Friday, March 18th, 2016View Older Reports
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OVERNIGHT MARKETS AND NEWS
Jun E-mini S&Ps (ESM16 +0.26%) are up +0.28% and European stocks are up +0.54% on speculation that global central banks will remain accommodative. Strength in Chinese stocks also gave support to a rally in global equity markets on signs that actions taken by the Chinese government to boost economic confidence are starting to bear fruit after China Feb new home prices rose in the most cities in nearly 2 years. Energy producers are also higher as crude oil climbed over $40 a barrel to a 3-1/2 month high. Asian stocks settled mostly higher: Japan -1.25%, Hong Kong +0.82%, China +1,73%, Taiwan +0.87%, Australia +0.29%, Singapore +0.92%, South Korea +0.22%, India +1.12%. Japan's Nikkei Stock Index was the only Asian bourse to close lower as it fell to a 1-week low after exporters sold-off on earnings concerns when USD/JPY plunged to a 1-1/3 year low yesterday. The yield on Japan's 10-year government bond fell to a record low -0.135% as the BOJ ramps up it bond buying operations. China's Shanghai Composite rallied to a 1-3/4 month high as strength in property stocks propelled the overall market higher after new-home prices last month rose in 47 cities out of 70 tracked by the government, the most in nearly 2 years.
The dollar index (DXY00 +0.27%) is up +0.32%. EUR/USD (^EURUSD) is down -0.43% after ECB Executive Board member Praet said that there was still scope for the ECB to cut interest rates if the Eurozone economy falters. USD/JPY (^USDJPY) is up +0.04%.
Jun T-note prices (ZNM16 +0.11%) are up +6.5 ticks.
ECB Executive Board member Praet said "if new negative shocks should worsen the outlook or if financing conditions should not adjust in the direction and to the extent that is necessary to boost the economy and inflation, a rate reduction remains in our armory."
Feb China new home prices rose in 47 cities out of 70 tracked by the government, the most in 23 months.
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) New York Fed President William Dudley's delivery of the opening remarks at a conference on bank supervision in NY, (2) University of Michigan prelim-March U.S. consumer sentiment index (expected +0.5 to 92.2, Feb -0.3 to 91.7), (3) Boston Fed President Eric Rosengren's speech on a panel on bank supervision in NY, and (4) St. Louis Fed President James Bullard's presentation at the International Research Forum on Monetary Policy Euro Area Business Cycle Network in Frankfurt, Germany.
There are 2 of the Russell 1000 companies that report earnings today: Tiffany (consensus $1.40), Avangrid (2.16).
U.S. IPO's scheduled to price today: BioLight Life Sciences (BOLT).
Equity conferences today include: none.
OVERNIGHT U.S. STOCK MOVERS
Adobe Systems (ADBE +2.03%) rallied over 5% in pre-market trading after it reported Q1 adjusted EPS of 66 cents, better than consensus of 61 cents, and then raised guidance on fiscal 2016 adjusted EPS to $2.80 from a prior estimate of $2.70, above consensus of $2.76.
Tiffany & Co. (TIF -0.23%) reported Q4 adjusted EPS of $1.46, higher than consensus of $1.40.
JPMorgan Chase (JPM -0.29%) rose 1% in after-hours trading after its board authorized an additional $1.88 billion to be added to its $6.4 billion stock repurchase program authorized last year.
Continental Resources (CLR +4.40%) was rated a new 'Outperform" at RBC with a price target of $35.
Micron Technology (MU +1.40%) was downgraded to 'Neutral' from 'Positive' at Susquehanna.
Avista (AVA +1.33%) was downgraded to 'Sell' from 'Neutral' at UBS.
Titan Machinery (TITN +4.67%) reported a preliminary Q4 adjusted loss of -$1.31, a much bigger loss than consensus of -12 cents.
Adecoagro (AGRO +0.23%) reported Q4 net sales of $209.8 million, above consensus of $202.3 million.
Regency Centers (REG +2.12%) was downgraded to 'Hold' from 'Buy' at Argus Research.
Shoe Carnival (SCVL +5.55%) rose nearly 6% in after-hours trading after it reported Q4 EPS of 21 cents, well above consensus of 14 cents.
