Morning Call 11/28

Barchart Morning Call

Barchart.com - Tue Nov 28, 6:39AM CST

OVERNIGHT MARKETS AND NEWS

Dec E-mini S&Ps (ESZ17 +0.11%) this morning are up +0.11% on optimism U.S. legislators will be able to pass tax cuts his year. European stocks are up +0.48% led by a 3% gain in Royal Dutch Shell Plc after it restored its full cash dividend for the first time in more than 2 years and said it will buy back at least $25 billion of stock by 2020. Gains in the overall market were limited due to weakness in mining stocks as Dec COMEX copper (HGZ17 -1.93%) slumped -1.87% to a 1-week low on Chinese demand concerns. Asian stocks settled mixed: Japan -0.04%, Hong Kong -0.02%, China +0.34%, Taiwan -0.41%, Australia -0.08%, Singapore +0.17%, South Korea +0.44%, India -0.31%. China's Shanghai Composite rebounded from a 3-month low and closed higher after China's Kweichow Moutai, the world's biggest liquor company by market value, jumped 4% and closed higher for the first time since Nov 16 when the Xinhua News Agency said the stock had been rising too fast. 

The dollar index (DXY00 +0.17%) is up +0.17%. EUR/USD (^EURUSD) is down -0.13%. USD/JPY (^USDJPY) is up +0.24%.

Dec 10-year T-note prices (ZNZ17 -0.06%) are down -2.5 ticks.

In its semi-annual report, the OECD cautioned that financial markets are too optimistic as "evidence continues to build that financial asset prices are inconsistent with expectations for future growth and the policy stance, exacerbating the risks of financial corrections and growth downdrafts."

German Dec GfK consumer confidence was unchanged at 10.7, right on expectations.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Oct wholesale inventories (expected +0.4%, Sep +0.3%), (2) Sep FHFA house price index (expected +0.5% m/m, Aug +0.7% m/m. Q3 house price purchase index, Q2 +1.6% q/q), (3) Sep S&P CoreLogic composite-20 home price index (expected +0.3% m/m and +6.0% y/y, Aug +0.45% m/m and +5.92% y/y), (4) Conference Board Nov U.S. consumer confidence (expected -1.9 to 124.0, Oct +5.3 to 125.9), (5) Senate Banking Committee holds hearing on Fed Chair nominee Jerome Powell, (6) Nov Richmond Fed manufacturing index (expected +2 to 14, Oct -7 to 12), (7) Treasury auctions $28 billion of 7-year T-notes.

Notable Russell 1000 earnings reports today include: Marvel Technology (consensus $0.33), Nuance Communications (0.15), Autodesk (-0.13).

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

Equity conferences this week: Credit Suisse Global TMT Conference on Mon-Wed, Credit Suisse Technology Media & Telecom Conference on Tue, UBS Global Real Estate CEO/CFO Conference on Tue, Piper Jaffray Health Care Conference on Tue-Wed, ACI European Base Oils & Lubricants Interactive Summit on Wed, Citi Basic Materials Conference on Wed-Thu, Bank of America Merrill Lynch Leveraged Finance Conference on Wed-Thu, Credit Suisse Industrials Conference on Wed-Thu, Evercore ISI Inaugural Biopharma Catalyst/Deep Dive Conference on Wed-Thu, ACI Cyber Security Oil, Gas, Power Conference on Thu, Deutsche Bank MedTools and Diagnostics One-on-One Day on Thu, HSBC High Yield Conference on Thu.

OVERNIGHT U.S. STOCK MOVERS

Home Depot (HD +1.06%) was upgraded to 'Overweight' from 'Neutral' at Atlantic Equities LLP with a price target of $197.

Lowe's (LOW +0.74%) was downgraded to 'Neutral' from 'Overweight' at Atlantic Equities LLP.

Hormel Foods (HRL -0.67%) may move higher this morning after it raised guidance for full-year 2018 EPS to $1.62 to $1.72 from a prior view of $1.60 to $1.70.

Tech Data (TECD +0.85%) climbed almost 5% in after-hours trading after it reported Q3 adjusted EPS of $2.00, stronger than consensus of $1.92, and then said it sees Q4 adjusted EPS of $3.35 to $3.65, higher than consensus of $3.32.

UnitedHealth Group (UNH -0.05%) slid 1% in after-hours trading after it said it sees 2018 adjusted EPS of $10.55 to $10.85, the mid-point below consensus of $10.82.

Thor Industries (THO -0.60%) rallied over 10% in after-hours trading after it reported Q1 EPS from continuing operations of $2.43, well above consensus of $1.86.

MTS Systems (MTSC +0.36%) rose 1% in after-hours trading after it reported Q4 adjusted EPS of 44 cents, higher than consensus of 35 cents.

