BARCHART MORNING CALL 4/8

BARCHART MORNING CALL

Wednesday, April 8th, 2015View Older Reports

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OVERNIGHT MARKETS AND NEWS

June E-mini S&Ps this morning are little changed as the market awaits today's FOMC meeting minutes. The Euro Stoxx 50 index is down -0.39% after yesterday's rally. European energy stocks are trading higher on M&A optimism after today's blockbuster deal in oil and gas with Shell buying BG Group to gain access in particular to LNG in Australia and deep-water oil in Brazil. Asian stocks today closed mostly higher: Japan +0.76%, Hong Kong +3.80%, China +0.84%, Taiwan -0.73%, Australia +0.59%, Singapore -0.14%, South Korea +0.63%, India +0.67%, Turkey +0.24%.
The dollar index is down -0.43 points (-0.44%) on a turn-around after the sharp 2-session rally. EUR/USD is up +0.0055 (+0.51%) and USD/JPY is down -0.57 (-0.47%). Jun 10-year T-note prices up 5.5 ticks going into today's 10-year T-note auction.
Commodity prices are down -0.12% this morning due to lower energy prices. May crude oil is down -1.17 (-2.17%), May gasoline is down -0.0460 (-2.47%), and May natural gas is down -0.049 (-1.83%). The market is expecting today's weekly EIA report to show a +3.0 million bbl increase in crude oil inventories, a -2.0 million bbl decline in gasoline inventories, a +800,000 bbl increase in distillate inventories, and a +0.6 point increase in the refinery utilization rate to 90.0%. The market is hoping for U.S. oil production to decline for the second straight week.
Precious metals prices are little changed this morning with Jun gold up +0.1 (+0.01%) and May silver up +0.010 (+0.06%). May copper is down -0.012 (-0.43%). Grain prices are narrowly mixed this morning as the market awaits Thursday's WASDE report: May corn +0.25 (+0.07%), May soybeans +0.50 (+0.05%), May wheat -0.50 (-0.10%). Softs are trading higher this morning.
The Bank of Japan today left its monetary policy unchanged, which was in line with market expectations. The BOJ left its target unchanged of expanding the monetary base at an annual rate of 80 trillion yen ($670 billion). BOJ Governor Kuroda said that the Japanese economy now faces less risk than last year when the BOJ expanded its stimulus measures.
Today's U.S. MBA mortgage applications report showed an overall +0.4% increase with the purchases sub-index up +6.8% but the refinancing sub-index down -3.3%.

U.S. STOCK PREVIEW

Key news today includes (1) the weekly MBA mortgage applications report (last week +4.6% with purchase sub-index +5.7% and refi sub-index +3.9%), (2) the minutes from the Mar 17-18 FOMC meeting, (3) the Treasury's auction of $21 billion of 10-year T-notes, (4) a speech by Fed Governor Jerome Powell on the “Challenges for Monetary Policy” at the Council on Foreign Relations, and (5) a Q&A on the economy and monetary policy by New York Fed President William Dudley at a Reuters Newsmaker event in New York.
There are seven of the Russell 1000 companies that report earnings today: Alcoa (consensus $0.26), Rite Aid (0.08), RPM International (0.13), MSC Industrial Direct (0.85), Global Payments (1.11), Family Dollar Stores (0.73), Bed, Bath & Beyond (1.81).
There are no U.S. IPO's that scheduled to price or trade today.
Equity conferences this week include: Internet of Things (IoT) Asia 2015 on Wed-Thu, and JP Morgan Spring Fling Conference on Thu
June E-mini S&Ps this morning are little changed as the market awaits today's FOMC meeting minutes. Tuesday's closes: S&P 500 -0.21%, Dow Jones -0.03%, Nasdaq -0.14%. The stock market on Tuesday fell on concerns that the strong JOLTS job openings report (+168,000 to a new 14-year high) might bring forward a Fed rate hike, as well as concern about a weak Q1 earnings season that starts today. On the positive side, the continued rally in oil prices boosted petroleum stocks.

