Monday, August 10th, 2015View Older Reports
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OVERNIGHT MARKETS AND NEWS
September E-mini S&Ps (ESU15 +0.41%) are up +0.29% on increased M&A activity led by a 17% jump in Precision Castparts in pre-market trading on reports that Berkshire Hathaway was in talks to buy the company. European stocks are up +0.55%, led by a +1.2% increase in ASML Holding NV, which boosted technology stocks. Gains were limited as miners and energy producers declined on Chinese economic concerns after China Jul exports and imports fell more than expected. Asian stocks closed mostly higher: Japan +0.41, Hong Kong -0.13%, China +4.92%, Taiwan +0.29%, Australia +0.63%, South Korea -0.25%, India -0.48%. China's Shanghai Stock Composite jumped nearly 5% to a 2-week high on speculation that the government will boost stimulus measures to revive the economy after China Jul exports and imports fell more than expected and after China Jul producer prices fell by the most in 5-3/4 years. Chinese stocks also received a boost after the South China Morning Post reported that China's cabinet has approved plans to overhaul state-owned enterprises to allow mergers that may boost the economy.The dollar index (DXY00 +0.15%) is up +0.32%. EUR/USD (^EURUSD) is down -0.34%. USD/JPY (^USDJPY) is up +0.39%. Sep T-note prices (ZNU15 -0.11%) are down -6 ticks. Eurozone Aug Sentix inventor confidence unexpectedly fell -0.1 to 18.4, weaker than expectations of +1.8 to 20.3. China Jul CPI rose +1.6% y/y, more than expectations of +1.5% y/y and the most in 9 months. Jul PPI fell -5.4% y/y, weaker than expectations of -5.0% y/y and the fastest pace of decline in 5-3/4 years. The China Jul trade balance unexpectedly shrank to a +$43.03 billion surplus from +$46.54 billion in Jun, when expectations were for a widening of the surplus to +$54.70 billion. Jul exports fell -8.3% y/y, more than expectations of -1.5% y/y and the biggest decline in 4 months. Jul imports fell -8.1% y/y, close to expectations of -8.0% y/y.
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) Atlanta Fed President Dennis Lockhart's opening remarks at an Atlanta Fed conference titled “Developing Qualified Workers: Pathways to Employability for High School Students and Graduates,” and (2) Atlanta Fed President Dennis Lockhart's speech to the Atlanta Press Club.There are 6 of the S&P 500 companies that report earnings today: Kraft Heinz (consensus $0.84), CenterPoint Energy (0.19), Sysco (0.49), AES (0.26), Endo International (1.01), International Flavors & Fragrances (1.35). U.S. IPO's scheduled to price today include: none. Equity conferences this week include: Pacific Crest Global Technology Leadership Forum on Mon-Tue, Goldman Sachs Power, Utility, MLP & Pipeline Conference on Tue, J.P. Morgan Auto Conference on Tue-Wed, Oppenheimer Technology, Internet & Communications Conference on Tue-Wed, Jefferies Industrials Conference on Tue-Thu, Cowen and Co. Communications Infrastructure Summit on Wed, Canaccord Genuity Growth Conference on Wed-Thu, Nomura Media & Telecom Conference on Thu.
OVERNIGHT U.S. STOCK MOVERS
Precision Castparts (PCP +0.04%) surged 17% in pre-market trading on reports that Berkshire Hathaway was in talks to purchase the company for $37.2 billion.Genesis Healthcare (GEN +4.04%) was upgraded to 'Outperform' from 'Sector Perform' at RBC Capital. Transocean (RIG -1.95%) was upgraded to 'Hold' from 'Underperform' at Jefferies. AES Corp. (AES +0.32%) reported Q2 adjusted EPS of 25 cents, below consensus of 27 cents. Intuit (INTU +1.22%) was downgraded to 'Market Perform' from 'Outperform' at Raymond James. Westlake Chemical (WLK -3.82%) was downgraded to 'Sell' from 'Neutral' at Goldman Sachs. Piper Jaffray maintains an 'Overweight' rating on Electronic Arts (EA -0.88%) and raised its price target on the stock to $85 from $79. Endo International PLC (ENDP +2.51%) reported Q2 EPS of $1.08, higher than consensus of $1.01. Berkshire Hathaway (BRK.B +0.14%) fell over 1% in European trading after it reported Q2 operating EPS of $2,367, below consensus of $3,038. JP Morgan Chase reported a 10.2% passive stake in Spark Energy (SPKE -0.97%) . The New Home Company (NWHM -4.36%) was downgraded to 'Neutral' from 'Overweight' at JPMorgan Chase. Lehigh Gas (LDP +0.04%) was downgraded to 'Perform' from 'Outperform' at Oppenheimer. Intel reported a 5.0% passive stake in CareDx (CDNA +1.11%) . Sands Capital reported a 10.9% passive stake in LendingClub (LC -0.78%) .
