Showing posts with label LOCO. Show all posts
Showing posts with label LOCO. Show all posts

Friday, March 10, 2017

MORNING CALL 3/10

Barchart Morning Call

Barchart.com - Fri Mar 10, 6:34AM CST
OVERNIGHT MARKETS AND NEWS
Jun E-mini S&Ps (ESM17 +0.34%) this morning are up +0.38% and European stocks are up +0.81% at a 15-month high as strength in crude oil lifts energy producing stocks with Apr WTI crude oil (CLJ17 +0.69%) up +0.65%. Also, optimism that this morning's U.S. Feb non-farm payrolls report will show a strong increase of +200,000 jobs is boosting equity prices. European stocks received an added boost from German trade data that showed German Jan exports and import rose more than expected. The outlook for a strong U.S. payroll report has nearly cemented expectations for a 25 bp Fed rate hike next week and has undercut precious metals prices with Apr COMEX gold (GCJ17 -0.40%) down -0.52% and May COMEX silver (SIK17 -0.53%) down -0.83%, both at 1-1/4 month lows. Asian stocks settled mostly higher: Japan +1.48%, Hong Kong +0.29%, China -0.12%, Taiwan -0.32%, Australia +0.60%, Singapore +0.47%, South Korea +0.25%, India +0.06%. Japan's Nikkei Stock Index climbed to a 1-week high as weakness in the yen boosted the earnings prospects of exporter stocks after USD/JPY rallied to a 1-1/2 month high.
The dollar index (DXY00 -0.04%) is up +0.02%. EUR/USD (^EURUSD) is up +0.26%. USD/JPY (^USDJPY) is up +0.38% at a 1-1/2 month high.
Jun 10-year T-note prices (ZNM17 +0.01%) are little changed, up +0.5 of a tick.
The German Jan current account balance shrank to a surplus of +14.8 billion euros, narrower than expectations of +15.5 billion euros and the smallest surplus in 20 months.
German Q4 labor costs rose +1.5% q/q and +3.0% y/y with the +1.5% q/q gain the largest quarterly increase in 8 years.
The German Jan trade balance shrank to a surplus of +14.8 billion euros, narrower than expectations of +18.0 billion euros and the smallest surplus in a year. Jan exports rose +2.7% m/m, better than expectations of +2.0% m/m. Jan imports rose +3.0% m/m, stronger than expectations of +0.5% m/m.
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) Feb non-farm payrolls (expected +200,000, Jan +227,000) and Feb unemployment rate (expected -0.1 to 4.7%, Jan +0.1 to 4.8%), (2) Feb avg hourly earnings (expected +0.3% m/m and +2.7% y/y, Jan +0.1% m/m and +2.5% y/y), (3) Feb monthly budget statement (expected -$187.5 billion, Jan +$51.257 billion).
Notable Russell 1000 earnings reports today include: Vail Resorts (consensus $3.40).
U.S. IPO's scheduled to price today: none.
Equity conferences: UBS Global Consumer & Retail Conference on Thu-Fri.




