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Tuesday, May 16, 2017

MORNING CALL 5/16

Barchart Morning Call

Barchart.com - Tue May 16, 6:42AM CDT

OVERNIGHT MARKETS AND NEWS

Jun E-mini S&Ps (ESM17 +0.07%) this morning are little changed, up +0.01%, as stock prices consolidate following Monday's rally to a new record high. European stocks are down -0.12% as exporter companies weakened after EUR/USD climbed to a 6-1/4 month high. Losses were contained on signs of European economic optimism after the German May ZEW survey expectations of economic growth rose to a 1-3/4 year high. Asian stocks settled mostly higher: Japan +0.25%, Hong Kong -0.14%, China +0.74%, Taiwan -0.05%, Australia +0.21%, Singapore -1.12%, South Korea +0.27%, India +0.86%. China's Shanghai Composite erased early declines and climbed to a 1-week high on signs that policy makers are trying to stabilize the market with state-sponsored buying of equities. Japan's Nikkei Stock Index rallied to a 17-1/2 month high as optimism over corporate earnings boosts stock prices. Japanese telecommunication stocks rose, led by gains in Nippon Telegraph & Telephone, after it announced plans to raise its dividend this year.

The dollar index (DXY00 -0.47%) is down -0.42% at a 6-month low. EUR/USD (^EURUSD) is up +0.75% at a 6-1/4 month high. USD/JPY (^USDJPY) is down -0.11%.

Jun 10-year T-note prices (ZNM17 -0.05%) are down -1 tick.

ECB Governing Council member Smets said risks to Eurozone economic growth "are certainly close to balance," although "in my opinion, it is still too early to declare that inflation is durably converging to its target."

Eurozone Apr new car registrations fell -6.6% y/y to 1.191 million, the largest decline in 4 years. Year-to-date registrations are up +4.7% y/y to 3,819,086.

The German May ZEW survey expectations of economic growth rose +1.1 to 20.6, weaker than expectations of +2.5 to 22.0, but still the highest in 1-3/4 years.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Apr housing starts (expected +3.7% to 1.260 million, Mar -6.8% to 1.215 million), (2) Apr industrial production (expected +0.4%, Mar +0.5%).

Notable Russell 2000 earnings reports today include: Home Depot (consensus $1.61), TJX (0.79), Staples (0.17), Dick's Sporting Goods (0.54), Alere (0.54), Urban Outfitters (0.15).

U.S. IPO's scheduled to price today: G1 Therapeutics (GTHX), Modern Media Acquisition (MMDMU).

Equity conferences: JP Morgan Denver Energy Bus Tour on Mon-Tue, Bank of America Merrill Lynch Global Mining Metals & Steel Conference on Tue, Deutsche Bank Clean Tech Utility & Power Conference on Tue, Needham Emerging Technology Conference on Tue-Wed, Goldman Sachs Basic Materials Conference on Tue-Wed, Bank of America Merrill Lynch Health Care Conference on Tue-Thu, Barclays Americas Select Franchise Conference on Tue-Fri, Stephens Energy Executive Summit on Wed, BMO Capital Markets Farm to Market Conference on Wed-Thu, J.P. Morgan Homebuilding & Building Products Conference on Wed-Thu, MoffettNathanson Media & Communications Summit on Wed-Thu, RBC Capital Markets Canadian Automotive, Transportation & Industrials Conference on Thu, Barclays Water Symposium - Panel on Thu.

OVERNIGHT U.S. STOCK MOVERS

Yum! Brands (YUM +0.46%) was upgraded to 'Buy' from 'Hold' at Argus with a price target of $80.

Dr Pepper Snapple Group (DPS +0.82%) was upgraded to 'Overweight' from 'Equalweight' at Morgan Stanley with a price target of $104.

Pfizer (PFE +0.33%) is down over 1% in pre-market trading after it was downgraded to 'Sell' from 'Neutral' at Citigroup.

Sysco (SYY +0.17%) was initiated with a 'Buy' at Loop Capital Markets with a 12-month price target of $61.

LGI Homes ({=LGIH was upgraded to 'Market Perform' from 'Underperform' at Wells Fargo Securities with a price target of $33.

Sage Therapeutics (SAGE -0.58%) was initiated with a 'Buy' at Needham & Co. with a 12-month target price of $82.

Vipshop Holdings Ltd (VIPS -0.87%) rose over 2% in after-hours trading after it reported Q1 revenue of $2.32 billion, above consensus of $2.27 billion.

