Tuesday, May 7th, 2013View Older Reports
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OVERNIGHT MARKETS AND NEWS
June E-mini S&Ps (ESM13 +0.11%) this morning are up +0.12% at another fresh record high. European stocks rose +0.64% to a 1-3/4 year high after German factory orders unexpectedly increased. Another positive for global stocks was the action by the Reserve Bank of Australia to cut its benchmark interest rate by 25 bp. Portugal's 10-year government bond yield slipped to 5.44%, the lowest in 2-3/4 years as the country readies the markets for a sale of 3 billion euros of 10-year government bonds, its first sale of a new bond since it asked for a bailout 2 years ago. Asian stocks closed mixed: Japan +3.55%, Hong Kong +0.58%, China +0.16%, Taiwan -0.07%, Australia -0.24%, Singapore +0.03%, South Korea -0.53%, India +1.09%. Commodity prices are mixed. June WTI crude oil (CLM13 -0.52%) is down -0.48%. June gasoline (RBM13 -0.43%) is down -0.45%, June natural gas (NGM13 -0.97%) is down -0.62%, June gold (GCM13 -0.35%) is down -0.54%, July copper (HGN13 -0.30%) is down -0.20%. Agriculture prices are higher. The dollar index (DXY00 -0.24%) is lower by -0.24%. EUR/USD (^EURUSD) is up +0.40%. USD/JPY (^USDJPY) is down -0.08%. June 10-year T-note futures prices (ZNM13 -0.02%) are little changed, down -0.5 of a tick.
German Mar factory orders unexpectedly climbed +2.2% m/m, stronger than expectations for a -0.5% m/m decline, while factory orders fell-0.4% y/y, better than expectations for a -2.9% y/y decline.
The UK April BRC shop price index weakened to a +0.4% increase from a +1.4% gain in March.
The UK April Lloyds employment confidence improved slightly to -41 from -45 in March.
The Reserve Bank of Australia (NYSE:RBA) cut its benchmark interest rate by 25 bp to a record low 2.75% and RBA Governor Stevens said "The board has previously noted that the inflation outlook would afford scope to ease further and that a further decline in the cash rate was appropriate to encourage sustainable growth in the economy."
U.S. STOCK PREVIEW
Today's March consumer credit report is expected to show an increase of +$15.5 billion, adding to the increase of +$18.139 billion seen in February. The Treasury today will sell $32 billion in 3-year T-notes to kick off this week's $72 billion quarterly refunding operation. There are 22 of the S&P 500 companies that report earnings today. Notable earnings reports include Emerson Electric (consensus $0.78), McKesson (2.31), Disney (0.77), Marathon Oil (0.72), Electronic Arts (0.58), Whole Foods (0.73), Williams Companies (0.24), Symantec (0.38).
Conferences during the remainder of this week include American Gas Association (NYSEARCA:AGA) Financial Forum on Mon, Mizuho Securities USA Healthcare Access Day on Tue, Barclays Chemical ROC Star Conference on Tue, Robert W. Baird Growth Stock Conference on Tue-Thu, Jefferies Global Technology, Media and Telecom Conference on Tue-Thu, ISI Bermuda Energy Conference on Wed, 17th Annual International Cash and Treasury Management Conference on Wed-Thu, Wells Fargo Industrial and Construction Conference on Wed-Thu, Skybridge Alternatives Conference (NYSE:SALT)-Las Vegas on Wed-Thu, Sanford C. Bernstein & Co IT Services Conference on Thu.
OVERNIGHT U.S. STOCK MOVERS
Fossil (FOSL +0.71%) reported Q1 EPS of $1.08, better than consensus of 97 cents.
NRG Energy (NRG +0.11%) reported a Q1 EPS loss of -37 cents, wider than consensus of a -29 cent loss.
Discovery Communications (DISCA -0.24%) reported Q1 EPS of 63 cents, weaker than consensus of 64 cents.
According to an AP report, the Senate late Monday passed a bill allowing states to collect a tax on Internet purchases.
DCP Midstream (DPM +0.23%) reported Q1 adjusted EPS of 63 cents, below consensus of 64 cents.
Mindray Medical (MR +1.93%) reported Q1 adjusted EPS of 53 cents, much better than consensus of 41 cents.
Vantiv (VNTV -0.43%) reported Q1 adjusted EPS of 31 cents, better than consensus of 30 cents.
Alleghany (Y +1.83%) reported Q1 EPS of $11.67, well ahead of consensus of $8.01.
Chico's FAS (CHS -0.98%) was initiated with an "Outperform" at Wells Fargo with a price range of $20 to $22 a share.
Frontier Communications (FTR +1.49%) reported Q1 EPS of 5 cents, lower than consensus of 6 cents.
Ruckus Wireless (RKUS +5.15%) reported Q1 adjusted EPS of 3 cents, weaker than consensus of 4 cents.
Scotts Miracle-Gro (SMG +1.64%) reported Q2 EPS of $1.60, well below consensus of $2.00.
