Tuesday, April 30th, 2013View Older Reports
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OVERNIGHT MARKETS AND NEWS
June E-mini S&Ps (ESM13 -0.13%) this morning are down -0.13%, following a -0.25% decline in European stocks after Eurozone unemployment climbed to a record high in March. Asian stocks today closed mostly higher: Japan -0.17%, Hong Kong +0.69%, Taiwan +0.80%, Australia +1.28%, Singapore +0.19%, South Korea +1.38%, India +0.60%. China was closed for a holiday. Commodity prices are mixed. June WTI crude oil (CLM13 -0.29%) is down -0.32%, June gasoline (RBM13 -0.24%) is down -0.27%, June natural gas (NGM13 -0.50%) is down -0.50%, June gold (GCM13 +0.44%) is up +0.33%, May copper (HGK13 -0.42%) is down -0.12%. Agriculture prices are higher with May corn up +1.02% at a 1-month high and May soybeans up +1.16% at a 2-1/4 month high as planting delays continue in the U.S. Midwest. The dollar index (DXY00+0.02%) is up +0.06%. EUR/USD (^EURUSD) fell back from a 1-week high and is down -0.20% after a drop in the Eurozone Apr CPI estimate to a 3-year low nearly cements a 25 bp rate cut at Thursday's ECB meeting. USD/JPY (^USDJPY) is down -0.20%. June 10-year T-note futures prices (ZNM13 +0.12%) are up 5 ticks ahead of the 2-day FOMC meeting that begins today.
The Eurozone Mar unemployment rate rose +0.1 to a record 12.1%, in line with expectations.
The Eurozone Apr CPI estimate was +1.2% y/y, much weaker than expectations of +1.6% y/y and the lowest in 3 years. This will increase pressure on the ECB to cut interest rates at Thursday's central bank meeting.
German Mar retail sales fell -0.3% m/m and -2.8% y/y. The monthly decline of -0.3% m/m was right on expectations and the yearly drop of-2.8% y/y was weaker than estimates of -1.2% y/y.
German Apr unemployment climbed +4,000, double expectations of +2,000, while the Apr unemployment rate held steady at 6.9%, in line with expectations.
The German May GfK consumer confidence survey unexpectedly rose +0.2 to a 5-1/2 year high of 6.2 from a revised 6.0 in Apr. That was better than expectations of unchanged at 5.9.
Japan's Mar jobless rate unexpectedly declined -0.1 to a 4-1/3 year low of 4.1%, better than expectations of no change at 4.2%, while the Mar job-to-applicant ratio rose +0.01 to 0.86, right on expectations.
Japan Mar industrial production rose +0.2% m/m and fell -7.3% y/y, weaker than expectations of +0.4% m/m and -7.2% y/y.
Japan Mar retail trade fell -1.4% m/m and -0.3% y/y, weaker than expectations of -0.8% m/m and +0.4% y/y.
U.S. STOCK PREVIEW
Today's April U.S. consumer confidence index from the Conference Board is expected to show a +0.6 point increase to 60.3, recovering a bit after the sharp -8.3 point drop to 59.7 seen in March. Today's U.S. Feb CaseShiller composite-20 home price index is expected to show a strong increase of +0.9% m/m and +9.0% y/y, posting another strong month after January's report of +1.0% m/m and +8.1% y/y. Today's Apr Chicago purchasing managers index is expected to edge higher by +0.1 point to 52.5 after the sharp decline of -4.4 points to 52.4 seen in March. The 2-day FOMC meeting that begins today is expected to produce a fully unchanged monetary policy and no change in the FOMC's QE3 program. Today is a very busy earnings day with 38 of the S&P 500 companies scheduled to release earnings (please see stock calendar below). Conferences through the remainder of this week include Barclays Retail and Consumer Discretionary Conference on Tue-Wed, PEX Week Europe 2013 on Tue-Wed.
OVERNIGHT U.S. STOCK MOVERS
Starwood Hotels & Resorts Worldwide (HOT +0.60%) reported Q1 EPS of 76 cents, well ahead of consensus of 53 cents.
Pitney Bowes (PBI +1.89%) reported Q1 EPS of 42 cents, below consensus of 44 cents.
Pfizer (PFE +1.13%) reported Q1 EPS of 54 cents, weaker than consensus of 55 cents.
Aetna (AET -1.49%) reported Q1 EPS of $1.50, well ahead of consensus of $1.38.
