Showing posts with label NFLX. Show all posts
Showing posts with label NFLX. Show all posts

Monday, December 4, 2017

Morning Call 12/4

Barchart Morning Call

OVERNIGHT MARKETS AND NEWS
Dec E-mini S&Ps (ESZ17 +0.62%) this morning are up +0.62% at a new record high after the Senate on Saturday passed legislation that will cut the U.S. corporate tax rate to 20% from 35% in 2019. Also giving U.S. equity markets a boost is the legislation in the House that will push the next funding deadline to the Friday before Christmas, which will avoid a potential partial government shutdown this Friday and give U.S. legislators time to put together a spending bill. In addition, U.S. political risks eased after ABC news suspended a reporter they said that had made a "serious error" on his report on former national security adviser Flynn, saying that Trump had not asked Flynn to contact Russia as a presidential candidate, but that Trump had asked Flynn to contact Russia when he was president-elect about issues including working together to fight ISIS. European stocks are up +1.20% as industrial companies with significant revenue exposure to the U.S. also moved higher on the passage of U.S. tax cuts. Asian stocks settled mixed: Japan -0.49%, Hong Kong +0.22%, China -0.24%, Taiwan +0.49%, Australia -0.07%, Singapore -0.32%, South Korea +1.23%, India +0.11%.

The dollar index (DXY00 +0.33%) is up +0.27%. EUR/USD (^EURUSD) is down -0.34%. USD/JPY (^USDJPY) is up +0.64% at a 2-week high as the rally in stocks reduces the safe-haven demand for the yen.
Mar 10-year T-note prices (ZNH18 -0.24%) are down -8 ticks.
Eurozone Dec Sentix inventor confidence fell -2.9 to 31.1, weaker than expectations of -0.6 to 33.4.
Eurozone Oct PPI rose +0.4% m/m, stronger than expectations of +0.3% m/m, although Sep was revised downward to +0.5% m/m from the previously reported +0.6% m/m.
The Japan Nov consumer confidence index rose +0.4 to a 4-year high of 44.9. right on expectations.
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) Oct factory orders (expected -0.4%, Sep +1.4% and +0.7% ex transportation), (2) USDA weekly grain export inspections.
Notable Russell 1000 earnings reports today include: Casey's General Store (consensus $1.39).
U.S. IPO's scheduled to price today: none.
Equity conferences this week: Cowen Energy & Natural Resources Conference on Mon-Tue, Mizuho Americas Global Investor Conference on Mon-Tue, Raymond James Technology Conference on Mon-Wed, UBS Global Media and Communications Conference on Mon-Wed, Wells Fargo Event Information & Logistics Tech Summit on Mon-Wed, Global Mizuho Investor Conference on Tue, Goldman Sachs U.S. Financial Services Conference on Tue-Wed, Barclays Eat, Sleep, Play Conference on Tue-Wed, Nasdaq Investor Conference on Tue-Wed, NASDAQ Conference on Tue-Wed, Capital One Securities Energy Conference on Tue-Thu, Barclays Technology Conference on Wed, Berenberg Bank European Healthcare Conference on Wed, BIOMEDevice Conference on Wed, Barclays Global Technology, Media and Telecommunications Conference on Wed-Thu, Wells Fargo Pipeline MLP and Energy Symposium on Wed-Thu, Citi Global Health Care Conference on Wed-Thu, th Capital Utah Corporate Access Event Conference on Wed-Thu, Bank of America Merrill Lynch Emerging Technology Conference on Thu.






