Showing posts with label MIDD. Show all posts
Showing posts with label MIDD. Show all posts

Wednesday, March 2, 2016

MORNING CALL 3/2

MORNING CALL
OVERNIGHT MARKETS AND NEWS
March E-mini S&Ps (ESH16 -0.14%) are down -0.28% as they follow crude oil prices lower, although European stocks are up +0.39% at a 1-month high as miners and commodity producers rallied and led the overall market higher after the price of copper jumped to a 3-1/2 month high. Crude oil is down -1.95% after data late yesterday from API showed U.S. crude inventories surged +9.9 million bbl last week. Asian stocks settled higher: Japan +4.11%, Hong Kong +3.07%, China +4.26%, Taiwan +0.69%, Australia +2.01%, Singapore +1.66%, South Korea +1.70%, India +1.95%. Chinese stocks rallied on speculation the government will announce measures to boost growth at legislative meetings that begin Saturday. China's National People's Congress will begin a 2-week meeting starting March 5 where delegates will sign off on a new 5-year economic plan. Japan's Nikkei Stock Index climbed to a 3-week high as exporter stocks rallied after the yen fell to a 2-week low against eh dollar, which improves earnings prospects of exporters
The dollar index (DXY00 +0.10%) is up +0.10%. EUR/USD (^EURUSD) is down -0.12%. USD/JPY (^USDJPY) is up +0.32% at a 2-week high.
Jun T-note prices (ZNM16 -0.12%) are down -4 ticks at a 4-week low on hawkish comments from San Francisco Fed President Williams who said the U.S. economy is set to "power ahead." which increases the chance of a Fed rate hike at the Mar 15-16 FOMC meeting.
In a telephone interview with the Financial Times, San Francisco Fed President Williams said "he doesn't see any signs in the data of any slackening of domestic demand" and that the U.S. economy is set to "power ahead" and push inflation back to target as positive U.S. domestic demand outweighs weakness from abroad.
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) weekly MBA mortgage applications (previous -4.3% with purchase sub-index +2.2% and refi sub-index -7.7%), (2) Feb ADP employment change (expected +188,000, Jan +205,000), (3) Feb New York ISM (Jan -7.4 to 54.6), (4) San Francisco Fed President John Williams' speech at the Bishop Ranch Forum in San Ramon, CA, and (5) Fed Beige Book.
There are 2 of the S&P 500 companies that report earnings today: Costco Wholesale (consensus $1.28), Brown-Forman (0.94).
U.S. IPO's scheduled to price today: Syndax Pharmaceuticals (SNDX).
Equity conferences this week include: Morgan Stanley Technology Media & Technology Conference on Mon-Thu, Pacific Crest Securities Emerging Technology Summit on Tue-Wed, UBS Natural Gas & Electric Utilities Conference on Wed, Bank of America Merrill Lynch Global Agriculture and Chemicals Conference on Wed-Thu, Bank of America Refining Conference on Thu, Citi Asset Management, Broker Dealer & Exchanges Investor Conference on Thu, Gabelli & Company Waste & Environmental Services Conference on Thu, Simmons Energy Conference on Thu-Fri.


