Showing posts with label SHLX. Show all posts
Showing posts with label SHLX. Show all posts

Wednesday, March 23, 2016

MORNING CALL 3/23

MORNING CALL

OVERNIGHT MARKETS AND NEWS
Jun E-mini S&Ps (ESM16 +0.01%) are down -0.02% and European stocks are up +0.40%. The upside in U.S. stock index futures was limited as Nike fell nearly 6% in pre-market trading after it forecast sales during the next fiscal year will increase by a high-single-digit percentage, less than consensus of a 10% increase. Weakness in EUR/USD gave European automakers a boost to lead European stocks higher and Credit Suisse Group AG is up 2% after it announced an additional 2,000 job cuts. Asian stocks settled mixed: Japan -0.28%, Hong Kong -0.25%, China +0.35%, Taiwan -0.22%, Australia -0.47%, Singapore +0.05%, South Korea -0.07%, India +0.03%.
The dollar index (DXY00 +0.22%) is up +0.17%. EUR/USD (^EURUSD) is down -0.19%. USD/JPY (^USDJPY) is up +0.25%.
Jun T-note prices (ZNM16 -0.01%) are down -1 tick.
In an Economic Bulletin published by the ECB, the ECB said that a 1% decline in China GDP would have an impact of just 0.08% on Eurozone trade, while the effect of an equivalent demand shock in the U.S. would be more than three time bigger. "The trade impact on the Eurozone from a demand disturbance in the U.S. is likely to be substantial through both bilateral trade effects and echo effects. A similar shock in China would have less impact on Eurozone activity."
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) weekly MBA mortgage applications (previous -3.3% with purchase sub-index +0.3% and refi sub-index -5.6%), (2) St. Louis Fed President James Bullard's speech on Bloomberg TV and radio, (3) Feb new home sales (expected +3.2% to 510,000, Jan -9.2% to 494,000), and (4) the Treasury's auction of $13 billion of 2-year floating-rate T-notes.
There are 2 of the Russell 1000 companies that report earnings today: General Mills (consensus $0.62), PVH Corp (1.46).
U.S. IPO's scheduled to price today: none.
Equity conferences during the remainder of this week include: Bank of America Merrill Lynch New York Auto Summit on Wed, BB&T Capital Markets Commercial & Industrial Investors Conference on Wed-Thu.
OVERNIGHT U.S. STOCK MOVERS
Nike (NKE +0.28%) dropped nearly 6% in pre-market trading after it reported Q3 revenue of $8.03 billion, well below consensus of $8.20 billion.
Red Hat (RHT +1.08%) slipped 2% in after-hours trading after it said Q4 billings growth was only 10.9% q/q, below the 14.9% q/q growth rate from Q3.
Charles Schwab (SCHW +0.46%) was rated a new 'Buy' at Argus Research.
Merk (MRK +0.44%) rose nearly 3% in after-hours trading after it won a jury verdict that allows it to seek royalties from Gilead Sciences for its Hepatitis C cure. Gilead Sciences (GILD +1.13%) fell almost over 3% on the news.
Steelcase (SCS +1.42%) rallied 5% in after-hours trading after it boosted its dividend to 12 cents a share from 11.25 cents a share.
Five Below (FIVE -1.59%) dropped nearly 5% in after-hours trading after it said it sees fiscal year EPS of $1.27-$1.31, below the midpoint of consensus of $1.31.
Biogen (BIIB +1.32%) slid over 2% in after-hours trading after the U.S. Patent Trial and Appeal Board said Kyle Bass has shown a reasonable likelihood of success to challenge the Biogen patent on Tecfidera.
Cintas (CTAS +0.19%) gained over 1% in after-hours trading after it raised guidance on fiscal 2016 EPS continuing operations to $3.98-$4.03 from a prior estimate of $3.83-$3.90, above consensus of $3.92.
