BARCHART MORNING CALL 8/21

BARCHART MORNING CALL

Friday, August 21st, 2015View Older Reports

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

E-mail:

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

OVERNIGHT MARKETS AND NEWS

September E-mini S&Ps (ESU15 -0.23%) are down -0.19% at a 6-1/2 month low and European stocks are down -1.26% at a 6-week low after weaker-than-expected Chinese manufacturing data added to concern that the global economic slowdown is deepening. U.S. and European stocks recovered a majority of their losses after Eurozone manufacturing data showed the European economy picked up momentum after the German Aug Markit/BME manufacturing PMI unexpectedly expanded at its fastest pace in 16 months. Asian stocks closed sharply lower: Japan -2.98%, Hong Kong -1.53%, China -4.27%, Taiwan -3.02%, Australia -1.40%, Singapore -1.29%, South Korea -1.92%, India -0.88%. China's Shanghai Composite and Japan's Nikkei Stock Index fell to 6-week lows after a measure of China's manufacturing activity contracted at the fastest pace in 6-1/3 years. Emerging market currencies also sold off against the dollar as the South African rand fell to a nearly 14-year low, India's rupee declined to a nearly 2-year low and the Malaysian ringgit slumped to a 17-year low.
The dollar index (DXY00 -0.58%) is down -0.66% at a 1-1/2 month low on speculation the turmoil in global financial markets will keep the Fed from raising interest rates. EUR/USD (^EURUSD) is up +0.43% at a 1-3/4 month high after European manufacturing activity expanded at a faster pace than expected. USD/JPY (^USDJPY) is down -0.71% at a 1-1/4 month low as the slump in global stocks boosts the safe-haven demand for the yen.

Sep T-note prices (ZNU15 +0.13%) are up +4 ticks at a 1-week high.
The China Aug Caixin manufacturing PMI unexpectedly fell -0.7 to 47.1, weaker than expectations of +0.4 to 48.2 and the slowest pace of growth in 6-1/3 years.
The German Aug Markit/BME manufacturing PMI unexpectedly rose +1.4 to 53.2, stronger than expectations of -0.2 to 51.6 and the fastest pace of growth in 16 months. The Aug Markit services PMI fell -0.2 to 53.6, weaker than expectations of -0.1 to 53.7.
The Eurozone Aug Markit manufacturing PMI was unch at 52.4, better than expectations of -0.2 to 52.2. The Aug Markit composite PMI unexpectedly rose +0.2 to 54.1, stronger than expectations of -0.2 to 53.7.

U.S. STOCK PREVIEW

Key U.S. news today includes: No economic reports or Fed speakers scheduled for today.
There are 3 of the S&P 500 and Russell 2000 companies that reports earnings today: Deere & Co. (consensus $1.44), Hibbett Sports (0.27), ANN Inc. (0.69).
U.S. IPO's scheduled to price today include: None.
Equity conferences during the remainder of this week include: None.

OVERNIGHT U.S. STOCK MOVERS

Lufthansa (DLAKY -0.39%) was downgraded to 'Sell' from 'Neutral' at Goldman Sachs.
Foot Locker (FL -3.16%) reported Q2 EPS of 84 cents, well above consensus of 69 cents.
Deere & Co. (DE -1.45%) reported Q3 EPS of $1.53, better than consensus of $1.44.
Adidas (ADDDY) was upgraded to 'Neutral' from 'Sell' at Goldman Sachs.
Biogen reported a 8.1% passive stake in Applied Genetic (AGTC -3.42%) .
The Fresh Market (TFM -2.42%) slumped over 10% in after-hours trading after it reported Q2 adjusted EPS of 36 cents, weaker than consensus of 40 cents, and then lowered guidance on fiscal 2015 adjusted EPS view to $1.55-$1.65 from $1.85-$1.93, below consensus of $1.85.
Ross Stores (ROST -0.81%) dropped over 8% in after-hours trading after it reported Q2 EPS of 63 cents, above consensus of 62 cents, but then lowered guidance on fiscal 2015 EPS to $2.40-$2.45, at the lower end of consensus of $2.45.
Hewlett-Packard (HPQ -1.41%) reported Q3 EPS of 88 cents, better than consensus of 85 cents.
Salesforce.com (CRM -5.86%) rose over 3% in after-hours trading after it reported Q2 adjusted EPS of 19 cents, higher than consensus of 18 cents.
Brocade (BRCD -3.19%) jumped 7% in after-hours trading after it reported Q3 adjusted EPS of 27 cents, better than consensus of 22 cents, and then Summit Reasearch upgraded the stock to 'Buy' from 'Hold.'
Intuit (INTU -3.14%) slid 4% in after-hours trading after it reported a Q4 adjusted EPS loss of -5 cents, a smaller loss than consensus of -12 cents, but then lowered guidance on fiscal 2016 adjusted EPS to $3.40-$3.45, below consensus of $3.82.
Gap (GPS -1.29%) reported Q2 EPS ex-items of 64 cents, right on consensus.

