Showing posts with label LNG. Show all posts
Showing posts with label LNG. Show all posts

Wednesday, February 17, 2016

MORNING CALL 2/17

MORNING CALL
OVERNIGHT MARKETS AND NEWS
March E-mini S&Ps (ESH16 +0.70%) are up +0.73% and European stocks are up +1.89%, both at 1-week highs, as a rally in crude oil lifts energy producers. Bank stocks are also higher, led by a 11% jump in Credit Agricole, after it said it will sell back stakes in regional banks to shore up capital. Asian stocks settled mixed: Japan -1.36%, Hong Kong -1.03%, China +1.08%, Taiwan +0.03%, Australia -0.57%, Singapore -1.16%, South Korea +0.18%, India +0.82%. China's Shanghai Composite pushed up to a 3-week high on signs the government will increase stimulus after people familiar with the matter said that China's chief planning agency is making more money available to local governments to fund new infrastructure projects.
The dollar index (DXY00 -0.02%) is down -0.02% and fell back from a 1-week high after dovish comments from Boston Fed President Rosengren who said that weak inflation should slow the pace of Fed interest rate hikes. EUR/USD (^EURUSD) is up +0.04%. USD/JPY (^USDJPY) is down -0.04%.
Mar T-note prices (ZNH16 -0.14%) are down -4.5 ticks.
Boston Fed President Rosengren said Tuesday night that "recent global events may make it less likely that the 2% inflation target will be achieved as quickly as had been projected in recent forecasts. If inflation is slower to return to target, monetary policy normalization should be unhurried."
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) weekly MBA mortgage applications (previous +9.3% with purchase sub-index +0.2% and refi sub-index +15.8%), (2) Jan housing starts (expected +1.8% to 1.170 million, Dec -2.5% to 1.149 million), (3) Jan PPI final demand (expected -0.2% m/m and -0.6% y/y, Dec -0.2% m/m and -1.0% y/y) and Jan PPI ex food & energy (expected +0.1% m/m and +0.4% y/y, Dec +0.1% m/m and +0.3% y/y), (4) Jan industrial production (expected +0.3%, Dec -0.4%), (5) the minutes of the Jan 26-27 FOMC meeting, and (6) St. Louis Fed President James Bullard's speech about the U.S. economic outlook and monetary policy to the CFA Society of St. Louis.
There are 13 of the S&P 500 companies that report earnings today with notable reports including: Marathon Oil (consensus -$0.48), Williams Cos (0.27), Newmont Mining (0.13%), Marriott (0.76), Priceline (11.73), Dr Pepper Snapple (0.98).
U.S. IPO's scheduled to price today: none.
Equity conferences this week include: Consumer Analysts Group of New York Investor Conference on Tue.



OVERNIGHT U.S. STOCK MOVERS
Boeing (BA +3.65%) gained over 1% in pre-market trading after it said it secured a $1.3 billion order for planes from China's Okay Airways.
Kinder Morgan (KMI +4.41%) climbed over 9% in pre-market trading after a regulatory filing showed that Berkshire Hathaway added investment in the company in Q4.
HealthStream (HSTM +1.36%) was upgraded to 'Buy' from 'Hold' at Needham & Co. with a 12-month price target of $26.
Express Scrips (ESRX +1.95%) dropped over 1% in after-hours trading after it reported Q4 revenue of $26.2 billion, below consensus of $26.6 billion.
Fossil Group (FOSL +3.36%) jumped over 11% in after-hours trading after it reported Q4 GAAP EPS of $1.46, well above consensus of $1.30.
Icahn Associates Corp. said that it added almost 12 million shares of Hertz Global Holdings (HTZ +8.54%) and 4 million shares of Cheniere Energy (LNG+2.03%) to its holdings.
Concho Resources (CXO +1.14%) will replace Plum Creek Timber (PCL +5.44%) in the S&P 500 as of the close of trading Friday, Feb 19.
Agilent (A +2.37%) slid over 6% in after-hours trading after it lowered guidance on Q2 adjusted EPS to 37 cents-39 cents, below consensus of 43 cents.
Cerner (CERN +1.02%) fell 6% in after-hours trading after it reported Q4 bookings of $1.35 billion, below estimates of $1.45 billion-$1.55 billion
FMC Technologies (FMC +4.99%) lost almost 1% in after-hours trading after it reported Q4 adjusted EPS of 46 cents, below consensus of 48 cents.
Boyd Gaming (BYD +5.19%) rose over 1% in after-hours trading after it reported Q4 adjusted EPS of 16 cents, higher than consensus of 13 cents.
Terex (TEX -0.49%) jumped over 10% in pre-market trading after Zoomlion Heavy Industry Science and Technology Co. Ltd reiterated its committment to buy the company for $30 in cash.
Cheesecake Factory (CAKE +2.36%) slipped over 3% in after-hours trading after it reported Q4 revenue of $526.8 million, weaker than consensus of $528.8 million.
Kaiser Aluminum (KALU +2.29%) reported Q4 adjusted EPS of 60 cents, well below consensus of $1.09.

