Showing posts with label SNDK. Show all posts
Showing posts with label SNDK. Show all posts

Thursday, January 28, 2016

MORNING CALL 1/28

http://www.barchart.com/newsletters/usmorningcall

OVERNIGHT MARKETS AND NEWS
March E-mini S&Ps (ESH16 +0.24%) are up +0.08% as a 12% jump in Facebook in pre-market trading leads technology stocks higher. Also, crude oil (CLH16 +0.03%) is up +0.40% at a 2-week high and is leading energy producers higher. European stocks fell back from a 2-week high and are down-1.85 % as a 4% decline in Roche leads European drug companies lower and a 3% drop in Deutsche Bank AG leads European bank stocks lower. Also, a bigger-than-expected decline in Eurozone Jan economic confidence to a 5-month low undercut equity prices. The weakness in European stocks gave Eurozone government debt prices a boost as the 10-year German bund yield tumbled to an 8-1/2 month low of 0.414%. Asian stocks settled mixed: Japan -0.71%, Hong Kong +0.75%, China -2.92%, Taiwan +0.70%, Australia +0.60%, Singapore +0.64%, South Korea +0.24%, India -0.09%. Asian shipbuilders declined and lead Chinese and Japanese equity markets lower after the Baltic Dry Index, a measure of commodity shipping costs, dropped to a 30-year low.
The dollar index (DXY00 unch) is down -0.06%. EUR/USD (^EURUSD) is up +0.20% at a 1-week high. USD/JPY (^USDJPY) is up +0.09%.
Mar T-note prices (ZNH16 unch) are little changed, down -0.5 of a tick.
Eurozone Jan economic confidence fell -1.7 to 105.0, weaker than expectations of -0.4 to 106.4 and a 5-month low.
UK Q4 GDP rose +0.5% q/q and +1.9% y/y, right on expectations.
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) weekly initial unemployment claims (expected -12,000 to 281,000, previous +10,000 to 293,000) and continuing claims (expected +10,000 to 2.218 million, previous 56,000 to 2.208 million), (2) Dec durable goods orders (expected -0.7% and -0.1% ex-transportation, Nov unch and unch ex-transportation), (3) Dec pending home sales (expected +0.9% m/m and +4.8% y/y, Nov -0.9% m/m and +5.1% y/y), (4) Jan Kansas City Fed manufacturing activity (expected -1 to -10, Dec -10 to -9), and (5) the Treasury's auction of $29 billion 7-year T-notes.
There are 52 of the S&P 500 companies that report earnings today with notable reports including: Amazon (consensus $1.55), Microsoft (0.71), Visa (0.68), Caterpillar (0.69), Nasdaq (0.88), Ford (0.51), Time Warner Cable (1.77), PulteGroup (0.49), Abbott Labs (0.61).
U.S. IPO's scheduled to price today: none.
Equity conferences during the remainder of this week: none.






OVERNIGHT U.S. STOCK MOVERS
Facebook (FB -2.97%) is up over 12% in pre-market trading after it reported Q4 adjusted EPS of 79 cents, above consensus of 68 cents.
Hallibuton (HAL +0.41%) was upgraded to 'Buy' from 'Accumulate' at KLR Group with a price target of $44.
Ford Motor (F -3.34%) reported Q4 adjusted EPS of 58 cents, better than consensus of 51 cents.
EBay (EBAY -0.86%) sank over 10% in after-hours trading after it lowered guidance on fiscal 2016 adjusted EPS to $1.82-$1.87, below consensus of $1.98, and said it sees Q1 adjusted EPS of 43 cents-45 cents, weaker than consensus of 48 cents.
Paypal (PYPL -1.19%) rose 5% in after-hours trading after it reported Q4 adjusted EPS of 36 cents, higher than consensus of 34 cents.
Juniper Networks (JNPR -0.41%) slumped over 9% in after-hours trading after it lowered guidance on Q1 adjusted EPS to 42 cents-46 cents, below consensus of 47 cents.
Discover Financial Services (DFS +0.68%) tumbled over 7% in after-hours trading after it reported Q4 EPS of $1.14, below consensus of $1.30.
SanDisk (SNDK +0.19%) gained over 1% in after-hours trading after it reported Q4 adjusted EPS of $1.26, higher than consensus of 90 cents.
Texas Instruments (TXN -0.06%) rose over 2% in after-hours trading after it reported Q4 GAAP EPS ex-benefits of 71 cents, above consensus of 69 cents.
United Rentals (URI -1.85%) sank over 10% in after-hours trading after it reported Q4 adjusted EPS of $2.19, below consensus of $2.33.
ServiceNow (NOW -3.32%) slumped over 12% in after-hours trading after it reported Q4 billings of $365.7 million, below forecasts of $370 million-$375 million, and said it sees 2016 revenue of $1.34 billion-$1.37 billion, below consensus of $1.37 billion.
Teradyne (TER +0.61%) jumped 10% in after-hours trading after it reported Q4 adjusted EPS of 13 cents, higher than consensus of 10 cents, and then raised guidance on Q1 EPS to 23 cents-29 cents, above consensus of 18 cents.
Mellanox Technologies (MLNX +0.46%) climbed over 6% in after-hours trading after it reported Q4 EPS of 90 cents, well above consensus of 70 cents.
InvenSense (INVN -5.78%) dropped 6% in after-hours trading after it lowered guidance on Q4 EPS to $0.00 to up 2 cents, below consensus of 12 cents.