First Solar (FSLR +3.67%) fell 3% in after-hours ttrading after it reported Q1 EPS of 69 cents, below consensus of 75 cents. The stock then recovered all of its losses and moved up over 1% when it reaffirmed its guidance for fiscal 2012 and announced a reduction in its work force of about 150 employees.
Norwegian Cruise Line (NCLH +0.92%) reported Q1 adjusted EPS of 6 cents, double the consensus of 3 cents.
Anadarko (APC +1.18%) reported Q1 EPS ex-items $1.08, stronger than consensus of 94 cents.
Matson (MATX +0.29%) reported Q1 EPS of 21 cents, better than consensus of 15 cents.
June E-mini S&Ps (ESM13 +0.11%) this morning are up +2.00 points (+0.12%) at a new record high. The S&P 500 index on Monday posted a fresh record high and closed higher. Stocks found carry-over support from last Friday's gains after U.S. employment in April rose more than expected. Also, stocks continue to receive a boost from strong earnings results as 73% of the 407 S&P 500 companies that have reported Q1 earnings results thus far have beaten expectations. Closes: S&P 500 +0.19%, Dow Jones -0.03%, Nasdaq 100 +0.37%.
June 10-year T-notes (ZNM13 -0.02%) this morning are little changed, down -0.5 of a tick. June 10-year T-note futures prices on Monday closed lower. T-notes added to Friday's losses and posted a fresh 3-week low as stronger equities reduced the safe-haven demand for Treasuries, along with supply pressures ahead of this week's May refunding of $72 billion of T-notes and T-bonds that begins Tuesday with the Treasury's $32 billion 3-year T-note auction. Closes: TYM3 -6.0, FVM3 -2.75.
The dollar index (DXY00 -0.24%) this morning is lower by -0.201 (-0.24%). EUR/USD (^EURUSD) is up +0.0052 (+0.40%) and USD/JPY (^USDJPY) is down -0.08 (-0.08%). The dollar index on Monday closed higher. EUR/USD was knocked lower after comments from ECB Executive Board member Coeure who said the ECB is ready to cut interest rates further if the economic outlook in the Eurozone worsens. USD/JPY rallied up to a 1-week high as the yen weakened after stock market strength reduced the safe-haven demand for the yen. Closes: Dollar index +0.190 (+0.23%), EUR/USD -0.00406 (-0.31%), USD/JPY +0.326 (+0.33%).
June WTI crude oil (CLM13 -0.52%) this morning is down -46 cents a barrel (-0.48%). June gasoline (RBM13 -0.43%) is down -1.28 cents per gallon (-0.45%). June crude oil and gasoline on Monday rallied sharply in overnight trade after Israel made several air strikes in Syria over the weekend, but prices fell back from their best levels on speculation there won't be much effect on oil flow through the Middle East. Another negative factor that pulled Jun crude off of a 1-month high was the stronger dollar. Closes: CLM3 +0.55 (+0.58%), RBM3 +0.0403 (+1.43%).
GLOBAL EVENT CALENDAR05/07/2013
|US||1300 ET||Treasury auctions $32 billion 3-year T-notes.|
|1500 ET||Mar consumer credit expected +$15.5 billion, Feb +$18.139 billion.|
|1630 ET||API weekly U.S. oil statistics.|
|GER||0600 ET||German Mar factory orders (sa) expected -0.5% m/m and -2.9% y/y, Feb +2.3% m/m and unch y/y (nsa).|
|CHI||n/a||China Apr trade balance expected +$15.5 billion, Mar -$0.88 billion. Apr exports expected +10.0% y/y, Mar +10.0% y/y. Apr imports expected +13.0% y/y, Mar +14.1% y/y.|
U.S. STOCK CALENDAR05/07/2013
|Company Name||Symbol||Time||Event Description||Period||EPS Est (US$)|
|DIRECTV||DTV US||Bef-mkt||Q1 2013 Earnings Release||Q1 2013||1.095|
|Health Care REIT Inc||HCN US||Bef-mkt||Q1 2013 Earnings Release||Q1 2013||0.904|
|Emerson Electric Co||EMR US||Bef-mkt||Q2 2013 Earnings Release||Q2 2013||0.781|
|NRG Energy Inc||NRG US||Bef-mkt||Q1 2013 Earnings Release||Q1 2013||-0.294|
|Molson Coors Brewing Co||TAP US||Bef-mkt||Q1 2013 Earnings Release||Q1 2013||0.343|
