Showing posts with label MBI. Show all posts
Showing posts with label MBI. Show all posts

Thursday, October 15, 2015

BARCHART MORNING CALL 10/15

OVERNIGHT MARKETS AND NEWS
December E-mini S&Ps (ESZ15 +0.71%) are up +0.69% and European stocks are up +1.53% as global stocks and emerging-market currencies rallied on speculation that a Fed interest rate increase has been pushed back into next year. European stocks rose further and EUR/USD fell back from a 1-1/2 month high on signs that the ECB is concerned about deflation and may expand QE after ECB Governing Council member Nowotny said both headline and core inflation in the Eurozone are "clearly missing our target," which contrasts from comments he made three weeks ago when he said there was "equilibrium" in prices. Asian stocks settled higher: Japan +1.15%, Hong Kong +2.00%, China +2.32%, Taiwan +0.93%, Australia +0.63%, Singapore +1.05%, South Korea +1.20%, India +0.86%. China's Shanghai Composite rallied up to a 1-1/2 month high after the Chinese government unveiled a $36 billion plan to reorganize China's telecom industry, which bolstered speculation the government will accelerate reforms of state-owned companies to revive economic growth.
The dollar index (DXY00 +0.17%) is up +0.17% as it rebounds from an overnight 1-1/2 month low. EUR/USD (^EURUSD) is down -0.31% and retreated from a 1-1/2 month high after comments from ECB Governing Council member Nowotny fueled speculation the ECB may expand QE. USD/JPY (^USDJPY) is down -0.45% to a 1-1/2 month low.
Dec T-note prices (ZNZ15 -0.10%) are down -3.5 ticks.
ECB Governing Council member Nowotny hinted that the ECB may need to expand QE measures when he said both headline and core inflation in the Eurozone are "clearly missing our target" and that "additional" steps may be necessary to achieve growth.
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) weekly initial unemployment claims (expected +7,000 to 270,000, previous -13,000 to 263,000) and continuing claims (expected -4,000 to 2.200 million, previous +9,000 to 2.204 million), (2) Sep CPI (expected -0.2% m/m and -0.1% y/y, Aug -0.1% m/m and +0.2% y/y) and Sep CPI ex food & energy (expected +0.1% m/m and +1.8% y/y, Aug +0.1% m/m and +1.8% y/y), (3) Oct Empire manufacturing survey general business conditions (expected +6.67 to -8.00, Sep +0.25 to -14.67), (4) Oct Philadelphia Fed outlook survey diffusion index (expected +4.0 to -2.0, Sep -14.3 to -6.0), (5) New York Fed President William Dudley's speech at the Brookings Institute in Washington, D.C. about how the Fed should decide the appropriate level of interest rates, (6) St. Louis Fed President James Bullard's opening remarks at the St. Louis Fed’s annual fall policy conference, (7) Cleveland Fed President Loretta Mester's speech at the NYU Stern Center for Global Business and Economy,
There are 13 of the S&P 500 companies report earnings today with notable reports including Goldman Sachs (consensus $3.00), Citigroup ($1.27), UnitedHealth Group (1.64), Mattel (0.80), Schlumberger (0.77), Wynn Resorts (0.85).
U.S. IPO's scheduled to price today: Adesto Technologies (IOTS), Fuling Global (FORK), American Farmland Co (AFCO).
Equity conferences during the remainder of this week include: Energy Storage North America Conference on Thu, and Moody's UK Water Sector Conference on Thu.
OVERNIGHT U.S. STOCK MOVERS
UnitedHealth Group (UNH -1.55%) reported Q3 EPS of $1.65, better consensus of $1.64.
PPG Industries (PPG +0.14%) reported Q3 EPS of $1.61, higher than consensus of $1.57.
Philip Morris International (PM +0.08%) reported Q3 EPS of $1.24 above consensus of $1.12.
Goldman Sachs (GS -0.81%) reported Q3 qdjusted EPS of $2.64, well below consensus of $3.00.
Garmin Ltd. (GRMN +0.38%) fell over 10% in pre-market trading after it reported preliminary adjusted Q3 EPS of 51 cents, weaker than consensus of 64 cents, and then lowered guidance on fiscal 2015 EPS to $2.25 from a July estimate of $2.65, well below consensus of $2.62.
Manitowoc (MTW -2.91%) plunged 12% in after-hours trading after it forecast Q3 preliminary sales of $863 million, weaker than consensus of $942 million.
Dexcom (DXCM -6.35%) jumped nearly 10% in after-hours trading after it reported preliminary Q3 revenue of $105 million, higher than consensus of $97.9 million
Xilinx (XLNX +2.02%) rose nearly 4% in after-hours trading after it reported Q2 EPS of 48 cents, better than consensus of 46 cents.