Shell Midstream Partners LP (SHLX +2.10%) fell over 4% in after-hours trading after it said it started a 8.5 million-unit secondary offering.
Aratana Therapeutics ({=PETX gained almost 1% in after-hours trading after it said it is seeking FDA approval for its Entyce appetite-stimulation drug for dogs.
Affymetrix (AFFX -0.21%) climbed over 5% in after-hours trading after Origin Technologies increased its all-cash offer to buy Affymetrix for $17 a share.
Krispy Kreme Doughnuts (KKD -0.90%) slumped 7% in after-hours trading after it said it sees fiscal year adjusted EPS of 87 cents-91 cents, below consensus of 93 cents.
Pieris Pharmaceuticals (PIRS +3.30%) jumped over 10% in after-hours trading after it reported a Q4 loss of -7 cents, a smaller loss than consensus of-12 cents.
MARKET COMMENTS
Jun E-mini S&Ps (ESM16 +0.01%) this morning are down -0.50 (-0.02%). Tuesday's closes: S&P 500 -0.09%, Dow Jones -0.23%, Nasdaq +0.24%. The S&P 500 on Tuesday shook off early losses and rallied to a 2-1/2 month high and closed little changed. Stocks were boosted by upbeat comments from Chicago Fed President Evans who said he expects U.S. 2016 GDP between 2.0% and 2.5% and that "the fundamentals are really quite good for the economy going forward." Stocks also received a boost from technology stocks, which were led by a +0.8% increase in Apple. Stocks saw early weakness in leisure and travel-related stocks due to the terrorist bombings in Belgium.
Jun 10-year T-notes (ZNM16 -0.01%) this morning are down -1 tick. Tuesday's closes: TYM6 -7.00, FVM6 -5.25. Jun T-notes on Tuesday erased early gains and closed lower on reduced safe-haven demand for government debt after stocks recovered from early losses and on Chicago Fed President Evans' comment that U.S. economic fundamental are "really quite good," which may lead to further Fed interest rate increases. T-notes opened higher on safe-haven demand after the terrorist bombings in Belgium.
The dollar index (DXY00 +0.22%) this morning is up +0.166 (+0.17%). EUR/USD (^EURUSD) is down -0.0021 (-0.19%). USD/JPY (^USDJPY) is up +0.28 (+0.25%). Tuesday's closes: Dollar Index +0.360 (+0.38%), EUR/USD -0.0024 (-0.21%), USD/JPY +0.42 (+0.38%). The dollar index on Tuesday closed higher on increased safe-haven demand for the dollar after the terrorist bombings in Brussels. In addition, GBP/USD saw weakness after a smaller-than-expected increase in UK Feb CPI reduced the chance of a BOE rate increase, which was negative for the British pound.
May WTI crude (CLK16 -0.99%) this morning is down -41 cents (-0.99%) and May gasoline (RBK16 +0.17%) is up +0.0040 (+0.26%). Tuesday's closes: CLK6 -0.07 (-0.17%), RBK6 +0.0348 (+2.33%). May crude and gasoline on Tuesday settled mixed with May gasoline at a 2-1/2 month high. Crude oil prices were undercut by a stronger dollar and by expectations for EIA crude inventories to increase by +2.5 million bbl on Wednesday. Gasoline rallied on expectations that Wednesday's EIA gasoline supplies will decline by -2.5 million bbl.
GLOBAL EVENT CALENDAR03/23/2016
US0700 ETWeekly MBA mortgage applications, previous -3.3% with purchase sub-index +0.3% and refi sub-index -5.6%.
0900 ETSt. Louis Fed President James Bullard speaks on Bloomberg TV and radio.
1000 ETFeb new home sales expected +3.2% to 510,000, Jan -9.2% to 494,000.
1030 ETEIA Weekly Petroleum Status Report.
1300 ETTreasury auctions $13 billion 2-year floating-rate T-notes.
EUR1100 ETEurozone Mar consumer confidence expected +0.5 to -8.3, Feb -8.8.
JPN2300 ETJapan Mar Nikkei manufacturing PMI, Feb 50.1.
U.S. STOCK CALENDAR03/23/2016