Kornit Digital Ltd (KRNT +0.68%) slid 3% in after-hours trading after it announced the launch of an underwritten secondary public offering of 4.25 million shares of its stock by the company's largest shareholder, Fortissimo Capital Fund II LP.

Editas Medicine (EDIT +3.73%) lost nearly 7% in after-hours trading after it reported a Q1 loss of -85 cents a share, wider than consensus of -70 cents.

Akebia Therapeutics (AKBA +1.65%) jumped 12% in after-hour trading after it entered into an exclusive license pact with Fresenius Medical to exclusively distribute vadadustat upon FDA approval.

Etsy Inc (ETSY +0.53%) may move higher today after TPG Group reported a 4.3% stake in Etsy and Dragoneer reported a 3.7% stake in the company.

Pernix Therapeutics Holdings (PTX -2.05%) plunged 30% in after-hours trading after it reported a Q1 net loss of -$29.5 million and said it is still analyzing strategic and refinancing alternatives.

MARKET COMMENTS

June E-mini S&Ps (ESM17 +0.07%) this morning are up +0.25 of a point (+0.01%). Monday's closes: S&P 500 +0.48%, Dow Jones +0.41%, Nasdaq +0.31%. The S&P 500 on Monday rallied to a new record high and closed higher on the unexpected +2 point increase in the U.S. May NAHB housing market index, stronger than expectations of unchanged at 68, and on strength in energy producing companies after crude oil rose 2.11% to a 2-week high. Stocks were undercut by the -6.2 point decline in the U.S. May Empire manufacturing index to -1.0, weaker than expectations of +2.3 to 7.5 and the steepest pace of contraction in 7 months.

June 10-year T-notes (ZNM17 -0.05%) this morning are down -1 tick. Monday's closes: TYM7 -0.50, FVM7 -0.50. Jun 10-year T-notes on Monday fell back from a 1-1/2 week high and closed slightly lower on the unexpected increase in the U.S. May NAHB housing market index (+2 to 70), and (2) the rally in the S&P 500 to a new record high, which reduces the safe-haven demand for T-notes.

The dollar index (DXY00 -0.47%) this morning is down -0.419 (-0.42%) to a 6-month low. EUR/USD (^EURUSD) is up +0.0082 (+0.75%) at a 6-1/4 month high and USD/JPY (^USDJPY) is down -0.12 (-0.11%). Monday's closes: Dollar index -0.341 (-0.34%), EUR/USD +0.0044 (+0.40%), USD/JPY +0.41 (+0.36%). The dollar index on Monday closed lower on the rally in crude oil that boosted the currencies of the crude oil exporting countries of Russia and Canada to 2-week highs against the dollar. The dollar index was also undercut by the unexpected contraction in the U.S. May Empire manufacturing survey of general business conditions (-6.2 to -1.0), which bolsters the case for the Fed to refrain from further raising interest rates.

June WTI crude oil prices (CLM17 +0.63%) this morning are up +18 cnts (+0.37%) and June gasoline (RBM17 +0.81%) is +0.0080 (+0.50%). Monday's closes: Jun crude +1.01 (+2.11%), Jun gasoline +0.0139 (+1.22%). Jun crude oil and gasoline on Monday rallied to 2-week highs and settled higher. Crude oil prices rallied on a weaker dollar and comments from Saudi Arabia's and Russia's energy ministers that they favor extending their crude oil production cuts until Mar 2018, three months longer than expectations for an extension to the end of 2017.

GLOBAL EVENT CALENDAR05/16/2017

		Tuesday, May 16
US	0830 ET	Apr housing starts expected +3.7% to 1.260 million, Mar -6.8% to 1.215 million. Apr building permits expected +0.2% to 1.270 million, Mar +4.2% to 1.267 million.
	0915 ET	Apr industrial production expected +0.4%, Mar +0.5%. Apr manufacturing production expected +0.4%, Mar -0.4%. Apr capacity utilization expected +0.2 to 76.3%, Mar +0.4 to 76.1%.
		Wednesday, May 17
US	0700 ET	Weekly MBA mortgage applications, previous +2.4% with purchase sub-index +1.7% and refi sub-index +3.3%.
	1030 ET	EIA Weekly Petroleum Status Report.

