BARCHART MORNING CALL
Thursday, April 30th, 2015View Older Reports
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OVERNIGHT MARKETS AND NEWS
June E-mini S&Ps (ESM15 -0.30%) this morning are down -0.23%, led by a 1% drop in Apple after a report that a component defect could force it to limit supply of its new watch. European stocks are down -0.14% at a 1-1/2 month low after German Mar retail sales unexpectedly fell -2.3% m/m, the biggest monthly drop in 15 months. Also, Nokia Oyj is down nearly 8% after it reported Q1 profits that were below estimates, and STMicroelectronics plunged 12% after it forecast weaker-than-expected revenue and profit margins amid a slowdown in demand. Asian stocks closed mostly lower: Japan -2.69%, Hong Kong -0.94%, China -0.78%, Taiwan -0.34%, Australia -0.83%, Singapore +0.01%, South Korea -0.60%, India -0.79%. Japan's Nikkei Stock Index fell to a 1-week low, led by a slide in exporters, after the yen climbed to a 1-month high against the dollar, which reduces the earnings prospects of exporters.
Commodity prices are mixed. Jun crude oil (CLM15 +1.02%) is up +0.89% at a new 4-1/2 month high as the dollar weakened and after Wednesday's EIA data showed a decline in crude supplies at Cushing for the first time since Nov. Jun gasoline (RBM15 +0.61%) is up +0.33%. Metals prices are mixed. Jun gold (GCM15 -0.62%) is down -0.63% after Wednesday's post-FOMC statement signaled the Fed is still open to raising interest rates. May copper (HGK15 +1.45%) is up +1.29% at a 1-month high after weekly Shanghai copper inventories fell for a fourth week as they slid -20,120 Mt TO 188,165 MT, a 2-1/2 month low. Agriculture prices are higher due to a weaker dollar.
The dollar index (DXY00 -0.39%) is down -0.44% at a fresh 2-month low on speculation the Fed is in no hurry to raise interest rates. EUR/USD (^EURUSD) is up +0.58% at a 2-month high after Eurozone Apr CPI was unch y/y and ended a 4-month streak of declines. USD/JPY (^USDJPY) is down -0.06% at a 1-month low.
Jun T-note prices (ZNM15 -0.04%) are down -0.5 of a tick on carry-over weakness from a slide in German bunds to a 1-1/2 month low.
In its Economic Bulletin for Apr, the ECB was upbeat in its economic prospects for the Eurozone when it said "the latest economic indicators and survey results are consistent with continued economic expansion in Q1 of 2015. Looking beyond the short term, the monetary measures taken by the Governing Council, the low oil price and the depreciation of the euro should help broaden and gradually strengthen the recovery."
U.S. STOCK PREVIEW
Key U.S. reports today include: (1) weekly unemployment claims (initial unemployment claims expected -5,000 to 290,000 after last week's +1,000 to 295,000; continuing claims expected -25,000 to 2.300 million after last week's +50,000 to 2.325 million), (2) Mar personal spending (expected +0.5% after Feb's +0.1%) and Mar personal income (expected +0.2% after Feb's +0.4%), (3) the Mar PCE deflator (expected +0.4% y/y after Feb's +0.3% y/y) and Mar core PCE deflator (expected unchanged from Feb's +1.4% y/y), (4) the Q1 employment cost index (expected +0.6% q/q after Q4's +0.6%), and (5) the April Chicago PMI (expected +3.7 to 50.0 after March's +0.5 to 46.3), and (6) the Apr Milwaukee ISM (expected -0.25 to 53.00 after March's +2.93 to 53.25).
There are 52 of the S&P 500 companies that report earnings today with notable reports including: Exxon Mobil (consensus $0.82), Visa (0.62), Time Warner Cable (1.88), Coca-Cola Enterprises (0.40), ConocoPhillips (-0.22), Marathon Petroleum (2.85), CME Group (0.95).
U.S. IPO's scheduled to price today include: Black Stone Minerals (BSM), Biondvax Pharmaceuticals (BVXV), Advaxis (ADXS), Inovio Pharmaceuticals (INO), Scorpio Tankers (STNG). IPOs that are scheduled to trade today include: Blueprint Medicines (BPMC).
