Showing posts with label YUM. Show all posts
Showing posts with label YUM. Show all posts

Tuesday, May 16, 2017

MORNING CALL 5/16

Barchart Morning Call

OVERNIGHT MARKETS AND NEWS
Jun E-mini S&Ps (ESM17 +0.07%) this morning are little changed, up +0.01%, as stock prices consolidate following Monday's rally to a new record high. European stocks are down -0.12% as exporter companies weakened after EUR/USD climbed to a 6-1/4 month high. Losses were contained on signs of European economic optimism after the German May ZEW survey expectations of economic growth rose to a 1-3/4 year high. Asian stocks settled mostly higher: Japan +0.25%, Hong Kong -0.14%, China +0.74%, Taiwan -0.05%, Australia +0.21%, Singapore -1.12%, South Korea +0.27%, India +0.86%. China's Shanghai Composite erased early declines and climbed to a 1-week high on signs that policy makers are trying to stabilize the market with state-sponsored buying of equities. Japan's Nikkei Stock Index rallied to a 17-1/2 month high as optimism over corporate earnings boosts stock prices. Japanese telecommunication stocks rose, led by gains in Nippon Telegraph & Telephone, after it announced plans to raise its dividend this year.
The dollar index (DXY00 -0.47%) is down -0.42% at a 6-month low. EUR/USD (^EURUSD) is up +0.75% at a 6-1/4 month high. USD/JPY (^USDJPY) is down -0.11%.
Jun 10-year T-note prices (ZNM17 -0.05%) are down -1 tick.
ECB Governing Council member Smets said risks to Eurozone economic growth "are certainly close to balance," although "in my opinion, it is still too early to declare that inflation is durably converging to its target."
Eurozone Apr new car registrations fell -6.6% y/y to 1.191 million, the largest decline in 4 years. Year-to-date registrations are up +4.7% y/y to 3,819,086.
The German May ZEW survey expectations of economic growth rose +1.1 to 20.6, weaker than expectations of +2.5 to 22.0, but still the highest in 1-3/4 years.
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) Apr housing starts (expected +3.7% to 1.260 million, Mar -6.8% to 1.215 million), (2) Apr industrial production (expected +0.4%, Mar +0.5%).
Notable Russell 2000 earnings reports today include: Home Depot (consensus $1.61), TJX (0.79), Staples (0.17), Dick's Sporting Goods (0.54), Alere (0.54), Urban Outfitters (0.15).
U.S. IPO's scheduled to price today: G1 Therapeutics (GTHX), Modern Media Acquisition (MMDMU).
Equity conferences: JP Morgan Denver Energy Bus Tour on Mon-Tue, Bank of America Merrill Lynch Global Mining Metals & Steel Conference on Tue, Deutsche Bank Clean Tech Utility & Power Conference on Tue, Needham Emerging Technology Conference on Tue-Wed, Goldman Sachs Basic Materials Conference on Tue-Wed, Bank of America Merrill Lynch Health Care Conference on Tue-Thu, Barclays Americas Select Franchise Conference on Tue-Fri, Stephens Energy Executive Summit on Wed, BMO Capital Markets Farm to Market Conference on Wed-Thu, J.P. Morgan Homebuilding & Building Products Conference on Wed-Thu, MoffettNathanson Media & Communications Summit on Wed-Thu, RBC Capital Markets Canadian Automotive, Transportation & Industrials Conference on Thu, Barclays Water Symposium - Panel on Thu.
OVERNIGHT U.S. STOCK MOVERS
Yum! Brands (YUM +0.46%) was upgraded to 'Buy' from 'Hold' at Argus with a price target of $80.
