Morning Call 11/15

Barchart Morning Call

Barchart.com - 40 minutes ago

OVERNIGHT MARKETS AND NEWS

Dec E-mini S&Ps (ESZ17 -0.44%) this morning are down -0.52% at a 2-week low and European stocks are down -0.78% at a 1-3/4 month low. Global stock markets moved lower as weakness in energy and mining stocks led losses in world bourses. Energy stocks declined with Dec WTI crude oil (CLZ17 -1.10%) down -1.17% after API data late Tuesday showed U.S. crude inventories rose +6.51 million bbl last week. Mining stocks moved lower after Dec COMEX copper (HGZ17-0.54%) slid -0.65% to a 5-week low on the prospect of slower growth in China that will curb its demand for copper and other industrial metals. Asian stocks settled lower: Japan -1.57%, Hong Kong -1.03%, China -0.79%, Taiwan -0.53%, Australia -0.58%, Singapore -0.89%, South Korea -0.43%, India -0.55%. China's Shanghai Composite fell to a 1-week low and Japan's Nikkei Stock Index dropped to a 2-week low, led by losses in commodity producers and energy stocks. Japanese stocks were also under pressure after Japan Q3 GDP grew at a slower-than-expected pace.

The dollar index (DXY00 -0.31%) is down -0.30% at a 3-week low after Chicago Fed President Evans said we're facing "below-target inflation expectations." EUR/USD (^EURUSD) is up +0.38% at a 3-week high after ECB Governing Council member Hansson said the short-term economic risks in the Eurozone are to the upside. USD/JPY (^USDJPY) is down -0.65% at a 3-week low as the sell-off in global stocks boosted the safe-haven demand for the yen.

Dec 10-year T-note prices (ZNZ17 +0.25%) are up +11.5 ticks.

Chicago Fed President Evans said we're facing "below-target inflation expectations" and he is concerned "that persistent factors are holding down inflation, rather than idiosyncratic transitory ones." and that he has an "open mind" when it comes toward a decision in Dec on interest rates.

ECB Governing Council member Hansson said the short-term economic risks in the Eurozone are to the upside and the ECB is increasingly confident inflation will reach the levels consistent with our aim.

Japan Q3 GDP rose +1.4% (q/q annualized), weaker than expectations of +1.5% (q/q annualized). The Q3 deflator rose +0.1% y/y, right on expectations. Q3 private consumption fell -0.5% q/q, weaker than expectations of -0.4% q/q. Q3 business spending rose +0.2% q/q, weaker than expectations of +0.3% q/q.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Chicago Fed President Charles Evans (voter) takes part in a panel discussion at a UBS European Conference in London, (2) weekly MBA mortgage applications (previous -0.03% with purchase sub-index +0.5% and refi sub-index -0.5%), (3) Oct CPI (expected +0.1% m/m and +2.0% y/y, Sep +0.5% m/m and +2.2% y/y) and Oct CPI ex food & energy (expected +0.2% m/m and +1.7% y/y, Sep +0.1% m/m and +1.7% y/y), (4) Nov Empire manufacturing index (expected -5.2 to 25.0, Oct +5.8 to 30.2), (5) Oct retail sales (expected unchanged and +0.2% ex autos, Sep +1.6% and +1.0% ex autos), (6) Sep business inventories (expected unch, Aug +0.7%), (7) EIA weekly Petroleum Status Report.

Notable Russell 2000 earnings reports today include: Cisco Systems (consensus $0.60), L Brands (0.30), NetApp (0.69), Target (0.86), Sally Beauty Holdings (0.47).

U.S. IPO's scheduled to price today: Arsanis Inc (ASNS), MPM Holdings (MPMQ).

Equity conferences during the remainder of this week: Bank of America Merrill Lynch Future of Financials Conference on Tue-Wed, Goldman Sachs Industrials Conference on Tue-Wed, Morgan Stanley Global Consumer & Retail Conference on Tue-Wed, Barclays Global Automotive Conference on Wed, MoffettNathanson Inaugural Software Forum on Wed, Morgan Stanley Global Chemicals and Agriculture Conference on Wed, UBS Industrial and Transportation Conference on Wed, Universal Companion Diagnostic Test Personalized Medicine Conference on Wed, Jefferies London Health Care Conference on Wed-Thu, Morgan Stanley European Technology, Media & Telecom Conference on Wed-Thu, Deutsche Bank Lithium Supply Chain and Energy Storage Conference on Thu, MKM Partners Entertainment, Travel & Technology Conference on Thu, Bank of America Merrill Lynch Global Energy Conference on Thu-Fri, Gabelli & Co Financial Services Conference on Fri.

OVERNIGHT U.S. STOCK MOVERS

Acorda Therapeutics (ACOR +1.81%) plunged 32% in pre-market trading after it reported possible drug-related deaths in a Phase 3 study of its tozadenant for treatment of Parkinson's disease.

