Showing posts with label PXD. Show all posts
Showing posts with label PXD. Show all posts

Tuesday, April 26, 2016

MORNING CALL 4/26

MORNING CALL
OVERNIGHT MARKETS AND NEWS
Jun E-mini S&Ps (ESM16 +0.12%) are up +0.12% and European stocks are up +0.22% ahead of the start of the 2-day FOMC meeting that begins today. The market is not expecting any increase in interest rates at this meeting but will be looking for clues as when to the Fed may be considering another hike in rates. Energy producers are stronger as crude oil (CLM16 +1.01%) is up +0.89% and GBP/USD is up +0.52% at a 2-1/2 month high on speculation that Britain will vote to remain in the EU following the June 23 referendum. Asian stocks settled mixed: Japan -0.49%, Hong Kong +0.48%, China +0.61%, Taiwan +0.25%, Australia -0.30%, Singapore -0.19%, South Korea +0.32%, India +1.28%.
The dollar index (DXY00 -0.25%) is down -0.26%. EUR/USD (^EURUSD) is up +0.12%. USD/JPY (^USDJPY) is down -0.26%.
Jun T-note prices (ZNM16 -0.04%) are down -2.5 ticks at a 4-week low.

U.S. STOCK PREVIEW
Key U.S. news today includes: (1) Mar durable goods orders (expected +1.8% and +0.5% ex transportation, Feb -3.0% and -1.3% ex transportation), (2) Feb S&P/CaseShiller composite-20 home price index (expected +0.8% m/m and +5.5% y/y, Jan +0.8% m/m and +5.75% y/y), (3) prelim-Apr Markit services PMI (expected +0.7 to 52.0, Mar +1.6 to 51.3), (4) Apr Conference Board U.S. consumer confidence index (expected -0.3 to 95.9, Mar +2.2 to 96.2), (5) Apr Richmond Fed manufacturing survey (expected -10 to 12, Mar +26 to 22), (6) first day of the 2-day FOMC meeting, and (7) the Treasury's auction of $34 billion of 5-year T-notes.
There are 50 of the S&P 500 companies that report earnings today with notable reports including: Apple (consensus 2.00), eBay (0.45), Capital One (1.92), Procter & Gamble (0.82), AT&T (0.69), Chipotle (-1.05),
U.S. IPO's scheduled to price today: Yintech Investment Holdings (YIN), Red Rock Investments (RRR).
Equity conferences this week include: Nomura Retail and Restaurants Conference on Wed.
OVERNIGHT U.S. STOCK MOVERS
NXP Semiconductors (NXPI -1.24%) climbed over 2% in pre-market trading after it reported Q1 adjusted EPS of $1.14, higher than consensu sof $1.11.
Pioneer National Resources (PXD +0.23%) gained almost 3% in after-hours trading after it said it sees 2016 production growth of 12%, higher than a previous estimate of 10%.
Chemtura (CHMT +0.14%) was upgraded to 'Buy' from 'Hold' at BB&T Capital Markets with a 12-month price target of $37.
Spark Energy (SPKE -2.06%) was rated a new 'Outperform' at FBR Capital Markets with a 12-month price target of $27.
Express Scripts Holdings (ESRX +0.23%) fell over 2% in after-hour trading after it reported Q1 adjusted EPS of $1.22, right on consensus, but Q1 revenue of $24.8 billion was less than consensus of $25.2 billion.
Office Depot (ODP -1.13%) reported Q1 adjusted EPS of 10 cents, below consensus of 12 cents.
Ethan Allen Interiors (ETH -0.06%) rallied nearly 4% in after-hours trading after it reported Q3 adjusted EPS of 34 cents, better than consensus of 31 cents,
Canadian National Railway (CNI -1.05%) slipped nearly 5% in after-hours trading after it cut its full-year forecast and said it sees carloads down 4%-5%y/y.
Sanmina (SANM +0.82%) rose over 5% in after-hours trading after it reported Q2 non-GAP EPS of 63 cents, higher than consensus of 57 cents.
Artana Therapeutics (PETX -4.29%) climbed over 15% in after-hours trading after it entered into a licensing agreement with Eli Lilly's Elanco animal health unit.
