Showing posts with label LMT. Show all posts
Showing posts with label LMT. Show all posts

Saturday, September 30, 2017

Aerojet Rocketdyne: A Great Choice for your Portfolio

My Seeking Alpha Article - Aerojet Rocketdyne: A Great Choice for your Portflio - Compares Aerojet Rockerdyne (AJRD) to Lockheed Martin (LMT), Orbitsl ATK (OA) and Kratos Defense (KTOS)



Friday, December 23, 2016

MORNING CALL 12/23

Barchart Morning Call

OVERNIGHT MARKETS AND NEWS
Mar E-mini S&Ps (ESH17 -0.04%) are unchanged in thin pre-holiday trade and European stocks are up +0.04% on strength in bank stocks led by a nearly 3% increase in Deutsche Bank after it agreed to pay $7.2 billion to resolve a years-long U.S. investigation into its dealings in mortgage-backed securities. Also, Italian bank stocks rallied after the government said it will put as much as 20 billion euros ($21 billion) into the country's banks. GBP/USD fell -0.24% to a 1-1/2 month low, despite UK Q3 GDP being revised higher, on concern Article 50 of Brexit will be triggered early next year. Asian stocks settled mostly lower: Japan closed for holiday, Hong Kong -0.28%, China -0.94%, Taiwan -0.44%, Australia -0.28%, Singapore -0.38%, South Korea -0.14%, India +0.24%. Concerns over capital outflows pressured Chinese stocks, while a -1.10% slide in Feb WTI crude oil prices (CLG17 -1.10%) undercuts energy producing stocks.
The dollar index (DXY00 -0.10%) is down -0.08%. EUR/USD (^EURUSD) is up +0.11%. USD/JPY (^USDJPY) is down -0.14%.
Mar 10-year T-note prices (ZNH17 +0.08%) are up +2.5 ticks.
UK Q3 GDP was revised upward to +0.6% q/q from the previously reported +0.5% q/q.
German Jan GfK consumer confidence rose +0.1 to 9.9, right on expectations.
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) Nov new home sales (expected +2.1% to 575,000, Oct -1.9% to 563,000), (2) final-Dec University of Michigan U.S. consumer sentiment index (expected unch at 98.0, prelim-Dec +4.2 to 98.0), (3) USDA Nov Cattle on Feed, (4) USDA Q4 Hogs & Pigs inventory, (5) USDA Nov Cold Storage.
Russell 1000 earnings reports today include: none.
U.S. IPO's scheduled to price today: none.
Equity conferences this week: none.
OVERNIGHT U.S. STOCK MOVERS
FedEx (FDX -0.64%) was initiated with a 'Buy' at Aegis Capital wih a 12-month target price of $215.
Time Warner (TWX +0.49%) was downgraded to 'Hold' from 'Buy' at Brean Capital.
Cal-Maine Foods (CALM -1.64%) gained over 1% in after-hours trading after it reported a Q2 loss of -48 cents per share, right on expectations.
Lockheed Martin (LMT +0.11%) slid 2% in after-hours trading after President-elect Trump said that based on tremendous cost and cost overruns he asked Boeing to price-out a comparable F-18 Super Hornet jet.
Global Partners LP (GLP +13.74%) was upgraded to 'Buy' from 'Hold' at Stifel with a 12-month target price of $19.
Fred's (FRED -4.77%) rose over 6% in after-hours trading after Alden Global Capital reported a 24.8% stake in the company.
GameStop (GME -5.04%) was initiated with a 'Buy' by Mizuho Securities with a 12-month target price of $35.
Cintas (CTAS +0.49%) dropped 3% in after-hours trading after it reported Q2 continuing operations EPS of $1.13, below consensus of $1.15.
Progenics Pharmaceuticals (PGNX -0.23%) jumped 7% in after-hours trading after an independent review of its Phase 3 clinical trial of agent 1404 for treatment of prostate cancer recommended a continuation of the trial.
Synergy Pharmaceuticals (SGYP -1.46%) climbed nearly 3% in after-hours trading after the company said its Phase 3 trial of its plecanatide met primary endpoints in treatment of chronic idiopathic constipation.
MARKET COMMENTS
Mar E-mini S&Ps (ESH17 -0.04%) this morning are unch. Thursday's closes: S&P 500 -0.19%, Dow Jones -0.12%, Nasdaq -0.29%. The S&P 500 on Thursday closed lower on the +21,000 increase in U.S weekly jobless claims to 275,000 (more than expectations of +3,000 to 257,000 and the most in 6 months) and the weaker than expected U.S. Nov personal spending report of +0.2% and personal income report of unchanged.
Mar 10-year T-notes (ZNH17 +0.08%) this morning are up +2.5 ticks. Thursday's closes: TYH7 -1.50, FVH7 -0.50. Mar 10-year T-notes on Thursday closed lower on the stronger-than-expected upward revision to U.S. Q3 GDP to 3.5% (q/q annualized), the fastest pace of growth in 2-years, and on the stronger-than-expected U.S. Nov durable goods orders report.
The dollar index (DXY00 -0.10%) this morning is down -0.080 (-0.08%). EUR/USD (^EURUSD) is up +0.0011 (+0.11%). USD/JPY (^USDJPY) is down -0.16 (-0.14%). Thursday's closes: Dollar index +0.070 (+0.07%), EUR/USD +0.0013 (+0.12%), USD/JPY -0.01 (-0.01%). The dollar index on Thursday closed slightly higher on the stronger-than-expected upward revision for U.S. Q3 GDP and the stronger-than-expected U.S. Nov durable goods orders report. The dollar was undercut by the weaker-than-expected U.S. Nov personal spending and personal income data.
Feb WTI crude oil prices (CLG17 -1.10%) this morning are down -58 cents (-1.10%) and Feb gasoline (RBG17 -1.41%) is -0.0243 (-1.50%). Thursday's closes: Feb crude +0.16 (+0.39%), Feb gasoline -0.0060 (-0.37%). Feb crude oil and gasoline on Thursday settled mixed. Crude oil prices were boosted by the stronger-than-expected U.S. Q3 GDP report and by comments from Iraqi Oil Minister Jabbar al-Luaibi who said the Kurdish region of Iraq also agreed to cut its crude oil output. Crude oil prices were undercut by the stronger dollar.
GLOBAL EVENT CALENDAR12/23/2016
Friday, Dec 23
US1000 ETNov new home sales expected +2.1% to 575,000, Oct -1.9% to 563,000.
1000 ETFinal-Dec University of Michigan U.S. consumer sentiment index expected unch at 98.0, prelim-Dec +4.2 to 98.0.
1200 ETUSDA Nov Cattle on Feed.
1200 ETUSDA Q4 Hogs & Pigs inventory.
1500 ETUSDA Nov Cold Storage.
Tuesday, Dec 27
US0900 ETOct S&P CoreLogic compoite-20 home prices expected +0.5% m/m and +5.0% y/y, Sep +0.37% m/m and +5.08% y/y.
1000 ETDec Richmond Fed manufacturing survey expected +1 to 5, Nov +8 to 4.
1000 ETDec consumer confidence (Conference Board) expected +1.2 to 108.3, Nov +6.3 to 107.1.
1100 ETUSDA weekly grain export inspections.
1300 ETTreasury auctions $26 billion of 2-year T-notes.
U.S. STOCK CALENDAR12/23/2016

