MORNING CALL 11/3

MORNING CALL

Tuesday, November 3rd, 2015View Older Reports

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OVERNIGHT MARKETS AND NEWS

December E-mini S&Ps (ESZ15 -0.29%) are down -0.16% on some give back from Monday's rally to a 2-3/4 month high. European stocks are up +0.02% as a +1.04% rally in Dec crude oil (CLZ15 +0.76%) boosts energy producers while weakness in European banks limits gains. UBS is down over 4% after it postponed the date on when it expects to return to profitability and Standard Chartered fell over 9% after it reported an unexpected Q3 quarterly loss of -$139 million and said it will raise $5.1 billion in a rights offer. Also, Volkswagen AG is down over 3% after U.S. regulators said that after testing they found other Volkswagen models, including Porsche, have equipment to alter emissions systems. Asian stocks settled mixed: Japan closed for holiday, Hong Kong +0.89%, China -0.25%, Taiwan +1.14%, Australia +1.42%, Singapore +0.85%, South Korea +0.61%, India +0.12%.

The dollar index (DXY00 +0.27%) is up +0.24%. EUR/USD (^EURUSD) is down -0.42%. USD/JPY (^USDJPY) is up +0.11%.

Dec T-note prices (ZNZ15 -0.01%) are unchanged.

According to the Xinhua News Agency, Chinese President Xi Jinping said that China's annual growth should be no less than 6.5% in the next 5 years in order to realize the goal to double 2010 gross domestic product and per capita income by 2020. He added that it's still possible to maintain growth at about 7%, the government’s current goal, despite the many uncertainties facing the economy.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Oct New York ISM (expected +1.2 to 45.7, Sep -6.6 to 44.5), (2) Sep factory orders (expected -0.9%, Aug -1.7% and-0.8% ex transportation), and (3) Oct total vehicle sales (expected 17.70 million, Sep 18.07 million).

There are 27 of the S&P 500 companies that report earnings today with notable reports including: Kellogg (consensus $0.84), ADM (0.70), Emerson Electric (0.97), McGraw Hill Financial (1.06), CBS (0.81).

U.S. IPO's scheduled to price today: Revance Therapeutics (RVNC).

Equity conferences during the remainder of this week include: Gabelli & Company Automotive Aftermarket Symposium on Tue, Goldman Sachs Industrials Conference on Tue-Wed, Citi China Investor Conference on Wed, Citi Industrials Conference on Wed, Citi Global Health Care Conference on Thu, Needham Next Generation Storage Networking Conference on Thu, Bernstein Technology Innovation Summit on Thu-Fri, BancAnalysts Association of Boston Conference on Thu-Fri.

OVERNIGHT U.S. STOCK MOVERS

Archer-Daniels-Midland (ADM +1.36%) reported Q3 EPS of 60 cents, below consensus of 70 cents.

Allstate (ALL -0.13%) rose 1.3% in pre-market trading after it reported Q3 operating EPS of $1.52. better than consensus of $1.32.

King Digital Entertainment Plc (KING +3.88%) jumped 14% in pre-market trading after it agreed to a $5.9 billion takeover offer from Activision Blizzard.

AMC Entertainment (AMC +0.47%) slid nearly 2% in after-hours trading after it reported Q3 EPS of 12 cents, below consensus of 16 cents.

Avis Budget (CAR +4.73%) sank over 9% in after-hours trading after it cut guidance on fiscal 2015 adjusted EPS to $3.10-$3.25 from an Aug estimate of $3.15-$3.45, below consensus of $3.36

Fitbit (FIT +0.64%) slipped nearly 8% in after-hours trading after it reported Q3 EPS of 24 cents, higher than consensus of 10 cents, but then announced a secondary offering of 7 million shares of common stock.

Luminex (LMNX +5.71%) climbed over 10% in after-hours trading after it reported Q3 EPS of 15 cents, better than consensus of 10 cents, and then raised guidance on fiscal 2015 revenue to $235 million-$238 million from a previous estimate of $232 million-$236 million, higher than consensus of $234.7 million.

Texas Roadhouse (TXRH +1.92%) rose over 4% in after-hours trading after it reported Q3 EPS of 29 cents, below consensus of 30 cents, but said comparable sales for the first four weeks of Q4 are up +5.0% y/y.

American International Group (AIG +1.08%) slid 3% in after-hours trading after it reported Q3 operating EPS of 52 cents, well below consensus of $1.03.

Nautilus (NLS +0.35%) jumped over 11% in after-hours trading after it reported Q3 continuing operations EPS of 12 cents, higher than consensus of 9 cents.

