Showing posts with label MCK. Show all posts
Showing posts with label MCK. Show all posts

Tuesday, October 10, 2017

MORNING CALL 10/10

Barchart Morning Call

OVERNIGHT MARKETS AND NEWS
Dec E-mini S&Ps (ESZ17 +0.12%) this morning are up +0.15% on optimism about U.S. company quarterly earnings ahead of the start of quarterly earnings results from S&P 500 companies later this week. European stocks are down -0.19%, led by losses in Spanish stocks, with Spain's IBEX Stock Index down -1.05% before a meeting of Catalan's regional parliament later today. According to people familiar with the matter, Spanish police are ready to arrest Catalan President Puigdemont immediately if he declares independence in today's parliament meeting. Losses in European stocks were limited on signs of strength in Germany's economy, Europe's largest, after German Aug exports and imports rose more than expected. Asian stocks settled mostly higher: Japan +0.64%, Hong Kong+0.58%, China +0.26%, Taiwan closed for holiday, Australia -0.02%, Singapore -0.08%, South Korea +1.97%, India +0.24%. Japanese markets reopened after Monday's holiday and the Nikkei Stock Index jumped to a new 2-year high after Friday's stronger-than-expected U.S. Sep wage data bolstered confidence that the global economic recovery can continue.
The dollar index (DXY00 -0.25%) is down -0.28% at a 1-week low on concern that President Trump's feud with Senator Corker may undercut support for his tax reform plan. EUR/USD (^EURUSD) is up +0.36% at a 1-week high on hawkish comments from ECB Executive Board member Lautenschlaeger who said the ECB should exit QE "as soon as possible." USD/JPY (^USDJPY) is down -020% at a 1-week low.
Dec 10-year T-note prices (ZNZ17 +0.02%) are up +2 ticks.
ECB Executive Board member Lautenschlaeger said the ECB should exit QE "as soon as possible because financial stability risks increase and the benefits decrease."
The German Aug trade balance widened to a surplus of +20.0 billion euros, larger than expectations of +19.5 billion euros. Aug exports rose +3.1% m/m, stronger than expectations of +1.1% m/m and the biggest increase in a year. Aug imports rose +1.2% m/m, stronger than expectations of +0.5% m/m.
Japan Sep eco watchers survey outlook expectations fell -0.1 to 51.0, stronger than expectations of -0.6 to 50.5. The Sep eco watchers survey current conditions rose +1.6 to 51.3, stronger than expectations of +0.5 to 50.1 and the highest in 9-months.
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) Minneapolis Fed President Neel Kashkari (voter) speaks at a regional economic conference hosted by his bank, (2) Dallas Fed President Robert Kaplan (voter) speaks in a moderated Q&A at a Stanford Institute for Economic Policy Research Associates Meeting, (3) USDA weekly grain export inspections, (4) USDA crop conditions and progress report.
Notable Russell 1000 earnings reports today include: none.
U.S. IPO's scheduled to price today: none.
Equity conferences this week: Cerner Health Conference on Mon-Wed, HR Technology Conference on Tue-Fri, National HUBZone Conference on Thu.
OVERNIGHT U.S. STOCK MOVERS
McKesson (MCK -2.08%) was upgraded to 'Outperform' from 'Market Perform' at Cowen with a price target of $189.
Transocean (RIG +1.94%) was initiated a new 'Buy' at Deutsche Bank with a price target of $13.
Union Pacific (UNP -0.06%) was downgraded to 'Hold' from 'Buy' at Aegis Capital.
Apache (APA +1.51%) cut its Q3 crude production estimate to 206,000 bpd to 208,000 bpd from a prior estimate of 208,000 to 214,000 bpd and cut its Q4 crude production estimate to 218,000 bpd to 224,000 bpd from a prior view of 225,000 bpd to 237,000 bpd due to the impact of Hurricane Harvey.
Caterpillar (CAT -0.04%) gained +0.2% in after-hours trading after Goldman Sachs reiterated its 'Buy' rating on the stock and raised its 12-month target price to $158 from $143.
American Homes (AMH +0.42%) was initiated a new 'Buy' at BTIG with a price target of $26.
SRC Energy ({=SRCI was initiated a new 'Buy' at Jeffries with a price target of $12.
Clovis Oncology (CLVS -1.05%) gained almost 1% in after-hours trading after it said it submitted a Supplemental New Drug Application with the FDA for its rucaparib drug for maintenance treatment for patients with platinum-sensitive recurrent ovarian cancer.
American International Group (AIG -0.77%) fell nearly 1% in after-hours trading after it said its sees Q3 pre-tax catastrophe losses net of reinsurance of $2.9 billion-$3.1 billion.
