Showing posts with label SCCI. Show all posts
Showing posts with label SCCI. Show all posts

Monday, February 29, 2016

MORNING CALL 2/29

MORNING CALL

OVERNIGHT MARKETS AND NEWS
March E-mini S&Ps (ESH16 -0.08%) are down -0.18% and European stocks are down -0.49% after G-20 finance ministers meeting over the weekend in Shanghai disappointed financial markets by not coming up with coordinated stimulus to support the global economy. Weakness in bank stocks is leading the overall market lower with Goldman Sachs and Bank of America both down at least 1.1% in pre-market trading. Stock prices recovered from their worst levels, however, after China cut its reserve requirement ratio for banks by 50 bp to 17.00% from 17.50%. Asian stocks settled mostly lower: Japan -1.00%, Hong Kong -1.30%, China -2.86%, Taiwan closed for holiday, Australia +0.02%, Singapore +0.65%, South Korea -0.25%, India -0.66%. China's Shanghai Composite fell to a 1-month low after G-20 officials failed to come up with a coordinated plan to boost global growth, while Japanese stocks also fell after the yen rallied against the dollar, which undercut exporter stocks.
The dollar index (DXY00 +0.15%) is up +0.17% at a 3-week high. EUR/USD (^EURUSD) is down -0.41% at a 4-week high after Eurozone CPI unexpectedly fell at the fastest pace in a year, which bolsters the case for the ECB to expand stimulus when it convenes next week. USD/JPY (^USDJPY) is down -0.95%.
Mar T-note prices (ZNH16 +0.04%) are up +3.5 ticks on carryover support from a rally in German bunds to a 10-1/4 month high after Eurozone Feb CPI unexpectedly fell by the most in a year.
After Chinese financial markets closed today, the PBOC cut the required reserve ratio for China's biggest banks by 50 bp to 17.00% from 17.50%, effective March 1.
Eurozone Feb CPI unexpectedly fell -0.2% y/y, weaker than expectations of unch y/y and the fastest pace of decline in a year. Feb core CPI rose +0.7% y/y, weaker than expectations of +0.9% y/y and the smallest increase in 10 months.
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) Feb Milwaukee ISM (expected -0.36 to 50.00, Jan +1.83 to 50.36), (2) Feb Chicago PMI (expected -3.1 to 52.5, Jan +12.7 to 55.6), (3) Jan pending home sales (expected +0.5% m/m and +4.1% y/y, Dec +0.1% m/m and +3.1% y/y), (4) Feb Dallas Fed manufacturing activity (expected +4.6 to -30.0, Jan -13.0 to -34.6), (5) New York Fed President William Dudley's speech at a symposium in Hangzhou, China co-hosted by the PBOC and the New York Fed, and (6) USDA weekly grain export inspections.
There are 2 of the S&P 500 companies that report earnings today: NRG Energy (consensus $0.18), Endo Intl (1.27).
U.S. IPO's scheduled to price today: Shimmick Construction (SCCI).
Equity conferences this week include: BMO Capital Markets Global Metals and Mining Conference on Mon-Tue, J.P. Morgan Global High Yield & Leveraged Finance Conference on Mon-Tue, Morgan Stanley Technology Media & Technology Conference on Mon-Thu, Barclays Power & Utility Credit Conference on Tue, Goldman Sachs Media & Telecom Conference on Tue, Canaccord Genuity Musculoskeletal Conference on Tue, JMP Securities Technology Conference on Tue, Longbow Research Basic Materials Investor Conference on Tue, Pacific Crest Securities Emerging Technology Summit on Tue-Wed, UBS Natural Gas & Electric Utilities Conference on Wed, Bank of America Merrill Lynch Global Agriculture and Chemicals Conference on Wed-Thu, Bank of America Refining Conference on Thu, Citi Asset Management, Broker Dealer & Exchanges Investor Conference on Thu, Gabelli & Company Waste & Environmental Services Conference on Thu, Simmons Energy Conference on Thu-Fri.


OVERNIGHT U.S. STOCK MOVERS
Morgan Stanley (MS +2.15%) and Goldman Sachs (GS +1.35%) are both down at least 1% in pre-market trading.
Valeant Pharmaceuticals (VRX -4.79%) slumped 7% in pre-market trading after the company withdrew its financial forecast and delayed releasing its quarterly results as its CEO returns from leave.
Federal-Mogul Holdings (FDML +12.93%) may be active today after Carl Icahn, the company's biggest shareholder, offered to buy the rest of the company for $7 a share, well above Friday's closing price of $4.98.
General Motors (GM +0.44%) was downgraded to 'Hold' from 'Buy at Argus Research.
Dillard's (DDS +3.73%) was downgraded to 'Sell' from 'Hold' at Deutsche Bank.
