Saturday, September 30, 2017

Aerojet Rocketdyne: A Great Choice for your Portfolio

My Seeking Alpha Article - Aerojet Rocketdyne: A Great Choice for your Portflio - Compares Aerojet Rockerdyne (AJRD) to Lockheed Martin (LMT), Orbitsl ATK (OA) and Kratos Defense (KTOS)

Friday, September 29, 2017

Mercury Systems - Chart of the Dat

Mercury Systems (MRCY) is the Barchart Chart of the Day. The electronic component company has a Trend Spotter buy signal, a Weighted Alpha of 103.65+ and gained 112.32% in the last year.

The Chart of the Day belongs to Mercury Systems (MRCY). I found the electronic component stock by using Barchart to sort today's Top Stock to Own list first by the highest Weighted Alpha, then again by technical buy signals of 80% or more. As always I used the Flipchart feature to find a chart with consistent upward price momentum.

Mercury Systems, Inc. is a commercial provider of secure sensor and mission processing subsystems for defense and intelligence programs. The Company's products and solutions are deployed in more than 300 programs with over 25 different defense prime contractors.

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:

103.65+ Weighted Alpha
100% technical buy signals
Trend Spotter buy signal
Above its 20, 50 and 100 day moving averages
7 new highs and up 6.23% in the last month
Relative Strength Index 70.57%
Technical support level at 50.35
Recently traded at 51.38 with a 50 day moving average of 46.76

Fundamental factors:

Market Cap $2.35 billion
P/E 73.30
Revenue expected to grow 13.80% this year and another 9.90% next year
Earnings estimated to increase 7.80% this year, an additional 16.90% next year and continue to compound at an annual rate of 12.00% for the next 5 years
Wall Street analysts issued 7 strong buy and 2 hold recommendations on the stock

#MRCY

5 Great NASDAQ 100 Stocks

Today I wanted to find 5 NASDAQ 100 stocks that had great returns over the past year and still seem to have some steam left. I used Barchart to sort the NASDAQ 100 Index stocks first by the highest Weighted Alpha, then again by technical buy signals of 80% or more. I always use the Flipchart feature to review the charts for consistency. Today's Watch List includes:

Micron Technology (MU), Lam Research (LRCX), Applied Material (AMAT), Wynn Resorts (WYNN) and Marriot International (MAR)

Micron Technology (MU)

Barchart technical indicators:

96% technical buy signals
Trend Spotter buy signal
Above its 20, 50 and 100 day moving averages
15 new highs and up 21.03% in the last month
Relative Strength Index 73.42%
Technical support level at 37.03
Recently traded at 38.45 with a 50 day moving average of 31.74

Lam Research (LRCX)

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 13.35% in the last month
Relative Strength Index 67.17%
Technical support level at 178.98
Recently traded at 184.19 with a 50 day moving average of 164.61

Applied Material (AMAT)

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 17.03% in the last month
Relative Strength Index 71.22%
Technical support level at 49.22
Recently traded at 51.73 with a 50 day moving average of 45.32

Wynn Resorts (WYNN)

Barchart technical indicators:

100% technical by signals
Trend Spotter buy signal
Above its 20, 50 and 100 day moving averages
6 new highs and up 10.48% in the last month
Relative Strength Index 65.22%
Technical support level at 143.66
Recently traded at 149.56 with a 50 day moving average of 137.30

Marriot International (MAR)

Barchart technical indicators:

100% technical buy signals
Trend Spotter buy signal
Above its 20, 50 and 100 day moving averages
12 new highs and up 10.97% in the last month
Relative Strength Index 73.33%
Technical support level at 108.62
Recently traded at 111.22 with a 50 day moving average of 103.64