PDC Energy (PDCE +1.05%) was initiated a new 'Buy' at Jeffries with a price target of $60.
Leidos Holdings (LDOS +0.40%) rose over 3% in after-hours trading after it received a contract from the Social Security Administration to provide IT support for the Social Security Administration's Strategic Plan.
Ichor Holdings Ltd (ICHR +1.89%) climbed 6% in after-hours trading after the company said it entered into a "substantial" agreement to produce liquid delivery systems for a key customer.
Chesapeake Energy (CHK -0.24%) lost 1% in after-hours trading after it was downgraded to 'Underperform' from 'Hold' at Jeffries with a price target of $2.
MARKET COMMENTS
Dec S&P 500 E-mini stock futures (ESZ17 +0.12%) this morning are up +3.75 points (+0.15%). Monday's closes: S&P 500 -0.18%, Dow Jones -0.06%, Nasdaq -0.10%. The S&P 500 on Monday closed lower on negative carry-over from last Friday's U.S. Sep average hourly earnings report of +2.9% that bolstered the case for additional Fed tightening. There was also some long liquidation pressure ahead of quarterly earnings results from major U.S. banks later this week. Energy stocks received a boost from the +0.59% rally in crude oil prices.
Dec 10-year T-note prices (ZNZ17 +0.02%) this morning are up +2 ticks. Monday's closes: TYZ7 +2.00, FVZ7 +1.25. Dec 10-year T-notes on Monday closed higher on carry-over support from a rally in German bund prices and on weakness in stocks.
The dollar index (DXY00 -0.25%) this morning is down -0.258 (-0.28%) at a 1-week low. EUR/USD (^EURUSD) is up +0.0042 (+0.36%) at a 1-week high and USD/JPY (^USDJPY) is down -0.23 (-0.20%) at a 1-week low. Monday's closes: Dollar Index -0.125 (-0.13%), EUR/USD +0.0010 (+0.09%), USD/JPY +0.03 (+0.03%). The dollar index on Monday closed lower on strength in EUR/USD as political tensions eased in Spain after a senior member of the Catalan administration called for dialogue with the Spanish government. There was also strength in the yuan versus the dollar after China Sep foreign reserves rose for the eighth month in a row.
Nov crude oil (CLX17 +1.33%) this morning is up +68 cents (+1.37%) and Nov gasoline (RBX17 +1.05%) is +0.0188 (+1.21%). Monday's closes: Nov WTI crude +0.29 (+0.59%), Nov gasoline +0.0006 (+0.04%). Nov crude oil and gasoline on Monday closed higher on a weaker dollar and on comments from OPEC Secretary General Mohammed Barkindo who said the rebalancing of the oil market is underway and that OPEC may need to take further steps to sustain the recovery into 2018.
Metals prices this morning are higher with Dec gold (GCZ17 +0.65%) +8.0 (+0.62%) at a 1-week high, Dec silver (SIZ17+1.35%) +0.189 (+1.11%) at a 2-week high and Dec copper (HGZ17 +0.31%) +0.008 (+0.26%) at a 4-week high. Monday's closes: Dec gold +10.1 (+0.79%), Dec silver +0.181 (+1.08%), Dec copper -0.0020 (+0.07%). Metals on Monday closed higher with Dec gold at a 1-week high and Dec silver at a 1-1/2 week high. Metals prices were boosted by a weak dollar and by the German Aug industrial production report of +2.6% m/m, the biggest increase in 6 years, which is positive for copper consumption and demand. Copper prices were also boosted by the -2,450 MT decline in LME copper inventories to a 3-week low of 291,000 MT.
GLOBAL EVENT CALENDAR10/10/2017
Tuesday, Oct 10
US1000 ETMinneapolis Fed President Neel Kashkari (voter) speaks at a regional economic conference hosted by his bank.
1100 ETUSDA weekly grain export inspections.
1600 ETUSDA crop conditions and progress report.
2000 ETDallas Fed President Robert Kaplan (voter) speaks in a moderated Q&A at a Stanford Institute for Economic Policy Research Associates Meeting.
Wednesday, Oct 11
US0700 ETWeekly MBA mortgage applications, previous -0.4% with purchase sub-index +1.0% and refi sub-index -1.8%.
0715 ETChicago Fed President Charles Evans (voter) takes part in a moderated discussion on the economy and monetary policy.
1000 ETAug JOLTS job openings expected -10,000 to 6.16 million, Jul +54,000 to 6.17 million.
1130 ETTreasury auctions $24 billion of 3-year T-notes
1300 ETTreasury auctions $20 billion of 10-year T-notes.
1400 ETMinutes of the Sep 19-20 FOMC meeting.
1440 ETSan Francisco Fed President John Williams gives a Community Leaders Speech at an event in San Francisco.
U.S. STOCK CALENDAR10/10/2017
NameTickerTimeDescriptionPeriodEstimate
Procter & Gamble Co/ThePG US09:00Annual General Meeting
Wal-Mart Stores IncWMT US09:00Investment Community Meeting Day - 2
Workday IncWDAY US15:30Analyst Day

