Showing posts with label LULU. Show all posts
Showing posts with label LULU. Show all posts

Thursday, March 30, 2017

MORNING CALL 3/30

Barchart Morning Call

OVERNIGHT MARKETS AND NEWS
Jun E-mini S&Ps (ESM17 -0.13%) this morning are down -0.13% and European stocks are down -0.26% after a gauge of Eurozone economic confidence unexpectedly declined. The Eurozone Mar economic confidence unexpectedly fell -0.1 to 107.9, weaker than expectations of +0.3 to 108.3. Also, weaker than-expected regional German inflation data point to a deceleration in inflation in Germany. The expected slower pace of inflation along with dovish comments from ECB members fueled a rally in German bund prices up to a 3-week high and pushed EUR/USD down to a 1-week low. ECB Executive Board member Praet said "we are not yet sufficiently confident that inflation will converge to levels consistent with our aim in a durable manner," and ECB Council member Liikanen said the Eurozone still needs "a very substantial degree of monetary accommodation" to support prices. Asian stocks settled mostly lower: Japan -0.80%, Hong Kong -0.37%, China -0.96%, Taiwan -0.08%, Australia +0.39%, Singapore -0.36%, South Korea -0.07%, India +0.39%. China's Shanghai Composite fell to a 2-week low on tight liquidity conditions after the PBOC refrained from adding cash to the financial system for the past three days, which undercut stocks on concern the government will implement measures to cool asset bubbles.
The dollar index (DXY00 +0.06%) is up +0.10% at a 1-week high. EUR/USD (^EURUSD) is down -0.23% at a 1-week low. USD/JPY (^USDJPY) is up +0.05.
Jun 10-year T-note prices (ZNM17 +0.09%) are up +1.5 ticks.
ECB Executive Board member Praet said "the firming of the recovery has not yet translated into a durable strengthening of inflation dynamics" and "we are not yet sufficiently confident that inflation will converge to levels consistent with our aim in a durable manner."
ECB Council member Liikanen said the Eurozone still needs "a very substantial degree of monetary accommodation for underlying inflation pressures to build up and support inflation in the medium term."
Eurozone Mar economic confidence unexpectedly fell -0.1 to 107.9, weaker than expectations of +0.3 to 108.3. The Mar business climate indicator was unchanged at 0.82, weaker than expectations of +0.05 to 0.87.
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) weekly initial unemployment claims (expected -11,000 to 247,000, previous +15,000 to 258,000) and continuing claims (expected +41,000 to 2.031 million, previous -39,000 to 1.990 million), (2) revised Q4 GDP (expected +2.0% q/q annualized, previous +1.9%) (3) Dallas Fed President Robert Kaplan (voter) speaks in a moderated Q&A discussion at the U.S. Chamber of Commerce at its annual capital markets summit, (4) New York Fed President William Dudley (voter) speaks on financial conditions and the conduct of monetary policy at an event in Sarasota, FL, (5) USDA Q1 Hogs & Pigs Inventory, and (6) USDA weekly Export Sales.
Notable Russell 1000 earnings reports today include: Liberty Expedia Holdings, Dell Technologies Class V.
U.S. IPO's scheduled to price today: Kayne Anderson Acquisition Corp (KAACU)
Equity conferences: Jefferies Animal Health Summit on Thu.