OVERNIGHT U.S. STOCK MOVERS
Netflix (NFLX -0.41%) was initiated with a recommendation of 'Buy' at Moness, Crespi, Hardt & Co with a 12-month target price of $250.
United Parcel Service (UPS -0.94%) was upgraded to 'Buy' from 'Hold' at Deutsche Bank.
Host Hotels (HST -1.41%) was upgraded to 'Buy' from 'Neutral' at BTIG LLC with a 12-month target price of $22.
Marvell Technology Group Ltd (MRVL -0.72%) was downgraded to 'Hold' from 'Buy' at Benchmark Company LLC.
eBay (EBAY +1.53%) was upgraded to 'Outperform' from 'Market Perform' at BMO Capital Markets with a price target of $45.
American Homes (AMH +0.37%) was upgraded to 'Outperform' from 'In-line' t Evercore ISI with a target price of $25.
Palo Alto Networks (PANW -1.36%) was upgraded to 'Outperform' from 'Market Perform' at William Blair & Co.
Globus Medical (GMED -1.03%) was upgraded to 'Outperform' from 'Market Perform' at Wells Fargo Securities with a price target of $46.
Old Dominion Freight Line (ODFL -1.42%) was downgraded to 'Sell' from 'Hold' at Deutsche Bank with a price target of $101.
Nabors Industries Ltd (NBR +5.30%) rose 2% in after-hours trading after it announced the commencement of a joint venture with Saudi Aramco.
Amgen (AMGN +0.88%) gained +0.2% in after-hours trading after its Repatha drug was approved by the FDA to prevent heart attack and stroke.
Signet Jewelers (SIG -0.57%) lost 1% in after-hours trading after the Consumer Financial Protection Bureau cited alleged violations by Signet under the Truth in Lending Acts related to in-store credit practices, promotions, and payment protection products.
MARKET COMMENTS
Dec S&P 500 E-mini stock futures (ESZ17 +0.62%) this morning are up +16.50 points (+0.62%) at a new record-nearest-futures high. Friday's closes: S&P 500 -0.20%, Dow Jones -0.17%, Nasdaq -0.43%. The S&P 500 on Friday closed lower on political turmoil after former national security adviser Flynn entered a plea agreement with prosecutors and agreed to cooperate in the investigation against the Trump administration. Stocks were also undercut by the -0.5 point decline in the U.S. Nov ISM manufacturing index to 58.2, slightly weaker than expectations of -0.4 to 58.3. Stocks rebounded from their worst levels after Senate Republicans said they had the votes to pass their tax bill.
Mar 10-year T-note prices (ZNH18 -0.24%) this morning are down -8 ticks. Friday's closes: TYH8 +12.00, FVH8 +3.75. Mar 10-year T-notes on Friday shot higher on increased safe-haven demand after an ABC news report erroneously stated that former national security adviser Flynn would testify that President Trump told him to contact Russian officials. T-notes were also boosted by dovish comments from St. Louis Fed President Bullard who said if the Fed stays on the current pace of rate hikes the yield curve will invert and that would be negative for the U.S. economy.
The dollar index (DXY00 +0.33%) this morning is up +0.25 (+0.27%). EUR/USD (^EURUSD) is down -0.0040 (-0.34%) and USD/JPY (^USDJPY) is up +0.72 (+0.64%) at a 2-week high. Friday's closes: Dollar Index -0.162 (-0.17%), EUR/USD -0.0008(-0.07%), USD/JPY -0.37 (-0.33%). The dollar index on Friday closed lower on the plea agreement by former national security adviser Flynn, which took the Mueller investigation to the highest levels of the White House. The dollar was also undercut by the fall in the 10-year T-note yield, which reduces the dollar's interest rate differentials.
Jan crude oil (CLF18 -1.03%) this morning is down -64 cents (-1.10%) and Jan gasoline (RBF18 -0.88%) is -0.0151 (-0.87%). Friday's closes: Jan WTI crude +0.96 (+1.67%), Jan gasoline +0.0116 (+0.67%). Jan crude oil and gasoline on Friday closed higher on the weaker dollar and on positive carry-over from the action Thursday by OPEC and Russia to extend their crude production cuts until the end of 2018.
Metals prices this morning are mixed with Feb gold (GCG18 -0.53%) -6.5 (-0.51%), Mar silver (SIH18 -0.29%) -0.053(-0.32%) and Mar copper (HGH18 +0.40%) +0.012 (+0.37%). Friday's closes: Feb gold +5.6 (+0.44%), Mar silver -0.086(-0.52%), Mar copper +0.0285 (+0.93%). Metals on Friday settled mixed. Metals prices were boosted by a weaker dollar and by the slump in stocks, which boosted safe-haven demand for precious metals. Copper prices were supported by the -5,000 MT decline in LME copper inventories to a 17-3/4 month low, a sign of tighter copper supplies. Silver and copper prices were undercut by the bigger-than-expected decline in the U.S. Nov ISM manufacturing index, which was negative for industrial metals demand.
GLOBAL EVENT CALENDAR12/04/2017
Monday, Dec 4
US1000 ETOct factory orders expected -0.4%, Sep +1.4% and +0.7% ex transportation.
1100 ETUSDA weekly grain export inspections.
Tuesday, Dec 5
US0830 ETOct trade balance expected -$47.4 billion, Sep -$43.5 billion.
0945 ETRevised Nov Markit services PMI expected +0.6 to 55.3, prelim-Nov -0.6 to 54.7.
1000 ETNov ISM non-manufacturing PMI expected -1.1 to 59.0, Oct +0.3 to 60.1.
U.S. STOCK CALENDAR12/04/2017
NameTickerTimeDescriptionPeriodEstimate
SL Green Realty CorpSLG US9:00Investor Conference
Casey's General Stores IncCASY USQ2 2018 Earnings ReleaseQ2 181.391

