Showing posts with label GNC. Show all posts
Showing posts with label GNC. Show all posts

Monday, June 16, 2014

BARCHART MORNING CALL 6/16

OVERNIGHT MARKETS AND NEWS
September E-mini S&Ps (ESU14 -0.27%) this morning are down -0.23% and European stocks are down -0.49% as sectarian strife in Iraq spreads and threatens to throw the country into civil war. Concern is mounting that the U.S. will be forced to intervene in Iraq to stop insurgents from taking over the country. Also, violence in Ukraine escalated over the weekend after 49 Ukraine soldiers were killed after pro-Russian insurgents shot down a military transport plane. Asian stocks closed mixed: Japan -1.09%, Hong Kong -0.08%, China +0.72%, Taiwan +0.07%, Australia +0.13%, Singapore -0.09%, South Korea +0.26%, India -0.15%. China's Shanghai Stock Index rallied up to a 1-3/4 month high on signs the central bank is widening its easing measures after the PBOC expanded the group of lenders covered by a reserve-ratio cut that was announced on Jun 9. The Chinese government is trying to boost funding for small businesses and agriculture in an attempt to spur economic growth. Commodity prices are mostly higher. July crude oil (CLN14 +0.10%) is down -0.02% as crude prices shed overnight gains on speculation that the spread of violence will not disrupt crude supplies from Iraq, OPEC's second-largest producer. July gasoline (RBN14 +0.01%) is up +0.10%. Aug gold (GCQ14 +0.59%) is up +0.49% at a 2-1/2 week high as intensifying violence in Iraq spurs safe-haven demand for gold. July copper (HGN14 +0.91%) is up +0.74%. Agriculture prices are higher. The dollar index (DXY00 +0.04%) is up +0.03%. EUR/USD (^EURUSD) is up +0.03%. USD/JPY (^USDJPY) is down -0.20%. Sep T-note prices (ZNU14 +0.13%) are up +4 ticks as the slide in equities boosts the safe-haven demand for Treasuries.
UK Jun Rightmove house prices rose +0.1% m/m and +7.7% y/y, slower than May's +3.6% m/m and +8.9% y/y increase.
The Eurozone May CPI fell -0.1% m/m, right on expectations, and was left unrevised at +0.5% y/y. The May core CPI was also left unrevised at +0.7% y/y.
U.S. STOCK PREVIEW
Today’s June Empire manufacturing index is expected to show a -4.01 point decline to 15.00, falling back a bit after the +17.27 point surge to 19.01 seen in May. Today’s May industrial production report is expected to rebound higher by +0.5%, reversing most of the -0.6% decline seen in April. Today’s June NAHB housing market index is expected to show a +2 point increase to 47, recovering a bit after the -1 point drop to a 1-year low of 45 seen in May. There are no Russell 1000 companies that report earnings today.
Equity conferences this week include: American Diabetes Association Conference on Mon, Deutsche Bank 1x1 Insurance Conference on Mon, Natural Gas for Off Road Applications USA Conference on Mon, Wall Street Journal CFO Network Annual Meeting on Mon-Tue, Canadian Telecom Summit 2014 on Mon-Wed, RBC Capital Markets Global Mining & Materials Conference on Tue, Sterne Agee Executive Summit on Tue, Deutsche Bank Global Consumer Conference on Tue-Wed, Wells Fargo Securities Healthcare Conference on Tue-Wed, Predictive Analytics World Conference on Tue-Thu, Jefferies Global Consumer Conference on Wed-Thu, Nomura Corporate Day on Wed, Citi CorpGlobal Water Conference on Thu, Goldman Sachs European Chemicals Vision Conference on Thu, J.P. Morgan Oil & Gas Corporate Access Day on Thu, Morgan Stanley China Industrials Summit on Thu, and Noia Conference 2014 on Thu.









OVERNIGHT U.S. STOCK MOVERS
Norwegian Cruise Line (NCLH -0.18%) was downgraded to 'Neutral' from 'Buy' at SunTrust.
AK Steel (AKS +0.63%) was upgraded to 'Buy' from 'Neutral' at BofA/Merrill.
Williams (WMB +0.70%) was upgraded to 'Buy' from 'Hold' at Jefferies with a price target of $65.
CenterPoint Energy (CNP +0.25%) was upgraded to 'Outperform' from 'Market Perform' at BMO Capital.
