Showing posts with label KING. Show all posts
Showing posts with label KING. Show all posts

Tuesday, November 3, 2015

MORNING CALL 11/3

OVERNIGHT MARKETS AND NEWS
December E-mini S&Ps (ESZ15 -0.29%) are down -0.16% on some give back from Monday's rally to a 2-3/4 month high. European stocks are up +0.02% as a +1.04% rally in Dec crude oil (CLZ15 +0.76%) boosts energy producers while weakness in European banks limits gains. UBS is down over 4% after it postponed the date on when it expects to return to profitability and Standard Chartered fell over 9% after it reported an unexpected Q3 quarterly loss of -$139 million and said it will raise $5.1 billion in a rights offer. Also, Volkswagen AG is down over 3% after U.S. regulators said that after testing they found other Volkswagen models, including Porsche, have equipment to alter emissions systems. Asian stocks settled mixed: Japan closed for holiday, Hong Kong +0.89%, China -0.25%, Taiwan +1.14%, Australia +1.42%, Singapore +0.85%, South Korea +0.61%, India +0.12%.
The dollar index (DXY00 +0.27%) is up +0.24%. EUR/USD (^EURUSD) is down -0.42%. USD/JPY (^USDJPY) is up +0.11%.
Dec T-note prices (ZNZ15 -0.01%) are unchanged.
According to the Xinhua News Agency, Chinese President Xi Jinping said that China's annual growth should be no less than 6.5% in the next 5 years in order to realize the goal to double 2010 gross domestic product and per capita income by 2020. He added that it's still possible to maintain growth at about 7%, the government’s current goal, despite the many uncertainties facing the economy.
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) Oct New York ISM (expected +1.2 to 45.7, Sep -6.6 to 44.5), (2) Sep factory orders (expected -0.9%, Aug -1.7% and-0.8% ex transportation), and (3) Oct total vehicle sales (expected 17.70 million, Sep 18.07 million).
There are 27 of the S&P 500 companies that report earnings today with notable reports including: Kellogg (consensus $0.84), ADM (0.70), Emerson Electric (0.97), McGraw Hill Financial (1.06), CBS (0.81).
U.S. IPO's scheduled to price today: Revance Therapeutics (RVNC).
Equity conferences during the remainder of this week include: Gabelli & Company Automotive Aftermarket Symposium on Tue, Goldman Sachs Industrials Conference on Tue-Wed, Citi China Investor Conference on Wed, Citi Industrials Conference on Wed, Citi Global Health Care Conference on Thu, Needham Next Generation Storage Networking Conference on Thu, Bernstein Technology Innovation Summit on Thu-Fri, BancAnalysts Association of Boston Conference on Thu-Fri.