CompanyTickerTimeEvent DescriptionPeriodEstimate
General Mills IncGIS USBef-mktQ3 2016 Earnings ReleaseQ3 20160.621
Principal Financial Group IncPFG US8:00Roadshow - FrankfurtY 2016
CIT Group IncCIT US8:00Business Update Call
General Mills IncGIS US8:30Q3 2016 Earnings CallQ3 2016
First Niagara Financial Group IncFNFG US10:00Extraordinary Shareholders Meeting - M&A VoteY 2016
KeyCorpKEY US11:00Extraordinary Shareholders Meeting - M&A VoteY 2016
Starbucks CorpSBUX US13:00Annual General MeetingY 2016
PVH CorpPVH USAft-mktQ4 2016 Earnings ReleaseQ4 20161.464
Raymond James Financial IncRJF USFebruary 2016 Sales and Revenue Release - Operating Data2016
Hewlett Packard Enterprise CoHPE USAnnual General MeetingY 2016
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Thursday, November 12, 2015

MORNING CALL 11/12

MORNING CALL

OVERNIGHT MARKETS AND NEWS
December E-mini S&Ps (ESZ15 +0.05%) are up +0.02% ahead of speeches today by Fed Chair Yellen and several other FOMC members who are all expected to discuss monetary policy and may provide a clue as to the certainty of an interest rate hike next month. European stocks are down -0.55%, led by a 20% plunge in Rolls-Royce Holdings Plc after the company warned ifs 2016 profit may take a nearly $1 billion hit from lower demand for aircraft engines. Stocks also fell after ECB President Draghi warned that downside economic risks from global growth are "clearly visible." Asian stocks settled mixed: Japan +0.03%, Hong Kong +2.40%, China -0.48%, Taiwan +0.16%, Australia +0.06%, Singapore -0.76%, South Korea -0.29%, India closed for holiday. Japan's Nikkei Stock Index eked out a new 2-1/2 month high as USD/JPY remains near a 2-1/2 month high and the weak yen boosted Japanese exporters as their earnings prospects improve. China's Shanghai Composite closed lower after a gauge of new credit in China rose by the least in 15 months last month.
The dollar index (DXY00 +0.14%) is up +0.16%. EUR/USD (^EURUSD) is down -0.29% on comments from ECB President Draghi that signal the ECB may expand stimulus. USD/JPY (^USDJPY) is up +0.13%.
Dec T-note prices (ZNZ15 +0.06%) are up +3 ticks.
ECB President Draghi signaled that he may step up stimulus measure when he said that "signs of a sustained turnaround in core inflation have somewhat weakened" and that "downside risks stemming from global growth and trade are clearly visible."
China Oct new yuan loans rose by 513.6 billion yuan, less than expectations of 800 billion yuan and the smallest gain in 15 months. Oct aggregate financing, the broadest measure of new credit, rose by 476.7 billion yuan, less than half expectations of 1.050 trillion yuan and also the smallest increase in 15 months.
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) weekly initial unemployment claims (expected -6,000 to 270,000, previous +6,000 to 276,000) and continuing claims (expected -8,000 to 2.155 million, previous +17,000 to 2.163 million), (2) St. Louis Fed President James Bullard's speech on monetary policy at a conference hosted by the Caito Institute, (3) Fed Chair Janet Yellen's opening remarks at a Fed policy conference on “Monetary Policy Implementation and Transmission in the Post-Crisis Period,” (4) Sep JOLTS job openings (expected +30,000 to 5.400 million, Aug -298,000 to 5.370 million), (5) Chicago Fed President Charles Evans' speech on monetary policy and the economic outlook at the National Communities Council Fall Leadership Forum, (6) New York Fed President William Dudley's speech on the economic outlook and what it means for monetary policy at an Economic Club of New York luncheon, (7) the Treasury's auction of $16 billion of 30-year T-bonds, (8) Oct monthly budget statement (expected -$130.00 billion, Sep +$91.06 billion), and (9) Fed Vice Chair Stanley Fisher's speech on incorporating financial stability into monetary policy at a conference hosted by the Fed Board.
There are 8 of the S&P 500 companies that report earnings today: Cisco (consensus $0.56), Viacom (1.55), Applied Materials (0.29), Helmerich & Payne (0.05), Advance Auto Parts (2.09), Kohl's (0.69), Nordstrom (0.72), Fossil Group (1.19).
U.S. IPO's scheduled to price today: Extended Stay Amercia (STAY), Mesoblast (MBLTY), Instructure Inc (INST), LoanDepot (LDI), American CareSource (GNOW).
Equity conferences during the remainder of this week include: none.