CompanyTickerTimeEvent DescriptionPeriodEstimate
no events

Sunday, November 27, 2016

MORNING CALL 11/27

Barchart Morning Call

OVERNIGHT MARKETS AND NEWS
Dec E-mini S&Ps (ESZ16 +0.20%) are up +0.16% at a new all-time nearest-futures high as trading resumes from Thursday's Thanksgiving holiday. Stock prices are still getting a boost on optimism that President-elect Trump's pledges to increase fiscal spending and cut taxes will spur economic growth and corporate profits. European stocks are little changed, down -0.09%, as energy producing stocks decline with crude oil prices (CLF17 -1.15%) down -1.36%. Algeria's Energy Minister Boutarfa will travel to Tehran on Saturday in an effort to get Iran on board with other OPEC members in cutting production. Iran is insisting that it should be allowed to keep increasing output to pre-sanctions levels of about 4 million bpd. Also, some members in OPEC are adamant that Russia cut production as well if any OPEC plan to curb output is to succeed, according to people briefed on the matter because of the sensitive nature of the talks. Asian stocks settled higher: Japan +0.36%, Hong Kong +0.51%, China +0.62%, Taiwan +0.08%, Australia +0.41%, Singapore +0.55%, South Korea +0.09%, India +1.76%. Asian markets gained on strength in metals and commodity producing stocks, with Japan's Nikkei Stock Index climbing to a 10-1/2 month high, as the price of copper (HGZ16 +1.46%) jumps +1.51% to a 2-week high.
The dollar index (DXY00 -0.22%) is down -0.26%. EUR/USD (^EURUSD) is up +0.33%. USD/JPY (^USDJPY) is down -0.27%.
Dec 10-year T-note prices (ZNZ16 -0.12%) are down -6 ticks at a 2-year nearest-futures low as the rally in stocks to a new record high reduces the safe-haven demand for T-notes.
ECB Governing Council member Stournaras said the ECB has a long way to go to meet its inflation target so it's "far too early" to discuss the gradual removal of QE.
The German Nov IFO business climate was unch at 110.4, slightly weaker than expectations of unch at 110.5.
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) Oct wholesale inventories (expected +0.2%, Sep +0.1%. Oct retail inventories, Sep +0.3%), (2) Nov Markit services PMI (expected unch at 54.8, Oct +2.5 to 54.8), (3) USDA weekly Export Sales.
Russell 1000 earnings reports today include: none.
U.S. IPO's scheduled to price today: none.
Equity conferences during the remainder of this week include: none.
OVERNIGHT U.S. STOCK MOVERS
Deere & Co. (DE +11.04%) was upgraded to 'Neutral' from 'Underperform' at Longbow Research.
Molson Coors (TAP -1.09%) was downgraded to 'Neutral' from 'Buy' at Bryan Garnier.
Eli Lilly (LLY -10.51%) was downgraded to 'Neutral' from 'Overweight' at Atlantic Equities LLP.
Juno Therapeutics (JUNO -24.50%) was downgraded to 'Hold' from 'Buy' at SunTrust.
Ctrip.com (CTRIP) reported Q3 adjusted EPS of 17 cents, better than consensus of 11 cents, and said it will buy Skyscanner in a $1.74 billion deal.
Lockheed Martin (LMT -0.10%) received a $1,28 billion down payment from the Pentagon to continue production of the F-35 jet while negotiations continue a contract for 90 aircraft, worth as much as $7.19 billion.
A Federal jury late Wednesday found that Wal-Mart (WMT +1.01%) failed to pay hundreds of California truck drivers minimum wage and awarded then $54 million in damages.
Insteel Industries (IIIN +2.12%) jumped over 5% in after-hours trading after it was announced that it will replace Littelfuse in the S&P SmallCap 600 Index as of the close of trading Monday, November 28.
Airgain (AIRG +0.75%) fell 5% in after-hours trading after it announced a release of lock-up restriction on shares of common stock that will take effect after the close of trading Monday, November 28 and it will offer $40 million shares on behalf of selling holders.
Corbus Pharmaceuticals Holdings (CRBP +0.63%) dropped almost 7% in after-hours trading after it filed an agreement to offer as much as $35 million in common stock via Cantor Fitzgerald.
MARKET COMMENTS
Dec E-mini S&Ps (ESZ16 +0.20%) this morning are up +3.50 points (+0.16%) at a new record nearest-futures high. Wednesday's closes: S&P 500 +0.08%, Dow Jones +0.31%, Nasdaq -0.41%. The S&P 500 on Wednesday closed slightly higher on positive economic reports that included +0.4% increase in U.S. Oct capital spending (stronger than expectations of +0.3%) and the unexpected +2.2 point increase in U.S. Nov University of Michigan consumer sentiment index to a 6-month high of 93.8 (stronger than expectations of unchanged at 91.6). Stocks were undercut by the -1.9%decline in U.S. Oct new home sales to 563,000 (weaker than expectations of -0.5% to 590,000) and long liquidation pressure in stocks after the 10-year T-note yield surged to a 16-month high.
Dec 10-year T-notes (ZNZ16 -0.12%) this morning are down -6 ticks at a new 2-year nearest-futures low. Wednesday's closes: TYZ6 -11.00, FVZ6 -9.50. Dec 10-year T-notes on Wednesday plunged to a 2-year nearest-futures low and settled lower. T-note prices were undercut by the stronger-than-expected U.S. economic data on Oct durable goods orders and Nov University of Michigan consumer sentiment and by a surge in inflation expectations as the 10-year T-note breakeven inflation rate rose to a 2-year high.
The dollar index (DXY00 -0.22%) this morning is down -0.260 (-0.26%). EUR/USD (^EURUSD) is up +0.0035 (+0.33%). USD/JPY (^USDJPY) is down -0.31 (-0.27%). Wednesday's closes: Dollar index +0.660 (+0.65%), EUR/USD -0.0074 (-0.70%), USD/JPY +1.38 (+1.24%). The dollar index on Wednesday soared to a 13-1/2 year high and closed higher on the stronger-than-expected U.S. Oct durable goods orders report and on the surge in the 10-year T-note yield to a 16-month high, which improves the dollar's interest rate differentials.
Jan crude oil prices (CLF17 -1.15%) this morning are down -65 cents (-1.36%) and Jan gasoline (RBF17 -1.14%) is -0.0159(-1.12%). Wednesday's closes: Jan crude -0.09 (-0.19%), Jan gasoline +0.0114 (+0.81%). Jan crude oil and gasoline prices on Wednesday settled mixed with Jan gasoline at a 3-week high. Crude oil prices were undercut by the rally in the dollar index to 13-1/2 year high and by the +2.317 million bbl increase in EIA gasoline inventories (vs expectations of +900,000 bbl). Crude oil prices were boosted by comments from Iraq Prime Minister Haider Al-Abadi who said Iraq will bear part of an oil-output cut at next week's OPEC meeting. Crude oil prices also received a boost from the unexpected -1.255million bbl decline in EIA crude inventories versus expectations for a build of +1.0 million bbl.
GLOBAL EVENT CALENDAR11/25/2016
Friday, Nov 25
US0830 ETOct wholesale inventories expected +0.2%, Sep +0.1%. Oct retail inventories, Sep +0.3%.
0830 ETUSDA weekly Export Sales.
0945 ETNov Markit services PMI expected unch at 54.8, Oct +2.5 to 54.8.
Monday, Nov 28
US1030 ETNov Dallas Fed manufacturing activity expected +3.5 to 2.0, Oct -1.5.
1100 ETUSDA weekly grain export inspections.
1600 ETUSDA Weekly Crop Progress.
U.S. STOCK CALENDAR11/25/2016
CompanyTickerTimeEvent DescriptionPeriodEstimate
no events

Wednesday, July 20, 2016

Lockheed Martin - Chart of the Day 7/19

Lockheed Martin (LMT) is the Barchart Chart of the Day.  The defense contractor has a Trend Spotter buy signal, a Weighted Alpha of 32.17+, gained 28.72% in the last year and paid a 2.58% dividend.

 The Chart of the Day belongs to Lockheed Martin (LMT).  I found the defense contractor by using Barchart to sort today's All Time High list first for the most frequent number of new highs in the last month, then again for technical buy signals of 80% more,  Next I used the Flipchart feature to review the charts.  Since the Trend Spotter signaled a buy in 6/29 the stock gained 6.10%.