MARKET COMMENTS
Mar E-mini S&Ps (ESH16 +0.70%) this morning are up +13.75 points (+0.73%) at a fresh 1-week high. Tuesday's closes: S&P 500 +1.65%, Dow Jones +1.39%, Nasdaq +2.12%. The S&P 500 on Tuesday posted a 1-week high and closed higher on carryover support from a +3.29% jump in the Shanghai Composite to a 3-week high after China Jan new yuan loans surged by a record 2.51 trillion yuan. Stocks were also boosted by reduced interest rate concerns after Philadelphia Fed President Harker said it may be "prudent" to wait for inflation to strengthen before the Fed raises interest rates again. Stocks were undercut by news that the Feb NAHB housing market index unexpectedly fell -3 to a 9-month low of 58, 2 points weaker than expectations for a report of 60.
Mar 10-year T-notes (ZNH16 -0.14%) this morning are down -4.5 ticks. Tuesday's closes: TYH6 -5.00, FVH6 -2.25. Mar T-notes on Tuesday fell to a 1-week low and closed lower on the rally in stocks that curbed the safe-haven demand for T-notes. However, T-notes received a boost from Philadelphia Fed President Harker's comment that "it might prove prudent to wait until the inflation data are stronger before we undertake a second rate hike."
The dollar index (DXY00 -0.02%) this morning is down -0.024 (-0.02%). EUR/USD (^EURUSD) is up +0.0004 (+0.04%). USD/JPY (^USDJPY) is down-0.05 (-0.04%). Tuesday's closes: Dollar Index +0.928 (+0.97%), EUR/USD -0.0012 (-0.11%), USD/JPY -0.53 (-0.46%). The dollar index on Tuesday climbed to a 1-week high and settled higher on weakness in GBP/USD which fell to a 2-week low after UK Jan core CPI rose +1.2% y/y, weaker than expectations of +1.3% y/y, which dampened the prospects of a BOE interest rate increase. The dollar index was also boosted by weakness in EUR/USD after the German Feb ZEW survey expectations of economic growth fell -9.2 to a 16-month low of 1.0.
Mar WTI crude (CLH16 +1.76%) this morning is up +72 cents (+2.48%) and Mar gasoline (RBH16 -0.13%) is down -0.0009 ((-0.09%). Tuesday's closes: CLH6 -0.40 (-1.36%), RBH6 -0.0682 (-6.54%). Mar crude and gasoline on Tuesday closed lower as Mar crude fell back from a 1-week high and Mar gasoline retreated from a 2-week high. Crude oil prices were undercut by the rally in the dollar index to a 1-week high and by concern that an agreement by Saudi Arabia and Russia to freeze crude output at current levels won't be enough to alleviate the global crude supply glut. Crude prices initially opened higher on the agreement between Saudi Arabia and Russia, the world's two largest oil producers, to freeze their crude production at current levels if other major oil producers would also freeze production.
GLOBAL EVENT CALENDAR02/17/2016
US0700 ETWeekly MBA mortgage applications, previous +9.3% with purchase sub-index +0.2% and refi sub-index +15.8%.
0830 ETJan housing starts expected +1.8% to 1.170 million, Dec -2.5% to 1.149 million. Jan building permits expected 0.3% to 1.200 million, Dec-6.1% to 1.204 million.
0830 ETJan PPI final demand expected -0.2% m/m and -0.6% y/y, Dec -0.2% m/m and -1.0% y/y. Jan PPI ex food & energy expected +0.1% m/m and +0.4% y/y, Dec +0.1% m/m and +0.3% y/y.
0915 ETJan industrial production expected +0.3%, Dec -0.4%. Jan capacity utilization expected +0.2 to 76.7%, Dec -0.4 to 76.5%. Jan manufacturing production expected +0.2%, Dec -0.1%.
1400 ETMinutes of the Jan 26-27 FOMC meeting.
1800 ETSt. Louis Fed President James Bullard speaks about the U.S. economic outlook and monetary policy to the CFA Society of St. Louis.
UK0430 ETUK Jan jobless claims change expected -3,000, Dec -4,300. Jan claimant count rate expected unch at 2.3%.
0430 ETUK Dec average weekly earnings expected +1.9% 3-mon avg y/y, Nov +2.0% 3-mon avg y/y. Dec avg weekly earnings ex-bonus expected +1.8% 3-mon avg y/y, Nov +1.9% 3-mon avg y/y.
0430 ETUK Dec ILO unemployment rate expected -0.1 to 5.0% 3-months though Dec, previous +5.1% 3-months through Nov.
EUR0500 ETEurozone Dec construction output, Nov +0.8% m/m and +2.1% y/y.
JPN1850 ETJapan Jan trade balance expected -658.5 billion yen, Dec +140.3 billion yen. Jan exports expected -10.9% y/y, Dec -8.0% y/y. Jan imports expected -15.8% y/y, Dec -18.0% y/y.
CHI2030 ETChina Jan CPI expected +1.9% y/y, Dec +1.6% y/y. Jan PPI expected -5.4% y/y, Dec -5.9% y/y.
U.S. STOCK CALENDAR02/17/2016
CompanyTickerTimeEvent DescriptionPeriodEstimate
Host Hotels & Resorts IncHST USBef-mktQ4 2015 Earnings ReleaseQ4 20150.349
Noble Energy IncNBL USBef-mktQ4 2015 Earnings ReleaseQ4 2015-0.022
Garmin LtdGRMN USBef-mktQ4 2015 Earnings ReleaseQ4 20150.476
Dr Pepper Snapple Group IncDPS USBef-mktQ4 2015 Earnings ReleaseQ4 20150.981
Priceline Group Inc/ThePCLN US7:00Q4 2015 Earnings ReleaseQ4 201511.734
Priceline Group Inc/ThePCLN US7:30Q4 2015 Earnings CallQ4 2015
Analog Devices IncADI US8:00Q1 2016 Earnings ReleaseQ1 20160.542
Express Scripts Holding CoESRX US8:30Q4 2015 Earnings CallQ4 2015
FMC Technologies IncFTI US9:00Q4 2015 Earnings CallQ4 2015
Analog Devices IncADI US10:00Q1 2016 Earnings CallQ1 2016
Host Hotels & Resorts IncHST US10:00Q4 2015 Earnings CallQ4 2015
Noble Energy IncNBL US10:00Q4 2015 Earnings CallQ4 2015
Vornado Realty TrustVNO US10:00Q4 2015 Earnings CallQ4 2015
FirstEnergy CorpFE US10:00Q4 2015 Earnings CallQ4 2015
Garmin LtdGRMN US10:30Q4 2015 Earnings CallQ4 2015
Devon Energy CorpDVN US11:00Q4 2015 Earnings CallQ4 2015
Cimarex Energy CoXEC US11:00Q4 2015 Earnings CallQ4 2015
Dr Pepper Snapple Group IncDPS US11:00Q4 2015 Earnings CallQ4 2015
Franklin Resources IncBEN US12:30Annual General MeetingY 2016
Public StoragePSA US14:00Q4 2015 Earnings CallQ4 2015
NVIDIA CorpNVDA US16:20Q4 2016 Earnings ReleaseQ4 20160.434
NetApp IncNTAP US17:00Q3 2016 Earnings CallQ3 2016
NVIDIA CorpNVDA US17:00Q4 2016 Earnings CallQ4 2016
Marriott International Inc/MDMAR US17:00Q4 2015 Earnings ReleaseQ4 20150.76
Newmont Mining CorpNEM USAft-mktQ4 2015 Earnings ReleaseQ4 20150.131
Marathon Oil CorpMRO USAft-mktQ4 2015 Earnings ReleaseQ4 2015-0.475
Williams Cos Inc/TheWMB USAft-mktQ4 2015 Earnings ReleaseQ4 20150.267
NetApp IncNTAP USAft-mktQ3 2016 Earnings ReleaseQ3 20160.682
CF Industries Holdings IncCF USAft-mktQ4 2015 Earnings ReleaseQ4 20150.819
Progressive Corp/ThePGR USJanuary 2016 Sales and Revenue Release2016