HCA Holdings (HCA +0.21%) tumbled over 9% in after-hours trading after it reported Q3 EPS of $1.17, below consensus of $1.22. Community Health Systems (CYH -0.90%) also fell over 6% and Tenet Healthcare (THC -2.48%) slipped 9% in after-hours trading on the weaker-than-expected earnings from HCA Holdings.
Netflix (NFLX +0.46%) fell over 3% in after-hours trading after it reported Q3 EPS of 7 cents, less than consensus of 8 cents.
MBIA Inc. (MBI +1.72%) jumped over 9% and Assured Guaranty (AGO +1.41%) rose over 1% in after-hours trading after the WSJ reported that Puerto Rico and U.S. officials are discussing issuance of a "superbond" to help restructure Puerto Rico's debt.
Imprivata (IMPR -3.30%) slumped over 30% in after-hours trading after it reported a preliminary Q3 adjusted EPS loss of -22 cents to -23 cents, a bigger loss than consensus of -20 cents.
MARKET COMMENTS
Dec E-mini S&Ps (ESZ15 +0.71%) this morning are up +13.75 points (+0.69%). Wednesday's closes: S&P 500 -0.47%, Dow Jones -0.92%, Nasdaq-0.14%. The S&P 500 on Wednesday closed lower on carryover weakness from a slide in global stocks on Chinese economic concerns after China Sep PPI fell -5.9% y/y, the steepest decline in 6 years. There were also concerns about the pace of U.S. growth after the U.S. Sep retail sales report of +0.1% and-0.3% ex autos was weaker than expectations of +0.2% and -0.1% ex autos. Also, WalMart fell by -10% to a 3-1/3 year low after the world's largest retailer forecast earnings will drop by 6-12% in fiscal 2017, weaker than analysts' projections for a +4% increase.
Dec 10-year T-notes (ZNZ15 -0.10%) this morning are down -3.5 ticks. Wednesday's closes: TYZ5 +22.00, FVZ5 +13.25. Dec T-notes on Wednesday rose to a 1-1/2 week high and settled higher on the weaker-than-expected U.S. Sep retail sales and Sep PPI reports, which reduce the chance of a Fed interest rate increase this year. T-notes also received a boost from the slide in global stocks, which boosts the safe-haven demand for Treasuries.
The dollar index (DXY00 +0.17%) this morning is up +0.161 (+0.17%). EUR/USD (^EURUSD) is down -0.0036 (-0.31%). USD/JPY (^USDJPY) is down-0.54 (-0.45%) at a 1-1/2 month low. Wednesday's closes: Dollar Index -0.828 (-0.87%), EUR/USD +0.0095 (+0.83%), USD/JPY -0.92 (-0.77%). The dollar index on Wednesday tumbled to a 1-1/2 month low and closed lower on increased chances for a further Fed rate hike delay after the weaker-than-expected U.S. Sep PPI and Sep retail sales reports. In addition, the China Sep PPI fell by the most in 6 years, which suggests weak Chinese product demand.
Nov crude oil (CLX15 -1.14%) this morning is down -54 cents (-1.16%) at a 1-week low and Nov gasoline (RBX15 +1.01%) is up +0.0144 (+1.10%). Wednesday's closes: CLX5 -0.02 (-0.04%), RBX5 +0.0068 (+0.52%). Nov crude oil and gasoline on Wednesday settled mixed with Nov crude falling to a 1-week low and Nov gasoline posting a 9-month low. Crude oil prices were undercut by the weak U.S. retail sales report and Chinese PPI report and by expectations that Thursday's weekly EIA inventory data will show that U.S. crude inventories rose +2.6 million bbl and Cushing stockpiles rose +900,000 bbl. Crude oil prices found some underlying support from the decline in the dollar index to a 1-1/2 month low.
GLOBAL EVENT CALENDAR10/15/2015
US0830 ETWeekly initial unemployment claims expected +7,000 to 270,000, previous -13,000 to 263,000. Weekly continuing claims expected -4,000 to 2.200 million, previous +9,000 to 2.204 million.
0830 ETSep CPI expected -0.2% m/m and -0.1% y/y, Aug -0.1% m/m and +0.2% y/y. Sep CPI ex food & energy expected +0.1% m/m and +1.8% y/y, Aug +0.1% m/m and +1.8% y/y.