Equity conferences during the remainder of this week include: none.
OVERNIGHT U.S. STOCK MOVERS
Time Warner Cable (TWC -0.02%) reported Q1 EPS of $1.65, below consensus of $1.88.
Manitowoc (MTW -0.96%) reported a Q1 adjusted EPS loss of -5 cents, a larger loss than consensus of -2 cents.
Baidu (BIDU -0.09%) reported Q1 adjusted EPS of $1.22, better than consensus of $1.16.
Marriott (MAR +3.14%) reported Q1 EPS of 73 cents, above consensus of 70 cents.
Flextronics (FLEX +0.41%) reported Q4 adjusted EPS of 27 cents, higher than consensus of 25 cents.
Apple (AAPL -1.47%) is down over 1% in pre-market trading after Dow Jones reported that the company found defects in the 'taptic engine' of the Apple Watch.
AMC Entertainment (AMC +0.37%) reported Q1 EPS of 6 cents, less than consensus of 8 cents.
Con-way (CNW -2.77%) reported Q1 EPS of 39 cents, better than consensus of 38 cents, but Q1 revenue of $1.37 billion was below consensus of $1.45 billion.
CACI (CACI -2.36%) reported Q3 EPS of $1.18, weaker than consensus of $1.27.
Williams (WMB +1.21%) reported Q1 adjusted EPS of 16 cents, above consensus of 15 cents.
Service Corp. (SCI -1.00%) reported Q1 adjusted EPS of 32 cents, higher than consensus of 28 cents. although Q1 revenue of $748.1 million was below consensus of $752.45 million.
Bob Evans Farms (BOBE -3.74%) announced that it will close 20 restaurants over the next 12 months.
Varian Medical (VAR +0.02%) reported Q2 EPS of $1.05, better than consensus of $1.00.
ARRIS (ARRS -0.89%) reported Q1 adjusted EPS of 44 cents, right on consensus
Hologic (HOLX -1.15%) reported Q2 EPS of 41 cents, above consensus of 39 cents, and then raised guidance on fiscal 2015 EPS view to $1.57-$1.59, above consensus of $1.57.
MARKET COMMENTS
June E-mini S&Ps (ESM15 -0.30%) this morning are down -4.75 points (-0.23%). Wednesday's closes: S&P 500 -0.37%, Dow Jones -0.41%, Nasdaq -0.60%. The S&P 500 index on Wednesday closed lower on the weak U.S. Q1 GDP report of +0.2% (q/q annualized) versus expectations of +1.0%. There was also weakness in health-care stocks after Humana plunged 6% on disappointing earnings news.
Jun 10-year T-notes (ZNM15 -0.04%) this morning are down -0.5 of a tick. Wednesday's closes: TYM5 -14.00, FVM5 -5.00. Jun 10-year T-notes on Wednesday fell sharply to post a new 1-1/4 month low as the 10-year T-note breakeven inflation rate climbed to a 5-1/2 month high. In addition, there was some negative carry-over from the decline in German bund prices to a 1-1/4 month low.
The dollar index (DXY00 -0.39%) this morning is down -0.423 (-0.44%) to a fresh 2-month low. EUR/USD (^EURUSD) is up +0.0065 (+0.58%) to a 2-month high. USD/JPY (^USDJPY) is down -0.07 (-0.06%) to a 1-month low. Wednesday's closes: Dollar Index -0.883 (-0.92%), EUR/USD +0.01467 (+1.34%), USD/JPY +0.159 (+0.13%). The dollar index on Wednesday fell to a 2-month low on the weaker-than-expected U.S. Q1 GDP report of +0.2% versus expectations of +1.0%. EUR/USD rallied to a 1-3/4 month high after the Eurozone Apr business climate indicator unexpectedly rose to an 11-month high.
Jun WTI crude oil (CLM15 +1.02%) this morning is up +52 cents (+0.89%) to a new 4-1/2 month high and Jun gasoline (RBM15 +0.61%) is up +0.0067 (+0.33%). Wednesday's closes: CLM5 +1.52 (+2.66%), RBM5 +0.0061 (+0.31%). Jun crude oil and gasoline prices on Wednesday climbed to 4-1/2 month highs on the plunge in the dollar index to a 2-month low and on the -514,000 bbl decline in crude supplies at Cushing, which was the first decline in 21 weeks.
