MORNING CALL 7/1

MORNING CALL

Friday, July 1st, 2016View Older Reports

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OVERNIGHT MARKETS AND NEWS

Sep E-mini S&Ps (ESU16 -0.10%) are down -0.12% and European stocks are down -0.03% as the market consolidates following the sharp rally over the past three days. Stocks were under pressure on Chinese growth concerns after a private gauge of Chinese manufacturing activity unexpectedly fell. Losses in European stocks were limited after manufacturing activity in the Eurozone last month was revised up to a 6-month high. Global government bond markets rallied on speculation that the world's central banks will boost stimulus to contain the fallout from the Brexit vote after BOE Governor Carney signaled on Thursday the BOE could cut interest rates within months. The yield on the UK 10-year gilt fell to a record low of 0.776% and the 10-year yield on the Japanese 10-year bond fell further into negative territory as it slid to a record low -0.255%. Asian stocks settled higher: Japan +0.68%, Hong Kong closed for holiday, China +0.10%, Taiwan +0.83%, Australia +0.25%, Singapore +0.19%, South Korea +0.97%, India +0.54%.

The dollar index (DXY00 -0.42%) is down -0.40%. EUR/USD (^EURUSD) is up +0.14%. USD/JPY (^USDJPY) is down -0.56%.

Sep T-note prices (ZNU16 +0.39%) are up +20 ticks on the heels of rallies in UK gilts and Japanese bonds to record highs.

The Eurozone Jun Markit manufacturing PMI was revised upward to a 6-month high of 52.8 from the originally reported 52.6.

The China Jun Caixin manufacturing PMI fell -0.6 to 48.6, weaker than expectations of unch at 49.2 and the steepest pace of contraction in 4 months.

The Japan Q2 Tankan large manufacturing business conditions was unchanged at 6, stronger than expectations of -2 to 4.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) final-Jun Markit manufacturing PMI (expected -0.1 to 51.3, prelim-Jun +0.7 to 51.4), (2) Jun ISM manufacturing index (expected unch at 51.3, May +0.5 to 51.3), (3) May construction spending (expected +0.6%, Apr -1.8% m/m), and (4) Jun total vehicle sales expected 17.29 million, May 17.37 million.

There is 1 of the Russell 1000 companies that reports earnings today: Alere (consensus $0.54).

U.S. IPO's scheduled to price today: Gemphire Therapeutics (GEMP), Randolph Bancorp (RNDB).

Equity conferences today include: none.

OVERNIGHT U.S. STOCK MOVERS

Micron Technology (MU +4.32%) slumped over 9% in pre-market trading after it reported Q3 net sales of $2.90 billion, below consensus of $2.96 billion, and forecast Q4 revenue of $2.9 billion-$3.2 billion, less than consensus of $3.21 billion.

SolarCity (SCTY -1.48%) was downgraded to 'Neutral' from 'Ourperform' at Credit Suisse with a target price of $27.

Concern Pharmaceuticals (CNCE -0.53%) was rated a new 'Buy' at Stifel with a 12-month price target of $23.

Preferred Bank/Los Angeles (PFBC +0.49%) was rated a new 'Outperform' at FBR Capital Markets with a 12-month price target of $37.

Skyworks Solutions (SWKS +2.51%) was downgraded to 'Neutral' rom 'Buy' at Mizuho Securities with a 12-month price target of $68.

Huntington Ingalls Industries (HII +2.18%) won a $272.5 million contract from the U.S. Navy to build the LHA 8, a large-deck amphibious assault warship.

Netflix (NFLX +0.46%) rose over 3% in after-hours trading after 7Park had positive comments on Netflix Q2 international subscribers.

Tesla (TSLA +0.99%) fell over 2% in after-hours trading after the U.S. National Highway Safety Administration (NHTSA) said it opened an investigation into a fatal crash involving a Tesla Model S sedan when the 'Autopilot' feature was engaged.

Mobileye (MBLY +9.96%) dropped over 4% in after-hours trading after the NHTSA said it opened a preliminary investigation into a fatal crash involving a Tesla car using Mobileye's 'Autopilot' feature.

Wingstop (WING -0.18%) gained over 3% in after-hours trading after it set a $2.90 special dividend and closed on a new $180 million senior secured debt facility.

Franklin Covey (FC +5.87%) tumbled 12% in after-hours trading after it reported an unexpected -7 cent Q3 EPS loss, much weaker than consensus for a 7 cent gain.

Array BioPharma (ARRY +2.01%) climbed over 5% in after-hours trading after it submitted an application to the FDA for approval for its bibimetinib in patients with advanced NRAS-mutant melanoma.

MARKET COMMENTS

September E-mini S&Ps (ESU16 -0.10%) this morning are down -2.50 points (-0.12%). Thursday's closes: S&P 500 +1.36%, Dow Jones +1.33%, Nasdaq +1.21%. The S&P 500 on Thursday closed higher on signs that global central banks will take the necessary measures to address the Brexit crisis after BOE Governor Carney said the BOE may need to loosen monetary policy to contain the fallout from the UK's Brexit vote. Stocks were also boosted by the +7.5 point increase in the Jun Chicago PMI to a 17-month high of 56.8, stronger than expectations of +1.7 to 51.0. Stocks were undercut by Dallas Fed President Kaplan's comment that the likely effect of the Brexit vote will be to slow GDP growth.