MARKET COMMENTS

Sep E-mini S&Ps (ESU15 -0.23%) this morning are down -3.75 points (-0.19%) at a fresh 6-1/2 month low. Thursday's closes: S&P 500 -2.11%, Dow Jones -2.06%, Nasdaq -2.79%. The S&P 500 Thursday plunged to a 6-1/2 month low on concern that global growth will slow as emerging-market stocks plummeted after Kazakhstan stopped supporting its currency. Another negative was the unexpected -0.2% decline in U.S. Jul leading indicators, weaker than expectations of +0.2%. Losses in stocks accelerated after the S&P took out its July low, which spurred technical selling. On the positive side, U.S. Jul existing home sales unexpectedly rose +2.0% to an 8-1/3 year high of 5.59 and the Aug Philadelphia Fed business outlook survey rose +2.6 to 8.3, stronger than expectations of +0.8 to 6.5.
Sep 10-year T-notes (ZNU15 +0.13%) this morning are up +4 ticks at a 1-week high. Thursday's closes: TYU5 +7.50, FVU5 +1.00. Sep T-notes Thursday rose to a 1-week high and closed higher after global equity markets plunged, which fueled safe-haven buying of T-notes, and after the 10-year T-note breakeven inflation rate dropped to a 7-month low, which may delay a Fed rate hike.
The dollar index (DXY00 -0.58%) this morning is down -0.633 (-0.66%) at a 1-1/2 month low. EUR/USD (^EURUSD) is up +0.0048 (+0.43%) at a 1-3/4 month high. USD/JPY (^USDJPY) is down -0.87 (-0.71%) at a 1-1/4 month low. Thursday's closes: Dollar Index -0.379 (-0.39%), EUR/USD +0.0122 (+1.10%), USD/JPY -0.40 (-0.32%). The dollar index Thursday slid to a 1-1/4 month low as global stocks plunged, which increased safe-haven demand for the yen and sent USD/JPY to a 3-week low. Another negative for the dollar was the drop in the 10-year T-note breakeven inflation rate to a 7-month low, which may keep the Fed from raising interest rates.
Oct crude oil (CLV15 -0.34%) this morning is down -24 cents (-0.58%) and Oct gasoline (RBV15 -1.64%) is down -0.0248 (-1.78%). Thursday's closes: CLV5 +0.05 (+0.12%), RBV5 -0.0251 (-1.77%). Oct crude and gasoline sold off Thursday to contract lows as the slump in global equity markets raised concern that global growth and energy demand will slow. Also, the persistent crude supply glut is negative for oil prices with U.S. crude supplies nearly 100 million bbl above their 5-year seasonal average. Oct crude recovered its losses and closed higher, however, after the dollar index tumbled to a 1-1/4 month low.

GLOBAL EVENT CALENDAR08/21/2015

US	0945 ET	Aug Markit manufacturing PMI expected +0.1 to 53.9, Jul 53.8.
	1500 ET	USDA Jul Cold Storage.
	1500 ET	USDA Jul Cattle on Feed.
GER	0200 ET	German Sep GfK consumer confidence expected unch at 10.1.
	0330 ET	German Aug Markit/BME manufacturing PMI expected -0.2 to 51.6, Jul 51.8. Aug Markit services PMI expected -0.1 to 53.7, Jul 53.8.
UK	0430 ET	UK Jul public sector net borrowing expected -2.8 billion pounds, Jun +8.6 billion pounds.
EUR	0400 ET	Eurozone Aug Markit manufacturing PMI expected -0.2 to 52.2, Jul 52.4. Aug Markit composite PMI expected -0.2 to 53.7, Jul 53.9.
	1000 ET	Eurozone Aug consumer confidence expected +0.2 to -6.9, Jul -7.1.

U.S. STOCK CALENDAR08/21/2015

Company	Ticker	Time	Event Description	Period	Estimate
Deere & Co	DE US	Bef-mkt	Q3 2015 Earnings Release	Q3 2015	1.439
Hibbett Sports Inc	HIBB US	Bef-mkt	Q2 2016 Earnings Release	Q2 2016	0.271
ANN INC	ANN US		Q2 2016 Earnings Release	Q2 2016	0.692

BARCHART MORNING CALL 8/22

BARCHART MORNING CALL

Friday, August 22nd, 2014View Older Reports

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

E-mail:

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

OVERNIGHT MARKETS AND NEWS

September E-mini S&Ps (ESU14 -0.10%) this morning are down -0.11% and European stocks are down -0.90% as investors lighten up positions ahead of speeches later today from Fed Chair Yellen and ECB President Draghi at the Fed's annual symposium in Jackson Hole, Wyoming. Stocks were also pressured on heightened tensions in Ukraine after Interfax reported that Ukraine sees a Russian aid convoy into the eastern part of its country as an invasion. The head of Ukraine's Security Council says that Russia is invading under cover of the Red Cross and that insurgents will use trucks now carrying humanitarian aid to transport weaponry. Asian stocks closed mostly higher: Japan -0.30%, Hong Kong +0.47%, China +0.47%, Taiwan +1.37%, Australia +0.12%, Singapore +0.04%, South Korea +0.66%, India +0.23%. Commodity prices are mixed. Oct crude oil (CLV14 -0.30%) is down -0.37%. Oct gasoline (RBV14 -0.02%) is down -0.08%. Dec gold (GCZ14 +0.46%) is up +0.50%. Sep copper (HGU14 +0.72%) is up +0.76% at a 1-1/2 week high on signs of tighter global supplies after weekly Shanghai copper inventories tumbled -10,297 MT to a 6-week low. Agriculture and livestock prices are higher. The dollar index (DXY00 +0.06%) is up +0.06%. EUR/USD (^EURUSD) is down -0.08%. USD/JPY (^USDJPY) is down -0.14%. Sep T-note prices (ZNU14 +0.09%) are up +4 ticks.
Weekly data shows the ECB's balance sheet fell to 2.02 trillion euros in the week ended Aug 15 from 2.03 trillion euros the previous week, the smallest in 3 years. ECB balance sheet lending to Eurozone credit institutions fell to 501 billion euros in the week ended Aug 15 from 504.9 billion euros the prior week, the lowest since Jul 2011.
The ECB's current account holdings fell to 211.2 billion euros on Thursday versus 221.4 billion euros on Wednesday, the lowest in 2 weeks. Excess liquidity (calculated as current account holdings plus deposit facility minus average reserve requirements) fell to 129.5 billion euros on Thursday versus 134.5 billion euros on Wednesday, the lowest since Aug 6.