GLOBAL EVENT CALENDAR04/30/2015
US
0830 ET
Weekly initial unemployment claims expected -5,000 to 290,000, previous +1,000 to 295,000. Weekly continuing claims expected -25,000 to 2.300 million, previous +50,000 to 2.325 million.
0830 ET
Mar personal spending expected +0.5%, Feb +0.1%. Mar personal income expected +0.2%, Feb +0.4%.
0830 ET
Mar PCE deflator expected +0.2% m/m and +0.4% y/y, Feb +0.2% m/m and +0.3% y/y. Mar core PCE deflator expected +0.2% m/m and +1.4% y/y, Feb +0.1% m/m and +1.4% y/y.
0830 ET
Q1 employment cost index expected +0.6%, Q4 +0.6%.
0830 ET
USDA weekly Export Sales.
0900 ET
Apr Milwaukee ISM expected -0.25 to 53.00, Mar +2.93 to 53.25.
0945 ET
Apr Chicago PMI expected +3.7 to 50.0, Mar +0.5 to 46.3.
JPN
0100 ET
Japan Mar housing starts expected -1.9% y/y to 892,000 annualized, Feb -3.1% y/y to 905,000 annualized.
0100 ET
Japan Mar construction orders, Feb +1.0% y/y.
1930 ET
Japan Mar jobless rate expected unch at 3.5%. Mar job-to-applicant ratio expected unch at 1.15.
1930 ET
Japan Mar overall household spending expected -11.8% y/y, Feb -2.9% y/y.
1930 ET
Japan Mar national CPI expected +2.2% y/y, Feb +2.2% y/y. Mar national CPI ex-fresh food expected +2.0% y/y, Feb +2.0% y/y. Mar national CPI ex food & energy expected +2.0% y/y, Feb +2.0% y/y.
1930 ET
Japan Apr Tokyo CPI expected +0.7% y/y, Mar +2.3% y/y. Apr Tokyo CPI ex-fresh food expected +0.5% y/y, Mar +2.2% y/y. Apr Tokyo CPI ex food & energy expected +0.2% y/y, Mar +1.7% y/y.
2130 ET
Japan Mar labor cash earnings expected +0.4% y/y, Feb +0.1% y/y. Mar real cash earnings, Feb -2.3% y/y.
2135 ET
Revised Japan Apr Markit/JMMA manufacturing PMI.
GER
0200 ET
German Mar retail sales expected +0.5% m/m and +3.1% y/y, Feb -0.1% m/m and +3.1% y/y.
0355 ET
German Apr unemployment change expected -15,000, Mar -14,000. Apr unemployment rate expected unch at 6.4%.
UK
0430 ET
UK Apr Lloyds business barometer, Mar 53.
EUR
0500 ET
Eurozone Apr CPI estimate expected unch y/y, Mar -0.1% y/y. Apr core CPI expected +0.6% y/y, Mar +0.6% y/y.
0500 ET
Eurozone Mar unemployment rate expected -0.1 to 11.2%, Feb 11.3%.
CHI
2100 ET
China Apr manufacturing PMI expected -0.1 to 50.0, Mar 50.1. Apr non-manufacturing PMI, Mar 53.7.