DISH (DISH -0.14%) was upgraded to 'Overweight' from 'Neutral' at JPMorgan Chase.
RenaissanceRe (RNR +0.85%) was downgraded to 'Market Perform' from 'Outperform' at JMP Securities due to valuation.
Micron (MU +1.04%) was upgraded to 'Outperform' from 'Neutral' at RW Baird.
GNC Holdings (GNC -5.51%) was downgraded to 'Neutral' from 'Outperform' at RW Baird.
Medtronic (MDT -0.15%) jumped 11% in pre-market trading after Sanford C. Bernstein said that Medtronic's acquisition of Covidien will allow it to challenge Johnson & Johnson as the world's biggest medical device company.
Covidien Plc (COV -0.03%) surged 35% in pre-maket trading after Medtronic agreed to buy the company for $42.9 billion.

Eminence Capital reported a 5.1% passive stake in Allscripts (MDRX -1.63%) .
MARKET COMMENTS
Sep E-mini S&Ps (ESU14 -0.27%) this morning are down -4.50 points (-0.23%). The S&P 500 index on Friday closed higher. Bullish factors included (1) the unexpected -0.2% m/m drop in May PPI, weaker than expectations of +0.1% m/m, which boosted speculation the Fed may delay any hike in interest rates, and (2) strength in technology stocks led by a rally in Intel after the world’s largest semiconductor maker said annual sales will increase for the first time in 3 years. Strength in stocks was limited after early-June U.S. consumer confidence unexpectedly fell -0.7 to 81.2, weaker than expectations of +1.1 to 83.0. Closes: S&P 500 +0.31%, Dow Jones +0.25%, Nasdaq +0.31%.
Sep 10-year T-notes (ZNU14 +0.13%) this morning are up +4 ticks. Sep 10-year T-note futures prices on Friday closed lower. Bearish factors included (1) negative carry-over from a drop in British gilts after BOE Governor Carney said that interest rate increases “could happen sooner than markets currently expect,” and (2) reduced safe-haven demand for T-notes as stocks erased early losses and settled higher. Closes: TYU4 -8.00, FVU4 -6.00.
The dollar index (DXY00 +0.04%) this morning isup +0.022 (+0.03%). EUR/USD (^EURUSD) is up +0.0004 (+0.03%). USD/JPY (^USDJPY) is down -0.20 (-0.20%). The dollar index on Friday closed unchanged. EUR/USD weakened after ECB Executive Board member Coeure said that the ECB’s measures introduced Jun 5 created “stability and predictability of rates, with low rates close to zero for a long period of time.” Gains in the dollar were muted after stocks recovered from early losses and closed higher, which reduced safe-haven demand for the dollar. Closes: Dollar Index unch, EUR/USD -0.0017 (-0.13%), USD/JPY +0.310 (+0.30%).
July WTI crude oil (CLN14 +0.10%) this morning is down -2 cents (-0.02%). July gasoline (RBN14 +0.01%) is up +0.0030 (+0.10%). July crude and gasoline prices on Friday settled mixed. July crude posted an 8-3/4 month high and closed higher after Islamist fighters extended their advance into Iraq, which risks starting a civil war that disrupts oil supplies from Iraq, OPEC’s second-largest producer. July gasoline retreated from a 1-1/2 month high and closed lower after early-Jun U.S. consumer confidence index unexpectedly declined. Closes: CLN4 +0.38 (+0.36%) RBN4 -0.026 (-0.84%).
GLOBAL EVENT CALENDAR06/16/2014
US0830 ETJun Empire manufacturing index expected -4.01 to 15.00, May +17.72 to 19.01.
0915 ETMay industrial production expected +0.5%, Apr -0.6%. May capacity utilization expected +0.3 to 78.9%, Apr was -0.7 to 78.6%.
1000 ETJun NAHB housing market index expected +2 to 47, May -1 to 45.
1100 ETUSDA weekly grain export inspections.
1600 ETUSDA weekly crop progress.
EUR0500 ETRevised Eurozone May CPI, previous +0.5% y/y. Revised May core CPI, previous +0.7% y/y.