OVERNIGHT U.S. STOCK MOVERS
Yum! Brands (YUM -0.42%) was upgraded to 'Outperform' from 'In-Line' at Evercore ISI.
FedEx (FDX -0.83%) was upgraded to 'Buy' from 'Hold' at Edward Jones.
VeriFone Systems (PAY +0.59%) rose 2% in after-hours trading after it reported Q1 adjusted net revenue of $457 million, higher than consensus of $450 million, and said it sees Q2 adjusted net revenue of $470 million-$474 million, above the mid-point of consensus of $470.7 million.
Ulta Beauty (ULTA -0.62%) declined 4% in after-hours trading after it said it sees Q1 net sales of $1.24 billion-$1.27 billion, below consensus of $1.28 billion.
Finisar (FNSR +1.60%) plunged 20% in after-hours trading after it reported Q3 adjusted EPS of 59 cents, below consensus of 62 cents, and said it sees Q4 adjusted EPS of 50 cents-56 cents, weaker than consensus of 58 cents.
Zumiez (ZUMZ -1.18%) sank over 10% in after-hours trading after it said it sees Q1 revenue of $178 million-$182 million, below consensus of $186 million.
Alere (ALR +0.42%) fell nearly 4% in after-hours trading after a U.S. District Judge rejected the company's request for a temporary reversal of the Department of Health and Human Service's decision to cancel the Alere's ability to bill the government-run insurance program.
El Pollo Loco Holdings (LOCO -3.81%) dropped 4% in after-hours trading after it said it sees fiscal proforma EPS of 65 cents-69 cents, below consensus of 70 cents.
Alexandria Real Estate Equities (ARE -1.72%) lost 3% in after-hours trading after it announced a public offering of 6.1 million shares of common stock.
Surgery Partners (SGRY -0.24%) tumbled 14% in after-hours trading after it said it sees 2017 Ebitda up 10%-15% y/y, weaker than consensus of up 23% y/y.
Autobytel (ABTL -2.03%) rose over 3% in after-hours trading after it reported Q4 adjusted EPS of 35 cents, above consensus of 30 cents.
Cara Therapeutics (CARA +0.46%) fell nearly 6% in after-hours trading after it reported a Q4 loss per share of -81 cents, a wider loss than consensus of -48 cents.
Freshpet (FRPT +3.68%) slipped 1% in after-hours trading after it said it will increase its investment in media this year, which is expected to lower 2017 adjusted Ebitda by 10%.
Ooma (OOMA -8.16%) lost 1% in after-hours trading after it announced a secondary offering of 2.86 million shares.
Codexis (CDXS +9.52%) rose over 6% in after-hours trading after it said it sees 2017 revenue of $50 million-$53 million, better than consensus of $46.3 million.
MARKET COMMENTS
Jun E-mini S&Ps (ESM17 +0.34%) this morning are up +9.00 points (+0.38%). Thursday's closes: S&P 500 +0.08%, Dow Jones +0.01%, Nasdaq +0.07%. The S&P 500 on Thursday recovered from a 1-1/2 week low and closed higher. Stocks received a boost from carry-over support from a rally in European stocks as the Euro Stoxx 50 climbed to a 15-month high on upbeat comments from ECB President Draghi who said that risks to growth are more balanced. Stocks were undercut by weakness in energy producers, which declined as crude oil prices tumbled -1.99% to a 3-1/4 month low.
Jun 10-year T-notes (ZNM17 +0.01%) this morning are up +0.5 of a tick. Thursday's closes: TYM7 -10.00, FVM7 -5.25. Jun 10-year T-notes on Thursday fell to a 2-1/4 month low and closed lower on negative carry-over from a fall in German bund prices to a 1-month low after ECB President Draghi said the economic outlook in the Eurozone has improved. T-notes were also undercut by the larger-than-expected increase in the U.S. Feb import price index, which may prompt the Fed into a faster pace of interest rate hikes.
The dollar index (DXY00 -0.04%) this morning is up +0.02 (+0.02%). EUR/USD (^EURUSD) is up +0.0028 (+0.26%). USD/JPY (^USDJPY) is up +0.44 (+0.38%). Thursday's closes: Dollar index -0.22 (-0.22%), EUR/USD +0.0036 (+0.34%), USD/JPY +0.60 (+0.52%). The dollar index on Thursday closed lower on upbeat comments from ECB President Draghi that boosted EUR/USD when he said "the risks surrounding the euro-area economic outlook have become less pronounced." The dollar found underlying support as the 10-year T-note yield rise to a 2-1/2 month high, which boosts the dollar's interest rate differentials.
Apr WTI crude oil prices (CLJ17 +0.69%) this morning are up +32 cents (+0.65%) and Apr gasoline (RBJ17 +0.26%) is +0.0050 (+0.31%). Thursday's closes: Apr crude -1.00 (-1.99%), Apr gasoline -0.0283 (-1.71%). Apr crude oil and gasoline on Thursday tumbled to 3-1/4 month lows and closed lower on fund selling on concern the global oil glut will persist after Saudi Arabian Energy Minister Al-Falih said that global oil inventories aren't draining as quickly as expected. There was also negative carry-over from Wednesday's EIA data that showed a +8.21 million bbl increase in EIA crude inventories to a record 528.39 million bbl (well above expectations for a +2.0 million bbl gain), and the +0.6% increase in U.S. crude production in the week of Mar 3 to 9.088 million bpd, a 1-year high.
GLOBAL EVENT CALENDAR03/10/2017
Friday, Mar 10
US0830 ETFeb non-farm payrolls expected +200,000, Jan +227,000. Feb private payrolls expected +200,000, Jan +237,000. Feb manufacturing payrolls expected +10,000, Jan +5,000. Feb unemployment rate expected -0.1 to 4.7%, Jan +0.1 to 4.8%.
0830 ETFeb avg hourly earnings expected +0.3% m/m and +2.7% y/y, Jan +0.1% m/m and +2.5% y/y. Feb avg weekly hours all employees expected unch at 34.4 hours, Jan unch at 34.4 hours.
1400 ETFeb monthly budget statement expected -$187.5 billion, Jan +$51.257 billion.
Monday, Mar 13
US1100 ETUSDA weekly grain export inspections.
U.S. STOCK CALENDAR03/10/2017