MARKET COMMENTS
Mar E-mini S&Ps (ESH16 +0.24%) this morning are up +1.50 points (+0.08%). Wednesday's closes: S&P 500 -1.09%, Dow Jones -1.38%, Nasdaq-2.48%. The S&P 500 on Wednesday closed lower on negative carryover from the -0.52% drop in China's Shanghai Composite to a 13-3/4 month low, weakness in technology stocks after Apple fell by more than 6% on smaller-than-expected Q2 revenue indications, and some disappointment that the FOMC's post-meeting statement was not more dovish.
Mar 10-year T-notes (ZNH16 unch) this morning are down -0.5 of a tick. Wednesday's closes: TYH6 +8.50, FVH6 +4.75. Mar T-notes on Wednesday closed higher on the slide in stocks that boosted the safe-haven demand for T-notes, and the post-FOMC meeting statement said that the Fed was watching global developments closely and that it expects to raise interest rates at a "gradual" pace. Gains were limited after U.S. Dec new home sales rose at the fastest pace in 10 months.
The dollar index (DXY00 unch) this morning is down -0.059 (-0.06%). EUR/USD (^EURUSD) is up +0.0022 (+0.20%) at a 1-week high. USD/JPY (^USDJPY) is up +0.11 (+0.09%). Wednesday's closes: Dollar Index -0.458 (-0.46%), EUR/USD +0.0023 (+0.21%), USD/JPY +0.26 (+0.22%). The dollar index on Wednesday closed lower as the post-FOMC meeting statement adopted more dovish language and as the rally in crude oil boosted the Canadian dollar to a 3-week high against the dollar.
Mar crude oil (CLH16 +0.03%) this morning is up +13 cents (+0.40%) and Mar gasoline (RBH16 +2.16%) is up +0.0200 (+1.87%). Wednesday's closes: CLH6 +0.71 (+2.26%), RBH6 -0.0008 (+0.07%). Mar crude oil and gasoline on Wednesday closed higher as Mar gasoline recovered from a contract low. Crude oil prices were boosted by the weaker dollar and by the -771,000 bbl decline in crude oil supplies at Cushing, OK, the delivery point for WTI futures, the first decline in twelve weeks. Crude oil prices were undercut by the +8.38 million bbl surge in weekly EIA crude supplies and the +3.46 million bbl increase in weekly EIA gasoline stockpiles to 248.46 million bbl, more than expectations of +1.0 million bbl and a 15-3/4 year high.
GLOBAL EVENT CALENDAR01/28/2016
US0830 ETWeekly initial unemployment claims expected -12,000 to 281,000, previous +10,000 to 293,000. Weekly continuing claims expected +10,000 to 2.218 million, previous -56,000 to 2.208 million.
0830 ETDec durable goods orders expected -0.7% and -0.1% ex-transportation, Nov unch and unch ex-transportation. Dec capital goods orders non-defense ex aircraft & parts expected -0.2%, Nov -0.3%.
0830 ETUSDA weekly Export Sales.
1000 ETDec pending home sales expected +0.9% m/m and +4.8% y/y, Nov -0.9% m/m and +5.1% y/y.
1100 ETJan Kansas City Fed manufacturing activity expected -1 to -10, Dec -10 to -9.
1300 ETTreasury auctions $29 billion 7-year T-notes.
GER0200 ETGerman Dec import price index expected -1.1% m/m and -3.1% y/y, Nov -0.2% m/m and -3.5% y/y.
0800 ETGerman Jan CPI (EU harmonized) expected -1.0% m/m and +0.4% y/y, Dec unch m/m and +0.2% y/y.
UK0430 ETUK Q4 GDP expected +0.5% q/q and +1.9% y/y, Q3 +0.4% q/q and +2.1% y/y.
0430 ETUK Nov index of services expected +0.2% m/m and +0.6% 3-mo/3-mo, Oct +0.1% m/m and +0.5% 3-mo/3-mo.
0600 ETUK Jan CBI reported sales expected -1 to 18, Dec 19.
1901 ETUK Jan Lloyds business barometer, Dec 45.
1905 ETUK Jan GfK consumer confidence expected -1 to 1, Dec 2.
EUR0500 ETEurozone Jan economic confidence expected -0.4 to 106.4, Dec 106.8. Jan business climate indicator expected 0.1 to 0.40, Dec 0.41.
0500 ETRevised Eurozone Jan consumer confidence, preliminary -0.6 to -6.3.
JPN1830 ETJapan Dec overall household spending expected -2.5% y/y, Nov -2.9% y/y.
1830 ETJapan Dec jobless rate expected unch at 3.3%. Dec job-to-applicant ratio expected +0.01 to 1.26, Nov 1.25.
1830 ETJapan Dec national CPI expected +0.2% y/y, Nov +0.3% y/y. Dec national CPI ex-fresh food expected +0.1% y/y, Nov +0.1% y/y. Dec national CPI ex food & energy expected +0.9% y/y, Nov +0.9% y/y.
1830 ETJapan Jan Tokyo CPI expected unch y/y, Dec unch y/y. Jan Tokyo CPI ex-fresh food expected +0.1% y/y, Dec +0.1% y/y. Jan Tokyo CPI ex food & energy expected +0.6% y/y, Dec +0.6% y/y.
