MORNING CALL 5/17

MORNING CALL

Tuesday, May 17th, 2016View Older Reports

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OVERNIGHT MARKETS AND NEWS

Jun E-mini S&Ps (ESM16 -0.10%) are little changed, down -0.05% and European stocks are up +0.12% as the price of crude oil rose to a 7-month high. Crude oil retreated from that high and is now unchanged in early trade, which pulled stocks back from their best levels. Home Depot rose over 1% in pre-market trading and gave recently battered retail stocks a lift after it raised guidance on its full-year EPS this year to $6.27, higher than expectations of $6.22. European stocks also received a boost from a rally in telecommunication stocks, led by a 2.4% gain in Vodafone Group Plc, after the company reported Q1 adjusted service revenue rose +1.8%, better than consensus of +1.5%. Asian stocks settled mostly higher: Japan +1.13%, Hong Kong +1.18%, China -0.25%, Taiwan +0.90%, Australia +0.69%, Singapore +1.65%, South Korea +0.09%, India +0.47%.

The dollar index (DXY00 unch) is down -0.02%. EUR/USD (^EURUSD) is down -0.04%. USD/JPY (^USDJPY) is up +0.47% at a 2-week high.

Jun T-note prices (ZNM16 -0.05%) are down -1.5 ticks.

In its monthly report published today, the Bundesbank said "growth in the German economy will probably lose momentum in the spring," even as the "solid underlying economic trend" is likely to stay intact.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Key U.S. reports today include: (1) Apr housing starts (expected +3.3% to 1.125 million, Mar -8.8% at 1.089 million), (2) Apr CPI (expected +0.3% m/m and +1.1% y/y, Mar +0.1% m/m and +0.9% y/y; Apr core CPI expected +0.2% m/m and +2.1% y/y, Mar +0.1% m/m and +2.2% y/y), (3) Apr industrial production (expected +0.3%, Mar -0.6%), and (4) San Francisco Fed President John Williams (non-voter) and Atlanta Fed President Dennis Lockhart (non-voter) interview on the U.S. economic outlook.

There are 2 of the Russell 1000 companies that report earnings today: Home Depot (consensus $1.35), TJX (0.71).

U.S. IPO's scheduled to price today: PhaseRX (PZRX)

Equity conferences today: Electrical Products Group Investor Conference on Mon-Wed, Bank of America Merrill Lynch Transportation Conference on Tue, Goldman Sachs Basic Materials Conference on Tue-Wed, Barclays Americas Select Franchise Conference on Tue-Wed, CBI's Life Sciences IT Governance and Cybersecurity Summit on Tue-Wed, Barclays Insurance Forum on Wed, MoffettNathanson Media and Communications Conference on Wed, BMO Capital Markets Farm to Market Conference on Wed-Thu, Citi Car of the Future Symposium on Thu, ITG Global Industrials Conference on Thu, Needham Emerging Technology Conference Thu, Business Analytics Innovation Summit on Thu-Fri, Medical Affairs Summit on Fri.

OVERNIGHT U.S. STOCK MOVERS

Hartford Financial Services Group (HIG -0.32%) was downgraded to 'Market Perform' from 'Outperform' at Wells Fargo Securities.

Home Depot (HD +1.66%) climbed over 1% in pre-market trading after it reported Q1 EPS of $1.44, higher than consensu sof $1.35, and then raised guidance on full-year EPS to $6.27 from a previous view of $6.12-$6.18.

Freeport-McMoRan (FCX +6.05%) is up over 3% in pre-market trading after Jeffries Group upgraded toe stock to 'Buy' from 'Hold.'

Bob Evans Farms (BOBE +0.43%) was rated a new 'Buy' at Maxim Group with a 12-month price target of $59.

Agilent Technologies (A +0.75%) climbed nearly 4% in after-hours trading after it raised guidance on fiscal 2016 adjusted EPS to $1.88-$1.92 from a March 7 estimate of $1.81-$1.87, above consensus of $1.86.

Office Depot (ODP -5.16%) gained over 2% in after-hours trading after the company hired Bain for a strategic review of its business.

Relypsa (RLYP +4.07%) dropped over 7% in after-hours trading after it reported no increase in April in the weekly average of new patients who began taking Veltassa with a free starter supply.