Nabors Industries (NBR -4.34%) fell nearly 5% in after-hours trading after it reported Q1 operating revenue of $597.6 million, less than consensus of $633.4 million and said it sees margins deteriorating, particularly in the lower 48 U.S. states.
Knowles (KN -8.89%) surged over 20% in after-hours trading after it reported Q1 adjusted EPS of 8 cents, more than double consensus of 3 cents, and said it sees Q2 adjusted EPS of 8 cents-14 cents, above consensus of 8 cents.
Container Store Group (TCS -8.04%) jumped over 20% in after-hours trading after it reported Q4 adjusted EPS of 20 cents, right on consensus, but said comparable sales were up +0.2%, better than expectations of a -3.6% decline.
Ballard Power Systems (BLDP -2.11%) rallied over 15% in after-hours trading after it delivered a prototype PEM (proton exchange membrane) fuel cell propulsion modules to Boeing's Insitu unit for use in the ScanEagle unmanned aerial vehicle.

MARKET COMMENTS
June E-mini S&Ps (ESM16 +0.12%) this morning are up +2.50 points (+0.12%). Monday's closes: S&P 500 -0.18%, Dow Jones -0.15%, Nasdaq unchanged. The S&P 500 on Monday closed lower on negative carryover from a slide in European stocks after a gauge of German investor confidence unexpectedly declined. Stocks were also undercut by the unexpected -1.5% decline in U.S. Mar new home sales to 511,000 (weaker than expectations of +1.6% to 520,000).
June 10-year T-note prices (ZNM16 -0.04%) this morning are down -2.5 ticks at a 4-week low. Monday's closes: TYM6 -3.00, FVM6 -1.50. Jun T-notes on Monday fell to a 3-1/2 week low and closed lower on supply overhang amidst this week's $103 billion T-note auction package, the rise in the 10-year T-note breakeven inflation expectations rate to an 8-1/2 month high, and negative carryover from a fall in German bund prices to a 5-week low.
The dollar index (DXY00 -0.25%) this morning is down -0.251 (-0.26%). EUR/USD (^EURUSD) is up +0.0014 (+0.12%). USD/JPY (^USDJPY) is down-0.29 (-0.26%). Monday's closes: Dollar Index -0.274 (-0.29%), EUR/USD +0.0046 (+0.41%), USD/JPY -0.59 (-0.53%). The dollar index on Monday closed lower on weakness in USD/JPY as a slide in stocks boosted the safe-haven demand for the yen. The dollar was also hurt by strength in GBP/USD, which climbed to a 2-1/4 month high on increased hopes for Britain to remain within the EU ahead of June's referendum.
June WTI crude oil (CLM16 +1.01%) this morning is up +38 cents (+0.89%). June gasoline (RBM16 +0.88%) is up +0.0119 (+0.78%). Monday's closes: CLM6 -1.09 (-2.49%), RBM6 -0.0170 (-1.10%). Jun crude and gasoline on Monday closed lower on concern that the global crude oil glut will persist after Saudi Aramco said it will complete expansion of its Shaybah oilfield next month to boost its output capacity to 1.0 million bpd from 750,000 bpd currently. In addition, Iranian Oil Minister Zanganeh said Iran's oil production has increased by +1.0 million bpd since Jan and will continue to increase until Iran's pre-sanctions oil market share is regained.
GLOBAL EVENT CALENDAR04/26/2016
US0830 ETMar durable goods orders expected +1.8% and +0.5% ex transportation, Feb -3.0% and -1.3% ex transportation. Mar capital goods new orders nondefense ex-aircraft & parts expected +0.6%, Feb -2.5%.
0900 ETFeb S&P/CaseShiller composite-20 home price index expected +0.8% m/m and +5.5% y/y, Jan +0.8% m/m and +5.75% y/y.
0945 ETPrelim-Apr Markit services PMI expected +0.7 to 52.0, Mar +1.6 to 51.3. Apr Markit composite PMI, Mar +1.3 to 51.3.
