MORNING CALL 3/8

Barchart Morning Call

Barchart.com - Wed Mar 8, 6:30AM CST

OVERNIGHT MARKETS AND NEWS

Mar E-mini S&Ps (ESH17 -0.05%) this morning are down -0.05% and European stocks are down -0.15% as weakness in crude oil prices undercuts energy producing stocks. Apr WTI crude oil (CLJ17 -0.98%) is down -0.96% after API data late Tuesday showed U.S. crude inventories surged +11.6 million bbl last week. Mining stocks are also weaker as concern the Fed will raise interest rates at next week's FOMC meeting pressures precious metals prices with Apr COMEX gold (GCJ17-0.20%) down -0.20% and May COMEX silver (SIK17 -0.49%) down -0.60%, both at 1-month lows. On the positive side for European stocks, German Jan industrial production rose more than expected by the most in 5 months. Asian stocks settled mixed: Japan -0.47%, Hong Kong +0.43%, China -0.05%, Taiwan +0.16%, Australia -0.03%, Singapore +0.47%, South Korea +0.15%, India -0.34%. Losses in Chinese stocks were contained on signs of strength in domestic demand after China Feb imports surged +38.1% y/y. the biggest increase in 5-years.

The dollar index (DXY00 +0.12%) is up +0.09%. EUR/USD (^EURUSD) is down -0.06%. USD/JPY (^USDJPY) is up +0.03%.

Jun 10-year T-note prices (ZNM17 -0.20%) are down -7 ticks at a 1-1/2 month low ahead of the Treasury's $20 billion auction of 10-year T-notes later today.

German Jan industrial production rose +2.8% m/m, stronger than expectations of +2.7% m/m and the biggest increase in 5 months.

The China Feb trade balance fell to a deficit of -$9.15, billion less than expectations for a +$27.0 billion surplus and the largest deficit in 3-years. Feb exports unexpectedly fell -1.3% y/y, weaker than expectations of +14.0% y/y, and Feb imports rose +38.1% y/y, stronger than expectations of +20.0% y/y and the largest increase in 5-years.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) weekly MBA mortgage applications (previous +5.8% with purchase sub-index +6.5% and refi sub-index +5.1%), (2) Feb ADP employment change (expected +189,000, Jan +246,000), (3) revised Q4 non-farm productivity (expected +1.5%, previous +1.3%) and revised Q4 unit labor costs (expected +1.6%, previous +1.7%), (4) final-Jan wholesale inventories expected unrevised at -0.1%, (5) Treasury auctions $20 billion 10-year T-notes, (6) EIA Weekly Petroleum Status Report.

Notable Russell 1000 earnings reports today include: Valspar (consensus $0.73), Orbital ATK (1.47).

U.S. IPO's scheduled to price today: J. Jill Inc (JILL)

Equity conferences: Cowen and Company Health Care Conference on Mon-Wed, Deutsche Bank Media, Internet & Telecom Conference on Mon-Wed, Raymond James and Associates Institutional Investors Conference on Mon-Wed, RBC Capital Markets Financial Institutions Conference on Tue-Wed, Raymond James and Associates Institutional Investors Conference on Wed, Susquehanna Financial Group LLLP Semi Storage & Technology Conference on Thu, UBS Global Consumer & Retail Conference on Thu-Fri.

OVERNIGHT U.S. STOCK MOVERS

Caterpillar (CAT +0.28%) is down nearly 3% in pre-market trading after a report commissioned by the government and reviewed by the NYT accuses the company of tax and accounting fraud.

Urban Outfitters (URBN -1.05%) was downgraded to 'Market Perform' from 'Outperform' at William Clair & Co.

Michaels Cos. (MIK +2.29%) was upgraded to 'Buy' from 'Neutral' at Bank of America/Merrill Lynch with a price target of $28.

Armstrong World Industries (AWI -1.61%) slid 1% in after-hours trading after a 5.25 million share block was offered at $44.90-$45.40 via Deutsche Bank.

Skyworks Solutions (SWKS -0.42%) was rated a new 'Outperform' at Wells Fargo Securities.

Anadarko Petroleum (APC -0.14%) lost nearly 2% in after-hours trading after it said it sees 2017 capital expenditures (CAPEX) of $4.5 billion-$4.7 billion, more than consensus of $4.4 billion.

H&R Block (HRB -0.62%) jumped 7% in after-hours trading after it reported Q3 revenue of $451.9 million, higher than consensus of $427.4 million.

Bojangles' Inc. (BOJA -1.99%) dropped almost 8% in after-hours trading after it said it sees full-year revenue of $560 million-$569 million, less than consensus of $587.8 million.

Fox Factory Holding Corp. (FOXF unch) slid nearly 4% in after-hours trading after it announced a secondary public offering of 5.11 million shares.

Nimble Storage (NMBL +46.28%) was downgraded to 'Sector Weight' from 'Overweight' at Pacific Crest Securities.

Editas Medicine (EDIT +1.24%) fell nearly 6% in after-hours trading after it reported a Q4 EPS loss of -$1.10, much wider than consensus of -58 cents.

Aerovironment (AVAV +0.50%) rallied 5% in after-hours trading after it reported Q3 gross margin of 36.0%, better than consensus of 26.9%.