Qualys (QLYS +1.61%) slumped nearly 12% in after-hours trading after it reported Q3 EPS of 19 cents, higher than consensus of 13 cents, but then lowered guidance on fiscal 2015 revenue to $164.1 million-$164.6 million from an Aug estimate of $165.0 million-$166.5 million, below consensus of $165.6 million.

Alon USA Energy (ALJ +2.15%) rose over 1% in after-hours trading after it reported Q3 adjusted EPS of 60 cents, well above consensus of 46 cents.

SS&C Technologies (SSNC +0.40%) climbed over 2% in after-hours trading after it reported Q3 adjusted EPS of 68 cents, higher than consensus of 62 cents.

MARKET COMMENTS

Dec E-mini S&Ps (ESZ15 -0.29%) this morning are down -3.25 points (-0.16%). Monday's closes: S&P 500 +1.19%, Dow Jones +0.94%, Nasdaq +1.18%. The S&P 500 on Monday rose to a 2-3/4 month high and closed higher on positive carryover from a rally in European stocks after the Eurozone Oct Market manufacturing PMI was revised higher. Stocks also received a boost from the decline of only -0.1 point in the Oct ISM manufacturing index to 50.1, stronger than expectations of -0.2 to 50.0. Health-care stocks rallied on increased M&A activity after Shire Plc bought Dyax for $5.9 billion and after reports that Pfizer is making progress in talks to buy Allergan Plc. Stocks were initially undercut by Chinese economic concerns after the China Oct manufacturing PMI was unchanged at 49.8, weaker than expectations of +0.2 to 50.0.

Dec 10-year T-notes (ZNZ15 -0.01%) this morning are unch. Monday's closes: TYZ5 -10.00, FVZ5 -6.00. Dec T-notes on Monday fell to a 1-1/4 month low and closed lower on negative carryover from a decline in German bund prices after hawkish comments from ECB President Draghi dampened speculation the ECB will soon expand QE. T-notes were also hurt by the stronger-than-expected Oct ISM manufacturing index and by reduced safe-haven demand as stocks rallied.

The dollar index (DXY00 +0.27%) this morning is up +0.234 (+0.24%). EUR/USD (^EURUSD) is down -0.0046 (-0.42%). USD/JPY (^USDJPY) is up +0.13 (+0.11%). Monday's closes: Dollar Index -0.018 (-0.02%), EUR/USD +0.0010 (+0.09%), USD/JPY +0.14 (+0.12%). The dollar index on Monday closed lower on concerns that China's economy that may keep the Fed from raising interest rates after the China Oct manufacturing PMI contracted for the third straight month. In addition, EUR/USD saw strength after ECB President Draghi cooled speculation the ECB will expand QE when he said that further monetary stimulus is still an "open question."

Dec crude oil (CLZ15 +0.76%) this morning is up +48 cents (+1.04%) and Dec gasoline (RBZ15 +0.74%) is up +0.0112 (+0.81%). Monday's closes: CLZ5-0.51 (-1.09%), RBZ5 +0.0023 (+0.17%). Dec crude oil and gasoline on Monday settled mixed. Crude oil prices was undercut by news that Russian Oct crude and gas condensate production rose +1.3% y/y to a record 10.78 million bpd. In addition, there were Chinese demand concerns after the China Oct manufacturing PMI contracted for the third straight month. Crude oil prices found support from a weaker dollar and the rally in the S&P 500 to a 2-3/4 month high.

GLOBAL EVENT CALENDAR11/03/2015

US	0945 ET	Oct New York ISM expected +1.2 to 45.7, Sep -6.6 to 44.5.
	1000 ET	Sep factory orders expected -0.9%, Aug -1.7% and -0.8% ex transportation.
	n/a	Oct total vehicle sales expected 17.70 million, Sep 18.07 million. Oct domestic sales expected 14.05 million, Sep 14.36 million.
UK	0430 ET	UK Oct Markit/CIPS construction PMI expected -1.1 to 58.8, Sep 59.9.
	1901 ET	UK Oct BRC shop price index, Sep -1.9% y/y.
EUR	1300 ET	ECB President Mario Draghi speaks at the European Cultural Days 2015 event in Frankfurt.
JPN	2035 ET	Japan Oct Nikkei services PMI, Sep 51.4.
	n/a	Japanese markets closed for Culture Day.
CHI	2045 ET	China Oct Caixin services PMI, Sep 50.5.

