Showing posts with label TRLA. Show all posts
Showing posts with label TRLA. Show all posts

Thursday, December 19, 2013

BARCHART MORNING CALL 12/19

OVERNIGHT MARKETS AND NEWS
March E-mini S&Ps (ESH14 -0.01%) this morning are down -0.10% and European stocks are up +1.41%. Asian stocks closed mixed: Japan +1.74%, Hong Kong -1.10%, China -1.05%, Taiwan +0.70%, Australia +2.08%, Singapore +0.28%, South Korea +0.08%, India -0.73%. U.S. stocks fell back slightly after Wednesday's sharp rally while European stocks played catch-up to yesterday's late-afternoon surge in U.S. stocks after the Fed's decision to taper QE3 boosted confidence in the U.S. economic recovery. China's Shanghai Stock Index slid to a 1-month low after the 7-day repurchase rate, a gauge of funding availability in the banking system, jumped +140 bp to a 5-3/4 month high of 6.60%, which fueled concern that higher funding costs will hurt economic growth. Japan's Nikkei Stock Index climbed to a 6-3/4 month high as exporter stocks rallied after the yen tumbled to a 5-year low against the dollar. Commodity prices are mixed. Jan crude oil (CLF14 +0.03%) is down -0.04%. Jan gasoline (RBF14 +0.25%) is down -0.18%. Feb gold (GCG14 -2.51%) is down -2.27% at a 5-3/4 month low after the Fed's decision to cut its monthly bond purchases reduces demand for gold as an inflation hedge. March copper (HGH14 -0.65%) is down -0.69%. Agriculture and livestock prices are mixed. The dollar index (DXY00 +0.55%) is up +0.48% at a 2-week high. EUR/USD (^EURUSD) is up +0.01% and USD/JPY (^USDJPY) is down -0.17%. March T-note prices (ZNH14 -0.38%) are down -10.5 ticks.
UK Nov retail sales ex autos rose +0.4% m/m, better than expectations of +0.3% m/m, and on an annual basis rose +2.3% y/y, less than expectations of +2.4% y/y. Nov retail sales including autos rose +0.3% m/m, right on expectations, and on an annual basis rose +2.0% y/y, less than expectations of +2.2% y/y.
Japan Nov nationwide department store sales rose +2.4% y/y as they recovered from the -0.6% y/y decline in Oct.
The Japan Oct leading index CI was revised down to 109.8 from the originally reported 109.9, and the Oct coincident index was revised up to a 5-1/4 year high of 110.4 from the originally reported 109.6.
The Japan Oct all-industry activity index fell -0.2% m/m, less than expectations of -0.3% m/m, and Sep was revised higher to +0.5% m/m from the originally reported +0.4% m/m.
U.S. STOCK PREVIEW
Today’s weekly initial unemployment claims report is expected to show a decline of -33,000 to 335,000, reversing about one-half of last week’s surge of +68,000 to 368,000. Meanwhile, today’s continuing claims report is expected to show a decline of -21,000 to 2.770 million, reversing about one-half of last week’s increase of +40,000 to 2,791 million. Today’s Nov existing home sales report is expected to show a decline of -2.0% to 5.02 million, adding to the -3.2% decline seen in October to 5.12 million. Today’s Dec Philadelphia Fed manufacturing index is expected to show a +3.5 point increase to 10.0, partially recovering after the -13.3 point decline to 6.5 seen in November. Today’s Nov leading indicators report is expected to show a strong increase of +0.7%, adding to the +0.2% increase seen in October. The Treasury today will $29 billion of 7-year T-notes and $16 billion of 5-year TIPS, concluding this week’s $112 billion coupon package.
There are 8 of the Russell 1000 companies that report earnings today: Darden Restaurants (consensus $0.20), Accenture (1.09), ConAgra Foods (0.55), NIKE (0.58), Cintas (0.68), Red Hat (0.35), TIBCO (0.39), Carnival (0.00). There are no equity conferences during the remainder of the week.
OVERNIGHT U.S. STOCK MOVERS
Darden (DRI +1.13%) reported Q2 EPS of 15 cents, well below consensus of 20 cents, and said it sees fiscal 2014 EPS down 15%-20% compared to 2013.
Rite Aid (RAD +1.41%) said it sees fiscal 2014 EPS of 17 cents-23 cents, below consensus of 24 cents.