OVERNIGHT U.S. STOCK MOVERS
Archer-Daniels-Midland (ADM +1.36%) reported Q3 EPS of 60 cents, below consensus of 70 cents.
Allstate (ALL -0.13%) rose 1.3% in pre-market trading after it reported Q3 operating EPS of $1.52. better than consensus of $1.32.
King Digital Entertainment Plc (KING +3.88%) jumped 14% in pre-market trading after it agreed to a $5.9 billion takeover offer from Activision Blizzard.
AMC Entertainment (AMC +0.47%) slid nearly 2% in after-hours trading after it reported Q3 EPS of 12 cents, below consensus of 16 cents.
Avis Budget (CAR +4.73%) sank over 9% in after-hours trading after it cut guidance on fiscal 2015 adjusted EPS to $3.10-$3.25 from an Aug estimate of $3.15-$3.45, below consensus of $3.36
Fitbit (FIT +0.64%) slipped nearly 8% in after-hours trading after it reported Q3 EPS of 24 cents, higher than consensus of 10 cents, but then announced a secondary offering of 7 million shares of common stock.
Luminex (LMNX +5.71%) climbed over 10% in after-hours trading after it reported Q3 EPS of 15 cents, better than consensus of 10 cents, and then raised guidance on fiscal 2015 revenue to $235 million-$238 million from a previous estimate of $232 million-$236 million, higher than consensus of $234.7 million.
Texas Roadhouse (TXRH +1.92%) rose over 4% in after-hours trading after it reported Q3 EPS of 29 cents, below consensus of 30 cents, but said comparable sales for the first four weeks of Q4 are up +5.0% y/y.
American International Group (AIG +1.08%) slid 3% in after-hours trading after it reported Q3 operating EPS of 52 cents, well below consensus of $1.03.
Nautilus (NLS +0.35%) jumped over 11% in after-hours trading after it reported Q3 continuing operations EPS of 12 cents, higher than consensus of 9 cents.
Qualys (QLYS +1.61%) slumped nearly 12% in after-hours trading after it reported Q3 EPS of 19 cents, higher than consensus of 13 cents, but then lowered guidance on fiscal 2015 revenue to $164.1 million-$164.6 million from an Aug estimate of $165.0 million-$166.5 million, below consensus of $165.6 million.
Alon USA Energy (ALJ +2.15%) rose over 1% in after-hours trading after it reported Q3 adjusted EPS of 60 cents, well above consensus of 46 cents.
SS&C Technologies (SSNC +0.40%) climbed over 2% in after-hours trading after it reported Q3 adjusted EPS of 68 cents, higher than consensus of 62 cents.
MARKET COMMENTS
Dec E-mini S&Ps (ESZ15 -0.29%) this morning are down -3.25 points (-0.16%). Monday's closes: S&P 500 +1.19%, Dow Jones +0.94%, Nasdaq +1.18%. The S&P 500 on Monday rose to a 2-3/4 month high and closed higher on positive carryover from a rally in European stocks after the Eurozone Oct Market manufacturing PMI was revised higher. Stocks also received a boost from the decline of only -0.1 point in the Oct ISM manufacturing index to 50.1, stronger than expectations of -0.2 to 50.0. Health-care stocks rallied on increased M&A activity after Shire Plc bought Dyax for $5.9 billion and after reports that Pfizer is making progress in talks to buy Allergan Plc. Stocks were initially undercut by Chinese economic concerns after the China Oct manufacturing PMI was unchanged at 49.8, weaker than expectations of +0.2 to 50.0.
Dec 10-year T-notes (ZNZ15 -0.01%) this morning are unch. Monday's closes: TYZ5 -10.00, FVZ5 -6.00. Dec T-notes on Monday fell to a 1-1/4 month low and closed lower on negative carryover from a decline in German bund prices after hawkish comments from ECB President Draghi dampened speculation the ECB will soon expand QE. T-notes were also hurt by the stronger-than-expected Oct ISM manufacturing index and by reduced safe-haven demand as stocks rallied.
The dollar index (DXY00 +0.27%) this morning is up +0.234 (+0.24%). EUR/USD (^EURUSD) is down -0.0046 (-0.42%). USD/JPY (^USDJPY) is up +0.13 (+0.11%). Monday's closes: Dollar Index -0.018 (-0.02%), EUR/USD +0.0010 (+0.09%), USD/JPY +0.14 (+0.12%). The dollar index on Monday closed lower on concerns that China's economy that may keep the Fed from raising interest rates after the China Oct manufacturing PMI contracted for the third straight month. In addition, EUR/USD saw strength after ECB President Draghi cooled speculation the ECB will expand QE when he said that further monetary stimulus is still an "open question."
Dec crude oil (CLZ15 +0.76%) this morning is up +48 cents (+1.04%) and Dec gasoline (RBZ15 +0.74%) is up +0.0112 (+0.81%). Monday's closes: CLZ5-0.51 (-1.09%), RBZ5 +0.0023 (+0.17%). Dec crude oil and gasoline on Monday settled mixed. Crude oil prices was undercut by news that Russian Oct crude and gas condensate production rose +1.3% y/y to a record 10.78 million bpd. In addition, there were Chinese demand concerns after the China Oct manufacturing PMI contracted for the third straight month. Crude oil prices found support from a weaker dollar and the rally in the S&P 500 to a 2-3/4 month high.
GLOBAL EVENT CALENDAR11/03/2015
US0945 ETOct New York ISM expected +1.2 to 45.7, Sep -6.6 to 44.5.
1000 ETSep factory orders expected -0.9%, Aug -1.7% and -0.8% ex transportation.
n/aOct total vehicle sales expected 17.70 million, Sep 18.07 million. Oct domestic sales expected 14.05 million, Sep 14.36 million.
UK0430 ETUK Oct Markit/CIPS construction PMI expected -1.1 to 58.8, Sep 59.9.
1901 ETUK Oct BRC shop price index, Sep -1.9% y/y.
EUR1300 ETECB President Mario Draghi speaks at the European Cultural Days 2015 event in Frankfurt.
JPN2035 ETJapan Oct Nikkei services PMI, Sep 51.4.
n/aJapanese markets closed for Culture Day.
CHI2045 ETChina Oct Caixin services PMI, Sep 50.5.
U.S. STOCK CALENDAR11/03/2015
CompanyTickerTimeEvent DescriptionPeriodEstimate
Archer-Daniels-Midland CoADM USBef-mktQ3 2015 Earnings ReleaseQ3 20150.696
Frontier Communications CorpFTR USBef-mktQ3 2015 Earnings ReleaseQ3 2015-0.006
Emerson Electric CoEMR USBef-mktQ4 2015 Earnings ReleaseQ4 20150.968
HCP IncHCP USBef-mktQ3 2015 Earnings ReleaseQ3 20150.782
NiSource IncNI USBef-mktQ3 2015 Earnings ReleaseQ3 20150.025
Vulcan Materials CoVMC USBef-mktQ3 2015 Earnings ReleaseQ3 20150.968
Expeditors International of Washington IncEXPD USBef-mktQ3 2015 Earnings ReleaseQ3 20150.6
Martin Marietta Materials IncMLM USBef-mktQ3 2015 Earnings ReleaseQ3 20152.171
Fidelity National Information Services IncFIS USBef-mktQ3 2015 Earnings ReleaseQ3 20150.904
Zoetis IncZTS USBef-mktQ3 2015 Earnings ReleaseQ3 20150.397
Columbia Pipeline Group IncCPGX USBef-mktQ3 2015 Earnings ReleaseQ3 20150.208
Harris CorpHRS US6:30Q1 2016 Earnings ReleaseQ1 20161.283
Mosaic Co/TheMOS US7:00Q3 2015 Earnings ReleaseQ3 20150.53
Discovery Communications IncDISCA US7:00Q3 2015 Earnings ReleaseQ3 20150.42
McGraw Hill Financial IncMHFI US7:15Q3 2015 Earnings ReleaseQ3 20151.063
American International Group IncAIG US8:00Q3 2015 Earnings CallQ3 2015
Kellogg CoK US8:00Q3 2015 Earnings ReleaseQ3 20150.837
Dun & Bradstreet Corp/TheDNB US8:00Q3 2015 Earnings CallQ3 2015
Frontier Communications CorpFTR US8:30Q3 2015 Earnings CallQ3 2015
Harris CorpHRS US8:30Q1 2016 Earnings CallQ1 2016
McGraw Hill Financial IncMHFI US8:30Q3 2015 Earnings CallQ3 2015
Fidelity National Information Services IncFIS US8:30Q3 2015 Earnings CallQ3 2015
Discovery Communications IncDISCA US8:30Q3 2015 Earnings CallQ3 2015
Zoetis IncZTS US8:30Q3 2015 Earnings CallQ3 2015
Archer-Daniels-Midland CoADM US9:00Q3 2015 Earnings CallQ3 2015
NiSource IncNI US9:00Q3 2015 Earnings CallQ3 2015
Eversource EnergyES US9:00Q3 2015 Earnings CallQ3 2015
Morgan StanleyMS US9:00Fixed Income Investor Conference Call
General Growth Properties IncGGP US9:00Q3 2015 Earnings CallQ3 2015
Allstate Corp/TheALL US9:00Q3 2015 Earnings CallQ3 2015
Sempra EnergySRE US9:00Q3 2015 Earnings ReleaseQ3 20150.883
Mosaic Co/TheMOS US9:00Q3 2015 Earnings CallQ3 2015
Ford Motor CoF US9:15October 2015 Sales and Revenue Release2015
Kellogg CoK US9:30Q3 2015 Earnings CallQ3 2015
Columbia Pipeline Group IncCPGX US9:30Q3 2015 Earnings CallQ3 2015
Ford Motor CoF US10:00October 2015 Sales and Revenue Call2015
Tenet Healthcare CorpTHC US10:00Q3 2015 Earnings CallQ3 2015
Vornado Realty TrustVNO US10:00Q3 2015 Earnings CallQ3 2015
Biogen IncBIIB US10:00Investor R&D DayY 2015
Pioneer Natural Resources CoPXD US10:00Q3 2015 Earnings CallQ3 2015
HCP IncHCP US12:00Q3 2015 Earnings CallQ3 2015
L Brands IncLB US12:00Investor DayY 2015
Varian Medical Systems IncVAR US12:00Investor MeetingY 2015
Vulcan Materials CoVMC US12:00Q3 2015 Earnings CallQ3 2015
Symantec CorpSYMC US12:00Annual General MeetingY 2015
Sempra EnergySRE US13:00Q3 2015 Earnings CallQ3 2015
Emerson Electric CoEMR US14:00Q4 2015 Earnings CallQ4 2015
Martin Marietta Materials IncMLM US14:00Q3 2015 Earnings CallQ3 2015
Cerner CorpCERN US16:01Q3 2015 Earnings ReleaseQ3 20150.544
CBS CorpCBS US16:01Q3 2015 Earnings ReleaseQ3 20150.805
Activision Blizzard IncATVI US16:30Q3 2015 Earnings CallQ3 2015
Cerner CorpCERN US16:30Q3 2015 Earnings CallQ3 2015
CBS CorpCBS US16:30Q3 2015 Earnings CallQ3 2015
DaVita HealthCare Partners IncDVA US17:00Q3 2015 Earnings CallQ3 2015
ONEOK IncOKE USAft-mktQ3 2015 Earnings ReleaseQ3 20150.403
Cablevision Systems CorpCVC USAft-mktQ3 2015 Earnings ReleaseQ3 20150.226
Newfield Exploration CoNFX USAft-mktQ3 2015 Earnings ReleaseQ3 20150.154
Apartment Investment & Management CoAIV USAft-mktQ3 2015 Earnings ReleaseQ3 20150.564
DaVita HealthCare Partners IncDVA USAft-mktQ3 2015 Earnings ReleaseQ3 20150.965
Devon Energy CorpDVN USAft-mktQ3 2015 Earnings ReleaseQ3 20150.525
Cimarex Energy CoXEC USAft-mktQ3 2015 Earnings ReleaseQ3 2015-0.075
Sigma-Aldrich CorpSIAL USQ3 2015 Earnings ReleaseQ3 20151.055
Delta Air Lines IncDAL USOctober 2015 Sales and Revenue Release - Traffic Results2015
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Monday, September 28, 2015