U.S. STOCK PREVIEW

At today's Kansas City Fed conference in Jackson Hole, Fed Chair Janet Yellen at 10 AM ET will deliver a speech titled “Labor Markets." ECB President Mario Draghi will then deliver a speech at 4:30 ET. There is one Russell 1000 company that reports earnings today: Foot Locker (consensus $0.54). There are no equity conferences today.

OVERNIGHT U.S. STOCK MOVERS

PG&E (PCG +0.02%) was downgraded to 'Hold' from 'Buy' at Argus.
Ann Inc. (ANN +0.54%) reported Q2 EPS of 70 cents, better than consensus of 68 cents.
Foot Locker (FL +0.27%) reported Q2 adjusted EPS of 64 cents, well ahead of consensus of 54 cents.
Nordson (NDSN +0.09%) reported Q3 EPS of $1.21, stronger than consensus of $1.13.
Scansource (SCSC +2.53%) reported Q4 adjusted EPS of 60 cents, better than consensus of 59 cents.
The Fresh Market (TFM -1.68%) rose nearly 5% in after-hours trading after it reported Q2 adjusted EPS of 36 cents, better than consensus of 35 cents.
Marvell (MRVL +0.74%) reported Q2 EPS of 34 cents, well above consensus of 28 cents.
Ross Stores (ROST -0.89%) climbed over 5% in pre-market trading after it reported Q2 EPS of $1.14, higher than consensus of $1.08.
Aeropostale (ARO unch) reported a Q2 EPS ex-charges loss of -46 cents, a smaller loss than consensus of -49 cents.
Salesforce.com (CRM +0.58%) reported Q2 adjusted EPS of 13 cents, higher than consensus of 12 cents.
Brocade (BRCD +0.64%) reported Q3 EPS of 23 cents, better than consensus of 19 cents.
GameStop (GME -2.03%) jumped 10% in after-hours trading after it reported Q2 EPS of 22 cents, higher than consensus of 18 cents.
Intuit (INTU +0.63%) reported an unexpected Q4 adjusted EPS loss of -1 cent, much weaker than consensus of a 7 cent profit, and then lowered guidance on fiscal 2015 EPS to $2.45-$2.50, well below consensus of $3.97.
The Gap (GPS +0.16%) reported Q2 EPS of 75 cents, stronger than consensus of 69 cents, and then raised guidance on fiscal 2014 EPS view to $2.95-$3.00, above consensus of $2.95.

MARKET COMMENTS

Sep E-mini S&Ps (ESU14 -0.10%) this morning are down -2.25 points (-0.11%). The S&P 500 index on Thursday posted a record high and closed higher: S&P 500 +0.29%, Dow Jones +0.36%, Nasdaq +0.16%. Bullish factors for stocks included (1) the -14,000 fall in weekly jobless claims, more than expectations of -8,000, (2) the unexpected +2.4% increase in Jul existing home sales to a 10-month high of 5.15 million, better than expectations of -0.5% to 5.02 million, and (3) the +4.1 increase in the Aug Philadelphia Fed manufacturing index to a 3-1/3 year high of 28.0, stronger than expectations of a -4.2 decline to 19.7.
Sep 10-year T-notes (ZNU14 +0.09%) this morning are up +4 ticks. Sep 10-year T-note futures prices on Thursday fell to a 1-week low, but recovered and closed higher. Bearish factors for T-notes included (1) stronger than expected U.S. economic data on weekly jobless claims, Jul existing home sales and Aug Philadelphia Fed manufacturing activity, and (2) reduced safe-haven demand after the S&P 500 rose to a record high. T-notes recovered and closed higher on short-covering ahead of an expected dovish speech by Fed Chair Yellen on Friday. Closes: TYU4 +3.0, FVU4 +1.0.
The dollar index (DXY00 +0.06%) this morning isup +0.049 (+0.06%). EUR/USD (^EURUSD) is down -0.0011 (-0.08%) and USD/JPY (^USDJPY) is down -0.15 (-0.14%). The dollar index on Thursday posted an 11-1/2 month high, but gave up its advance and closed lower. Negative factors included (1) reduced safe-haven demand for the dollar after the S&P 500 rallied to a new record high, and (2) long liquidation and profit-taking ahead of Fed Chair Yellen’s speech Friday at the Fed’s annual symposium in Jackson Hole, Wyoming. Closes: Dollar index -0.072 (-0.09%), EUR/USD +0.00216 (+0.16%), USD/JPY +0.088 (+0.08%).
Oct WTI crude oil (CLV14 -0.30%) this morning is down -35 cents (-0.37%) and Oct gasoline (RBV14 -0.02%) is down -0.0022 (-0.08%). Oct crude and gasoline prices on Thursday shook off early losses and closed higher: CLV4 +0.51 (+0.55%), RBV4 +0.0291 (+1.13%). Oct crude rebounded from a 7-1/4 month low on bullish factors that included (1) weakness in the dollar, and (2) U.S. economic strength after Jul existing home sales unexpectedly rose to a 10-month high and the Aug Philadelphia Fed manufacturing index unexpectedly rose to a 3-1/3 year high.

GLOBAL EVENT CALENDAR08/22/2014

US	1000 ET	Fed Chair Janet Yellen delivers a speech titled Labor Markets at the Kansas City Feds annual symposium in Jackson Hole, Wyoming.
	1430 ET	ECB President Mario Draghi speaks at the Kansas City Feds annual symposium in Jackson Hole, Wyoming.
	1500 ET	USDA Jul Cold Storage.
	1500 ET	USDA Jul Cattle on Feed.

