Showing posts with label NW. Show all posts
Showing posts with label NW. Show all posts

Thursday, June 11, 2015

BARCHART MORNING CALL 6/11

OVERNIGHT MARKETS AND NEWS
June E-mini S&Ps (ESM15 -0.05%) are down -0.07% ahead of U.S. data on May retail sales and weekly jobless claims. European stocks are up +0.75% on optimism that Greece will finally reach a deal with creditors after Greek Prime Minister Tsipras promised that he will work with "higher intensity" to find a package of reforms and budget fixes that are needed for Greece to receive financial aid. Tsipras' comments sent Greek stocks soaring with Greece's ASE Stock Index up +6.62%. Asian stocks closed mostly higher: Japan +1.68%, Hong Kong +0.83%, China +0.30%, Taiwan +0.04%, Australia +1.42%, Singapore +0.66%, South Korea +0.08%, India -1.75%. Japanese stocks closed higher as the yen weakened, which lifted exporters, and Chinese stocks closed higher after data on industrial production and credit show that China's economy may be stabilizing.
Commodity prices are weaker as the dollar moves higher. Jul crude oil (CLN15 -1.40%) is down -1.25%. Jul gasoline (RBN15 -0.99%) is down -0.88%. Metals prices are lower. Aug gold (GCQ15 -0.62%) is own -0.67%. Jul copper (HGN15 -2.07%) is down -2.15%. Agricultural prices are mixed.
The dollar index (DXY00 +0.47%) is up +0.42%. EUR/USD (^EURUSD) is down -0.54%. USD/JPY (^USDJPY) is up +0.77%.

Sep T-note prices (ZNU15 -0.04%) are down -3 ticks at a fresh 8-month low.
During a teleconference on Wednesday, the ECB increased the limit on Emergency Liquidity Assistance (ELA) to Greek banks by 2.3 billion euros, the largest increase in 4 months, to a total of 83 billion euros.
China May industrial production climbed +6.1% y/y, stronger than expectations of +6.0% y/y.
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) weekly initial unemployment claims (expected -1,000 to 275,000 after last week's -8,000 to 276,000) and continuing claims (expected +4,000 to 2.200 million after last week's -30,000 to 2.196 million), (2) May retail sales (expected +1.2% and +0.8% ex autos after April's unch and +0.1% ex autos), (3) May import price index (expected +0.8% m/m and -10.0% y/y after April's -0.3% m/m and -10.7% y/y), (4) Apr business inventories (expected +0.2% after March's +0.1%), (5) Q1 household net worth change (Q4 was +$1.517 trillion), and (6) the Treasury's auction of $13 billion of 30-year T-bonds.
None of the Russell 1000 companies report earnings today.
U.S. IPO's scheduled to price today include: Wingstop (WING), Invuity (IVTY), People's Utah Bancorp (PUB), Principal Solar (PSWWD), Yulong Eco-Materials (YECO).
Equity conferences during the remainder of this week include: Apple's Worldwide Developer's Conference (WWDC15) on Mon-Fri, Goldman Sachs Global Healthcare Conference on Tue-Thu, Deutsche Bank db Access Global Consumer Conference on Tue-Thu, William Blair Growth Stock Conference on Tue-Thu, Gabelli & Co., Inc. Movie & Entertainment Conference on Thu, Goldman Sachs 2020 Vision Chemicals Conference on Thu, Susquehanna Energy and Industrials Conference on Thu, Barclays High Yield Bond and Syndicated Loan Conference on Thu-Fri.
OVERNIGHT U.S. STOCK MOVERS
Colgate-Palmolive (CL +1.58%) was downgraded to 'Equal Weight' from 'Overweight' on valuation at Morgan Stanley.
Toll Brothers (TOL +1.66%) was upgraded to 'Outperform' from 'Neutral' at Credit Suisse.
Newmont Mining (NEM -2.91%) was upgraded to 'Outperform' from 'Sector Perform' at RBC Capital.