Callaway Golf (ELY +0.63%) was upgraded to 'Strong Buy' from 'Outperform' at Raymond James.
Pier 1 Imports (PIR -0.10%) reported Q3 EPS of 26 cents, weaker than consensus of 28 cents, and then lowered guidance on fiscal 2014 EPS view to $1.21-$1.27 from $1.29.
Accenture PLC (ACN +2.19%) reported Q1 EPS of $1.12, above consensus of $1.09, and then raised guidance on fiscal 2014 EPS to $4.44-$4.56 from $4.42-$4.54, above consensus of $4.47.
Dow Jones reports that Target (TGT +3.08%) was hit by theft of customers' credit card data over Black Friday weekend, and the data breach was extensive.
Trulia (TRLA -0.39%) rose 4% in after-hours trading after SAC Capital reported a 5.2% passive stake in the company.
AK Steel (AKS +2.43%) rose over 6% in after-hours trading when it raised guidance on Q4 EPs to a gain of 2 cents-6 cents, better than consensus of a -3 cent loss.
Cascade Investment raises its stake in Deere (DE +1.26%) to 8.1% from 7.0%.
JPMorgan Chase (JPM +2.73%) was downgraded to 'Neutral' from 'Buy' at SunTrust.
Oracle (ORCL +2.88%) gained over 1% in after-hours trading after reported Q2 adjusted EPS of 69 cents, stronger than consensus of 67 cents.
Herman Miller (MLHR +0.72%) reported Q2 adjusted EPS of 42 cents, above consensus of 40 cents.
Paychex (PAYX +0.98%) reported Q2 EPS of 43 cents, better than consensus of 42 cents.
MARKET COMMENTS
Mar E-mini S&Ps (ESH14 -0.01%) this morning are down -1.75 points (-0.10%). The S&P 500 rallied sharply after the Fed said it will taper QE3 by $10 billion a month starting next month, which signals the Fed is confident the U.S. economy is strong enough to handle a reduction in stimulus. Other supportive factors included (1) the +22.7% surge in U.S. Nov housing starts from Aug, which was much stronger than expectations of 955,000 and the most in 5-3/4 years, and (2) the Fed’s hike in its U.S. 2013 and 2014 GDP estimates and cut in its unemployment estimates. Closes: S&P 500 +1.66%, Dow Jones +1.84%, Nasdaq 100 +1.16%.
Mar 10-year T-notes (ZNH14 -0.38%) this morning are down -10.5 ticks. Mar T-notes on Wednesday fell to a 1-1/2 week low and closed lower. Bearish factors included (1) the Fed’s $10 billion QE3 tapering, (2) the larger-than-expected increase in U.S. Nov housing starts to a 5-3/4 year high, and (3) weak demand for the $35 billion auction of 5-year T-notes that had a bid-to-cover ratio of 2.42, below the 12-auction average of 2.67. T-note prices saw some support from the Fed’s cut in its 2013 U.S. PCE inflation estimate. Closes: TYH4 -8.00, FVH4 -2.00.
The dollar index (DXY00 +0.55%) this morning is up +0.388 (+0.48%). EUR/USD (^EURUSD) is up +0.0001 (+0.01%) and USD/JPY (^USDJPY) is down -0.18 (-0.17%). The dollar index on Wednesday initially rose after the Fed tapered QE3 by $10 billion a month and raised its 2013 and 2014 U.S. GDP estimates, but shed its gains and closed little changed after the Fed Chairman Bernanke said that inflation is “more than a bit of a concern” and that the FOMC will take action if inflation doesn’t speed up, which suggests the Fed will be slow to cut QE3 further. USD/JPY surged to a fresh 5-year high on expectations the BOJ will continue to expand QE while the Fed cuts stimulus. Closes: Dollar index +0.044 (+0.05%), EUR/USD -0.00839 (-0.61%), USD/JPY +1.619 (+1.58%).
Jan WTI crude oil (CLF14 +0.03%) this morning is down -4 cents (-0.04%) and Jan gasoline (RBF14 +0.25%) is down -0.0049 (-0.18%). Jan crude oil and gasoline prices on Wednesday closed higher. Crude prices found support on weekly EIA data showing (1) U.S. crude stockpiles declined for a third week as they fell -2.941 million bbl to a 2-month low of 372.3 million bbl, and (2) a -600,000 bbl decline in crude oil supplies at Cushing, OK, the delivery point for WTI futures. Jan gasoline climbed to a 1-week high on signs of stronger demand after weekly EIA data showed U.S. gasoline demand for the week ended Dec 13 rose +8% w/w to 9.016 million bpd. Closes: CLF4 +0.58 (+0.60%), RBF4 +0.0501 (+1.89%).