U.S. STOCK CALENDAR08/22/2014

Company Name	Ticker	Time	Event Description	Period	Estimate
Sears Holdings Corp	SHLD US	6:00	Q2 2015 Earnings Release	Q2 2015	-2.58
Sears Holdings Corp	SHLD US	6:10	Q2 2015 Earnings Call	Q2 2015
Hormel Foods Corp	HRL US	6:30	Q3 2014 Earnings Release	Q3 2014	0.483
Patterson Cos Inc	PDCO US	7:00	Q1 2015 Earnings Release	Q1 2015	0.496
Dollar Tree Inc	DLTR US	7:30	Q2 2015 Earnings Release	Q2 2015	0.636
Toro Co/The	TTC US	8:30	Q3 2014 Earnings Release	Q3 2014	0.828
Monsanto Co	MON US	8:30	Whistle Stop Tour - Day 2	Y 2014
Hormel Foods Corp	HRL US	9:00	Q3 2014 Earnings Call	Q3 2014
L Brands Inc	LB US	9:00	Q2 2015 Earnings Call	C2 2015
L Brands Inc	LB US	9:00	Q2 2015 Earnings Call	Q2 2015
Dollar Tree Inc	DLTR US	9:00	Q2 2015 Earnings Call	C2 2015
Dollar Tree Inc	DLTR US	9:00	Q2 2015 Earnings Call	Q2 2015
Principal Financial Group Inc	PFG US	9:00	Roadshow - Mid-Atlantic	Y 2014
Patterson Cos Inc	PDCO US	10:00	Q1 2015 Earnings Call	Q1 2015
Alere Inc	ALR US	10:00	Annual General Meeting	Y 2014
Toro Co/The	TTC US	11:00	Q3 2014 Earnings Call	Q3 2014
Medtronic Inc	MDT US	11:30	Annual General Meeting	Y 2014
Gap Inc/The	GPS US	16:00	Q2 2015 Earnings Release	Q2 2015	0.688
Intuit Inc	INTU US	16:00	Q4 2014 Earnings Release	Q4 2014	0.072
Ross Stores Inc	ROST US	16:01	Q2 2015 Earnings Release	Q2 2015	1.082
GameStop Corp	GME US	16:01	Q2 2015 Earnings Release	Q2 2015	0.183
MICROS Systems Inc	MCRS US	16:02	Q4 2014 Earnings Release	Q4 2014	0.717
salesforce.com inc	CRM US	16:05	Q2 2015 Earnings Release	Q2 2015	0.119
Marvell Technology Group Ltd	MRVL US	16:05	Q2 2015 Earnings Release	Q2 2015	0.281
Ross Stores Inc	ROST US	16:15	Q2 2015 Earnings Call	Q2 2015
Brocade Communications Systems Inc	BRCD US	16:18	Q3 2014 Earnings Release	Q3 2014	0.191
Nordson Corp	NDSN US	16:30	Q3 2014 Earnings Release	Q3 2014	1.132
Intuit Inc	INTU US	16:30	Q4 2014 Earnings Call	Q4 2014
Marvell Technology Group Ltd	MRVL US	16:45	Q2 2015 Earnings Call	Q2 2015
Gap Inc/The	GPS US	17:00	Q2 2015 Earnings Call	Q2 2015
salesforce.com inc	CRM US	17:00	Q2 2015 Earnings Call	Q2 2015
GameStop Corp	GME US	17:00	Q2 2015 Earnings Call	Q2 2015
Brocade Communications Systems Inc	BRCD US	17:30	Q3 2014 Earnings Call	Q3 2014
Humana Inc	HUM US		Investor Meeting

BARCHART MORNING CALL 8/8

BARCHART MORNING CALL

Friday, August 8th, 2014View Older Reports

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

E-mail:

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

OVERNIGHT MARKETS AND NEWS

September E-mini S&Ps (ESU14 +0.17%) this morning are down -0.17% at a 2-1/2 month low and European stocks are down -0.25% at a 4-3/4 month low on rising global geopolitical tensions after President Obama authorized the use of airstrikes against militants in Iraq and after Israel renewed airstrikes in Gaza after militants there broke a cease-fire and fired rockets into Israel. President Obama said the U.S. will strike Islamic State militants if they move toward the Kurdish city of Erbil, where the U.S. has diplomatic personnel. Asian stocks closed mostly lower: Japan -2.98%, Hong Kong -0.23%, China +0.16%, Taiwan -0.50%, Australia -1.34%, Singapore -0.76%, South Korea -1.36%, India -1.02%. Japan's Nikkei Stock Index tumbled to a 2-1/4 month low on rising geopolitical concerns and also after the yen climbed to a 2-week high against the dollar on a flight to safety. China's Shanghai Stock Index bucked the trend and closed higher after China's trade surplus surged to a record last months as exports accelerated by the most in 1-1/4 years. Commodity prices are mixed. Sep crude oil (CLU14 +0.53%) is up +0.79%. Sep gasoline (RBU14 +0.35%) is up +0.52%. Dec gold (GCZ14 +0.27%) is up +0.54% at a 3-week high as falling global equities and rising geopolitical concerns boost the safe-haven demand for gold. Sep copper (HGU14 -0.22%) is down -0.16%. Agriculture and livestock prices are lower. The dollar index (DXY00 -0.14%) is down -0.18%. EUR/USD (^EURUSD) is up +0.23%. USD/JPY (^USDJPY) is down -0.27% at a 2-week low on increased safe-haven demand for the yen. Sep T-note prices (ZNU14 +0.21%) are up +13.5 ticks at a 2-1/2 month high as falling global equities and rising geopolitical concerns fuel safe-haven demand for government bonds that has also reduced the yield on the 10-year German bund to a record low 1.023%.
The China Jul trade balance widened to a record surplus of +$47.30 billion, much larger than expectations of +$27.40 billion and the most since Chinese trade data were first compiled in 1986. China Jul exports rose +14.5% y/y, more than double expectations of +7.0% y/y and the most in 15 months. Jul imports unexpectedly fell -1.6% y/y, weaker than expectations of +2.6% y/y.
The German Jun trade balance shrank to a surplus of +16.5 billion euros, less than expectations of +18.9 billion euros. Jun exports rose +0.9% m/m, better than expectations of +0.8% m/m. Jun imports jumped +4.5% m/m, more than four times expectations of +1.0% m/m and the most in 3-1/2 years.
UK Jun construction output rose +1.2% m/m and +5.3% y/y, more than expectations of +1.0% m/m and +4.7% y/y.
Japan Jun eco watchers survey outlook fell -1.8 to 51.5. The Jul eco watchers survey current rose +3.6 to 51.3, better than expectations of +0.8 to 48.5.

