Wednesday, February 19th, 2014View Older Reports
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OVERNIGHT MARKETS AND NEWS
March E-mini S&Ps (ESH14 -0.34%) this morning are down -0.34% and European stocks are down -0.55% as emerging-market currencies dropped after anti-government protests escalated in Ukraine and Thailand. Asian stocks closed mixed: Japan -0.52%, Hong Kong +0.34%, China +1.15%, Taiwan +0.24%, Australia +0.29%, Singapore +0.59%, South Korea -0.29%, India +0.43%. China's Shanghai Stock Index erased early losses and rallied up to a 2-month high and closed higher after Chinese money-market rates dropped to a 9-month low. Commodity prices are mixed. Mar crude oil (CLH14 +0.68%) is up +0.45%. Mar gasoline (RBH14 -0.08%) is down -0.20%. Apr gold (GCJ14 -0.54%) is down -0.39%. March copper (HGH14 +0.03%) is down -0.12%. Agriculture and livestock prices are mixed. The dollar index (DXY00 +0.03%) is up +0.01%. EUR/USD (^EURUSD) is down -0.09%. USD/JPY (^USDJPY) is down -0.38%. March T-note prices (ZNH14 +0.17%) are up +9 ticks at a 1-week high.
UK Jan jobless claims fell -27,600, a bigger decline than expectations of -20,000. The Jan claimant count rate fell -0.1 to 3.6%, right on expectations and the lowest in 5 years.
The UK Dec ILO unemployment rate unexpectedly rose +0.1 to 7.2% in the three months through Dec, higher than expectations of unch at 7.1%.
Eurozone Dec construction output rose +0.9% m/m and fell -0.2% y/y, while Nov was revised upward to -0.2% m/m and -1.6% y/y from the originally reported -0.6% m/m and -1.7% y/y.
Japan Jan nationwide department store sales rose +2.9% y/y, the most in 7-months.
The Japan Dec leading index CI was revised down ward to 111.7 from the originally reported 112.1, still the highest level in 6-1/2 years.
The Japan Dec all industry activity index unexpectedly fell -0.1% m/m, weaker than expectations of +0.1% m/m.
U.S. STOCK PREVIEW
Today's Jan housing starts report is expected to show a -4.9% decline to 950,000, adding to the -9.8% decline to 999,000 seen in December. Meanwhile, Jan building permits are expected to fall by -1.6% to 975,000, adding to December's decline of -2.6% to 991,000. Today's Jan PPI report is expected to strengthen slightly to +1.2% y/y from +1.1% in December. The Jan core PPI is expected to jump to +1.4% y/y from +1.1% in December.
There are 8 of the S&P 500 companies that report earnings today: Devon Energy (consensus $1.08), Host Hotels (0.31), Garmin (0.62), Health Care REIT (0.97), Allegion (0.59), Marriott (0.49), Williams Companies (0.21), Safeway (0.48). Equity conferences during the remainder of this week include EnerCom Oil & Services Conference on Tue-Wed, Mitsubishi Tokyo Utility Conference on Tue-Wed, Consumer Analyst Group of New York Conference on Tue-Fri, and Barclays Industrial Select Conference on Wed-Thu.
OVERNIGHT U.S. STOCK MOVERS
Con-way (CNW -0.08%) was downgraded to 'Hold' from 'Buy' at Wunderlich.
Zale (ZLC -0.20%) surged over 40% in pre-market trading after it agreed to be acquired by Signet Jewelers for $1.4 billion or $21 per share.
Garmin (GRMN +2.37%) reported Q4 EPS of 76 cents, stronger than consensus of 62 cents.
Host Hotels & Resorts (HST -0.68%) reported Q4 EPS of 33 cents, better than consensus of 31 cents.
Forest Labs reported a 13.2% stake in Trevena (TRVN +0.87%) .
Oceaneering (OII +1.85%) reported Q4 EPS of 86 cents, better than consensus of 84 cents.
CF Industries (CF -2.36%) reported Q4 EPS of $5.71, well ahead of consensus of $4.49.
Panera Bread (PNRA -2.83%) reported Q4 EPS of $1.96, better than consensus of $1.94.