Sep 10-year T-note prices (ZNU16 +0.39%) this morning are up +20 ticks. Thursday's closes: TYU6 -2.50. FVU6 +2.50. Sep T-notes on Thursday closed lower on reduced safe-haven demand with the rally in stocks and on the larger-than-expected +7.5 point gain in the Jun Chicago PMI to a 17-month high. T-notes found support on the rally in UK gilt prices to a record high after BOE Governor Carney said the BOE may need to boost easing measures to contain the effects of the Brexit crisis.

The dollar index (DXY00 -0.42%) this morning is down -0.388 (-0.40%). EUR/USD (^EURUSD) is up +0.0016 (+0.14%). USD/JPY (^USDJPY) is down-0.58 (-0.56%). Thursday's closes: Dollar Index +0.374 (+0.39%), EUR/USD -0.0019 (-0.17%), USD/JPY +0.37 (+0.36%). The dollar index on Thursday close higher on weakness in GBP/USD which fell back toward Monday's 30-3/4 year low after BOE Governor Carney said the BOE may need to loosen monetary policy to contain the fallout from the UK's Brexit vote. The dollar index also received a boost from signs of U.S. economic strength after the Jun Chicago PMI expanded at its fastest pace in 17 months.

Aug WTI crude oil (CLQ16 -0.50%) this morning is down -19 cents (-0.39%). Aug gasoline (RBQ16 -1.85%) is down -0.0256 (01.71%). Thursday's closes: CLQ6 -1.48 (-2.97%), RBQ6 -0.0378 (-2.46%). Aug crude oil and gasoline on Thursday closed lower on the stronger dollar and on the announcement by Nigeria's oil minister that his government began a cease-fire with rebels in the Delta region, which may lead to increased Nigerian oil production as rebels stop attacks on Nigeria's oil infrastructure.

GLOBAL EVENT CALENDAR07/01/2016

		Friday, July 1, 2016
US	0945 ET	Final-Jun Markit manufacturing PMI expected -0.1 to 51.3, prelim-Jun +0.7 to 51.4.
	1000 ET	Jun ISM manufacturing index expected unch at 51.3, May +0.5 to 51.3. Jun ISM new orders, May -0.1 to 55.7. Jun ISM employment, May unch at 49.2. Jun ISM prices paid expected unch at 63.5, May +4.5 to 63.5.
	1000 ET	May construction spending expected +0.6%, Apr -1.8% m/m.
	n/a	Jun total vehicle sales expected 17.29 million, May 17.37 million. Jun domestic vehicle sales expected 13.40 million, May 13.33 million.
		Monday, July 4, 2016
US	n/a	U.S. markets and government offices closed for Independence Day.
UK	0430 ET	UK Jun Markit/CIPS construction PMI, May 51.2.
EUR	0430 ET	Eurozone Jul Sentix investor confidence, Jun +3.7 to 9.9.
	0500 ET	Eurozone May PPI, Apr -0.3% m/m and -4.4% y/y

U.S. STOCK CALENDAR07/01/2016

Company	Ticker	Time	Event Description	Period	Estimate
Alnylam Pharmaceuticals Inc	ALNY	8:30	Patisiran and Revusiran Clinical Results Call
Ford Motor Co	F	9:15	June 2016 Sales and Revenue Release	2016
Ball Corp	BLL	9:30	Business Update Call
Ford Motor Co	F	10:00	June 2016 Sales and Revenue Call	2016
Akorn Inc	AKRX	11:00	Annual General Meeting	2016
Procter & Gamble Co/The	PG		CEO David Taylor to Succeed A.G. Lafley as Chairman: NSN O840KJ6S973D
Bed Bath & Beyond Inc	BBBY		Annual General Meeting
Alere Inc	ALR		Q1 2016 Earnings Release

British American Tobacco Industries - Chart of the Day

British American Tobacco Industries (BTI) is the Barchart Chart of the Day.  The tobacco industries holding company has a Trend Spotter buy signal, a Weighted Alpha of 23.60+ , gained 19.43% in the last year and paid a 3.56% dividend.

The Chart of the Day belongs to British American Tobacco Industries (BTI).  I found the tobacco holding stock by using Barchart to sort today's All Time High list first for the most frequent new highs in the last month, then again for technical buy signals of 80% or more.  I always use the Flipchart feature to review the charts for consistency.

British American Tobacco is the holding company of a group of companies which manufacture, market and sell tobacco products.

The status of Barchart's Opinion trading systems are listed below. Please note that the Barchart Opinion indicators are updated live during the session every 10 minutes and can therefore change during the day as the market fluctuates. The indicator numbers shown below therefore may not match what you see live on the Barchart.com web site when you read this report.