1850 ETJapan Dec industrial production expected -0.3% m/m and -0.6% y/y, Nov -1.0% m/m and +1.6% y/y.
2300 ETJapan Dec vehicle production, Nov +6.0% y/y.
U.S. STOCK CALENDAR01/28/2016
CompanyTickerTimeEvent DescriptionPeriodEstimate
Abbott LaboratoriesABT USBef-mktQ4 2015 Earnings ReleaseQ4 20150.609
Airgas IncARG USBef-mktQ3 2016 Earnings ReleaseQ3 20161.172
American Electric Power Co IncAEP USBef-mktQ4 2015 Earnings ReleaseQ4 20150.496
Baker Hughes IncBHI USBef-mktQ4 2015 Earnings ReleaseQ4 2015-0.1
Ball CorpBLL USBef-mktQ4 2015 Earnings ReleaseQ4 20150.746
Bristol-Myers Squibb CoBMY USBef-mktQ4 2015 Earnings ReleaseQ4 20150.286
Harley-Davidson IncHOG USBef-mktQ4 2015 Earnings ReleaseQ4 20150.204
Helmerich & Payne IncHP USBef-mktQ1 2016 Earnings ReleaseQ1 2016-0.072
Hershey Co/TheHSY USBef-mktQ4 2015 Earnings ReleaseQ4 20151.049
Johnson Controls IncJCI USBef-mktQ1 2016 Earnings ReleaseQ1 20160.819
Eli Lilly & CoLLY USBef-mktQ4 2015 Earnings ReleaseQ4 20150.783
Northrop Grumman CorpNOC USBef-mktQ4 2015 Earnings ReleaseQ4 20152.008
Nucor CorpNUE USBef-mktQ4 2015 Earnings ReleaseQ4 20150.226
PulteGroup IncPHM USBef-mktQ4 2015 Earnings ReleaseQ4 20150.487
Raytheon CoRTN USBef-mktQ4 2015 Earnings ReleaseQ4 20151.824
Stanley Black & Decker IncSWK USBef-mktQ4 2015 Earnings ReleaseQ4 20151.762
Thermo Fisher Scientific IncTMO USBef-mktQ4 2015 Earnings ReleaseQ4 20152.108
McCormick & Co Inc/MDMKC USBef-mktQ4 2015 Earnings ReleaseQ4 20151.172
Celgene CorpCELG USBef-mktQ4 2015 Earnings ReleaseQ4 20151.18
AutoNation IncAN USBef-mktQ4 2015 Earnings ReleaseQ4 20151.035
T Rowe Price Group IncTROW USBef-mktQ4 2015 Earnings ReleaseQ4 20151.107
Quest Diagnostics IncDGX USBef-mktQ4 2015 Earnings ReleaseQ4 20151.186
Valero Energy CorpVLO USBef-mktQ4 2015 Earnings ReleaseQ4 20151.464
L-3 Communications Holdings IncLLL USBef-mktQ4 2015 Earnings ReleaseQ4 20151.987
Alliance Data Systems CorpADS USBef-mktQ4 2015 Earnings ReleaseQ4 20154.104
Time Warner Cable IncTWC USBef-mktQ4 2015 Earnings ReleaseQ4 20151.768
Xcel Energy IncXEL USBef-mktQ4 2015 Earnings ReleaseQ4 20150.402
Mead Johnson Nutrition CoMJN USBef-mktQ4 2015 Earnings ReleaseQ4 20150.726
HCA Holdings IncHCA USBef-mktQ4 2015 Earnings ReleaseQ4 20151.514
Ford Motor CoF US7:00Q4 2015 Earnings ReleaseQ4 20150.51
Altria Group IncMO US7:00Q4 2015 Earnings ReleaseQ4 20150.68
Sherwin-Williams Co/TheSHW US7:00Q4 2015 Earnings ReleaseQ4 20151.869
Invesco LtdIVZ US7:00Q4 2015 Earnings ReleaseQ4 20150.604
Nasdaq IncNDAQ US7:00Q4 2015 Earnings ReleaseQ4 20150.881
Under Armour IncUA US7:15Q4 2015 Earnings ReleaseQ4 20150.46
Caterpillar IncCAT US7:30Q4 2015 Earnings ReleaseQ4 20150.688
NextEra Energy IncNEE US7:30Q4 2015 Earnings ReleaseQ4 20151.076
McCormick & Co Inc/MDMKC US7:30Q4 2015 Earnings CallQ4 2015
Zimmer Biomet Holdings IncZBH US7:30Q4 2015 Earnings ReleaseQ4 20152.041
Harman International Industries IncHAR US8:00Q2 2016 Earnings ReleaseQ2 20161.727
Stanley Black & Decker IncSWK US8:00Q4 2015 Earnings CallQ4 2015
Crown Castle International CorpCCI US8:00Q4 2015 Earnings CallQ4 2015
Nasdaq IncNDAQ US8:00Q4 2015 Earnings CallQ4 2015
Zimmer Biomet Holdings IncZBH US8:00Q4 2015 Earnings CallQ4 2015
Hershey Co/TheHSY US8:30Q4 2015 Earnings CallQ4 2015
PulteGroup IncPHM US8:30Q4 2015 Earnings CallQ4 2015
Thermo Fisher Scientific IncTMO US8:30Q4 2015 Earnings CallQ4 2015
Quest Diagnostics IncDGX US8:30Q4 2015 Earnings CallQ4 2015
Alliance Data Systems CorpADS US8:30Q4 2015 Earnings CallQ4 2015
Time Warner Cable IncTWC US8:30Q4 2015 Earnings CallQ4 2015
Under Armour IncUA US8:30Q4 2015 Earnings CallQ4 2015
Abbott LaboratoriesABT US9:00Q4 2015 Earnings CallQ4 2015
American Electric Power Co IncAEP US9:00Q4 2015 Earnings CallQ4 2015
Ford Motor CoF US9:00Q4 2015 Earnings CallQ4 2015
NextEra Energy IncNEE US9:00Q4 2015 Earnings CallQ4 2015
Harley-Davidson IncHOG US9:00Q4 2015 Earnings CallQ4 2015
Eli Lilly & CoLLY US9:00Q4 2015 Earnings CallQ4 2015
Altria Group IncMO US9:00Q4 2015 Earnings CallQ4 2015
Raytheon CoRTN US9:00Q4 2015 Earnings CallQ4 2015
Celgene CorpCELG US9:00Q4 2015 Earnings CallQ4 2015
