Here's What You missed LAST Week
Here's What You missed LAST
Week
BANKS HOLD THE KEY
October 09—13, 2017 It’ll be a slow start for the week, with the Bond Market
closed Monday, which may mean that stocks will churn waiting for direction. Fed speakers
are out in force, again, with the Joint World Bank Group/IMF meetings not gaining impetus
until the 12th. With FOMC Minutes of the Sept meeting out Wednesday, and the
fewest Fed speakers that day, though IMF Managing Director Lagarde & World Bank head
Kim will fill in the pause. Thursday, Fed Gov. Brainard and the ECB’s Draghi among
the speakers at the Peterson Institute, at which former Fed Chief Bernanke will present a
paper—likely to be seen as a surrogate for the current Fed, since the theme is
"Rethinking MacroPolicy." Thursday PPI, Friday CPI and Advance Sept Retail Sales
round out the highlights of the Economic Calendar.
Wednesday, BlackRock & Delta Airlines report results. Thursday, Domino’s Pizza
& JPMorgan Chase. Friday, Bk of America, PNC Financial & Wells Fargo report, which
should set the tone for earnings season. Financials resumed their trot to new highs,
again, after a more detailed tax scheme was released. The questions is whether banks like
Bk of America & JPMorgan have galloped too far ahead of their results, baking in too
much in tax savings that may be farther off in arriving than assumed.
On Sunday, as I started formulating my view of the week, both the Edison Electric
Institute & American Gas Association started fall meetings, the National Key Accounts
Workshop for EEI, which means most major utilities will be speaking, either individually
or as part of panels. AGA, on the other hand, is the State Affairs Fall Committee Meeting,
in short, state legislative & regulatory policymakers, so in addition to the various
public service regulatory commissioners, there’s, also, Dominion Energy, Enbridge,
Atmos Energy, Avista Corp, National Grid, SoCal Gas, ConEd, Itron, and more. Both Meetings
are over on the 11th
American Solar Forum starting Monday, is in Denver, which strikes me as off the beat and
path, compared to past high profiled events. Tuesday, RBC Global Towers Investor Day will
be small but influential, just as Digital Hollywood Experience is the opposite—filled
with a massive number of people. Brand Licensing Europe is likely to bring another BBC
show to US shores. It’s rare that it goes the other way, from the US to the UK. Note
Box, IBM, nVidia, Oracle, Tech Data, Walmart & Workday events on Tuesday, the 10th,
in addition to the P&G shareholder meeting at which Peltz hopes to be elected to the
board. Thursday, Jefferies hosts Gene Therapy, Gene Editing & Novel Technologies, in
NY, plus Automotive News Retail Forum are some of the highlights, before Box,
Hewlett-Packard & Lattice Semiconductor meet with analysts. So, too, do Macquarie,
Spark Therapeutics, and Spartan Motors. Friday, an Interdisciplinary Conference on
Supportive Care, Hospice & Palliatives Medicine, in Houston, plus the American College
of Gastroenterology Annual Scientific Meeting are the twin heavyweights. Saturday’s
High Point Furniture Market is cause for the leisure sections of newspapers to preview
what’s coming next spring. The better house sales, as a rule, the better furniture
sales, too.
But in the end, it’s the bank earnings that are going to decide the market’s
fate, so fiddle with some numbers to figure out if the good news is already baked in for
all but Wells Fargo, still suffering from the sins of a too aggressive workforce. You
might recall JPM pulled back rather deeply after July earnings. So did BAC, which
hasn’t been able to hold atop $25, and suddenly above $26, breaking out.