Tuesday, May 23, 2017

MORNING CALL 5/23

Barchart Morning Call

OVERNIGHT MARKETS AND NEWS
Jun E-mini S&Ps (ESM17 +0.18%) this morning are up +0.14% and European stocks are up +0.68% on signs of strength in the European economy. The Eurozone May Markit manufacturing PMI unexpectedly rose +0.5 to 57.0, the fastest pace of expansion since the data series began in 2014, while confidence in the economic outlook soared after the German May IFO business climate rose +1.6 to 114.6, the highest since the data series began in 1991. Gains in equities were limited on weakness in energy producing stocks as Jul WTI crude oil (CLN17 -0.41%) tumbled -0.72% after details of the Trump administration's budget proposal call for the U.S. to sell off half of its 687.7 million bbl Strategic Oil Reserve. Asian stocks settled mixed: Japan -0.33%, Hong Kong +0.05%, China -0.45%, Taiwan +0.11%, Australia -0.19%, Singapore +0.28%, South Korea +0.24%, India -0.67%.
The dollar index (DXY00 +0.01%) is down -0.05%. EUR/USD (^EURUSD) is up +0.01% at a new 6-1/4 month high. USD/JPY (^USDJPY) is down -0.02%.
Jun 10-year T-note prices (ZNM17 unch) are up +0.5 of a tick.
The German May IFO business climate rose +1.6 to 114.6, stronger than expectations of +0.2 to 113.1 and the highest since the data series began in 1991.
The Eurozone May Markit manufacturing PMI unexpectedly rose +0.5 to 57.0, stronger than expectations of -0.2 to 56.5 and the fastest pace of expansion since the data series began in 2014.
The Eurozone May Markit composite PMI was unch at 56.8, stronger than expectations of -0.1 to 56.7 and the fastest pace of expansion in 6 years.
The German May Markit/BME manufacturing PMI unexpectedly rose +1.2 to 59.4, stronger than expectations of -0.2 to 58.0 and the fastest pace of expansion in 6 years.
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) Minneapolis Fed President Neel Kashkari (voter) holds a Q&A with the media, (2) May Markit manufacturing PMI (expected +0.3 to 53.1, Apr -0.5 to 52.8) and May Markit services PMI (expected +0.2 to 53.3, Apr +0.3 to 53.1), (3) Apr new home sales (expected -1.8% to 610,000, Mar +5.8% to 621,000), (4) May Richmond Fed manufacturing index (expected -5 to 15, Apr -2 to 20), (5) Treasury auctions $26 billion of 2-year T-notes, (6) Minneapolis Fed President Neel Kashkari (voter) discusses “Building Economic Well-Being for Native Communities through Homeownership” at a CICD Roundtable in Minneapolis, (7) Philadelphia Fed President Patrick Harker (voter) gives an economic outlook speech at an MNI Roundtable at the Harvard Club of New York.
Notable Russell 2000 earnings reports today include: Toll Brothers (consensus $0.63), AutoZone (11.99), Intuit (3.87), HEICO (0.50).
U.S. IPO's scheduled to price today: none.
Equity conferences: Electrical Products Group Conference on Mon-Wed; J.P. Morgan Global Technology, Media and Telecom Conference on Mon-Wed; UBS Global Health Care Conference on Mon-Thu; Wolfe Global Transportation Conference on Tue-Wed; Jefferies Global Automotive Aftermarket Investor Conference on Wed; UBS Auto & Auto Supplier 1x1 Conference on Thu.
OVERNIGHT U.S. STOCK MOVERS
McKesson (MCK +1.58%) was upgraded to 'Overweight' from 'Neutral' at JPMorgan Chase with a price target of $189.
AutoZone (AZO -2.10%) is indicated to open 6% lower this morning after it reported Q3 EPS of $11.44, below consensus of $11.99 as Q3 comparable sales fell -0.8%, weaker than expectations of a +2.4% increase.
Perrigo Co. PLC (PRGO +0.81%) fell 5% in pre-market trading after it reported Q4 adjusted EPS of $1.24, weaker than expectations of $1.81, and then said it sees 2017 adjusted EPS of $4.15 to $4.50, below consensus of $4.55.
Nordson (NDSN +1.36%) reported Q2 adjusted EPS of $1.35, higher than consensus of $1.31, and said it sees Q3 adjusted EPS of $1.57-$1.71.
Hyatt Hotels (H +0.65%) announced a secondary offering of 4 million shares of Class A stock by investment funds associated with Goldman Sachs.
Valero Energy (VLO -0.05%) was initiated with an 'Overweight' at U.S. Capital Advisors with a 12-month target price of $73.
Take-Two Interactive Software (TTWO +2.16%) slumped 10% in after-hours trading when it said it will delay the release of its 'Red Dead Redemption 2' on PlayStation 4 and Xbox One until the spring of 2018, later than the fall of 2017 that it previously planned.
