Showing posts with label PPL. Show all posts
Showing posts with label PPL. Show all posts

Monday, August 3, 2015

BARCHART MORNING CALL 8/3

OVERNIGHT MARKETS AND NEWS
September E-mini S&Ps (ESU15 unch) are down -0.04%, led by a decline in basic-resource companies and energy producers, as the price of copper (HGU15 -0.83%) dropped to a 6-year low on concerns over Chinese demand and crude oil (CLU15 -1.57%) tumbled to a 4-1/4 month low on concern the global supply glut will persist after Iranian Oil Minister Bijan Namdar Zanganeh said Iran can raise oil output by 500,000 bpd within a week of the end of sanctions. European stocks are up +0.68% on signs of improving company earnings after Heineken NV and Commerzbank AG both reported better-than-expected earnings results. Another positive for European stocks was the upward revision to the Eurozone Jul Markit manufacturing PMI. European stocks rose despite the -17.24% plunge in Greek stocks which reopened after a 5-week suspension. The Greek economy is in shambles as it trys to recover from its debt crisis after the Greek Jul Markit manufacturing PMI collapsed to a record low of 30.2 from 46.9 in Jun. Asian stocks closed mostly lower: Japan -0.18%, Hong Kong -0.91%, China -1.11%, Taiwan -1.63%, Australia -0.35%, Singapore -0.30%, South Korea -1.15%, India +0.26%. Chinese stocks were undercut by economic concerns after a gauge of Chinese manufacturing activity last month was revised lower to its steepest pace of contraction in 2 years.
The dollar index (DXY00 +0.17%) is up +0.14%. EUR/USD (^EURUSD) is down -0.22%. USD/JPY (^USDJPY) is up +0.27%.

Sep T-note prices (ZNU15 +0.06%) are up +1 tick.
The Eurozone Jul Markit manufacturing PMI was revised upward to 52.4 from the previously reported 52.2.
The China Jul Caixin manufacturing PMI was unexpectedly revised lower to 47.8 from the previously reported 48.2, weaker than expectations of +0.1 to 48.3 and the steepest pace of contraction in 2 years.
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) June personal spending (expected +0.2%, May +0.9%) and June personal income (expected +0.3%, May +0.5%), (2) June PCE deflator (expected +0.2% m/m and +0.2% y/y, May +0.3% m/m and +0.2% y/y) and June core PCE deflator (expected +0.1% m/m and +1.2% y/y, May +0.1% m/m and +1.2% y/y), (3) final-Jul Markit manufacturing PMI (expected unrevised at 53.8, prelim-Jul +0.2 to 53.8), (4) June construction spending (expected +0.6%, May +0.8% m/m), (5) July ISM manufacturing index (expected unch at 53.5, Jun +0.3 to 53.5), and (5) July total vehicle sales (expected 17.20 million).
There are 17 of the S&P 500 companies that report earnings today with notable reports including: AllState (consensus $0.96), NextEra Energy (1.50), Tyson Foods (0.92), Tenet Healthcare (0.45), General Growth Properties (0.33).
U.S. IPO's scheduled to price today include: none.
Equity conferences this week: Piper Jaffray Technology-Enabled Industrials Symposium on Tue-Wed, Needham Interconnect Conference on Wed.
OVERNIGHT U.S. STOCK MOVERS
Lowes (L -0.52%) reported Q2 EPS of 45 cents, well below consensus of 70 cents.
Diamond Offshore Drilling (DO -1.61%) reported Q2 EPS of 66 cents, higher than consensus of 47 cents.
Noble Energy (NBL -2.54%) reported Q2 EPS of 26 cents, well above conensus of 6 cents.
NiSource (NI +1.99%) reported Q2 EPS of 18 cents, weaker than consensus of 21 cents.
Torchmark (TMK -0.29%) was upgraded to 'Market Perform' from 'Underperform' at FBR Capital.
AMC Networks (AMCX +0.60%) was upgraded to 'Overweight' from 'Equal Weight' at Morgan Stanley.
Coach (COH -0.32%) was downgraded to 'Neutral' from 'Overweight' at JPMorgan Chase.
Assurant (AIZ -0.73%) was upgraded to 'Buy' from 'Underperform' at BofA/Merrill Lynch.
Monster Beverage (MNST +0.90%) should be bought on any weakness, says Stifel.
NVIDIA (NVDA -0.35%) was upgraded to 'Outperform' from 'Neutral' at Macquarie.
Yelp's (YELP +1.42%) recent guidance cut may signal weakness for similar companies such as Groupon (GRPN +0.21%) and others, according to a weekend Barron's story.
Kellogg (K +0.12%) on Sunday announced an agreement on a five-year master contract with labor unions at four of its ready-to-eat cereal factories in Battle Creek, one day before current contract expires on Monday.
Renewable Energy (REGI -1.45%) announced an agreement to acquire most of the assets of Imperium Renewables.
MARKET COMMENTS
Sep E-mini S&Ps (ESU15 unch) this morning are down -0.75 of a point (-0.04%). Friday's closes: S&P 500 -0.23%, Dow Jones -0.32%, Nasdaq -0.01%. The S&P 500 on Friday closed the day mildly lower on some pre-weekend long liquidation pressure and on the downward revision in the final-July U.S. consumer sentiment index to 93.1 from the preliminary-July level of 93.3, which was substantially weaker than market expectations of +0.7 to 94.0. Stocks received some underlying support from the rally in T-notes and the stronger-than-expected July Chicago PMI report of +5.3 to 54.7 vs expectations of +1.4 to 50.8.