U.S. STOCK CALENDAR11/03/2015

Company	Ticker	Time	Event Description	Period	Estimate
Archer-Daniels-Midland Co	ADM US	Bef-mkt	Q3 2015 Earnings Release	Q3 2015	0.696
Frontier Communications Corp	FTR US	Bef-mkt	Q3 2015 Earnings Release	Q3 2015	-0.006
Emerson Electric Co	EMR US	Bef-mkt	Q4 2015 Earnings Release	Q4 2015	0.968
HCP Inc	HCP US	Bef-mkt	Q3 2015 Earnings Release	Q3 2015	0.782
NiSource Inc	NI US	Bef-mkt	Q3 2015 Earnings Release	Q3 2015	0.025
Vulcan Materials Co	VMC US	Bef-mkt	Q3 2015 Earnings Release	Q3 2015	0.968
Expeditors International of Washington Inc	EXPD US	Bef-mkt	Q3 2015 Earnings Release	Q3 2015	0.6
Martin Marietta Materials Inc	MLM US	Bef-mkt	Q3 2015 Earnings Release	Q3 2015	2.171
Fidelity National Information Services Inc	FIS US	Bef-mkt	Q3 2015 Earnings Release	Q3 2015	0.904
Zoetis Inc	ZTS US	Bef-mkt	Q3 2015 Earnings Release	Q3 2015	0.397
Columbia Pipeline Group Inc	CPGX US	Bef-mkt	Q3 2015 Earnings Release	Q3 2015	0.208
Harris Corp	HRS US	6:30	Q1 2016 Earnings Release	Q1 2016	1.283
Mosaic Co/The	MOS US	7:00	Q3 2015 Earnings Release	Q3 2015	0.53
Discovery Communications Inc	DISCA US	7:00	Q3 2015 Earnings Release	Q3 2015	0.42
McGraw Hill Financial Inc	MHFI US	7:15	Q3 2015 Earnings Release	Q3 2015	1.063
American International Group Inc	AIG US	8:00	Q3 2015 Earnings Call	Q3 2015
Kellogg Co	K US	8:00	Q3 2015 Earnings Release	Q3 2015	0.837
Dun & Bradstreet Corp/The	DNB US	8:00	Q3 2015 Earnings Call	Q3 2015
Frontier Communications Corp	FTR US	8:30	Q3 2015 Earnings Call	Q3 2015
Harris Corp	HRS US	8:30	Q1 2016 Earnings Call	Q1 2016
McGraw Hill Financial Inc	MHFI US	8:30	Q3 2015 Earnings Call	Q3 2015
Fidelity National Information Services Inc	FIS US	8:30	Q3 2015 Earnings Call	Q3 2015
Discovery Communications Inc	DISCA US	8:30	Q3 2015 Earnings Call	Q3 2015
Zoetis Inc	ZTS US	8:30	Q3 2015 Earnings Call	Q3 2015
Archer-Daniels-Midland Co	ADM US	9:00	Q3 2015 Earnings Call	Q3 2015
NiSource Inc	NI US	9:00	Q3 2015 Earnings Call	Q3 2015
Eversource Energy	ES US	9:00	Q3 2015 Earnings Call	Q3 2015
Morgan Stanley	MS US	9:00	Fixed Income Investor Conference Call
General Growth Properties Inc	GGP US	9:00	Q3 2015 Earnings Call	Q3 2015
Allstate Corp/The	ALL US	9:00	Q3 2015 Earnings Call	Q3 2015
Sempra Energy	SRE US	9:00	Q3 2015 Earnings Release	Q3 2015	0.883
Mosaic Co/The	MOS US	9:00	Q3 2015 Earnings Call	Q3 2015
Ford Motor Co	F US	9:15	October 2015 Sales and Revenue Release	2015
Kellogg Co	K US	9:30	Q3 2015 Earnings Call	Q3 2015
Columbia Pipeline Group Inc	CPGX US	9:30	Q3 2015 Earnings Call	Q3 2015
Ford Motor Co	F US	10:00	October 2015 Sales and Revenue Call	2015
Tenet Healthcare Corp	THC US	10:00	Q3 2015 Earnings Call	Q3 2015
Vornado Realty Trust	VNO US	10:00	Q3 2015 Earnings Call	Q3 2015
Biogen Inc	BIIB US	10:00	Investor R&D Day	Y 2015
Pioneer Natural Resources Co	PXD US	10:00	Q3 2015 Earnings Call	Q3 2015
HCP Inc	HCP US	12:00	Q3 2015 Earnings Call	Q3 2015
L Brands Inc	LB US	12:00	Investor Day	Y 2015
Varian Medical Systems Inc	VAR US	12:00	Investor Meeting	Y 2015
Vulcan Materials Co	VMC US	12:00	Q3 2015 Earnings Call	Q3 2015
Symantec Corp	SYMC US	12:00	Annual General Meeting	Y 2015
Sempra Energy	SRE US	13:00	Q3 2015 Earnings Call	Q3 2015
Emerson Electric Co	EMR US	14:00	Q4 2015 Earnings Call	Q4 2015
Martin Marietta Materials Inc	MLM US	14:00	Q3 2015 Earnings Call	Q3 2015
Cerner Corp	CERN US	16:01	Q3 2015 Earnings Release	Q3 2015	0.544
CBS Corp	CBS US	16:01	Q3 2015 Earnings Release	Q3 2015	0.805
Activision Blizzard Inc	ATVI US	16:30	Q3 2015 Earnings Call	Q3 2015
Cerner Corp	CERN US	16:30	Q3 2015 Earnings Call	Q3 2015
CBS Corp	CBS US	16:30	Q3 2015 Earnings Call	Q3 2015
DaVita HealthCare Partners Inc	DVA US	17:00	Q3 2015 Earnings Call	Q3 2015
ONEOK Inc	OKE US	Aft-mkt	Q3 2015 Earnings Release	Q3 2015	0.403
Cablevision Systems Corp	CVC US	Aft-mkt	Q3 2015 Earnings Release	Q3 2015	0.226
Newfield Exploration Co	NFX US	Aft-mkt	Q3 2015 Earnings Release	Q3 2015	0.154
Apartment Investment & Management Co	AIV US	Aft-mkt	Q3 2015 Earnings Release	Q3 2015	0.564
DaVita HealthCare Partners Inc	DVA US	Aft-mkt	Q3 2015 Earnings Release	Q3 2015	0.965
Devon Energy Corp	DVN US	Aft-mkt	Q3 2015 Earnings Release	Q3 2015	0.525
Cimarex Energy Co	XEC US	Aft-mkt	Q3 2015 Earnings Release	Q3 2015	-0.075
Sigma-Aldrich Corp	SIAL US		Q3 2015 Earnings Release	Q3 2015	1.055
Delta Air Lines Inc	DAL US		October 2015 Sales and Revenue Release - Traffic Results	2015