ECONOMIC:
SUNDAY, 10/08
OVERNIGHT into US Mon. a.m. et:
China Sept FX Reserves & Foreign Direct
Investment
China Caixan Sept Services & Composite
PMI
MONDAY, 10/09
Columbus Day US BOND Market and banks, only, Closed
Canada Thanksgiving Day, Japan & South Korean Holidays, too
Riksbank Prize in Economic Sciences in Memory of Alfred Nobel (Stockholm)
Joint World Bank Group/IMF Fall Meeting (D.C. thru 15th)
TD Ameritrade IMX (12:30pm)
OVERNIGHT into US Tues. am. et:
UK BRC Sept Like-for-Like Sales
Japan Aug Balance of Trade
China Sept Aggregate Financing, New Yuan Loans,
Money Supply
UK Aug Industrial, Manufacturing & Construction
Output, Aug Trade Balance
TUESDAY, 10/10
NFIB Oct Small Business Optimism Index
UK Sept NIESR GDP
G20 Meeting of Central Bank Heads & Finance Ministers concurrent w/IMF/World Bank
Group Joint Fall Meetings (D.C.)
Grant’s Interest Rate Observer Conference (NY)
Bk of Canada Dpty Gov Wilkins panelist at IMF (D.C.)
Fed’s Kashkari speaks on Regional Economic Conditions (Minneapolis 10am)
US Treasury Auctions $24B 3-, & $36B 6-month Bills (11:30am et)
Canada Sept Housing Starts & Aug Building Permits
US Treasury Auctions $35B 4-wk & $20B 52-wk Bills (1pm et)
OVERNIGHT into US Wed. a.m. et:
Fed’s Kaplan participates in moderated
Q&A @Stanford Institute for Economic Policy Research Associates Meeting (Stanford CA
8pm)
Fed’s Evans on current eco
conditions & monetary policy w/Q&A @Bloomberg 2nd Annual Swiss Day
(Zurich Switzerland 7:15am)
WEDNESDAY, 10/11
FOMC Released Minutes of 09/19—20 Meeting (2pm et)
MBA Mortgage/Refinance Applications
Fed’s Aug JOLTS (Job Turnover & Quits 10am et)
IMF Mng Dir Lagarde speaks @IIF Annual Meeting (10am et)
Former Treas Secy Lew & chief NY Fed trader Simon Potter (the latter on "Unintended
Consequences on the Way Out—American Exit Strategies") speak at SUERF
US Treasury Auctions $24B 3-year Notes (11:30am et)
US Treasury Auctions $12B reopened 10-year Notes (1pm et)
ECB’s Praet speaks in NY
OVERNIGHT into US Thurs. a.m. et:
UK RICS Sept House Price Balance
Japan Sept PPI, Domestic Corporate Goods
Price Index, Bank Lending
French Sept CPI & HICP
BoE Credit Conditions & Bank Liabilities
Surveys
G20 Central Bank & FinMin Deputies meet
(Hamburg DE thru 13th)
THURSDAY, 10/12
US weekly Jobless Claims
Sept US PPI—Final Demand
Canada Aug New Housing Price Index, Teranet/National Bank Sept HPI
SEC Investment Advisory Committee Meeting (Washington DC)
EIA weekly Natural Gas Report (10:30am et)
IMF’s Lagarde & World Bank Grp’s Kim G20 Press Conference at IMF/WBG
Jt Mtg
Fed Gov Powell keynotes Emerging Markets @IIF Annual Membership Mtg (D.C. 10:30am
et)
ECB’s Draghi, Fed Gov Brainard panelists @4th "Rethinking
MacroPolicy" hosted by the Peterson Institute; Bernanke present a paper,
another by ECB’s Haldane, Coeure & Jeremy Stein panelists (8am to 3:45pm
D.C.)
ECB’s Praet speaks at JPMorgan Investor Seminar (10:30am D.C.)
EIA weekly Petroleum/Gasoline/Distillates Stats (11am et)
US Treasury Auctions $12B reopened 30-year Bonds (1pm, et)
OVERNIGHT into US Fri. a.m. et:
Fed’s Bostic on "Balance Sheet
Normalization in the US" at conference on "Unconventional Monetary Policy:
Lessons Learned" w/Q&A (Hong Kong 9:15pm)
China Sept Trade Balance
FRIDAY, 10/13
US Sept CPI
US Sept (Adv) Retail Sales
Fed Gov. Stanley Fischer (voluntarily) leaves the Fed
US Treas Sec’y Mnuchin in conversation with IIF Pres/CEO (8:30am et) Jamie
Dimon (CEO JPM), Laurence Fink (CEO BLK), James Gorman (MS CEO) Lunch
speakers on "View from the C-Suite: US" (12:30pm et)
ECB’s Draghi & Mersch participate in IMF/World Bank Grp Mtg, "Shaping
the Europe of the Future" (D.C.)