Sep 10-year T-note prices (ZNU15 +0.06%) this morning are up +1 tick. Friday's closes: TYU5 +19, FVU5 +12. Sep 10-year T-notes on Friday rallied sharply on the much weaker-than-expected +0.2% increase in the Q2 ECI, which indicated weaker inflation pressure. T-notes also received a boost after the Treasury on Thursday concluded its $105 billion weekly T-note package.
The dollar index (DXY00 +0.17%) this morning is up +0.133 (+0.14%). EUR/USD (^EURUSD) is down -0.0024 (-0.22%). USD/JPY (^USDJPY) is up +0.33 (+0.27%). Friday's closes: Dollar Index -0.224 (-0.23%), EUR/USD -0.0006 (-0.05%), USD/JPY +0.11 (+0.09%). The dollar index on Friday closed mildly lower on the weak U.S. ECI report, which gives the Fed less reason to raise interest rates.
Sep crude oil (CLU15 -1.57%) this morning is down -71 cents (-1.57%) at a 4-1/4 month low and Sep gasoline (RBU15 -1.86%) is down -0.0336 (-1.90%). Friday's closes: CLU5 -1.40 (-2.89%), RBU5 +0.0030 (+0.17%). Sep crude oil and gasoline on Friday closed mixed. Crude oil prices continued to see downward pressure on expectations for a boost in Iranian oil late this year when sanctions are dropped since it does not appear that Republicans have enough Democratic support to gain a veto-proof way of stopping President Obama from dropping Iranian sanctions.
GLOBAL EVENT CALENDAR08/03/2015
US0830 ETJun personal spending expected +0.2%, May +0.9%. Jun personal income expected +0.3%, May +0.5%. Personal income and spending benchmark revisions.
0830 ETJun PCE deflator expected +0.2% m/m and +0.2% y/y, May +0.3% m/m and +0.2% y/y. Jun core PCE deflator expected +0.1% m/m and +1.2% y/y, May +0.1% m/m and +1.2% y/y.
0945 ETFinal-Jul Markit manufacturing PMI expected unrevised at 53.8, prelim-Jul +0.2 to 53.8.
1000 ETJun construction spending expected +0.6%, May +0.8% m/m.
1000 ETJul ISM manufacturing index expected unch at 53.5, Jun +0.3 to 53.5. Jul ISM new orders, Jun +0.2 to 56.0, Jul ISM employment, Jun +3.8 to 55.5. Jul ISM prices paid expected -0.2 to 49.3, Jun unch at 49.5.
1100 ETUSDA weekly grain export inspections.
1600 ETUSDA weekly crop progress.
n/aJul total vehicle sales expected 17.20 million, Jun 17.11 million. Jul domestic vehicle sales expected 13.50 million, Jun 13.34 million.
JPN0100 ETJapan Jul vehicle sales, Jun +5.4% y/y.
2130 ETJapan Jun labor cash earnings, May +0.7% y/y. Jun real cash earnings, May unch y/y.
GER0355 ETRevised German Jul Markit/BME manufacturing PMI, previous -0.4 to 51.5.
EUR0400 ETRevised Eurozone Jul Markit manufacturing PMI, previous -0.3 to 52.2.
UK0430 ETUK Jul Markit manufacturing PMI, Jun 51.4.
U.S. STOCK CALENDAR08/03/2015
CompanyTickerTimeEvent DescriptionPeriodEstimate
Reynolds American IncRAI US4:00Investor Meeting - LondonY 2015
Frontier Communications CorpFTR USBef-mktQ2 2015 Earnings ReleaseQ2 20150.029
Clorox Co/TheCLX USBef-mktQ4 2015 Earnings ReleaseQ4 20151.372
NextEra Energy IncNEE USBef-mktQ2 2015 Earnings ReleaseQ2 20151.497
Loews CorpL USBef-mktQ2 2015 Earnings ReleaseQ2 20150.7
NiSource IncNI USBef-mktQ2 2015 Earnings ReleaseQ2 20150.211
Noble Energy IncNBL USBef-mktQ2 2015 Earnings ReleaseQ2 20150.055
PPL CorpPPL USBef-mktQ2 2015 Earnings ReleaseQ2 20150.466
Tyson Foods IncTSN USBef-mktQ3 2015 Earnings ReleaseQ3 20150.921
Diamond Offshore Drilling IncDO USBef-mktQ2 2015 Earnings ReleaseQ2 20150.468
Columbia Pipeline Group IncCPGX USBef-mktQ2 2015 Earnings ReleaseQ2 20150.203
Frontier Communications CorpFTR US8:30Q2 2015 Earnings CallQ2 2015
PPL CorpPPL US8:30Q2 2015 Earnings CallQ2 2015
Diamond Offshore Drilling IncDO US8:30Q2 2015 Earnings CallQ2 2015
NextEra Energy IncNEE US9:00Q2 2015 Earnings CallQ2 2015
NiSource IncNI US9:00Q2 2015 Earnings CallQ2 2015
Tyson Foods IncTSN US9:00Q3 2015 Earnings CallQ3 2015
Ford Motor CoF US9:15July 2015 Sales and Revenue Release2015
Ford Motor CoF US10:00July 2015 Sales and Revenue Call2015
Noble Energy IncNBL US10:00Q2 2015 Earnings CallQ2 2015
Columbia Pipeline Group IncCPGX US10:00Q2 2015 Earnings CallQ2 2015
Loews CorpL US11:00Q2 2015 Earnings CallQ2 2015
Clorox Co/TheCLX US13:30Q4 2015 Earnings CallQ4 2015
American International Group IncAIG USAft-mktQ2 2015 Earnings ReleaseQ2 20151.228
XL Group PLCXL USAft-mktQ2 2015 Earnings ReleaseQ2 20150.795
Tenet Healthcare CorpTHC USAft-mktQ2 2015 Earnings ReleaseQ2 20150.453
