BARCHART MORNING CALL 4/13

BARCHART MORNING CALL

Monday, April 13th, 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

June E-mini S&Ps (ESM15 -0.14%) this morning are down -0.14% as they fell back from a 3-week high ahead of Q1 corporate earnings reports this week. European stocks are up +0.22% at a 6-3/4 year high. Asian stocks settled mixed: Japan -0.01%, Hong Kong +2.73%, China +2.17%, Taiwan +0.51%, Australia -0.14%, Singapore +0.35%, South Korea +0.58%, India +0.57%. China's Shanghai Composite Index climbed to a 7-year high and gave most global bourses a boost on speculation that China may boost stimulus to spur economic growth after China Mar exports unexpectedly declined.
Commodity prices are mixed. May crude oil (CLK15 +1.20%) is up +1.28% and May gasoline (RBK15 +0.76%) is up +0.84% as skepticism among U.S. lawmakers over a nuclear deal with Iran bolstered speculation that an increase in Iranian crude exports may be delayed. Metals prices weakened as the dollar index climbed to a 4-week high. Jun gold (GCM15 -0.45%) is down -0.42%. May copper (HGK15 -0.22%) is unch. Agriculture prices are lower with May corn at a 3-week low, after weekend rains in the U.S. Midwest boosted soil moisture levels ahead of spring plantings.
The dollar index (DXY00 +0.52%) is up +0.60% at a 4-week high and EUR/USD (^EURUSD) is down -0.66% at a 4-week low as the ECB continues its QE program while the Fed readies the markets for an eventual interest rate increase. USD/JPY (^USDJPY) is up +0.36% at a 3-week high.
Jun T-note prices (ZNM15 -0.13%) are down -5 ticks at a 1-1/2 week low after a report Sunday from Morgan Stanley said that the U.S. 10-year T-note yield will rise to 2.40% by year-end as a rebound in economic growth pushes inflation higher.
The China Mar trade balance shrank to a surplus of +$3.08 billion, narrower than expectations of +$40.10 billion and the smallest trade surplus in 13 months. China Mar exports unexpectedly fell -14.6% y/y, weaker than expectations of +8.2% y/y, and China Mar imports fell -12.7% y/y, weaker than expectations of -10.0% y/y.
Japan Mar PPI rose +0.3% m/m and +0.7% y/y, stronger than expectations of -0.1% m/m and +0.4% y/y.
Japan Feb machine orders fell -0.4% m/m and rose +5.9% y/y, stronger than expectations of -2.2% m/m and +4.3% y/y.

U.S. STOCK PREVIEW

Key U.S. news today includes (1) the March Treasury budget statement (expected -$43.4 billion vs year-earlier -$36.9 billion).
There are two of the Russell 1000 companies that report earnings today: Commerce Bancshares (consensus $0.58), Ocwen Financial (0.27).
There are no U.S. IPO's that price or trade today.
Equity conferences this week include: Consumer Debt Forum on Mon, World Strategic Forum on Mon-Tue, Cantor Fitzgerald First Annual ETF and Indexing Forum on Wed.

OVERNIGHT U.S. STOCK MOVERS

British Petroleum (BP +0.46%) was downgraded to 'Neutral' from 'Buy' at BofA/Merrill Lynch.
Marathon Oil (MRO +1.43%) was upgraded to 'Buy' from 'Neutral' at BofA/Merrill Lynch.
Netflix (NFLX +3.43%) was upgraded to 'Buy' from 'Neutral' at UBS who also raised their price target on the stock to $565 from $370.
Sempra Energy (SRE -0.05%) was upgraded to 'Buy' from 'Neutral' at Goldman Sachs with a price target of $130.
Helmerich & Payne (HP -1.15%) was downgraded to 'Hold' from 'Buy' at Jefferies.
Freeport McMoRan (FCX -2.56%) was upgraded to 'Buy' from 'Neutral' at Citigroup.
BHP Billiton (BHP -0.04%) and Rio Tinto (RIO -1.61%) were both downgraded to 'Neutral' from 'Buy' at Citigroup.
UPS (UPS +0.09%) will invest $1.06 billion in a Europe expansion, according to Reuters.
Grainger (GWW -0.06%) may be 10%-20% undervalued, according to a weekend article by Barron's.
Avon (AVP -1.86%) "could still pay off" with a doubling of its stock price in coming years, according to a weekend column by Barron's.
Accenture (ACN -0.82%) may rally by 26% over next three years, according to a weekend article by Barron's.
Newmont Mining (NEM +0.45%) may may rally by 55%, according to a weekend article by Barron's.

MARKET COMMENTS

June E-mini S&Ps (ESM15 -0.14%) this morning are down -3.00 points (-0.14%). Friday's closes: S&P 500 +0.52%, Dow Jones +0.55%, Nasdaq +0.43%. The S&P 500 index on Friday closed moderately higher and posted a new 2-1/2 week high. The market extended the week's rally as GE returned to its industrial roots by announcing an effective spin-off of GE Capital and as market optimism continues about the recent spate of M&A activity.
Jun 10-year T-notes (ZNM15 -0.13%) this morning are down -5 ticks at a 1-1/2 week low. Friday's closes: TYM5 -1, FVM5 -1.75. June 10-year T-notes on Friday remained on the defensive and closed slightly lower on stock market strength and carry-over pessimism about the poor demand seen for Thursday's 30-year bond auction.
The dollar index (DXY00 +0.52%) this morning is up +0.594 (+0.60%) at a 4-week high. EUR/USD (^EURUSD) is down -0.0070 (-0.66%) at a 4-week low. USD/JPY (^USDJPY) is up +0.43 (+0.36%) at a 3-week high. Friday's closes: Dollar Index +0.19 (+0.19%), EUR/USD -0.0055 (-0.52%), USD/JPY -0.36 (-0.30%). The dollar index on Friday extended the weekly rally and closed just moderately below March’s 12-year high. The dollar continued to see strength on Friday after Wednesday's FOMC minutes noted that "several" FOMC members favored a rate hike as early as June.
May WTI crude oil (CLK15 +1.20%) this morning is up +66 cents (+1.28%). May gasoline (RBK15 +0.76%) is up +0.0151 (+0.84%). Friday's closes: CLK5 +0.85 (+1.67%), RBK5 +0.0481 (+2.73%). May crude oil and gasoline on Friday closed moderately higher on some continued short-covering after Wednesday's 6% plunge. Crude oil prices on Wednesday plunged on the +10.95 million bbl surge in EIA U.S. crude oil inventories and on doubts about an Iranian nuclear agreement after Iran Supreme Leader Khamenei insisted that sanctions would have to be dropped immediately upon a final nuclear agreement, not phased in as the preliminary agreement contemplated.

GLOBAL EVENT CALENDAR04/13/2015

US	1100 ET	USDA weekly grain export inspections.
	1400 ET	March Treasury budget statement expected -$43.4 billion, year-earlier -$36.9 billion.
	1600 ET	USDA weekly crop progress.
UK	1901 ET	UK Mar BRC sales like-for-like, Feb +0.2% y/y.

