MORNING CALL 3/9

Barchart Morning Call

Barchart.com - 1 hour ago

OVERNIGHT MARKETS AND NEWS

Mar E-mini S&Ps (ESH17 -0.11%) this morning are down -0.08% at a 1-week low and European stocks are little changed, up +0.02%, as weakness in energy producers drags the overall market lower. Apr WTI crude oil (CLJ17 -2.29%) is down -1.73% at a 3-1/4 month low on signs the global oil glut will persist after Wednesday's EIA data showed U.S crude inventories climbed to another record high. Losses in European stocks were limited ahead of the conclusion of today's ECB meeting and press conference from ECB President Draghi. Expectations are for no change in monetary policy but the markets will parse ECB President Draghi's comments to see if the ECB intends to maintain its asset purchases until the end of the year. The likelihood of a Fed rate hike next week has led to fund selling of precious metals with Apr COMEX gold (GCJ17 -0.20%) down -0.45% and May COMEX silver (SIK17 -0.48%) down -0.80%, both at 5-week lows, and May COMEX copper (HGK17 -1.25%) down -1.40% to a 1-3/4 month low. Asian stocks settled mostly lower: Japan +0.34%, Hong Kong -1.18%, China -0.74%, Taiwan -0.97%, Australia -0.32%, Singapore -0.84%, South Korea -0.25%, India +0.09%. Japanese stocks bucked the slide in other global bourses and closed higher as exporter stocks rallied due to a weaker yen after USD/JPY climbed to a 3-week high.

The dollar index (DXY00 -0.04%) is down -0.04%. EUR/USD (^EURUSD) is up +0.21%. USD/JPY (^USDJPY) is up +0.26% at a 3-week high.

Jun 10-year T-note prices (ZNM17 -0.08%) are down -3 ticks.

China Feb CPI rose +0.8% y/y, weaker than expectations of +1.7% y/y and the smallest pace of increase in 2 years.

China Feb PPI rose +7.8% y/y, stronger than expectations of +7.7% y/y and the fastest pace of increase in 8-1/3 years.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) weekly initial unemployment claims (expected +15,000 to 238,000, previous -19,000 to 223,000) and continuing claims (expected -4,000 to 2.062 million, previous +3,000 to 2.066 million), (2) Feb import price index (expected +0.1% m/m and +4.4% y/y, Jan +0.4% m/m and +3.7% y/y), (3) Treasury auctions $12 billion 30-year T-bonds, (4) USDA weekly Export Sales, (5) USDA WASDE Mar crop production.

Notable Russell 1000 earnings reports today include: Staples (consensus $0.26), International Game Technology (0.51), Signet Jewelers $4.00), Tahoe Resources (0.15), Ulta Beauty (2.14), VeriFone Systems (0.20).

U.S. IPO's scheduled to price today: Presidio (PSDO), Matlin Acquisition Corp (MPACU),

Equity conferences: Susquehanna Financial Group LLLP Semi Storage & Technology Conference on Thu, UBS Global Consumer & Retail Conference on Thu-Fri.

OVERNIGHT U.S. STOCK MOVERS

Tiffany & Co. (TIF +0.41%) was downgraded to 'Sell' from 'Hold' at SBG Securities with a 12-month target price of $90.

Semtech (SMTC +2.39%) rallied 5% in after-hours trading after it reported Q4 adjusted EPS of 37 cents, better than consensus of 35 cents, and then said it sees Q1 adjusted EPS of 39 cents-43 cents, above consensus of 36 cents.

Camping World Holdings (CWH +0.65%) slid 4% in after-hours trading after it reported Q4 revenue of $670 million, below consensus of $679.0 million.

Sinclair Broadcast Group (SBGI -1.65%) slipped almost 2% in after-hours trading after it announced a public offering of 12.0 million shares of Class A common stock.

Planet Fitness (PLNT +1.30%) lost 1% in after-hours trading after it announced a secondary offering of 15 million shares of Class A common stock.

Comtech Telecommunications (CMTL +0.82%) rose 3% in after-hours trading after it said it sees full-year EPS of 68 cents, above consensus of 28 cents.