Medpace Holdings (MEDP -1.20%) lost nearly 2% in after-hours trading after it announced a proposed secondary offering of 4.0 million shares of its common stock by investment funds affiliated with Cinven Capital Management General Partner Limited.

Dova Pharmaceuticals (DOVA -0.45%) gained over 1% in after-hours trading after its new drug application for avatrombopag was granted priority review by the FDA.

Venator Materials PLC (VNTR -0.52%) slid over 1% in after-hours trading after it launched a secondary public offering of 18 million shares of its common stock by holder Huntsman Corporation.

Aratana Therapeutics (PETX +2.99%) fell over 7% in after-hours trading after it announced that it had commenced an underwritten registered public offering of $35 million in shares of its common stock.

Ardmore Shipping (ASC -1.12%) dropped 8% in after-hours trading after it announced a proposed secondary offering of 5.58 million shares of its common stock by holder GA Holdings LLC.

Apollo Endosurgery (APEN -0.25%) surged over 20% in after-hours trading after it received FDA approval for its OverStitch Sx endoscopic suturing system.

MARKET COMMENTS

Dec S&P 500 E-mini stock futures (ESZ17 +0.11%) this morning are up +2.75 points (+0.11%). Monday's closes: S&P 500 -0.04%, Dow Jones +0.10%, Nasdaq -0.05%. The S&P 500 on Monday posted a new record high but gave up its advance and closed slightly lower. Stocks were undercut by the -1.42% fall in crude oil prices, which undercut energy stocks, and by renewed North Korean tensions after Japan said it has indications that North Korea is preparing for a missile launch. Stocks were supported by the unexpected +6.2% increase in U.S. Oct new home sales to a 10-year high of 685,000, stronger than expectations of -6.1% to 627,000.

Dec 10-year T-note prices (ZNZ17 -0.06%) this morning are down -2.5 ticks. Monday's closes: TYZ7 +5.00, FVZ7 +3.00. Dec 10-year T-notes on Monday closed higher on reduced inflation expectations as the -1.42% decline in crude oil prices helped push the 10-year T-note breakeven inflation rate down to a 1-month low. T-notes also saw some safe-haven demand on reports that North Korea may be preparing to launch a ballistic missile.

The dollar index (DXY00 +0.17%) this morning is up +0.158 (+0.17%). EUR/USD (^EURUSD) is down -0.0015 (-0.13%) and USD/JPY (^USDJPY) is up +0.27 (+0.24%). Monday's closes: Dollar Index +0.122 (+0.13%), EUR/USD -0.0035 (-0.29%), USD/JPY -0.44 (-0.39%). The dollar index on Monday recovered from a 2-month low and closed higher on the unexpected increase in U.S. Oct new home sales to a 10-year high and on hawkish comments from Dallas Fed President Kaplan who said he backs a rate hike in the "near future."

Jan crude oil (CLF18 -0.76%) this morning is down -56 cents (-0.96%) and Jan gasoline (RBF18 -1.05%) is -0.0220 (-1.23%). Monday's closes: Jan WTI crude -0.84 (-1.42%), Jan gasoline +0.0042 (+0.24%). Jan crude oil and gasoline on Monday settled mixed. Crude oil prices were undercut by a recovery in the dollar index from a 2-month low and by concern the recent rally in crude prices to a 2-1/3 year high will prompt U.S. shale-oil producers to boost output after Friday's data from Baker Hughes showed that active U.S. oil rigs in the week ended Nov 24 rose by +9 rigs to a 7-week high of 747 rigs. Crude oil prices received support from the jump in U.S. Oct new home sales to a 10-year high, which shows economic strength and is positive for fuel demand.

Metals prices this morning are mixed with Dec gold (GCZ17 +0.01%) -0.4 (-0.03%), Dec silver (SIZ17 +0.09%) +0.005 (+0.03%) and Dec copper (HGZ17 -1.93%) -0.059 (-1.87%) at a 1-week low. Monday's closes: Dec gold +7.1 (+0.55%), Dec silver +0.028 (+0.16%), Dec copper -0.0345 (-1.09%). Metals on Monday settled mixed with Dec gold at a 1-1/4 month high. Metals prices were boosted by Japanese report that North Korea is preparing a missile launch, which boosted safe-haven demand for precious metals, and by tighter copper supplies as LME copper inventories fell -9,400 MT to an 8-3/4 month low of 204,200 MT. Copper closed lower, however, after the Shanghai Composite fell to a 3-month low, which fueled concerns the Chinese economy may slow and curb demand for industrial metals.