0830 ETOct Empire manufacturing survey general business conditions expected +6.67 to -8.00, Sep +0.25 to -14.67.
1000 ETOct Philadelphia Fed outlook survey diffusion index general conditions expected +4.0 to -2.0, Sep -14.3 to -6.0.
1030 ETNew York Fed President William Dudley speaks at the Brookings Institute in Washington, D.C. about how the Fed should decide the appropriate level of interest rates.
1030 ETSt. Louis Fed President James Bullard makes opening remarks at the St. Louis Feds annual fall policy conference.
1100 ETEIA Weekly Petroleum Status Report.
1100 ETTreasury announces amount of 30-year TIPS to be auctioned Oct 22.
1630 ETCleveland Fed President Loretta Mester speaks at the NYU Stern Center for Global Business and Economy.
JPN0030 ETRevised Japan Aug industrial production, Jul -0.5% m/m and +0.2% y/y.
0030 ETJapan Aug capacity utilization, Jul -0.2% m/m.
0030 ETJapan Aug tertiary industry index expected unch m/m, Jul +0.2% m/m.
U.S. STOCK CALENDAR10/15/2015
CompanyTickerTimeEvent DescriptionPeriodEstimate
PPG Industries IncPPG USBef-mktQ3 2015 Earnings ReleaseQ3 20151.571
Charles Schwab Corp/TheSCHW USBef-mktQ3 2015 Earnings ReleaseQ3 20150.267
UnitedHealth Group IncUNH USBef-mktQ3 2015 Earnings ReleaseQ3 20151.64
KeyCorpKEY USBef-mktQ3 2015 Earnings ReleaseQ3 20150.267
US BancorpUSB USBef-mktQ3 2015 Earnings ReleaseQ3 20150.811
BB&T CorpBBT US5:45Q3 2015 Earnings ReleaseQ3 20150.686
Philip Morris International IncPM US7:00Q3 2015 Earnings ReleaseQ3 20151.122
Goldman Sachs Group Inc/TheGS US7:30Q3 2015 Earnings ReleaseQ3 20153
Citigroup IncC US8:00Q3 2015 Earnings ReleaseQ3 20151.274
BB&T CorpBBT US8:00Q3 2015 Earnings CallQ3 2015
UnitedHealth Group IncUNH US8:45Q3 2015 Earnings CallQ3 2015
KeyCorpKEY US9:00Q3 2015 Earnings CallQ3 2015
Philip Morris International IncPM US9:00Q3 2015 Earnings CallQ3 2015
US BancorpUSB US9:30Q3 2015 Earnings CallQ3 2015
Goldman Sachs Group Inc/TheGS US9:30Q3 2015 Earnings CallQ3 2015
Citigroup IncC US11:00Q3 2015 Earnings CallQ3 2015
PPG Industries IncPPG US14:00Q3 2015 Earnings CallQ3 2015
People's United Financial IncPBCT US16:00Q3 2015 Earnings ReleaseQ3 20150.218
Mattel IncMAT US16:05Q3 2015 Earnings ReleaseQ3 20150.795
Wynn Resorts LtdWYNN US16:30Q3 2015 Earnings CallQ3 2015
Mattel IncMAT US17:00Q3 2015 Earnings CallQ3 2015
People's United Financial IncPBCT US17:00Q3 2015 Earnings CallQ3 2015
Schlumberger LtdSLB USAft-mktQ3 2015 Earnings ReleaseQ3 20150.766
Wynn Resorts LtdWYNN USAft-mktQ3 2015 Earnings ReleaseQ3 20150.851
PG&E CorpPCG US21:30Commonwealth Club of San Francisco Presents CEO, Tony Earley
American Express CoAXP USCredit-card Charge-offs and Delinquencies
JPMorgan Chase & CoJPM USCredit-card Charge-offs and Delinquencies
Bank of America CorpBAC USCredit-card Charge-offs and Delinquencies
Citigroup IncC USCredit-card Charge-offs and Delinquencies
Morgan StanleyMS USCredit-card Charge-offs and Delinquencies
Capital One Financial CorpCOF USCredit-card Charge-offs and Delinquencies
Discover Financial ServicesDFS USCredit-card Charge-offs and Delinquencies
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Tuesday, March 3, 2015

BARCHART MORNING CALL 3/3

BARCHART MORNING CALL

OVERNIGHT MARKETS AND NEWS
March E-mini S&Ps (ESH15 -0.14%) this morning are down -0.09% and European stocks are down -0.19% led by a decline in bank stocks after Barclays fell over 3% when it said it set aside 750 million pounds ($1.2 billion) for the settlement of a currency-manipulation probe. Also, data from the Basel Committee on Banking Supervision said global banks are 305 billion euros ($341 billion) short of their liquidity coverage ratio (LCR). The Basel rule began to phase in Jan 1, when banks were required to have at least 60% of their liquidity buffers. The LCR takes full effect in 2019 when the LCR rises to 100%. The LCR was designed