Herbalife (HLF +3.83%) gained 3% in after-hours trading after it reported Q4 adjusted EPS of $1.28, higher than consensus of $1.25.
Flowserve (FLS -0.21%) reported Q4 adjusted EPS of $1.10, stronger than consensus of $1.01.
Fluor (FLR +0.58%) reported Q4 EPS of $1.01, higher than consensus of 98 cents.
Analog Devices (ADI +0.91%) reported Q1 EPS ex-items of 49 cents, better than consensus of 48 cents.
Bruker (BRKR -0.64%) reported Q4 adjusted EPS of 31 cents, higher than consensus of 28 cents.
Columbia Sportswear (COLM +2.21%) reported Q4 EPS of $1.05, stronger than consensus of 92 cents.
Mar E-mini S&Ps (ESH14 -0.34%) this morning are down -6.25 points (-0.34%). The S&P 500 on Tuesday rebounded from early losses and posted a 3-week high as weaker-than-expected U.S. economic data was offset by increased M&A activity. The Feb Empire manufacturing index fell -8.03 to 4.48, a bigger decline than expectations of -4.01 to 8.50, and the Feb NAHB housing market index unexpectedly plunged -10 points to a 9-month low of 46. Stocks recovered on increased M&A activity after Actavis Plc agreed to buy Forest Laboratories for $25 billion. Closes: S&P 500 +0.12%, Dow Jones -0.15%, Nasdaq 100 +0.42%.
Mar 10-year T-notes (ZNH14 +0.17%) this morning are up +9 ticks at a 1-week high. Mar 10-year T-note futures prices on Tuesday rose to a 1-week high on speculation the U.S. economy is stumbling after the Feb Empire manufacturing index fell more than expected and the Feb NAHB housing market index unexpectedly plunged to a 9-month low. Closes: TYH4 +10.00, FVH4 +7.00.
The dollar index (DXY00 +0.03%) this morning is up +0.007 (+0.01%). EUR/USD (^EURUSD) is down -0.0012 (-0.09%). USD/JPY (^USDJPY) is down -0.39 (-0.38%). The dollar index on Tuesday closed lower on bigger-than-expected declines in the Feb Empire manufacturing index and the Feb NAHB housing market index. USD/JPY posted a 2-week high as the yen weakened after Japan Q4 GDP was weaker than expected and after the BOJ increased and extended its lending programs, a sign of easier monetary policy. Closes: Dollar index -0.128 (-0.16%), EUR/USD +0.00658 (+0.48%), USD/JPY +0.573 (+0.56%).
Mar WTI crude oil (CLH14 +0.68%) this morning is up +46 cents (+0.45%) and Mar gasoline (RBH14 -0.08%) is down -0.0058 (-0.20%). Mar crude and gasoline prices Tuesday closed higher. Mar crude rose to a 4-month high and Mar gasoline posted a 1-3/4 month nearest-futures high on bullish factors that included (1) a weaker dollar, (2) a rally in the S&P 500 to a 3-week high, and (3) expectations for the EIA to report on Thu that crude supplies at Cushing, OK, the delivery point for WTI futures, fell -1 million bbl as flows increased through the southern portion of the Keystone XL pipeline from Cushing to the Gulf Coast. Closes: CLH4 +2.13 (+2.12%), RBH4 +0.0270 (+0.96%).