GLOBAL EVENT CALENDAR11/28/2017

		Tuesday, Nov 28
US	0830 ET	Oct wholesale inventories expected +0.4%, Sep +0.3%. Oct retail inventories, Sep -1.0%.
	0900 ET	Sep FHFA house price index expected +0.5% m/m, Aug +0.7% m/m. Q3 house price purchase index, Q2 +1.6% q/q.
	0900 ET	Sep S&P CoreLogic composite-20 home price index expected +0.3% m/m and +6.0% y/y, Aug +0.45% m/m and +5.92% y/y.
	1000 ET	Conference Board Nov U.S. consumer confidence expected -1.9 to 124.0, Oct +5.3 to 125.9.
	1000 ET	Senate Banking Committee holds hearing on Fed Chair nominee Jerome Powell.
	1000 ET	Nov Richmond Fed manufacturing index expected +2 to 14, Oct -7 to 12.
	1300 ET	Treasury auctions $28 billion of 7-year T-notes.
		Wednesday, Nov 29
US	0700 ET	Weekly MBA mortgage applications, previous +0.1% with purchase sub-index +5.3% and refi sub-index -4.8%.
	0830 ET	Revised Q3 GDP expected +3.2% (q/q annualized), previous +3.0%. Q3 personal consumption expected +2.5%, previous +2.4%. Q3 GDP price index expected unrevised at +2.2%. Q3 core PCE deflator, previous +1.3% q/q.
	0830 ET	New York Fed President William Dudley (voter) takes part in a moderated discussion about current economic issues at Rutgers University.
	1000 ET	Fed Chair Janet Yellen addresses the Joint Economic Committee of Congress on the U.S. economic outlook.
	1000 ET	Oct pending home sales expected +1.0% m/m and +3.0% y/y, Sep unch m/m and -5.4% y/y.
	1030 ET	EIA weekly Petroleum Status Report.
	1245 ET	San Francisco Fed President John Williams (non-voter) delivers keynote speech at the Annual Economic Forecast Luncheon sponsored by Arizona State University in Phoenix.
	1400 ET	Fed Beige Book.

U.S. STOCK CALENDAR11/28/2017

Name	Ticker	Time	Description	Period	Estimate
UnitedHealth Group Inc	UNH US	08:00	Investor Meeting
Bio-Rad Laboratories Inc	BIO US	09:00	Investor Day
Equifax Inc	EFX US		Investor Meeting
Nuance Communications Inc	NUAN US	Aft-mkt	Q4 2017 Earnings Release	Q4 17	0.145
Autodesk Inc	ADSK US	16:01	Q3 2018 Earnings Release	Q3 18	(0.13)
Marvell Technology Group Ltd	MRVL US	16:45	Q3 2018 Earnings Call	Q3 18
Marvell Technology Group Ltd	MRVL US	16:45	Q3 2018 Earnings Release	Q3 18	0.325
Nuance Communications Inc	NUAN US	17:00	Q4 2017 Earnings Call	Q4 17
Autodesk Inc	ADSK US	17:00	Q3 2018 Earnings Call	Q3 18

MORNING CALL 6/8

MORNING CALL

Wednesday, June 8th, 2016View Older Reports

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OVERNIGHT MARKETS AND NEWS

Jun E-mini S&Ps (ESM16 +0.18%) are up +0.15% as stronger-than-expected Chinese May imports signals stabilization in China's economy, which may benefit global growth. Also, a rally in energy producing stocks has lifted the overall market as July WTI crude oil (CLN16 +1.23%) is up +1.33% at a 10-1/2 month high. A slide in the dollar index to a 1-month low has boosted most commodity prices with Aug COMEX gold (GCQ16 +0.74%) up +0.74% at a 2-week high. Gains were limited after the World Bank cut its 2016 U.S. and global GDP estimates. European stocks are down -0.49% as drugmakers led the overall market lower with Roche Holding AG and Novartis AG both down at least 1%. Asian stocks settled mixed: Japan +0.93%, Hong Kong -0.14%, China -0.30%, Taiwan +0.41%, Australia -0.02%, Singapore +0.50%, South Korea +0.88%, India +0.04%.

The dollar index (DXY00 -0.18%) is down -0.14% at a 1-month low. EUR/USD (^EURUSD) is up +0.18%. USD/JPY (^USDJPY) is down -0.29%.

Sep T-note prices (ZNU16 -0.04%) are down -1.5 ticks.

The World Bank cut its 2016 global GDP forecast to 2.4% from a January estimate of 2.9%, saying that downside risks have become more pronounced since the start of the year. The World Bank also cut its 2016 U.S. GDP estimate to 1.9% from a Jan estimate of 2.7%.

