Tuesday, April 21st, 2015View Older Reports
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OVERNIGHT MARKETS AND NEWS
June E-mini S&Ps (ESM15 +0.37%) this morning are up +0.31% amid merger activity and corporate earnings. Mylan NV surged 13% in pre-market trading after people with knowledge of the matter said Teva Pharmaceutical Industries Ltd. is preparing an unsolicited offer for the company, while Lam Research climbed nearly 10% in European trading after it reported Q3 profit that was above consensus. European stocks gave up an early advance and are down -0.05% after the German Apr ZEW investor confidence unexpectedly fell for the first time in 6 months. Greek funding concerns are another negative as the yield on the Greek 10-year bond rose to a 2-1/3 year high of 13.56%. The Greek government on Monday ordered local administrations to move funds to Greece's central bank as it struggles to find funds for salaries and a repayment to the IMF. Asian stocks closed mostly higher as the action by the PBOC to lower reserve-requirement ratios for banks outweighed efforts by Chinese regulators to curb speculative trading: Japan +1.40%, Hong Kong +2.79%, China +1.82%, Taiwan -0.20%, Australia +0.67%, Singapore +0.15%, South Korea -0.14%, India -0.75%.Commodity prices are mixed. May crude oil (CLK15 -0.50%) is down -0.27% and May gasoline (RBK15 -1.32%) is down -0.93% on expectations that Wednesday's EIA data will show crude stockpiles rose +2.5 million bbl, exacerbating a supply glut. Metals prices are mixed. Jun gold (GCM15 +0.49%) is up +0.38%. May copper (HGK15 -0.48%) is down -0.46%. Agriculture prices are weaker. The dollar index (DXY00 +0.16%) is up +0.35%. EUR/USD (^EURUSD) is down -0.55%%. USD/JPY (^USDJPY) is up +0.23%. Jun T-note prices (ZNM15 +0.13%) are up +3.5 ticks. EUR/USD is lower on Greek funding concerns after people with knowledge of the discussions said the ECB staff has produced a proposal to increase the haircuts Greek lenders take on the collateral they post when borrowing from the Bank of Greece. Greek banks currently have access to 74 billion euros of emergency funds from the Greek central bank, an amount that is increasing and is under review each week from the ECB Governing Council. The German Apr ZEW survey of expectations for economic growth unexpectedly fell for the first time in six months as it declined -1.5 to 53.3, weaker than expectations of a +0.5 point increase to 55.3. The Apr ZEW survey current situation, however, jumped +15.1 to 70.2, well above expectations of +1.4 to 56.5 and the highest in 3-3/4 years.
U.S. STOCK PREVIEW
There are no U.S. economic reports today.There are 33 of the S&P 500 companies that report earnings today with notable reports including: Northern Trust (0.87), Discover (1.27), Amgen (2.10), Verizon (0.95), Harley-Davidson (1.24), Travelers (2.52), Lockheed (2.50). U.S. IPO's scheduled to price or trade today: none. Equity conferences during the remainder of this week include: IPAA Oil & Gas Conference on Mon-Tue, American Association for Cancer Research Meeting on Mon-Wed, IHS CERAWeek Energy Conference on Mon-Thu, Cards & Payments Asia 2015 on Tue, Financial Times Commodities Global Summit on Tue-Wed, Future Bank Asia 2015 on Tue-Wed, American Academy of Neurology Meeting on Wed, Capital Link Closed-End Funds & Global ETFs Forum - Panel on Thu, RSA Conference on Thu.
OVERNIGHT U.S. STOCK MOVERS
Travelers (TRV +0.70%) reported Q1 EPS of $2.53, above consensus of $2.52.United Technologies (UTX +1.22%) reported Q1 EPS of $1.51, higher than conensus of $1.46. Kimberly-Clark (KMB +0.54%) reported Q1 EPS of $1.42, better than consensus of $1.33. Under Armour (UA +3.08%) reported Q1 EPS of 7 cents, stronger than consensus of 5 cents. Harley-Davidson (HOG +1.93%) reported Q1 EPS of $1.27, better than consensus of $1.24. Steel Dynamics (STLD +2.15%) reported Q1 adjusted EPS of 17 cents, above consensus of 15 cents. Luxor Capital reported a 5% passive stake in GrubHub (GRUB +0.55%) . Packaging Corp. (PKG +0.34%) reported Q1 adjusted EPS of $1.01, below consensus of $1.08. Coach (COH +0.33%) was initiated with a 'Sell' and a $32 price target at Cantor. Sanmina (SANM +0.95%) fell nearly 10% in after-hours tradign after it lowered guidance on fiscal Q3 EPS to 48 cents-52 cents, below consensus of 56 cents, and said it sees Q3 revenue of $1.5 billion-$1.55 billion, below consensus of $1.64 billion. Bed Bath & Beyond (BBBY +1.19%) was initiated with a 'Buy' at Cantor with a price target of $83. IDEX Corp. (IEX +1.55%) reported Q1 EPS of 84 cents, above consensus of 83 cents. Dollar Tree (DLTR +0.72%) was initiated with a 'Buy' at Cantor with a price target of $96. Lam Research (LRCX +1.88%) jumped nearly 10% in after-hours trading after it reported Q3 EPS of $1.40, higher than consensus of $1.30. International Business Machines (IBM +3.42%) reported Q1 EPS of $2.91, better than consensus of $2.82.