Barchart technical indicators:

• 100% technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 10 new highs and up 8.17% in the last month
• Relative Strength Index 34.37%
• Technical support level at 126.11
• Recently traded at 130.34 with a 50 day moving average of 121.99

Fundamental factors:

• Market Cap $111.02
• Dividend yield 3.56%
• Revenue expected to be down .50% this year but up again by 4.20% next year
• Earnings estimated to increase by 3.70% this year, a additional 12.00% next year and continue to compound annually at a rate of 6.20% for the next 5 years
• Wall Street analysts issued 2 strong buy and 1 hold recommendation for the stock

Spire - Chart of the Day

Spire (SR) is the Barchart Chart of the Day.  The gas utility company has a Trend Spotter buy signal, A Weighted Alpha of 33.60+, gained 33.65% in the last year and paid a 2.82% dividend.

The Chart of the Day belongs to Spire (SR).  I found the natural gas utility stock by using Barchart to sort today's All Time High list first for the highest number of new highs in the last month, then again for technical buy signals of 80% or more.  Next I used the Flipchart feature to review the charts for consistency.

Spire Inc. is a public utility company which is engaged in the purchase, retail distribution, sale and marketing of natural gas. Its operating segment consists of Gas Utility and Gas Marketing. Gas Utility segment includes the regulated operations of Laclede Gas and Alabama Gas Corporation. Gas Marketing segment is engaged in the marketing of natural gas and related activities on a non-regulated basis. Spire Inc, formerly known as The Laclede Group Inc., is headquartered in St. Louis, Missouri.

The status of Barchart's Opinion trading systems are listed below. Please note that the Barchart Opinion indicators are updated live during the session every 10 minutes and can therefore change during the day as the market fluctuates. The indicator numbers shown below therefore may not match what you see live on the Barchart.com web site when you read this report.

Barchart technical indicators:

• 80% technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 19 new highs and up 8.45% in the last month
• Relative Strength Index 71.93%
• Technical support level at 68.52
• Recently traded at 69.43 with a 50 day moving average of 65.32

Fundamental factors:

• Market Cap $3.02 billion
• P/E 21.11
• Dividend yield 2.82%
• Revenue expected to be down 13.70% this year but grow again by 3.60% next year
• Earnings estimated to increase 6.30% this year, an additional 4.10% next year and continue to compound at an annual rate of 4.52% for the next 5 years
• Wall Street analysts issued 2 strong buy, 2 buy, 3 hold and 2 under perform recommendations on the stoxk

The 5 Best NASDAQ 100 stocks for Momentum Investors

Today I used Barchart to sort the NASDAQ 100 Index stocks first for the highest short term buy signals, then I used the Flipchart feature to review the charts for consistency.  Today's additions to the Watchlist include:

SBA Communications (SBAC), Paychex (PAYX), Netease (NTES), Intuitive Surgical (ISRG) and Intuit (INTU)

SBA Communications (SBAC)

Barchart technical indicators:

• 100% technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 9 new highs and up 8.69% in the last month
• Relative Strength Index 62.51%
• Technical support level at 103.31
• Recently traded at 107.44 with a 50 day moving average of 101.47

Paychex (PAYX)

Barchart technical indicators:

• 100% technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 8 new highs and up 3.33% in the last month
• Relative Strength Index 61.18%
• Technical support level at 55.49
• Recently traded at 56.14 with a 50 day moving average of 53.55

Netease (NTES)

Barchart technical indicators:

• 100% technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 2 new highs and up 3.24% in the last month
• Relative Strength Index 67.13%
• Technical support level at 167.83
• Recently traded at 657.72 with a 50 day moving average of 636.00

Intuitive Surgical (ISRG)

Barchart technical indicators:

• 88% technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 6 new highs and up 3.21% in the last month
• Relative Strength Index 59.03%
• Technical support level at 633.01
• Recently traded at 657.72 with a 50 day moving average of 636.00

Intuit (INTU)

Barcart technical indicators:

• 96% technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 4 new highs and up 1.30% for the last month
• Relative Strength Index 58.40%
• Technical support level at 105.66
• Recently traded at 109.29 with a 50 day moving average of 104.68

MORNING CALL 6/30

MORNING CALL

Thursday, June 30th, 2016View Older Reports

Everything you need to know about the markets in one free daily newsletter.

E-mail:  

You will also receive a free subscription to the Barchart family of newsletters.

OVERNIGHT MARKETS AND NEWS

Sep E-mini S&Ps (ESU16 +0.17%) are up +0.25% and European stocks are up +0.80%. A rally in U.S. bank stocks is leading the overall market higher with Goldman Sachs, Bank of America and Citigroup all up over 1% in pre-market trading after they passed the Fed's annual stress tests and said they will increase their stock buyback programs. A +0.16% gain in copper prices (HGU16 -0.05%) to a 1-3/4 month high is giving European mining stocks a lift, as is data that showed German May retail sales rose +0.9% m/m, the biggest increase in 10 months. Asian stocks settled mostly higher: Japan +0.06%, Hong Kong +1,75%, China -0.07%, Taiwan +0.93%, Australia +1,77%, Singapore +1.73%, South Korea +0.75%, India +0.97%.

The dollar index (DXY00 -0.33%) is down -0.31%. EUR/USD (^EURUSD) is up +0.16% after Eurozone Jun CPI rose more than expected, which reduces the chances of additional ECB stimulus. USD/JPY (^USDJPY) is down -0.04%.

Sep T-note prices (ZNU16 -0.26%) are down -13.5 ticks.

German May retail sales rose +0.9% m/m, stronger than expectations of +0.6% m/m and the largest increase in 10 months.