Cummins (CMI +1.84%) reported Q1 EPS of $1.44, weaker than consensus of $1.86.
NYSE Euronext (NYX +0.89%) reported Q1 EPS of 57 cents, better than consensus of 56 cents.
Standard & Poor's Ratings Services lowered its corporate credit rating on Allscripts Healthcare Solutions (MDRX +0.29%) to 'BB' from 'BB+' with a stable outlook.
Newmont Mining (NEM +1.49%) reported Q1 adjusted EPS of 71c, weaker than the consensus of 77 cents.
Community Health (CYH +3.58%) reported Q1 EPS of 86 cents, better than the consensus of 85 cents.
Brigus Gold (BRD +3.17%) reported positive drilling results at the lower East zone of its Black Fox underground mine.
Hertz Global (HTZ -0.91%) reported Q1 adjusted EPS of 21 cents, better than the consensus of 17 cents.
Arch Capital (ACGL +0.55%) reported Q1 EPS of $1.85, nearly double the consensus of 96 cents.
Herbalife (HLF +1.25%) reported Q1 adjusted EPS of $1.27, higher than consensus of $1.07. The company also raised its guidance for fiscal 2013 to $4.60-$4.80, with a higher $4.70 midpiont than the consensus of $4.66.
Buffalo Wild Wings (BWLD -0.77%) rallied more than 4% in after-hours trading and posted a record high after the company said "We are pleased with our strong same-store sales trend to date in the second quarter of 5.2% at our company-owned restaurants and 5.8% at franchised locations." The stock shrugged off an earnings miss when the company reported Q1 EPS of 87 cents, well below consensus of 99 cents.
Texas Roadhouse (TXRH +1.23%) rallied over 7% in after-hours trading after the company reported Q1 EPS ex-items of 37 cents, stronger than consensus of 35 cents, and said Q1 comparable restaurant sales were up 3.5% at company restaurants and up 4.5% at franchise restaurants.
Express Scripts (ESRX +0.92%) reported Q1 EPS of 99 cents, better than consensus of 97 cents and said it sees fiscal 201 EPS of $4.23-$4.33, higher than consensus of $4.26.
QIAGEN (QGEN +0.58%) reported Q1 adjusted EPS of 23 cents, better than consensus of 22 cents, and raised its guidance on fiscal 2013 to an EPS of $1.13, higher than consensus of $1.10.
Heartland Financial (HTLF +0.58%) reported Q1 EPS of 70 cents, well above the consensus of 58 cents.
June E-mini S&Ps (ESM13 -0.13%) this morning are down -2.00 points (-0.13%). The S&P 500 index on Monday pushed up to a 2-week high and closed higher. Bullish factors included (1) carry-over strength from gains in European equities that rallied on reduced sovereign debt concerns after Spanish and Italian 10-year borrowing costs fell to 2-1/2 year lows, (2) the stronger-than-expected +0.2% increase in U.S. Mar personal spending, better than expectations of unchanged, and (3) strength in Mar pending home sales which rose +1.5% m/m, better than expectations of +1.0%. Another bullish factor for stocks is strong Q1 earnings growth as 74% of the 273 of the S&P 500 companies that have reported earnings results have beaten estimates. Closes: S&P 500 +0.72%, Dow Jones +0.72%, Nasdaq 100 +0.93%.
June 10-year T-notes (ZNM13 +0.12%) this morning are up +5 ticks and posted a new contract high in overnight trade. June 10-year T-note futures prices on Monday closed slightly higher on signs the economy may slow along with reduced inflation concerns. U.S. Mar personal income rose +0.2%, less than expectations of +0.4%, while the Mar core PCE deflator rose +1.1% y/y, weaker than expectations of +1.2% y/y and the slowest pace of increase in 2 years. T-note prices fell back from their best levels on the larger-than-expected increase in Mar personal spending and the rally in the stock market. Closes: TYM3 +0.5, FVM3 +1.0.
The dollar index (DXY00 +0.02%) this morning is up +0.048 (+0.06%). EUR/USD (^EURUSD) is down -0.0026 (-0.20%) and USD/JPY (^USDJPY) is down -0.20 (-0.20%). The dollar index on Monday fell to a 1-1/2 week low and closed lower on speculation the Fed at this week's 2-day FOMC meeting will maintain its dollar-negative QE3 program. EUR/USD received a boost after Italian and Spanish 10-year borrowing costs fell to 2-1/2 year lows and reduced sovereign debt concerns, while USD/JPY fell to a 1-week low after the yen weakened when stock market strength reduced the safe-haven demand for the yen. Closes: Dollar index -0.355 (-0.43%), EUR/USD +0.0067 (+0.52%), USD/JPY -0.242(-0.25%).