Invesco LtdIVZ US9:00Q4 2015 Earnings CallQ4 2015
Ameriprise Financial IncAMP US9:00Q4 2015 Earnings CallQ4 2015
Mead Johnson Nutrition CoMJN US9:30Q4 2015 Earnings CallQ4 2015
Xcel Energy IncXEL US10:00Q4 2015 Earnings CallQ4 2015
HCA Holdings IncHCA US10:00Q4 2015 Earnings CallQ4 2015
Bristol-Myers Squibb CoBMY US10:30Q4 2015 Earnings CallQ4 2015
Ball CorpBLL US11:00Q4 2015 Earnings CallQ4 2015
Caterpillar IncCAT US11:00Q4 2015 Earnings CallQ4 2015
Ford Motor CoF US11:00Q4 2015 Earnings Call - Fixed IncomeC4 2015
Harman International Industries IncHAR US11:00Q2 2016 Earnings CallQ2 2016
Helmerich & Payne IncHP US11:00Q1 2016 Earnings CallQ1 2016
Johnson Controls IncJCI US11:00Q1 2016 Earnings CallQ1 2016
Sherwin-Williams Co/TheSHW US11:00Q4 2015 Earnings CallQ4 2015
AutoNation IncAN US11:00Q4 2015 Earnings CallQ4 2015
Valero Energy CorpVLO US11:00Q4 2015 Earnings CallC4 2015
Valero Energy CorpVLO US11:00Q4 2015 Earnings CallQ4 2015
L-3 Communications Holdings IncLLL US11:00Q4 2015 Earnings CallQ4 2015
Northrop Grumman CorpNOC US12:00Q4 2015 Earnings CallQ4 2015
United Rentals IncURI US12:00Q4 2015 Earnings CallQ4 2015
Murphy Oil CorpMUR US13:00Q4 2015 Earnings CallQ4 2015
Air Products & Chemicals IncAPD US14:00Annual General MeetingY 2016
Nucor CorpNUE US14:00Q4 2015 Earnings CallQ4 2015
SL Green Realty CorpSLG US14:00Q4 2015 Earnings CallQ4 2015
Eastman Chemical CoEMN US16:30Q4 2015 Earnings ReleaseQ4 20151.549
CR Bard IncBCR US17:00Q4 2015 Earnings CallQ4 2015
Western Digital CorpWDC US17:00Q2 2016 Earnings CallQ2 2016
Amgen IncAMGN US17:00Q4 2015 Earnings CallQ4 2015
Skyworks Solutions IncSWKS US17:00Q1 2016 Earnings CallQ1 2016
Electronic Arts IncEA US17:00Q3 2016 Earnings CallQ3 2016
Amazon.com IncAMZN US17:00Q4 2015 Earnings CallQ4 2015
Visa IncV US17:00Q1 2016 Earnings CallQ1 2016
CR Bard IncBCR USAft-mktQ4 2015 Earnings ReleaseQ4 20152.413
Western Digital CorpWDC USAft-mktQ2 2016 Earnings ReleaseQ2 20161.54
Amgen IncAMGN USAft-mktQ4 2015 Earnings ReleaseQ4 20152.286
KLA-Tencor CorpKLAC USAft-mktQ2 2016 Earnings ReleaseQ2 20160.855
Microsoft CorpMSFT USAft-mktQ2 2016 Earnings ReleaseQ2 20160.71
Skyworks Solutions IncSWKS USAft-mktQ1 2016 Earnings ReleaseQ1 20161.583
Electronic Arts IncEA USAft-mktQ3 2016 Earnings ReleaseQ3 20161.811
Amazon.com IncAMZN USAft-mktQ4 2015 Earnings ReleaseQ4 20151.551
Visa IncV USAft-mktQ1 2016 Earnings ReleaseQ1 20160.681
WestRock CoWRK USAft-mktQ1 2016 Earnings ReleaseQ1 20160.6
Microsoft CorpMSFT US17:30Q2 2016 Earnings CallQ2 2016
Jacobs Engineering Group IncJEC USAnnual General Meeting
Merck & Co IncMRK USPDUFA, grazoprevir/elbasvir, hepatitis C (HCV)
Micron Technology IncMU USAnnual General Meeting
Cameron International CorpCAM USQ4 2015 Earnings ReleaseQ4 20150.719
Broadcom CorpBRCM USQ4 2015 Earnings ReleaseQ4 20150.711
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Wednesday, November 11, 2015

BARCHART MORNING CALL 11/11

OVERNIGHT MARKETS AND NEWS
December E-mini S&Ps (ESZ15 +0.32%) are up +0.32% and European stocks are up +0.86% after China Oct retail sales rose by the most this year. Increased M&A activity is also supportive for stocks with SABMiller Plc up +1.7% after Anheuser-Busch InBev NV made a formal offer to buy it for about $107 billion. On the negative side is weakness in miners and raw-material producers after China Oct industrial production rose at the slowest pace in nearly 7 years, which sent Dec copper (HGZ15 -0.34%) down -0.32% to a 6-1/3 year low. Also, energy producers are weaker with Dec crude oil (CLZ15-1.31%) down -1.18% to a 2-week low. Asian stocks settled mixed: Japan +0.10%, Hong Kong -0.22%, China +0.27%, Taiwan -1.43%, Australia +0.46%, Singapore -0.54%, South Korea unch, India closed for holiday. Japan's Nikkei Stock Index climbed to a 2-1/2 month high on expectations for divergent central bank policies that weaken the yen to continue as the BOJ is expected to expand stimulus while the Fed is expected to raise interest rates. This will weaken the yen, which boosts the earnings prospects of Japanese exporters.