Agilent Technologies (A -0.09%) rose nearly 4% in after-hours trading after it reported Q2 adjusted EPS of 58 cents, better than consensus of 48 cents, and then said it sees full-year adjusted EPS of $2.15 to $2.21, the midpoint above consensus of $2.16.
Mindbody (MB unch) announced that it had commenced an underwritten registered public offering of 4.4 million shares of its Class A common stock.
Camping World Holdings (CWH -1.19%) slid almost 3% in after-hours trading after it announced a proposed offering of 10 million shares of Class A common stock which includes 3.5 million shares offered by Camping World and 6.5 million shares offered by Crestview Advisors LLC.
GlycoMimetics (GLYC -13.71%) dropped over 5% in after-hours trading after it announced that it intends to sell 6.0 million shares of its common stock in an underwritten public offering.
MARKET COMMENTS
June E-mini S&Ps (ESM17 +0.18%) this morning are up +3.25 points (+0.14%). Monday's closes: S&P 500 +0.52%, Dow Jones +0.43%, Nasdaq +0.85%. The S&P 500 on Monday closed higher on strength in energy stocks after crude oil prices rose +0.91% to a 1-month high and on increased M&A activity after Clariant AG agreed to buy Huntsman for $6.4 billion. Stocks were also supported by the +0.42 point increase in the Apr Chicago Fed national activity index to 0.49, stronger than expectations of +0.3 to 0.11 and the fastest pace of expansion in 2-1/3 years.
June 10-year T-notes (ZNM17 unch) this morning are up +0.5 of a tick. Monday's closes: TYM7 -2.00, FVM7 -0.75. Jun 10-year T-notes on Monday closed slightly lower on reduced safe-haven demand with the rally in stocks and on supply pressures as the Treasury auctions $101 billion of notes this week.
The dollar index (DXY00 +0.01%) this morning is down -0.046 (-0.05%). EUR/USD (^EURUSD) is up +0.0001 (+0.01%) at a fresh 6-1/4 month high and USD/JPY (^USDJPY) is down -0.02 (-0.02%). Monday's closes: Dollar index -0.167 (-0.17%), EUR/USD +0.0031 (+0.28%), USD/JPY +0.04 (+0.04%). The dollar index on Monday tumbled to a fresh 6-1/4 month low and closed lower on strength in EUR/USD which climbed to a 6-1/4 month high on comments from German Chancellor Merkel who said Germany's trade surplus is the result of the euro which is "too weak" because of ECB policy.
July WTI crude oil prices (CLN17 -0.41%) this morning are down -37 cents (-0.72%) and July gasoline (RBN17 -0.58%) is -0.0141 (-0.85%). Monday's closes: Jul crude +0.46 (+0.91%), Jul gasoline +0.0105 (+0.64%). Jul crude oil and gasoline on Monday rallied to 1-month highs and settled higher on the slide in the dollar index to a 6-1/4 month low and on comments by Saudi Arabian Energy Minister Khalid Al-Falih who said that all oil producers participating in a deal to curb crude output are "on board" for an extension of crude production cuts for another 9 months.
GLOBAL EVENT CALENDAR05/23/2017
Tuesday, May 23
US0900 ETMinneapolis Fed President Neel Kashkari (voter) holds a Q&A with the media.
0945 ETMay Markit manufacturing PMI expected +0.3 to 53.1, Apr -0.5 to 52.8. May Markit services PMI expected +0.3 to 53.4, Apr +0.3 to 53.1.
1000 ETApr new home sales expected -1.8% to 610,000, Mar +5.8% to 621,000.
1000 ETMay Richmond Fed manufacturing index expected -5 to 15, Apr -2 to 20.
1300 ETTreasury auctions $26 billion of 2-year T-notes.
1500 ETMinneapolis Fed President Neel Kashkari (voter) discusses Building Economic Well-Being for Native Communities through Homeownership at a CICD Roundtable in Minneapolis.
1700 ETPhiladelphia Fed President Patrick Harker (voter) gives an economic outlook speech at an MNI Roundtable at the Harvard Club of New York.
Wednesday, May 24
US0700 ETWeekly MBA mortgage applications, previous -4.1% with purchase sub-index -2.7% and refi sub-index -5.7%.
0900 ETMar FHFA house price index expected +0.5% m/m, Feb +0.8% m/m. Q1 house price index, Q4 +1.5% q/q.
0945 ETMay Markit manufacturing PMI, Apr -0.5 to 52.8. May Markit services PMI, Apr +0.3 to 53.1.
1000 ETApr existing home sales expected -1.1% to 5.65 million, Mar +4.4% to 5.71 million.
1030 ETEIA Weekly Petroleum Status Report.
1130 ETTreasury auctions $13 billion of 2-year floating-rate notes.
1300 ETTreasury auctions $34 billion of 5-year T-notes.
1400 ETMinutes of the May 2-3 FOMC meeting.
1800 ETDallas Fed President Robert Kaplan (voter) speaks at an event in Toronto.
U.S. STOCK CALENDAR05/23/2017