Vornado Realty TrustVNO USAft-mktQ2 2015 Earnings ReleaseQ2 20151.243
Microchip Technology IncMCHP USAft-mktQ1 2016 Earnings ReleaseQ1 20160.71
General Growth Properties IncGGP USAft-mktQ2 2015 Earnings ReleaseQ2 20150.33
Allstate Corp/TheALL USAft-mktQ2 2015 Earnings ReleaseQ2 20150.962
Microchip Technology IncMCHP US18:00Q1 2016 Earnings CallQ1 2016 
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Thursday, May 7, 2015

BARACHART MORNING CALL 5/7

OVERNIGHT MARKETS AND NEWS
June E-mini S&Ps (ESM15 -0.23%) this morning are down -0.54% at a 1-month low and European stocks are down -1.35% at a 2-1/2 month low amid carry-over selling from Wednesday's rout after Fed Chair Yellen said equity market valuations are high. The slide in global government bond markets continued as well after Fed Chair Yellen said that long-term rates are low and could jump when the Fed begins to raise interest rates. The German 10-year bund yield climbed to a 4-3/4 month high of .777% and the U.S. 10-year T-note yield rose to a 4-3/4 month high of 2.31%. On the positive side, Greece's ASE Stock Index is up +2.39% as bank stocks rose after the ECB boosted emergency funding to Greece's central bank. The yield on the Greek 10-year bond fell -33 bp to 10.90% after the ECB raised the cap on Emergency Liquidity Assistance to the Greek central bank by 2 billion euros to 78.9 billion euros. Asian stocks closed lower: Japan -1.23%, Hong Kong -1.27%, China -2.77%, Taiwan -1.16%, Australia -0.82%, Singapore -0.78%, South Korea -0.59%, India -0.44%. China's Shanghai Composite slid to a 3-week low after Morgan Stanley downgraded Chinese stocks for the first time in 7 years to 'Equalweight' from 'Overweight,' citing the weakest corporate profits since 2009.
Commodity prices are mixed. Jun crude oil (CLM15 +0.13%) is down -0.03% and Jun gasoline (RBM15 -0.27%) is down -0.39%. Metals prices are mixed. Jun gold (GCM15 -0.42%) is down -0.60%. Jul copper (HGN15 +0.12%) is up +0.29%. Agriculture prices are mixed.
The dollar index (DXY00 +0.10%) is up +0.02%. EUR/USD (^EURUSD) is down -0.15%. USD/JPY (^USDJPY) is down -0.28%.

Jun T-note prices (ZNM15 +0.11%) are down -5.5 ticks at a 1-3/4 month low on negative carry-over from a slide in global bond markets. The yield on the 10-year Germany bund jumped to a 4-3/4 month high on .777% and has surged over 60 bp in the past week.
According to two officials who spoke on conditions of anonymity, ECB officials want progress at Monday's meeting of Eurozone finance ministers with Greece in reaching an agreement with international creditors or they will consider tightening Greek banks' access to emergency liquidity. One official said that are prepared to raise haircuts, the discounts imposed on collateral pledged by Greek banks in return for funding, to levels seen last year.
U.S. STOCK PREVIEW
Key U.S. reports today include: (1) Apr Challenger job cuts (Mar was +6.4% y/y), (2) weekly initial unemployment claims (expected +16,000 to 278,000 after last week's -34,000 to 262,000) and continuing claims (expected +17,000 to 2.270 million after last week's -74,000 to 2.253 million), and (3) Mar consumer credit (expected +$15.800 billion after Feb's +$15.516 billion).
There are 17 of the S&P 500 companies that report earnings today with notable reports including: Priceline (consensus $7.74), NVIDIA (0.34), CA (0.50), Monster Beverage (0.68), CBS (0.75), Molson Coors Brewing (0.68).
U.S. IPO's scheduled to price today include: International Market Centers (IMC), Bojangles Inc (BOJA), Anterios (ANTE), NephroGenex (NRX), Hemishere Media Group (HMTV), Aldeyra Therapeutics (ALDX).
Equity conferences during the remainder of this week include: Baird Growth Stock Conference on Tue-Thu, Deutsche Bank Health Care Conference on Wed-Thu, ICI General Membership Meeting on Wed-Thu, Citi Car of the Future Conference on Thu, Mitsubishi UFJ Securities Oil & Gas Conference on Thu, and RBC Capital Markets Mobile & Cloud Networking Investor Day on Thu.
OVERNIGHT U.S. STOCK MOVERS
Sunoco (SXL -0.85%) reported a Q1 EPS loss with items of -10 cents, much weaker than consensus of 40 cents.
Children's Place (PLCE +7.78%) was upgraded to 'Neutral' from 'Sell' at Goldman Sachs.
Energy Transfer Equity (ETE -1.90%) reported Q1 EPS of 52 cents, well below consensus of 70 cents.
