Seeking Alpha
  • Today - Tuesday, January 27, 2015

  • 12:46 PM
    • EasyJet (OTCQX:ESYJY) reports passengers carried rose 4.1% to 14.9M in Q4.
    • Total revenue +3.8% Y/Y to £931 ($1.414B).
    • Load factor +100 bps to 89.7%.
    • Fuel costs per seat -2.0% (constant currency).
    • Marketing efforts aimed at increasing business travel booked paid off, says the company.
    | Comment!
  • 12:45 PM
    • Recalling the Fed's premature tightening of policy in 1937, Jeff Gundlach is worried the Yellen Fed could do the same. A June rate hike is "particularly dangerous," says Gundlach, as the data - particularly inflation numbers - look to be going in the opposite direction. The reason for the Fed's zeal to hike rates, says Gundlach, is its desire not be at zero when the next recession hits.
    • "The consensus is that [10-year yields] will end the year 100 basis points higher ... It's amazing the triumph of hope over experience ... I think it's obvious the world is dealing with a deflation situation."
    • Inside ETFs Conference notes
    • As for the ECB's QE, count Gundlach as unimpressed ... No surprise given his opinion of the U.S. and Japanese QE efforts.
  • 9:59 AM
    • U.S. sales for Hyundai (OTC:HYMLF) are expected to increase 8.6% to 88K units in January, according to an estimate from Kelley Blue Book.
    • Hyundai market share -30 bps at 7.7%. (estimated)
    • Projected results include the Kia brand.
    • Last year, Hyundai surprised by gaining market share in the mid-size luxury segment. The Korean automaker hopes to extend on its success this year with the Genesis, K9, and Equus.
    • U.S. new-vehicles sales are projected to increase 12.9% Y/Y to 1.14M units vs. the polar vortex month of a year ago.
    | Comment!
  • 9:54 AM
    • U.S. sales for Nissan (OTCPK:NSANY) are expected to increase 8.3% to 98K units in January, according to an estimate from Kelley Blue Book.
    • Nissan market share -40 bps at 8.6%. (estimated)
    • Execs with Nissan are on the hook with a bold prediction that the new 2016 Titan will capture 5% segment market share after its introduction later this year. Until then, Nissan is not expected to keep up with peers on truck sales.
    • U.S. new-vehicles sales are projected to increase 12.9% Y/Y to 1.14M units vs. the polar vortex month of a year ago.
    | Comment!
  • 9:47 AM
    • U.S. sales for Honda (NYSE:HMC) are expected to increase 11.3% to 102K units in January, according to an estimate from Kelley Blue Book.
    • Honda market share -20 bps at 8.9%. (estimated)
    • The monthly sales pace should set Honda on the path to eclipse last year's 1% gain in U.S. sales. A new HR-V crossover and updated Pilot could be highlights.
    • U.S. new-vehicles sales are projected to increase 12.9% Y/Y to 1.14M units vs. the polar vortex month of a year ago.
    | Comment!
  • 9:42 AM
    • U.S. sales for Toyota (NYSE:TM) are expected to increase 12.7% to 165K units in January, according to an estimate from Kelley Blue Book.
    • Toyota market share flat at 14.5%. (estimated)
    • This year will see a focus on the sales growth of the Tacoma truck with an updated 2016 model expected to hit showrooms in Q4.
    • U.S. new-vehicles sales are projected to increase 12.9% Y/Y to 1.14M units vs. the polar vortex month of a year ago.
    | Comment!
  • 8:29 AM
  • 7:58 AM
    • Diageo (NYSE:DEO) faces criticism over a new procurement process that extends payments out to suppliers.
    • Reports indicate the company will pay suppliers in some territories in as many as 120 days in a measure aimed at improving its cash flow.
    | Comment!
  • 7:43 AM
    • Uniqlo (OTCPK:FRCOY) plans to enter Canada with two stores in Toronto.
    • The Japanese fast-fashion retailer has over 1.5K shops globally.
    • An expansion to Vancouver and other Canadian cities is anticipated.
    • Previously: Retail watch: Fear Uniqlo (Jan. 08 2015)
    | Comment!
  • 7:26 AM
    • The election result "prolongs financing, liquidity and economic growth risks" for Greece as it "throws into question the new government's ability to renew Greece's financial support program with the troika," says Moody's.
    • New Prime Minister Alexis Tsipras has pledged to renegotiate his country's bailout terms, but the troika - at the moment - is having none of that.
