Tuesday April 14, 2015
Good Morning Traders,
Morning Notes
US Futures are pointing lower this morning ahead of JPM and JNJ Q1 earnings reports. US Markets closed lower on Monday on expectations of a weak Q1 earnings season. A busy economic calendar is lined up today as well as Fed head Kocherlakota speaking at 2 p.m.
Technicals
The $SPY tested minor descending resistance of $210.50 and rejected yesterday. The $209 support level held intraday as the $SPY closed at $209.09. The same levels remain in play from yesterday. Resistance at $210.50 and $211.50. Support at $209 and $207.
In Play
BCLI: Brainstorm Cell Therapeutics – presenting Phase 2a NurOwn study results and additional analyses at American Academy of Neurology meeting in Washington on April 21. Gapping up 13% with a 14.5M share float.
BLDR: Builders FirstSource – Shares trading higher in pre market by 8% as the company announced news of acquiring ProBuild yesterday is being digested. Shares were being absorbed on volume at higher prices in yesterday’s session. A strong sign of a higher move.
Economic Calendar
08:30 PPI (YoY) [Mar] – Consensus (0.70)%
08:30 PPI (MoM) [Mar] – Consensus 0.20%
08:30 Core PPI (YoY) [Mar] – Consensus 0.90%
08:30 Core PPI (MoM) [Mar] – Consensus 0.10%
08:30 Kocherlakota Speaks – Event In Minnesota
08:30 Retail Sales (MoM) [Mar] – Consensus 1.00%
08:30 Core Retail Sales (MoM) [Mar] – Consensus 0.60%
08:30 Retail Sales Ex Auto/Gas (MoM) [Mar] – Consensus 0.50%
08:55 Redbook (MoM) – Prior 1.30%
08:55 Redbook (YoY) – Prior 3.40%
09:00 NFIB Small Business Optimism [Mar] – Consensus 98.40
10:00 Business Inventories (MoM) [Mar] – Consensus 0.20%
16:30 API Weekly Distillates Stocks
16:30 API Weekly Crude Stocks
16:30 API Weekly Gasoline Stocks
Earnings Before Open
JPM: JP Morgan – EPS Est. $1.39, Prior $1.28. Rev Est. $24.46B, Prior $22.99B
WFC: Wells Fargo – EPS Est. $0.98, Prior $1.05. Rev Est. $21.25B, Prior $20.84B
FAST: Fastenal – EPS Est. $0.42, Prior $0.38. Rev Est. $967.03M, Prior $876.50M
JBHT: JB Hunt Transport – EPS Est. $0.72, Prior $0.58. Rev Est. $1.54B, Prior $1.41B
JNJ: Johnson & Johnson – EPS Est. $1.52, Prior $1.54. Rev Est. $17.37B, Prior $18.12B
Earnings After Close
CSX: CSX – EPS Est. $0.47, Prior $0.40. Rev Est. $3.09B, Prior $3.01B
INTC: Intel – EPS Est. $0.41, Prior $0.38. Rev Est. $12.91B, Prior $12.76B
Happy Trading!