BARCHART MORNING CALL 3/6

BARCHART MORNING CALL

Friday, March 6th, 2015View Older Reports

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OVERNIGHT MARKETS AND NEWS

March E-mini S&Ps (ESH15 -0.02%) this morning are down -0.06% ahead of the release of the U.S. Feb payrolls report, which may offer clues to the timing of U.S. interest rate increases, while European stocks are up +0.01% as the ECB prepares to begin asset purchases on Monday and after German Jan industrial production was stronger than expected. Asian stocks closed mixed: Japan +1.17%, Hong Kong -0.12%, China -0.51%, Taiwan +0.53%, Australia -0.09%, Singapore +0.66%, South Korea +0.71%, India closed for holiday. Japan's Nikkei Stock Index climbed to a 14-3/4 year high as USD/JPY held above 120 yen per dollar, near a 3-week high, which fueled a rally in exporters. Commodity prices are mixed. Apr crude oil (CLJ15 +0.37%) is up +0.39%. Apr gasoline (RBJ15 +0.61%) is up +0.59%. Apr gold (GCJ15 -0.08%) is down -0.20% at a 1-week low as the dollar strengthened to an 11-1/3 year high. May copper (HGK15 -0.38%) is down -0.47% on increased global supplies after weekly Shanghai copper inventories jumped +19,194 MT to a 1-3/4 year high of 224,340 MT and LME copper supplies rose +4,675 MT to a 13-month high of 323,050 MT. Agriculture prices are weaker. The dollar index (DXY00 +0.42%) is up +0.45% at an 11-1/3 year high. EUR/USD (^EURUSD) is down -0.80% at an 11-1/2 year low. USD/JPY (^USDJPY) is down -0.07%. GBP/USD slipped to a 1-month low after the BOE's quarterly inflation survey showed inflation expectations plummeted to a 13-year low. Jun T-note prices (ZNM15 -0.02%) are down -0.5 of a tick.
In its quarterly Inflation Attitudes survey, the BOE said inflation expectations in Feb fell to 1.9% over the next 12 months from 2.5% in Nov, below the BOE's 2.0% inflation target and the lowest in 13 years.
San Francisco Fed President Williams said mid-year may be time for a "serious discussion" about raising interest rates as the labor market nears full employment and inflation rebounds.
German Jan industrial production rose +0.6% m/m and +0.9% y/y, stronger than expectations of +0.5% m/m and -0.2% y/y.
The Japan Jan leading index CI unexpectedly fell -0.2 to 105.1, weaker than expectations of +0.2 to 105.8. The Jan coincident index rose +2.4 to 113.0, stronger than expectations of +1.5 to 112.2 and the highest in 10 months.