Southwestern Energy (SWN -5.76%) was downgraded to 'Underperform' from 'Market Perform' at Raymond James.
Dynegy (DYN +3.06%) was upgraded to 'Buy' from 'Neutral' at Guggenheim with a price target of $22.
FormFactor (FORM +1.64%) said it sees Q1 revenue of $65 million-$70 million, below consensus of $70.3 million.
Cleco (CNL -1.03%) reported Q4 operating EPS of 38 cents, below consensus of 42 cents.
New Jersey Resources (NJR -2.58%) will replace StanCorp in the S&P MidCap 400 as of the close of trading on Monday, March 7.
Business Insider reports that Bank of America (BAC +3.08%) is preparing for "significant" job cuts of over 5% across its global investment banking and markets business.
Atlas Resource Partners LP (ARP -5.63%) was downgraded to 'Sell' from 'Hold' at Stifel.
MARKET COMMENTS
Mar E-mini S&Ps (ESH16 -0.08%) this morning are down -3.50 points (-0.18%). Friday's closes: S&P 500 -0.19%, Dow Jones -0.34%, Nasdaq -0.13%. The S&P 500 on Friday fell back from a 1-1/2 month high and closed lower on concern the Fed may continue to raise interest rates after the U.S. Jan PCE core deflator rose +0.3% m/m and +1.7% y/y, stronger than expectations of +0.2% m/m and +1.5% y/y. Stocks received support from the +0.95% rally in the Shanghai Composite after the PBOC said it sees room for further monetary easing and from the +0.5% increase in U.S. Jan personal spending, stronger than expectations of +0.3% and the biggest increase in 8 months.
Mar 10-year T-notes (ZNH16 +0.04%) this morning are up +3.5 ticks. Friday's closes: TYH6 -23.00, FVH6 -16.25. Mar T-notes on Friday closed lower on the stronger-than-expected Jan personal spending and income reports and on the +1.7% y/y increase in the U.S. Jan PCE core deflator, stronger than expectations of +1.5% y/y and the largest increase in nearly 3 years.
The dollar index (DXY00 +0.15%) this morning is up +0.171 (+0.17%) at a 3-weeek high. EUR/USD (^EURUSD) is down -0.0045 (-0.41%) at a 4-week low. USD/JPY (^USDJPY) is down -1.08 (-0.95%). Friday's closes: Dollar Index +0.861 (+0.89%), EUR/USD -0.0084 (-0.76%), USD/JPY +1.00 (+0.88%). The dollar index on Friday climbed to a 3-week high and settled higher on the stronger-than-expected U.S. Q4 GDP and Jan personal spending and income reports, which bolster confidence in the U.S. economic outlook. In addition, EUR/USD slid to a 3-week low after German Feb CPI fell-0.2% y/y, weaker than expectations of unch y/y and the fastest pace of decline in 13 months, which supports the case for the ECB to expand stimulus.
Apr WTI crude (CLJ16 +0.49%) this morning is down -4 cents (-0.12%) and Apr gasoline (RBJ16 -0.32%) is down -0.0093 (-0.72%). Friday's closes: CLJ6-0.29 (-0.88%), RBJ6 -0.0171 (-1.30%). Apr crude and gasoline on Friday fell back from 3-week highs and closed lower on the rally in the dollar index to a 3-week high and the ongoing crude oil supply glut with EIA crude inventories at a record high. A bullish factor for crude was the late-Friday report from Baker Hughes that the active U.S. oil rig count fell -13 to 400 in the week ended Feb 26, the 10th straight decline and the fewest number of active rigs in 6 years.
GLOBAL EVENT CALENDAR02/29/2016
US0900 ETFeb Milwaukee ISM expected -0.36 to 50.00, Jan +1.83 to 50.36.
0945 ETFeb Chicago PMI expected -3.1 to 52.5, Jan +12.7 to 55.6.
1000 ETJan pending home sales expected +0.5% m/m and +4.1% y/y, Dec +0.1% m/m and +3.1% y/y.
1030 ETFeb Dallas Fed manufacturing activity expected +4.6 to -30.0, Jan -13.0 to -34.6.
1100 ETUSDA weekly grain export inspections.
2330 ETNew York Fed President William Dudley speaks at a symposium in Hangzhou, China co-hosted by the PBOC and the New York Fed.
JPN0000 ETJapan Jan housing starts expected -0.3% y/y to 870,000 annualized, Dec -1.3% y/y to 860,000 annualized.
0000 ETJapan Jan construction orders, Dec +14.8% y/y.
1830 ETJapan Jan jobless rate expected unch at 3.3%. Jan job-to-applicant ratio expected unch at 1.27.
1830 ETJapan Jan overall household spending expected -2.7% y/y, Dec -4.4% y/y
1850 ETJapan Q4 capital spending expected +10.0% y/y, Q3 +11.2% y/y. Q4 capital spending ex-software expected +8.7% y/y, Q3 +11.2% y/y.