to require global banks have sufficient high-quality liquid assets to withstand a stressed 30-day funding scenario. Losses in European stocks are limited after German Jan retail sales posted the largest monthly increase in 7 years. Asian stocks closed mixed: Japan -0.06%, Hong Kong -0.74%, China -2.59%, Taiwan +0.05%, Australia -0.42%, Singapore +0.54%, South Korea +0.34%, India +0.46%. Chinese growth concerns undercut Asian stocks after the government-controlled Xinhua News Agency reported that Chinese Premier Li Keqiang will announce Thursday at the annual National People's Congress a Chinese growth target of 7% for 2015, down from 7.5% in 2014. Commodity prices are mixed. Apr crude oil (CLJ15 +1.57%) is up +1.45% and Apr gasoline (RBJ15 +2.64%) is up +1.96%. Apr gold (GCJ15 +0.14%) is down -0.02%. May copper (HGK15 -1.48%) is down -1.58%. Agriculture prices are higher. The dollar index (DXY00 +0.08%) is up +0.05% at a new 11-1/3 year high. EUR/USD (^EURUSD) is down -0.21%. USD/JPY (^USDJPY) is down -0.22%. Jun T-note prices (ZNM15 -0.09%) are down -6 ticks at a 1-week low.
Eurozone Jan PPI fell -0.9% m/m and -3.4% y/y, weaker than expectations of -0.7% m/m and -3.0% y/y, with the -3.4% y/y drop the biggest year-over-year decline in 5 years.
German Jan retail sales rose +2.9% m/m, stronger than expectations of +0.4% m/m and the largest monthly increase in 7 years. On an annual basis, Jan retail sales rose +5.3% y/y, stronger than expectations of +3.0% y/y.
UK Jan Markit/CIPS construction PMI unexpectedly rose +1.0 point to 60.1, stronger than expectations of -0.1 to 59.0 and the fastest pace of expansion in 4 months.
Japan Jan labor cash earnings rose +1.3% y/y, stronger than expectations of +0.5% y/y. Jan real cash earnings fell -1.5% y/y, the nineteenth consecutive month real cash earnings have declined.
U.S. STOCK PREVIEW
Today’s Feb total vehicle sales report is expected to edge higher to 16.70 million units from 16.56 million units in January. There are 2 of the S&P 500 companies that report earnings today: Best Buy (consensus $1.35), AutoZone (6.38).
Equity conferences during the remainder of this week include: Cowen & Co. Health Care Conference on Mon-Wed, 10th LNG Supplies for Asian Markets on Mon-Tue, Association of Insurance and Financial Analysts Conference on Mon-Tue, Citigroup Global Property CEO Conference on Mon-Wed, Raymond James & Associates Institutional Investors Conference on Mon-Wed, Morgan Stanley Technology Media & Telecom Conference on Mon-Thu, JMP Securities Technology Conference on Tue, SpeedNews 5th Annual Aerospace Raw Materials & Manufacturers Supply Chain Conference on Tue, ISI Industrial Conference on Tue, Bank of America Merrill Lynch Consumer & Retail Conference on Tue-Wed, J.P. Morgan Aviation, Transportation and Industrials Conference on Tue-Thu, Mitsubishi UFJ Securities 3rd Annual Seattle Consumer Conference on Wed, Morgan Stanley European MedTech & Services Conference on Wed, Simmons Energy Conference on Wed, UBS Natural Gas, Electric Power and MLP Conference on Wed, UBS Utilities and Natural Gas Conference on Wed, UBS Global Consumer Conference on Wed-Thu, Bank of America Merrill Lynch Refining Conference on Thu, Barclays Investment Grade Energy & Pipeline Conference on Thu, Pacific Crest Emerging Technology Summit on Thu, Morgan Stanley MLP/Diversified Natural Gas, Utilities Clean Tech Conference on Thu.



OVERNIGHT U.S. STOCK MOVERS
Nomura downgraded Micron (MU +1.86%) to 'Neutral' from 'Buy.'
Navistar (NAV -0.58%) reported a Q1 EPS loss of -52 cents, a smaller loss than consensus of -$1.09.
Lumber Liquidators (LL -25.13%) was upgraded to 'Buy' from 'Neutral' at Janney Capital.
Dick's Sporting (DKS +2.46%) reported Q4 EPS of $1.30, above consensus of $1.22.
Best Buy (BBY +1.39%) reported Q4 EPS of $1.48, higher than consensus of $1.35.
