Barchart Morning Call 9/27

Barchart Morning Call

BC - 2 hrs 35 mins ago

Overnight Developments

• Dec E-mini S&Ps this morning are moderately higher by +0.58% on a rally in European and Asian stocks on speculation that the Chinese government may be close to announcing a new fiscal stimulus program and stock support measures. The Euro Stoxx 50 is up +0.67% this morning. Asian stocks closed higher nearly across the board with Japan +0.48%, Hong Kong +1.14%, and China's CSI 300 +3.06%. Commodity prices are up +0.20% with Nov crude oil +0.91%, Dec gold +0.19%, Dec copper +0.58%, and agricultural prices trading mostly lower. The dollar index is mildly lower by -0.15%. Sep 10-year T-notes are down 9.5 ticks.
• Chinese stocks rallied today on a report by the Shanghai Securities News that the China's Securities Regulatory Commission would announce 10 new measures to support stock prices. There were also rumors that China might announce a large fiscal stimulus program after China National Day on Oct 1.
• The Spanish 10-year bond yield today rose by 1 bp to 6.04% after yesterday's 32 bp surge to 6.03%. Spanish Prime Minister Rajoy today presented his 2013 austerity budget that cuts the deficit by another 18 billion euros. Protesters in Madrid marched for a second night to protest austerity.
• The UK Q2 GDP was revised slightly higher to -0.4% q/q from -0.5% q/q but the year-on-year figure was left unchanged at -0.5% y/y.
• Germany's Sep unemployment rose +9,000, which slightly less than the expected +10,000. The German Sep unemployment rate of 6.8% was unchanged from Aug and was in line with market expectations.
• The Eurozone confidence indexes were a little weaker than market expectations. The Eurozone economic confidence index of 85.0 was a little weaker than market expectations and the Aug report of 86.1. The Sep industrial confidence index of -16.1 was down from Aug's -15.3 and was weaker than market expectations of -15.0. The Sep services confidence index of -12.0 was weaker than market expectations of -11.1 and was weaker than market expectations of -10.8.
  Market Comments
  • Dec E-mini S&Ps this morning are up +8.25 (+0.58%) on some short-covering after recent losses, the rally in European and Asian stocks, and the speculation about a new Chinese fiscal stimulus program. The S&P 500 index on Wednesday closed moderately lower and posted a new 2-week low: S&P 500 -0.57%, Dow Jones -0.33%, Nasdaq 100 -0.82%. Bearish factors included (1) the weaker-than-expected U.S. new home sales report of -0.3%, (2) the worsening Japan-China territorial conflict over the islands in the East China Sea which is putting a dent in both country's economies, and (3) increased concerns about Europe with general strikes and street protests.
  • Dec 10-year T-notes this morning are down 9.5 ticks as the rally in stocks has sapped safe-haven demand. Dec 10-year T-note prices on Wednesday posted a new 3-week high and closed moderately higher: TYZ2 +15, FVZ2 +5.75. T-note prices received a boost from the weaker-than-expected new home sales report of -0.3%, the continued slide in global stocks, and increased safe-haven demand with the street protests and social unrest in Spain and Greece.
  • The dollar index this morning is mildly lower by -0.12 points (-0.15%) on reduced safe-haven demand with the rally in stocks. EUR/USD little changed while USD/JPY is down -0.07 (-0.09%). The dollar index on Wednesday closed higher: Dollar index +0.27 (+0.34%), EUR/USD -0.0026 (-0.20%), USD/JPY -0.05 (-0.06%). The dollar index continued to rally on increased safe-haven demand with the sell-off in global stocks and with the social unrest in Spain and Greece. That social unrest is making it more difficult for those nations to meet Eurozone austerity measures and qualify for bailout aid. The Eurozone debt crisis took a turn for the worse on Wednesday after Germany, the Netherlands, and Finland sent out a letter saying that governments should handle bank bailouts before the ESM bailout facility, raising questions about whether the ESM can be used to help bail out Spain's banks.
  • Nov WTI crude oil prices this morning are up +0.82 (+0.91%) and Nov gasoline is up +0.0267 (+0.93%) on the slightly lower dollar and the rally in global stocks. Nov crude oil and gasoline prices on Monday closed mixed: CLX2 -1.39 (-1.52%), RBV2 +0.0514 (+1.82%). Crude oil continued to see weakness on the higher dollar, lower global stocks, and concern about the global economy. Crude oil prices were unable to get much support from the bullish news that DOE U.S. crude oil inventories fell by 2.446 million barrels versus expectations for an increase of +2.0 million barrels. Gasoline inventories fell -481,000 barrels (versus expectations of +500,000 barrels) and distillate inventories fell 482,000 barrels (versus expectations of a +900,000 barrel increase). Gasoline prices rallied sharply for the second consecutive day on tight gasoline inventories in the northeast and California. Gasoline inventories in the northeast, which includes the NY Harbor where Nymex gasoline is priced, fell to a 4-year low due to refinery closures in the U.S., Canada and the UK. Gasoline imports into NY harbor have dropped sharply and hit a 10-year low for this time of year due to refinery shutdowns in the UK for autumn maintenance. U.S. gasoline imports also continue to be undercut by the low 60% operating rate of Venezuela's largest refinery after the Aug 25 explosion and fire. Meanwhile, gasoline inventories on the west coast (Padd 5 region) fell to a 6-week low.
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    Today's U.S. Earnings Reports Earnings reports (ranked by market cap): ACN-Accenture (Consensus:$0.88), NKE-Nike (1.13), DFS-Disover Financial (1.03), MKC-McCormick (-0.76), MU-Micron Technology (-0.24%), GPN-Global Payments (0.87), ATU-Actuant Corp (0.54).
    Global Financial Calendar
    