MARKET COMMENTS
Sep E-mini S&Ps (ESU15 +0.41%) this morning are up +6.00 points (+0.29%). Friday's closes: S&P 500 -0.29%, Dow Jones -0.27%, Nasdaq -0.19%. The S&P 500 on Friday fell to a 1-1/2 week low and closed lower on (1) increased fears of a Fed rate hike after the as-expected +215,000 increase in U.S. July payrolls, and (2) weakness in energy and commodity producers after crude oil fell to a 4-1/2 month low and copper plunged to a 6-year low.Sep 10-year T-note prices (ZNU15 -0.11%) this morning are down -6 ticks. Friday's closes: TYU5 +14.0, FVU5 +4.50. Sep T-note prices on Friday closed higher on benign wage pressures after U.S. Jul average hourly earnings rose +2.1% y/y, less than expectations of +2.3% y/y, and on increased safe-haven demand for T-notes after the S&P 500 fell to a 1-1/2 week low. The dollar index (DXY00 +0.15%) this morning is up +0.314 (+0.32%). EUR/USD (^EURUSD) is down -0.0037 (-0.34%). USD/JPY (^USDJPY) is up +0.49 (+0.39%). Friday's closes: Dollar Index -0.270 (-0.28%), EUR/USD +0.00404 (+0.37%), USD/JPY -0.550 (-0.44%). The dollar index on Friday posted a 3-1/2 month high but gave up its gains and closed lower on pre-weekend long liquidation pressure. USD/JPY fell after the S&P 500 dropped to a 1-1/2 week low and boosted the safe-haven demand for the yen. The dollar index saw some early support on Friday on the July +215,000 U.S. payroll report, which was strong enough to allow the Fed to go through with a rate hike later this year. Sep crude oil (CLU15 +0.39%) this morning is up +4 cents (+0.09%) and Sep gasoline (RBU15 +1.12%) is up +0.0206 (+1.27%). Friday's closes: CLU5 -0.79 (-1.77%), RBU5 -0.0248 (-1.51%). Sep crude oil and gasoline on Friday closed lower with Sep crude at a 4-1/2 month low and Sep gasoline at a 5-1/2 month low. Negative factors included the early rally in the dollar index to a 3-1/2 month high and concern the U.S. supply glut will persist with U.S. crude inventories 94 million bbl above the 5-year seasonal average. Crude oil prices rebounded higher from the day's lows afer the dollar index moved lower.
GLOBAL EVENT CALENDAR08/10/2015
U.S. STOCK CALENDAR08/10/2015
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Showing posts with label WLK. Show all posts
Showing posts with label WLK. Show all posts
Monday, August 10, 2015
/BARCHART MORNING CALL
Thursday, August 21, 2014
Westlake Chemical - Bachart's Chart of the Day
Westlake Chemical (WLK) is the Barchart Chart of the Day. The petrochemical stock has a Trend Spotter buy signal, a Weighted Alpha of 89.50+ and gained 87.79 in the last year.
The Chart of the Day is Westlake Chemical (WLK). I found the stock by sorting the New High list for the best technical buy signals, then used the Flipchart feature to review the charts. Since the Trend Spotter signaled a buy on 8/14 the stock gained 5.57%.
Westlake Chemical Corporation (WLK) is a vertically integrated international manufacturer and supplier of petrochemicals, polymers and fabricated products. The company's range of products includes ethylene, polyethylene, styrene, vinyl intermediates, PVC, PVC Pipe, PVC windows, fence and decking components.
Barchart's Opinion trading systems are listed below. Please note that the Barchart Opinion indicators are updated live during the session every 10 minutes and can therefore change during the day as the market fluctuates. The indicator numbers shown below therefore may not match what you see live on the Barchart.com web site when you read this report.
Barchart technical indicators:
The Chart of the Day is Westlake Chemical (WLK). I found the stock by sorting the New High list for the best technical buy signals, then used the Flipchart feature to review the charts. Since the Trend Spotter signaled a buy on 8/14 the stock gained 5.57%.
Westlake Chemical Corporation (WLK) is a vertically integrated international manufacturer and supplier of petrochemicals, polymers and fabricated products. The company's range of products includes ethylene, polyethylene, styrene, vinyl intermediates, PVC, PVC Pipe, PVC windows, fence and decking components.
Barchart's Opinion trading systems are listed below. Please note that the Barchart Opinion indicators are updated live during the session every 10 minutes and can therefore change during the day as the market fluctuates. The indicator numbers shown below therefore may not match what you see live on the Barchart.com web site when you read this report.
Barchart technical indicators:
- 100% Barchart technical buy signals
- Trend Spotter buy signal
- Above its 20, 50 and 100 day moving averages
- 8 new highs and up 8.11% in the last month
- Relative Strength Index 71.28%
- Barchart computes a technical support level at 92.78
- Recently traded at 94.00 with a 50 day moving average of 86.67
Fundamental factors:
- Market Cap $12.54 billion
- P/E 18.66
- Dividend yield .54%
- Revenue expected to grow 15.40% this year and another 6.60% next year
- Earnings estimated to increase 20.70% this year, an additional 10.90% next year and continue to increase at an annual rate of 5.00% for the next 5 years
- Wall Street analysts issued 4 buy, 2 hold and an under perform recommendation on the stock
Not sure how much longer the ride will last buy monitoring the 50 and 100 day moving averages should protect your profits.
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