Lockheed Martin Corp. is a global enterprise principally engaged in the research, design, development, manufacture and integration of advanced-technology systems, products and services. The corporation's core businesses are systems integration, space, aeronautics, and technology services. 


The status of Barchart's Opinion trading systems are listed below. Please note that the Barchart Opinion indicators are updated live during the session every 10 minutes and can therefore change during the day as the market fluctuates. The indicator numbers shown below therefore may not match what you see live on the Barchart.com web site when you read this report.

Barchart technical indicators:

  • 80% technical buy signals
  • Trend Spotter buy signal
  • Above its 20, 50 and 100 day moving averages
  • 16 new highs and up 9.01% in the last month
  • Relative Strength Index 82.48%
  • Technical  support level at 246.87
  • Recently traded at 258.96 with a 50 day moving average of 243.58
Fundamental factors:
  • Market Cap $78.84 billion
  • P/E 22.68
  • Dividend yield 2.58%
  • Revenue expected to grow 9.60% this year but be down .30% next year
  • Earnings estimated to increase 5.40% this year, an additional 13.20% next year and compound at an annual rate of 10.6% of the next 5 years
  • Wall Street analysts issued 4 strong buy, 7 hold and 1 strong sell recommendation on the stock


Tuesday, May 31, 2016

MORNING CALL 5/31

MORNING CALL
OVERNIGHT MARKETS AND NEWS
Jun E-mini S&Ps (ESM16 +0.11%)are up +0.04% at a 1-1/4 month high on optimism that a strengthening U.S. economy could handle another 25 bp rate hike from the Fed. Fed Chair Yellen said Friday afternoon that an improving economy would probably warrant another rate increase "in the coming months." Strength in crude oil prices is lifting energy producers, while European stocks are down -0.33% as automakers declined after Volkswagen dropped over 3% when it reported an 86% plunge in quarterly profit due to its emissions-cheating scandal. European stocks were also undercut after an unexpected decline in German Apr retail sales. Asian stocks settled mostly higher: Japan +0.98%, Hong Kong +0.90%, China +3.34%, Taiwan unch, Australia -0.54%, Singapore -0.20%, South Korea +0.79%, India -0.22%. China's Shanghai Composite climbed to a 3-week high after Goldman Sachs said that it was likely that the stocks in the Shanghai Composite would be included in MSCI Inc.'s global benchmark indexes. Japan's Nikkei Stock Index rose to a 1-month high on optimism the Japanese government will delay an increase in the sales tax after senior officials from Prime Minister Abe's ruling party and its coalition partner said that Prime Minister Abe wants to put off a planned national sale tax increase for 2-1/2 years.
The dollar index (DXY00 -0.01%) is up +0.09%. EUR/USD (^EURUSD) is up +0.13%. USD/JPY (^USDJPY) is down -0.04%.
Jun T-note prices (ZNM16 -0.24%) are down -12.5 ticks.
German Apr retail sales unexpectedly fell -0.9% m/m, weaker than expectations of +0.9% m/m.
The Eurozone May CPI estimate fell -0.1% y/y, right on expectations. The May core CPI rose +0.8% y/y, right on expectations.
The Eurozone Apr unemployment rate was unch at 10.2%, right on expectations.