BARCHART MORNING CALL 9/28


OVERNIGHT MARKETS AND NEWS
December E-mini S&Ps (ESZ15 -0.51%) are down -0.68% and European stocks are down -1.60%, led by weakness in mining companies as the price of copper (ZNZ15 +0.21%) slid to a 1-month low. Chinese growth concerns weighed on stocks as well after China Aug industrial profits fell by the most in 4 years. Weakness in European automakers was another negative for European stocks, led by a -6% decline in shares of Volkswagen AG, as the company remains embroiled in the emissions-cheating scandal. Asian stocks settled mixed: Japan -1.32%, China +0.27%, Hong Kong, Taiwan and South Korea closed for holiday, Australia +1.42%, Singapore -1.44%, India -0.95%. China's Shanghai Composite erased losses of as much as 1.6% and closed higher as a rally in technology companies overshadowed data that showed industrial companies' profits fell by the most since the data began in 2011.
The dollar index (DXY00 +0.07%) is unch. EUR/USD (^EURUSD) is down -0.18% after ECB Executive Board member Lautenschlaeger said it's "too early" to talk about expanding QE. USD/JPY (^USDJPY) is down -0.43% as eh slide in stocks boosts the safe-haven demand for the yen.
Dec T-note prices (ZNZ15 +0.21%) are up +8.5 ticks.
ECB Executive Board member Lautenschlaeger said there are "some recovery signs" in the interbank money market and "it is too early to talk about concrete measures about broadening QE."
China Aug industrial profits were down -8.8% y/y, the largest decline since the data series began in 2011. Jan through Aug industrial profits are down -1.9%y/y to 3.77 trillion yuan.