General Cable (BGC -0.92%) reported Q1 adjusted EPS of 35 cents, much better than consensus for a -13 cent loss.
Babcock & Wilcox (BWC +0.44%) reported Q1 adjusted EPS of 47 cents, higher than consensus of 43 cents.
Transocean (RIG +0.05%) reported Q1 adjusted EPS of $1.10, well above consensus of 60 cents.
Chesapeake Energy (CHK -7.19%) was downgraded to 'Neutral' from 'Buy' at SunTrust.
Pioneer Natural Resources (PXD -1.93%) was upgraded to 'Buy' from 'Neutral' at SunTrust with a price target of $190.
Tesla (TSLA -1.08%) rose nearly 2% in pre-market trading after it reported a Q1 EPS loss of -36 cents, a smaller loss than consensus of-50 cents.
Activision Blizzard (ATVI +2.16%) reported Q1 EPS of 16 cents, more than double consensus of 7 cents.
Prudential (PRU +0.36%) reported Q1 adjusted EPS of $2.79, well above consensus of $2.38.
MetLife (MET -0.63%) reported Q1 operating EPS of $1.44, above consensus of $1.41, but Q1 operating revenue of $17.03 billion was less than consensus of $17.53 billion.
Whole Foods Market (WFM +0.40%) slid 12% in after-hours trading after it reported Q2 EPS of 44 cents, higher than consensus of 43 cents, although Q2 revenue of $3.65 billion was below consensus of $3.70 billion.
21st Century Fox (FOXA -0.71%) reported Q3 EPS of 47 cents, above consensus of 39 cents.
Keurig Green Mountain (GMCR -1.75%) fell 12% in after-hours trading after it reported Q2 EPS of $1.03, below consensus of $1.05.
MARKET COMMENTS
June E-mini S&Ps (ESM15 -0.23%) this morning are down -11.25 points (-0.54%) at a new 1-month low. Wednesday's closes: S&P 500 -0.45%, Dow Jones -0.48%, Nasdaq -0.67%. The S&P 500 on Wednesday sold off to a 1-month low on the weaker than expected +169,000 increase in the ADP employment report and Fed Chair Yellen's comment that stock market valuations are "quite high" and could be a potential source of financial instability.
Jun 10-year T-notes (ZNM15 +0.11%) this morning are down -5.5 ticks to a new 1-3/4 month low. Wednesday's closes: TYM5 -10.50, FVM5 -4.50. Jun T-notes on Wednesday fell to a 1-3/4 month low on carry-over weakness from the plunge in German bund prices to a 4-month low and on Fed Chair Yellen's comment that long-term interest rates are low and could jump when they Fed begins to raise interest rates.
The dollar index (DXY00 +0.10%) this morning is up +0.019 (+0.02%). EUR/USD (^EURUSD) is down -0.0017 (-0.15%). USD/JPY (^USDJPY) is down -0.33 (-0.28%). Wednesday's closes: Dollar Index -0.989 (-1.04%), EUR/USD +0.0162 (+1.45%), USD/JPY -0.388 (-0.32%). The dollar index on Wednesday fell sharply to a 2-1/2 month low on the weaker-than-expected Apr ADP employment report, which may delay a Fed rate hike. Meanwhile, EUR/USD climbed to a 2-1/4 month high after the Eurozone Apr Markit composite PMI was revised higher by +0.4 to 53.9.
Jun WTI crude oil (CLM15 +0.13%) this morning is down -2 cents (-0.03%) and Jun gasoline (RBM15 -0.27%) is down -0.0079 (-0.39%). Wednesday's closes: CLM5 +0.53 (+0.88%), RBM5 -0.0380 (-1.84%). Jun crude oil and gasoline prices on Wednesday settled mixed with Jun crude at a 4-3/4 month high. Crude oil prices were boosted by the unexpected -3.88 million bbl decline in EIA crude inventories, the first decline in 17 weeks. In addition, U.S. crude oil production fell by -4,000 bpd, which was the third decline in the past four weeks. Gasoline closed lower after news that U.S. fuel consumption fell to an 11-month low of 18.196 million bpd.
GLOBAL EVENT CALENDAR05/07/2015
US0730 ETApr Challenger job cuts, Mar +6.4% y/y.
0830 ETWeekly initial unemployment claims expected +17,000 to 279,000, previous -34,000 to 262,000. Weekly continuing claims expected +17,000 to 2.270 million, previous -74,000 to 2.253 million.
0830 ETUSDA weekly Export Sales.
1500 ETMar consumer credit expected +$15.800 billion, Feb +$15.516 billion.
GER0200 ETGerman Mar factory orders expected +1.5% m/m and +1.9% y/y, Feb -0.9% m/m and -1.3% y/y.
0330 ETGerman Apr Markit construction PMI, Mar 53.3.
UK0400 ETUK Apr new car registrations, Mar +6.0% y/y.
n/aUK general election.
CHIn/aChina Apr trade balance expected +$39.60 billion, Mar +$3.08 billion. Apr exports expected +1.9% y/y, Mar 15.0% y/y. Apr imports expected -12.2% y/y, Mar -12.7% y/y.