U.S. STOCK PREVIEW
Key U.S. news today includes: (1) Apr personal spending (expected +0.7%, Mar +0.1%) and Apr personal income (expected +0.4%, Mar +0.4%), (2) Apr PCE deflator expected (+0.3% m/m and +1.1% y/y, Mar +0.1% m/m and +0.8% y/y) and Apr core PCE deflator (expected +0.2% m/m and +1.6% y/y, Mar +0.2% m/m and +1.6% y/y), (3) S&P/CaseShiller composite-20 home price index (expected +0.7% m/m and +5.06% y/y, Feb +0.66% m/m and +5.38% y/y), (4) May Chicago PMI (expected +0.1 to 50.5, Apr -3.2 to 50.4), (5) May Conference Board U.S. consumer confidence (expected +2.1 to 96.3, Apr-1.9 to 94.2), (6) May Dallas Fed manufacturing activity (expected +5.9 to -8.0, Apr -13.9), (7) USDA weekly grain export inspections, and (8) USDA Weekly Crop Progress.
There are 3 of the Russell 1000 companies that report earnings today: Golar LNG (consensus -$0.42), Medtronic (1.26), Workday (-0.02).
U.S. IPO's scheduled to price today: Cancer Preventation Pharmaceuticals (CPP).
Equity conferences this week include: Deutsche Bank Global Financial Services Investor Conference on Tue-Wed, BMO Capital Markets Energy & Power Conference on Wed, D. A. Davidson & Co Technology Forum on Wed, Stifel Dental & Veterinary Conference on Wed, Bank of America Merrill Lynch Global Technology Conference on Wed-Thu, Cowen and Company Technology, Media & Telecom Conference on Wed-Thu, RBC Capital Markets Consumer & Retail Conference on Wed-Thu, Bernstein Strategic Decisions Conference on Wed-Fri, Credit Suisse Engineering & Construction Conference on Thu, Keefe, Bruyette & Woods Asset Management Conference on Thu, American Society of Clinical Oncology (ASCO) Meeting on Fri.
OVERNIGHT U.S. STOCK MOVERS
Celator Pharmaceuticals (CPXX +0.17%) soared over 70% in pre-market trading after it agreed to a $1.5 billion takeover offer from Jazz Pharmaceuticals.
Lockheed Martin (LMT -0.60%) was downgraded to 'Hold' from 'Buy' at Berenberg.
Marathon Oil (MRO -2.05%) was upgraded to 'Overweight' from 'Neutral' at Piper Jaffray.
Deere & Co. (DE +0.29%) was upgraded to 'Buy' from 'Neutral' at UBS with a 12-month price target of $94.
Micron (MU +3.01%) was upgraded to 'Outperform' from 'Neutral' at Robert Baird.
Dril-Quip (DRQ +1.12%) was upgraded to 'Buy' from 'Accumulate' at KLR Group with a price target of $70.
Signature Bank/New York (SBNY +0.85%) was downgraded to 'Neutral' from 'Overweight' at Piper Jaffray with a 12-month price target of $146.
TransDigm Group (TDG +0.47%) jumped 4% in after-hours trading after it was announced that it will replace Baxalta in the S&P 500 after the close of trading Thursday, June 2.
Brocade (BRCD +0.23%) rose 3% in after-hours trading after it was announced that it will replace MDC Holdings in the MidCap 400 after the close of trading on Tuesday, May 31.
The FDA approved Zinbryta, made by Biogen (BIIB +0.28%) and Abbvie (ABBV +1.31%) , for the treatment of adults with relapsing forms of multiple sclerosis.
Reuters reports that Williams Cos (WMB +3.22%) has informed Energy Transfer Equity ETE that it is open to considering a new offer that would replace the $6 billion portion of the deal with shares in the acquisition vehicle that Energy Transfer will create.
Osiris Therapeutics (OSIR +1.43%) slumped 10% in after-hours trading after it said a criminal probe against the company was started by the U.S. Attorney's Office for the Southern District of New York.
MARKET COMMENTS
June E-mini S&Ps (ESM16 +0.11%) this morning up +0.75 of a point (+0.04%) at a 1-1/4 month high. Friday's closes: S&P 500 +0.43%, Dow Jones +0.25%, Nasdaq +0.55%. The S&P 500 Friday rallied to a 1-1/4 month high and closed higher on the upward revision to U.S. Q1 GDP to +0.8% from +0.5% and on optimism that the U.S. economy is strong enough to handle further Fed rate hikes. Stocks were undercut by the -1.1 point decline in final-May University of Michigan U.S. consumer sentiment index to 94.7, weaker than expectations of -0.4 to 95.4.