#MU #LRCX #AMAT #WYNN #MAR

Morning Call 9/29

Barchart Morning Call

Barchart.com - Fri Sep 29, 6:34AM CDT

OVERNIGHT MARKETS AND NEWS

Dec E-mini S&Ps (ESZ17 -0.05%) this morning are little changed, down -0.03%, ahead of U.S. economic data later this morning on Aug personal spending and income and the Aug core PCE deflator, the Fed's preferred gauge of inflation. European stocks are up +0.31% at a 3-month high on strength in the European economy after German unemployment in Sep unexpectedly fell to a record low. Also, inflation in the Eurozone rose at a slower-than-expected pace this month, which may prompt the ECB to delay tapering of its bond purchases. Asian stocks settled mixed: Japan -0.03%, Hong Kong +0.48%, China +0.28%, Taiwan _0.33%, Australia +0.20%, Singapore -0.22%, South Korea +0.77%, India unchanged. China's Shanghai Composite climbed to a 1-week high ahead of next week's Golden Week holidays, which will close the Chinese markets for the entire week. Japanese deflation concerns eased a bit after the Japan Aug national CPI rose a more than expected +0.7% y/y, the fastest pace of increase in 2-1/3 years.

The dollar index (DXY00 -0.02%) is down -0.03%. EUR/USD (^EURUSD) is up +0.24%. USD/JPY (^USDJPY) is up +0.10%.

Dec 10-year T-note prices (ZNZ17 -0.05%) are down -0.5 of a tick.

The German Sep unemployment change fell -23,000 to 2.506 million, stronger than expectations of -5,000. The Sep unemployment rate unexpectedly fell -0.1 to 5.6%, stronger than expectations of no change at 5.7% and the lowest since German reunification in 1990.

The Eurozone Sep CPI estimate rose +1.5% y/y, weaker than expectations of +1.6% y/y. The Sep core CPI rose +1.1% y/y, weaker than expectations of +1.2% y/y.

The Japan Aug jobless rate was unch at 2.8%, right on expectations. The Aug job-to-applicant ratio was unch at 1.52, weaker than expectations of +0.01 to 1.53.

Japan Aug national CPI rose +0.7% y/y, stronger than expectations of +0.6% y/y and the fastest pace of increase in 2-1/3 years. Aug national CPI ex fresh food rose +0.7% y/y, right on expectations. Aug national CPI ex fresh food & energy rose +0.2% y/y, right on expectations and the biggest increase in 7 months.

Japan Aug industrial production rose +2.1% m/m, stronger than expectations of +1.8% m/m.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Aug personal spending (expected +0.1%, Jul +0.3%) and Aug personal income (expected +0.2%, Jul +0.4%), (2) Aug PCE deflator (expected +0.3% m/m and +1.5% y/y, Jul +0.1% m/m and +1.4% y/y) and Aug core PCE deflator (expected +0.2% and +1.4% y/y, Jul +0.1% m/m and +1.4% y/y), (3) Sep Chicago PMI (expected -0.2to 58.7, Aug unch at 58.9), (4) final-Sep University of Michigan U.S. consumer sentiment index (expected unch at 95.3, prelim-Sep -1.5 to 95.3), (5) Philadelphia Fed President Patrick Harker (voter) speaks at an event titled: The Impact on Consumers, Banking, and Regulatory Policy, (6) USDA Q3 Quarterly Grain Stocks.

Notable Russell 1000 earnings reports today include: none.

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

Equity conferences this week: none.

OVERNIGHT U.S. STOCK MOVERS

Louisiana-Pacific (LPX +0.07%) was downgraded to 'Underperform' from 'Market Perform' at BMO Capital Markets.

Altice (ATUS -3.05%) was initiated with a recommendation of 'Buy' at Redburn with a price target of $35.27.

Mastercard (MA +0.38%) was initiated with a recommendation of 'Overweight' at Cantor Fitzgerald with a 12-month target price of $165.

Vertex Pharmaceuticals (VRTX +0.37%) was initiated with a recommendation of 'Buy' at BTIG LLC with a 12-month target price of $200.

WR Grace ({=GRA was initiated with a recommendation of 'Buy' at Loop Capital Markets with a 12-month target price of $81.

Tyson Foods ({=TSN rallied over 5% in after-hours trading after it raised guidance on its fiscal 2017 adjusted EPS to $5.20-$5.30 from a prior view of $4.95-$5.05, citing better-than-expected earnings in the beef segment.