Monday, January 11, 2016

MORNING CALL 1/11

MORNING CALL

OVERNIGHT MARKETS AND NEWS
March E-mini S&Ps (ESH16 +0.33%) are up +0.50% and European stocks are up +0.74%. The Mar E-mini S&P had posted a 3-1/4 month low in overnight trade when China's Shanghai Composite slid over 5% to a 3-3/4 month low, but recovered their losses and moved higher as they attempt to stabilize ahead of Q4 company earnings season that begins this week. European stocks were led higher by a rally in automakers, with Volkswagen, BMW AG, and Daimler AG all up over 1.5%. Asian stocks settled lower: Japan closed for holiday, Hong Kong -2.76%, China -5.33%, Taiwan -1.34%, Australia -1.17%, Singapore -1.54%, South Korea -1.22%, India -0.44%. China's Shanghai Composite closed down % after China Dec producer prices fell for a record 46th consecutive month and declined at the fastest pace in 6-1/2 years, which pessimism over China's economy. The Shanghai Composite closed on its lows even as the yuan strengthened against the dollar, after Beijing News cited Premier Li Keqiang as saying policy makers won't seek strong stimulus or flood the economy with too much investment to boost demand.
The dollar index (DXY00 -0.08%) is down -0.03%. EUR/USD (^EURUSD) is down -0.20%. USD/JPY (^USDJPY) is up +0.38% as it recovered from a 4-1/2 month low after a rally in U.S. and European stocks curbed safe-haven demand for the yen.
Mar T-note prices (ZNH16 -0.12%) are down -4.5 ticks.
Eurozone Jan Sentix investor confidence fell -6.1 to 9.6, weaker than expectations of -4.3 to 11.4 and a 1-year low.
China Dec CPI rose +1.6% y/y, right on expectations. Dec PPI fell -5.9% y/y, weaker than expectations of -5.8% y/y and matched the fastest pace of decline in 6-1/4 years.
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) Atlanta Fed President Dennis Lockhart speaks on the U.S. economic outlook and monetary policy to the Rotary Club of Atlanta, (2) Dallas Fed President Rob Kaplan speaks on economic conditions and monetary policy at the North Texas Economic Forum.
There are 3 of the Russell 1000 companies that report earnings today: Alcoa (consensus $0.02), Global Payments (0.75), Lumentum Holdings (0.28).
U.S. IPO's scheduled to price today: none.
Equity conferences this week: North American International Auto Show (Detroit) - Press Days on Mon-Tue, J.P. Morgan Health Care Conference on Mon-Thu, Needham & Company Growth Conference on Tue, Deutsche Bank Global Auto Conference on Tue-Wed.