Peterson Institute "Rethinking Macroeconomic Policy" includes paper by Jason
Furman, discussant Carmen Reinhart, moderated by Olivier Blanchard (D.C.)
Clinton Global Initiative (CGI) at Northeastern University (Boston MA thru 15th)
Fed Gov. Stanley Fischer Leaves the Fed (voluntarily resigned)
Fed’s Rosengren opens Boston Fed’s 61st Economic Conference
"Are Rules Made to be Broken? Discretion & Monetary Policy" (8:30am et) John
Taylor & Donald Kohn (9am), Fed Gov. Powell keynotes (1pm et (Boston)
US Aug Business Inventories
U.M. (P) Oct Consumer Sentiment
Fed’s Evans participant in 7th Annual Wisconsin Summit on Financial
Literacy w/Q&A (10:25am Green Bay WI)
Fed’s Kaplan particpates in Q&A at 2017 CFA Institute’s Fixed Income
Management Conference (Boston 11:30am et)
Baker-Hughes weekly US/North American Rig Count (1pm et)
SATURDAY, 10/14
Lawrence H. Summers (Harvard) breakfast "conversation" w/IIF Pres/CEO
(7:45am et)
Frederic S Mishkin at Boston Fed Conference on "Improving the Use of Discretion in
Monetary Policy" (10:45am et)
WEEKS AHEAD: 10/15 Fed’s Yellen, BPoC’s Zhou,
BoJ’s Kuroda, ECB’s Constancio, RBI’s Patel, Bundesbank’s Weidmann,
Agustin Carstens (Banco de Mexico), & Jin Liqun, Pres of Asian Infrastructure
Investment Bank all speakers @32nd G30 Int’l Banking Seminar to
Coincide with IMF/World Bank Grp Jt Fall Meeting (D.C.)
10/18 Federal Reserve’s Beige Book
10/25 Bk of Canada MPC Meets
10/26 ECB MPC Meets
Norges (Norway) MPC Meets
10/31 BoJ MPC Meets
10/31—11/01 FOMC Meets (one month into balance sheet unwind)
EARNINGS: (We cover only the major
money center banks and largest regionals, the rest left off except for this week to
reinforce the bank theme dominating. We no longer separate pre-market open from after
market closes releases because it took too much time. We drop "the" in a
corporate name except when it’s integral to the ticker.")
MONDAY, 10/09: HCSG, LVMH
TUESDAY, 10/10: CUDA
WEDNESDAY, 10/11: OZRK, HAWK, BLK, DAL, FAST, VAC, ONCS
THURSDAY, 10/12: C, CBSH, DPZ, EXFO, JPM, LNN
FRIDAY, 10/13: BAC, DFRG, FHN, FRC, JBHT, PNC, WFC
EVENTS:
CONTINUING SUNDAY, 10/08
AHIMA-Health Information Management Convention/Expo(Los Angeles CA thru 11th)
12th Emerging Infectious Disease Week (San Diego CA)
The NECA (Nat’l Electrical & Comm Ass’n) Energy Forum & Trade
Show (Seattle WA)
ESNA: Energy Storage North America (Pasadena CA)
Retina Society 47th Annual Scientific Meeting (Boston MA)
4th Strategas Investment Forum (Tucker’s Point Bermuda)
AABB: Am. Assoc. of Blood Banks+ Cellular Therapy CTTXPO (San Diego thru 10th)
ASPS/PSD Plastic Surgery The Meeting (Orlando FL thru 10th)
Traders4ACause (Las Vegas NV)
EACTS: European Ass’n of Cardio Thoracic Surgery (Vienna Austria thru 11th)
Salesforce.com (CRM) Dreamforce (San Francisco CA thru 9th)
ComicCon New York (NY)
STARTING SUNDAY, 10/08
EEI (Edison Electric Institute) National Key Accounts Workshop (Nat’l Harbor MD
thru 11th)
AGA (Am Gas Ass’n) State Affairs Fall Cmte Meeting (Scottsdale AZ thru 11th)
NBWA Beer Wholesalers (Las Vegas thru 11th)
ASBMR Bone & Mineral Science Annual (Denver CO thru 12th)
FACSS: SCIX Analytical Chemistry (Reno NV thru 13th)
MS&T ASM Materials Science & Technology (Pittsburgh PA thru 12th)