Columbia Pipeline Group (CPGX +2.22%) climbed over 5% in after-hours trading after TransCanada agreed to buy the company for $25.50 a share or $10.2 billion. TransCanada (TRP +3.76%) is down over 4% in after-hours trading after the announcement.
Turquoise Hill Resources (TRQ +3.51%) reported Q4 EPS of 10 cents, well above consensus of 1 cent.
MARKET COMMENTS
Jun E-mini S&Ps (ESM16 +0.26%) this morning are up +5.75 ponts (+0.28%). Thursday's closes: S&P 500 +0.66%, Dow Jones +0.90%, Nasdaq-0.09%. The S&P 500 on Thursday rallied to a 2-1/2 month high and closed higher on the unexpected +260,000 increase in Jan JOLTS job openings to a 6-month high of 5.541 million, the +15.2 point jump in the Mar Philadelphia Fed business outlook survey to a 13-month high of 12.4 (stronger than expectations of +1.3 to -1.5), and the rally in commodity prices, which pushed raw material and energy producer stocks higher.
Jun 10-year T-notes (ZNM16 +0.11%) this morning are up +6.5 ticks. Thursday's closes: TYM6 +8.50, FVM6 +4.50. Jun T-notes on Thursday rose to a 1-week high and closed higher on positive carryover from Wednesday's dovish FOMC meeting where the FOMC cut its GDP and inflation forecasts and now predicts only two rate hikes this year rather the four. T-notes were undercut by the stronger-than-expected Mar Philadelphia Fed business outlook survey that jumped to a 13-month high and by increased inflation expectations after the 10-year T-note breakeven inflation rate rose to a 3-1/4 month high.
The dollar index (DXY00 +0.27%) this morning is up +0.300 (+0.32%). EUR/USD (^EURUSD) is DOWN -0.0049 (-0.43%). USD/JPY (^USDJPY) is UP +0.04 (+0.04%). Thursday's closes: Dollar Index -1.130 (-1.18%), EUR/USD +0.0094 (+0.84%), USD/JPY -1.17 (-1.04%). The dollar index on Thursday tumbled to a 4-3/4 month low and closed lower on negative carryover from Wednesday's dovish FOMC meeting where the Fed cut its expectations for rate hikes, acknowledged global risks, and cut its GDP and inflation forecasts. In addition, there was massive short-covering in EUR/USD which rose to a 5-week high and in the yen as USD/JPY plunged to a 1-1/3 year low.
Apr WTI crude (CLJ16 +1.52%) this morning is up +58 cents (+1.44%) at a 3-1/2 month high and Apr gasoline (RBJ16 +0.75%) is up +0.0093 (+0.65%). Thursday's closes: CLJ6 +1.88 (+4.89%), RBJ6 +0.0177 (+1.25%). Apr crude and gasoline on Thursday closed higher with Apr crude at a 3-1/4 month high. Crude oil prices were boosted by the sell-off in the dollar index to a 4-3/4 month low and by expectations from U.S. crude production to continue to fall after Wednesday’s EIA data showed a -0.1% decline in U.S. crude production in the week ended Mar 11 to a 16-month low of 9.068 million bpd.
GLOBAL EVENT CALENDAR03/18/2016
U.S. STOCK CALENDAR03/18/2016
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Showing posts with label TITN. Show all posts
Showing posts with label TITN. Show all posts
Friday, March 18, 2016
MORNING CALL 3/18
MORNING CALL
Tuesday, March 10, 2015
BARCHART MORNING CALL 3/10
BARCHART MORNING CALL
March E-mini S&Ps (ESH15 -0.87%) this morning are down -0.59% at a 1-3/4 month low and European stocks are down -0.78% after Dallas Fed President Fisher said that the Fed should raise interest rates before the economy reaches full employment to avoid triggering a recession. The yield on the German 10-year bund fell to a record low of 0.279% as the ECB bought Eurozone government bonds in the second day of its quantitative easing program. Asian stocks closed mostly lower: Japan -0.67%, Hong Kong -0.94%, China -0.48%, Taiwan -0.28%, Australia +0.05%, Singapore -0.19%, South Korea -0.40%, India -0.47%. Asian stocks fell back on China deflation concerns after China's producer prices extended a record stretch of declines to 36 months after Chine Feb PPI fell -4.8% y/y, the biggest decline in over 5 years. Commodity prices are mostly lower on a rally in the dollar. Apr crude oil (CLJ15 -0.98%) is down -0.48%. Apr gasoline (RBJ15 -1.07%) is down -0.94%. Apr gold (GCJ15 -0.37%) is down -0.45% at a 3-month low as the dollar strengthens. May copper (HGK15 -2.38%) is down -1.85%. Agriculture prices are lower ahead of the USDA's Mar WASDE crop production report. The dollar index (DXY00 +0.82%) is up +0.71% at an 11-1/2 year high. EUR/USD (^EURUSD) is down -0.84% at an 11-3/4 year low. USD/JPY (^USDJPY) is up +0.41% at a 7-1/2 year high. Jun T-note prices (ZNM15 +0.21%) are up +5 ticks.