    Thursday 9/27/12
    United States
    0830 ET	Weekly initial unemployment claims expected -7,000 to 375,000, previous -3,000 to 382,000. Weekly continuing claims expected +18,000 to 3.290 mln, previous -32,000 to 3.272 mln.
    0830 ET	Q2 GDP expected to be unrevised at +1.7% q/q annualized. Q2 personal consumption expected unrevised at +1.7%. Q2 GDP price index expected unrevised at +1.6%. Q2 core PCE expected unrevised at +1.8%.
    0830 ET	Aug durable goods orders expected -5.0% m/m, July +4.1% m/m. Aug durable goods orders ex-transportation expected +0.2% m/m, July -0.6% m/m.
    0830 ET	Benchmark revisions to payrolls.
    0830 ET	USDA weekly Net Export Sales.
    1000 ET	Aug pending home sales expected unchanged m/m and +14.2% y/y, July +2.4% m/m and +15.0% y/y.
    1100 ET	Sep Kansas City Fed manufacturing index expected 5, Aug 8.
    1300 ET	Treasury auction of $29 billion in 7-year T-notes.
    1630 ET	Weekly money supply report and Fed balance sheet.
    Germany
    0200 ET	Aug import price index expected +0.8% m/m and +2.7% y/y, July +0.7% m/m and +1.2% y/y.
    0355 ET	German Sep unemployment change expected +10,000, Aug +9,000. Sep unemployment rate expected 6.8%, Aug 6.8%.
    0400 ET	German Aug Eurozone M3 expected +3.8% y/y, July +3.8% y/y.
    1901 ET	German Sep GfK consumer confidence survey expected -28, Aug -29.
    United Kingdom
    0430 ET	UK Q2 final GDP expected unrevised from last -0.5% q/q and -0.5% y/y.
    0430 ET	UK Q2 current account, Q1 -11.2 bln pounds.
    0430 ET	UK final Q2 total business investment expected unrevised from last -1.5% q/q and +1.7% y/y.
    1901 ET	UK Sep GfK consumer confidence index, Aug -29.
    Euro-Zone
    0500 ET	Eurozone Sep business climate indicator expected -1.2, Aug -1.21. Eurozone Sep economic confidence expected -25.9, Aug 86.1. Sep industrial confidence expected -15.0, Aug -15.3. Sep services confidence expected -11.1, Aug -10.8.
    Japan
    1915 ET	Japan Sep Markit/JMMA manufacturing PMI, Aug 47.7.
    1930 ET	Japan Aug jobless rate expected 4.3%, July 4.3%. Aug job-to-applicant ratio expected 0.83, July 0.83.
    1930 ET	Japan Aug overall household spending expected +1.1% y/y, July +1.7% y/y.
    1930 ET	Japan Aug national CPI expected -0.5% y/y, July -0.4% y/y. Aug national CPI ex-fresh food expected -0.3% y/y, July -0.3% y/y. Aug national CPI ex-food and energy expected -0.5% y/y, July -0.6% y/y.
    1930 ET	Tokyo Aug CPI expected -0.6% y/y, Aug -0.7% y/y. Aug CPI ex-fresh food expected -0.3% y/y, Aug -0.5% y/y. Aug CPI ex-food, energy expected -0.9% y/y, Aug -0.8% y/y.
    1950 ET	Japan Aug retail trade expected -0.3% m/m and -0.3% y/y, July -1.5% m/m and -0.7% y/y. Aug large retailers sales expected -1.7% y/y, July -4.4% y/y.
    1950 ET	Japan Aug industrial production expected -0.5% m/m and -3.4% y/y, July -1.0% m/m and -0.8% y/y.