OVERNIGHT U.S. STOCK MOVERS

• Shell (RDSN LN) announced an agreement to take over BG Group (BG LN) for about $70 billion in cash and shares in the largest oil and gas deal in at least a decade, with particularly attractive assets in Australian LNG and Brazilian deep water oil.
• Rite Aid (RAD -1.70%) reported Q4 EPS ex-items at 12 cents, better than the consensus of 7 cents.
• IMAX ({=IMAX) and Disney (DIS -0.19%) renewed their exhibition agreement with a new multi-picture deal.
• Kinder Morgan (KMI +0.05%) was downgraded to Buy from Conviction Buy at Goldman Sachs.
• New Residential (NRZ +2.99%) was added to the Top Picks list at FBR Capital.
• Dave & Buster's (PLAY -1.45%) rallied 1% in after-hours trading on better than expected earnings results.
• Regulus Therapeutics (RGLS -2.68%) rallied 10% in after-hours trading after one of its products was selected as clinical candidate by AstraZeneca (AZN +0.24%)
• OHR Pharmaceutical (OHRP +8.37%) rallied 2% in after-hours trading after a report that Broadfin purchased a 6.1% stake in the company.
• Pentair (PNR -1.87%) fell 4% in after-hours trading after lowering its Q1 guidance.

MARKET COMMENTS

Jun 10-year T-note prices up 5.5 ticks going into today's 10-year T-note auction. June 10-year T-notes on Tuesday closed mildly lower on the much stronger-than-expected JOLTS job openings report and the continued rally in crude oil prices, which is boosting inflation expectations. T-notes are also seeing supply pressure during this week's sale of $58 billion of 3-year, 10-year and 30-year securities.
The dollar index is down -0.43 points (-0.44%) on a turn-around after the sharp 2-session rally. EUR/USD is up +0.0055 (+0.51%) and USD/JPY is down -0.57 (-0.47%). Tuesday's closes: Dollar index +1.15 (+1.19%), EUR/USD -0.0108 (-0.99%), USD/JPY +0.74 (+0.62%). The dollar index on Tuesday closed sharply higher on the much stronger-than-expected JOLTS job openings report. In addition, the continued rally in crude oil prices is boosting inflation expectations, which could cause the Fed to accelerate its rate hike.
May crude oil is down -1.17 (-2.17%), May gasoline is down -0.0460 (-2.47%), and May natural gas is down -0.049 (-1.83%). Tuesday's closes: CLK5 +1.11 (+2.13%), RBK5 -0.0119 (-0.65%). May crude oil prices on Tuesday rallied sharply on ideas that U.S. oil production might finally be slowing due to the plunge in the number of operating U.S. oil rigs. U.S. oil production fell last week and the market suspects that production may fall again in Wednesday's EIA report. Crude oil prices are also seeing support as the Iranian nuclear agreement is meeting with heavy opposition from Israel and with political opposition in Washington. On the negative side, the market is expecting Wednesday’s weekly EIA report to show a +3.0 mln bbl gain in U.S. crude oil inventories.

GLOBAL EVENT CALENDAR04/08/2015

US	0700 ET	Weekly MBA mortgage applications, previous +4.6% with purchase sub-index +5.7% and refi sub-index +3.9%.
	0800 ET	Fed Governor Jerome Powell speaks on Challenges for Monetary Policy at the Council on Foreign Relations.
	0930 ET	New York Fed President William Dudley does a Q&A on the economy and monetary policy at a Reuters Newsmaker event in New York.
	1030 ET	EIA Weekly Petroleum Status Report.
	1300 ET	Treasury auctions $21 billion 10-year T-notes.
	1400 ET	Minutes of the Mar 17-18 FOMC meeting.
JPN	0100 ET	Japan Mar eco-watchers survey current expected +0.7 to 50.8, Feb 50.1. Mar eco-watchers survey outlook expected +0.3 to 53.5, Feb 53.2.
	n/a	BOJ announces interest rate decision and asset purchase target.
GER	0200 ET	German Feb factory orders expected +1.5% m/m and +0.5% y/y, Jan -3.9% m/m and -0.1% y/y.
	0330 ET	German Mar Markit construction PMI, Feb 53.1.
EUR	0500 ET	Eurozone Feb retail sales expected -0.2% m/m and +2.8% y/y, Jan +1.1% m/m and +3.7% y/y.
UK	0400 ET	UK Mar new car registrations, Feb +12.0% y/y.
	1901 ET	UK Mar RICS house price balance expected 15%, Feb 14%.