Amplify Snack Brands (BETR +0.39%) slid over 4% in after-hours trading after it started a 10-million share secondary offering of common stock.

Community Health Systems (CYH +2.00%) climbed nearly 4% in after-hours trading after Greenlight Capital Holdings reported a new stake in the company in Q1.

Akorn (AKRX +4.94%) rose over 1% in after-hours trading after it reported Q1 revenue of $268.3 million, better than consensus of $267.1 million.

Meritage Homes (MTH +0.77%) gained over 2% in after-hours trading after it said it sees Q2 EPS of 78 cents-85 cents, higher than consensus of 78 cents.

Globalstar (GSAT +12.24%) rose over 5% in after-hours trading after Greenlight Capital Holdings reported a new stake in the company in Q1.

Aegerion Pharmaceuticals (AEGR +33.53%) dropped over 13% in after-hours trading after it lowered guidance on full-year sales to $130 million-$150 million from a prior view of $160 million-$190 million, below consensus of $174.8 million.

MARKET COMMENTS

June E-mini S&Ps (ESM16 -0.10%) this morning are down -1.00 point (-0.05%). Monday's closes: S&P 500 +0.98%, Dow Jones +1.00%, Nasdaq +1.25%. The S&P 500 on Monday closed higher on strength in energy producer stocks after crude oil climbed to a 6-1/2 month high and on a rally in drug stocks on increased M&A activity after Pfizer agreed to buy Amacor Pharmaceuticals for $5.2 billion. Stocks were undercut by the -18.58 point plunge in the U.S. May Empire manufacturing index to -9.02, weaker than expectations of -3.56 to 6.50.

June 10-year T-note prices (ZNM16 -0.05%) this morning are down -1.5 ticks. Monday's closes: TYM6 -14.50, FVM6 -8.75. Jun T-notes on Monday closed lower on reduced safe-haven demand with the rally in stocks and on increased inflation expectations after crude oil rallied to a 6-1/2 month high.

The dollar index (DXY00 unch) this morning is down -0.023 (-0.02%). EUR/USD (^EURUSD) is down -0.0004 (-0.04%). USD/JPY (^USDJPY) is up +0.51 (+0.47%) at a 2-week high. Monday's closes: Dollar Index -0.036 (-0.04%), EUR/USD +0.0012 (+0.11%), USD/JPY +0.40 (+0.37%). The dollar index on Monday closed lower on strength in the currencies of the crude-producing countries of Russia and Canada after the price of crude soared to a 6-1/2 month high and on the weaker-than-expected May Empire manufacturing index and May HAHB housing market index.

June WTI crude oil (CLM16 unch) this morning is unchanged. June gasoline (RBM16 -0.26%) is down -0.0044 (-0.27%). Monday's closes: CLM6 +1.51 (+3.27%), RBM6 +0.0181 (+1.14%). Jun crude and gasoline on Monday closed higher with Jun crude at a 6-1/2 month high and Jun gasoline at an 8-1/2 month high. Crude oil prices were boosted by a weaker dollar, Chinese demand with the +2.4% y/y rise in China Apr crude processing to a record 10.93 million bpd, and stronger U.S. refinery demand for gasoline after the crack spread climbed to a 1-1/2 week high.