June 10-year T-note prices (ZNM16 -0.24%) this morning are down -12.5 ticks. Friday's closes: TYM6 -3.50, FVM6 -3.00. Jun T-notes on Friday closed lower on the upward revision to U.S. Q1 GDP to +0.8% from +0.5%, hawkish comments from Fed Chair Yellen who said a Fed rate hike in coming months may be "appropriate," and reduced safe-haven demand with the rally in stocks.
The dollar index (DXY00 -0.01%) this morning is up +0.085 (+0.09%). EUR/USD (^EURUSD) is up +0.0014 (+0.13%). USD/JPY (^USDJPY) is down-0.05 (-0.04%). Friday's closes: Dollar Index +0.353 (+0.37%), EUR/USD -0.0079 (-0.71%), USD/JPY +0.55 (+0.50%). The dollar index on Friday rallied to a 2-month high and closed higher on the upward revision in U.S. Q1 GDP to +0.8% from +0.5% and hawkish comments from Fed Chair Yellen who said a Fed rate hike in coming months may be "appropriate." The dollar was also boosted by weakness in EUR/USD which tumbled to a 2-1/2 month low on divergent central bank policies with the Fed expected to further tighten monetary policy while the ECB maintains or even expands its monetary policy.
July WTI crude oil (CLN16 +0.47%) this morning is up +14 cents (+0.28%). July gasoline (RBN16 -0.90%) is down -0.0192 (-1.17%). Friday's closes: CLN6 -0.15 (-0.30%), RBN6 +0.0111 (+0.68%). July crude oil and gasoline prices on Friday settled mixed as July gasoline rebounded from a 1-week low. Crude oil prices were undercut by the rally in the dollar index to a 2-month high and by the restart of oil-sands facilities in Alberta as wildfire risks abated. Gasoline prices were boosted by signs of stronger demand as the AAA estimates that 38 million Americans will travel 50 miles or more this Memorial holiday weekend, up +2.2% y/y and the second-highest ever.
GLOBAL EVENT CALENDAR05/31/2016
US0830 ETApr personal spending expected +0.7%, Mar +0.1%. Apr personal income expected +0.4%, Mar +0.4%.
0830 ETApr PCE deflator expected +0.3% m/m and +1.1% y/y, Mar +0.1% m/m and +0.8% y/y. Apr core PCE deflator expected +0.2% m/m and +1.6% y/y, Mar +0.2% m/m and +1.6% y/y.
0900 ETMar S&P/CaseShiller composite-20 home price index expected +0.7% m/m and +5.06% y/y, Feb +0.66% m/m and +5.38% y/y.
0945 ETMay Chicago PMI expected +0.1 to 50.5, Apr -3.2 to 50.4.
1000 ETMay U.S. consumer confidence (Conference Board) expected +2.1 to 96.3, Apr -1.9 to 94.2.
1030 ETMay Dallas Fed manufacturing activity expected +5.9 to -8.0, Apr -13.9.
1100 ETUSDA weekly grain export inspections.
1600 ETUSDA Weekly Crop Progress.
JPN0000 ETJapan Apr vehicle production, Mar +1.2% y/y.
0100 ETJapan Apr housing starts expected +4.0% to 950,000 annualized, Mar +8.4% y/y to 993,000 annualized.
0100 ETJapan Apr construction orders, Mar +19.8% y/y.
1950 ETJapan Q1 capital spending expected +1.9% y/y, Q4 +8.5% y/y. Q1 capital spending ex software expected +4.1% y/y, Q4 +8.9% y/y.
2200 ETRevised Japan May Nikkei manufacturing PMI.
GER0200 ETGerman Apr retail sales expected +1.0% m/m and +1.9% y/y, Mar -1.4% m/m and +0.7% y/y.
0355 ETGerman May unemployment change expected -5,000, Apr -16,000. May unemployment rate, Apr 6.2%.
EUR0400 ETEurozone Apr M3 money supply expected +5.0% y/y, Mar +5.0% y/y.
0500 ETEurozone Apr unemployment rate expected unch at 10.2%, Mar -0.2 to 10.2%.
0500 ETEurozone May CPI estimate expected -0.1% y/y, Apr -0.2% y/y. May core CPI expected +0.8% y/y, Apr +0.7% y/y.
UK1901 ETUK May BRC shop price index, Apr -1.7% y/y.
CHI2100 ETChina May manufacturing PMI expected -0.1 to 50.0, Apr -0.1 to 50.1. May non-manufacturing PMI, Apr -0.3 to 53.5.
2145 ETChina May Caixin manufacturing PMI expected -0.2 to 49.2, Apr -0.3 to 49.4.
U.S. STOCK CALENDAR05/31/2016
CompanyTickerTimeEvent DescriptionPeriodEstimate
Golar LNG LtdGLNG USBef-mktQ1 2016 Earnings ReleaseQ1 2016-0.424
Medtronic PLCMDT US6:45Q4 2016 Earnings ReleaseQ4 20161.264
Medtronic PLCMDT US8:00Q4 2016 Earnings CallQ4 2016
Golar LNG LtdGLNG US10:00Q1 2016 Earnings CallQ1 2016
Workday IncWDAY US17:00Q1 2017 Earnings CallQ1 2017
Workday IncWDAY USAft-mktQ1 2017 Earnings ReleaseQ1 2017-0.021
Henry Schein IncHSIC USAnnual General Meeting
Tesla Motors IncTSLA USAnnual General Meeting
Empire State Realty Trust IncESRT USAnnual General Meeting