U.S. STOCK CALENDAR04/13/2015

Company	Ticker	Time	Event Description	Period	Estimate
Commerce Bancshares Inc/MO	CBSH US	Bef-mkt	Q1 2015 Earnings Release	Q1 2015	0.579
Laredo Petroleum Inc	LPI US	14:30	Analyst Meeting	Y 2015
Goodyear Tire & Rubber Co/The	GT US		Annual General Meeting
Ocwen Financial Corp	OCN US		Q4 2014 Earnings Release	Q4 2014	0.269

BARCHART MORNING CALL 7/31

BARCHART MORNING CALL

Thursday, July 31st, 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 -0.59%) this morning are down -0.56% and European stocks are down -0.86%, both at 1-1/2 week lows, as company earnings results disappointed. Samsung, the world's biggest smartphone maker, fell 3.7% in South Korea and led technology stocks lower after it reported Q2 net income that fell short of consensus, while Lufthansa dropped nearly 6% after Europe's second-largest airline said Q2 profit fell and predicted travel markets will remain weak in the second half of this year. Standard & Poor's said Argentina was in default after it missed an interest payment on $13 billion of debt. Asian stocks closed mixed: Japan -0.16%, Hong Kong +0.10%, China +1.22%, Taiwan -1.39%, Australia +0.18%, Singapore +0.61%, South Korea -0.55%, India -0.74%. China's Shanghai Stock Index climbed to its highest level in 7-1/2 months on speculation government stimulus and reform measures will boost economic growth. Commodity prices are mixed. Sep crude oil (CLU14 -0.72%) is down -0.74% at a 2-week low as it fell below $100 a barrel on dollar strength. Sep gasoline (RBU14 -0.56%) is down -0.69% at a 3-1/2 month low. Aug gold (GCQ14 -0.05%) is up +0.05%. Sep copper (HGU14 -0.06%) is up +0.11%. Agriculture and livestock prices are lower. The dollar index (DXY00 +0.08%) is up +0.06%. EUR/USD (^EURUSD) is down -0.07% after weaker-than-expected Eurozone Jul CPI boosted the prospects for additional ECB easing measures. USD/JPY (^USDJPY) is up +0.08%. Sep T-note prices (ZNU14 -0.01%) are unchanged.
The Eurozone Jul CPI estimate unexpectedly weakened to +0.4% y/y, lower than expectations of unch at +0.5% y/y and the slowest pace of increase in 4-3/4 years. The Jul core CPI rose +0.8% y/y, right on expectations.
The Eurozone Jun unemployment rate unexpectedly fell -0.1 to 11.5%, better than expectations of no change at 11.6% y/y and the lowest in 1-3/4 years.
The German Jul unemployment change fell -12,000, over double expectations of -5,000 and the first decrease in 3 months. The Jul unemployment rate remained unchanged at 6.7%, right on expectations and the lowest since data for a reunified Germany began in 1991.
German Jun retail sales were mixed as sales rose +1.3% m/m, better than expectations of +1.0% m/m, but rose only +0.4% y/y, less than expectations of +1.3% y/y.
UK Jul GfK consumer confidence unexpectedly fell -3 points to -2, weaker than expectations of +1 to 2.
UK Jul nationwide house prices rose +0.1% m/m and +10.6% y/y, less than expectations of +0.5% m/m and +11.3% y/y.
Japan Jun labor cash earnings rose +0.4% y/y, less than expectations of +0.8% y/y.

U.S. STOCK PREVIEW

Today’s weekly initial unemployment claims report is expected to show a +16,000 gain to 300,000, reversing most of last week’s -19,000 decline to 284,000. Meanwhile, today’s continuing claims report is expected to show a -8,000 decline to 2.492 million, matching last week’s decline of -8,000 to 2.500 million. Today’s Q2 employment cost index is expected to strengthen to +0.5% q/q (+2.0% annualized) from +0.3% (+1.2% annualized) in Q1. Today’s July Chicago PMI report is expected to show a +0.4 point increase to 63.0, recovering some of the sharp -2.9 point loss to 62.6 seen in June.
There are 51 of the S&P 500 companies that report earnings today with notable reports including: Mastercard (consensus $0.77), Exxon (1.86), Kellogg (1.02), Expedia (0.76), CME Group (0.79), Time Warner (1.90), ConocoPhillips (1.61), Marathon Petroleum (2.20), ADP (0.63), Excelon (0.50). Equity conferences this week include the following: Institute of Validation technology on Tue-Thu, and Marcus Evans 13th Annual Outage Management for Power Plants Conference on Tue-Thu.

OVERNIGHT U.S. STOCK MOVERS

CME Group (CME +0.44%) reported Q2 EPS of 77 cents, below consensus of 79 cents.
Avon Products (AVP +0.39%) reported Q2 EPS of 20 cents, weaker than consensus of 21 cents.
Con-way (CNW +0.19%) reported Q2 EPS of 91 cents, well above consensus of 75 cents.
Lam Research (LRCX -1.32%) reported Q4 adjusted EPS of $1.25, better than consensus of $1.23.
Western Digital (WDC +0.38%) reported Q4 EPS of $1.85, stronger than consensus of $1.74.
Unum Group (UNM -0.46%) reported Q2 EPS of 94 cents, higher than consensus of 87 cents.
Endurance Specialty (ENH -0.19%) terminated its offer to acquire Aspen Insurance (AHL -0.63%) .
Hologic (HOLX +1.68%) reported Q3 EPS of 37 cents, better than consensus of 34 cents, and then raisd guidance on fiscal 2014 EPS view ex-items to $1.44-$1.45 from $1.37-$1.40, higher than consensus of $1.40.
Allstate (ALL -0.28%) gained nearly 3% in after-hours tradng after it reported Q2 operating EPS of $1.01, well above consensus of 70 cents.
MetLife (MET +0.65%) reported Q2 EPS of $1.39, less than consensus of $1.41.
Kraft Foods (KRFT -0.90%) dropped over 2% in after-hours trading after it reported Q2 EPS of 80 cents, weaker than consensus of 83 cents.
Fortune Brands (FBHS +0.11%) reported Q2 EPS of 55 cents, higher than consensus of 54 cents, although Q2 revenue of $1.14 billion was slightly less than consensus of $1.17 billion.
Whiting Petroleum (WLL -0.13%) rose over 1% in after-hours trading after it reported adjusted Q2 EPS of $1.40, stronger than consensus of $1.28.
AMC Entertainment (AMC -0.31%) reported Q2 EPS of 32 cents, higher than consensus of 29 cents.
Whole Foods Market (WFM +3.80%) fell over 4% in afer-hours trading after it reported Q3 EPS of 41 cents, better than consensus of 39 cents, but then lowered guidance on fiscal 2014 EPS view to $1.52-$1.54 from $1.52-$1.56, at the low end of consensus of $1.53.
Akamai (AKAM +2.93%) reported Q2 EPS of 58 cents, higher than consensus of 55 cents.