AutoZone ({=AZO reported Q2 EPS of $6.51, better than consensus of $6.38.
Nortek (NTK +2.27%) reported Q4 EPS of 29 cents, well above consensus of 19 cents.
CBOE Holdings (CBOE -0.92%) reported that total options and futures volume at CBOE Holdings during February was 88.5 million contracts, down -17% m/m and -22% y/y.
Nabors Industries (NBR -2.11%) reported Q4 adjusted EPS of 33 cents, below consensus of 39 cents.
McDermott (MDR +4.40%) surged 20% in after-hours trading after it reported Q4 EPS of 3 cents, much better than consensus of a -6 cent loss, and then raised guidance on fiscal 2015 revenue to $3.3 billion-$3.6 billion, stronger than consensus of $2.79 billion.
Mylan (MYL +0.98%) reported Q4 adjusted EPS of $1.05, right on consensus, although Q4 revenue of $2.08 billion was better than consensus of $2.07 billion.
Herman Miller (MLHR +0.74%) lowered guidance on 2015 revenue to $2.118 billion-$2.153 billion, below consensus of $2.170 billion.
Caesar's (CZR +3.96%) slid over 4% in after-hours trading after it reported a Q4 EPS loss of -$7.00, more than four times consensus of a -$1.65 loss.
MARKET COMMENTS
Mar E-mini S&Ps (ESH15 -0.14%) this morning are down -2.00 points (-0.09%). The S&P 500 index on Monday closed higher: S&P 500 +0.61%, Dow Jones +0.86%, Nasdaq +0.95%. Bullish factors included (1) China’s second interest rate cut in 3 months, and (2) increased M&A activity after NXP Semiconductors NV agreed to buy Freescale Semiconductor Ltd. for about $11.8 billion and after Cardinal Health agreed to buy Johnson & Johnson’s Cordis business for $1.94 billion. Stocks ignored bearish factors that included (1) weaker-than-expected U.S. Jan personal spending and personal income, and (2) the -0.6 point decline in the U.S. Feb ISM manufacturing index to 52.9, weaker than expectations of -0.5 to 53.0 and the slowest pace of expansion in 13 months.
Jun 10-year T-notes (ZNM15 -0.09%) this morning are down -6 ticks at a 1-week low. Jun 10-year T-note futures prices on Monday closed lower. Closes: TYM5 -21.50, FVM5 -11.75. Bearish factors included (1) U.S. economic data on Feb ISM manufacturing and Jan personal spending that was close to expectations and fueled speculation that Fed will start to raise interest rates this year, and (2) reduced safe-haven demand after stocks rallied.
The dollar index (DXY00 +0.08%) this morning is up +0.049 (+0.05%) at a new 11-1/3 year high. EUR/USD (^EURUSD) is down -0.0024 (-0.21%). USD/JPY (^USDJPY) is down -0.26 (-0.22%). The dollar index on Monday climbed to a 5-week high and closed higher: Dollar index +0.169 (+0.18%), EUR/USD -0.00088 (-0.08%), USD/JPY +0.52 (+0.43%). Bullish factors included (1) The U.S. ISM manufacturing report that was close to expectations, which boosted speculation the Fed is closer to raising interest rates, and (2) weakness in the Chinese yuan which fell to a 2-year low against the dollar after China cut interest rates for the second time in 3 months.
Apr WTI crude oil (CLJ15 +1.57%) this morning is up +72 cents (+1.45%) and Apr gasoline (RBJ15 +2.64%) is up +0.0371 (+1.96%). Apr crude and Apr gasoline prices on Monday closed lower: CLJ5 -0.17 (-0.34%), RBJ5 -0.0629 (-3.18%). Bearish factors included (1) a rally in the dollar index to a 5-week high, and (2) increased crude output in Saudi Arabia, the largest OPEC producer, as Saudi Arabian Feb crude production rose +130,000 bpd to 9.85 million bpd, the highest in 17 months. Losses in crude were limited after an oil industry survey from Genscape Inc. said Wednesday’s EIA data will show a negligible increase of crude inventories at Cushing, OK, the delivery point for WTI futures, for the week ended Feb 27.
GLOBAL EVENT CALENDAR03/03/2015
US0945 ETFeb New York ISM, Jan -26.3 to 44.5.
2015 ETFed Chair Janet Yellen will deliver a prepared text to the Citizens Budget Commissions Annual Awards Dinner on bank regulation and supervision. No Q&A.
n/aFeb total vehicle sales expected 16.70 million, Jan 16.56 million. Feb domestic vehicle sales expected 13.40 million, Jan 13.31 million.