OVERNIGHT U.S. STOCK MOVERS
Lululemon Athletica (LULU +4.11%) plunged 17% in after-hours trading after it said it sees a Q1 total comparable sales decrease "in the low-single digits," weaker than consensus of a +2.7% increase, and said it sees Q1 EPS of 25 cents-27 cents, below consensus of 39 cents.
Sunoco LP (SUN +0.83%) was rated a new 'Sell' at Goldman Sachs with a price target of $21.
Range Resources (RRC +4.17%) was upgraded to 'Buy' from 'Neutral' at UBS with a price target of $38.
INC Research Holdings (INCR +0.69%) gained over 2% in after-hours trading when it was announced that it will replace CEB Inc. in the S&P MidCap 400 Index before the open of trading on Wednesday, April 5.
Progress Software (PRGS +1.31%) climbed 6% in after-hours trading after it reported Q1 adjusted EPS of 34 cents, better than consensus of 26 cents.
ConocoPhillips (COP +1.26%) rose 6% and Cenovus Energy (CVE +0.85%) declined 7% in after-hours trading after Cenovus Energy purchased some ConocoPhillips oil sands assets and conventional natural gas assets in Alberta and British Columbia, Canada for $17.7 billion.
Worthington Industries (WOR +0.82%) dropped 5% in after-hours trading after it reported Q3 net sales of $703.4 million, below consensus of $717.3 million.
Cara Therapeutics (CARA +6.08%) fell over 5% in after-hours trading after it announced that it had commenced an underwritten public offering of $80 million of shares of its common stock.
Esperion Therapeutics (ESPR -2.44%) gained 2% in after-hours trading after it was rated a new 'Buy' at UBS with a price target of $52.
OFS Capital (OFS -1.58%) slid nearly 4% in after-hours trading after it announced that it had commenced an underwritten offering of 3.5 million shares of common stock.
Extreme Networks (EXTR -1.07%) surged 15% in after-hours trading after it announced that it had purchased Brocade's data center from Broadcom for $55 million in cash.
Sigma Designs (SIGM unch) dropped over 7% in after-hours trading after it reported Q4 revenue of $42.7 million, weaker than consensus of $43.3 million, and said it is "prudent to take immediate actions to lower our expense structure."
Tonix Pharmaceuticals Holding Corp. (TNXP +34.54%) tumbled 16% in after-hours trading after it announce a proposed public offering of common stock, although no size was given.
MARKET COMMENTS
Jun E-mini S&Ps (ESM17 -0.13%) this morning are down -3.00 points (-0.13%). Wednesday's closes: S&P 500 +0.11%, Dow Jones -0.20%, Nasdaq +0.43%. The S&P 500 on Wednesday closed higher on strength in homebuilders after U.S. Feb pending home sales rose +5.5% m/m, stronger than expectations of +2.5% m/m and the largest monthly increase in 6-1/2 years. There was also strength in energy producing stocks after May WTI crude rose +2.36% to a 1-week high.
Jun 10-year T-notes (ZNM17 +0.09%) this morning are down -1.5 ticks. Wednesday's closes: TYM7 +7.0, FVM7 +5.00. Jun 10-year T-notes on Wednesday closed higher on carry-over support from a rally in German bunds to a 3-week high after a Reuters report suggested that the ECB is trying to curb market rate-hike speculation. T-notes prices also boosted by decent demand for the Treasury's $28 billion 7-year T-note auction that had a bid-to-cover ratio of 2.56, above the 12-auction average of 2.53.