U.S. STOCK CALENDAR04/08/2015

Company	Ticker	Time	Event Description	Period	Estimate
Rite Aid Corp	RAD US	Bef-mkt	Q4 2015 Earnings Release	Q4 2015	0.077
RPM International Inc	RPM US	Bef-mkt	Q3 2015 Earnings Release	Q3 2015	0.134
MSC Industrial Direct Co Inc	MSM US	Bef-mkt	Q2 2015 Earnings Release	Q2 2015	0.85
Global Payments Inc	GPN US	Bef-mkt	Q3 2015 Earnings Release	Q3 2015	1.105
Family Dollar Stores Inc	FDO US	8:00	Q2 2015 Earnings Release	Q2 2015	0.727
Global Payments Inc	GPN US	8:00	Q3 2015 Earnings Call	Q3 2015
Rite Aid Corp	RAD US	8:30	Q4 2015 Earnings Call	Q4 2015
MSC Industrial Direct Co Inc	MSM US	8:30	Q2 2015 Earnings Call	Q2 2015
ConocoPhillips	COP US	9:00	Analyst Meeting	Y 2015
IDEX Corp	IEX US	10:00	Annual General Meeting	Y 2015
RPM International Inc	RPM US	10:00	Q3 2015 Earnings Call	Q3 2015
New York Community Bancorp Inc	NYCB US	10:00	Annual General Meeting	Y 2015
Lennar Corp	LEN US	11:00	Annual General Meeting
Alcoa Inc	AA US	17:00	Q1 2015 Earnings Call	Q1 2015
Bed Bath & Beyond Inc	BBBY US	17:00	Q4 2015 Earnings Call	Q4 2015
United Continental Holdings Inc	UAL US	17:00	March 2015 Sales and Revenue Release - Operational Performance	2015
Alcoa Inc	AA US	Aft-mkt	Q1 2015 Earnings Release	Q1 2015	0.257
Bed Bath & Beyond Inc	BBBY US	Aft-mkt	Q4 2015 Earnings Release	Q4 2015	1.806
Questar Corp	STR US		Roadshow - Midwest- Day 3	Y 2015
IHS Inc	IHS US		Annual General Meeting
Avago Technologies Ltd	AVGO US		Annual General Meeting