The Eurozone Jun CPI estimate rose +0.1% y/y, stronger than expectations of unch y/y. The Jun core CPI rose +0.9% y/y, stronger than expectations of +0.8% y/y.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) weekly initial unemployment claims (expected +8,000 to 267,000, previous -18,000 to 259,000) and continuing claims (expected +9,000 to 2.151 million, previous -20,000 to 2.142 million), (2) Jun Chicago PMI (expected +1.7 to 51.0, May -1.1 to 49.3), (3) St. Louis Fed President James Bullard speaks at the Society of Business Economists’ dinner in London, (4) USDA weekly Export Sales, and (5) USDA Q2 Quarterly Grain Stocks and 2016 U.S. planted acreage.

There are 7 of the Russell 1000 companies report earnings today: McCormick (consensus $0.74), Paychex (0.49), Constellation Brands (1.52), Darden Restaurants (1.09), ConAgra Foods (0.52), Micron Technology (-0.10), Alere (0.58).

U.S. IPO's scheduled to price today: Tactile Systems Technology (TCMD)

Equity conferences during the remainder of this week include: none.

OVERNIGHT U.S. STOCK MOVERS

JPMorgan Chase (JPM +2.82%) , Bank of America (BAC +3.86%) ,and Goldman Sachs (GS +2.17%) all rose over 1% in pre-market trading after they passed the Fed's CCAR stress tests without conditions.

Marriott International (MAR +3.69%) was upgraded to 'Buy' from 'Hold' at Evercore ISI with a price target of $75.

American International Group (AIG +3.29%) was upgraded to 'Overweight' from 'Neutral' at Atlantic Equities with a 12-month price target of $60.

Progress Software (PRGS +1.74%) rallied 5% in after-hours trading after it reported Q2 adjusted EPS of 33 cents, higher than consensus of 29 cents.

CIT Group (CIT +4.28%) climbed 6% in after-hours trading after it sold its Canadian Equipment Finance and Corporate Finance businesses to Laurentian Bank of Canada.

Pier 1 Imports (PIR +4.02%) slid 3% in after-hours trading after it lowered guidance on full-year adjusted EPS to 32 cents-40 cents from an April 13 view of 42 cents-50 cents.

Shutterstock (SSTK +4.47%) rose over 1% in after-hours trading after it was announced that it will replace Southwest Gas in the S&P Smallcap 600.

Alliant Energy (LNT +0.03%) gained 0.5% in after-hours trading after it was announced that it will replace AGL Resources in the S&P 500 after the close of trading on Thursday, June 30.

Tractor Supply (TSCO +1.06%) dropped over 7% in after-hours trading after it reported Q2 revenue of $1.85 billion, below consensus of $1.93 billion, and then lowered guidance on full-year EPS to $3.35-$3.40 from a prior view of $3.40-$3.48.

Citigroup (C +4.15%) rose over 2% in after-hours trading after it announced a $8.6 billion stock buyback and said it will lift its quarterly dividend to 16 cents from 5 cents.

Stone Energy (SGY +4.03%) jumped over 7% in after-hours trading after it said it ended its pact with ESV and ended its contract with Midstream and entered into a new gas gathering, processing pact with Williams at Mary Field in Appalachia.

Care.com (CRCM +2.79%) surged 18% in after-hours trading after it received a $46.35 million investment from Google Capital, who will add a representative to CRCM's board and is now the company's largest shareholder.

MARKET COMMENTS

September E-mini S&Ps (ESU16 +0.17%) this morning are up +5.25 points (+0.25%). Wednesday's closes: S&P 500 +1.70%, Dow Jones +1.64%, Nasdaq +1.73%. The S&P 500 on Wednesday closed sharply higher on reduced Brexit concerns on speculation global central banks will take the necessary measures to mitigate the damage done by the UK's decision to leave the European Union. Stocks were also boosted by the as-expected +0.4% increase in U.S. May personal spending and by strength in energy producers after crude oil prices climbed +4.24%. Stocks were undercut by the-3.7% m/m decline in U.S. May pending home sales, the largest monthly decline in 6 years.

Sep 10-year T-note prices (ZNU16 -0.26%) this morning are down -13.5 ticks. Wednesday's closes: TYU6 -6.00. FVU6 -4.00. Sep T-notes on Wednesday closed lower on reduced safe-haven demand with the 2-day recovery rally in stocks and the Atlanta Fed's hike in its U.S. Q2 GDP estimate to 2.7% from a previous estimate of 2.6%.

The dollar index (DXY00 -0.33%) this morning is down -0.296 (-0.31%). EUR/USD (^EURUSD) is up +0.0018 (+0.16%). USD/JPY (^USDJPY) is down-0.04 (-0.04%). Wednesday's closes: Dollar Index -0.476 (-0.49%), EUR/USD +0.0060 (+0.54%), USD/JPY +0.08 (+0.08%). The dollar index on Wednesday closed lower on the weaker-than-expected U.S. May pending home sales report of -3.7% and the as-expected increase in German Jun CPI, which may keep the ECB from expanding stimulus and boosted EUR/USD.

