rounded corner
rounded corner
top border

Barchart Morning Call


Bookmark and Share
OVERNIGHT MARKETS AND NEWS

Dec E-mini S&Ps (ESZ17 +0.33%) this morning are up +0.23% and European stocks are up +0.39%. Better-than-expected Q3 earnings results from Lowe's pushed the stock up 3% in pre-market trading and helped lift the overall market. European stocks rose and the German 10-year bund yield fell to a 1-1/2 week low of 0.337% after Eurozone officials familiar with the matter said the ECB will take small, gradual steps next year as it moves to end its bond purchases next year. Asian stocks settled higher: Japan +0.70%, Hong Kong +1.91%, China +0.53%, Taiwan +1.08%, Australia +0.30%, Singapore +1.09%, South Korea +0.18%, India +0.36%. A rally Chinese financial stocks lifted the overall market on optimism that deleveraging efforts by the government will not be as strict as expected. Japanese stocks gained on optimism in the U.S. economic outlook after U.S. Oct leading indicators rose more than expected, which shows economic strength and should benefit Japanese exporters.

The dollar index (DXY00 +0.01%) is up +0.03%. EUR/USD (^EURUSD) is down -0.07%. USD/JPY (^USDJPY) is down -0.05%.

Dec 10-year T-note prices (ZNZ17 -0.01%) are up +0.5 of a tick.

According to Eurozone officials familiar with the matter, the ECB is likely to make small multiple adjustments in its guidance on monetary policy next year rather than any major change in language as it ends QE.

UK Oct public sector net borrowing rose +7.5 billion pounds, stronger than expectations of +6.5 billion pounds and the biggest increase in 6 months.

The UK Nov CBI trends total orders rose +19 to a 29-year high of 17, stronger than expectations of +5 to 3.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Oct Chicago Fed national activity index (expected +0.03 to 0.20, Sep +0.54 to +0.17), (2) Oct existing home sales (expected +0.2% to 5.40 million, Sep +0.7% to 5.39 million), (3) Treasury auctions $13 billion of 2-year floating-rate notes, (4) Fed Chair Janet Yellen speaks at New York University’s Stern Business School.

Notable Russell 1000 earnings reports today include: HP (consensus $0.44), salesforce.com (0.37), Burlington Stores (0.66), Eaton Vance (0.71), Dollar Tree (0.90), Medtronic (1.02), Lowe's (1.02), Analog Devices (1.36).

U.S. IPO's scheduled to price today: none.

Equity conferences this week: none.

OVERNIGHT U.S. STOCK MOVERS

Lowe's (LOW +1.55%) rose 3% in pre-market trading after it reported Q3 adjusted EPS of $1.05, better than consensus of $1.02.

Deere (DE +0.85%) was upgraded to 'Outperform' from 'Neutral' at Baird with a price target of $155.

T-Mobile (TMUS +0.47%) was upgraded to 'Buy' from 'Hold' at HSBC with a price target of $70.

Palo Alto Networks (PANW -0.13%) rose over 6% in after-hours trading after it reported Q1 adjusted EPS of 74 cents, higher than consensus of 68 cents, and then said it sees full-year adjusted EPS of $3.35 to $3.41, above consensus of $3.31.

Agilent Technologies (A +1.70%) lost nearly 5% in after-hours trading after it said it sees Q1 adjusted EPS of 55 cents=57 cents, weaker than consensus of 59 cents, and then said it sees full-year adjusted EPS of $2.50 to $2.56, below consensus of $2.59.

Black Knight (BKI +0.66%) fell 2% in after-hours trading after it announced a secondary offering of 5 million shares of common stock by affiliates of Thomas H. Lee Partners. L.P.

Planet Fitness (PLNT +0.23%) was initiated with a 'Buy' at D.A. Davidson with an 18-month target price of $42.

Comcast (CMCSA -0.91%) was initiated with a 'Buy' at Buckingham Research Group with a 12-month target price of $48.

Performance Food Group (PFGC +1.39%) lost more than 2% in after-hours trading after it announced a secondary offering of 5 million shares of common stock by an affiliate of Wellspring Capital Management.

Amtech Systems (ASYS +7.05%) rallied 13% in after-hours trading after it reported Q4 revenue of $54.7 million, above consensus of $46.9 million, and then said it sees Q1 revenue of $60 million-$70 million, better than consensus of $49.2 million.

China Cord Blood (CO +0.46%) climbed almost 4% in after-hours trading after it reported 2018 operating income was up +39.4% y/y to $11.5 million and that it added 23,647 new subscribers.

Vipshop Holdings Ltd (VIPS -5.42%) rose nearly 3% in after-hours trading after it reported Q3 revenue of $2.30 billion, higher than consensus of $2.28 billion,

Celsion (CLSN +7.00%) surged over 20% in after-hours trading after it was initiated with coverage at 'Outperform' at Oppenheimer with a 12-month target price of $9.