OVERNIGHT U.S. STOCK MOVERS
Wyndham Worldwide (WYN -0.30%) was upgraded to 'Hold' from 'Sell' at Deutsche Bank.
Ilumina (ILMN -1.52%) is up 6% in pre-market trading after it raised guidance on 2016 core adjusted EPS to $3.80-$3.90, higher than estimates of $3.76.
Whiting Petroleum (WLL +3.05%) was upgraded to 'Outperfom' from 'Market Perform' at Wells Fargo Securities.
Marathon Oil (MRO -3.00%) and Devon Energy (DVN +1.57%) were both upgraded to 'Overweight' from 'Equalweight' at Barclays.
Williams-Sonoma (WSM -3.22%) was downgraded to 'Neutral' from 'Outperform' at Wedbush.
M&T Bank (MTB -2.05%) was downgraded to 'Neutral' from 'Buy' at Goldman Sachs.
Statoil (STO -2.74%) was added to the 'Conviction Sell' list at Goldman Sachs.
L'oreal (LRLCY -0.45%) was added to the 'Conviction Buy' list at Goldman Sachs.
Keycorp (KEY -2.13%) was upgraded to 'Buy' from 'Neutral' at Goldman Sachs.
Cheniere Energy (LNG +0.11%) climbed nearly 3% in after-hours trading after Baupost raised its stake in eh company to 15.01% from 9.60% in September.
HCA Holdings (HCA -0.03%) rose nearly 6% in after-hours trading after the company said its fiscal 2015 adjusted EBITDA will be about $7.9 billion, higher than consensus of $7.77 billion.
Affymetrix (AFFX -1.39%) surged over 40% in after-hours trading after Thermo Fisher Scientific TMO acquired the company for $1.3 billion or $14 a share.
Actuity Brands (AYI -3.73%) fell over 3% in after-hours trading, adding on to Friday's -3.7% decline, after the company reported Q1 revenue of $736.6 million, below estimates of $740.1 million.
MARKET COMMENTS
Mar E-mini S&Ps (ESH16 +0.33%) this morning are up +9.50 points (+0.50%). Friday's closes: S&P 500 -1.08%, Dow Jones -1.02%, Nasdaq -0.81%. The S&P 500 on Friday erased an early rally and fell to a 3-1/4 month low on weakness in energy producers as crude oil prices declined and on concern that the recent weakness in Chinese stocks has yet to run its course. Stocks initially opened higher on carry-over support from a +1.97% rally in China's Shanghai Composite and the +292,000 increase in U.S. Dec non-farm payrolls, stronger than expectations of +200,000.
Mar 10-year T-notes (ZNH16 -0.12%) this morning are down -4.5 ticks. Friday's closes: TYH6 +9.50, FVH6 +6.50. Mar T-notes on Friday posted a 2-1/4 month high and closed higher on (1) a lack of wage pressures after U.S. Dec average hourly earnings were unch m/m and up +2.5% y/y (weaker than expectations of +0.2% m/m and +2.7% y/y) (2) weaker commodity prices that reduced inflation expectations as the 10-year T-note breakeven inflation rate fell to a 2-week low, and (3) increased safe-haven demand after the S&P 500 gave up an early rally and fell to a 3-1/4 month low.
The dollar index (DXY00 -0.08%) this morning isdown -0.030 (-0.03%) . EUR/USD (^EURUSD) is down -0.0022 (-0.20%). USD/JPY (^USDJPY) is up +0.45 (+0.38%). Friday's closes: Dollar Index +0.321 (+0.33%), EUR/USD -0.0010 (-0.09%), USD/JPY -0.41 (-0.35%). The dollar index on Friday settled higher on the stronger-than-expected U.S. Dec payroll report, which bolsters the case for the Fed to continue to raise interest rates. In addition, there was weakness in EUR/USD after German Nov industrial production unexpectedly fell -0.3% m/m, weaker than expectations of +0.5% m/m. The dollar was undercut by the slide in stocks, which boosted safe-haven demand for the yen as USD/JPY tumbled to a 4-1/2 month low.
Feb crude oil (CLG16 -1.54%) this morning is down -54 cents (-1.63%) and Feb gasoline (RBG16 +0.20%) is down -0.0056 (-0.50%). Friday's closes: CLG6 -0.39 (-1.17%), RBG6 -0.0241 (-2.10%). Feb crude oil and gasoline on Friday closed lower on a stronger dollar and on concern that the turmoil in China will exacerbate a global oil glut. Losses in crude oil were limited after U.S. Dec non-farm payrolls rose more than expected in a sign of U.S. economic strength.
GLOBAL EVENT CALENDAR01/11/2016
US1100 ETUSDA weekly grain export inspections.
1240 ETAtlanta Fed President Dennis Lockhart speaks on the U.S. economic outlook and monetary policy to the Rotary Club of Atlanta.
1750 ETDallas Fed President Rob Kaplan speaks on economic conditions and monetary policy at the North Texas Economic Forum.
EUR0430 ETEurozone Jan Sentix investor confidence expected -4.4 to 11.3, Dec 15.7.
UK1901 ETUK Dec BRC sales like-for-like expected +0.5% y/y, Nov -0.4% y/y.
JPNn/aJapanese markets closed for Coming-of-Age Day.
U.S. STOCK CALENDAR01/11/2016
CompanyTickerTimeEvent DescriptionPeriodEstimate
American Airlines Group IncAAL USBef-mktDecember 2015 Sales and Revenue Release - Traffic Results2015
Sirona Dental Systems IncSIRO US13:00Extraordinary Shareholders Meeting
Alcoa IncAA US16:03Q4 2015 Earnings ReleaseQ4 20150.024
Alcoa IncAA US17:00Q4 2015 Earnings CallQ4 2015
United Continental Holdings IncUAL US17:00December 2015 Sales and Revenue Release - Operational Performance2015
DENTSPLY International IncXRAY USSpecial Meeting - M&A Vote
Sirona Dental Systems IncSIRO USSpecial Meeting - M&A Vote
Global Payments IncGPN USQ2 2016 Earnings ReleaseQ2 20160.753
Lumentum Holdings IncLITE USQ2 2016 Earnings ReleaseQ2 20160.283