U.S. STOCK PREVIEW

Today’s Feb unemployment report is expected to show decent strength with a payroll increase of +235,000. Meanwhile, today’s Feb unemployment rate is expected to fall by -0.1 point to 5.6%, thus matching the 6-1/2 year low originally posted in Dec 2014. Today’s U.S. Jan trade deficit is expected to narrow to -$41.5 billion from -$46.6 billion in December. Today’s Jan consumer credit report is expected to show another strong increase of +$14.500 billion. There are 4 of the Russell 1000 companies that report earnings today: Staples (consensus $0.30), Foot Locker (0.91), Big Lots (1.75), Thor Industries (0.42). There are no equity conferences today.

OVERNIGHT U.S. STOCK MOVERS

Foot Locker (FL -0.80%) reported Q4 non-GAAP EPS of $1.00, higher than consensus of 91 cents.
Textron (TXT +0.85%) was upgraded to 'Buy' from 'Neutral' at Nomura.
Esterline (ESL +0.63%) was downgraded to 'Neutral' from 'Outperform' at Credit Suisse.
Host Hotels (HST -1.15%) was downgraded to 'Sell' from 'Neutral' at Goldman Sachs.
Staples (SPLS -0.54%) reported Q4 EPS of 31 cents, better than consensus of 30 cents.
Airbus (EADSY +3.80%) was downgraded to 'Neutral' from 'Buy' at Goldman Sachs.
The Fed announced that all 31 banks passed their stress tests with Tier 1 capital above the required levels.
Alon USA Energy (ALJ +0.50%) reported Q4 adjusted EPS of 0 cents, better than consensus of a -9 cent loss.
Devon Park Bioventures reported a 20.42% stake in Inotek Pharmaceuticals (ITEK unch) .
Thor Industries (THO -1.52%) reported Q2 EPS of 57 cents, well above consensus of 42 cents.
The Fresh Market (TFM +2.27%) reported Q4 adjusted EPS of 55 cents, better than consensus of 51 cents.
Cooper Companies (COO +0.61%) reported Q1 EPS of $1.75, higher than consensus of $1.54.
The Gap (GPS -1.43%) fell 2% in after-hours trading after it reported February same-store-sales fell 4% y/y.

MARKET COMMENTS

Mar E-mini S&Ps (ESH15 -0.02%) this morning are down -1.25 points (-0.06%). The S&P 500 index on Thursday closed higher: S&P 500 +0.12%, Dow Jones +0.21%, Nasdaq +0.15%. Bullish factors included (1) carry-over support from a rally in European stocks after the ECB raised its Eurozone 2015 GDP forecast to 1.5% from a Dec projection of 1.0% and unveiled its plan to purchase 60 billion euros a month of sovereign debt, and (2) increased M&A activity after AbbVie bought Pharmacyclics for $21 billion and Mallinckrodt purchased Ikaria for $2.3 billion. Bearish factors included (1) the unexpected +7,000 increase in U.S. weekly jobless claims to a 9-1/2 month high of 320,000, more than expectations for a decline of -18,000 to 295,000, and (2) the unexpected -0.2% decline in U.S. Jan factory orders, weaker than expectations of a +0.2% increase.
Jun 10-year T-notes (ZNM15 -0.02%) this morning are down -0.5 of a tick. Jun 10-year T-note futures prices on Thursday closed higher. Closes: TYM5 +5.00, FVM5 +4.75. Bullish factors included (1) the unexpected increase in U.S. weekly jobless claims to a 9-1/2 month high, and (2) the unexpected decline in U.S. Jan factory orders. Bearish factors included (1) a rally in stocks, and (2) the action by the ECB to raise its Eurozone 2015 GDP estimate, which reduced global growth concerns and curbed safe-haven demand for T-notes.
The dollar index (DXY00 +0.42%) this morning is up +0.429 (+0.45%) at a fresh 11-1/3 year high. EUR/USD (^EURUSD) is down -0.0088 (-0.80%) at a new 11-1/2 year low. USD/JPY (^USDJPY) is down -0.08 (-0.07%). The dollar index on Thursday climbed to an 11-1/3 year high and closed higher: Dollar index +0.413 (+0.43%), EUR/USD -0.00486 (-0.44%), USD/JPY +0.468 (+0.39%). Bullish factors included (1) weakness in EUR/USD which sank to a 11-1/2 year low after the ECB cut its Eurozone 2015 inflation forecast to 0.0% from a Dec estimate of +0.7% and said it will begin 60 billion euros worth of monthly sovereign debt purchases on Mar 9, and (2) the rally in USD/JPY to a 2-week high as a rally in stocks reduced the safe-haven demand for the yen.
Apr WTI crude oil (CLJ15 +0.37%) this morning is up +20 cents (+0.39%) and Apr gasoline (RBJ15 +0.61%) is up +0.0112 (+0.59%). Apr crude and Apr gasoline prices on Thursday closed lower: CLJ5 -0.77 (-1.49%), RBJ5 -0.0314 (-1.63%). Bearish factors included (1) a rally in the dollar index to an 11-1/3 year high, and (2) demand concerns from China, the world's second-largest crude consumer, after China lowered its 2015 GDP target to 7.0%, the lowest in more than 15 years, from 7.5% in 2014. Apr crude posted a 1-1/2 week high on bullish factors that included (1) the action by Libya's National Oil Corp. to declare force majeure on oil supplies from 11 Libyan oil fields due to attacks on oil infrastructure from Islamic militants, and (2) the action by the ECB to raise its Eurozone 2015 GDP forecast to 1.5% from a Dec projection of 1.0%.

