Showing posts with label NPTN. Show all posts
Showing posts with label NPTN. Show all posts

Wednesday, March 15, 2017

MORNING CALL 3/15

Barchart Morning Call

OVERNIGHT MARKETS AND NEWS
Jun E-mini S&Ps (ESM17 +0.24%) this morning are up +0.16% and European stocks are up +0.05% as a rally in crude oil prices lifts energy producing stocks. Apr WTI crude (CLJ17 +2.14%) is up sharply by +2.01% after API data released late Tuesday showed U.S. crude stockpiles fell -531,000 bbl last week. The markets are expecting the FOMC to raise the fed funds rate by 25 bp today, but will be looking at the Fed's economic projections and any guidance from Fed Chair Yellen as to the future course of monetary policy. European stocks and EUR/USD also received a boost as the latest polls show the pro-EU Liberal Party leading against the anti-EU Freedom Party in today's elections in the Netherlands. Asian stocks settled mixed: Japan -0.16%, Hong Kong -0.15%, China +0.08%, Taiwan -0.04%, Australia +0.26%, Singapore -0.19%, South Korea unchanged, India -0.15%. Chinese stocks erased losses and closed higher after Chinese Premier Li Keqiang played down the risk of a trade conflict when he said it was important for both China and the U.S. to keep talking to build trust.
The dollar index (DXY00 -0.12%) is down -0.13%. EUR/USD (^EURUSD) is up +0.20%. USD/JPY (^USDJPY) is down -0.09%.
Jun 10-year T-note prices (ZNM17 +0.09%) are up +2.5 ticks.
ECB Executive Board member Praet said "looking through recent volatility, the inflation outlook does not at this stage warrant a reassessment of the current monetary policy stance." He added that "the recovery has yet to translate into a durable and self-sustained pick-up in inflation."
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) weekly MBA mortgage applications (previous +3.3% with purchase sub-index +1.7% and refi sub-index +5.2%), Mar Empire manufacturing survey general business conditions index (expected -3.7 to 15.0, Feb +12.2 to 18.7), (3) Feb CPI (expected unch m/m and +2.7% y/y, Jan +0.6% m/m and +2.5% y/y) and Feb CPI ex food & energy (expected +0.2% m/m and +2.2% y/y, Jan +0.3% m/m and +2.3% y/y), (4) Feb retail sales (expected +0.1% and +0.1% ex autos, Jan +0.4% and +0.8% ex autos), (5) Mar NAHB housing market index (expected unch at 65, Feb -2 to 65), (6) Jan business inventories (expected +0.3%, Dec +0.4%), (7) FOMC interest rate decision (expected 25 bp increase in fed funds target range to 0.75%-1.00%. FOMC releases updated macroeconomic forecasts and Fed Chair Yellen holds a press conference), (8) President Trump scheduled to release fiscal 2018 budget proposal, (9) EIA Weekly Petroleum Status Report.
Notable Russell 1000 earnings reports today include: Oracle (consensus $0.62), Williams-Sonoma (1.51), Jabil Circuit (0.46), Perrigo (1.78).
U.S. IPO's scheduled to price today: Canada Goose Holdings (GOOS).
Equity conferences: JP Morgan Aviation, Transportation & Industrials Conference on Mon-Wed, Bank of America Merrill Lynch Consumer and Retail Tech Conference on Tue-Wed, Barclays Emerging Payments Forum on Tue-Wed, Barclays Global Health Care Conference on Tue-Thu, Gabelli & Co. Waste & Environmental Services Symposium on Thu, American College of Cardiology Meeting on Fri.
OVERNIGHT U.S. STOCK MOVERS
Netflix (NFLX -0.23%) was upgraded to 'Hold' from 'Underperform' at Jeffries.
Intel (INTC +0.06%) was downgraded to 'Neutral' from 'Outperform' at Credit Suisse.
WedMD (WBMD +0.38%) was downgraded to 'Market Perform' from 'Outperform' at Cowen with a 12-month target price of $55.
AMC Entertainment Holdings (AMC +0.49%) was downgraded to 'Underperform' from 'Neutral' at Credit Suisse.
Penn Virginia (PVAC -0.20%) was rated a new 'Buy' at Johnson Rice.
Snapchat (SNAP -2.42%) was rated new 'Underweight' at Cantor Fitzgerald.
