Thursday, April 24th, 2014View Older Reports
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OVERNIGHT MARKETS AND NEWS
June E-mini S&Ps (ESM14 +0.31%) this morning are up +0.41% and European stocks are up +0.83% at 2-week highs after earnings results from Apple and Facebook beat analysts' estimates. Another positive for European equities is the unexpected increase in German Apr IFO business confidence. Ukraine troops stepped up an offensive as they entered the eastern Ukraine town of Slovyansk and killed five pro-Russian separatists, while Russian President Putin said the use of force by Ukraine would have consequences. Asian stocks closed mixed: Japan -0.97%, Hong Kong +0.24%, China -0.19%, Taiwan -0.13%, Australia +0.24%, Singapore +0.80%, South Korea -0.05%, India closed for holiday. Commodity prices are mixed. Jun crude oil (CLM14 +0.35%) is up +0.41%. Jun gasoline (RBM14 +0.08%) is up +0.02%. Jun gold (GCM14 -0.81%) is down -0.58%. May copper (HGK14 +0.98%) is up +1.11% at a 1-1/2 month high after LME copper inventories tumbled -1,025 MT to a 17-1/2 month low. Agriculture and livestock prices are mixed. The dollar index (DXY00 -0.05%) is down -0.06%. EUR/USD (^EURUSD) is up +0.04%. USD/JPY (^USDJPY) is down -0.08%. June T-note prices (ZNM14 -0.09%) are down -4.5 ticks.
ECB President Draghi said that any worsening of the medium-term outlook for inflation in the Eurozone "would be the context for a more broad-based asset purchase program."
The ECB reported that excess liquidity in the Eurozone financial system today declined to 92.9 billion euros, the lowest level since December, 2011. This may increase pressure on the ECB to expand its stimulus measures.
The German Apr IFO business climate unexpectedly rose +0.5 to 111.2, better than expectations of -0.3 to 110.4. Apr IFO current assessment rose +0.1 to 115.3, less than expectations of +0.4 to 115.6 but still the highest in 2 years. Apr IFO expectations unexpectedly rose +0.9 to 107.3, better than expectations of -0.6 to 105.8.
UK Apr CBI reported sales jumped +17 to 30, much better than expectations of +4 to 17
The Japan Mar corporate services price index rose +0.7% y/y, right on expectations.
U.S. STOCK PREVIEW
Today's weekly initial unemployment claims report is expected to show an increase of +11,000 to 315,000, adding to last week's increase of +2,000 to 304,000. Meanwhile, continuing claims are expected to show an increase of +6,000 to 2.745 million after last week's decline of -11,000 to 2.739 million. Today's March durable goods orders report is expected to be solid with a headline increase of +2.0% and a +0.6% increase ex-transportation. That would follow the Feb report of +2.2% and +0.1% ex-transportation. The Treasury today will sell $29 billion of 7-year T-notes, concluding this week's $96 billion T-note package.
There are 64 of the S&P 500 companies that report earnings today. Notable reports include Microsoft (consensus 0.63), Amazon ($0.23), Visa (2.18), UPS (1.08), Caterpillar (1.23), Starbucks (0.56), Verizon (0.87), Time Warner (1.67), GM (0.04), Nasdaq (0.71). There are no equity conferences during the remainder of this week.
OVERNIGHT U.S. STOCK MOVERS
Aetna (AET +0.29%) reported Q1 EPS of $1.98, well above consensus of $1.55.
Time Warner Cable (TWC +1.04%) reported Q1 EPS of $1.78, higher than consensus of $1.67.
Texas Instruments (TXN unch) reported Q1 EPS with items of 44 cents, higher than consensus of 41 cents.
Lam Research (LRCX unch) reported Q3 adjusted EPS of $1.26, better than consensus of $1.17.
Apple (AAPL -1.31%) jumped over 7% in after-hours trading after it reported Q2 EPS of $11.62, well above consensus of $10.18, and announced a 7-for-1 stock split.
Cheesecake Factory (CAKE -2.50%) reported Q1 adjusted EPS of 43 cents, below consensus of 49 cents, and then lowered guidance on fiscal 2014 EPS to $2.24-$2.33, below consensus of $2.36.
Flowserve (FLS -0.74%) reported Q1 EPS of 78 cents, better than consensus of 75 cents.
E-Trade (ETFC unch) reported Q1 EPS of 33 cents, higher than consensus of 23 cents.
Assurant (AIZ +0.36%) reported Q1 adjusted EPS of $1.68, stronger than consensus of $1.54.