U.S. STOCK PREVIEW
Key U.S. news today includes: (1) Aug personal spending (expected +0.3%), Aug personal income (expected 0.4%), Aug PCE deflator (expected unch m/m and +0.3% y/y), Aug PCE core deflator (expected +0.1% m/m and +1.2% y/y), (2) Aug pending home sales (expected +0.5% m/m and +7.8% y/y), (3) Sep Dallas Fed manufacturing activity (expected +6.8 to -9.0), (4) New York Fed President William Dudley speaks on monetary policy in an interview with the Wall Street Journal, (5) Chicago Fed President Charles Evans delivers a speech titled “A Perspective on Monetary Policy” at the Marquette University Business Leaders Forum in Milwaukee, WI, (6) San Francisco Fed President John Williams speaks on the economic outlook to the UCLA Anderson School of Management.
Five of the companies in the Russell 2000 index report earnings today: Cal-Maine Foods (consensus $3.14), Vail Resorts (-1.89), Comtech Communications (0.39), Synnex (1.44), Energy XXI Ltd. (-1.25).
U.S. IPO's scheduled to price today include: none.
Equity conferences this week include: BMO Capital Markets North American Real Estate Conference on Mon, Invest Japan Seminar 2015 on Mon, ESMO European Cancer Congress on Mon, Johnson Rice & Co Energy Conference on Mon-Wed, Deutsche Bank Leveraged Finance Conference on Tue, Jefferies West Coast Electronic Payments Summit on Tue, Wolfe Research Power and Gas Leaders Conference on Tue-Wed, D. A. Davidson & Co Engineering & Construction Conference on Wed, Leerink Partners Rare Disease Roundtable Conference on Thu.




OVERNIGHT U.S. STOCK MOVERS
RBC's chief market strategist cut his 2015 S&P 500 target to 2100 from 2325 and cut his 2015 EPS target to $120 from $128 due to commodity weakness and slower global growth.
Liberty Global Plc (LBTYA -0.48%) fell 2% in pre-market trading after Vodaphone Group Plc said talks about an exchange of assets with the companies have ended.
Comcast (CMCSA -0.49%) climbed nearly 3% in pre-market trading after it said it will buy a 51% stake in USJ. Co.
Cal-Maine (CALM +0.88%) reported Q1 EPS of $2.95, weaker than consensus of $3.14.
Citigroup (C +2.89%) was upgraded to 'Outperform' from 'Neutral' at Credit Suisse with a price target of $62.
Alcoa (AA -1.20%) jumped over 4% in pre-market trading after the company announced that it will separate into two public companies.
Stoneridge (SRI -5.35%) was raised to 'Bu' from 'Hold' at BB&T with a price target of $14.
A large study found that Bristol-Myers Squibb's (BMY -2.52%) drug Opdivo extended the lives of patients with advanced kidney cancer in a Phase 3 study.
Novo Nordisk A/S (NVO -0.18%) won FDA approval for its once-a-day Tresiba injection for adults with type 1 and 2 diabetes mellitus and also won approval for its Ryzodeg insulin drug.
Huntsman (HUN -0.86%) said that lower prices for titanium-dioxide, strength in the dollar, and "soft" demand in the Asia Pacific region will weigh on Q3 and Q4 earnings.
According to a Krebs on Security report, gift shops and restaurants at a "large number" of Hilton Hotel (HLT -0.43%) and franchise properties across the U.S. have been tied to a pattern of credit card fraud.
QLogic (QLGC -0.41%) said its board approved a restructuring plan that cuts jobs and consolidates and eliminates certain engineering activities.

MARKET COMMENTS
Dec E-mini S&Ps (ESZ15 -0.51%) this morning are down -13.00 points (-0.68%). Friday's closes: S&P 500 -0.05%, Dow Jones +0.70%, Nasdaq -0.85%. The S&P 500 Friday erased an early rally and settled little changed after a slide in the biotechnology sector dragged down health-care stocks. A 1.60% fall in China's Shanghai Composite also undercut the market. Stocks had opened higher after Fed Chair Yellen said the Fed is on course to raise interest rates this year, which suggests the U.S. economy is strong enough to handle higher interest rates. Another supportive factor was the upward revision to U.S. Q2 GDP to 3.9% q/q annualized from +3.7% q/q annualized as Q2 personal consumption was revised upward to +3.6% from +3.2%.
Dec 10-year T-notes (ZNZ15 +0.21%) this morning are up +8.5 ticks. Friday's closes: TYZ5 -9.00, FVZ5 -5.00. Dec T-notes Friday closed lower after Fed Chair Yellen said she expects the Fed to raise interest rates sometime this year. T-notes remained lower after U.S. Q2 GDP was revised higher and after the Sep University of Michigan consumer sentiment rose more than expected.
The dollar index (DXY00 +0.07%) this morning is unchanged. EUR/USD (^EURUSD) is down -0.0020 (-0.19%). USD/JPY (^USDJPY) is down -0.52(-0.18%). Friday's closes: Dollar Index +0.275 (+0.29%), EUR/USD -0.0035 (-0.31%), USD/JPY +0.52 (+0.43%). The dollar index rose to a 5-week high Friday on comments from Fed Chair Yellen who said she expects the Fed to raise interest rates this year and on the upward revision to U.S. Q2 GDP. Also, a rally in USD/JPY to a 2-week high boosted the dollar as an early rally in stocks curbed the safe-haven demand for the yen.
Nov crude oil (CLX15 -2.01%) this morning is down -83 cents (-1.82%)and Nov gasoline (RBX15 -2.06%) is down -0.0282 (-2.04%). Friday's closes: CLX5 +0.79 (+1.76%), RBX5 +0.0214 (+1.58%). Nov crude oil and gasoline closed higher Friday as stocks rallied, which bolstered confidence in the economic outlook and energy demand. Energy prices also found support after U.S. Q2 GDP was revised upward to +3.9% q/q annualized from +3.7% q/q annualized, which signals stronger energy consumption and demand. Gains were limited after the dollar index rose to a 5-week high.