U.S. STOCK CALENDAR06/16/2014
Company NameTickerTimeEvent DescriptionPeriodEstimate
Affiliated Managers Group IncAMG US9:00Annual General Meeting
Principal Financial Group IncPFG USRoadshow - BostonY 2014
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Monday, March 17, 2014

BARCHART MORNNG CALL 3/17

OVERNIGHT MARKETS AND NEWS
June E-mini S&Ps (ESM14 +0.53%) this morning are up +0.52% as they rebound from a 3-week low, and European stocks are up +0.78% on increased M&A activity after Vodaphone Group Plc, the world's second-biggest carrier, agreed to buy Spanish cable operator Grupo Corporativo Ono SA for 7.2 billion euros ($10 billion), and after Allianz SE, Europe's biggest insurer, agreed to spend 440 million euros buying assets from Unipol Gruppo Finanziario SpA. European stock rose despite Sunday's referendum vote In Crimea where 97% of voters opted to secede from Ukraine. The EU said "the referendum is illegal and illegitimate and its outcome will not be recognized." Russia has deployed about 60,000 troops along the Ukrainian border according to the Ukrainian government, which also said it closed border crossings to Russia and will mobilize as many as 15,000 volunteers in the next 2-weeks to defend the nation. Russia's Micex Stock Index rose 2.3% on reduced concern that the Crimean vote to leave Ukraine will not lead to an immediate increase in tensions between Russia and the West. Asian stocks closed mixed: Japan -0.35%, Hong Kong -0.30%, China +0.95%, Taiwan +0.14%, Australia -0.22%, Singapore +0.60%, South Korea +0.45%, India closed for holiday. Commodity prices are mixed. Apr crude oil (CLJ14 -0.20%) is down -0.23%. Apr gasoline (RBJ14 -0.55%) is down -0.46%. Apr gold (GCJ14 -0.08%) is up +0.10% at a 6-1/4 month high after the referendum in Crimea to leave Ukraine and join Russia boosted safe-haven demand for precious metals. May copper (HGK14 +0.83%) is up +0.58%. Agriculture prices are weaker. The dollar index (DXY00 +0.09%) is up +0.06%. EUR/USD (^EURUSD) is down -0.11% after Eurozone Feb CI was revised lower, which may keep the pressure on the ECB to provide additional stimulus to fight deflation risks. USD/JPY (^USDJPY) is up +0.41%. June T-note prices (ZNM14 -0.23%) are down -8 ticks.
Eurozone Feb CPI rose +0.3% m/m, less than expectations of +0.4% m/m, while on an annual basis Feb CPI was revised unexpectedly lower to +0.7% y/y from the originally reported +0.8% y/y and matched the Oct 2013 gain as the smallest year-over-year increase in 4-1/4 years. Feb core CPI was left unrevised at +1.0% y/y.
China's yuan fell to 6.1818 per dollar, the weakest in 11-months, after the PBOC widened the yuan's daily trading band to trade as much as 2% on either side of the reference rate, compared with the previous limit of 1%.
U.S. STOCK PREVIEW
The main item on this week’s agenda will be whether Russia starts to annex Crimea and makes any further military moves in Ukraine and the sanctions response from the U.S. and Europe. Today’s Feb industrial production report is expected to show an increase of +0.2%, reversing most of the -0.3% decline seen in January. Today’s March Empire manufacturing index is expected to show a +2.5 point increase to 7.0, rebounding somewhat after the sharp -8.0 point drop to 4.5 seen in February. Today’s March NAHB housing market index is expected to show an upward rebound of +4 points to 50 after the -10 point plunge to 46 seen in February.
None of the Russell 1000 companies report earnings today. Equity conferences this week include: Consumer Analyst Group of Europe (CAGE) Conference on Mon-Wed, Bank of America Merrill Lynch Global Industrials & EU Auto Conference on Tue-Thu, Goldman Sachs TMT Leveraged Finance Conference on Wed, International Strategy & Investment Retail Summit on Wed, ISI Retail Summit on Wed-Thu, Gabelli & Company Specialty Chemicals Conference on Thu, Bloomberg Mexico Economic Summit on Thu, and Capital Link Invest in International Shipping Forum on Thu.
OVERNIGHT U.S. STOCK MOVERS
RBC Capital kept its 'Outperform' rating on Adobe (ADBE +0.16%) and increased its price target on the stock to $75 from $63.
Facebook (FB -1.61%) was downgraded to 'Hold' from 'Buy' at Argus.
JA Solar (JASO +8.25%) reported Q4 EPS of 16 cents, well above consensus of 1 cent.
GNC Holdings (GNC -0.41%) was downgraded to 'Neutral' from 'Outperform' at Credit Suisse.
SAP (SAP +0.61%) was upgraded to 'Buy' from 'Neutral' at Citigroup.