Safeway (SWY -0.21%) reported Q1 EPS of 6 cents, well below consensus of 18 cents.
Chicago Bridge & Iron (CBI -0.88%) reported Q1 adjusted EPS of 87 cents, weaker than consensus of $1.10.
LSI Corporation (LSI +0.09%) reported Q1 EPS of 17 cents, better than consensus of 15 cents.
United Stationers (USTR +0.34%) reported Q1 adjusted EPS of 56 cents, weaker than consensus of 57 cents.
Stryker (SYK -0.44%) reported Q1 adjusted EPS of $1.06, below consensus of $1.08.
Facebook (FB -2.65%) rose over 5% in pre-market trading after it reported Q1 EPS of 34 cents, well above consensus of 24 cents.
Qualcomm (QCOM unch) reported Q2 adjusted EPS of $1.31, better than consensus of $1.22, and raised guidance on fiscal 2014 adjusted EPS view to $5.05-$5.25 from $5.00-$5.20.
June E-mini S&Ps (ESM14 +0.31%) this morning are up +7.75 points (+0.41%) at a 2-week high. The S&P 500 index on Wednesday closed lower. Bearish factors included (1) the unexpected -14.5% slide in U.S. Mar new home sales to an 8-month low of 384,000, weaker than expectations of a +2.3% increase to 450,000, and (2) concern over Chinese economic growth after the China Apr HSBC manufacturing PMI rose +0.3 to 48.3, the fourth month that manufacturing activity in China has contracted. Closes: S&P 500 -0.22%, Dow Jones -0.08%, Nasdaq -0.88%.
Jun 10-year T-notes (ZNM14 -0.09%) this morning are down -4.5 ticks. Jun 10-year T-note futures prices on Wednesday closed higher. Bullish factors included (1) the unexpected drop in U.S. Mar new home sales to the lowest in 8 months, and (2) increased safe-haven demand for T-notes on concern that tensions in Ukraine may escalate after Ukraine's First Deputy Prime Minister said that the country's security forces are seeking to eliminate all pro-Russian militias operating in the eastern part of the country. Closes: TYM4 +10.50, FVM4 +6.00.
The dollar index (DXY00 -0.05%) this morning is down -0.048 (-0.06%). EUR/USD (^EURUSD) is up +0.0005 (+0.04%). USD/JPY (^USDJPY) is down -0.08 (-0.08%). The dollar index on Wednesday closed lower. Negative factors included (1) the unexpected slide in U.S. Mar new home sales to the lowest in 8 months, and (2) strength in EUR/USD after the Eurozone Apr Markit composite PMI unexpectedly rose +0.9 to 54.0, better than expectations of -0.1 to 53.0 and the fastest pace of expansion in 2-3/4 years. Closes: Dollar index -0.041 (-0.05%), EUR/USD +0.00117 (+0.08%), USD/JPY -0.077 (-0.08%).
Jun WTI crude oil (CLM14 +0.35%) this morning is up +42 cents (+0.41%) and Jun gasoline (RBM14 +0.08%) is up +0.0006 (+0.02%). Jun crude and gasoline prices on Wednesday closed lower with Jun crude oil at a 2-week low. Bearish factors included (1) the +3.524 million bbl increase in weekly EIA crude inventories to 397.659 million bbl, the most since EIA data began in 1982, and (2) the +0.7% increase in U.S. crude oil production for the week ended Apr 18 to a 26-yr high of 8.36 million bpd. Declines in crude were limited after crude inventories at Cushing, OK, the delivery point of WTI futures, fell -788,000 bbl to a 4-1/2 yr low of 26.04 million bbl. Closes: CLM4 -0.31 (-0.30%). RBM4 -0.0042 (-0.14%).