Dr Pepper Snapple Group (DPS +0.82%) was upgraded to 'Overweight' from 'Equalweight' at Morgan Stanley with a price target of $104.
Pfizer (PFE +0.33%) is down over 1% in pre-market trading after it was downgraded to 'Sell' from 'Neutral' at Citigroup.
Sysco (SYY +0.17%) was initiated with a 'Buy' at Loop Capital Markets with a 12-month price target of $61.
LGI Homes ({=LGIH was upgraded to 'Market Perform' from 'Underperform' at Wells Fargo Securities with a price target of $33.
Sage Therapeutics (SAGE -0.58%) was initiated with a 'Buy' at Needham & Co. with a 12-month target price of $82.
Vipshop Holdings Ltd (VIPS -0.87%) rose over 2% in after-hours trading after it reported Q1 revenue of $2.32 billion, above consensus of $2.27 billion.
Kornit Digital Ltd (KRNT +0.68%) slid 3% in after-hours trading after it announced the launch of an underwritten secondary public offering of 4.25 million shares of its stock by the company's largest shareholder, Fortissimo Capital Fund II LP.
Editas Medicine (EDIT +3.73%) lost nearly 7% in after-hours trading after it reported a Q1 loss of -85 cents a share, wider than consensus of -70 cents.
Akebia Therapeutics (AKBA +1.65%) jumped 12% in after-hour trading after it entered into an exclusive license pact with Fresenius Medical to exclusively distribute vadadustat upon FDA approval.
Etsy Inc (ETSY +0.53%) may move higher today after TPG Group reported a 4.3% stake in Etsy and Dragoneer reported a 3.7% stake in the company.
Pernix Therapeutics Holdings (PTX -2.05%) plunged 30% in after-hours trading after it reported a Q1 net loss of -$29.5 million and said it is still analyzing strategic and refinancing alternatives.
MARKET COMMENTS
June E-mini S&Ps (ESM17 +0.07%) this morning are up +0.25 of a point (+0.01%). Monday's closes: S&P 500 +0.48%, Dow Jones +0.41%, Nasdaq +0.31%. The S&P 500 on Monday rallied to a new record high and closed higher on the unexpected +2 point increase in the U.S. May NAHB housing market index, stronger than expectations of unchanged at 68, and on strength in energy producing companies after crude oil rose 2.11% to a 2-week high. Stocks were undercut by the -6.2 point decline in the U.S. May Empire manufacturing index to -1.0, weaker than expectations of +2.3 to 7.5 and the steepest pace of contraction in 7 months.
June 10-year T-notes (ZNM17 -0.05%) this morning are down -1 tick. Monday's closes: TYM7 -0.50, FVM7 -0.50. Jun 10-year T-notes on Monday fell back from a 1-1/2 week high and closed slightly lower on the unexpected increase in the U.S. May NAHB housing market index (+2 to 70), and (2) the rally in the S&P 500 to a new record high, which reduces the safe-haven demand for T-notes.
The dollar index (DXY00 -0.47%) this morning is down -0.419 (-0.42%) to a 6-month low. EUR/USD (^EURUSD) is up +0.0082 (+0.75%) at a 6-1/4 month high and USD/JPY (^USDJPY) is down -0.12 (-0.11%). Monday's closes: Dollar index -0.341 (-0.34%), EUR/USD +0.0044 (+0.40%), USD/JPY +0.41 (+0.36%). The dollar index on Monday closed lower on the rally in crude oil that boosted the currencies of the crude oil exporting countries of Russia and Canada to 2-week highs against the dollar. The dollar index was also undercut by the unexpected contraction in the U.S. May Empire manufacturing survey of general business conditions (-6.2 to -1.0), which bolsters the case for the Fed to refrain from further raising interest rates.