The dollar index (DXY00 +0.06%) this morning is up +0.102 (+0.10%) at a 1-week high. EUR/USD (^EURUSD) is down -0.0025 (-0.23%) at a 1-week low and USD/JPY (^USDJPY) is up +0.05 (+0.05%). Wednesday's closes: Dollar index +0.286 (+0.29%), EUR/USD -0.0048 (-0.44%), USD/JPY -0.11 (-0.10%). The dollar index on Wednesday rose to a 1-week high and settled higher on comments from Chicago Fed President Evans who said he supports two more interest rate increases this year. There was also weakness in EUR/USD which fell to a 1-week low after Reuters reported that ECB officials said their Mar 9 ECB meeting statement was over-interpreted and that the ECB does plan to make any guidance changes before Jun.
May WTI crude oil prices (CLK17 -0.14%) this morning are down -10 cents (-0.20%) and May gasoline (RBK17 -0.11%) is -0.0049 (-0.29%). Wednesday's closes: May crude +1.14 (+2.36%), May gasoline +0.0370 (+2.26%). May crude oil and gasoline on Wednesday closed higher with May crude at a 1-week high and May gasoline at a 2-week high. Crude oil prices were boosted by the +866,999 bbl increase in EIA crude inventories (less than expectations of +2.0 million bbl), and the -3.75 million bbl decline in EIA gasoline inventories (a bigger decline than expectations of -2.0 million bbl). On the negative side was the +0.2% increase in U.S. crude production in the week of Mar 24 to a 13-1/2 month high of 9.147 million bpd.
GLOBAL EVENT CALENDAR03/30/2017
Thursday, Mar 30
US0830 ETWeekly initial unemployment claims expected -11,000 to 247,000, previous +15,000 to 258,000. Weekly continuing claims expected +41,000 to 2.031 million, previous -39,000 to 1.990 million.
0830 ETRevised Q4 GDP expected +2.0% q/q annualized, previous +1.9%. Q4 personal consumption expected unrevised from +3.0%. Q4 GDP price index expected unrevised from +2.0%. Q4 core PCE expected unrevised from +1.2%.
0830 ETUSDA weekly Export Sales.
1100 ETDallas Fed President Robert Kaplan (voter) speaks in a moderated Q&A discussion at the U.S. Chamber of Commerce at its annual capital markets summit.
1500 ETUSDA Q1 Hogs & Pigs Inventory.
1630 ETNew York Fed President William Dudley (voter) speaks on financial conditions and the conduct of monetary policy at an event in Sarasota, FL.
Friday, Mar 31
US0830 ETFeb personal spending expected +0.2%, Jan +0.2%. Feb personal income expected +0.4%, Jan +0.4%.
0830 ETFeb PCE deflator expected +0.1% m/m and +2.1% y/y, Jan +0.4% m/m and +1.9% y/y. Feb core PCE deflator expected +0.2% m/m and +1.7% y/y, Jan +0.3% m/m and +1.7% y/y.
0945 ETMar Chicago PMI expected -0.5 to 56.9, Feb +7.1 to 57.4.
1000 ETFinal-Mar University of Michigan U.S. consumer sentiment index expected unch at 97.6, prelim-Mar +1.3 to 97.6.
1000 ETMinneapolis Fed President Neel Kashkari participates in a Q&A at the Annual Banking Law Institute conference in Minneapolis.
1200 ETUSDA Q1 Quarterly Grain Stocks and prospective planting data.
U.S. STOCK CALENDAR03/30/2017