June WTI crude oil (CLM13 -0.29%) this morning is down -0.30 (-0.32%) and June gasoline (RBM13 -0.24%) is down -0.0076 (-0.27%). June crude oil and gasoline on Monday closed mixed. Crude oil posted a 2-week high and closed higher on economic optimism after Mar U.S. personal spending and Mar pending home sales rose more than expected. Gasoline declined after refiners in California, Louisiana and Texas restarted units that were closed for seasonal maintenance, which should boost gasoline supplies. Closes: CLM3 -1.50 (+1.61%), RBM3 -0.0053(-0.19%).
GLOBAL EVENT CALENDAR04/30/2013
|US||0830 ET||Q1 employment cost index expected +0.5%, Q4 +0.5%.|
|0900 ET||Feb S&P/CaseShiller composite-20 home price index expected +0.9% m/m and +9.0% y/y, Jan +1.02% m/m and +8.08% y/y.|
|0945 ET||Apr Chicago purchasing managers index expected +0.1 to 52.5, Mar -4.4to 52.4.|
|1000 ET||Apr U.S. consumer confidence (Conference Board) expected +0.6 to 60.3, Mar -8.3 to 59.7.|
|1030 ET||FOMC begins 2-day policy meeting.|
|1630 ET||API weekly U.S. oil statistics.|
|JPN||0000 ET||Japan Mar vehicle production, Feb -15.1% y/y.|
|0100 ET||Japan Mar housing starts expected +6.0% y/y, Feb +3.0% y/y.|
|0100 ET||Japan Mar construction orders, Feb +16.3% y/y.|
|2130 ET||Japan Mar labor cash earnings expected -1.2% y/y, Feb -0.8% y/y.|
|GER||0200 ET||German Mar retail sales expected -0.3% m/m and-1.2% y/y, Feb -0.3% m/m and -2.2% y/y.|
|0200 ET||German May GfK consumer confidence survey expected 5.9, Apr 5.9.|
|0355 ET||German Apr unemployment change expected +2,000, Mar +13,000. Apr unemployment rate (sa) expected 6.9%, Mar 6.9%.|
|UK||0430 ET||UK Mar net consumer credit expected +0.5 billion pounds, Feb 0.6 billion pounds.|
|0430 ET||UK Mar mortgage approvals expected 52,700, Feb 51,700.|
|0430 ET||UK Mar M4 money supply, Feb -0.5% m/m and+0.5% y/y.|
|EUR||0500 ET||Eurozone Apr CPI estimate expected +1,6% y/y, Mar +1.7% y/y.|
|0500 ET||Eurozone Mar unemployment rate expected +0.1 to 12.1%, Feb 12.0%.|
|CH||2100 ET||China Apr manufacturing PMI expected -0.2 to 50.7, Mar 50.9.|
U.S. STOCK CALENDAR04/30/2013
|Company Name||Symbol||Time||Event Description||Period||EPS Est (US$)|
|NYSE Euronext||NYX US||2:30||Q1 2013 Earnings Release||Q1 2013||0.558|
|Tenet Healthcare Corp||THC US||Bef-mkt||Q1 2013 Earnings Release||Q1 2013||0.299|
|NiSource Inc||NI US||Bef-mkt||Q1 2013 Earnings Release||Q1 2013||0.714|
|Marathon Petroleum Corp||MPC US||Bef-mkt||Q1 2013 Earnings Release||Q1 2013||2.168|
|MeadWestvaco Corp||MWV US||Bef-mkt||Q1 2013 Earnings Release||Q1 2013||0.235|
|Valero Energy Corp||VLO US||Bef-mkt||Q1 2013 Earnings Release||Q1 2013||0.994|
|AGL Resources Inc||GAS US||Bef-mkt||Q1 2013 Earnings Release||Q1 2013||1.34|
|Pfizer Inc||PFE US||Bef-mkt||Q1 2013 Earnings Release||Q1 2013||0.551|
|Avon Products Inc||AVP US||Bef-mkt||Q1 2013 Earnings Release||Q1 2013||0.136|
|Pitney Bowes Inc||PBI US||Bef-mkt||Q1 2013 Earnings Release||Q1 2013||0.438|
