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Tuesday, August 15, 2017

Morning Call 8/15

Barchart Morning Call

Barchart.com - Tue Aug 15, 6:34AM CDT

OVERNIGHT MARKETS AND NEWS

Sep E-mini S&Ps (ESU17 +0.26%) this morning are up +0.20% and European stocks are up +0.40% as tensions between the U.S. and North Korea wane, which is fueling gains in global equity markets. The VIX volatility index fell for a third day and Dec COMEX gold prices (GCZ17 -0.81%) declined -0.81% on reduced safe-haven demand after a North Korean media report signaled that North Korean President Kim Jong Un had decided not to launch missiles toward Guam. Gains in European stocks were contained after German Q2 GDP expanded at a slower than expected pace, while weakness in energy stocks limited the upside in U.S. markets as Sep WTI crude oil (CLU17 -0.46%) slid -0.38% to a 3-week low. GBP/USD fell -0.69% to a 1-month low on weaker-than-expected UK Jul CPI, which may keep the BOE from tapering its QE program. Asian stocks settled mostly higher: Japan +1.11%, Hong Kong -0.28%, China +0.43%, Taiwan +0.84%, Australia +0.47%, Singapore -0.42%, South Korea and India closed for holiday. Chinese stocks also found support on stronger-than-expected China Jul aggregate financing, the broadest measure of credit, and Japanese exporters led gains in the Nikkei Stock Index as USD/JPY rose for a second day.

The dollar index (DXY00 +0.36%) is up +0.34%. EUR/USD (^EURUSD) is down -0.21%. USD/JPY (^USDJPY) is up +0.71%.

Sep 10-year T-note prices (ZNU17 -0.22%) are down -9 ticks.

German Q2 GDP rose +0.6% q/q, weaker than expectations of +0.7% q/q.

UK Jul CPI of -0.1% m/m and +2.6% y/y was weaker than expectations of unch m/m and +2.7% y/y. Jul core CPI rose +2.4% y/y, weaker than expectations of +2.5% y/y.

China Jul new yuan loans rose 825.5 billion yuan, stronger than expectations of +800.0 billion yuan. Jul aggregate financing increased by 1.22 trillion yuan, stronger than expectations of 1.00 trillion yuan.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Jul import price index (expected +0.1% m/m, Jun -0.2% and +0.1% ex-petroleum), Jul export price index (expected +0.2% m/m, Jun -0.2% m/m and +0.6% y/y), (2) Aug Empire manufacturing survey general business conditions (expected +0.2 to 10.0, Jul -10.0 to 9.8), (3) Jul retail sales (expected +0.3% and +0.4% ex autos, Jun -0.2% and -0.2% ex autos), (4) Aug NAHB housing market index (expected unch at 64, Jul -2 to 64), (5) Jun business inventories (expected +0.4%, May +0.3%).

Notable Russell 1000 earnings reports today include: Advance Auto Parts (consensus $1.65), Coach $0.50, TJX Cos $0.84, Home Depot $2.21, Dick's Sporting Goods $1.00, Brighthouse Financial $2.43, Agilent Technologies $0.52, Urban Outfitters $0.37, Jack Henry & Associates $0.83.

U.S. IPO's scheduled to price today: Capitol Investment Co.

Equity conferences this week: D. A. Davidson & Co Technology Forum on Tue, Nomura Holdings Inc Instinet Media Telecom Conference on Tue, Citi Insurance & Asset Managers Forum on Wed, Barclays Kohler Conference on Wed, Wedbush Pacgrow Health Care Conference on Wed.

OVERNIGHT U.S. STOCK MOVERS

Home Depot (HD -0.40%) rose nearly 2% in pre-market trading after it reported Q2 EPS of $2.25, better than consensus of $2.21, and then raised guidance on full-year EPS to $7.29 from a prior view of $7.15.

American Eagle Outfitters (AEO -2.32%) was upgraded to 'Buy' from 'Market Perform' at FBR Capital Markets with a 12-month target price of $13.

NetApp (NTAP +1.30%) was upgraded to 'Buy' from 'Neutral' at Longbow Research with a 12-month target price of $50.

Wynn Resorts Ltd (WYNN +2.03%) was upgraded to 'Buy' from 'Hold' at Deutsche Bank.

Targa Resources (TRGP -1.31%) was upgraded to 'Buy' from 'Neutral' at Guggenheim Securities with a 12-month target price of $50.

Synchrony Financial (SYF +1.51%) climbed nearly 5% in after-hours trading after Berkshire Hathaway reported that it increased its stake in SYF to $520 million in Q2.