GLOBAL EVENT CALENDAR05/17/2016

US	0830 ET	Apr housing starts expected +3.3% to 1.125 million, Mar -8.8% at 1.089 million. Apr building permits expected +5.5% to 1.135 million, Mar -8.6% to 1.076 million.
	0830 ET	Apr CPI expected +0.3% m/m and +1.1% y/y, Mar +0.1% m/m and +0.9% y/y. Apr CPI ex food & energy expected +0.2% m/m and +2.1% y/y, Mar +0.1% m/m and +2.2% y/y.
	0915 ET	Apr industrial production expected +0.3%, Mar -0.6%. Apr manufacturing production, Mar -0.3%. Apr capacity utilization expected +0.2 to 75.0%, Mar -0.5 to 74.8%.
	1200 ET	San Francisco Fed President John Williams (non-voter) and Atlanta Fed President Dennis Lockhart (non-voter) interview on the U.S. economic outlook.
JPN	0030 ET	Revised Japan Mar industrial production, preliminary +3.6% m/m and +0.1% y/y.
	0030 ET	Japan Mar capacity utilization, Feb -5.4% m/m.
	1950 ET	Japan Q1 GDP expected +0.3% q/q annualized, Q4 -1.1% q/q annualized. Q1 GDP deflator expected +1.0% y/y, Q4 +1.5% y/y.
	1950 ET	Japan Q1 private consumption expected +0.2% q/q, Q4 -0.9% q/q. Q1 business spending expected -0.8% q/q, Q4 +1.5% q/q.
UK	0430 ET	UK Apr CPI expected +0.3% m/m and +0.5% y/y, Mar +0.4% m/m and +0.5% y/y. Apr core CPI expected +1.4% y/y, Mar +1.5% y/y.
	0430 ET	UK Apr RPI expected +0.3% m/m and +1.5% y/y, Mar +0.4% m/m and +1.6% y/y. Apr RPI ex mortgage interest payments expected +1.6% y/y, Mar +1.6% y/y.
	0430 ET	UK Apr PPI input prices expected +1.1% m/m and -6.7% y/y, Mar +2.0% m/m and -6.5% y/y.
	0430 ET	UK Apr PPI output prices expected +0.2% m/m and -0.8% y/y, Mar +0.3% m/m and -0.9% y/y. Apr PPI output core expected +0.1% m/m and +0.3% y/y, Mar +0.1% m/m and +0.2% y/y.
	0430 ET	UK Mar ONS house price, Feb +7.6% y/y.
CHI	2130 ET	China Apr property prices.

U.S. STOCK CALENDAR05/17/2016

Company	Ticker	Time	Event Description	Period	Estimate
Home Depot Inc/The	HD US	Bef-mkt	Q1 2017 Earnings Release	Q1 2017	1.352
Home Depot Inc/The	HD US	9:00	Q1 2017 Earnings Call	Q1 2017
TJX Cos Inc/The	TJX US	9:30	Q1 2017 Earnings Release	Q1 2017	0.708
Principal Financial Group Inc	PFG US	10:00	Annual General Meeting	Y 2016
Boston Properties Inc	BXP US	10:00	Annual General Meeting
JPMorgan Chase & Co	JPM US	11:00	Annual General Meeting	Y 2016
TJX Cos Inc/The	TJX US	11:00	Q1 2017 Earnings Call	Q1 2017
Electronic Arts Inc	EA US	11:00	Investor Day	Y 2016
Southwestern Energy Co	SWN US	12:00	Annual General Meeting
Amazon.com Inc	AMZN US	12:00	Annual General Meeting	Y 2016
Juniper Networks Inc	JNPR US	12:00	Investor Day	Y 2016
Gap Inc/The	GPS US	13:00	Annual General Meeting	Y 2016
Morgan Stanley	MS US	14:00	Annual General Meeting
Essex Property Trust Inc	ESS US	16:00	Annual General Meeting	Y 2016
Charles Schwab Corp/The	SCHW US	17:00	Annual General Meeting
Time Warner Cable Inc	TWC US	Aft-mkt	Digital Realty Trust Replaces Time Warner Cable in S&P 500
Equifax Inc	EFX US		Investor Meeting - London	Y 2016
Leggett & Platt Inc	LEG US		Annual General Meeting
General Growth Properties Inc	GGP US		Annual General Meeting	Y 2016
Newfield Exploration Co	NFX US		Annual General Meeting
Realty Income Corp	O US		Annual General Meeting
Diamond Offshore Drilling Inc	DO US		Annual General Meeting
FirstEnergy Corp	FE US		Annual General Meeting	Y 2016