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Barchart Morning Call 3/21

Barchart Morning Call

Barchart.com - 4 mins ago

Overnight Developments

• Global stocks this morning are mostly higher with the Euro Stoxx 50 up +0.13% and Jun S&Ps up +2.90 points. The dollar index slipped to a 1-1/2 week low, Treasuries and bunds fell and stocks and commodities gained after Greek Prime Minister Papademos won parliamentary approval for a 130 billion-euro bailout. Oracle is 2% higher in European trading after the company late yesterday said that new software-license sales, an indicator of future revenue growth, rose 7% in fiscal Q3 to $2.37 billion, well ahead of analysts' estimates of 3% growth. Another positive for stocks was the action by Germany's RWI Economic Institute to raise its 2012 German GDP forecast to +1.0% from a December forecast of +0.6%. Gains in European stocks were limited after former ECB Council member Weber said "the European sovereign-debt crisis will continue for several rounds."
• Asian stocks today closed mostly lower with Japan down -0.55%, China +0.13%, Australia -0.49%, South Korea -0.70%, India +1.65%. Most Asian stock markets weakened on concern a Chinese economic slowdown will curb demand for the region's exports. Asian carmakers fell after an official at the China Association of Automobile Manufacturers yesterday said auto sales will probably miss their 8% growth forecast this year amid rising fuel costs and a slowing economy. Asian commodity producers also finished lower after Australia, the largest exporter of iron ore and coal, cut its forecast for minerals and energy export earnings this fiscal year by 3.2% amid expectations of lower commodity prices. Japanese stocks and the yen were undercut after the Jan Japan all industry activity index fell -1.0% m/m, weaker than expectations of -0.7% m/m.