GER0200 ETGerman Jan retail sales expected +0.4% m/m and +3.0% y/y, Dec +0.6% m/m and +4.8% y/y.
UK0430 ETUK Feb Markit/CIPS construction PMI expected -0.1 to 59.0, Jan 59.1.
1901 ETUK Feb BRC shop price index expected -1.2% y/y, Jan -1.3% y/y.
EUR0500 ETEurozone Jan PPI expected -0.7% m/m and -3.0% y/y, Dec -1.0% m/m and -2.7% y/y.
CHI2045 ETChina Feb HSBC composite PMI, Jan 51.0.
U.S. STOCK CALENDAR03/03/2015
CompanyTickerTimeEvent DescriptionPeriodEstimate
AutoZone IncAZO USBef-mktQ2 2015 Earnings ReleaseQ2 20156.378
Kate Spade & CoKATE USBef-mktQ4 2014 Earnings ReleaseQ4 20140.273
Navistar International CorpNAV USBef-mktQ1 2015 Earnings ReleaseQ1 2015-1.112
Dick's Sporting Goods IncDKS USBef-mktQ4 2015 Earnings ReleaseQ4 20151.219
Best Buy Co IncBBY US7:00Q4 2015 Earnings ReleaseQ4 20151.352
Best Buy Co IncBBY US8:00Q4 2015 Earnings CallQ4 2015
MBIA IncMBI US8:00Q4 2014 Earnings CallQ4 2014
Automatic Data Processing IncADP US8:30Investor DayY 2015
Kate Spade & CoKATE US8:30Q4 2014 Earnings CallQ4 2014
Anadarko Petroleum CorpAPC US9:00Q4 2015 Guidance CallQ4 2015
Navistar International CorpNAV US9:00Q1 2015 Earnings CallQ1 2015
Ford Motor CoF US9:15February 2015 Sales and Revenue Release2015
AutoZone IncAZO US10:00Q2 2015 Earnings CallQ2 2015
Ford Motor CoF US10:00February 2015 Sales and Revenue Call2015
Dick's Sporting Goods IncDKS US10:00Q4 2015 Earnings CallQ4 2015
Chimera Investment CorpCIM US10:00Q4 2014 Earnings CallQ4 2014
Nabors Industries LtdNBR US14:00Q4 2014 Earnings CallQ4 2014
Target CorpTGT US14:30Financial Community MeetingY 2015
Ascena Retail Group IncASNA US16:00Q2 2015 Earnings ReleaseQ2 20150.09
Ascena Retail Group IncASNA US16:30Q2 2015 Earnings CallQ2 2015
Veeva Systems IncVEEV US16:30Q4 2015 Earnings CallQ4 2015
Middleby Corp/TheMIDD USAft-mktQ4 2014 Earnings ReleaseQ4 20140.98
Veeva Systems IncVEEV USAft-mktQ4 2015 Earnings ReleaseQ4 20150.089
Hologic IncHOLX USAnnual General Meeting
Greif IncGEF USAnnual General Meeting
Delta Air Lines IncDAL USFebruary 2015 Sales and Revenue Release - Traffic Results2015
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Tuesday, March 4, 2014

BARCHART MORNING CALL 3/4

OVERNIGHT MARKETS AND NEWS
March E-mini S&Ps (ESH14 +1.14%) this morning are up sharply by +1.06% and European stocks rose +2.23% after Russian President Putin said Russia isn't considering taking over Crimea and would only send troops to Ukraine in an extreme case. Putin's comments signal the crisis won't escalate, which has boosted global stocks and undercut commodity prices that rallied sharply on Monday. Asian stocks closed mixed: Japan +0.47%, Hong Kong +0.70%, China -0.28%, Taiwan -0.55%, Australia +0.30%, Singapore +0.56%, South Korea -0.59%, India +1.26%. Another positive for U.S. stocks was comments from former Fed Chairman Bernanke who was speaking at a Global Financial Markets Forum in Abu Dhabi and said that the U.S. economy is seeing signs of progress and that there is "good reason to think U.S. GDP to grow around 3% this year." Commodity prices are mostly lower. Apr crude oil (CLJ14 -1.33%) is down -1.46%. Apr gasoline (RBJ14 -1.33%) is down -1.46%. Apr gold (GCJ14 -1.22%) is down -1.13%. May copper (HGK14 +0.47%) is up +0.30%. Agriculture and livestock prices are mixed. The dollar index (DXY00 -0.10%) is down -0.10%. EUR/USD (^EURUSD) is up +0.19%. USD/JPY (^USDJPY) is up +0.42%. June T-note prices (ZNM14 -0.36%) are down -16 ticks.
