.47%. European stocks are higher on the rise in Eurozone economic confidence to a new 4-year high and positive earnings news. European stocks are broadly higher today with 16 of the 19 EuroStoxx 600 sectors showing gains, led by technology and oil and gas. Meanwhile, the Shanghai Composite Index today fell by -2.20%, giving back some of Wednesday's +3.44% upward rebound. Facebook is down -2.3% this morning after its Q2 earnings report late yesterday.
The markets this morning are mainly looking ahead to today's U.S. Q2 GDP report, which is expected to improve to +2.5% after the dismal -0.2% performance in Q1.
Asian stocks today closed mixed: Japan +1.08%, Hong Kong -0.49%, China -2.20%, Taiwan +1.03%, Australia +0.81%, Singapore -1.05%, South Korea -0.96%, India +0.51%, Turkey +0.18%.
The dollar index (DXY00 +0.36%) this morning is up +0.341 (+0.35%) while EUR/USD (^EURUSD) is down -0.0022 (-0.20%) and USD/JPY (^USDJPY) is +0.40% (+0.32%). The dollar index is seeing some continued strength today on expectations for a decent U.S. GDP report and yesterday's slightly more hawkish FOMC post-meeting statement. Sep 10-year T-note prices (ZNU15 -0.18%) are down -8 ticks on reduced safe-haven demand and caution ahead of this today's U.S. GDP report.
Commodity prices are up +0.30% this morning. Sep crude oil (CLU15 +0.51%) this morning is up +0.45 (+0.92%) and Sep gasoline (RBU15 +1.59%) is up +0.0357 (+2.03%) on carry-over support from yesterday's EIA report that featured a -4.2 million bbl drop in U.S. crude oil inventories and a -1.5% drop in U.S. oil production.
Metals prices are lower this morning with Aug gold (GCQ15 -0.71%) down -6.6 (-0.60%), Sep silver (SIU15 -0.87%) down -0.108 (-0.73%), and Sep copper (HGU15 -1.64%) down -0.018 (-0.73%). Grains and softs are mostly higher.
The European Commission's July index of executive and consumer sentiment rose by +0.5 points to a new 4-year high from 103.5 in June, stronger than market expectations for a -0.3 point decline to 103.2. The July industrial confidence index rose to -2.9 from -3.4 in June. July service sector confidence rose to 8.9 from 7.9. European confidence in July received a boost from Greece's preliminary agreement to reform conditions that should lead to a 3-year bailout agreement and avoid the chance of Greece leaving the Eurozone.
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) weekly initial unemployment claims (expected +15,000 to 270,000 after last week's -26,000 to 255,000) and continuing claims (expected -2,000 to 2.205 million after last week's -9,000 to 2.207 million), (2) Q2 GDP (expected +2.5% q/q annualized after Q1's -0.2%), and (3) the Treasury's auction of $29 billion of 7-year T-notes.
There are 54 of the S&P 500 companies that report earnings today with notable reports including: Procter & Gamble (consensus $0.95), ADP (9.59), Coca-Cola Enterprises (0.76), Valero (2.42), CME Group (0.92), Time Warner Cable (1.80), Marathon Petroleum (1.75), Amgen (2.43), Electronic Arts (0.03), Fluor (1.06), Expedia (0.86).
U.S. IPO's scheduled to price today include: TerraForm Global (GLBL), NEP Group (NEPG), Aqua Metals (AQMS), EyeGate Pharmaceuticals (EYEG), Riverbanc Multifamily Investor (RMI).
Equity conferences this week: none.

Sep E-mini S&Ps this morning are little changed with support from a +0.47% rally in European stocks but downward pressure from today's -2.20% sell-off in the China Shanghai index. Wednesday's closes: S&P 500 +0.73%%, Dow Jones +0.69%, Nasdaq +0.44%. The S&P 500 on Wednesday extended Tuesday’s upward rebound on the +3.4% rally in the Chinese Shanghai stock index and relief that the FOMC in its post-meeting statement left its interest rate guidance virtually unchanged and did not adopt language to indicate that a rate hike is likely at the next meeting in September. Stock prices were undercut, however, by the weak June U.S. pending home sales report of -1.8% m/m versus expectations of +0.9%.