GLOBAL EVENT CALENDAR09/28/2015
US0830 ETAug personal spending expected +0.3%, Jul +0.2%. Aug personal income expected +0.4%, Jul +0.4%.
0830 ETAug PCE deflator expected unch m/m and +0.3% y/y, Jul +0.1% m/m and +0.3% y/y. Aug PCE core deflator expected +0.1% m/m and +1.3% y/y, Jul +0.1% m/m and +1.2% y/y.
0830 ETNew York Fed President William Dudley speaks on monetary policy in an interview with the Wall Street Journal.
1000 ETAug pending home sales expected +0.4% m/m and +8.0% y/y, Jul +0.5% m/m and +7.2% y/y.
1030 ETSep Dallas Fed manufacturing activity expected +7.8 to -10.0, Aug -11.2 to -15.8.
1100 ETUSDA weekly grain export inspections.
1330 ETChicago Fed President Charles Evans delivers a speech titled A Perspective on Monetary Policy at the Marquette University Business Leaders Forum in Milwaukee, WI.
1600 ETUSDA weekly crop progress.
1700 ETSan Francisco Fed President John Williams speaks on the economic outlook to the UCLA Anderson School of Management.
JPN0100 ETRevised Japan Jul leading index CI, previous 104.9. Revised Jul coincident index, previous 112.2.

U.S. STOCK CALENDAR09/28/2015

CompanyTickerTimeEvent DescriptionPeriodEstimate
FedEx CorpFDX US9:00Annual General MeetingY 2015
DTE Energy CoDTE US11:30Investor DayY 2015
Exelon CorpEXC USExelon Corp Final Day to Appeal Decision to Reject Proposal of Pepco Holdings
Questar CorpSTR USRoadshow - San FranciscoY 2015
United Parcel Service IncUPS USRoadshow - ParisY 2015
King Digital Entertainment PlcKING USAnnual General Meeting
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Friday, February 13, 2015

BARCHART MORNING CALL 2/13

BARCHART MORNING CALL

OVERNIGHT MARKETS AND NEWS
March E-mini S&Ps (ESH15 +0.12%) this morning are up +0.17% at a record high and European stocks are up +0.83% at a 6-1/2 year high after German Q4 GDP expanded +0.7% q/q, more than twice as much as forecast. Also, optimism has increased over Greek debt talks after government officials taking part in Greece's debt negotiations said both sides are signaling willingness to compromise. That sent the yield on Greece's 10-year bond falling to a 2-week low of 9.15% and fueled gains in Italian, Spanish and Portuguese government bonds. Asian stocks closed mostly higher: Japan -0.37%, Hong Kong +1.07%, China +0.78%, Taiwan +0.35%, Australia +2.33%, Singapore +0.21%, South Korea +0.83%, India +1.01%. China's Shanghai Stock Index rose to a 1-week high on signs of stronger credit growth after China Jan new yuan loans rose by the most in 5-1/2 years. Commodity prices are mostly higher. Mar crude oil (CLH15 +1.19%) is up +1.46% and Mar gasoline (RBH15 +0.45%) is up +1.07%. Apr gold (GCJ15 +0.31%) is up +0.28%. Mar copper (HGH15 -0.04%) is up +0.17% at a 1-month high. Agriculture prices are higher. The dollar index (DXY00 +0.16%) is down -0.01%. EUR/USD (^EURUSD) is up +0.09%. USD/JPY (^USDJPY) is down -0.18%. Mar T-note prices (ZNH15 -0.15%) are down -6 ticks.
German Q4 GDP rose +0.7% q/q and +1.6% y/y (nsa), better than expectations of +0.3% q/q and +1.2% y/y (nsa).
The German Jan wholesale price index fell -0.4% m/m, the fourth straight monthly decline, and fell -2.6% y/y, the largest annual decrease in 5 years.
Eurozone Q4 GDP rose +0.3% q/q and +0.9% y/y, better than expectations of +0.2% q/q and +0.8% y/y.
UK Dec construction output rose +0.4% m/m, less than expectations of +2.7% m/m, and on an annual basis rose +5.5% y/y, right on expectations.
China Jan new yuan loans totaled 1.47 trillion yuan, more than expectations of 1.35 trillion yuan and the most in 5-1/2 years.
U.S. STOCK PREVIEW
Today’s preliminary-Feb U.S. consumer confidence index from the University of Michigan is expected to show a +0.1 point increase to 98.2, adding to January’s sharp +4.5 point increase to an 11-year high of 98.1. Today’s Jan U.S. import price index is expected to fall sharply by -3.2% m/m and -8.9% y/y, which would be even weaker than December’s report of -2.5% m/m and -5.5% y/y. There are 6 of the S&P 500 companies that report earnings today: Excelon (consensus $0.50), JM Smucker (1.51), DTE Energy (1.04), Ventas (1.13), VF Corp (0.98), Interpublic (0.58). There are no equity conferences today.