Aug WTI crude oil (CLQ16 -1.06%) this morning is down -43 cents (-0.86%). Aug gasoline (RBQ16 -0.13%) is up +0.0002 (+0.01%). Wednesday's closes: CLQ6 +2.03 (+4.24%), RBQ6 +0.0184 (+1.21%). Aug crude oil and gasoline on Wednesday settled higher on the weaker dollar and the -4.05million bbl decline in EIA crude inventories (vs expectations of -2.5 million bbl). Crude oil was also boosted by the -0.6% drop in U.S. crude production in the week ended Jun 24 to a 1-3/4 year low of 8.622 million bpd. Gasoline prices were undercut on news that EIA gasoline stockpiles unexpectedly rose +1.37 million bbl, more than expectations for a -300,000 bbl decline.

GLOBAL EVENT CALENDAR06/30/2016

		Thursday, June 30, 2016
US	0830 ET	Weekly initial unemployment claims expected +8,000 to 267,000, previous -18,000 to 259,000. Weekly continuing claims expected +9,000 to 2.151 million, previous -20,000 to 2.142 million.
	0830 ET	USDA weekly Export Sales.
	0945 ET	Jun Chicago PMI expected +1.7 to 51.0, May -1.1 to 49.3.
	1200 ET	USDA Q2 Quarterly Grain Stocks and 2016 U.S. planted acreage.
	1330 ET	St. Louis Fed President James Bullard speaks at the Society of Business Economists dinner in London.
CHI	2100 ET	China Jun manufacturing PMI expected -0.1 to 50.0, May unch at 50.1. Jun non-manufacturing PMI, May -0.4 to 53.1.
	2145 ET	China Jun Caixin manufacturing PMI expected unch at 49.2, May -0.2 to 49.2.
		Friday, July 1, 2016
US	0945 ET	Final-Jun Markit manufacturing PMI expected -0.1 to 51.3, prelim-Jun +0.7 to 51.4.
	1000 ET	Jun ISM manufacturing index expected +0.1 to 51.4, May +0.5 to 51.3. Jun ISM new orders, May -0.1 to 55.7. Jun ISM employment, May unch at 49.2. Jun ISM prices paid expected +0.1 to 63.6, May +4.5 to 63.5.
	1000 ET	May construction spending expected +0.6%, Apr -1.8% m/m.
	n/a	Jun total vehicle sales expected 17.29 million, May 17.37 million. Jun domestic vehicle sales expected 13.40 million, May 13.33 million.
JPN	0100 ET	Japan Jun vehicle sales, May +6.6% y/y.
	0100 ET	Japan Jun consumer confidence index expected +0.2 to 41.1, May 40.9.
GER	0355 ET	Revised German Jun Markit/BME manufacturing PMI, prelim-Jun +2.3 to 54.4.
EUR	0400 ET	Revised Eurozone Jun Markit manufacturing PMI, prelim-Jun +1.1 to 52.6.
	0500 ET	Eurozone May unemployment rate expected -0.1 to 10.1%, Apr unch at 10.2%.
UK	0430 ET	UK Jun Markit manufacturing PMI expected +0.1 to 50.2, May +0.7 to 50.1.
	0430 ET	UK Q1 labor costs expected +1.5% y/y, Q4 +1.3% y/y.

U.S. STOCK CALENDAR06/30/2016

Company	Ticker	Time	Event Description	Period	Estimate
McCormick & Co Inc/MD	MKC	Bef-mkt	Q2 2016 Earnings Release	Q2 2016	0.741
Paychex Inc	PAYX	Bef-mkt	Q4 2016 Earnings Release	Q4 2016	0.489
Constellation Brands Inc	STZ	Bef-mkt	Q1 2017 Earnings Release	Q1 2017	1.519
Darden Restaurants Inc	DRI	Bef-mkt	Q4 2016 Earnings Release	Q4 2016	1.085
ConAgra Foods Inc	CAG	7:30	Q4 2016 Earnings Release	Q4 2016	0.522
McCormick & Co Inc/MD	MKC	8:00	Q2 2016 Earnings Call	Q2 2016
Darden Restaurants Inc	DRI	8:30	Q4 2016 Earnings Call	Q4 2016
ConAgra Foods Inc	CAG	9:30	Q4 2016 Earnings Call	Q4 2016
Paychex Inc	PAYX	9:30	Q4 2016 Earnings Call	Q4 2016
Constellation Brands Inc	STZ	10:30	Q1 2017 Earnings Call	Q1 2017
Red Hat Inc	RHT	13:30	Analyst Day	Y 2016
Micron Technology Inc	MU	16:00	Q3 2016 Earnings Release	Q3 2016	-0.095
Micron Technology Inc	MU	16:30	Q3 2016 Earnings Call	Q3 2016
Yahoo! Inc	YHOO	17:00	Annual General Meeting
Rowan Cos Plc	RDC		Extraordinary Shareholders Meeting
Rowan Cos Plc	RDC		Special Meeting
Alere Inc	ALR		Q4 2015 Earnings Release	Q4 2015	0.583

Waste Management - Chart of the Day

Waste Management (WM) is the Barchart Chart of the Day.  The waste removal company has a Trend Spotter buy signal, a Weighted Alpha of 40.60+, gained 39.80% in the last year and paid a 2.58% dividend.