Siemens (SI +2.00%) was upgraded to 'Buy' from 'Neutral' at BofA/Merrill.
TC PipeLines (TCP +0.82%) and Martin Midstream Partners (MMLP +0.47%) were both upgraded to 'Buy' from 'Neutral' at UBS.
Amgen's (AMGN -1.15%) talimogene laherparepvec drug reduced the size of tumors in a Phase 3 study.
Keurig Green Mountain (GMCR +6.68%) rose over 1% in European trading after it was announced that it will replace WPX Energy (WPX -0.11%) in S&P 500 as of the 3/21 close.
Long Focus Capital reported a 8.933% passive stake in Lucas Energy (LEI -8.00%) .
Solus Alternative Asset reported a 8.91% passive stake in YRC Worldwide (YRCW +1.70%) .
UPS Freight (UPS -0.85%) announced a general rate increase of 4.4%, effective March 31.
Kylin reported a 5.9% passive stake in E-House (EJ +0.63%) .
MARKET COMMENTS
June E-mini S&Ps (ESM14 +0.53%) this morning are up +9.50 points (+0.52%). The S&P 500 on Friday fell to a 1-1/2-week low and closed lower. Bearish factors included (1) concern the referendum vote Sunday in Crimea may lead to escalation of the Ukraine crisis, and (2) the U.S. Mar University of Michigan consumer confidence that unexpectedly fell -1.7 to 79.9, weaker than expectations of +0.4 to 82.0 and the lowest in 4-months. Stocks recovered their losses briefly late morning after Russian Foreign Minister Lavrov said Russia had no plans to invade eastern Ukraine and would respect the will of the Crimean people. Closes: S&P 500 -0.28%, Dow Jones -0.27%, Nasdaq -0.65%.
Jun 10-year T-notes (ZNM14 -0.23%) this morning are down -8 ticks. Jun 10-year T-note futures prices on Friday fell back from a 1-week high and closed little changed. T-notes moved higher on increased safe-haven demand from the Ukraine crisis and also after U.S. Mar University of Michigan consumer confidence unexpectedly fell to a 4-month low. T-notes relinquished most of their gains when Russia's foreign minister said his country has no plans to intervene in eastern Ukraine. Closes: TYM4 +1.00, FVM4 unch.
The dollar index (DXY00 +0.09%) this morning is up +0.048 (+0.06%). EUR/USD (^EURUSD) is down -0.0015 (-0.11%). USD/JPY (^USDJPY) is up +0.42 (+0.41%). The dollar index on Friday closed lower after U.S. Mar University of Michigan consumer confidence unexpected declined to a 4-month low. Another negative for the dollar was the drop in USD/JPY fell to a 2-week low as the yen strengthened on increased safe-haven demand over concern tensions in Ukraine may increase after Sunday's referendum that may lead Russia to annex Crimea. Closes: Dollar index -0.174 (-0.22%), EUR/USD +0.00363 (+0.26%), USD/JPY -0.494 (-0.49%).
Apr WTI crude oil (CLJ14 -0.20%) this morning is down -23 cents (-0.23%) and Apr gasoline (RBJ14 -0.55%) is down -0.0137 (-0.46%). Apr crude and gasoline prices on Friday closed higher. Bullish factors included (1) a weaker dollar, (2) the action by the IEA to raise their 2014 global crude consumption estimate to a record 92.7 million bbl a day, up +95,000 bbl from a forecast last month, and (3) concern that an escalation of Ukraine crisis could lead to a disruption of global energy supplies. Closes: CLJ4 +0.69 (+0.70%), RBJ4 +0.0268 (+0.91%).
GLOBAL EVENT CALENDAR03/17/2014
US0830 ETMar Empire manufacturing index expected +2.52 to 7.00, Feb -8.03 to 4.48.
0915 ETFeb industrial production expected +0.2%, Jan -0.3%. Feb capacity utilization expected +0.1 to 78.6%, Jan -0.4 to 78.5%.
1000 ETMar NAHB housing market index expected +4 to 50, Feb -10 to 46.
1100 ETUSDA weekly grain export inspections.
EUR0600 ETRevised Eurozone Feb CPI, previous +0.8% y/y. Revised Feb core CPI, previous +1.0% y/y.
CHI2130 ETChina Feb property prices.