Overnight U.S. Stock News

• June S&Ps this morning are trading up +2.90 points. The U.S. stock market Tuesday declined on concern a slowdown in the Chinese economy will slow the global economy as well: Dow Jones -0.52%, S&P 500 -0.30%, Nasdaq Composite -0.14%. The Nasdaq posted a fresh 11-year high. Bearish factors Tuesday included (1) weakness in industrial companies and commodity producers over Chinese economic growth concerns after BHP Billiton, the world's largest mining company, said Chinese steel production was slowing, and after an official of the China Association of Automobile Manufacturers' said total vehicle deliveries to China, forecast to grow 8% this year, may fail to increase by even 5% because of the "difficult" economy, (2) concern the Chinese economy may slow even further after China's refiners raised fuel prices for the second time in less than 6 weeks as they hiked their prices for gasoline and diesel by 7%, the biggest increase in more than 2 years, and (3) long liquidation pressures as the S&P 500 has soared over +22% in the past 3-months to Monday's 3-3/4 year high.
• Bullish factors Tuesday included (1) the larger-than expected increase in Feb U.S. building permits to their highest level in 3-1/3 years (+5.1% to 717,000 versus expectations of +0.4% to 685,000), which signals increased homebuilding in the months ahead, and (2) the slide in crude oil pries after Saudi Arabia promised to keep markets well-stocked with crude.
• Oracle (ORCL) rose 2% in pre-market trading after the company late yesterday reported Q2 profit of 62 cents a share, better than analysts' estimates of 56 cents, and said new software-license sales, an indicator of future revenue growth, rose 7% in fiscal Q3 to $2.37 billion, well ahead of analysts' estimates of 3% growth.

Today's Market Focus

• June 10-year T-notes this morning are up +1.5 ticks. T-note prices Tuesday moved higher early on increased safe-haven demand after stocks fell over concern economic growth was slowing in China but then shed their gains and settled lower as stocks rebounded off of their lows: TYM2 -1.0, FVM2 -2.2, EDU2 -2.5. The 10-year T-note yield rose to a fresh 4-1/2 month high of 2.396%. Bearish factors included (1) the larger-than expected increase in Feb U.S. building permits to their highest level in 3-1/3 years (+5.1% to 717,000 versus expectations of +0.4% to 685,000) and (2) continued long liquidation of Treasuries on speculation the strengthening U.S. economy will reduce the safe-haven appeal of U.S. government debt. Bullish factors Tuesday included (1) early safe-haven demand for Treasuries as stocks opened lower on concern economic growth was slowing in China and (2) the Fed's purchase of $1.969 billion of Treasuries as part of its Operation Twist Program to replace $400 billion of short-term debt in its portfolio with longer-term Treasuries in an effort to keep borrowing costs down.
• The dollar index this morning is weaker and at a 1-1/2 week low with the dollar/yen +0.36 yen and the euro/dollar +0.19 cents. The dollar index Tuesday settled higher on increased safe-haven demand as stocks weakened early along with a slide in commodity currencies against the dollar on concern China's economy was slowing: Dollar Index +0.118, USD/JPY +0.359, EUR/USD -0.00132. Bullish factors included (1) increased safe-haven demand for the dollar as global equities slumped, and (2) weakness in commodity currencies such as the Canadian dollar and Australian dollar against the U.S. dollar after BHP Billiton, the world's largest mining company, said Chinese steel production is slowing, which raises concern the Chinese economy and the global economy as well will slow. Bearish factors included (1) the smaller-than-expected increase in Feb German producer prices, which is euro supportive and (2) euro positive comments from ECB Council member Makuch who said rumors of division within the ECB are "wrong" and that ECB President Draghi will detail the bank's strategy to exit from non-standard policy measures when the time is right.
• May crude oil prices this morning are up +57 cents a barrel and May gasoline is +0.20 of a cent per gallon. Crude oil and gasoline prices Tuesday settled lower on signs economic growth is slowing in China along with promises from Saudi Arabia to keep markets well-stocked with crude: CLK12 -$2.49, RBK -1.05. Bearish factors included (1) the stronger dollar, (2) the action by China to raise fuel prices by the most in 2 years, which may reduce domestic fuel demand, along with concern its economy is slowing after a deputy to the secretary general of the China Association of Automobile Manufacturers' said total vehicle deliveries to China, forecast to grow 8% this year, may fail to increase by even 5% because of the "difficult" economy, (3) comments from the Saudi Arabian Oil Minister Ali al-Naimi who said his country aims "to provide adequate supplies of petroleum, stabilize oil markets and return prices to fair levels for producers, consumers" and the oil industry and that it can increase crude output by as much as 25% immediately if needed, and (4) the outlook for Wednesday's weekly DOE crude supplies to increase for a fifth week to a 6-month high. Bullish factors included (1) the larger-than-expected increase in Feb U.S. building permits to a 3-1/3 year high, which signals further strength in hole building and is positive for economic growth and fuel demand and (2) the statement from the U.S. EIA that if Sunoco fails to find a buyer for its Philadelphia refinery by July that forces it to shut production at the refiner, prices will "likely rise" and lead to gasoline shortages in the U.S. Northeast. Expectations for Wednesday's weekly inventory report from the DOE are for crude oil supplies to increase 2.35 million bbl, gasoline stockpiles to decrease 2.0 million bbl, distillate inventories to fall 1.5 million bbl and the refinery utilization rate to remain unchanged at 82.7% of capacity.