Tuesday, September 29, 2015

BARCHART MORNING CALL 9/29

OVERNIGHT MARKETS AND NEWS
December E-mini S&Ps (ESZ15 +0.41%) are up +0.55% and European stocks are up +0.20% as prices recover from Monday's rout. Gains in crude oil and copper helped boost energy and basic-resource producers, while an unexpected increase in Eurozone Sep economic confidence to a 4-year high underpinned European stocks. Asian stocks settled mostly lower: Japan -4.05%, Hong Kong -2.97%, China -2.02%, Taiwan and South Korea closed for holiday, Australia -3.81%, Singapore -0.14%, India +0.63%. China's Shanghai Composite fell to a 1-week low on economic concerns after the China Aug leading index fell to a 6-1/2 year low. Japan's Nikkei Stock Index tumbled more than 4% to an 8-1/4 month low, led by a sell-off in shipping companies, after Daiichi Chuo KK said it filed for bankruptcy protection. Also, Kobe Steel plunged 11% after it cut its net income forecast for the year to Mar 2016 to 25 billion yen, 58% lower than its Jul outlook of 60 billion yen, due to falling sales from its construction machinery unit because of the slowdown in China. Emerging stocks closed higher as commodity prices recovered, and India's BSE Sensex Stock Index climbed 0.63% after India's central bank cut interest rates more than expected.
The dollar index (DXY00 -0.01%) is down -0.02%. EUR/USD (^EURUSD) is down -0.09%. USD/JPY (^USDJPY) is unchanged.
Dec T-note prices (ZNZ15 -0.07%) are down -2 ticks.
The China Aug leading index fell -0.17 to 98.23, the lowest in 6-1/2 years.
Eurozone Sep economic confidence unexpectedly rose +1.5 to 105.6, stronger than expectations of -0.1 to 104.1 and the highest in 4 years. The Sep business climate indicator rose +0.14 to 0.34, stronger than expectations of unch at 0.21.
The Reserve Bank of India (RBI) cut the benchmark repurchase rate by 50 bp to 6.75%, more than expectations of a 25 bp cut to 7.00%.
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) July S&P CaseShiller composite-20 home price index (expected +0.10% m/m and +5.15% y/y, Jun -0.12% m/m and +4.97% y/y), and (2) Sep consumer confidence (Conference Board) (expected -5.5 to 96.0, Aug +10.5 to 101.5).
There are 2 of the Russell 2000 companies that report earnings today: IHS (consensus $1.47), Costco (1.66).
U.S. IPO's scheduled to price today include: Mirna Therapeutics (MIRN).
Equity conferences this week include: 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
Autoliv (ALV -1.16%) rose 3% in pre-market trading after Goldman Sachs upgraded the stock to 'Neutral' from 'Sell.'
Fiat Chrysler Automobiles NV (FCAU -4.85%) gained over 1% in pre-market trading on the heels of a recovery in European carmakers.
Yahoo! (YHOO -5.25%) climbed over 3% in pre-market trading after it said it's on track to spin off its stake of about $22 billion in Alibaba Group Holding Ltd. this year.
Micron (MU -5.70%) rose 1% in pre-market trading after Wells Fargo upgraded the stock to 'Outperform' from 'Market Perform.'
Novarax (NVAX -5.56%) jumped 9% in pre-market trading after the company said it was awarded a grant of up to $89 million from the Bill & Melinda Gates Foundation to support development of its RSV F Vaccine Phase 3 clinical trial in pregnant women.
Cheniere Energy (LNG -2.12%) rose 1% in after-hours trading after Carl Icahn reported he boosted his stake in the company to 11.4% from 9.6%.
GoPro (GPRO -8.17%) was rated a 'Buy at Sterne Agee CRT with a price target of $45.
Synnex (SNX -2.32%) slipped 4% in after-hours trading after it reported Q3 EPS of $1.47, better than consensus of $1.44, but reported Q3 revenue of $3.33 billion, below consensus of $3.35 billion.
Apple (AAPL -1.98%) was rated a 'Buy' at Sterne AGee CRT with a price target og $150.
Republic Airways (RJET +81.79%) rose over 10% in after-hours trading after the company was upgraded to 'Buy' from 'Hold' at Deutsche Bank with a price target of $8.
Western Digital (WDC -3.15%) was rated a 'Buy' at Sterne Agee CRT with a prica target of $95.
Allergan (AGN -8.66%) was rated a 'Buy' at Nomura with a price target of $350.
MARKET COMMENTS
Dec E-mini S&Ps (ESZ15 +0.41%) this morning are up +10.25 points (+0.55%). Monday's closes: S&P 500 -2.57%, Dow Jones -1.92%, Nasdaq -2.87%. The S&P 500 on Monday tumbled to a 1-month low and closed sharply lower on weakness in miners and commodity producers after the price of copper fell to a 1-month low and on Chinese economic concerns after China Aug industrial profits sank -8.8% y/y, the largest decline since the data series began in 2011. In addition, there was a rout in biotechnology shares led by a -17% plunge in Valeant Pharmaceuticals after Democrats in the U.S. House asked to subpoena the company for documents related to drug price increases. Stocks were also undercut by the unexpected -1.4% decline in U.S. Aug pending home sales, weaker than expectations of +0.4% m/m.
Dec 10-year T-notes (ZNZ15 -0.07%) this morning are down -2 ticks. Monday's closes: TYZ5 +19.00, FVZ5 +9.00. Dec T-notes on Monday settled higher on the the slide in the S&P 500 to a 1-month low, the unexpected decline in U.S. Aug pending home sales, and reduced inflation expectations after the 10-year T-note breakeven inflation rate slid to a 6-1/3 year low.
The dollar index (DXY00 -0.01%) this morning is down -0.020 (-0.02%). EUR/USD (^EURUSD) is down -0.0010 (-0.09%). USD/JPY (^USDJPY) is unch. Monday's closes: Dollar Index -0.330 (-0.34%), EUR/USD +0.0049 (+0.44%), USD/JPY -0.67 (-0.56%). The dollar index on Monday closed lower on the plunge in the S&P 500 to a 1-month low, which may prompt the Fed to further delay an interest rate hike. In addition, EUR/USD saw some strength after ECB Executive Board member Lautenschlaeger said "it is too early to talk about concrete measures about broadening QE."
Nov crude oil (CLX15 +1.53%) this morning is up +45 cents (+1.01%) and Nov gasoline (RBX15 +0.38%) is up +0.0008 (+0.06%). Monday's closes: CLX5-1.27 (-2.78%), RBX5 -0.0505 (-3.66%). Nov crude oil and gasoline prices on Monday closed with Nov gasoline at a 1-week low. Crude oil prices were hurt by Chinese growth concerns after China Aug industrial profits fell by the most in over 4 years and by IMF chief Lagarde's comment that the IMF will cut its 2015/16 global growth forecasts as the "process of recovery" slows.
GLOBAL EVENT CALENDAR09/29/2015
US0900 ETJul S&P CaseShiller composite-20 home price index expected +0.10% m/m and +5.15% y/y, Jun -0.12% m/m and +4.97% y/y.
1000 ETSep consumer confidence (Conference Board) expected -5.5 to 96.0, Aug +10.5 to 101.5.
GER0200 ETGerman Aug import price index expected -1.4% m/m and -3.0% y/y, Jul -0.7% m/m and -1.8% y/y.
0800 ETGerman Sep CPI (EU harmonized) expected -0.1% m/m and unch y/y, Aug unch m/m and +0.1% y/y.
EUR0500 ETEurozone Sep economic confidence expected -0.1 to 104.1, Aug 104.2. Sep business climate indicator expected unch at 0.21, Aug 0.21.
0500 ETRevised Eurozone Sep consumer confidence, previous -0.2 to -7.1.
UK0430 ETUK Aug net consumer credit expected +1.2 billion pounds, Jul +1.2 billion pounds.
0430 ETUK Aug mortgage approvals expected 69,900, Jul 68,800.
0430 ETUK Aug M4 money supply, Jul +1.0% m/m and +0.6% y/y.
0600 ETUK Sep CBI reported sales, Aug 24.
1905 ETUK Sep GfK consumer confidence expected -2 to 5, Aug 7.
JPN1950 ETJapan Aug industrial production expected +1.0% m/m and +1.8% y/y, Jul -0.8% m/m and unch y/y.
1950 ETJapan Aug retail sales expected +0.5% m/m and +1.2% y/y, Jul +1.4% m/m and +1.8% y/y.
CHI2145 ETChina Sep Westpac-MNI consumer sentiment indicator, Aug 116.5.
U.S. STOCK CALENDAR09/29/2015