Health Insurance Innovations (HIIQ -3.61%) tumbled 12% in after-hours trading after it announced a secondary public offering by selling stockholders, although no size was given.

ZAGG Inc. (ZAGG -1.64%) climbed over 6% in after-hours trading after it said it sees full-year net sales of $470 million-$500 million, above consensus of $455.8 million.

MARKET COMMENTS

Mar E-mini S&Ps (ESH17 -0.05%) this morning are down -1.25 points (-0.05%). Tuesday's closes: S&P 500 -0.29%, Dow Jones -0.14%, Nasdaq -0.17%. The S&P 500 on Tuesday closed lower on the U.S. Jan trade deficit of -$48.5 billion, the biggest in 4-3/4 years, which is negative for Q1 GDP. There was also weakness in pharmaceutical stocks on speculation the Trump administration will soon unveil steps to lower drug prices after President Trump tweeted that he's working on a "new system where there will be more competition in the drug industry."

Jun 10-year T-notes (ZNM17 -0.20%) this morning are down -7 ticks at a 1-1/2 month low: Tuesday's closes: TYM7 -4.50, FVM7 -4.00. Jun T-notes on Tuesday closed lower on the OECD's projection for global growth this year to increase to 3.3% from 3.0% last year and on supply pressures as the Treasury auctions $56 billion of T-notes and T-bonds this week. Losses were limited as a slide in stocks boosted the safe-haven demand for T-notes.

The dollar index (DXY00 +0.12%) this morning is up +0.09 (+0.09%). EUR/USD (^EURUSD) is down -0.0006 (-0.06%). USD/JPY (^USDJPY) is up +0.03 (+0.03%). Tuesday's closes: Dollar index +0.17 (+0.17%), EUR/USD -0.0016 (-0.15%), USD/JPY +0.09 (+0.08%). The dollar index on Tuesday closed higher on weakness in EUR/USD after German Jan factory orders fell -7.4% m/m, the biggest decline in 8-years.

Apr WTI crude oil prices (CLJ17 -0.98%) this morning are down -51 cents (-0.96%) and Apr gasoline (RBJ17 +0.60%) is +0.0099 (+0.59%). Tuesday's closes: Apr crude -0.06 (-0.11%), Apr gasoline +0.0075 (+0.45%). Apr crude oil and gasoline on Tuesday settled mixed. Crude oil prices were boosted by comments from Iraq Oil Minister Al-Luaibi who said "it's likely" that OPEC will need to extend its production cuts, and by supply disruptions after rebels seized Libya's Es Sider terminal, the country's biggest oil port, which may reduce Libya's oil output of 700,000 bpd. Crude oil prices were undercut by a stronger dollar and expectations that Wednesday's EIA data will show crude supplies rose +1.4 million bbl.

GLOBAL EVENT CALENDAR03/08/2017

		Wed, Mar 8
US	0700 ET	Weekly MBA mortgage applications, previous +5.8% with purchase sub-index +6.5% and refi sub-index +5.1%.
	0815 ET	Feb ADP employment change expected +189,000, Jan +246,000.
	0830 ET	Revised Q4 non-farm productivity expected +1.5%, previous +1.3%. Revised Q4 unit labor costs expected +1.6%, previous +1.7%.
	1000 ET	Final-Jan wholesale inventories expected unrevised at -0.1%. Jan wholesale trade sales expected +0.5% m/m, Dec +2.6% m/m.
	1030 ET	EIA Weekly Petroleum Status Report.
	1300 ET	Treasury auctions $20 billion 10-year T-notes.
		Thu, Mar 9
US	0830 ET	Weekly initial unemployment claims expected +15,000 to 238,000, previous -19,000 to 223,000. Weekly continuing claims expected -3,000 to 2.063 million, previous +3,000 to 2.066 million.
	0830 ET	Feb import price index expected +0.1% m/m and +4.3% y/y, Jan +0.4% m/m and +3.7% y/y.
	0830 ET	USDA weekly Export Sales.
	1200 ET	USDA WASDE Mar crop production.
	1300 ET	Treasury auctions $12 billion 30-year T-bonds.

U.S. STOCK CALENDAR03/08/2017

Company	Ticker	Time	Event Description	Period	Estimate
Linde AG	LIN GR	0:30	Y 2016 Earnings Release	Y 16
Merck KGaA	MRK GR	1:00	Y 2016 Earnings Release	Y 16	6.28
Sekisui House Ltd	1928 JP	1:30	Y 2017 Earnings Release	Y 17 (Cons)
Sekisui House Ltd	1928 JP	1:30	Y 2017 Earnings Release	Y 17 (Par)
Staples Inc	SPLS US	Bef-mkt	Q4 2017 Earnings Release	Q4 17	0.25
Carrefour SA	CA FP	Bef-mkt	Y 2016 Earnings Release	Y 16
Signet Jewelers Ltd	SIG US	7:00	Q4 2017 Earnings Release	Q4 17	4.03
Aviva PLC	AV/ LN		Y 2016 Earnings Release	Y 16
Hyundai Motor Co	005380 KS		Q1 2017 Earnings Release	Q1 17 (Par)
Embraer SA	EMBR3 BZ		Y 2016 Earnings Release	Y 16 (Cons)
Wm Morrison Supermarkets PLC	MRW LN		Y 2017 Earnings Release	Y 17
Old Mutual PLC	OML LN		Y 2016 Earnings Release	Y 16
Ulta Beauty Inc	ULTA US	Aft-mkt	Q4 2017 Earnings Release	Q4 17	2.11
Empresas CMPC SA	CMPC CI	Aft-mkt	Y 2016 Earnings Release	Y 16