Dallas Fed President Fisher said the Fed should raise interest rates before the economy reaches full employment as policy makers are better off tightening monetary policy earlier and more gradually than later and more quickly. He added that "every time the Fed tightened policy after achieving full employment, it has driven the economy into recession."
China Feb CPI rose +1.4% y/y, stronger than expectations of +1.0% y/y. Feb PPI fell -4.8% y/y, weaker than expectations of -4.3% y/y and the fastest pace of decline in 5-1/3 years.
Japan Feb machine tool orders jumped +28.9% y/y, the seventeenth consecutive month that machine tool orders have increased.
March E-mini S&Ps (ESH15 -0.87%) this morning are down -0.59% at a 1-3/4 month low and European stocks are down -0.78% after Dallas Fed President Fisher said that the Fed should raise interest rates before the economy reaches full employment to avoid triggering a recession. The yield on the German 10-year bund fell to a record low of 0.279% as the ECB bought Eurozone government bonds in the second day of its quantitative easing program. Asian stocks closed mostly lower: Japan -0.67%, Hong Kong -0.94%, China -0.48%, Taiwan -0.28%, Australia +0.05%, Singapore -0.19%, South Korea -0.40%, India -0.47%. Asian stocks fell back on China deflation concerns after China's producer prices extended a record stretch of declines to 36 months after Chine Feb PPI fell -4.8% y/y, the biggest decline in over 5 years. Commodity prices are mostly lower on a rally in the dollar. Apr crude oil (CLJ15 -0.98%) is down -0.48%. Apr gasoline (RBJ15 -1.07%) is down -0.94%. Apr gold (GCJ15 -0.37%) is down -0.45% at a 3-month low as the dollar strengthens. May copper (HGK15 -2.38%) is down -1.85%. Agriculture prices are lower ahead of the USDA's Mar WASDE crop production report. The dollar index (DXY00 +0.82%) is up +0.71% at an 11-1/2 year high. EUR/USD (^EURUSD) is down -0.84% at an 11-3/4 year low. USD/JPY (^USDJPY) is up +0.41% at a 7-1/2 year high. Jun T-note prices (ZNM15 +0.21%) are up +5 ticks.
Dallas Fed President Fisher said the Fed should raise interest rates before the economy reaches full employment as policy makers are better off tightening monetary policy earlier and more gradually than later and more quickly. He added that "every time the Fed tightened policy after achieving full employment, it has driven the economy into recession."
China Feb CPI rose +1.4% y/y, stronger than expectations of +1.0% y/y. Feb PPI fell -4.8% y/y, weaker than expectations of -4.3% y/y and the fastest pace of decline in 5-1/3 years.
Japan Feb machine tool orders jumped +28.9% y/y, the seventeenth consecutive month that machine tool orders have increased.