GLOBAL EVENT CALENDAR12/19/2013
US0830 ETWeekly initial unemployment claims expected -33,000 to 335,000, previous +68,000 to 368,000. Weekly continuing claims expected -21,000 to 2.770 million, previous +40,000 to 2,791 million.
0830 ETUSDA weekly Export Sales.
1000 ETDec Philadelphia Fed manufacturing index expected +3.5 to 10.0, Nov -13.3 to 6.5.
1000 ETNov existing home sales expected -2.0% to 5.02 million, Oct -3.2% to 5.12 million.
1000 ETNov leading indicators expected +0.7%, Oct +0.2%.
1130 ETTreasury auctions $29 billion 7-year T-notes.
1300 ETTreasury auctions $16 billion 5-year TIPS.
JPN0000 ETRevised Japan Oct leading index CI, previous 109.9. Revised Oct coincident index, previous 109.6.
0030 ETJapan Nov nationwide department store sales, Oct -0.6% y/y.
UK0430 ETUK Nov retail sales ex autos expected +0.3% m/m and +2.4% y/y, Oct -0.6% m/m and +2.3% y/y.
0430 ETUK Nov retail sales including autos expected +0.3% m/m and +2.2% y/y, Oct -0.7% m/m and +1.8% y/y.
1905 ETUK Dec GfK consumer confidence expected +1 to -11, Nov -12.
U.S. STOCK CALENDAR12/19/2013
Company NameTickerTimeEvent DescriptionPeriodEstimate
Darden Restaurants IncDRI USBef-mktQ2 2014 Earnings ReleaseQ2 20140.197
Accenture PLCACN USBef-mktQ1 2014 Earnings ReleaseQ1 20141.092
ConAgra Foods IncCAG US7:30Q2 2014 Earnings ReleaseQ2 20140.552
Accenture PLCACN US8:00Q1 2014 Earnings CallQ1 2014
Darden Restaurants IncDRI US8:30Q2 2014 Earnings CallQ2 2014
ConAgra Foods IncCAG US9:30Q2 2014 Earnings CallQ2 2014
Coca-Cola Enterprises IncCCE US10:00FY 2014 Guidance CallY 2014
Lender Processing Services IncLPS US10:00Extraordinary Shareholders Meeting - M&A VoteY 2013
Carnival CorpCCL US10:30Q4 2013 Earnings CallQ4 2013
Paychex IncPAYX US10:30Q2 2014 Earnings CallQ2 2014
NIKE IncNKE US16:15Q2 2014 Earnings ReleaseQ2 20140.58
TIBCO Software IncTIBX US16:30Q4 2013 Earnings CallQ4 2013
NIKE IncNKE US17:00Q2 2014 Earnings CallQ2 2014
Cintas CorpCTAS US17:00Q2 2014 Earnings CallQ2 2014
Red Hat IncRHT US17:00Q3 2014 Earnings CallQ3 2014
Cintas CorpCTAS USAft-mktQ2 2014 Earnings ReleaseQ2 20140.684
Red Hat IncRHT USAft-mktQ3 2014 Earnings ReleaseQ3 20140.349
TIBCO Software IncTIBX USAft-mktQ4 2013 Earnings ReleaseQ4 20130.394
Carnival CorpCCL USQ4 2013 Earnings ReleaseQ4 20130
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Tuesday, March 5, 2013

Barchart Morning Call 3/5


Barchart Morning Call

BC - Tue Mar 05, 7:09AM CST
OVERNIGHT MARKETS AND NEWS
March E-mini S&Ps (ESH13 +0.23%) this morning are mildly higher by +0.23% on higher global stocks. The Euro Stoxx 50 is sharply higher by +1.38% after Eurozone officials indicated some flexibility on easing austerity measures for troubled Eurozone nations, allowing Portugal's 10-year bond yield today to fall sharply by 24 bp. In addition, the German and Eurozone final-Feb services PMIs were revised higher and the UK services PMI was stronger than expected. Asian stocks today closed higher across the board. China's CSI 300 index today closed sharply higher by +3.03% on a partial rebound from Monday's -4.6% loss on property curbs. Japanese stocks today closed +0.27% and Hong Kong closed +0.10%. Commodity prices are showing strong gains on the whole with an average increase of +0.56%. April crude oil (CLJ13 +0.30%) is up +0.20%, April gasoline (RBJ13 +0.55%) is up +0.28%, April gold (GCJ13 +0.61%) is up +0.65%, March copper (HGK13 +0.53%) is up +0.66%, and agriculture prices are all trading higher except for hogs. The dollar index (DXY00 -0.11%) is mildly lower by -0.15%. EUR/USD (^EURUSD) is up +0.10% on easier Eurozone debt crisis conditions, while USD/JPY (^USDJPY) is down -0.26%. March 10-year T-notes (ZNM13 -0.06%) are down 5 ticks on reduced safe-haven demand.