2100 ETRevised Japan Feb Nikkei manufacturing PMI.
GER0200 ETGerman Jan import price index expected -1.0% m/m and -3.4% y/y, Dec -1.2% m/m and -3.1% y/y.
0200 ETGerman Jan retail sales expected +0.3% m/m and +1.8% y/y, Dec +0.6% m/m and +1.5% y/y.
UK0430 ETUK Jan net consumer credit expected +1.4 billion pounds, Dec +1.2 billion pounds.
0430 ETUK Jan M4 money supply, Dec -0.2% m/m and +0.2% y/y.
0430 ETUK Jan mortgage approvals expected 73,700, Dec 70,800.
EUR0500 ETEurozone Feb CPI estimate expected unch y/y, Jan +0.3% y/y. Feb core CPI expected +0.9% y/y, Jan +1.0% y/y.
CHI2000 ETChina Feb manufacturing PMI expected unch at 49.4, Jan -0.3 to 49.4. Feb non-manufacturing PMI, Jan 53.5.
U.S. STOCK CALENDAR02/29/2016
CompanyTickerTimeEvent DescriptionPeriodEstimate
Endo International PLCENDP USBef-mktQ4 2015 Earnings ReleaseQ4 20151.274
Golar LNG LtdGLNG USBef-mktY 2015 Earnings ReleaseY 2015-1.561
NRG Energy IncNRG USBef-mktQ4 2015 Earnings ReleaseQ4 20150.181
Tribune Media CoTRCO USBef-mktQ4 2015 Earnings ReleaseQ4 20150.549
Frank's International NVFI USBef-mktQ4 2015 Earnings ReleaseQ4 20150.103
Platform Specialty Products CorpPAH USBef-mktQ4 2015 Earnings ReleaseQ4 20150.11
NRG Energy IncNRG US7:30Q4 2015 Earnings CallQ4 2015
Endo International PLCENDP US8:30Q4 2015 Earnings CallQ4 2015
Tribune Media CoTRCO US8:30Q4 2015 Earnings CallQ4 2015
Platform Specialty Products CorpPAH US8:30Q4 2015 Earnings CallQ4 2015
Golar LNG LtdGLNG US10:00Y 2015 Earnings CallY 2015
Frank's International NVFI US11:00Q4 2015 Earnings CallQ4 2015
OPKO Health IncOPK US16:30Q4 2015 Earnings CallQ4 2015
TerraForm Power IncTERP US16:30Q4 2015 Earnings CallQ4 2015
Workday IncWDAY US17:00Q4 2016 Earnings CallQ4 2016
Juno Therapeutics IncJUNO US17:00Q4 2015 Earnings CallQ4 2015
California Resources CorpCRC US17:00Q4 2015 Earnings CallQ4 2015
Atmel CorpATML USAft-mktQ4 2015 Earnings ReleaseQ4 20150.063
OPKO Health IncOPK USAft-mktQ4 2015 Earnings ReleaseQ4 20150
Hertz Global Holdings IncHTZ USAft-mktQ4 2015 Earnings ReleaseQ4 20150.039
Intrexon CorpXON USAft-mktQ4 2015 Earnings ReleaseQ4 2015-0.187
Workday IncWDAY USAft-mktQ4 2016 Earnings ReleaseQ4 2016-0.045
Brixmor Property Group IncBRX USAft-mktQ4 2015 Earnings ReleaseQ4 20150.511
Juno Therapeutics IncJUNO USAft-mktQ4 2015 Earnings ReleaseQ4 2015-0.434
California Resources CorpCRC USAft-mktQ4 2015 Earnings ReleaseQ4 2015-0.254
Intrexon CorpXON US17:30Q4 2015 Earnings CallQ4 2015
Orbital ATK IncOA USQ4 2015 Earnings ReleaseQ4 20151.106
Equifax IncEFX USInvestor Meeting - Los AngelesY 2016
Howard Hughes Corp/TheHHC USQ4 2015 Earnings ReleaseQ4 20150.385
Puma Biotechnology IncPBYI USQ4 2015 Earnings ReleaseQ4 2015-1.846
TerraForm Power IncTERP US23:59Q4 2015 Earnings ReleaseQ4 2015-0.206
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Friday, January 29, 2016

MORNING CALL 1/29

MORNING CALL

OVERNIGHT MARKETS AND NEWS
March E-mini S&Ps (ESH16 +0.84%) are up +0.76% and European stocks are up +0.78% as global stock and bond markets rallied after the BOJ unexpectedly adopted a negative interest rate. Also, Microsoft is up over 3% in pre-market trading after it reported better-than-expected earnings results after the close of trade yesterday, which gave technology stocks a lift. The BOJ's action to adopt a negative interest rate sent global bond yield tumbling with the 10-year Japanese bond yield down to a record low .090%, the German 10-year bund yield down to a 9-month low 0.334% and the U.S. T-note yield down to a 3-1/2 month low of 1.92%. Asian stocks settled higher: Japan +2.80%, Hong Kong +2.54%, China +3.09%, Taiwan +2.22%, Australia +0.59%, Singapore +2.60%, South Korea +0.25%, India +1.64%.