OVERNIGHT U.S. STOCK MOVERS
  • Positive SPX earnings reports this morning include: ConocoPhillips (COP +1.26%) ($0.07 vs consensus of $0.04), Air Products (APD +0.99%) (1.65 vs 1.58), Cigna (CI -0.32%) (2.55 vs 2.25), Helmerich & Payne (HP +3.51%) (0.27 vs 0.12), Stanley Black & Decker (SWK +1.88%) (1.49 vs 1.44), Allegion (ALLE +2.18%) (0.71 vs 0.706), Alexion Pharma (ALXN -2.35%) (1.44 vs 1.39), Starwood Hotels (HOT +2.42%) (0.84 vs 0.74), Pitney Bowes (PBI +0.87%) (0.45 vs 0.44), Procter & Gamble (PG +0.49%) (1.00 vs 0.95), Cardinal Health (CAH +0.80%) (1.00 vs 0.99), DENTSPLY (XRAY +2.21%) (0.73 vs 0.68), Sealed Air (AEE +0.79%) (0.60 vs 0.53), CME Group (CME +0.88%) (0.97 vs 0.92), Delphi Automotive (DLPH +1.36%) (1.34 vs 1.339), Valero (VLO +1.49%) (2.66 vs 2.42), Coca-Cola (CCE +1.90%) (0.79 vs 0.76), SCANA (SCG +1.03%) (0.69 vs 0.67), Invesco (IVZ +1.18%) (0.62 vs 0.618).
  • Negative SPX earnings reports this morning include: TECO Energy (TE +0.51%) (0.26 vs 0.267), Ball Corp (BLL +1.61%) (0.89 vs 0.94), Time Warner (TWC +0.12%) (1.54 vs 1.80), Xcel Energy (XEL +0.42%) (0.39 vs 0.396), L-3 Communications (LLL +2.02%) (1.41 vs 1.71), Colgate-Palmolive (CL +0.79%) (0.70 vs 0.704), Occidental Petroleum (OXY +1.78%) (0.21 vs 0.225), Sigma-Aldrich (SIAL -0.04%) (1.01 vs 1.103), Marathon Petroleum (MPC +2.38%) (1.51 vs 1.75), Zimmer Biomet Holdings (ZBH +0.47%) (1.12 vs 1.57).
  • On positive earnings news late yesterday, Skechers (SKX +3.12%) rallied 10%, Teradyne (TER +0.27%) rallied 6%, and Lam Research (LRCX -0.10%) rallied +1.5%.
  • On negative earnings news late yesterday, Facebook (FB +1.78%) fell -3%, Whole Foods (WFM -0.29%) fell 11%, Lifelock (LOCK +11.15%) fell 7%, La Quinta (LQ +2.45%) fell 3%, and Whiting Petroleum (WLL +7.02%) fell 5%.
MARKET COMMENTS
Sep 10-year T-note prices are down -8 ticks on reduced safe-haven demand and caution ahead of this today's U.S. GDP report. Wednesday's closes: TYU5 -6, FVU5 -2.75. Sep 10-year T-notes on Wednesday closed mildly lower on reduced safe-haven demand as Chinese and U.S. stocks rallied and on supply overhang as the Treasury sells $105 billion of T-notes this week. T-notes found support, however, on the weak pending home sales report and relief the FOMC did not move to a more hawkish post-meeting statement.
The dollar index this morning is up +0.341 (+0.35%) while EUR/USD is down -0.0022 (-0.20%) and USD/JPY is +0.40% (+0.32%). The dollar index is seeing some continued strength today on expectations for a decent U.S. GDP report and yesterday's slightly more hawkish FOMC post-meeting statement. Wednesday's closes: Dollar Index +0.20 (+0.21%), EUR/USD -0.0076 (-0.69%), USD/JPY +0.38 (+0.31%). The dollar index on Wednesday closed mildly higher on technical buying and the rally in Chinese and U.S. stocks. However, the dollar was undercut by the weak U.S. pending home sales report and the dovish FOMC post-meeting statement, which suggested that the Fed is in no hurry to raise interest rates.
Sep crude oil this morning is up +0.45 (+0.92%) and Sep gasoline is up +0.0357 (+2.03%) on carry-over support from yesterday's EIA report that featured a -4.2 million bbl drop in U.S. crude oil inventories and a -1.5% drop in U.S. oil production. Wednesday's closes: CLU5 +0.81 (+1.69%), RBU5 +0.0066 (+0.38%). Sep crude oil and gasoline on Wednesday closed higher on the rally in Chinese stocks and EIA's report of a -4.2 million bbl decline in U.S. crude oil inventories versus expectations for a +850,000 bbl build. Crude oil prices were also boosted by the EIA report's -1.5% drop in U.S. oil production in the week ended July 24 to 9.413 million bpd, which is down by -2.0% the 43-year high of 9.610 million bpd posted in the first week of June.