Tech Data (TECD -4.19%) was upgraded to 'Buy' from 'Hold' at Needham & Co. with a 12-month target price of $107.

elf Beauty (ELF -2.39%) surged 14% in after-hours trading after it reported Q4 adjusted EPS of 19 cents, higher than consensus of 13 cents, and then said it sees full-year net sales of $285 million-$295 million, better than consensus of $281.3 million.

Tailored Brands (TLRD +1.08%) plunged over 25% in after-hours trading after it reported Q4 net sales of $793.3 million, weaker than consensus of $811.3 million, and then said its sees full-year EPS of $1.45-$1.75, well below consensus of $2.10.

Bankrate (RATE +1.39%) dropped over 7% in after-hours trading after it reported Q4 adjusted EPS of 16 cents, below consensus of 19 cents.

Amplify Snack Brands (BETR -4.18%) gained nearly 2% in after-hours trading after it reported Q4 net sales of $88,6 million, above consensus of $87.4 million, and said it sees 2017 net sales of $404 million-$420 million, above consensus of $404 million.

BioCryst Pharmaceuticals (BCRX +8.38%) fell over 4% in after-hours trading after it began a public offering of $45 million in common stock.

21Vianet Group (VNET +0.71%) dropped 6% in after-hour trading after it reported a Q4 loss per ads of 60 cents.

MARKET COMMENTS

Mar E-mini S&Ps (ESH17 -0.11%) this morning are down -2.00 points (-0.08%). Wednesday's closes: S&P 500 -0.23%, Dow Jones -0.33%, Nasdaq +0.16%. The S&P 500 on Wednesday closed lower on weakness in energy producing stocks after crude oil plunged by -5.38% to a 2-3/4 month low. There were also interest rate concerns after the 10-year T-note yield jumped to a 2-1/4 month high. Stocks found support on signs that Chinese domestic demand may be picking up, which would boost overall global growth, after China Feb imports rose +38.1% y/y, stronger than expectations of +20.0% y/y and the largest increase in 5 years. Stocks were also boosted by the +298,000 increase in U.S. Feb ADP employment, stronger than expectations of +187,000 and the biggest increase in 2-3/4 years.

Jun 10-year T-notes (ZNM17 -0.08%) this morning are down -3 ticks: Wednesday's closes: TYM7 -10.00, FVM7 -5.50. Jun 10-year T-notes sold off to a 2-1/4 month low Wednesday and closed lower on the stronger-than-expected Feb ADP employment report of +298,000, which may prompt the Fed into a faster pace of interest rate hikes. There were also supply pressures as the Treasury auctions $56 billion of T-notes and T-bonds this week.

The dollar index (DXY00 -0.04%) this morning is down -0.04 (-0.04%). EUR/USD (^EURUSD) is up +0.002 (+0.21%). USD/JPY (^USDJPY) is up +0.30 (+0.26%) at a 3-week high. Wednesday's closes: Dollar index +0.26 (+0.26%), EUR/USD -0.0025 (-0.24%), USD/JPY +0.37 (+0.32%). The dollar index on Wednesday closed higher on the surge in U.S. Feb ADP employment by +298,000, the most in 2-3/4 years, which bolsters the case for additional Fed rate hikes. The dollar was also supported by the jump in 10-year T-note yields to a 2-1/4 month high, which boosts the dollar's interest rate differentials.

Apr WTI crude oil prices (CLJ17 -2.29%) this morning are down -87 cents (-1.73%) to a 3-1/4 month low and Apr gasoline (RBJ17 -1.97%) is -0.0284 (-1.72%). Wednesday's closes: Apr crude -2.86 (-5.38%), Apr gasoline -0.0272 (-1.62%). Apr crude oil and gasoline on Wednesday closed sharply lower with Apr crude at a 2-3/4 month low. Crude oil prices were undercut by a stronger dollar, the +8.21 million bbl increase in EIA crude inventories to a record 528.39 million bbl (well above expectations for a +2.0 million bbl gain), and the +0.6% increase in U.S. crude production in the week of Mar 3 to 9.088 million bpd, a 1-year high.