Tuesday, January 26, 2016

MORNING CALL 1/26

OVERNIGHT MARKETS AND NEWS
March E-mini S&Ps (ESH16 +0.35%) are up +0.28% and European stocks are up +0.11% as they mirror movements in oil prices which are up +0.86%. Global stocks were under pressure from Chinese economic concerns after China's Shanghai Composite plunged -6.42% to a 13-1/2 month low. On the positive side, mining stocks rose as the price of gold (GCG16 +0.69%) climbed +0.59% to a 2-1/2 month high and copper prices (HGH16 +1.53%) rose +1.33% to a 2-week high. Signs of stronger Chinese demand is giving metals prices a boost after Chinese customs data showed China Dec imports of refined copper surged +34% y/y to 423,000 MT and China Dec gold imports from Hong Kong surged +67% from Nov to 111.3 MT. European stocks also gained as Siemens AG rose after it boosted its earnings forecast and Royal Philips NV jumped over 5% after it reported better-than-expected Q4 profit. Asian stocks settled lower: Japan -2.35%, Hong Kong -2.45%, China -6.42%, Taiwan -0.83%, Australia and India closed for holiday, Singapore -1.43%, South Korea -1.31%.
The dollar index (DXY00 +0.02%) is up +0.09%. EUR/USD (^EURUSD) is down -0.21%. USD/JPY (^USDJPY) is up +0.12%.
Mar T-note prices (ZNH16 +0.11%) are up +5 ticks on the heels of a rally in German bunds as the 10-year bund yield fell to a 4-3/4 month low of 0.432%.
The PBOC added 440 billion yuan ($67 billion) into the financial system via reverse-repurchase agreements, the most in 3 years, as it tries to keep borrowing costs down and boost liquidity ahead of the Chinese Lunar New Year holiday that begins Feb 8.
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) the first day of the FOMC's 2-day policy meeting, (2) Nov FHFA house price index (expected +0.5% m/m, Oct +0.5% m/m), (3) Nov S&P/CaseShiller composite-20 home price index (expected +0.80% m/m and +5.64% y/y, Oct +0.84% m/m and +5.54% y/y), (4) Jan Markit services PMI (expected -0.3 to 54.0, Dec -1.8 to 54.3), (5) Jan U.S. consumer confidence from the Conference Board (expected unch at 96.5, Dec +3.9 to 96.5), (6) Jan Richmond Fed manufacturing index (expected -4 to 2, Dec +9 to 6), and (7) the Treasury's auction of $26 billion 2-year T-notes.
There are 23 of the S&P 500 companies that report earnings today with notable reports including: Apple (consensus $3.23), AT&T (0.63), Capital One (1.61), Johnson & Johnson (1.42), Procter & Gamble (0.98).
U.S. IPO's scheduled to price today: Ameriquest (AMQ).
Equity conferences during the remainder of this week: Cleantech Forum San Francisco on Tue-Wed, Real Estate Capital Markets 2016 Seminar on Wed.