BARCHART MORNING CALL 12/10

BARCHART MORNING CALL

Wednesday, December 10th, 2014View Older Reports

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OVERNIGHT MARKETS AND NEWS

December E-mini S&Ps (ESZ14 -0.10%) this morning are down -0.06% and European stocks are up +0.56% after Die Zeit reported that ECB President Draghi called German Finance Minister Schaeuble after the Dec 4 ECB meeting in an attempt to garner support in Germany for a government-bond purchase plan to be decided as soon as next month. Asian stocks closed mixed: Japan -2.25%, Hong Kong +0.16%, China +3.69%, Taiwan -1.06%, Australia -0.45%, Singapore +0.18%, South Korea -1.52%, India +0.12%. Chinese stocks rallied nearly 4% after a slowdown in inflation bolstered the case for more monetary easing after China Nov CPI rose less than expected at the slowest pace in 5 years. Commodity prices are mostly lower. Jan crude oil (CLF15 -1.91%) is down -1.93% after OPEC cut its 2015 global demand forecast for its crude to a 12-year low. Jan gasoline (RBF15 -2.09%) is down -2.16% at a fresh 5-year low. Feb gold (GCG15 -0.34%) is down -0.33%. Mar copper (HGH15 -0.92%) is down -0.70%. Agriculture prices are mixed. The dollar index (DXY00 unch) is down -0.02%. EUR/USD (^EURUSD) is unch. USD/JPY (^USDJPY) is down -0.33%. Mar T-note prices (ZNH15 unch) are unch.
China Nov CPI rose +1.4% y/y, less than expectations of +1.6% y/y and the smallest pace of increase in 5 years. China Nov PPI fell -2.7% y/y, a larger decline than expectations of -2.4% y/y and the steepest drop in 1-1/2 years.
The Japan Nov consumer confidence index unexpectedly fell -1.2 to 37.7, weaker than expectations of +0.6 to 39.5 and the lowest in 7 months.
The Japan Q4 BSI large all-industry business conditions fell -6.1 to 5.0, a bigger decline than expectations of -1.1 to 10.0. Q4 BSI large manufacturing business conditions fell -4.6 to 8.1.
Japan Nov PPI fell -0.2% m/m, a smaller decline than expectations of -0.3% m/m. On an annual basis, Nov PPI rose +2.7% y/y, more than expectations of +2.6% y/y but still the slowest pace of increase in 8 months.

U.S. STOCK PREVIEW

Today’s Nov monthly Treasury budget statement is expected to show a deficit of -$65.0 billion, which would be substantially better than the -$135.2 billion deficit seen a year ago in Nov 2013. The Treasury today will sell $21 billion of 10-year T-notes in a reopening of last month’s 2-1/4% 10-year note of Nov 2024. There are 2 of the Russell 1000 companies that report earnings today: Toll Brothers (consensus $0.73), Costco (1.09).
Equity conferences during the remainder of this week include: Goldman Sachs Financial Services Conference on Tue-Wed, Barclays Capital Global Technology Conference on Tue-Wed, Wells Fargo Energy Symposium on Tue-Wed, Barclays Real Estate Conference on Wed, BMO Technology Conference on Wed, Mitsubishi UFJ Securities Property REIT Conference on Wed, Wells Fargo Securities Research, Economics & Strategy Energy Symposium on Wed, Credit Lyonnais Securities Asia Ltd Americas Innovation Summit on Wed, Oppenheimer Healthcare Conference on Wed, Bank of America Merrill Lynch US Basic Materials Conference on Wed-Thu, Capital One Southcoast Energy Conference on Wed-Thu, Bank of America Merrill Lynch Animal & Dental Health Summit on Thu, and Desjardins Securities Materials Conference on Thu.

OVERNIGHT U.S. STOCK MOVERS

Goldman Sachs (GS +0.14%) was downgraded to 'Neutral' from 'Positive' at Susquehanna.
Disney (DIS -0.92%) was downgraded to 'Hold' from 'Buy' at Topeka due to valuation.
Genesco (GCO +1.16%) was upgraded to 'Neutral' from 'Sell' at Goldman Sachs.
British Petroleum (BP -0.90%) was upgraded to 'Buy' from 'Hold' at Deutsche Bank.
Costco Wholesale (COST +0.50%) reported Q1 EPS of $1.12, higher than consensus of $1.09.
Yum! Brands (YUM -1.62%) fell nearly 5% in pre-market trading after the company said 2014 EPS, excluding some items, wil rise by a mid-single-figit percentage, well below a previous forecast of 20% growth.
Krispy Kreme (KKD +0.50%) fell over 4% in after-hours trading after it reported Q3 adjusted EPS of 18 cents, less than consensus of 19 cents.
Korn/Ferry (KFY +1.71%) rose over 3% in after-hours trading after it reported Q2 EPS of 51 cents, better than consensus of 45 ccents.
Lazard reported a 5.072% passive stake in Mobile TeleSystems (MBT -0.31%) .
CHC Group (HELI +7.35%) reported a Q3 EPS loss of -31 cents, a smaller loss than consensus of -38 cents.