OVERNIGHT U.S. STOCK MOVERS
CBS (CBS +1.80%) gained nearly 4% in pre-market trading after it reported Q4 EPS of 77 cents, more than consensus of 76 cents.
King Digital (KING +4.24%) soared over 15% in after-hours trading after it reported Q4 adjusted EPS of 57 cents, well aboove consensus of 47 cents.
Campbell Soup (CPB -0.23%) slid 4% in after-hours trading after it lowered guidance on fiscal 2015 EPS outlook to $2.32-$2.38, less than consensus of $2.45.
ConAgra (CAG +0.69%) fell 3% in after-hours trading after it lowered guidance on fiscal 2015 EPS to $2.13-$2.18, below consensus of $2.26.
Boyd Gaming (BYD +4.36%) reported Q4 adjusted EPS of 0 cents, better than consensus of a -4 cent loss.
Regal Entertainment (RGC +0.14%) reported Q4 EPS of 30 cents, above consensus of 29 cents.
Shutterfly (SFLY +0.92%) reported Q4 adjusted EPS of $2.57, more than consensus of $2.51.
Kraft Foods (KRFT +1.69%) reported Q4 EPS ex-items of 75 cents, higher than consensus of 73 cents.
DaVita (DVA +0.58%) reported Q4 continuing operations EPS of 96 cents, better than consensus of 89 cents.
AIG (AIG +0.38%) fell over 2% in after-hours trading after it reported Q4 EPS of 97 cents, below consensus of $1.05.
Groupon (GRPN -1.58%) reported Q4 adjusted EPS of 6 cents, twice as much as consensus of 3 cents.
Columbia Sportswear (COLM +3.91%) jumped over 5% in after-hours trading after it reported Q4 EPS of 79 cents, higher than consensus of 67 cents, and then raised guidance on fiscal 2015 EPS to $2.10-$2.20, above consensus of $2.07.
American Equity (AEL +0.56%) reported Q4 EPS of 63 cents, better than consensus of 54 cents.
MARKET COMMENTS
Mar E-mini S&Ps (ESH15 +0.12%) this morning are up +3.50 points (+0.17%) at a new record high. The S&P 500 index on Thursday jumped to a 6-week high and closed higher: S&P 500 +0.96%, Dow Jones +0.62%, Nasdaq +1.18%. Bullish factors included (1) reduced geopolitical risks in Eastern Europe after Russian President Putin said that a cease-fire had been agreed to in Ukraine, and (2) speculation that Greece was making progress on debt talks with its creditors, which eased Greek default concerns. Negatives for stocks include (1) the +24,000 increase in U.S. weekly jobless claims, more than expectations of +9,000, and (2) the +0.2% increase in U.S. Jan retail sales ex autos and gasoline, less than expectations of +0.4%.
Mar 10-year T-notes (ZNH15 -0.15%) this morning are down -6 ticks. Mar 10-year T-note futures prices on Thursday recovered from a 5-week low and closed higher. Closes: TYH5 unch, FVH5 unch. Bullish factors included (1) the larger-than-expected increase in U.S. weekly jobless claims, and (2) the weaker-than-expected U.S. Jan retail sales. T-notes had opened lower on reduced safe-haven demand after geopolitical risks eased in Eastern Europe when a cease-fire was agreed upon in Ukraine.
The dollar index (DXY00 +0.16%) this morning is down -0.01%. EUR/USD (^EURUSD) is up +0.09%. USD/JPY (^USDJPY) is down -0.18%. The dollar index on Thursday closed lower: Dollar index -0.891 (-0.94%), EUR/USD +0.00688 (+0.61%), USD/JPY -1.334 (-1.11%). Bearish factors included (1) the larger than expected increase in U.S, weekly jobless claims and the larger-than-expected decline in U.S. Jan retail sales, which may prompt the Fed to delay interest rate hikes, and (2) weakness in USD/JPY as the yen rallied on speculation the BOJ may not boost stimulus after people familiar with the talks said that BOJ policy makers view further monetary easing as a counterproductive step for now.
Mar WTI crude oil (CLH15 +1.19%)this morning is up +75 cents (+1.46%) and Mar gasoline (RBH15 +0.45%) is up +0.0171 (+1.07%). Mar crude oil and Mar gasoline on Thursday closed higher: CLH5 +2.37 (+4.85%), RBH5 +0.0523 (+3.39%). Bullish factors included (1) the weaker dollar, (2 the rally in the S&P 500 to a 6-week high, which bolsters optimism in the economic outlook and energy demand, and (3) concern that the ongoing strike by United Steelworkers union who represent employees at more than 200 refineries with 10% of U.S. refining output will start to curtail gasoline and distillate production.
GLOBAL EVENT CALENDAR02/13/2015
US0830 ETJan import price index expected -3.2% m/m and -8.9% y/y, Dec -2.5% m/m and -5.5% y/y.
1000 ETPreliminary U.S. Feb University of Michigan consumer confidence expected unch at 98.1, Jan +4.5 to 98.1.
1330 ETDallas Fed President Richard Fisher speaks at a community luncheon in San Antonio.
GER0200 ETGerman Jan wholesale price index, Dec -1.0% m/m and -2.3% y/y.
0300 ETGerman Q4 GDP expected +0.3% q/q and +1.2% y/y (nsa), Q3 +0.1% q/q and +1.2% y/y (nsa).
UK0430 ETUK Dec construction output expected +2.7% m/m and +5.5% y/y, Nov -2.0% m/m and +3.6% y/y.
EUR0500 ETEurozone Q4 GDP expected +0.2% q/q and +0.8% y/y, Q3 +0.2% q/q and +0.8% y/y.
1315 ETECB Governing Council member and Bundesbank President Jens Weidmann speaks at an event in London on Heading for stability and prosperity Bringing the Eurozone back on track.
U.S. STOCK CALENDAR02/13/2015
CompanyTickerTimeEvent DescriptionPeriodEstimate
Exelon CorpEXC USBef-mktQ4 2014 Earnings ReleaseQ4 20140.499
JM Smucker Co/TheSJM USBef-mktQ3 2015 Earnings ReleaseQ3 20151.511
DTE Energy CoDTE USBef-mktQ4 2014 Earnings ReleaseQ4 20141.043
Ventas IncVTR USBef-mktQ4 2014 Earnings ReleaseQ4 20141.134
VF CorpVFC US7:00Q4 2014 Earnings ReleaseQ4 20140.984
American International Group IncAIG US8:00Q4 2014 Earnings CallQ4 2014
Hasbro IncHAS US8:00Investor UpdateY 2015
JM Smucker Co/TheSJM US8:30Q3 2015 Earnings CallQ3 2015
VF CorpVFC US8:30Q4 2014 Earnings CallQ4 2014
Interpublic Group of Cos Inc/TheIPG US8:30Q4 2014 Earnings CallQ4 2014
DTE Energy CoDTE US9:00Q4 2014 Earnings CallQ4 2014
Assurant IncAIZ US9:00Q4 2014 Earnings CallQ4 2014
Micron Technology IncMU US10:00Analyst ConferenceY 2015
Ventas IncVTR US10:00Q4 2014 Earnings CallQ4 2014
Exelon CorpEXC US11:00Q4 2014 Earnings CallQ4 2014
Mattel IncMAT US13:30Analyst Meeting - Toy FairY 2015
Interpublic Group of Cos Inc/TheIPG USQ4 2014 Earnings ReleaseQ4 20140.579
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Monday, July 7, 2014