The dollar index (DXY00 -0.11%) is down -0.10%. EUR/USD (^EURUSD) is down -0.09%. USD/JPY (^USDJPY) is unch.
Dec T-note prices (ZNZ15 -0.10%) are down -4.5 ticks.
China Oct industrial production rose +5.6% y/y, weaker than expectations of +5.8% y/y and matched the Mar 2015 gain as the slowest pace of increase in nearly 7 years.
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 of 2014.
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) weekly MBA mortgage applications (previous -0.8% with purchase mortgage sub-index -0.6% and refi sub-index-0.9%). Government offices and cash government bond trading are closed today for Veterans Day but Globex financial futures and stocks exchanges are open during regular hours.
There are 2 of the S&P 500 companies that report earnings today: Macy's (consensus $0.53), ADT Corp (0.48).
U.S. IPO's scheduled to price today: Loxo Oncology (LOXO).
Equity conferences today include: Baird Healthcare Conference on Mon-Wed, Edison Electric Institute Financial Conference on Mon-Wed, Robert W. Baird & Co. Industrial Conference on Mon-Wed, Bank of America Merrill Lynch Global Energy Conference on Tue-Wed, Credit Suisse Boston Financials Conference on Tue-Wed, Credit Suisse Health Care Conference on Tue-Wed, Wells Fargo Securities Technology, Media and Telecom Conference on Tue-Wed, RBC Capital Markets Technology, Internet, Media and Telecommunications Conference on Tue-Wed, Stephens Inc Fall Investment Conference on Tue-Wed, Jefferies Energy Conference on Wed, UBS Building & Building Products CEO Conference on Wed.








OVERNIGHT U.S. STOCK MOVERS
Tyco International Plc (TYC -0.14%) was upgraded to 'Overweight' from 'Neutral' at JPMorgan Chase with a price target of $42.
Alarm.com Holdings (ALRM +4.07%) jumped 10% in after-hours trading after it reported Q3 adjusted EPS of 14 cents, well above consensus of 2 cents, and then raised guidance on fiscal 2015 adjusted EPS to 20 cents-21 cents from an August estimate of 13 cents-14 cents, above consensus of 14 cents.
MetLife (MET -0.06%) was downgraded to 'Equal Weight' from 'Overweight' at Morgan Stanley.
Horizon Pharma Plc (HZNP +0.40%) plunged 25% in pre-market trading after Express Scripts Holding said it was suing the company for $140 million for unfilled contractual obligations.
SanDisk (SNDK -1.57%) was downgraded to 'Market Perform' from 'Outperform' at Bernstein.
Sanofi (SAN -0.72%) and Regeneron Pharmaceuticals (REGN +1.14%) announced that 74% of patients in a Phase 3 clinical trial reached their pre-specified LDL cholesterol targets within 8 weeks of adding the new Praluent (alirocumab) injection to their standard-of-care.
WuXi PharmaTech (WX +0.20%) and Eli Lilly (LLY +0.88%) announced that have entered into a strategic collaboration to develop, manufacture and promote a cholesterol drug in China.
Boston Scientific (BSX +1.13%) fell nearly 4% in after-hours trading after CMS said evidence shows that percutaneous left atrial appendage closure (LAAC) therapy using an implanted device is not necessary.
ChannelAdvisor reported that Amazon (AMZN +0.64%) Oct same-store-sales rose +16.4% y/y.
Lockheed Martin (LMT -0.29%) was awarded a 5-year U.S. Air Force contract worth as much as $968.7 million to build 17 C-130J aircrafts.
Public Storage (PSA +1.00%) was rated a new 'Underweight' at BB&T Capital Markets with a 12-month price target of $217.50.
Veritex Holdings (VBTX +1.45%) filed to sell $150 million of mixed securities.
Boot Barn (BOOT +2.49%) dropped over 9% in after-hours trading after it lowered guidance on fiscal 2016 adjusted EPS to 76 cents-80 cents from an August estimate of 85 cents-90 cents, below consensus of 86 cents.
MARKET COMMENTS
Dec E-mini S&Ps (ESZ15 +0.32%) this morning are up +6.75 points (+0.32%). Tuesday's closes: S&P 500 +0.15%, Dow Jones +0.16%, Nasdaq -0.30%. The S&P on Tuesday recovered from early losses and closed higher on the subdued inflation picture indicated by the -10.5% y/y decline in Oct import prices and on the +0.5% increase in U.S. Sep wholesale trade sales, stronger than expectations of +0.1%. Stocks were hurt early by deflation risks in China after the China Oct CPI report of +1.3% y/y versus expectations of +1.5% y/y.