Tuesday, October 17, 2017

Morning Call 10/17

Barchart Morning Call

OVERNIGHT MARKETS AND NEWS
Dec E-mini S&Ps (ESZ17 -0.02%) this morning are little changed, down -0.03%, and European stocks are up +0.08%. U.S. stock indexes were consolidating their gains from Monday's rally to new all-time highs. The upside in European stocks was limited after Spain cut its 2018 GDP estimate to 2.3% from 2.6%, citing the impact of the political standoff in Catalonia. Also, the German Oct ZEW survey expectations of economic growth rose less than expected. Asian stocks settled mostly higher: Japan +0.38%, Hong Kong +0.02%, China -0.19%, Taiwan -0.47%, Australia +0.73%, Singapore +0.18%, South Korea +0.21%, India -0.08%. Chinese stocks retreated ahead of a meeting of Chinese Communist Party leaders on Wednesday, while Japan's Nikkei Stock Index rallied to a new 20-3/4 year high on optimism in the global economic outlook along with carry-over support from Monday's rally in U.S stocks to new record highs. 

The dollar index (DXY00 +0.25%) is up +0.22% after several people with knowledge of the matter said that John Taylor, a known hawk, made a favorable impression on President Trump after his interview with the President for Fed Chair. EUR/USD (^EURUSD) is down -0.31% on the prospects for the ECB to extend QE after Spain cut its 2018 GDP forecasts and after the German Oct ZEW came in lower than expected. USD/JPY (^USDJPY) is down -0.02%.
Dec 10-year T-note prices (ZNZ17 -0.01%) are little changed, down -0.5 of a tick.
The German Oct ZEW survey expectations of economic growth rose +0.6 to 17.6, weaker than expectations of +3.0 to 20.0.
The UK Sep CPI of +0.3% m/m and +3.0% y/y was right on expectations with the +3.0% y/y gain the fastest year-on-year pace of increase in 5-1/2 years. The Sep core CPI rose +2.7% y/y, right on expectations and the fastest pace of growth in 5-3/4 years.
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) Sep import price index (expected +0.6% m/m and +2.6% y/y, Aug +0.6% m/m and +2.1% y/y), (2) Sep industrial production (expected +0.2%, Aug -0.9% m/m), (3) Oct NAHB housing market index (expected unch at 64, Sep -3 to 64).
Notable S&P 500 earnings reports today include: Goldman Sachs (consensus $4.25), Morgan Stanley (0.82), IBM (3.28), UnitedHealth Group (2.57, Johnson & Johnson (1.80), Navient (0.51), Harley-Davidson (0.40), Progressive Corp (0.35).
U.S. IPO's scheduled to price today: Qudian (QD).
Equity conferences this week: International Association for the Study of Lung Cancer World Conference - Abstra on Mon-Wed, BIO Investor Forum on Tue, METALCON Conference on Thu, SAP Retail Executive Forum on Thu, American Association for the Study of Liver Diseases Liver Meeting on Fri.