Cabot Microelectronics ({=CCMP was initiated with a recommendation of 'Buy' at Loop Capital Markets with a 12-month target price of $94.

KB Home ({=KBH gained over 1% in after-hours trading after it reported Q3 revenue of $1.14 billion, above consensus of $1.11 billion.

Nexstar Media Group (NXST +1.06%) slid 1% in after-hours trading after a block of 641,000 shares of Nexstar was offered at $61 a share via Raymond James, a -1.93% discount to Thursday's closing price.

Hilton Worldwide Holdings (HLT +0.36%) lost almost 1% in after-hours trading after it announced that it had commenced a secondary offering of 14.61 million shares of its common stock.

Smart Global Holdings (SGH +4.90%) jumped almost 7% in after-hours trading after it reported Q4 net sales of $223 million, better than consensus of $210.6 million.

Zynerba Pharmaceuticals (ZYNE +52.50%) rallied nearly 6% in after-hours trading after it was upgraded to 'Overweight' from 'Neutral' at Piper Jaffray with a target price of $16.

Marinus Pharmaceuticals (MRNS -4.77%) rose over 3% in after-hours trading after Bain Capital Life Sciences Fund reported a 15.9% passive stake in the company.

Aehr Test Systems (AEHR +11.04%) jumped over 15% in after-hours trading after it reported Q1 revenue of $6.97 million, better than expectations of $6.75 million.

MARKET COMMENTS

Dec S&P 500 E-mini stock futures (ESZ17 -0.05%) this morning are doen -0.75 points (-0.03%). Thursday's closes: S&P 500 +0.12%, Dow Jones +0.18%, Nasdaq -0.08%. The S&P 500 on Thursday closed higher on the unexpected upward revision to U.S. Q2 GDP to 3.1% from +3.0%, strongest pace of growth since Q1 2015, and on this week's increased optimism that Republicans may be able to cut corporate taxes. Energy stocks were undercut by the -1.11% sell-off in crude oil prices.

Dec 10-year T-note prices (ZNZ17 -0.05%) this morning are down -0.5 of a tick. Thursday's closes: TYZ7 +3.50, FVZ7 +3.25. Dec 10-year T-notes on Thursday recovered from a 2-1/2 month low and closed higher on some short-covering due to strong demand for the Treasury's $28 billion auction of 7-year T-notes that had a bid-to-cover ratio of 2.70, above the 12-auction average of 2.53. T-notes were undercut by the unexpected upward revision in U.S. Q2 GDP to 3.1% from 3.0% and by increased inflation expectations after the 10-year T-note breakeven inflation rate rose to a 4-1/2 month high.

The dollar index (DXY00 -0.02%) this morning is down -0.024 (-0.03%). EUR/USD (^EURUSD) is up +0.0028 (+0.24%) and USD/JPY (^USDJPY) is up +0.11 (+0.10%). Thursday's closes: Dollar Index -0.276 (-0.30), EUR/USD +0.0041 (+0.35%), USD/JPY -0.50 (-0.44%). The dollar index on Thursday closed lower on strength in EUR/USD after Eurozone Sep economic confidence rose +1.1 to 113.0, a 10-1/4 year high. The dollar was also undercut by the decline in T-note yields, which undercut the dollar's interest rate differentials.

Nov crude oil (CLX17 -0.12%) this morning is up +4 cents (+0.08%) and Nov gasoline (RBX17 -0.27%) is +0.0001 (+0.01%). Thursday's closes: Nov WTI crude -0.5 (-1.11%), Nov gasoline -0.0072 (-0.44%). Nov crude oil and gasoline on Thursday closed lower on the decline in the crack spread to a 1-month low, which may curb refinery demand for crude to refine into gasoline, and on negative carry-over from Wednesday's EIA data that showed U.S. crude production last week rose to a 2-year high.

Metals prices this morning are mixed with Dec gold (GCZ17 +0.16%) +3.3 (+0.26%), Dec silver (SIZ17 +0.11%) +0.043 (+0.26%) and Dec copper (HGZ17 -0.50%) -0.013 (-0.44%). Thursday's closes: Dec gold -13.9 (-1.07%), Dec silver -0.056(-0.33%), Dec copper +0.0105 (+0.36%). Metals on Thursday closed higher on a weaker dollar, the upward revision to U.S. Q2 GDP to +3.1% from +3.0% that was positive for industrial metals demand, and the -3,525 MT decline in LME copper inventories to a 2-week low of 298,425 MT.