Tyson Foods (TSN +0.64%) was upgraded to 'Buy' from 'Hold at Argus Research.

Lam Research (LRCX -0.28%) gained over 2% in after-hours trading after it boosted its quarterly dividend to 50 cents a share from 45 cents, and then announced a $2 billion share buyback authorization.

Hewlett Packard Enterprise (HPE -1.56%) rose 1% in after-hours trading after holder Greenlight Capital boosted its stake in the company to 7.81 million shares from 3.36 million shares.

Applied Optoelectronics (AAOI -1.53%) climbed over 4% in after-hours trading after director of the company, Alan Moore, reported that he purchased 22,400 shares of the company stock at around $44.60 on Monday.

MACOM Technology Solutions Holdings (MTSI +0.11%) tumbled almost 13% in after-hours trading after it reported Q4 revenue of $166.4 million, weaker than consensus of $170.6 million, and then said it sees Q1 revenue of $130 million to $136 million, well below consensus of $171.1 million.

Genpact Ltd (G -0.13%) slid nearly 3% in after-hours trading after it announced a secondary offering of 10 million shares on behalf of selling holders.

Cargurus (CARG +0.91%) jumped over 11% in after-hours trading after it reported Q3 EPS of 2 cents, better than consensus of 0, and then said it sees Q4 EPS of 1 cent to 2 cents, the mid-point above consensus of 1 cent.

Beazer Homes USA (BZH +3.36%) rose over 4% in after-hours trading after it reported Q4 revenue of $673 million, higher than consensus of $640.3 million.

OM Asset Management Plc (OMAM -0.68%) lost 2% in after-hours trading after it announced a secondary offering of 6 million shares of its common stock.

SITO Mobile Ltd (SITO +2.33%) dropped 6% in after-hours trading after it reported a Q3 loss of -12 cents per share, wider than consensus of -5 cents per share loss.

Achillion Pharmaceuticals (ACHN -4.16%) fell 7% in after-hours trading after holder Johnson & Johnson Innovation said it intends to offer 18.4 million shares of ACHN, which constitutes its entire stake in the company.

SORL Auto Parts (SORL -4.01%) surged over 35% in after-hours trading after it reported Q3 revenue of $101.3 million, well above consensus of $63.8 million.

MARKET COMMENTS

Dec S&P 500 E-mini stock futures (ESZ17 -0.44%) this morning are down -13.50 points (-0.52%) at a 2-week low. Tuesday's closes: S&P 500 -0.23%, Dow Jones -0.13%, Nasdaq -0.36%. The S&P 500 on Tuesday closed lower on concern a slowdown in Chinese growth will undercut global economic growth after China Oct industrial production rose +6.2% y/y, less than expectations of +6.3% y/y, and after China Oct retail sales rose +10.0% y/y, weaker than expectations of +10.5% y/y and the slowest pace of increase in a year. Weakness in energy stocks was another negative after crude oil prices fell -1.87%to a 1-week low.

Dec 10-year T-note prices (ZNZ17 +0.25%) this morning are up +11.5 ticks. Tuesday's closes: TYZ7 +3.50, FVZ7 +1.50. Dec 10-year T-notes recovered from a 2-week low and closed higher due to a slump in crude oil prices to a 1-week low, which undercut inflation expectations, and to a slide in stocks, which boosted the safe-haven demand for T-notes. A negative factor for T-notes was the +2.4% y/y increase in U.S. Oct core PPI, stronger than expectations of +2.2% y/y and the largest year-on-year increase in 5-1/2 years.

The dollar index (DXY00 -0.31%) this morning is down -0.282 (-0.30%) at a 3-week low. EUR/USD (^EURUSD) is up +0.0045 (+0.38%) at a 3-week high and USD/JPY (^USDJPY) is down -0.74 (-0.65%) at a 3-week low. Tuesday's closes: Dollar Index -0.663 (-0.70%), EUR/USD +0.0131 (+1.12%), USD/JPY -0.16 (-0.14%). The dollar index on Tuesday dropped to a 2-week low and closed lower due to strength in EUR/USD which rose to a 2-week high after German Q3 GDP rose more than expected and after the German Nov ZEW survey expectations of economic growth climbed to a 6-month high. Another negative for the dollar was a decline in the 10-year T-note yield, which lowered the dollar's interest rate differentials.

Dec crude oil (CLZ17 -1.10%) this morning is down -65 cents (-1.17%) and Dec gasoline (RBZ17 -1.53%) is -0.0291 (-1.65%). Tuesday's closes: Dec WTI crude -1.06 (-1.87%), Dec gasoline -0.0317 (-1.77%). Dec crude oil and gasoline on Tuesday fell to 1-week lows and closed lower after the IEA cut its global 2018 crude oil demand forecast by 200,000 bpd to 98.9 million bpd from a prior forecast of 99.1 million bpd. Gasoline prices were also pressured after the crack spread fell to a 3-week low, which may curb crude demand from refineries to refine crude into gasoline.

