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Monday, February 6, 2017

MORNING CALL 2/6

Barchart Morning Call

Barchart.com - 1 hour ago

OVERNIGHT MARKETS AND NEWS

Mar E-mini S&Ps (ESH17 -0.04%) are up +0.01% on positive carry-over from Friday's employment data that showed U.S. employers added the most jobs in four months. European stocks are down -0.19%, led by losses in automakers, after Bank of America-Merrill Lynch downgraded the sector to underweight. Another negative for European equities is political risks from France where French presidential candidate Marine Le Pen unveiled her plans to take France out of the EU should she be elected in April. Losses in European stocks were limited after German Dec factory orders posted their largest year-on-year increase in over 5 years. Asian stocks settled mostly higher: Japan +0.31%, Hong Kong +0.95%, China +0.54%, Taiwan +0.87%, Australia -0.11%, Singapore +0.49%, South Korea +0.24%, India +0.70%.

The dollar index (DXY00 +0.14%) is up +0.14%. EUR/USD (^EURUSD) is down -0.42%. USD/JPY (^USDJPY) is down -0.12%.

Mar 10-year T-note prices (ZNH17 +0.31%) are up +12 ticks as they garner support form a rally in 10-year German bunds which rallied to a 1-1/2 week high.

Eurozone Feb Sentix investor confidence fell -0.8 to 17.4, stronger than expectations of -1.4 to 16.8.

German Dec factory orders rose +8.1% y/y, stronger than expectations of +4.2% y/y and the largest year-on-year increase in 5-1/3 years.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) USDA weekly grain export inspections, (2) Philadelphia Fed President Patrick Harker (voter) speaks at a payment conference in San Diego.

Notable S&P 500 earnings reports today include: Tyson Foods (consensus $1.27), Lowes (0.63), Newell Brands (0.80), Sysco (0.54), Hasbro (1.28), Twenty-First Century Fox (0.49), FMC (0.88), Tesoro (-0.14), Macerich 1.16).

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

Equity conferences: Credit Suisse Financial Services Forum on Tue-Wed, Cowen Aerospace/Defense & Industrials Conference on Wed-Thu.

OVERNIGHT U.S. STOCK MOVERS

American Airlines Group (AAL +0.43%) was upgraded to 'Market Perform' from 'Underperform' at Bernstein with a price target of $43.

Delta Air Lines (DAL +0.91%) was upgraded to 'Outperform' from 'Market Perform' at Bernstein with a price target of $61.

FedEx (FDX +1.95%) was upgraded to 'Outperform' from 'Market Perform' at Raymond James.

AutoNation (AN -3.86%) was downgraded to 'Hold' from 'Buy' at Evercore ISI.

Walgreens Boots Alliance (WBA -0.15%) was upgraded to 'Overweight' from 'Neutral' at Atlantic Equities with a 12-month target price of $95.

CVS Health Corp. (CVS +0.88%) was downgraded to 'Neutral' from 'Overweight' at Atlantic Equities with a 12-month target price of $84.

Barracuda Networks (CUDA +2.54%) was rated a new 'Buy' at Needham with a price target of $28.

Nvidia (NVDA -0.88%) was downgraded to 'Neutral' from 'Buy' at Roth Capital

Parexel International (PRXL -1.44%) was downgraded to 'Neutral' from 'Outperform' at Credit Suisse with a target price of $65.

CBS (CBS +0.02%) was upgraded to 'Overweight' from 'Neutral' at Atlantic Equities with a price target of $78.

U.S. Steel (X -3.07%) was upgraded to 'Buy' from 'Hold' at Argus with a price target of $39.

Lone Star boosted its stake in Edgewater Technology (EDGW -2.90%) to 6.2% from 1.4%.

Credit Acceptance Corp. (CACC +2.01%) slipped 2% in after-hours trading after the company received FTC civil investigative demand seeking information on car dealers using GPS Starter Interrupters on consumer vehicles.

Atwood Oceanics (ATW +4.37%) lost 1% in after-hours trading after it reported Q1 revenue of $157.6 million, below consensus of $159.4 million.

MARKET COMMENTS

Mar E-mini S&Ps (ESH17 -0.04%) this morning are little changed, up +0.25 of a point (+0.01%). Friday's closes: S&P 500 +0.73%, Dow Jones +0.94%, Nasdaq +0.27%. The S&P 500 on Friday closed higher on the +227,000 increase in U.S. Jan non-farm payrolls (stronger than expectations of +180,000), and the +1.3% increase in U.S. Dec factory orders (stronger than expectations of +0.5%). A negative factor was the +2.5% y/y increase in U.S. Jan average hourly earnings, weaker than expectations of +2.7% y/y.