MARKET COMMENTS
June E-mini S&Ps (ESM15 +0.37%) this morning are up +6.50 points (+0.31%). The S&P 500 on Monday settled higher: S&P 500 +0.92%, Dow Jones +1.17%, Nasdaq +1.51%. Supportive factors for stocks included (1) the action by the PBOC to reduce banks' reserve requirement ratios for the second time this year, which should support growth in China and is positive for the global economy, and (2) upbeat comments from New York Fed President Dudley who said that "despite the weak performance of the first quarter, I believe that the growth prospects for the U.S. economy over the remainder of 2015 will improve."Jun 10-year T-notes (ZNM15 +0.13%) this morning are up +3.5 ticks. T-notes prices on Monday closed lower: TYM5 -9.00, FVM5 -3.75. Bearish factors included (1) reduced safe-haven demand for Treasuries after stocks rallied, and (2) comments from New York Fed President Dudley that suggest he favors raising interest rates this year when he said that "the growth prospects for the U.S. economy over the remainder of 2015 will improve." The dollar index (DXY00 +0.16%) this morning is up +0.342 (+0.35%). EUR/USD (^EURUSD) is down -0.0059 (-0.55%). USD/JPY (^USDJPY) is up +0.27 (+0.23%). The dollar index on Monday closed higher: Dollar Index +0.421 (+0.43%), EUR/USD -0.00671 (-0.62%), USD/JPY +0.316 (+0.27%). Bullish factors included (1) comments from New York Fed President Dudley who said that he's "relatively optimistic" that a rebound in U.S. growth will warrant raising interest rates this year, and (2) weakness in EUR/USD after the 10-year Greek bond yield jumped to a 2-1/3 year high of 13.328% on concern Greece will be unable to secure financing in time to avoid default. May WTI crude oil (CLK15 -0.50%) this morning is down -15 cents (-0.27%) and May gasoline (RBK15 -1.32%) is down -0.0180 (-0.93%). May crude and gasoline on Monday closed higher with May gasoline at a 1-1/2 month high: CLK5 +0.64 (+1.15%), RBK5 +0.0051 (+0.26%). Bullish factors included (1) the action by the PBOC to cut banks' reserve requirements for the second time this year, which may boost China's economy and its demand for energy, and (2) the estimation from energy research firm Genscape that Wednesday's EIA data will show that crude supplies declined at Cushing, OK, the delivery point of WTI futures.
GLOBAL EVENT CALENDAR04/21/2015
U.S. STOCK CALENDAR04/21/2015
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Showing posts with label IEX. Show all posts
Showing posts with label IEX. Show all posts
Tuesday, April 21, 2015
BARCHART MORNING CALL 4/21
Wednesday, April 8, 2015
BARCHART MORNING CALL 4/8
Wednesday, April 8th, 2015View Older Reports
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OVERNIGHT MARKETS AND NEWS
June E-mini S&Ps this morning are little changed as the market awaits today's FOMC meeting minutes. The Euro Stoxx 50 index is down -0.39% after yesterday's rally. European energy stocks are trading higher on M&A optimism after today's blockbuster deal in oil and gas with Shell buying BG Group to gain access in particular to LNG in Australia and deep-water oil in Brazil. Asian stocks today closed mostly higher: Japan +0.76%, Hong Kong +3.80%, China +0.84%, Taiwan -0.73%, Australia +0.59%, Singapore -0.14%, South Korea +0.63%, India +0.67%, Turkey +0.24%.The dollar index is down -0.43 points (-0.44%) on a turn-around after the sharp 2-session rally. EUR/USD is up +0.0055 (+0.51%) and USD/JPY is down -0.57 (-0.47%). Jun 10-year T-note prices up 5.5 ticks going into today's 10-year T-note auction.
Commodity prices are down -0.12% this morning due to lower energy prices. May crude oil is down -1.17 (-2.17%), May gasoline is down -0.0460 (-2.47%), and May natural gas is down -0.049 (-1.83%). The market is expecting today's weekly EIA report to show a +3.0 million bbl increase in crude oil inventories, a -2.0 million bbl decline in gasoline inventories, a +800,000 bbl increase in distillate inventories, and a +0.6 point increase in the refinery utilization rate to 90.0%. The market is hoping for U.S. oil production to decline for the second straight week.
Precious metals prices are little changed this morning with Jun gold up +0.1 (+0.01%) and May silver up +0.010 (+0.06%). May copper is down -0.012 (-0.43%). Grain prices are narrowly mixed this morning as the market awaits Thursday's WASDE report: May corn +0.25 (+0.07%), May soybeans +0.50 (+0.05%), May wheat -0.50 (-0.10%). Softs are trading higher this morning.
The Bank of Japan today left its monetary policy unchanged, which was in line with market expectations. The BOJ left its target unchanged of expanding the monetary base at an annual rate of 80 trillion yen ($670 billion). BOJ Governor Kuroda said that the Japanese economy now faces less risk than last year when the BOJ expanded its stimulus measures.
Today's U.S. MBA mortgage applications report showed an overall +0.4% increase with the purchases sub-index up +6.8% but the refinancing sub-index down -3.3%.
U.S. STOCK PREVIEW
Key news today includes (1) the weekly MBA mortgage applications report (last week +4.6% with purchase sub-index +5.7% and refi sub-index +3.9%), (2) the minutes from the Mar 17-18 FOMC meeting, (3) the Treasury's auction of $21 billion of 10-year T-notes, (4) a speech by Fed Governor Jerome Powell on the “Challenges for Monetary Policy” at the Council on Foreign Relations, and (5) a Q&A on the economy and monetary policy by New York Fed President William Dudley at a Reuters Newsmaker event in New York.There are seven of the Russell 1000 companies that report earnings today: Alcoa (consensus $0.26), Rite Aid (0.08), RPM International (0.13), MSC Industrial Direct (0.85), Global Payments (1.11), Family Dollar Stores (0.73), Bed, Bath & Beyond (1.81).