1000 ETApr Conference Board U.S. consumer confidence index expected -0.3 to 95.9, Mar +2.2 to 96.2.
1000 ETApr Richmond Fed manufacturing survey expected -10 to 12, Mar +26 to 22.
1030 ETFOMC begins 2-day policy meeting.
1300 ETTreasury auctions $34 billion of 5-year T-notes.
CHI2130 ETChina Mar industrial profits, Feb -4.7% y/y.
2145 ETChina Apr Westpac-MNI consumer sentiment, Mar +6.8 to 118.1.
U.S. STOCK CALENDAR04/26/2016

CompanyTickerTimeEvent DescriptionPeriodEstimate
Baxter International IncBAX USBef-mktQ1 2016 Earnings ReleaseQ1 20160.292
Corning IncGLW USBef-mktQ1 2016 Earnings ReleaseQ1 20160.284
EI du Pont de Nemours & CoDD USBef-mktQ1 2016 Earnings ReleaseQ1 20161.036
Entergy CorpETR USBef-mktQ1 2016 Earnings ReleaseQ1 20161.192
Freeport-McMoRan IncFCX USBef-mktQ1 2016 Earnings ReleaseQ1 2016-0.172
Hershey Co/TheHSY USBef-mktQ1 2016 Earnings ReleaseQ1 20161.068
Eli Lilly & CoLLY USBef-mktQ1 2016 Earnings ReleaseQ1 20160.853
3M CoMMM USBef-mktQ1 2016 Earnings ReleaseQ1 20161.924
Procter & Gamble Co/ThePG USBef-mktQ3 2016 Earnings ReleaseQ3 20160.817
Ryder System IncR USBef-mktQ1 2016 Earnings ReleaseQ1 20161.048
PACCAR IncPCAR USBef-mktQ1 2016 Earnings ReleaseQ1 20160.959
Pentair PLCPNR USBef-mktQ1 2016 Earnings ReleaseQ1 20160.713
T Rowe Price Group IncTROW USBef-mktQ1 2016 Earnings ReleaseQ1 20161.032
Simon Property Group IncSPG USBef-mktQ1 2016 Earnings ReleaseQ1 20162.537
Lockheed Martin CorpLMT USBef-mktQ1 2016 Earnings ReleaseQ1 20162.602
Reynolds American IncRAI USBef-mktQ1 2016 Earnings ReleaseQ1 20160.503
DTE Energy CoDTE USBef-mktQ1 2016 Earnings ReleaseQ1 20161.49
Wyndham Worldwide CorpWYN USBef-mktQ1 2016 Earnings ReleaseQ1 20161.105
Whirlpool CorpWHR US6:00Q1 2016 Earnings ReleaseQ1 20162.684
Centene CorpCNC US6:00Q1 2016 Earnings ReleaseQ1 20160.719
Ingersoll-Rand PLCIR US6:30Q1 2016 Earnings ReleaseQ1 20160.367
Masco CorpMAS US7:00Q1 2016 Earnings ReleaseQ1 20160.262
Waters CorpWAT US7:00Q1 2016 Earnings ReleaseQ1 20161.234
McGraw Hill Financial IncMHFI US7:15Q1 2016 Earnings ReleaseQ1 20161.153
Parker-Hannifin CorpPH US7:30Q3 2016 Earnings ReleaseQ3 20161.445
FLIR Systems IncFLIR US7:30Q1 2016 Earnings ReleaseQ1 20160.321
Coca-Cola Enterprises IncCCE US8:00Annual General MeetingY 2016
EI du Pont de Nemours & CoDD US8:00Q1 2016 Earnings CallQ1 2016
Masco CorpMAS US8:00Q1 2016 Earnings CallQ1 2016
Pentair PLCPNR US8:00Q1 2016 Earnings CallQ1 2016
Baxter International IncBAX US8:30Q1 2016 Earnings CallQ1 2016
Corning IncGLW US8:30Q1 2016 Earnings CallQ1 2016
Hershey Co/TheHSY US8:30Q1 2016 Earnings CallQ1 2016
McGraw Hill Financial IncMHFI US8:30Q1 2016 Earnings CallQ1 2016
Procter & Gamble Co/ThePG US8:30Q3 2016 Earnings CallQ3 2016
Express Scripts Holding CoESRX US8:30Q1 2016 Earnings CallQ1 2016
Waters CorpWAT US8:30Q1 2016 Earnings CallQ1 2016
Centene CorpCNC US8:30Q1 2016 Earnings CallQ1 2016
Coach IncCOH US8:30Q3 2016 Earnings CallQ3 2016