BARCHART MORNING CALL 7/7

OVERNIGHT MARKETS AND NEWS
September E-mini S&Ps (ESU14 -0.05%) this morning are down -0.16% and European stocks are down -0.32% after German May industrial production unexpectedly declined for a third straight month. Also, IMF Managing Director Lagarde hinted that it may cut its global growth forecasts, saying investment is still weak and that risks remain in the U.S. even as its recovery accelerates. Asian stocks closed mixed: Japan -0.37%, Hong Kong -0.02%, China -0.11%, Taiwan +0.11%, Australia -0.11%, Singapore +0.59%, South Korea -0.26%, India +0.53%. Commodity prices are mostly lower. Aug crude oil (CLQ14 +0.17%) is down -0.20%. Aug gasoline (RBQ14 -0.18%) is down -0.49%. Aug gold (GCQ14 -0.50%) is down -0.41%. Sep copper (HGU14 -0.58%) is down -0.79%. Agriculture prices are unch. The dollar index (DXY00 -0.02%) is up +0.02% at a 1-week high after Goldman Sachs revised its forecast for the Fed to start raising interest rates in Q3 of 2015 rather than Q1 of 2016, saying the economy is "accelerating to an above-trend pace.". EUR/USD (^EURUSD) is down -0.01% at a 2-week low after German May industrial production unexpectedly plunged by the most in 2 years. USD/JPY (^USDJPY) is down -0.12%. Sep T-note prices (ZNU14 +0.01%) are up +0.5 of a tick.
German May industrial production unexpectedly fell -1.3% m/m, weaker than expectations of unch m/m, the third straight monthly decline and the sharpest drop in 2 years. On an annual basis, May industrial production rose +1.3% y/y, weaker than expectations of +3.6% y/y.
Eurozone Jul Sentix investor confidence unexpectedly rose +1.6 to 10.1, better than expectations of -0.7 to 7.8.
UK Jun Lloyds employment confidence fell -3 points to 1.
The Japan May leading index CI fell -0.8 to 105.7, a bigger decline than expectations of -0.6 to 105.9 and the lowest in 15 months. The May coincident index was unch at 111.1, higher than expectations of -0.1 to 111.0.
U.S. STOCK PREVIEW
There are no U.S. economic reports today. None of the Russell 1000 companies report earnings today. Equity conferences this week include: MicroStrategy Global User Conference on Tue, SEMICON West Conference on Tue, and Paris Europlace Financial Forum: Europe 2020 a Driver to Global Growth? on Tue-Wed.