U.S. STOCK PREVIEW

Today’s Q2 non-farm productivity report is expected to show an increase of +1.6% after the 3.2% dip seen in Q1. Meanwhile, Q2 unit labor costs are expected to ease to +1.0% from +5.7% in Q1.
There are 4 of the S&P Midcap 400 companies that report earnings today with notable reports including: Sirona Dental Systems (consensus $0.96), Choice Hotels International (0.49), Hillshire Brands (0.26), Howard Hughes (0.41). There are no equity conferences today.

OVERNIGHT U.S. STOCK MOVERS

Dillard's (DDS -0.50%) was downgraded to 'Neutral' from 'Buy' at Buckingham.
Activision Blizzard (ATVI -2.40%) was upgraded to 'Buy' from 'Neutral' at Longbow.
Ann Inc. (ANN -5.31%) was downgraded to 'Neutral' from 'Buy' at UBS.
Hibbett Sports (HIBB -1.22%) was downgraded to 'Underperform' from 'Neutral' at Credit Suisse.
Allergan (AGN -3.30%) was upgraded to 'Outperform' from 'Market Perform' at Leerink.
Tang Capital reported an 11.4% stake in La Jolla (LJPC -0.10%) .
lululemon (LULU -2.35%) jumped over 5% in after-hours trading after Dow Jones says founder Chip WIlson will sell half his stake to private equity firm Advent for $845 million.
NVIDIA (NVDA -1.02%) reported Q2 EPS of 30 cents, well above consensus of 20 cents, and then was upgraded to 'Buy' from 'Hold' at Needham.
CSC (CSC -1.24%) reported Q1 EPS of $1.03, higher than consensus of 94 cents.
Gap (GPS -0.67%) climbed ove 4% in after-hours trading after it said it sees Q2 EPS ex-benefits of 68 cents-69 cents with Q2 net sales of $3.98 billion, better than consensus of 66 cents and Q2 sales of $3.96 billion.
Monster Beverage (MNST -1.42%) rose nearly 3% in after-hours trading after it reported Q2 EPS of 81 cents, better than consensus of 75 cents.
News Corp. (NWSA -1.19%) reported Q4 adjusted EPS of 1 cents, below consensus of 3 cents.
CBS (CBS -1.30%) reported Q2 adjusted EPS of 78 cents, higher than consensus of 72 cents.

MARKET COMMENTS

Sep E-mini S&Ps (ESU14 +0.17%) this morning are down -3.25 points (-0.17%) at a fresh 2-1/4 month low. The S&P 500 index on Thursday erased an early rally and tumbled to a 2-1/4 month low and closed lower: S&P 500 -0.56%, Dow Jones -0.46%, Nasdaq -0.42%. The main bearish factor for stocks was long liquidation spurred on by concern that rising tensions between Ukraine and Russia will undercut the European economy and drag the global economy lower as well. Stocks had risen in early trade after U.S. weekly initial unemployment claims unexpectedly fell -14,000 to 289,000, better than expectations of +3,000 to 305,000.
Sep 10-year T-notes (ZNU14 +0.21%) this morning are up +13.5 ticks at a 2-1/2 month high. Sep 10-year T-note futures prices on Thursday climbed to a 2-1/4 month high and closed higher. Bullish factors included (1) increased safe-haven demand as stocks fell on concern Russia may soon invade Ukraine, and (2) carry-over support from a drop in the German 10-year bund yield to a record low of 1.058%. The rally in T-notes was limited after weekly U.S. jobless claims unexpectedly declined. Closes: TYU4 +13.50, FVU4 +7.75.
The dollar index (DXY00 -0.14%) this morning is down -0.148 (-0.18%). EUR/USD (^EURUSD) is up +0.0031 (+0.23%) and USD/JPY (^USDJPY) is down -0.28 (-0.27%) at a 2-week low. The dollar index on Thursday closed higher, but remained below Wednesday's 10-3/4 month high. Bullish factors included (1) weakness in EUR/USD after ECB President Draghi said that real interest rates will remain negative in the Eurozone for a "much longer time" than in the U.S. and that risks to the Eurozone economy are increasing from geopolitics worldwide, and (2) increased safe-haven demand for the dollar as global stocks fell. Closes: Dollar index +0.080 (+0.10%), EUR/USD -0.00191 (-0.14%), USD/JPY -0.006 (-0.01%).
Sep WTI crude oil (CLU14 +0.53%) this morning is up +77 cents (+0.79%) and Sep gasoline (RBU14 +0.35%) is up +0.0145 (+0.52%). Sep crude and gasoline prices on Thursday closed higher: CLU4 +0.42 (-0.43%), RBU4 +0.0349 (+1.27%). Sep crude recovered from a 6-month low and closed higher as signs of strength in the U.S. economy fueled short-covering in crude after weekly U.S. jobless claims unexpectedly declined. Gains in crude were muted as the dollar strengthened.