MORNING CALL 3/10

MORNING CALL

Thursday, March 10th, 2016View Older Reports

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OVERNIGHT MARKETS AND NEWS

March E-mini S&Ps (ESH16 +0.44%) are up +0.29% and European stocks are up +0.14% as the markets await the ECB's decision today on possible additional stimulus measures. The markets are expecting at least an interest rate cut by the ECB today and or an expansion of its quantitative easing. Weakness in crude oil and metals undercut energy and raw-material producing stocks, while an unexpected decline in German Jan exports pressured European stocks. Asian stocks settled mixed: Japan +1.26%, Hong Kong -0.06%, China -2.02%, Taiwan +0.31%, Australia -0.14%, Singapore -0.05%, South Korea +0.96%, India -0.69%. China's Shanghai Composite closed down over 2% after Chinese consumer prices rose at the fastest pace in 19 months, which may limit further stimulus measures by the government.

The dollar index (DXY00 +0.14%) is up +0.20%. EUR/USD (^EURUSD)is down -0.21%. USD/JPY (^USDJPY) is up +0.26%.

Jun T-note prices (ZNM16 +0.15%) are up +7 ticks.

The German Jan trade balance shrank to a surplus of 13.6 billion euros, less than expectations of +17.0 billion euros and the smallest surplus in 17 months. Jan exports unexpectedly fell -0.5% m/m, weaker than of +0.8% m/m. Jan imports rose +1.2% m/m, stronger than expectations of +0.8% m/m.

China Feb CPI rose +2.3% y/y, stronger than expectations of +1.8% y/y and the fastest pace of increase in 19 months.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) weekly initial unemployment claims (expected -3,000 to 275,000, previous +6,000 to 278,000) and continuing claims (expected -7,000 to 2.250 million, previous +3,000 to 2.257 million), (2) the Treasury's auction of $12 billion of 30-year T-bonds, and (3) Feb monthly budget statement (expected -$196.3 billion, Jan +$55.163 billion).

There are 5 of the Russell 1000 companies that report earnings today: Dollar General (consensus $1.26), Care Capital Properties (0.79), Four Corners Property Trust (0.45), VeriFone Systems (0.46), Ulta Salon (1.54).

U.S. IPO's scheduled to price today: Biolight Life Sciences (BOLT).

Equity conferences this week include: UBS Global Consumer Conference on Wed-Thu, JPMorgan Chase & Co., Inc Aviation, Transportation and Industrials Conference on Tue-Thu, J.P. Morgan Gaming, Lodging, Restaurant & Leisure Management Access Forum on Thu.

OVERNIGHT U.S. STOCK MOVERS

Expedia (EXPE +0.79%) was upgraded to 'Overweight' from 'Neutral' at Piper Jaffray with a 12-month price target of $140.

Sally Beauty Holdings (SBH +0.03%) was downgraded to 'Neutral' from 'Overweight' at Piper Jaffray with a 12-month price target of $31.

Royal Bank of Scotland Group PLC (RBS +0.46%) was downgraded to 'Market Perform' from 'Outperform' at Bernstein.

Ryerson Holding (RYI +0.22%) reported Q4 sales of $668.8 million, below consensus of $711.4 million.

American Eagle Outfitters (AEO +1.13%) lost nearly 2% in after-hours trading after it announced that CFO Mary Boland plans to retire April 1 and Chief Accounting Officer Scott Hurd will be interim CFO.

B&G Foods (BGS -0.54%) fell over 2% in after-hours trading after it announced a public offering of 4 million shares of its common stock.

Square (SQ +4.79%) rose nearly 2% in after-hours trading after it reported Q4 revenue of $374.4 million, higher than consensus of $344.7 million.

Box Inc. (BOX +3.73%) jumped over 10% in after-hours trading after it said it sees Q1 revenue of $88 million-$89 million, above consensus of $86.4 million, and then said it sees a fiscal 2017 adjusted loss of -83 cents to -85 cents, narrower than consensus of a loss of -90 cents.

Gulfport Energy (GPOR +4.01%) slid over 2% in after-hours trading after it announced a public offering of 14 million shares of its common stock.

Spectrum Pharmaceuticals (SPPI -1.18%) gained nearly 3% in after-hours trading after it reported a Q4 loss of -6 cents a share, a smaller loss than consensus of -18 cents.

Nasdaq (NDAQ +0.77%) agreed to buy International Securities Exchange from Deutsche Borse for $1.1 billion.

Sunrun (RUN -0.45%) climbed 3% in after-hours trading after it was rated a new 'Buy' at Deutsche Bank with a price target of $15.