U.S. STOCK CALENDAR03/17/2014
Company NameTickerTimeEvent DescriptionPeriodEstimate
Ford Motor CoF US9:00Ford University CallY 2014
Cooper Cos Inc/TheCOO USAnnual General MeetingY 2014
LSI CorpLSI USITC Due to Release Findings in Realtek vs. LSI Patent-Infringement Case
Viacom IncVIAB USAnnual General Meeting
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Friday, February 14, 2014

BARCHART MORNING CALL 2/14

OVERNIGHT MARKETS AND NEWS
March E-mini S&Ps (ESH14 +0.08%) this morning are up +0.11% and European stocks are up +0.70% after Eurozone Q4 GDP was revised higher. Asian stocks closed mixed: Japan -1.53%, Hong Kong +0.60%, China +0.70%, Taiwan +0.54%, Australia +0.91%, Singapore -0.04%, South Korea +0.71%, India +0.86%. Commodity prices are mixed. Mar crude oil (CLH14 -0.26%) is down -0.40%. Mar gasoline (RBH14 -0.33%) is down -0.29%. Apr gold (GCJ14 +1.30%) is up +1.26% at a 3-month high as weakness in the dollar prompts increased demand for precious metals as an alternative asset. March copper (HGH14 +0.06%) is up +0.09%. Agriculture and livestock prices are higher. The dollar index (DXY00 -0.29%) is down -0.22% at a 1-1/4 month low. EUR/USD (^EURUSD) is up +0.22% at a 2-1/2 week high as the upward revision to Eurozone Q4 GDP eases pressure on the ECB to provide additional euro-negative stimulus. USD/JPY (^USDJPY) is down -0.35%. March T-note prices (ZNH14 +0.06%) are little changed, up +0.5 of a tick.
Eurozone Q4 GDP was revised upward to +0.3% q/q and +0.5% y/y from the originally reported +0.2% q/q and +0.4% y/y.
German Q4 GDP was revised upward to +0.4% q/q and +1.4% y/y from the originally reported +0.3% q/q and +1.3% y/y.
UK Dec construction output was up +2.0% m/m and +6.3% y/y, close to expectations of +2.0% m/m and +6.4% y/y.
The China Banking Regulatory Commission reported that China Q4 2013 non-performing loans rose by +28.5 billion yuan ($4.7 billion) to 592.1 billion yuan, the highest since Sep 2008, which may increase the risk of defaults that trigger a financial crisis.
China Jan PPI fell -1.6% y/y, right on expectations and matched its biggest decline in 6-months. Jan CPI rose +2.5% y/y, unch from Dec and slightly more than expectations of +2.4% y/y.
U.S. STOCK PREVIEW
Today’s early-Feb U.S. consumer confidence index from the University of Michigan is expected to show a -1.0 point drop to 80.2, adding to the -1.3 point decline to 81.2 seen in January. Today’s Jan industrial production report is expected to show a modest increase of +0.2%, adding to the +0.3% increase seen in December. Today’s Jan import price index is expected to show a decline of -0.1% m/m and -1.8% y/y following the December report of unchanged m/m and -1.3% y/y. There are 7 of the S&P 500 companies that report earnings today: Campbell Soup (consensus $0.73), DTE Energy (0.96), Ventas (1.06), Interpublic (0.59), Scripps Networks (0.97), JM Smucker (1.68), VF Corp (0.84).

OVERNIGHT U.S. STOCK MOVERS
Campbell Soup (CPB +0.27%) reported Q2 EPS of 76 cents, higher than consensus of 73 cents.
Scripps Networks Interactive (SNI -0.50%) reported Q4 EPS of 90 cents, below consensus of 97 cents.
Mattel (MAT +0.73%) was downgraded to 'Hold' from 'Buy' at Argus.
JM Smucker (SJM +1.53%) reported Q3 EPS of $1.66, below consensus of $1.68.
Bloomberg reported that a Tesla Model S (TSLA +2.21%) caught fire while sitting in a Toronto garage earlier this month that was about four months old and not plugged in to an electric socket.
Cliffs Natural (CLF -0.41%) reported Q4 adjusted EPS of $1.22, well ahead of consensus of 79 cents.
SunPower (SPWR +4.97%) announced a three-year agreement to offer high efficiency SunPower solar power systems at Meritage Homes communities nationwide.
GNC Holdings (GNC +0.42%) slid 14% in after-hours trading after it reported Q4 adjusted EPS of 63 cents, below consensus of 64 cents.
Cray (CRAY -0.07%) reported Q4 EPS of $1.48, better than consensus of $1.36.
