Showing posts with label LYB. Show all posts
Showing posts with label LYB. Show all posts

Monday, May 8, 2017

MORNING CALL 5/8

Barchart Morning Call

Barchart.com - 1 hour ago
OVERNIGHT MARKETS AND NEWS
Jun E-mini S&Ps (ESM17 -0.04%) this morning are down -0.06% as they fell back from a record high in overnight trading and European stocks are down -0.52% as they retreated from a 1-1/2 year high. Stock prices initially rallied after pro-EU French presidential candidate Macron soundly defeated anti-EU candidate Le Pen with 66% of the total vote. However, a slide in Jul COMEX copper prices (HGN17 -1.62%) by -1.66% to a 4-1/4 month low undercut mining stocks and commodity producers and stock prices gave up their gains and turned lower. Copper prices sold-off on Chinese demand concerns as China Jan-Apr unwrought copper imports slumped -22.9% y/y to 1.88 MMT. Asian stocks settled mostly higher: Japan +2.31%, Hong Kong +0.41%, China -0.79%, Taiwan +0.38%, Australia +0.59%, Singapore +0.22%, South Korea +2.53%, India +0.23%. Japan's Nikkei Stock Index rallied to a 17-month high as it reopened following a 3-day holiday. China's Shanghai Composite tumbled to a 3-1/2 month low as the ongoing crackdown on financial leverage undercut inventor confidence. Also, weaker than expected Chinese trade data showed China Apr exports and imports rose less than expected.
The dollar index (DXY00 +0.21%) recovered from a 5-3/4 month low and is up +0.21%. EUR/USD (^EURUSD) fell back from a 5-3/4 month high and is down -0.45%. USD/JPY (^USDJPY) is down -0.13%.
Jun 10-year T-note prices (ZNM17 +0.10%) are up +5 ticks.
San Francisco Fed President Williams said Saturday that the economy "is operating above potential" and that the U.S. "is at full employment, or maybe even a little beyond." He added that his outlook for three of four rate increases this year hasn't shifted.
The Eurozone May Sentix investor confidence rose +3.5 to 27.4, stronger than expectations of +1.3 to 25.2 and a 9-3/4 year high.
The China Apr trade balance was in surplus by +$38.05 billion, wider than expectations of +$35.20 billion. Apr exports rose +8.0% y/y, weaker than expectations of +11.3% y/y. Apr imports rose +11.9% y/y, weaker than expectations of +18.0% y/y.
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) St. Louis Fed President James Bullard (non-voter) participates in a panel discussion on “Shifting Sands of Low Interest Rates” at the Atlanta Fed’s Financial Markets Conference, (2) Cleveland Fed President Loretta Mester (non-voter) speaks at the Chicago Council on Global Affairs, (3) Fed Senior Loan Officer Survey, (4) USDA weekly grain export inspections, (5) USDA crop conditions and planting progress.
Notable S&P 500 earnings reports today include: Marriott (consensus $0.92), Intl Flavors & Fragrances (1.51), Tesoro (0.31), Tyson Foods (1.02), Sysco (0.52), Newell Brands (0.29), AES (0.20), Mallinckrodt (1.63).
U.S. IPO's scheduled to price today: none.
Equity conferences: Stifel WasteExpo Investor Summit on Mon, Morgan Stanley E&P and Oil Services Conference on Mon-Tue, Goldman Sachs Global Staples Forum on Tue, Evercore ISI Global Autos Conference on Tue, Oppenheimer Emerging Growth Conference on Tue, Oppenheimer Industrial Growth Conference on Tue, Wells Fargo Industrials Conference on Tue-Wed, Jefferies Global Technology Conference on Wed, Citi European Internet and Digital Conference on Wed, Citi Global Energy and Utilities Conference on Wed, 11th Annual Barrington Research Spring Investment Conference on Thu, Citi Boston Energy Conference on Thu, Deutsche Bank AutoTech Conference on Thu.
OVERNIGHT U.S. STOCK MOVERS
Micron (MU +1.48%) is down 3% in pre-market trading after it was downgraded to 'Neutral' from 'Buy' at Goldman Sachs.
Tyson Foods (TSN +0.57%) reported Q2 adjusted EPS of $1.10, slightly below consensus of $1.02.
Varian Medical Systems (VAR +0.60%) is up over 2% in pre-market trading after it was upgraded to 'Buy' from 'Neutral' at Citigroup with a price target of $119.
Fluor (FLR -4.78%) was upgraded to 'Buy' from 'Hold' at Canaccord Genuity with a price target of $55.
Louisiana-Pacific (LPX -3.61%) was downgraded to 'Neutral' from 'Buy' at DA Davidson & Co.
United Rentals (URI +1.49%) was upgraded to 'Outperform' from 'In-Line' at Evercore ISI.
NXP Semiconductors NV (NXPI -0.19%) was downgraded to 'Neutral' from 'Buy' at Nomura/Instinet.
LyondellBasell Industries NV (LYB +3.37%) was downgraded to 'Underperform' from 'Buy' at Bank of America Merrill Lynch.
Temper Sealy International (TPX +2.31%) was upgraded to 'Hold' from 'Sell' at SunTrust Robinson Humphrey.
Berkshire Hathaway ({=BRK/B=}) fell slightly in after-hours trading after its Q1 operating EPS was a little below consensus due to disappointing insurance results.
Delta (DAL +0.12%) is reportedly considering a delay in a $3 billion Airbus order.
Williams Cos (WMB +2.44%) was raised to "Outperform" from "Market Perform" by Wells Fargo.
MARKET COMMENTS
June E-mini S&Ps (ESM17 -0.04%) this morning are down -1.50 points (-0.06%). Friday's closes: S&P 500 +0.41%, Dow Jones +0.26%, Nasdaq +0.42%. The S&P 500 on Friday closed higher on increased confidence that centrist Emmanuel Macron would win Sunday's French presidential election and on the strong Apr U.S. unemployment report that bolstered confidence in the U.S. economy. In addition, the higher close in oil prices helped oil stocks to stabilize.
June 10-year T-notes (ZNM17 +0.10%) this morning are up +5 ticks. Friday's closes: TYM7 +1.50, FVM7 +0.075. Jun 10-year T-notes on Friday closed slightly higher on some pre-weekend short-covering after June 10-year T-notes initially fell to a 3-1/2 week low. T-note prices were also boosted by the +2.5% y/y gain in April average hourly earnings, which was weaker than market expectations of +2.7% and was dovish for inflation.
The dollar index (DXY00 +0.21%) this morning is up +0.206 (+0.21%). EUR/USD (^EURUSD) is down -0.00050 (-0.45%) and USD/JPY (^USDJPY) is down -0.15 (-0.13%). Friday's closes: Dollar index -0.149 (-0.15%), EUR/USD +0.0013 (+0.12%), USD/JPY +0.25 (+0.22%). The dollar index last Friday fell to a 5-3/4 month low while EUR/USD rallied to a new 5-3/4 month high. The dollar index was undercut by continued strength in the euro on expectations that centrist Macron would beat far-right Le Pen in Sunday's election and pave the way for the ECB to start planning its QE exit for 2018. The dollar index found underlying support on last Friday's strong U.S. April unemployment report.
June WTI crude oil prices (CLM17 -0.26%) this morning are down -1 cent (-0.02%) and June gasoline (RBM17 +0.58%) is up +0.0084 (+0.56%). Friday's closes: Jun crude +0.29 (+0.56%), Jun gasoline +0.0234 (+1.58%). Jun crude oil and gasoline on Friday closed higher on some short-covering after Thursday's plunge. Crude oil prices were hurt by underlying concern about the steady rise in U.S. crude oil production and the fact that the OPEC production cut agreement is not bringing down the massive world glut of oil fast enough. Crude oil prices were also undercut by Friday's Baker Hughes report that U.S. active oil rigs rose by another 6 rigs to post a new 2-year high of 703 rigs.