FibroGen (FGEN +5.76%) lost over 2% in after-hours trading after it announced that it intends to offer and sell up to $300 million of its common stock in an underwritten follow-on offering.

Allscripts Healthcare Solutions (MDRX +0.47%) gained 1% in after-hours trading after it was upgraded to 'Overweight' from 'Neutral' at Cantor Fitzgerald with a price target of $17.

Omeros (OMER +4.95%) dropped nearly 5% in after-hours trading after it filed to sell 3 million shares of its common stock in a secondary public offering.

Pandora Media (P -0.12%) rose 4% in after-hours trading after it named Sling TV CEO Roger Lynch as CEO and board member effective September 18.

Extreme Networks (EXTR +8.00%) jumped 10% in after-hours trading after it reported Q4 adjusted EPS of 17 cents, above consensus of 15 cents.

Photronics (PLAB +3.68%) plunged 16% in after-hours trading after it reported Q3 revenue of $111.6 million, below consensus of $115.2 million, and then said it sees Q4 revenue of $108 million-$116 million, weaker than expectations of $124.2 million.

MARKET COMMENTS

Sep S&P 500 E-mini stock futures (ESU17 +0.26%) this morning are up +5.00 points (+0.20%). Monday's closes: S&P 500 +1.00, Dow Jones +0.62%, Nasdaq +1.31%. The S&P 500 on Monday closed sharply higher on reduced market volatility after the VIX volatility index plunged when North Korean geopolitical risks subsided. Another supportive factor was signs of strength in the Japanese economy that benefits global growth after Japan Q2 GDP rose +4.0% (q/q annualized), stronger than expectations of +2.5% (q/q annualized) and the fastest pace of growth in over 2-years. A bearish factor was weakness in energy producers after crude oil prices fell -2.52%.

Sep 10-year T-note prices (ZNU17 -0.22%) this morning are down -9 ticks. Monday's closes: TYU7 -8.50, FVU7 -4.75. Sep 10-year T-notes on Monday closed lower on reduced safe-haven demand for T-notes as the stock market rallied sharply after North Korean tensions eased, and on signs of stronger global economic growth that may prompt the Fed to raise interest rates and the BOJ to taper QE after Japan Q2 GDP expanded at a +4.0% (q/q annualized) pace, the fastest pace of growth in over 2-years.

The dollar index (DXY00 +0.36%) this morning is up +0.318 (+0.34%). EUR/USD (^EURUSD) is down -0.0025 (-0.21%) and USD/JPY (^USDJPY) is up +0.78 (+0.71%). Monday's closes: Dollar Index +0.342 (+0.37%), EUR/USD -0.0041 (-0.35%), USD/JPY +0.44 (+0.40%). The dollar index on Monday closed higher due to weakness in EUR/USD after Eurozone Jun industrial production fell -0.6% m/m, the biggest decline in 6 months, and on the increase in 10-year T-note yields, which improves the dollar's interest rate differentials.

Sep crude oil (CLU17 -0.46%) this morning is down -18 cents (-0.38%) at a 3-week low. Sep gasoline (RBU17 -0.15%) is unch. Monday's closes: Sep WTI crude -1.23 (-2.52%), Sep gasoline -0.0363 (-2.25%). Sep crude oil and gasoline on Monday fell to 2-1/2 week lows and closed lower due to a stronger dollar, and slack Chinese crude demand after China Jul crude processing fell -4.4% to 10.76 million bpd, the smallest amount of crude processed in 10-months. Another bearish factor was negative carry-over from Friday's data from Baker Hughes that showed U.S. active oil rigs in the week ended Aug 11 rose +3 to 768, the most in 2-1/3 years.

GLOBAL EVENT CALENDAR08/15/2017

		Tuesday, Aug 15
US	0830 ET	Jul import price index expected +0.1% m/m, Jun -0.2% and +0.1% ex-petroleum. Jul export price index expected +0.2% m/m, Jun -0.2% m/m and +0.6% y/y.
	0830 ET	Aug Empire manufacturing survey general business conditions expected +0.2 to 10.0, Jul -10.0 to 9.8.
	0830 ET	Jul retail sales expected +0.3% and +0.4% ex autos, Jun -0.2% and -0.2% ex autos.
	1000 ET	Aug NAHB housing market index expected unch at 64, Jul -2 to 64.
	1000 ET	Jun business inventories expected +0.4%, May +0.3%.
		Wednesday, Aug 16
US	0700 ET	Weekly MBA mortgage applications, previous +3.0% with purchase sub-index +0.8% and refi sub-index +5.3%.
	0830 ET	Jul housing starts expected +0.4% to 1.220 million, Jun +8.3% to 1.215 million. Jul building permits expected -2.0%to 1.250 million, Jun +9.2% to 1.275 million.
	1030 ET	EIA Weekly Petroleum Status Report.
	1400 ET	Minutes of the Jul 25-26 FOMC meeting.