The dollar index (DXY00 +0.59%) is up +0.56%. EUR/USD (^EURUSD) is down -0.16%. USD/JPY (^USDJPY) is up +1.75% at a 5-week high as the BOJ's action to adopt a negative interest rate undercut the yen.
Mar T-note prices (ZNH16 +0.39%) are up +19 ticks at a contract high.
The BOJ unexpectedly voted 5-4 to put an interest rate of -0.1% on reserves held at the BOJ worth 10 trillion yen to 30 trillion yen initially and will apply only to new reserves that financial institutions deposit at the BOJ. BOJ Governor Kuroda said the BOJ "won't hesitate" to add further monetary stimulus if needed and has scope to make deeper cuts to the negative rate or to increase its asset purchases.
Japan Dec industrial production fell -1.4% m/m, weaker than expectations of -0.3% m/m and the biggest decline in 7 months.
Japan Dec overall household spending fell -4.4% y/y, weaker than expectations of -2.5% y/y and the biggest decline in 9 months.
The Eurozone Jan CPI estimate rose +0.4% y/y, right on expectations. Jan core CPI rose +1.0% y/y, higher than expectations of +0.9% y/y.
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) Q4 GDP expected +0.8% (q/q annualized), Q3 +2.0%) and Q4 personal consumption (expected +1.8%, Q3 +3.0%), (2) Q4 employment cost index (expected +0.6%, Q3 +0.6%), (3) Jan Milwaukee ISM (expected +1.47 to 50.00, Dec +3.19 to 48.53), (4) Jan Chicago PMI (expected +2.4 to 45.3, Dec -5.8 to 42.9), (5) University of Michigan final-Jan U.S. consumer sentiment index (expected -0.3 to 93.0, prelim-Jan +0.7 to 93.3), (6) San Francisco Fed President John Williams's speech at the Commonwealth Club in San Francisco.
There are 18 of the S&P 500 companies that report earnings today with notable reports including: MasterCard (consensus $0.70), American Airlines (1.97), Honeywell (1.58), Chevron (0.47), Phillips 66 (1.26),
U.S. IPO's scheduled to price today: Shimmick Construction (SCCI).
Equity conferences during the remainder of this week: none.






OVERNIGHT U.S. STOCK MOVERS
Microsoft (MSFT +1.64%) is up over 3% in pre-market trading after it reported Q2 adjusted EPS of 78 cents, above consensus of 71 cents.
Amazon.com (AMZN +8.91%) slumped over 10% in pre-market trading after it reported Q4 EPS of $1.00, well below consensus of $1.55, and said it sees Q1 operating income pf $100 million-$700 million, below consensus of $731.7 million.
Electronic Arts (EA +0.43%) tumbled 8% in pre-market trading after it said it sees Q4 adjusted EPS of 40 cents, below consensus of 50 cents, and then forecast fiscal 2016 adjusted EPS of $3.04, below consensus of $3.11.
Colgate-Palmolive (CL +1.12%) reported Q4 EPS of 73 cents, better than consensus of 72 cents.
Phillips 66 (PSX +1.25%) reported Q4 EPS of $1.31, higher than consensus og $1.26.
Amgen (AMGN -1.41%) rose over 1% in after-hours trading after it reported Q4 adjusted EPS of $2.61, higher than consensus of $2.29, and then raised guidance on fiscal 2016 adjusted EPS to $10.60-$11.00 from a November estimate of $10.35-$10.75, above consensus of $10.66.
Western Digital (WDC +4.63%) slid over 1% in after-hours trading after it forecast Q3 sales of $2.8 billion-$2.9 billion, below consensus of $3.23 billion.
Visa (V -2.23%) gained over 2% in after-hours trading after it reported Q1 adjusted EPS of 69 cents, higher than consensus of 68 cents.
Synaptics (SYNA -1.18%) fell nearly 2% in after-hours trading after it reported Q2 revenue of $470.5 million, below consensus of $477.9 million, and then lowered guidance on Q3 revenue to $430 million-$470 million, less than consensus of $501.4 million.