Qorvo (QRVO +3.06%) will replace Lorillard (LO +0.50%) in the S&P 500 as of today's close.
Transocean (RIG +1.81%) was initiated with an 'Underweight' at Barclays with a price target of $14.
Hilton Worldwide (HLT -1.75%) was initiated with a 'Buy' at Brean Capital with a price target of $34.
Bank of America reported a 10.08% passive stake in Greenbrier (GBX +1.58%) .
Men's Wearhouse (MW +0.10%) reported Q1 adjusted EPS of 54 cents, higher than consensus of 52 cents.
Pleasant Lake Partners reported a 7.7% stake in MagnaChip (MX unch) .
General Dynamics (GD +2.06%) was awarded a $225.6 million government contract for the demilitarization recycling, reuse, and disposal of various conventional munitions.
Southeastern reported a 11.4% passive stake in Triangle Petroleum (TPLM +4.93%) .
According to Bloomberg, Amgen’s (AMGN +0.48%) cholesterol drug Repatha won the backing of a panel of FDA advisors, who voted 11-4 that the benefits outweighed the risks for some patients with difficult-to-treat high cholesterol.
Nike (NKE +1.96%) rose 1% in after-hours trading after it announced an eight-year merchandising and marketing partnership with the National Basketball Association.
Standard & Poor's cut Greece's credit rating to 'CCC' from 'CCC+' with a negative outlook.
C.R. Bard (BCR +1.44%) authorizeed the repurchase of up to $500 mllion of the company’s common stock in addition to approximately $160 million remaining under the prior authorization announced in June 2014.
MARKET COMMENTS
June E-mini S&Ps (ESM15 -0.05%) this morning are down -1.50 points (-0.07%). Wednesday's closes: S&P 500 +1.20%, Dow Jones +1.33%, Nasdaq +1.31%. The S&P 500 on Wednesday closed sharply higher on reports that German Chancellor Merkel may be satisfied with Greece's commitment to at least one economic reform sought by creditors in exchange for bailout funds. In addition, there was strength in energy producers after crude oil rallied to a 1-month high.
Sep 10-year T-notes (ZNU15 -0.04%) this morning are down -3 ticks at a fresh 8-month low. Wednesday's closes: TYU5 -14.50, FVU5 -7.25. Sep T-notes on Wednesday fell to an 8-month low and closed lower on bearish carryover from a plunge in German bund prices to an 8-1/2 month low and on reduced safe-haven demand for T-notes as stocks rallied sharply.
The dollar index (DXY00 +0.47%) this morning is up +0.398 (+0.42%). EUR/USD (^EURUSD) is down -0.0061 (-0.54%). USD/JPY (^USDJPY) is up +0.95 (+0.77%). Wednesday's closes: Dollar Index -0.520 (-0.55%), EUR/USD +0.0041 (+0.36%), USD/JPY -1.66 (-1.33%). The dollar index on Wednesday fell to a 3-week low on (1) BOJ Governor Kuroda's comment that further declines in the yen were "unlikely," and (2) strength in EUR/USD after the ECB raised its ELA line of credit to the Greek central bank by a hefty 2.3 billion euros to 83 billion euros.
July WTI crude oil (CLN15 -1.40%) this morning is down -77 cents (-1.25%). July gasoline (RBN15 -0.99%) is down -0.0189 (-0.88%). Wednesday's closes: CLN5 +1.29 (+2.14%), RBN5 +0.0693 (+3.34%). July crude and gasoline closed sharply higher Wednesday with July crude at a 1-month high and July gasoline at a 7-month high. The markets rallied on the fall in the dollar index to a 3-week low, the -6.81 million bbl plunge in EIA crude inventories, and the -2.94 million bbl draw in EIA gasoline inventories to a 6-month low of 217.35 million bbl.