GLOBAL EVENT CALENDAR05/08/2017
Monday, May 8
US0835 ETSt. Louis Fed President James Bullard (non-voter) participates in a panel discussion on Shifting Sands of Low Interest Rates at the Atlanta Feds Financial Markets Conference
0845 ETCleveland Fed President Loretta Mester (non-voter) speaks at the Chicago Council on Global Affairs.
1100 ETUSDA weekly grain export inspections.
1400 ETFed Senior Loan Officer Survey.
1600 ETUSDA crop conditions and planting progress.
Tuesday, May 9
US0600 ETApr NFIB small business optimism index expected -0.7 to 104.0, Mar 104.7.
0900 ETMinneapolis Fed President Neel Kashkari (voter) speaks at Minnesota High Tech Conference.
1000 ETMar JOLTS job openings, Feb +118,000 to 5.743 million.
1000 ETMar wholesale trade sales, Feb +0.6%. Mar wholesale inventories expected unrevised at -0.1%.
1300 ETBoston Fed President Eric Rosengren (non-voter) speaks at a NYU Conference on risk management.
1300 ETTreasury auctions $24 billion of 3-year T-notes.
1615 ETDallas Fed President Robert Kaplan (voter) participates in a moderated Q&A at the Dallas Regional Chamber Lower Middle Market Investment Summit.
U.S. STOCK CALENDAR05/08/2017
CompanyTickerTimeEvent DescriptionPeriodEstimate
Mallinckrodt PLCMNK US06:00Q1 2017 Earnings ReleaseQ1 171.625
AES Corp/VAAES USBef-mktQ1 2017 Earnings ReleaseQ1 170.204
Newell Brands IncNWL USBef-mktQ1 2017 Earnings ReleaseQ1 170.29
Sysco CorpSYY USBef-mktQ3 2017 Earnings ReleaseQ3 170.515
Tyson Foods IncTSN US07:30Q2 2017 Earnings ReleaseQ2 171.024
Newell Brands IncNWL US08:30Q1 2017 Earnings CallQ1 17
Mallinckrodt PLCMNK US08:30Q1 2017 Earnings CallQ1 17
Tyson Foods IncTSN US09:00Q2 2017 Earnings CallQ2 17
AES Corp/VAAES US09:00Q1 2017 Earnings CallQ1 17
Sysco CorpSYY US10:00Q3 2017 Earnings CallQ3 17
International Paper CoIP USAnnual General Meeting
Digital Realty Trust IncDLR USAnnual General Meeting
LKQ CorpLKQ USAnnual General Meeting
EOG Resources IncEOG USAft-mktQ1 2017 Earnings ReleaseQ1 170.147
International Flavors & Fragrances IncIFF USAft-mktQ1 2017 Earnings ReleaseQ1 171.511
Tesoro CorpTSO USAft-mktQ1 2017 Earnings ReleaseQ1 170.306
Verizon Communications IncVZ US16:30Analyst Meeting
Marriott International Inc/MDMAR US17:00Q1 2017 Earnings ReleaseQ1 170.917
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Friday, February 3, 2017