The Chart of the Day belongs to Waste Management (WM).  I found the waste removal stock by using Barchart to sort today's All Time High list first for the most frequent number of new highs in the last month, Then again for technical buy signals of 80% or more.  I always use the Flipchart feature to review the charts.

Waste Management Inc. provides integrated waste management services in North America and internationally. In North America, the company provides solid waste management services including collection, transfer, recycling and resource recovery services, and disposal services. Included in its international operations is the collection and transportation of solid, hazardous and medical wastes and recyclable materials and the treatment and disposal of recyclable materials.

The status of Barchart's Opinion trading systems are listed below. Please note that the Barchart Opinion indicators are updated live during the session every 10 minutes and can therefore change during the day as the market fluctuates. The indicator numbers shown below therefore may not match what you see live on the Barchart.com web site when you read this report.

Barchart technical indicators:

• 100% technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 15 new highs and up 5.65% in the last month
• Relative Strength index 77.47%
• Technical support level at 63.05
• Recently traded at 64.74 with a 50 day moving average of 61.04

Fundamental factors:

• Market Cap $28.77 billion
• P/E 23.57
• Dividend yield 2.58%
• Revenue expected to grow 3.40% this year and another 3.00% next year
• Earnings estimated to increase 770% this year, An additional 8.50% next year and continue to compound at an annual rate of 8.9% for the next 5 years
• Wall Street analysts issued 4 strong by, 3 buy and 8 hold reports on the stock

MORNING CALL 6/29

MORNING CALL

Wednesday, June 29th, 2016View Older Reports

Everything you need to know about the markets in one free daily newsletter.

E-mail:  

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OVERNIGHT MARKETS AND NEWS

Sep E-mini S&Ps (ESU16 +0.53%) are up +0.54% and European stocks are up +2.44% on speculation central banks will provide measures to mitigate the damage done by the UK's decision to leave the European Union. Fed Governor Powell said late yesterday that global risks have shifted further to the downside, which may merit a reassessing of monetary policy. Energy producing stocks are moving up and leading the overall market higher as the price of crude oil (CLQ16 +0.79%) climbs +1.15%. Crude prices moved higher after API data late yesterday showed U.S. crude inventories fell by -3.86million bbl last week. Asian stocks settled higher: Japan +1.59%, Hong Kong +1.31%, China +0.65%, Taiwan +0.95%, Australia +0.77%, Singapore +1.31%, South Korea +0.93%, India +0.81%. China's Shanghai Composite rallied to a 3-week high led by gains in drug makers and industrial and consumer-staple companies.

The dollar index (DXY00 -0.34%) is down -0.33%. EUR/USD (^EURUSD) is up +0.24%. USD/JPY (^USDJPY) is down -0.05%.

Sep T-note prices (ZNU16 -0.01%) are down -2 ticks.

Speaking Tuesday evening to the Chicago Council on Global Affairs, Fed Governor Powell said that global risks have shifted further to the downside as "the Brexit vote has the potential to create new headwinds for economies around the world, including our own."

Eurozone Jun economic confidence unexpectedly fell -0.2 to 104.4, weaker than expectations of no change at 104.7.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) weekly MBA mortgage applications (previous +2.9% with purchase sub-index -2.4% and refi sub-index +6.5%), (2) May personal spending (expected +0.4%, Apr +1.0%) and May personal income (expected +0.3%, Apr +0.4%), (3) May PCE deflator (expected +0.2% m/m and +1.0% y/y, Apr +0.3% m/m and +1.1% y/y) and May core PCE deflator (expected +0.2% m/m and +1.7% y/y, Apr +0.2% m/m and +1.6% y/y), (4) May pending home sales (expected -1.1% m/m and +4.4% y/y, Apr +5.1% m/m and +2.9% y/y), (5) Federal Reserve Board releases results from supervisory stress tests, and (6) EIA Weekly Petroleum Status Report.

There are 3 of the Russell 1000 companies report earnings today: Monsanto (consensus $2.42), Acuity Brands (2.03), General Mills (0.60).

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

Equity conferences during the remainder of this week include: J.P. Morgan Inaugural Energy Equity Investor Conference on Mon-Wed.

OVERNIGHT U.S. STOCK MOVERS

Chicago Bridge & Iron (CBI +2.91%) was rated a new 'Buy' at MKM Partners with a 12-month price target of $46.

Autoliv (ALV +2.48%) slid over 6% in pre-market trading after it confirmed that Toyota had recalled some its cars that involved the company's airbags.

Symantex (SYMC +0.90%) was upgraded to 'Hold' rom 'Sell' at Evercore ISI.

Nike (NKE +2.31%) fell nearly 4% in pre-market trading after it reported Q4 revenue of $8.24 billion, less than consensus of $8.28 billion, and said Q4 worldwide futures orders ex-FX were up 11%, below consensus of +13%.

CalAmp (CAMP +3.07%) fell -0.5% in after-hours trading after it said it sees Q2 revenue of $90 million-$95 million, below consensus of $96.5 million.

Neurocrine Biosciences (NBIX +5.00%) was rated a new 'Buy' at HC Wainwright & Co. LLC with a target price of $80.