The China May trade balance widened to a surplus of +$49.98 billion, smaller than expectations of +$55.7 billion. May exports fell -4.1% y/y, weaker than expectations of -4.0% y/y. May imports fell -0.4% y/y, stronger than expectations of -6.8% y/y and the smallest decline in 19 months.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) weekly MBA mortgage applications (previous -4.1% with purchase sub-index -4.7% and refi sub-index -3.9%), (2) Apr JOLTS job openings (expected -82,000 to 5.675 million, Mar +149,000 to 5.757 million), (3) Treasury auctions $20 billion of 10-year T-notes, and (4) EIA Weekly Petroleum Status Report.

There are 2 of the Russell 1000 companies that report earnings today: lululemon athletica (consensus $0.31), Brown-Forman (0.72).

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

Equity conferences during the remainder of this week include: American Society of Clinical Oncology Annual Meeting on Mon-Thu, NAREIT REITWeek Investor Forum on Tue-Wed, Stephens Spring Investment Conference on Tue-Wed, Goldman Sachs Global Health Care Conference on Tue-Thu, Jefferies Global Health Care Conference on Tue-Thu, Baird Global Consumer, Technology and Services Conference on Tue-Thu, BioTechnology Industry Organization International Convention on Wed, Deutsche Bank Global Industrials and Materials Summit on Wed-Thu, Sandler O'Neill Global Exchange and Brokerage Conference on Wed-Thu, Gabelli & Company Movie & Entertainment Conference on Thu, Susquehanna Financial Group Energy and Industrials Conference on Thu.

OVERNIGHT U.S. STOCK MOVERS

Fiat Chrysler Automobiles NV (FCAU +3.85%) rose nearly 3% in pre-market trading after it was said to habe started talks on a partnership with Uber Technologies.

Lending Club (LC -7.38%) climbed over 3% in pre-market trading after a report that its former CEO and chairman has spoken to buyout firms and banks about a possible takeover of the company.

Lululemon (LULU -0.89%) reported Q1 EPS of 30 cents, below consensus of 31 cents, and said it expectd Q2 EPS of 36 cents-38 cents, below consensus of 39 cents.

Dave & Buster's Entertainment (PLAY +0.94%) rallied over 3% in pre-market trading after it reported Q1 adjusted EPS of 72 cents, higher than consensus of 59 cents, and then boosted its full-year revenue forecast to $983 million-$995 million from a March 29 estimate of $967 million-$987 million.

Verint Systems (VRNT +2.55%) slid over 1% in after-hours trading after it reported Q1 adjusted EPS of 46 cents, above consensus of 40 cents, but reported Q1 adjusted revenue of $249 million, below consensus of $250.7 million

Ardmore Shipping (ASC -0.61%) dropped over 8% in after-hours trading after it proposed a 7.5 million share public offering of common stock.

Lending Club (LC -7.38%) gained over 2% in after-hours trading after it was raised to 'Market Perform' at KBW.

VeriFone Systems (PAY +1.33%) sank 30% in after-hours trading after it reported Q2 adjusted EPS of 47 cents, weaker than consensus of 52 cents, and then cut its fiscal 2016 adjusted EPS estimate to $1.85 from a March 10 view of $2.21-$2.24.

Duluth Holdings (DLTH -1.95%) dropped over 3% in pre-market trading after it reported Q1 sales of $68.6 million, below consensus of $69.7 million.

HealthEquity (HQY +2.26%) climbed over 4% in after-hours trading after it reported Q1 adjusted EPS of 15 cents, better than consensus of 13 cents, and then raised guidance on full-year adjusted EPS to 47 cents-49 cents from a March 22 view of 45 cents-47 cents.

Oxford Industries (OXM -0.47%) slipped over 7% in after-hours trading after it reported Q1 adjusted EPS continuing operations of $1.26, below consensus of $1.33, and then lowered its fiscal 2017 adjusted EPS view to $3.60-$3.80 from a March 23 estimate of $3.75-$3.95.

Flexion Therapeutics (FLXN -3.83%) tumbled over 11% in after-hours trading after it announced a $60 million offering of common stock.

MARKET COMMENTS

June E-mini S&Ps (ESM16 +0.18%) this morning are up +3.25 points (+0.15%). Tuesday's closes: S&P 500 +0.13%, Dow Jones +0.10%, Nasdaq-0.23%. The S&P 500 on Tuesday rallied to a 10-1/2 month high and closed higher on carryover support from a rally in European stocks on positive European economic data after Eurozone Q1 GDP was revised upward and after German Apr industrial production rose more than expected. Stocks were also boosted by gains in energy-producers after crude oil prices climbed to an 8-month high.

September 10-year T-note prices (ZNU16 -0.04%) this morning are down -1.5 ticks. Tuesday's closes: TYU6 +2.50, FVU6 +2.00. Sep T-notes on Tuesday closed higher on positive carryover from a rally in German bunds as the 10-year bund yield fell to a record low 0.045%. T-notes also continued to receive support from the reduced prospects for a near-term Fed rate hike after Fed Chair Yellen on Monday refused to set any time line for when the Fed may raise rates again.