Metals prices this morning are mixed with Dec gold (GCZ17 +0.20%) +2.4 (+0.19%), Dec silver (SIZ17 +0.33%) +0.047 (+0.28%) and Dec copper (HGZ17 -0.54%) -0.020 (-0.65%) at a 5-week low. Tuesday's closes: Dec gold +4.0 (+0.31%), Dec silver +0.026 (+0.15%), Dec copper -0.0515 (-1.65%). Metals on Tuesday settled mixed with Dec copper at a 5-week low. A fall in the dollar index to a 2-week low boosted gold and silver prices along with the stronger-than-expected U.S. Oct PPI, which boosted demand for gold as an inflation hedge. Copper prices fell on Chinese demand concerns after China Oct industrial production rose less than expected.

GLOBAL EVENT CALENDAR11/15/2017

		Wednesday, Nov 15
US	0300 ET	Chicago Fed President Charles Evans (voter) takes part in a panel discussion at a UBS European Conference in London.
	0700 ET	Weekly MBA mortgage applications, previous -0.03% with purchase sub-index +0.5% and refi sub-index -0.5%.
	0830 ET	Oct CPI expected +0.1% m/m and +2.0% y/y, Sep +0.5% m/m and +2.2% y/y. Oct CPI ex food & energy expected +0.2% m/m and +1.7% y/y, Sep +0.1% m/m and +1.7% y/y.
	0830 ET	Nov Empire manufacturing survey general business conditions expected -4.7 to 25.5, Oct +5.8 to 30.2.
	0830 ET	Oct retail sales expected unchanged and +0.2% ex autos, Sep +1.6% and +1.0% ex autos.
	1000 ET	Sep business inventories expected unch, Aug +0.7%.
	1030 ET	EIA weekly Petroleum Status Report.
		Thursday, Nov 16
US	0830 ET	Weekly initial unemployment claims expected -4,000 to 235,000, previous +10,000 to 239,000. Weekly continuing claims expected -1,000 to 1.900 million, previous +17,000 to 1.901 million.
	0830 ET	Nov Philadelphia Fed business outlook survey expected -3.3 to 24.6, Oct +4.1 to 27.9.
	0830 ET	Oct import price index expected +0.4% m/m and +2.5% y/y, Sep +0.7% m/m and +2.7% y/y. Oct import price index ex-petroleum expected +0.2%, Sep +0.3%.
	0830 ET	Oct export price index expected +0.4% m/m, Sep +0.8% m/m and +2.9% y/y.
	0830 ET	USDA weekly Export Sales.
	0910 ET	Cleveland Fed President Loretta Mester (non-voter) delivers keynote address at the Cato Institute conference on The Future of Monetary Policy.
	0915 ET	Oct industrial production expected +0.5%, Sep +0.3%. Oct manufacturing production expected +0.5%, Sep +0.1%. Oct capacity utilization expected +0.3 to 76.3%, Sep +0.2 to 76.0%.
	1000 ET	Nov NAHB housing market index expected -1 to 67, Oct +4 to 68.
	1100 ET	Treasury announces amount of 2-year floating-rate notes to be auctioned Nov 21.
	1300 ET	Treasury auctions $11 billion 10-year TIPS.
	1310 ET	Dallas Fed President Robert Kaplan (voter) speaks in a moderated Q&A at the CFA Society Houston.
	1545 ET	Fed Governor Lael Brainard delivers keynote address at the FinTech Financial Stability Conference co-hosted by the University of Michigans Center on Finance, Law and Policy.
	1645 ET	San Francisco Fed President John Williams (non-voter) gives keynote address at the Asia Economic Policy Conference in San Francisco.