QLogic (QLGC +2.38%) surged over 10% in after-hours trading after it reported Q3 non-GAAP EPS of 33 cents, above consensus of 26 cents, and then raised guidance on Q4 adjusted EPS to 23 cents-27 cents, higher than consensus of 23 cents.
Fortinet (FTNT +2.05%) jumped over 7% in after-hours trading after it raised guidance on fiscal 2016 adjusted EPS to 67 cents-69 cents, above consensus of 67 cents.
Flextronics (FLEX -0.63%) climbed 4% in after-hours trading after it reported Q3 adjusted EPS of 35 cents, higher than consensus of 30 cents.
Skyworks Solutions (SWKS +4.26%) fell over 4% in after-hours trading after it reported Q1 adjusted EPS of $1.60, better than consensus of $1.58, but then lowered guidance on Q2 adjusted EPS to $1.24, below consensus of $1.32.
According to the WSJ, Xerox (XRX unch) will split itself into two companies; one company grouping hardware operations, and another that will house its service business.
MARKET COMMENTS
Mar E-mini S&Ps (ESH16 +0.84%) this morning are up +14.25 points (+0.76%). Thursday's closes: S&P 500 +0.55%, Dow Jones +0.79%, Nasdaq +1.39%. The S&P 500 on Thursday closed higher on the rally in crude oil to a 3-week high, which lifted energy producing stocks, and the -16,000 decline in U.S. weekly initial unemployment claims to 278,000, a bigger decline than expectations of -12,000 to 281,000. Stocks were undercut by (1) concern that companies are cutting back on capital investment after U.S. Dec capital goods orders non-defense ex-aircraft fell -4.3%, weaker than expectations of -0.2% and the biggest decline in 10 months, and (2) the +0.1% m/m and +3.1% y/y increase in U.S. Dec pending home sales, weaker than expectations of +0.9% m/m and +4.8% y/y.
Mar 10-year T-notes (ZNH16 +0.39%) this morning are up +19 ticks at a contract high. Thursday's closes: TYH6 +5.50, FVH6 +4.00. Mar T-notes on Thursday closed higher on carryover support from a rally in German bunds to an 8-1/2 month high and on the weaker-than-expected U.S. Dec durable goods orders. T-notes were undercut by reduced safe-haven demand with the rally in stocks and by the rally in crude that boosted inflation expectations after the 10-year T-note breakeven inflation rate rose to a 1-week high.
The dollar index (DXY00 +0.59%) this morning is up +0.555 (+0.56%). EUR/USD (^EURUSD) is down -0.0018 (-0.16%). USD/JPY (^USDJPY) is up +2.08 (+1.75%) at a 5-week high. Thursday's closes: Dollar Index -0.392 (-0.40%), EUR/USD +0.0047 (+0.43%), USD/JPY +0.14 (+0.12%). The dollar index on Thursday dropped to a 2-week low and closed lower on negative carryover from Wednesday's post-FOMC meeting statement that adopted more dovish language and on the weaker-than-expected U.S. Dec durable goods orders report, which adds to evidence of slowing growth that may further delay additional Fed rate hikes.
Mar crude oil (CLH16 +0.93%) this morning is up +7 cents (+0.21%) and Mar gasoline (RBH16 -0.21%) is down -0.0060 (-0.55%). Thursday's closes: CLH6 +1.42 (+4.40%), RBH6 +0.0536 (+5.02%). Mar crude oil and gasoline on Thursday closed sharply higher with Mar crude at a 3-week high and Mar gasoline at a 2-1/2 week high. Crude oil prices were boosted by the fall in the dollar index to a 2-week low and by heavy fund short covering after Russia’s Energy Minister said he may meet with OPEC next month to discuss a potential coordinated cut in crude output.
GLOBAL EVENT CALENDAR01/29/2016
US0830 ETQ4 GDP expected +0.8% (q/q annualized), Q3 +2.0%. Q4 personal consumption expected +1.8%, Q3 +3.0%. Q4 GDP price index expected +0.8%, Q3 +1.3%. Q4 core PCE deflator expected +1.2% q/q, Q3 +1.4% q/q.
0830 ETQ4 employment cost index expected +0.6%, Q3 +0.6%.
0830 ETUSDA weekly Export Sales.
0900 ETJan Milwaukee ISM expected +1.47 to 50.00, Dec +3.19 to 48.53.
0945 ETJan Chicago PMI expected +2.4 to 45.3, Dec -5.8 to 42.9.
1000 ETUniversity of Michigan final-Jan U.S. consumer sentiment index expected -0.3 to 93.0, prelim-Jan +0.7 to 93.3.
1500 ETUSDA bi-annual Cattle inventory.
1530 ETSan Francisco Fed President John Williams speaks at the Commonwealth Club in San Francisco.
JPN0000 ETJapan Dec housing starts expected +0.5% y/y to 888,000 annualized, Nov +1.7% y/y to 886,000 annualized.