The dollar index (DXY00 -0.18%) this morning is down -0.134 (-0.14%) at a 1-month low. EUR/USD (^EURUSD) is up +0.0020 (+0.18%). USD/JPY (^USDJPY) is down -0.31 (-0.29%). Tuesday's closes: Dollar Index -0.074 (-0.08%), EUR/USD +0.0003 (+0.03%), USD/JPY -0.19 (-0.18%). The dollar index on Tuesday closed lower on continued bearishness after Fed Chair Yellen on Monday expressed concern about last Friday's payroll report and backed off her previous comment that a rate hike would be appropriate in "coming months." The dollar index was also undercut by strength in EUR/USD after Eurozone Q1 GDP was revised upward and after German Apr industrial production rose more than expected.

July WTI crude oil (CLN16 +1.23%) this morning is up +67 cents (+1.33%) at a 10-1/2 month high. July gasoline (RBN16 +1.18%) is up +0.0214 (+1.35%). Tuesday's closes: CLN6 +0.67 (+1.35%), RBN6 -0.0016 (-0.10%). July crude oil and gasoline on Tuesday settled mixed with July crude at an 8-month high. Crude oil prices were boosted by a weaker dollar and by continued support from Monday's news that Nigerian oil production has been slashed by 700,000-800,000 bpd by militant attacks on pipelines and installations. Crude oil prices were also boosted by expectations that Wednesday's weekly EIA report would show that U.S. crude oil inventories fell by -3.0 million bbls.

GLOBAL EVENT CALENDAR06/08/2016

		Wednesday, June 8
US	0700 ET	Weekly MBA mortgage applications, previous -4.1% with purchase sub-index -4.7% and refi sub-index -3.9%.
	1000 ET	Apr JOLTS job openings expected -82,000 to 5.675 million, Mar +149,000 to 5.757 million.
	1030 ET	EIA Weekly Petroleum Status Report.
	1300 ET	Treasury auctions $20 billion of 10-year T-notes.
JPN	0030 ET	Japan May bankruptcies, Apr -7.08% y/y.
	0100 ET	Japan May eco watchers survey current expected -0.1 to 43.4, Apr 43.5. May eco watchers survey outlook expected +0.4 to 45.9, Apr 45.5.
	1950 ET	Japan Apr machine orders expected -3.0% m/m and -1.8% y/y, Mar +5.5% m/m and +3.2% y/y.
UK	0430 ET	UK Apr industrial production expected unch m/m and -0.4% y/y, Mar +0.3% m/m and -0.2% y/y.
	0430 ET	UK Apr manufacturing production expected -0.1% m/m and -1.5% y/y, Mar +0.1% m/m and -1.9% y/y.
	1901 ET	UK May RICS house price balance expected 35%, Apr 41%.
CHI	2130 ET	China May CPI expected +2.2% y/y, Apr +2.3% y/y. May PPI expected -3.2% y/y, Apr -3.4% y/y.
		Thursday, June 9
US	0830 ET	Weekly initial unemployment claims expected +3,000 to 270,000, previous -1,000 to 267,000. Weekly continuing claims expected-1,000 to 2.171 million, previous +12,000 to 2.172 million.
	0830 ET	USDA weekly Export Sales.
	1000 ET	Apr wholesale inventories expected +0.1% m/m, Mar +0.1% m/m. Apr wholesale trade sales expected +1.1% m/m, Mar +0.7% m/m.
	1300 ET	Treasury auctions $12 billion of 30-year T-bonds.
GER	0200 ET	German Apr trade balance expected +22.8 billion euros, Mar +26.2 billion euros. Apr exports expected -0.8% m/m, Mar +1.9% m/m. Apr imports expected +1.3% m/m, Mar -2.3% m/m.
	0200 ET	German Apr current account balance expected +20.5 billion euros, Mar +30.4 billion euros.
	0200 ET	German Q1 labor costs, Q4 +0.5% q/q and +2.1% y/y.
EUR	0300 ET	ECB President Mario Draghi speaks at an economic forum in Brussels.
JPN	0200 ET	Japan May machine tool orders, Apr -26.3% y/y.
	1950 ET	Japan May PPI expected +0.1% m/m and -4.2% y/y, Apr -0.3% m/m and -4.2% y/y.
CHI	n/a	China May new yuan loans expected 750 billion yuan, Apr 555.6 billion yuan.