In his first public remarks since former Ukraine President Yanukovych was ousted last month, Russian President Putin said he'd only send troops to Ukraine in an extreme case and that Yanukovych asked for military protection of ethnic Russians in his country. Putin said Russia isn't considering taking over Crimea and that Russian troops were performing military drills near the border of Ukraine and are expected back to their bases by March 7.
Eurozone Jan PPI fell -0.3% m/m and -1.4% y/y, more than expectations of -0.1% m/m and -1.3% y/y, with the -1.4% y/y drop the biggest annual decline in 4-years.
UK Feb PMI construction fell -2.0 to 62.6, a bigger decline than expectations of -1.4 to 63.2.
Japan Jan labor cash earnings unexpectedly fell -0.2% y/y, weaker than expectations of +0.3% y/y and the first decline in 3-months, while Dec was revised lower to +0.5% y/y from the originally reported +0.8% y/y.
U.S. STOCK PREVIEW
The main focus today will be on the situation in the Ukraine. There are 3 of the Russell 1000 companies that report earnins today: AutoZone (consensus $5.56), Veeva Systems (0.06), and Tech Data (1.93). Equity conferences this week include: JMP Securities Technology Research Conference on Mon-Tue, Morgan Stanley Technology, Media & Telecom Conference on Mon-Thu, Citi Global Property CEO Conference on Mon-Wed, Cowen & Co. Healthcare Conference on Mon-Wed, Raymond James Institutional Investor Conference on Mon-Wed, Credit Suisse Healthcare Conference on Tue, IHS Energy CERAWeek Conference on Tue, UBS Natural Gas Electric Power and MLP Conference, Morgan Stanley European Medtech & Services Conference on Tue-Wed, Canadian Energy Research Institure (CERI) National Gas Conference on Tue, Pacific Crest Emerging Tech Summit conference on Wed, ISI Enterprise Infrastructure Conference on Wed, Mitsubishi Seattle Consumer Conference on Wed, Seattle Consumer Conference on Wed, Bank of America Merrill Lynch Refining Conference on Thu, and Jefferies Industrial Leaders Day on Thu.
OVERNIGHT U.S. STOCK MOVERS
AutoZone (AZO +0.52%) reported Q2 EPS of $5.63, higher than consensus of $5.56.
Intuitive Surgical (ISRG +2.03%) was downgraded to 'Hold' from 'Buy' at Cantor due to valuation.
Lennar (LEN -0.09%) was downgraded to 'Hold' from 'Buy' at KeyBanc due to valuation.
Magna (MGA +5.08%) was upgraded to 'Neutral' from 'Underweight' at JPMorgan.
Abercrombie & Fitch (ANF -0.91%) was upgraded to 'Outperform' from 'Neutral' at Credit Suisse.
Reuters reported that JPMorgan Chase (JPM -1.07%) will pay $400 million to settle lawsuits from bond insurer Syncora Guarantee.
Brookdale Senior Living reported an approximately 12.1% stake in Emeritus (ESC +0.70%) .
Starwood Hotels (HOT -2.11%) was downgraded to 'Neutral' from 'Buy' at Goldman.
William Chang reported a 17.3% stake and Eric Semler reported a 12.1% stake in Selmer Scientific (SMLR -2.73%) .
Hilton (HLT +0.58%) was upgraded to 'Buy' from 'Neutral' at Goldman.
J.C. Penney (JCP +9.34%) rose 2% in after-hours trading after Standard & Poor's Ratings Services revised its outlook on JCP to stable from negative.
Wells Fargo kept an 'Outperform' rating on Allergan (AGN -0.54%) and raised its price target on the stock to $139-$140 from $133-$134.
Ascena Retail (ASNA +3.17%) fell 3% in after-hours trading after it reported Q2 adjusted EPS of 23 cents, better than consensus of 20 cents, but then cut its fiscal 2014 EPS view to $1.00-$1.05 from $1.10-$1.15, below consensus of $1.15.
McDermott (MDR -2.64%) plunged 13% in after-hours trading after the company unexpectedly reported a Q4 EPS loss of -$1.37, well below consensus for a 15 cent profit.
MARKET COMMENTS
Mar E-mini S&Ps (ESH14 +1.14%) this morning are up +19.50 points (+1.06%). The S&P 500 on Monday closed lower on carry-over weakness from a plunge in global stocks on concern the action by Russia’s military to seize control of Ukraine’s Crimea region may escalate into a wider conflict. Positive U.S. economic data limited declines after the Feb ISM manufacturing index rose +1.9 to 53.2, stronger than expectations of +0.7 to 52.0, and Jan construction spending unexpectedly rose +0.1% m/m, stronger than expectations of -0.5% m/m. Closes: S&P 500 -0.74%, Dow Jones -0.94%, Nasdaq 100 -0.75%.