OVERNIGHT U.S. STOCK MOVERS

Dollar Tree (DLTR +2.22%) was downgraded to 'Market Perform' from 'Strong Buy' at Raymond James.
Amazon.com (AMZN +4.80%) was rated a new 'Outperform' at BMO with a price target of $700.
Weatherford International PLC (WFT -3.28%) dropped over 3% in after-hours trading after it announced an offering of 80 million shares of common stock.
Ross Stores (ROST +2.27%) gained almost 1% in after-hours trading after it reported Q4 EPS of 66 cents, higher than consensus of 64 cents.
Ascena Retail Group (ASNA +4.73%) slid over 4% in after-hours trading after it reported Q2 revenue of $1.84 billion, weaker than consensus of $1.88 billion, and then lowered guidance in Q3 EPS to 10 cents-14 cents, below consensus of 19 cents.
Veeva Systems (VEEV +3.25%) dropped over 2% in after-hours trading after it lowered guidance on fiscal 2016 adjusted EPS to 54 cents-56 cents, below consensus of 57 cents.
Bob Evans Farms BOBE reported Q3 adjusted EPS of 62 cents, better than consensus of 55 cents.
NeoPhotonics (NPTN +5.75%) rose over 5% in after-hours trading after it reported Q4 adjusted EPS of 16 cents, better than consensus of 10 cents.
Chuy's Holdings (CHUY +2.34%) climbed over 6% in after-hours trading after it reported Q4 adjusted EPS of 18 cents, higher than consensus of 13 cents.
Guidewire Software (GWRE +2.62%) jumped 8% in after-hours trading after it raised guidance on fiscal 2016 adjusted EPS to 64 cents-71 cents from a prior view of 57 cents-66 cents, above consensus of 64 cents.
Darling Ingredients (DAR +1.44%) rose over 3% in after-hours trading after it reported Q4 pro forma adjusted Ebitda of $103.1 million, above estimates of $97.1 million.
Big 5 Sporting Goods (BGFV -2.99%) slumped over 12% in after-hours trading after it lowered guidance for Q1 EPS to between a net -5 cent loss to a 2 cent profit, below consensus of a 6 cent profit.
MARKET COMMENTS
Mar E-mini S&Ps (ESH16 -0.14%) this morning are down -5.50 points (-0.28%). Tuesday's closes: S&P 500 +2.39%, Dow Jones +2.11%, Nasdaq +3.15%. The S&P 500 on Tuesday rose to a 1-3/4 month high and closed sharply higher on the strong U.S. economic reports, which included the +1.3 point increase in the U.S. Feb ISM manufacturing index to 49.5 (stronger than expectations of +0.3 to 48.5) and the +1.5% jump in U.S Jan construction spending (stronger than expectations of +0.3% m/m and the largest increase in 8 months). Stocks were undercut by the -0.4 point decline in the China Feb manufacturing PMI to 49.0, weaker than expectations of unch at 49.4 and matched Nov 2011 as the steepest pace of contraction in 7 years.
Jun 10-year T-notes (ZNM16 -0.12%) this morning are down -4 ticks at a 4-week low. Tuesday's closes: TYM6 -29.50, FVM6 -16.00. Jun T-notes on Tuesday sold off to a 3-week low and closed lower on strength in the U.S. Feb ISM manufacturing and Jan construction spending reports, reduced safe-haven demand with the rally in stocks, and an increase in inflation expectations after the 10-year T-note breakeven inflation rate climbed to a 1-1/2 month high.
The dollar index (DXY00 +0.10%) this morning is up +0.101 (+0.10%). EUR/USD (^EURUSD) is down -0.0013 (-0.12%). USD/JPY (^USDJPY) is up +0.36 (+0.32%) at a 2-week high. Tuesday's closes: Dollar Index +0.141 (+0.14%), EUR/USD -0.00051 (-0.05%), USD/JPY +1.32 (+1.17%). The dollar index on Tuesday rose to a 4-week high and settled higher on the stronger-than-expected U.S. Feb ISM manufacturing and Jan construction spending reports, which may accelerate a Fed rate hike. In addition, EUR/USD slumped to a 1-month low on expectations for the ECB to expand stimulus at next week's policy meeting.
Apr WTI crude (CLJ16 -1.37%) this morning is down -67 cents (-1.95%) and Apr gasoline (RBJ16 +0.61%) is up +0.0007 (+0.05%). Tuesday's closes: CLJ6 +0.65 (+1.93%), RBJ6 -0.0202 (-1.53%). Apr crude oil and gasoline on Tuesday settled mixed. Metals prices were boosted by the rally in global stocks and the stronger-than-expected U.S. Feb ISM manufacturing and Jan construction spending reports, which were positive for energy demand. Metals prices were undercut by the rally in the dollar index to a 4-week high and by expectations for U.S. crude supplies to increase by +2.75 million bbl in Wednesday's EIA inventory report.
GLOBAL EVENT CALENDAR03/02/2016
US0700 ETWeekly MBA mortgage applications, previous -4.3% with purchase sub-index +2.2% and refi sub-index -7.7%.
0815 ETFeb ADP employment change expected +188,000, Jan +205,000.
0945 ETFeb New York ISM, Jan -7.4 to 54.6.
1000 ETSan Francisco Fed President John Williams speaks at the Bishop Ranch Forum in San Ramon, CA.
1030 ETEIA Weekly Petroleum Status Report.
1400 ETFed Beige Book.
UK0430 ETUK Feb Markit/CIPS construction PMI expected +0.5 to 55.5, Jan 55.0.
EUR0500 ETEurozone Jan PPI expected -1.0% m/m and -2.9% y/y, Dec -0.8% m/m and -3.0% y/y.
CHI2045 ETChina Feb Caixin composite PMI, Jan +0.7 to 50.1.
U.S. STOCK CALENDAR03/02/2016