MARKET COMMENTS

Sep E-mini S&Ps (ESU14 -0.59%) this morning are down -11,00 points (-0.56%). The S&P 500 index on Wednesday recovered from a 1-1/2 week low and closed higher: S&P 500 +0.01%, Dow Jones -0.19%, Nasdaq +0.43%. Bullish factors included (1) the +4.0% gain in U.S. Q2 GDP, stronger than expectations of +3.0% as Q2 personal consumption rose +2.5%, better than expectations of +1.9%, and (2) positive Q2 company earnings results as 77% of reporting S&P 500 companies have beaten estimates. A negative factor was the +218,000 increase in Jul ADP employment, less than expectations of +230,000.
Sep 10-year T-notes (ZNU14 -0.01%) this morning are unch. Sep 10-year T-note futures prices on Wednesday tumbled to a 3-week low and closed lower. Bearish factors included (1) the stronger-than-expected U.S. Q2 GDP of +4.0%, which bolstered the outlook for the Fed to raise interest rates sooner rather than later, and (2) the +2.0% increase in the Q2 core PCE deflator, more than expectations of +1.9% and the fastest pace in 2-1/4 years. Closes: TYU4 -23.00, FVU4 -11.00.
The dollar index (DXY00 +0.08%) this morning is up +0.048 (+0.06%). EUR/USD (^EURUSD) is down -0.0010 (-0.07%) and USD/JPY (^USDJPY) is up +0.08 (+0.08%). The dollar index on Wednesday soared to a 10-1/2 month high after the stronger-than-expected U.S. Q2 GDP report bolstered the outlook for the Fed to tighten monetary policy. EUR/USD fell to an 8-1/2 month low and USD/JPY rose to a 2-3/4 month high as the yen weakened on speculation the BOJ may expand its stimulus measures after Japan Jun industrial production fell -3.3% m/m, the most in 3-1/4 years. Closes: Dollar index +0.218 (+0.27%), EUR/USD -0.0012 (-0.09%), USD/JPY +0.672 (+0.66%).
Sep WTI crude oil (CLU14 -0.72%) this morning is down -74 cents (-0.74%) at a 2-week low and Sep gasoline (RBU14 -0.56%) is down -0.0194 (-0.69%) at a 3-1/2 month low. Sep crude and gasoline prices on Wednesday closed lower with Sep crude at a 2-week low and Sep gasoline at a 2-1/2 month low: CLU4 -1.29 (-1.28%), RBU4 -0.0419 (-1.47%). Bearish factors included (1) the rally in the dollar index to a 10-1/2 month high, and (2) the +789,000 bbl increase in EIA distillate inventories to a 10-month high of 126.7 million bbl. Crude prices failed to rally on the -3.697 million bbl drop in weekly EIA inventories, three times more than expectations of a -1.25 million bbl draw.

GLOBAL EVENT CALENDAR07/31/2014

US	0730 ET	Jul Challenger job cuts, Jun -20.2% y/y.
	0830 ET	Weekly initial unemployment claims expected +16,000 to 300,000, previous -19,000 to 284,000. Weekly continuing claims expected -8,000 to 2.492 million, previous -8,000 to 2.500 million.
	0830 ET	USDA weekly Export Sales.
	0830 ET	Q2 employment cost index expected +0.5%, Q1 +0.3%.
	0900 ET	Jul Milwaukee ISM expected +0.4 to 61.0, Jun -2.92 to 60.57.
	0945 ET	Jul Chicago PMI expected +0.4 to 63.0, Jun -2.9 to 62.6.
JPN	0100 ET	Japan Jun annualized housing starts expected -11.5% y/y to 857,000, May -15.0% y/y to 872,000.
	0100 ET	Japan Jun construction orders, May +13.7% y/y.
GER	0200 ET	German Jun retail sales expected +1.0% m/m and +1.3% y/y, May -0
	0355 ET	German Jul unemployment change expected -5,000, Jun +9,000. Jul unemployment rate expected unch at 6.7%, Jun 6.7%.
EUR	0500 ET	Eurozone Jul CPI estimate expected +0.5% y/y, Jun +0.5% y/y. Jul core CPI expected +0.8% y/y, Jun +0.8% y/y.
	0500 ET	Eurozone Jun unemployment rate expected unchanged at 11.6%, May 11.6%.
UK	0200 ET	UK Jul Nationwide House Price index expected +0.5% m/m and +11.3% y/y, June +1.0% m/m and +11.8% y/y.
CHI	2100 ET	China Jul manufacturing PMI (National Bureau of Statistics) expected +0.4 to 51.4, Jun +0.2 to 51.0.
	2145 ET	Final-July HSBC China manufacturing PMI expected unch at 52.0, prelim-Jul +1.3 to 52.0.