U.S. STOCK CALENDAR04/30/2015
Company
Ticker
Time
Event Description
Period
Estimate
Air Products & Chemicals Inc
APD US
Bef-mkt
Q2 2015 Earnings Release
Q2 2015
1.547
Airgas Inc
ARG US
Bef-mkt
Q4 2015 Earnings Release
Q4 2015
1.143
Automatic Data Processing Inc
ADP US
Bef-mkt
Q3 2015 Earnings Release
Q3 2015
1.019
Ball Corp
BLL US
Bef-mkt
Q1 2015 Earnings Release
Q1 2015
0.79
Coca-Cola Enterprises Inc
CCE US
Bef-mkt
Q1 2015 Earnings Release
Q1 2015
0.403
Colgate-Palmolive Co
CL US
Bef-mkt
Q1 2015 Earnings Release
Q1 2015
0.659
Host Hotels & Resorts Inc
HST US
Bef-mkt
Q1 2015 Earnings Release
Q1 2015
0.333
Marsh & McLennan Cos Inc
MMC US
Bef-mkt
Q1 2015 Earnings Release
Q1 2015
0.86
NiSource Inc
NI US
Bef-mkt
Q1 2015 Earnings Release
Q1 2015
0.809
ConocoPhillips
COP US
Bef-mkt
Q1 2015 Earnings Release
Q1 2015
-0.218
Pitney Bowes Inc
PBI US
Bef-mkt
Q1 2015 Earnings Release
Q1 2015
0.406
SCANA Corp
SCG US
Bef-mkt
Q1 2015 Earnings Release
Q1 2015
1.249
Cardinal Health Inc
CAH US
Bef-mkt
Q3 2015 Earnings Release
Q3 2015
1.157
Celgene Corp
CELG US
Bef-mkt
Q1 2015 Earnings Release
Q1 2015
1.059
BorgWarner Inc
BWA US
Bef-mkt
Q1 2015 Earnings Release
Q1 2015
0.842
Martin Marietta Materials Inc
MLM US
Bef-mkt
Q1 2015 Earnings Release
Q1 2015
0.096
AmerisourceBergen Corp
ABC US
Bef-mkt
Q2 2015 Earnings Release
Q2 2015
1.189
Rockwell Automation Inc
ROK US
Bef-mkt
Q2 2015 Earnings Release
Q2 2015
1.418
L-3 Communications Holdings Inc
LLL US
Bef-mkt
Q1 2015 Earnings Release
Q1 2015
1.542
Quanta Services Inc
PWR US
Bef-mkt
Q1 2015 Earnings Release
Q1 2015
0.405
CME Group Inc/IL
CME US
Bef-mkt
Q1 2015 Earnings Release
Q1 2015
0.948
Time Warner Cable Inc
TWC US
Bef-mkt
Q1 2015 Earnings Release
Q1 2015
1.884
Xcel Energy Inc
XEL US
Bef-mkt
Q1 2015 Earnings Release
Q1 2015
0.493
Fidelity National Information Services Inc
FIS US
Bef-mkt
Q1 2015 Earnings Release
Q1 2015
0.654
Viacom Inc
VIAB US
Bef-mkt
Q2 2015 Earnings Release
Q2 2015
1.064
Marathon Petroleum Corp
MPC US
Bef-mkt
Q1 2015 Earnings Release
Q1 2015
2.854
Delphi Automotive PLC
DLPH US
Bef-mkt
Q1 2015 Earnings Release
Q1 2015
1.173
Allegion PLC
ALLE US
Bef-mkt
Q1 2015 Earnings Release
Q1 2015
0.468
Cigna Corp
CI US
6:30
Q1 2015 Earnings Release
Q1 2015
1.845
American Tower Corp
AMT US
7:00
Q1 2015 Earnings Release
Q1 2015
1.11
Sealed Air Corp
SEE US
7:00
Q1 2015 Earnings Release
Q1 2015
0.419
Mosaic Co/The
MOS US
7:00
Q1 2015 Earnings Release
Q1 2015
0.742
Xylem Inc/NY
XYL US
7:00
Q1 2015 Earnings Release
Q1 2015
0.313
Invesco Ltd
IVZ US
7:30
Q1 2015 Earnings Release
Q1 2015
0.603
Zimmer Holdings Inc
ZMH US
7:30
Q1 2015 Earnings Release
Q1 2015
1.583
Exxon Mobil Corp
XOM US
8:00
Q1 2015 Earnings Release
Q1 2015
0.821
Harman International Industries Inc