GLOBAL EVENT CALENDAR04/24/2014
|US||0830 ET||Weekly initial unemployment claims expected +11,000 to 315,000, previous +2,000 to 304,000. Weekly continuing claims expected +6,000 to 2.745 million, previous -11,000 to 2.739 million.|
|0830 ET||Mar durable goods orders expected +2.0% and +0.6% ex transportation, Feb +2.2% and +0.1% ex transportation. March non-defense capital goods orders ex-aircraft expected +1.0%, Feb -1.4%.|
|0830 ET||USDA weekly Export Sales.|
|1100 ET||Treasury announces amount of 2-year floating-rate notes to be auctioned Apr 29 (previous $13 billion).|
|1300 ET||Treasury auctions $29 billion 7-year T-notes.|
|GER||0400 ET||German Apr IFO business climate expected -0.3 to 110.4 Mar 110.7. Apr IFO current assessment expected +0.4 to 115.6, Mar 115.2. Apr IFO expectations expected -0.6 to 105.8, Mar 106.4.|
|EUR||0500 ET||ECB President Mario Draghi speaks at a conference in Amsterdam.|
|UK||0600 ET||UK Apr CBI reported sales expected +4 to 17, Mar 13.|
|JPN||1930 ET||Japan Mar national CPI expected +1.6% y/y, Feb +1.5% y/y. Mar national CPI ex-fresh food expected +1.4% y/y, Feb +1.3% y/y. Mar national CPI ex food & energy expected +0.7% y/y, Feb +0.8% y/y.|
|1930 ET||Japan Apr Tokyo CPI expected +3.1% y/y, Mar +1.3% y/y. Apr Tokyo CPI ex-fresh food expected +2.8% y/y, Mar +1.0% y/y. Apr Tokyo CPI ex food & energy expected +2.1% y/y, Mar +0.4% y/y.|
U.S. STOCK CALENDAR04/24/2014
|Company Name||Ticker||Time||Event Description||Period||Estimate|
|Mead Johnson Nutrition Co||MJN US||Bef-mkt||Q1 2014 Earnings Release||Q1 2014||0.913|
|Noble Energy Inc||NBL US||Bef-mkt||Q1 2014 Earnings Release||Q1 2014||0.748|
|Nucor Corp||NUE US||Bef-mkt||Q1 2014 Earnings Release||Q1 2014||0.376|
|Diamond Offshore Drilling Inc||DO US||Bef-mkt||Q1 2014 Earnings Release||Q1 2014||0.652|
|Nielsen Holdings NV||NLSN US||Bef-mkt||Q1 2014 Earnings Release||Q1 2014||0.414|
|PulteGroup Inc||PHM US||Bef-mkt||Q1 2014 Earnings Release||Q1 2014||0.203|
|Bemis Co Inc||BMS US||Bef-mkt||Q1 2014 Earnings Release||Q1 2014||0.565|
|T Rowe Price Group Inc||TROW US||Bef-mkt||Q1 2014 Earnings Release||Q1 2014||1.036|
|Cabot Oil & Gas Corp||COG US||Bef-mkt||Q1 2014 Earnings Release||Q1 2014||0.262|
|AmerisourceBergen Corp||ABC US||Bef-mkt||Q2 2014 Earnings Release||Q2 2014||1.004|
|SCANA Corp||SCG US||Bef-mkt||Q1 2014 Earnings Release||Q1 2014||1.148|
|Wyndham Worldwide Corp||WYN US||Bef-mkt||Q1 2014 Earnings Release||Q1 2014||0.745|
|DR Horton Inc||DHI US||Bef-mkt||Q2 2014 Earnings Release||Q2 2014||0.337|
|Waste Management Inc||WM US||Bef-mkt||Q1 2014 Earnings Release||Q1 2014||0.446|
|Coca-Cola Enterprises Inc||CCE US||Bef-mkt||Q1 2014 Earnings Release||Q1 2014||0.441|
|Stanley Black & Decker Inc||SWK US||Bef-mkt||Q1 2014 Earnings Release||Q1 2014||0.964|
|Lorillard Inc||LO US||Bef-mkt||Q1 2014 Earnings Release||Q1 2014||0.719|
|Quest Diagnostics Inc||DGX US||Bef-mkt||Q1 2014 Earnings Release||Q1 2014||0.881|
|Time Warner Cable Inc||TWC US||Bef-mkt||Q1 2014 Earnings Release||Q1 2014||1.674|
|Entergy Corp||ETR US||Bef-mkt||Q1 2014 Earnings Release||Q1 2014||2.288|