CompanyTickerTimeEvent DescriptionPeriodEstimate
Dell Technologies Inc Class VDVMT US07:00Q4 2017 Earnings ReleaseQ4 17
Dell Technologies Inc Class VDVMT US08:00Q4 2017 Earnings CallQ4 17
Akamai Technologies IncAKAM US08:30Investor Summit
VF CorpVFC US09:00Investor Day
Liberty Expedia Holdings IncLEXEA USQ4 2016 Earnings ReleaseQ4 16

Thursday, December 8, 2016

Morning Call 12/8

Barchart Morning Call

OVERNIGHT MARKETS AND NEWS
Dec E-mini S&Ps (ESZ16 +0.10%) are up +0.02% and European stocks are up +0.30% at an 11-month high as the markets expect the ECB later today to announce an extension of its QE program. Government bond prices fell and EUR/USD (^EURUSD) rose to a 3-week high on speculation the ECB may also announce a slower pace of asset purchases and that this will be the last extension of QE before the ECB starts to taper its bond buying. The weaker dollar has boosted crude oil prices with Jan WTI crude (CLF17 +0.86%) up +0.78%, which has also lifted energy producing stocks. Stock markets around the world also rose on signs of economic strength in China after China Nov exports unexpectedly rose for the first time in 8 months and after China imports posted their largest increase in 2 years. Asian stocks settled mostly higher: Japan +1.45%, Hong Kong +0.27%, China -0.21%, Taiwan +1.21%, Australia +1.20%, Singapore -0.03%, South Korea +2.21%, India +1.74%. Japan's Nikkei Stock Index climbed to an 11-month high as strength in Chinese Nov imports boosted exporter stocks.
The dollar index (DXY00 -0.34%) is down -0.28% at a 3-week low. EUR/USD (^EURUSD) is up +0.31% at a 3-week high. USD/JPY (^USDJPY) is down -0.29%.
Mar 10-year T-note prices (ZNH17 -0.18%) are down -7 ticks.
China Nov exports unexpectedly rose +0.1% y/y, stronger than expectations of -5.0% y/y and the first increase in 8 months. Nov imports unexpectedly rose +6.7% y/y, stronger than expectations of -1.9% y/y and the biggest increase in 2 years.
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) weekly initial unemployment claims (expected -13,000 to 255,000, previous +17,000 to 268,000) and continuing claims (expected -33,000 to 2.048 million, previous +38,000 to 2.081 million), (2) USDA weekly Export Sales.
Russell 1000 earnings reports today include: Toro (consensus $0.22), Cooper Cos (2.25), Broadcom (3.36).
U.S. IPO's scheduled to price today: Ichor Holdings (ICHR), Athene Holding (ATH).
Equity conferences during the remainder of this week include: Citi Global Health Care Conference on Wed-Thu, Barclays Global Technology, Media and Telecommunications Conference on Wed-Thu, Bernstein Consumer Summit on Wed-Thu, Capital One Southcoast Energy Conference on Wed-Thu, ACI European Biopolymer Summit on Thu.
OVERNIGHT U.S. STOCK MOVERS
L-3 Communications Holdings (LLL +1.96%) was downgraded to 'Neutral' from 'Buy' at Bank of America/Merrill Lynch with a price target of $170.
Priceline.com (PCLN +1.48%) was rated a new 'Buy' at CLSA with a price target of $1,900.
Tailored Brands (TLRD +3.39%) was upgraded to 'Buy' from 'Neutral' at Mizuho Securities with a 12-month target price of $25.
Lululemon Athletica (LULU +4.54%) surged 13% in after-hours trading after it reported Q3 adjusted EPS of 47 cents, higher than consensus of 43 cents, and then said its board approved up to $100 million in stock repurchases.
Ollie's Bargain Outlet Holdings (OLLI +1.11%) fell over 2% in after-hours trading after it reported Q3 comparable store sales rose +1.8%, below consensus of +2.1%.
Corning (GLW +2.46%) gained over 1% in after-hours trading after it announced a new $4 billion share repurchase program.
United Natural Foods (UNFI +0.88%) slid over 2% in after-hours trading after it reported Q1 EPS of 58 cents, below consensus of 62 cents.
Verint Systems (VRNT +0.26%) tumbled over 12% in after-hours trading after it reported Q3 adjusted EPS of 59 cents, weaker than consensus of 70 cents, and then lowered guidance on fiscal 2017 adjusted EPS to $2.50, below a September 7 view of $2.85.
Comtech (CMTL +6.43%) dropped 7% in after-hours trading after it reported Q1 revenue of $135.8 million, below consensus of $139.2 million, and then cut its quarterly dividend to 10 cents a share from 30 cents a share.
H&R Block (HRB +2.86%) jumped nearly 6% in after-hours trading after it reported Q2 revenue of $131.3 million, higher than consensus of $127 million.
Casey's General Stores (CASY +0.93%) fell over 2% in after-hours trading after it reported Q2 EPS of $1.44, below consensus of $1.57.