MORNING CALL 2/3

Barchart Morning Call

Barchart.com - Fri Feb 3, 6:35AM CST
OVERNIGHT MARKETS AND NEWS
Mar E-mini S&Ps (ESH17 +0.16%) are up +0.15% and European stocks are up +0.63% ahead of this morning's U.S. payroll report that may provide clues as to the timing of the next Fed rate hike. Mar WTI crude oil (CLH17 +0.19%) is up +0.50% and is giving energy producing stocks a lift after President Trump tweeted this morning that Iran was "playing with fire" following its ballistic missile test this week. European stocks also found support after the Eurozone Jan Markit composite PMI was revised upward to its fastest pace in 3 years. Gains in stocks were contained as mining companies weakened as Mar COMEX copper prices (HGH17 -1.06%) fell -0.89% after a gauge of Chinese manufacturing activity weakened more than expected last month, and after Chinese copper supplies rose after weekly Shanghai copper inventories climbed +10,928 MT to 223,853 MT, an 8-1/2 month high. Asian stocks settled mixed: Japan +0.02%, Hong Kong -0.24%, China -0.60%, Taiwan +0.28%, Australia -0.42%, Singapore -0.07%, South Korea +0.13%, India +0.05%.
The dollar index (DXY00 +0.28%) is up +0.33%. EUR/USD (^EURUSD) is down -0.26% after ECB Executive Board member Praet said "the firming recovery is not yet sufficiently robust to ensure a self-sustained convergence of inflation rates to levels closer to 2%." USD/JPY (^USDJPY) is up +0.33%.
Mar 10-year T-note prices (ZNH17 -0.11%) are down -5.5 ticks.
ECB Executive Board member Praet said that "the firming recovery is not yet sufficiently robust to ensure a self-sustained convergence of inflation rates to levels closer to 2% as underlying inflation dynamics remain subdued, and risks and uncertainties still prevail, especially those related to the geopolitical environment."
The Eurozone Jan Markit composite PMI was revised upward to 54.4 from the originally reported 54.3, the fastest pace of expansion since the data series began in 2014.
The China Jan Caixin (flash) manufacturing PMI fell -0.9 to 51.0, weaker than expectations of -0.1 to 51.8.
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) Jan non-farm payrolls (expected +175,000, Dec +156,000) and Jan unemployment rate (expected unch at 4.7%, Dec +0.1 to 4.7%), (2) Chicago Fed President Charles Evans (voter) speaks on economic conditions and monetary policy at a Prairie State College Economic Breakfast in Olympia Fields, IL, (3) revised Jan Markit services PMI (prelim-Jan +1.2 to 55.1), (4) Jan ISM non-manufacturing PMI (expected +0.4 to 57.0, Dec +0.4 to 56.6), (5) Dec factory orders expected +0.7%, Nov -2.4% and +0.1% ex-transportation.
Notable S&P 500 earnings reports today include: Weyerhaeuser (consensus $0.16), AutoNation (0.96), LyondellBasell (2.17), Clorox (1.22), Hershey (1.08), Phillips (0.40).
U.S. IPO's scheduled to price today: none.
Equity conferences: none.
OVERNIGHT U.S. STOCK MOVERS
Visa (V -0.17%) rose 3% in after-hours trading after it reported Q1 operating revenue of $4.5 billion, above consensus of $4.3 billion, and then was initiated with an 'Outperform' at RBC Capital Markets with a 12-month target price of $97.
Amazon.com (AMZN +0.91%) fell 4% in after-hours trading after it reported Q4 net sales of $43.7 billion, below consensus of $44.7 billion, and said it sees Q1 net sales of $33.3 billion-$35.8 billion, less than consensus of $36.0 billion.
Esterline Technologies (ESL +0.70%) rallied over 4% in after-hours trading after it reported Q1 adjusted EPS continuing operations of 82 cents, well above consensus of 46 cents.
Tableau Software (DATA -0.52%) surged 13% in after-hours trading after it reported Q4 revenue of $250.7 million, well above consensus of $230.2 million.
Amgen (AMGN -0.06%) rose nearly 3% in after-hours trading after it reported that a Phase 3 trial of its Repatha showed significantly reduced risk of cardiovascular events in patients with atherosclerotic cardiovascular disease.
Computer Sciences (CSC +1.12%) gained 2% in after-hours trading after it reported Q3 adjusted EPS continuing operations of 81 cents, higher than consensus of 70 cents.
Fortinet (FTNT +0.24%) climbed 10% in after-hours trading after it forecast full-year EPS of 87 cents-89 cents, better than consensus of 80 cents.
Cypress Semiconductor (CY -1.58%) rallied 5% in after-hours trading after it reported Q4 adjusted revenue of $530.2 million, higher than consensus of $525.6 million.