BARCHART MORNING CALL 7/6

BARCHART MORNING CALL

Monday, July 6th, 2015View Older Reports

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OVERNIGHT MARKETS AND NEWS

September E-mini S&Ps (ESU15 -0.63%) are down -0.62% at a 3-month low and European stocks are down -1.73% at a 4-3/4 month low after Greek voters voted 'No' to austerity measures. The ECB will meet today to discuss its next move and German Chancellor Merkel will meet with French President Hollande today before Eurozone leaders meet on Tuesday. Stocks recovered from their worst levels after Greek Finance Minister Vaoufakis resigned, which boosted speculation a last-minute deal with Greece's creditors was possible. Another positive for European stocks was the upward revision to the Eurozone Jun Markit composite PMI which was revised higher to its best level since the data series began in 2012. Asian stocks closed mostly lower: Japan -2.08%, Hong Kong -3.18%, China +2.41%, Taiwan -1.09%, Australia -1.14%, Singapore -0.29%, South Korea -2.50%, India +0.41%. China's Shanghai Composite closed higher after the government over the weekend suspended initial public offerings and the PBOC said it would provide liquidity for margin trading.
Commodity prices are mostly lower. Aug crude oil (CLQ15 -2.32%) is down -4.67% at a 2-1/2 month low, Aug gasoline (RBQ15 -1.57%) is down -3.31%. Metals prices are mixed. Aug gold (GCQ15 -0.30%) is up +0.07%. Sep copper (HGU15 -3.04%) is down -3.93% at a 5-month low. Agricultural prices are weaker as a stronger dollar and drier weather pressured grain prices.
The dollar index (DXY00 +0.38%) is up +0.35% at a 1-month high. EUR/USD (^EURUSD) is down -0.71% at a 1-week low. USD/JPY (^USDJPY) is up +0.09%.

Sep T-note prices (ZNU15 +0.26%) are up ticks at a 5-week high as global government bonds rally after the Sunday's Greek 'No' vote to austerity increases the chances that Greece will be forced to exit the Eurozone.
In an attempt to stop the recent plunge in Chinese stocks, China's State Council suspended initial public offerings and the China Securities Regulatory Commission (CSRC) said 21 brokerages pledged not to reduce any proprietary investments in the equity market as long as the Shanghai Composite Index stays below 4,500. The PBOC also said it will offer China Securities Finance Corp., which manages China's short selling and margin trading, liquidity support, according to a statement on the CSRC website on Sunday.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) final-Jun Markit U.S. services PMI (expected +0.1 to 54.9 after prelim-Jun -1.4 to 54.8), (2) Jun ISM non-manufacturing index (expected +0.7 to 56.4 after May's -2.1 to 55.7), and (3) Jun Labor Market Conditions Index (expected 2.0 vs May's 1.3).
None of the Russell 1000 companies report earnings today.
U.S. IPO's scheduled to price today include: NephroGenex (NRX).
Equity conferences this week: none.

OVERNIGHT U.S. STOCK MOVERS

Celanese (CE +2.39%) was downgraded to 'Neutral' from 'Buy' at UBS.
Intuitive Surgical (ISRG +0.09%) was downgraded to 'Underweight' from 'Equal Weight' at Morgan Stanley.
Guess (GES -0.88%) was upgraded to 'Neutral' from 'Underweight' at Piper Jaffray.
Aegerion (AEGR -1.27%) was downgraded to 'Sell' from 'Neutral' at Guggenheim.
VMware (VMW +0.40%) was downgraded to 'Market Perform' from 'Outperform' at FBR Capital.
Bank of America (BAC -1.10%) and Citigroup (C -0.56%) both fell over 1% in pre-market trading as financial stocks fell across the globe following the results of the Greek referendum.
Humana (HUM -2.92%) jumped over 8% in pre-market trading after Aetna agreed to buy the health insurer for about $35 billion,
The Financial Times reported that Royal Bank of Scotland (RBS +0.89%) could potentially face a judgment of nearly $13 billion in a case related to the subprime mortgage crisis.
Pershing Square reported a 13.2% stake in Howard Hughes (HHC -0.81%) .
Man Group reported a 5.31% stake in Perfect World (PWRD -0.25%) .
Point72 Asset Management reported a 5.1% passive stake in SPX Corp. (SPW -0.65%) .
Frigate Ventures reported a 6.8% passive stake in Novogen (NVGN unch) .