Voyager Therapeutics (VYGR -1.93%) surged over 30% in after-hours trading after it announced positive results on its phase 1b trial of its VY-AADC01 gene therapy that showed improved measures of motor function in in patients with advanced Parkinson's disease.
MARKET COMMENTS
Dec E-mini S&Ps (ESZ16 +0.10%) this morning are up +0.50 of a point (+0.02%). Wednesday's closes: S&P 500 +1.32%, Dow Jones +1.55%, Nasdaq +1.32%. The S&P 500 on Wednesday pushed up to a new record high and closed higher on carry-over support from a rally in European stocks to a 7-1/4 month high on expectations that the ECB on Thursday will extend QE past March 2017. Stocks were also boosted by reduced interest rate concerns as the 10-year T-note yield fell -4 bp.
Mar 10-year T-notes (ZNH17 -0.18%) this morning are down -7 ticks. Wednesday's closes: TYH7 +11.00, FVH7 +7.00. Mar 10-year T-notes on Wednesday closed higher on the -2.28% slide in crude oil prices, which undercut inflation expectations. T-notes were also boosted by carry-over support from a rally in German bunds ahead of Thursday's ECB meeting.
The dollar index (DXY00 -0.34%) this morning is down -0.284 (-0.28%) at a 3-week low. EUR/USD (^EURUSD) is up +0.0033 (+0.31%) at a 3-week high. USD/JPY (^USDJPY) is down -0.33 (-0.29%). Wednesday's closes: Dollar index -0.260 (-0.26%), EUR/USD +0.0035 (+0.33%), USD/JPY -0.25 (-0.22%). The dollar index on Wednesday closed lower on a -4 bp decline in the 10-year T-note yield, which reduced the dollar's interest rate differentials. In addition, there was strength in EUR/USD on short-covering ahead of Thursday's ECB meeting.
Jan WTI crude oil prices (CLF17 +0.86%) this morning are up +39 cents (+0.78%) and Jan gasoline (RBF17 -0.20%) is -0.0038 (-0.25%). Wednesday's closes: Jan crude -1.16 (-2.28%), Jan gasoline -0.0291 (-1.89%). Jan crude oil and gasoline on Wednesday closed lower on the +3.783 million bbl increase in crude stockpiles at Cushing to a 5-1/2 month high and on the +3.425 million bbl increase in weekly EIA gasoline supplies, a larger increase than expectations of +1.6 million bbl.
GLOBAL EVENT CALENDAR12/08/2016
Thursday, Dec 8
US0830 ETWeekly initial unemployment claims expected -13,000 to 255,000, previous +17,000 to 268,000. Weekly continuing claims expected -33,000 to 2.048 million, previous +38,000 to 2.081 million.
0830 ETUSDA weekly Export Sales.
1100 ETTreasury announces amount of 3-year T-notes (previous $24 billion), 10-year T-notes (previous $23 billion) and 30-year T-bonds (previous $15 billion) to be auctioned Dec 12-13.
Friday, Dec 9
US1000 ETRevised Oct wholesale inventories expected -0.4%, prelim-Oct -0.4%. Oct wholesale trade sales expected +0.7% m/m, Sep +0.2%.
1000 ETPreliminary-Dec University of Michigan U.S. consumer sentiment index expected +0.7 to 94.5, Nov +6.6 to 93.8.
1200 ETUSDA WASDE Dec crop production.
U.S. STOCK CALENDAR12/08/2016
CompanyTickerTimeEvent DescriptionPeriodEstimate
Dell Technologies Inc Class VDVMT USBef-mktQ3 2017 Earnings ReleaseQ3 2017
Toro Co/TheTTC US7:30Q4 2016 Earnings ReleaseQ4 20160.216
Principal Financial Group IncPFG US8:00RoadshowY 2016
Hilton Worldwide Holdings IncHLT US8:00Investor DayY 2016
Nielsen Holdings PLCNLSN US8:00Analyst DayY 2016
Dell Technologies Inc Class VDVMT US8:00Q3 2017 Earnings CallQ3 2017
CMS Energy CorpCMS US8:30Investor Meeting
UGI CorpUGI US8:30Investor DayY 2016
Verisk Analytics IncVRSK US8:30Investor DayY 2016
Baker Hughes IncBHI US9:00Investor MeetingY 2016
General Electric CoGE US9:00Investor MeetingY 2016
Edwards Lifesciences CorpEW US9:00Investor MeetingY 2016
Casey's General Stores IncCASY US10:30Q2 2017 Earnings CallQ2 2017
Toro Co/TheTTC US11:00Q4 2016 Earnings CallQ4 2016
Palo Alto Networks IncPANW US13:00Annual General Meeting
Cooper Cos Inc/TheCOO US16:15Q4 2016 Earnings ReleaseQ4 20162.248
Cooper Cos Inc/TheCOO US17:00Q4 2016 Earnings CallQ4 2016
Broadcom LtdAVGO US17:00Q4 2016 Earnings CallQ4 2016
Broadcom LtdAVGO USAft-mktQ4 2016 Earnings ReleaseQ4 20163.358
American Airlines Group IncAAL USNovember 2016 Sales and Revenue Release - Traffic Results2016
Vail Resorts IncMTN USAnnual General Meeting
TD Ameritrade Holding CorpAMTD USNovember 2016 Sales and Revenue Release2016
Spirit Airlines IncSAVE USNovember 2016 Sales and Revenue Release - Traffic Results2016
Alere IncALR USAnnual General Meeting
United Continental Holdings IncUAL USNovember 2016 Sales and Revenue Release - Traffic Results2016