U.S. STOCK CALENDAR11/15/2017

Name	Ticker	Time	Description	Period	Estimate
Sally Beauty Holdings Inc	SBH US	Bef-mkt	Q4 2017 Earnings Release	Q4 17	0.468
Target Corp	TGT US	06:30	Q3 2018 Earnings Release	Q3 18	0.856
Target Corp	TGT US	08:00	Q3 2018 Earnings Call	Q3 18
Sally Beauty Holdings Inc	SBH US	08:30	Q4 2017 Earnings Call	Q4 17
Atmos Energy Corp	ATO US	09:00	Analyst Meeting
CA Inc	CA US	11:30	Analyst Meeting
Clorox Co/The	CLX US		Annual General Meeting
Twenty-First Century Fox Inc	FOXA US		Annual General Meeting
CDK Global Inc	CDK US		Annual General Meeting
Campbell Soup Co	CPB US		Annual General Meeting
Equifax Inc	EFX US		Investor Meeting
Oracle Corp	ORCL US	13:00	Annual General Meeting
NetApp Inc	NTAP US	Aft-mkt	Q2 2018 Earnings Release	Q2 18	0.69
L Brands Inc	LB US	Aft-mkt	Q3 2018 Earnings Release	Q3 18	0.299
Cisco Systems Inc	CSCO US	16:05	Q1 2018 Earnings Release	Q1 18	0.60
Cisco Systems Inc	CSCO US	16:30	Q1 2018 Earnings Call	Q1 18
NetApp Inc	NTAP US	17:30	Q2 2018 Earnings Call	Q2 18
News Corp	NWSA US	18:00	Annual General Meeting

BARCHART MORNING CALL 6/1

BARCHART MORNING CALL

Monday, June 1st, 2015View Older Reports

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OVERNIGHT MARKETS AND NEWS

June E-mini S&Ps (ESM15 +0.23%) this morning are little changed, down -0.06% ahead of U.S. economic data on May ISM manufacturing and Apr personal spending that are expected to show a pickup in growth. European stocks are up +0.02& as they hover just above a 2-week low. Gains in European stocks were limited as Greece's debt payment deadlines draw closer amid a standoff with creditors. Asian stocks closed mixed: Japan +0.03%, Hong Kong +0.63%, China +4.71%, Taiwan -0.78%, Australia -0.72%, Singapore closed for holiday, South Korea -0.63%, India +0.07%. Chinese stocks closed sharply higher after a gauge of Chinese manufacturing activity expanded or a third month. Another positive for Chinese stocks was a report from people familiar with the situation that China was considering doubling the size of a local bond-swap program to 1 trillion yuan ($81 billion) from 500 billion yuan that would be authorized to swap bonds issued by provinces and cities in an attempt to clean up local government finances. The bond-swap program includes inducements for banks to buy new, longer-maturity bonds that may alleviate a funding crunch among Chinese provinces that had threatened to deepen China's economic slowdown.
Commodity prices are mostly lower. Jul crude oil (CLN15 -1.19%) is down -1.04% and Jul gasoline (RBN15 -0.67%) is down -0.61. Metals prices are weaker. Aug gold (GCQ15 -0.26%) is down -0.31% and Jul copper (HGN15 -0.38%) is down -0.24%. Agricultural prices are lower.
The dollar index (DXY00 +0.44%) is up +0.46%. EUR/USD (^EURUSD) is down -0.56%. USD/JPY (^USDJPY) is down -0.07%.

Sep T-note prices (ZNU15 -0.24%) are down -8 ticks.
Speaking at an event in Beijing, San Francisco Fed President John Williams said the U.S. economy is "basically in a good place," and he doesn't worry about a strong dollar weakening U.S. growth. He added that long-term interest rates are expected to rise and to be more normal in the next few years.
The China May manufacturing PMI rose +0.1 to 50.2, weaker than expectations of +0.2 to 50.3. The May non-manufacturing PMI fell -0.2 to 53.2, the slowest pace of expansion in 6-1/3 years.

U.S. STOCK PREVIEW

Key U.S. reports today include: (1) Apr personal spending (expected +0.2% after March's +0.4%) and Apr personal income (expected +0.3% after March's unchanged), (2) Apr PCE deflator (expected +0.2% y/y after March's +0.3% y/y) and Apr PCE core deflator (+1.3% y/y after March's +1.3% y/y), (3) a speech by Boston Fed President Eric Rosengren at the 2015 Workforce Stars Breakfast in Hartford, CT, (4) Apr construction spending (expected +0.7% m/m after March's -0.6% m/m), (5) May ISM manufacturing index (expected +0.5 to 52.0 after April's unchanged at 51.5), and (6) final-May Markit manufacturing PMI (expected unrevised at 53.8 vs prelim-May -0.3 to 53.8).
There is 1 of the Russell 1000 companies that reports earnings today: PVH Corp (consensus $1.38).
U.S. IPO's scheduled to price today include: none.
Equity conferences today include: Stifel Financial Corp WasteExpo Inestor Summit on Mon, American Society of Clinical Oncology Meeting on Mon-Tue, Andean Institutional Real Estate Forum on Mon-Tue, RBC - Conference: Global Energy & Power Executive Conference - New York on Mon-Tue, Jefferies Global Healthcare Conference on Mon-Wed, Bank of America Merrill Lynch Global Telecom & Media Conference on Tue, Goldman Sachs Lodging, Gaming, Restaurant and Leisure Conference on Tue, Keefe, Bruyette, & Woods Mortgage Finance Conference on Tue, RBC Global Energy Conference on Tue, Bank of America Merrill Lynch Global Technology Conference on Tue-Wed, Deutsche Bank Global Financial Services Investor Conference on Tue-Wed, KBW Asset Management and Capital Markets Conference on Wed, Sandler O'Neill & Partners Global Exchange and Brokerage Conference on Wed, Deutsche Bank Global Industrials and Basic Materials Conference on Wed-Thu, FBN Securities: Field Trip - 8th Semi-Annual Silicon Valley Tour on Wed-Thu, Credit Suisse Engineering & Construction Conference on Thu, Morgan Stanley Leveraged Finance Conference on Thu.