China's HSBC Feb services PMI fell by -1.9 points to 52.1 from 54.0 in Jan. The -1.9 point decline was similar to Saturday's -1.7 point decline to 54.5 in the Feb services PMI from the National Bureau of Statistics.
Germany's final-Feb services PMI rose +0.6 points to 54.7 from the preliminary report of 54.1. The final-Feb Eurozone services PMI rose by +0.6 points to 47.9 from the preliminary report of 47.9.
The UK Feb services PMI rose by +0.3 points to 51.8 from 51.5 in Jan and was stronger than market expectations for a -0.5 point decline to 51.0. The report put the UK economy in a slightly better light and may make it more difficult for the Bank of England to consider reviving its QE program at its meeting that concludes on Thursday.
Eurozone Jan retail sales rose +1.2% m/m, which was better than market expectations and more than recovered the -0.8% loss seen in January. On a year-on-year basis, Eurozone Jan retail sales improved to -1.3% y/y from a revised -3.0% y/y in Dec.
Eurozone finance ministers and the European Commission are showing some flexibility on easing up on austerity requirements in response to revolts among voters. Italy's voters, for example, lodged a 55% combined vote for the anti-austerity Grillo and Berlusconi parties. Eurozone officials are considering giving Ireland and Portugal more time to repay their loans. Portugal's 10-year bond yield today fell sharply by -24 bp to 6.07% from 6.31% on Monday. The Spanish 10-year bond yield today is down -4 bp at 5.04%. Italy's 10-year bond yield is down -11 bp at 4.76%.
The Australian central bank today left its policy rate unchanged at 3.00%, which was in line with market expectations. The unchanged rate was supportive for the Australian dollar as the market trimmed expectations for further rate cuts. The Reserve Bank of Australia cut its policy rate by a total of 125 bp in 2012 to address slower economic growth. RBA Governor Glenn Stevens said today that last year's rate cut is showing some signs of having the "expected effects." He added that the current inflation outlook affords "scope to ease policy further, should that be necessary."
U.S. STOCK PREVIEW
Today's U.S. economic calendar is light. Today’s Feb ISM non-manufacturing index is expected to show a small -0.2 point decline to 55.0, adding to the -0.5 decline to 55.2 seen in January. Congress today will be haggling over the continuing resolution that the House expects to pass on Thursday. The markets will also be on the lookout for sequester effects. Today's U.S. stock calendar is relatively light. There are reports today from Fastenal, The Gap, VeriFone, and Walgreen, among others.
March E-mini S&Ps (ESH13 +0.23%) this morning are up +3.50 points (+0.23%) on a +1.38% rally in European stocks and a 3.03% rally in Chinese stocks. The S&P 500 index on Monday closed moderately higher on dovish comments from Fed Vice Chair Yellen and from the lack of much fallout thus far from the automatic spending cuts. The market overcame early bearish news including a decline in China’s non-manufacturing PMI and the -4.6% plunge in Chinese stocks on the new curbs on China’s property market. Closes: S&P 500 +0.46%, Dow Jones +0.27%, Nasdaq +0.43%.
OVERNIGHT U.S. STOCK MOVERS
  • Jefferies raised its target for Google (GOOG +1.90%) to $1,000 from $875
  • Trinity Biotech (TRIB -0.76%) reported in-line Q4 EPS of 21 cents.
  • Cantor upgrade Yahoo (YHOO +3.46%) to Buy from Hold
  • J.C. Penney (JCP -5.37%) fell 3% in after-hours trading after a large 10 million share block trade was offered and was priced between $16.40-$16.60.