OVERNIGHT U.S. STOCK MOVERS
Lockheed Martin (LMT -0.49%) reported Q4 EPS of $3.76, well above consensus of $2.94.
Procter & Gamble (PG -0.66%) reported Q2 EPS of $1.04, higher than consensus of 98 cents.
Johnson & Johnson (JNJ -0.36%) reported Q4 EPS of $1.44, better than consensus of $1.42.
PG&E Corp. (PCG -1.43%) was upgraded to 'Overweight' from 'Equalweight' at Morgan Stanley.
Crane Co. (CR -2.75%) dropped over 4% in after-hours trading after it lowered guidance on fiscal 2016 EPS to $3.85-$4.15, below consensus of $4.27.
Graco (GGG -2.02%) reported Q4 adjusted EPS of 93 cents, well above estimates of 78 cents.
Rambus (RMBS -1.75%) rallied over 7% in after-hours trading after it reported Q4 adjusted EPS of 18 cents, better than consensus of 15 cents.
Centene (CNC -2.71%) slid almost 2% in after-hours trading after it said six hard drives with health information on 950,000 were unaccounted for.
Swift Transportation (SWFT -1.51%) climbed nearly 5% in after-hours trading after it reported Q4 adjusted EPS of 53 cents, higher than consensus of 47 cents.
SunEdison (SUNE +2.64%) gained over 2% in after-hours trading after SunEdison stakeholder Greenlight Capital reported that it raised its stake in 13D to 6.8% from 5.9% reported September 30.
Relypsa (RLYP +0.05%) jumped over 8% in after-hours trading after it said studies showed no meaningful reduction in absorption for 9 of 12 drugs that had previously demonstrated binding in vitro tests when its Veltassa drug was administered at the same time.
Aratana Therapeutics (PETX +1.59%) surged nearly 10% in after-hours trading after it filed New Animal Drug Application for its Galliprant drug for control of pain and inflammation in dogs with osteoarthritis.
Sanmina Corp. (SANM +0.70%) climbed over 4% in after-hours trading after it raised guidance on Q2 adjusted EPS to 55 cents-59 cents, above consensus of 54 cents.
MARKET COMMENTS
Mar E-mini S&Ps (ESH16 +0.35%) this morning are up +5.25 points (+0.28%). Monday's closes: S&P 500 -1.56%, Dow Jones -1.29%, Nasdaq -1.48%. The S&P 500 on Monday closed lower on the sharp -7.4% sell-off in oil prices, carryover weakness from a fall in European stocks after the German Jan IFO business climate index slid to an 11-month low, and the unexpected -13.0 point drop in the Dallas Fed manufacturing activity index to a 6-3/4 year low of -34.6 (weaker than expectations of +5.6 to -14.5).
Mar 10-year T-notes (ZNH16 +0.11%) this morning are up +5 ticks. Monday's closes: TYH6 +5.50, FVH6 +1.50. Mar T-note prices on Monday closed higher on increased safe-haven demand with the the slide in stocks and on the plunge in crude oil, which undercut inflation expectations and may delay further Fed rate hikes.
The dollar index (DXY00 +0.02%) this morning is up +0.087 (+0.09%). EUR/USD (^EURUSD) is down -0.0023 (-0.21%). USD/JPY (^USDJPY) is up +0.14 (+0.12%). Monday's closes: Dollar Index -0.214 (-0.21%), EUR/USD +0.0053 (+0.49%), USD/JPY -0.48 (-0.40%). The dollar index on Monday closed lower on the plunge in the Dallas Fed manufacturing index to a 6-3/4 year low and on weakness in USD/JPY. the yen was boosted by safe-haven demand for the yen with the sell-off in stocks and by BOJ Governor Kuroda's comment that "we don't think the current market situation has been affecting corporate behavior unduly," which reduced speculation that the BOJ will expand stimulus at its Thu/Fri policy meeting.
Mar crude oil (CLH16 +0.89%) this morning is up +26 cents (+0.86%) and Mar gasoline (RBH16 -0.22%) is up +0.0105 (+1.00%). Monday's closes: CLH6 -2.39 (-7.42%), RBH6 -0.0641 (-5.78%). Mar crude oil and gasoline on Monday closed sharply lower on signs that Saudi Arabia will not cut back on oil production despite low prices after the chairman of state-run oil company Saudi Aramco said that Saudi Arabia can sustain low oil prices for "a long, long time." Crude oil and gasoline prices were also undercut by expectations that Wednesday's weekly EIA data will show crude inventories rose +4.0 million bbl and by the snowstorm along the U.S. East Coast that has reduced air and automobile travel and reduced gasoline demand.
