Friday, June 17th, 2016View Older Reports
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OVERNIGHT MARKETS AND NEWS
Sep E-mini S&Ps are down -0.18% and European stocks are up +1.07% as Brexit concerns temporarily receded after campaigning over whether the UK should leave the European Union was suspended for a second day today after the murder of Labor lawmaker Jo Cox, an advocate for Britain to remain in the EU. A weaker dollar has also boosted commodity prices, which has strengthened energy and raw-material producing stocks. Asian stocks settled higher: Japan +1.07%, Hong Kong +0.66%, China +0.43%, Taiwan +0.87%, Australia +0.32%, Singapore +0.43%, South Korea +0.01%, India +0.38%.
The dollar index is down -0.17%. EUR/USD is up +0.33%. USD/JPY is unchanged.
Sep T-note prices are down -11 ticks.
The BOE warns that if Britain votes next Thursday to leave the European Union, the damage could extend to global markets and the word economy. Central banks around the world are on high alert ahead of the vote with the leaders of the Fed, BOJ, BOC and SNB all citing the vote as being potentially disruptive. The BOE said a vote to leave could have "adverse spillovers to the global economy" through "financial market and confidence channels."
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) May housing starts (expected -1.9% to 1.150 million, Apr +6.6% to 1.172 million) and May building permits (expected +1.3% to 1.145 million, Apr +4.9% to 1.130 million).
None of the Russell 1000 companies report earnings today.
U.S. IPO's scheduled to price today: none.
Equity conferences today include: none.
OVERNIGHT U.S. STOCK MOVERS
Phillips 66 (PSX +0.37%) was downgraded to 'Equal Weight' from 'Overweight' at Morgan Stanley.
Oracle (ORCL +0.52%) climbed over 2% in after-hours trading after it reported Q4 adjusted EPS of 81 cents, below consensus of 82 cents, but Q4 adjusted revenue of $10.6 billion was higher than consensus of $10.47 billion.
Smith & Wesson (SWHC +1.26%) jumped nearly 7% in after-hours trading after it reported Q4 adjusted EPS of 66 cents, well above consensus of 54 cents, and then raised guidance on fiscal 2017 adjusted EPS to $1.83-$1.93, above consensus of $1.66.
Parsley Energy (PE -2.77%) was rated a new 'Buy' at Wunderlich Securities with an 18-month price target of $32.
Envision Healthcare Holdings (EVHC -6.18%) was downgraded to 'Market Perform' from 'Outperform' at Oppenheimer.
Finisar (FNSR +0.80%) rallied over 8% in after-hours trading after it reported Q4 adjusted EPS of 29 cents, above consensus of 25 cents.
MGM Resorts International (MGM -1.47%) rose over 4% in after-hours trading after guiding annual adjusted Ebitda benefit to $400 million by the end of 2017 from $300 million previously forecast.
Revlon will buy Elizabeth Arden (RDEN -0.21%) for $14/ share cash if deal valued at $870 million.
Lumber Liquidators (LL +0.68%) jumped over 10% in after-hours trading after agreed to not resume sales of laminate flooring previously imported from China and the U.S, Consumer Product Safety Commission said it will not order a product recall.
ServiceNow (NOW -1.06%) was rated a new 'Market Perform' at Oppenheimer.
Paypal Holdings (PYPL +0.35%) was rated a new 'Outperform' at Oppenheimer with a price target of $43.
Synergy Resources Corp. (SYRG -4.24%) was rated a 'Strong Buy' at Raymond James with a 12-month price target of $9.50.
Stanley Furniture (STLY -1.56%) said it hired Stephens as financial adviser on a strategic review.
MARKET COMMENTS
September E-mini S&Ps this morning are down -3.75 points (-0.18%). Thursday's closes: S&P 500 +0.31%, Dow Jones +0.53%, Nasdaq +0.21%. The S&P 500 on Thursday rebounded from a 3-week low and closed higher on reduced Brexit concerns after the murder of a UK lawmaker fueled speculation that UK voters will vote to remain in the EU. Stocks were also boosted by stronger-than-expected U.S. economic data after the +6.5 point increase in the Jun Philadelphia Fed business outlook survey to 4.7 (stronger than expectations of +2.8 to 1.0) and the +2 point gain in the Jun NAHB housing market index to 60 (stronger than expectations of +1 to 59 and a 5-month high). Stocks were undercut by the slide in European stocks to a 4-month low on concern about a possible UK "Leave" vote next Thursday. Stocks were also undercut by the unexpected +13,000 increase in weekly initial unemployment claims.