NeoPhotonics (NPTN -5.05%) sold-off 13% in after-hours trading after it said it sees Q1 revenue of $67 million-$73 million, well below consensus of $98 million.
Achaogen (AKAO -5.75%) sank 10% in after-hours trading after it reported a Q4 loss of -$1.04 a share, a much bigger loss than consensus of -48 cents.
Endo International PLC (ENDP -4.22%) lost 2% in after-hours trading after an FDA advisory panel said that the benefits of Endo's Opana XR no longer outweigh the risks.
FTD Cos. (FTD -0.68%) dropped over 8% in after-hours trading after it reported Q4 revenue of $280.7 million, below consensus of $282.5 million.
Rosetta Stone (RST +3.27%) jumped 12% in after-hours trading after it reported Q4 revenue of $51.7 million, higher than consensus of $48.1 million, and said it will provide Sourcenext in a license deal for education markets in Japan.
Fogo De Chao (FOGO -5.02%) rose almost 3% in after-hours trading after it reported Q4 adjusted EPS of 28 cents, better than consensus of 27 cents, and then said it sees full-year adjusted EPS of 92 cents-95 cents, above consensus of 92 cents.
Rubicon Project (RUBI -1.99%) slumped 14% in after-hours trading after it forecast a Q1 adjusted loss per share of -22 cents to -26 cents, much weaker than consensus of a profit of 10 cents.
T2 Biosystems (TTOO unch) fell over 3% in after-hours trading after it was downgraded to 'Underweight' from Equal-Weight' at Morgan Stanley.
MARKET COMMENTS
Jun E-mini S&Ps (ESM17 +0.24%) this morning are up +3.75 points (+0.16%). Tuesday's closes: S&P 500 -0.34%, Dow Jones -0.21%, Nasdaq -0.23%. The S&P 500 on Tuesday closed lower on the U.S. Feb PPI final demand report of +0.3% m/m and +2.2% y/y (stronger than expectations of +0.2% m/m and +1.9% y/y with the +2.2% y/y gain the largest year-on-year increase in 4-3/4 years) and the -1.40% slump in crude oil prices to a 3-1/2 month low, which undercut energy producing stocks.
Jun 10-year T-notes (ZNM17 +0.09%) this morning are up +2.5 ticks. Tuesday's closes: TYM7 +2.50, FVM7 +1.00. Jun 10-year T-notes recovered from a 2-1/2 month low Tuesday and closed higher on the slump in crude oil prices to a 3-1/2 month low, which reduces inflation expectations, and on the slide in stocks that boosted the safe-haven demand for T-notes. Gains were limited after U.S. Feb PPI final demand rose more than expected, which may prompt the Fed to speed up the pace of its rate hikes.
The dollar index (DXY00 -0.12%) this morning is down -0.13 (-0.13%). EUR/USD (^EURUSD) is up +0.0021 (+0.20%). USD/JPY (^USDJPY) is down -0.10 (-0.09%). Tuesday's closes: Dollar index +0.44 (+0.43%), EUR/USD -0.0049 (-0.46%), USD/JPY -0.13 (-0.11%). The dollar index on Tuesday closed higher on the +2.2% y/y gain in U.S. Feb PPI final demand report, the largest year-on-year increase in 4-3/4 years, which bolsters the case for the Fed to continue raising interest rates. There was also weakness in GBP/USD which fell to a 1-3/4 month low on Brexit concerns after the UK Parliament voted to give Prime Minister May the go-ahead to invoke Article 50 of the Lisbon Treaty that takes the UK out of the European Union.
Apr WTI crude oil prices (CLJ17 +2.14%) this morning are up +96 cents (+2.01%) and Apr gasoline (RBJ17 +1.47%) is +0.0209 (+1.32%). Tuesday's closes: Apr crude -0.68 (-1.40%), Apr gasoline +0.0028 (+0.18%). Apr crude oil and gasoline on Tuesday settled mixed with Apr crude at a 3-1/2 month low. Crude oil prices were undercut by a stronger dollar and by increased Saudi crude output after Saudi Arabian Feb crude oil production rose +2.7% m/m to 10.0111 million bpd. Crude oil prices were also undercut by expectations for Wednesday's EIA data to show crude inventories rose +3.0 million bbl. Gasoline closed higher on expectations for Wednesday's EIA gasoline stockpiles to fall -2.0 million bbl.