  • American Apparel (APP +0.78%) rallied sharply by 15% in after-hours trading on positive earnings.
  • Ascena Retail (ASNA +0.43%) rallied 14% in after-hours trading on positive earnings.
  • Santarus (SNTS +2.53%) rallied 10% in after-hours trading on positive earnings.
  • Compuware (CPWR -0.17%) rallied 5% in after-hours trading after Bloomberg reported that private equity firms are showing interest in the company.
  • Trulia (TRLA +3.02%) fell 5% in after-hours trading after the company filed to sell $100 million of common stock.
MARKET COMMENTS
June 10-year T-notes (ZNM13 -0.06%) are down -5 ticks on reduced safe-haven demand. June 10-year T-note prices on Monday closed slightly lower on reduced safe-haven demand with the rally in stocks and the lack of any big impact as yet on the first business day after last Friday’s sequester. Closes: TYM3 -0.5, FVM3 -2.25.
The dollar index (DXY00 -0.11%) is down -0.12 points (-0.15%) on reduced safe-haven demand while EUR/USD (^EURUSD) is up +0.0013 (+0.10%) on improved Eurozone debt crisis conditions. USD/JPY (^USDJPY) is down -0.24 yen (-0.26%). The dollar index on Monday closed slightly lower on the rally in stocks and reduced safe-haven demand. Closes: Dollar index -0.12 (-0.14%), EUR/USD +0.0004 (+0.03%), USD/JPY -0.11 (-0.12%).
April WTI crude oil (CLJ13 +0.30%) is up +0.18 (+0.20%) and April gasoline (RBJ13 +0.55%) is up +0.0086 (+0.28%). Crude oil and gasoline on Monday closed lower. Bearish factors included (1) continued technical selling with the new 2-month low in crude oil, (2) expectations for an +800,000 barrel increase in crude oil inventories in Wednesday’s DOE report, (3) some concerns about the U.S. economy with the sequester starting last Friday, and (4) the decline in China’s non-manufacturing PMI report. Closes: CLJ3 -0.56 (-0.62%), RBJ3 -0.0303 (-0.97%).
GLOBAL EVENT CALENDAR03/05/2013
US1000 ETFeb ISM non-manufacturing index expected -0.2 to 55.0, Jan -0.5 to 55.2.
1400 ETRichmond Fed President Jeffrey Lacker speaks at the 2013 NABE conference on a panel titled ?Help or Harm: Central Bank Monetary Policies at the Outer Limits.?
1630 ETAPI weekly U.S. oil statistics.
GER0355 ETRevised German Feb PMI services expected no change at 54.1
UK0430 ETUK Feb services PMI, Jan 51.5.
1901 ETUK Feb BRC shop price index, Jan +0.6% y/y.
EUR0400 ETRevised Eurozone Feb PMI composite expected no change at 47.3.
0500 ETEurozone Jan retail sales expected +0.3% m/m and -2.9% y/y, Dec -0.9% m/m and -3.6% y/y.
U.S. STOCK CALENDAR03/05/2013
Company NameSymbolTimeEvent DescriptionPeriodEPS Est (US$)
Fastenal CoFAST7:00February 2013 Sales and Revenue Release2013
SandRidge Energy IncSD8:00Investor and Analyst MeetingY 2013
Joy Global IncJOY8:30Annual General Meeting
Hologic IncHOLX8:30Annual General Meeting
Cerner CorpCERN9:30Investment Community MeetingY 2013
Brocade Communications Systems IncBRCD10:00Roadshow - WashingtonY 2013
Tractor Supply CoTSCO10:15Investment Community MeetingY 2013
International Game TechnologyIGT10:30Annual General MeetingY 2013
QUALCOMM IncQCOM12:30Annual General MeetingY 2013
Applied Materials IncAMAT14:00Annual General MeetingY 2013
Xilinx IncXLNX14:00Investor DayY 2013
Gap Inc/TheGPS16:00February 2013 Sales and Revenue Release2013
VeriFone Systems IncPAY16:30Q1 2013 Earnings CallQ1 2013
VeriFone Systems IncPAYAft-mktQ1 2013 Earnings ReleaseQ1 20130.494
Walgreen CoWAGFebruary 2013 Sales and Revenue Release2013
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