Wyndham Worldwide CorpWYN US8:30Q1 2016 Earnings CallQ1 2016
American Electric Power Co IncAEP US9:00Annual General Meeting
Eli Lilly & CoLLY US9:00Q1 2016 Earnings CallQ1 2016
3M CoMMM US9:00Q1 2016 Earnings CallQ1 2016
Exelon CorpEXC US9:00Annual General Meeting
Citigroup IncC US9:00Annual General MeetingY 2016
Reynolds American IncRAI US9:00Q1 2016 Earnings CallQ1 2016
DTE Energy CoDTE US9:00Q1 2016 Earnings CallQ1 2016
Comerica IncCMA US9:30Annual General Meeting
Freeport-McMoRan IncFCX US10:00Q1 2016 Earnings CallQ1 2016
Ingersoll-Rand PLCIR US10:00Q1 2016 Earnings CallQ1 2016
International Business Machines CorpIBM US10:00Annual General MeetingY 2016
Kimco Realty CorpKIM US10:00Annual General MeetingY 2016
Wells Fargo & CoWFC US10:00Annual General MeetingY 2016
Whirlpool CorpWHR US10:00Q1 2016 Earnings CallQ1 2016
Pioneer Natural Resources CoPXD US10:00Q1 2016 Earnings CallQ1 2016
Entergy CorpETR US11:00Q1 2016 Earnings CallQ1 2016
Parker-Hannifin CorpPH US11:00Q3 2016 Earnings CallQ3 2016
PNC Financial Services Group Inc/ThePNC US11:00Annual General MeetingY 2016
Praxair IncPX US11:00Annual General MeetingY 2016
Ryder System IncR US11:00Q1 2016 Earnings CallQ1 2016
PACCAR IncPCAR US11:00Q1 2016 Earnings CallQ1 2016
FLIR Systems IncFLIR US11:00Q1 2016 Earnings CallQ1 2016
Simon Property Group IncSPG US11:00Q1 2016 Earnings CallQ1 2016
Lockheed Martin CorpLMT US11:00Q1 2016 Earnings CallQ1 2016
Centene CorpCNC US11:00Annual General MeetingY 2016
UDR IncUDR US13:00Q1 2016 Earnings CallQ1 2016
PACCAR IncPCAR US13:30Annual General Meeting
FMC CorpFMC US14:00Annual General MeetingY 2016
Capital One Financial CorpCOF US16:05Q1 2016 Earnings ReleaseQ1 20161.92
Robert Half International IncRHI US16:15Q1 2016 Earnings ReleaseQ1 20160.642
Edwards Lifesciences CorpEW US16:15Q1 2016 Earnings ReleaseQ1 20160.658
AT&T IncT US16:30Q1 2016 Earnings CallQ1 2016
Akamai Technologies IncAKAM US16:30Q1 2016 Earnings CallQ1 2016
Chipotle Mexican Grill IncCMG US16:30Q1 2016 Earnings ReleaseQ1 2016-1.054
Danaher CorpDHR US17:00ITC Final Decision Due in Instradent vs. Danaher Corp. Patent Case
Robert Half International IncRHI US17:00Q1 2016 Earnings CallQ1 2016
Total System Services IncTSS US17:00Q1 2016 Earnings CallQ1 2016
Apple IncAAPL US17:00Q2 2016 Earnings CallQ2 2016
Capital One Financial CorpCOF US17:00Q1 2016 Earnings CallQ1 2016
eBay IncEBAY US17:00Q1 2016 Earnings CallQ1 2016
Edwards Lifesciences CorpEW US17:00Q1 2016 Earnings CallQ1 2016
Chipotle Mexican Grill IncCMG US17:00Q1 2016 Earnings CallQ1 2016
Aflac IncAFL USAft-mktQ1 2016 Earnings ReleaseQ1 20161.626
AT&T IncT USAft-mktQ1 2016 Earnings ReleaseQ1 20160.692
Public StoragePSA USAft-mktQ1 2016 Earnings ReleaseQ1 20162.194
Torchmark CorpTMK USAft-mktQ1 2016 Earnings ReleaseQ1 20161.063
Total System Services IncTSS USAft-mktQ1 2016 Earnings ReleaseQ1 20160.613