U.S. STOCK CALENDAR06/08/2016

Company	Ticker	Time	Event Description	Period	Estimate
Teekay Corp	TK US	6/8/2016	Annual General Meeting	Y 2016
lululemon athletica Inc	LULU US	6/8/2016	Q1 2017 Earnings Release	Q1 2017	0.306
Brown-Forman Corp	BF/B US	6/8/2016	Q4 2016 Earnings Release	Q4 2016	0.719
American Airlines Group Inc	AAL US	6/8/2016	Annual General Meeting
Biogen Inc	BIIB US	6/8/2016	Annual General Meeting	Y 2016
Devon Energy Corp	DVN US	6/8/2016	Annual General Meeting	Y 2016
lululemon athletica Inc	LULU US	6/8/2016	Q1 2017 Earnings Call	Q1 2017
Skechers U.S.A. Inc	SKX US	6/8/2016	Analyst and Investor Meeting	Y 2016
Brown-Forman Corp	BF/B US	6/8/2016	Q4 2016 Earnings Call	Q4 2016
Freeport-McMoRan Inc	FCX US	6/8/2016	Annual General Meeting
Pfizer Inc	PFE US	6/8/2016	Analyst and Investor Call
United Continental Holdings Inc	UAL US	6/8/2016	Annual General Meeting
AMERCO	UHAL US	6/8/2016	Special Meeting
DSW Inc	DSW US	6/8/2016	Annual General Meeting
Allegion PLC	ALLE US	6/8/2016	Annual General Meeting	Y 2016
Target Corp	TGT US	6/8/2016	Annual General Meeting
Alphabet Inc	GOOGL US	6/8/2016	Annual General Meeting	Y 2016
Molson Coors Brewing Co	TAP US	6/8/2016	Investor Meeting	Y 2016
ServiceNow Inc	NOW US	6/8/2016	Annual General Meeting
Caterpillar Inc	CAT US	6/8/2016	Annual General Meeting
Public Service Enterprise Group Inc	PEG US	6/8/2016	Investor Meeting	Y 2016
Southwest Airlines Co	LUV US	6/8/2016	May 2016 Sales and Revenue Release - Traffic Results	2016
Clean Harbors Inc	CLH US	6/8/2016	Annual General Meeting	Y 2016
Ingram Micro Inc	IM US	6/8/2016	Annual General Meeting	Y 2016
AMC Networks Inc	AMCX US	6/8/2016	Annual General Meeting
Spirit Airlines Inc	SAVE US	6/8/2016	May 2016 Sales and Revenue Release - Traffic Results	2016
FleetCor Technologies Inc	FLT US	6/8/2016	Annual General Meeting
United Continental Holdings Inc	UAL US	6/8/2016	May 2016 Sales and Revenue Release - Traffic Results	2016
KAR Auction Services Inc	KAR US	6/8/2016	Annual General Meeting
CVR Energy Inc	CVI US	6/8/2016	Annual General Meeting
Groupon Inc	GRPN US	6/8/2016	Annual General Meeting
Diamondback Energy Inc	FANG US	6/8/2016	Annual General Meeting
GoDaddy Inc	GDDY US	6/8/2016	Annual General Meeting

BARCHART MORNING CALL 5/20

BARCHART MORNING CALL

Tuesday, May 20th, 2014View Older Reports

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OVERNIGHT MARKETS AND NEWS

June E-mini S&Ps (ESM14 +0.03%) this morning are down -0.08% and European stocks are down -0.28%. Vodaphone Group Plc is down over 3% after predicting that profit will decline this year and Marks & Spencer Group Plc fell over 2% after UK's largest clothing retailer reported a third straight drop in annual profit. UK gilts declined and the British pound rose after UK Apr consumer prices rose more than expected. Asian stocks closed mostly higher: Japan +0.49%, Hong Kong +0.57%, China +0.02%, Taiwan -0.14%, Australia +0.21%, Singapore +0.09%, South Korea -0.14%, India +0.06%. Commodity prices are mixed. July crude oil (CLN14 +0.24%) is up +0.16%. July gasoline (RBN14 -0.18%) is down -0.14%. Jun gold (GCM14 -0.22%) is down -0.08%. July copper (HGN14 -0.52%) is down -0.36%. Agriculture and livestock prices are mixed. The dollar index (DXY00 +0.06%) is up +0.08%. EUR/USD (^EURUSD) is down -0.08%. USD/JPY (^USDJPY) is down -0.12%. June T-note prices (ZNM14 -0.01%) are up +1.5 ticks.
ECB Council member and Bank of Spain Governor Linde said that the "most immediate risk in the Eurozone today" is the possibility of a scenario of low inflation during too prolonged a period.
German Apr PPI unexpectedly fell -0.1% m/m, less than expectations of unch and an on annual basis Apr PPI fell -0.9% y/y, right on expectations.
UK Apr CPI rose +0.4% m/m and +1.8% y/y, more than expectations of +0.3% m/m and +1.7% y/y. Apr core CPI rose +2.0% y/y, more than expectations of +1.8% y/y and the fastest pace of increase in 7 months.
Japan Apr nationwide department store sales fell -12.0% y/y, the biggest decline in 3 years.
The Japan Mar all industry activity index rose +1.5% m/m, less than expectations of +1.6% m/m.
The Japan Mar leading index CI was revised upward to 107.1 from the originally reported 106.5, still the lowest level in a year. The Mar coincident index was revised upward to 114.5 from the originally reported 114.0.