GLOBAL EVENT CALENDAR06/11/2015
US0830 ETWeekly initial unemployment claims expected -1,000 to 275,000, previous -8,000 to 276,000. Weekly continuing claims expected -6,000 to 2.190 million, previous -30,000 to 2.196 million.
0830 ETMay retail sales expected +1.2% and +0.8% ex autos, Apr unch and +0.1% ex autos. April retail sales ex auto and gasoline expected +0.5%, Apr unch.
0830 ETMay import price index expected +0.8% m/m and -10.0% y/y, Apr -0.3% m/m and -10.7% y/y.
0830 ETUSDA weekly Export Sales.
1000 ETApr business inventories expected +0.2%, Mar +0.1%.
1100 ETTreasury announces amount of 30-year TIPS to be auctioned Jun 18 (previous $9 billion).
1200 ETQ1 household net worth change, Q4 +$1.517 trillion.
1300 ETTreasury auctions $13 billion of 30-year T-bonds.
CHI0130 ETChina May industrial production expected +6.0% y/y, Apr +5.9% y/y.
0130 ETChina May retail sales expected +10.1% y/y, Apr +10.0% y/y.
U.S. STOCK CALENDAR06/11/2015
CompanyTickerTimeEvent DescriptionPeriodEstimate
Multiple CompaniesLLY US10:00Baricitinib Phase III Trial Study Results Call
Multiple CompaniesLLY US10:00Baricitinib Phase III Trial Study Results Call
Hormel Foods CorpHRL US10:30Investor DayY 2015
Zillow Group IncZ US11:00Annual General Meeting
Visteon CorpVC US11:00Annual General MeetingY 2015
Zynga IncZNGA US13:00Annual General Meeting
Juno Therapeutics IncJUNO US13:00Annual General Meeting
Facebook IncFB US14:00Annual General MeetingY 2015
FireEye IncFEYE US14:00Annual General Meeting
Lorillard IncLO USAft-mktQorvo Inc. Replaces Lorillard Inc. in S&P 500
TJX Cos Inc/TheTJX USAnnual General MeetingY 2015
Cheniere Energy IncLNG USAnnual General Meeting
Splunk IncSPLK USAnnual General Meeting
Pinnacle Foods IncPF USAnnual General Meeting
Platform Specialty Products CorpPAH USAnnual General Meeting
Posted by Jim Van Meerten at No comments:
Labels: , , , , , , , , , , , , , , , , , , ,

Tuesday, July 8, 2014

BARCHART MORNING CALL 7/8

OVERNIGHT MARKETS AND NEWS
September E-mini S&Ps (ESU14 -0.16%) this morning are down -0.14% and European stocks are down -0.40% on concern the economic recovery is slowing in Europe after German May exports fell more than expected and after UK manufacturing unexpectedly contracted by the most in 16 months. Asian stocks closed mixed: Japan -0.42%, Hong Kong unchanged, China +0.19%, Taiwan +0.11%, Australia -0.14%, Singapore -0.25%, South Korea -0.01%, India -1.98%. Commodity prices are mixed. Aug crude oil (CLQ14 -0.12%) is down -0.15%. Aug gasoline (RBQ14 -0.38%) is down -0.45% at a 3-week low. Aug gold (GCQ14 +0.55%) is up +0.28%. Sep copper (HGU14 +0.17%) is up +0.20%. Agriculture and livestock prices are mostly higher. The dollar index (DXY00 +0.04%) is up +0.08%. EUR/USD (^EURUSD) is down -0.08%. USD/JPY (^USDJPY) is down -0.13%. Sep T-note prices (ZNU14 +0.15%) are up +6.5 ticks.
The German May trade balance widened to a surplus of +17.8 billion euros, more than expectations of +16.2 billion euros and the largest surplus in 6 months. May exports fell -1.1% m/m, more than expectations of -0.4% m/m, and May imports unexpectedly dropped -3.4% m/m, weaker than expectations of +0.5% m/m and the biggest decline in 1-1/2 years.