|Cummins Inc||CMI US||Bef-mkt||Q1 2013 Earnings Release||Q1 2013||1.856|
|Ecolab Inc||ECL US||Bef-mkt||Q1 2013 Earnings Release||Q1 2013||0.585|
|United States Steel Corp||X US||Bef-mkt||Q1 2013 Earnings Release||Q1 2013||-0.22|
|NextEra Energy Inc||NEE US||Bef-mkt||Q1 2013 Earnings Release||Q1 2013||1.018|
|Wisconsin Energy Corp||WEC US||Bef-mkt||Q1 2013 Earnings Release||Q1 2013||0.707|
|HCP Inc||HCP US||Bef-mkt||Q1 2013 Earnings Release||Q1 2013||0.723|
|Fidelity National Information Services Inc||FIS US||Bef-mkt||Q1 2013 Earnings Release||Q1 2013||0.607|
|Starwood Hotels & Resorts Worldwide Inc||HOT US||6:00||Q1 2013 Earnings Release||Q1 2013||0.528|
|Aetna Inc||AET US||6:00||Q1 2013 Earnings Release||Q1 2013||1.377|
|Harris Corp||HRS US||6:30||Q3 2013 Earnings Release||Q3 2013||1.12|
|Xylem Inc/NY||XYL US||7:00||Q1 2013 Earnings Release||Q1 2013||0.267|
|Legg Mason Inc||LM US||7:00||Q4 2013 Earnings Release||Q4 2013||0.199|
|McGraw-Hill Cos Inc/The||MHP US||7:15||Q1 2013 Earnings Release||Q1 2013||0.73|
|Public Service Enterprise Group Inc||PEG US||7:30||Q1 2013 Earnings Release||Q1 2013||0.737|
|Invesco Ltd||IVZ US||7:30||Q1 2013 Earnings Release||Q1 2013||0.471|
|Pitney Bowes Inc||PBI US||8:00||Q1 2013 Earnings Call||Q1 2013|
|Teradata Corp||TDC US||8:00||Annual General Meeting|
|HJ Heinz Co||HNZ US||8:00||Extraordinary Shareholders Meeting||Y 2013|
|Legg Mason Inc||LM US||8:00||Q4 2013 Earnings Call||Q4 2013|
|NYSE Euronext||NYX US||8:00||Q1 2013 Earnings Call||Q1 2013|
|Masco Corp||MAS US||8:00||Q1 2013 Earnings Call||Q1 2013|
|Franklin Resources Inc||BEN US||8:30||Q2 2013 Earnings Release||Q2 2013||2.489|
|Franklin Resources Inc||BEN US||8:30||Q2 2013 Earnings Call - Pre Recorded||C2 2013|
|Harris Corp||HRS US||8:30||Q3 2013 Earnings Call||Q3 2013|
|Fidelity National Information Services Inc||FIS US||8:30||Q1 2013 Earnings Call||Q1 2013|
|Aetna Inc||AET US||8:30||Q1 2013 Earnings Call||Q1 2013|
|McGraw-Hill Cos Inc/The||MHP US||8:30||Q1 2013 Earnings Call||Q1 2013|
|NiSource Inc||NI US||9:00||Q1 2013 Earnings Call||Q1 2013|
|Avon Products Inc||AVP US||9:00||Q1 2013 Earnings Call||Q1 2013|
|Xylem Inc/NY||XYL US||9:00||Q1 2013 Earnings Call||Q1 2013|
|Hartford Financial Services Group Inc||HIG US||9:00||Q1 2013 Earnings Call||Q1 2013|
|Invesco Ltd||IVZ US||9:00||Q1 2013 Earnings Call||Q1 2013|
|Express Scripts Holding Co||ESRX US||9:00||Q1 2013 Earnings Call||Q1 2013|
|NextEra Energy Inc||NEE US||9:00||Q1 2013 Earnings Call||Q1 2013|
|Mead Johnson Nutrition Co||MJN US||10:00||Annual General Meeting|
|Newmont Mining Corp||NEM US||10:00||Q1 2013 Earnings Call||Q1 2013|
|Marathon Petroleum Corp||MPC US||10:00||Q1 2013 Earnings Call||Q1 2013|
|MeadWestvaco Corp||MWV US||10:00||Q1 2013 Earnings Call||Q1 2013|
|AGL Resources Inc||GAS US||10:00||Annual General Meeting||Y 2013|
|Pfizer Inc||PFE US||10:00||Q1 2013 Earnings Call||Q1 2013|
|Cummins Inc||CMI US||10:00||Q1 2013 Earnings Call||Q1 2013|