    • The yield on 10-year Greek government paper jumps another 48 basis points today, and is now up to 9.5%. Stocks in Athens are lower by another 4% in today's session.
    • GREK -2%, NBG -14.2% premarket
  • 6:00 AM
    • Japan +1.72%
    • Hong Kong -0.41%.
    • China -0.89%.
    • India +1.00%
    • London -0.37%.
    • Paris -0.71%.
    • Frankfurt -0.79%.
    | Comment!
  • 5:22 AM
    • Following comments from the Swiss National Bank's Vice President Jean-Pierre Danthine, the franc fell to its weakest level against the euro since the SNB abandoned its exchange-rate cap on Jan. 15.
    • The euro jumped to a 1.03826 against the franc from 1.0150 in early trading.
    • "We’re fundamentally prepared," Danthine told Swiss newspaper TagesAnzeiger. "The central bank accepted that the dropping of the cap on the franc against the euro represented a tightening of policy, but it remains ready to intervene in the currency market."
    • ETFs: FXF
    | Comment!
  • Monday, January 26, 2015

  • 3:46 PM
    • Citing the knock-on effects from the drop in oil prices, TD Bank cuts its 2015 GDP growth forecast for Canada to 2% from a 2.3% prediction made last month. Alongside that estimate, TD expects the Bank of Canada to cut its benchmark rate another 25 basis points in March to 0.50%.
    • Previously: Unexpected rate cut for Canada (Jan. 21)
    • The bank says oil will average just $47 this year and $65 in 2016, down from $68 and $80 in the previous forecast.
    • Lower corporate profits will likely lead to a contraction in business investment and weaker employment growth relative to our December forecast,” says TD.
    | 1 Comment
  • 1:21 PM
    • The ruble/dollar exchange rate is down to 67.9 after the U.S. and EU threatened Russia with new sanctions in the wake of a new offensive by pro-Russian Ukranian rebels. Meanwhile, S&P has downgraded Russia's debt rating to BB+ (junk status) from BBB-.
    • Yandex (YNDX -4%), Qiwi (QIWI -2.6%), VimpelCom (VIP -2%), and MTS (MBT -8.2%) aren't reacting well. Russia's MICEX Index fell 1.8% today. The dollar-based Russia Trading System Cash Index fell 5%.
    | 1 Comment
  • 1:07 PM
  • 11:39 AM
    • The Athens Stock Exchange General Index is down 3.2% and the FTSE/Athens Stock Exchange Large Cap Index off 5.6%, after the hard-left Syriza party comes to power in Greece.
    • Trading here, the Greece ETF (GREK -4.6%) and the National Bank of Greece (NBG -8.3%).
    • The rest of Europe, however, continues to enjoy the ECB's QE program, and the Stoxx 50 (NYSEARCA:FEZ) is higher by 0.9%, led by Italy (NYSEARCA:EWI) and Spain (NYSEARCA:EWP) each up 1.15%.
    • The euro (NYSEARCA:FXE) sunk below $1.11 in knee-jerk trade last night, but has reversed to $1.1278, up 0.7% on the session.
    • Meanwhile, European officials - led by Germany's Angela Merkel - move quickly to shoot down any idea of relaxed terms on Greece's bailout. On their mind, no doubt, is the striking success of Syriza yesterday possibly energizing other anti-austerity, left-wing movements elsewhere on the continent. The eurocrats don't want to give the idea that eased bailout conditions await new governments.
  • 10:09 AM
    • Galaxy Entertainment (OTCPK:GXYEF) plans to diversify away from gambling in Macau with new development.
    • The company will spend up to $7.4B in an attempt to recreate the NYC Broadway theater district in Macau.
    • What to watch: Galaxy aims to increase the average length of tourist visits in Macau after the percentage of short stays rose last year.The initiative is aimed at the mass-market segment.
    | Comment!
  • 7:59 AM
    • Volkswagen (OTCQX:VLKAY) recalls 80K Audi vehicles due to a potential issue with the fuel injection system.
    • The recall action covers Audi A4, A5, A6, A7, and Q7 models.
    • Close to 35K of the recalled vehicles are from China.
  • 7:14 AM
    • Volkswagen (OTCQX:VLKAY) reaches an agreement with dealers in China over sales targets.
    • The automaker was in negotiations with the China Association of Automobile Dealers over the issue after sales growth in China slowed to a single-digit rate last year.
    | Comment!
  • 6:42 AM
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