OVERNIGHT U.S. STOCK MOVERS

Juniper (JNPR +0.54%) was downgraded to 'Sell' from 'Neutral' at MKM Partners.
Wells Fargo said it sees a potential for 75% upside in DISH (DISH +0.70%) shares.
Duke Energy (DUK -0.29%) was upgraded to 'Outperform' from 'Market Perform' at Bernstein.
Verifone (PAY +0.37%) was upgraded to 'Outperform' from 'Market Perform' at Raymond James.
Enbridge (ENB -1.40%) and Boyd Gaming (BYD -0.28%) were both upgraded to 'Outperform' from 'Neutral' at Credit Suisse.
Coca-Cola (KO -0.44%) was upgraded to 'Outperform' from 'Market Perform' at BMO Capital.
According to DigiTimes, data from Gartner showed Q1 global server shipments up 13% y/y.
Citigroup (C -0.86%) was upgraded to 'Buy' from 'Neutral' at Goldman Sachs.
Altera (ALTR +4.00%) jumped over 6% in pre-market trading after people familiar with the matter said that Intel INTC is near a deal to acquire the chipmaker.
Stonepine Capital reported a 5.2% passive stake in Aegerion (AEGR -1.02%) .
O'Reilly Automotive (ORLY -1.41%) increased its stock repurchase authorization by $500 million to $5.5 billion.
Ryanair (RYAAY -2.06%) was downgraded to 'Neutral' from 'Buy' at Goldman Sachs.
Point72 reported a 5.0% passive stake in Achillion (ACHN +5.89%) .

MARKET COMMENTS

June E-mini S&Ps (ESM15 +0.23%) this morning are down -1.25 points (-0.06%). Friday's closes: S&P 500 -0.63%, Dow Jones -0.64%, Nasdaq -0.60%. The S&P 500 on Friday settled lower on the unresolved Greek situation and on the unexpected -6.1 point drop in the May Chicago PMI to 46.2, weaker than expectations of +0.7 to 53.0. Stocks found some support from the final-May U.S. consumer sentiment index, which rose +2.1 to 90.7, stronger than expectations of +0.9 to 89.5.
Sep 10-year T-notes (ZNU15 -0.24%) this morning are down -8 ticks. Friday's closes: TYU5 +9.50, FVU5 +6.50. Sep 10-year T-notes on Friday rallied to a 1-month high on ideas the Fed will be forced to delay a rate hike after Q1 GDP was revised lower to -0.7% from +0.2% and the Chicago PMI was expectedly weak at -6.1 points to 46.2. T-notes also found some carry-over support from a rally in German bunds to a 3-week high on the unresolved Greek debt crisis.
The dollar index (DXY00 +0.44%) this morning is u[ +0.443 (+0.46%). EUR/USD (^EURUSD)is down -0.0062 (-0.56%). USD/JPY (^USDJPY) is down -0.09 (-0.07%). Friday's closes: Dollar Index -0.058 (-0.06%), EUR/USD +0.00413 (+0.38%), USD/JPY +0.153 (+0.12%). The dollar index on Friday closed lower on talk of a delayed Fed rate hike after the downward revision for U.S. Q1 GDP to -0.7% and the unexpected -6.1 point decline in the May Chicago PMI.
July WTI crude oil (CLN15 -1.19%) this morning is down 63 cents (-1.04%). July gasoline (RBN15 -0.67%) is down -0.0126 (-0.61%). Friday's closes: CLN5 +2.62 (+4.54%), RBN5 +0.0922 (+4.68%). Jul crude oil and gasoline on Friday settled sharply higher on the weaker dollar and on the EPA's cut in its corn ethanol mandate levels to 13.4 billion gallons 2015 and 14 billion gallons for 2016 (from 15 billion gallons), which will increase U.S. gasoline usage levels.