|Total System Services Inc||TSS US||10:00||Annual General Meeting|
|Hershey Co/The||HSY US||10:00||Annual General Meeting||Y 2013|
|International Flavors & Fragrances Inc||IFF US||10:00||Annual General Meeting||Y 2013|
|Kimco Realty Corp||KIM US||10:00||Annual General Meeting||Y 2013|
|Franklin Resources Inc||BEN US||10:30||Q2 2013 Earnings Call||Q2 2013|
|Starwood Hotels & Resorts Worldwide Inc||HOT US||10:30||Q1 2013 Earnings Call||Q1 2013|
|Valero Energy Corp||VLO US||11:00||Q1 2013 Earnings Call||Q1 2013|
|Public Service Enterprise Group Inc||PEG US||11:00||Q1 2013 Earnings Call||Q1 2013|
|Spectra Energy Corp||SE US||11:00||Shareholders Meeting||Y 2013|
|Ensco PLC||ESV US||11:00||Q1 2013 Earnings Call||Q1 2013|
|Jacobs Engineering Group Inc||JEC US||11:00||Q2 2013 Earnings Call||Q2 2013|
|Tenet Healthcare Corp||THC US||11:30||Q1 2013 Earnings Call||Q1 2013|
|HCP Inc||HCP US||12:00||Q1 2013 Earnings Call||Q1 2013|
|Allergan Inc/United States||AGN US||13:00||Annual General Meeting|
|Ecolab Inc||ECL US||13:00||Q1 2013 Earnings Call||Q1 2013|
|Wisconsin Energy Corp||WEC US||14:00||Q1 2013 Earnings Call||Q1 2013|
|Stryker Corp||SYK US||14:00||Annual General Meeting||Y 2013|
|L-3 Communications Holdings Inc||LLL US||14:30||Annual General Meeting|
|United States Steel Corp||X US||15:00||Q1 2013 Earnings Call||Q1 2013|
|AGL Resources Inc||GAS US||16:00||Q1 2013 Earnings Call||Q1 2013|
|Western Union Co/The||WU US||16:00||Q1 2013 Earnings Release||Q1 2013||0.323|
|Western Union Co/The||WU US||16:30||Q1 2013 Earnings Call||Q1 2013|
|Edison International||EIX US||17:00||Q1 2013 Earnings Call||Q1 2013|
|TECO Energy Inc||TE US||17:00||Q1 2013 Earnings Call||Q1 2013|
|Fiserv Inc||FISV US||17:00||Q1 2013 Earnings Call||Q1 2013|
|Equity Residential||EQR US||Aft-mkt||Q1 2013 Earnings Release||Q1 2013||0.63|
|ONEOK Inc||OKE US||Aft-mkt||Q1 2013 Earnings Release||Q1 2013||0.585|
|MetroPCS Communications Inc||PCS US||Aft-mkt||Regeneron Pharmaceuticals Relaces MetroPCS Communications in S&P 500|
|Edison International||EIX US||Aft-mkt||Q1 2013 Earnings Release||Q1 2013||0.662|
|TECO Energy Inc||TE US||Aft-mkt||Q1 2013 Earnings Release||Q1 2013||0.17|
|Boston Properties Inc||BXP US||Aft-mkt||Q1 2013 Earnings Release||Q1 2013||1.211|
|Hudson City Bancorp Inc||HCBK US||Aft-mkt||Q1 2013 Earnings Release||Q1 2013||0.108|
|Genworth Financial Inc||GNW US||Aft-mkt||Q1 2013 Earnings Release||Q1 2013||0.277|
|FMC Corp||FMC US||Aft-mkt||Q1 2013 Earnings Release||Q1 2013||1.069|
|QEP Resources Inc||QEP US||Aft-mkt||Q1 2013 Earnings Release||Q1 2013||0.301|
|Fiserv Inc||FISV US||Aft-mkt||Q1 2013 Earnings Release||Q1 2013||1.339|
|AvalonBay Communities Inc||AVB US||Aft-mkt||Q1 2013 Earnings Release||Q1 2013||-0.625|
|Chubb Corp/The||CB US||Annual General Meeting|
|United States Steel Corp||X US||Annual General Meeting|
|Apartment Investment & Management Co||AIV US||Annual General Meeting||Y 2013|
|International Business Machines Corp||IBM US||Annual General Meeting|