There are no U.S. IPO's that scheduled to price or trade today.
Equity conferences this week include: Internet of Things (IoT) Asia 2015 on Wed-Thu, and JP Morgan Spring Fling Conference on Thu
June E-mini S&Ps this morning are little changed as the market awaits today's FOMC meeting minutes. Tuesday's closes: S&P 500 -0.21%, Dow Jones -0.03%, Nasdaq -0.14%. The stock market on Tuesday fell on concerns that the strong JOLTS job openings report (+168,000 to a new 14-year high) might bring forward a Fed rate hike, as well as concern about a weak Q1 earnings season that starts today. On the positive side, the continued rally in oil prices boosted petroleum stocks.
OVERNIGHT U.S. STOCK MOVERS
- Shell (RDSN LN) announced an agreement to take over BG Group (BG LN) for about $70 billion in cash and shares in the largest oil and gas deal in at least a decade, with particularly attractive assets in Australian LNG and Brazilian deep water oil.
- Rite Aid (RAD -1.70%) reported Q4 EPS ex-items at 12 cents, better than the consensus of 7 cents.
- IMAX ({=IMAX) and Disney (DIS -0.19%) renewed their exhibition agreement with a new multi-picture deal.
- Kinder Morgan (KMI +0.05%) was downgraded to Buy from Conviction Buy at Goldman Sachs.
- New Residential (NRZ +2.99%) was added to the Top Picks list at FBR Capital.
- Dave & Buster's (PLAY -1.45%) rallied 1% in after-hours trading on better than expected earnings results.
- Regulus Therapeutics (RGLS -2.68%) rallied 10% in after-hours trading after one of its products was selected as clinical candidate by AstraZeneca (AZN +0.24%)
- OHR Pharmaceutical (OHRP +8.37%) rallied 2% in after-hours trading after a report that Broadfin purchased a 6.1% stake in the company.
- Pentair (PNR -1.87%) fell 4% in after-hours trading after lowering its Q1 guidance.
MARKET COMMENTS
Jun 10-year T-note prices up 5.5 ticks going into today's 10-year T-note auction. June 10-year T-notes on Tuesday closed mildly lower on the much stronger-than-expected JOLTS job openings report and the continued rally in crude oil prices, which is boosting inflation expectations. T-notes are also seeing supply pressure during this week's sale of $58 billion of 3-year, 10-year and 30-year securities.The dollar index is down -0.43 points (-0.44%) on a turn-around after the sharp 2-session rally. EUR/USD is up +0.0055 (+0.51%) and USD/JPY is down -0.57 (-0.47%). Tuesday's closes: Dollar index +1.15 (+1.19%), EUR/USD -0.0108 (-0.99%), USD/JPY +0.74 (+0.62%). The dollar index on Tuesday closed sharply higher on the much stronger-than-expected JOLTS job openings report. In addition, the continued rally in crude oil prices is boosting inflation expectations, which could cause the Fed to accelerate its rate hike.
May crude oil is down -1.17 (-2.17%), May gasoline is down -0.0460 (-2.47%), and May natural gas is down -0.049 (-1.83%). Tuesday's closes: CLK5 +1.11 (+2.13%), RBK5 -0.0119 (-0.65%). May crude oil prices on Tuesday rallied sharply on ideas that U.S. oil production might finally be slowing due to the plunge in the number of operating U.S. oil rigs. U.S. oil production fell last week and the market suspects that production may fall again in Wednesday's EIA report. Crude oil prices are also seeing support as the Iranian nuclear agreement is meeting with heavy opposition from Israel and with political opposition in Washington. On the negative side, the market is expecting Wednesday’s weekly EIA report to show a +3.0 mln bbl gain in U.S. crude oil inventories.