MARKET COMMENTS

Dec S&P 500 E-mini stock futures (ESZ17 +0.33%) this morning are up +6.00 points (+0.23%). Monday's closes: S&P 500 +0.13%, Dow Jones +0.31%, Nasdaq -0.09%. The S&P 500 on Monday closed higher on the +1.2% increase in U.S. Oct leading indicators index, stronger than expectations of +0.8% and the biggest increase in nearly 4 years. There was also strength in retail stocks ahead of this Friday's Black Friday shopping day, the kickoff of the holiday shopping season.

Dec 10-year T-note prices (ZNZ17 -0.01%) this morning are up +0.5 of a tick. Monday's closes: TYZ7 -7.00, FVZ7 -5.50. Dec 10-year T-notes on Monday closed lower on the stronger-than-expected U.S. Oct leading indicators index and on reduced safe-haven demand with the rally in stocks.

The dollar index (DXY00 +0.01%) this morning is up +0.024 (+0.03%). EUR/USD (^EURUSD) is down -0.0008 (-0.07%) and USD/JPY (^USDJPY) is down -0.06 (-0.05%). Monday's closes: Dollar Index +0.418 (+0.45%), EUR/USD -0.0057 (-0.48%), USD/JPY +0.52 (+0.46%). The dollar index on Monday closed higher on the stronger-than-expected U.S. Oct leading indicators index and on weakness in EUR/USD after ECB President Draghi said that "despite the firm economic recovery, inflation dynamics have yet to show convincing signs of a self-sustained upward trend."

Jan crude oil (CLF18 +0.41%) this morning is up +13 cents (+0.23%) and Jan gasoline (RBF18 +0.69%) is +0.0071 (+0.41%). Monday's closes: Jan WTI crude -0.29 (-0.51%), Jan gasoline -0.0064 (-0.37%). Jan crude oil and gasoline on Monday closed lower on a stronger dollar and on increased Iraq crude exports after JODI reported Iraq Sep crude exports rose +1.7% m/m and +17.6% y/y to 3.854 million bpd.

Metals prices this morning are higher with Dec gold (GCZ17 +0.19%) +2.8 (+0.22%), Dec silver (SIZ17 +0.67%) +0.098 (+0.58%) and Dec copper (HGZ17 +0.32%) +0.009 (+0.29%). Monday's closes: Dec gold -21.2 (-1.64%), Dec silver -0.531 (-3.06%), Dec copper +0.0260 (+0.85%). Metals on Monday settled mixed. Metals prices were undercut by a stronger dollar and by the rally in stocks, which reduced safe-haven demand for precious metals. Copper closed higher on signs of tighter supplies after LME copper inventories fell -6,300 MT to a 2-1/4 month low of 241,400 MT.