OVERNIGHT U.S. STOCK MOVERS
Kohl's (KSS -5.35%) reported Q3 EPS of 75 cents, higher than consensus of 69 cents.
Advanced Auto Parts (AAP +0.29%) reported Q3 EPDS of $1.95, below consensus of $2.09.
Viacom (VIAB +1.96%) reported Q4 EPS of $1.54, less than consensus of $1.55.
Helmerich & Payne (HP -5.31%) reported Q4 EPS of 4 cents, below consensus of 5 cents.
Flower Foods (FLO -1.19%) dropped over 3% in after-hours trading after it reported Q3 EPS of 23 cents, right on consensus, but then lowered guidance on fiscal 2015 EPS to 96 cents-98 cents from an Aug estimate of 96 cents-$1.01, below consensus of $1.00.
NetEase (NTES +2.01%) climbed 2% in after-hours trading after it reported Q3 net revenue of $1.05 billion, higher than consensus of $883.8 million.
NCR Corp. (NCR +0.26%) rose over 4% in after-hours trading after Dow Jones reported that Blackstone is near a deal to pay $800 million for a 15% stake in the company.
Popeyes Louisiana Kitchen (PLKI -1.56%) jumped over 5% in after-hours trading after it reported Q3 adjusted EPS of 47 cents, better than consensus of 45 cents.
Shell Midstream Partners LP (SHLX -1.73%) slid over 4% in after-hours trading after it announced that it plans a 8 million-unit offering to fund its Pecten deal.
JetBlue Airways (JBLU +0.08%) reported that preliminary passenger revenue per available mile (PRASM) for the month of October fell -2% y/y.
IAC/InterActiveCorp offered to buy Angie's List (ANGI +1.02%) for $8.75 a share, a 10% premium to Wednesday's closing price of $7.92.
Freshpet (FRPT -4.99%) slumped over 15% in after-hours trading after it reported a Q3 EPS loss of -5 cents, wider than consensus of a -3 cent loss, and then lowered its 2015 sales estimate to $115.5 million-$117 million from a previous estimate of $117 million-$119.5 million, below consensus of $118.4 million.
Mast Therapeutics (MSTX unch) vepoloxame drug to treat sickle cell disease may be on the market in the U.S. by 2017 and 2018 in Europe according to Maxim.
MARKET COMMENTS
Dec E-mini S&Ps (ESZ15 +0.05%) this morning are up +0.50 of a point (+0.02%). Wednesday's closes: S&P 500 -0.32%, Dow Jones -0.32%, Nasdaq-0.10%. The S&P on Wednesday closed lower on weakness in retailers led by a 14% plunge in Macy's after it cut its profit forecast for this year. In addition, energy and commodity producers showed weakness after crude oil dropped to a 2-week low and copper sank to a 6-1/3 year low. Stocks found underlying support from reduced concern about China's economy after China Oct retail sales rose +11.0% y/y, stronger than expectations of +10.9% y/y and the fastest pace of increase since Dec 2014. Stocks also found support from increased M&A activity after Anheuser-Busch InBev NV submitted a formal offer to buy SABMiller Plc for $107 billion.
Dec 10-year T-notes (ZNZ15 +0.06%) this morning are up +3 ticks. Wednesday's closes: TYZ5 -7.50, FVZ5 -4.25. Dec T-notes on Wednesday closed lower on hawkish comments from San Francisco Fed President Williams who said there's a "very strong case" for the Fed to raise interest rates if the economy continues to improve. T-notes also saw supply pressures before the Treasury auctions $16 billion of 30-year T-bonds on Thursday.
The dollar index (DXY00 +0.14%) this morning is up +0.157 (+0.16%). EUR/USD (^EURUSD) is down -0.0031 (-0.29%). USD/JPY (^USDJPY) is up +0.16 (+0.13%). Wednesday's closes: Dollar Index -0.280 (-0.28%), EUR/USD +0.0019 (+0.18%), USD/JPY -0.29 (-0.24%). The dollar index on Wednesday closed lower on strength in EUR/USD after ECB Executive Board member Coeure said the ECB is not committed to further easing at its December meeting and will decide based on economic data. In addition, ECB Governing Council member Hansson dampened speculation that the ECB might cut the deposit rate when it meets in December when he said there's no need for the ECB to cut policy rates at the moment.