GLOBAL EVENT CALENDAR04/08/2015
| US | 0700 ET | Weekly MBA mortgage applications, previous +4.6% with purchase sub-index +5.7% and refi sub-index +3.9%. |
| 0800 ET | Fed Governor Jerome Powell speaks on Challenges for Monetary Policy at the Council on Foreign Relations. | |
| 0930 ET | New York Fed President William Dudley does a Q&A on the economy and monetary policy at a Reuters Newsmaker event in New York. | |
| 1030 ET | EIA Weekly Petroleum Status Report. | |
| 1300 ET | Treasury auctions $21 billion 10-year T-notes. | |
| 1400 ET | Minutes of the Mar 17-18 FOMC meeting. | |
| JPN | 0100 ET | Japan Mar eco-watchers survey current expected +0.7 to 50.8, Feb 50.1. Mar eco-watchers survey outlook expected +0.3 to 53.5, Feb 53.2. |
| n/a | BOJ announces interest rate decision and asset purchase target. | |
| GER | 0200 ET | German Feb factory orders expected +1.5% m/m and +0.5% y/y, Jan -3.9% m/m and -0.1% y/y. |
| 0330 ET | German Mar Markit construction PMI, Feb 53.1. | |
| EUR | 0500 ET | Eurozone Feb retail sales expected -0.2% m/m and +2.8% y/y, Jan +1.1% m/m and +3.7% y/y. |
| UK | 0400 ET | UK Mar new car registrations, Feb +12.0% y/y. |
| 1901 ET | UK Mar RICS house price balance expected 15%, Feb 14%. |
U.S. STOCK CALENDAR04/08/2015
| Company | Ticker | Time | Event Description | Period | Estimate |
|---|---|---|---|---|---|
| Rite Aid Corp | RAD US | Bef-mkt | Q4 2015 Earnings Release | Q4 2015 | 0.077 |
| RPM International Inc | RPM US | Bef-mkt | Q3 2015 Earnings Release | Q3 2015 | 0.134 |
| MSC Industrial Direct Co Inc | MSM US | Bef-mkt | Q2 2015 Earnings Release | Q2 2015 | 0.85 |
| Global Payments Inc | GPN US | Bef-mkt | Q3 2015 Earnings Release | Q3 2015 | 1.105 |
| Family Dollar Stores Inc | FDO US | 8:00 | Q2 2015 Earnings Release | Q2 2015 | 0.727 |
| Global Payments Inc | GPN US | 8:00 | Q3 2015 Earnings Call | Q3 2015 | |
| Rite Aid Corp | RAD US | 8:30 | Q4 2015 Earnings Call | Q4 2015 | |
| MSC Industrial Direct Co Inc | MSM US | 8:30 | Q2 2015 Earnings Call | Q2 2015 | |
| ConocoPhillips | COP US | 9:00 | Analyst Meeting | Y 2015 | |
| IDEX Corp | IEX US | 10:00 | Annual General Meeting | Y 2015 | |
| RPM International Inc | RPM US | 10:00 | Q3 2015 Earnings Call | Q3 2015 | |
| New York Community Bancorp Inc | NYCB US | 10:00 | Annual General Meeting | Y 2015 | |
| Lennar Corp | LEN US | 11:00 | Annual General Meeting | ||
| Alcoa Inc | AA US | 17:00 | Q1 2015 Earnings Call | Q1 2015 | |
| Bed Bath & Beyond Inc | BBBY US | 17:00 | Q4 2015 Earnings Call | Q4 2015 | |
| United Continental Holdings Inc | UAL US | 17:00 | March 2015 Sales and Revenue Release - Operational Performance | 2015 | |
| Alcoa Inc | AA US | Aft-mkt | Q1 2015 Earnings Release | Q1 2015 | 0.257 |
| Bed Bath & Beyond Inc | BBBY US | Aft-mkt | Q4 2015 Earnings Release | Q4 2015 | 1.806 |
| Questar Corp | STR US | Roadshow - Midwest- Day 3 | Y 2015 | ||
| IHS Inc | IHS US | Annual General Meeting | |||
| Avago Technologies Ltd | AVGO US | Annual General Meeting |
Thursday, January 29, 2015
BARCHART MORNING CALL 1/29
Thursday, January 29th, 2015View Older Reports
Everything you need to know about the markets in one free daily newsletter.
You will also receive a free subscription to the Barchart family of newsletters.
OVERNIGHT MARKETS AND NEWS
March E-mini S&Ps (ESH15 +0.51%) this morning are up +0.50% led by gains in Apple and McDonald's in pre-market trading, and European stocks are up +0.23% after Eurozone Jan economic confidence rose to the highest in 6 months. Also, a rally in Greek bank stocks is boosting the overall market after the head of the ECB's Supervisory Board, Daniele Nouy, said that Greek lenders are "pretty strong" and can survive the current market turbulence. Asian stocks closed mostly lower: Japan -1.06%, Hong Kong -1.07%, China -1.23%, Taiwan -0.88%, Australia +0.30%, Singapore unch, South Korea -0.69%, India +0.41%. China's Shanghai Stock Index fell to a 1-week low amid speculation that increased regulatory scrutiny of margin loans will reduce leveraged buying of Chinese stocks after the Xinhua News Agency reported that China's Securities Regulatory Commission will start a new round of checks into the margin-lending businesses of brokerages. Commodity prices are mostly lower. Mar crude oil (CLH15 +0.11%) is down -0.04%. Mar gasoline (RBH15 +0.65%) is up +0.43%. Feb gold (GCG15 -1.29%) is down -1.40% at a 1-1/2 week low. Mar copper (HGH15 -1.86%) is down -2.00%. Agriculture prices are weaker. The dollar index (DXY00 +0.13%) is up +0.10%. EUR/USD (^EURUSD) is up +0.24%. USD/JPY (^USDJPY) is up +0.45%. Mar T-note prices (ZNH15 -0.18%) are down -6 ticks.Eurozone Jan economic confidence rose +0.6 to 101.2, less than expectations of +0.9 to 101.6 but still the highest in 6 months. The Jan business climate indicator rose +0.01 from an upward revised 0.15 in Dec to 0.16, higher than expectations of +0.12.
Eurozone Dec M3 money supply rose +3.6% y/y, more than expectations of +3.5% y/y and the fastest pace of increase in 2 years. The Dec 3-month avg rose +3.1%, right on expectations.
The German Jan unemployment change fell -9,000, slightly less than expectations of -10,000, The Jan unemployment rate fell -0,a from an upward revised 6.6% in Dec to 6.5%, right on expectations and the lowest since data for a reunified Germany began in 1991.
UK Jan CBI reported sales fell -22 to 39, a smaller decline than expectations of -29 to 32.
UK Jan nationwide house prices rose +0.3% m/m and +6.8% y/y, close to expectations of +0.35 m/m and +6.6% y/y.
Japan Dec retail sales unexpectedly fell for a third month as they fell -0.3% m/m, weaker than expectations of +0.3% m/m. On an annual basis, Dec retail sales rose +0.2% y/y, less than expectations of +0.9% y/y.