U.S. STOCK CALENDAR08/15/2017

Company	Ticker	Time	Event Description	Period	Estimate
Advance Auto Parts Inc	AAP US	Bef-mkt	Q2 2017 Earnings Release	Q2 17	1.65
Coach Inc	COH US	Bef-mkt	Q4 2017 Earnings Release	Q4 17	0.495
TJX Cos Inc/The	TJX US	Bef-mkt	Q2 2018 Earnings Release	Q2 18	0.84
Home Depot Inc/The	HD US	6:00	Q2 2018 Earnings Release	Q2 18	2.214
Dick's Sporting Goods Inc	DKS US	7:30	Q2 2018 Earnings Release	Q2 18	0.998
Advance Auto Parts Inc	AAP US	8:00	Q2 2017 Earnings Call	Q2 17
Coach Inc	COH US	8:30	Q4 2017 Earnings Call	Q4 17
Home Depot Inc/The	HD US	9:00	Q2 2018 Earnings Call	Q2 18
Dick's Sporting Goods Inc	DKS US	10:00	Q2 2018 Earnings Call	Q2 18
TJX Cos Inc/The	TJX US	11:00	Q2 2018 Earnings Call	Q2 18
Brighthouse Financial Inc	BHF US		Q2 2017 Earnings Release	Q2 17	2.432
Equifax Inc	EFX US		Investor Meeting - Los Angeles
Equifax Inc	EFX US		Investor Meeting - Denver
Agilent Technologies Inc	A US	16:00	Q3 2017 Earnings Release	Q3 17	0.522
Urban Outfitters Inc	URBN US	16:05	Q2 2018 Earnings Release	Q2 18	0.367
Jack Henry & Associates Inc	JKHY US	16:15	Q4 2017 Earnings Release	Q4 17	0.83
Agilent Technologies Inc	A US	16:30	Q3 2017 Earnings Call	Q3 17
Urban Outfitters Inc	URBN US	17:00	Q2 2018 Earnings Call	Q2 18

Thursday, March 10, 2016

MORNING CALL 3/10

MORNING CALL

Thursday, March 10th, 2016View Older Reports

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

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

OVERNIGHT MARKETS AND NEWS

March E-mini S&Ps (ESH16 +0.44%) are up +0.29% and European stocks are up +0.14% as the markets await the ECB's decision today on possible additional stimulus measures. The markets are expecting at least an interest rate cut by the ECB today and or an expansion of its quantitative easing. Weakness in crude oil and metals undercut energy and raw-material producing stocks, while an unexpected decline in German Jan exports pressured European stocks. Asian stocks settled mixed: Japan +1.26%, Hong Kong -0.06%, China -2.02%, Taiwan +0.31%, Australia -0.14%, Singapore -0.05%, South Korea +0.96%, India -0.69%. China's Shanghai Composite closed down over 2% after Chinese consumer prices rose at the fastest pace in 19 months, which may limit further stimulus measures by the government.

The dollar index (DXY00 +0.14%) is up +0.20%. EUR/USD (^EURUSD)is down -0.21%. USD/JPY (^USDJPY) is up +0.26%.

Jun T-note prices (ZNM16 +0.15%) are up +7 ticks.

The German Jan trade balance shrank to a surplus of 13.6 billion euros, less than expectations of +17.0 billion euros and the smallest surplus in 17 months. Jan exports unexpectedly fell -0.5% m/m, weaker than of +0.8% m/m. Jan imports rose +1.2% m/m, stronger than expectations of +0.8% m/m.

China Feb CPI rose +2.3% y/y, stronger than expectations of +1.8% y/y and the fastest pace of increase in 19 months.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) weekly initial unemployment claims (expected -3,000 to 275,000, previous +6,000 to 278,000) and continuing claims (expected -7,000 to 2.250 million, previous +3,000 to 2.257 million), (2) the Treasury's auction of $12 billion of 30-year T-bonds, and (3) Feb monthly budget statement (expected -$196.3 billion, Jan +$55.163 billion).

There are 5 of the Russell 1000 companies that report earnings today: Dollar General (consensus $1.26), Care Capital Properties (0.79), Four Corners Property Trust (0.45), VeriFone Systems (0.46), Ulta Salon (1.54).

U.S. IPO's scheduled to price today: Biolight Life Sciences (BOLT).