Mar 10-year T-notes (ZNH17 +0.31%) this morning are up +12 ticks. Friday's closes: TYH7 -3.00, FVH7 -1.75. Mar 10-year T-notes on Friday fell back from a 1-1/2 week high and closed lower on the larger-than-expected increase in U.S. Jan non-farm payrolls and stronger-than-expected U.S. Dec factory orders reports that bolstered the case for additional Fed rate hikes. T-notes were boosted by increased safe-haven demand with the fairly sharp rally in stocks. T-notes found some underlying support from the Jan hourly earnings report of +2.5% y/y, weaker than expectations of +2.7% y/y.

The dollar index (DXY00 +0.14%) this morning is up +0.142 (+0.14%). EUR/USD (^EURUSD) is down -0.0045 (-0.42%). USD/JPY (^USDJPY) is down -0.13 (-0.12%). Friday's closes: Dollar index +0.078 (+0.08%), EUR/USD +0.0024 (+0.22%), USD/JPY -0.19 (-0.17%). The dollar index on Friday closed higher on the stronger-than-expected U.S. payroll and factory orders reports and the increase in U.S. T-note yields, which improved the dollar's interest rate differentials.

Mar WTI crude oil prices (CLH17 +0.22%) this morning are up +17 cents (+0.32%) and Mar gasoline (RBH17 +0.83%) is +0.0074 (+0.48%). Friday's closes: Mar crude +0.29 (+0.54%), Mar gasoline +0.0208 (+1.36%). Mar crude oil and gasoline on Friday closed higher on reduced output by OPEC as OPEC Jan crude production fell -840,000 bpd to 32.2 million bpd, a 14-month low. Crude oil prices were also boosted by increased geopolitical tensions after the U.S. imposed new sanctions on Iran for conducting ballistic missile tests. Crude oil prices were undercut by the Baker Hughes report that U.S. active oil rigs in the week ended Feb 3 rose by 17 rigs to a 1-1/4 year high of 583 rigs.

GLOBAL EVENT CALENDAR02/06/2017

		Monday, Feb 6
US	1100 ET	USDA weekly grain export inspections.
	1630 ET	Philadelphia Fed President Patrick Harker (voter) speaks at a payment conference in San Diego.
		Tuesday, Feb 7
US	0830 ET	Dec trade balance expected -$45.0 billion, Nov -$45.2 billion.
	1000 ET	Dec JOLTS job openings expected +47,000 to 5.569 million, Nov +71,000 to 5.522 million.
	1300 ET	Treasury auctions $24 billion of 3-year T-notes.
	1500 ET	Dec consumer credit expected +$20.0 billion, Nov +$24.532 billion.

U.S. STOCK CALENDAR02/06/2017

Company	Ticker	Time	Event Description	Period	Estimate
Loews Corp	L US	Bf-mkt	Q4 2016 Earnings Release	Q4 2016	0.63
Newell Brands Inc	NWL US	Bf-mkt	Q4 2016 Earnings Release	Q4 2016	0.8
Sysco Corp	SYY US	Bf-mkt	Q2 2017 Earnings Release	Q2 2017	0.542
Hasbro Inc	HAS US	6:30	Q4 2016 Earnings Release	Q4 2016	1.281
Fastenal Co	FAST US	7:00	January 2017 Sales and Revenue Release	2017
Tyson Foods Inc	TSN US	7:30	Q1 2017 Earnings Release	Q1 2017	1.268
Newell Brands Inc	NWL US	8:30	Q4 2016 Earnings Call	Q4 2016
Hasbro Inc	HAS US	8:30	Q4 2016 Earnings Call	Q4 2016
Tyson Foods Inc	TSN US	9:00	Q1 2017 Earnings Call	Q1 2017
Sysco Corp	SYY US	10:00	Q2 2017 Earnings Call	Q2 2017
Loews Corp	L US	11:00	Q4 2016 Earnings Call	Q4 2016
Twenty-First Century Fox Inc	FOXA US	16:00	Q2 2017 Earnings Release	Q2 2017	0.49
Gap Inc/The	GPS US	16:15	January 2017 Sales and Revenue Release	2017
Twenty-First Century Fox Inc	FOXA US	16:30	Q2 2017 Earnings Call	Q2 2017
FMC Corp	FMC US	Aft-mkt	Q4 2016 Earnings Release	Q4 2016	0.884
Tesoro Corp	TSO US	Aft-mkt	Q4 2016 Earnings Release	Q4 2016	-0.103
Macerich Co/The	MAC US	Aft-mkt	Q4 2016 Earnings Release	Q4 2016	1.16
Credicorp Ltd	BAP US	18:00	Q4 2016 Earnings Release	Q4 2016	10.375
Viacom Inc	VIAB US		Annual General Meeting

