Showing posts with label PMCS. Show all posts
Showing posts with label PMCS. Show all posts

Monday, October 19, 2015

BARCHART MORNING CALL 10/19

OVERNIGHT MARKETS AND NEWS
December E-mini S&Ps (ESZ15 -0.23%) are down -0.10% as they fall back from a 1-3/4 month high in overnight trade. Stocks retreated after China reported its slowest pace of growth in 6-1/2 years and as Morgan Stanley dropped over 5% in pre-market trading when it reported weaker-than-expected Q3 earnings. European stocks are up +0.54% at a 5-week high led by a 4% rally in Deutsche Bank AG after it reshuffled its management in an attempt to reshape the company. Asian stocks settled mixed: Japan -0.88%, Hong Kong +0.04%, China -0.14%, Taiwan +0.31%, Australia +0.03%, Singapore-0.20%, South Korea +0.04%, India +0.55%. China's Shanghai Composite rose to a 1-3/4 month high after China Q3 GDP grew at a faster pace than expected, but the slowest pace of manufacturing activity in 6 months undercut stocks as they shed their gains and closed slightly lower.
The dollar index (DXY00 +0.30%) is up +0.32%. EUR/USD (^EURUSD) is down -0.23% at a 1-week low ahead of Thursday's ECB monetary policy meeting. USD/JPY (^USDJPY) is unchanged.
Dec T-note prices (ZNZ15 -0.15%) are down -6 ticks.
New York Fed President Dudley said "it's still too early to consider an interest-rate increase." He added that "the situation has changed in the past few months. It's true that we thought we could raise rates by the end of 2015, but turbulence in financial markets, modest global growth, energy prices and macro-prudential imbalances are slowing this process down."
China Q3 GDP rose +6.9% y/y, stronger than expectations of +6.8% y/y, but still the slowest pace of growth in 6-1/2 years.
China Sep industrial production rose +5.7% y/y, weaker than expectations of +6.0% y/y and the slowest pace on 6 months.
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) Oct NAHB housing market index (expected unch at 62, Sep +1 to 62), and 92) Richmond Fed President Jeffrey Lacker's speech on “Early Childhood Education in the Context of Lifetime Human Capital Investment” at the University of Richmond.
There are 7 of the S&P 500 companies that report earnings today: Morgan Stanley (consensus $0.63), IBM (3.30), Genuine Parts (1.23), Halliburton (0.27), M&T Bank (2.00), Hasbro (1.52), Zions Bancorporation (0.42).
U.S. IPO's scheduled to price today: Adesto Technologies (IOTS), Fuling Global (FORK).
Equity conferences today include: Private Wealth Latin America and The Caribbean Forum on Wed.
OVERNIGHT U.S. STOCK MOVERS
Morgan Stanley (MS +1.01%) slid over 5% in pre-market trading after it reported Q3 EPS of 34 cents, well below consensus of 63 cents.
Hasbro (HAS +3.25%) reported Q3 EPS of $1.58, better than consesnsus of $1.52.
Diebold (DBD +1.98%) jumped over 4% in pre-market trading after it offered to buy Wincor Nixdorf AG for $1.8 billion.
Halliburton (HAL -3.69%) reported Q3 EPS of 31 cents, above consensus of 27 cents.
Weight Watchers (WTW -1.59%) surged over 30% in pre-market trading after Oprah Winfrey bought 10% of the stock in a partnership.
PMC-Sierra (PMCS -0.39%) climbed 11% in pre-market trading after Microsemi offered to buy the company for $2.4 billion.
Western Digital (WDC -1.97%) rose over 1% in pre-market trading after it said a decision from China's Misitry of Commerce allows it to integrate some parts of its subsidiaries.
Potash (POT -1.04%) was raised to 'Sector Outperform' from 'Sector Perform' by CIBC with a price target of $28.
Reuters reports that Lockheed Martin (LMT +0.29%) has started a review aimed at cutting corporate overhead costs by as much as 30%.
AT&T's (T +1.02%) DirecTV said it will restate financials for Q2 as they contained an error in calculation of the Venezuelan unit's assets and associated impairment.
According to a person with knowledge of the matter, the Fresh Market (TFM +7.82%) is working with Apollo Global Management LLC to explore a possible buyout of the company.
Great Lakes Dredge & Dock (GLDD -4.31%) has withdrawn its previously announced adjusted EBITDA guidance for fiscal year 2015 and said its Board of Directors has initiated a process to review potential strategic alternatives to enhance stockholder value.
MARKET COMMENTS
Dec E-mini S&Ps (ESZ15 -0.23%) this morning are down -2.00 points (-0.10%). Friday's closes: S&P 500 +0.46%, Dow Jones +0.43%, Nasdaq +0.46%. The S&P 500 on Friday posted a 1-3/4 month high and closed higher on carryover support from a +1.60% rally in China's Shanghai Composite to a 1-3/4 month high and on the +4.9 point increase in U.S. Oct University of Michigan consumer sentiment to 92.1, stronger than expectations of +1.8 to 89.0. Stock prices were undercut by the -0.2% drop in U.S. Sep industrial production and the -298,000 fall in U.S. Aug JOLTS job openings to 5.37 million, a larger decline than expectations of -173,000 to 5.58 million.
Dec 10-year T-notes (ZNZ15 -0.15%) this morning are down -6 ticks. Friday's closes: TYZ5 -3.00, FVZ5 -2.00. Dec T-notes on Friday closed lower on reduced safe-haven demand with the rally in the S&P 500 to a 1-3/4 month high and on the larger-than-expected increase in U.S. Oct University of Michigan consumer sentiment. T-notes found underlying support from the drop in the 10-year inflation expectations breakeven rate to a 2-week low.
The dollar index (DXY00 +0.30%) this morning is up +0.303 (+0.32%). EUR/USD (^EURUSD) is down -0.0026 (-0.23%) at a 1-week low. USD/JPY (^USDJPY) is unchanged. Friday's closes: Dollar Index +0.169 (+0.18%), EUR/USD -0.0038 (-0.33%), USD/JPY +0.54 (+0.45%). The dollar index on Friday closed higher on (1) increased safe-haven demand for the dollar on concern over escalation of Middle Eastern hostilities after Turkey shot down a drone that invaded its airspace, and (2) the stronger than expected U.S. Oct University of Michigan consumer sentiment report.
Nov crude oil (CLX15 -0.99%) this morning is down -47 cents (-0.99%) and Nov gasoline (RBX15 -1.58%) is down -0.0209 (-1.57%). Friday's closes: CLX5 +0.88 (+1.90%), RBX5 +0.0201 (+1.54%). Nov crude oil and gasoline prices on Friday closed higher on (1) the -10 rig drop to a 5-year low of 595 in Baker Hughes U.S. oil rigs for the tenth straight weekly decline, and (2) the larger-than-expected increase in U.S. Oct University of Michigan consumer sentiment. Crude oil prices were undercut by the stronger dollar.
GLOBAL EVENT CALENDAR10/19/2015
US1000 ETOct NAHB housing market index expected unch at 62, Sep +1 to 62.
1100 ETUSDA weekly grain export inspections.
1200 ETRichmond Fed President Jeffrey Lacker speaks on Early Childhood Education in the Context of Lifetime Human Capital Investment at the University of Richmond.
1600 ETUSDA weekly crop progress.
EUR0500 ETEurozone Aug construction output, Jul +1.0% m/m and +1.8% y/y.
U.S. STOCK CALENDAR10/19/2015