CompanyTickerTimeEvent DescriptionPeriodEstimate
IHS IncIHS USBef-mktQ3 2015 Earnings ReleaseQ3 20151.472
IHS IncIHS US8:00Q3 2015 Earnings CallQ3 2015
Discovery Communications IncDISCA US8:15Investor DayY 2015
VEREIT IncVER US9:00Annual General MeetingY 2015
General Mills IncGIS US9:30Annual General Meeting
Autodesk IncADSK US11:30Investor DayY 2015
Workday IncWDAY US17:30Analyst DayY 2015
Costco Wholesale CorpCOST US21:00Q4 2015 Earnings ReleaseQ4 20151.658
United Parcel Service IncUPS USRoadshow - MilanY 2015
Tesla Motors IncTSLA USTesla Motors Unveils Limited Edition Founders Series-Starts SUV Deliveries

Tuesday, September 15, 2015

BARCHART MORNING CALL 9/15

OVERNIGHT MARKETS AND NEWS
December E-mini S&Ps (ESZ15 +0.10%) are up +0.05% and European stocks are up +0.72%. European stocks recovered from a 2-week low and moved higher led by strength in automakers after Eurozone Aug new car registrations rose +11.2% y/y to 745,000. European stocks had slid to a 2-week low after China's Shanghai Composite fell more than 3% to a 2-week low and after German investor confidence fell more than expected to a 10-month low. Comments from OECD Secretary General Gurria added to the negative tone in stocks when he said the global economy is not accelerating and that the OECD may cut its global economic outlook. Asian stocks closed mostly lower: Japan +0.34%, Hong Kong -0.49%, China -3.52%, Taiwan -0.57%, Australia -1.53%, Singapore -1.03%, South Korea +0.23%, India -0.58%. Japanese stocks closed higher and the yen strengthened after the BOJ refrained from adding additional stimulus following today's 2-day policy meeting and after BOJ Governor Kuroda said he sees a gradual recovery continuing in the economy.
The dollar index (DXY00 -0.05%) is up +0.02%. EUR/USD (^EURUSD) is down -0.13%. USD/JPY (^USDJPY) is down -0.44%.
Dec T-note prices (ZNZ15 +0.06%) are up +3 ticks.
The German Sep ZEW survey expectations of economic growth fell -12.9 to 12.1, weaker than expectations of -6.7 to 18.3 and the lowest in 10 months.
Eurozone Aug new car registrations rose +11.2% y/y to 745,000.
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) Aug retail sales (expected +0.3% and +0.2% ex autos), (2) Sep Empire manufacturing survey general business conditions (expected +14.52 to -0.40), (3) Aug industrial production (expected -0.2% m/m), (4) Aug capacity utilization (expected -0.2 to 77.8%), (5) Jul business inventories (expected +0.1%).
One of the Russell 2000 companies report earnings today: United Natural Foods (consensus $0.72).
U.S. IPO's scheduled to price today include: none.
Equity conferences this week include: Bank of America Merrill Lynch Power & Gas Leaders Conference on Wed-Thu, Citi 2015 Industrials Conference on Wed-Thu, Deutsche Bank Technology Conference on Wed-Thu, Morgan Stanley Industrials Conference on Wed-Thu, Barclays Capital Global Financial Services Conference on Wed-Fri, Credit Suisse Basic Materials Conference on Wed-Fri, Goldman Sachs Communacopia Conference on Wed-Fri, Morgan Stanley Global Healthcare Conference on Wed-Fri, Bank of America Merrill Lynch Global Health Care Conference on Thu, Imperial Capital Global Opportunities Conference on Thu, and AACR CRI-CIMT-EATI Immunotherapy Conference on Thu-Fri.