HAR US
8:00
Q3 2015 Earnings Release
Q3 2015
1.274
Pitney Bowes Inc
PBI US
8:00
Q1 2015 Earnings Call
Q1 2015
Morgan Stanley
MS US
8:00
Fixed Income Investor Call
Zimmer Holdings Inc
ZMH US
8:00
Q1 2015 Earnings Call
Q1 2015
Phillips 66
PSX US
8:00
Q1 2015 Earnings Release
Q1 2015
1.432
Automatic Data Processing Inc
ADP US
8:30
Q3 2015 Earnings Call
Q3 2015
Cigna Corp
CI US
8:30
Q1 2015 Earnings Call
Q1 2015
Marsh & McLennan Cos Inc
MMC US
8:30
Q1 2015 Earnings Call
Q1 2015
Cardinal Health Inc
CAH US
8:30
Q3 2015 Earnings Call
Q3 2015
Rockwell Automation Inc
ROK US
8:30
Q2 2015 Earnings Call
Q2 2015
American Tower Corp
AMT US
8:30
Q1 2015 Earnings Call
Q1 2015
Sealed Air Corp
SEE US
8:30
Q1 2015 Earnings Call
Q1 2015
CME Group Inc/IL
CME US
8:30
Q1 2015 Earnings Call
Q1 2015
Time Warner Cable Inc
TWC US
8:30
Q1 2015 Earnings Call
Q1 2015
Fidelity National Information Services Inc
FIS US
8:30
Q1 2015 Earnings Call
Q1 2015
Viacom Inc
VIAB US
8:30
Q2 2015 Earnings Call
Q2 2015
Delphi Automotive PLC
DLPH US
8:30
Q1 2015 Earnings Call
Q1 2015
Allegion PLC
ALLE US
8:30
Q1 2015 Earnings Call
Q1 2015
Host Hotels & Resorts Inc
HST US
9:00
Q1 2015 Earnings Call
Q1 2015
NiSource Inc
NI US
9:00
Q1 2015 Earnings Call
Q1 2015
Eversource Energy
ES US
9:00
Q1 2015 Earnings Call
Q1 2015
SCANA Corp
SCG US
9:00
Annual General Meeting
Y 2015
Unum Group
UNM US
9:00
Q1 2015 Earnings Call
Q1 2015
Celgene Corp
CELG US
9:00
Q1 2015 Earnings Call
Q1 2015
Noble Corp plc
NE US
9:00
Q1 2015 Earnings Call
Q1 2015
Invesco Ltd
IVZ US
9:00
Q1 2015 Earnings Call
Q1 2015
QEP Resources Inc
QEP US
9:00
Q1 2015 Earnings Call
Q1 2015
Mosaic Co/The
MOS US
9:00
Q1 2015 Earnings Call
Q1 2015
Xylem Inc/NY
XYL US
9:00
Q1 2015 Earnings Call
Q1 2015
Williams Cos Inc/The
WMB US
9:30
Q1 2015 Earnings Call
Q1 2015
BorgWarner Inc
BWA US
9:30
Q1 2015 Earnings Call
Q1 2015
Quanta Services Inc
PWR US
9:30
Q1 2015 Earnings Call
Q1 2015
Air Products & Chemicals Inc
APD US
10:00
Q2 2015 Earnings Call
Q2 2015
Coca-Cola Enterprises Inc
CCE US
10:00
Q1 2015 Earnings Call
Q1 2015
EMC Corp/MA
EMC US
10:00
Annual General Meeting
Lincoln National Corp
LNC US
10:00
Q1 2015 Earnings Call
Q1 2015
Marriott International Inc/MD
MAR US
10:00
Q1 2015 Earnings Call
Q1 2015
Xcel Energy Inc
XEL US
10:00
Q1 2015 Earnings Call
Q1 2015
Marathon Petroleum Corp
MPC US
10:00
Q1 2015 Earnings Call
Q1 2015
Airgas Inc
ARG US
11:00
Q4 2015 Earnings Call
Q4 2015
Ball Corp
BLL US
11:00
Q1 2015 Earnings Call
Q1 2015
Colgate-Palmolive Co
CL US
11:00
Q1 2015 Earnings Call
Q1 2015
Corning Inc
GLW US
11:00
Annual General Meeting
Y 2015
Exxon Mobil Corp
XOM US
11:00
Q1 2015 Earnings Call
Q1 2015
Harman International Industries Inc
HAR US
11:00
Q3 2015 Earnings Call