Today's U.S. Earnings Reports Earnings reports (confirmed releases, sorted by mkt cap): GIS-General Mills (BEST earnings consensus $0.55), DFS-Discover Financial Services (0.92), CLC-CLARCOR (0.47), ATU-Actuant (0.38), MFRM-Mattress Firm Holding (0.22), FRED-Fred's Inc. (0.24).
Global Financial Calendar

Wednesday 3/21/12
United States
0700 ET	Weekly MBA mortgage applications, previous -2.4% with purchase mortgage sub-index +4.4% and refinancing sub-index -4.1%.
1000 ET	Feb existing home sales expected +0.9% to 4.61 million, Jan +4.3% to 4.57 million.
Japan
0030 ET	Jan Japan all industry activity index expected -0.7% m/m, Dec +1.3% m/m.
United Kingdom
0530 ET	Minutes of the Mar 7-8 BOE monetary policy meeting.
0530 ET	Feb U.K. pubic sector net borrowing expected +5.0 billion pounds, Jan -10.7 billion pounds.
Canada
0830 ET	Feb Canada leading indicators expected +0.6%, Jan +0.7%.

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Barchart Morning Call 12/21

Barchart Morning Call

Wed, 21 Dec 2011 07:00:00 -0600

Overnight Developments

• Global stocks this morning are mostly higher with the Euro Stoxx 50 up +0.22% and Mar S&Ps up +2.80 points. Treasuries and the dollar fell on reduced safe-haven demand after stocks and commodities rallied when the ECB lent Euro-Zone banks a record amount for 3 years in an effort to avert a liquidity squeeze during the ongoing debt crisis. The ECB awarded 489 billion euros in 1,134 day loans, the most ever in a single operation and more than estimates of 293 billion euros to a total of 523 Euro-Zone lenders. That helped push the cost of credit default swaps to insure European government debt down 6 bp to a 2-week low of 355.5 bp. Limiting gains in stocks is weakness in technology shares led by a 7.5% drop in Oracle when it reported late yesterday that its fiscal Q2 profit than ended Nov 30 was 54 cents a share on revenue excluding certain items of $8.81 billion, weaker than analysts' estimates of profit of 57 cents a share on sales of $9.23 billion. The British pound rallied to a 3-week high against the dollar after the Nov U.K. budget deficit narrowed more than expected as net borrowing excluding support for banks was 18.1 billion pounds, smaller than expectations of 19.1 billion pounds.
• Asian stocks today closed mostly higher with Japan up +1.48%, China -1.60%, Australia +2.13%, South Korea +3.28%, India +3.36%. Asian stocks finished mostly higher as better-than-expected U.S. data on housing starts and the unexpected increase in German business optimism reduces the chances of the global economy falling into recession and boosts the earnings prospects of Asian exporters. Gains in Japanese stocks were limited after Nov Japan exports fell -4.5% y/y, weaker than expectations of -4.3% y/y and after the BOJ downgraded its assessment of the economy following its policy meeting when it said the Japanese economy will "remain more or less flat for the time being." Chinese stocks closed lower as a cash crunch weighed on equities after the 7-day repurchase rate, a gauge of funding available in the financial system, rose 36 bp to a 2-1/2 week high of 3.60% as banks hoard cash to meet year-end reserve-ratio requirements.