CompanyTickerTimeEvent DescriptionPeriodEstimate
Vail Resorts IncMTN USBef-mktQ2 2017 Earnings ReleaseQ2 173.396
United Technologies CorpUTX US08:00Analyst Meeting
Regal Beloit CorpRBC US08:30Investor Day
Marvell Technology Group LtdMRVL US09:30Investor Day
Tahoe Resources IncTHO CN10:00Q4 2016 Earnings CallQ4 16
ON Semiconductor CorpON US10:00Analyst Day
Vail Resorts IncMTN US11:30Q2 2017 Earnings CallQ2 17
HP IncHPQ USExtraordinary Shareholders Meeting
Xcel Energy IncXEL USRoadshow - Day 2
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Friday, March 11, 2016

MORNING CALL 3/11

MORNING CALL
OVERNIGHT MARKETS AND NEWS
March E-mini S&Ps (ESH16 +0.93%) are up +0.98% at a 2-month high and European stocks are up +2.97%. Bank stocks are higher with Goldman Sachs and Morgan Stanley both up at least 1.5% in pre-market trading, while a +2.30% jump in the price of crude to a 3-month high gives energy producing stocks a lift. Crude oil received a boost after the IEA cut its 2016 non-OPEC crude production estimate by -150,000 bpd and said that "there are signs that prices might have bottomed out." Asian stocks settled higher: Japan +0.51%, Hong Kong +1.08%, China +0.20%, Taiwan +0.52%, Australia +0.32%, Singapore +0.70%, South Korea +0.22%, India +0.38%. China's Shanghai Composite recovered from a 1-week low and closed higher and gave Asian markets a lift after the PBOC strengthened its daily reference rate for the yuan by 0.34%, which fueled a rally in the yuan to a 2-1/4 month high against the dollar.
The dollar index (DXY00 +0.50%) is up +0.54%. EUR/USD (^EURUSD) is down -0.62%. USD/JPY (^USDJPY) is up +0.49%.
Jun T-note prices (ZNM16 -0.15%) are down -5 ticks.
The IEA cut its 2016 non-OPEC crude production estimate to 750,000 bpd, down -150,000 from 900,000 bpd estimated last month, and said that "there are signs that prices might have bottomed out."
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) Feb import price index (expected -0.7% m/m and -6.5% y/y, Jan -1.1% m/m and -6.2% y/y).
None of the Russell 1000 companies report earnings today.
U.S. IPO's scheduled to price today: none.
Equity conferences this week include: none.