June WTI crude oil prices (CLM17 +0.63%) this morning are up +18 cnts (+0.37%) and June gasoline (RBM17 +0.81%) is +0.0080 (+0.50%). Monday's closes: Jun crude +1.01 (+2.11%), Jun gasoline +0.0139 (+1.22%). Jun crude oil and gasoline on Monday rallied to 2-week highs and settled higher. Crude oil prices rallied on a weaker dollar and comments from Saudi Arabia's and Russia's energy ministers that they favor extending their crude oil production cuts until Mar 2018, three months longer than expectations for an extension to the end of 2017.
GLOBAL EVENT CALENDAR05/16/2017
Tuesday, May 16
US0830 ETApr housing starts expected +3.7% to 1.260 million, Mar -6.8% to 1.215 million. Apr building permits expected +0.2% to 1.270 million, Mar +4.2% to 1.267 million.
0915 ETApr industrial production expected +0.4%, Mar +0.5%. Apr manufacturing production expected +0.4%, Mar -0.4%. Apr capacity utilization expected +0.2 to 76.3%, Mar +0.4 to 76.1%.
Wednesday, May 17
US0700 ETWeekly MBA mortgage applications, previous +2.4% with purchase sub-index +1.7% and refi sub-index +3.3%.
1030 ETEIA Weekly Petroleum Status Report.
U.S. STOCK CALENDAR05/16/2017
CompanyTickerTimeEvent DescriptionPeriodEstimate
Staples IncSPLS USBef-mktQ1 2018 Earnings ReleaseQ1 180.173
Dick's Sporting Goods IncDKS USBef-mktQ1 2018 Earnings ReleaseQ1 180.542
Murphy USA IncMUSA US08:00Investor Day
Staples IncSPLS US08:00Q1 2018 Earnings CallQ1 18
Diamond Offshore Drilling IncDO US08:30Annual General Meeting
Hanover Insurance Group Inc/TheTHG US09:00Annual General Meeting
Stanley Black & Decker IncSWK US09:00Investor Day
FirstEnergy CorpFE US09:00Annual General Meeting
Home Depot Inc/TheHD US09:00Q1 2018 Earnings CallQ1 18
Home Depot Inc/TheHD US09:00Q1 2018 Earnings ReleaseQ1 181.614
TJX Cos Inc/TheTJX US09:30Q1 2018 Earnings ReleaseQ1 180.79
Avis Budget Group IncCAR US09:30Annual General Meeting
BankUnited IncBKU US10:00Annual General Meeting
Dick's Sporting Goods IncDKS US10:00Q1 2018 Earnings CallQ1 18
JPMorgan Chase & CoJPM US10:00Annual General Meeting
Principal Financial Group IncPFG US10:00Annual General Meeting
Arthur J Gallagher & CoAJG US10:00Annual General Meeting
Halliburton CoHAL US10:00Annual General Meeting
Quest Diagnostics IncDGX US10:30Annual General Meeting
Square IncSQ US11:00Investor Day
Vectren CorpVVC US11:00Annual General Meeting
TJX Cos Inc/TheTJX US11:00Q1 2018 Earnings CallQ1 18
Stanley Black & Decker IncSWK USInvestor Day
Realty Income CorpO USAnnual General Meeting
WR Berkley CorpWRB USAnnual General Meeting
Alere IncALR USQ1 2017 Earnings ReleaseQ1 170.54
Newfield Exploration CoNFX USAnnual General Meeting
ConocoPhillipsCOP USAnnual General Meeting
QEP Resources IncQEP USAnnual General Meeting
Packaging Corp of AmericaPKG USAnnual General Meeting
Arconic IncARNC USAnnual General Meeting - Proxy Fight for Board Representation
Masco CorpMAS US13:00Investor Day
Nordstrom IncJWN US14:00Annual General Meeting
Essex Property Trust IncESS US16:00Annual General Meeting
Urban Outfitters IncURBN USAft-mktQ1 2018 Earnings ReleaseQ1 180.151
Charles Schwab Corp/TheSCHW US17:00Annual General Meeting
Urban Outfitters IncURBN US17:00Q1 2018 Earnings CallQ1 18