U.S. STOCK CALENDAR07/31/2014

Company Name	Ticker	Time	Event Description	Period	Estimate
Pentair PLC	PNR US	Bef-mkt	Q2 2014 Earnings Release	Q2 2014	1.034
Xcel Energy Inc	XEL US	Bef-mkt	Q2 2014 Earnings Release	Q2 2014	0.405
DIRECTV	DTV US	Bef-mkt	Q2 2014 Earnings Release	Q2 2014	1.533
Occidental Petroleum Corp	OXY US	Bef-mkt	Q2 2014 Earnings Release	Q2 2014	1.764
Marathon Petroleum Corp	MPC US	Bef-mkt	Q2 2014 Earnings Release	Q2 2014	2.195
PG&E Corp	PCG US	Bef-mkt	Q2 2014 Earnings Release	Q2 2014	0.75
BorgWarner Inc	BWA US	Bef-mkt	Q2 2014 Earnings Release	Q2 2014	0.871
PPL Corp	PPL US	Bef-mkt	Q2 2014 Earnings Release	Q2 2014	0.454
Automatic Data Processing Inc	ADP US	Bef-mkt	Q4 2014 Earnings Release	Q4 2014	0.629
Exelon Corp	EXC US	Bef-mkt	Q2 2014 Earnings Release	Q2 2014	0.497
Avon Products Inc	AVP US	Bef-mkt	Q2 2014 Earnings Release	Q2 2014	0.213
Pinnacle West Capital Corp	PNW US	Bef-mkt	Q2 2014 Earnings Release	Q2 2014	1.148
L-3 Communications Holdings Inc	LLL US	Bef-mkt	Q2 2014 Earnings Release	Q2 2014	2.016
SCANA Corp	SCG US	Bef-mkt	Q2 2014 Earnings Release	Q2 2014	0.616
McKesson Corp	MCK US	Bef-mkt	Q1 2015 Earnings Release	Q1 2015	2.327
Colgate-Palmolive Co	CL US	Bef-mkt	Q2 2014 Earnings Release	Q2 2014	0.734
TECO Energy Inc	TE US	Bef-mkt	Q2 2014 Earnings Release	Q2 2014	0.268
MasterCard Inc	MA US	Bef-mkt	Q2 2014 Earnings Release	Q2 2014	0.768
Ensco PLC	ESV US	Bef-mkt	Q2 2014 Earnings Release	Q2 2014	1.314
CME Group Inc/IL	CME US	Bef-mkt	Q2 2014 Earnings Release	Q2 2014	0.793
Delphi Automotive PLC	DLPH US	Bef-mkt	Q2 2014 Earnings Release	Q2 2014	1.326
Ball Corp	BLL US	6:00	Q2 2014 Earnings Release	Q2 2014	1.022
Becton Dickinson and Co	BDX US	6:00	Q3 2014 Earnings Release	Q3 2014	1.671
Cigna Corp	CI US	6:00	Q2 2014 Earnings Release	Q2 2014	1.842
Iron Mountain Inc	IRM US	6:00	Q2 2014 Earnings Release	Q2 2014	0.423
Time Warner Cable Inc	TWC US	6:00	Q2 2014 Earnings Release	Q2 2014	1.901
Helmerich & Payne Inc	HP US	6:00	Q3 2014 Earnings Release	Q3 2014	1.63
Host Hotels & Resorts Inc	HST US	6:00	Q2 2014 Earnings Release	Q2 2014	0.434
Quanta Services Inc	PWR US	6:07	Q2 2014 Earnings Release	Q2 2014	0.403
Newell Rubbermaid Inc	NWL US	6:30	Q2 2014 Earnings Release	Q2 2014	0.544
NiSource Inc	NI US	6:30	Q2 2014 Earnings Release	Q2 2014	0.244
Discovery Communications Inc	DISCA US	7:00	Q2 2014 Earnings Release	Q2 2014	0.966
ConocoPhillips	COP US	7:00	Q2 2014 Earnings Release	Q2 2014	1.606
Mosaic Co/The	MOS US	7:00	Q2 2014 Earnings Release	Q2 2014	0.739
DENTSPLY International Inc	XRAY US	7:00	Q2 2014 Earnings Release	Q2 2014	0.682
Legg Mason Inc	LM US	7:00	Q1 2015 Earnings Release	Q1 2015	0.553
Invesco Ltd	IVZ US	7:30	Q2 2014 Earnings Release	Q2 2014	0.586
Newell Rubbermaid Inc	NWL US	8:00	Q2 2014 Earnings Call	Q2 2014
Apache Corp	APA US	8:00	Q2 2014 Earnings Release	Q2 2014	1.64
Allegion PLC	ALLE US	8:00	Q2 2014 Earnings Call	Q2 2014
Becton Dickinson and Co	BDX US	8:00	Q3 2014 Earnings Call	Q3 2014
Exxon Mobil Corp	XOM US	8:00	Q2 2014 Earnings Release	Q2 2014	1.862
Kellogg Co	K US	8:00	Q2 2014 Earnings Release	Q2 2014	1.017
Legg Mason Inc	LM US	8:00	Q1 2015 Earnings Call	Q1 2015
MetLife Inc	MET US	8:00	Q2 2014 Earnings Call	Q2 2014
Discovery Communications Inc	DISCA US	8:30	Q2 2014 Earnings Call	Q2 2014
PPL Corp	PPL US	8:30	Q2 2014 Earnings Call	Q2 2014
Automatic Data Processing Inc	ADP US	8:30	Q4 2014 Earnings Call	Q4 2014
McKesson Corp	MCK US	8:30	Q1 2015 Earnings Call	Q1 2015
Cigna Corp	CI US	8:30	Q2 2014 Earnings Call	Q2 2014
Iron Mountain Inc	IRM US	8:30	Q2 2014 Earnings Call	Q2 2014
Tesoro Corp	TSO US	8:30	Q2 2014 Earnings Call	Q2 2014
Time Warner Cable Inc	TWC US	8:30	Q2 2014 Earnings Call	Q2 2014
DENTSPLY International Inc	XRAY US	8:30	Q2 2014 Earnings Call	Q2 2014
CME Group Inc/IL	CME US	8:30	Q2 2014 Earnings Call	Q2 2014
Pentair PLC	PNR US	9:00	Q2 2014 Earnings Call	Q2 2014
NiSource Inc	NI US	9:00	Q2 2014 Earnings Call	Q2 2014
Avon Products Inc	AVP US	9:00	Q2 2014 Earnings Call	Q2 2014
TECO Energy Inc	TE US	9:00	Q2 2014 Earnings Call	Q2 2014
Invesco Ltd	IVZ US	9:00	Q2 2014 Earnings Call	Q2 2014
Noble Corp plc	NE US	9:00	Q2 2014 Earnings Call	Q2 2014
Unum Group	UNM US	9:00	Q2 2014 Earnings Call	Q2 2014
MasterCard Inc	MA US	9:00	Q2 2014 Earnings Call	Q2 2014
Mosaic Co/The	MOS US	9:00	Q2 2014 Earnings Call	Q2 2014
Delphi Automotive PLC	DLPH US	9:00	Q2 2014 Earnings Call	Q2 2014
Allstate Corp/The	ALL US	9:00	Q2 2014 Earnings Call	Q2 2014
BorgWarner Inc	BWA US	9:30	Q2 2014 Earnings Call	Q2 2014
Quanta Services Inc	PWR US	9:30	Q2 2014 Earnings Call	Q2 2014
Williams Cos Inc/The	WMB US	9:30	Q2 2014 Earnings Call	Q2 2014
Kellogg Co	K US	9:30	Q2 2014 Earnings Call	Q2 2014
Xcel Energy Inc	XEL US	10:00	Q2 2014 Earnings Call	Q2 2014
Occidental Petroleum Corp	OXY US	10:00	Q2 2014 Earnings Call	Q2 2014
Marathon Petroleum Corp	MPC US	10:00	Q2 2014 Earnings Call	Q2 2014
Exelon Corp	EXC US	10:00	Q2 2014 Earnings Call	Q2 2014
Progressive Corp/The	PGR US	10:00	Investor Relations Conference Call
Lincoln National Corp	LNC US	10:00	Q2 2014 Earnings Call	Q2 2014
Host Hotels & Resorts Inc	HST US	10:00	Q2 2014 Earnings Call	Q2 2014
PG&E Corp	PCG US	11:00	Q2 2014 Earnings Call	Q2 2014
Ball Corp	BLL US	11:00	Q2 2014 Earnings Call	Q2 2014
L-3 Communications Holdings Inc	LLL US	11:00	Q2 2014 Earnings Call	Q2 2014
Hartford Financial Services Group Inc/The	HIG US	11:00	Q2 2014 Earnings Call	Q2 2014
Colgate-Palmolive Co	CL US	11:00	Q2 2014 Earnings Call	Q2 2014
Exxon Mobil Corp	XOM US	11:00	Q2 2014 Earnings Call	Q2 2014
FMC Corp	FMC US	11:00	Q2 2014 Earnings Call	Q2 2014
Ensco PLC	ESV US	11:00	Q2 2014 Earnings Call	Q2 2014
Helmerich & Payne Inc	HP US	11:00	Q3 2014 Earnings Call	Q3 2014
ConocoPhillips	COP US	12:00	Q2 2014 Earnings Call	Q2 2014
Pinnacle West Capital Corp	PNW US	12:00	Q2 2014 Earnings Call	Q2 2014
Michael Kors Holdings Ltd	KORS US	12:00	Annual General Meeting	Y 2014
Murphy Oil Corp	MUR US	13:00	Q2 2014 Earnings Call	Q2 2014
DIRECTV	DTV US	14:00	Q2 2014 Earnings Call	Q2 2014
Apache Corp	APA US	14:00	Q2 2014 Earnings Call	Q2 2014
SCANA Corp	SCG US	15:00	Q2 2014 Earnings Call	Q2 2014
Western Union Co/The	WU US	16:00	Q2 2014 Earnings Release	Q2 2014	0.357
Western Union Co/The	WU US	16:30	Q2 2014 Earnings Call	Q2 2014
Expedia Inc	EXPE US	16:30	Q2 2014 Earnings Call	Q2 2014
DaVita HealthCare Partners Inc	DVA US	17:00	Q2 2014 Earnings Call	Q2 2014
Microchip Technology Inc	MCHP US	17:00	Q1 2015 Earnings Call	Q1 2015
Edison International	EIX US	17:00	Q2 2014 Earnings Call	Q2 2014
PerkinElmer Inc	PKI US	17:00	Q2 2014 Earnings Call	Q2 2014
Electronic Arts Inc	EA US	17:00	Annual General Meeting
Northeast Utilities	NU US	Aft-mkt	Q2 2014 Earnings Release	Q2 2014	0.506
Fluor Corp	FLR US	Aft-mkt	Q2 2014 Earnings Release	Q2 2014	0.992
DaVita HealthCare Partners Inc	DVA US	Aft-mkt	Q2 2014 Earnings Release	Q2 2014	0.888
Microchip Technology Inc	MCHP US	Aft-mkt	Q1 2015 Earnings Release	Q1 2015	0.665
Mohawk Industries Inc	MHK US	Aft-mkt	Q2 2014 Earnings Release	Q2 2014	2.197
Edison International	EIX US	Aft-mkt	Q2 2014 Earnings Release	Q2 2014	0.818
Public Storage	PSA US	Aft-mkt	Q2 2014 Earnings Release	Q2 2014	1.961
PerkinElmer Inc	PKI US	Aft-mkt	Q2 2014 Earnings Release	Q2 2014	0.579
Apartment Investment & Management Co	AIV US	Aft-mkt	Q2 2014 Earnings Release	Q2 2014	0.505
Expedia Inc	EXPE US	Aft-mkt	Q2 2014 Earnings Release	Q2 2014	0.758
Fluor Corp	FLR US	17:30	Q2 2014 Earnings Call	Q2 2014