Apple IncAAPL USAft-mktQ2 2016 Earnings ReleaseQ2 20161.998
KLA-Tencor CorpKLAC USAft-mktQ3 2016 Earnings ReleaseQ3 20160.98
Cincinnati Financial CorpCINF USAft-mktQ1 2016 Earnings ReleaseQ1 20160.727
Equity ResidentialEQR USAft-mktQ1 2016 Earnings ReleaseQ1 20160.758
Realty Income CorpO USAft-mktQ1 2016 Earnings ReleaseQ1 20160.705
Boston Properties IncBXP USAft-mktQ1 2016 Earnings ReleaseQ1 20161.587
CH Robinson Worldwide IncCHRW USAft-mktQ1 2016 Earnings ReleaseQ1 20160.818
FirstEnergy CorpFE USAft-mktQ1 2016 Earnings ReleaseQ1 20160.759
eBay IncEBAY USAft-mktQ1 2016 Earnings ReleaseQ1 20160.446
Akamai Technologies IncAKAM USAft-mktQ1 2016 Earnings ReleaseQ1 20160.631
FMC Technologies IncFTI USAft-mktQ1 2016 Earnings ReleaseQ1 20160.299
Assurant IncAIZ USAft-mktQ1 2016 Earnings ReleaseQ1 20161.213
PerkinElmer IncPKI USAnnual General Meeting
EOG Resources IncEOG USAnnual General Meeting
Noble Energy IncNBL USAnnual General Meeting
BB&T CorpBBT USAnnual General Meeting
SunTrust Banks IncSTI USAnnual General Meeting
VF CorpVFC USAnnual General MeetingY 2016
Perrigo Co PLCPRGO USAnnual General Meeting
Apartment Investment & Management CoAIV USAnnual General Meeting
Affiliated Managers Group IncAMG USQ1 2016 Earnings ReleaseQ1 20162.922
Coach IncCOH USQ3 2016 Earnings ReleaseQ3 20160.414
Wynn Resorts LtdWYNN USQ1 2016 Earnings ReleaseQ1 20160.768
Teradata CorpTDC USAnnual General Meeting
Spectra Energy CorpSE USAnnual General Meeting
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Wednesday, January 6, 2016

MORNING ALL 1/6

OVERNIGHT MARKETS AND NEWS
March E-mini S&Ps (ESH16 -1.52%) are down -1.50% at a 2-1/2 month low and European stocks are down -1.38% at a 3-month low as global stocks sell-off after China weakened its currency and heightened concerns about an economic slowdown. The yuan plunged to a 4-3/4 year low against the dollar after the PBOC reduced its daily reference rate for the yuan for the seventh day in a row. This raises the risks that other nations may need to lower their exchange rates to remain competitive with China. Technology stocks are also moving lower, led by a 2.8% decline in Apple in pre-market trading, after the Nikkei Asian Review reported that Apple would reduce Q1 output of its latest iPhones by about 30%. Geopolitical concerns also weighed on equity markets after North Korea said it successfully tested a hydrogen bomb. Asian stocks settled mostly lower: Japan -0.99%, Hong Kong -0.98%, China +2.25%, Taiwan -1.05%, Australia -1.18%, Singapore -1.06%, South Korea -0.65%, India -0.68%. Japan's Nikkei Stock Index fell to a 2-1/2 month low, but China's Shanghai Composite closed higher on speculation that Chinese regulators will extend a ban on stock sales by major shareholders that is due to expire Friday.
The dollar index (DXY00 -0.06%) is down -0.05%. EUR/USD (^EURUSD) is unchanged. USD/JPY (^USDJPY) is down -0.60% at a 2-1/2 month low.