MARKET COMMENTS

Dec E-mini S&Ps (ESZ14 -0.10%) this morning are down -1.25 points (-0.06%). The S&P 500 index on Tuesday fell to a 3-week low and closed lower, although stocks recovered from their worst levels after energy producers and technology companies rose: S&P 500 -0.02%, Dow Jones -0.29%, Nasdaq +0.38%. Bearish factors included (1) carry-over weakness from a slide in world equity markets after China tightened collateral rules for short-term loans and sparked a sharp sell-off in Chinese stocks, and (2) renewed Greek debt concerns after the Greek government brought forward the process for choosing a new President this month, a move that risks triggering parliamentary elections that could put a party in power that opposes the terms of Greece’s bailout by the EU.
Mar 10-year T-notes (ZNH15 unch) this morning are unch. Mar 10-year T-note futures prices on Tuesday closed higher: TYH5 +12.00, FVH5 +6.75. Bullish factors included (1) reduced inflation expectations after the 10-year break-even rate fell to a new low, and (2) increased safe-haven demand for Treasuries after the S&P 500 tumbled to a 3-week low.
The dollar index (DXY00 unch) this morning is down -0.022 (-0.02%). EUR/USD (^EURUSD) is unch. USD/JPY (^USDJPY) is down -0.39 (-0.33%). The dollar index on Tuesday closed lower. Closes: Dollar index -0.351 (-0.39%), EUR/USD +0.00571 (+0.46%), USD/JPY -0.99 (-0.82%). Bearish factors included (1) strength in the yen as USD/JPY fell to a 1-week low after a slide in global equity markets boosted the safe-haven demand for the yen, and (2) strength in EUR/USD which rallied after German Nov exports were a bit stronger than expected.
Jan WTI crude oil (CLF15 -1.91%) this morning is down -$1.23 a barrel (-1.93%) and Jan gasoline (RBF15 -2.09%) is down -0.0372 (-2.16%) at a 5-year low. Jan crude Tuesday rebounded from a 5-1/3 year low and Jan gasoline prices recovered from a 5-year low and closed higher. Closes: CLF5 +0.77 (+1.22%), RBF5 +0.017 (+1.00%). Supportive factors included (1) short covering in most commodities after the dollar index fell, and (2) expectations for Wednesday’s weekly EIA crude inventories to fall -2.7 million bbl.

GLOBAL EVENT CALENDAR12/10/2014

US	0700 ET	Weekly MBA mortgage applications, previous -7.3% with purchase sub-index +2.5% and refi sub-index -13.4%.
	1030 ET	EIA Weekly Petroleum Status Report.
	1200 ET	USDA Dec WASDE crop production.
	1300 ET	Treasury auctions $21 billion 10-year T-notes.
	1400 ET	Nov monthly budget statement expected -$65.0 billion, Nov-2013 -$135.2 billion.
JPN	0000 ET	Japan Nov consumer confidence index expected +0.6 to 39.5, Oct 38.9.
	1850 ET	Japan Oct tertiary industry index expected -0.2% m/m, Sep +1.0% m/m.
	1850 ET	Japan Oct machine orders expected -1.7% m/m and -0.3% y/y, Sep +2.9% m/m and +7.3% y/y.
UK	1901 ET	UK Nov RICS house price balance expected 15%, Oct 20%.

U.S. STOCK CALENDAR12/10/2014

Company	Ticker	Time	Event Description	Period	Estimate
Toll Brothers Inc	TOL US	Bef-mkt	Q4 2014 Earnings Release	Q4 2014	0.727
Costco Wholesale Corp	COST US	Bef-mkt	Q1 2015 Earnings Release	Q1 2015	1.091
BioMarin Pharmaceutical Inc	BMRN US	8:00	Investor Day	Y 2014
Diebold Inc	DBD US	9:00	Investment Community Conference	Y 2014
Tyson Foods Inc	TSN US	9:30	Investor Day	Y 2014
McDonald's Corp	MCD US	11:00	Investor Meeting	Y 2014
Costco Wholesale Corp	COST US	11:00	Q1 2015 Earnings Call	Q1 2015
Brown-Forman Corp	BF/B US	13:00	Analyst Meeting	Y 2014
Pall Corp	PLL US	13:00	Annual General Meeting
Bunge Ltd	BG US	13:00	Investor Day	Y 2014
Toll Brothers Inc	TOL US	14:00	Q4 2014 Earnings Call	Q4 2014
Altera Corp	ALTR US	16:45	Q4 2015 Guidance Call	Q4 2015
Kennametal Inc	KMT US		November 2014 Monthly Orders Release
Progressive Corp/The	PGR US		November 2014 Sales and Revenue Release	2014
Charles Schwab Corp/The	SCHW US		November 2014 Sales and Revenue Release - Activity Report	2014