GLOBAL EVENT CALENDAR03/09/2017

		Thursday, 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 -4,000 to 2.062 million, previous +3,000 to 2.066 million.
	0830 ET	Feb import price index expected +0.1% m/m and +4.4% 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.
		Friday, Mar 10
US	0830 ET	Feb non-farm payrolls expected +190,000, Jan +227,000. Feb private payrolls expected +195,000, Jan +237,000. Feb manufacturing payrolls expected +9,000, Jan +5,000. Feb unemployment rate expected -0.1 to 4.7%, Jan +0.1 to 4.8%.
	0830 ET	Feb avg hourly earnings expected +0.3% m/m and +2.7% y/y, Jan +0.1% m/m and +2.5% y/y. Feb avg weekly hours all employees expected unch at 34.4 hours, Jan unch at 34.4 hours.
	1400 ET	Feb monthly budget statement expected -$170.0 billion, Jan +$51.257 billion.

U.S. STOCK CALENDAR03/09/2017

Company	Ticker	Time	Event Description	Period	Estimate
International Game Technology PLC	IGT US	Bef-mkt	Q4 2016 Earnings Release	Q4 16	0.507
Staples Inc	SPLS US	Bef-mkt	Q4 2017 Earnings Release	Q4 17	0.255
Signet Jewelers Ltd	SIG US	07:00	Q4 2017 Earnings Release	Q4 17	4.004
International Game Technology PLC	IGT US	08:00	Q4 2016 Earnings Call	Q4 16
Staples Inc	SPLS US	08:00	Q4 2017 Earnings Call	Q4 17
Signet Jewelers Ltd	SIG US	08:30	Q4 2017 Earnings Call	Q4 17
B/E Aerospace Inc	BEAV US	10:00	Extraordinary Shareholders Meeting - M&A Vote
National Fuel Gas Co	NFG US		Annual General Meeting
Rockwell Collins Inc	COL US		Extraordinary Shareholders Meeting - M&A Vote
Xcel Energy Inc	XEL US		Roadshow
Johnson Controls International plc	JCI US		Annual General Meeting
Applied Materials Inc	AMAT US		Annual General Meeting
Xcel Energy Inc	XEL US		Roadshow
F5 Networks Inc	FFIV US	14:00	Annual General Meeting
Tahoe Resources Inc	THO CN	Aft-mkt	Q4 2016 Earnings Release	Q4 16	0.15
Ulta Beauty Inc	ULTA US	Aft-mkt	Q4 2017 Earnings Release	Q4 17	2.135
VeriFone Systems Inc	PAY US	Aft-mkt	Q1 2017 Earnings Release	Q1 17	0.204
Cabot Corp	CBT US	16:00	Annual General Meeting
VeriFone Systems Inc	PAY US	16:30	Q1 2017 Earnings Call	Q1 17
Ulta Beauty Inc	ULTA US	17:00	Q4 2017 Earnings Call	Q4 17

MORNING CALL 5/17

MORNING CALL

Tuesday, May 17th, 2016View Older Reports

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OVERNIGHT MARKETS AND NEWS

Jun E-mini S&Ps (ESM16 -0.10%) are little changed, down -0.05% and European stocks are up +0.12% as the price of crude oil rose to a 7-month high. Crude oil retreated from that high and is now unchanged in early trade, which pulled stocks back from their best levels. Home Depot rose over 1% in pre-market trading and gave recently battered retail stocks a lift after it raised guidance on its full-year EPS this year to $6.27, higher than expectations of $6.22. European stocks also received a boost from a rally in telecommunication stocks, led by a 2.4% gain in Vodafone Group Plc, after the company reported Q1 adjusted service revenue rose +1.8%, better than consensus of +1.5%. Asian stocks settled mostly higher: Japan +1.13%, Hong Kong +1.18%, China -0.25%, Taiwan +0.90%, Australia +0.69%, Singapore +1.65%, South Korea +0.09%, India +0.47%.