The German May current account balance shrank to a surplus of +13.2 billion euros, less than expectations of +14.5 billion euros and the smallest surplus in 9 months.
UK May industrial production unexpectedly fell -0.7% m/m, weaker than expectations of a +0.3% m/m increase and the largest decline in 9 months. On an annual basis, May industrial production rose +2.3% y/y, less than expectations of +3.2% y/y.
UK May manufacturing production unexpectedly fell -1.3% m/m, weaker than expectations of +0.4% and the largest decline in 16 months. On an annual basis May manufacturing production rose +3.7% y/y, less than expectations of +5.6% y/y.
The Japan Jun eco watchers survey outlook unexpectedly fell -0.5 to 53.3 when expectations were for a +0.7 point increase to 54.5. The Jun eco watchers survey current rose +2.6 to 47.7, a smaller increase than expectations of +3.8 to 48.9.
U.S. STOCK PREVIEW
Today’s May consumer credit report is expected to show another large increase of +$20.0 billion following the April surge of +$26.847 billion. The Treasury today will sell $27 billion of 3-year T-notes. There are two of the Russell 1000 companies that report earnings today: Alcoa (consensus $0.12), and Hertz Global Holdings (0.08). Equity conferences this week include: MicroStrategy Global User Conference on Tue, SEMICON West Conference on Tue, and Paris Europlace Financial Forum: Europe 2020 a Driver to Global Growth? on Tue-Wed.









OVERNIGHT U.S. STOCK MOVERS
The Fresh Market (TFM -3.34%) was downgraded to 'Sell' from 'Neutral' at Goldman Sachs.
3M Company (MMM -0.34%) was upgraded to 'Buy' from 'Hold' at Argus.
Range Resources (RRC -2.05%) was upgraded to 'Hold' from 'Reduce' at KLR Group.
Covidien (COV -1.05%) and Medtronic (MDT -1.46%) were both added to short-term buy list at Deutsche Bank.
Groupon (GRPN -3.30%) was upgraded to 'Buy' from 'Neutral' at B. Riley.
Guess (GES -0.47%) was upgraded to 'Overweight' from 'Neutral' at Piper Jaffray with a price target of $32.
Rio Tinto (RIO -0.97%) was upgraded to 'Overweight' from 'Equal Weight' at Barclays.
CA Technologies (CA +0.10%) lowered guidance on fiscal 2015 EPS view to $2.42-$2.49 from $2.45-$2.52, below consensus of $2.50.
683 Capital reported an 18.9% stake in Body Central (BODY -3.75%) .
Full Moon reported a 15.4% passive stake in Cellular Biomedicine (CBMG +1.72%) .
Vertex (VRTX -1.98%) was downgraded to 'Perform' from 'Outperform' at Oppenheimer.
Novel Century Ventures reported a 15.46% passive stake in ExOne (XONE -10.76%) .
MARKET COMMENTS
Sep E-mini S&Ps (ESU14 -0.16%) this morning are down -2.75 points (-0.14%). The S&P 500 index on Monday closed lower. Bearish factors for stocks included (1) negative carry-over from a slide in European stocks after German May industrial production unexpectedly fell -1.3% m/m, the sharpest drop in 2 years, and (2) interest rate concerns after Goldman Sachs moved up its forecast for the Fed to start raising interest rates to Q3-2015 from Q1-2016, saying the economy is “accelerating to an above-trend pace.” Closes: S&P 500 -0.39%, Dow Jones -0.26%, Nasdaq -0.31%.
Sep 10-year T-notes (ZNU14 +0.15%) this morning are up +6.5 ticks. Sep 10-year T-note futures prices on Monday closed higher. Supportive factors included (1) concerns about the global economy after IMF Managing Director Lagarde hinted that the IMF may cut its global growth forecasts, saying investment is still weak, and (2) increased safe-haven demand for T-notes after stock prices faltered. Closes: TYU4 +5.00, FVU4 +0.25.