|International Flavors & Fragrances Inc||IFF US||Bef-mkt||Q1 2013 Earnings Release||Q1 2013||1.132|
|FirstEnergy Corp||FE US||Bef-mkt||Q1 2013 Earnings Release||Q1 2013||0.686|
|Fossil Inc||FOSL US||Bef-mkt||Q1 2013 Earnings Release||Q1 2013||0.969|
|Discovery Communications Inc||DISCA US||7:00||Q1 2013 Earnings Release||Q1 2013||0.645|
|Perrigo Co||PRGO US||8:00||Q3 2013 Earnings Release||Q3 2013||1.444|
|Discovery Communications Inc||DISCA US||8:30||Q1 2013 Earnings Call||Q1 2013|
|EOG Resources Inc||EOG US||9:00||Q1 2013 Earnings Call||Q1 2013|
|NRG Energy Inc||NRG US||9:00||Q1 2013 Earnings Call||Q1 2013|
|Fossil Inc||FOSL US||9:00||Q1 2013 Earnings Call||Q1 2013|
|Anadarko Petroleum Corp||APC US||10:00||Q1 2013 Earnings Call||Q1 2013|
|Baxter International Inc||BAX US||10:00||Annual General Meeting||Y 2013|
|Health Care REIT Inc||HCN US||10:00||Q1 2013 Earnings Call||Q1 2013|
|Boston Scientific Corp||BSX US||10:00||Annual General Meeting||Y 2013|
|Vornado Realty Trust||VNO US||10:00||Q1 2013 Earnings Call||Q1 2013|
|Gannett Co Inc||GCI US||10:00||Annual General Meeting||Y 2013|
|Perrigo Co||PRGO US||10:00||Q3 2013 Earnings Call||Q3 2013|
|International Flavors & Fragrances Inc||IFF US||10:00||Q1 2013 Earnings Call||Q1 2013|
|Molson Coors Brewing Co||TAP US||11:00||Q1 2013 Earnings Call||Q1 2013|
|Kinder Morgan Inc/DE||KMI US||11:00||Annual General Meeting||Y 2013|
|Cliffs Natural Resources Inc||CLF US||11:30||Annual General Meeting||Y 2013|
|Sigma-Aldrich Corp||SIAL US||12:00||Annual General Meeting||Y 2013|
|Wynn Resorts Ltd||WYNN US||13:00||Annual General Meeting||Y 2013|
|FirstEnergy Corp||FE US||13:00||Q1 2013 Earnings Call||Q1 2013|
|DIRECTV||DTV US||14:00||Q1 2013 Earnings Call||Q1 2013|
|Emerson Electric Co||EMR US||14:00||Q2 2013 Earnings Call||Q2 2013|
|Molson Coors Brewing Co||TAP US||14:00||Q1 2013 Earnings Call - Follow-Up Session||C1 2013|
|Murphy Oil Corp||MUR US||15:00||Analyst Meeting||Y 2013|
|Danaher Corp||DHR US||15:00||Annual General Meeting||Y 2013|
|Mondelez International Inc||MDLZ US||16:00||Q1 2013 Earnings Release||Q1 2013||0.334|
|McKesson Corp||MCK US||16:00||Q4 2013 Earnings Release||Q4 2013||2.308|
|CA Inc||CA US||16:15||Q4 2013 Earnings Release||Q4 2013||0.553|
|Walt Disney Co/The||DIS US||16:15||Q2 2013 Earnings Release||Q2 2013||0.77|
|CH Robinson Worldwide Inc||CHRW US||16:15||Q1 2013 Earnings Release||Q1 2013||0.685|
|CA Inc||CA US||16:30||Q4 2013 Earnings Call||Q4 2013|
|Mondelez International Inc||MDLZ US||17:00||Q1 2013 Earnings Call||Q1 2013|
|DaVita HealthCare Partners Inc||DVA US||17:00||Q1 2013 Earnings Call||Q1 2013|
|McKesson Corp||MCK US||17:00||Q4 2013 Earnings Call||Q4 2013|
|Walt Disney Co/The||DIS US||17:00||Q2 2013 Earnings Call||Q2 2013|
|Electronic Arts Inc||EA US||17:00||Q4 2013 Earnings Call||Q4 2013|
|Whole Foods Market Inc||WFM US||17:00||Q2 2013 Earnings Call||Q2 2013|
|TripAdvisor Inc||TRIP US||17:00||Q1 2013 Earnings Call||Q1 2013|
|BMC Software Inc||BMC US||17:00||Q4 2013 Earnings Call||Q4 2013|
|CH Robinson Worldwide Inc||CHRW US||17:00||Q1 2013 Earnings Call||Q1 2013|
|Symantec Corp||SYMC US||17:00||Q4 2013 Earnings Call||Q4 2013|
|DaVita HealthCare Partners Inc||DVA US||Aft-mkt||Q1 2013 Earnings Release||Q1 2013||1.797|
|Marathon Oil Corp||MRO US||Aft-mkt||Q1 2013 Earnings Release||Q1 2013||0.719|
|Electronic Arts Inc||EA US||Aft-mkt||Q4 2013 Earnings Release||Q4 2013||0.575|
|Whole Foods Market Inc||WFM US||Aft-mkt||Q2 2013 Earnings Release||Q2 2013||0.729|
|Williams Cos Inc/The||WMB US||Aft-mkt||Q1 2013 Earnings Release||Q1 2013||0.24|
|TripAdvisor Inc||TRIP US||Aft-mkt||Q1 2013 Earnings Release||Q1 2013||0.468|
|Symantec Corp||SYMC US||Aft-mkt||Q4 2013 Earnings Release||Q4 2013||0.381|
|United Parcel Service Inc||UPS US||Roadshow - Montreal||Y 2013|
|United Parcel Service Inc||UPS US||Roadshow - Kansas City||Y 2013|