GLOBAL EVENT CALENDAR09/29/2017

		Friday, Sep 29
US	0830 ET	Aug personal spending expected +0.1%, Jul +0.3%. Aug personal income expected +0.2%, Jul +0.4%.
	0830 ET	Aug PCE deflator expected +0.3% m/m and +1.5% y/y, Jul +0.1% m/m and +1.4% y/y. Aug core PCE deflator expected +0.2% and +1.4% y/y, Jul +0.1% m/m and +1.4% y/y.
	0945 ET	Sep Chicago PMI expected -0.2 to 58.7, Aug unch at 58.9.
	1000 ET	Final-Sep University of Michigan U.S. consumer sentiment index expected unch at 95.3, prelim-Sep -1.5 to 95.3.
	1100 ET	Philadelphia Fed President Patrick Harker (voter) speaks at an event titled: The Impact on Consumers, Banking, and Regulatory Policy. Text: No Q&A.
	1200 ET	USDA Q3 Quarterly Grain Stocks.
		Monday, Oct 2
US	0945 ET	Revised Sep Markit manufacturing PMI, prelim-Sep +0.4 to 52.6.
	1000 ET	Sep ISM manufacturing PMI expected -1.3 to 57.5, Aug +2.5 to 58.8. Sep ISM new orders, Aug -0.1 to 60.3. Sep ISM employment, Aug +4.7 to 59.9. Sep ISM prices paid expected +2.0 to 64.0, Aug unch at 62.0.
	1000 ET	Aug construction spending expected +0.4%, Jul -0.6% m/m.
	1100 ET	USDA weekly grain export inspections.
	1400 ET	Dallas Fed President Robert Kaplan (voter) speaks in a moderated Q&A at an event hosted by the El Paso branch of the Dallas Fed.
	1600 ET	USDA crop conditions and progress report.

U.S. STOCK CALENDAR09/29/2017

Name	Ticker	Time	Description	Period	Estimate
Carter's Inc	CRI US		Annual General Meeting

Thursday, September 28, 2017

Vericel - Chart of the Day

Vericel (VCEL) is the Barchart Chart of the Day. The biomedical company has a Trend Spotter buy signal, a Weighted Alpha of 165.10+ and gained 86.67% in the last year.

The Chart of the Day belongs to Vericel (VCEL). I found the biomedical stock by using Barchart to sort today's Top Stocks to Own list first for the highest Weighted Alpha, then again for technical buy signals of 80% or more. Since the Trend Spotter signaled a buy on 8/11 the stock gained 60.00%.

Vericel Corporation is focused on developing patient-specific expanded cellular therapies for use in the treatment of patients with severe diseases and conditions. The company markets two autologous cell therapy products in the United States: Carticel (R) for the treatment of cartilage defects in the knee, and Epicel (R) for the treatment of severe burns. It is also developing MACI (TM) for the treatment of cartilage defects in the knee, and ixmyelocel-T for the treatment of advanced heart failure due to ischemic dilated cardiomyopathy. Vericel Corporation, formerly Aastrom Biosciences, Inc., is based in United States.

130.00+ Weighted Alpha
96% technical buy signals
Trend Spotter buy signal
Above its 20, 50 and 100 day moving averages
6 new highs and up 53.42% in the last month
Relative Strength Index 83.76%
Technical support level at 5.40
Recently traded at 5.60 with a 50 day moving average of 3.92

Fundamental factors:

Market Cap $161 million
Revenue expected to grow 8.40% this year and another 18.10% next year
Earnings estimated to increase 40.60% this year and an additional 41.30% next year
Wall Street analysts issued 3 strong buy and 1 buy recommendation on the stock