GLOBAL EVENT CALENDAR07/30/2015
US0830 ETWeekly initial unemployment claims expected +15,000 to 270,000, previous -26,000 to 255,000. Weekly continuing claims expected -2,000 to 2.205 million, previous -9,000 to 2.207 million.
0830 ETQ2 GDP expected +2.5% (q/q annualized), Q1 -0.2%. Q2 personal consumption expected +2.7%, Q1 +2.1%. Q2 GDP price index expected +1.5%, Q1 unch. Q2 core PCE deflator expected +1.6% q/q, Q1 +0.8% q/q.
0830 ETUSDA weekly Export Sales.
1300 ETTreasury auctions $29 billion of 7-year T-notes.
JPN0030 ETJapan Jun vehicle production, May -16.6% y/y.
1930 ETJapan Jun jobless rate expected unch at 3.3%. Jun job-to-applicant ratio expected +0.01 to 1.20, May 1.19.
1930 ETJapan Jun overall household spending expected +1.9% y/y, May +4.8% y/y.
1930 ETJapan Jun national CPI expected +0.3% y/y, May +0.5% y/y. Jun national CPI ex-fresh food expected unch y/y, May +0.1% y/y. Jun national CPI ex food & energy expected +0.4% y/y, May +0.4% y/y.
1930 ETJapan Jul Tokyo CPI expected +0.2% y/y, Jun +0.3% y/y. Jul Tokyo CPI ex-fresh food expected unch y/y, Jun +0.1% y/y. Jul Tokyo CPI ex food & energy expected +0.2% y/y, Jun +0.2% y/y.
GER0355 ETGerman Jul unemployment change expected -5,000, Jun -1,000. Jul unemployment rate expected unch at 6.4%.
0800 ETGerman Jul CPI (EU harmonized) expected +0.3% m/m and +0.1% y/y, Jun -0.2% m/m and +0.1% y/y.
EUR0500 ETEurozone Jul economic confidence expected -0.3 to 103.2, Jun 103.5. Jul business climate indicator expected +0.06 to 0.20, Jun 0.14.
0500 ETRevised Eurozone Jul consumer confidence, previous-1.5 to -7.1.
UK1905 ETUK Jul GfK consumer confidence expected -2 to 5, Jun 7.
U.S. STOCK CALENDAR07/30/2015
CompanyTickerTimeEvent DescriptionPeriodEstimate
Air Products & Chemicals IncAPD USBef-mktQ3 2015 Earnings ReleaseQ3 20151.581
Automatic Data Processing IncADP USBef-mktQ4 2015 Earnings ReleaseQ4 20150.593
Ball CorpBLL USBef-mktQ2 2015 Earnings ReleaseQ2 20150.94
Coca-Cola Enterprises IncCCE USBef-mktQ2 2015 Earnings ReleaseQ2 20150.756
Colgate-Palmolive CoCL USBef-mktQ2 2015 Earnings ReleaseQ2 20150.704
Helmerich & Payne IncHP USBef-mktQ3 2015 Earnings ReleaseQ3 20150.121
Starwood Hotels & Resorts Worldwide IncHOT USBef-mktQ2 2015 Earnings ReleaseQ2 20150.74
Host Hotels & Resorts IncHST USBef-mktQ2 2015 Earnings ReleaseQ2 20150.456
Occidental Petroleum CorpOXY USBef-mktQ2 2015 Earnings ReleaseQ2 20150.225
ConocoPhillipsCOP USBef-mktQ2 2015 Earnings ReleaseQ2 20150.037
Pinnacle West Capital CorpPNW USBef-mktQ2 2015 Earnings ReleaseQ2 20151.225
Pitney Bowes IncPBI USBef-mktQ2 2015 Earnings ReleaseQ2 20150.442
Procter & Gamble Co/ThePG USBef-mktQ4 2015 Earnings ReleaseQ4 20150.946
SCANA CorpSCG USBef-mktQ2 2015 Earnings ReleaseQ2 20150.67
Stanley Black & Decker IncSWK USBef-mktQ2 2015 Earnings ReleaseQ2 20151.443
TECO Energy IncTE USBef-mktQ2 2015 Earnings ReleaseQ2 20150.267
Cardinal Health IncCAH USBef-mktQ4 2015 Earnings ReleaseQ4 20150.986
Ensco PLCESV USBef-mktQ2 2015 Earnings ReleaseQ2 20151.026