GLOBAL EVENT CALENDAR08/08/2014

US	0830 ET	Q2 non-farm productivity expected +1.6%, Q1 -3.2%. Q2 unit labor costs expected +1.0%, Q1 +5.7%.
	1000 ET	Jun wholesale inventories expected +0.7%, May +0.5% m/m. Jun wholesale trade sales expected +0.7% m/m, May +0.7% m/m.
JPN	0030 ET	Japan Jul bankruptcies, Jun -3.56% y/y.
	0100 ET	Japan Jul eco watchers survey current expected +0.8 to 48.5, Jun 47.7. Jul eco watchers survey outlook, Jun 53.3.
GER	0200 ET	German Jun trade balance expected +18.9 billion euros, May +17.8 billion euros. Jun exports expected +0.8% m/m, May -1.1% m/m. Jun imports expected +1.0% m/m, May -3.4% m/m.
	0200 ET	German Jun current account balance, May +13.2 billion euros.
UK	0430 ET	UK Jun construction output expected +1.0% m/m and +4.7% y/y, May -1.1% m/m and +3.5% y/y.
CHI	2130 ET	China Jul CPI expected +2.3% y/y, Jun +2.3% y/y. Jul PPI expected -0.9% y/y, Jun -1.1% y/y.

U.S. STOCK CALENDAR08/08/2014

Company Name	Ticker	Time	Event Description	Period	Estimate
Sirona Dental Systems Inc	SIRO US	Bef-mkt	Q3 2014 Earnings Release	Q3 2014	0.958
Choice Hotels International Inc	CHH US	Bef-mkt	Q2 2014 Earnings Release	Q2 2014	0.488
Assured Guaranty Ltd	AGO US	8:00	Q2 2014 Earnings Call	Q2 2014
IDEXX Laboratories Inc	IDXX US	8:30	Analyst Day - Day 2	Y 2014
Sirona Dental Systems Inc	SIRO US	8:30	Q3 2014 Earnings Call	Q3 2014
Great Plains Energy Inc	GXP US	9:00	Q2 2014 Earnings Call	Q2 2014
Lions Gate Entertainment Corp	LGF US	9:00	Q1 2015 Earnings Call	Q1 2015
Choice Hotels International Inc	CHH US	10:00	Q2 2014 Earnings Call	Q2 2014
Columbia Property Trust Inc	CXP US	10:00	Q2 2014 Earnings Call	Q2 2014
Frank's International NV	FI US	10:30	Q2 2014 Earnings Call	Q2 2014
Federal Realty Investment Trust	FRT US	11:00	Q2 2014 Earnings Call	Q2 2014
National Fuel Gas Co	NFG US	11:00	Q3 2014 Earnings Call	Q3 2014
McDonald's Corp	MCD US		July 2014 Sales and Revenue Release	2014
Hillshire Brands Co/The	HSH US		Q4 2014 Earnings Release	Q4 2014	0.261
Lions Gate Entertainment Corp	LGF US		U.S. Box Office Release of Movie Step Up All In""
Howard Hughes Corp/The	HHC US		Q2 2014 Earnings Release	Q2 2014	0.41

Mid Cap Picks

Today I used Barchart to sort the S&P 400 Mid Cap Index to find the stocks with the best technical indicators and charts. My list today includes Webster Financial (WBS), Ann Inc (ANN), East West Bancorp (EWBC), Firstmerit (FMER), Dreamworks Animation (DWA):

Webster Financial (WBS)

Barchart technical indicators:

• 100% Barchart technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 14 new highs and up 13.19% in the last month
• Relative Strength Index 73.94%
• Barchart computes a technical support level at 25.34
• Recently traded at 26.38 with a 50 day moving average of 23.79

Ann Inc (ANN)

Barchart technical indicators:

• 100% Barchart technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 13 new highs and up 9.58% in the last month
• Relative Strength Index 64.95%
• Barchart computes a technical support level at 32.82
• Recently traded at 33.55 with a 50 day moving average of 30.92

East West Bancorp (EWBC)

Barchart technical indicators:

• 100% Barchart technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 12 new highs and up 8.08% in the last month
• Relative Strength Index 80.86%
• Barchart computes a technical support level at 27.21
• Recently traded at 28.42 with a 50 day moving average of 25.75

Firstmerit (FMER)

Barchart technical indicators:

• 100% Barchart technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 12 new highs and up 10.17% in the last month
• Relative Strength Index 72.55%
• Barchart computes  a technical support level at 19.76
• Recently traded at 20.61 with a 50 day moving average of 18.45

Dreamworks Animation (DWA)

Barchart technical indicators:

• 96% Barchart technical buy signal
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 11 new highs and up 18.42% in the last month
• Relative Strength Index 74.41%
• Barchart computes a technical support level at 25.22
• Recently traded at 26.09 with a 50 day moving average of 22.28

Barchart Morning Call 6/20

BARCHART MORNING CALL

Thursday, June 20th, 2013View Older Reports

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

E-mail:

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

OVERNIGHT MARKETS AND NEWS

September E-mini S&Ps (ESU13 -0.94%) this morning are down -0.82% and European stocks are down -2.51%. Asian stocks closed lower: Japan -1.74%, Hong Kong -2.88%, China -3.30%, Taiwan -1.35%, Australia -2.12%, Singapore -2.51%, South Korea -2.11%, India -2.74%. Global stocks, bonds and commodities have all fallen sharply after the Fed said it may phase out stimulus. European stocks were also pressured after German manufacturing activity unexpectedly contracted further this month. China's Shanghai Stock Index tumbled over 3% to a 6-month low after China's manufacturing activity contracted further this month and after its cash crunch worsened. Commodity prices are sharply lower. Aug WTI crude oil (CLQ13 -1.77%) is off by -2.04%. Aug gasoline (RBQ13 -1.55%) is down -1.84%, Aug natural gas (NGQ13 -1.58%) is down -1.28%, Aug gold (GCQ13 -5.48%) is down -5.47% at a 2-3/4 year low and July copper (HGN13 -1.85%) is down -1.91% at a 1-1/2 month low. Agriculture prices are weaker. The dollar index (DXY00 +0.70%) is up +0.65% at a 1-1/2 week high. EUR/USD (^EURUSD) is down -0.71%. USD/JPY (^USDJPY) is up +1.42%. September 10-year T-note futures prices (ZNU13 -0.88%) this morning are down -26 ticks and the 10-year T-note yield has soared overnight to a 1-3/4 year high of 2.45%.
The Eurozone Jun PMI composite gained +1.2 points to 48.9, stronger than expectations of +0.4 to 48.1 and its best level in 15-months.
The German Jun PMI manufacturing unexpectedly fell -0.7 to 48.7, weaker than expectations of +0.5 to 49.9, although the Jun PMI services rose +1.6 to a 4-month high of 51.3, stronger than expectations of +0.3 to 50.0.
German May producer prices fell -0.3% m/m, a bigger drop than expectations of -0.1% m/m and the fourth consecutive monthly decline, while prices rose +0.2% y/y, a smaller increase than expectations of +0.3% y/y.
UK May retail sales ex-auto fuel climbed +2.1% m/m and +2.1% y/y, better than expectations of +1.0% m/m and +0.5% y/y, and May retail sales with auto fuel rose +2.1% m/m and +1.9% y/y, also stronger than expectations of +0.8% m/m and +0.2% y/y.
The China Jun HSBC flash manufacturing PMI contracted further to 48.3 from 49.2 in May, a sign the economic slowdown in China is deepening.
China's 7-day repurchase rate, a gauge of interbank funding availability, rose to 11.2%, the highest since data began in 2003 and a sign of a money-market cash crunch, as the PBOC has refrained from using reverse-repos to inject funds into the interbank market since Feb 7.

U.S. STOCK PREVIEW

Today’s weekly initial unemployment claims report is expected to show an increase of +6,000 to 340,000, reversing one-half of last week’s decline of -12,000 to 334,000. Today’s May existing home sales report is expected to show a modest increase of +0.6% to 5.00 million, adding to the +0.6% increase to 4.97 million seen in April. Today’s June Philadelphia Fed manufacturing index is expected to show a +3.2 point increase to -2.0 after the -6.5 point decline to -5.2 seen in May. The Treasury today will sell $7 billion of 30-year TIPS in a reopening of the 5/8% 30-year TIPS security of Feb 2043 that was first sold this past February. The are four of the Russell 1000 companies that report earnings today: Kroger (consensus $0.88), IHS (1.05), Oracle (0.87), and TIBCO Software (0.19).
Equity conferences during the remainder of this week include 9th Annual Commercial Contracts and Chargeback Management on Wed-Thu, 3rd Next Generation Sequencing on Thu, St. Petersburg International Economic Forum (SPIEF 2013) on Thu-Fri.

OVERNIGHT U.S. STOCK MOVERS

Sprint (S -4.37%) was downgraded to "Hold" from "Buy" at Argus.
Reuters reported that Microsoft (MSFT -1.11%) wants to recruit computer geeks in its ongoing efforts to protect Windows PCs from attacks, offering rewards of as much as $150,000 to anybody who helps identify and fix major security holes in its software.
FedEx (FDX +1.07%) was downgraded to "Equal Weight" from "Overweight" at Morgan Stanley.
Rite Aid (RAD -0.64%) reported Q1 EPS of 9 cents, right on consensus, although Q1 revenue of $6.29 billion was better than consensus of $6.27 billion.
GameStop (GME +0.18%) rose 6% in after-hours trading after Microsoft reversed its rental policy for Xbox One games and will now allow users to trade-in and rent disc-based games the same way they do on the current Xbox 360 console.
Ann Inc. (ANN -0.87%) was upgraded to "Outperform" from "Perform" at Oppenheimer.
American Eagle (AEO -2.30%) was downgraded to "Perform" from "Outperform" at Oppenheimer.
Red Hat (RHT -0.88%) reported Q1 adjusted EPS of 32 cents, better than consensus of 31 cents.
Jabil Circuit (JBL -0.50%) reported Q3 EPS of 56 cents, better than consensus of 54 cents.
Micron (MU +1.60%) reported Q3 EPS of 4 cents, double consensus of 2 cents.
Nokia (NOK -0.26%) is up 3% in after-hours trading after Dow Jones reported that Microsoft (MSFT -1.11%) and Nokia were in advanced talks on devices business.
Finisar (FNSR +0.55%) is up 10% in after-hours trading after it reported Q4 EPS of 20 cents, better than consensus of 17 cents.

MARKET COMMENTS

September E-mini S&Ps (ESU13 -0.94%) this morning are down -13.25 points (-0.82%). The S&P 500 index on Wednesday closed lower on concern that the Fed is closer to ending its stimulus measures after the post-FOMC statement said the labor market shows “further improvement” and that downside risks to the economy have diminished since autumn. Another negative factor for stocks was the FOMC’s cut in the upper end of its its 2013 U.S. GDP growth estimate range to 2.3%-2.6% from its March estimate of 2.3%-2.8%. Closes: S&P 500 -1.39%, Dow Jones -1.35%, Nasdaq 100 -1.22%.
September 10-year T-notes (ZNU13 -0.88%) this morning are down -26 ticks and the 10-year T-note yield has soared overnight to a 1-3/4 year high of 2.45%. Sep 10-year T-note futures prices on Wednesday closed sharply lower as the 10-year T-note yield soared to a 1-1/4 year high of 2.329% after the hawkish FOMC statement. The FOMC said the labor market shows “further improvement” and that downside risks to the economy have diminished since autumn, while Fed Chairman Bernanke said the Fed is on course to end QE in mid-2014 if the economy continues to improve. Closes: TYU3 -1-10.5/32, FVU3 -27.50.