5 Terrific Small Caps

This morning I wanted to find 5 Small Cap stocks that had great past performance but still had current price momentum. I used Barchart to sort the S&P 600 Small Cap Index stocks first for the highest Weighted Alpha then again for Technical Buy Signals of 80% or more. I always use the Flipchart feature to review the charts for consistent momentum. Today's Watch List includes:

Scientific Games (SGMS), OraSure Technologies (OSUR), QuinStreet (QNST), Electro Scientific Industries (ESIO) and Control4 Corp (CTRL)

Scientific Games (SGMS)

Barchart technical indicators:

232.60+ Weighted Alpha
96% technical buy signals
Trend Spotter buy signal
Above its 20, 50 and 100 day moving averages
12 new highs and up 28.61% in the last month
Relative Strength Index 84.32%
Technical support level at 43.73
Recently traded at 44.95 with a 50 day moving average of 36.53

OraSure Technologies (QSUR)

Barchart technical indicators:

199.00+ Weighted Alpha
96% technical buy signals
Trend Spotter buy signal
Above its 20, 50 and 100 day moving averages
11 new highs and up 11.98% in the last month
Relative Strength Index 67.15%
Technical support level at 22.05
Recently traded at 22.71 with a 50 day moving average of 20.40

QuinStreet (QNST)

Barchart technical indicators:

184.10+ Weighted Alpha
96% technical buy signals
Trend Spotter buy signal
10 new highs and up 44.05% in the last month
Relative Strength Index 76.46%
Technical support level at 7.13
Recently traded at 7.39 with a 50 day moving average of 4.92

Electro Scientific Industries (ESIO)

Barchart technical indicators:

173.70+ Weighted Alpha
96% technical buy signals
Trend Spotter buy signal
Above its 20, 50 and 100 day moving averages
6 new highs and up 13.59% in the last month
Relative Strength Index 71.29%
Technical support level at 13.33
Recently traded at 13.67 with a 50 day moving average of 11.22

Control4 Corp (CTRL)

Barchart technical indicators:

158.20+ Weighted Alpha
96% technical buy signals
Trend Spotter buy signal
Above its 20, 50 and 100 day moving averages
13 new highs and up 25.73% in the last month
Relative Strength Index 71.63%
Technical support level at 28.54
Recently traded at 29.22 with a 50 day moving average of 24.77

#SGMS #OSUR #QNST #ESIO #CTRL

Morning Call 9/28

Barchart Morning Call

Barchart.com - 41 minutes ago

OVERNIGHT MARKETS AND NEWS

Dec E-mini S&Ps (ESZ17 -0.07%) this morning are down slightly by -0.06% as they consolidate Wednesday's rally to a new all-time high. Losses were limited as energy stocks rose with the price of Nov WTI crude oil (CLX17 +1.04%) up +1.02% to a 5-1/2 month high. European stocks are up +0.19% at a 3-month high on optimism in the European economic outlook after Eurozone Sep economic confidence rose a more-than-expected +1.1 to 113.0, a 10-1/4 year high. Global bond markets sold-off for a second day with 10-year German bunds at a 1-3/4 month low and U.S. 10-year T-notes at a 2-1/2 month low on optimism in the global economic outlook along with expectations for another Fed interest rate hike this year. Expectations for another Fed rate increase this year has also undercut gold prices with Dec COMEX gold (GCZ17-0.04%) down -0.05% to a new 1-month low. Asian stocks settled mixed: Japan +0.47%, Hong Kong -0.80%, Chia -0.17%, Taiwan -0.29%, Australia +0.11%, Singapore -0.28%, South Korea +0.01%, India +0.39%. Wednesday's slump in the yen helped boost Japanese exporter stocks and lead the Nikkei Stock Index higher after USD/JPY climbed to a 2-1/2 month high.

The dollar index (DXY00 -0.13%) is down -0.12%. EUR/USD (^EURUSD) is up +0.28%. USD/JPY (^USDJPY) is down -0.14%.

Dec 10-year T-note prices (ZNZ17 -0.11%) are down -6 ticks at a 2-1/2 month low on expectations for a Dec Fed rate hike after Boston Fed President Rosengren said the Fed should raise interest rates" in a regular and gradual" because a tight labor market risks overheating the economy.