0000 ETJapan Dec construction orders, Nov +5.7% y/y.
n/aBOJ announces interest rate decision.
GER0200 ETGerman Dec retail sales expected +0.4% m/m and +1.9% y/y, Nov +0.4% m/m and +2.3% y/y.
EUR0400 ETEurozone Dec M3 money supply expected +5.2% y/y, Nov +5.1% y/y.
0500 ETEurozone Jan CPI estimate expected +0.4% y/y, Dec +0.2% y/y. Jan core CPI expected +0.9% y/y, Dec +0.9% y/y.
U.S. STOCK CALENDAR01/29/2016

CompanyTickerTimeEvent DescriptionPeriodEstimate
Air Products & Chemicals IncAPD USBef-mktQ1 2016 Earnings ReleaseQ1 20161.705
Honeywell International IncHON USBef-mktQ4 2015 Earnings ReleaseQ4 20151.584
American Airlines Group IncAAL USBef-mktQ4 2015 Earnings ReleaseQ4 20151.969
Chevron CorpCVX USBef-mktQ4 2015 Earnings ReleaseQ4 20150.473
Colgate-Palmolive CoCL USBef-mktQ4 2015 Earnings ReleaseQ4 20150.72
Newell Rubbermaid IncNWL USBef-mktQ4 2015 Earnings ReleaseQ4 20150.563
Praxair IncPX USBef-mktQ4 2015 Earnings ReleaseQ4 20151.468
Tyco International PlcTYC USBef-mktQ1 2016 Earnings ReleaseQ1 20160.42
PACCAR IncPCAR USBef-mktQ4 2015 Earnings ReleaseQ4 20151.018
Simon Property Group IncSPG USBef-mktQ4 2015 Earnings ReleaseQ4 20152.386
Seagate Technology PLCSTX USBef-mktQ2 2016 Earnings ReleaseQ2 20160.71
MasterCard IncMA USBef-mktQ4 2015 Earnings ReleaseQ4 20150.695
AbbVie IncABBV USBef-mktQ4 2015 Earnings ReleaseQ4 20151.121
Baxalta IncBXLT USBef-mktQ4 2015 Earnings ReleaseQ4 20150.556
Whirlpool CorpWHR US6:00Q4 2015 Earnings ReleaseQ4 20153.91
CONSOL Energy IncCNX US6:45Q4 2015 Earnings ReleaseQ4 2015-0.093
Xerox CorpXRX US7:00Q4 2015 Earnings ReleaseQ4 20150.283
Phillips 66PSX US7:00Q4 2015 Earnings ReleaseQ4 20151.257
Tyco International PlcTYC US8:00Q1 2016 Earnings CallQ1 2016
Eastman Chemical CoEMN US8:00Q4 2015 Earnings CallQ4 2015
American Airlines Group IncAAL US8:30Q4 2015 Earnings CallQ4 2015
Newell Rubbermaid IncNWL US8:30Q4 2015 Earnings CallQ4 2015
Seagate Technology PLCSTX US9:00Q2 2016 Earnings CallQ2 2016
MasterCard IncMA US9:00Q4 2015 Earnings CallQ4 2015
AbbVie IncABBV US9:00Q4 2015 Earnings CallQ4 2015
WestRock CoWRK US9:00Q1 2016 Earnings CallQ1 2016
Honeywell International IncHON US9:30Q4 2015 Earnings CallQ4 2015
Air Products & Chemicals IncAPD US10:00Q1 2016 Earnings CallQ1 2016
Whirlpool CorpWHR US10:00Q4 2015 Earnings CallQ4 2015
Xerox CorpXRX US10:00Q4 2015 Earnings CallQ4 2015
CONSOL Energy IncCNX US10:00Q4 2015 Earnings CallQ4 2015
Chevron CorpCVX US11:00Q4 2015 Earnings CallQ4 2015
Colgate-Palmolive CoCL US11:00Q4 2015 Earnings CallQ4 2015
Praxair IncPX US11:00Q4 2015 Earnings CallQ4 2015
Simon Property Group IncSPG US11:00Q4 2015 Earnings CallQ4 2015
PACCAR IncPCAR US12:00Q4 2015 Earnings CallQ4 2015
Phillips 66PSX US12:00Q4 2015 Earnings CallQ4 2015
Monsanto CoMON US14:30Annual General MeetingY 2016
Broadcom CorpBRCM USAft-mktFederal Realty Investment Trust Replaces Broadcom Corp in S&P 500
Walt Disney Co/TheDIS USU.S. Box Office Release of Movie The Finest Hours""
Twenty-First Century Fox IncFOXA USU.S. Box Office Release of Movie Kung Fu Panda 3""
Costco Wholesale CorpCOST USAnnual General Meeting
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Thursday, January 14, 2016

MORNING CALL 1/14

MORNING CALL

OVERNIGHT MARKETS AND NEWS
March E-mini S&Ps (ESH16 +0.23%) are down -0.08% at a 3-1/2 month low and European stocks are down -2.67% at a 13-month low on global growth concerns. As expected, the BOE maintained its benchmark interest rate at 0.50% and kept its asset purchase target at 375 billion pounds following the conclusion of today's monetary policy meeting. U.S. stock index futures recovered from their worst levels as JPMorgan Chase climbed over +1% in pre-market trading after it reported better-than-expected Q4 earnings. Asian stocks settled mostly lower: Japan -2.68%, Hong Kong -0.59%, China +1.97%, Taiwan -1.04%, Australia -1.57%, Singapore -1.93%, South Korea -0.92%, India -0.33%. Japan's Nikkei Stock Index dropped to a 3-1/2 month low as it followed Wednesday's losses in U.S. stocks, although China's Shanghai Composite erased early losses and recovered from a 4-1/2 month low and closed higher on signs of increased government efforts to prop up shares after state funds entered the market to buy stocks and after Chinese stock exchanges vowed to step up monitoring of share sales by companies' major shareholders.