Friday, March 10, 2017

MORNING CALL 3/10

Barchart Morning Call

OVERNIGHT MARKETS AND NEWS
Jun E-mini S&Ps (ESM17 +0.34%) this morning are up +0.38% and European stocks are up +0.81% at a 15-month high as strength in crude oil lifts energy producing stocks with Apr WTI crude oil (CLJ17 +0.69%) up +0.65%. Also, optimism that this morning's U.S. Feb non-farm payrolls report will show a strong increase of +200,000 jobs is boosting equity prices. European stocks received an added boost from German trade data that showed German Jan exports and import rose more than expected. The outlook for a strong U.S. payroll report has nearly cemented expectations for a 25 bp Fed rate hike next week and has undercut precious metals prices with Apr COMEX gold (GCJ17 -0.40%) down -0.52% and May COMEX silver (SIK17 -0.53%) down -0.83%, both at 1-1/4 month lows. Asian stocks settled mostly higher: Japan +1.48%, Hong Kong +0.29%, China -0.12%, Taiwan -0.32%, Australia +0.60%, Singapore +0.47%, South Korea +0.25%, India +0.06%. Japan's Nikkei Stock Index climbed to a 1-week high as weakness in the yen boosted the earnings prospects of exporter stocks after USD/JPY rallied to a 1-1/2 month high.
The dollar index (DXY00 -0.04%) is up +0.02%. EUR/USD (^EURUSD) is up +0.26%. USD/JPY (^USDJPY) is up +0.38% at a 1-1/2 month high.
Jun 10-year T-note prices (ZNM17 +0.01%) are little changed, up +0.5 of a tick.
The German Jan current account balance shrank to a surplus of +14.8 billion euros, narrower than expectations of +15.5 billion euros and the smallest surplus in 20 months.
German Q4 labor costs rose +1.5% q/q and +3.0% y/y with the +1.5% q/q gain the largest quarterly increase in 8 years.
The German Jan trade balance shrank to a surplus of +14.8 billion euros, narrower than expectations of +18.0 billion euros and the smallest surplus in a year. Jan exports rose +2.7% m/m, better than expectations of +2.0% m/m. Jan imports rose +3.0% m/m, stronger than expectations of +0.5% m/m.
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) Feb non-farm payrolls (expected +200,000, Jan +227,000) and Feb unemployment rate (expected -0.1 to 4.7%, Jan +0.1 to 4.8%), (2) Feb avg hourly earnings (expected +0.3% m/m and +2.7% y/y, Jan +0.1% m/m and +2.5% y/y), (3) Feb monthly budget statement (expected -$187.5 billion, Jan +$51.257 billion).
Notable Russell 1000 earnings reports today include: Vail Resorts (consensus $3.40).
U.S. IPO's scheduled to price today: none.
Equity conferences: UBS Global Consumer & Retail Conference on Thu-Fri.