ECB Governing Council member Liikanen said "a very substantial degree of monetary accommodation is still needed in the euro area for underlying inflationary pressures to gradually build up."

Boston Fed President Rosengren said "I believe policy makers should not overreact to low current inflation readings that are widely expected to be temporary" and that the Fed should raise interest rates" in a regular and gradual" because a tight labor market risks overheating the economy.

Eurozone Sep economic confidence rose +1.1 to 113.0, stronger than expectations of +0.1 to 112.0 and a 10-1/4 year high.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) weekly initial unemployment claims (expected +11,000 to 270,000, previous -23,000 to 259,000) and continuing claims (expected +13,000 to 1.993 million, previous +44,000 to 1.980 million), (2) revised Q2 GDP (expected unrevised at 3.0% q/q annualized), (3) Aug wholesale inventories (expected +0.4%, Jul +0.6% m/m), (4) Kansas City Fed President Esther George (non-voter) speaks on the U.S. economy and monetary policy at a forum hosted by the Kansas City Fed, (5) Fed Vice Chair Stanley Fischer speaks at the BOE Independence Conference in London on ‘Developments in Central Banking,’ (6) Sep Kansas City Fed manufacturing activity (expected -2 to 14, Aug +6 to 16), (7) Treasury auctions $28 billion of 7-year T-notes, (8) Atlanta Fed President Raphael Bostic (non-voter) speaks on a Webcast about careers leveraging economics, (9) USDA weekly Export Sales, (10) USDA Q3 Hogs & Pigs Inventory.

Notable Russell 1000 earnings reports today include: Accenture (consensus $1.46), Vail Resorts (-1.81), McCormick (1.03), Rite Aid (-0.01), Conagra Brands (0.40).

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

Equity conferences this week: Wolfe Research Conference on Tue-Thu, LEERINK Partners Rare Disease & Immuno-Oncology Conference on Wed-Thu, B. Riley Consumer Conference on Thu.

OVERNIGHT U.S. STOCK MOVERS

Archer Daniels Midland (ADM -1.08%) was downgraded to 'Neutral' from 'Buy' at Citigroup.

Vail Resorts (MTN +1.36%) may open lower this morning after it reported a Q4 Ebitda loss of -$50.4 million, wider than consensus of -$46.6 million, and then said it sees full-year Ebitda of $652 million-$682 million, the midpoint weaker than consensus of $670.1 million.

McCormick (MKC -0.85%) may move higher this morning after it reported Q3 adjusted EPS of $1.12, better than expectations of $1.03, and then said it sees full-year adjusted EPS of $4.20-$4.24, above consensus of $4.07.

Thor Industries (THO +2.35%) climbed nearly 3% in after-hours trading after it reported Q4 EPS from continuing operations of $2.26, well above consensus of $1.96.

Jabil (JBL +3.56%) lost almost 1% in after-hours trading after it forecast Q1 core EPS 65 cents-91 cents, the midpoint below consensus of 83 cents.

Progress Software (PRGS +1.15%) gained 2% in after-hours trading after it said it sees full-year adjusted EPS of $182-$1.85, higher than consensus of $1.80.

Chubb Ltd (CB +0.21%) said its insured losses for Hurricane Harvey are estimated at $650 million pretax, or $520 million after tax, and that losses from Hurricane Irma are estimated at $800 million-$950 million pretax, or $640 million-$750 million after tax.

Abbott Laboratories (ABT -1.32%) rose 2% in after-hours trading after its Freestyle Libre Flash Glucose Monitoring System received FDA approval.

DexCom (DXCM -0.66%) lost 13% in after-hours trading after competitor, Abbott Laboratories, won FDA approval for its Freestyle Libre Flash Glucose Monitoring System.

Comtech Telecommunications (CMTL +4.77%) dropped over 12% in after-hours trading after it reported Q4 net sales of $147.8 million, below consensus of $150.8 million, and said it sees full-year revenue of $550 million-$575 million, the midpoint below consensus of $564.8 million.

Evertec (EVTC -3.86%) was upgraded to 'Buy' from 'Hold' at Stifel with a 12-month target price of $18.