Tuesday, January 10, 2017

MORNING CALL 1/10

Barchart Morning Call

Barchart.com - 1 hour ago

OVERNIGHT MARKETS AND NEWS

Mar E-mini S&Ps (ESH17 +0.02%) are little changed, up +0.02%, and European stocks are down -0.04% at a 1-week low. Strength in energy producers is lifting U.S. stock indexes with Feb WTI crude oil (CLG17 +0.25%) up +0.29% amid further announcements from OPEC members that they are adhering to agree upon production cuts. Rising producer prices in China have spurred inflation concerns in China after China Dec PPI rose +5.5% y/y, the largest increase in 5-1/4 years. The slump in the Chinese yuan to an 8-1/2 year low against the dollar last month has boosted imported commodity prices and increased Chinese factory-gate prices. Asian stocks settled mixed: Japan -0.79%, Hong Kong +0.83%, China -0.30%, Taiwan +0.08%, Australia -0.80%, Singapore +0.82%, South Korea unchanged, India +0.65%.

The dollar index (DXY00 -0.04%) is up +0.01%. EUR/USD (^EURUSD) is unchanged. USD/JPY (^USDJPY) is down -0.07%. GBP/USD is down -0.20% at a 2-1/2 month low on concern a hard Brexit will spur the BOE to keep interest rates lower for longer.

Mar 10-year T-note prices (ZNH17 +0.01%) are down -0.5 of a tick.

China Dec CPI rose +2.1% y/y, weaker than expectations of +2.2% y/y. Dec PPI rose +5.5% y/y stronger than expectations of +4.6% y/y and the biggest increase in 5-1/4 years.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) revised Nov wholesale inventories (prelim-Nov +0.9% m/m), (2) Nov JOLTS job openings (expected -34,000 to 5.5 million, Oct -97,000 to 5.534 million), (3) Treasury auctions $24 billion of 3-year T-notes.

Russell 1000 earnings reports today include: Lamb Weston Holdings (consensus 0.55).

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

Equity conferences this week include: J.P. Morgan Healthcare Conference on Mon-Thu, Deutsche Bank Global Auto Industry Conference on Tue-Wed, Needham & Company Growth Conference on Tue-Wed, ICR Conference on Tue-Wed, Evercore ISI Utility Conference on Thu.

OVERNIGHT U.S. STOCK MOVERS

American Express (AXP +0.52%) was upgraded to 'Outperform' from 'Market Perform' at Oppenheimer with an 18-month target price of $98.

Allstate (ALL -1.43%) was upgraded to 'Buy' from 'Neutral' at Goldman Sachs.

Travelers Cos (TRV -0.80%) was downgraded to 'Sell' from 'Neutral' at Goldman Sachs.

Williams Cos (WMB -1.51%) slumped 7% in after-hours trading after it announced a plan to increase its ownership in Williams Partners to 72% from 58% and that it will launch a 65 million share public offering in order to pay for the share purchase.

Kite Pharma (KITE +1.46%) gained 1% in after-hours trading after it entered into a joint venture licensing deal with Daiichi Sankyo to develop an experimental treatment for an aggressive type of blood cancer and will receive $50 million upfront plus an additional $200 million if developmental and regulatory milestones are met.

Boot Barn Holdings (BOOT -6.54%) dropped 5% in after-hours trading after it reported preliminary Q3 EPS of 39 cents, weaker than consensus of 43 cents.

Barracuda Networks (CUDA +4.35%) jumped 7% in after-hours trading after it reported Q3 adjusted EPS of 22 cents, well above consensus of 14 cents, and said Q3 billings for core products were up +30% y/y to $61.6 million.

Nabors Industries Ltd (NBR -1.16%) fell 4% in after-hours trading after it began an offering of $500 million of exchangeable senior unsecured notes due 2024.

Zeltiq Aesthetics (ZLTQ -1.07%) lost nearly 3% in after-hours trading after it said CCO and President Keith Sullivan will retire effective Jan 16.

WD-40 (WDFC -1.64%) fell 6% in after-hours trading after it reported Q1 net sales of $89.2 million, weaker than consensus of $96.3 million.