OVERNIGHT U.S. STOCK MOVERS
Morgan Stanley (MS +0.16%) and Goldman Sachs Group (GS +0.74%) are both up over 1% in pre-market trading.
Ulta Salon Cosmetics & Fragrance (ULTA +2.75%) rallied over 12% in pre-market trading after it reported Q4 adjusted EPS of $1.69, above consensus of $1.54, and then raised guidance on Q1 EPS to $1.25-$1.30, higher than consensus of $1.22.
Wynn Resorts Ltd. (WYNN +3.07%) was downgraded to 'Neutral' from 'Buy' at Sterne Agee CRT.
Arctic Cat (ACAT +2.85%) was downgraded to 'Sell' from 'Hold' at Wunderlich Securities.
Zumiez (ZUMZ +2.10%) fell 8% in after-hours trading after it lowered guidance on Q1 sales to $172 million-$175 million, below consensus of $176.7 million.
Finisar (FNSR +0.07%) jumped over 8% in after-hours trading after it reported Q3 adjusted EPS of 25 cents, higher than consensus of 22 cents, and said it sees Q4 adjusted EPS of 22 cents-28 cents, above consensus of 21 cents.
El Pollo Loco Holdings (LOCO +1.54%) declined nearly 6% in after-hours trading after it said it sees 2016 pro-forma EPS of 70 cents-74 cents, at the lower end of consensus of 74 cents.
BioDelivery Sciences International (BDSI -8.11%) dropped over 5% in after-hours trading after it reported Q4 EPS of 19 cents, well below consensus of 55 cents.
Bojangles' (BOJA -0.20%) gained 6% in after-hours trading after it reported Q4 EPS of 22 cents, better than consensus of 19 cents, and then raised guidance on 2016 adjusted Ebitda to $83.5 million-$86.5 million, higher than consensus of $80.2 million.
Kratos Defense & Security Solutions (KTOS -2.90%) jumped over 6% in after-hours trading after it reported Q4 ongoing adjusted EPS of 2 cents, better than consensus of a -4 cent loss.
Sunrun (RUN +7.52%) plunged over 10% in after-hours trading after it reported Q4 revenue of $99.6 million, below consensus of $101.8 million.
Bonanza Creek Energy (BCEI -2.42%) slipped 5% in after-hours trading after it elected to draw down $209 million on its credit facility.
Strata Skin Sciences (SSKN +2.80%) catapulted up over 30% in after-hours trading after the FDA approved Strata's PMA supplement for the MelaFind System that aids in detection of melanoma.
MARKET COMMENTS
Mar E-mini S&Ps (ESH16 +0.93%) this morning are up +19.50 points (+0.98%) at a 2-month high. Thursday's closes: S&P 500 +0.02%, Dow Jones-0.03%, Nasdaq -0.15%. The S&P 500 on Thursday gave up early gains and fell to a 1-week low on global economic concerns after the ECB cut its Eurozone 2016 GDP forecast to +1.4% from +1.7% and ECB President Draghi said that risks to economic growth are still to the downside. Stocks were also undercut by weakness in energy producers after the price of crude fell. Stocks saw strength early on the -18,000 drop in U.S. weekly jobless claims and on the ECB's interest rate cut and QE expansion to 80 billion euros from 60 billion euros a month.
Jun 10-year T-notes (ZNM16 -0.15%) this morning are down -5 ticks. Thursday's closes: TYM6 -13.50, FVM6 -8.50. Jun T-notes on Thursday slid to a 1-1/4 month low and closed lower on the larger-than-expected drop in weekly U.S. jobless claims to a 4-3/4 month low and on negative carryover from a decline in German bund prices to a 1-1/4 month low.
The dollar index (DXY00 +0.50%) this morning is up +0.522 (+0.54%). EUR/USD ^EURUSD) is down -0.0069 (-0.62%). USD/JPY (^USDJPY) is up +0.56 (+0.49%). Thursday's closes: Dollar Index -1.107 (-1.14%), EUR/USD +0.0178 (+1.62%), USD/JPY -0.16 (-0.14%). The dollar index on Thursday whipsawed up to a 1-week high and then down to a 3-week low and closed lower. The dollar was undercut by strength in EUR/USD which recovered from a 5-week low and rallied up to a 3-week high when ECB President Draghi said that he "doesn’t anticipate" more rate cuts from the ECB. EUR/USD initially saw weakness after the ECB cut interest rates and expanded QE to 80 billion euros a month from 60 billion euros.