MARKET COMMENTS

September E-mini S&Ps (ESU15 -0.63%) this morning are down -12.75 points (-0.62%0 at a 3-month low. Thursday's closes: S&P 500 -0.03%, Dow Jones -0.16%, Nasdaq +0.09%. The S&P 500 on Thursday settled slightly lower on (1) the slightly weaker-than-expected +223,000 increase in U.S. Jun payrolls and the downward revision in May payrolls to +254,000 from +280,000, and (2) the -1.0% drop in U.S. May factory orders, weaker than expectations of -0.5%. On the supportive side for stocks, the U.S. Jun unemployment rate fell -0.2 to a 7-year low of 5.3%, a bigger decline than expectations of -0.1 to 5.4%.
Sep 10-year T-notes (ZNU15 +0.26%) this morning are up +24.5 ticks at a 5-week high. Thursday's closes: TYU5 +13.00, FVU5 +10.00. Sep T-notes on Thursday closed higher on the weaker-than-expected +223,000 increase in U.S. Jun payrolls and Jun average hourly earnings, which may push back the timing of a Fed interest rate increase.
The dollar index (DXY00 +0.38%) this morning is up +0.341 (+0.35%) at a 1-month high. EUR/USD (^EURUSD) is down -0.0079 (-0.71%) at a 1-week low. USD/JPY (^USDJPY) is up +0.11 (+0.09%). Thursday's closes: Dollar Index -0.197 (-0.20%), EUR/USD +0.00312 (+0.28%), USD/JPY -0.116 (-0.09%). The dollar index on Thursday settled lower on (1) the weaker-than-expected U.S. Jun payroll and average hourly earnings reports, which may push back a Fed interest rate increase, and (2) strength in EUR/USD on short covering ahead of the July 5 Greek referendum.
Aug WTI crude oil (CLQ15 -2.32%) this morning is down sharply by -$2.66 (-4.67%) at a 2-1/2 month low. Aug gasoline (RBQ15 -1.57%) is down -0.0673 (-3.31%). Thursday's closes: CLQ5 -0.03 (-0.05%), RBQ5 +0.0275 (+1.37%). Aug crude oil and gasoline on Thursday settled mixed. Crude oil received support from a weaker dollar and the close-to-expected increase in U.S. Jun payroll report, which signals moderate economic growth that is beneficial for energy demand. Crude oil prices were undercut by the afternoon report from Baker Hughes that U.S. active oil rigs rose by +12 rigs to 640 rigs, the first increase in nearly 7 months.

GLOBAL EVENT CALENDAR07/06/2015

US	0945 ET	Final-Jun Markit U.S. services PMI expected +0.1 to 54.9, prelim-Jun -1.4 to 54.8. Final-Jun Markit U.S. Composite PMI, prelim-Jun -1.4 to 54.6.
	1000 ET	Jun ISM non-manufacturing index expected +0.7 to 56.4, May -2.1 to 55.7.
	1000 ET	Jun Labor Market Conditions Index expected 2.0, May 1.3.
	1100 ET	USDA weekly grain export inspections.
	1600 ET	USDA weekly crop progress.
JPN	0100 ET	Japan May leading index CI expected -0.1 to 106.3, Apr 106.4. May coincident index expected -1.7 to 109.3, Apr 111.0.
GER	0200 ET	German May factory orders expected unch m/m and +4.4% y/y, Apr +1.4% m/m and +0.4% y/y.
	0330 ET	German Jun Markit construction PMI, May 50.8.
UK	0400 ET	UK Jun new car registrations, May +2.4% y/y.
EUR	0430 ET	Eurozone Jul Sentix investor confidence expected -1.6 to 15.5, Jun 17.1.

U.S. STOCK CALENDAR07/06/2015

Company	Ticker	Time	Event Description	Period	Estimate
Aetna	AET US	8:30	Acquisition of Humana Inc by Aetna Inc Call
Humana	HUM US	8:30	Acquisition of Humana Inc by Aetna Inc Call
A Schulman Inc	SHLM US	Aft-mkt	Q3 2015 Earnings Release	Q3 2015	0.77