A Schulman (SHLM -2.53%) declined over 1% in after-hours trading after it filed a lawsuit versus sellers of Citadel Plastics, saying it identified quality reporting issues affecting certain product lines at two Lucent Polymer manufacturing facilities in Evansville, IN.

Eclipse Resources (ECR +3.53%) dropped 5% in after-hours trading after it started an underwritten public offering of 37.5 million shares of common stock.

Aerovironment (AVAV +0.32%) slid over 3% in after-hours trading after t said it sees fiscal 2017 revenue of $260 million-$280 million, below consensus of $286.4 million.

Esperion Therapeutics (ESPR +8.30%) plunged over 20% in after-hours trading after the company said its experimental drug 'Bempedoic acid' may not be able to win FDA approval based solely on its ability to cut cholesterol, which raises concern it may take 6 or more years for the drug to reach the U.S. market.

Hutchinson Technology (HTCH -0.27%) fell 4% in after-hours trading after it said the FTC has not indicated when Hutchinson's merger with Headway Technologies will be approved.

Anthera Pharmaceuticals (ANTH +2.68%) fell nearly 7% in after-hours trading after it said data from "Bright-SC" study of blisibmod for IgA nephropathy failed to meet the primary endpoint at 24 weeks.

KemPharm (KMPH +6.63%) jumped over 16% in after-hours trading after it reported positive Phase 1 results in a trial of its Prodrug of Hydromorphone KP511.

MARKET COMMENTS

September E-mini S&Ps (ESU16 +0.53%) this morning are up +11.00 points (+0.54%). Tuesday's closes: S&P 500 +1.78%, Dow Jones +1.57%, Nasdaq +2.13%. The S&P 500 on Tuesday closed higher on short-covering in global equity markets following the sharp 2-day sell-off after Thursday's Brexit vote. Stocks were also supported by the upward revision in U.S. Q1 GDP to +1.1% from +0.8% and by the +5.6 point increase in U.S. June consumer confidence to 98.0, stronger than expectations of +0.9 to 93.5 and an 8-month high.

Sep 10-year T-note prices (ZNU16 -0.01%) this morning are down -2 ticks. Tuesday's closes: TYU6 -1.00. FVU6 -0.50. Sep T-notes on Tuesday closed lower on reduced safe-haven demand with the recovery in global equity markets and on the stronger-than-expected U.S. Q1 GDP and Jun consumer confidence reports. T-notes recovered from their worst levels after the Jun Richmond Fed manufacturing index contracted at the steepest pace in 3-1/3 years.

The dollar index (DXY00 -0.34%) this morning is down -0.313 (-0.33%). EUR/USD (^EURUSD) is up +0.0027 (+0.24%). USD/JPY (^USDJPY) is down-0.05 (-0.05%). Tuesday's closes: Dollar Index -0.404 (-0.42%), EUR/USD +0.0040 (+0.36%), USD/JPY +0.75 (+0.74%). The dollar index on Tuesday closed lower on the rebound in GBP/USD and EUR/USD after the recent sell-off on Brexit concerns. The dollar recovered from its worst levels after U.S. Jun consumer confidence rose to an 8-month high.

Aug WTI crude oil (CLQ16 +0.79%) this morning is up +55 cents (+1.15%). Aug gasoline (RBQ16 +0.26%) is up +0.0092 (+0.61%). Tuesday's closes: CLQ6 +1.78 (+3.84%), RBQ6 +0.0341 (+2.29%). Aug crude oil and gasoline on Tuesday closed sharply higher on a weaker dollar, a rebound in global equity markets, and expectations for Wednesday's weekly EIA crude inventories to fall -2.5 million bbl.