GLOBAL EVENT CALENDAR03/06/2015

US	0830 ET	Feb non-farm payrolls expected +235,000, Jan +257,000. Feb private payrolls expected +225,000, Jan +267,000. Feb manufacturing payrolls expected +11,000, Jan +22,000. Feb unemployment rate expected -0.1 to 5.6%, Jan +0.1 to 5.7%.
	0830 ET	Feb avg hourly earnings expected +0.2% m/m and +2.1% y/y, Jan +0.5% m/m and +2.2% y/y. Feb avg weekly hours all-employees expected unch at 34.6 hours.
	0830 ET	Jan trade balance expected -$41.5 billion, Dec -$46.6 billion.
	1500 ET	Jan consumer credit expected +$14.500 billion, Dec +$14.755 billion.
JPN	0000 ET	Japan Jan leading index CI expected +0.2 to 105.8, Dec 105.6. Jan coincident index expected +1.5 to 112.2, Dec 110.7.
GER	0200 ET	German Jan industrial production expected +0.5% m/m and -0.2% y/y, Dec +0.1% m/m and -0.7% y/y.
EUR	0500 ET	Revised Eurozone Q4 GDP, previous +0.3% q/q and +0.9% y/y.

U.S. STOCK CALENDAR03/06/2015

Company	Ticker	Time	Event Description	Period	Estimate
Foot Locker Inc	FL US	Bef-mkt	Q4 2015 Earnings Release	Q4 2015	0.907
Big Lots Inc	BIG US	8:00	Q4 2015 Earnings Call	Q4 2015
Staples Inc	SPLS US	8:00	Q4 2015 Earnings Call	C4 2015
Staples Inc	SPLS US	8:00	Q4 2015 Earnings Call	Q4 2015
Foot Locker Inc	FL US	9:00	Q4 2015 Earnings Call	Q4 2015
Paramount Group Inc	PGRE US	10:00	Q4 2014 Earnings Call	Q4 2014
Big Lots Inc	BIG US		Q4 2015 Earnings Release	Q4 2015	1.749
Thor Industries Inc	THO US		Q2 2015 Earnings Release	Q2 2015	0.42
Staples Inc	SPLS US		Q4 2015 Earnings Release	Q4 2015	0.3
PetSmart Inc	PETM US		Extraordinary Shareholders Meeting - M&A Vote	Y 2015