U.S. STOCK CALENDAR05/16/2017

Company	Ticker	Time	Event Description	Period	Estimate
Staples Inc	SPLS US	Bef-mkt	Q1 2018 Earnings Release	Q1 18	0.173
Dick's Sporting Goods Inc	DKS US	Bef-mkt	Q1 2018 Earnings Release	Q1 18	0.542
Murphy USA Inc	MUSA US	08:00	Investor Day
Staples Inc	SPLS US	08:00	Q1 2018 Earnings Call	Q1 18
Diamond Offshore Drilling Inc	DO US	08:30	Annual General Meeting
Hanover Insurance Group Inc/The	THG US	09:00	Annual General Meeting
Stanley Black & Decker Inc	SWK US	09:00	Investor Day
FirstEnergy Corp	FE US	09:00	Annual General Meeting
Home Depot Inc/The	HD US	09:00	Q1 2018 Earnings Call	Q1 18
Home Depot Inc/The	HD US	09:00	Q1 2018 Earnings Release	Q1 18	1.614
TJX Cos Inc/The	TJX US	09:30	Q1 2018 Earnings Release	Q1 18	0.79
Avis Budget Group Inc	CAR US	09:30	Annual General Meeting
BankUnited Inc	BKU US	10:00	Annual General Meeting
Dick's Sporting Goods Inc	DKS US	10:00	Q1 2018 Earnings Call	Q1 18
JPMorgan Chase & Co	JPM US	10:00	Annual General Meeting
Principal Financial Group Inc	PFG US	10:00	Annual General Meeting
Arthur J Gallagher & Co	AJG US	10:00	Annual General Meeting
Halliburton Co	HAL US	10:00	Annual General Meeting
Quest Diagnostics Inc	DGX US	10:30	Annual General Meeting
Square Inc	SQ US	11:00	Investor Day
Vectren Corp	VVC US	11:00	Annual General Meeting
TJX Cos Inc/The	TJX US	11:00	Q1 2018 Earnings Call	Q1 18
Stanley Black & Decker Inc	SWK US		Investor Day
Realty Income Corp	O US		Annual General Meeting
WR Berkley Corp	WRB US		Annual General Meeting
Alere Inc	ALR US		Q1 2017 Earnings Release	Q1 17	0.54
Newfield Exploration Co	NFX US		Annual General Meeting
ConocoPhillips	COP US		Annual General Meeting
QEP Resources Inc	QEP US		Annual General Meeting
Packaging Corp of America	PKG US		Annual General Meeting
Arconic Inc	ARNC US		Annual General Meeting - Proxy Fight for Board Representation
Masco Corp	MAS US	13:00	Investor Day
Nordstrom Inc	JWN US	14:00	Annual General Meeting
Essex Property Trust Inc	ESS US	16:00	Annual General Meeting
Urban Outfitters Inc	URBN US	Aft-mkt	Q1 2018 Earnings Release	Q1 18	0.151
Charles Schwab Corp/The	SCHW US	17:00	Annual General Meeting
Urban Outfitters Inc	URBN US	17:00	Q1 2018 Earnings Call	Q1 18

Wednesday, March 29, 2017

MORNING CALL 3/29

Barchart Morning Call

Barchart.com - 1 hour ago

OVERNIGHT MARKETS AND NEWS

Jun E-mini S&Ps (ESM17 unch) this morning are little changed, down -0.02%, and European stocks are up +0.08% at a 1-1/4 year high. Strength in crude oil prices is lifting energy producing stocks with May WTI crude oil (CLK17 +0.41%) up +0.45% at a 1 week high on disruptions in Libyan oil output after Libya's NOC said that its crude production fell to 500,000 bpd when a pipeline from the Sharara oil field, the country's biggest, stopped operating. GBP/USD fell -0.10% to a 1-week low and gains in European stocks were muted ahead of the expected signing of Article 50 of the Lisbon Treaty by UK Prime Minister May that will begin the exit of the UK from the European Union. Another negative is the potential breakup of the UK as Scotland may use Brexit and start a referendum in their push for autonomy from England. Asian stocks settled mixed: Japan +0.08%, Hong Kong +0.19%, China -0.36%, Taiwan -0.20%, Australia +0.90%, Singapore +0.85%, South Korea +0.22%, India +0.41%. Chinese stocks retreated as property stocks fell on concern the government will start imposing tighter property controls to keep the housing market from a bubble.

The dollar index (DXY00 +0.09%) is up +0.15%. EUR/USD (^EURUSD) is down -0.26%. USD/JPY (^USDJPY) is down -0.16%.

Jun 10-year T-note prices (ZNM17 +0.06%) are unchanged.

The German Feb import price index rose +0.7% m/m and +7.4% y/y, stronger than expectations of +0.4% m/m and +7.0% y/y with the +7.4%y/y gain the largest year=on-year increase in 5-3/4 years.