Sep 10-year T-note prices this morning are down -11 ticks. Thursday's closes: TYU6 +6.50, FVU6 +3.50. Sep T-notes on Thursday rallied to a new contract high and closed higher on increased safe-haven demand from a slide in global stocks and on carryover support from rallies in 10-year German bunds and Japanese 10-year JGBs to all-time highs. T-notes were also boosted by reduced inflation expectations as the 10-year T-note breakeven inflation rate fell to a 3-1/4 month low.
The dollar index this morning is down -0.160 (-0.17%). EUR/USD is up +0.0037 (+0.33%). USD/JPY is unchanged. Thursday's closes: Dollar Index-0.318 (-0.33%), EUR/USD -0.0023 (-0.20%), USD/JPY -1.64 (-1.55%). The dollar index on Thursday climbed to a 1-1/2 week high but fell back and closed lower. The dollar was undercut by a recovery in GBP/USD from a 2-month low after the murder of a UK lawmaker fueled speculation that UK voters will vote to remain in the EU. The dollar was also undercut as USD/JPY plunged to a 1-3/4 year low after the BOJ refrained from expanding stimulus. The dollar found support on weakness in EUR/USD on Brexit fears and on stronger-than-expected U.S. economic data that included the Jun NAHB housing market index and the Jun Philadelphia Fed index.
July WTI crude oil this morning is up +71 cents (+1.54%). July gasoline is up +0.0303 (+2.07%). Thursday's closes: CLN6 -1.85 (-3.85%), RBN6 -0.0329(-2.19%). July crude oil and gasoline prices on Thursday closed lower with July crude at a 1-month low and July gasoline at a 5-week low. Crude oil prices were undercut by concern about a possible UK Leave Brexit vote next week and the the fall in the S&P 500 to a 3-week low, which undercuts optimism about the economy and energy demand.
GLOBAL EVENT CALENDAR06/17/2016
U.S. STOCK CALENDAR06/17/2016
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Showing posts with label RDEN. Show all posts
Showing posts with label RDEN. Show all posts
Friday, June 17, 2016
MORNING CALL 6/17
MORNING CALL
Friday, January 17, 2014
BARCHART MORNING CALL 1/17
Friday, January 17th, 2014View Older Reports
Everything you need to know about the markets in one free daily newsletter.
You will also receive a free subscription to the Barchart family of newsletters.
OVERNIGHT MARKETS AND NEWS
March E-mini S&Ps (ESH14 +0.29%) this morning are up +0.33% and European stocks are up +0.32% on better-than-expected stock earnings results. Asian stocks closed mixed: Japan -0.08%, Hong Kong +0.64%, China -1.51%, Taiwan -0.19%, Australia -0.06%, Singapore +0.22%, South Korea -0.74%, India -0.95%. European stocks also received a boost on stronger-than-expected UK retail sales along with a drop in government bond yields. The yield on Portugal's 10-year bond fell for a sixth day after Standard & Poor's removed the country's debt rating from "creditwatch," which reduces the risk of a downgrade. Commodity prices are mixed. Feb crude oil (CLG14 +0.95%) is up +0.60%. Feb gasoline (RBG14 +0.92%) is up +0.37%. Feb gold (GCG14 -0.02%) is up +0.04%. March copper (HGH14 +0.49%) is down -0.25%. Agriculture and livestock prices are weaker. The dollar index (DXY00 +0.10%) is up +0.04%. EUR/USD (^EURUSD) is down -0.17%. USD/JPY (^USDJPY) is up +0.07%. March T-note prices (ZNH14 +0.08%) are up +1 tick.Portugal's long-term government bond rating was removed from "creditwatch" by Standard & Poor's who said the action by the coalition Portuguese government to stick to the EU-led bailout program has reduced the risk of a credit downgrade.
UK Dec retail sales ex autos jumped +2.8% m/m, well ahead of expectations of +0.3% m/m and the biggest monthly gain in 5-1/2 years. On a year-over-year basis, Dec retail sales ex autos surged +6.1% y/y, nearly double expectations of and +3.2% y/y and the largest annual increase in 9-1/4 years.
UK Dec retail sales including autos jumped +2.6% m/m, well ahead of expectations of +0.3% m/m and the biggest monthly gain in 3-3/4 years. On a year-over-year basis, Dec retail sales including autos rose +5.3% y/y, over double expectations of +2.5% y/y and the biggest annual increase in 9-years.