U.S. STOCK CALENDAR05/07/2015
CompanyTickerTimeEvent DescriptionPeriodEstimate
Becton Dickinson and CoBDX USBef-mktQ2 2015 Earnings ReleaseQ2 20151.535
PPL CorpPPL USBef-mktQ1 2015 Earnings ReleaseQ1 20150.684
Molson Coors Brewing CoTAP USBef-mktQ1 2015 Earnings ReleaseQ1 20150.449
Sigma-Aldrich CorpSIAL USBef-mktQ1 2015 Earnings ReleaseQ1 20151.08
Regeneron Pharmaceuticals IncREGN USBef-mktQ1 2015 Earnings ReleaseQ1 20152.682
Ameren CorpAEE USBef-mktQ1 2015 Earnings ReleaseQ1 20150.369
Teradata CorpTDC USBef-mktQ1 2015 Earnings ReleaseQ1 20150.418
Scripps Networks Interactive IncSNI USBef-mktQ1 2015 Earnings ReleaseQ1 20150.919
Priceline Group Inc/ThePCLN US7:00Q1 2015 Earnings ReleaseQ1 20157.742
L Brands IncLB US7:30April 2015 Sales and Revenue Call2015
Priceline Group Inc/ThePCLN US7:30Q1 2015 Earnings CallQ1 2015
Apache CorpAPA US8:00Q1 2015 Earnings ReleaseQ1 2015-0.595
Becton Dickinson and CoBDX US8:00Q2 2015 Earnings CallQ2 2015
United Parcel Service IncUPS US8:00Annual General Meeting
DTE Energy CoDTE US8:00Annual General MeetingY 2015
MetLife IncMET US8:00Q1 2015 Earnings CallQ1 2015
PPL CorpPPL US8:30Q1 2015 Earnings CallQ1 2015
Regeneron Pharmaceuticals IncREGN US8:30Q1 2015 Earnings CallQ1 2015
E*TRADE Financial CorpETFC US8:30Annual General MeetingY 2015
Teradata CorpTDC US8:30Q1 2015 Earnings CallQ1 2015
CVS Health CorpCVS US9:00Annual General MeetingY 2015
Tesoro CorpTSO US9:00Annual General MeetingY 2015
Marathon Oil CorpMRO US9:00Q1 2015 Earnings CallQ1 2015
CF Industries Holdings IncCF US9:00Q1 2015 Earnings CallQ1 2015
Verizon Communications IncVZ US9:30Annual General Meeting
St Jude Medical IncSTJ US9:30Annual General Meeting
Transocean LtdRIG US9:30Q1 2015 Earnings CallQ1 2015
Duke Energy CorpDUK US10:00Annual General MeetingY 2015
Ecolab IncECL US10:00Annual General MeetingY 2015
Kimco Realty CorpKIM US10:00Q1 2015 Earnings CallQ1 2015
Ameren CorpAEE US10:00Q1 2015 Earnings CallQ1 2015
Scripps Networks Interactive IncSNI US10:00Q1 2015 Earnings CallQ1 2015
Archer-Daniels-Midland CoADM US11:00Annual General Meeting
Wisconsin Energy CorpWEC US11:00Annual General Meeting
Molson Coors Brewing CoTAP US11:00Q1 2015 Earnings CallQ1 2015
Prudential Financial IncPRU US11:00Q1 2015 Earnings CallQ1 2015
Eastman Chemical CoEMN US11:30Annual General MeetingY 2015
Molson Coors Brewing CoTAP US13:00Q1 2015 Earnings Call - Follow-up SessionC1 2015
Essex Property Trust IncESS US13:00Q1 2015 Earnings CallQ1 2015
Apache CorpAPA US14:00Q1 2015 Earnings CallQ1 2015
Danaher CorpDHR US15:00Annual General MeetingY 2015
NVIDIA CorpNVDA US16:20Q1 2016 Earnings ReleaseQ1 20160.335
Cerner CorpCERN US16:30Q1 2015 Earnings CallQ1 2015
CBS CorpCBS US16:30Q1 2015 Earnings CallQ1 2015
Microchip Technology IncMCHP US16:30Q4 2015 Earnings CallC1 2015
CA IncCA US17:00Q4 2015 Earnings CallQ4 2015
Monster Beverage CorpMNST US17:00Q1 2015 Earnings CallQ1 2015
NVIDIA CorpNVDA US17:00Q1 2016 Earnings CallQ1 2016
CA IncCA USAft-mktQ4 2015 Earnings ReleaseQ4 20150.498
Cerner CorpCERN USAft-mktQ1 2015 Earnings ReleaseQ1 20150.449
Mohawk Industries IncMHK USAft-mktQ1 2015 Earnings ReleaseQ1 20151.602
Monster Beverage CorpMNST USAft-mktQ1 2015 Earnings ReleaseQ1 20150.684
CBS CorpCBS USAft-mktQ1 2015 Earnings ReleaseQ1 20150.75
Microchip Technology IncMCHP USAft-mktQ4 2015 Earnings ReleaseQ4 20150.666
Corning IncGLW USInvestor MeetingY 2015
Dover CorpDOV USAnnual General Meeting
Kansas City SouthernKSU USAnnual General Meeting
L Brands IncLB USApril 2015 Sales and Revenue Release2015
Tenet Healthcare CorpTHC USAnnual General Meeting
Health Care REIT IncHCN USAnnual General Meeting
CH Robinson Worldwide IncCHRW USAnnual General Meeting
Reynolds American IncRAI USAnnual General Meeting
Assurant IncAIZ USAnnual General Meeting
NRG Energy IncNRG USAnnual General Meeting
Kinder Morgan Inc/DEKMI USAnnual General Meeting
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Thursday, February 5, 2015

BARCHART MORNING CALL 2/5

OVERNIGHT MARKETS AND NEWS
March E-mini S&Ps (ESH15 +0.69%) this morning are up +0.44% on favorable stock earnings results, while European stocks are down -0.86%, led by a plunge in Greek bank stocks, after the ECB late yesterday restricted direct access to funding lines for Greek lenders. The ECB said it will no longer accept junk-rated collateral from Greece, citing doubt over the new government's commitment to previous reform pledges. Greek government bonds sank and Greece's ASE Stock Index tumbled over 5% as the ECB's decision will raise financing costs for Greek banks and adds pressure to the newly elected government to moderate its policies or risk sterner measures that may jeopardize its membership within the Eurozone. As expected, the BOE today kept its benchmark interest rate unchanged at 0.50% and maintained its asset purchase target at 375 billion pounds. Asian stocks closed mostly lower: Japan -0.98%, Hong Kong +0.35%, China -1.02%, Taiwan -0.02%, Australia +0.58%, Singapore -0.32%, South Korea -0.72%, India -0.11%. Commodity prices are mixed. Mar crude oil (CLH15 +1.53%) is up +0.39% and Mar gasoline (RBH15 +1.13%) is up +0.71%. Apr gold (GCJ15 -0.20%) is down -0.31%. Mar copper (HGH15 -2.03%) is down -1.95%. Agriculture prices are higher. The dollar index (DXY00 -0.07%) is down -0.07%. EUR/USD (^EURUSD) is up +0.68%. USD/JPY (^USDJPY) is up +0.08%. Mar T-note prices (ZNH15 +0.07%) are up +4 ticks.