Dec crude oil (CLZ15 -0.54%) this morning is down -7 cents (-0.16%) and Dec gasoline (RBZ15 -0.35%) is up +0.0017 (+0.13%). Wednesday's closes: CLZ5 -1.28 (-2.90%), RBZ5 -0.0296 (-2.17%). Dec crude oil and gasoline prices on Wednesday closed lower with Dec cruse at a 2-week low and Dec gasoline at a 1-1/2 week low. Crude oil prices were undercut by Tuesday's late API data showing that U.S. crude supplies rose 6.3 million bbl last week. Crude oil prices were also hurt by comments from two unnamed OPEC delegates who said the cartel may consider raising its production target by +1.0 million bpd at the Dec 4 OPEC meeting to accommodate production from new OPEC member Indonesia.
GLOBAL EVENT CALENDAR11/12/2015
US0830 ETWeekly initial unemployment claims expected -6,000 to 270,000, previous +6,000 to 276,000. Weekly continuing claims expected-8,000 to 2.155 million, previous +17,000 to 2.163 million.
0915 ETSt. Louis Fed President James Bullard speaks on monetary policy at a conference hosted by the Caito Institute.
0930 ETFed Chair Janet Yellen delivers opening remarks at a Fed policy conference on Monetary Policy Implementation and Transmission in the Post-Crisis Period.
1000 ETSep JOLTS job openings expected +30,000 to 5.400 million, Aug -298,000 to 5.370 million.
1015 ETChicago Fed President Charles Evans speaks on monetary policy and the economic outlook at the National Communities Council Fall Leadership Forum.
1100 ETEIA Weekly Petroleum Status Report.
1100 ETTreasury announces amount of 10-year TIPS to be auctioned on Nov 19.
1210 ETNew York Fed President William Dudley speaks on the economic outlook and what it means for monetary policy at an Economic Club of New York luncheon.
1300 ETTreasury auctions $16 billion 30-year T-bonds.
1400 ETOct monthly budget statement expected -$131.50 billion, Sep +$91.06 billion.
1800 ETFed Vice Chair Stanley Fisher delivers a speech on incorporating financial stability into monetary policy at a conference hosted by the Fed Board.
GER0200 ETRevised German Oct CPI (EU harmonized), previous unch m/m and +0.2% y/y.
EUR0500 ETEurozone Sep industrial production expected -0.1% m/m and +1.3% y/y, Aug -0.5% m/m and +0.9% y/y.
JPN2330 ETRevised Japan Sep industrial production, previous +1.0% m/m and -0.9% y/y. Sep capacity utilization, Aug 0.9% m/m.
2330 ETJapan Sep tertiary industry index expected +0.1% m/m, Aug +0.1% m/m.
U.S. STOCK CALENDAR11/12/2015
CompanyTickerTimeEvent DescriptionPeriodEstimate
Helmerich & Payne IncHP USBef-mktQ4 2015 Earnings ReleaseQ4 20150.051
Advance Auto Parts IncAAP USBef-mktQ3 2015 Earnings ReleaseQ3 20152.086
Viacom IncVIAB USBef-mktQ4 2015 Earnings ReleaseQ4 20151.546
Kohl's CorpKSS US7:00Q3 2016 Earnings ReleaseQ3 20160.689
WW Grainger IncGWW US8:00October 2015 Sales and Revenue Release2015
F5 Networks IncFFIV US8:00Analyst and Investor MeetingY 2015
Kohl's CorpKSS US8:30Q3 2016 Earnings CallQ3 2016
Viacom IncVIAB US8:30Q4 2015 Earnings CallQ4 2015
Estee Lauder Cos Inc/TheEL US10:00Annual General MeetingY 2015
Advance Auto Parts IncAAP US10:00Q3 2015 Earnings CallQ3 2015
Helmerich & Payne IncHP US11:00Q4 2015 Earnings CallQ4 2015
WW Grainger IncGWW US11:30Analyst MeetingY 2015
Twenty-First Century Fox IncFOXA US13:00Annual General MeetingY 2015
WW Grainger IncGWW US14:00October 2015 Sales and Revenue Call2015
Cisco Systems IncCSCO US16:30Q1 2016 Earnings CallQ1 2016
Applied Materials IncAMAT US16:30Q4 2015 Earnings CallQ4 2015
Fossil Group IncFOSL US16:30Q3 2015 Earnings CallQ3 2015
Nordstrom IncJWN US16:45Q3 2016 Earnings CallQ3 2016
Cisco Systems IncCSCO USAft-mktQ1 2016 Earnings ReleaseQ1 20160.564
Nordstrom IncJWN USAft-mktQ3 2016 Earnings ReleaseQ3 20160.723
Applied Materials IncAMAT USAft-mktQ4 2015 Earnings ReleaseQ4 20150.288
Fossil Group IncFOSL USAft-mktQ3 2015 Earnings ReleaseQ3 20151.187
United Parcel Service IncUPS USRoadshow - Day9Y 2015
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