Pandora (P -1.34%) lost 1% in after-hours trading after it priced 7 million shares of its common stock in a secondary public offering.

Pier 1 Imports (PIR +3.21%) dropped nearly 8% in after-hours trading after it said it cut its full-year net sales estimate to 0% to up +2% from a prior view of +2% to +3%, and lowered its full-year adjusted EPS estimate to 38 cents-48 cents from a previous view of 46 cents-52 cents, the midpoint below consensus of 47 cents.

MARKET COMMENTS

Dec S&P 500 E-mini stock futures (ESZ17 -0.07%) this morning are down -1.50 points (-0.06%). Wednesday's closes: S&P 500 +0.41%, Dow Jones +0.25%, Nasdaq +0.96%. The S&P 500 on Wednesday rose to a new record high and closed higher on the U.S. Aug durable goods orders report of +1.7% (stronger than expectations of +1.0%) and optimism about the Republican's tax cut plan that includes a cut in the corporate tax rate to 20% from 35% and the immediate expensing of capital spending. Stocks were undercut by the weaker-than-expected U.S. Aug pending home sales report of -2.6% m/m, weaker than expectations of -0.5% m/m and the biggest decline in 7 months.

Dec 10-year T-note prices (ZNZ17 -0.11%) this morning are down -6 ticks to a fresh 2-1/2 month low. Wednesday's closes: TYZ7 -18.00, FVZ7 -8.25. Dec 10-year T-notes on Wednesday fell to a 2-1/2 month nearest-futures low and closed lower on concern about a larger deficit from the Republican tax cut plan and on increased inflation expectations after the 10-year T-note breakeven inflation rate rose to a 4-1/4 month high.

The dollar index (DXY00 -0.13%) this morning is down -0.116 (-0.12%). EUR/USD (^EURUSD) is up +0.0033 (+0.28%) and USD/JPY (^USDJPY)is down -0.16 (-0.14%). Wednesday's closes: Dollar Index +0.395 (+0.42), EUR/USD -0.0048 (-0.41%), USD/JPY +0.60 (+0.53%). The dollar index on Wednesday climbed to a 1-month high and closed higher on expectations that the U.S. economy may get a boost from the Republicans' tax reform plan and on the jump in the 10-year T-note yield to a 1-3/4 month high, which improves the dollar's interest rate differentials. EUR/USD fell to a 5-week low and USD/JPY climbed to a 2-1/4 month high.

Nov crude oil (CLX17 +1.04%) this morning is up +53 cents (+1.02%) at a 5-1/2 month high and Nov gasoline (RBX17-0.57%) is -0.0079 (-0.49%). Wednesday's closes: Nov WTI crude +0.26 (+0.50%), Nov gasoline -0.0271 (-1.64%). Nov crude oil and gasoline on Wednesday settled mixed. Crude oil prices were undercut by the rally in the dollar index to a 1-month high and by increased U.S. crude output after U.S. crude production in the week ended Sep 22 rose to 9.547 million bpd, a 2-year high. In addition, EIA gasoline inventories rose by +1.11 mln bbls, more than expectations of a -750,000 bbl draw. A bullish factor was the unexpected decline in EIA crude inventories which fell -1.85 million bbl versus expectations for an increase of +3.0 million bbl.

Metals prices this morning are mixed with Dec gold (GCZ17 -0.04%) -0.7 (-0.05%) to a new 1-month low, Dec silver (SIZ17+0.05%) +0.013 (+0.08%) and Dec copper (HGZ17 +0.24%) +0.011 (+0.36%). Wednesday's closes: Dec gold -13.9 (-1.07%), Dec silver -0.056 (-0.33%), Dec copper +0.0105 (+0.36%). Metals on Wednesday settled mixed with Dec gold at a 1-month low and Dec silver at a 1-1/4 month low. Metals prices were undercut by strength in the dollar as the dollar index rose to a 1-month high, and the rally in stocks, which curbed the safe-haven demand for precious metals. Copper closed higher on speculation that Republican tax cut plan might boost economic growth and lead to increased industrial metals demand.