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 11/19

BARCHART MORNING CALL

Wednesday, November 19th, 2014View Older Reports

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OVERNIGHT MARKETS AND NEWS

December E-mini S&Ps (ESZ14 +0.04%) this morning are down -0.05% ahead of the minutes of the Oct 28-29 FOMC meeting, while European stocks are up +0.24% at a 1-1/2 week high as health-care stocks gained on speculation of increased M&A activity. Yields on European government bonds rose after ECB policy maker Knot said he was skeptical about the benefits of quantitative easing. Asian stocks closed mostly lower: Japan -0.32%, Hong Kong -0.66%, China -0.16%, Taiwan +1.18%, Australia -0.57%, Singapore +0.63%, South Korea -0.13%, India -0.46%. Commodity prices are mixed. Dec crude oil (CLZ14 +0.20%) is up +0.27%. Dec gasoline (RBZ14 +0.90%) is up +0.75%. Dec gold (GCZ14 -0.18%) is up +0.06%. Dec copper (HGZ14 +0.38%) is up +0.32%. Agriculture prices are weaker with Dec corn and Jan soybeans at 1-week lows as the U.S. harvest nears completion. The dollar index (DXY00 +0.13%) is up +0.10%. EUR/USD (^EURUSD) is unch. USD/JPY (^USDJPY) is up +0.64% at a fresh 7-year high after the BOJ concluded a 2-day policy meeting and maintained record stimulus and after BOJ Governor Kuroda warned that it's possible that core inflation may fall below 1%. Dec T-note prices (ZNZ14 -0.15%) are down -6.5 ticks.
Eurozone Sep construction output fell -1.8% m/m, the biggest decline in 20 months. On an annual basis Sep construction output fell -1.7% y/y, the most in 11 months.
Japan Oct nationwide department store sales fell-2.2% y/y, the seventh consecutive month that sales have declined year-over-year.
The Japan Sep all-industry activity index rose +1.0% m/m, right on expectations and the most in 6 months.
The Japan Sep leading index CI was left unrevised at 105.6. The Sep coincident index was revised upward to 109.8 from the originally reported 109.7.

U.S. STOCK PREVIEW

Today’s Oct housing starts report is expected to show a +0.8% increase to 1.025 million, adding to the +6.3% increase to 1.017 million seen in September. The markets suspect that today’s minutes from the Oct 28-29 FOMC meeting may be a bit bearish since the FOMC at that meeting ended QE3, upgraded its assessment of the labor market, and slightly revised its interest rate guidance language. There are 11 of the Russell 1000 companies report earnings today with notable reports including: Target (consensus $0.47), Lowe's (0.58), Staples (0.36), L Brands (0.40), Williams-Sonoma (0.63), Salesforce.com (0.13).
Equity conferences during the remainder of the week include: Morgan Stanley Global Consumer & Retail Conference on Tue-Wed, Stifel Healthcare Conference on Tue-Wed, UBS Global Technology Conference on Tue-Wed, Los Angeles Auto Show-Press & Trade Days on Tue-Thu, Citi Financial Technology Conference on Wed, Jefferies Global Healthcare Conference on Wed, World Internet Conference on Wed, Keefe, Bruyette, & Woods Securities Brokerage & Market Structure Conference on Wed, Vertical Research Partners Paper and Packaging Conference on Wed, Barclays Global Automotive Conference on Wed-Thu, Citigroup Global Financial Conference on Wed-Thu, Goldman Sachs Global Metals & Mining/Steel Conference on Thu, Wells Fargo Securities E-Cig Conference on Thu, Morgan Stanley European Technology, Media & Telecoms Conference on Fri.

OVERNIGHT U.S. STOCK MOVERS

Consolidated Edison (ED +0.78%) was downgraded to 'Sell' from 'Neutral' at UBS.
Columbia Sportswear (COLM +0.48%) was upgraded to 'Buy' from 'Neutral' at Citigroup.
JM Smucker (SJM +0.44%) reported Q2 EPS of $1.53, right on consensus, although Q2 revenue of $1.48 billion was less than consensus of $1.49 billion.
Lowe's (LOW -0.61%) rose 2% in pre-market trading after it reported Q3 EPS of 59 cents, better than consensus of 58 cents,and then raised guidance on fiscal 2014 EPS to $2.68, above consensus of $2.63.
Staples (SPLS -1.62%) climbed 2% in pre-market trading after it reported Q3 EPS of 37 cents, higher than consensus of 36 cents.
Mallinckrodt PLC (MNK +0.42%) reported Q4 EPS of $1.68, well above consensus of $1.41.
Integrated Core Strategies reported a 5.1% passive stake in Aegerion (AEGR +2.86%) .
PetSmart (PETM +0.01%) rose nearly 2% in after-hours trading after it reported Q3 EPS of $1.02, higher than consensus of 94 cents, and then raised guidance on fiscal 2014 EPS to $4.39-$4.43, above consensus of $4.33.
La-Z-Boy (LZB -0.70%) jumped over 4% in after-hours trading after it reported Q2 EPS of 36 cents, better than consensus of 34 cents.
Jack in the Box (JACK +1.72%) rose over 2% in after-hours trading after it reported Q4 operating EPS of 54 cents, above consensus of 53 cents.
Vipshop (VIPS -1.17%) reported Q3 EPS of 8 cents, better than consensus of 7 cents.