OVERNIGHT U.S. STOCK MOVERS
Yum! Brands (YUM -0.42%) was upgraded to 'Outperform' from 'In-Line' at Evercore ISI.
FedEx (FDX -0.83%) was upgraded to 'Buy' from 'Hold' at Edward Jones.
VeriFone Systems (PAY +0.59%) rose 2% in after-hours trading after it reported Q1 adjusted net revenue of $457 million, higher than consensus of $450 million, and said it sees Q2 adjusted net revenue of $470 million-$474 million, above the mid-point of consensus of $470.7 million.
Ulta Beauty (ULTA -0.62%) declined 4% in after-hours trading after it said it sees Q1 net sales of $1.24 billion-$1.27 billion, below consensus of $1.28 billion.
Finisar (FNSR +1.60%) plunged 20% in after-hours trading after it reported Q3 adjusted EPS of 59 cents, below consensus of 62 cents, and said it sees Q4 adjusted EPS of 50 cents-56 cents, weaker than consensus of 58 cents.
Zumiez (ZUMZ -1.18%) sank over 10% in after-hours trading after it said it sees Q1 revenue of $178 million-$182 million, below consensus of $186 million.
Alere (ALR +0.42%) fell nearly 4% in after-hours trading after a U.S. District Judge rejected the company's request for a temporary reversal of the Department of Health and Human Service's decision to cancel the Alere's ability to bill the government-run insurance program.
El Pollo Loco Holdings (LOCO -3.81%) dropped 4% in after-hours trading after it said it sees fiscal proforma EPS of 65 cents-69 cents, below consensus of 70 cents.
Alexandria Real Estate Equities (ARE -1.72%) lost 3% in after-hours trading after it announced a public offering of 6.1 million shares of common stock.
Surgery Partners (SGRY -0.24%) tumbled 14% in after-hours trading after it said it sees 2017 Ebitda up 10%-15% y/y, weaker than consensus of up 23% y/y.
Autobytel (ABTL -2.03%) rose over 3% in after-hours trading after it reported Q4 adjusted EPS of 35 cents, above consensus of 30 cents.
Cara Therapeutics (CARA +0.46%) fell nearly 6% in after-hours trading after it reported a Q4 loss per share of -81 cents, a wider loss than consensus of -48 cents.
Freshpet (FRPT +3.68%) slipped 1% in after-hours trading after it said it will increase its investment in media this year, which is expected to lower 2017 adjusted Ebitda by 10%.
Ooma (OOMA -8.16%) lost 1% in after-hours trading after it announced a secondary offering of 2.86 million shares.
Codexis (CDXS +9.52%) rose over 6% in after-hours trading after it said it sees 2017 revenue of $50 million-$53 million, better than consensus of $46.3 million.
MARKET COMMENTS
Jun E-mini S&Ps (ESM17 +0.34%) this morning are up +9.00 points (+0.38%). Thursday's closes: S&P 500 +0.08%, Dow Jones +0.01%, Nasdaq +0.07%. The S&P 500 on Thursday recovered from a 1-1/2 week low and closed higher. Stocks received a boost from carry-over support from a rally in European stocks as the Euro Stoxx 50 climbed to a 15-month high on upbeat comments from ECB President Draghi who said that risks to growth are more balanced. Stocks were undercut by weakness in energy producers, which declined as crude oil prices tumbled -1.99% to a 3-1/4 month low.
Jun 10-year T-notes (ZNM17 +0.01%) this morning are up +0.5 of a tick. Thursday's closes: TYM7 -10.00, FVM7 -5.25. Jun 10-year T-notes on Thursday fell to a 2-1/4 month low and closed lower on negative carry-over from a fall in German bund prices to a 1-month low after ECB President Draghi said the economic outlook in the Eurozone has improved. T-notes were also undercut by the larger-than-expected increase in the U.S. Feb import price index, which may prompt the Fed into a faster pace of interest rate hikes.
The dollar index (DXY00 -0.04%) this morning is up +0.02 (+0.02%). EUR/USD (^EURUSD) is up +0.0028 (+0.26%). USD/JPY (^USDJPY) is up +0.44 (+0.38%). Thursday's closes: Dollar index -0.22 (-0.22%), EUR/USD +0.0036 (+0.34%), USD/JPY +0.60 (+0.52%). The dollar index on Thursday closed lower on upbeat comments from ECB President Draghi that boosted EUR/USD when he said "the risks surrounding the euro-area economic outlook have become less pronounced." The dollar found underlying support as the 10-year T-note yield rise to a 2-1/2 month high, which boosts the dollar's interest rate differentials.
Apr WTI crude oil prices (CLJ17 +0.69%) this morning are up +32 cents (+0.65%) and Apr gasoline (RBJ17 +0.26%) is +0.0050 (+0.31%). Thursday's closes: Apr crude -1.00 (-1.99%), Apr gasoline -0.0283 (-1.71%). Apr crude oil and gasoline on Thursday tumbled to 3-1/4 month lows and closed lower on fund selling on concern the global oil glut will persist after Saudi Arabian Energy Minister Al-Falih said that global oil inventories aren't draining as quickly as expected. There was also negative carry-over from Wednesday's EIA data that showed a +8.21 million bbl increase in EIA crude inventories to a record 528.39 million bbl (well above expectations for a +2.0 million bbl gain), and the +0.6% increase in U.S. crude production in the week of Mar 3 to 9.088 million bpd, a 1-year high.
GLOBAL EVENT CALENDAR03/10/2017
Friday, Mar 10
US0830 ETFeb non-farm payrolls expected +200,000, Jan +227,000. Feb private payrolls expected +200,000, Jan +237,000. Feb manufacturing payrolls expected +10,000, Jan +5,000. Feb unemployment rate expected -0.1 to 4.7%, Jan +0.1 to 4.8%.
0830 ETFeb avg hourly earnings expected +0.3% m/m and +2.7% y/y, Jan +0.1% m/m and +2.5% y/y. Feb avg weekly hours all employees expected unch at 34.4 hours, Jan unch at 34.4 hours.
1400 ETFeb monthly budget statement expected -$187.5 billion, Jan +$51.257 billion.
Monday, Mar 13
US1100 ETUSDA weekly grain export inspections.
U.S. STOCK CALENDAR03/10/2017

CompanyTickerTimeEvent DescriptionPeriodEstimate
Vail Resorts IncMTN USBef-mktQ2 2017 Earnings ReleaseQ2 173.396
United Technologies CorpUTX US08:00Analyst Meeting
Regal Beloit CorpRBC US08:30Investor Day
Marvell Technology Group LtdMRVL US09:30Investor Day
Tahoe Resources IncTHO CN10:00Q4 2016 Earnings CallQ4 16
ON Semiconductor CorpON US10:00Analyst Day
Vail Resorts IncMTN US11:30Q2 2017 Earnings CallQ2 17
HP IncHPQ USExtraordinary Shareholders Meeting
Xcel Energy IncXEL USRoadshow - Day 2