GLOBAL EVENT CALENDAR06/01/2015

US	0830 ET	Apr personal spending expected +0.2%, Mar +0.4%. Apr personal income expected +0.3%, Mar unch.
	0830 ET	Apr PCE deflator expected +0.1% m/m and +0.2% y/y, Mar +0.2% m/m and +0.3% y/y. Apr PCE core deflator expected +0.2% m/m and +1.3% y/y, Mar +0.1% m/m and +1.3% y/y.
	0905 ET	Boston Fed President Eric Rosengren speaks from a prepared text at the 2015 Workforce Stars Breakfast in Hartford, CT.
	0945 ET	Final-May Markit manufacturing PMI expected unrevised at 53.8, prelim-May -0.3 to 53.8.
	1000 ET	Apr construction spending expected +0.7% m/m, Mar -0.6% m/m.
	1000 ET	May ISM manufacturing index expected +0.5 to 52.0, Apr unch at 51.5. May ISM new orders, Apr +1.7 to 53.5. May ISM employment, Apr -1.7 to 48.3. May ISM prices paid expected +2.5 to 43.0, Apr +1.5 to 40.5.
	1100 ET	USDA weekly grain export inspections.
	1600 ET	USDA weekly crop progress.
JPN	0100 ET	Japan May vehicle sales, Apr +5.0% y/y.
	2130 ET	Japan Apr labor cash earnings expected +0.4% y/y, Mar unch y/y. Apr real cash earnings, Mar -2.7% y/y.
GER	0355 ET	Revised German May Markit/BME manufacturing PMI, previous -0.7 to 51.4.
	0800 ET	German May CPI (EU harmonized) expected unch m/m and +0.6% y/y, Apr -0.1% m/m and +0.3% y/y.
EUR	0400 ET	Revised Eurozone May Markit manufacturing PMI, previous +0.3 to 52.3.
UK	0430 ET	UK May Markit manufacturing PMI expected +0.6 to 52.5, Apr 51.9.

U.S. STOCK CALENDAR06/01/2015

Company	Ticker	Time	Event Description	Period	Estimate
American Water Works Co Inc	AWK US	8:45	Annual General Meeting - Second Call	Y 2015
Wendy's Co/The	WEN US	10:00	Annual General Meeting
Wendy's Co/The	WEN US	10:00	Annual General Meeting
Staples Inc	SPLS US	16:00	Annual General Meeting
PVH Corp	PVH US	Aft-mkt	Q1 2016 Earnings Release	Q1 2016	1.384
Windstream Holdings Inc	WIN US	Aft-mkt	Talen Energy Replaces Windstream Holdings in S&P MidCap 400
Arthur J Gallagher & Co	AJG US		Annual General Meeting
Questar Corp	STR US		Roadshow - Europe - Day 1	Y 2015
UnitedHealth Group Inc	UNH US		Annual General Meeting
Hospitality Properties Trust	HPT US		Annual General Meeting - Proxy Fight
Arista Networks Inc	ANET US		Annual General Meeting

BARCHART MORNING CALL 9/3

BARCHART MORNING CALL

Wednesday, September 3rd, 2014View Older Reports

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OVERNIGHT MARKETS AND NEWS

September E-mini S&Ps (ESU14 +0.30%) this morning are up +0.41% at a fresh record high and European stocks are up +1,24% at a 1-3/4 month high after Russia and Ukraine discussed steps toward a cease fire. European stocks also gained on speculation the ECB may add to stimulus measures when it meets Thursday after Eurozone Jul retail sales and Aug services growth slowed more than expected. The ruble strengthened and Russia's Micex Stock Index surged over 2% after Ukraine President Poroshenko and Russian President Putin discussed the steps needed for an immediate cease-fire in the contested eastern Ukraine region of Donbass. Asian stocks closed mostly higher: Japan +0.38%, Hong Kong +2.30%, China +0.94%, Taiwan +0.54%, Australia -0.04%, Singapore +0.62%, South Korea -0.13%, India +0.45%. China's Shanghai Stock Index rose to a 1-1/4 year high after the China Aug non-manufacturing index showed growth picked up and Japan's Nikkei Stock Index advanced to a 7-1/4 month high led by a rally in exporters after the yen fell to a 7-3/4 month low against the dollar, which boosts the prospects for exporters' earnings. Commodity prices are mixed. Oct crude oil (CLV14 +1.09%) is up +0.93%. Oct gasoline (RBV14 +1.29%) is up +1.26%. Dec gold (GCZ14 +0.36%) is up +0.24%. Dec copper (HGZ14 -0.43%) is down -0.29% at a 2-week low on signs of increased global supplies after LME copper inventories jumped +7,000 MT to a 1-1/4 month high. Agriculture prices are lower with Dec corn down -0.62% at a 3-week low and Nov soybeans down -0.51% at a 1-week low after the weekly USDA Crop Progress report released late yesterday showed crop conditions improved over the past week. Livestock prices are higher. The dollar index (DXY00 -0.18%) is down -0.15%. EUR/USD (^EURUSD) is up +0.11%. USD/JPY (^USDJPY) is up +0.02% at a 7-3/4 month high. Dec T-note prices (ZNZ14 -0.25%) are down -10.5 ticks at a 3-week low.
Eurozone Jul retail sales fell -0.4% m/m, weaker than expectations of -0.3% m/m and the largest decline in 7 months. On an annual basis, Jul retail sales rose +0.8% y/y, less than expectations of +0.9% y/y.
The Eurozone Aug Markit composite PMI was revised lower to 52.5 from the previously reported 52.8, the slowest pace of expansion in 8 months.
The German Aug Markit services PMI was revised lower to 54.9 from the originally reported 56.4.
The UK Aug Markit/CIPS services PMI unexpectedly rose +1.4 to 60.5, better than expectations of -0.6 to 58.5 and the fastest pace of expansion in 10 months.
The China Aug non-manufacturing PMI rose +0.2 to 54.4.