U.S. STOCK PREVIEW
Today’s initial unemployment claims report is expected to fall by -7,000 to 300,000, adding to last week’s decline of -10,000 to 307,000. Today’s continuing claims report is expected to fall by -38,000 to 2.405 million, more than reversing last week’s +15,000 rise to 2.443 million. Today’s Dec pending home sales report is expected to show an increase of +0.5% m/m and +10.9% y/y following the Nov report of +0.8% m/m and +1.7% y/y. The Treasury today will sell $35 billion of 5-year T-notes and $29 billion of 7-year T-notes, concluding this week’s $105 billion T-note package. There are no equity conferences today.There are 51 of the S&P 500 companies that report earnings today with notable reports including: Google (consensus $7.19), Amazon.com (0.19), Visa (2.49), Abbot (0.69), PulteGroup (0.40), Baxter (1.31), Time Warner (2.09), Dow Chemical (0.70), Ford (0.22), Nasdaq (0.74).
OVERNIGHT U.S. STOCK MOVERS
McDonald's (MCD -0.88%) rose more than 3% in after-hours trading after it was announced that CEO Don Thompson will retire and Steve Easterbrook will replace him.IDEX Corp. (IEX -0.52%) reported Q4 EPS of 77 cents, weaker than consensus of 87 cents, and then lowered guidance on fiscal 2015 EPS to $3.65-$3.75, below consensus of $3.82.
Murphy Oil (MUR -7.23%) reported Q3 EPS of 39 cents, above consensus of 30 cents
Kirby (KEX -3.97%) reported Q4 EPS of $1.19, higher than consensus of $1.15.
Helmerich & Payne (HP -6.49%) was downgraded to 'Sell' from 'Neutral' at Citigroup with a price target of $55.
Tetra Tech (TTEK -2.34%) reported Q1 EPS of 41 cents, more than consensus of 35 cents.
Cabot (CBT -2.01%) reported Q1 EPS of 69 cents, better than consensus of 65 cents.
Ameriprise (AMP -2.03%) reported Q4 operating EPS of $2.30, higher than consensus of $2.22.
CACI (CACI +0.05%) reported Q2 EPS of $1.01, below consensus of $1.06.
Swift Transport (SWFT -1.77%) reported Q4 adjusted EPS of 55 cents, more than consensus of 48 cents.
Hologic (HOLX unch) reported Q1 EPS of 39 cents, better than consensus of 36 cents, and then raised guidance on fiscal 2015 EPS outlook to $1.54-$1.57 from $1.50-$1.54, higher than consensus of $1.54.
Lam Research (LRCX -0.54%) reported Q2 EPS of $1.19, higher than consensus $1.13.
Citrix (CTXS -1.53%) rose over 4% in after-hours trading after it reported Q4 EPS of $1.10, stronger than consensus of $1.03.
Las Vegas Sands (LVS -1.60%) climbed over 2% in after-hours trading after it reported Q4 adjusted EPS of 92 cents, more than consensus of 81 cents.
Qualcomm (QCOM -1.09%) fell over 9% in after-hours trading after it reported Q1 adjusted EPS of $1.34, better than consensus of $1.25, but then lowered guidance on fiscal 2015 adjusted EPS view to $4.75-$5.05 from $5.05-$5.35, below consensus of $5.21.
Facebook (FB +0.61%) reported Q4 EPS of 54 cents, higher than consensus of 48 cents.
MARKET COMMENTS
Mar E-mini S&Ps (ESH15 +0.51%) this morning are up +10.00 points (+0.50%). The S&P 500 index on Wednesday fell to a 1-1/2 week low and closed lower: S&P 500 -1.35%, Dow Jones -1.13%, Nasdaq -0.60%. Bearish factors included (1) carry-over weakness from a slide in European stocks on concern that Greece’s new government may default on its international debts if it abandons agreements made by the prior Greek administration, and (2) weakness in energy producers after crude oil sold off. Bullish factors included (1) early strength in technology stocks on better-than-expected earnings results from Apple, and (2) the post-FOMC meeting statement where the Fed pledged to remain “patient” on raising interest rates.Mar 10-year T-notes (ZNH15 -0.18%) this morning are down -6 ticks. Mar 10-year T-note futures prices on Wednesday posted a 1-1/2 week high and closed higher. Closes: TYH5 +26.00, FVH5 +14.75. Bullish factors included (1) the post-FOMC meeting statement where the Fed maintained its pledge to be “patient” on raising interest rates, and (2) increased safe-haven demand for T-notes as stocks declined.
The dollar index (DXY00 +0.13%) this morning is up +0.096 (+0.10%). EUR/USD (^EURUSD) is up +0.0027 (+0.24%). USD/JPY (^USDJPY) is up +0.53 (+0.45%). The dollar index on Wednesday closed higher: Dollar index +0.445 (+0.47%), EUR/USD -0.00932 (-0.82%), USD/JPY -0.3458 (-0.29%). Bullish factors included (1) Greek sovereign debt concerns that weighed on EUR/USD, and (2) the Fed’s post-FOMC statement that said the economy is “expanding at a solid pace,” which bolstered speculation the Fed will raise interest rates later this year.