GLOBAL EVENT CALENDAR11/21/2017
Tuesday, Nov 21
US 0830 ET Oct Chicago Fed national activity index expected +0.03 to 0.20, Sep +0.54 to +0.17.
1000 ET Oct existing home sales expected +0.2% to 5.40 million, Sep +0.7% to 5.39 million.
1300 ET Treasury auctions $13 billion of 2-year floating-rate notes.
1800 ET Fed Chair Janet Yellen speaks at New York Universitys Stern Business School.
Wednesday, Nov 22
US 0700 ET Weekly MBA mortgage applications, previous +3.1% with purchase sub-index +0.4% and refi sub-index +6.3%.
0830 ET Weekly initial unemployment claims expected -9,000 to 240,000, previous +10,000 to 249,000. Weekly continuing claims expected +20,000 to 1.880 million, previous -44,000 to 1.860 million.
0830 ET Oct durable goods orders expected +0.4% and +0.5% ex transportation, Sep +2.0% and +0.7% ex transportation. Oct capital goods orders nondefense ex-aircraft expected +0.6%, Sep +1.7%.
1000 ET University of Michigan final-Nov U.S. consumer sentiment expected +0.2 to 98.0, prelim-Nov -2.9 to 97.8.
1030 ET EIA weekly Petroleum Status Report.
1100 ET Treasury announces amount of 2-year T-notes (previous $26 billion), 5-year T-notes (previous $34 billion) and 7-year T-notes (previous $28 billion) to be auctioned Nov 27-28
1400 ET Minutes of the Oct 31-Nov 1 FOMC meeting.
1500 ET USDA Oct Cold Storage.
U.S. STOCK CALENDAR11/21/2017
NameTickerTimeDescriptionPeriodEstimate
Hormel Foods Corp HRL US Bef-mkt Q4 2017 Earnings Release Q4 17 0.396
Jacobs Engineering Group Inc JEC US Bef-mkt Q4 2017 Earnings Release Q4 17 0.823
Patterson Cos Inc PDCO US Bef-mkt Q2 2018 Earnings Release Q2 18 0.539
Campbell Soup Co CPB US Bef-mkt Q1 2018 Earnings Release Q1 18 0.972
Lowe's Cos Inc LOW US 06:00 Q3 2018 Earnings Release Q3 18 1.023
Dollar Tree Inc DLTR US Bef-mkt Q3 2018 Earnings Release Q3 18 0.899
Burlington Stores Inc BURL US Bef-mkt Q3 2018 Earnings Release Q3 18 0.656
Medtronic PLC MDT US 06:45 Q2 2018 Earnings Release Q2 18 1.022
Signet Jewelers Ltd SIG US 07:00 Q3 2018 Earnings Release Q3 18 0.133
Analog Devices Inc ADI US 08:00 Q4 2017 Earnings Release Q4 17 1.364
Medtronic PLC MDT US 08:00 Q2 2018 Earnings Call Q2 18
Campbell Soup Co CPB US 08:30 Q1 2018 Earnings Call Q1 18
Signet Jewelers Ltd SIG US 08:30 Q3 2018 Earnings Call Q3 18
Burlington Stores Inc BURL US 08:30 Q3 2018 Earnings Call Q3 18
Eaton Vance Corp EV US 09:00 Q4 2017 Earnings Release Q4 17 0.706
Lowe's Cos Inc LOW US 09:00 Q3 2018 Earnings Call Q3 18
Dollar Tree Inc DLTR US 09:00 Q3 2018 Earnings Call Q3 18
Hormel Foods Corp HRL US 09:30 Q4 2017 Earnings Call Q4 17
Analog Devices Inc ADI US 10:00 Q4 2017 Earnings Call Q4 17
Jacobs Engineering Group Inc JEC US 10:00 Q4 2017 Earnings Call Q4 17
Patterson Cos Inc PDCO US 10:00 Q2 2018 Earnings Call Q2 18
Westar Energy Inc WR US 11:00 Extraordinary Shareholders Meeting - M&A Vote
Eaton Vance Corp EV US 11:00 Q4 2017 Earnings Call Q4 17
Great Plains Energy Inc GXP US Extraordinary Shareholders Meeting - M&A Vote
Hewlett Packard Enterprise Co HPE US Aft-mkt Q4 2017 Earnings Release Q4 17 0.282
GameStop Corp GME US Aft-mkt Q3 2018 Earnings Release Q3 18 0.439
salesforce.com Inc CRM US Aft-mkt Q3 2018 Earnings Release Q3 18 0.365
Copart Inc CPRT US Aft-mkt Q1 2018 Earnings Release Q1 18 0.266
HP Inc HPQ US Aft-mkt Q4 2017 Earnings Release Q4 17 0.442
Hewlett Packard Enterprise Co HPE US 16:30 Q4 2017 Earnings Call Q4 17
GameStop Corp GME US 17:00 Q3 2018 Earnings Call Q3 18
salesforce.com Inc CRM US 17:00 Q3 2018 Earnings Call Q3 18
HP Inc HPQ US 17:35 Q4 2017 Earnings Call Q4 17


Recent articles from this author



About the author


Get Barchart U.S. Morning Call delivered to your email inbox! Sign up for free here.

Barchart U.S. Morning Call is written by the experienced members of the Commodity Research Bureau and the Barchart Research Team.  Commodity Research Bureau (CRB) has been providing research to the financial and commodity community since 1934.  If you have any questions for our analysts, please contact us at support@crbtrader.com.

Sent every morning, "Morning Call" summarizes overnight global market news, along with a U.S. market forecast for the day ahead. It Includes upcoming earnings reports, a global financial calendar, and quote board overview of where the markets are standing.

Published by Barchart
Home  •  Charts & Quotes  •  Commentary  •  Authors  •  Education  •  Broker Search  •  Trading Tools  •  Help  •  Contact  •  Advertise With Us  •  Commodities
Markets: Currencies  •   Energies  •   Financials  •   Grains  •   Indices  •   Meats  •   Metals  •   Softs

The information contained on InsideFutures.com is believed to be accurate but is not guaranteed. Market data is furnished on an exchange delayed basis by Barchart.com. Data transmission or omissions shall not be made the basis for any claim, demand or cause for action. No information on the site, nor any opinion expressed, constitutes a solicitation of the purchase or sale of any futures or options contracts. InsideFutures.com is not a broker, nor does it have an affiliation with any broker.


Copyright ©2005-2018 InsideFutures.com, a Barchart.com product. All rights reserved.

About Us  •   Sitemap  •   Legal  •   Privacy Statement