Equity conferences this week include: UBS Global Consumer Conference on Wed-Thu, JPMorgan Chase & Co., Inc Aviation, Transportation and Industrials Conference on Tue-Thu, J.P. Morgan Gaming, Lodging, Restaurant & Leisure Management Access Forum on Thu.

OVERNIGHT U.S. STOCK MOVERS

Expedia (EXPE +0.79%) was upgraded to 'Overweight' from 'Neutral' at Piper Jaffray with a 12-month price target of $140.

Sally Beauty Holdings (SBH +0.03%) was downgraded to 'Neutral' from 'Overweight' at Piper Jaffray with a 12-month price target of $31.

Royal Bank of Scotland Group PLC (RBS +0.46%) was downgraded to 'Market Perform' from 'Outperform' at Bernstein.

Ryerson Holding (RYI +0.22%) reported Q4 sales of $668.8 million, below consensus of $711.4 million.

American Eagle Outfitters (AEO +1.13%) lost nearly 2% in after-hours trading after it announced that CFO Mary Boland plans to retire April 1 and Chief Accounting Officer Scott Hurd will be interim CFO.

B&G Foods (BGS -0.54%) fell over 2% in after-hours trading after it announced a public offering of 4 million shares of its common stock.

Square (SQ +4.79%) rose nearly 2% in after-hours trading after it reported Q4 revenue of $374.4 million, higher than consensus of $344.7 million.

Box Inc. (BOX +3.73%) jumped over 10% in after-hours trading after it said it sees Q1 revenue of $88 million-$89 million, above consensus of $86.4 million, and then said it sees a fiscal 2017 adjusted loss of -83 cents to -85 cents, narrower than consensus of a loss of -90 cents.

Gulfport Energy (GPOR +4.01%) slid over 2% in after-hours trading after it announced a public offering of 14 million shares of its common stock.

Spectrum Pharmaceuticals (SPPI -1.18%) gained nearly 3% in after-hours trading after it reported a Q4 loss of -6 cents a share, a smaller loss than consensus of -18 cents.

Nasdaq (NDAQ +0.77%) agreed to buy International Securities Exchange from Deutsche Borse for $1.1 billion.

Sunrun (RUN -0.45%) climbed 3% in after-hours trading after it was rated a new 'Buy' at Deutsche Bank with a price target of $15.

Omega Protein (OME +6.46%) slumped over 20% in after-hours trading after it reported Q4 adjusted EPS of 29 cents, well below consensus of 53 cents.

Energy XXI Ltd. (EXXI +12.50%) plunged over 30% in after-hours trading when it said it may seek Chapter 11 bankruptcy protection as soon as next week.

MARKET COMMENTS

Mar E-mini S&Ps (ESH16 +0.44%) this morning are up +5.75 points (+0.29%). Wednesday's closes: S&P 500 +0.51%, Dow Jones +0.21%, Nasdaq +0.65%. The S&P on Wednesday closed higher on strength in energy producers with the rally in crude oil and on expectations that the ECB on Thursday will expand stimulus measures in an attempt to bolster economic growth. Stocks were undercut by news that the Jan wholesale inventory-to-sales ratio rose to a 6-3/4 year high of 1.35 months, which is a sign of tepid demand that is causing an unwanted buildup of inventories.

Jun 10-year T-notes (ZNM16 +0.15%) this morning are up +7 ticks. Wednesday's closes: TYM6 -14.00, FVM6 -51.75. Jun T-notes on Wednesday closed lower on reduced safe-haven demand for T-notes and on carryover weakness from a slide in German bund prices to a 2-week low.

The dollar index (DXY00 +0.14%) this morning is up +0.198 (+0.20%). EUR/USD (^EURUSD) is down -0.0023 (-0.21%). USD/JPY (^USDJPY) is up +0.30 (+0.26%). Wednesday's closes: Dollar Index -0.036 (-0.04%), EUR/USD -0.0012 (-0.11%), USD/JPY +0.73 (+0.65%). The dollar index on Wednesday closed lower on strength in the Canadian dollar (which climbed to a 3-3/4 month high against the dollar) and in the Russian ruble (which rose to a 2-1/2 month high against the dollar) as a rally in crude oil supported the currencies of crude-exporting countries. In addition, EUR/USD showed strength on short-covering ahead of Thursday's ECB meeting.