Omega Protein (OME +6.46%) slumped over 20% in after-hours trading after it reported Q4 adjusted EPS of 29 cents, well below consensus of 53 cents.

Energy XXI Ltd. (EXXI +12.50%) plunged over 30% in after-hours trading when it said it may seek Chapter 11 bankruptcy protection as soon as next week.

MARKET COMMENTS

Mar E-mini S&Ps (ESH16 +0.44%) this morning are up +5.75 points (+0.29%). Wednesday's closes: S&P 500 +0.51%, Dow Jones +0.21%, Nasdaq +0.65%. The S&P on Wednesday closed higher on strength in energy producers with the rally in crude oil and on expectations that the ECB on Thursday will expand stimulus measures in an attempt to bolster economic growth. Stocks were undercut by news that the Jan wholesale inventory-to-sales ratio rose to a 6-3/4 year high of 1.35 months, which is a sign of tepid demand that is causing an unwanted buildup of inventories.

Jun 10-year T-notes (ZNM16 +0.15%) this morning are up +7 ticks. Wednesday's closes: TYM6 -14.00, FVM6 -51.75. Jun T-notes on Wednesday closed lower on reduced safe-haven demand for T-notes and on carryover weakness from a slide in German bund prices to a 2-week low.

The dollar index (DXY00 +0.14%) this morning is up +0.198 (+0.20%). EUR/USD (^EURUSD) is down -0.0023 (-0.21%). USD/JPY (^USDJPY) is up +0.30 (+0.26%). Wednesday's closes: Dollar Index -0.036 (-0.04%), EUR/USD -0.0012 (-0.11%), USD/JPY +0.73 (+0.65%). The dollar index on Wednesday closed lower on strength in the Canadian dollar (which climbed to a 3-3/4 month high against the dollar) and in the Russian ruble (which rose to a 2-1/2 month high against the dollar) as a rally in crude oil supported the currencies of crude-exporting countries. In addition, EUR/USD showed strength on short-covering ahead of Thursday's ECB meeting.

Apr WTI crude (CLJ16 -0.08%) this morning is down -11 cents (-0.29%) and Apr gasoline (RBJ16 +0.01%) is down -0.0077 (-0.52%). Wednesday's closes: CLJ6 +1.79 (+4.90%), RBJ6 +0.0827 (+5.96%). Apr crude and gasoline on Wednesday closed higher with Apr gasoline at a 4-month nearest-futures high. Crude oil prices were boosted by a weaker dollar and by the -4.53 million bbl drop in weekly EIA gasoline supplies (vs. expectations of-1.5million bbl). Crude oil prices were undercut by the rise in EIA crude stockpiles by +3.88 million bbl to a record high 521.8 million bbl and by the rise in oil inventories at Cushing, OK, the delivery point for WTI futures, by +690,000 bbl to a record 66.9 million bbl.

GLOBAL EVENT CALENDAR03/10/2016

US	0830 ET	Weekly initial unemployment claims expected -3,000 to 275,000, previous +6,000 to 278,000. Weekly continuing claims expected-7,000 to 2.250 million, previous +3,000 to 2.257 million.
	0830 ET	USDA weekly Export Sales.
	1100 ET	Treasury announces amount of 10-year TIPS to be auctioned Mar 17 (previous $15 billion).
	1300 ET	Treasury auctions $12 billion 30-year T-bonds.
	1400 ET	Feb monthly budget statement expected -$196.3 billion, Jan +$55.163 billion.
GER	0200 ET	German Jan trade balance expected +17.0 billion euros, Dec +19.0 billion euros. Jan exports expected +0.8% m/m, Dec -1.4% m/m. Jan imports expected +0.8% m/m, Dec -1.6% m/m.
	0200 ET	German Jan current account balance, Dec +25.6 billion euros.
	0200 ET	German Q4 labor costs, Q3 unch q/q and +2.4% y/y.
EUR	0745 ET	ECB announces interest rate decision expected -10 bp cut in deposit facility rate to -0.4% from -0.3%.
	0830 ET	ECB President Mario Draghi holds press conference following ECB meeting.
JPN	1850 ET	Japan Q1 BSI all-industry business conditions, Q4 4.6.