BARCHART MORNING CALL 5/2

BARCHART MORNING CALL

Friday, May 2nd, 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

June E-mini S&Ps (ESM14 +0.07%) this morning are up +0.05% ahead of this morning's U.S. Apr non-farm payrolls report and European stocks are down -0.32% as the Ukraine crisis intensified when two Ukrainian helicopters were shot down as government forces launched a military offensive to retake Slovyansk, a stronghold for pro-separatist forces. Losses in European stocks were limited after Royal Bank of Scotland jumped nearly 7% when it reported Q1 profit of 1.2 billion pounds, six times better than consensus of 200 million pounds. Another positive for European stocks is reduced European sovereign debt concerns as Eurozone government bond yields fell to record lows after Italy's 10-year government bond yield fell to 3.047% and Spain's 10-year bond yield dropped to 2.98%, both the lowest since data began in 1993. Asian stocks closed mixed: Japan -0.19%, Hong Kong +0.57%, China closed for holiday, Taiwan +0.86%, Australia +0.17%, Singapore -0.37%, South Korea -0.10%, India -0.06%. Commodity prices are mostly higher. Jun crude oil (CLM14 +0.42%) is up +0.42%. Jun gasoline (RBM14 +0.27%) is up +0.28%. Jun gold (GCM14 +0.26%) is up +0.25%. July copper (HGN14 +0.58%) is up +0.60%. Agriculture and livestock prices are mixed. The dollar index (DXY00 +0.04%) is up +0.07%. EUR/USD (^EURUSD) is down -0.07%. USD/JPY (^USDJPY) is up +0.18%. June T-note prices (ZNM14 -0.06%) are down -4 ticks.
The Eurozone Mar unemployment rate was unchanged from Feb at 11.8%, which was revised lower from the originally reported 11.9%.
The Eurozone Apr Markit manufacturing PMI was revised upward to 53.4 from the originally reported 53.3.
The German Apr Markit/BME manufacturing PMI was revised down to 54.1 from the originally reported 54.2.
The Japan Mar jobless rate held steady at a 16-1/3 year low of 3.6%, right on expectations. The Mar job-to-applicant ration rose +0.02 to 1.07, better than expectations of +0.01 to 1.06 and the most in 7-1/2 years.
Japan Mar overall household spending jumped +7.2% y/y, over three times expectations of +2.0% y/y and the largest increase since the data series began in 2001.

U.S. STOCK PREVIEW

Today’s April payroll report is expected to show an increase of +215,000, strengthening from +192,000 in March. Today’s April unemployment rate is expected to fall -0.1 point to 6.6%, thus matching the 5-1/2 year low posted in January. Today’s March factory orders report is expected to show a +1.5% increase, adding to the +1.6% increase seen in February.
There are 10 of the S&P 500 companies that report earnings today. Notable reports include Berkshire Hathaway (cosnensus $2171.39), Chevron (2.52), Sempra Energy (0.95), Newell Rubbermaid (0.32), CVS Caremark (1.04), Estee Lauder (0.55). There are no equity conferences today.

OVERNIGHT U.S. STOCK MOVERS

Newell Rubbermaid (NWL -0.23%) reported Q1 EPS of 35 cents, higher than consensus of 32 cents.
CVS Caremark (CVS +0.51%) reported Q1 EPS of $1.02, weaker than consensus of $1.04.
XL Group (XL +1.28%) reported Q1 EPS of 85 cents, better than consensus of 74 cents.
Manitowoc (MTW +1.57%) reported Q1 adjusted EPS of 17 cents, below consensus of 20 cents.
Fluor (FLR -0.21%) reported Q1 EPS of 92 cents, weaker than consensus of 97 cents.
Tempur Sealy (TPX +0.74%) reported Q1 adjusted EPS of 53 cents, better than consensus of 51 cents.
Southwestern Energy (SWN -0.98%) reported Q1 adjusted EPS of 66 cents, stronger than consensus of 63 cents.
Akamai (AKAM +2.75%) reported Q1 adjusted EPS of 58 cents, higher than consensus of 53 cents.
Covance (CVD -0.28%) reported Q1 EPS ex-items of 90 cents, better than consensus of 89 cents.
Mohawk (MHK +0.69%) reported Q1 EPS ex-items of $1.23, stronger than consensus of $1.17.
DaVita (DVA +0.91%) reported Q1 adjusted EPS of 85 cents, less than consensus of 86 cents, although Q1 revenue of $3.04 billion was slightly above consensus of $3.03 billion.
Outerwall (OUTR -2.86%) reported Q1 EPS of 94 cents, better than consensus of 93 cents.
Avon Products (AVP -10.21%) was downgraded to 'Neutral' from 'Buy' at BTIG.
Western Union (WU -0.13%) reported Q1 EPS of 37 cents, better than consensus of 35 cents.
Wynn Resorts (WYNN +1.34%) reported Q1 adjusted EPS of $2.32, well ahead of consensus of $2.07.
LinkedIn (LNKD +5.05%) fell nearly 3% in pre-market trading after it reported Q1 adjusted EPS of 38 cents, better than consensus of 34 cents, but then said it sees fiscal 2014 revenue of $2.05 billion-$2.06 billion, lower than cosnensus of $2.11 billion.
Kraft Foods (KRFT -0.30%) reported Q1 EPS ex-items of 78 cents, higher than consensus of 76 cents.
Expedia (EXPE +4.06%) reported Q1 adjusted EPS of 16 cents, better than consensus of 15 cents.