CompanyTickerTimeEvent DescriptionPeriodEstimate
Brown-Forman CorpBF/B US8:00Q3 2016 Earnings ReleaseQ3 20160.94
Huntsman CorpHUN US8:00Investor DayY 2016
Exxon Mobil CorpXOM US9:00Analyst MeetingY 2016
Progressive Corp/ThePGR US9:00Investor Relations Conference Call
TransDigm Group IncTDG US9:00Annual General MeetingY 2016
Honeywell International IncHON US10:00Investor ConferenceY 2016
Brown-Forman CorpBF/B US10:00Q3 2016 Earnings CallQ3 2016
Middleby Corp/TheMIDD US11:00Q4 2015 Earnings CallQ4 2015
Cerner CorpCERN US12:00Investment Community MeetingY 2016
WESCO International IncWCC US13:00Investor DayY 2016
Target CorpTGT US14:30Financial Community MeetingY 2016
Cable One IncCABO USAft-mktQ4 2015 Earnings ReleaseQ4 20153.33
Costco Wholesale CorpCOST US21:00Q2 2016 Earnings ReleaseQ2 20161.281
Helmerich & Payne IncHP USAnnual General Meeting
Costco Wholesale CorpCOST USFebruary 2016 Sales and Revenue Release2016
Hologic IncHOLX USAnnual General Meeting
PTC IncPTC USAnnual General Meeting
AECOMACM USAnnual General Meeting
Mallinckrodt PLCMNK USAnnual General MeetingY 2016
Posted by Jim Van Meerten at No comments:
Labels: , , , , , , , , , , , , , , , , , ,

Thursday, August 13, 2015

BARCHART MORNING CALL 8/13

OVERNIGHT MARKETS AND NEWS
September E-mini S&Ps (ESU15 +0.28%)are up +0.29 % and European stocks are up +1.76% after the PBOC stepped up verbal support for the yuan. Weakness in the yuan subsided and spurred a rally in global stocks after the PBOC said in a rare press conference today that it supports a strong, stable currency in the long term and that the currency's adjustment is "basically already completed." Technology stocks also are stronger led by a 4% gain in Cisco in pre-market trading after the company late yesterday beat Q4 EPS and revenue estimates. Asian stocks closed higher: Japan +0.99%, Hong Kong +0.43%, China +1.76%, Taiwan +0.34%, Australia +0.11%, Singapore +0.99%, South Korea +0.03%, India +0.14%.
The dollar index (DXY00 +0.33%) is up +0.29%. EUR/USD (^EURUSD) is down -0.39%. USD/JPY (^USDJPY) is up +0.24%.