Eurozone Nov construction output fell -0.6% m/m, the third straight monthly decline, and fell -1.7% y/y, the ninth consecutive year-over-year decrease.
Japan Dec consumer confidence unexpectedly fell -1.2 to 41.3, weaker than expectations of a +0.5 point increase to 43.0.
U.S. STOCK PREVIEW
Today’s early-Jan U.S. consumer confidence index from the University of Michigan is expected to show a +1.0 point increase to 83.5, adding to the +7.4 point increase to 82.5 seen in December. Today’s Dec housing starts report is expected to show a decline of -9.3% to 990,000, reversing part of the +22.1% surge to 1.091 million seen in November. Today’s Dec industrial production report is expected to show a +0.3% m/m increase, adding to the +1.1% surge seen in November.There are 7 of the S&P 500 companies that report earnings today with notable reports including Morgan Stanley (consensus $0.44), GE (0.53), Bank of New York Mellon (0.54), Schlumberger (1.32). There are no equity conferences today.
OVERNIGHT U.S. STOCK MOVERS
Morgan Stanley (MS -0.68%) reported Q4 EPS of 49 cents, stronger than consensus of 44 cents.General Electric (GE -0.51%) reported Q4 EPS of 53 cents, right on consensus.
Comerica (CMA -0.63%) reported Q4 EPS of 77 cents, better than consensus of 74 cents.
Best Buy (BBY -28.59%) was downgraded to 'Neutral' from 'Buy' at UBS and at Goldman.
SunTrust Banks (STI -1.12%) reported Q4 EPS of 77 cents, higher than consensus of 70 cents.
Schlumberger (SLM -0.37%) reported Q4 EPS of $1.35, better than expectations of $1.32.
Tractor Supply (TSCO -1.16%) will replace Life Technologies (LIFE +0.01%) in the S&P 500 Index as of the close on Jan 23.
Elizabeth Arden (RDEN -1.43%) plunged 20% in after-hours trading after it said it sees Q2 EPS ex-items of $1.05-$1.08, well below consensus of $1.47, and then said it will withdraw its guidance on fiscal 2014 EPS.
Sysco (SYY +0.35%) fell over 2% in after-hours trading after Reuters reported that Florida, Indiana and other U.S. states are reviewing the merger of Sysco and U.S. Foods.
Con-way (CNW -1.31%) fell over 4% in after-hours trading after it said that it sees Q4 EPS approximating 21 cents, well below consensus of 39 cents.
American Express (AXP -0.53%) reported Q4 EPS of $1.21, weaker tthan consensus of $1.25.
Capital One (COF -0.77%) reported Q4 EPS of $1.45, below consensus of $1.54, and then was downgraded to 'Neutral' from 'Positive' at Susquehanna.
Intel (INTC -0.49%) slipped over 4% in after-hours trading after it reported Q4 EPS of 51 cents, below consensus of 52 cents, and said fiscal 2014 revenue will be flat vs. 2013 at $52.7 billion, below consensus of $53.21 billion.
MARKET COMMENTS
Mar E-mini S&Ps (ESH14 +0.29%) this morning are up +6.00 points (+0.33%). The S&P 500 on Thursday fell back from Wednesday’s record high after mixed quarterly earnings results spurred profit-taking and long liquidation. Declines were subdued after U.S. weekly initial unemployment claims fell -2,000 to a 6-week low of 326,000 and after the Jan Philadelphia Fed manufacturing index rose +3.0 to 9.4, slightly stronger than expectations of 8.7. Closes: S&P 500 -0.13%, Dow Jones -0.39%, Nasdaq 100 +0.04%.Mar 10-year T-notes (ZNH14 +0.08%) this morning are up +1 tick. Mar 10-year T-note futures prices on Thursday closed higher. Bullish factors included (1) increased safe-haven demand for T-notes as stocks faltered, and (2) U.S. Treasury data that showed China, the world’s biggest holder of U.S. debt, increased its Treasury holdings in Nov by +$12.2 billion to record $1.317 trillion, and Japan, the world’s second biggest holder of U.S. debt, increased its Treasury holdings in Nov by +$12 billion to a record $1.186 trillion. Closes: TYH4 +9.5, FVH4 +4.75.