Dec 10-year T-notes (ZNZ15 -0.10%) this morning are down -4.5 ticks. Tuesday's closes: TYZ5 +8.50, FVZ5 +6.50. Dec T-notes on Tuesday closed higher on the larger-than-expected decline in U.S. Oct import prices and on strong foreign demand for the Treasury's $24 billion 10-year T-note auction after indirect bidders, a proxy for foreign central bank demand, purchased 60.5% of the auction, higher than the 12-auction average of 56.8%.
The dollar index (DXY00 -0.11%) this morning is down -0.097 (-0.10%). EUR/USD (^EURUSD) is down -0.0010 (-0.09%). USD/JPY (^USDJPY) is unch. Tuesday's closes: Dollar Index +0.314 (+0.32%), EUR/USD -0.0028 (-0.26%), USD/JPY -0.03 (-0.02%). The dollar index on Tuesday climbed to a 6-3/4 month high and closed higher on favorable dollar interest rate differentials after the recent rise in T-note yields and on weakness in EUR/USD which tumbled to a 6-1/2 month low on speculation the ECB will expand QE after ECB Board member and Bank of Finland Governor Liikanen said that "decelerating growth in the emerging economies threatens to dampen global activity."
Dec crude oil (CLZ15 -1.31%) this morning is down -52 cents (-1.18%) at a 2-week low and Dec gasoline (RBZ15 +0.10%) is up +0.0055 (+0.40%). Tuesday's closes: CLZ5 -0.24 (-0.55%), RBZ5 -0.0136 (-0.99%). Dec crude oil and gasoline prices on Tuesday closed lower with Dec crude at a 1-1/2 week low and Dec gasoline at a 1-week low. Crude oil prices were undercut by the rally in the dollar index to a 6-3/4 month high and by concern that China's economic slowdown is deepening after China Oct PPI fell by the most in 6 years.
GLOBAL EVENT CALENDAR11/11/2015
US0700 ETWeekly MBA mortgage applications, previous -0.8% with purchase mortgage sub-index -0.6% and refi sub-index -0.9%.
n/aGovernment offices and cash government bond trading closed for Veterans Day; Globex financial futures and stocks exchanges open regular hours.
CHI0030 ETChina Oct industrial production expected +5.8% y/y, Sep +5.7% y/y.
0030 ETChina Oct retail sales expected +10.9% y/y, Sep +10.9% y/y.
JPN0100 ETJapan Oct machine tool orders, Sep -19.1% y/y.
1850 ETJapan Oct PPI expected -0.4% m/m and -3.5% y/y, Sep -0.5% m/m and -3.9% y/y.
1850 ETJapan Sep machine orders expected +3.1% m/m and -4.6% y/y, Aug -5.7% m/m and -3.5% y/y.
GER0200 ETGerman Oct wholesale price index, Sep -0.6% m/m and -1.8% y/y.
UK0430 ETUK Oct jobless claims change expected +1,400, Sep +4,600. Oct claimant count rate expected unch at 2.3%.
0430 ETUK Sep average weekly earnings expected +3.2% 3-mo avg y/y, Aug +3.0% 3-mo avg y/y. Sep weekly earnings ex-bonus expected +2.6% 3-mo avg y/y, Aug +2.8% 3-mo avg y/y.
0430 ETUK ILO unemployment rate expected unch at 543% for the 3 months through Sep.
1901 ETUK Oct RICS house price balance expected 45%, Sep 44%.
EUR0815 ETECB President Mario Draghi speaks at a BOE event in London.
U.S. STOCK CALENDAR11/11/2015

CompanyTickerTimeEvent DescriptionPeriodEstimate
Macy's IncM USBef-mktQ3 2016 Earnings ReleaseQ3 20160.528
ADT Corp/TheADT USBef-mktQ4 2015 Earnings ReleaseQ4 20150.478
ADT Corp/TheADT US8:30Q4 2015 Earnings CallQ4 2015
Macy's IncM US9:00Q3 2016 Earnings CallQ3 2016
Multiple CompaniesLLY US9:00Baricitinib Phase 3 Data (ACR) Conference Call
United Parcel Service IncUPS USRoadshow - Day8Y 2015
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Tuesday, October 20, 2015

BARCHART MORNING CALL 10/20

BARCHART MORNING CALL

OVERNIGHT MARKETS AND NEWS
December E-mini S&Ps (ESZ15 -0.21%) are down -0.31% and European stocks are down -0.85% on reduced chances of additional easing from the ECB after the ECB's lending survey showed that credit standards on loans to companies eased for the sixth consecutive quarter. Also, weakness is IBM, which is down -4.5% in pre-market trading, is undercutting stocks after it lowered its full-year profit forecast after Q3 revenue missed estimates. Mining companies and raw-material stocks are lower as well after the price of copper (HGZ15 -0.30%) fell to a 1-week low. Asian stocks settled mixed: Japan +0.42%, Hong Kong -0.37%, China +1.14%, Taiwan +0.26%, Australia -0.65%, Singapore -0.18%, South Korea +0.43%, India -0.21%. China's Shanghai Composite rose to a 1-3/4 month high as a rally in small-cap stocks led the overall market higher on speculation the government will boost stimulus in the technology industry to offset the faltering industrial sector.
The dollar index (DXY00 -0.31%) is down -0.31%. EUR/USD (^EURUSD) is up +0.45%. USD/JPY (^USDJPY) is up +0.11%.
Dec T-note prices (ZNZ15 -0.15%) are down -6 ticks on negative carryover from a slide in German bund prices after strength in the ECB's Bank Lending Survey curbed speculation the ECB will expand QE.