U.S. STOCK CALENDAR03/10/2016

Company	Ticker	Time	Event Description	Period	Estimate
Dollar General Corp	DG US	Bef-mkt	Q4 2016 Earnings Release	Q4 2016	1.261
Care Capital Properties Inc	CCP US	Bef-mkt	Q4 2015 Earnings Release	Q4 2015	0.787
Four Corners Property Trust Inc	FCPT US	Bef-mkt	Q4 2015 Earnings Release	Q4 2015	0.445
Armstrong World Industries Inc	AWI US	8:00	Investor Meeting	Y 2016
Western Union Co/The	WU US	8:30	Investor Day	Y 2016
Genpact Ltd	G US	9:00	Analyst & Investor Day	Y 2016
Dollar General Corp	DG US	10:00	Q4 2016 Earnings Call	Q4 2016
Tahoe Resources Inc	THO CN	10:00	Q4 2015 Earnings Call	Q4 2015
Care Capital Properties Inc	CCP US	10:00	Q4 2015 Earnings Call	Q4 2015
Applied Materials Inc	AMAT US	13:00	Annual General Meeting	Y 2016
American Express Co	AXP US	13:30	Investor Day	Y 2016
United Technologies Corp	UTX US	14:00	Investor and Analyst Meeting	Y 2016
F5 Networks Inc	FFIV US	14:00	Annual General Meeting	Y 2016
Four Corners Property Trust Inc	FCPT US	14:00	Q4 2015 Earnings Call	Q4 2015
VeriFone Systems Inc	PAY US	16:01	Q1 2016 Earnings Release	Q1 2016	0.461
VeriFone Systems Inc	PAY US	16:30	Q1 2016 Earnings Call	Q1 2016
Ulta Salon Cosmetics & Fragrance Inc	ULTA US	17:00	Q4 2016 Earnings Call	Q4 2016
Ulta Salon Cosmetics & Fragrance Inc	ULTA US	Aft-mkt	Q4 2016 Earnings Release	Q4 2016	1.535
Cabot Corp	CBT US		Annual General Meeting
Equifax Inc	EFX US		Investor Meeting - Boston	Y 2016
National Fuel Gas Co	NFG US		Annual General Meeting
Xcel Energy Inc	XEL US		Investor Meeting - Day 2	Y 2016

BARCHART MORNING CALL 7/10

BARCHART MORNING CALL

Friday, July 10th, 2015View Older Reports

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OVERNIGHT MARKETS AND NEWS

September E-mini S&Ps (ESU15 +1.20%) are up sharply by +1.27% and European stocks are up +3.01% at a 1-week high after Chinese stocks closed higher for a second day and after Greece submitted proposals to its creditors. French President Hollande said the Greek proposals were "serious" and "credible" after Greek Prime Minister Tsipras offered to meet most of the demands made by creditors in exchange for a 3-year bailout of 53.5 billion euros ($59.4 billion). Asian stocks closed mostly higher: Japan -0.38%, Hong Kong +2.08%, China +4.54%, Taiwan closed for holiday, Australia +0.39%, Singapore +0.38%, South Korea +0.02%, India +0.32%. Chinese stocks closed higher amid government intervention to help stem the recent equity rout. More than 1,300 Chinese stocks are still halted from trading on China's mainland exchanges, however, leaving trading to only 53% of the total market. Deleveraging by margin traders continued as stock bought on margin fell for a record 14th day on the Shanghai Stock Exchange on Thursday.
Commodity prices are mixed. Aug crude oil (CLQ15 +0.40%) is up +1.10%, Aug gasoline (RBQ15 -0.81%) is down -0.41%. Metals prices are mixed. Aug gold (GCQ15 +0.23%) is up +0.25%. Sep copper (HGU15 -0.74%) is down -0.61% after weekly Shanghai copper inventories rose +3,759 MT. Agricultural prices are higher ahead of the USDA's Jul WASDE crop production report.
The dollar index (DXY00 -1.01%) is down -1.12% at a 1-week low. EUR/USD (^EURUSD) is up +1.44% at a 1-1/2 week high. USD/JPY (^USDJPY) is up +0.85%.

Sep T-note prices (ZNU15 -0.33%) are down -15.5 ticks.
The Greek government seeks a 3-year bailout loan of at least 53.5 billion euros that was presented to European institutions late last night and will be presented to the Greek Parliament today. It will then be discussed at a summit of EU leaders Sunday to determine whether Greece gets a new bailout or is forced to leave the Eurozone. The Greek proposals include creditors' demands for sales tax increases and cuts in public spending and pensions. Greece also proposes the restructuring of its debt and a package of growth measures of 35 billion euros. Greece said it will use the 3-year loan from the European Stability Mechanism to cover its debt repayments between 2015 and 2018.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) May wholesale inventories (expected +0.3% after April's +0.4%), (2) Boston Fed President Eric Rosengren's keynote speech at the 7th Annual Rocky Mountain Economic Summit, and (3) Fed Chair Janet Yellen's speech on the U.S. economic outlook at an event in Cleveland.
None the Russell 1000 companies report earnings today.
U.S. IPO's scheduled to price today include: none.
Equity conferences this week: none.

OVERNIGHT U.S. STOCK MOVERS

Costco (COST -0.32%) was upgraded to 'Outperform' from 'Perform' at Oppenheimer with a $160 price target.
Heineken (HEINY +1.96%) was upgraded to 'Buy' from 'Neutral' at CitiGroup.
IntercontinentalExchange (ICE +1.16%) was upgraded to 'Buy' from 'Hold' at Deutsche Bank.
Transocean (RIG -0.66%) and Diamond Offshore (DO +1.74%) were both downgraded to 'Sell' from 'Hold' at Clarkson Capital.
Ameriprise (AMP +0.92%) was downgraded to 'Neutral' from 'Buy' at Goldman Sachs.
Mosaic (MOS -0.86%) was upgraded to 'Overweight' from 'Neutral' at Atlantic Equities.
J.M. Smucker (SJM -0.15%) announced a 4.92 million share common stock offering.
Gartner reported that Q2 worldwide PC shipments were down 9.5% y/y to 68.4 million units.
Carl Icahn reported a 6.51% stake in Tegna (TGNA +2.61%) .
Soros Fund Management reported a 5.32% passive stake in Cypress Semiconductor (CY +0.09%) .
Verizon (VZ -0.69%) coverage was resumed with a 'Buy' at Stifel with a price target of $60.
AT&T (T -1.15%) coverage was resumed with a 'Buy' at Stifel with a price target of $41.50.
Wolverine Asset Management reported an 8.8% passive stake in Viggle (VGGL unch) .
The Gap (GPS -1.56%) reported June same-store-sales were down -1.0% y/y.