Apr WTI crude (CLJ16 -0.08%) this morning is down -11 cents (-0.29%) and Apr gasoline (RBJ16 +0.01%) is down -0.0077 (-0.52%). Wednesday's closes: CLJ6 +1.79 (+4.90%), RBJ6 +0.0827 (+5.96%). Apr crude and gasoline on Wednesday closed higher with Apr gasoline at a 4-month nearest-futures high. Crude oil prices were boosted by a weaker dollar and by the -4.53 million bbl drop in weekly EIA gasoline supplies (vs. expectations of-1.5million bbl). Crude oil prices were undercut by the rise in EIA crude stockpiles by +3.88 million bbl to a record high 521.8 million bbl and by the rise in oil inventories at Cushing, OK, the delivery point for WTI futures, by +690,000 bbl to a record 66.9 million bbl.

GLOBAL EVENT CALENDAR03/10/2016

US	0830 ET	Weekly initial unemployment claims expected -3,000 to 275,000, previous +6,000 to 278,000. Weekly continuing claims expected-7,000 to 2.250 million, previous +3,000 to 2.257 million.
	0830 ET	USDA weekly Export Sales.
	1100 ET	Treasury announces amount of 10-year TIPS to be auctioned Mar 17 (previous $15 billion).
	1300 ET	Treasury auctions $12 billion 30-year T-bonds.
	1400 ET	Feb monthly budget statement expected -$196.3 billion, Jan +$55.163 billion.
GER	0200 ET	German Jan trade balance expected +17.0 billion euros, Dec +19.0 billion euros. Jan exports expected +0.8% m/m, Dec -1.4% m/m. Jan imports expected +0.8% m/m, Dec -1.6% m/m.
	0200 ET	German Jan current account balance, Dec +25.6 billion euros.
	0200 ET	German Q4 labor costs, Q3 unch q/q and +2.4% y/y.
EUR	0745 ET	ECB announces interest rate decision expected -10 bp cut in deposit facility rate to -0.4% from -0.3%.
	0830 ET	ECB President Mario Draghi holds press conference following ECB meeting.
JPN	1850 ET	Japan Q1 BSI all-industry business conditions, Q4 4.6.

U.S. STOCK CALENDAR03/10/2016

Company	Ticker	Time	Event Description	Period	Estimate
Dollar General Corp	DG US	Bef-mkt	Q4 2016 Earnings Release	Q4 2016	1.261
Care Capital Properties Inc	CCP US	Bef-mkt	Q4 2015 Earnings Release	Q4 2015	0.787
Four Corners Property Trust Inc	FCPT US	Bef-mkt	Q4 2015 Earnings Release	Q4 2015	0.445
Armstrong World Industries Inc	AWI US	8:00	Investor Meeting	Y 2016
Western Union Co/The	WU US	8:30	Investor Day	Y 2016
Genpact Ltd	G US	9:00	Analyst & Investor Day	Y 2016
Dollar General Corp	DG US	10:00	Q4 2016 Earnings Call	Q4 2016
Tahoe Resources Inc	THO CN	10:00	Q4 2015 Earnings Call	Q4 2015
Care Capital Properties Inc	CCP US	10:00	Q4 2015 Earnings Call	Q4 2015
Applied Materials Inc	AMAT US	13:00	Annual General Meeting	Y 2016
American Express Co	AXP US	13:30	Investor Day	Y 2016
United Technologies Corp	UTX US	14:00	Investor and Analyst Meeting	Y 2016
F5 Networks Inc	FFIV US	14:00	Annual General Meeting	Y 2016
Four Corners Property Trust Inc	FCPT US	14:00	Q4 2015 Earnings Call	Q4 2015
VeriFone Systems Inc	PAY US	16:01	Q1 2016 Earnings Release	Q1 2016	0.461
VeriFone Systems Inc	PAY US	16:30	Q1 2016 Earnings Call	Q1 2016
Ulta Salon Cosmetics & Fragrance Inc	ULTA US	17:00	Q4 2016 Earnings Call	Q4 2016
Ulta Salon Cosmetics & Fragrance Inc	ULTA US	Aft-mkt	Q4 2016 Earnings Release	Q4 2016	1.535
Cabot Corp	CBT US		Annual General Meeting
Equifax Inc	EFX US		Investor Meeting - Boston	Y 2016
National Fuel Gas Co	NFG US		Annual General Meeting
Xcel Energy Inc	XEL US		Investor Meeting - Day 2	Y 2016