Sep T-note prices (ZNU15 -0.26%) are down -9.5 ticks.
In a rare press conference today, the PBOC quelled concerns that it would let the yuan freefall when Assistant PBOC Governor Zhang Xiaohui said there's no basis for the depreciation to persist and that the currency's adjustment is "basically already completed." PBOC Deputy Governor added that the current exchange rate is now more consistent with economic fundamentals and the PBOC will act "when the market's volatility is excessive, when the market begins behaving like a herd of sheep."
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) weekly initial unemployment claims (expected unch at 270,000, previous +3,000 to 270,000) and continuing claims (expected -10,000 to 2.245 million, previous -14,000 to 2.255 million), (2) July retail sales (expected +0.6% and +0.4% ex autos, Jun -0.3% and -0.1% ex autos), (3) July import price index (expected -1.2% m/m and -10.7% y/y, Jun -0.1% m/m and -10.0% y/y), (4) Jun business inventories (expected +0.3%, May +0.3%), and (5) the Treasury's auction of $16 billion of 30-year T-bonds.
There are 4 of the S&P 500 companies that report earnings today: Advance Auto Parts (consensus $2.25), Kohl's (1.16), Nordstrom (0.90), Applied Materials (0.33).
U.S. IPO's scheduled to price today include: Gores Holdings (GRSHU), Boxlight Corp (BOXL), Diamondback Energy (FANG), LDR Holding Corp (LDRH).
Equity conferences during the remainder of this week include: Jefferies Industrials Conference on Tue-Thu, Canaccord Genuity Growth Conference on Wed-Thu, Nomura Media & Telecom Conference on Thu.
OVERNIGHT U.S. STOCK MOVERS
Microsoft (MSFT +0.71%) was upgraded to 'Buy' from 'Hold' at Stifel.
Monster Beverage (MNST -0.46%) was upgraded to 'Overweight' from 'Equal Weight' at Morgan Stanley.
Kohl's (KSS +0.15%) reported Q2 EPS of $1.07, weaker than consensus of $1.16.
Green Plains (GPRE +6.59%) was upgraded to 'Buy' from 'Neutral' at Goldman Sachs.
Briggs & Stratton (BGG +1.20%) reported Q4 adjusted EPS of 51 cents, well above consensus of 38 cents, but then lowered guidance on fiscal 2016 EPS to $1.20-$1.36, below consensus of $1.38.
The Globe and Mail reported that people familiar with the situation said that Barrick Gold (ABX +5.86%) has hired Canadian Imperial Bank of Commerce to pursue a sale of its smaller U.S. gold mines.
Whitebox Advisors reports 6.0% passive stake in Layne Christensen (LAYN -2.92%) .
Flowers Foods (FLO +0.05%) reported Q2 adjusted EPS of 25 cents, higher than consensus of 22 cents, and then raised guidance on fiscal 2015 revenue to $3.786 billion-$3.861 billion, above consensus of $3.77 billion.
Copa Holdings (CPA -1.00%) slid 8% in after-hours trading after it reported Q2 EPS ex-items of 93 cents, below consensus of $1.06.
Becker Drapkin reported a 9% stake in EMCORE (EMKR +0.14%) .
Middleby (MIDD -1.03%) reported Q2 EPS of 95 cents, weaker than consensus of $1.00.
News Corp. (NWSA +1.15%) rose over 4% in after-hours trading after it reported Q4 adjusted EPS of 7 cents, higher than consensus of 5 cents.
CACI (CACI +0.32%) reported Q4 EPS of $1.68, below consensus of $1.71.
Cisco (CSCO -0.43%) climbed over 4% in after-hours trading after it reported Q4 EPS of 59 cents, above consensus of 56 cents.
Roundy's (RNDY +6.91%) reported a Q2 EPS loss of -2 cents, better than consensus for a -4 cent loss.
MARKET COMMENTS