Cray Inc. (CRAY -0.74%) lost 4% in after-hours trading after it reported 2016 revenue of $630 million, below consensus if $633.2 million, and said for 2017 it "currently believes it will be difficult to grow over 2016."

VOXX International (VOXX +6.00%) rose 3% in after-hours trading after it reported Q3 EPS of 24 cents and said Q3 net sales rose 3.3%.

Atwood Oceanics (ATW -2.04%) dropped nearly 6% in after-hours trading after it announced a public offering of 13.5 million common shares.

Shoe Carnival (SCVL +0.55%) fell 2% in after-hours trading after it cut its fiscal-year net sales estimate to $1 billion-$1.003 billion, below a November 28 forecast of $1.002 billion-$1.006 billion

City Office REIT (CIO -0.84%) slid 3% in after-hours trading after it announced a public offering of 4 million shares of common stock.

Papa Murphy's Holdings (FRSH -2.52%) tumbled 7% in after-hours trading after it reported preliminary Q4 revenue of $35.5 million, weaker than consensus of $38.3 million.

MARKET COMMENTS

Mar E-mini S&Ps (ESH17 +0.02%) this morning are up +0.50 of a point (+0.02%). Monday's closes: S&P 500 -0.35%, Dow Jones -0.38%, Nasdaq +0.36%. The S&P 500 on Monday closed lower on weakness in oil companies on the -4.07% decline in Feb WTI crude oil to a 3-week low and on heightened geopolitical concerns after a U.S. destroyer fired warning shots at four Iranian vessels that had moved too close in the Strait of Hormuz. Stocks received a boost from news that Nov consumer credit rose +$24.532 billion, stronger than expectations of +$18.4 billion, which shows confidence in the economic outlook as consumers are willing to take on more debt.

Mar 10-year T-notes (ZNH17 +0.01%) this morning are down -0.5 of a tick. Monday's closes: TYH7 +3.00, FVH7 +12.00. Mar 10-year T-notes on Monday closed higher on increased safe-haven demand with the weakness in stocks and on the -4.07% slide in crude oil prices to a 3-week low, which undercut inflation expectations.

The dollar index (DXY00 -0.04%) this morning is up +0.01 (+0.01%). EUR/USD (^EURUSD) is unchanged. USD/JPY (^USDJPY) is down -0.08 (-0.07%). Monday's closes: Dollar index -0.390 (-0.38%), EUR/USD +0.0042 (+0.40%), USD/JPY -0.99 (-0.85%). The dollar index on Monday closed lower on strength in EUR/USD after the Eurozone Jan Sentix investor confidence rose +8.2 to a 17-month high of 18.2 and on the decline in the 10-year T-note yield, which reduced the dollar's interest rate differentials.

Feb WTI crude oil prices (CLG17 +0.25%) this morning are up +15 cents (+0.29%) and Feb gasoline (RBG17 +0.71%) is +0.0122 (+0.78%). Monday's closes: Feb crude -2.20 (-4.07%), Feb gasoline -0.0667 (-4.08%). Feb crude oil and gasoline on Monday closed sharply lower with both contracts at 3-week lows. Crude oil prices were undercut by concern that increased U.S. crude oil output will offset the decline in OPEC crude production after Friday's data from Baker Hughes showed U.S. active oil rigs rose for the tenth consecutive week as they increased by 4 rigs to a 1-year high of 529 rigs.

GLOBAL EVENT CALENDAR01/10/2017

		Tuesday, Jan 10
US	1000 ET	Revised Nov wholesale inventories, prelim-Nov +0.9% m/m. Nov wholesale trade sales, Oct +1.4% m/m.
	1000 ET	Nov JOLTS job openings expected -34,000 to 5.5 million, Oct -97,000 to 5.534 million.
	1300 ET	Treasury auctions $24 billion of 3-year T-notes.
		Wednesday, Jan 11
US	0700 ET	Weekly MBA mortgage applications, previous +0.1% with purchase sub-index -1.4% and refi sub-index +1.7%.
	1030 ET	EIA Weekly Petroleum Status Report.
	1300 ET	Treasury auctions $20 billion of 10-year T-notes.
	n/a	President-elect Trump is scheduled to hold his first press conference.