GLOBAL EVENT CALENDAR03/15/2017
Wednesday, Mar 15
US0700 ETWeekly MBA mortgage applications, previous +3.3% with purchase sub-index +1.7% and refi sub-index +5.2%.
0830 ETMar Empire manufacturing survey general business conditions expected -3.7 to 15.0, Feb +12.2 to 18.7.
0830 ETFeb CPI expected unch m/m and +2.7% y/y, Jan +0.6% m/m and +2.5% y/y. Feb CPI ex food & energy expected +0.2% m/m and +2.2% y/y, Jan +0.3% m/m and +2.3% y/y.
0830 ETFeb retail sales expected +0.1% and +0.1% ex autos, Jan +0.4% and +0.8% ex autos.
1000 ETMar NAHB housing market index expected unch at 65, Feb -2 to 65.
1000 ETJan business inventories expected +0.3%, Dec +0.4%.
1030 ETEIA Weekly Petroleum Status Report.
1400 ETFOMC interest rate decision expected 25 bp increase in fed funds target range to 0.75%-1.00%. FOMC releases updated macroeconomic forecasts and Fed Chair Yellen holds a press conference.
n/aPresident Trump scheduled to release fiscal 2018 budget proposal.
n/aU.S. debt ceiling suspension expires, but Treasury has until Aug-Sep until default.
Thursday, Mar 16
US0830 ETWeekly initial unemployment claims expected -3,000 to 240,000, previous +20,000 to 243,000. Weekly continuing claims expected -5,000 to 2.053 million, previous -6,000 to 2.058 million.
0830 ETFeb housing starts expected +1.4% to 1.263 million, Jan -2.6% to 1.246 million. Feb building permits expected -2.0% to 1.267 million, Jan +5.3% to 1.293 million.
0830 ETUSDA weekly Export Sales.
0830 ETMar Philadelphia Fed business outlook survey expected -13.3 to 30.0, Feb +19.7 to 43.3.
1000 ETJan JOLTS job openings expected +61,000 to 5.562 million, Dec -4,000 to 5.501 million.
1100 ETTreasury announces amount of 10-year TIPS to be auctioned Mar 23 (previous $13 billion).
1300 ETTreasury Secretary Mnuchin and German Finance Minister Schaeuble meet in Berlin to discuss trade and economic issues, with a joint press conference to follow the meeting.
U.S. STOCK CALENDAR03/15/2017

CompanyTickerTimeEvent DescriptionPeriodEstimate
Agilent Technologies IncA US11:00Annual General Meeting
Perrigo Co PLCPRGO USQ4 2016 Earnings ReleaseQ4 161.775
Jabil Circuit IncJBL USAft-mktQ2 2017 Earnings ReleaseQ2 170.464
Oracle CorpORCL USAft-mktQ3 2017 Earnings ReleaseQ3 170.618
Williams-Sonoma IncWSM USAft-mktQ4 2017 Earnings ReleaseQ4 171.508
Jabil Circuit IncJBL US16:30Q2 2017 Earnings CallQ2 17
Oracle CorpORCL US17:00Q3 2017 Earnings CallQ3 17
Williams-Sonoma IncWSM US17:00Q4 2017 Earnings CallQ4 17