OVERNIGHT U.S. STOCK MOVERS
Owens-Illinois (OI +0.25%) and Weyerhaeuser (WY -0.51%) were both upgraded to 'Buy' from 'Neutral' at BofA/Merrill Lynch.
Corning (GLW -0.28%) was initiated with a 'Buy' at Deutsche Bank with a price target of $21.
The Fresh Market (TFM -0.90%) was upgraded to 'Buy' from 'Hold' at Jefferies.
Whirlpool (WHR -0.91%) was upgraded to 'Top Pick' from 'Outperform' at RBC Capital.
Nordstrom (JWN -0.57%) was upgraded to 'Buy' from 'Hold' at Stifel.
Joy Global (JOY -0.11%) was downgraded to 'Neutral' from 'Buy' at Axiom.
Commerzbank (CRZBY -0.13%) was downgraded to 'Sell' from 'Neutral' at Goldman Sachs.
UBS (UBS -1.93%) was downgraded to 'Neutral' from 'Buy' at Goldman Sachs.
Credit Suisse (CS -2.16%) was upgraded to 'Conviction Buy' from 'Buy' at Goldman Sachs.
Carl Icahn raised his stake in Cheniere Energy (LNG +2.60%) to 9.59% from 8.18%.
Glenhill Advisors reported a 5.9% passive stake in UTi Worldwide (UTIW -1.99%) .
Fitbit (FIT -1.23%) was initiated with an 'Overweight' at Pacific Crest with a price target of $47.
Bristow Group (BRS -2.80%) was initiated with an 'Outperform' at Oppenheimer with a price target of $52.
MARKET COMMENTS
Dec E-mini S&Ps (ESZ15 +0.10%) this morning are up +1.00 point (+0.05%). Monday's closes: S&P 500 -0.41%, Dow Jones -0.38%, Nasdaq -0.33%. The S&P 500 Monday closed lower on negative carry-over from a slide in Chinese stocks on concern the slowdown in China is deepening after China Aug industrial production rose +6.1% y/y, weaker than expectations of +6.5% y/y, and after China Aug fixed asset investment rose at the slowest pace in 14-1/2 years. Also, weakness in energy and raw-material stocks pressured the overall market after copper and crude oil declined.
Dec 10-year T-notes (ZNZ15 +0.06%) this morning are up +3 ticks. Monday's closes: TYZ5 +0.50, FVZ5 +0.25. Dec T-notes Monday closed higher on carryover support from a rally in German bunds which rose to a 2-1/2 week high and on weakness in stocks which boosted the safe-haven demand for Treasuries. T-notes also garnered support on speculation the Fed will refrain from raising interest rates at this Wednesday and Thursday’s FOMC meeting.
The dollar index (DXY00 -0.05%) this morning is up +0.017 (+0.02%). EUR/USD (^EURUSD) is down -0.0015 (-0.13%). USD/JPY (^USDJPY) is down-0.53 (-0.44%). Monday's closes: Dollar Index +0.052 (+0.05%), EUR/USD -0.0021 (-0.19%), USD/JPY -0.36 (-0.30%). The dollar index Monday rebounded from a 2-week low and closed higher on short-covering ahead of the 2-day FOMC meeting this Wednesday and Thursday, and on speculation that the BOJ and ECB may expand their stimulus measures as the Fed raises interest rates, which is positive for dollar interest rate differentials.
Oct crude oil (CLV15 +1.00%) this morning is up +40 cents (+0.91%) and Oct gasoline (RBV15 +0.87%) is up +0.0119 (+0.91%). Monday's closes: CLV5-0.51 (-1.14%), RBV5 -0.0634 (-4.63%). Oct crude oil and gasoline closed lower Monday with Oct gasoline at a 7-1/2 month nearest-futures low on Chinese economic concerns after China Aug industrial production rose less than expected, which signals reduced energy demand and consumption. Crude prices were also pressured from a rebound in the dollar after the dollar index recovered from a 2-week low and closed higher.
GLOBAL EVENT CALENDAR09/15/2015
US0830 ETAug retail sales expected +0.3% and +0.2% ex autos, Jul +0.6% and +0.4% ex autos.
0830 ETSep Empire manufacturing survey general business conditions expected +14.52 to -0.40, Aug -18.78 to -14.92.
0915 ETAug industrial production expected -0.2% m/m, Jul +0.6% m/m. Aug capacity utilization expected -0.2 to 77.8%, Jul +0.3 to 78.0%.
1000 ETJul business inventories expected +0.1%, Jun +0.8%.
EUR0200 ETEurozone Aug new car registrations, Jul +14.6% y/y.
0500 ETEurozone Q2 employment, Q1 +0.1% q/q and +0.8% y/y.
UK0430 ETUK Aug CPI expected +0.2% m/m and unch y/y, Jul -0.2% m/m and +0.1% y/y. Aug core CPI expected +1.0% y/y, Jul +1.2% y/y.
0430 ETUK Aug RPI expected +0.3% m/m and +0.9% y/y, Jul -0.1% m/m and +1.0% y/y. Aug RPI ex-mortgage interest payments expected +0.9% y/y, Jul +1.1% y/y.
0430 ETUK Aug PPI input prices expected -2.4% m/m and -13.6% y/y, Jul -0.9% m/m and -12.4% y/y.
0430 ETUK Aug PPI output prices expected -0.2% m/m and -1.7% y/y, Jul -0.1% m/m and -1.6% y/y. Aug PPI output core expected unch m/m and +0.2% y/y, Jul +0.1% m/m and +0.3% y/y.
0430 ETUK Jul ONS house prices, Jun +5.7% y/y.
GER0500 ETGerman Sep ZEW survey expectations of economic growth expected -6.7 to 18.3, Aug 25.0. Sep ZEW survey current situation expected-1.7 to 64.0, Aug 65.7.
JPNn/aBOJ announces interest rate decision and asset purchase target.
U.S. STOCK CALENDAR09/15/2015
CompanyTickerTimeEvent DescriptionPeriodEstimate
United Natural Foods IncUNFI USAft-mktQ4 2015 Earnings ReleaseQ4 20150.721

Friday, August 7, 2015

BARCHART MORNING CALL 8/7

OVERNIGHT MARKETS AND NEWS
September E-mini S&Ps (ESU15 -0.17%) are down -0.10% and European stocks are down -0.38% ahead of monthly U.S. payroll data for July that may give clues to the pace and timing of a Fed interest rate increase. European stocks also fell after German Jun industrial production unexpectedly declined at the fastest pace in 10 months. Miners and basic-resource companies also fell after the price of copper (HGU15 -0.21%) slid to a fresh 6-year low. Asian stocks closed mixed: Japan +0.29%, Hong Kong +0.73%, China +2.26%, Taiwan -0.09%, Australia -2.41%, South Korea -0.10%, India -0.22%. Japanese stocks closed higher after the BOJ maintained its overly easy monetary policies following today's 2-day meeting, while China's Shanghai Composite closed up over 2% on speculation the Chinese government will take more measures to stabilize the equity market.
The dollar index (DXY00 -0.06%) is down -0.02%. EUR/USD (^EURUSD) is up +0.03%. USD/JPY (^USDJPY) is down -0.02%.