BARCHART MORNING CALL 3//

BARCHART MORNING CALL

Friday, March 7th, 2014View Older Reports

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OVERNIGHT MARKETS AND NEWS

March E-mini S&Ps (ESH14 +0.07%) this morning are up +0.11% and European stocks are down -0.34% ahead of U.S. Feb payroll data later this morning. Losses in European stocks were muted after German Jan industrial production rose for a third month. Asian stocks closed mixed: Japan +0.92%, Hong Kong -0.19%, China -0.24%, Taiwan closed for holiday, Australia +0.30%, Singapore +0.23%, South Korea -0.11%, India +1.89%. India's S&P Sensex Stock Index rose to a record after the India Q4 current-account deficit fell to a 4-year low, while Chinese stocks closed lower when a Chinese company defaulted after it failed to pay full interest on its bonds. Commodity prices are mixed. Apr crude oil (CLJ14 +0.55%) is up +0.33%. Apr gasoline (RBJ14 unch) is down -0.13%. Apr gold (GCJ14 -0.09%) is down -0.23%. May copper (HGK14 -2.25%) is down -2.03% at a 15-week low on Chinese demand concerns after weekly Shanghai copper inventories rose +9,034 MT to a 10-1/4 month high of 207,320 MT. Agriculture and livestock prices are mostly higher. The dollar index (DXY00 -0.25%) is down -0.22% at a 4-1/4 month low. EUR/USD (^EURUSD) is up +0.30% at a 2-1/3 year high after the ECB on Thursday quashed expectations they will expand their stimulus measures. USD/JPY (^USDJPY) is down -0.13%. June T-note prices (ZNM14 +0.08%) are up +3.5 ticks.
China's Shanghai Chaori Solar Energy Science & Technology Company failed to pay full interest due today on its bonds, China's first onshore corporate bond default. Chaori's default, which occurred during the annual session of China's legislature, signals the government is willing to tolerate such failures and will back off its practice of bailing out companies with bad debt.
German Jan industrial production rose +0.8% m/m, right on expectations, and on an annual basis rose +5.0% y/y, greater than expectations of +3.9% y/y and the most in 2-1/3 years. Dec was revised upward to +0.1% m/m and +3.4% y/y from the originally reported -0.6% m/m and +2.6% y/y.
The German Jan wholesale price index fell -0.1% m/m and -1.7% y/y. Dec was revised to +0.3% m/m and -1.3% y/y from the originally reported +0.4% m/m and -1.8% y/y.
The Japan Jan leading index CI rose +0.5 to 112.2, less than expectations of +0.7 to 112.4, but still the highest in 7-years. The Jan coincident index climbed +2.5 from an upward revised 112.3 in Dec to 114.8, better than expectations of +2.9 to 114.6 and the highest in 5-3/4 years.

U.S. STOCK PREVIEW

The market consensus for today’s payroll report is +150,000, which would be relatively weak but would at least be an improvement from +113,000 in January. Meanwhile, today’s Feb unemployment rate is expected to be unchanged from January’s 5-1/2 year low of 6.6%. Today’s Jan U.S. trade deficit is expected to widen mildly to -$38.5 billion from -$38.7 billion in December. There are 2 of the Russell 1000 companies that report earnings today: Foot Locker (consensus $0.76), Big Lots (1.38). There are no equity conferences today.

OVERNIGHT U.S. STOCK MOVERS

Staples (SPLS -15.30%) was downgraded to 'Hold' from 'Buy' at Argus.
Citigroup lowered its Q3 earnings estimate for FedEx (FDX +0.28%) to $1.45 from $1.55, below the consensus of $1.54, to reflect the impact from severe winter weather.
Foot Locker (FL +0.85%) reported Q4 adjusted EPS of 82 cents, better than consensus of 76 cents.
Alon USA Energy (ALJ +2.02%) reported a Q4 EPS ex-items loss of -12 cents, a smaller loss than consensus of -15 cents.
Safeway (SWY -0.03%) fell 5% in after-hours trading after Albertsons said it will acquire the company for $40 a share.
The Fresh Market (TFM -2.13%) reported Q4 adjusted EPS of 39 cents, weaker than consensus of 42 cents, and then lowered guidance on fiscal 2014 adjusted EPS to $1.56-$1.66, below consensus of $1.67.
Piedmont Natural Gas (PNY -0.91%) reported Q1 EPS of $1.26, stronger than consensus of $1.19, and then raised guidance on fiscal 2014 EPS view to $1.80-$1.90 from $1.73-$1.83, higher than consensus of $1.80.
Lehigh Gas (LGP -0.26%) reported Q4 EPS of 25 cents, weaker than consensus of 31 cents.
Gogo (GOGO -0.25%) rose 2% in after-hours trading after SAC Capital reported a 5.1% passive stake in the company.
Thor Industries (THO +1.54%) reported Q2 continuing operations EPS of 32 cents, below consensus of 36 cents.
Cooper Companies (COO -0.60%) reported Q1 EPS of $1.47, better than consensus of $1.46.
The Gap (GPS -0.75%) fell over 5% in after-hours trading after it reported comparable same-store-sales sales for February were down 7% versus a 3% increase last year.

