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BARCHART MORNING CALL 2/14

|Includes:A, AIG, BRCD, CLF, Campbell Soup Company (CPB), CRAY, DTE, EFX, ESND, GNC, HAS, IPG, MAT, RGC, SCHW, SJM, SNI, SPWR, TSLA, TWX, UTRA, VFC

BARCHART MORNING CALL

Friday, February 14th, 2014View Older Reports

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OVERNIGHT MARKETS AND NEWS

March E-mini S&Ps (ESH14 +0.08%) this morning are up +0.11% and European stocks are up +0.70% after Eurozone Q4 GDP was revised higher. Asian stocks closed mixed: Japan -1.53%, Hong Kong +0.60%, China +0.70%, Taiwan +0.54%, Australia +0.91%, Singapore -0.04%, South Korea +0.71%, India +0.86%. Commodity prices are mixed. Mar crude oil (CLH14 -0.26%) is down -0.40%. Mar gasoline (RBH14 -0.33%) is down -0.29%. Apr gold (GCJ14 +1.30%) is up +1.26% at a 3-month high as weakness in the dollar prompts increased demand for precious metals as an alternative asset. March copper (HGH14 +0.06%) is up +0.09%. Agriculture and livestock prices are higher. The dollar index (DXY00 -0.29%) is down -0.22% at a 1-1/4 month low. EUR/USD (^EURUSD) is up +0.22% at a 2-1/2 week high as the upward revision to Eurozone Q4 GDP eases pressure on the ECB to provide additional euro-negative stimulus. USD/JPY (^USDJPY) is down -0.35%. March T-note prices (ZNH14 +0.06%) are little changed, up +0.5 of a tick.

Eurozone Q4 GDP was revised upward to +0.3% q/q and +0.5% y/y from the originally reported +0.2% q/q and +0.4% y/y.

German Q4 GDP was revised upward to +0.4% q/q and +1.4% y/y from the originally reported +0.3% q/q and +1.3% y/y.

UK Dec construction output was up +2.0% m/m and +6.3% y/y, close to expectations of +2.0% m/m and +6.4% y/y.

The China Banking Regulatory Commission reported that China Q4 2013 non-performing loans rose by +28.5 billion yuan ($4.7 billion) to 592.1 billion yuan, the highest since Sep 2008, which may increase the risk of defaults that trigger a financial crisis.

China Jan PPI fell -1.6% y/y, right on expectations and matched its biggest decline in 6-months. Jan CPI rose +2.5% y/y, unch from Dec and slightly more than expectations of +2.4% y/y.

U.S. STOCK PREVIEW

Today's early-Feb U.S. consumer confidence index from the University of Michigan is expected to show a -1.0 point drop to 80.2, adding to the -1.3 point decline to 81.2 seen in January. Today's Jan industrial production report is expected to show a modest increase of +0.2%, adding to the +0.3% increase seen in December. Today's Jan import price index is expected to show a decline of -0.1% m/m and -1.8% y/y following the December report of unchanged m/m and -1.3% y/y. There are 7 of the S&P 500 companies that report earnings today: Campbell Soup (consensus $0.73), DTE Energy (0.96), Ventas (1.06), Interpublic (0.59), Scripps Networks (0.97), JM Smucker (1.68), VF Corp (0.84).

OVERNIGHT U.S. STOCK MOVERS

Campbell Soup (CPB +0.27%) reported Q2 EPS of 76 cents, higher than consensus of 73 cents.

Scripps Networks Interactive (SNI -0.50%) reported Q4 EPS of 90 cents, below consensus of 97 cents.

Mattel (MAT +0.73%) was downgraded to 'Hold' from 'Buy' at Argus.

JM Smucker (SJM +1.53%) reported Q3 EPS of $1.66, below consensus of $1.68.

Bloomberg reported that a Tesla Model S (TSLA +2.21%) caught fire while sitting in a Toronto garage earlier this month that was about four months old and not plugged in to an electric socket.

Cliffs Natural (CLF -0.41%) reported Q4 adjusted EPS of $1.22, well ahead of consensus of 79 cents.

SunPower (SPWR +4.97%) announced a three-year agreement to offer high efficiency SunPower solar power systems at Meritage Homes communities nationwide.

GNC Holdings (GNC +0.42%) slid 14% in after-hours trading after it reported Q4 adjusted EPS of 63 cents, below consensus of 64 cents.

Cray (CRAY -0.07%) reported Q4 EPS of $1.48, better than consensus of $1.36.

United Stationers (USTR +1.55%) reported Q4 adjusted EPS of 86 cents, higher than consensus of 81 cents.

Agilent (A +0.32%) reported Q1 EPS of 67 cents, better than consensus of 66 cents.

Brocade (BRCD +1.40%) reported Q1 EPS of 24 cents, stronger than consensus of 20 cents.

Regal Entertainment (RGC -0.10%) reported Q4 adjusted EPS of 17 cents, below consensus of 25 cents.

AIG (AIG +1.12%) gained 3% in after-hours trading after it reported Q4 EPS of $1.15, well above consensus of 96 cents.

MARKET COMMENTS

Mar E-mini S&Ps (ESH14 +0.08%) this morning are up +2.00 points (+0.11%). The S&P 500 on Thursday opened lower on economic concerns after U.S. Jan retail sales fell -0.4% and were unchanged ex-autos, weaker than expectations of unch and +0.1% ex-autos, and after U.S. weekly initial unemployment claims unexpectedly rose +8,000 to 339,000, higher than expectations of -1,000 to 330,000. However, stocks recovered their losses and closed higher on speculation the weaker-than-expected economic data was weather related along with increased M&A activity after Comcast agreed to buy Time Warner Cable for $45.2 billion. Closes: S&P 500 +0.58%, Dow Jones +0.40%, Nasdaq 100 +0.89%.