Tuesday, December 20, 2016

Morning Call 12/20

Barchart Morning Call

OVERNIGHT MARKETS AND NEWS
Mar E-mini S&Ps (ESH17 +0.20%) are up +0.20% and European stocks are up +0.30% on improved prospects for global growth after Japan's Cabinet Office hiked its Japanese 2017 GDP forecast. Also, energy producing stocks are higher with the price of Feb WTI crude (CLG17 +0.53%) up +0.62%. Crude oil prices are higher on expectations that Wednesday's EIA data will show U.S. crude stockpiles fell for a fifth week, trimming an inventory glut. Asian stocks settled mixed: Japan +0.53%, Hong Kong -0.47%, China -0.49%, Taiwan +0.03%, Australia +0.52%, Singapore -0.06%, South Korea +0.25%, India -0.25%. China's Shanghai Composite fell to a 1-1/2-month low on concern over capital outflows with the yuan just above Friday's 8-1/2 year low against the dollar. Japan's Nikkei Stock Index rose to the highest in a year as exporter stocks rallied after the yen weakened when the BOJ said it will maintain its asset-purchase program.
The dollar index (DXY00 +0.34%) is up +0.27%. EUR/USD (^EURUSD) is down -0.20%. USD/JPY (^USDJPY) is up +0.72% after the BOJ kept its yield-curve and asset-purchase programs unchanged, while Japan's Cabinet Office cut its Japan CPI estimate for next year.
Mar 10-year T-note prices (ZNH17 -0.15%) are down -4 ticks.
The BOJ kept its rate on bank reserves at -0.1% and reiterated its pledge to keep the yield on the 10-year Japanese government bond at around 0% following today's policy meeting.
Japan's Cabinet Office raised its Japan 2017 GDP forecast to 1.5%, up from a Jul estimate of +1.2%, and said Japan 2017 CPI will climb 1.1%, down from a Jul estimate of 1.4%.
German Nov PPI rose +0.3% m/m and +0.1% y/y, stronger than expectations of +0.1% m/m and -0.2% y/y with the +0.1% y/y gain the first year-on-year increase in 3-1/3 years.
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) no economic reports or Fed speakers scheduled.
Russell 1000 earnings reports today include: Carnival (consensus $0.58), Valspar (1.49), Darden Restaurants (0.64), General Mills (0.86), Factset (1.70), CarMax (0.70), FedEx (2.91), NIKE (0.43), Patheon (0.38).
U.S. IPO's scheduled to price today: none.
Equity conferences this week: none.
OVERNIGHT U.S. STOCK MOVERS
Regeneron Pharmaceuticals (REGN -1.87%) was upgraded to 'Outperfom' from 'Neutral' at Credit Suisse with a target price of $485.
Alcoa (AA -0.37%) was upgraded to 'Outperform' from 'Neutral' at Macquarie Research with a 12-month target prce of $39.
Salesforce.com (CRM -0.50%) was rated a new 'Buy' at Drexel Hamilton LLC with a 12-month target price of $100.
Arch Coal (ARCH +1.05%) was rated a new 'Buy' at MKM Partners with a 12-month target price of $103.
Hubbell (HUBB -0.23%) was upgraded to 'Overweight' from 'Equalweight' at Morgan Stanley with a 12-month target price of $131.
Amgen (AMGN -1.09%) was downgraded to 'Neutral' from 'Outperform' at Credit Suisse with a target price of $180.
Teck Resources (TECK +0.59%) was rated a new 'Buy' at MKM Partners with a 12-month target price of $29.
Donegal Group (DGICA +4.45%) was downgraded to 'Market Perform' from 'Outperform' at Keefe, Bruyette & Woods.
Sucampo Pharmaceuticals (SCMP +6.03%) sank 8% in after-hours trading after it said it plans to offer $225 million of convertible senior notes due 2021.
Worthington Industries (WOR +0.92%) dropped almost 3% in after-hours trading after it reported Q2 EPS of 72 cents, weaker than expectations of 84 cents.
Ionis Pharmaceuticals (IONS -0.26%) gained over 1% in after-hours trading after its subsidiary Akcea Therapeutics said a Phase 3 Compass study met its primary endpoint in patients with severe hypertriglyceridemia,
NeoPhotonics (NPTN -0.87%) plunged over 15% in after-hours trading after it lowered guidance on Q4 adjusted EPS to 3 cents-11 cents from a November 3 view of 13 cents-21 cents, citing delayed shipments and higher manufacturing costs.
Resolute Energy (REN +4.81%) fell over 5% in after-hours trading after it announced a public offering of 3.8 million shares of common stock.
Canatus Pharmaceuticals (CNAT +2.62%) exploded over 150% higher in after-hours trading after it entered into a license agreement with Novartis for the liver disease drug Emricasan.