U.S. STOCK PREVIEW

There are no U.S. economic reports today. There are 7 of the S&P 500 companies that report earnings today: Medtronic (consensus $1.12), TJX (0.67), Analog Devices (0.56), Salesforce.com (0.10), Intuit (3.50), Home Depot (0.99), Staples (0.21).
Equity conferences this week include: EPG (Electrical Products Group) Spring Conference on Mon-Tue, J.P. Morgan Global Technology, Media and Telecom Conference on Mon-Tue, UBS Global Healthcare Conference on Mon-Wed, UBS Global Oil and Gas conference on Mon-Thu, CRU World Aluminum Conference on Tue, Bloomberg CFO Conference on Tue, Digital Summit Atlanta 2014 on Tue, J.P. Morgan Consumer & Retail Conference on Tue, Goldman Sachs Basic Materials Conference on Tue-Wed, Wolfe Research Global Transportation Conference on Tue-Wed, SunTrust Robinson Humphrey Financial Services Unconference on Tue-Wed, UBS Global Financial Services Conference on Tue-Thu, Bank of America Merrill Lynch Services One-On-One Conference on Wed, National Association of Publicly Traded Partnerships NAPTP MLP Investor Confere on Wed, BMO Capital Markets Farm to Market Conference on Wed-Thu, Medical Devices & Diagnostics Business Review on Thu, St. Petersburg International Economic Forum (SPIEF) 2014 on Thu, and Bloomberg Industries & CME Group Precious Metals Forum on Fri.

OVERNIGHT U.S. STOCK MOVERS

Dick's Sporting Goods (DKS +3.08%) reported Q1 adjusted EPS of 50 cents, lower than consensus of 52 cents.
J.C. Penney (JCP -3.80%) was downgraded to 'Underperform' from 'Market Perform' at Wells Fargo.
Staples (SPLS +1.13%) reported Q1 EPS of 18 cents, below consensus of 21 cents.
Home Depot (HD -1.11%) reported Q1 EPS of 96 cents, weaker than consensus of 99 cents.
Dow Chemical (DOW +0.73%) was upgraded to 'Outperform' from 'Market Perform' at Wells Fargo.
Credit Suisse raised Canadian Pacific's (CP +1.11%) price target to $205 from $183 and kept an 'Outperform' rating on the stock.
Donaldson (DCI +1.54%) reported Q3 EPS of 46 cents, below consensus of 47 cents.
Carnival (CCL +1.57%) rose almost 3% in pre-market tradng after it announced it will add two new ships to its fleet in Australia, making it Australia's biggest year-round fleet of cruise ships.
According to Bloombreg, Credit Suisse (CS -0.92%) will plead guilty to charges that it assisted American citizens in evading income taxes through the use of secret accounts and will pay $2.5 billion to resolve the 3-year probe.
Mast Capital Management reported a 5% passive stake in Ardmore Shipping (ASC +0.23%) .
Bristol-Myers reported a 5.35% passive stake in Alder Biopharmaceuticals (ALDR +0.40%) .
Urban Outfitters (URBN -0.11%) fell nearly 5% in after-hours trading after it reported Q1 EPS of 26 cents, below consensus of 27 cents.