The dollar index (DXY00 -0.16%) is down -0.28%. EUR/USD (^EURUSD) is up +0.37%. USD/JPY (^USDJPY) is up +0.05%.
Mar T-note prices (ZNH16 -0.07%) are up +3.5 ticks on increased safe-haven demand as stocks falter along with reduced inflation expectations after the 10-year T-note breakeven inflation rate tumbled to a 3-1/2 month low.
The China Securities Regulatory Commission said the forthcoming registration system for initial public offerings won't lead to an oversupply of new shares.
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) weekly initial unemployment claims (expected -2,000 to 275,000, previous -10,000 to 277,000) and continuing claims (expected -20,000 to 2.210 million, previous +25,000 to 2.230 million), (2) Dec import price index (expected -1.4% m/m and -8.4% y/y, Nov -0.4% m/m and -9.4% y/y), (3) St. Louis Fed President James Bullard's speech to the Economic Club of Memphis, and (4) the Treasury's auction of $13 billion 30-year T-bonds.
There are 3 of the Russell 1000 companies that report earnings today: JP Morgan Chase (consensus $1.27), Intel (0.63), First Republic Bank (0.81).
U.S. IPO's scheduled to price today: Shimmick Constructions Co (SCCI).
Equity conferences during the remainder of this week: J.P. Morgan Health Care Conference on Mon-Thu.






OVERNIGHT U.S. STOCK MOVERS
Alcoa (AA -2.06%) was downgraded to 'Hold' from 'Buy' at Argus.
JPMorgan Chase (JPM -2.75%) climbed over 1% in pre-market trading after it reported Q4 EPS of $1.40, better than consensus of $1.27.
Fiat Chrysler Automobiles NV (FCA -4.40%) dropped over 4% in pre-market trading after Automotive News reported that two dealerships alleged the company offered dealers money to falsify sales,
CSX Corp. (CSX -5.70%) was upgraded to 'Buy' from 'Hold' at BB&T Capital Markets with a 12-month price target of $27.
Extra Space Storage (EXR -1.06%) rose 2% in after-hours trading after it was reported that it will replace Chubb in the S&P 500 after the close of trading this Friday, January 15.
GoPro (GPRO +0.07%) slumped over 20% in after-hours trading after it reported preliminary Q4 revenue of $435 million, below consensus of $510.9 million, and said it will cut 7%, or about 100 employees from its workforce.
Vail Resorts (MTN -3.84%) climbed over 3% in after-hours trading after it reported lift ticket revenue at its U.S. resorts was up +19% for the current season through Jan 10.
KB Home (KBH -2.95%) gained over 1% in after-hours trading after it said it will buy back up to 10 million shares.
JetBlue (JBLU -4.26%) rose over 1% in after-hours trading after it reported a +11.3% y/y increase in December traffic and a +9.5% increase in capacity, or available seat miles, to 4.6 million.
World Wrestling Entertainment (WWE -4.05%) climbed over 3% in after-hours trading after it was reported that it will replace Wausau Paper in the S&P SmallCap 600 on the close of trading Wednesday, January 20.
Aqua America (WTR -0.95%) fell nearly 2% in after-hours trading after it forecast 2016 EPS of $1.30-$1.35, below consensus of $1.36.
U.S. Concrete (USCR -3.90%) gained 4% in after-hours trading after it was announced that it will replace Extra Space Storage in the S&P SmallCap 600 on the close of trading this Friday, January 15.