The European Commission raised its Eurozone 2015 GDP estimate to 1.3% from a +1.1% projection in Nov, and lowered its 2015 CPI forecast to -0.1% from a Nov estimate of +0.8%, marking the first annual decline in consumer prices since the introduction of the euro in 1999.
German Dec factory orders jumped +4.2% m/m and +3.4% y/y, much better than expectations of +1.5% m/m and +0.7% y/y and the biggest increase in 5 months.
Boston Fed President Rosengren, speaking at an event in Germany, said "There is insufficient evidence that U.S. inflation is clearly trending toward the 2% goal" and that "a policy of patience in the U.S. continues to be appropriate."
UK Jan Halifax house prices rose +2.0% m/m, better than expectations of unch m/m and the biggest increase in 8 months.
U.S. STOCK PREVIEW
Today’s initial claims report is expected to show a +25,000 increase to 290,000 and the continuing claims report is expected to show an increase of +15,000 to 2.400 million. Today’s Dec U.S. trade deficit is expected to narrow mildly to -$38.0 billion from -$39.0 billion in November. Today’s Q4 non-farm productivity report is expected to show an increase of +0.2%, down from +2.3% in Q3. Q4 unit labor costs are expected to rise to +1.2% from -1.0% in Q3.
There are 70 of the S&P 500 companies that report earnings today: PPL Corp. (consensus $0.53), Ball Corp. (0.85), Becton Dickinson (1.43), Teradata (0.89), Philip Morris International (1.06), Michael Kors Holdings Ltd. (1.33), Cigna (1.67), Snap-on (1.81), TECO Energy (0.21), Cummins (2.50). Equity conferences this week include: Media Insights & Engagement Conference on Tue-Thu, Cowen and Company Aerospace/Defense Conference & Transport Forum on Wed-Thu.


OVERNIGHT U.S. STOCK MOVERS
Cigna (CI +1.29%) reported Q4 EPS of $1.69, more than consensus of $1.67.
O'Reilly Automotive (ORLY -0.29%) reported Q4 EPS of $1.76, better than consensus of $1.68.
Ralph Lauren (RL -18.22%) was downgraded to 'Neutral' from 'Buy' at Citigroup.
Lincoln National (LNC -0.02%) reported Q4 operating EPS of $1.67, above consensus of $1.48.
Under Armour (UA +1.02%) reported Q4 EPS of 40 cents, more than consensus of 39 cents.
Con-way (CNW -1.58%) reported Q4 adjusted EPS of 41 cents, less than consensus of 45 cents.
Hub Group (HUBG -1.05%) reported Q4 EPS ex-items of 41 cents, better than consensus of 38 cents.
Yum! Brands (YUM +0.05%) reported Q4 EPS ex-items of 61 cents, weaker than consensus of 66 cents.
Genpact (G unch) reported Q4 EPS of 26 cents, more than consensus of 24 cents.
Cincinnati Financial (CINF +0.71%) reported Q4 EPS of $1.02, higher than consensus of 85 cents.
Prudential (PRU -0.25%) fell 3% in after-hours trading after it reported Q4 adjusted EPS of $2.12, below consensus of $2.38.
Allstate (ALL +0.76%) reported Q4 EPS of $1.72, more than consensus of $1.68, and then announced a $3 billion stock buyback program.
21st Century Fox (FOXA +0.17%) reported Q2 EPS ex-items of 53 cents, higher than consensus of 42 cents.
Fortune Brands (FBHS +0.19%) reported Q4 EPS of 44 cents, below consensus of 51 cents, and then lowered guidance on fiscal 2015 EPS to $2.00-$2.10, well below consensus of $2.32.
Spectrum Brands (SPB +0.89%) reported Q1 EPS of $1.07, less than consensus of $1.08.