GLOBAL EVENT CALENDAR06/29/2016

		Wednesday, June 29, 2016
US	0700 ET	Weekly MBA mortgage applications, previous +2.9% with purchase sub-index -2.4% and refi sub-index +6.5%.
	0830 ET	May personal spending expected +0.4%, Apr +1.0%. May personal income expected +0.3%, Apr +0.4%.
	0830 ET	May PCE deflator expected +0.2% m/m and +1.0% y/y, Apr +0.3% m/m and +1.1% y/y. May core PCE deflator expected +0.2% m/m and +1.7% y/y, Apr +0.2% m/m and +1.6% y/y.
	1000 ET	May pending home sales expected -1.1% m/m and +4.4% y/y, Apr +5.1% m/m and +2.9% y/y.
	1030 ET	EIA Weekly Petroleum Status Report.
	1630 ET	Federal Reserve Board releases results from supervisory stress tests.
		Thursday, June 30, 2016
Thu	US	0830 ET	Weekly initial unemployment claims expected +8,000 to 267,000, previous -18,000 to 259,000. Weekly continuing claims expected +9,000 to 2.151 million, previous -20,000 to 2.142 million.
		0830 ET	USDA weekly Export Sales.
		0945 ET	Jun Chicago PMI expected +1.7 to 51.0, May -1.1 to 49.3.
		1100 ET	EIA Weekly Petroleum Status Report.
		1200 ET	USDA Q2 Quarterly Grain Stocks and 2016 U.S. planted acreage.
		1330 ET	St. Louis Fed President James Bullard speaks at the Society of Business Economists dinner in London.
	JPN	0000 ET	Japan May vehicle production, Apr -9.7% y/y.
		0100 ET	Japan May housing starts expected +4.9% to 972,000 annualized, Apr +9.0% y/y to 995,000 annualized.
		0100 ET	Japan May construction orders, Apr -16.9% y/y.
		1930 ET	Japan May jobless rate expected unch at 3.2%. May job-to-applicant ratio expected +0.01 to 1.35, Apr 1.34.
		1930 ET	Japan May overall household spending expected -1.0% y/y, Apr -0.4%y/y.
		1930 ET	Japan May national CPI expected -0.5% y/y, Apr -0.3% y/y. May national CPI ex fresh food expected -0.4% y/y, Apr -0.3% y/y. May national CPI ex food & energy expected +0.6% y/y, Apr +0.7% y/y.
		1930 ET	Japan Jun Tokyo CPI expected -0.4% y/y, May -0.5% y/y. Jun Tokyo CPI ex-fresh food expected -0.5% y/y, May -0.5% y/y. Jun Tokyo CPI ex food & energy expected +0.4% y/y, May +0.5% y/y.
		1950 ET	Japan Q2 Tankan business conditions large manufacturing expected-2 to 4, Q1 6.
		2200 ET	Revised Japan Jun Nikkei manufacturing PMI, prelim-Jun +0.1 to 47.8.
	GER	0200 ET	German May retail sales expected +0.6% m/m and +2.5% y/y, Apr-0.3% m/m and +2.3% y/y.
		0355 ET	German Jun unemployment change expected -5,000, May -11,000. Jun unemployment rate expected unch at 6.1%.
	UK	0430 ET	Revised UK Q1 GDP, prelm-Q1 +0.4% q/q and +2.0% y/y.
		0430 ET	UK Apr index of services expected +0.2% m/m and +0.4% 3-mon/3-mon, Mar -0.1% m/m and +0.6% 3-mon/3-mon.
	EUR	0500 ET	Eurozone Jun CPI estimate expected unch y/y, May -0.1% y/y. Jun core CPI expected +0.8% y/y, May +0.8% y/y.
	CHI	2100 ET	China Jun manufacturing PMI expected -0.1 to 50.0, May unch at 50.1. Jun non-manufacturing PMI, May -0.4 to 53.1.
		2145 ET	China Jun Caixin manufacturing PMI expected -0.1 to 49.1, May -0.2 to 49.2.

U.S. STOCK CALENDAR06/29/2016

Company	Ticker	Time	Event Description	Period	Estimate
Monsanto Co	MON	Bef-mkt	Q3 2016 Earnings Release	Q3 2016	2.417
Acuity Brands Inc	AYI	Bef-mkt	Q3 2016 Earnings Release	Q3 2016	2.029
Alcoa Inc	AA	8:30	Business Update Call
General Mills Inc	GIS	8:30	Q4 2016 Earnings Call	Q4 2016
McKesson Corp	MCK	9:00	Investor Day	Y 2016
Monsanto Co	MON	9:30	Q3 2016 Earnings Call	Q3 2016
Valspar Corp/The	VAL	10:00	Extraordinary Shareholders Meeting - M&A Vote	Y 2016
Acuity Brands Inc	AYI	10:00	Q3 2016 Earnings Call	Q3 2016
General Mills Inc	GIS		Q4 2016 Earnings Release	Q4 2016	0.599

Physicians Realty Trust - Chart of the Day

Physicians Realty Trust (DOC) is the Barchart Chart of the Day.  The medical facilities REIT has a Trend Spotter buy signal, a Weighted Alpha of 42.91+, gained 41.38% last year and paid a 4.68% dividend.

The Chart of the Day belongs to Physicians Realty Trust (DOC).  I found the medical facilities REIT by using Barchart to sort today's All Time High list first for the mist frequent number of new highs in the last month, then again for technical buy signals of 8% or more.  I always use the Flipchart feature to review the charts for consistency.

Physicians Realty Trust is a REIT. It is a self-managed healthcare real estate company engaged in acquiring, developing, owning and managing healthcare properties that are leased to physicians, hospitals and healthcare delivery systems. The Company's principal investments will include medical office buildings, outpatient treatment facilities, acute and post-acute care hospitals, as well as other real estate integral to healthcare providers. Physicians Realty Trust is based in Milwaukee, Wisconsin.

The status of Barchart's Opinion trading systems are listed below. Please note that the Barchart Opinion indicators are updated live during the session every 10 minutes and can therefore change during the day as the market fluctuates. The indicator numbers shown below therefore may not match what you see live on the Barchart.com web site when you read this report.

Barchart technical indicators:

• 100% technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 14 new highs and up 11.55% in the last month
• Relative Strength Index 77.13%
• Technical support level at 19.97%
• Recently traded at 21.25 with a 50 day moving average of 19.26

Fundamental factors:

• Market Cap $2.86 billion
• P/E 21.63
• Dividend yield 4.68%
• Revenue expected to grow 71.70% this year and another 34.60% next year
• Earnings estimated to increase 13.60% this year, an additional 19.20% next year and compound at an annual rate of 14.60% for the next 5 tears
• Wall Street analysts issued 4 strong buy, 7 buy, 1 hold and 1 under perform rating on the stock