CompanyTickerTimeEvent DescriptionPeriodEstimate
Genuine Parts CoGPC USBef-mktQ3 2015 Earnings ReleaseQ3 20151.229
Halliburton CoHAL USBef-mktQ3 2015 Earnings ReleaseQ3 20150.272
M&T Bank CorpMTB USBef-mktQ3 2015 Earnings ReleaseQ3 20152.004
Hasbro IncHAS USBef-mktQ3 2015 Earnings ReleaseQ3 20151.521
Morgan StanleyMS US7:00Q3 2015 Earnings ReleaseQ3 20150.627
Hasbro IncHAS US8:30Q3 2015 Earnings CallQ3 2015
Morgan StanleyMS US8:30Q3 2015 Earnings CallQ3 2015
Halliburton CoHAL US9:00Q3 2015 Earnings CallQ3 2015
M&T Bank CorpMTB US9:30Q3 2015 Earnings CallQ3 2015
Genuine Parts CoGPC US11:00Q3 2015 Earnings CallQ3 2015
Aetna IncAET US13:30Extraordinary Shareholders Meeting - M&A VoteY 2015
Humana IncHUM US15:30Extraordinary Shareholders Meeting - M&A VoteY 2015
International Business Machines CorpIBM US17:00Q3 2015 Earnings CallQ3 2015
International Business Machines CorpIBM USAft-mktQ3 2015 Earnings ReleaseQ3 20153.303
Zions BancorporationZION USAft-mktQ3 2015 Earnings ReleaseQ3 20150.422
Zions BancorporationZION US17:30Q3 2015 Earnings CallQ3 2015
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Tuesday, October 6, 2015