MARKET COMMENTS

Mar E-mini S&Ps (ESH14 +0.07%) this morning are up +2.00 points (+0.11%). The S&P 500 on Thursday posted a new record high and closed higher. Supportive factors included (1) the -26,000 drop in U.S. weekly jobless claims to a 3-month low of 323,000, a bigger decline than expectations of -12,000, (2) signs of strength in Europe after German Jan factory orders rose +1.2% m/m (vs expectations of +0.9% m/m) and the ECB raised its Eurozone 2014 GDP forecast to +1.2% from +1.1% projected in Dec. Closes: S&P 500 +0.17%, Dow Jones +0.38%, Nasdaq 100 -0.17%.
Jun 10-year T-notes (ZNM14 +0.08%) this morning are up +3.5 ticks. Jun 10-year T-note futures prices on Thursday dropped to a 1-1/2 week low and closed lower. Bearish factors included (1) the larger-than-expected fall in weekly jobless claims to a 3-month low and (2) reduced safe-haven demand after the S&P 500 posted a record high. Closes: TYM4 -10.00, FVM4 -5.00.
The dollar index (DXY00 -0.25%) this morning is down -0.177 (-0.22%) at a 4-1/4 month low. EUR/USD (^EURUSD) is up +0.0041 (+0.30%) at a 2-1/3 year high. USD/JPY (^USDJPY) is down -0.13 (-0.13%). The dollar index on Thursday slumped to a 4-1/4 month low and closed lower. EUR/USD rose to a 2-1/4 month high after the ECB refrained from expanding stimulus and raised its Eurozone 2014 GDP forecast to +1.2% from +1.1% projected in Dec. USD/JPY rose to a 1-1/4 month high after a Japanese government advisory panel said Japan’s Government Pension Investment Fund, the world’s largest pension fund, should shift its investment focus away from Japanese bonds, which clobbered the yen: Dollar index -0.446 (-0.56%), EUR/USD +0.01278 (+0.93%), USD/JPY +0.767 (+0.75%).
Apr WTI crude oil (CLJ14 +0.55%) this morning is up +34 cents (+0.33%) and Apr gasoline (RBJ14 unch) is down -0.0038 (-0.13%). Apr crude and gasoline prices on Thursday closed higher. Apr crude recovered from a 2-week low and Apr gasoline rebounded from a 3-week low on bullish factors that included (1) the slide in the dollar index to a 4-1/4 month low, (2) the fall in U.S. weekly jobless claims to a 3-month low, and (3) the rally in the S&P 500 to a record high. Bearish factors included (1) expectations that tension between Ukraine and Russia won’t disrupt crude supplies and (2) the weaker than expected U.S Jan factory orders, a sign of weaker energy demand. Closes: CLJ4 +0.11 (+0.11%), RBJ4 +0.0052 (+0.18%).

GLOBAL EVENT CALENDAR03/07/2014

US	0830 ET	Feb non-farm payrolls expected +150,000, Jan +113,000. Feb private payrolls expected +151,000, Jan +142,000. Feb manufacturing payrolls expected +5,000, Jan +21,000. Feb unemployment rate expected unch at 6.6%, Jan -0.1 to 6.6%.
	0830 ET	Feb avg earnings expected +0.2% m/m and +2.0% y/y, Jan +0.2% m/m and +1.9% y/y. Feb avg weekly hours expected unch at 34.4 hours, Jan 34.4 hours.
	0830 ET	Jan trade balance expected -$38.5 billion, Dec -$38.7 billion.
	1200 ET	New York Fed President William Dudley speaks on the economy at Brooklyn College.
	1500 ET	Jan consumer credit expected +$14.0 billion, Dec +$18.756 billion.
JPN	0000 ET	Japan Jan leading index CI expected +0.7 to 112.4, Dec 111.7. Jan coincident index expected +2.9 to 114.6, Dec 111.7.
GER	0600 ET	German Jan industrial production expected +0.8% m/m and +3.9% y/y, Dec -0.6% m/m and +2.6% y/y.
CHI	n/a	China Feb trade balance expected +$14.50 billion, Jan +$31.87 billion. Feb exports expected +7.5% y/y, Jan +10.6% y/y. Feb imports expected +7.6% y/y, Jan +10.0% y/y.

U.S. STOCK CALENDAR03/07/2014

Company Name	Ticker	Time	Event Description	Period	Estimate
Foot Locker Inc	FL US	Bef-mkt	Q4 2014 Earnings Release	Q4 2014	0.755
Big Lots Inc	BIG US	8:00	Q4 2014 Earnings Call	Q4 2014
Public Service Enterprise Group Inc	PEG US	8:00	Analyst Meeting	Y 2014
AGL Resources Inc	GAS US	8:30	Analyst Day	Y 2014
Foot Locker Inc	FL US	9:00	Q4 2014 Earnings Call	Q4 2014
Big Lots Inc	BIG US		Q4 2014 Earnings Release	Q4 2014	1.384
Hill-Rom Holdings Inc	HRC US		Annual General Meeting
Twenty-First Century Fox Inc	FOXA US		U.S. Box Office Release of Movie Mr. Peabody & Sherman""
Questar Corp	STR US		Analyst Day - Day 2	Y 2014