The dollar index (DXY00 +0.70%) this morning is up +0.530 (+0.65%) at a 1-1/2 week high. EUR/USD (^EURUSD) is down -0.0094 (-0.71%) and USD/JPY (^USDJPY) is up +1.37 (+1.42%). The dollar index on Wednesday dropped to a 4-month low early in the session but recovered its losses and closed higher after the Fed indicated in its post-FOMC statement that it is closer to tapering QE when it said downside risks to the economy have diminished. Closes: Dollar index +0.678 (+0.84%), EUR/USD -0.00983 (-0.73%), USD/JPY +1.12 (+1.18%).
Aug WTI crude oil (CLQ13 -1.77%) this morning is down -$2.01 (-2.04%) a barrel and Aug gasoline (RBQ13 -1.55%) is down -5.30 cents per gallon (-1.84%). Aug crude oil and gasoline prices on Wednesday closed mixed. Aug crude posted a 4-month high and nearest-futures July climbed to a 9-month high early in the session after the dollar index slid to a 4-month low. However, crude oil prices fell back as the dollar rebounded after the Fed indicated it is closer to ending QE. Another bearish factor was the weekly EIA data that showed U.S. crude inventories unexpectedly climbed +313,000 bbl vs. expectations of a -500,000 bbl draw. Closes: CLQ3 -0.19 (-0.19%), RBQ3 +0.0128 (+0.45%).

GLOBAL EVENT CALENDAR06/20/2013

US	0830 ET	Weekly initial unemployment claims expected +6,000 to 340,000, previous -12,000 to 334,000. Weekly continuing claims expected -15,000 to 2.958 million, previous +2,000 to 2.973 million.
	0830 ET	USDA weekly Export Sales.
	1000 ET	Jun Philadelphia Fed manufacturing index expected +3.2 to -2.0, May -6.5 to -5.2.
	1000 ET	May existing home sales expected +0.6% to 5.00 million, Apr +0.6% to 4.97 million.
	1000 ET	May leading indicators expected +0.2%, Apr +0.6%.
	1100 ET	Treasury announces amounts of 2-year T-notes (previous $35 billion), 5-year T-notes (previous $35 billion) and 7-year T-notes (previous $29 billion) to be auctioned Jun 25-27.
	1300 ET	Treasury auctions $7 billion 30-year TIPS.
JPN	0100 ET	Revised Japan Apr coincident index CI. Revised Apr leading index CI.
GER	0200 ET	German May producer prices expected -0.1% m/m and +0.3% y/y, Apr -0.2% m/m and +0.1% y/y.
	0330 ET	German Jun PMI manufacturing expected +0.5 to 49.9, May +1.3 to 49.4. Jun PMI services expected +0.5 to 50.2, May +0.1 to 49.7.
EUR	0400 ET	Eurozone Jun PMI composite expected +0.4 to 48.1, May 47.7. Eurozone Jun PMI manufacturing, May +1.6 to 48.3. June PMI services, May +0.2 to 47.2.
	1000 ET	Eurozone Jun consumer confidence expected +0.4 to -21.5, May -21.9.
UK	0430 ET	UK May retail sales ex auto fuel expected +1.0% m/m and +0.5% y/y, Apr -1.4% m/m and +0.2% y/y. May retail sales with auto fuel expected +0.8% m/m and +0.2% y/y, Apr -1.3% m/m and +0.5% y/y.
	0600 ET	UK Jun CBI trends total orders expected -12, May -20. Jun CBI trends selling prices expected 4, May 4.

U.S. STOCK CALENDAR06/20/2013

Company Name	Symbol	Time	Event Description	Period	EPS Est (US$)
Kroger Co/The	KR US	Bef-mkt	Q1 2014 Earnings Release	Q1 2014	0.884
IHS Inc	IHS US	Bef-mkt	Q2 2013 Earnings Release	Q2 2013	1.05
Stratasys Ltd	SSYS US	7:00	Business Update Call
IHS Inc	IHS US	8:00	Q2 2013 Earnings Call	Q2 2013
Taubman Centers Inc	TCO US	8:15	Investor Day	Y 2013
Kroger Co/The	KR US	10:00	Q1 2014 Earnings Call	Q1 2014
PVH Corp	PVH US	10:00	Annual General Meeting	Y 2013
Ariad Pharmaceuticals Inc	ARIA US	10:00	Annual General Meeting	Y 2013
Abercrombie & Fitch Co	ANF US	10:00	Annual General Meeting	Y 2013
Best Buy Co Inc	BBY US	10:30	Shareholders Meeting	Y 2013
TIBCO Software Inc	TIBX US	16:30	Q2 2013 Earnings Call	Q2 2013
Oracle Corp	ORCL US	17:00	Q4 2013 Earnings Call	Q4 2013
Oracle Corp	ORCL US	Aft-mkt	Q4 2013 Earnings Release	Q4 2013	0.874
TIBCO Software Inc	TIBX US	Aft-mkt	Q2 2013 Earnings Release	Q2 2013	0.186
Questar Corp	STR US		Roadshow - Europe - Day 4	Y 2013
Apple Inc	AAPL US		Apple Price-Fixing Trial-Closing Arguments
Ariad Pharmaceuticals Inc	ARIA US		Annual General Meeting
Dollar Tree Inc	DLTR US		Annual General Meeting
Teradata Corp	TDC US		Roadshow - Warsaw	Y 2013
VeriFone Systems Inc	PAY US		Annual General Meeting
Fortinet Inc	FTNT US		Annual General Meeting