OVERNIGHT U.S. STOCK MOVERS
Briggs & Stratton (BGG +1.07%) was downgraded to 'Underperform' from 'Market Perform' at Raymond James.
Morgan Stanley (MS +1.33%) gained nearly 2% in pre-market trading after it reported Q3 FICC sales and trading revenue of $1.17 billion, better than consensus of $1.15 billion.
Humana (HUM -0.24%) was initiated a new 'Outperform' at BMO Capital Markets with a 12-month target price of $300.
Celgene (CELG +0.18%) was initiated a new 'Outperform' at Bernstein with a 12-month target price of $162.
Netflix (NFLX +1.60%) gained almost 2% in after-hours trading after it reported Q3 domestic streaming net adds of 850,000, more than consensus of 774,000, and then said it sees Q4 revenue of $3.27 billion, better than consensus of $3.16 billion.
Sonic (SONC +1.72%) lost over 2% in after-hours trading after it reported Q4 revenue of $123.6 million, less than consensus of $125 million.
Badger Meter (BMI -1.17%) slumped 11% in after-hours trading after it reported Q3 EPS of 27 cents, below consensus of 35 cents.
KMG Chemicals ({=KMG rose over 2% in after-hours trading after it forecast full-year net sales of $435 million-$450 million, well above consensus of $386.5 million.
Brown & Brown (BRO -0.85%) dropped 5% in after-hours trading after it reported Q3 revenue of $475.6 billion, below consensus of $476 million.
Spirit Airlines (SAVE -0.98%) climbed 5% in after-hours trading after it reported traffic in Sep was up +5.9% and that it now sees Q3 traffic down -6.5% y/y, less than a prior forecast of down -7% y/y to -8.5% y/y.
Caesars Entertainment (CZR -2.47%) may move higher on the opening today after Apollo Global Management reported a 15% stake in the company.
Abeona Therapeutics (ABEO +3.73%) slid 4% in after-hours trading after it announced a public offering of common stock, although no size was given.
Immune Design (IMDZ -7.76%) jumped 9% in after-hours trading after it said it will start a Phase 3 trial of its CMB305 drug as a vaccine for patients with synovial sarcoma.
KalVista Pharmaceuticals (KALV -2.77%) gained 3% in after-hours trading after Director Rajeev Shah reported a purchase of 850,000 shares on Oct 12 at $8.50 apiece.
MARKET COMMENTS
Dec S&P 500 E-mini stock futures (ESZ17 -0.02%) this morning are down -0.75 points (-0.03%). Monday's closes: S&P 500 +0.18%, Dow Jones +0.37%, Nasdaq +0.36%. The S&P 500 on Monday climbed to a new record high and closed higher on a rally in energy stocks as crude oil prices climbed +0.82% to a 2-week high and on strength in mining stocks after copper prices surged +3.37% to a 3-year high. Stocks were also boosted by signs of strength in the U.S. economy after the Oct Empire manufacturing index unexpectedly rose +7.8 to 30.2, stronger than expectations of -4.0 to 20.4 and a 3-year high.
Dec 10-year T-note prices (ZNZ17 -0.01%) this morning are down -0.5 of a tick. Monday's closes: TYZ7 +10.00, FVZ7 +5.25. Dec 10-year T-notes on Monday closed lower on the unexpected +7.9 point increase in the U.S. Oct Empire manufacturing index to a 3-year high of 30.2 and by comments from Fed Chair Yellen that her "best guess" is that consumer prices will soon accelerate after a period of surprising softness and that "the ongoing strength in the economy will warrant gradual increases" in the Fed funds rate.
The dollar index (DXY00 +0.25%) this morning is up +0.202 (+0.22%). EUR/USD (^EURUSD) is down -0.0037 (-0.31%) and USD/JPY (^USDJPY) is down -0.02 (-0.02%). Monday's closes: Dollar Index +0.183 (+0.20%), EUR/USD -0.0024 (-0.20%), USD/JPY +0.37 (+0.33%). The dollar index on Monday closed higher on comments on Saturday from Fed Chair Yellen who said that "the ongoing strength of the economy will warrant gradual increases" in the Fed funds rate. There was also weakness in EUR/USD after the 10-year German bund yield fell to a 1-month low, which reduces the euro's interest rate differentials.
Nov crude oil (CLX17 +0.40%) this morning is up +25 cents (+0.48%) and Nov gasoline (RBX17 +0.78%) is +0.0124 (+0.77%). Monday's closes: Nov WTI crude +0.42 (+0.82%), Nov gasoline -0.0053 (-0.33%). Nov crude oil and gasoline on Monday settled mixed with Nov crude at a 2-week high. Crude oil prices were boosted by concern that tensions between Iraq and Kurdish forces may disrupt crude oil flows after Iraqi soldiers seized oil facilities including a refinery from Kurdish forces. Crude oil prices were undercut by a stronger dollar and by Kuwaiti Oil Minister Essam al-Marzouk's comment that OPEC may not need to extend its crude production cuts beyond March 2018 if everyone complies with their quotas.