GLOBAL EVENT CALENDAR01/26/2016
US0900 ETNov FHFA house price index expected +0.5% m/m, Oct +0.5% m/m.
0900 ETNov S&P/CaseShiller composite-20 home price index expected +0.80% m/m and +5.64% y/y, Oct +0.84% m/m and +5.54% y/y.
0945 ETJan Markit services PMI expected -0.3 to 54.0, Dec -1.8 to 54.3. Jan Markit composite PMI, Dec -1.9 to 54.0.
1000 ETJan consumer confidence (Conference Board) expected unch at 96.5, Dec +3.9 to 96.5.
1000 ETJan Richmond Fed manufacturing index expected -4 to 2, Dec +9 to 6.
1130 ETFOMC begins 2-day policy meeting.
1300 ETTreasury auctions $26 billion 2-year T-notes.
CHI2030 ETChina Dec industrial profits. Nov -1.4% y/y.
2045 ETChina Jan Westpac-MNI consumer sentiment, Dec 113.7.
U.S. STOCK CALENDAR01/26/2016
CompanyTickerTimeEvent DescriptionPeriodEstimate
Corning IncGLW USBef-mktQ4 2015 Earnings ReleaseQ4 20150.318
EI du Pont de Nemours & CoDD USBef-mktQ4 2015 Earnings ReleaseQ4 20150.258
Freeport-McMoRan IncFCX USBef-mktQ4 2015 Earnings ReleaseQ4 2015-0.179
Procter & Gamble Co/ThePG USBef-mktQ2 2016 Earnings ReleaseQ2 20160.979
Lockheed Martin CorpLMT USBef-mktQ4 2015 Earnings ReleaseQ4 20152.94
Waters CorpWAT USBef-mktQ4 2015 Earnings ReleaseQ4 20151.95
Prologis IncPLD USBef-mktQ4 2015 Earnings ReleaseQ4 20150.619
Coach IncCOH USBef-mktQ2 2016 Earnings ReleaseQ2 20160.662
Danaher CorpDHR US6:00Q4 2015 Earnings ReleaseQ4 20151.27
Johnson & JohnsonJNJ US6:45Q4 2015 Earnings ReleaseQ4 20151.419
Dover CorpDOV US7:00Q4 2015 Earnings ReleaseQ4 20150.742
WW Grainger IncGWW US7:30Q4 2015 Earnings ReleaseQ4 20152.227
WW Grainger IncGWW US7:30Q4 2015 Earnings CallQ4 2015
3M CoMMM US7:30Q4 2015 Earnings ReleaseQ4 20151.622
Parker-Hannifin CorpPH US7:30Q2 2016 Earnings ReleaseQ2 20161.178
American International Group IncAIG US8:00Business Update Call
Danaher CorpDHR US8:00Q4 2015 Earnings CallQ4 2015
EI du Pont de Nemours & CoDD US8:00Q4 2015 Earnings CallQ4 2015
Corning IncGLW US8:30Q4 2015 Earnings CallQ4 2015
Johnson & JohnsonJNJ US8:30Q4 2015 Earnings CallQ4 2015
Procter & Gamble Co/ThePG US8:30Q2 2016 Earnings CallQ2 2016
Waters CorpWAT US8:30Q4 2015 Earnings CallQ4 2015
Coach IncCOH US8:30Q2 2016 Earnings CallQ2 2016
3M CoMMM US9:00Q4 2015 Earnings CallQ4 2015
Dover CorpDOV US10:00Q4 2015 Earnings CallQ4 2015
Freeport-McMoRan IncFCX US10:00Q4 2015 Earnings CallQ4 2015
Parker-Hannifin CorpPH US11:00Q2 2016 Earnings CallQ2 2016
Lockheed Martin CorpLMT US11:00Q4 2015 Earnings CallQ4 2015
Prologis IncPLD US12:00Q4 2015 Earnings CallQ4 2015
Becton Dickinson and CoBDX US13:00Annual General MeetingY 2016
Apple IncAAPL US16:00TLIV Top Live Blog
Stryker CorpSYK US16:00Q4 2015 Earnings ReleaseQ4 20151.551
Chubb LtdCB US16:05Q4 2015 Earnings ReleaseQ4 20152.286
Capital One Financial CorpCOF US16:05Q4 2015 Earnings ReleaseQ4 20151.608
AT&T IncT US16:30Q4 2015 Earnings CallQ4 2015
Apple IncAAPL US16:30Q1 2016 Earnings ReleaseQ1 20163.227
Stryker CorpSYK US16:30Q4 2015 Earnings CallQ4 2015
CA IncCA US17:00Q3 2016 Earnings CallQ3 2016
Total System Services IncTSS US17:00Q4 2015 Earnings CallQ4 2015
Apple IncAAPL US17:00Q1 2016 Earnings CallQ1 2016
Capital One Financial CorpCOF US17:00Q4 2015 Earnings CallQ4 2015
CA IncCA USAft-mktQ3 2016 Earnings ReleaseQ3 20160.578
AT&T IncT USAft-mktQ4 2015 Earnings ReleaseQ4 20150.633
Total System Services IncTSS USAft-mktQ4 2015 Earnings ReleaseQ4 20150.601
Navient CorpNAVI USAft-mktQ4 2015 Earnings ReleaseQ4 20150.49
Hormel Foods CorpHRL USAnnual General MeetingY 2016
Affiliated Managers Group IncAMG USQ4 2015 Earnings ReleaseQ4 20153.604