Japan Feb retail sales rose +0.2% m/m and +0.1% y/y, weaker than expectations of +0.3% m/m and +0.7% y/y.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) weekly MBA mortgage applications (previous -2.7% with purchase sub-index -2.1% and refi sub-index -3.3%), (2) Chicago Fed President Charles Evans (voter) speaks on current economic conditions and monetary policy at the DZ Bank-OMFIF International Capital Markets Conference in Frankfurt, (3) Feb pending home sales (expected +2.5% m/m, Jan -2.8% m/m and +2.7% y/y), (4) Treasury auctions $13 billion 2-year floating-rate notes, (5) Boston Fed President Eric Rosengren (non-voter) speaks on the economic outlook to the Economic Club of Boston, (6) Treasury auctions $28 billion of 7-year T-notes, (7) San Francisco Fed President John Williams speaks to the Forecasters Club of New York on “From Sustained Recovery to Sustainable Growth: What a Difference Four Years Makes,” (8) EIA Weekly Petroleum Status Report.

Notable Russell 1000 earnings reports today include: Paychex (consensus $0.54), Perrigo (1.81), Lululemon (1.01).

U.S. IPO's scheduled to price today: none.

Equity conferences: Jefferies Animal Health Summit on Thu.

OVERNIGHT U.S. STOCK MOVERS

Groupon (GRPN +0.25%) and Twitter (TWTR -0.33%) both fell 1% in pre-market trading after Barclays PLC initiated coverage on the Internet sector with 'Underweight' ratings for both stocks.

CyberArk Software (CYBR unch) was upgraded to 'Outperform' from 'Neutral' at Evercore ISI with a price target of $60.

RH (RH +3.57%) surged 15% in after-hours trading after it forecast Q1 net revenue of $530 million-$545 million, above consensus of $485.1 million

Computer Sciences (CSC +1.50%) gained 1% in after-hours trading after it was announced that it will replace Southwestern Energy in the S&P 500 before the open of trading on Tuesday, April 4.

Wells Fargo (WFC +1.03%) reached an agreement in principle to pay $1110 million to settle a class action lawsuit concerning retail sales practices over fake accounts.

Dave & Buster's Entertainment (PLAY +2.34%) fell over 3% in after-hours trading after it reported Q4 comparable sales rose +3.2%, below consensus of +3.7%.

Ollie's Bargain Outlet Holdings (OLLI +0.46%) rose 3% in after-hours trading after it reported Q4 net sales of $283.4 million, higher than consensus of $281 million.

Western Union (WU +0.60%) was downgraded to 'Sell' from 'Hold' at Edward Jones.

Sonic (SONC +2.44%) lost nearly 3% in after-hours trading after it reported Q3 revenue of $100.2 million, weaker than consensus of $104.6 million and said Q2 system-wide comparable sales fell -7.4%, a bigger decline than consensus of -4.5%.

Landex (LNDC +0.87%) said it sees Q4 EPS of 9 cents-11 cents, well below consensus of 21 cents.

Depomed (DEPO -4.50%) slid 4% in after-hours trading after it said it sees Q1 net sales of $95 million-$100 million, below consensus of $114.7 million.

Laureate Education (LAUR +2.51%) reported Q4 EPS of 27 cents, well above consensus of 12 cents.

Verint Systems (VRNT -1.13%) jumped 8% in after-hours trading after it reported Q4 adjusted EPS of 90 cents, better than consensus of 86 cents.

Orexigen Therapeutics (OREX +2.66%) dropped 7% in after-hours trading after it reported a Q4 loss per share of -$1.69, much wider than consensus of -86 cents.

Pernix Therapeutics Holdings (PTX -2.64%) tumbled nearly 10% in after-hours trading after it said it continues to analyze various alternatives, including strategic and refinancing alternatives, to improve financial flexibility.

MARKET COMMENTS

Jun E-mini S&Ps (ESM17 unch) this morning are down -0.50 points (-0.02%). Tuesday's closes: S&P 500 +0.73%, Dow Jones +0.73%, Nasdaq +0.61%. The S&P 500 on Tuesday closed higher on the unexpected +9.5 point increase in U.S. Mar consumer confidence (Conference Board) to 125.6 (stronger than expectations of -0.8 to 114.0 and the highest in 16-1/4 years) and the unexpected +5 point increase in the Mar Richmond Fed manufacturing index to 22 (stronger than expectations of -2 to 15 and the fastest pace of expansion in 6-3/4 years). Energy producer stocks rallied due to the +1.3% rally in crude oil prices.