MARKET COMMENTS

September E-mini S&Ps (ESU15 +1.20%) this morning are up sharply by +26.00 points (+1.27%). Thursday's closes: S&P 500 +0.23%, Dow Jones +0.19%, Nasdaq +0.01%. The S&P 500 on Thursday closed higher on a sharp rebound in Chinese stocks and on strength in commodity producers after crude oil and copper rallied. Stocks fell back, however, on bearish factors that included the unexpected +15,000 increase in U.S. weekly jobless claims, and the IMF's cut in its global 2015 GDP forecast to 3.3% from April's 3.5% and in its U.S. GDP estimate to +2.5% from +3.1%.
Sep 10-year T-notes (ZNU15 -0.33%) this morning are down -15.5 ticks. Thursday's closes: TYU5 -22.50, FVU5 -11.25. Sep T-notes on Thursday closed lower on reduced safe-haven demand tied to the upward rebound in Chinese and U.S. stocks and on weak demand for Thursday's 30-year T-bond auction that had a bid-to-cover ratio of 2.23, below the 12-auction average of 2.40.
The dollar index (DXY00 -1.01%)this morning is down -1.082 (-1.12%) at a 1-week low. EUR/USD (^EURUSD) is up +0.0159 (+1.44%) at a 1-1/2 week high. USD/JPY (^USDJPY) is up +1.03 (+0.85%). Thursday's closes: Dollar Index +0.312 (+0.32%), EUR/USD -0.00404 (-0.36%), USD/JPY +0.627 (+0.52%). The dollar on Thursday closed higher on (1) reduced safe-haven demand for the yen as USD/JPY strengthened after global stock markets rallied, and (2) weakness in EUR/USD ahead of Thursday night's deadline for Greece to present its creditors with a new plan.
Aug WTI crude oil (CLQ15 +0.40%) this morning is up +58 cents (+1.10%). Aug gasoline (RBQ15 -0.81%) is down -0.0083 (-0.41%). Thursday's closes: CLQ5 +1.13 (+2.19%), RBQ5 +0.0305 (+1.53%). Aug crude and gasoline on Thursday closed higher on short-covering and the sharp recovery in Chinese stocks. In addition, Iranian nuclear talks are not going well, which would keep economic sanctions against Iran in place and limit Iranian crude exports after President Obama said he sees less than a 50-50 chance of a nuclear deal with Iran.

GLOBAL EVENT CALENDAR07/10/2015

US	1000 ET	May wholesale inventories expected +0.3%, Apr +0.4%. May wholesale trade sales expected +0.9%, Apr +1.6%.
	1135 ET	Boston Fed President Eric Rosengren is the keynote speaker at the 7th Annual Rocky Mountain Economic Summit.
	1200 ET	USDA Jul WASDE crop production.
	1230 ET	Fed Chair Janet Yellen speaks on the U.S. economic outlook at an event in Cleveland.
JPN	0100 ET	Japan Jun consumer confidence expected +0.3 to 41.7, May 41.4.
UK	0430 ET	UK May construction output expected +0.8% m/m and +3.1% y/y, Apr -0.8% m/m and +1.5% y/y.

U.S. STOCK CALENDAR07/10/2015

Company	Ticker	Time	Event Description	Period	Estimate
American Airlines Group Inc	AAL US	Bef-mkt	June 2015 Sales and Revenue Release - Traffic Results	2015
Armstrong World Industries Inc	AWI US		Annual General Meeting