U.S. STOCK CALENDAR01/10/2017

Company	Ticker	Time	Event Description	Period	Estimate
Lamb Weston Holdings Inc	LW US	8:30	Q2 2017 Earnings Release	Q2 2017	0.55
Lamb Weston Holdings Inc	LW US	10:00	Q2 2017 Earnings Call	Q2 2017
Lions Gate Entertainment Corp	LGF/A US	11:00	Investor Day	Y 2017

Tuesday, August 2, 2016

MORNING CALL 8/2

MORNING CALL

Tuesday, August 2nd, 2016View Older Reports

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

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

OVERNIGHT MARKETS AND NEWS

Sep E-mini S&Ps (ESU16 -0.23%) are down -0.15% and European stocks are down -1.45% at a 2-week low as weakness in European bank stocks leads the overall market lower. Commerzbank AG, Germany's second-largest lender, is down 8% after it scrapped its profit target for this year and forecast a drop in earnings, while Italy's UniCredit dropped over 5% after Il Messaggero reported that the bank may consider a capital increase of as much as 8 billion euros ($8.96 billion). Another negative for European stocks is concern that rising prices may keep the ECB from boosting stimulus measures after Eurozone Jun PPI rose a more-than-expected +0.7% m/m, the largest monthly increase in 3-3/4 years. Asian stocks settled mostly lower: Japan -1.47%, Hong Kong closed for holiday, China +0.61%, Taiwan -0.13%, Australia -0.84%, Singapore -1.24%, South Korea -0.74%, India -0.08%. Japanese stocks closed lower after USD/JPY dropped to a 3-week low when the Japanese government announced 4.6 trillion yen ($45 billion) in extra spending for the current fiscal year, much less than the 28 trillion-yen amount Japanese Prime Minister Abe had signaled in a speech last week. Australia's 10-year bond yield fell to a record low 1.823% after the Reserve Bank of Australia (RBA) cut its benchmark rate by 25 bp to a record low 1.5% today.

The dollar index (DXY00 -0.29%) is down -0.30% at a week low. EUR/USD (^EURUSD) is up +0.26% at a 1-1/4 month high. USD/JPY (^USDJPY) is down-0.63% at a 3-week low.

Sep T-note prices (ZNU16 -0.34%) are down -14 ticks.

The RBA cut its benchmark rate by 25 bp to a record low 1.5% and RBA Governor Stevens said that "recent data confirm that inflation remains quite low and given very subdued growth in labor costs and very low cost pressures elsewhere in the world, this is expected to remain the case for some time."

The Eurozone Jun PPI of +0.7% m/m and -3.1% y/y was stronger than expectations of +0.4% m/m and -3.4% y/y with the +0.7% m/m gain the largest monthly increase in 3-3/4 years.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Dallas Fed President Robert Kaplan speaks on economic conditions and implications for monetary policy at an Official Monetary and Financial Institutions Forum City Lecture in Beijing, China, (2) Jun personal spending (expected +0.3%, May +0.4%) and Jun personal income (expected +0.3%, May +0.2%), (3) Jun PCE deflator (expected +0.2% m/m and +0.9% y/y, May +0.2% m/m and +0.9% y/y) and Jun core PCE deflator (expected +0.1% m/m and +1.6% y/y, May +0.2% m/m and +1.6% y/y), (4) Jul New York ISM (May 45.4), (5) Jul total vehicle sales (expected 17.30 million, Jun 16.61 million).

There are 40 of the S&P 500 companies that report earnings today with notable reports including: Procter & Gamble (consensus $0.75), Emerson Electric (0.84), Royal Caribbean Cruises (1.02), Martin Marietta Materials (2.02), Seagate Technology (0.60), Aetna (2.12), Harris Corp (1.05), Pfizer (0.62), CVS Health (1.30), ADM (0.45), Cummins (2.16), Devon Energy (-0.20), Electronic Arts (-0.02), Verisk Analytics (0.76).

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

Equity conferences this week include: Wells Fargo Services Conference on Wed-Thu.

OVERNIGHT U.S. STOCK MOVERS

Buffalo Wild Wings (BWLD +1.21%) was downgraded to 'Hold' from 'Buy' at Maxim Group.

Frontier Communications (FTR -2.31%) slid over 3% in pre-market trading after it reported Q2 adjusted Ebitda of $1.03 billion, less than consensus of $1.05 billion.

Charter Communications (CHTR +0.48%) was rated a new 'Buy' at Bank of America/Merrill Lynch with a price target of $300.

Williams Cos. (WMB -6.01%) rallied over 4% in after-hours trading after the company cut its dividend to 20 cents a share from 64 cents and said it will reinvest $1.7 billion into Williams Partners through 2017 with the cash saved from the lower dividends.

Texas Roadhouse (TXRH +1.02%) dropped over 5% in after-hours trading after it reported Q2 franchise comps of +2.6%, below consensus of +3.7%.

FormFactor (FORM +0.53%) was upgraded to 'Buy' from 'Hold' at Stifel with a 12-month target price of $13.