Titanium USA (Hollywood FL thru 11th)
Am. Public Transportation Ass’n Annual Meeting/Expo (Atlanta GA thru 11th)
ACLI Life Insurance (Orlando thru 10th)
102nd AACC Cereal Chemists (San Diego thru 11th)
WPA World Congress of Psychiatry (Berlin Germany thru 12th)
Cerner (CERN) CHC Physician & Health Conference (Kansas City MO thru 12th)
Chicago Marathon (Chicago IL)
MONDAY, 10/09
US Treasury Market Closed for Columbus Day
Reuters Global Commodities & Resources Summit (Houston, NY, London, Singapore,
Toronto thru 13th)
American Solar 2017 Forum (Denver thru 12th)
CTA (Consumer Tech Ass’n) Innovate! & Celebrate (San Francisco thru 11th)
BoB Best of Breed Conference (Atlanta thru 10th)
Fortune MPW Most Powerful Women Int’l 2017 (D.C. thru 11th)
AUSA (Defense) Annual Meeting/Expo (D.C. thru 11th)
Technical Meeting Rubber Div Int’l Elastomer Conference (Cleveland OH thru 12th)
Debtwire Leveraged Finance Day (London thru 10th)
FIPP World (Magazine) Congress (London thru 11th)
Borsa Italiana STAR Conference (London thru 10th)
Macquarie Western Australia Forum (Perth Australia thru 12th)
JPMorgan BYD=HK $100 Discovery Tour (Shenzhen China)
Citi FinTech Tour (Beijing, Shanghai, Hangzhou, China thru 13th)
ShopTalk Europe (Copenhagen Denmark thru 11th)
IBM (IBM) Cloud University (Munich, Germany thru 13th)
Oracle (ORCL) JAX 2017 Java + (London thru 12th)
Workday (WDAY) Rising (Chicago thru 12th)
TUESDAY, 10/10
RBC Capital Global Towers Investor Day (Chicago)
Chardan Gene Therapy Conference (NY)
Digital Hollywood Experience Fall (Los Angeles thru 12th)
NDIA Defense Systems Procurement Division (Arlington VA thru 11th)
RIA Robot Safety Conference (Pittsburgh PA thru 12th)
Credit Suisse Blockchain & Cryptocurrency Symposium (NY)
Secure Technology Alliance IoT Payments (Austin TX thru 11th)
Wall Street Journal Global Food Forum (tech transforming food biz NY)
SGIA (Specialty Printing) & FlexTech Printed Electronics Symposium (New Orleans
LA thru 12th)
Brand Licensing Europe (London thru 12th)
Instinet’s Covering Beauty Conference: "The Online Beast (NY)
Wolfe Research Airlines Qtrly Earnings lunch (NY)
Wolfe Research Transport Earnings Preview Lunch (Boston)
Canada FinTech Forum (Montreal Canada thru 11th)
IHS Automotive Conference Tokyo (Japan)
Nomura HK China Transportation & Logistics Corporate Day (Hong Kong)
World Retail Congress Asia Pacific (Hong Kong thru 11th)
FDA PEAC-Patient Engagement AdCom (on device clinical trials thru 11th)
Agile Therapeutics (AGRX) Analyst Day (NY 11am et)
BoxWorks (BOX): the Blueprint for the Future of Work (San Francisco thru 12th)
IBM (IBM) Z Technical University (Berlin Germany thru 13th)
nVidia (NVDA) GPU Tech Conference Europe (Munich, Germany thru 12th)
Oracle (ORCL) HCM Users Group Conference (Las Vegas thru 13th)
Procter & Gamble (PG) shareholder meeting, Mngmnt challenged by Nelson
Peltz/Trian
Safeguard Scientifics (SFE) Investor Luncheon (NY noon)
Spark Networks Inc (LOV) roadshow w/B Riley (NY)
Tech Data (TECD) Investor Day (8:30am)
Walmart (WMT) 24th Annual Meeting for Investment Community (NY 8am et)
Workday (WDAY) Financial Analyst Day @Workday Rising (Chicago
WEDNESDAY, 10/11
Oppenheimer Specialty Pharma Summit (NY)
9th Annual Transmission Summit West w/Electric Power & Renewable Energy