MARKET COMMENTS

Dec E-mini S&Ps (ESZ14 +0.04%) this morning are down -1.00 point (-0.05%). The S&P 500 index on Tuesday pushed up to a new record high and closed higher: S&P 500 +0.51%, Dow Jones +0.23%, Nasdaq +0.67%. Supportive factors included (1) carry-over support from a rally in European equity markets after the German Nov ZEW survey expectations of economic growth rose for the first time in 11 months and posted a 4-month high, and (2) strength in homebuilders after the NAHB Nov housing market index rose +4 to 58, better than expectations of +1 to 55.
Dec 10-year T-notes (ZNZ14 -0.15%) this morning are down -6.5 ticks. Dec 10-year T-note futures prices on Tuesday closed higher: TYZ4 +5.50, FVZ4 +3.25. Bullish factors included (1) increased safe-haven demand on concern about escalation of the crisis in Ukraine after Ukraine President Poroshenko said his country is ready for “total war” with Russian President Putin’s troops, and (2) carry-over support from a rally in European government bonds when ECB President Draghi said that sovereign-bond buying could be a stimulus measure to improve the Eurozone’s “abysmal” economic performance.
The dollar index (DXY00 +0.13%) this morning is up +0.086 (+0.10%). EUR/USD (^EURUSD) is unch. USD/JPY (^USDJPY) is up +0.75 (+0.64%) at a fresh 7-year high. The dollar index on Tuesday closed lower. Closes: Dollar index -0.351 (-0.40%), EUR/USD +0.00859 (+0.69%), USD/JPY +0.209 (+0.18%). Bearish factors included (1) strength in EUR/USD after the German Nov ZEW survey pf expectations of economic growth rose to a 4-month high, and (2) weakness in the yen as USD/JPY posted a new 7-year high after Japanese Prime Minister Abe called for an early election and suspended a planned sales-tax increase.
Dec WTI crude oil (CLZ14 +0.20%) this morning is up +20 cents (+0.27%) and Dec gasoline (RBZ14 +0.90%) is up +0.0153 (+0.75%). Dec crude and Dec gasoline on Tuesday settled mixed. Closes: CLZ4 -1.03 (-1.36%), RBZ4 +0.0169 (+0.83%). Supportive factors included (1) a weak dollar, and (2) the rally in the S&P 500 to a record high, which may boost confidence in the economic outlook and energy demand. Negative factors included (1) speculation that OPEC will be unable to agree on production cuts at next week’s meeting, and (2) a report from Goldman Sachs that said a “large” production cut by OPEC to prop up prices isn’t in the cartel’s interest as it would likely bolster an expansion of U.S. shale oil production.

GLOBAL EVENT CALENDAR11/19/2014

US	0700 ET	Weekly MBA mortgage applications, previous -0.9% with purchase sub-index +1.1% and refi sub-index -1.9%.
	0830 ET	Oct housing starts expected +0.8% to 1.025 million, Sep +6.3% to 1.017 million. Oct building permits expected +0.9% to 1.040 million, Sep +2.8% to 1.031 million.
	1030 ET	EIA Weekly Petroleum Status Report.
	1400 ET	Minutes of the Oct 28-29 FOMC meeting.
JPN	0000 ET	Revised Japan Sep leading index CI, previous 105.6. Revised Sep coincident index, previous 109.7.
	1950 ET	Japan Oct trade balance expected -1.027 trillion yen, Sep -960.6 billion yen. Oct exports expected +4.5% y/y, Sep +6.9% y/y. Oct imports expected +3.4% y/y, Sep +6.2% y/y.
	2035 ET	Japan Nov Markit/JMMA manufacturing PMI expected +0.3 to 52.7, Oct 52.4.
	n/a	BOJ announces interest rate decision after 2-day meeting.
UK	0430 ET	Minutes of the Nov 5-6 BOE meeting.
EUR	0500 ET	Eurozone Sep construction output, Aug +1.5% m/m and -0.3% y/y.
CHI	2045 ET	China Nov HSBC manufacturing PMI expected -0.2 to 50.2, Oct 50.4.