Mar WTI crude oil (CLH15 +0.11%) this morning is down -2 cents (-0.04%) and Mar gasoline (RBH15 +0.65%) is up +0.0059 (+0.43%). Mar crude oil and Mar gasoline on Wednesday settled mixed: CLH5 -1.78 (-3.85%), RBH5 -0.0006 (-0.04%). Bearish factors that sent Mar crude down to a 5-3/4 year low included (1) the +8.87 million bbl surge in weekly EIA crude inventories to 406.7 million bbl, twice as much as expectations of +4.0 million bbl and the highest since 1931, (2) the +2.09 million bbl increase in crude supplies at Cushing, OK, delivery point of WTI futures, to an 11-1/2 month high of 38.9 million bbl, and (3) the +0.3% w/w increase in U.S. crude production in the week ended Jan 23 to 9.213 million bpd, the highest in over 40 years. Gasoline prices recovered from their worst levels after weekly EIA gasoline inventories unexpectedly fell -2.6 million bbl versus expectations for a +500,000 bbl increase.
GLOBAL EVENT CALENDAR01/29/2015
| US | 0830 ET | Weekly initial unemployment claims expected -7,000 to 300,000, previous -10,000 to 307,000. Weekly continuing claims expected -38,000 to 2.405 million, previous +15,000 to 2.443 million. |
| 0830 ET | USDA weekly Export Sales. | |
| 1000 ET | Dec pending home sales expected +0.5% m/m and +10.9% y/y, Nov +0.8% m/m and +1.7% y/y. | |
| 1130 ET | Treasury auctions $35 billion 5-year T-notes. | |
| 1300 ET | Treasury auctions $29 billion 7-year T-notes. | |
| UK | 0200 ET | UK Jan nationwide house prices expected +0.3% m/m and +6.6% y/y, Dec +0.2% m/m and +7.2% y/y. |
| 0600 ET | UK Jan CBI reported sales expected -29 to 32, Dec 61. | |
| 1905 ET | UK Jan GfK consumer confidence expected +2 to -2, Dec -4. | |
| GER | 0355 ET | German Jan unemployment change expected -10,000, Dec -27,000. Jan unemployment rate expected unch at 6.5%. |
| 0800 ET | German Jan CPI (EU harmonized) expected -1.0% m/m and -0.2% y/y, Dec +0.1% m/m and +0.1% y/y. | |
| EUR | 0400 ET | Eurozone Dec M3 money supply expected +3.5% y/y and +3.1% 3-mo avg, Nov +3.1% y/y and +2.7% 3-mon avg. |
| 0500 ET | Eurozone Jan business climate indicator expected +0.08 to 0.12, Dec 0.04. Jan economic confidence expected +0.9 to 101.6, Dec 100.7. | |
| 0500 ET | Revised Eurozone Jan consumer confidence, previous +2.4 to -8.5. | |
| JPN | 1830 ET | Japan Dec jobless rate expected unch at 3.5%. Dec job-to-applicant ratio expected unch at 1.12. |
| 1830 ET | Japan Dec overall household spending expected -2.3% y/y, Nov -2.5% y/y. | |
| 1830 ET | Japan Dec national CPI expected +2.3% y/y, Nov +2.4% y/y. Dec national CPI ex-fresh food expected +2.6% y/y, Nov +2.7% y/y. Dec national CPI ex food & energy expected +2.1% y/y, Nov +2.1% y/y. | |
| 1830 ET | Japan Jan Tokyo CPI expected +2.2% y/y, Dec +2.1% y/y. Jan Tokyo CPI ex-fresh food expected +2.2% y/y, Dec +2.3% y/y. Jan Tokyo CPI ex food & energy expected +1.8% y/y, Dec +1.8% y/y. | |
| 1850 ET | Japan Dec industrial production expected +1.2% m/m and +0.3% y/y, Nov -0.5% m/m and -3.7% y/y. | |
| 2300 ET | Japan Dec vehicle production, Nov-12.2% y/y. |
U.S. STOCK CALENDAR01/29/2015
| Company | Ticker | Time | Event Description | Period | Estimate |
|---|---|---|---|---|---|
| Abbott Laboratories | ABT US | Bef-mkt | Q4 2014 Earnings Release | Q4 2014 | 0.686 |
| Xcel Energy Inc | XEL US | Bef-mkt | Q4 2014 Earnings Release | Q4 2014 | 0.344 |
| Air Products & Chemicals Inc | APD US | Bef-mkt | Q1 2015 Earnings Release | Q1 2015 | 1.491 |
| Mead Johnson Nutrition Co | MJN US | Bef-mkt | Q4 2014 Earnings Release | Q4 2014 | 0.882 |
| Northrop Grumman Corp | NOC US | Bef-mkt | Q4 2014 Earnings Release | Q4 2014 | 2.258 |
| Occidental Petroleum Corp | OXY US | Bef-mkt | Q4 2014 Earnings Release | Q4 2014 | 0.678 |
| Valero Energy Corp | VLO US | Bef-mkt | Q4 2014 Earnings Release | Q4 2014 | 1.328 |