|EQT Corp||EQT US||Bef-mkt||Q1 2014 Earnings Release||Q1 2014||0.887|
|Peabody Energy Corp||BTU US||Bef-mkt||Q1 2014 Earnings Release||Q1 2014||0.007|
|Helmerich & Payne Inc||HP US||Bef-mkt||Q2 2014 Earnings Release||Q2 2014||1.48|
|Hershey Co/The||HSY US||Bef-mkt||Q1 2014 Earnings Release||Q1 2014||1.143|
|Sigma-Aldrich Corp||SIAL US||Bef-mkt||Q1 2014 Earnings Release||Q1 2014||1.032|
|Celgene Corp||CELG US||Bef-mkt||Q1 2014 Earnings Release||Q1 2014||1.649|
|General Motors Co||GM US||Bef-mkt||Q1 2014 Earnings Release||Q1 2014||0.041|
|Delphi Automotive PLC||DLPH US||Bef-mkt||Q1 2014 Earnings Release||Q1 2014||1.087|
|Eli Lilly & Co||LLY US||Bef-mkt||Q1 2014 Earnings Release||Q1 2014||0.705|
|Starwood Hotels & Resorts Worldwide Inc||HOT US||6:00||Q1 2014 Earnings Release||Q1 2014||0.562|
|Aetna Inc||AET US||6:00||Q1 2014 Earnings Release||Q1 2014||1.552|
|Alexion Pharmaceuticals Inc||ALXN US||6:30||Q1 2014 Earnings Release||Q1 2014||1.264|
|Southwest Airlines Co||LUV US||6:30||Q1 2014 Earnings Release||Q1 2014||0.165|
|Altria Group Inc||MO US||7:00||Q1 2014 Earnings Release||Q1 2014||0.568|
|Raytheon Co||RTN US||7:00||Q1 2014 Earnings Release||Q1 2014||1.766|
|NASDAQ OMX Group Inc/The||NDAQ US||7:00||Q1 2014 Earnings Release||Q1 2014||0.711|
|3M Co||MMM US||7:30||Q1 2014 Earnings Release||Q1 2014||1.796|
|Zimmer Holdings Inc||ZMH US||7:30||Q1 2014 Earnings Release||Q1 2014||1.467|
|Verizon Communications Inc||VZ US||7:30||Q1 2014 Earnings Release||Q1 2014||0.869|
|Caterpillar Inc||CAT US||7:30||Q1 2014 Earnings Release||Q1 2014||1.23|
|Cameron International Corp||CAM US||7:30||Q1 2014 Earnings Release||Q1 2014||0.715|
|United Parcel Service Inc||UPS US||7:45||Q1 2014 Earnings Release||Q1 2014||1.08|
|Zimmer Holdings Inc||ZMH US||8:00||Q1 2014 Earnings Call||Q1 2014|
|Stanley Black & Decker Inc||SWK US||8:00||Q1 2014 Earnings Call||Q1 2014|
|Freeport-McMoRan Copper & Gold Inc||FCX US||8:00||Q1 2014 Earnings Release||Q1 2014||0.42|
|NASDAQ OMX Group Inc/The||NDAQ US||8:00||Q1 2014 Earnings Call||Q1 2014|
|Assurant Inc||AIZ US||8:00||Q1 2014 Earnings Call||Q1 2014|
|Pfizer Inc||PFE US||8:30||Annual General Meeting||Y 2014|
|Nielsen Holdings NV||NLSN US||8:30||Q1 2014 Earnings Call||Q1 2014|
|PulteGroup Inc||PHM US||8:30||Q1 2014 Earnings Call||Q1 2014|
|Verizon Communications Inc||VZ US||8:30||Q1 2014 Earnings Call||Q1 2014|
|Wyndham Worldwide Corp||WYN US||8:30||Q1 2014 Earnings Call||Q1 2014|
|CMS Energy Corp||CMS US||8:30||Q1 2014 Earnings Release||Q1 2014||0.724|
|Quest Diagnostics Inc||DGX US||8:30||Q1 2014 Earnings Call||Q1 2014|
|Time Warner Cable Inc||TWC US||8:30||Q1 2014 Earnings Call||Q1 2014|
|Equifax Inc||EFX US||8:30||Q1 2014 Earnings Call||Q1 2014|
|Hershey Co/The||HSY US||8:30||Q1 2014 Earnings Call||Q1 2014|
|United Parcel Service Inc||UPS US||8:30||Q1 2014 Earnings Call||Q1 2014|
|Aetna Inc||AET US||8:30||Q1 2014 Earnings Call||Q1 2014|
|3M Co||MMM US||9:00||Q1 2014 Earnings Call||Q1 2014|
|Altria Group Inc||MO US||9:00||Q1 2014 Earnings Call||Q1 2014|
|Raytheon Co||RTN US||9:00||Q1 2014 Earnings Call||Q1 2014|