Thursday, December 3, 2015

MORNING CALL 12/3

MORNING CALL

Thursday, December 3rd, 2015View Older Reports

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

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

OVERNIGHT MARKETS AND NEWS

December E-mini S&Ps (ESZ15 +0.49%) are up +0.56% and European stocks are up +1.22% before an expected expansion of ECB stimulus and before Fed Chair Yellen gives another speech later today. Gains in European automakers led the overall market higher as a -0.65% slide in EUR/USD (^EURUSD) to a 7-1/2 month low gives exporters a boost. On the negative side, mining stocks fell with Anglo American Plc at a 16-year low and BHP Billiton Ltd. near a 7-year low, as metals prices retreated with the price of gold (GCG16 -0.36%) down -0.40% to a new 5-3/4 year low. Asian stocks settled mixed: Japan +0.01%, Hong Kong -0.28%, China +1.35%, Taiwan -0.02%, Australia -0.58%, Singapore +0.01%, South Korea -0.78%, India-0.89%. China's Shanghai Composite moved higher for a fourth day on speculation that China will soon expand its stimulus measures.

The dollar index (DXY00 +0.42%) is up +0.40%. EUR/USD (^EURUSD) is down -0.65% at a 7-1/2 month low on anticipation the ECB will expand QE later today. USD/JPY (^USDJPY) is up +0.19%.

Mar T-note prices (ZNH16 -0.07%) are down -5.5 ticks.

Eurozone Oct retail sales fell -0.1% m/m and rose +2.5% y/y, weaker than expectations of +0.2% m/m and +2.6% y/y.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Nov Challenger job cuts (Oct -1.3% y/y), (2) weekly initial unemployment claims (expected +8,000 to 268,000, previous -12,000 to 260,000) and continuing claims (expected -17,000 to 2.190 million, previous +34,000 to 2.207 million), (3) final-Nov Markit services PMI (expected unch at 56.5, prelim-Nov +1.7 to 56.5) (4) Fed Chair Janet Yellen addresses the congressional Joint Economic Committee to discuss the economic outlook, (5) Oct factory orders (expected +1.4% and +0.2% ex transportation, Sep -1.0% and -0.6% ex transportation), (6) Nov non-manufacturing ISM (expected -1.1 to 58.0, Oct +2.2 to 59.1), and (7) Fed Vice Chair Stanley Fischer's keynote speech at a conference hosted by the Cleveland Fed and the Treasury’s Office of Financial Research.

There are 8 of the Russell 1000 companies report earnings today: Medtronic (consensus $1.00), Sears Holdings (-2.84), Dollar General (0.87), Michaels Cos (0.36), Toro (0.39), Cooper Cos (2.11), Ulta Salon (1.05), Kroger (0.39).

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

Equity conferences during the remainder of this week include: Credit Suisse Global Industrials Conference on Tue-Thu, Credit Suisse Technology, Media & Telecom Conference on Tue-Thu, NASDAQ OMX Group, Inc. Investor Program on Wed-Thu, ASEAN Business Summit on Wed-Thu, Bank of America Merrill Lynch Leveraged Finance Conference on Thu.

OVERNIGHT U.S. STOCK MOVERS

Mallinckrodt PLC (MNK +1.23%) rose over 1% in pre-market trading after the stock was upgraded to 'Overweight' from 'Equalweight' at Morgan Stanley.

Disney (DIS -1.20%) boosted its semi-annual dividend to 71 cents a share from 66 cents.

Avago (AVGO -0.51%) climbed over 8% in pre-market trading after it reported Q4 adjusted EPS of $2.51, higher than consensus of $2.38.

Boyd Gaming (BYD +1.88%) gained over 1% in after-hours trading after Goldman Sachs upgraded the stock to 'Neutral' from 'Sell.'

Dollar General (DG -0.56%) reported Q3 EPS of 88 cents, better than consensus of 87 cents.

Dyax (DYAX -0.83%) jumped over 10% in after-hours trading after it said its deal to acquire Shire Pharmaceuticals International cleared an anti-trust review by the U.S. Federal Trade Commission.

Tilly's (TLYS +0.99%) dropped over 7% in after-hours trading after it reported Q3 adjusted EPS of 16 cents, above consensus of 14 cents, but then lowered guidance on Q4 EPS to 10 cents-12 cents, well below consensus of 21 cents.

PVH Corp. (PVH +1.26%) rallied over 3% in after-hours trading after it reported Q3 adjusted EPS of $2.66, better than consensus of $2.47.

Aeropostale (ARO +5.36%) slid nearly 3% in after-hours trading after it reported a Q3 adjusted EPS loss of -31 cents, a smaller loss than expectations of-34 cents, but then lowered guidance on Q4 EPS to a loss of -4 cents to -17 cents, below consensus of a 2 cent profit.

Verint Systems (VRNT -0.96%) tumbled 5% in after-hours trading after it reported Q3 adjusted EPS of 78 cents, below consensus of 79 cents, and then lowered guidance on fiscal 2016 adjusted EPS to $3.30 from a September estimate of $3.45, below consensus of $3.46.