Metals prices this morning are weaker with Dec gold (GCZ17 -1.02%) -11.9 (-0.91%), Dec silver (SIZ17 -1.72%) -0.249(-1.43%) and Dec copper (HGZ17 -0.88%) -0.033 (-1.00%). Monday's closes: Dec gold -1.6 (-0.12%), Dec silver -0.042(-0.24%), Dec copper +0.1055 (+3.37%). Metals on Monday settled mixed with Dec copper at a 3-year nearest-futures high. Metals prices were boosted by fund buying of copper on speculation that Chinese demand will strengthen after China Sep producer prices rose +6.9% y/y, the fastest pace of increase in 6 months. There was also increased demand for gold as an inflation hedge after Fed Chair Yellen said that her "best guess" is that consumer prices will soon accelerate after a period of surprising softness. Metals prices were undercut by a stronger dollar and and by reduced safe-haven demand with the rally in the S&P 500 to a new record high.
GLOBAL EVENT CALENDAR10/17/2017
Tuesday, Oct 17
US0830 ETSep import price index expected +0.6% m/m and +2.6% y/y, Aug +0.6% m/m and +2.1% y/y. Sep import price index ex-petroleum expected +0.1% m/m, Aug +0.3% m/m.
0830 ETSep export price index expected +0.5% m/m, Aug +0.6% m/m and +2.3% y/y.
0915 ETSep industrial production expected +0.3%, Aug -0.9% m/m. Sep manufacturing production expected +0.2%, Aug -0.3% m/m. Sep capacity utilization expected +0.1 to 76.2%, Aug -0.8 to 76.1%.
1000 ETOct NAHB housing market index expected unch at 64, Sep -3 to 64.
Wednesday, Oct 18
US0700 ETWeekly MBA mortgage applications, previous -2.1% with purchase sub-index -0.1% and refi sub-index -4.2%.
0800 ETNew York Fed President William Dudley (voter) and Dallas Fed President Robert Kaplan (voter) take part in a moderated discussion on economic development.
0830 ETSep housing starts expected -0.4% to 1.175 million, Aug -0.8% to 1.18 million. Sep building permits expected -2.3%to 1.243 million, Aug +3.4% to 1.272 million.
1030 ETEIA weekly Petroleum Status Report.
1400 ETFed Beige Book.
U.S. STOCK CALENDAR10/17/2017
NameTickerTimeDescriptionPeriodEstimate
UnitedHealth Group IncUNH US05:55Q3 2017 Earnings ReleaseQ3 172.565
Synovus Financial CorpSNV USBef-mktQ3 2017 Earnings ReleaseQ3 170.646
Progressive Corp/ThePGR USBef-mktQ3 2017 Earnings Release - September SalesQ3 170.348
Comerica IncCMA US06:40Q3 2017 Earnings ReleaseQ3 171.212
Johnson & JohnsonJNJ US06:40Q3 2017 Earnings ReleaseQ3 171.803
Harley-Davidson IncHOG US06:55Q3 2017 Earnings ReleaseQ3 170.395
Morgan StanleyMS US07:00Q3 2017 Earnings ReleaseQ3 170.816
Goldman Sachs Group Inc/TheGS US07:30Q3 2017 Earnings ReleaseQ3 174.252
Brown & Brown IncBRO US08:00Q3 2017 Earnings CallQ3 17
WW Grainger IncGWW US08:00Q3 2017 Earnings ReleaseQ3 172.556
Comerica IncCMA US08:00Q3 2017 Earnings CallQ3 17
Prologis IncPLD US08:00Q3 2017 Earnings ReleaseQ3 170.664
Morgan StanleyMS US08:15Q3 2017 Earnings CallQ3 17
Omnicom Group IncOMC US08:30Q3 2017 Earnings CallQ3 17
Synovus Financial CorpSNV US08:30Q3 2017 Earnings CallQ3 17
Johnson & JohnsonJNJ US08:30Q3 2017 Earnings CallQ3 17
CSX CorpCSX US08:30Q3 2017 Earnings CallQ3 17
UnitedHealth Group IncUNH US08:45Q3 2017 Earnings CallQ3 17
Harley-Davidson IncHOG US09:00Q3 2017 Earnings CallQ3 17
Goldman Sachs Group Inc/TheGS US09:30Q3 2017 Earnings CallQ3 17
Celanese CorpCE US10:00Q3 2017 Earnings CallQ3 17
Cintas CorpCTAS US10:00Annual General Meeting
IDEX CorpIEX US10:30Q3 2017 Earnings CallQ3 17
Equity LifeStyle Properties IncELS US11:00Q3 2017 Earnings CallQ3 17
WW Grainger IncGWW US11:00Q3 2017 Earnings CallQ3 17
Omnicom Group IncOMC USQ3 2017 Earnings ReleaseQ3 171.095
Prologis IncPLD US12:00Q3 2017 Earnings CallQ3 17
Navient CorpNAVI USAft-mktQ3 2017 Earnings ReleaseQ3 170.506
International Business Machines CorpIBM US16:00Q3 2017 Earnings ReleaseQ3 173.28
Lam Research CorpLRCX USAft-mktQ1 2018 Earnings ReleaseQ1 183.276
Interactive Brokers Group IncIBKR US16:00Q3 2017 Earnings ReleaseQ3 170.378
Interactive Brokers Group IncIBKR US16:30Q3 2017 Earnings CallQ3 17
International Business Machines CorpIBM US17:00Q3 2017 Earnings CallQ3 17
Pinnacle Financial Partners IncPNFP US17:00Q3 2017 Earnings ReleaseQ3 170.896
Lam Research CorpLRCX US17:00Q1 2018 Earnings CallQ1 18