BorgWarner IncBWA USBef-mktQ2 2015 Earnings ReleaseQ2 20150.829
Alexion Pharmaceuticals IncALXN USBef-mktQ2 2015 Earnings ReleaseQ2 20151.392
Iron Mountain IncIRM USBef-mktQ2 2015 Earnings ReleaseQ2 20150.538
Valero Energy CorpVLO USBef-mktQ2 2015 Earnings ReleaseQ2 20152.42
L-3 Communications Holdings IncLLL USBef-mktQ2 2015 Earnings ReleaseQ2 20151.711
CME Group Inc/ILCME USBef-mktQ2 2015 Earnings ReleaseQ2 20150.924
Time Warner Cable IncTWC USBef-mktQ2 2015 Earnings ReleaseQ2 20151.796
Xcel Energy IncXEL USBef-mktQ2 2015 Earnings ReleaseQ2 20150.396
Marathon Petroleum CorpMPC USBef-mktQ2 2015 Earnings ReleaseQ2 20151.746
Delphi Automotive PLCDLPH USBef-mktQ2 2015 Earnings ReleaseQ2 20151.339
Allegion PLCALLE USBef-mktQ2 2015 Earnings ReleaseQ2 20150.703
WestRock CoWRK USBef-mktQ3 2015 Earnings ReleaseQ3 20151.017
Cigna CorpCI US6:30Q2 2015 Earnings ReleaseQ2 20152.308
DENTSPLY International IncXRAY US7:00Q2 2015 Earnings ReleaseQ2 20150.683
Sealed Air CorpSEE US7:00Q2 2015 Earnings ReleaseQ2 20150.53
Xylem Inc/NYXYL US7:00Q2 2015 Earnings ReleaseQ2 20150.433
Invesco LtdIVZ US7:30Q2 2015 Earnings ReleaseQ2 20150.618
Zimmer Biomet Holdings IncZBH US7:30Q2 2015 Earnings ReleaseQ2 20151.566
Owens-Illinois IncOI US8:00Q2 2015 Earnings CallQ2 2015
Pitney Bowes IncPBI US8:00Q2 2015 Earnings CallQ2 2015
Stanley Black & Decker IncSWK US8:00Q2 2015 Earnings CallQ2 2015
MetLife IncMET US8:00Q2 2015 Earnings CallQ2 2015
Mondelez International IncMDLZ US8:00Q2 2015 Earnings ReleaseQ2 20150.394
Zimmer Biomet Holdings IncZBH US8:00Q2 2015 Earnings CallQ2 2015
Michael Kors Holdings LtdKORS US8:00Annual General MeetingY 2015
Automatic Data Processing IncADP US8:30Q4 2015 Earnings CallQ4 2015
Cigna CorpCI US8:30Q2 2015 Earnings CallQ2 2015
Procter & Gamble Co/ThePG US8:30Q4 2015 Earnings CallQ4 2015
Cardinal Health IncCAH US8:30Q4 2015 Earnings CallQ4 2015
DENTSPLY International IncXRAY US8:30Q2 2015 Earnings CallQ2 2015
Iron Mountain IncIRM US8:30Q2 2015 Earnings CallQ2 2015
CME Group Inc/ILCME US8:30Q2 2015 Earnings CallQ2 2015
Time Warner Cable IncTWC US8:30Q2 2015 Earnings CallQ2 2015
Delphi Automotive PLCDLPH US8:30Q2 2015 Earnings CallQ2 2015
Allegion PLCALLE US8:30Q2 2015 Earnings CallQ2 2015
Baxalta IncBXLT US8:30Business Update Call
Host Hotels & Resorts IncHST US9:00Q2 2015 Earnings CallQ2 2015
TECO Energy IncTE US9:00Q2 2015 Earnings CallQ2 2015
Unum GroupUNM US9:00Q2 2015 Earnings CallQ2 2015
Invesco LtdIVZ US9:00Q2 2015 Earnings CallQ2 2015
Xylem Inc/NYXYL US9:00Q2 2015 Earnings CallQ2 2015
WestRock CoWRK US9:00Q3 2015 Earnings CallQ3 2015
Williams Cos Inc/TheWMB US9:30Q2 2015 Earnings CallQ2 2015
BorgWarner IncBWA US9:30Q2 2015 Earnings CallQ2 2015
Air Products & Chemicals IncAPD US10:00Q3 2015 Earnings CallQ3 2015
Coca-Cola Enterprises IncCCE US10:00Q2 2015 Earnings CallQ2 2015
Lincoln National CorpLNC US10:00Q2 2015 Earnings CallQ2 2015
Occidental Petroleum CorpOXY US10:00Q2 2015 Earnings CallQ2 2015