BARCHART MORNING CALL 10/27

BARCHART MORNING CALL

Monday, October 27th, 2014View Older Reports

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OVERNIGHT MARKETS AND NEWS

December E-mini S&Ps (ESZ14 -0.22%) this morning are down -0.20% and European stocks are down -0.55%. U.S. and European stocks had initially rallied up to 2-week highs in early trade Monday after the ECB said that most European banks passed stress tests, but stocks erased their gains and headed lower after German business confidence slid for a sixth month to the lowest in 1-3/4 years. Asian stocks closed mixed: Japan +0.63%, Hong Kong -0.68%, China -0.91%, Taiwan -0.21%, Australia +0.86%, Singapore +0.11%, South Korea +0.40%, India -0.37%. Japan's Nikkei Stock Index climbed to a 1-1/2 month high on optimism over U.S. stock earnings and after the ECB gave most European banks a clean bill of health following stress tests. Chinese stocks tumbled as the Shanghai Stock Index fell to a 1-3/4 month low after a Hong Kong bourse operator said that he had no idea when authorities will give the green light for cross-border trading between the two exchanges. Chinese stocks had rallied sharply in anticipation that price discounts versus Hong Kong stocks would narrow with the start of cross-border trading. Commodity prices are mostly lower. Dec crude oil (CLZ14 -0.52%) is down -0.53%. Dec gasoline (RBZ14 -0.48%) is down -0.87%. Dec gold (GCZ14 -0.08%) is down -0.10%. Dec copper (HGZ14 +0.31%) is up +0.07%. Agriculture prices are lower as dry, warm weather in the Midwest over the weekend sped up the pace of the U.S. harvest. The dollar index (DXY00 -0.07%) is down -0.08%. EUR/USD (^EURUSD) is up +0.01%. USD/JPY (^USDJPY) is down -0.26%. Dec T-note prices (ZNZ14 +0.02%) are down -0.5 of a tick.
The German Oct IFO business climate fell -1.5 to 103.2, a larger decline than expectations of -0.2 to 104.5 and the lowest in 1-3/4 years. The Oct IFO current assessment fell -2.0 to 108.4, more than expectations of -0.5 to 110.0 and the lowest in 1-1/2 years. Oct IFO expectations dropped -1.0 to 98.3, a bigger decline than expectations of -0.1 to 99.2 and the lowest in 1-3/4 years.
Eurozone Sep M3 money supply rose +2.5% y/y and +2.1% 3-month average, more than expectations of +2.2% y/y and +2.0% 3-month average with the 2.5% y/y gain the largest annual increase in 16 months.
Data from the ECB showed that European bank lending to companies and households in Sep fell -1.2% y/y. Although it was an improvement from the -1.5% y/y fall in Aug, it was the 29th consecutive month that bank lending has shrunk.
Japan Sep PPI services rose +3.5% y/y, right on expectations and matched the largest increase in 23 years.

U.S. STOCK PREVIEW

Today’s Sep pending home sales report is expected to show an increase of +1.0% m/m.  There are 13 of the S&P 500 companies that report earnings today with notable reports including:  Amgen (consensus $2.11), Seagate (1.25), Merck (0.88), General Growth (0.31), AvalonBay Communities (1.73).  Equity conferences this week include:  RMA Annual Risk Management Conference 2014 on Mon-Tue, and GTEC (Government Technology Exhibition & Conference) 2014 on Tue-Thu.

OVERNIGHT U.S. STOCK MOVERS

Allergan (AGN +0.46%) reported Q3 EPS of $1.72, below consensus of $1.77.
Merck & Co. (MRK +1.73%) reported Q3 EPS of 72 cents, weaker than consensus of 88 cents.
Roper Industries (ROP +0.43%) reported Q3 EPS of $1.55, better than consensus of $1.53.
Precision Drilling (PDS -1.99%) reported Q3 EPS of 18 cents, higher than consensus of 17 cents.
Armstrong World (AWI -0.14%) reported Q3 adjusted EPS of 83 cents, stronger than consensus of 78 cents.
Business Insider reports that Wal-Mart and Best Buy have joined Rite Aid and CVS Health in rejecting Apple's (AAPL +0.37%) mobile payments system Apple Pay.
Rackspace (RAX +0.98%) was upgraded to 'Buy' from 'Neutral' at BofA/Merrill Lynch.
Ventas (VTR -1.28%) was downgraded to 'Neutral' from 'Buy' at UBS.
Halliburton (HAL -0.13%) was downgraded to 'Buy' from 'Conviction Buy' at Goldman Sachs.
Anadarko (APC -1.29%) and EP Energy (EPE +1.64%) were both downgraded to 'Neutral' from 'Buy' at Goldman Sachs.
Precision Castparts (PCP -0.26%) was downgraded to 'Neutral' from 'Overweight' at JPMorgan Chase.
Acuity Brands (AYI +0.76%) was upgraded to 'Conviction Buy' from 'Buy' at Goldman Sachs.
Alcoa (AA +1.91%) was upgraded to 'Buy' from 'Hold' at Deutsche Bank.

MARKET COMMENTS

Dec E-mini S&Ps (ESZ14 -0.22%) this morning are down -4.00 points (-0.20%). The S&P 500 index on Friday rallied to a 2-week high and closed higher: S&P 500 +0.71%, Dow Jones +0.76%, Nasdaq +0.74%. Bullish factors included (1) strong Q3 stock earnings results with 70% of reporting S&P 500 companies beating estimates, and (2) an unexpected +0.2% increase in Sep new home sales to a 6-year high of 467,000 after Aug was revised lower to 466,000 from 504,000. Gains in stocks were limited on concern that the spread of the Ebola virus may slow the global economy after the first case of the virus was reported in New York City.
Dec 10-year T-notes (ZNZ14 +0.02%) this morning are down -0.5 of a tick. Dec 10-year T-note futures prices on Friday closed slightly higher on concern the spread of the Ebola virus will slow the economy and bolster the case for the Fed to delay raising interest rates. Closes: TYZ4 +0.50, FVZ4 +0.75. T-note prices fell back from their best levels after stocks rallied and after Sep new home sales climbed to a 6-year high.
The dollar index (DXY00 -0.07%) this morning is down -0.069 (-0.08%). EUR/USD (^EURUSD) is up +0.0001 (+0.01%). USD/JPY (^USDJPY) is down -0.28 (-0.26%). The dollar index on Friday closed lower. Closes: Dollar index -0.111 (-0.13%), EUR/USD +0.00232 (+0.18%), USD/JPY -0.125 (-0.12%). Bearish factors included (1) strength in EUR/USD after German Nov GfK consumer confidence unexpectedly rose +0.1 to 8.5, better than expectations of -0.3 to 8.0, and (2) concern that the spread of the Ebola virus may undercut economic growth and prompt the Fed to delay any interest rate hikes after New York City reported its first case of the virus.
Dec WTI crude oil (CLZ14 -0.52%) this morning is down -43 cents (-0.53%) and Dec gasoline (RBZ14 -0.48%) is down -0.0187 (-0.87%). Dec crude and Dec gasoline on Friday closed lower. Closes: CLZ4 -1.08 (-1.32%), RBZ4 -0.0238 (-1.10%). Negative factors included (1) speculation that Saudi Arabia won’t cut crude production in an attempt to push oil prices higher as they try to keep their share of OPEC output, and (2) concern that the spread of the Ebola virus may undercut consumer sentiment and spending and lead to slower economic growth and energy demand after the first case of the Ebola virus was reported in New Your City.