Sep E-mini S&Ps (ESU15 +0.28%) this morning are up +6.00 points (+0.29%). Wednesday's closes: S&P 500 +0.10%, Dow Jones unch, Nasdaq +0.31%. The S&P 500 on Wednesday opened sharply lower and posted a 1-month low, but recovered and closed slightly higher. Stocks were undercut by weakness in auto makers, miners and consumer-goods companies with large sales to China after the yuan plunged to a 4-year low against the dollar. Another negative factor was the -108,000 decline in U.S. Jun JOLTS job openings, a bigger decline than expectations of -13,000 to 5.35 million. Stocks rebounded on (1) a rally in energy producers sparked by the rally in crude oil, and (2) speculation grew that the market volatility from China's yuan devaluation will prompt the Fed to delay an interest rate increase.
Sep 10-year T-note prices (ZNU15 -0.26%) this morning are down -9.5 ticks. Wednesday's closes: TYU5 +3.50, FVU5 +3.73. Sep T-notes on Wednesday rallied to a 3-1/4 month high and settled higher on the slump in global stock prices, which increased safe-haven demand for T-notes, and on reduced inflation expectations after the 10-year T-note breakeven inflation rate fell to a 4-3/4 month low. T-notes lost most of their gains after stocks recovered.
The dollar index (DXY00 +0.33%) this morning is up +0.280 (+0.29%). EUR/USD (^EURUSD) is down -0.0043 (-0.39%). USD/JPY (^USDJPY) is up +0.30 (+0.24%). Wednesday's closes: Dollar Index -1.028 (-1.06%), EUR/USD +0.0117 (+1.06%), USD/JPY -0.92 (-0.74%). The dollar index Wednesday slid to a 1-month low and closed lower on (1) concern that the Fed will delay a rate hike due to the Chinese volatility, and (2) strength in yen as USD/JPY fell to a 1-week low after the sell-off in global stocks boosted the safe-haven demand for the yen.
Sep crude oil (CLU15 -0.21%) this morning is up +15 cents (+0.35%) and Sep gasoline (RBU15 -1.00%) is down -0.0086 (-0.49%). Wednesday's closes: CLU5 +0.22 (+0.51%), RBU5 +0.0035 (+0.21%). Sep crude and gasoline on Wednesday closed higher with Sep gasoline at a 1-week high on the weak dollar and on the supportive EIA report that featured a -1.25 million bbl decline in gasoline inventories to an 8-1/4 month low (vs expectations of a -675,000 bbl decline) and the -0.7% decline in U.S. crude production.
GLOBAL EVENT CALENDAR08/13/2015
US0830 ETWeekly initial unemployment claims expected unch at 270,000, previous +3,000 to 270,000. Weekly continuing claims expected -10,000 to 2.245 million, previous -14,000 to 2.255 million.
0830 ETJul retail sales expected +0.6% and +0.4% ex autos, Jun -0.3% and -0.1% ex autos.
0830 ETJul import price index expected -1.2% m/m and -10.7% y/y, Jun -0.1% m/m and -10.0% y/y.
0830 ETUSDA weekly Export Sales.
1000 ETJun business inventories expected +0.3%, May +0.3%.
1100 ETTreasury announces amount of 5-year TIPS to be auctioned Aug 20.
1300 ETTreasury auctions $16 billion 30-year T-bonds.
GER0200 ETRevised German Jul CPI (EU harmonized), previous +0.3% m/m and +0.1% y/y.
U.S. STOCK CALENDAR08/13/2015
CompanyTickerTimeEvent DescriptionPeriodEstimate
Advance Auto Parts IncAAP USBef-mktQ2 2015 Earnings ReleaseQ2 20152.25
Kohl's CorpKSS US7:00Q2 2016 Earnings ReleaseQ2 20161.163
WW Grainger IncGWW US8:00July 2015 Sales and Revenue Call2015
WW Grainger IncGWW US8:00July 2015 Sales and Revenue Release2015
Kohl's CorpKSS US8:30Q2 2016 Earnings CallQ2 2016
Advance Auto Parts IncAAP US10:00Q2 2015 Earnings CallQ2 2015
Applied Materials IncAMAT US16:30Q3 2015 Earnings CallQ3 2015
Nordstrom IncJWN US16:45Q2 2016 Earnings CallQ2 2016
Nordstrom IncJWN USAft-mktQ2 2016 Earnings ReleaseQ2 20160.902
Applied Materials IncAMAT USAft-mktQ3 2015 Earnings ReleaseQ3 20150.331
Equifax IncEFX USInvestor Meeting - LondonY 2015
United Parcel Service IncUPS USRoadshow - Chicago - Day2Y 2015
Posted by Jim Van Meerten at No comments:
Labels: , , , , , , , , , , , , , , , , , , ,
Subscribe to: Posts (Atom)