The ECB said Q3 credit standards on loans to companies eased for the sixth consecutive quarter, according to the ECB's Bank Lending Survey. The survey showed 40% of banks said they used the extra liquidity from the ECB's QE program to lend to companies, while 14% increased mortgages and 36% expanded consumer credit and other loans to households.
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) Sep housing starts (expected +1.4% to 1.142 million, Aug -3.0% to 1.126 million), (2) introductory remarks by Fed Governor Jerome Powell and New York Fed President William Dudley at a conference on bond market liquidity, and (3) Fed Chair Janet Yellen's welcoming remarks at a Labor Hall of Honor Induction Ceremony.
There are 22 of the S&P 500 companies that report earnings today with notable reports including: Yahoo (consensus $0.16), Bank of New York Mellon (0.71), Fifth Third Bancorp (0.40), Verizon (1.02), Chipotle (4.62), Discover Financial Services (1.33), Navient (0.48).
U.S. IPO's scheduled to price today: Ferrari (RACE).
Equity conferences today include: Private Wealth Latin America and The Caribbean Forum on Wed.
OVERNIGHT U.S. STOCK MOVERS
International Business Machines (IBM -0.78%) fell nearly 5% in pre-market trading after it reported Q3 adjusted EPS of $3.34, above consensus of $3.30, but then lowered guidance for fiscal 2015 EPS to $15.25, plus or minus 50 cents, below consensus of $15.68.
Fifth Third Bancorp (FITB +0.11%) reported Q3 EPS of 39 cents, below consensus of 40 cents.
Harley Davidson (HOG +1.16%) reported Q3 EPS of 69 cents, weaker than consensus of 78 cents.
The Travelers Cos. (TRV +0.40%) reported Q3 EPS of $2.93, higher than consensus of $2.26.
Omnicom Group (OMC +0.07%) reported Q3 EPS of 97 cents, better than consensus of 95 cents.
Wolverine World Wide (WWW -0.25%) reported Q3 EPS of 48 cents, right on consensus, but then lowered guidance on fiscal 2015 EPS to $144-$1.47 from a February estimate of $1.53-$1.60, below consensus of $1.47.
The Fresh Market (TFM +3.51%) was raised to 'Neutral' from 'Underperform' at Credit Suisse.
Hexcel (HXL +0.07%) fell over 4% in after-hours trading after it reported Q3 EPS of 55 cents, weaker than consensus of 59 cents, and then lowered guidance on fiscal 2015 EPS to $2.28-$2.34, below consensus of $2.43.
SanDisk (SNDK +2.90%) jumped over 8% in after-hours trading after people with knowledge of the matter said SanDisk is in advanced talks to sell itself to Western Digital Corp.
Ctrip.com (CTRIP) climbed nearly 2% in after-hours trading after Priceline Group raised its stake in the company to 12.63%.
Rambus (RMBS +0.87%) sank nearly 15% in after-hours trading after it reported Q3 EPS of 14 cents, right on consensus, but then lowered guidance on Q4 revenue to $71 million -$77 million, below consensus of $83.4 million.
Sonic Corp. (SONC +1.99%) rose 5% in after-hours trading after it reported Q4 EPS of 43 cents, better than consensus of 42 cents, and raised guidance for fiscal year 2016 EPS growth to 16% to 20% per share, higher than a previous outlook of 14% to 18% growth.
Flexatronic International (FLEX -0.80%) rose 6% in after-hours trading after it reported Q2 EPS of 27 cents, higher than consensus of 25 cents.
MARKET COMMENTS
Dec E-mini S&Ps (ESZ15 -0.21%) this morning are down -6.25 points (-0.31%). Monday's closes: S&P 500 +0.03%, Dow Jones +0.08%, Nasdaq +0.53%. The S&P 500 on Monday closed slightly higher on reduced Chinese economic concerns after the China Q3 GDP report of +6.9% y/y was slightly stronger than expectations of +6.8% y/y. In addition, the U.S. Oct NAHB housing market index showed a larger than-expected gain to a new 10-year high of 64. Meanwhile, bank stocks were undercut by disappointing earnings from Morgan Stanley and by weakness in energy producers after crude oil fell by over-3%.
Dec 10-year T-notes (ZNZ15 -0.15%) this morning are down -6 ticks. Monday's closes: TYZ5 -2.00, FVZ5 +1.00. Dec T-notes on Monday closed slightly lower on increased worries about a Fed tightening after the stronger-than-expected Chinese Q3 GDP of +6.9% and the larger-than-expected increase in the Oct NAHB housing market index to a 10-year high.
The dollar index (DXY00 -0.31%) this morning is down -0.293 (-0.31%). EUR/USD (^EURUSD) is up +0.0051 (+0.45%). USD/JPY (^USDJPY) is up +0.13 (+0.11%). Monday's closes: Dollar Index +0.388 (+0.41%), EUR/USD -0.0021 (-0.19%), USD/JPY +0.06 (+0.05%). The dollar index on Monday rose to a 1-week high and closed higher on the slightly increased chances for a Fed rate hike after the stronger-than-expected U.S. Oct NAHB housing market index report to a 10-year high. In addition, EUR/USD fell to a 1-week low on speculation that ECB President Draghi will consider expanding QE when the ECB meets on Thursday.
Dec crude oil (CLZ15 +0.19%) this morning is down -1 cent (-0.02%) and Dec gasoline (RBZ15 +0.31%) is down -0.0006 (-0.05%). Monday's closes: CLZ5-1.44 (-3.02%), RBZ5 -0.0538 (-4.03%). Dec crude oil and gasoline prices on Monday closed lower with Dec gasoline at a 1-1/2 month low. Crude oil and gasoline prices were undercut by the rally in the dollar index to a 1-week high and the decline in Q3 China GDP to a 6-1/2 year low of +6.9% y/y. In addition, the market is expecting Wednesday's weekly EIA report to show a +500,000 bbl increase in Cushing crude oil inventories.