United Stationers (USTR +1.55%) reported Q4 adjusted EPS of 86 cents, higher than consensus of 81 cents.
Agilent (A +0.32%) reported Q1 EPS of 67 cents, better than consensus of 66 cents.
Brocade (BRCD +1.40%) reported Q1 EPS of 24 cents, stronger than consensus of 20 cents.
Regal Entertainment (RGC -0.10%) reported Q4 adjusted EPS of 17 cents, below consensus of 25 cents.
AIG (AIG +1.12%) gained 3% in after-hours trading after it reported Q4 EPS of $1.15, well above consensus of 96 cents.
MARKET COMMENTS
Mar E-mini S&Ps (ESH14 +0.08%) this morning are up +2.00 points (+0.11%). The S&P 500 on Thursday opened lower on economic concerns after U.S. Jan retail sales fell -0.4% and were unchanged ex-autos, weaker than expectations of unch and +0.1% ex-autos, and after U.S. weekly initial unemployment claims unexpectedly rose +8,000 to 339,000, higher than expectations of -1,000 to 330,000. However, stocks recovered their losses and closed higher on speculation the weaker-than-expected economic data was weather related along with increased M&A activity after Comcast agreed to buy Time Warner Cable for $45.2 billion. Closes: S&P 500 +0.58%, Dow Jones +0.40%, Nasdaq 100 +0.89%.
Mar 10-year T-notes (ZNH14 +0.06%) this morning are up +0.5 of a tick. Mar 10-year T-note futures prices on Thursday closed higher on concern that U.S. economic growth is slowing after Jan retail sales unexpectedly declined and after weekly jobless claims rose more than expected. Another supportive factor for T-notes was bond-dealer short covering after the Treasury concluded its Feb refunding with Thursday’s $16 billion 30-year T-bond auction. Closes: TYH4 +16.00, FVH4 +10.25.
The dollar index (DXY00 -0.29%) this morning is down -0.173 (-0.22%) at a 1-1/4 month low. EUR/USD (^EURUSD) is up +0.0030 (+0.22%) at a 2-1/2 week high. USD/JPY (^USDJPY) is down -0.36 (-0.35%). The dollar index on Thursday dropped to a 3-week low and closed lower after an unexpected decline in U.S. Jan retail sales and an unexpected increase in weekly initial unemployment claims fueled concerns about economic growth and boosted speculation that the Fed may slow the pace of QE tapering. Closes: Dollar index -0.356 (-0.44%), EUR/USD +0.00869 (+0.64%), USD/JPY -0.362 (-0.35%).
Mar WTI crude oil (CLH14 -0.26%) this morning is down -40 cents (-0.40%) and Mar gasoline (RBH14 -0.33%) is down -0.0081 (-0.29%). Mar crude and gasoline prices Thursday closed mixed. Crude prices fell back after an unexpected decline in U.S. Jan retail sales and an unexpected increase in weekly jobless claims bolstered concerns about the economy and energy demand. Energy prices recovered from their worst levels and gasoline closed higher after the dollar index fell to a 3-week low and after stock prices rallied. Closes: CLH4 -0.02 (-0.02%), RBH4 +0.0141 (+0.51%).
GLOBAL EVENT CALENDAR02/14/2014
US0830 ETJan import price index expected -0.1% m/m and -1.8% y/y, Dec unch m/m and -1.3% y/y.
0915 ETJan industrial production expected +0.2%, Dec +0.3%. Jan capacity utilization expected +0.1 to 79.3%, Dec 79.2%.
0955 ETPreliminary-Feb U.S. consumer confidence (Univ of Michigan) expected -1.0 to 80.2, Jan -1.3 to 81.2.
GER0200 ETGerman Q4 GDP expected +0.3% q/q and +1.3% y/y, Q3 +0.3% q/q and +0.6% y/y (wda).
UK0430 ETUK Dec construction output expected +2.0% m/m and +6.4% y/y, Nov -4.0% m/m and +2.2% y/y.
EUR0500 ETEurozone Q4 GDP expected +0.2% q/q and +0.4% y/y, Q3 +0.1% q/q and -0.4% y/y.