Synopsys (SNPS -0.91%) reported Q4 adjusted EPS of 67 cents, above consensus of 66 cents, but then lowered guidance on Q1 adjusted EPS to 60 cents-63 cents, below consensus of 72 cents.

American Eagle (AEO +0.25%) rose over 2% in after-hours trading after it reported Q3 adjusted EPS of 35 cents, better than consensus of 34 cents, and said it sees Q4 EPS of 40 cents-42 cents, in line with consensus of 41 cents.

Photronics (PLAB +0.81%) rallied over 5% in after-hours trading after it reported Q4 adjusted EPS of 25 cents, higher than consensus of 19 cents.

Box (BOX +3.28%) fell over 1% in after-hours trading after it reported Q3 adjusted loss of -31 cents, right on consensus, although Q3 revenue of $78.7 million was above consensus of $76.8 million.

MARKET COMMENTS

Dec E-mini S&Ps (ESZ15 +0.49%) this morning are up +11.75 points (+0.56%). Wednesday's closes: S&P 500 -1.10%, Dow Jones -0.89%, Nasdaq-0.63%. The S&P 500 on Wednesday posted a 4-week high but fell back and posted a 1-week low as energy stocks fell after the price of crude oil dropped to a 2-week low, and after hawkish comments from Fed Chair Yellen and Atlanta Fed President Lockhart that solidified expectations for a Fed interest rate increase later this month.

Mar 10-year T-notes (ZNH16 -0.07%) this morning are down -5.5 ticks. Wednesday's closes: TYH6 -7.50, FVH6 -6.75. Mar T-notes closed lower after the Nov ADP employment change rose +217,000, stronger than expectations of +190,000 and the biggest increase in 5 months and after comments from Fed Chair Yellen and Atlanta Fed President Lockhart reinforced expectations for the Fed to begin raising interest rates later this month.

The dollar index (DXY00 +0.42%) this morning is up +0.397 (+0.40%). EUR/USD (^EURUSD) is down -0.0069 (-0.65%) at a fresh 7-1/2 month low. USD/JPY (^USDJPY) is up +0.24 (+0.19%). Wednesday's closes: Dollar Index +0.198 (+0.20%), EUR/USD -0.0018 (-0.17%), USD/JPY +0.37 (+0.30%). The dollar index Wednesday surged to a 12-1/2 year high after Fed Chair Yellen said the U.S. economy is ready for an interest rate increase later this month, and on weakness in EUR/USD which sank to a 7-1/2 month on expectations for the ECB to expand QE Thursday after Eurozone Nov CPI rose less than expected.

Jan crude oil (CLF16 +1.38%) this morning is up +69 cents (+1.73%) and Jan gasoline (RBF16 +0.20%) is up +0.0084 (+0.65%). Wednesday’s closes: CLF6 -1.75 (-4.18%), RBF6 -0.0619 (-4.54%). Jan crude oil and gasoline on Wednesday closed sharply lower with Jan crude at a 2-week low and Jan gasoline at a 1-week low after the dollar index rallied to a 12-1/2 year high and after EIA crude inventories unexpected rose +1.18 million bbl to a 7-month high, more than expectations for a -800,000 bbl draw. Other bearish factors were the +0.4% increase in U.S. crude production to a 3-month high of 9.202 million bpd and the +428,000 bbl increase in crude stockpiles at Cushing, OK, delivery point of WTI futures, to a 6-month high.