The dollar index (DXY00 unch) is down -0.02%. EUR/USD (^EURUSD) is down -0.04%. USD/JPY (^USDJPY) is up +0.47% at a 2-week high.

Jun T-note prices (ZNM16 -0.05%) are down -1.5 ticks.

In its monthly report published today, the Bundesbank said "growth in the German economy will probably lose momentum in the spring," even as the "solid underlying economic trend" is likely to stay intact.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Key U.S. reports today include: (1) Apr housing starts (expected +3.3% to 1.125 million, Mar -8.8% at 1.089 million), (2) Apr CPI (expected +0.3% m/m and +1.1% y/y, Mar +0.1% m/m and +0.9% y/y; Apr core CPI expected +0.2% m/m and +2.1% y/y, Mar +0.1% m/m and +2.2% y/y), (3) Apr industrial production (expected +0.3%, Mar -0.6%), and (4) San Francisco Fed President John Williams (non-voter) and Atlanta Fed President Dennis Lockhart (non-voter) interview on the U.S. economic outlook.

There are 2 of the Russell 1000 companies that report earnings today: Home Depot (consensus $1.35), TJX (0.71).

U.S. IPO's scheduled to price today: PhaseRX (PZRX)

Equity conferences today: Electrical Products Group Investor Conference on Mon-Wed, Bank of America Merrill Lynch Transportation Conference on Tue, Goldman Sachs Basic Materials Conference on Tue-Wed, Barclays Americas Select Franchise Conference on Tue-Wed, CBI's Life Sciences IT Governance and Cybersecurity Summit on Tue-Wed, Barclays Insurance Forum on Wed, MoffettNathanson Media and Communications Conference on Wed, BMO Capital Markets Farm to Market Conference on Wed-Thu, Citi Car of the Future Symposium on Thu, ITG Global Industrials Conference on Thu, Needham Emerging Technology Conference Thu, Business Analytics Innovation Summit on Thu-Fri, Medical Affairs Summit on Fri.

OVERNIGHT U.S. STOCK MOVERS

Hartford Financial Services Group (HIG -0.32%) was downgraded to 'Market Perform' from 'Outperform' at Wells Fargo Securities.

Home Depot (HD +1.66%) climbed over 1% in pre-market trading after it reported Q1 EPS of $1.44, higher than consensu sof $1.35, and then raised guidance on full-year EPS to $6.27 from a previous view of $6.12-$6.18.

Freeport-McMoRan (FCX +6.05%) is up over 3% in pre-market trading after Jeffries Group upgraded toe stock to 'Buy' from 'Hold.'

Bob Evans Farms (BOBE +0.43%) was rated a new 'Buy' at Maxim Group with a 12-month price target of $59.

Agilent Technologies (A +0.75%) climbed nearly 4% in after-hours trading after it raised guidance on fiscal 2016 adjusted EPS to $1.88-$1.92 from a March 7 estimate of $1.81-$1.87, above consensus of $1.86.

Office Depot (ODP -5.16%) gained over 2% in after-hours trading after the company hired Bain for a strategic review of its business.

Relypsa (RLYP +4.07%) dropped over 7% in after-hours trading after it reported no increase in April in the weekly average of new patients who began taking Veltassa with a free starter supply.

Amplify Snack Brands (BETR +0.39%) slid over 4% in after-hours trading after it started a 10-million share secondary offering of common stock.

Community Health Systems (CYH +2.00%) climbed nearly 4% in after-hours trading after Greenlight Capital Holdings reported a new stake in the company in Q1.

Akorn (AKRX +4.94%) rose over 1% in after-hours trading after it reported Q1 revenue of $268.3 million, better than consensus of $267.1 million.

Meritage Homes (MTH +0.77%) gained over 2% in after-hours trading after it said it sees Q2 EPS of 78 cents-85 cents, higher than consensus of 78 cents.

Globalstar (GSAT +12.24%) rose over 5% in after-hours trading after Greenlight Capital Holdings reported a new stake in the company in Q1.

Aegerion Pharmaceuticals (AEGR +33.53%) dropped over 13% in after-hours trading after it lowered guidance on full-year sales to $130 million-$150 million from a prior view of $160 million-$190 million, below consensus of $174.8 million.