Mar 10-year T-notes (ZNH14 +0.06%) this morning are up +0.5 of a tick. Mar 10-year T-note futures prices on Thursday closed higher on concern that U.S. economic growth is slowing after Jan retail sales unexpectedly declined and after weekly jobless claims rose more than expected. Another supportive factor for T-notes was bond-dealer short covering after the Treasury concluded its Feb refunding with Thursday's $16 billion 30-year T-bond auction. Closes: TYH4 +16.00, FVH4 +10.25.

The dollar index (DXY00 -0.29%) this morning is down -0.173 (-0.22%) at a 1-1/4 month low. EUR/USD (^EURUSD) is up +0.0030 (+0.22%) at a 2-1/2 week high. USD/JPY (^USDJPY) is down -0.36 (-0.35%). The dollar index on Thursday dropped to a 3-week low and closed lower after an unexpected decline in U.S. Jan retail sales and an unexpected increase in weekly initial unemployment claims fueled concerns about economic growth and boosted speculation that the Fed may slow the pace of QE tapering. Closes: Dollar index -0.356 (-0.44%), EUR/USD +0.00869 (+0.64%), USD/JPY -0.362 (-0.35%).

Mar WTI crude oil (CLH14 -0.26%) this morning is down -40 cents (-0.40%) and Mar gasoline (RBH14 -0.33%) is down -0.0081 (-0.29%). Mar crude and gasoline prices Thursday closed mixed. Crude prices fell back after an unexpected decline in U.S. Jan retail sales and an unexpected increase in weekly jobless claims bolstered concerns about the economy and energy demand. Energy prices recovered from their worst levels and gasoline closed higher after the dollar index fell to a 3-week low and after stock prices rallied. Closes: CLH4 -0.02 (-0.02%), RBH4 +0.0141 (+0.51%).

GLOBAL EVENT CALENDAR02/14/2014

US 0830 ET Jan import price index expected -0.1% m/m and -1.8% y/y, Dec unch m/m and -1.3% y/y.
  0915 ET Jan industrial production expected +0.2%, Dec +0.3%. Jan capacity utilization expected +0.1 to 79.3%, Dec 79.2%.
  0955 ET Preliminary-Feb U.S. consumer confidence (Univ of Michigan) expected -1.0 to 80.2, Jan -1.3 to 81.2.
GER 0200 ET German Q4 GDP expected +0.3% q/q and +1.3% y/y, Q3 +0.3% q/q and +0.6% y/y (wda).
UK 0430 ET UK Dec construction output expected +2.0% m/m and +6.4% y/y, Nov -4.0% m/m and +2.2% y/y.
EUR 0500 ET Eurozone Q4 GDP expected +0.2% q/q and +0.4% y/y, Q3 +0.1% q/q and -0.4% y/y.

U.S. STOCK CALENDAR02/14/2014

Company Name Ticker Time Event Description Period Estimate
Campbell Soup Co CPB US Bef-mkt Q2 2014 Earnings Release Q2 2014 0.726
Charles Schwab Corp/The SCHW US Bef-mkt January 2014 Sales and Revenue Release - Activity Report 2014  
DTE Energy Co DTE US Bef-mkt Q4 2013 Earnings Release Q4 2013 0.959
Ventas Inc VTR US Bef-mkt Q4 2013 Earnings Release Q4 2013 1.056
Interpublic Group of Cos Inc/The IPG US Bef-mkt Q4 2013 Earnings Release Q4 2013 0.585
Scripps Networks Interactive Inc SNI US 7:00 Q4 2013 Earnings Release Q4 2013 0.969
JM Smucker Co/The SJM US 7:00 Q3 2014 Earnings Release Q3 2014 1.675
VF Corp VFC US 7:00 Q4 2013 Earnings Release Q4 2013 0.841
American International Group Inc AIG US 8:00 Q4 2013 Earnings Call Q4 2013  
Hasbro Inc HAS US 8:00 Investor Update - Toy Fair Y 2013  
JM Smucker Co/The SJM US 8:00 Q3 2014 Earnings Call Q3 2014  
Equifax Inc EFX US 8:30 Q4 2013 Earnings Call Q4 2013  
VF Corp VFC US 8:30 Q4 2013 Earnings Call Q4 2013  
Interpublic Group of Cos Inc/The IPG US 8:30 Q4 2013 Earnings Call Q4 2013  
DTE Energy Co DTE US 9:00 Q4 2013 Earnings Call Q4 2013  
Campbell Soup Co CPB US 9:30 Q2 2014 Earnings Call Q2 2014  
Scripps Networks Interactive Inc SNI US 10:00 Q4 2013 Earnings Call Q4 2013  
Cliffs Natural Resources Inc CLF US 10:00 Q4 2013 Earnings Call Q4 2013  
Ventas Inc VTR US 10:00 Q4 2013 Earnings Call Q4 2013  
Mattel Inc MAT US 13:00 Analyst Meeting - Toy Fair Y 2014  
Time Warner Inc TWX US   U.S. Box Office Release of Movie Winter's Tale""
Stocks: CPB, SNI, MAT, SJM, TSLA, CLF, SPWR, GNC, CRAY, ESND, A, BRCD, RGC, AIG, SCHW, DTE, UTRA, IPG, HAS, EFX, VFC, TWX