The dollar index (DXY00 +0.10%) this morning is up +0.036 (+0.04%). EUR/USD (^EURUSD) is down -0.0023 (-0.17%). USD/JPY (^USDJPY) is up +0.07 (+0.07%). The dollar index on Thursday closed slightly lower. EUR/USD received a boost from comments from ECB Executive Board member Coeure who said Eurozone banks may not need another round of long-term loans as growth recovers in Europe. Closes: Dollar index -0.117 (-0.14%), EUR/USD +0.00146 (+0.11%), USD/JPY -0.206 (-0.20%).
Feb WTI crude oil (CLG14 +0.95%) this morning is up +56 cents (+0.60) and Feb gasoline (RBG14 +0.92%) is up +0.0096 (+0.37%). Feb crude oil and gasoline prices on Thursday closed lower. Pressuring crude prices was a report from OPEC saying that increased crude production from producers outside of OPEC will result in reduced demand for OPEC crude by -300,000 barrels a day this year compared with last year. Gasoline prices were undercut by negative carry-over from Wednesday’s EIA inventory report that showed weekly EIA gasoline stockpiles surged +6.183 million bbl to an 11-month high of 233.152 million bbl. Closes: CLG4 -0.21 (-0.22%), RBG4 -0.0313 (-1.19%).
GLOBAL EVENT CALENDAR01/17/2014
| US | 0830 ET | Dec housing starts expected at -9.3% to 990,000, Nov +22.1% to 1.091 million. Dec building permits expected at -0.5% to 1.012 million, Nov -2.1% to 1.017 million. |
| 0915 ET | Dec industrial production expected +0.3% m/m, Nov +1.1%. Dec manufacturing production expected +0.3%, Nov +0.6% m/m. Dec capacity utilization expected +0.1 to 79.1%, Nov +0.8 to 79.0%. | |
| 0955 ET | Preliminary Jan U.S. consumer confidence (University of Michigan) expected +1.0 to 83.5, Dec +7.4 to 82.5. | |
| 1230 ET | Richmond Fed President Jeffrey Lacker speaks on the economic outlook to the Richmond chapter of the Risk Management Association. | |
| JPN | 0000 ET | Japan Dec consumer confidence expected +0.5 to 43.0, Nov 42.5. |
| UK | 0430 ET | UK Dec retail sales ex autos expected +0.3% m/m and +3.2% y/y, Nov +0.4% m/m and +2.3% y/y. Dec retail sales including autos expected +0.3% m/m and +2.5% y/y, Nov +0.3% m/m and +2.0% y/y. |
| EUR | 0500 ET | Eurozone Nov construction output, Oct -1.2% m/m and -2.4% y/y. |
| CHI | 2030 ET | China Dec property prices. |
U.S. STOCK CALENDAR01/17/2014
| Company Name | Ticker | Time | Event Description | Period | Estimate |
|---|---|---|---|---|---|
| M&T Bank Corp | MTB US | Bef-mkt | Q4 2013 Earnings Release | Q4 2013 | 1.91 |
| Schlumberger Ltd | SLB US | 6:00 | Q4 2013 Earnings Release | Q4 2013 | 1.322 |
| SunTrust Banks Inc | STI US | 6:00 | Q4 2013 Earnings Release | Q4 2013 | 0.696 |
| Bank of New York Mellon Corp/The | BK US | 6:30 | Q4 2013 Earnings Release | Q4 2013 | 0.541 |
| General Electric Co | GE US | 6:30 | Q4 2013 Earnings Release | Q4 2013 | 0.534 |
| Comerica Inc | CMA US | 6:40 | Q4 2013 Earnings Release | Q4 2013 | 0.743 |
| Morgan Stanley | MS US | 7:15 | Q4 2013 Earnings Release | Q4 2013 | 0.44 |
| Bank of New York Mellon Corp/The | BK US | 8:00 | Q4 2013 Earnings Call | Q4 2013 | |
| Comerica Inc | CMA US | 8:00 | Q4 2013 Earnings Call | Q4 2013 | |
| SunTrust Banks Inc | STI US | 8:00 | Q4 2013 Earnings Call | Q4 2013 | |
| SLM Corp | SLM US | 8:00 | Q4 2013 Earnings Call | Q4 2013 | |
| General Electric Co | GE US | 8:30 | Q4 2013 Earnings Call | Q4 2013 | |
| Schlumberger Ltd | SLB US | 9:00 | Q4 2013 Earnings Call | Q4 2013 |
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