|CMS Energy Corp||CMS US||9:00||Q1 2014 Earnings Call||Q1 2014|
|Celgene Corp||CELG US||9:00||Q1 2014 Earnings Call||Q1 2014|
|Delphi Automotive PLC||DLPH US||9:00||Q1 2014 Earnings Call||Q1 2014|
|Eli Lilly & Co||LLY US||9:00||Q1 2014 Earnings Call||Q1 2014|
|Mead Johnson Nutrition Co||MJN US||9:30||Q1 2014 Earnings Call||Q1 2014|
|Cabot Oil & Gas Corp||COG US||9:30||Q1 2014 Earnings Call||Q1 2014|
|Cameron International Corp||CAM US||9:30||Q1 2014 Earnings Call||Q1 2014|
|Noble Energy Inc||NBL US||10:00||Q1 2014 Earnings Call||Q1 2014|
|Diamond Offshore Drilling Inc||DO US||10:00||Q1 2014 Earnings Call||Q1 2014|
|Bemis Co Inc||BMS US||10:00||Q1 2014 Earnings Call||Q1 2014|
|T Rowe Price Group Inc||TROW US||10:00||Annual General Meeting||Y 2014|
|Regions Financial Corp||RF US||10:00||Annual General Meeting||Y 2014|
|Caterpillar Inc||CAT US||10:00||Q1 2014 Earnings Call||Q1 2014|
|Alexion Pharmaceuticals Inc||ALXN US||10:00||Q1 2014 Earnings Call||Q1 2014|
|DR Horton Inc||DHI US||10:00||Q2 2014 Earnings Call||Q2 2014|
|Waste Management Inc||WM US||10:00||Q1 2014 Earnings Call||Q1 2014|
|Coca-Cola Enterprises Inc||CCE US||10:00||Q1 2014 Earnings Call||Q1 2014|
|Freeport-McMoRan Copper & Gold Inc||FCX US||10:00||Q1 2014 Earnings Call||Q1 2014|
|CenterPoint Energy Inc||CNP US||10:00||Annual General Meeting||Y 2014|
|General Motors Co||GM US||10:00||Q1 2014 Earnings Call||Q1 2014|
|Johnson & Johnson||JNJ US||10:00||Annual General Meeting||Y 2014|
|Crown Castle International Corp||CCI US||10:30||Q1 2014 Earnings Call||Q1 2014|
|EQT Corp||EQT US||10:30||Q1 2014 Earnings Call||Q1 2014|
|Starwood Hotels & Resorts Worldwide Inc||HOT US||10:30||Q1 2014 Earnings Call||Q1 2014|
|Broadcom Corp||BRCM US||Aft-mkt||Q1 2014 Earnings Release||Q1 2014||0.457|
|Newmont Mining Corp||NEM US||Aft-mkt||Q1 2014 Earnings Release||Q1 2014||0.194|
|Republic Services Inc||RSG US||Aft-mkt||Q1 2014 Earnings Release||Q1 2014||0.444|
|Visa Inc||V US||Aft-mkt||Q2 2014 Earnings Release||Q2 2014||2.181|
|Chubb Corp/The||CB US||Aft-mkt||Q1 2014 Earnings Release||Q1 2014||1.56|
|Amazon.com Inc||AMZN US||Aft-mkt||Q1 2014 Earnings Release||Q1 2014||0.228|
|Stericycle Inc||SRCL US||Aft-mkt||Q1 2014 Earnings Release||Q1 2014||0.987|
|PerkinElmer Inc||PKI US||Aft-mkt||Q1 2014 Earnings Release||Q1 2014||0.437|
|Starbucks Corp||SBUX US||Aft-mkt||Q2 2014 Earnings Release||Q2 2014||0.557|
|Microsoft Corp||MSFT US||Aft-mkt||Q3 2014 Earnings Release||Q3 2014||0.63|
|Cerner Corp||CERN US||Aft-mkt||Q1 2014 Earnings Release||Q1 2014||0.371|
|Cincinnati Financial Corp||CINF US||Aft-mkt||Q1 2014 Earnings Release||Q1 2014||0.544|
|Leggett & Platt Inc||LEG US||Aft-mkt||Q1 2014 Earnings Release||Q1 2014||0.378|
|Masco Corp||MAS US||Aft-mkt||Q1 2014 Earnings Release||Q1 2014||0.175|
|Baker Hughes Inc||BHI US||Annual General Meeting|
|SCANA Corp||SCG US||Annual General Meeting|
|Edison International||EIX US||Annual General Meeting|
|Snap-on Inc||SNA US||Annual General Meeting|
|Intuitive Surgical Inc||ISRG US||Annual General Meeting|
|Ameren Corp||AEE US||Annual General Meeting|