athenahealth (ATHN +1.41%) tumbled 7% in after-hours trading after it reported Q4 revenue of $288.2 million, below consensus of $303.7 million.
Hanesbrands (HBI -2.24%) sank over 10% in after-hours trading after it said it sees 2017 adjusted EPS of $1.93-$2.03, below consensus of $2.14.
GoPro (GPRO +3.78%) tumbled 13% in after-hours trading after it said it sees Q1 revenue of $190 million=-$210 million, well below consensus of $267.6 million.
Paylocity Holding (PCTY -1.32%) jumped 8% in after-hours trading after it said it sees fiscal 2017 adjusted EPS of 41 cents-43 cents, stronger than consensus of 38 cents.
Deckers Outdoor (DECK -2.30%) plunged over 20% in after-hours trading after it reported Q3 adjusted EPS of $4.11, below consensus of $4.22, and then cut its 2017 adjusted EPS forecast to $3.45-$3.55 from a prior view of $4.05-$4.25.
Neos Therapeutics (NEOS unch) slumped 14% in after-hours trading after it announced an offering of common stock, although no size was given.
MARKET COMMENTS
Mar E-mini S&Ps (ESH17 +0.16%) this morning are up +3.50 points (+0.15%). Thursday's closes: S&P 500 +0.06%, Dow Jones -0.03%, Nasdaq -0.10%. The S&P 500 on Thursday closed slightly higher on the -14,000 decline in U.S. weekly jobless claims (a bigger decline than expectations of -9,000) and the +1.3% increase in U.S. Q4 non-farm productivity (better than expectations of +1.0%). Stocks were undercut by uncertainty regarding the Trump administration’s fiscal and trade policies and by position squaring ahead of Friday's monthly U.S. payrolls report.
Mar 10-year T-notes (ZNH17 -0.11%) this morning are down -5.5 ticks. Thursday's closes: TYH7 +1.50, FVH7 +1.00. Mar 10-year T-notes on Thursday rallied to a 1-week high and closed higher on positive carry-over from Wednesday's post-FOMC meeting statement where policy makers gave no signal as to the timing of another interest rate hike.
The dollar index (DXY00 +0.28%) this morning is up +0.33 (+0.33%). EUR/USD (^EURUSD) is down -0.0028 (-0.26%). USD/JPY (^USDJPY) is up +0.37 (+0.33%). Thursday's closes: Dollar index +0.149 (+0.15%), EUR/USD -0.0010 (-0.09%), USD/JPY -0.45 (-0.40%). The dollar index on Thursday recovered from a 2-1/2 month low and closed higher on the larger-than-expected decline in U.S. weekly initial unemployment claims, a sign of labor market strength, and the larger-than-expected increase in U.S. Q4 non-farm productivity. The dollar index posted an early 2-1/2 month low on negative carry-over from Wednesday's FOMC meeting where policy makers failed to signal the timing of the next Fed interest rate increase.
Mar WTI crude oil prices (CLH17 +0.19%) this morning are up +27 cents (+0.50%) and Mar gasoline (RBH17 -0.11%) is +0.0063 (+0.41%). Thursday's closes: Mar crude -0.34 (-0.63%), Mar gasoline -0.0462 (-2.93%). Mar crude oil and gasoline on Thursday closed lower on concern that ramped-up oil production in Libya and Nigeria may offset cuts in crude production from other OPEC members as Libya's crude output rose to 690,000 bpd, a 2-year high, and Nigerian Jan crude production rose to 1.64 million bpd, up +9.3% m/m. In addition, the slide in the crack spread to a 2-1/4 month low, which may curb refinery demand for crude.
GLOBAL EVENT CALENDAR02/03/2017
Friday, Feb 3
US0830 ETJan non-farm payrolls expected +175,000, Dec +156,000. Jan private payrolls expected +170,000, Dec +144,000. Jan manufacturing payrolls expected +5,000, Dec +17,000. Jan unemployment rate expected unch at 4.7%, Dec +0.1 to 4.7%.
0830 ETJan avg hourly earnings expected +0.3% m/m and +2.8% y/y, Dec +0.4% m/m and +2.9% y/y. Jan avg weekly hours all-employees expected unch at 34.3 hours, Dec unch at 34.3 hours.
0915 ETChicago Fed President Charles Evans (voter) speaks on economic conditions and monetary policy at a Prairie State College Economic Breakfast in Olympia Fields, IL.
0945 ETRevised Jan Markit services PMI, prelim-Jan +1.2 to 55.1.
1000 ETJan ISM non-manufacturing PMI expected +0.4 to 57.0, Dec +0.4 to 56.6.
1000 ETDec factory orders expected +0.7%, Nov -2.4% and +0.1% ex-transportation.
Monday, Feb 6
US1100 ETUSDA weekly grain export inspections.
1500 ETPhiladelphia Fed President Patrick Harker (voter) speaks at a payment conference in San Diego.
U.S. STOCK CALENDAR02/03/2017