GLOBAL EVENT CALENDAR12/03/2015

US	0730 ET	Nov Challenger job cuts, Oct -1.3% y/y.
	0830 ET	Weekly initial unemployment claims expected +8,000 to 268,000, previous -12,000 to 260,000. Weekly continuing claims expected-17,000 to 2.190 million, previous +34,000 to 2.207 million.
	0830 ET	USDA weekly Export Sales.
	0945 ET	Final-Nov Markit services PMI expected unch at 56.5, prelim-Nov +1.7 to 56.5. Final-Nov Markit composite PMI, prelim Nov +1.1 to 56.1.
	1000 ET	Fed Chair Janet Yellen addresses the congressional Joint Economic Committee to discuss the economic outlook.
	1000 ET	Oct factory orders expected +1.4% and +0.2% ex transportation, Sep -1.0% and -0.6% ex transportation. Revised Oct durable goods orders, prelim-Oct +3.0% m/m and +0.5% ex-transportation.
	1000 ET	Nov non-manufacturing ISM expected -1.1 to 58.0, Oct +2.2 to 59.1.
	1100 ET	Treasury announces amount of 3-year T-notes (previous $24 billion), 10-year T-notes (previous $24 billion) and 30-year T-bonds (previous $16 billion) to be auctioned Dec 8-10.
	1310 ET	Fed Vice Chair Stanley Fischer delivers keynote speech at a conference hosted by the Cleveland Fed and the Treasurys Office of Financial Research.
GER	0355 ET	Revised German Nov Markit services PMI, preliminary +1.1 to 55.6.
EUR	0400 ET	Revised Eurozone Nov Markit composite PMI, preliminary +0.5 to 54.4.
	0500 ET	Eurozone Oct retail sales expected +0.2% m/m and +2.6% y/y, Sep -0.1% m/m and +2.9% y/y.
	0745 ET	ECB announces interest rate decision, expected 10 bp cut in the ECB deposit facility rate to -0.3% from -0.2%.
	0830 ET	ECB President Mario Draghi holds press conference following ECB meeting.
UK	0430 ET	UK Nov Markit/CIPS services PMI expected +0.1 to 55.0, Oct 54.9.
JPN	2030 ET	Japan Oct labor cash earnings expected +0.5%y/y, Sep +0.4% y/y. Oct real cash earnings, Sep +0.5% y/y.

U.S. STOCK CALENDAR12/03/2015

Company	Ticker	Time	Event Description	Period	Estimate
Sears Holdings Corp	SHLD US	Bef-mkt	Q3 2016 Earnings Release	Q3 2016	-2.84
Dollar General Corp	DG US	Bef-mkt	Q3 2016 Earnings Release	Q3 2016	0.872
Michaels Cos Inc/The	MIK US	Bef-mkt	Q3 2016 Earnings Release	Q3 2016	0.362
Sears Holdings Corp	SHLD US	6:10	Q3 2016 Earnings Call	Q3 2016
Medtronic PLC	MDT US	6:45	Q2 2016 Earnings Release	Q2 2016	1
L Brands Inc	LB US	7:30	November 2015 Sales and Revenue Call	2015
Medtronic PLC	MDT US	8:00	Q2 2016 Earnings Call	Q2 2016
Anthem Inc	ANTM US	8:00	Extraordinary Shareholders Meeting - M&A Vote	Y 2015
General Electric Co	GE US	8:30	Investor Meeting	Y 2015
Toro Co/The	TTC US	8:30	Q4 2015 Earnings Release	Q4 2015	0.387
Aflac Inc	AFL US	9:00	Q4 2016 Guidance Call	Q4 2016
Cigna Corp	CI US	9:00	Extraordinary Shareholders Meeting - M&A Vote	Y 2015
PVH Corp	PVH US	9:00	Q3 2016 Earnings Call	Q3 2016
Xcel Energy Inc	XEL US	9:00	Investor Meeting	Y 2015
CBRE Group Inc	CBG US	9:00	Analyst Meeting	Y 2015
Marathon Petroleum Corp	MPC US	9:00	Analyst & Investor Day	Y 2015
Michaels Cos Inc/The	MIK US	9:00	Q3 2016 Earnings Call	Q3 2016
Skechers U.S.A. Inc	SKX US	9:30	Investor and Analyst Meeting	Y 2015
Kroger Co/The	KR US	10:00	Q3 2016 Earnings Call	Q3 2016
Principal Financial Group Inc	PFG US	10:00	Q4 2016 Guidance Call	Q4 2016
Dollar General Corp	DG US	10:00	Q3 2016 Earnings Call	Q3 2016
Toro Co/The	TTC US	11:00	Q4 2015 Earnings Call	Q4 2015
Alaska Air Group Inc	ALK US	12:00	Investor Day	Y 2015
TECO Energy Inc	TE US	14:00	Extraordinary Shareholders Meeting	Y 2015
Cooper Cos Inc/The	COO US	17:00	Q4 2015 Earnings Call	Q4 2015
Ulta Salon Cosmetics & Fragrance Inc	ULTA US	17:00	Q3 2016 Earnings Call	Q3 2016
Cooper Cos Inc/The	COO US	Aft-mkt	Q4 2015 Earnings Release	Q4 2015	2.107
Ulta Salon Cosmetics & Fragrance Inc	ULTA US	Aft-mkt	Q3 2016 Earnings Release	Q3 2016	1.051
Gap Inc/The	GPS US		November 2015 Sales and Revenue Release	2015
Kroger Co/The	KR US		Q3 2016 Earnings Release	Q3 2016	0.392
L Brands Inc	LB US		November 2015 Sales and Revenue Release	2015