U.S. STOCK CALENDAR02/14/2014
Company NameTickerTimeEvent DescriptionPeriodEstimate
Campbell Soup CoCPB USBef-mktQ2 2014 Earnings ReleaseQ2 20140.726
Charles Schwab Corp/TheSCHW USBef-mktJanuary 2014 Sales and Revenue Release - Activity Report2014
DTE Energy CoDTE USBef-mktQ4 2013 Earnings ReleaseQ4 20130.959
Ventas IncVTR USBef-mktQ4 2013 Earnings ReleaseQ4 20131.056
Interpublic Group of Cos Inc/TheIPG USBef-mktQ4 2013 Earnings ReleaseQ4 20130.585
Scripps Networks Interactive IncSNI US7:00Q4 2013 Earnings ReleaseQ4 20130.969
JM Smucker Co/TheSJM US7:00Q3 2014 Earnings ReleaseQ3 20141.675
VF CorpVFC US7:00Q4 2013 Earnings ReleaseQ4 20130.841
American International Group IncAIG US8:00Q4 2013 Earnings CallQ4 2013
Hasbro IncHAS US8:00Investor Update - Toy FairY 2013
JM Smucker Co/TheSJM US8:00Q3 2014 Earnings CallQ3 2014
Equifax IncEFX US8:30Q4 2013 Earnings CallQ4 2013
VF CorpVFC US8:30Q4 2013 Earnings CallQ4 2013
Interpublic Group of Cos Inc/TheIPG US8:30Q4 2013 Earnings CallQ4 2013
DTE Energy CoDTE US9:00Q4 2013 Earnings CallQ4 2013
Campbell Soup CoCPB US9:30Q2 2014 Earnings CallQ2 2014
Scripps Networks Interactive IncSNI US10:00Q4 2013 Earnings CallQ4 2013
Cliffs Natural Resources IncCLF US10:00Q4 2013 Earnings CallQ4 2013
Ventas IncVTR US10:00Q4 2013 Earnings CallQ4 2013
Mattel IncMAT US13:00Analyst Meeting - Toy FairY 2014
Time Warner IncTWX USU.S. Box Office Release of Movie Winter's Tale""
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Monday, October 22, 2012

Barchart Morning Call 10/22


Barchart Morning Call
BC - 1 hr 1 min ago
Overnight Developments
  • Dec E-mini S&Ps are mildly higher by +0.40% on support from the +0.40% rally in European stocks and positive regional election results in Spain for Prime Minister Rajoy. EUR/USD is up +0.33% on the Spanish election results, while the dollar index is down -0.16%. Global stocks have been able to shake off the negative news of the 10.3% y/y decline in Japanese exports. However, the export report hurt the yen with USD/JPY up +0.66% this morning. Asian stocks today closed mixed with Japanese stocks closing slightly higher by +0.09%. Chinese stocks closed +0.39% on continued hopes for stock market support measures before the Chinese leadership change in November. Commodity prices are up +0.26% this morning with Nov crude oil +0.68%, Dec gold +0.12%, Dec copper +0.11%, and agriculture prices trading mostly higher.
  • European stocks and the euro were supported today by favorable election results for Spanish Prime Minister Rajoy's People's Party in regional elections yesterday in Galicia and the Basque Country. Mr. Rajoy's party said the results were a mandate for Mr. Rajoy's efforts to impose austerity and maintain the confidence of international investors. Market participants are hoping that Mr. Rajoy will now be more amenable to requesting a bailout since the regional elections are over.
  • German Chancellor Merkel over the weekend said Ireland was a "special case" and thereby left open the possibility that Ireland may yet receive some relief from the Eurozone or the ESM on the massive bank bailout that has so far been covered solely by Irish taxpayers. ECB and Eurozone officials prevailed upon Ireland during the crisis to cover all creditors of Irish banks, thus making the bailout extremely expensive.
  • Japan's Sep export shipments fell -10.3% y/y, which was weaker than market expectations of -9.9% y/y and was the biggest decline since last year's earthquake. Sep imports were up +4.1% y/y. Japan posted a trade deficit of -559 billion yen. The export breakdown was that exports to China fell -14.1% y/y, exports to Europe fell -21.1% y/y, and shipments to the U.S. rose +0.9% y/y. Japan's exports to China and indeed Japan's GDP figure overall is clearly being hurt by the territorial dispute over the islands in the East China Sea, which sparked public protests and boycotts against Japanese goods including vehicles. Japan's auto exports plunged by 14.6% in September.
  • OPEC governors began a 2-day meeting today to select a new secretary-general. There are nominees from four countries including Iran, Iraq, Saudi Arabia and Ecuador. OPEC ministers will make a final decision in December. The current OPEC secretary-general, Abdalla el-Badri of Libya, is stepping down at the end of this year after serving two 3-year terms.