U.S. STOCK PREVIEW
Today’s Jan JOLTS job openings report is expected to show a +22,000 increase to 5.050 million, adding to December’s +181,000 increase to 5.028 million. The Treasury today will sell $24 billion of 3-year T-notes. There are two of the Russell 1000 companies that report earnings today: John Wiley (consensus $0.97), VeriFone Systems (0.41).Equity conferences during the remainder of this week include: Deutsche Bank Media, Internet & Telecom Conference on Mon-Wed, 11th Annual Private Banking Asia 2015 on Mon-Wed, Citigroup Asset Manager, Broker Dealer & Exchanges Conference on Tue, KBW Cards, Payments & Financial Technology Conference on Tue, Mitsubishi UFJ Securities Oil & Gas Conference on Tue, ROTH Growth Stock Conference on Tue, Susquehanna Chemical Conference, Keefe Bruyette & Woods Cards Payments & Financial Technology Symposium on Tue, Piper Jaffray Technology, Media and Telecommunications Conference on Tue-Wed, RBC Capital Markets Financial Institutions Conference on Tue-Wed, Credit Agricole Global High Yield Conference on Wed, Goldman Sachs TMT Leveraged Finance Conference on Wed, Barclays Capital Health Care Conference on Tue-Thu, Deutsche Bank Regional Banks Summit on Thu, Nomura - Conference: US Software Conference - New York on Thu.
OVERNIGHT U.S. STOCK MOVERS
Peabody Coal (BTU -0.78%) was downgraded to 'Hold' from 'Buy' at Jefferies.AutoZone (AZO +0.88%) was upgraded to 'Buy' from 'Hold' at Argus.
NVIDIA (NVDA +0.27%) was upgraded to 'Buy' from 'Neutral' at BofA/Merrill Lynch.
Hewlett-Packard (HPQ -0.69%) was upgraded to 'Buy' from 'Neutral' at UBS.
Qihoo 360 (QIHU -1.88%) reported Q4 adjusted EPS of 75 cents, better than consensus of 71 cents.
Skyworks (SWKS +1.50%) will replace PetSmart (PETM +0.06%) in the S&P 500 as of the close of trading on Wednesday.
Mindray Medical (MR -1.90%) reported Q4 non-GAAP EPS of 49 cents, less than consensus of 52 cents.
Guggenheim Partners reported a 10.9% stake in Merge Healthcare (MRGE -9.19%) .
Illumina (ILMN -0.04%) was initiated with a 'Buy' at UBS with a price target of $240.
OrbiMed reported a 13.57% passive stake in Synergy Pharmaceuticals (SGYP +2.57%) .
Titan Machinery (TITN -5.90%) slid over 8% in after-hours trading after it reported preliminary a Q4 ex-items EPS loss of -18 cents to -23 cents, well below consensus of 9 cents. The company also said it will reduce its workforce by 14%.
United Natural Foods (UNFI +2.18%) reported Q2 adjusted EPS of 65 cents, below consensus of 67 cents, and then lowered guidance on fiscal 2015 revenue to $8.19 billion-$8.29 billion, less than consensus of $8.33 billion.
Casey's General Stores (CASY +3.72%) reported Q3 EPS of $1.01, well above consensus of 82 cents.
Qualcomm (QCOM +1.69%) authorized a repurchase of $15 billion in common stock.
Urban Outfitters (URBN +1.59%) reported Q4 EPS of 60 cents, better than consensus of 58 cents.
MARKET COMMENTS
Mar E-mini S&Ps (ESH15 -0.87%) this morning are down -12.25 points (-0.59%) at a 1-3/4 month low. The S&P 500 index on Monday closed higher: S&P 500 +0.39%, Dow Jones +0.78%, Nasdaq +0.31%. Bullish factors included (1) increased M&A activity after Simon Property Group offered to buy Macerich for $22.4 billion and after Alcoa bought RTI International Metals for $1.26 billion, and (2) strength in energy producers after crude oil rallied.Jun 10-year T-notes (ZNM15 +0.21%) this morning are up +5 ticks. Jun 10-year T-note futures prices on Monday closed higher. Closes: TYM5 +11.50, FVM5 +7.00. Bullish factors included (1) carry-over support from a rally in German bunds which rose to a 1-week high as the ECB began its QE program, and (2) increased safe-haven demand for T-notes after the yield on the 10-year Greek bond rose to a 2-week high of 10.06% on revived Greek debt concerns when European officials said Greece’s latest proposals were “far” from complete.