Jun 10-year T-notes (ZNM14 -0.36%) this morning are down -16 ticks. Jun 10-year T-note futures prices on Monday closed higher and the yield on the 10-year T-note fell to a 1-month low of 2.589% on increased safe-haven demand after global stocks slumped on the Russian military’s invasion of Crimea. T-note prices fell back from their best levels after U.S. Jan personal spending and the Feb ISM manufacturing index rose more than expected. Closes: TYM4 +14.50, FVM4 +7.00.
The dollar index (DXY00 -0.10%) this morning is down -0.083 (-0.10%). EUR/USD (^EURUSD) is up +0.0026 (+0.19%). USD/JPY (^USDJPY) is up +0.43 (+0.42%). The dollar index on Monday closed higher as the ongoing Ukraine crisis fueled a global stock market sell-off that boosted the safe-haven demand for the dollar and the yen. USD/JPY fell to a 3-1/2 week low as the yen strengthened on safe-haven demand. Increased geopolitical risks in North Korea also boosted the dollar after North Korea’s military fired 2 short-range missiles off of its east coast. Closes: Dollar index +0.386 (+0.48%), EUR/USD -0.0067 (-0.49%), USD/JPY -0.298 (-0.29%).
Apr WTI crude oil (CLJ14 -1.33%) this morning is down -$1,53 a barrel (-1.46%) and Apr gasoline (RBJ14 -1.33%) is down -0.0441 (-1.46%). Apr crude and gasoline prices Monday closed higher with Apr crude at a 5-1/2 month high. Supportive factors included (1) increased geopolitical tensions after Russian troops seized control of Ukraine’s Crimea region and (2) stronger-than-expected U.S. economic data on Feb ISM manufacturing activity and Jan construction spending, which were supportive indicators for energy demand. Closes: CLJ4 +2.33 (+2.27%), RBJ4 +0.0429 (+1.44%).
GLOBAL EVENT CALENDAR03/04/2014
US1000 ETFormer Bank of Israel governor Stanley Fischer appears before the Senate Banking Committee in his confirmation hearings on his nomination as Fed Vice Chair.
1000 ETMar IBD/TIPP economic optimism expected +0.1 to 45.0, Feb 44.9
1615 ETRichmond Fed President Jeffrey Lacker speaks on the economy at the Council for Economic Educations economic summit in New York.
UK0430 ETUK Feb PMI construction expected -1.4 to 63.2, Jan 64.6
1901 ETUK Feb BRC shop price index expected -1.1%, Jan -1.0% y/y.
EUR0500 ETEurozone Jan PPI expected -0.1% m/m and -1.3% y/y, Dec +0.2% m/m and -0.8% y/y.
U.S. STOCK CALENDAR03/04/2014
Company NameTickerTimeEvent DescriptionPeriodEstimate
AutoZone IncAZO USBef-mktQ2 2014 Earnings ReleaseQ2 20145.556
MBIA IncMBI US8:00Q4 2013 Earnings CallQ4 2013
St Joe Co/TheJOE US8:00Extraordinary Shareholders Meeting
SandRidge Energy IncSD US8:00Analyst MeetingY 2014
Anadarko Petroleum CorpAPC US8:30Investor Conference
Leucadia National CorpLUK US9:00Business Update Call
FLIR Systems IncFLIR US9:00Analyst and Investor DayY 2014
TransDigm Group IncTDG US9:00Annual General MeetingY 2014
Xylem Inc/NYXYL US9:00Executive Update Call
AutoZone IncAZO US10:00Q2 2014 Earnings CallQ2 2014
QUALCOMM IncQCOM US12:30Annual General MeetingY 2014
Vectren CorpVVC US12:30Financial Community MeetingY 2014
Applied Materials IncAMAT US14:00Annual General MeetingY 2013
Caterpillar IncCAT US16:00Analyst MeetingY 2014
Veeva Systems IncVEEV US16:30Q4 2014 Earnings CallQ4 2014
Veeva Systems IncVEEV USAft-mktQ4 2014 Earnings ReleaseQ4 20140.059
Joy Global IncJOY USAnnual General Meeting
Hologic IncHOLX USAnnual General Meeting
AutoNation IncAN USFebruary 2014 Sales and Revenue Release2014
Tech Data CorpTECD US23:59Q4 2014 Earnings ReleaseQ4 20141.933
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