BARCHART MORNING CALL 10/6

OVERNIGHT MARKETS AND NEWS
December E-mini S&Ps (ESZ15 -0.32%) are down -0.15% as prices consolidate following Monday's sharp rally to a 2-week high. European stocks are up +0.61% at a 2-week high after German Aug factory orders unexpectedly fell and bolstered speculation the ECB may expand monetary stimulus. Gains were limited as basic resource companies and energy producers fell after the price of copper and crude oil declined. Asian stocks settled mostly higher: Japan +1.00%, Hong Kong -0.10%, China closed for holiday, Taiwan +0.50%, Australia +0.33%, Singapore +1.62%, South Korea +0.92%, India +0.55%. Japan's Nikkei Stock Index rallied up to a 2-week high on the prospects for increased trade after Japan, the U.S. and other Pacific-rim countries that make up nearly 40% of the world economy finalized the Trans-Pacific Partnership agreement on Monday. If lawmakers in each country approve the accord, it will guarantee intellectual property rights for drugmakers and reduce tariffs on goods from food to cars and should boost the prospects for increase global trade.
The dollar index (DXY00 -0.23%) is down -0.20%. EUR/USD (^EURUSD) is up +0.25%. USD/JPY (^USDJPY) is down -0.08%.
Dec T-note prices (ZNZ15 +0.11%) are up +1 tick.
German Aug factory orders unexpectedly fell -1.8% m/m, weaker than expectations of +0.5% m/m. On an annual basis, Aug factory orders rose +1.9% y/y, weaker than expectations of +5.6% y/y.
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) Aug U.S. trade deficit (expected -$48.0 billion, Jul -$41.86 billion), (2) Kansas City Fed President Esther George's appearance as keynote speaker at “The Faster Payments Imperative: Transforming the Market” at an event in Chicago, (3) the Treasury's auction of $24 billion of 3-year T-notes, (4) San Francisco Fed President John Williams' speech to the Urban Land Institute, and (5) the IMF's release of its World Economic Outlook.
There are two of the Russell 2000 companies report earnings today: Pepsico (consensus $1.26), Yum Brands (1.06).
U.S. IPO's scheduled to price today: Pure Storage (PSIG), Aclaris Therapeutics (ACRS).
Equity conferences during the remainder of this week include: The China-Russia E-Commerce Summit on Mon, Oil & Money Conference on Tue, Barclays Select Series Biosimilars Symposium on Wed, Capital Link Shipping Marine Services and Offshore Forum on Wed, and Goldman Sachs EMEA Leveraged Finance Conference on Thu.