MARKET COMMENTS

June E-mini S&Ps (ESM16 -0.10%) this morning are down -1.00 point (-0.05%). Monday's closes: S&P 500 +0.98%, Dow Jones +1.00%, Nasdaq +1.25%. The S&P 500 on Monday closed higher on strength in energy producer stocks after crude oil climbed to a 6-1/2 month high and on a rally in drug stocks on increased M&A activity after Pfizer agreed to buy Amacor Pharmaceuticals for $5.2 billion. Stocks were undercut by the -18.58 point plunge in the U.S. May Empire manufacturing index to -9.02, weaker than expectations of -3.56 to 6.50.

June 10-year T-note prices (ZNM16 -0.05%) this morning are down -1.5 ticks. Monday's closes: TYM6 -14.50, FVM6 -8.75. Jun T-notes on Monday closed lower on reduced safe-haven demand with the rally in stocks and on increased inflation expectations after crude oil rallied to a 6-1/2 month high.

The dollar index (DXY00 unch) this morning is down -0.023 (-0.02%). EUR/USD (^EURUSD) is down -0.0004 (-0.04%). USD/JPY (^USDJPY) is up +0.51 (+0.47%) at a 2-week high. Monday's closes: Dollar Index -0.036 (-0.04%), EUR/USD +0.0012 (+0.11%), USD/JPY +0.40 (+0.37%). The dollar index on Monday closed lower on strength in the currencies of the crude-producing countries of Russia and Canada after the price of crude soared to a 6-1/2 month high and on the weaker-than-expected May Empire manufacturing index and May HAHB housing market index.

June WTI crude oil (CLM16 unch) this morning is unchanged. June gasoline (RBM16 -0.26%) is down -0.0044 (-0.27%). Monday's closes: CLM6 +1.51 (+3.27%), RBM6 +0.0181 (+1.14%). Jun crude and gasoline on Monday closed higher with Jun crude at a 6-1/2 month high and Jun gasoline at an 8-1/2 month high. Crude oil prices were boosted by a weaker dollar, Chinese demand with the +2.4% y/y rise in China Apr crude processing to a record 10.93 million bpd, and stronger U.S. refinery demand for gasoline after the crack spread climbed to a 1-1/2 week high.

GLOBAL EVENT CALENDAR05/17/2016

US	0830 ET	Apr housing starts expected +3.3% to 1.125 million, Mar -8.8% at 1.089 million. Apr building permits expected +5.5% to 1.135 million, Mar -8.6% to 1.076 million.
	0830 ET	Apr CPI expected +0.3% m/m and +1.1% y/y, Mar +0.1% m/m and +0.9% y/y. Apr CPI ex food & energy expected +0.2% m/m and +2.1% y/y, Mar +0.1% m/m and +2.2% y/y.
	0915 ET	Apr industrial production expected +0.3%, Mar -0.6%. Apr manufacturing production, Mar -0.3%. Apr capacity utilization expected +0.2 to 75.0%, Mar -0.5 to 74.8%.
	1200 ET	San Francisco Fed President John Williams (non-voter) and Atlanta Fed President Dennis Lockhart (non-voter) interview on the U.S. economic outlook.
JPN	0030 ET	Revised Japan Mar industrial production, preliminary +3.6% m/m and +0.1% y/y.
	0030 ET	Japan Mar capacity utilization, Feb -5.4% m/m.
	1950 ET	Japan Q1 GDP expected +0.3% q/q annualized, Q4 -1.1% q/q annualized. Q1 GDP deflator expected +1.0% y/y, Q4 +1.5% y/y.
	1950 ET	Japan Q1 private consumption expected +0.2% q/q, Q4 -0.9% q/q. Q1 business spending expected -0.8% q/q, Q4 +1.5% q/q.
UK	0430 ET	UK Apr CPI expected +0.3% m/m and +0.5% y/y, Mar +0.4% m/m and +0.5% y/y. Apr core CPI expected +1.4% y/y, Mar +1.5% y/y.
	0430 ET	UK Apr RPI expected +0.3% m/m and +1.5% y/y, Mar +0.4% m/m and +1.6% y/y. Apr RPI ex mortgage interest payments expected +1.6% y/y, Mar +1.6% y/y.
	0430 ET	UK Apr PPI input prices expected +1.1% m/m and -6.7% y/y, Mar +2.0% m/m and -6.5% y/y.
	0430 ET	UK Apr PPI output prices expected +0.2% m/m and -0.8% y/y, Mar +0.3% m/m and -0.9% y/y. Apr PPI output core expected +0.1% m/m and +0.3% y/y, Mar +0.1% m/m and +0.2% y/y.
	0430 ET	UK Mar ONS house price, Feb +7.6% y/y.
CHI	2130 ET	China Apr property prices.