U.S. STOCK PREVIEW

The market is expecting today’s Aug total vehicle sales report to edge higher to 16.50 million units from 16.40 million units in July. The market is expecting today’s July factory orders report to show a sharp increase of +10.8%, adding to June’s increase of +1.1%. The markets will be assessing today’s Fed Beige Book to gauge the prospects for the U.S. economy going into autumn and winter. There are four of the Russell 1000 companies that report earings today: Navistar (consensus -$0.71), Toll Brothers (0.45), H&R Block (-0.39), PVH Corp (1.43).
Equity conferences during the remainder of this week include: Citi Global Technology Conference on Tue-Thu, Barclays CEO Energy-Power Conference on Tue-Thu, Cowen Global Transportation & Aerospace Defense Conference on Wed, Barrington Research Fall Investment Conference on Wed, Brean Capital Global Tech Conference on Wed, FBR Inaugural Healthcare Conference on Wed, Goldman Sachs Global Retailing Conference on Wed, Drexel Hamilton Telecom, Media, and Technology Conference on Wed-Thu, KBW Insurance Conference on Wed-Thu, Robert W. Baird & Co Health Care Conference on Wed-Thu, Barclays Back to School Conference on Wed-Fri, Vertical Research Partners Industrial Conference on Wed-Fri, Mizuho Investment Conference on Thu, Bloomberg Sports Business Summit on Thu, Citi Biotech Conference on Thu, Nomura Digital Media Conference on Thu, Renewable Energy India Expo 2014 on Thu, and Scotia Capital, Inc Financial Summit on Thu.

OVERNIGHT U.S. STOCK MOVERS

Kohl's (KSS +0.54%) was upgraded to 'Buy' from 'Hold' at Maxim.
According to DigiTimes, Samsung (SSNLF -1.67%) has offered price cuts for its 7 and 10-inch tablets while Lenovo (LNVGY +3.11%) has reduced the price for its 8 and 10-inch entry level tablets.
Bank of America (BAC +1.12%) was downgraded to 'Neutral' from 'Buy' at Nomura.
American Tower (AMT +0.18%) Was downgraded to 'Equal Weight' from 'Overweight' at Morgan Stanley.
Cinemark (CNK +1.30%) was upgraded to 'Buy' from 'Hold' at Stifel.
C.H. Robinson (CHRW +0.16%) was downgraded to 'Hold' from 'Buy' at Stifel.
Toll Brothers (TOL +0.11%) reported Q3 EPS of 53 cents, higher than consensus of 45 cents.
Helen of Troy (HELE +1.60%) fell over 9% in after-hours trading after it lowered guidance on its fiscal 2015 revenue estimate, ex-Healthy Directions, to $1.275 billion-$1.30 billion, below consensus of $1.39 billion.
A Capital Management reported an 18.1% passive stake in Achillion (ACHN +6.05%) .
Concur Technologies (CNQR +0.57%) jumped over 14% in after-hours trading after Bloomberg reported that the company has explored selling itself and is said to have approached SAP and Oracle to gauge interest.
Eminence Capital reported a 5.1% passive stake in Zynga (ZNGA +4.15%) .
Crown Castle International (CCI +0.03%) rose over 1% in after-hours trading after it announced that it received a favorable private letter from the Internal Revenue Service with respect to Crown Castle's real property and rents from real property, respectively, under the rules governing real estate investment trusts, or REITS.