Jun 10-year T-notes (ZNM17 +0.06%) this morning are unch. Tuesday's closes: TYM7 -10.-0, FVM7 -7.00. Jun 10-year T-notes on Tuesday closed lower on the unexpected increase in U.S. Mar consumer confidence to a 16-1/4 year high and on reduced safe-haven demand with the strength in stocks.

The dollar index (DXY00 +0.09%) this morning is up +0.145 (+0.15%). EUR/USD (^EURUSD) is down -0.0028 (-0.26%) and USD/JPY (^USDJPY) is down -0.18 (-0.16%). Tuesday's closes: Dollar index +0.546 (+0.55%), EUR/USD -0.0050 (-0.46%), USD/JPY +0.49 (+0.44%). The dollar index on Tuesday closed higher on the unexpected increase in U.S. Mar consumer confidence to a 16-1/4 year high (+9.5 to 125.6) and on weakness in EUR/USD after ECB Executive Board member Praet said that it's too soon to start discussing when to withdraw stimulus.

May WTI crude oil prices (CLK17 +0.41%) this morning are up +22 cents (+0.45%) at a 1-week high and May gasoline (RBK17 +0.75%) is +0.0105 (+0.64%). Tuesday's closes: May crude +0.64 (+1.34%), May gasoline +0.0101 (+0.62%). May crude oil and gasoline on Tuesday closed higher with May gasoline at a 2-week high. Crude oil prices were boosted by the action by Libya's NOC to declare force majeure on loadings of Sharara crude from its Zawiya oil terminal after it closed its pipeline from the Sharara field, its biggest pipeline. Crude oil prices were undercut by expectations for EIA crude inventories to climb +2.0 million bbl on Wednesday.

GLOBAL EVENT CALENDAR03/29/2017

		Wednesday, Mar 29
US	0700 ET	Weekly MBA mortgage applications, previous -2.7% with purchase sub-index -2.1% and refi sub-index -3.3%.
	0920 ET	Chicago Fed President Charles Evans (voter) speaks on current economic conditions and monetary policy at the DZ Bank-OMFIF International Capital Markets Conference in Frankfurt.
	1000 ET	Feb pending home sales expected +2.5% m/m, Jan -2.8% m/m and +2.7% y/y.
	1030 ET	EIA Weekly Petroleum Status Report.
	1130 ET	Treasury auctions $13 billion 2-year floating-rate notes.
	1130 ET	Boston Fed President Eric Rosengren (non-voter) speaks on the economic outlook to the Economic Club of Boston.
	1300 ET	Treasury auctions $28 billion of 7-year T-notes.
	1315 ET	San Francisco Fed President John Williams speaks to the Forecasters Club of New York on From Sustained Recovery to Sustainable Growth: What a Difference Four Years Makes.
		Thursday, Mar 30
US	0830 ET	Weekly initial unemployment claims expected -11,000 to 247,000, previous +15,000 to 258,000. Weekly continuing claims expected +41,000 to 2.031 million, previous -39,000 to 1.990 million.
	0830 ET	Revised Q4 GDP expected +2.0% q/q annualized, previous +1.9%. Q4 personal consumption expected unrevised from +3.0%. Q4 GDP price index expected unrevised from +2.0%. Q4 core PCE expected unrevised from +1.2%.
	0830 ET	USDA weekly Export Sales.
	1100 ET	Dallas Fed President Robert Kaplan (voter) speaks in a moderated Q&A discussion at the U.S. Chamber of Commerce at its annual capital markets summit.
	1500 ET	USDA Q1 Hogs & Pigs Inventory.
	1630 ET	New York Fed President William Dudley (voter) speaks on financial conditions and the conduct of monetary policy at an event in Sarasota, FL.

U.S. STOCK CALENDAR03/29/2017

Company	Ticker	Time	Event Description	Period	Estimate
Paychex Inc	PAYX US	Bef-mkt	Q3 2017 Earnings Release	Q3 17	0.538
Paychex Inc	PAYX US	09:30	Q3 2017 Earnings Call	Q3 17
McCormick & Co Inc/MD	MKC US	10:00	Annual General Meeting
Alaska Air Group Inc	ALK US	11:30	Investor Day
Computer Sciences Corp	CSC US		Investor Day
Perrigo Co PLC	PRGO US		Q4 2016 Earnings Release	Q4 16	1.812
Lululemon Athletica Inc	LULU US	Aft-mkt	Q4 2017 Earnings Release	Q4 17	1.006
Lululemon Athletica Inc	LULU US	16:30	Q4 2017 Earnings Call	Q4 17