GLOBAL EVENT CALENDAR02/19/2014
|US||0700 ET||Weekly MBA mortgage applications, previous -2.0% with purchase sub-index -5.0% and refi sub-index -0.2%.|
|0830 ET||Jan housing starts expected -4.9% to 950,000, Dec -9.8% to 999,000. Jan building permits expected -1.6% to 975,000, Dec -2.6% to 991,000.|
|0830 ET||Jan PPI expected+0.1% m/m and +1.2% y/y, Dec +0.1% m/m and +1.1% y/y. Jan PPI ex food & energy expected +0.1% m/m and +1.4% y/y, Dec +0.3% m/m and +1.1% y/y.|
|1215 ET||Atlanta Fed President Dennis Lockhart speaks on the economic outlook at Mercer University.|
|1300 ET||St. Louis Fed President James Bullard speaks to the Exchequer Club in Washington D.C.|
|1400 ET||Fed releases minutes from the Jan 28-29 FOMC meeting.|
|1900 ET||San Francisco Fed President John Williams speaks on the economy to the Money Marketeers of NYU.|
|JPN||0000 ET||Revised Japan Dec leading index CI, previous 112.1. Revised Dec coincident index, previous 111.7.|
|0000 ET||BOJ monthly economic report for Feb.|
|0030 ET||Japan Jan nationwide department store sales, Dec +1.7% y/y.|
|1850 ET||Japan Jan trade balance expected -2.487 trillion yen, Dec -1.304 trillion yen. Jan exports expected +12.7% y/y, Dec +15.3% y/y. Jan imports expected +22.7% y/y, Dec +24.7% y/y.|
|UK||0430 ET||Minutes of the Feb 5-6 BOE policy meeting.|
|0430 ET||UK Jan jobless claims change expected -20,000, Dec -24,000. Jan claimant count rate expected -0.1 to 3.6%, Dec 3.7%.|
|0430 ET||UK Dec ILO unemployment rate expected unch at 7.1% 3-months through Dec, Nov 7.1% 3-months through Nov. Dec avg weekly earnings expected +1.0% 3-mo avg y/y, Nov +0.9% 3-mo avg y/y. Dec avg weekly earnings ex-bonus expected +1.0% 3o avg y/y, Nov +0.9% 3-mo avg y/y.|
|EUR||0500 ET||Eurozone Dec construction output, Nov -0.6% m/m and -1.7% y/y.|
|CHI||2045 ET||China Feb HSBC/Markit flash manufacturing PMI expected unch at 49.5, Jan 49.5.|
U.S. STOCK CALENDAR02/19/2014
|Company Name||Ticker||Time||Event Description||Period||Estimate|
|Devon Energy Corp||DVN US||Bef-mkt||Q4 2013 Earnings Release||Q4 2013||1.081|
|Host Hotels & Resorts Inc||HST US||6:00||Q4 2013 Earnings Release||Q4 2013||0.313|
|Garmin Ltd||GRMN US||7:00||Q4 2013 Earnings Release||Q4 2013||0.617|
|Health Care REIT Inc||HCN US||7:30||Q4 2013 Earnings Release||Q4 2013||0.974|
|Edison International||EIX US||9:00||Investor Meeting||Y 2014|
|Bank of America Corp||BAC US||9:30||Hearing on Bank of Americas $8.5 billion Accord with Mortgage-Bond Investors|
|Dover Corp||DOV US||9:30||Analyst Day||Y 2014|
|Health Care REIT Inc||HCN US||10:00||Q4 2013 Earnings Call||Q4 2013|
|CF Industries Holdings Inc||CF US||10:00||Q4 2013 Earnings Call||Q4 2013|
|Host Hotels & Resorts Inc||HST US||10:00||Q4 2013 Earnings Call||Q4 2013|
|Garmin Ltd||GRMN US||10:30||Q4 2013 Earnings Call||Q4 2013|
|Devon Energy Corp||DVN US||11:00||Q4 2013 Earnings Call||Q4 2013|
|Flowserve Corp||FLS US||11:00||Q4 2013 Earnings Call||Q4 2013|
|Nabors Industries Ltd||NBR US||11:00||Q4 2013 Earnings Call||Q4 2013|
|Allegion PLC||ALLE US||17:00||Q4 2013 Earnings Release||Q4 2013||0.59|
|Marriott International Inc/DE||MAR US||17:00||Q4 2013 Earnings Release||Q4 2013||0.494|
|Safeway Inc||SWY US||17:00||Q4 2013 Earnings Call||Q4 2013|
|Williams Cos Inc/The||WMB US||Aft-mkt||Q4 2013 Earnings Release||Q4 2013||0.213|
|Safeway Inc||SWY US||Aft-mkt||Q4 2013 Earnings Release||Q4 2013||0.484|
|American Electric Power Co Inc||AEP US||Roadshow - Japan - Day 3||Y 2014|
|E*TRADE Financial Corp||ETFC US||January 2014 Sales and Revenue Release - Activities Report||2014|