U.S. STOCK CALENDAR11/19/2014

Company Name	Ticker	Time	Event Description	Period	Estimate
Target Corp	TGT US	Bef-mkt	Q3 2015 Earnings Release	Q3 2015	0.469
Lowe's Cos Inc	LOW US	Bef-mkt	Q3 2015 Earnings Release	Q3 2015	0.582
JM Smucker Co/The	SJM US	Bef-mkt	Q2 2015 Earnings Release	Q2 2015	1.532
Staples Inc	SPLS US	Bef-mkt	Q3 2015 Earnings Release	Q3 2015	0.362
Staples Inc	SPLS US	8:00	Q3 2015 Earnings Call	C3 2015
Staples Inc	SPLS US	8:00	Q3 2015 Earnings Call	Q3 2015
JM Smucker Co/The	SJM US	8:30	Q2 2015 Earnings Call	Q2 2015
Mallinckrodt PLC	MNK US	8:30	Q4 2014 Earnings Call	Q4 2014
Atmos Energy Corp	ATO US	9:00	Analyst Meeting	Y 2014
Lowe's Cos Inc	LOW US	9:00	Q3 2015 Earnings Call	Q3 2015
National Oilwell Varco Inc	NOV US	9:00	Analyst Day - Day 2	Y 2014
CBRE Group Inc	CBG US	9:00	Business Review Day	Y 2014
Liberty Interactive Corp	QVCA US	9:00	Investor Meeting	Y 2014
QUALCOMM Inc	QCOM US	10:00	Analyst Meeting	Y 2014
PetSmart Inc	PETM US	10:00	Q3 2015 Earnings Call	Q3 2015
Crown Castle International Corp	CCI US	10:00	Extraordinary Shareholders Meeting - M&A Vote	Y 2014
Target Corp	TGT US	10:30	Q3 2015 Earnings Call	Q3 2015
Sysco Corp	SYY US	11:00	Annual General Meeting	Y 2014
Clorox Co/The	CLX US	12:00	Annual General Meeting
Liberty Media Corp	LMCA US	12:30	Investor Meeting	Y 2014
Liberty Broadband Corp	LBRDA US	13:35	Investor Meeting	Y 2014
Charter Communications Inc	CHTR US	13:40	Investor Meeting	Y 2014
Alliant Techsystems Inc	ATK US	16:30	Business Update Call
Manitowoc Co Inc/The	MTW US	17:00	ITC Final Decision Due on Manitowoc vs. Sany Heavy Patent-Infringement Case
Williams-Sonoma Inc	WSM US	17:00	Q3 2015 Earnings Call	Q3 2015
Keurig Green Mountain Inc	GMCR US	17:00	Q4 2014 Earnings Call	Q4 2014
salesforce.com inc	CRM US	17:00	Q3 2015 Earnings Call	Q3 2015
L Brands Inc	LB US	Aft-mkt	Q3 2015 Earnings Release	Q3 2015	0.396
Williams-Sonoma Inc	WSM US	Aft-mkt	Q3 2015 Earnings Release	Q3 2015	0.631
Keurig Green Mountain Inc	GMCR US	Aft-mkt	Q4 2014 Earnings Release	Q4 2014	0.772
salesforce.com inc	CRM US	Aft-mkt	Q3 2015 Earnings Release	Q3 2015	0.128
Copa Holdings SA	CPA US	Aft-mkt	Q3 2014 Earnings Release	Q3 2014	1.997
ResMed Inc	RMD US	18:00	Annual General Meeting	Y 2014
Campbell Soup Co	CPB US		Annual General Meeting
Questar Corp	STR US		Roadshow - Northwest	Y 2014
Raymond James Financial Inc	RJF US		October 2014 Sales and Revenue Release - Operating Data	2014
Terex Corp	TEX US		Investor Day
Concur Technologies Inc	CNQR US		Special Meeting - M&A Vote
Global Payments Inc	GPN US		Annual General Meeting
TRW Automotive Holdings Corp	TRW US		Special Meeting - M&A Vote
SandRidge Energy Inc	SD US		Q3 2014 Earnings Release	Q3 2014	0.042
Mallinckrodt PLC	MNK US		Q4 2014 Earnings Release	Q4 2014