MARKET COMMENTS

Sep E-mini S&Ps (ESU14 +0.30%) this morning are up +8.25 points (+0.41%) at a fresh record high. The S&P 500 Index on Tuesday fell back from a new record high and closed slightly lower: S&P 500 -0.05%, Dow Jones -0.18%, Nasdaq +0.32%. Bearish factors included (1) concern about slowing global economic growth after the Eurozone Aug Markit manufacturing PMI was revised slightly lower to 50.7 from 50.8, the slowest pace of expansion in 13 months, and after the China Aug manufacturing PMI fell -0.6 to 51.1, a larger decline than expectations of -0.5 to 51.2, and (2) concern that the unexpected +1.9 point increase in the Aug ISM manufacturing index to a 3-1/3 year high of 59.0 will prompt the Fed to raise interest rates sooner than expected.
Dec 10-year T-notes (ZNZ14 -0.25%) this morning are down -10.5 ticks at a 3-week low. Dec 10-year T-note futures prices on Tuesday slipped to a 1-week low and closed lower. Negative factors included (1) speculation the Fed may be nearer to raising interest rates after the Aug ISM manufacturing index unexpectedly expanded at the fastest pace in 3-1/3 years, and (2) reduced safe-haven demand for T-notes after the S&P 500 posted a new record high. Closes: TYZ4 -17.50, FVZ4 -9.75.
The dollar index (DXY00 -0.18%) this morning is down -0.123 (-0.15%). EUR/USD (^EURUSD) is up +0.0015 (+0.11%) and USD/JPY (^USDJPY) is up +0.02 (+0.02%) at a 7-3/4 month high. The dollar index on Tuesday jumped to a 13-1/2 month high and closed higher. Bullish factors included (1)optimism in the U.S. economic outlook after the Aug ISM manufacturing index unexpectedly expanded at the fastest pace in 3-1/3 years, (2) weakness in EUR/USD which slumped to an 11-3/4 month low on speculation the ECB will expand easing measures at Thursday’s policy meeting, and (3) weakness in the yen after USD/JPY surged to a 7-1/2 month high on speculation that Japan’s Government Pension Investment Fund, the world’s largest pool of retirement savings, will reduce holdings of Japanese assets in favor of foreign holdings. Closes: Dollar index +0.244 (+0.33%), EUR/USD unch, USD/JPY +1.084 (+1.04%).
Oct WTI crude oil (CLV14 +1.09%) this morning is up +86 cents (+0.93%) and Oct gasoline (RBV14 +1.29%) is up +0.321 (+1.26%). Oct crude and gasoline prices on Tuesday closed sharply lower with Oct crude at a 1-week low and Oct gasoline at a 10-month nearest-futures low: CLV4 -3.08 (-3.21%), RBV4 -0.0711 (-2.71%). Bearish factors included (1) the rally in the dollar index to a 13-1/2 month high, (2) the larger-than-expected decline in the China Aug manufacturing PMI, which signals reduced energy demand in China, the world’ second-largest crude consumer, and (3) the increase in OPEC Aug crude oil production to 31.033 million bpd, the most in a year.

GLOBAL EVENT CALENDAR09/03/2014

US	0700 ET	Weekly MBA mortgage applications, previous +2.8% with purchase sub-index +2.6% and refi sub-index +2.8%.
	0945 ET	Aug New York ISM, Jul +7.6 to 68.1.
	1000 ET	Jul factory orders expected +11.0%, Jun +1.1%.
	1400 ET	Fed Beige Book.
	n/a	Aug total vehicle sales expected 16.60 million, Jul 16.40 million. Aug domestic vehicle sales expected 13.20 million, Jul 12.95 million.
GER	0355 ET	Revised German Aug Markit services PMI, previous 56.4.
EUR	0400 ET	Revised Eurozone Aug composite PMI, previous -1.0 to 52.8.
	0500 ET	Eurozone Jul retail sales expected -0.3% m/m and +0.9% y/y, Jun +0.4% m/m and +2.4% y/y.
	0500 ET	Revised Eurozone Q2 GDP, previous unch q/q and +0.7% y/y.
UK	0430 ET	UK Aug Markit/CIPS services PMI, Jul 59.1.

U.S. STOCK CALENDAR09/03/2014

Company Name	Ticker	Time	Event Description	Period	Estimate
Navistar International Corp	NAV US	Bef-mkt	Q3 2014 Earnings Release	Q3 2014	-0.714
Toll Brothers Inc	TOL US	Bef-mkt	Q3 2014 Earnings Release	Q3 2014	0.453
Navistar International Corp	NAV US	9:00	Q3 2014 Earnings Call	Q3 2014
Ford Motor Co	F US	9:30	August 2014 Sales and Revenue Release	2014
Ford Motor Co	F US	10:00	August 2014 Sales and Revenue Call	2014
Toll Brothers Inc	TOL US	14:00	Q3 2014 Earnings Call	Q3 2014
H&R Block Inc	HRB US	16:30	Q1 2015 Earnings Call	Q1 2015
H&R Block Inc	HRB US	Aft-mkt	Q1 2015 Earnings Release	Q1 2015	-0.387
PVH Corp	PVH US	Aft-mkt	Q2 2015 Earnings Release	Q2 2015	1.428
Humana Inc	HUM US		Investor Meeting - Day 1	Y 2014
Leucadia National Corp	LUK US		Investor Day	Y 2014