The dollar index (DXY00 +0.04%) this morning is up +0.065 (+0.08%). EUR/USD (^EURUSD) is down -0.0011 (-0.08%). USD/JPY (^USDJPY) is down -0.13 (-0.13%). The dollar index on Monday retreated from a 1-week high and closed lower as a drop in the 10-year T-note yield reduced the dollar’s interest rate differentials. The dollar earlier posted a 1-week high on speculation the Fed may raise interest rates sooner than the market expects after Goldman Sachs moved up its forecast for the Fed to start raising interest rates to Q3-2015 from Q1-2016. EUR/USD had slipped to a 2-week low after German May industrial production unexpectedly plunged by the most in 2 years. Closes: Dollar index -0.051 (-0.06%), EUR/USD +0.00108 (+0.08%). USD/JPY -0.215 (-0.21%).
Aug WTI crude oil (CLQ14 -0.12%) this morning is down -16 cents (-0.15%). Aug gasoline (RBQ14 -0.38%) is down -0.0134 (-0.45%) at a new 3-week low. Aug crude and gasoline prices on Monday fell to 3-week lows and closed lower. Bearish factors included (1) reduced gasoline demand after Hurricane Arthur swept up the East Coast over the Fourth of July holiday, a typically strong time of year for gasoline consumption, and (2) increased supplies when Libya’s Oil Minister said his country has 7.5 million bbl of oil ready for export after the Es Sider and Ras Lanuf oil export facilities were reopened when the government reached an agreement with rebels who had blockaded the ports for the past year. Closes: CLQ4 -0.24 (-0.23%) RBQ4 -0.0306 (-1.02%).
GLOBAL EVENT CALENDAR07/08/2014
US1300 ETTreasury auctions $27 billion 3-year T-notes.
1300 ETRichmond Fed President Jeffrey Lacker speaks on the economic outlook to the Rotary Club of Charlotte.
1345 ETMinneapolis Fed President Narayana Kocherlakota speaks on monetary policy and the economy to the Minnesota Business Partnership.
1500 ETMay consumer credit expected +$20.0 billion, Apr +$26.847 billion.
JPN0100 ETJapan Jun eco watchers survey outlook expected +0.7 to 54.5, May 53.8. Jun eco watchers survey current expected +3.8 to 48.9, May 45.1.
0200 ETJapan Jun bankruptcies, May -20.19% y/y.
GER0200 ETGerman May trade balance expected +16.2 billion euros, Apr +17.4 billion euros. May exports expected -0.4% m/m, Apr +2.9% m/m. May imports expected +0.5% m/m, Apr +0.2% m/m.
UK0430 ETUK May industrial production expected +0.3% m/m and +3.2% y/y, Apr +0.4% m/m and +3.0% y/y.
0430 ETUK May manufacturing production expected +0.4% m/m and +5.6% y/y, Apr +0.4% m/m and +4.4% y/y.
1901 ETUK Jun BRC shop price index, May -1.4% y/y.
CHI2130 ETChina Jun CPI expected +2.4% y/y, May +2.5% y/y. Jun PPI expected -1.0% y/y, May -1.4% y/y.
U.S. STOCK CALENDAR07/08/2014
Company NameTickerTimeEvent DescriptionPeriodEstimate
General Mills IncGIS US10:00Investor DayY 2014
Lam Research CorpLRCX US12:00Analyst and Investor MeetingY 2014
ServiceNow IncNOW US14:30Annual General Meeting
Alcoa IncAA US17:00Q2 2014 Earnings CallQ2 2014
Alcoa IncAA USAft-mktQ2 2014 Earnings ReleaseQ2 20140.124
Hertz Global Holdings IncHTZ USQ1 2014 Earnings ReleaseQ1 20140.078
Posted by Jim Van Meerten at No comments:
Labels: , , , , , , , , , , , , , , , ,
Subscribe to: Posts (Atom)