The dollar index (DXY00 +0.82%) this morning is up +0.696 *+0.71%) at an 11-1/2 year high. EUR/USD (^EURUSD) is down -0.0091 (-0.84%) at an 11-3/4 year low. USD/JPY (^USDJPY) is up +0.50 (+0.41%) at a 7-1/2 year high. The dollar index on Monday posted an 11-1/2 year high but fell back and closed slightly lower: Dollar index -0.027 (-0.03%), EUR/USD +0.00069 (+0.06%), USD/JPY +0.357 (+0.30%). Bullish factors included (1) carry-over support from Friday’s stronger-than-expected U.S. Feb payrolls report, and (2) weakness in EUR/USD which fell to a 11-1/2 year low as the ECB began its QE program. EUR/USD recovered from an 11-1/2 year low and closed higher after the Eurozone Mar Sentix investor confidence rose more than expected to a 7-1/2 year high.
Apr WTI crude oil (CLJ15 -0.98%) this morning is down -24 cents (-0.48%) and Apr gasoline (RBJ15 -1.07%) is down -0.0176 (-0.94%). Apr crude oil and gasoline prices on Monday settled mixed: CLJ5 +0.39 (+0.79%), RBJ5 -0.0054 (-0.29%). Supportive factors included (1) Genscape’s forecast that Wednesday’s weekly EIA data will show crude supplies at Cushing, OK, delivery point for WTI futures, rose at a slower pace in the week ended Mar 6 than the prior week’s increase of +536,000 bbl, and (2) strength in stocks. A bearish factor was the rally in the dollar index to an 11-1/2 year high.
GLOBAL EVENT CALENDAR03/10/2015
| US | 1000 ET | Jan wholesale inventories expected -0.1% m/m, Dec +0.1% m/m. Jan wholesale trade sales expected -0.5%, Dec -0.4% m/m. |
| 1000 ET | Jan JOLTS job openings expected +22,000 to 5.050 million, Dec +181,000 to 5.028 million. | |
| 1200 ET | USDA Mar WASDE crop production. | |
| 1300 ET | Treasury auctions $24 billion 3-year T-notes. | |
| JPN | 0200 ET | Japan Feb machine tool orders, Jan +20.4% y/y. |
| 1950 ET | Japan Feb PPI expected unch m/m and +0.5% y/y, Jan -1.3% m/m and +0.3% y/y. | |
| 1950 ET | Japan Jan machine orders expected -4.0% m/m and -1.0% y/y, Dec +8.3% m/m and +11.4% y/y. |
U.S. STOCK CALENDAR03/10/2015
| Company | Ticker | Time | Event Description | Period | Estimate |
|---|---|---|---|---|---|
| Actavis plc | ACT US | 4:30 | Shareholders Meeting - M&A Vote | Y 2015 | |
| John Wiley & Sons Inc | JW/A US | Bef-mkt | Q3 2015 Earnings Release | Q3 2015 | 0.97 |
| Bemis Co Inc | BMS US | 9:00 | Investor Day | Y 2015 | |
| Whole Foods Market Inc | WFM US | 9:30 | Annual General Meeting | ||
| Chevron Corp | CVX US | 10:00 | Analyst Meeting | Y 2015 | |
| John Wiley & Sons Inc | JW/A US | 10:00 | Q3 2015 Earnings Call | Q3 2015 | |
| Allergan Inc/United States | AGN US | 13:00 | Shareholders Meeting - M&A Vote | Y 2015 | |
| Landstar System Inc | LSTR US | 14:00 | Q1 2015 Guidance Call | Q1 2015 | |
| Xilinx Inc | XLNX US | 15:00 | Investor & Analyst Meeting | Y 2015 | |
| VeriFone Systems Inc | PAY US | 16:30 | Q1 2015 Earnings Call | Q1 2015 | |
| Adobe Systems Inc | ADBE US | 17:00 | Analyst Briefing | Y 2015 | |
| VeriFone Systems Inc | PAY US | Aft-mkt | Q1 2015 Earnings Release | Q1 2015 | 0.409 |
| Energen Corp | EGN US | Investment Community Meeting - Day 2 | Y 2015 | ||
| Joy Global Inc | JOY US | Annual General Meeting | |||
| Toll Brothers Inc | TOL US | Annual General Meeting | |||
| Apple Inc | AAPL US | Annual General Meeting |
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