Alexion Pharmaceuticals IncALXN US10:00Q2 2015 Earnings CallQ2 2015
Boston Properties IncBXP US10:00Q2 2015 Earnings CallQ2 2015
Marriott International Inc/MDMAR US10:00Q2 2015 Earnings CallQ2 2015
Sealed Air CorpSEE US10:00Q2 2015 Earnings CallQ2 2015
Mondelez International IncMDLZ US10:00Q2 2015 Earnings CallQ2 2015
Xcel Energy IncXEL US10:00Q2 2015 Earnings CallQ2 2015
Marathon Petroleum CorpMPC US10:00Q2 2015 Earnings CallQ2 2015
Ball CorpBLL US11:00Q2 2015 Earnings CallQ2 2015
Colgate-Palmolive CoCL US11:00Q2 2015 Earnings CallQ2 2015
Helmerich & Payne IncHP US11:00Q3 2015 Earnings CallQ3 2015
Ensco PLCESV US11:00Q2 2015 Earnings CallQ2 2015
O'Reilly Automotive IncORLY US11:00Q2 2015 Earnings CallQ2 2015
Valero Energy CorpVLO US11:00Q2 2015 Earnings CallQ2 2015
L-3 Communications Holdings IncLLL US11:00Q2 2015 Earnings CallQ2 2015
ConocoPhillipsCOP US12:00Q2 2015 Earnings CallQ2 2015
Pinnacle West Capital CorpPNW US12:00Q2 2015 Earnings CallQ2 2015
Starwood Hotels & Resorts Worldwide IncHOT US13:00Q2 2015 Earnings CallQ2 2015
Murphy Oil CorpMUR US13:00Q2 2015 Earnings CallQ2 2015
Public StoragePSA US14:00Q2 2015 Earnings CallQ2 2015
Realty Income CorpO US14:30Q2 2015 Earnings CallQ2 2015
SCANA CorpSCG US15:00Q2 2015 Earnings CallQ2 2015
Western Union Co/TheWU US16:01Q2 2015 Earnings ReleaseQ2 20150.393
Broadcom CorpBRCM US16:05Q2 2015 Earnings ReleaseQ2 20150.752
KLA-Tencor CorpKLAC US16:15Q4 2015 Earnings ReleaseQ4 20150.915
Edison InternationalEIX US16:30Q2 2015 Earnings CallQ2 2015
Western Union Co/TheWU US16:30Q2 2015 Earnings CallQ2 2015
Expedia IncEXPE US16:30Q2 2015 Earnings CallQ2 2015
Hanesbrands IncHBI US16:30Q2 2015 Earnings CallQ2 2015
PerkinElmer IncPKI US17:00Q2 2015 Earnings CallQ2 2015
Amgen IncAMGN US17:00Q2 2015 Earnings CallQ2 2015
KLA-Tencor CorpKLAC US17:00Q4 2015 Earnings CallQ4 2015
Electronic Arts IncEA US17:00Q1 2016 Earnings CallQ1 2016
PerkinElmer IncPKI USAft-mktQ2 2015 Earnings ReleaseQ2 20150.59
Leggett & Platt IncLEG USAft-mktQ2 2015 Earnings ReleaseQ2 20150.538
Eversource EnergyES USAft-mktQ2 2015 Earnings ReleaseQ2 20150.562
Edison InternationalEIX USAft-mktQ2 2015 Earnings ReleaseQ2 20150.826
Universal Health Services IncUHS USAft-mktQ2 2015 Earnings ReleaseQ2 20151.646
Amgen IncAMGN USAft-mktQ2 2015 Earnings ReleaseQ2 20152.427
Flowserve CorpFLS USAft-mktQ2 2015 Earnings ReleaseQ2 20150.794
Electronic Arts IncEA USAft-mktQ1 2016 Earnings ReleaseQ1 20160.027
Essex Property Trust IncESS USAft-mktQ2 2015 Earnings ReleaseQ2 20152.34
Apartment Investment & Management CoAIV USAft-mktQ2 2015 Earnings ReleaseQ2 20150.537
FirstEnergy CorpFE USAft-mktQ2 2015 Earnings ReleaseQ2 20150.47
Fluor CorpFLR USAft-mktQ2 2015 Earnings ReleaseQ2 20151.055
Expedia IncEXPE USAft-mktQ2 2015 Earnings ReleaseQ2 20150.863
Hanesbrands IncHBI USAft-mktQ2 2015 Earnings ReleaseQ2 20150.499
Fluor CorpFLR US17:30Q2 2015 Earnings CallQ2 2015
Michael Kors Holdings LtdKORS USAnnual General Meeting
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