Executive Forum (San Diego thru 13th)
FMA Finance Managers Ass’n Annual Meeting (Boston thru 14th)
IIF Institute of International Finance Annual Meeting (D.C. thru 14th)
In-Cosmetics North America (NY thru 12th)
SPE Global Plastics Summit (Chicago thru 13th)
Lightshow West (Los Angeles thru 12th)
NABOB (Black-owned Broadcasters) 41st Fall Power of Urban Radio Annual
Conference (Washington D.C. thru 12th))
ACVS Veterinary Surgery Summit (Indiannapolis IN thru 14th)
2017 AXS: Veritix Sports Facilities & Ticketing Franchises (Atlanta thru 13th)
UBS Business Services, Leisure & Transport "Conferences"
(London thru 13th)
Jefferies Hoare Govett Forum (London)
Frankfurt Book Fair (Frankfurt Germany thru 15th)
JPMorgan China A-Share Opportunities Forum (Hong Kong thru 13th)
Nomura Taiwan Corporate Day (Hong Kong thru 13th)
Taitronics Taipei Int’l Electronics Show (Taipei Taiwan)
Silver Institute 16th China International Silver Conference (Chengdu
China thru 13th)
Abeona Therapeutics (ABEO) R&D Day (NY)
Akamai (AKAM) Edge (Las Vegas thru 13th)
Facebook (FB) Oculus Connect DevCon (San Jose CA thru 12th)
Kroger (KR) Investor Conference (9am et)
Macquarie Vancouver Analyst Day
THURSDAY, 10/12
Jefferies NYC Gene Therapy, Gene Editing & Novel Technologies Summit (NY)
SABEW Society of Business Editors & Writers Fall Meeting (NY thru 13th)
Automotive News Retail Forum (Chicago)
ASHA American Senior Housing Chairman’s Circle Event (Cedar Creek TX thru 13th)
Retailing Summit @Texas A&M Mays Business School (Dallas TX thru 13th)
24th Annual High Tech (OCTANe) Innovation Awards (Newport Beach CA)
2nd Global Summit on Diagnostic Precision for Prostate Cancer (Boston
thru 14th)
Fall Clinical Dermatology Conference (Las Vegas thru 15th)
Urologic Oncology (Houston TX thru 14th)
Citi West Coast Retail Roundtable (San Francisco)
JPMorgan European Tech Stars (London)
Global Mining Finance Autumn Conference (London)
Credit Suisse Prime Services Thought Leaderhip Conference (London)
Wolfe Research Qtrly Cruise, Gaming & Lodging Lunch (NY)
BPI France Inno Generation (Paris France)
BSAAM Anti-Ageing Conference (London thru 14th)
Citi Moscow Exchange Forum: NY 2017 (NY)
Citi Greater China CEO & CFO Day (includes NAND outlook Hong Kong)
Nomura Taiwan Corporate Day (Hong Kong thru 13th)
Box (BOX) Financial Analyst Day @BoxWorks (San Francisco noon pt)
HP (HPQ) Securities Analyst Meeting
Lattice Semiconductor (LSCC) Analyst/Investor Day (NY 10am est)
Macquarie Montreal Analyst Day
QVC (QVCA) Charity FFANY Sample Shoe Sale (6pm –9pm et)
Spark Therapeutics (ONCE) FDA Cellular Tissue & Gene Therapies AdCom to
consider RPE65, aka Voretigene Neparvovec to treat vision loss due to retinal dystrophy
(FDA)
Spartan Motors (SPAR) analyst/investor day and vehicle demos at Jacobs Center (NY
8am edt)
US Powerboat Show (Annapolis MD thru 15th)
FRIDAY, 10/13
2nd Interdisciplinary Conf. on Supportive Care, Hospice & Palliative
Medicine (Houston thru 14th)
ACG: Am. College of Gastroenterology Annual Scientific Mtg (Orlando FL thru 18th)
UBS Support & Business Services Conference (London)
UBS Houston Energy Bus-less Tour (thru 15th)
ESMO MAP: Molecular Analysis for Personalised Therapy (Zurich Suisse thru 14th)