Mar T-note prices (ZNH16 +0.33%) are up +13.5 ticks at a 3-week high as the slide in global stocks boosts safe-haven demand for government debt.
The PBOC cut its daily reference rate on the yuan by 0.22 percent to 6.5314 per dollar, which sent the yuan falling to 6.5616 per dollar, a 4-3/4 year low.
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) weekly MBA mortgage applications (previous +7.3% with purchase sub-index +4.1% and refi sub-index +10.8%), (2) Dec ADP employment (expected +195,000, Nov +217,000), (3) Nov U.S. trade deficit (expected -$44.00 billion, Oct -$43.89 billion), (4) final-Dec Markit U.S. services PMI (expected +0.3 to 54.0, prelim-Dec -2.4 to 53.7), (5) Dec ISM non-manufacturing index (expected +0.1 to 56.0, Nov -3.2 to 55.9), (6) Nov factory orders (expected -0.2%, Oct +1.5% and +0.2% ex transportation), and (7) minutes of the Dec 15-16 FOMC meeting.
There are 3 of the Russell 3000 companies that report earnings today: Monsanto (consensus $-0.23), RPM Intl (0.57), MSC Industrial Direct (0.87).
U.S. IPO's scheduled to price today: none.
Equity conferences this week: Goldman Sachs Global Energy Conference on Wed, and Citi Global Internet, Media & Telecommunications Conference on Wed-Thu.







OVERNIGHT U.S. STOCK MOVERS
Apple (AAPL -2.51%) fell nearly 3% in pe-market trading after the Nikkei Asian Review reported that Apple would reduce Q1 output of its latest iPhones by about 30%.
Freeport-McMoRan (FCX +2.44%) tumbled over 4% in pre-market trading after Moody's Investors Service placed the company's debt under review for possible downgrade.
Oracle (ORCL -0.31%) was upgraded to 'Buy' from 'Hold' at Evercore ISI.
Landec Corp. (LNDC -0.34%) reported Q2 EPS of 7 cents, higher than consensus of 6 cents, although Q2 revenue of $140.4 million was below consensus of $143.2 million.
Pioneer Natural Resources (PXD +0.66%) fell over 2% in after-hours trading after it announced an offering of $10.5 million of common stock.
Gilead (GILD +1.28%) said it terminated a Phase 2 study of its Simtuzumab in patients with Idiopathic Pulmonary Fibrosis saying the study showed no evidence of a treatment benefit.
Sonic Corp. (SONC -0.10%) climbed over 1% in after-hours trading after it reported Q1 adjusted EPS of 24 cents, better than consensus of 23 cents.
NuVasive (NUVA +2.28%) said it will acquire Ellipse Technologies MGEC in a transaction valued at $410 million.
Acadia (ACAD -0.46%) slid 4% in after-hours trading after it proposed a $300 million secondary offering of stock.
Sirius XM Holdings (SIRI -1.27%) rose 1% in after-hours trading after the company said it added 2.3 million new subscriptions in 2015, more than expectations of 2.0 million.
Epizyme (EPZM -1.05%) slumped 10% in after-hours trading after it proposed an offering of $120 million in stock.
Conatus Pharmaceuticals (CNAT -2.05%) surged over 15% in after-hours trading after it said its Emricasan drug in a Phase 2 liver cirrhosis study showed significant reductions in liver biomarkers versus a placebo after 3 months of treatment.
MARKET COMMENTS
Mar E-mini S&Ps (ESH16 -1.52%) this morning are down -30.25 points (-1.50%) at a 2-1/2 month low. Tuesday's closes: S&P 500 +0.20%, Dow Jones +0.06%, Nasdaq -0.30%. The S&P 500 index on Tuesday closed higher on strength in health-care companies and consumer staples stocks. Stock prices were undercut by carryover weakness from a -0.26% decline in China's Shanghai Composite to a 2-1/2 month low and by weakness in energy producers after crude oil fell to a 2-week low.