Keurig Green Mountain (GMCR -3.88%) fell 7% in after-hours trading after it reported Q1 EPS of 88 cents, below consensus of 89 cents, and then loweed guidance on Q2 EPS to $1.00-$1.05, weaker than consensus of $1.18.
MARKET COMMENTS
Mar E-mini S&Ps (ESH15 +0.69%) this morning are up +9.00 points (+0.44%). The S&P 500 index on Wednesday retreated from a 1-week high and closed lower: S&P 500 -0.42%, Dow Jones +0.04%, Nasdaq -0.19%. Bearish factors included (1) a slide in energy producers after the price of crude declined, and (2) the action by the ECB to lift a waiver on Greek government debt as collateral, which may lead to a cash crunch in Greece and its exit from the Eurozone. Bullish factors included (1) the action by the PBOC to cut the reserve requirement ratio of Chinese banks by 50 bp, which may boost liquidity and stimulate Chinese economic growth, and (2) the +0.2 point increase in the Jan ISM non-manufacturing index to 56.7, higher than expectations of 56.4.
Mar 10-year T-notes (ZNH15 +0.07%) this morning are up +4 ticks. Mar 10-year T-note futures prices on Wednesday closed lower. Closes: TYH5 -2.00, FVH5 -1.50. Bearish factors included (1) the stronger-than-expected Jan ISM non-manufacturing index, and (2) a rally in the S&P 500 to a 1-week high, which reduced safe-haven demand for T-notes. T-notes recovered from their worst levels on increased safe-haven demand after stocks plunge when the ECB dropped a waiver that allowed Greece to use government debt as collateral.
The dollar index (DXY00 -0.07%) this morning is down -0.062 (-0.07%). EUR/USD (^EURUSD) is up +0.0077 (+0.68%). USD/JPY (^USDJPY) is up +0.09 (+0.08%). The dollar index on Wednesday closed higher: Dollar index +0.386 (+0.41%), EUR/USD -0.0135 (-1.18%), USD/JPY -0.258 (-0.25%). Bullish factors included (1) the stronger-than-expected Jan ISM non-manufacturing index, which may keep the Fed on a path to raising interest rates, and (2) weakness in in EUR/USD on Greek sovereign debt concerns after the ECB dropped a waiver that allowed Greece to use government debt as collateral.
Mar WTI crude oil (CLH15 +1.53%) this morning is up +19 cents (+0.39%) and Mar gasoline (RBH15 +1.13%) is up +0.0105 (+0.71%). Mar crude oil and Mar gasoline on Wednesday closed sharply lower: CLH5 -4.60 (-8.67%), RBH5 -0.1196 (-7.47%). Bearish factors included (1) the +6.33 million bbl increase in weekly EIA crude inventories to a record 413.06 million bbl, more than double expectations of a +3.0 million bbl build, (2) the unexpected +2.34 million bbl increase in EIA gasoline stockpiles, more than expectations of a -1.0 million bbl draw, and (3) the +2.5 million bbl increase in crude supplies at Cushing, OK, delivery point of WTI futures, to a 1-year high of 41.38 million bbl.
GLOBAL EVENT CALENDAR02/05/2015
US0730 ETJan Challenger job cuts, Dec +6.6% y/y.
0830 ETWeekly initial unemployment claims expected +25,000 to 290,000, previous -43,000 to 265,000. Weekly continuing claims expected +15,000 to 2.400 million, previous -71,000 to 2.385 million.
0830 ETDec trade balance expected -$38.0 billion, Nov -$39.0 billion.
0830 ETQ4 non-farm productivity expected +0.2%, Q3 +2.3%. Q4 unit labor costs expected +1.2%, Q3 -1.0%.
0830 ETUSDA weekly Export Sales.
GER0200 ETGerman Dec factory orders expected +1.5% m/m and +0.7% y/y, Nov -2.4% m/m and -0.4% y/y.
UK0400 ETUK Jan new car registrations, Dec +8.7% y/y.
0700 ETBOE announces interest rate decision and asset-purchase target, expected no change to the 0.50% benchmark rate or to the 375 billion pound asset-purchase target.
EUR0500 ETThe European Commission publishes economic forecasts for the Eurozone.