GLOBAL EVENT CALENDAR09/28/2017

		Thursday, Sep 28
US	0830 ET	Weekly initial unemployment claims expected +11,000 to 270,000, previous -23,000 to 259,000. Weekly continuing claims expected +13,000 to 1.993 million, previous +44,000 to 1.980 million.
	0830 ET	Revised Q2 GDP expected +unrevised at 3.0% (q/q annualized). Q2 personal consumption expected unrevised at +3.3%. Q2 GDP price index expected unrevised at +1.0%. Q2 core PCE deflator expected unrevised at +0.9% q/q.
	0830 ET	Aug wholesale inventories expected +0.4%, Jul +0.6% m/m.
	0830 ET	USDA weekly Export Sales.
	0945 ET	Kansas City Fed President Esther George (non-voter) speaks on the U.S. economy and monetary policy at a forum hosted by the Kansas City Fed.
	1000 ET	Fed Vice Chair Stanley Fischer speaks at the BOE Independence Conference in London on Developments in Central Banking.
	1100 ET	Sep Kansas City Fed manufacturing activity expected -2 to 14, Aug +6 to 16.
	1300 ET	Treasury auctions $28 billion of 7-year T-notes.
	1330 ET	Atlanta Fed President Raphael Bostic (non-voter) speaks on a Webcast about careers leveraging economics.
	1500 ET	USDA Q3 Hogs & Pigs Inventory.
		Friday, Sep 29
US	0830 ET	Aug personal spending expected +0.1%, Jul +0.3%. Aug personal income expected +0.2%, Jul +0.4%.
	0830 ET	Aug PCE deflator expected +0.3% m/m and +1.5% y/y, Jul +0.1% m/m and +1.4% y/y. Aug core PCE deflator expected +0.2% and +1.4% y/y, Jul +0.1% m/m and +1.4% y/y.
	0945 ET	Sep Chicago PMI expected -0.2 to 58.7, Aug unch at 58.9.
	1000 ET	Final-Sep University of Michigan U.S. consumer sentiment index expected unch at 95.3, prelim-Sep -1.5 to 95.3.
	1100 ET	Philadelphia Fed President Patrick Harker (voter) speaks at an event titled: The Impact on Consumers, Banking, and Regulatory Policy. Text: No Q&A.
	1200 ET	USDA Q3 Quarterly Grain Stocks.

U.S. STOCK CALENDAR09/28/2017

Name	Ticker	Time	Description	Period	Estimate
Vail Resorts Inc	MTN US	Bef-mkt	Q4 2017 Earnings Release	Q4 17	(1.812)
McCormick & Co Inc/MD	MKC US	Bef-mkt	Q3 2017 Earnings Release	Q3 17	1.03
Accenture PLC	ACN US	06:59	Q4 2017 Earnings Release	Q4 17	1.463
Rite Aid Corp	RAD US	07:00	Q2 2018 Earnings Release	Q2 18	(0.013)
Conagra Brands Inc	CAG US	07:30	Q1 2018 Earnings Release	Q1 18	0.401
John Wiley & Sons Inc	JW/A US	08:00	Annual General Meeting
Aflac Inc	AFL US	08:00	Financial Analysts Briefing
McCormick & Co Inc/MD	MKC US	08:00	Q3 2017 Earnings Call	Q3 17
Accenture PLC	ACN US	08:00	Q4 2017 Earnings Call	Q4 17
Rite Aid Corp	RAD US	08:30	Q2 2018 Earnings Call	Q2 18
American Airlines Group Inc	AAL US	09:00	Investor Day
Conagra Brands Inc	CAG US	09:30	Q1 2018 Earnings Call	Q1 18
Vail Resorts Inc	MTN US	11:30	Q4 2017 Earnings Call	Q4 17
Ameren Corp	AEE US		Investor Meeting
Lamb Weston Holdings Inc	LW US		Annual General Meeting
Aflac Inc	AFL US		Analyst Briefing
Guidewire Software Inc	GWRE US	12:30	Analyst and Investor Meeting		https://www.barchart.com/story/news/barchart-morning-call