| ConocoPhillips | COP US | Bef-mkt | Q4 2014 Earnings Release | Q4 2014 | 0.584 |
| PulteGroup Inc | PHM US | Bef-mkt | Q4 2014 Earnings Release | Q4 2014 | 0.402 |
| L-3 Communications Holdings Inc | LLL US | Bef-mkt | Q4 2014 Earnings Release | Q4 2014 | 2.291 |
| Baxter International Inc | BAX US | Bef-mkt | Q4 2014 Earnings Release | Q4 2014 | 1.311 |
| Viacom Inc | VIAB US | Bef-mkt | Q1 2015 Earnings Release | Q1 2015 | 1.285 |
| Alexion Pharmaceuticals Inc | ALXN US | Bef-mkt | Q4 2014 Earnings Release | Q4 2014 | 1.287 |
| CMS Energy Corp | CMS US | Bef-mkt | Q4 2014 Earnings Release | Q4 2014 | 0.359 |
| Colgate-Palmolive Co | CL US | Bef-mkt | Q4 2014 Earnings Release | Q4 2014 | 0.743 |
| Stanley Black & Decker Inc | SWK US | Bef-mkt | Q4 2014 Earnings Release | Q4 2014 | 1.518 |
| Cameron International Corp | CAM US | Bef-mkt | Q4 2014 Earnings Release | Q4 2014 | 1.203 |
| Thermo Fisher Scientific Inc | TMO US | Bef-mkt | Q4 2014 Earnings Release | Q4 2014 | 1.94 |
| Quest Diagnostics Inc | DGX US | Bef-mkt | Q4 2014 Earnings Release | Q4 2014 | 1.042 |
| Time Warner Cable Inc | TWC US | Bef-mkt | Q4 2014 Earnings Release | Q4 2014 | 2.092 |
| Dow Chemical Co/The | DOW US | Bef-mkt | Q4 2014 Earnings Release | Q4 2014 | 0.695 |
| Harley-Davidson Inc | HOG US | Bef-mkt | Q4 2014 Earnings Release | Q4 2014 | 0.334 |
| Cardinal Health Inc | CAH US | Bef-mkt | Q2 2015 Earnings Release | Q2 2015 | 1.101 |
| Helmerich & Payne Inc | HP US | Bef-mkt | Q1 2015 Earnings Release | Q1 2015 | 1.564 |
| Hershey Co/The | HSY US | Bef-mkt | Q4 2014 Earnings Release | Q4 2014 | 1.064 |
| Celgene Corp | CELG US | Bef-mkt | Q4 2014 Earnings Release | Q4 2014 | 1.007 |
| Royal Caribbean Cruises Ltd | RCL US | Bef-mkt | Q4 2014 Earnings Release | Q4 2014 | 0.418 |
| Zimmer Holdings Inc | ZMH US | 7:00 | Q4 2014 Earnings Release | Q4 2014 | 1.705 |
| Raytheon Co | RTN US | 7:00 | Q4 2014 Earnings Release | Q4 2014 | 1.797 |
| EMC Corp/MA | EMC US | 7:00 | Q4 2014 Earnings Release | Q4 2014 | 0.683 |
| Coach Inc | COH US | 7:00 | Q2 2015 Earnings Release | Q2 2015 | 0.66 |
| Ford Motor Co | F US | 7:00 | Q4 2014 Earnings Release | Q4 2014 | 0.224 |
| NASDAQ OMX Group Inc/The | NDAQ US | 7:00 | Q4 2014 Earnings Release | Q4 2014 | 0.744 |
| Invesco Ltd | IVZ US | 7:30 | Q4 2014 Earnings Release | Q4 2014 | 0.621 |
| Zimmer Holdings Inc | ZMH US | 8:00 | Q4 2014 Earnings Call | Q4 2014 | |
| Sherwin-Williams Co/The | SHW US | 8:00 | Q4 2014 Earnings Release | Q4 2014 | 1.371 |
| Stanley Black & Decker Inc | SWK US | 8:00 | Q4 2014 Earnings Call | Q4 2014 | |
| NASDAQ OMX Group Inc/The | NDAQ US | 8:00 | Q4 2014 Earnings Call | Q4 2014 | |
| Harman International Industries Inc | HAR US | 8:00 | Q2 2015 Earnings Release | Q2 2015 | 1.291 |
| Phillips 66 | PSX US | 8:00 | Q4 2014 Earnings Release | Q4 2014 | 1.407 |
| PulteGroup Inc | PHM US | 8:30 | Q4 2014 Earnings Call | Q4 2014 | |
| Baxter International Inc | BAX US | 8:30 | Q4 2014 Earnings Call | Q4 2014 | |
| Viacom Inc | VIAB US | 8:30 | Q1 2015 Earnings Call | Q1 2015 | |
| Thermo Fisher Scientific Inc | TMO US | 8:30 | Q4 2014 Earnings Call | Q4 2014 | |
| Quest Diagnostics Inc | DGX US | 8:30 | Q4 2014 Earnings Call | Q4 2014 | |
| Time Warner Cable Inc | TWC US | 8:30 | Q4 2014 Earnings Call | Q4 2014 | |
| EMC Corp/MA | EMC US | 8:30 | Q4 2014 Earnings Call | Q4 2014 | |
| Coach Inc | COH US | 8:30 | Q2 2015 Earnings Call | Q2 2015 | |
| Cardinal Health Inc | CAH US | 8:30 | Q2 2015 Earnings Call | Q2 2015 | |
| Hershey Co/The | HSY US | 8:30 | Q4 2014 Earnings Call | Q4 2014 | |
| Abbott Laboratories | ABT US | 9:00 | Q4 2014 Earnings Call | Q4 2014 | |
| Raytheon Co | RTN US | 9:00 | Q4 2014 Earnings Call | Q4 2014 | |
| CMS Energy Corp | CMS US | 9:00 | Q4 2014 Earnings Call | Q4 2014 | |
| Invesco Ltd | IVZ US | 9:00 | Q4 2014 Earnings Call | Q4 2014 | |