U.S. STOCK CALENDAR02/05/2015
CompanyTickerTimeEvent DescriptionPeriodEstimate
PPL CorpPPL USBef-mktQ4 2014 Earnings ReleaseQ4 20140.534
Ball CorpBLL USBef-mktQ4 2014 Earnings ReleaseQ4 20140.851
Becton Dickinson and CoBDX USBef-mktQ1 2015 Earnings ReleaseQ1 20151.428
Teradata CorpTDC USBef-mktQ4 2014 Earnings ReleaseQ4 20140.894
Philip Morris International IncPM USBef-mktQ4 2014 Earnings ReleaseQ4 20141.062
Michael Kors Holdings LtdKORS USBef-mktQ3 2015 Earnings ReleaseQ3 20151.332
Cigna CorpCI USBef-mktQ4 2014 Earnings ReleaseQ4 20141.666
Snap-on IncSNA USBef-mktQ4 2014 Earnings ReleaseQ4 20141.805
TECO Energy IncTE USBef-mktQ4 2014 Earnings ReleaseQ4 20140.211
Cummins IncCMI USBef-mktQ4 2014 Earnings ReleaseQ4 20142.504
Entergy CorpETR USBef-mktQ4 2014 Earnings ReleaseQ4 20140.815
Vulcan Materials CoVMC USBef-mktQ4 2014 Earnings ReleaseQ4 20140.269
Estee Lauder Cos Inc/TheEL USBef-mktQ2 2015 Earnings ReleaseQ2 20151.046
Fidelity National Information Services IncFIS USBef-mktQ4 2014 Earnings ReleaseQ4 20140.871
Delphi Automotive PLCDLPH USBef-mktQ4 2014 Earnings ReleaseQ4 20141.269
Alliance Data Systems CorpADS USBef-mktQ4 2014 Earnings ReleaseQ4 20143.325
Xylem Inc/NYXYL US7:00Q4 2014 Earnings ReleaseQ4 20140.599
L Brands IncLB US7:30January 2015 Sales and Revenue Call2015
Becton Dickinson and CoBDX US8:00Q1 2015 Earnings CallQ1 2015
Michael Kors Holdings LtdKORS US8:00Q3 2015 Earnings CallQ3 2015
Perrigo Co PLCPRGO US8:00Q2 2015 Earnings ReleaseQ2 20151.764
PPL CorpPPL US8:30Q4 2014 Earnings CallQ4 2014
Teradata CorpTDC US8:30Q4 2014 Earnings CallQ4 2014
Cigna CorpCI US8:30Q4 2014 Earnings CallQ4 2014
Spectra Energy CorpSE US8:30Analyst & Investor MeetingY 2015
Intercontinental Exchange IncICE US8:30Q4 2014 Earnings CallQ4 2014
Fidelity National Information Services IncFIS US8:30Q4 2014 Earnings CallQ4 2014
Alliance Data Systems CorpADS US8:30Q4 2014 Earnings CallQ4 2014
Xylem Inc/NYXYL US9:00Q4 2014 Earnings CallQ4 2014
TECO Energy IncTE US9:00Q4 2014 Earnings CallQ4 2014
Noble Corp plcNE US9:00Q4 2014 Earnings CallQ4 2014
FMC CorpFMC US9:00Q4 2014 Earnings CallQ4 2014
Perrigo Co PLCPRGO US9:00Q2 2015 Earnings CallQ2 2015
Delphi Automotive PLCDLPH US9:00Q4 2014 Earnings CallQ4 2014
Allstate Corp/TheALL US9:00Q4 2014 Earnings CallQ4 2014
Yum! Brands IncYUM US9:15Q4 2014 Earnings CallQ4 2014
Estee Lauder Cos Inc/TheEL US9:30Q2 2015 Earnings CallQ2 2015
Snap-on IncSNA US10:00Q4 2014 Earnings CallQ4 2014
Cummins IncCMI US10:00Q4 2014 Earnings CallQ4 2014
Entergy CorpETR US10:00Q4 2014 Earnings CallQ4 2014
Lincoln National CorpLNC US10:00Q4 2014 Earnings CallQ4 2014
EQT CorpEQT US10:30Q4 2014 Earnings CallQ4 2014
Ball CorpBLL US11:00Q4 2014 Earnings CallQ4 2014
Rockwell Collins IncCOL US11:00Annual General Meeting
Vulcan Materials CoVMC US11:00Q4 2014 Earnings CallQ4 2014
O'Reilly Automotive IncORLY US11:00Q4 2014 Earnings CallQ4 2014
Prudential Financial IncPRU US11:00Q4 2014 Earnings CallQ4 2014
Cincinnati Financial CorpCINF US11:00Q4 2014 Earnings CallQ4 2014
Philip Morris International IncPM US13:00Q4 2014 Earnings CallQ4 2014
Essex Property Trust IncESS US13:00Q4 2014 Earnings CallQ4 2014
Macerich Co/TheMAC US13:30Q4 2014 Earnings CallQ4 2014
McKesson CorpMCK US16:00Q3 2015 Earnings ReleaseQ3 20152.61
VeriSign IncVRSN US16:05Q4 2014 Earnings ReleaseQ4 20140.717
CME Group Inc/ILCME US16:30Q4 2014 Earnings CallQ4 2014
Expedia IncEXPE US16:30Q4 2014 Earnings CallQ4 2014
VeriSign IncVRSN US16:30Q4 2014 Earnings CallQ4 2014
McKesson CorpMCK US17:00Q3 2015 Earnings CallQ3 2015
Stericycle IncSRCL US17:00Q4 2014 Earnings CallQ4 2014
Symantec CorpSYMC US17:00Q3 2015 Earnings CallQ3 2015
Apartment Investment & Management CoAIV USAft-mktQ4 2014 Earnings ReleaseQ4 20140.555
CME Group Inc/ILCME USAft-mktQ4 2014 Earnings ReleaseQ4 20140.929
Expedia IncEXPE USAft-mktQ4 2014 Earnings ReleaseQ4 20141.017
Kimco Realty CorpKIM USAft-mktQ4 2014 Earnings ReleaseQ4 20140.352
Symantec CorpSYMC USAft-mktQ3 2015 Earnings ReleaseQ3 20150.489
Allergan Inc/United StatesAGN USQ4 2014 Earnings ReleaseQ4 20141.829
Stericycle IncSRCL USQ4 2014 Earnings ReleaseQ4 20141.118
EQT CorpEQT USQ4 2014 Earnings ReleaseQ4 20140.649
Intercontinental Exchange IncICE USQ4 2014 Earnings ReleaseQ4 20142.541
News CorpNWSA USQ2 2015 Earnings ReleaseQ2 20150.241
L Brands IncLB USJanuary 2015 Sales and Revenue Release2015
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