MARKET COMMENTS
Mar E-mini S&Ps (ESH16 +0.23%) this morning are down -1.50 (-0.08%) points at a 3-1/2 month low. Wednesday's closes: S&P 500 -2.50%, Dow Jones-2.21%, Nasdaq -3.48%. The S&P 500 on Wednesday slumped to a 3-1/4 month low and closed sharply lower on negative carryover from a -2.42% sell-off in the China Shanghai Composite to a 4-1/2 month low and weakness in energy producer stocks after weekly EIA data showed supplies of crude oil and refined products continue to grow. Consumer discretionary stocks were led lower by a 10% plunge in BorgWarner on disappointing 2016 sales guidance.
Mar 10-year T-notes (ZNH16 -0.07%) this morning are up +3.5 ticks. Wednesday's closes: TYH6 +7.50, FVH6 +4.00. Mar T-Notes on Wednesday rose to a 2-1/2 month high and closed higher on the plunge in stocks, which spurred safe-haven demand buying of T-notes, and by dovish comments from Chicago Fed President Evans who said he backs an "even shallower" path for fed funds rate increases than his FOMC colleagues.
The dollar index (DXY00 -0.16%) this morning is down -0.281 (-0.28%). EUR/USD (^EURUSD) is up +0.0040 (+0.37%). USD/JPY (^USDJPY) is up +0.06 (+0.05%). Wednesday's closes: Dollar Index -0.041 (-0.04%), EUR/USD +0.0019 (+0.17%), USD/JPY +0.03 (+0.03%). The dollar index on Wednesday closed lower on comments from Chicago Fed President Evans who said the cost of raising the fed funds rate too fast "far exceed" costs of removing accommodation too slowly, which signals that he is not in favor of raising interest rates anytime soon. In addition, the Fed Beige Book stated that U.S. wage pressures are subdued and overall prices pressures are minimal, which may cause the Fed to pause on additional interest rate increases.
Feb crude oil (CLG16 +1.38%) this morning is up +26 cents (+0.85%) and Feb gasoline (RBG16 +2.40%) is up +0.0182 (+1.73%). Wednesday's closes: CLG6 +0.04 (+0.13%), RBG6 -0.0320 (-2.95%). Feb crude oil and gasoline prices on Wednesday settled mixed with Feb gasoline at a 6-3/4 year low. Crude oil prices were undercut by the +8.44 million bbl surge in weekly EIA gasoline inventories to a 10-1/2 month high and the +6.14 million bbl increase in EIA distillate stockpiles to a 5-year high of 165.5 million bbl. Crude oil prices founds support on (1) the +234,000 bbl increase in EIA crude inventories, less than expectations of +2.0 million bbl, and (2) strong Chinese demand after Chinese customs data showed China 2015 crude imports rose +8.8% y/y to a record 334 MMT.
GLOBAL EVENT CALENDAR01/14/2016
US0830 ETWeekly initial unemployment claims expected -2,000 to 275,000, previous -10,000 to 277,000. Weekly continuing claims expected-20,000 to 2.210 million, previous +25,000 to 2.230 million.
0830 ETDec import price index expected -1.4% m/m and -8.4% y/y, Nov -0.4% m/m and -9.4% y/y.
0830 ETUSDA weekly Export Sales.
0830 ETSt. Louis Fed President James Bullard speaks to the Economic Club of Memphis.
1100 ETTreasury announces amount of 10-year TIPS to be auctioned Jan 21 (previous $13 billion).
1300 ETTreasury auctions $13 billion 30-year T-bonds.
JPN0100 ETJapan Dec machine tool orders, Nov -17.7% y/y.
GER0200 ETGerman Dec wholesale price index, Nov -0.2% m/m and -1.1% y/y.
UK0700 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.
U.S. STOCK CALENDAR01/14/2016
CompanyTickerTimeEvent DescriptionPeriodEstimate
JPMorgan Chase & CoJPM US6:45Q4 2015 Earnings ReleaseQ4 20151.27
Domino's Pizza IncDPZ US8:00Investor DayY 2016
First Republic Bank/CAFRC US8:00Q4 2015 Earnings ReleaseQ4 20150.812
JPMorgan Chase & CoJPM US8:30Q4 2015 Earnings CallQ4 2015
Aqua America IncWTR US9:00Analyst DayY 2016
First Republic Bank/CAFRC US10:00Q4 2015 Earnings CallQ4 2015
Danaher CorpDHR US17:00ITC Decision Due in Instradent vs. Danaher Corp. Patent Case
Intel CorpINTC US17:00Q4 2015 Earnings CallQ4 2015
Intel CorpINTC USAft-mktQ4 2015 Earnings ReleaseQ4 20150.633
Best Buy Co IncBBY USSales Release
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