U.S. STOCK CALENDAR05/17/2016

Company	Ticker	Time	Event Description	Period	Estimate
Home Depot Inc/The	HD US	Bef-mkt	Q1 2017 Earnings Release	Q1 2017	1.352
Home Depot Inc/The	HD US	9:00	Q1 2017 Earnings Call	Q1 2017
TJX Cos Inc/The	TJX US	9:30	Q1 2017 Earnings Release	Q1 2017	0.708
Principal Financial Group Inc	PFG US	10:00	Annual General Meeting	Y 2016
Boston Properties Inc	BXP US	10:00	Annual General Meeting
JPMorgan Chase & Co	JPM US	11:00	Annual General Meeting	Y 2016
TJX Cos Inc/The	TJX US	11:00	Q1 2017 Earnings Call	Q1 2017
Electronic Arts Inc	EA US	11:00	Investor Day	Y 2016
Southwestern Energy Co	SWN US	12:00	Annual General Meeting
Amazon.com Inc	AMZN US	12:00	Annual General Meeting	Y 2016
Juniper Networks Inc	JNPR US	12:00	Investor Day	Y 2016
Gap Inc/The	GPS US	13:00	Annual General Meeting	Y 2016
Morgan Stanley	MS US	14:00	Annual General Meeting
Essex Property Trust Inc	ESS US	16:00	Annual General Meeting	Y 2016
Charles Schwab Corp/The	SCHW US	17:00	Annual General Meeting
Time Warner Cable Inc	TWC US	Aft-mkt	Digital Realty Trust Replaces Time Warner Cable in S&P 500
Equifax Inc	EFX US		Investor Meeting - London	Y 2016
Leggett & Platt Inc	LEG US		Annual General Meeting
General Growth Properties Inc	GGP US		Annual General Meeting	Y 2016
Newfield Exploration Co	NFX US		Annual General Meeting
Realty Income Corp	O US		Annual General Meeting
Diamond Offshore Drilling Inc	DO US		Annual General Meeting
FirstEnergy Corp	FE US		Annual General Meeting	Y 2016

MORNING CALL 3/9

MORNING CALL

Wednesday, March 9th, 2016View Older Reports

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OVERNIGHT MARKETS AND NEWS

March E-mini S&Ps (ESH16 +0.56%) are up +0.49% and European stocks are up +1.35% on speculation that the ECB on Thursday will deliver a package of easing measures to spur economic growth. Energy and raw-material producing stocks are higher as the price of crude oil and copper rose. Crude oil had initially moved lower after the API late yesterday reported a +4.4 million bbl increase in U.S. crude inventories. However, crude recovered losses and is up +1.53% on the outlook for lower future U.S. crude production after the EIA cut its U.S. 2017 crude output forecast. Asian stocks settled mixed: Japan -0.84%, Hong Kong -0.08%, China -1.34%, Taiwan -0.35%, Australia +0.96%, Singapore +1.14%, South Korea +0.29%, India +0.55%.

The dollar index (DXY00 +0.16%) is up +0.17%. EUR/USD (^EURUSD) is down -0.33%. USD/JPY (^USDJPY) is down -010% at a 1-week low.

Jun T-note prices (ZNM16 -0.27%) are down -11.5 ticks.