Mar 10-year T-notes (ZNH16 +0.33%) this morning are up +13.5 ticks at a 3-week high. Tuesday's closes: TYH6 +3.00, FVH6 +2.50. Mar T-notes on Tuesday closed higher on (1) carryover support from a rally in German bunds to a 1-1/2 week high after weaker-than-expected Eurozone Dec CPI bolstered speculation that the ECB may need to expand QE, and (2) the slump in China's Shanghai Composite to a 2-1/2 month low, which fueled ideas that the Fed might have to delay the next rate hike if the turmoil gets worse.
The dollar index (DXY00 -0.06%) this morning is down -0.048 (-0.05%). EUR/USD (^EURUSD) is unch. USD/JPY (^USDJPY) is down -0.71 (-0.60%) at a 2-1/2 month low. Tuesday's closes: Dollar Index +0.535 (+0.54%), EUR/USD -0.0083 (-0.77%), USD/JPY -0.38 (-0.32%). The dollar index on Tuesday rallied to a 1-month high and closed higher on weakness in EUR/USD which fell to a 1-month low after Eurozone Dec CPI rose less than expected, which may prompt the ECB to boost stimulus measures. The dollar was also boosted by the fall in crude oil to a 2-week low, which fueled a sell-off in commodity currencies as the Canadian dollar plummeted to a 12-1/3 year low against the dollar.
Feb crude oil (CLG16 -2.84%) this morning is down -90 cents (12.50%) at a 2-week low and Feb gasoline (RBG16 -4.02%) is down -0.0437 (-3.48%) at a 2-week low. Tuesday's closes: CLG6 -0.62 (-1.69%), RBG6 -0.0411 (-3.18%). Feb crude and gasoline on Tuesday closed lower with Feb crude at a 2-week low. Crude oil prices were undercut by the rally in the dollar index to a 1-month high and by expectations that Wednesday's weekly EIA inventory report will show that crude oil supplies rose +1.0 million bbl, gasoline stockpiles climbed +2.0 million bbl, and supplies at Cushing rose +700,000 bbl.
GLOBAL EVENT CALENDAR01/06/2016
US0700 ETWeekly MBA mortgage applications, previous +7.3% with purchase sub-index +4.1% and refi sub-index +10.8%.
0815 ETDec ADP employment expected +195,000, Nov +217,000.
0830 ETNov trade balance expected -$44.00 billion, Oct -$43.89 billion.
0945 ETFinal-Dec Markit U.S. services PMI expected +0.3 to 54.0, prelim-Dec -2.4 to 53.7. Final-Dec Markit composite PMI, preliminary -2.4 to 53.5.
1000 ETDec ISM non-manufacturing index expected +0.1 to 56.0, Nov -3.2 to 55.9.
1000 ETNov factory orders expected -0.2%, Oct +1.5% and +0.2% ex transportation
1030 ETEIA Weekly Petroleum Status Report.
1400 ETMinutes of the Dec 15-16 FOMC meeting.
GER0355 ETRevised German Dec Markit services PMI, preliminary -0.2 to 55.4.
EUR0400 ETRevised Eurozone Dec Markit composite PMI, preliminary -0.2 to 54.0.
0500 ETEurozone Nov PPI expected -0.2% m/m and -3.2% y/y, Oct -0.3% m/m and -3.1% y/y.
UK0430 ETUK Dec Markit/CIPS services PMI expected -0.3 to 55.6, Nov 55.9.
U.S. STOCK CALENDAR01/06/2016

CompanyTickerTimeEvent DescriptionPeriodEstimate
RPM International IncRPM USBef-mktQ2 2016 Earnings ReleaseQ2 20160.568
MSC Industrial Direct Co IncMSM US7:00Q1 2016 Earnings ReleaseQ1 20160.873
Monsanto CoMON US8:00Q1 2016 Earnings ReleaseQ1 2016-0.231
MSC Industrial Direct Co IncMSM US8:30Q1 2016 Earnings CallQ1 2016
Monsanto CoMON US9:30Q1 2016 Earnings CallQ1 2016
RPM International IncRPM US10:00Q2 2016 Earnings CallQ2 2016
Acuity Brands IncAYI US11:00Annual General MeetingY 2016
Costco Wholesale CorpCOST US21:00December 2015 Sales and Revenue Release2015
AutoNation IncAN USDecember 2015 Sales and Revenue Release2015
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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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