Q3 2015
Snap-on Inc
SNA US
11:00
Annual General Meeting
Y 2015
Torchmark Corp
TMK US
11:00
Annual General Meeting
Y 2015
Ensco PLC
ESV US
11:00
Q1 2015 Earnings Call
Q1 2015
AmerisourceBergen Corp
ABC US
11:00
Q2 2015 Earnings Call
Q2 2015
Valero Energy Corp
VLO US
11:00
Annual General Meeting
Y 2015
L-3 Communications Holdings Inc
LLL US
11:00
Q1 2015 Earnings Call
Q1 2015
ConocoPhillips
COP US
12:00
Q1 2015 Earnings Call
Q1 2015
HCP Inc
HCP US
12:30
Annual General Meeting
Y 2015
Murphy Oil Corp
MUR US
13:00
Q1 2015 Earnings Call
Q1 2015
Phillips 66
PSX US
13:00
Q1 2015 Earnings Call
Q1 2015
Macerich Co/The
MAC US
13:30
Q1 2015 Earnings Call
Q1 2015
Martin Marietta Materials Inc
MLM US
14:00
Q1 2015 Earnings Call
Q1 2015
Realty Income Corp
O US
14:30
Q1 2015 Earnings Call
Q1 2015
SCANA Corp
SCG US
15:00
Q1 2015 Earnings Call
Q1 2015
HCA Holdings Inc
HCA US
15:00
Annual General Meeting
Y 2015
Western Union Co/The
WU US
16:00
Q1 2015 Earnings Release
Q1 2015
0.38
Gilead Sciences Inc
GILD US
16:05
Q1 2015 Earnings Release
Q1 2015
2.32
Gilead Sciences Inc
GILD US
16:30
Q1 2015 Earnings Call
Q1 2015
Western Union Co/The
WU US
16:30
Q1 2015 Earnings Call
Q1 2015
Expedia Inc
EXPE US
16:30
Q1 2015 Earnings Call
Q1 2015
PerkinElmer Inc
PKI US
17:00
Q1 2015 Earnings Call
Q1 2015
Skyworks Solutions Inc
SWKS US
17:00
Q2 2015 Earnings Call
Q2 2015
Eastman Chemical Co
EMN US
17:00
Q1 2015 Earnings Release
Q1 2015
1.595
First Solar Inc
FSLR US
17:00
Q1 2015 Earnings Call
Q1 2015
Visa Inc
V US
17:00
Q2 2015 Earnings Call
Q2 2015
American International Group Inc
AIG US
Aft-mkt
Q1 2015 Earnings Release
Q1 2015
1.194
PerkinElmer Inc
PKI US
Aft-mkt
Q1 2015 Earnings Release
Q1 2015
0.462
Leggett & Platt Inc
LEG US
Aft-mkt
Q1 2015 Earnings Release
Q1 2015
0.452
Public Storage
PSA US
Aft-mkt
Q1 2015 Earnings Release
Q1 2015
1.95
Skyworks Solutions Inc
SWKS US
Aft-mkt
Q2 2015 Earnings Release
Q2 2015
1.127
Flowserve Corp
FLS US
Aft-mkt
Q1 2015 Earnings Release
Q1 2015
0.701
Apartment Investment & Management Co
AIV US
Aft-mkt
Q1 2015 Earnings Release
Q1 2015
0.513
Fluor Corp
FLR US
Aft-mkt
Q1 2015 Earnings Release
Q1 2015
0.984
Expedia Inc
EXPE US
Aft-mkt
Q1 2015 Earnings Release
Q1 2015
0.065
First Solar Inc
FSLR US
Aft-mkt
Q1 2015 Earnings Release
Q1 2015
-0.284
Visa Inc
V US
Aft-mkt
Q2 2015 Earnings Release
Q2 2015
0.624
Fluor Corp
FLR US
17:30
Q1 2015 Earnings Call
Q1 2015
EOG Resources Inc
EOG US
Annual General Meeting
HCP Inc
HCP US
Annual General Meeting
Kimberly-Clark Corp
KMB US
Annual General Meeting
Public Storage
PSA US
Annual General Meeting
Capital One Financial Corp
COF US
Annual General Meeting
Fluor Corp
FLR US
Annual General Meeting
Y 2015
Mead Johnson Nutrition Co
MJN US
Annual General Meeting