The Energy Information Administration (EIA) in its monthly Short-Term Energy Outlook projected that U.S. 2017 crude production will fall -5.5% y/y to 8.19 million bpd, less than the 8.46 million bpd previously forecast and a 4-year low.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) weekly MBA mortgage applications (previous -4.8% with purchase sub-index -0.6% and refi sub-index -7.2%), (2) Jan wholesale inventories (expected -0.2%, Dec -0.1% m/m) and Jan wholesale trade sales (expected -0.3% m/m, Dec -0.3% m/m), (3) the Treasury's auction of $20 billion of 10-year T-notes, (4) EIA Weekly Petroleum Status Report, and (5) USDA Mar WASDE crop production.

There are 2 of the Russell 1000 companies that report earnings today: Tahoe Resources (consensus $0.12), Square Inc (-0.14).

U.S. IPO's scheduled to price today: KLR Acquisition Group (KLREU)

Equity conferences this week include: Raymond James Institutional Investors Conference on Mon-Wed, J.P. Morgan Aviation, Transportation & Industrials Conference on Tue-Wed, Piper Jaffray Technology Symposium on Tue-Wed, RBC Capital Markets Financial Institutions Conference on Tue-Wed, 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

CBS Corp. (CBS -1.58%) was upgraded to 'Outperform' from 'Market Perform' at Wells Fargo Securities.

Yelp (YELP -4.74%) and Groupon (GRPN -3.78%) were both downgraded to 'Sell' from 'Neutral' at UBS.

United Continental Holdings (UAL -2.20%) reported February traffic was up +2.7% and available seat miles were up +6%, but still sees Q1 passenger unit revenue down 6%-8% y/y due to a stronger dollar, lower surcharges, and softening domestic and international yields.

Ross Stores (ROST -0.26%) were downgraded to 'Neutral' from 'Buy' at Goldman Sachs.

Chipotle Mexican Grill (CMG -1.69%) fell nearly 4% in after-hours trading after it said it closed a store in Billerica, Massachusetts for cleaning after 4 workers at the store "were not feeling well."

Aerovironment (AVAV -0.30%) climbed over 7% in after-hours trading after it raised guidance on yearly gross profit margin to between 38%-39.5%, up from a December forecast of 37%-37.5%.

Blue Buffalo Pet Products (BUFF -4.72%) surged over 10% in after-hours trading after it reported Q4 adjusted EPS of 16 cents, higher than consensus of 14 cents, and then raised guidance on fiscal 2016 adjusted EPS to 72 cents-74 cents, higher than consensus of 70 cents.

NCI Building Systems (NCS -3.45%) rose over 3% in after-hours trading after it reported Q1 adjusted EPS of 7 cents, well above consensus of 2 cents, as Q1 sales rose to $370 million, above consensus of $363.8 million.

Amplify Snack Brands (BETR -1.60%) jumped over 9% in after-hours trading after it reported Q4 adjusted EPS of 13 cents, higher than consensus of 9 cents and then raised guidance on 2016 adjusted EPS to 61 cents-64 cents, above consensus of 57 cents.

Zagg Inc. (ZAGG -1.42%) slumped over 10% in after-hours trading after it reported Q4 GAAP EPS of 18 cents, weaker than consensus of 24 cents.

Cerus Corp. (CERS -5.51%) slid over 5% in after-hours trading after it said it sees 2016 global revenue of $37 million-$40 million, below consensus of $44.5 million.

MARKET COMMENTS

Mar E-mini S&Ps (ESH16 +0.56%) this morning are up +9.75 points (+0.49%). Tuesday's closes: S&P 500 -1.12%, Dow Jones -0.64%, Nasdaq -0.88%. The S&P 500 on Tuesday closed lower on concern that a slowdown in China will undercut global economic growth after China Feb exports fell -25.4%y/y, weaker than expectations of -14.5% y/y and the largest decline in 6-3/4 years. In addition, energy and commodity producers showed weakness after the price of crude oil and copper fell.