OVERNIGHT U.S. STOCK MOVERS
Comerica (CMA +1.61%) was cut to 'Neutral' from 'Overweight' at JPMorgan Chase.
Pepsico (PEP +1.75%) climbed nearly 3% in pre-market trading after it reported Q3 EPS of $1.35, higher than consensus of $1.26.
Greatbatch (GB -0.14%) lowered guidance on fiscal 2015 sales to $685 million-$695 million, weaker than consensus of $714.7 million.
DuPont (DD +4.10%) rose 4% in pre-market trading after the company said Edward Breen will replace Ellen Kullman as chairman and CEO.
PMC-Sierra (PMCS +3.50%) surged 32% in pre-market trading after Skywork Solutions agreed to buy the company for $2 billion.
Computer Sciences Corp. (CSC +1.39%) said it will acquire Australia's UXC for $428 million.
Haemonetics (HAE -2.17%) tumbled over 12% in after-hours trading after it lowered guidance on fiscal 2015 adjusted EPS to $1.65-$1.75 from a Jul projection of $1.98-$2.08, well below consensus of $2.02.
Petrobras (PBR +5.39%) said it will cut its 2015 operating expenses forecast to $29 billion from $30 billion and cut its 2016 operating expenses forecast to $21 billion from $27 billion.
Ruckus Wireless (RKUS +4.25%) climbed 4% in after-hours trading when it was announced the company will join the S&P Smallcap 600 Index as of the close of trading on Wednesday, October 7.
Regulus Therapeutics (RGLS +0.77%) surged over 20% in after-hours trading after it presented new data that demonstrated a favorable pre-clinical profile for its RG-012 drug in treatment of Alport syndrome, a life-threatening genetic kidney disease.
Ilumina (ILMN -0.27%) slumped over 15% in after-hours trading after it lowered guidance on Q3 revenue to $550 million, below consensus of $569.1 million, and also lowered guidance on its Q4 revenue estimate to $570 million, weaker than consensus of $603.2 million.
The Container Store Group (TCS +2.84%) fell 4% in after-hours trading after it reported Q2 adjusted EPS of 6 cents, below consensus of 7 cents.
MARKET COMMENTS
Dec E-mini S&Ps (ESZ15 -0.32%) this morning are down -3.00 points. Monday's closes: S&P 500 +1.83%, Dow Jones +1.85%, Nasdaq +1.50%. The S&P 500 on Monday climbed to a 2-week high and closed sharply higher on carryover support from Friday's weaker-than-expected U.S. Sep payrolls report that pushed back Fed interest rate increase expectations from this year into Q1 of 2016 at the earliest. In addition, basic-resource stocks and energy producers rallied as the price of copper and crude oil moved higher. Stocks were able to shake off the -2.1 point decline in the Sep ISM non-manufacturing PMI, which was weaker than expectations of -1.5 to 57.5.
Dec 10-year T-notes (ZNZ15 +0.11%) this morning are up +1 tick. Monday's closes: TYZ5 -16.50, FVZ5 -9.50. Dec T-notes on Monday closed lower on the rally in the S&P 500 to a 2-week high, which reduced the safe-haven demand for T-notes, and on an increase in inflation expectations after the 10-year T-note breakeven rate rose to a 1-week high.
The dollar index (DXY00 -0.23%) this morning is down -0.194 (-0.20%). EUR/USD (^EURUSD)is up +0.0028 (+0.25%). USD/JPY (^USDJPY) is down-0.10 (-0.08%). Monday's closes: Dollar Index +0.276 (+0.29%), EUR/USD -0.0020 (-0.25%), USD/JPY +0.55 (+0.46%). The dollar index on Monday closed higher on strength in USD/JPY after a rally in stocks reduced the safe-haven demand for the yen. In addition, EUR/USD saw weakness on the downward revision in the Eurozone Sep Markit composite PMI and the decline in Eurozone Oct Sentix investor confidence to a 9-month low, which bolstered speculation the ECB may expand stimulus.
Nov crude oil (CLX15 -0.69%) this morning is down -11 cents (-0.24%) and Nov gasoline (RBX15 -0.15%) is up (+0.36%). Monday's closes: CLX5 +0.72 (+1.58%), RBX5 +0.0441 (+3.29%). Nov crude oil and gasoline on Monday closed higher on last Friday's Baker Hughes report showing that the number of active U.S. oil rigs as of Oct 2 fell -26 to a 5-year low of 614 rigs. Crude oil also closed higher on the escalation of Middle Eastern hostilities after Russian fighter jets flew into Turkish airspace and Turkey warned it would protect its airspace "at any cost."
GLOBAL EVENT CALENDAR10/06/2015
US0830 ETAug trade balance expected -$48.0 billion, Jul -$41.86 billion.
0915 ETKansas City Fed President Esther George is keynote speaker at The Faster Payments Imperative: Transforming the Market at an event in Chicago.
1300 ETTreasury auctions $24 billion of 3-year T-notes.
1730 ETSan Francisco Fed President John Williams delivers an outlook speech to the Urban Land Institute.
n/aIMF releases its World Economic Outlook.
GER0200 ETGerman Aug factory orders expected +0.5% m/m and +5.6% y/y, Jul -1.4% m/m and -0.6% y/y.
UK0400 ETUK Sep new car registrations, Aug +9.6% y/y.
1901 ETUK Sep BRC shop price index, Aug -1.4% y/y.
EUR1300 ETECB President Mario Draghi speaks at an event organized by the ECB in Frankfurt.
U.S. STOCK CALENDAR10/06/2015

CompanyTickerTimeEvent DescriptionPeriodEstimate
PepsiCo IncPEP US6:30Q3 2015 Earnings ReleaseQ3 20151.263
PepsiCo IncPEP US8:00Q3 2015 Earnings CallQ3 2015
Premier IncPINC US9:00Investor DayY 2015
Microsoft CorpMSFT US10:00Special Media Event: Windows 10 Devices
Digital Realty Trust IncDLR US10:00Investor DayY 2015
Digital Realty Trust IncDLR US13:00Investor Day - Afternoon SessionY 2015
Adobe Systems IncADBE US17:00Analyst MeetingY 2015
Yum! Brands IncYUM USAft-mktQ3 2015 Earnings ReleaseQ3 20151.06
Altera CorpALTR US17:30Extraordinary Shareholders Meeting
McDonald's CorpMCD USMcDonald's Corp. Begins Offering All-Day Breakfast in U.S. Locations
Altera CorpALTR USSpecial Meeting - M&A Vote
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