MARKET COMMENTS
Mar E-mini S&Ps (ESH17 +0.20%) this morning are up +4.50 points (+0.20%). Monday's closes: S&P 500 +0.20%, Dow Jones +0.20%, Nasdaq +0.41%. The S&P 500 on Monday closed higher on reduced interest rate concerns after the 10-year T-note yield fell -5 bp and on an increase in German business confidence as the German Dec IFO business climate rose +0.6 to a 2-3/4 year high of 111.0. Stocks were undercut by heightened geopolitical tensions after the Russian ambassador to Turkey was assassinated in Ankara.
Mar 10-year T-notes (ZNH17 -0.15%) this morning are down -4 ticks. Monday's closes: TYH7 +14.00, FVH7 +7.25. Mar 10-year T-notes on Monday closed higher on carry-over support from a rally in German bunds to a 2-1/2 week high after ECB Governing Council member Visco said the ECB stands ready to expand asset purchases if inflation fails to climb toward the ECB's target. T-notes were also boosted by heightened geopolitical tensions after the Russian ambassador to Turkey was assassinated in Ankara and by reduced inflation expectations after the 10-year T-note breakeven inflation rate fell to a 3-week low.
The dollar index (DXY00 +0.34%) this morning is up +0.280 (+0.27%). EUR/USD (^EURUSD) is down -0.0021 (-0.20%). USD/JPY (^USDJPY) is up +0.84 (+0.72%). Monday's closes: Dollar index +0.230 (+0.22%), EUR/USD -0.0049 (-0.47%), USD/JPY -0.84 (-0.71%). The dollar index on Monday closed higher on upbeat comments from Fed Chair Yellen who said job creation in the U.S. is continuing at a steady pace with layoffs low and indications that wage growth is picking up. There was also weakness in EUR/USD after ECB Governing Council member Visco said the ECB stands ready to expand asset purchases if inflation fails to climb toward the ECB's target.
Feb WTI crude oil prices (CLG17 +0.53%) this morning are up +33 cents (+0.62%) and Feb gasoline (RBG17 +0.73%) is +0.0122 (+0.77%). Monday's closes: Feb crude +0.19 (+0.26%), Feb gasoline +0.0063 (+0.40%). Feb crude oil and gasoline on Monday closed higher on the action by Libyan oil-facility guards to prevent two of Libya's biggest oil fields from resuming production. Crude oil prices were also boosted by expectations for Wednesday's EIA crude inventories to decline by -2.5 million bbl. Crude oil prices were undercut by the rally in the dollar and by news that Iran Oct crude production rose +7.3% m/m to 3.98 million bpd.
GLOBAL EVENT CALENDAR12/20/2016
Tuesday, Dec 20
USn/aNo economic reports or Fed speakers scheduled.
Wednesday, Dec 21
US0700 ETWeekly MBA mortgage applications, previous -4.0% with purchase sub-index -3.3% and refi sub-index -3.6%.
1000 ETNov existing home sales expected -1.8% to 5.50 million, Oct +2.0% to 5.60 million.
1030 ETEIA Weekly Petroleum Status Report.
U.S. STOCK CALENDAR12/20/2016
CompanyTickerTimeEvent DescriptionPeriodEstimate
Carnival CorpCCL USBef-mktQ4 2016 Earnings ReleaseQ4 20160.583
Valspar Corp/TheVAL USBef-mktQ4 2016 Earnings ReleaseQ4 20161.491
Darden Restaurants IncDRI USBef-mktQ2 2017 Earnings ReleaseQ2 20170.635
General Mills IncGIS US7:00Q2 2017 Earnings ReleaseQ2 20170.862
FactSet Research Systems IncFDS US7:00Q1 2017 Earnings ReleaseQ1 20171.701
CarMax IncKMX US7:00Q3 2017 Earnings ReleaseQ3 20170.702
Patheon NVPTHN US8:00Q4 2016 Earnings CallQ4 2016
General Mills IncGIS US8:30Q2 2017 Earnings CallQ2 2017
Biogen IncBIIB US8:30Executive Update Call
Darden Restaurants IncDRI US8:30Q2 2017 Earnings CallQ2 2017
CarMax IncKMX US9:00Q3 2017 Earnings CallC3 2017
CarMax IncKMX US9:00Q3 2017 Earnings CallQ3 2017
Carnival CorpCCL US10:00Q4 2016 Earnings CallQ4 2016
NorthStar Realty Finance CorpNRF US10:00Extraordinary Shareholders Meeting
NorthStar Asset Management Group IncNSAM US10:00Special Meeting - M&A Vote
FactSet Research Systems IncFDS US11:00Q1 2017 Earnings CallQ1 2017
FactSet Research Systems IncFDS US15:00Annual General Meeting
FedEx CorpFDX US16:15Q2 2017 Earnings ReleaseQ2 20172.908
NIKE IncNKE US16:15Q2 2017 Earnings ReleaseQ2 20170.431
FedEx CorpFDX US17:00Q2 2017 Earnings CallQ2 2017
NIKE IncNKE US17:00Q2 2017 Earnings CallQ2 2017
Equifax IncEFX USInvestors MeetingY 2016
NorthStar Realty Finance CorpNRF USSpecial Meeting - M&A Vote
Patheon NVPTHN USQ4 2016 Earnings ReleaseQ4 20160.381