Jun 10-year T-notes (ZNM16 -0.27%) this morning are down -11.5 ticks. Tuesday's closes: TYM6 +18.50, FVM6 +11.25. Jun T-notes on Tuesday closed higher on increased safe-haven demand with the sell-off in stocks. T-notes also received a boost from Japanese government bonds where the 10-year JGB bond yield fell to a record low of -0.10%.

The dollar index (DXY00 +0.16%) this morning is up +0.163 (+0.17%). EUR/USD (^EURUSD) is down -0.0036 (-0.33%). USD/JPY (^USDJPY) is down-0.11 (-0.10%) at a 1-week low. Tuesday's closes: Dollar Index +0.138 (+0.14%), EUR/USD -0.0003 (-0.03%), USD/JPY -0.84 (-0.74%). The dollar index on Tuesday recovered from a 2-week low and closed higher on weakness in EUR/USD on the outlook for the ECB to expand stimulus when it meets on Thursday. The dollar also received a boost from weakness in GBP/USD after BOE official Weale said that if the outlook for inflation worsens, "the scope for further asset purchases is substantial."

Apr WTI crude (CLJ16 +1.78%) this morning is up +56 cents (+1.53%) and Apr gasoline (RBJ16 +2.02%) is up +0.0318 (+2.29%). Tuesday's closes: CLJ6 -1.40 (-3.69%), RBJ6 -0.0049 (-0.35%). Apr crude and gasoline on Tuesday closed lower on concern that a slowdown in China's economy will lead to slower global growth and energy demand after China Feb exports fell by the most in 6-3/4 years. Crude oil prices were also undercut by expectations that Wednesday's EIA data will show U.S crude supplies rose +3.5 million bbl. Crude oil prices found some underlying support on news that Chinese Feb crude oil imports rose +19% m/m to 31.8 MMT.

GLOBAL EVENT CALENDAR03/09/2016

US	0700 ET	Weekly MBA mortgage applications, previous -4.8% with purchase sub-index -0.6% and refi sub-index -7.2%.
	1000 ET	Jan wholesale inventories expected -0.2%, Dec -0.1% m/m. Jan wholesale trade sales expected -0.3% m/m, Dec -0.3% m/m.
	1030 ET	EIA Weekly Petroleum Status Report.
	1200 ET	USDA Mar WASDE crop production.
	1300 ET	Treasury auctions $20 billion 10-year T-notes.
JPN	0100 ET	Japan Feb machine tool orders, Jan -17.2% y/y.
	1850 ET	Japan Feb PPI expected -0.3% m/m and -3.4% y/y, Jan -0.9% m/m and -3.1% y/y.
UK	0430 ET	UK Jan industrial production expected +0.4% m/m and unch y/y, Dec -1.1% m/m and -0.4% y/y.
	0430 ET	UK Jan manufacturing production expected +0.2% m/m and -0.7% y/y, Dec -0.2% m/m and -1.7% y/y.
	1901 ET	UK Feb RICS house price balance expected 50%, Jan 49%.
CHI	2030 ET	China Feb CPI expected +1.8% y/y, Jan +1.8% y/y. Feb PPI expected -4.9% y/y, Jan -5.3% y/y.
	n/a	China Feb new yuan loans expected +1.2 trillion yuan, Jan +2.51 trillion yuan. Feb aggregate financing expected +1.790 trillion yuan, Jan +3.417 trillion yuan.

U.S. STOCK CALENDAR03/09/2016

Company	Ticker	Time	Event Description	Period	Estimate
Analog Devices Inc	ADI US	9:00	Annual General Meeting	Y 2016
Tyco International Plc	TYC US	10:00	Annual General Meeting	Y 2016
Whole Foods Market Inc	WFM US	11:00	Annual General Meeting	Y 2016
Danaher Corp	DHR US	17:00	ITC Decision Due in Instradent vs. Danaher Corp. Patent Case
Square Inc	SQ US	17:00	Q4 2015 Earnings Call	Q4 2015
Tahoe Resources Inc	THO CN	Aft-mkt	Q4 2015 Earnings Release	Q4 2015	0.122
Square Inc	SQ US	Aft-mkt	Q4 2015 Earnings Release	Q4 2015	-0.137