GLOBAL EVENT CALENDAR10/27/2014

US	0945 ET	Oct Markit services PMI expected -0.9 to 58.0, Sep -0.6 to 58.9. Oct Markit composite PMI, Sep -0.7 to 59.0.
	1000 ET	Sep pending home sales expected +1.0% m/m and +2.2% y/y, Aug -1.0% m/m and -4.1% y/y.
	1030 ET	Oct Dallas Fed manufacturing activity index expected +0.2 to 11.0, Sep +3.7 to 10.8.
	1100 ET	USDA weekly grain export inspections.
	1600 ET	USDA weekly crop progress.
GER	0500 ET	German Oct IFO business climate expected +0.1 to 104.8. Oct IFO current assessment expected -0.5 to 110.0, Sep 110.5. Oct IFO expectations expected -0.1 to 99.2, Sep 99.3.
EUR	0500 ET	Eurozone Sep M3 money supply expected +2.2% y/y and +2.0% 3-mo avg, Aug +2.0% y/y and +1.8% 3-mo avg.
UK	0700 ET	UK Oct CBI reported sales expected -6 to 25, Sep 31.
JPN	1950 ET	Japan Sep retail sales expected +0.9% m/m and +0.8% y/y, Aug +1.9% m/m and +1.2% y/y.
CHI	2130 ET	China Sep industrial profits, Aug -0.6% y/y.

U.S. STOCK CALENDAR10/27/2014

Company Name	Ticker	Time	Event Description	Period	Estimate
Allergan Inc/United States	AGN US	Bef-mkt	Q3 2014 Earnings Release	Q3 2014	1.765
Seagate Technology PLC	STX US	Bef-mkt	Q1 2015 Earnings Release	Q1 2015	1.246
Merck & Co Inc	MRK US	Bef-mkt	Q3 2014 Earnings Release	Q3 2014	0.878
Roper Industries Inc	ROP US	7:00	Q3 2014 Earnings Release	Q3 2014	1.534
Merck & Co Inc	MRK US	8:00	Q3 2014 Earnings Call	Q3 2014
Roper Industries Inc	ROP US	8:30	Q3 2014 Earnings Call	Q3 2014
Franklin Resources Inc	BEN US	8:30	Q4 2014 Earnings Release	Q4 2014	0.928
Franklin Resources Inc	BEN US	8:30	Q4 2014 Earnings Call - Pre-Recorded	C4 2014
Allergan Inc/United States	AGN US	9:00	Q3 2014 Earnings Call	Q3 2014
Seagate Technology PLC	STX US	9:00	Q1 2015 Earnings Call	Q1 2015
Charles Schwab Corp/The	SCHW US	11:00	Business Update Call
Franklin Resources Inc	BEN US	11:00	Q4 2014 Earnings Call	Q4 2014
Plum Creek Timber Co Inc	PCL US	17:00	Q3 2014 Earnings Call	Q3 2014
XL Group PLC	XL US	17:00	Q3 2014 Earnings Call	Q3 2014
Amgen Inc	AMGN US	17:00	Q3 2014 Earnings Call	Q3 2014
Plum Creek Timber Co Inc	PCL US	Aft-mkt	Q3 2014 Earnings Release	Q3 2014	0.297
Hartford Financial Services Group Inc/The	HIG US	Aft-mkt	Q3 2014 Earnings Release	Q3 2014	0.825
General Growth Properties Inc	GGP US	Aft-mkt	Q3 2014 Earnings Release	Q3 2014	0.313
XL Group PLC	XL US	Aft-mkt	Q3 2014 Earnings Release	Q3 2014	0.62
Amgen Inc	AMGN US	Aft-mkt	Q3 2014 Earnings Release	Q3 2014	2.112
Masco Corp	MAS US	Aft-mkt	Q3 2014 Earnings Release	Q3 2014	0.317
AvalonBay Communities Inc	AVB US	Aft-mkt	Q3 2014 Earnings Release	Q3 2014	1.732
Universal Health Services Inc	UHS US	17:01	Q3 2014 Earnings Release	Q3 2014	1.342