MARKET COMMENTS

June E-mini S&Ps (ESM14 +0.07%) this morning are up +1.00 point (+0.05%). The S&P 500 index on Thursday rose to a 3-week high but fell back and closed little changed. Bullish factors included (1) the +0.9% increase in Mar personal spending, more than expectations of +0.6% and the largest increase in 4-1/2 years, and (2) the +1.2 point increase in the Apr ISM manufacturing index, a larger increase than expectations of +0.6 to 54.3. Limiting strength in stocks was the unexpected +14,000 jump in weekly initial unemployment claims to a 2-month high of 344,000, more than expectations of a -9,000 decline to 320,000. Closes: S&P 500 -0.01%, Dow Jones -0.13%, Nasdaq +0.34%.
Jun 10-year T-notes (ZNM14 -0.06%) this morning are down -4 ticks. Jun 10-year T-note futures prices on Thursday climbed to a 2-week high and closed higher. Bullish factors included (1) the unexpected increase in weekly U.S. jobless claims to a 2-month high, and (2) scant inflation pressures after the Mar core PCE deflator of +1.2% y/y remained far below the Fed’s inflation target of +2.0% y/y. Closes: TYM4 +7.50, FVM4 +4.00.
The dollar index (DXY00 +0.04%) this morning is up +0.055 (+0.07%). EUR/USD (^EURUSD) is down -0.0010 (-0.07%). USD/JPY (^USDJPY) is up +0.18 (+0.18%). The dollar index on Thursday rebounded from a 2-week low and closed higher: Dollar index +0.053 (+0.07%), EUR/USD +0.0002 (+0.02%), USD/JPY +0.092 (+0.09%). Bullish factors for the dollar included signs of strength in the U.S. economy after (1) U.S. Mar personal spending rose more than expected by +0.9% at the fastest pace in 4-1/2 years, and (2) the larger-than-expected increase in the Apr ISM manufacturing index.
Jun WTI crude oil (CLM14 +0.42%) this morning is up +42 cents (+0.42%). Jun gasoline (RBM14 +0.27%) is up +0.0083 (+0.28%). Jun crude and gasoline prices on Thursday closed lower with Jun crude at a 4-week low and Jun gasoline at a 3-week low. Bearish factors included (1) negative carry-over from Wednesday’s EIA data where U.S. crude inventories rose to their highest since EIA data began in 1982 and monthly government data began in 1920, and (2) the recovery in the dollar which rebounded from a 2-1/2 week low and closed higher. Closes: CLM4 -1.54 (-1.52%). RBM4 -0.0436 (-1.45%).

GLOBAL EVENT CALENDAR05/02/2014

US	0830 ET	Apr non-farm payrolls expected +215,000, Mar +192,000. Apr private payrolls expected +215,000, Mar +192,000. Apr manufacturing payrolls expected +8,000, Mar 1,000. Apr unemployment rate expected -0.1 to 6.6%, Mar unch at 6.7%.
	0830 ET	Apr avg hourly earnings expected +0.2% m/m and +2.1% y/y, Mar unch m/m and +2.1% y/y. Apr avg weekly hours expected unch at 34.5 hours, Mar 34.5 hours.
	0945 ET	Apr New York ISM expected +2.0 to 54.0, Mar 52.0.
	1000 ET	Mar factory orders expected +1.5%, Feb +1.6%.
EUR	0400 ET	Eurozone Apr Markit manufacturing PMI, Mar 53.4.
	0500 ET	Eurozone Mar unemployment rate expected unch at 11.9%, Feb 11.9%.
UK	0430 ET	UK Apr Markit/CIPS construction PMI, Mar 62.5.
CHI	2100 ET	China Apr non-manufacturing PMI (National Bureau of Statistics), Mar -0.5 to 54.5.
	n/a	Chinese markets closed for Labour Day holiday.

U.S. STOCK CALENDAR05/02/2014

Company Name	Ticker	Time	Event Description	Period	Estimate
Newell Rubbermaid Inc	NWL US	Bef-mkt	Q1 2014 Earnings Release	Q1 2014	0.321
Pinnacle West Capital Corp	PNW US	Bef-mkt	Q1 2014 Earnings Release	Q1 2014	0.129
Marsh & McLennan Cos Inc	MMC US	Bef-mkt	Q1 2014 Earnings Release	Q1 2014	0.803
CVS Caremark Corp	CVS US	Bef-mkt	Q1 2014 Earnings Release	Q1 2014	1.044
Estee Lauder Cos Inc/The	EL US	7:30	Q3 2014 Earnings Release	Q3 2014	0.55
Newell Rubbermaid Inc	NWL US	8:00	Q1 2014 Earnings Call	Q1 2014
XL Group PLC	XL US	8:00	Q1 2014 Earnings Call	Q1 2014
Chevron Corp	CVX US	8:30	Q1 2014 Earnings Release	Q1 2014	2.524
Graham Holdings Co	GHC US	8:30	Q1 2014 Earnings Release	Q1 2014
Marsh & McLennan Cos Inc	MMC US	8:30	Q1 2014 Earnings Call	Q1 2014
CVS Caremark Corp	CVS US	8:30	Q1 2014 Earnings Call	Q1 2014
Northeast Utilities	NU US	9:00	Q1 2014 Earnings Call	Q1 2014
Integrys Energy Group Inc	TEG US	9:00	Q1 2014 Earnings Call	Q1 2014
Sempra Energy	SRE US	9:00	Q1 2014 Earnings Release	Q1 2014	0.948
Alcoa Inc	AA US	9:30	Annual General Meeting	Y 2014
Equifax Inc	EFX US	9:30	Annual General Meeting
Estee Lauder Cos Inc/The	EL US	9:30	Q3 2014 Earnings Call	Q3 2014
Southwestern Energy Co	SWN US	10:00	Q1 2014 Earnings Call	Q1 2014
Mohawk Industries Inc	MHK US	11:00	Q1 2014 Earnings Call	Q1 2014
Chevron Corp	CVX US	11:00	Q1 2014 Earnings Call	Q1 2014
Entergy Corp	ETR US	11:00	Annual General Meeting
Wisconsin Energy Corp	WEC US	11:00	Annual General Meeting
Pinnacle West Capital Corp	PNW US	12:00	Q1 2014 Earnings Call	Q1 2014
Public Storage	PSA US	13:00	Q1 2014 Earnings Call	Q1 2014
Apartment Investment & Management Co	AIV US	13:00	Q1 2014 Earnings Call	Q1 2014
Sempra Energy	SRE US	13:00	Q1 2014 Earnings Call	Q1 2014
Illinois Tool Works Inc	ITW US	16:00	Annual General Meeting	Y 2014
Occidental Petroleum Corp	OXY US		Annual General Meeting
Berkshire Hathaway Inc	BRK/A US		Q1 2014 Earnings Release	Q1 2014	2171.37
Ryder System Inc	R US		Annual General Meeting
Consolidated Edison Inc	ED US		Q1 2014 Earnings Release	Q1 2014	1.048
AutoNation Inc	AN US		April 2014 Sales and Revenue Release	2014
FMC Technologies Inc	FTI US		Annual General Meeting
Merck & Co Inc	MRK US		FDA Adcomm, Singulair Allergy (montelukast 10mg tablet) OTC, allergy