Apr WTI crude (CLJ16 +2.14%) this morning is up +87 cents (+2.30%) and Apr gasoline (RBJ16 +0.55%) is up +0.0079 (+0.55%). Thursday's closes: CLJ6 -0.45 (-1.18%), RBJ6 -0.0315 (-2.14%). Apr crude and gasoline on Thursday closed lower on reduced optimism about a freeze in crude production after Russian Energy Minister Novak said that a time and date for a meeting among major oil producers remains uncertain and on negative carryover from Wednesday's EIA data that showed an increase in EIA crude stockpiles to a record high 521.8 million bbl and the rise in oil inventories at Cushing, OK, the delivery point for WTI futures, to a record 66.9 million bbl.
GLOBAL EVENT CALENDAR03/11/2016
US0830 ETFeb import price index expected -0.7% m/m and -6.5% y/y, Jan -1.1% m/m and -6.2% y/y.
GER0200 ETRevised German Feb CPI (EU harmonized), previous +0.4% m/m and -0.2% y/y.
0200 ETGerman Feb wholesale price index, Jan -0.4% m/m and -1.0% y/y.
UK0430 ETUK Jan construction output expected +0.2% m/m and -1.7% y/y, Dec +1.5% m/m and +0.5% y/y.
U.S. STOCK CALENDAR03/11/2016
CompanyTickerTimeEvent DescriptionPeriodEstimate
Genesco IncGCO USBef-mktQ4 2016 Earnings ReleaseQ4 20162.134
Buckle Inc/TheBKE USBef-mktQ4 2016 Earnings ReleaseQ4 20161.073
Hibbett Sports IncHIBB USBef-mktQ4 2016 Earnings ReleaseQ4 20160.732
Progenics Pharmaceuticals IncPGNX USBef-mktQ4 2015 Earnings ReleaseQ4 2015-0.142
Kirkland's IncKIRK USBef-mktQ4 2016 Earnings ReleaseQ4 20160.898
Citi Trends IncCTRN USBef-mktQ4 2016 Earnings ReleaseQ4 20160.25
Straight Path Communications IncSTRP USBef-mktQ2 2016 Earnings ReleaseQ2 2016-0.07
Lifetime Brands IncLCUT US7:00Q4 2015 Earnings ReleaseQ4 20150.64
WW Grainger IncGWW US8:00February 2016 Sales and Revenue Call2016
WW Grainger IncGWW US8:00February 2016 Sales and Revenue Release2016
Public Service Enterprise Group IncPEG US8:00Financial Community Meeting
Providence Service Corp/ThePRSC US8:00Q4 2015 Earnings CallQ4 2015
Genesco IncGCO US8:30Q4 2016 Earnings CallQ4 2016
Progenics Pharmaceuticals IncPGNX US8:30Q4 2015 Earnings CallQ4 2015
Surgery Partners IncSGRY US8:30Q4 2015 Earnings CallQ4 2015
General Electric CoGE US9:00Investor Meeting - HealthcareY 2016
Citi Trends IncCTRN US9:00Q4 2016 Earnings CallQ4 2016
Gastar Exploration IncGST US9:30Q4 2015 Earnings CallQ4 2015
AEP Industries IncAEPI US10:00Q1 2016 Earnings CallQ1 2016
Buckle Inc/TheBKE US10:00Q4 2016 Earnings CallQ4 2016
Hibbett Sports IncHIBB US10:00Q4 2016 Earnings CallQ4 2016
Investors Real Estate TrustIRET US10:00Q3 2016 Earnings CallQ3 2016
Commercial Vehicle Group IncCVGI US10:00Q4 2015 Earnings CallQ4 2015
State National Cos IncSZTNZ US10:00Q4 2015 Earnings CallQ4 2015
Lifetime Brands IncLCUT US11:00Q4 2015 Earnings CallQ4 2015
Kirkland's IncKIRK US11:00Q4 2016 Earnings CallQ4 2016
Green Brick Partners IncGRBK US12:00Q4 2015 Earnings CallQ4 2015
Straight Path Communications IncSTRP US16:15Q2 2016 Earnings CallQ2 2016
Earthstone Energy IncESTE USAft-mktQ4 2015 Earnings ReleaseQ4 2015-0.125
Hallador Energy CoHNRG USAft-mktQ4 2015 Earnings ReleaseQ4 20150.18
Park-Ohio Holdings CorpPKOH USAft-mktQ4 2015 Earnings ReleaseQ4 20150.89
Equifax IncEFX USInvestor Meeting - New YorkY 2016
Valhi IncVHI USQ4 2015 Earnings ReleaseQ4 2015-0.04
EMCORE CorpEMKR USAnnual General Meeting
Tangoe IncTNGO USQ4 2015 Earnings ReleaseQ4 20150.035
Stemline Therapeutics IncSTML USQ4 2015 Earnings ReleaseQ4 2015-0.57
Carbylan Therapeutics IncCBYL USQ4 2015 Earnings ReleaseQ4 2015-0.247
Zynerba Pharmaceuticals IncZYNE USQ4 2015 Earnings ReleaseQ4 2015-0.625
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