Tenet Healthcare (THC -5.55%) lost over 2% in after-hours trading after it reported Q2 adjusted EPS of 38 cents, weaker than consensus of 51 cents.

Chegg (CHGG +2.78%) climbed nearly 4% in after-hours trading after it reported Q2 adjusted EPS of 5 cents, better than consensus of 3 cents.

Trex Co. (TREX +0.82%) gained nearly 3% in after-hours trading after it reported Q2 EPS of 79 cents, higher than consensus of 71 cents.

Atwood Oceanics (ATW -3.65%) rose 3% in after-hours trading after it reported Q3 revenue of $227.8 million, above consensus of $225.2 million.

T2 Biosystems (TTOO +24.38%) slumped 9% in after-hours trading after it reported an Q2 EPS loss of -58 cents, wider than consensus of -56 cents

Amkor Technology (AMKR +2.54%) jumped 11% in after-hours trading after it reported an unexpected Q2 EPS profit of 2 cents, better than consensus for an -8 cent loss, and said it sees Q3 sales of $1.01 billion-$1.09 billion, higher than consensus of $936 million.

Cognex (CGNX +0.33%) surged 15% in after-hours trading after it reported Q2 EPS continuing operations of 50 cents, higher than consensus of 44 cents, and then said it sees Q3 revenue of $142 million-$147 million, above consensus of $127.6 million.

MARKET COMMENTS

Sep E-mini S&Ps (ESU16 -0.23%) this morning are down -3.25 points (-0.15%). Monday's closes: S&P 500 -0.13%, Dow Jones -0.15%, Nasdaq +0.55%. The S&P 500 on Monday retreated from a new all-time high and closed lower on the -0.6 point decline in the U.S. Jul ISM manufacturing index to 52.6 (weaker than expectations of -0.2 to 53.0) and on the sell-off in energy producers caused by the -3.7% drop in crude oil prices to a new 3-1/2 month low.

Sep 10-year T-notes (ZNU16 -0.34%) this morning are down -14 ticks. Monday's closes: TYU6 -8.00, FVU6 -2.50. Sep T-notes on Monday closed lower on hawkish comments from New York Fed President Dudley who said investors "appear to be too complacent" on interest rates" and "it is premature” to rule out Fed rate hikes this year.

The dollar index (DXY00 -0.29%) is down -0.285 (-0.30%) at a 4-week low. EUR/USD (^EURUSD) is up +0.0029 (+0.26%) at a 1-1/4 month high. USD/JPY (^USDJPY) is down -0.64 (-0.63%) at a 3-week low. Monday's closes: Dollar index +0.183 (+0.195%), EUR/USD -0.0011 (-0.10%), USD/JPY +0.33 (+0.32%). The dollar index on Monday closed higher on hawkish comments from New York Fed President Dudley who said "it is premature to rule out further monetary policy tightening this year." USD/JPY saw strength ahead of expectations that Japanese Prime Minister Abe on Tuesday will unveil the details of his 28 trillion-yen ($273 billion) fiscal stimulus package.

Sep WTI crude oil (CLU16 +1.45%) this morning is up +50 cents (+1.25%) and Sep gasoline (RBU16 +1.69%) is up +0.0227 (+1.74%). Monday's closes: CLU6 -1.54 (-3.70%), RBU6 -0.0158 (-1.20%). Sep crude oil and gasoline on Monday closed lower with Sep crude at a 3-1/2 month low on the stronger dollar and on global energy demand concerns after the U.S. Jul ISM manufacturing PMI and the China Jul manufacturing PMI were both weaker-than-expected. There was also negative carryover from last Friday's Baker Hughes report that U.S. active oil rigs increased for a fifth straight week.