BARCHART MORNING CALL 3/13

BARCHART MORNING CALL

Thursday, February 13th, 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

March E-mini S&Ps (ESH14 -0.44%) this morning are down -0.52% and European stocks are down -0.86%. Cisco fell nearly 4% and led U.S. stocks lower after it forecast quarterly sales below market estimates, while BNP Paribas lost 4% and led European stocks lower after it reported the lowest quarterly result in 6 years. Asian stocks closed mostly lower: Japan -1.79%, Hong Kong -0.54%, China -0.51%, Taiwan -0.51%, Australia -0.04%, Singapore +0.15%, South Korea -0.53%, India -1.25%. Fed Chair Yellen's testimony today before the Senate Banking Committee was postponed and federal government offices will be closed due to a snowstorm in Washington D.C. Commodity prices are mixed. Mar crude oil (CLH14 -0.57%) is down -0.61%. Mar gasoline (RBH14 -0.68%) is down -0.76%. Apr gold (GCJ14 -0.26%) is down -0.15%. March copper (HGH14 -0.41%) is down -0.46%. Agriculture and livestock prices are higher. The dollar index (DXY00 -0.41%) is down -0.42% at a 2-1/2 week low on expectations for data to show U.S. Jan retail sales stalled. EUR/USD (^EURUSD) is up +0.51% at a 2-week high. USD/JPY (^USDJPY) is down -0.51%. March T-note prices (ZNH14 +0.19%) are up +8.5 ticks.
In testimony before the European Parliament, ECB Executive Board member Coeure stated "we have said if we see any downside risk to medium-term price stability then we would have to act."
The German Jan CPI (EU harmonized) was left unchanged at -0.7% m/m and +1.2% y/y
The Australia Jan employment change unexpectedly fell -3,700, less than expectations of a +15,000 increase, and the Jan unemployment rate rose +0.2 to 6.0%, higher than expectations of +0.1 to 5.9% and the highest in 10-1/2 years.
China Jan passenger-vehicle sales rose +7% y/y to 1.8 million units, weaker than expectations of 1.88 million units and the slowest pace of growth in 11 months.
The UK Jan RICS house price balance unexpectedly fell to 53% from 56% in Dec, less than expectations of an increase to 58%.
The Japan Jan domestic CGPI rose +0.1% m/m and +2.4% y/y, right on expectations.

U.S. STOCK PREVIEW

Today’s weekly initial unemployment claims report is expected to show a slight decline of -1,000 to 330,000, adding to last week’s fairly large decline of -20,000 to 331,000. Meanwhile, continuing claims are expected to fall -4,000 to 2.960 million following last week’s +15,000 increase to 2.964 million. Today’s Jan retail sales report is expected to be weak at unchanged, decelerating from December’s report of +0.2%. Excluding some weakness in auto sales, today’s Jan retail sales report is expected to be a little stronger at +0.1%, down from December’s strong report of +0.7%. The Treasury today will sell $16 billion of 30-year T-bonds, concluding this week’s $70 billion coupon package.
There are 17 of the S&P 500 companies that report earnings today. Notable reports include BorgWarner (consensus $0.71), Avon (0.30), Nielsen (0.71), Goodyear (0.63), Discovery Communications (0.90), Kraft Foods (0.61), Agilent (0.66), and Consolidated Edison (0.66). Equity conferences during the remainder of this week include: Goldman Sachs Technology & Internet Conference on Tue-Thu, Credit Suisse Global Energy Summit on Tue-Thu, Bank of America Merrill Lynch Insurance Conference on Wed-Thu, BB&T Capital Markets Transportation Services Conference on Wed-Thu, Leerink Swann Global Healthcare Conference on Wed-Thu, and Sterne Agee Financial Institutions Investor Conference on Thu.

OVERNIGHT U.S. STOCK MOVERS

Molson Coors Brewing (TAP -0.36%) reported Q4 EPS of 68 cents, weaker than consensus of 72 cents.
Starwood Hotels & Resorts Worldwide (HOT +0.43%) reported Q4 EPS of 73 cents, better than consensus of 70 cents.
PepsiCo (PEP +0.30%) reported Q4 EPS of $1.05, stronger than consensus of $1.00.
Time Warner Cable (TWC +0.30%) jumped 13% in pre-market trading after Comcast agreed to buy the company for about $45.2 billion in stock.
General Cable (BGC +0.73%) reported Q4 EPS of 27 cents, weaker than consensus of 29 cents.
Apache (APA -0.12%) sold its Argentina operations to YPF Sociedad (YPF +6.12%) for $852 million.
CenturyLink (CTL +1.55%) reported Q4 adjusted EPS of 68 cents, better than consensus of 59 cents.
NVIDIA (NVDA +3.57%) reported Q4 adjusted EPS of 32 cents, well ahead of consensus of 18 cents.
MetLife (MET +0.24%) reported Q4 operating EPS of $1.37, better than consensus of $1.30.
SunPower (SPWR +1.61%) reported Q4 adjusted EPS of 47 cents, well above consensus of 28 cents.
Insight Enterprises (NSIT +0.43%) reported Q4 EPS of 57 cents, stronger than consensus of 53 cents.
Whole Foods Markets (WFM -0.75%) fell over 7% in after-hours trading after it reported Q1 EPS of 42 cents, lower than consensus of 44 cents, and then lowered guidance on fiscal 2014 EPS view to $1.58-$1.65, below consensus of $1.68.
Cisco (CSCO +0.62%) fell nearly 4% in after-hours trading after it reported Q2 adjusted EPS of 47 cents, higher than consensus of 46 cents, but said revenue in the current quarter will be $11.2 billion to $11.5 billion, at the low end of consensus of $11.3 billion.
Applied Materials (AMAT +0.73%) reported Q1 adjusted EPS of 23 cents, better than consensus of 22 cents.
NetApp (NTAP -2.52%) reported Q3 EPS of 75 cents, higher than consensus of 71 cents.
CBS (CBS +1.56%) rose 2% in after-hours trading after it reported Q4 adjusted EPS of 78 cents, better than consensus of 76 cents.