GLOBAL EVENT CALENDAR10/20/2015
US0830 ETSep housing starts expected +1.4% to 1.142 million, Aug -3.0% to 1.126 million. Sep building permits expected unch at 1.170 million, Aug +3.5% to 1.170 million.
0900 ETFed Governor Jerome Powell and New York Fed President William Dudley give introductory remarks at a conference on bond market liquidity.
1100 ETFed Chair Janet Yellen delivers welcoming remarks at a Labor Hall of Honor Induction Ceremony.
GER0200 ETGerman Sep PPI expected -0.2% m/m and -1.8% y/y, Aug -0.5% m/m and -1.7% y/y.
JPN0130 ETJapan Sep nationwide department store sales, Aug +2.7% y/y.
0200 ETRevised Japan Sep machine tool orders, previous -19.1% y/y.
1950 ETJapan Sep trade balance expected +87.0 billion yen, Aug -569.4 billion yen. Sep exports expected +3.8% y/y, Aug +3.1% y/y. Sep imports expected -11.9% y/y, Aug -3.1% y/y.
EUR0400 ETEurozone Aug current account, Jul +33.8 billion euros (nsa).
U.S. STOCK CALENDAR10/20/2015
CompanyTickerTimeEvent DescriptionPeriodEstimate
TEGNA IncTGNA USBef-mktQ3 2015 Earnings ReleaseQ3 20150.356
Harley-Davidson IncHOG USBef-mktQ3 2015 Earnings ReleaseQ3 20150.783
United Technologies CorpUTX USBef-mktQ3 2015 Earnings ReleaseQ3 20151.544
Pentair PLCPNR USBef-mktQ3 2015 Earnings ReleaseQ3 20150.958
Lockheed Martin CorpLMT USBef-mktQ3 2015 Earnings ReleaseQ3 20152.717
Prologis IncPLD USBef-mktQ3 2015 Earnings ReleaseQ3 20150.578
Regions Financial CorpRF USBef-mktQ3 2015 Earnings ReleaseQ3 20150.196
Bank of New York Mellon Corp/TheBK US6:30Q3 2015 Earnings ReleaseQ3 20150.712
Fifth Third BancorpFITB US6:30Q3 2015 Earnings ReleaseQ3 20150.4
Travelers Cos Inc/TheTRV US6:57Q3 2015 Earnings ReleaseQ3 20152.262
Dover CorpDOV US7:00Q3 2015 Earnings ReleaseQ3 20151.066
Omnicom Group IncOMC US7:00Q3 2015 Earnings ReleaseQ3 20150.951
Verizon Communications IncVZ US7:30Q3 2015 Earnings ReleaseQ3 20151.022
Bank of New York Mellon Corp/TheBK US8:00Q3 2015 Earnings CallQ3 2015
Verizon Communications IncVZ US8:30Q3 2015 Earnings CallQ3 2015
Omnicom Group IncOMC US8:30Q3 2015 Earnings CallQ3 2015
United Technologies CorpUTX US8:30Q3 2015 Earnings CallQ3 2015
Harley-Davidson IncHOG US9:00Q3 2015 Earnings CallQ3 2015
Travelers Cos Inc/TheTRV US9:00Q3 2015 Earnings CallQ3 2015
Fifth Third BancorpFITB US9:00Q3 2015 Earnings CallQ3 2015
Pentair PLCPNR US9:00Q3 2015 Earnings CallQ3 2015
Dover CorpDOV US10:00Q3 2015 Earnings CallQ3 2015
TEGNA IncTGNA US10:00Q3 2015 Earnings CallQ3 2015
JM Smucker Co/TheSJM US10:00Investor DayY 2015
Lockheed Martin CorpLMT US11:00Q3 2015 Earnings CallQ3 2015
Regions Financial CorpRF US11:00Q3 2015 Earnings CallQ3 2015
Prologis IncPLD US12:00Q3 2015 Earnings CallQ3 2015
Chipotle Mexican Grill IncCMG US16:00Q3 2015 Earnings ReleaseQ3 20154.624
Yahoo! IncYHOO US16:05Q3 2015 Earnings ReleaseQ3 20150.159
Intuitive Surgical IncISRG US16:05Q3 2015 Earnings ReleaseQ3 20154.221
Discover Financial ServicesDFS US16:05Q3 2015 Earnings ReleaseQ3 20151.325
Intuitive Surgical IncISRG US16:30Q3 2015 Earnings CallQ3 2015
Chipotle Mexican Grill IncCMG US16:30Q3 2015 Earnings CallQ3 2015
Yahoo! IncYHOO US17:00Q3 2015 Earnings CallQ3 2015
Discover Financial ServicesDFS US17:00Q3 2015 Earnings CallQ3 2015
Chubb Corp/TheCB USAft-mktQ3 2015 Earnings ReleaseQ3 20152.014
ACE LtdACE USAft-mktQ3 2015 Earnings ReleaseQ3 20152.368
FMC Technologies IncFTI USAft-mktQ3 2015 Earnings ReleaseQ3 20150.579
Navient CorpNAVI USAft-mktQ3 2015 Earnings ReleaseQ3 20150.476
Sigma-Aldrich CorpSIAL USQ3 2015 Earnings ReleaseQ3 20151.055
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