MARKET COMMENTS

June E-mini S&Ps (ESM14 +0.03%) this morning are down -1.50 points (-0.08%). The S&P 500 index on Monday opened lower on Chinese economic concerns after weakness in China Apr new-home prices bolstered speculation the slowdown in China's housing market was spreading. Stocks recovered their losses and closed higher, however, on bullish factors that included (1) increased M&A activity after AT&T bought DirecTV for $48.5 billion, and (2) a rebound in internet and small-cap stocks on bargain hunting after the sectors had sold-off sharply over the past month: S&P 500 +0.38%, Dow Jones +0.12%, Nasdaq +0.79%.
Jun 10-year T-notes (ZNM14 -0.01%) this morning are up +1.5 ticks. Jun 10-year T-note futures prices on Monday closed slightly lower as a rally in stocks reduced safe-haven demand for Treasuries: TYM4 -1.50, FVM4 +1.750. Losses were limited after San Francisco Fed President Williams said "given where inflation is and where the labor market is, the Fed should not start raising interest rates until the second half of next year."
The dollar index (DXY00 +0.06%) this morning is up +0.062 (+0.08%). EUR/USD (^EURUSD) is down -0.0011 (-0.08%). USD/JPY (^USDJPY) is down -0.12 (-0.12%). The dollar index on Monday closed lower on reduced safe-haven demand for the dollar after U.S. stocks erased early losses and closed higher: Dollar index -0.050 (-0.06%), EUR/USD +0.0015 (+0.11%), USD/JPY +0.018 (+0.02%). USD/JPY fell to a 3-1/2 month low after a slide in global stocks boosted the safe-haven demand for the yen, while gains in EUR/USD were muted after ECB Executive Board member Mersch said that the chances of the ECB easing monetary policy further at the next meeting in June have risen "significantly."
July WTI crude oil (CLN14 +0.24%) this morning is up +16 cents (+0.16%). July gasoline (RBN14 -0.18%) is down -0.0041 (-0.14%). July crude and gasoline prices on Monday settled mixed: CLN4 +0.58 (+0.57%) RBN4 -0.0064 (-0.22%). July crude rose to a 3-1/2 week high on bullish factors that included (1) a weaker dollar, and (2) concern that an escalation of unrest in Libya will further reduce the country's oil exports after a Libyan military police chief said he disbanded Libya's parliament. July gasoline fell back from a 2-week high and closed lower on speculation that U.S. gasoline production will increase now that seasonal refinery maintenance has ended.

GLOBAL EVENT CALENDAR05/20/2014

US	1230 ET	Philadelphia Fed President Charles Plosser speaks on the economic outlook to the Women in Housing & Finance at a luncheon in Washington D.C.
	1300 ET	New York Fed President William Dudley speaks at an event hosted by the New York Association for Business Economics.
JPN	0030 ET	Japan Mar all-industry activity index expected +1.6% m/m, Feb -1.1% m/m.
	0100 ET	Revised Japan Mar leading index CI, previous 106.5. Revise Mar coincident index, previous 114.0.
	0130 ET	Japan Apr nationwide department store sales, Mar +25.4% y/y.
	0200 ET	Revised Japan Apr machine tool orders, previous +48.8% y/y.
	1950 ET	Japan Apr trade balance expected -646.3 billion yen, Mar -1.446 trillion yen. Apr exports expected +4.4% y/y, Mar +1.6% y/y. Apr imports expected +1.2% y/y, Mar +18.1% y/y.
	2300 ET	Bank of Japan announces policy decision after 2-day meeting.
GER	0200 ET	German Apr PPI expected unch m/m and -0.9% y/y, Mar -0.3% m/m and -0.9% y/y.
UK	0430 ET	UK Apr CPI expected +0.3% m/m and +1.7% y/y, Mar +0.2% m/m and +1.6% y/y. Apr core CPI expected +1.8% y/y, Mar +1.6% y/y.
	0430 ET	UK Apr RPI expected +0.5% m/m and +2.6% y/y, Mar +0.2% m/m and +2.5% y/y. Apr RPI ex mortgage interest payments expected +2.7% y/y, Mar +2.5% y/y.
	0430 ET	UK Apr PPI input prices expected -0.2% m/m and -4.9% y/y, Mar -0.6% m/m and -6.5% y/y. Apr PPI output prices expected +0.2% m/m and +0.7% y/y, Mar +0.2% m/m and +0.5% y/y. Apr PPI output core prices expected +0.1% m/m and +1.0% y/y, Mar +0.1% m/m and +1.0% y/y.

U.S. STOCK CALENDAR05/20/2014

Company Name	Ticker	Time	Event Description	Period	Estimate
Donaldson Co Inc	DCI US	Bef-mkt	Q3 2014 Earnings Release	Q3 2014	0.47
Dick's Sporting Goods Inc	DKS US	Bef-mkt	Q1 2015 Earnings Release	Q1 2015	0.524
Medtronic Inc	MDT US	7:15	Q4 2014 Earnings Release	Q4 2014	1.122
TJX Cos Inc/The	TJX US	9:30	Q1 2015 Earnings Release	Q1 2015	0.668
Analog Devices Inc	ADI US	16:00	Q2 2014 Earnings Release	Q2 2014	0.562
Tidewater Inc	TDW US	Aft-mkt	Q4 2014 Earnings Release	Q4 2014	0.625
Intuit Inc	INTU US	Aft-mkt	Q3 2014 Earnings Release	Q3 2014	3.498
Salesforce.com Inc	CRM US	Aft-mkt	Q1 2015 Earnings Release	Q1 2015	0.098
Home Depot Inc/The	HD US		Q1 2015 Earnings Release	Q1 2015	0.986
Staples Inc	SPLS US		Q1 2015 Earnings Release	Q1 2015	0.208