MARKET COMMENTS

Mar E-mini S&Ps (ESH14 -0.44%) this morning are down -9.50 points (-0.52%). The S&P 500 on Wednesday posted a 2-week high after China Jan exports rose +10.6% y/y, well above expectations of +0.1% y/y, which eased concern about slowing Chinese economic growth. Stocks fell back and settled little changed, however, after St. Louis Fed President Bullard said “right now we’re on track” to continue tapering bond purchases. Closes: S&P 500 -0.03%, Dow Jones -0.19%, Nasdaq 100 +0.16%.
Mar 10-year T-notes (ZNH14 +0.19%) this morning are up +8.5 ticks. Mar 10-year T-note futures prices on Wednesday posted a 2-week low on hawkish comments from St. Louis Fed President Bullard who said “right now we’re on track” to continue tapering bond purchases and “will be able to move out of the program later this year.” T-notes were also undercut by supply pressures as the Treasury auctioned $24 billion in 10-year T-notes on Wednesday and will auction $16 billion of T-bonds on Thursday as it concludes the Feb quarterly refunding. Closes: TYH4 -10.50, FVH4 -6.00.
The dollar index (DXY00 -0.41%) this morning is down -0.341 (-0.42%) at a 2-1/2 week low. EUR/USD (^EURUSD) is up +0.0070 (+0.51%) at a 2-week high. USD/JPY (^USDJPY) is down -0.52 (-0.51%). The dollar index on Wednesday closed higher. EUR/USD fell after Eurozone Dec industrial production slid -0.7% m/m, weaker than expectations of -0.3% m/m, and after ECB Council member Coeure said the ECB is considering a negative deposit rate “very seriously.” Closes: Dollar index +0.041 (+0.05%), EUR/USD -0.00446 (-0.33%), USD/JPY -0.103 (-0.10%).
Mar WTI crude oil (CLH14 -0.57%) this morning is down -61 cents (-0.61%) and Mar gasoline (RBH14 -0.68%) is down -0.0210 (-0.76%). Mar crude and gasoline prices Wednesday closed higher with Mar crude at a 3-3/4 month high and Mar gasoline at a 1-1/4 month high. Bullish factors included (1) increased Chinese oil demand after China Jan crude imports jumped +12% y/y to a record 28.15 MMT, (2) the -2.673 million bbl decline in crude supplies at Cushing, OK, the delivery point for WTI futures, to a 3-month low of 37.603 million bbl, and (3) the -1.853 million bbl decline in weekly EIA gasoline inventories, a bigger drop than expectations of -10,000 bbl. Closes: CLH4 +0.43 (+0.43%), RBH4 +0.0105 (+0.38%).

GLOBAL EVENT CALENDAR02/13/2014

US	0830 ET	Weekly initial unemployment claims expected -1,000 to 330,000, previous -20,000 to 331,000. Weekly continuing claims expected -4,000 to 2.960 million, previous +15,000 to 2.964 million.
	0830 ET	Jan retail sales expected unch and +0.1% ex autos, Dec +0.2% and +0.7% ex autos.
	0830 ET	USDA weekly Export Sales.
	1000 ET	Dec business inventories expected +0.4%, Nov +0.4%.
	1030 ET	Fed Chair Janet Yellen testifies on the economy before the Senate Banking Committee.
	1100 ET	Treasury announces amount of 30-year TIPS to be auctioned Feb 20 (previous $7 billion).
	1300 ET	Treasury auctions $16 billion 30-year T-bonds.
GER	0200 ET	Revised German Jan CPI (EU harmonized), previous -0.7% m/m and +1.2% y/y.
EUR	0400 ET	ECB publishes monthly report.
CHI	2030 ET	China Jan CPI expected +2.4% y/y, Dec +2.5% y/y. Jan PPI expected -1.6% y/y, Dec -1.4% y/y.

U.S. STOCK CALENDAR02/13/2014

Company Name	Ticker	Time	Event Description	Period	Estimate
BorgWarner Inc	BWA US	Bef-mkt	Q4 2013 Earnings Release	Q4 2013	0.711
Avon Products Inc	AVP US	Bef-mkt	Q4 2013 Earnings Release	Q4 2013	0.297
Nielsen Holdings NV	NLSN US	Bef-mkt	Q4 2013 Earnings Release	Q4 2013	0.711
Goodyear Tire & Rubber Co/The	GT US	Bef-mkt	Q4 2013 Earnings Release	Q4 2013	0.63
Molson Coors Brewing Co	TAP US	Bef-mkt	Q4 2013 Earnings Release	Q4 2013	0.723
International Flavors & Fragrances Inc	IFF US	Bef-mkt	Q4 2013 Earnings Release	Q4 2013	0.906
Starwood Hotels & Resorts Worldwide Inc	HOT US	6:00	Q4 2013 Earnings Release	Q4 2013	0.7
Discovery Communications Inc	DISCA US	7:00	Q4 2013 Earnings Release	Q4 2013	0.897
PepsiCo Inc	PEP US	7:00	Q4 2013 Earnings Release	Q4 2013	1.004
EQT Corp	EQT US	7:00	Q4 2013 Earnings Release	Q4 2013	0.684
Apache Corp	APA US	8:00	Q4 2013 Earnings Release	Q4 2013	1.803
PepsiCo Inc	PEP US	8:00	Q4 2013 Earnings Call	Q4 2013
Nielsen Holdings NV	NLSN US	8:00	Q4 2013 Earnings Call	Q4 2013
WW Grainger Inc	GWW US	8:00	January 2014 Sales and Revenue Call	2014
MetLife Inc	MET US	8:00	Q4 2013 Earnings Call	Q4 2013
Discovery Communications Inc	DISCA US	8:30	Q4 2013 Earnings Call	Q4 2013
Avon Products Inc	AVP US	9:00	Q4 2013 Earnings Call	Q4 2013
Emerson Electric Co	EMR US	9:00	Investor Conference	Y 2014
Goodyear Tire & Rubber Co/The	GT US	9:00	Q4 2013 Earnings Call	Q4 2013
BorgWarner Inc	BWA US	9:30	Q4 2013 Earnings Call	Q4 2013
Equifax Inc	EFX US	Aft-mkt	Q4 2013 Earnings Release	Q4 2013	0.912
American International Group Inc	AIG US	Aft-mkt	Q4 2013 Earnings Release	Q4 2013	0.965
Cliffs Natural Resources Inc	CLF US	Aft-mkt	Q4 2013 Earnings Release	Q4 2013	0.784
Xcel Energy Inc	XEL US		Roadshow - Day 2	Y 2014
Consolidated Edison Inc	ED US		Q4 2013 Earnings Release	Q4 2013	0.658
WW Grainger Inc	GWW US		January 2014 Sales and Revenue Release	2014