Sep T-note prices (ZNU15 +0.06%) are up +1.5 ticks.
According to people with knowledge of the matter, the China Securities Finance Corp., the government agency mandated to buy equities to support the market, is seeking to increase its funding by an additional 2 trillion yuan ($322 billion). The extra funding would add to the 3 trillion yuan already made available by the government.
German Jun industrial production unexpectedly fell -1.4% m/m, weaker than expectations of +0.3% m/m and the largest decline in 10 months. Onan annual basis, Jun industrial production rose +0.6% y/y, weaker than expectations of +2.2% y/y.
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) July non-farm payrolls (expected +225,000, Jun +223,000) and Jul unemployment rate (expected unchanged at 5.3%, Jun -0.2 to 5.3%), and (2) Jun consumer credit (expected +$17.0 billion, May +$16.086 billion).
There are 4 of the S&P 500 companies that report earnings today: Hershey (consensus $0.74), Cablevision (0.25), Harris Corp (1.23), Berkshire Hathaway (3038).
U.S. IPO's scheduled to price today include: Pixelworks (PXLW).
Equity conferences during the remainder of this week include: none.
OVERNIGHT U.S. STOCK MOVERS
Intel (INTC -0.38%) was downgraded to 'Hold' from 'Buy' at Drexel Hamilton.
Coach (COH -0.54%) was upgraded to 'Buy' from 'Neutral' at UBS.
Hershey (HSY -0.50%) reported Q2 EPS of 78 cents, better than consensus of 74 cents.
Genesis Healthcare (GEN +1.52%) reported Q2 EPS of 14 cents, higher than consensus of 9 cents.
Billionaire investor Carl Icahn reported an 8.18% stake in Cheniere (LNG -0.26%) .
Bio-Rad (BIO -2.98%) reported Q2 EPS of 97 cents, well above consensus of 78 cents.
Nu Skin (NUS -3.62%) reported Q2 EPS of 75 cents, better than consensus of 72 cents.
Sprouts Farmers Markets (SFM -2.21%) fell over 4% in after-hours trading after it reported Q2 adjusted EPS of 22 cents, right on consensus, but then lowered guidance on fiscal 2015 adjusted EPS to 80 cents-82 cents, below consensus of 85 cents.
TESARO (TSRO -5.95%) reported a Q2 EPS loss of -$1.51, a wider loss than consensus of -$1.14.
NVIDIA (NVDA -0.63%) jumped over 8% in after-hours trading after it reported Q2 EPS of 34 cents, over three times consensus of 10 cents.
Monster Beverage (MNST -5.93%) reported Q2 adjusted EPS of 79 cents, weaker than consensus of 91 cents.
EOG Resources (EOG +2.09%) reported Q2 adjusted EPS of 28 cents, well above consensus of 10 cents.
Mohawk (MHK -2.53%) reported Q2 EPS of $2.69, better than consensus of $2.62.
Century Aluminum (CENX -1.08%) reported Q2 adjusted EPS of 25 cents, below consensus of 27 cents.
Nuance (NUAN -1.59%) reported Q3 EPS of 32 cents, higher than consensus of 29 cents, and then raised guidance on fiscal 2015 EPS to $1.20-$1.24, above consensus of $1.19.
MARKET COMMENTS
Sep E-mini S&Ps (ESU15 -0.17%) this morning are down -2.00 points (-0.10%). Closes: S&P 500 -0.78%, Dow Jones -0.69%, Nasdaq -1.60%. The S&P 500 Thursday fell to a 1-week low and closed lower on a slide in media stocks on disappointing Q2 earnings results from Viacom and Twenty-First Century Fox, weakness in energy producers after crude oil tumbled to a 4-1/2 month low, and long liquidation ahead of Friday's monthly U.S. payrolls report.
Sep 10-year T-note prices (ZNU15 +0.06%) this morning are up +1.5 ticks. Closes: TYU5 +8.5, FVU5 +4.50. Sep T-note prices on Thursday closed higher on a decline in the 10-year inflation expectations rate to a 4-1/2 month low due to the continued drop in oil prices and on increased safe-haven demand for T-notes after the S&P 500 fell to a 1-week low.
The dollar index (DXY00 -0.06%) this morning is down -0.017 (-0.02%). EUR/USD (^EURUSD) is up +0.0003 (+0.03%). USD/JPY (^USDJPY) is down -0.02 (-0.02%). Closes: Dollar Index -0.125 (-0.13%), EUR/USD +0.00189 (+0.17%), USD/JPY -0.121 (-0.10%). The dollar index on Thursday closed lower on strength in EUR/USD after German Jun factory orders rose more than expected, and on long liquidation in the dollar ahead of Friday's U.S. payroll report.
Sep crude oil (CLU15 -0.11%) this morning is up +3 cents (+0.07%) and Sep gasoline (RBU15 -0.81%) is down -0.0078 (-0.47%). Closes: CLU5 -0.40 (-0.89%), RBU5 -0.0215 (-1.29%). Sep crude oil and gasoline closed lower Thursday with Sep crude at a 4-1/2 month low and Sep gasoline at a 5-1/2 month low. Negative factors included carry-over bearishness from Wednesday's EIA report that showed an unexpected +811,000 bbl increase in weekly EIA gasoline inventories (vs expectations of -200,000 bbl) and a +709,000 bbl increase in EIA distillate inventories to a 3-1/2 year high. Crude oil prices also saw weakness after Goldman Sachs said the global crude oversupply is currently 2 million bpd and that world oil storage may be filled by autumn.
GLOBAL EVENT CALENDAR08/07/2015
US0830 ETJul non-farm payrolls expected +225,000, Jun +223,000. Jul private payrolls expected +212,000, Jun +223,000. Jul manufacturing payrolls expected +5,000, Jun +4,000. Jul unemployment rate expected unchanged at 5.3%, Jun -0.2 to 5.3%.
0830 ETJul average hourly earnings expected +0.2% m/m and +2.3% y/y, Jun unch m/m and +2.0% y/y. Jul average weekly hours all employees expected unch at 34.5 hours.
1500 ETJun consumer credit expected +$17.0 billion, May +$16.086 billion.
JPNn/aBOJ announces interest rate decision.
GER0200 ETGerman Jun industrial production expected +0.3% m/m and +2.2% y/y, May unch m/m and +2.1% y/y.
0200 ETGerman Jun trade balance expected +21.0 billion euros, May +19.5 billion euros. Jun exports expected -0.3% m/m, May +1.6% m/m. Jun imports expected +0.5% m/m, May +0.4% m/m.
0200 ETGerman Jun current account balance expected +16.0 billion euros, May +11.1 billion euros.
CHIn/aChina Jul trade balance expected +$55.00 billion, Jun +$46.54 billion. Jul exports expected -1.5% y/y, Jun +2.8% y/y. Jul imports expected -7.9% y/y, Jun -6.1% y/y.
U.S. STOCK CALENDAR08/07/2015
CompanyTickerTimeEvent DescriptionPeriodEstimate
Hershey Co/TheHSY USBef-mktQ2 2015 Earnings ReleaseQ2 20150.743
Cablevision Systems CorpCVC USBef-mktQ2 2015 Earnings ReleaseQ2 20150.25
Harris CorpHRS US6:30Q4 2015 Earnings ReleaseQ4 20151.23
Harris CorpHRS US8:30Q4 2015 Earnings CallQ4 2015
Hershey Co/TheHSY US8:30Q2 2015 Earnings CallQ2 2015
EOG Resources IncEOG US10:00Q2 2015 Earnings CallQ2 2015
Cablevision Systems CorpCVC US10:00Q2 2015 Earnings CallQ2 2015
Mohawk Industries IncMHK US11:00Q2 2015 Earnings CallQ2 2015
Monster Beverage CorpMNST US16:20Annual General MeetingY 2015
Berkshire Hathaway IncBRK/A USQ2 2015 Earnings ReleaseQ2 20153038.09
Principal Financial Group IncPFG USRoadshow - Tokyo - Day 2Y 2015