Overnight U.S. Stock News

• March S&Ps this morning are trading up +2.80 points. The US stock market yesterday rallied right from the opening and settled sharply higher as European debt concerns eased and recession fears abated after strong Nov U.S. housing starts bolstered speculation the U.S. economy may weather the European debt crisis: Dow Jones +2.87%, S&P 500 +2.98%, Nasdaq Composite +3.19%. Bullish factors included (1) carry-over strength from a rally in European equity markets as the region's debt concerns eased after strong demand was seen at an auction of Spanish government debt and after Dec German Ifo business sentiment unexpectedly improved, (2) a rally in homebuilders after Nov U.S. housing starts rose to a 19-month high (+9.3% to 685,000) and Nov U.S. building permits unexpected surged to a 20-month high (+5.7% to 681,000 versus expectations of -1.4% to 635,000), (3) data from the U.S. Labor Department that showed payrolls increased in 29 states in Nov and the jobless rate declined in 43 states, a sign the labor market is recovering across much of the U.S., and (4) comments from Minneapolis Fed President Kocherlakota who said recent government data have made him "more upbeat" on the outlook for the U.S. economy.
• Bearish factors included (1) comments from European Commission President Barroso who said the sovereign-debt crisis is "worsening" conditions in the European labor market and (2) concern the European debt crisis may worsen after Fitch Ratings said the risk of downgrading the EFSF bail-out fund had increased and that the fund's AAA rating depends on France remaining AAA.
• Research in Motion (RIMM) surged 13% in pre-market trrading after the WSJ reported that Microsaft and Nokia Oyj have "flirted" with the idea of making a joint bid for the company.
• Oracle (ORCL) fell 7.5% in pre-market trading after the company reported late yesterday that its fiscal Q2 profit than ended Nov 30 was 54 cents a share on revenue excluding certain items of $8.81 billion, weaker than analysts' estimates of profit of 57 cents a share on sales of $9.23 billion.