Deutsche Bank China Environmental Protection & Clean Energy Corporate
Day (Hong Kong)
AdvisorShares Closes 2 Gartman ETFs: GEUR & GYEN (distribution to shareholders
on 20th)
Aerie Pharmaceuticals (AERI) NDA 208254 for netarsudil ophthalmic solution 0.02% to
be considered by FDA Dermatologic & Ophthalmic Drugs AdCom to reduce intraocular
pressure in patients with glaucoma or ocular hypertension
The Finish Line Inc (FINL) roadshow with B Riley (NY)
SnowMobile USA (Milwaukee WI thru 15th)
MOVIES OPENING: Those opening this week will be up against Blade Runner 2049
Juggernaut. "Marshall" about Thurgood Marshall, the Supreme Court Justice
who cooperated on the film. Stars Chadwick Boseman, Josh Gad, Kate Hudson, Sterling K
Brown, distributed by Sony (SNE) Internationally, Open Road domestically, and
curiously, China Wit media was one of the 3 main producers. "The Foreigner,"
with Katie Leung, Jackie Chan, Rufus Jones, Mark Tandy, Pierce Brosnan, a slain
girl’s father seeks justice, based on 1992 novel, The Chinaman, by Stephen Leather.
via STXfilms. Director Martin Campbell last directed Pierce Brosnan in 1995’s
"GoldenEye." "Happy Death Day" with Jessica Rothe, Israel
Broussard, Ruby Modine, Rachel Matthews, the promos for the film playing up "Friday
the 13th," in a film with a "Groundhog Day" twist: A woman keeps
reliving the day she was murdered, until she figures out who her killer is, via Blumhouse
Productions, distributed by Universal Pictures (CMCSA) . How this wrangled at PG-13
Rating is beyond everyone who’s seen it. "Professor Marston and the Wonder
Women," the story of psychologist Dr. William Moulton Marston, who created Wonder
Woman, the film centering on his wife’s relationship with his mistress, and how that
imbued Wonder Woman with certain characteristics. The film stars Luke Evans, Rebecca Hall,
and Bella Heathcote, was written & directed by Angela Robinson, Marston invented the
polygraph (lie detector), so not so surprising that Wonder Woman’s lasso forces
people to tell the truth. Distributed by Annapuma Pictures in the USA, and Sony Pictures (SNE)
everywhere else. In limited release: "Breathe," from first time director
Andy Serkis, with stars Diana Rigg, Claire Foy, Andrew Garfield, distribution in the US by
Bleecker Street & Participant Media, in the UK by STX Entertainment. While it’s
biographical, and at its core a love story, a relationship tested by polio seems too
distant to capture young viewers, who are the biggest spenders at movie theaters.
SATURDAY, 10/14
High Point Furniture Market (High Point NC thru 18th)
Fall Clinical Dermatology Conference (Las Vegas NV)
ACG: Am. College of Gastroenterology Annual Scientific Mtg (Orlando FL thru 18th)
AES Enhancing Audio Description EAD (NY)
US Powerboat Show (Annapolis MD)
SnowMobile USA (Milwaukee WI)
Frankfurt Book Fair (Frankfurt Germany) EARLIER 2017 COMMENTS HERE
© Sandi Lynne 2017 Nothing contained in this commentary should be construed as a
recommendation to buy or sell any security. The opinions expressed are the author’s,
alone and should be just one factor in more complete due diligence.
Enjoy last week's highlights. I'm retired, now, and prepare what I like, when I want,
Regards
Sandi Lynne
(c) 1998--2017
Sandi Lynne