GLOBAL EVENT CALENDAR08/02/2016

		Tuesday, Aug 2
US	0615 ET	Dallas Fed President Robert Kaplan speaks on economic conditions and implications for monetary policy at an Official Monetary and Financial Institutions Forum City Lecture in Beijing, China.
	0830 ET	Jun personal spending expected +0.3%, May +0.4%. Jun personal income expected +0.3%, May +0.2%.
	0830 ET	Jun PCE deflator expected +0.2% m/m and +0.9% y/y, May +0.2% m/m and +0.9% y/y. Jun core PCE deflator expected +0.1% m/m and +1.6% y/y, May +0.2% m/m and +1.6% y/y.
	0945 ET	Jul New York ISM, May 45.4.
	n/a	Jul total vehicle sales expected 17.30 million, Jun 16.61 million. Jul domestic vehicle sales expected 13.06 million, Jun 12.76 million.
		Wednesday, Aug 3
US	0700 ET	Weekly MBA mortgage applications.
	0815 ET	Jul ADP employment change expected +170,000, Jun +172,000.
	0830 ET	Treasury announces amount of 3-year T-notes (previous $24 billion), 10-year T-notes (previous $20 billion) and 30-year T-bonds (previous $12 billion) to be auctioned Aug 9-11 in the Aug quarterly refunding.
	0945 ET	Revised Jul Markit services PMI expected +0.1 to 51.0; prelim-Jul -0.5 to 50.9. Revised Jul Markit composite PMI, prelim-Jul +0.3 to 51.5.
	1000 ET	Jul ISM non-manufacturing PMI expected -0.6 to 55.9, Jun +0.6 to 56.5.
	1030 ET	EIA Weekly Petroleum Status Report.
GER	0355 ET	Revised German Jul Markit services PMI, prelim-Jul +0.9 to 54.6.
EUR	0400 ET	Revised Eurozone Jul Markit composite PMI, prelim-Jul -0.2 to 52.9.
	0500 ET	Eurozone Jun retail sales expected unch m/m and +1.8% y/y, May +0.4% m/m and +1.6% y/y.