Today's Market Focus

• March 10-year T-notes this morning are up +1 tick. T-note prices yesterday retreated on reduced safe-haven demand as equity markets rallied sharply after German business confidence unexpectedly improved and as Nov U.S. housing starts surged to a 19-month high: TYH2 -22.5, FVH2 -8.0, EDM2 +0.5. Bearish factors included (1) carry-over weakness from a slide in German bund prices after European debt concerns eased when the Dec German Ifo business climate unexpectedly improved and after strong demand was seen at a Spanish auction of government debt, (2) the larger-than-expected increase in Nov U.S. housing starts which rose to a 19-month high (+9.3% to 685,000 versus expectations of +1.1% to 635,000), (3) the unexpected surge in Nov U.S. building permits to their best level in 20 months (+5.7% to 681,000 versus expectations of -1.4% to 635,000), (4) comments from Minneapolis Fed President Kocherlakota who said recent government data have made him "more upbeat" on the outlook for the U.S. economy, and (5) supply pressures ahead of the Treasury's $29 billion auction of 7-year T-notes on Wed. Bullish factors included (1) strong demand for the Treasury's $35 billion auction of 5-year T-notes that had a bid-to-cover ratio of 2.86, slightly above the 12-auction average of 2.84 and strong foreign demand after indirect bidders took 50.6% of the auction, above the 12-auction average of 41.8%, and (2) the statement from Fitch Ratings that said the risk of downgrading the EFSF bail-out fund had increased and that the fund's AAA rating depends on France remaining AAA.
• The dollar index this morning is lower with the dollar/yen -0.07 yen and the euro/dollar +0.05 cents. The dollar index yesterday settled lower as the euro rallied when German business sentiment unexpectedly improved and strong demand was seen at a sale of Spanish government debt: Dollar Index -0.405, USDJPY -0.156, EURUSD +0.00835. Bearish factors included (1) the unexpected increase in the Dec German Ifo business climate, which is euro supportive, (2) the action by Spain to sell 5.64 billion euros of 3-month and 6-month Treasury bills, more than the maximum target of 4.5 billion euros and a sign of strong demand, and (3) strength in the British pound which rose to a 1-week high against the dollar after Nov U.K. nationwide consumer confidence unexpectedly rose and Dec U.K. CBI reported that sales unexpectedly surged to a 7-month high. Bullish factors for the dollar included (1) ongoing European debt crisis concerns which boosts the safe-haven demand for the dollar after European Commission President Barroso said the sovereign-debt crisis is "worsening" conditions in the European labor market and (2) dollar supportive comments from Minneapolis Fed President Kocherlakota who said recent government data have made him "more upbeat" on the outlook for the U.S. economy.
• Feb crude oil prices this morning are up +34 cents a barrel and Feb gasoline is +0.01 of a cent per gallon. Crude oil and gasoline prices yesterday closed higher for a second day as the dollar weakened, European debt concerns eased and after Nov U.S. housing starts surged: CLG12 +$3.19, RBG12 +8.68. Bullish factors included (1) the weaker dollar, which encourages investment demand in commodities, (2) the surge in Nov U.S. housing starts to their best level in 19 months, which lifts confidence in the economy and energy demand, and (3) reduced European debt concerns after the Dec German Ifo business climate unexpectedly gained. Bearish factors included (1) comments from European Commission President Barroso who said the sovereign-debt crisis is "worsening" conditions in the European labor market, which may slow economic growth and fuel demand and (2) concern that U.S. legislators will fail to extend the expiring U.S. payroll tax cut, which may reduce economic growth and fuel demand. Expectations for Wednesday's weekly inventory report from the DOE are for crude oil stockpiles to fall -2.12 million bbl, gasoline supplies to increase +1.5 million bbl, distillate inventories to fall -750,000 bbl and the refinery capacity rate to rise +0.4 to 85.5%.

Today's U.S. Earnings Reports Earnings reports (confirmed releases, sorted by mkt cap): WAG-Walgreen (BEST earnings consensus $0.67), BBBY-Bed Bath & Beyond (0.88), KMX-CarMax (0.38), MU-Micron Technology (-0.10), TIBX-TIBCO Software (0.35), SHAW-Shaw Group (0.44), ATU-Actuant (0.43), FINL-Finish Line (0.11), SCS-Steelcase (0.19), INXN-InterXion Holding NV (0.11), LNN-Lindsay (0.43), KBH-KB Home (0.04), PKE-Park Electrochemical (0.33).
Global Financial Calendar

Wednesday 12/21/11
United States
0700 ET	Weekly MBA mortgage applications, previous +4.1% with purchase mortgage sub-index -8.2% and refinancing sub-index +9.3%.
1000 ET	Nov existing home sales expected +2.0% to 5.07 million.
1300 ET	Treasury auctions $29 billion 7-year T-notes.
Germany
0200 ET	Nov German import price index expected +5.3% y/y, Oct -0.3% m/m and +6.8% y/y.
United Kingdom
0430 ET	Minutes of the Dec 8 BOE policy meeting.
0430 ET	Nov U.K. public sector net borrowing expected +16.6 billion pounds, Oct +3.4 billion pounds.
Canada
0830 ET	Oct Canada retail sales expected +0.4% and +0.2% less autos, Sep +1.0% m/m and +0.5% less autos.
Euro-Zone
1000 ET	Dec Euro-Zone consumer confidence expected -0.6 to -21.0, Nov -0.5 to -20.4.
1800 ET	European Systemic Risk Board (ESRB) meets in Frankfurt.
Japan
n/a	BOJ announces interest rate decision (expected no change to the 0.00% to 0.10% benchmark rate).

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