    Market Comments
    • Dec E-mini S&Ps this morning are up by 5.75 points (+0.40%) on the +0.40% rally in European stocks and the Spanish election results that boosted the chances that Spain will soon request a bailout. The S&P 500 index on Friday sold off the entire day and closed sharply lower: S&P 500 -1.66%, Dow Jones -1.52%, Nasdaq 100 -2.40%. The Nasdaq posted a 2-1/2 month low. Stock prices were undercut last Friday by (1) carry-over weakness from a slide in European equities after EU leaders at a summit failed to come up with concrete financial aid solutions for Spain, (2) disappointing earnings reports from the bellwether stocks of Microsoft, McDonald's and GE, and (3) concern over growth in China after Sep Foreign Direct Investment in China fell -6.8% y/y, more than expectations of -3.5% y/y.
    • Dec 10-year T-notes this morning are down 11 ticks on the higher trade in global stocks. Dec 10-year T-note prices on Friday settled higher as a fall in stocks fueled demand for the safety of Treasuries: TYZ2 +13, FVZ2 +3.5. After the decline over the past week, T-note prices bounced higher on short-covering as stocks weakened on increased concern the European debt crisis may worsen.
    • The dollar index this morning is down -0.13 points (-0.16%) and EUR/USD is up +0.0043 (+0.33%) on the favorable Spanish regional election results. USD/JPY is up +0.52 (+0.66%) due to the weak Japanese exports report. The dollar index on Friday closed higher on increased safe-haven demand after equity markets plunged on increased concerns about the European debt crisis after the contentious EU Summit: Dollar index +0.254 (+0.32%), EUR/USD -0.00366 (-0.28%), USD/JPY +0.71 (+0.09%). The dollar index found support on (1) weakness in the euro after Spanish Prime Minister Rajoy said he doesn't feel his nation is under any pressure to ask for a bailout, (2) weakness in U.S. stocks, and (3) disappointment that the EU summit failed to provide clarity on potential financial aid to Spain.
    • Nov WTI crude oil prices this morning are up +0.61 (+0.68%) and Nov gasoline is up 0.0099 (+0.37%) on the lower dollar index this morning and the higher trade in global stocks. Nov crude oil and gasoline prices on Friday closed lower as equity markets slumped and U.S. fuel demand weakened: CLX2 -2.05 (-2.23%), RBX2 -0.0488 (-1.78%). Bearish factors included dollar strength, the slide in the stock market and the report from the API that showed total U.S. Sep petroleum deliveries, a measure of demand, fell -3.8% y/y to 18.2 million barrels a day, the lowest level in 4 years.
    • For the complete subscription version of this daily report (plus a 13-page big-picture weekly report), along with the earliest possible delivery in the morning, please visit http://www.barchart.com/register/crbfms_usmc.php
      Today's U.S. Earnings Reports Earnings reports (ranked by market cap): CAT-Caterpillar (Consensus:$2.22), FCX-Freeport-McMoran (0.73), TXN-Texas Instruments (0.47), YHOO-Yahoo! (0.26), VFC-VF Corp. (3.49), STI-Suntrust Banks (0.21), WYNN-Wynn Resorts Ltd. (1.34), NLSN-Nielsen Holdings (0.50), WDC-Western Digital (2.30), BTU-Peabody Energy (0.34), CE-Celanese (0.90), WRB-WR Berkley (0.54), HAS-Hasbro (1.20), GNC-GNC Holdings (0.58), ACC-American Campus Communities (0.10), ZION-Zions Bancorp (0.34).
      Global Financial Calendar
      Monday 10/22/12
      United States
      1100 ET USDA weekly grain export inspections.
      1130 ET Weekly 3-mo and 6-mo T-bill auctions.
      1500 ET USDA Cold Storage report.
      1600 ET USDA Crop Progress
      2100 ET Obama-Romney debate at Lynn University in Boca Raton, Florida. Focus on foreign policy.
      Japan
      0100 ET Japan Sep supermarket sales, Aug -1.3% y/y.
      0130 ET Tokyo Sep department store sales, Aug +0.2% y/y.
      0300 ET Japan Sep convenience store sales, Aug -1.3% y/y.
      Barchart.com provides Financial Quotes, Charts and Technical Analysis for Stock and Commodity Traders.
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