U.S. STOCK CALENDAR08/02/2016

Company	Ticker	Time	Event Description	Period	Estimate
Emerson Electric Co	EMR US	Bef-mkt	Q3 2016 Earnings Release	Q3 2016	0.843
NiSource Inc	NI US	Bef-mkt	Q2 2016 Earnings Release	Q2 2016	0.072
Pinnacle West Capital Corp	PNW US	Bef-mkt	Q2 2016 Earnings Release	Q2 2016	1.135
Expeditors International of Washington Inc	EXPD US	Bef-mkt	Q2 2016 Earnings Release	Q2 2016	0.589
Welltower Inc	HCN US	Bef-mkt	Q2 2016 Earnings Release	Q2 2016	1.14
Royal Caribbean Cruises Ltd	RCL US	Bef-mkt	Q2 2016 Earnings Release	Q2 2016	1.021
Martin Marietta Materials Inc	MLM US	Bef-mkt	Q2 2016 Earnings Release	Q2 2016	2.017
Seagate Technology PLC	STX US	Bef-mkt	Q4 2016 Earnings Release	Q4 2016	0.604
Teradata Corp	TDC US	Bef-mkt	Q2 2016 Earnings Release	Q2 2016	0.596
Mallinckrodt PLC	MNK US	Bef-mkt	Q3 2016 Earnings Release	Q3 2016	2.011
Aetna Inc	AET US	6:00	Q2 2016 Earnings Release	Q2 2016	2.118
Eaton Corp PLC	ETN US	6:30	Q2 2016 Earnings Release	Q2 2016	1.069
Entergy Corp	ETR US	6:30	Q2 2016 Earnings Release	Q2 2016	1.049
Harris Corp	HRS US	6:30	Q4 2016 Earnings Release	Q4 2016	1.438
Pfizer Inc	PFE US	6:45	Q2 2016 Earnings Release	Q2 2016	0.624
Molson Coors Brewing Co	TAP US	6:45	Q2 2016 Earnings Release	Q2 2016	1.094
AmerisourceBergen Corp	ABC US	6:45	Q3 2016 Earnings Release	Q3 2016	1.268
CVS Health Corp	CVS US	6:50	Q2 2016 Earnings Release	Q2 2016	1.303
Xylem Inc/NY	XYL US	6:55	Q2 2016 Earnings Release	Q2 2016	0.474
Archer-Daniels-Midland Co	ADM US	7:00	Q2 2016 Earnings Release	Q2 2016	0.448
Pitney Bowes Inc	PBI US	7:00	Q2 2016 Earnings Release	Q2 2016	0.39
Procter & Gamble Co/The	PG US	7:00	Q4 2016 Earnings Release	Q4 2016	0.745
Cardinal Health Inc	CAH US	7:00	Q4 2016 Earnings Release	Q4 2016	1.13
Mosaic Co/The	MOS US	7:00	Q2 2016 Earnings Release	Q2 2016	0.117
Discovery Communications Inc	DISCA US	7:00	Q2 2016 Earnings Release	Q2 2016	0.567
Cummins Inc	CMI US	7:30	Q2 2016 Earnings Release	Q2 2016	2.164
Pitney Bowes Inc	PBI US	8:00	Q2 2016 Earnings Call	Q2 2016
Cardinal Health Inc	CAH US	8:00	Q4 2016 Earnings Call	Q4 2016
Dun & Bradstreet Corp/The	DNB US	8:00	Q2 2016 Earnings Call	Q2 2016
Ecolab Inc	ECL US	8:30	Q2 2016 Earnings Release	Q2 2016	1.078
Harris Corp	HRS US	8:30	Q4 2016 Earnings Call	Q4 2016
CVS Health Corp	CVS US	8:30	Q2 2016 Earnings Call	Q2 2016
Procter & Gamble Co/The	PG US	8:30	Q4 2016 Earnings Call	Q4 2016
Aetna Inc	AET US	8:30	Q2 2016 Earnings Call	Q2 2016
Teradata Corp	TDC US	8:30	Q2 2016 Earnings Call	Q2 2016
Discovery Communications Inc	DISCA US	8:30	Q2 2016 Earnings Call	Q2 2016
Mallinckrodt PLC	MNK US	8:30	Q3 2016 Earnings Call	Q3 2016
Archer-Daniels-Midland Co	ADM US	9:00	Q2 2016 Earnings Call	Q2 2016
NiSource Inc	NI US	9:00	Q2 2016 Earnings Call	Q2 2016
General Growth Properties Inc	GGP US	9:00	Q2 2016 Earnings Call	Q2 2016
Seagate Technology PLC	STX US	9:00	Q4 2016 Earnings Call	Q4 2016
Mosaic Co/The	MOS US	9:00	Q2 2016 Earnings Call	Q2 2016
Xylem Inc/NY	XYL US	9:00	Q2 2016 Earnings Call	Q2 2016
Ford Motor Co	F US	9:15	July 2016 Sales and Revenue Release
Williams Cos Inc/The	WMB US	9:30	Q2 2016 Earnings Call	Q2 2016
Cummins Inc	CMI US	10:00	Q2 2016 Earnings Call	Q2 2016
Eaton Corp PLC	ETN US	10:00	Q2 2016 Earnings Call	Q2 2016
Equifax Inc	EFX US	10:00	Business Update Call
Ford Motor Co	F US	10:00	July 2016 Sales and Revenue Call
Pfizer Inc	PFE US	10:00	Q2 2016 Earnings Call	Q2 2016
Vornado Realty Trust	VNO US	10:00	Q2 2016 Earnings Call	Q2 2016
Alliant Energy Corp	LNT US	10:00	Q2 2016 Earnings Call	Q2 2016
Welltower Inc	HCN US	10:00	Q2 2016 Earnings Call	Q2 2016
Royal Caribbean Cruises Ltd	RCL US	10:00	Q2 2016 Earnings Call	Q2 2016
Entergy Corp	ETR US	11:00	Q2 2016 Earnings Call	Q2 2016
Molson Coors Brewing Co	TAP US	11:00	Q2 2016 Earnings Call	Q2 2016
AmerisourceBergen Corp	ABC US	11:00	Q3 2016 Earnings Call	Q3 2016
American International Group Inc	AIG US	Aft-mkt	Q2 2016 Earnings Release	Q2 2016	0.922
FMC Corp	FMC US	Aft-mkt	Q2 2016 Earnings Release	Q2 2016	0.68
ONEOK Inc	OKE US	Aft-mkt	Q2 2016 Earnings Release	Q2 2016	0.437
Cerner Corp	CERN US	Aft-mkt	Q2 2016 Earnings Release	Q2 2016	0.571
Electronic Arts Inc	EA US	Aft-mkt	Q1 2017 Earnings Release	Q1 2017	-0.023
Fiserv Inc	FISV US	Aft-mkt	Q2 2016 Earnings Release	Q2 2016	1.074
Newfield Exploration Co	NFX US	Aft-mkt	Q2 2016 Earnings Release	Q2 2016	0.157
Hanesbrands Inc	HBI US	Aft-mkt	Q2 2016 Earnings Release	Q2 2016	0.524
Concho Resources Inc	CXO US	Aft-mkt	Q2 2016 Earnings Release	Q2 2016	0.053
Verisk Analytics Inc	VRSK US	Aft-mkt	Q2 2016 Earnings Release	Q2 2016	0.762
Fortive Corp	FTV US	Aft-mkt	Q2 2016 Earnings Release	Q2 2016	0.613
Alaska Air Group Inc	ALK US		July 2016 Sales and Revenue Release - Traffic Results	2016
Delta Air Lines Inc	DAL US		July 2016 Sales and Revenue Release - Traffic Results	2016
General Motors Co	GM US		July 2016 Sales and Revenue Release	2016