| Dow Chemical Co/The | DOW US | 9:00 | Q4 2014 Earnings Call | Q4 2014 | |
| General Growth Properties Inc | GGP US | 9:00 | Q4 2014 Earnings Call | Q4 2014 | |
| Ford Motor Co | F US | 9:00 | Q4 2014 Earnings Call | C4 2014 | |
| Harley-Davidson Inc | HOG US | 9:00 | Q4 2014 Earnings Call | Q4 2014 | |
| Celgene Corp | CELG US | 9:00 | Q4 2014 Earnings Call | Q4 2014 | |
| Ameriprise Financial Inc | AMP US | 9:00 | Q4 2014 Earnings Call | Q4 2014 | |
| Mead Johnson Nutrition Co | MJN US | 9:30 | Q4 2014 Earnings Call | Q4 2014 | |
| Cameron International Corp | CAM US | 9:30 | Q4 2014 Earnings Call | Q4 2014 | |
| Xcel Energy Inc | XEL US | 10:00 | Q4 2014 Earnings Call | Q4 2014 | |
| Air Products & Chemicals Inc | APD US | 10:00 | Q1 2015 Earnings Call | Q1 2015 | |
| Occidental Petroleum Corp | OXY US | 10:00 | Q4 2014 Earnings Call | Q4 2014 | |
| Valero Energy Corp | VLO US | 10:00 | Q4 2014 Earnings Call | Q4 2014 | |
| Alexion Pharmaceuticals Inc | ALXN US | 10:00 | Q4 2014 Earnings Call | Q4 2014 | |
| Keurig Green Mountain Inc | GMCR US | 10:00 | Annual General Meeting | Y 2015 | |
| Royal Caribbean Cruises Ltd | RCL US | 10:00 | Q4 2014 Earnings Call | Q4 2014 | |
| L-3 Communications Holdings Inc | LLL US | 11:00 | Q4 2014 Earnings Call | Q4 2014 | |
| Colgate-Palmolive Co | CL US | 11:00 | Q4 2014 Earnings Call | Q4 2014 | |
| Ford Motor Co | F US | 11:00 | Q4 2014 Earnings Call - Fixed Income Call | Q4 2014 | |
| Harman International Industries Inc | HAR US | 11:00 | Q2 2015 Earnings Call | Q2 2015 | |
| Helmerich & Payne Inc | HP US | 11:00 | Q1 2015 Earnings Call | Q1 2015 | |
| Jacobs Engineering Group Inc | JEC US | 11:00 | Q1 2015 Earnings Call | Q1 2015 | |
| Phillips 66 | PSX US | 11:00 | Q4 2014 Earnings Call | Q4 2014 | |
| Northrop Grumman Corp | NOC US | 12:00 | Q4 2014 Earnings Call | Q4 2014 | |
| ConocoPhillips | COP US | 12:00 | Q4 2014 Earnings Call | Q4 2014 | |
| Goldman Sachs Group Inc/The | GS US | 12:00 | Q4 2014 Earnings Call - Fixed Income | C4 2014 | |
| Murphy Oil Corp | MUR US | 13:00 | Q4 2014 Earnings Call | Q4 2014 | |
| AvalonBay Communities Inc | AVB US | 13:00 | Q4 2014 Earnings Call | Q4 2014 | |
| Sherwin-Williams Co/The | SHW US | 14:00 | Q4 2014 Earnings Call | Q4 2014 | |
| Robert Half International Inc | RHI US | 16:00 | Q4 2014 Earnings Release | Q4 2014 | 0.606 |
| Principal Financial Group Inc | PFG US | 16:00 | Q4 2014 Earnings Release | Q4 2014 | 1.048 |
| Google Inc | GOOGL US | 16:30 | Q4 2014 Earnings Call | Q4 2014 | |
| Biogen Idec Inc | BIIB US | 16:30 | Q4 2014 Earnings Call | Q4 2014 | |
| Broadcom Corp | BRCM US | 16:45 | Q4 2014 Earnings Call | Q4 2014 | |
| Broadcom Corp | BRCM US | Aft-mkt | Q4 2014 Earnings Release | Q4 2014 | 0.869 |
| CR Bard Inc | BCR US | Aft-mkt | Q4 2014 Earnings Release | Q4 2014 | 2.243 |
| Visa Inc | V US | Aft-mkt | Q1 2015 Earnings Release | Q1 2015 | 2.487 |
| Microchip Technology Inc | MCHP US | Aft-mkt | Q3 2015 Earnings Release | Q3 2015 | 0.621 |
| Google Inc | GOOGL US | Aft-mkt | Q4 2014 Earnings Release | Q4 2014 | 7.185 |
| Chubb Corp/The | CB US | Aft-mkt | Q4 2014 Earnings Release | Q4 2014 | 2.171 |
| Amazon.com Inc | AMZN US | Aft-mkt | Q4 2014 Earnings Release | Q4 2014 | 0.19 |
| Biogen Idec Inc | BIIB US | Aft-mkt | Q4 2014 Earnings Release | Q4 2014 | 3.775 |
| PerkinElmer Inc | PKI US | Aft-mkt | Q4 2014 Earnings Release | Q4 2014 | 0.778 |
| Boston Properties Inc | BXP US | Aft-mkt | Q4 2014 Earnings Release | Q4 2014 | 1.253 |
| Leggett & Platt Inc | LEG US | Aft-mkt | Q4 2014 Earnings Release | Q4 2014 | 0.447 |
| Mylan Inc/PA | MYL US | Special Meeting - M&A Vote | |||
| Keurig Green Mountain Inc | GMCR US | Annual General Meeting | |||
| Jacobs Engineering Group Inc | JEC US | Annual General Meeting |
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