OVERNIGHT U.S. STOCK MOVERS
Bed Bath & Beyond (BBBY +2.68%) was downgraded to 'Underperform' from 'Neutral' at BofA/Merrill.
Williams-Sonoma (WSM +0.51%) and Ultratech (UTEK -0.61%) were both upgraded to 'Buy' from 'Neutral' at BofA/Merrill.
Cinemark (CNK +0.45%) was downgraded to 'Neutral' from 'Buy' at B. Riley.
Southern Copper (SCCO +3.51%) was upgraded to 'Outperform' from 'Market Perform' at BMO Capital.
Charles Schwab (SCHW +2.55%) was upgraded to 'Market Perform' from 'Underperform' at Raymond James.
Applied Materials (AMAT +0.09%) was upgraded to 'Overweight' from 'Neutral' at JPMorgan.
Devon Energy (DVN +0.80%) and Western Refining (WNR +2.58%) were both upgraded to 'Buy' from 'Neutral' at Citigroup.
Peabody ({=BTU and Coeur Mining ({=CDE were both downgraded to 'Hold' from 'Buy' at Deutsche Bank.
Deutsche Boerse (DBOEY -0.52%) was downgraded to 'Underperform' from 'Neutral' at Credit Suisse.
DT Advanced Technologies (GTAT -1.11%) slid over 6% in pre-market trading after Canaccord Genuity Group downgraded the stock to 'Hold' from 'Buy.'
Ebay (EBAY +0.77%) rose nearly 1% in pre-market trading after it said it extended a collect-in-store alliance with the UK's Argos chain to 650 outlets from 150.
King Digital Entertainment (KING -2.93%) rose nearly 3% in pre-market trading after Piper Jaffray upgraded the stock to 'Overweight' from 'Neutral.'
Archer-Daniels Midland (ADM +0.99%) rose 0.5% in pre-market trading after it said it will acquire Wild Flowers GmbH for $3 billion.
Sandell reported an 8.4% stake in Bob Evans (BOBE +1.17%) .
Gabelli reported an 8.45% stake in PLX Technology (PLXT unch) .
MARKET COMMENTS
Sep E-mini S&Ps (ESU14 -0.05%) this morning are down -3.25 points (-0.16%). The S&P 500 index on Thursday posted a fresh record high and closed higher. The main bullish factor was the U.S. Jun payrolls report that showed (1) a +288,000 increase in Jun non-farm payrolls, stronger than expectations of +215,000, and (2) an unexpected -0.2 point drop in the Jun unemployment rate to 6.1%, indicating a stronger labor market than expectations of unchanged at 6.3% and the lowest in nearly 6 years. Closes: S&P 500 +0.55%, Dow Jones +0.54%, Nasdaq +0.61%.
Sep 10-year T-notes (ZNU14 +0.01%) this morning are up +0.5 of a tick. Sep 10-year T-note futures prices on Thursday slipped to a 2-week low and closed lower. Bearish factors included (1) the stronger-than-expected Jun payrolls report, and (2) reduced safe-haven demand for T-notes after the S&P 500 rallied to a new record high. Closes: TYU4 -5.50, FVU4 -5.00.
The dollar index (DXY00 -0.02%) this morning is up +0.014 (+0.02%) at a 1-week high. EUR/USD (^EURUSD) is up +0.0001 (+0.01%). USD/JPY (^USDJPY) is down -0.12 (-0.12%). The dollar index on Thursday closed higher after stronger-than-expected U.S. Jun non-farm payrolls boosted speculation the Fed will bring forward the timing of expected interest rate increases. EUR/USD fell back after ECB President Draghi kept open the possibility of quantitative easing by the ECB when he said “we are strongly determined to safeguard the firm anchoring of inflation expectations over the medium term” and stand ready to embark on broad-based asset purchases if necessary. Closes: Dollar index +0.256 (+0.32%), EUR/USD -0.0048 (-0.35%). USD/JPY +0.408 (+0.40%).
Aug WTI crude oil (CLQ14 +0.17%) this morning is down -21 cents (-0.20%). Aug gasoline (RBQ14 -0.18%) is down -0.0148 (-0.49%). Aug crude and gasoline prices on Thursday tumbled to 3-week lows and closed lower. Negative factors included (1) signs of increased supplies after Libya said it was opening the Es Sider and Ras Lanuf oil export facilities after it reached an agreement with rebels who have blockaded the ports for the past year, and (2) speculation Hurricane Arthur will curb fuel demand on the U.S. East coast over the Fourth of July holiday. Closes: CLQ4 -0.42 (-0.41%) RBQ4 -0.0060 (-0.20%).
GLOBAL EVENT CALENDAR07/07/2014
US1100 ETUSDA weekly grain export inspections.
1600 ETUSDA weekly crop progress.
JPN0100 ETJapan May leading index CI expected -0.5 to 106.0, Apr 106.5. May coincident index expected -0.1 to 111.0, Apr 111.1.
GER0200 ETGerman May industrial production expected +0.2% m/m and +3.5% y/y, Apr +0.2% m/m and +1.8% y/y.
EUR0430 ETEurozone Jul Sentix investor confidence, Jun 8.5.
UK0430 ETUK Jun Lloyds employment confidence, May 4.
U.S. STOCK CALENDAR07/07/2014
Company NameTickerTimeEvent DescriptionPeriodEstimate
Bed Bath & Beyond IncBBBY US9:00Annual General MeetingY 2014
Applied Materials IncAMAT US16:30Analyst BriefingY 2014
Brookdale Senior Living IncBKD USAnnual General Meeting
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