CompanyTickerTimeEvent DescriptionPeriodEstimate
Weyerhaeuser CoWY USBf-mktQ4 2016 Earnings ReleaseQ4 20160.162
AutoNation IncAN USBf-mktQ4 2016 Earnings ReleaseQ4 20160.963
LyondellBasell Industries NVLYB USBf-mktQ4 2016 Earnings ReleaseQ4 20162.152
Clorox Co/TheCLX US6:30Q2 2017 Earnings ReleaseQ2 20171.219
Hershey Co/TheHSY US7:00Q4 2016 Earnings ReleaseQ4 20161.078
Phillips 66PSX US7:00Q4 2016 Earnings ReleaseQ4 20160.396
Hershey Co/TheHSY US8:30Q4 2016 Earnings CallQ4 2016
Hartford Financial ServicesHIG US9:00Q4 2016 Earnings CallQ4 2016
Kimco Realty CorpKIM US10:00Q4 2016 Earnings CallQ4 2016
Weyerhaeuser CoWY US10:00Q4 2016 Earnings CallQ4 2016
AutoNation IncAN US10:00Q4 2016 Earnings CallQ4 2016
LyondellBasell Industries NVLYB US11:00Q4 2016 Earnings CallQ4 2016
Phillips 66PSX US12:00Q4 2016 Earnings CallQ4 2016
Apartment Investment & MangAIV US13:00Q4 2016 Earnings CallQ4 2016
Clorox Co/TheCLX US13:30Q2 2017 Earnings CallQ2 2017
Essex Property Trust IncESS US14:00Q4 2016 Earnings CallQ4 2016
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