CompanyTickerTimeEvent DescriptionPeriodEstimate
AutoZone IncAZO USBef-mktQ3 2017 Earnings ReleaseQ3 1711.992
Toll Brothers IncTOL USBef-mktQ2 2017 Earnings ReleaseQ2 170.626
AquaBounty Technologies IncAQB US08:30Annual General Meeting
Nordson CorpNDSN US08:30Q2 2017 Earnings CallQ2 17
Boston Properties IncBXP US09:00Annual General Meeting
Merck & Co IncMRK US09:00Annual General Meeting
Spirit Airlines IncSAVE US09:00Annual General Meeting
Nielsen Holdings PLCNLSN US09:00Annual General Meeting
Xerox CorpXRX US09:00Annual General Meeting
United States Cellular CorpUSM US09:30Annual General Meeting
AutoZone IncAZO US10:00Q3 2017 Earnings CallQ3 17
Pinnacle Foods IncPF US10:00Annual General Meeting
Urban Outfitters IncURBN US10:30Annual General Meeting
Toll Brothers IncTOL US11:00Q2 2017 Earnings CallQ2 17
Alliant Energy CorpLNT US11:30Annual General Meeting
Euronet Worldwide IncEEFT USAnnual General Meeting
Mid-America Apartment Communities IncMAA US12:00Annual General Meeting
American Financial Group Inc/OHAFG USAnnual General Meeting
Kilroy Realty CorpKRC US12:00Annual General Meeting
National Instruments CorpNATI USInvestor Day
Amazon.com IncAMZN US12:00Annual General Meeting
Wendy's Co/TheWEN USAnnual General Meeting
Landstar System IncLSTR USAnnual General Meeting
Superior Energy Services IncSPN USAnnual General Meeting
Southwestern Energy CoSWN USAnnual General Meeting
Tableau Software IncDATA USAnnual General Meeting
SM Energy CoSM USAnnual General Meeting
Skechers U.S.A. IncSKX USAnnual General Meeting
Principal Financial Group IncPFG US12:00Roadshow
Citrix Systems IncCTXS US12:00Analyst Meeting
NVIDIA CorpNVDA US13:30Annual General Meeting
Reinsurance Group of America IncRGA US15:00Annual General Meeting
HEICO CorpHEI USAft-mktQ2 2017 Earnings ReleaseQ2 170.502
Intuit IncINTU USAft-mktQ3 2017 Earnings ReleaseQ3 173.874
Intuit IncINTU US16:30Q3 2017 Earnings CallQ3 17
East West Bancorp IncEWBC US17:00Annual General Meeting