BARCHART MORNING CALL 3/13

BARCHART MORNING CALL 3/13

YOU ARE HERE: Stocks » News & Commentary » Barchart Morning Call

Wednesday, March 13th, 2013View Older Reports

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OVERNIGHT MARKETS AND NEWS

June E-mini S&Ps (ESM13 -0.24%) are mildly lower by -0.13% on sell-offs in overseas stocks. European stocks are down -0.49% this morning on a weaker-than-expected Eurozone industrial production report and long liquidation pressure. Asian stocks closed lower today with a -0.61% sell-off in Japan, a -1.46% sell-off in Hong Kong, and a -1.10% sell-off in China's CSI 300 index. Chinese stocks were pressured by ongoing worries about property curbs and hawkish comments by China's central bank chief. Commodity prices are little changed on average this morning. April crude oil (CLJ13 +0.11%) is up +0.37%, April gasoline (RBJ13 +0.26%) is up +0.81%, April gold (GCJ13 +0.18%) is up +0.03%, May copper (HGK13 -0.06%) is down -0.03%, and agriculture prices are mixed. The dollar index (DXY00 +0.06%) is unchanged, while EUR/USD (^EURUSD) is down -0.21%. USD/JPY (^USDJPY) is down -0.33% as the yen is seeing some additional strength as the ruling LDP party haggles with Japan's opposition parties over Prime Minister Abe's nominations for BOJ governor and his two deputies. June 10-year T-notes (ZNM13 +0.13%) are up 3 ticks.
President Obama today is in the second day of his 3-day (Tue-Thu) stretch of visits to Capitol Hill. Mr. Obama met with Senate Democrats yesterday and he will meet with House Republicans today. Mr. Obama will then meet with Senate Republicans and House Democrats on Thursday. Meanwhile, Senate leaders this week are working on the continuing resolution that must be passed by March 27 to keep the government operating through the end of the fiscal year in September.
Chinese property stocks fell today after a report that the city of Shenzhen banned developers from raising new home prices. The Chinese government recently told regions and cities in areas with strong home price increases to crack down on property speculation to slow the recent surge in home prices.
China's PBOC central bank chief Zhou Xiaochuan said that China needs to be on "high alert" since the February inflation figures were stronger than expected.
The Italian 10-year bond yield today rose by 7 bp to 4.68% after today's sale of 3-year bonds and 15-year bonds. The bid cover ratio for the 3-year of 1.28 was down from 1.37 at the Feb 13 auction and the yield rose to 2.48% from 2.30% at the Feb 13 auction. The 15-year bond carried a bid cover ratio of 1.28 and a yield of 4.90%.
Today's sale by Ireland of 10-year bonds for the first time since its 2010 bailout was successful, which was an important step to show that Ireland is slowly regaining access to the global bond markets.
Eurozone Jan industrial production fell -0.4% m/m, which was weaker than market expectations of -0.1% m/m. That followed a revised +0.9% m/m increase in December, up from the preliminary report of +0.7% m/m. On a year-on-year basis, Jan industrial production improved to -1.3% y/y from -1.7% y/y in Dec.

U.S. STOCK PREVIEW

Today’s Feb retail sales report is expected to show a solid increase of +0.5% m/m both overall and excluding auto sales. That would follow the weak Jan report of +0.1% m/m and +0.2% m/m ex-autos. President Obama today will travel to Capitol Hill to meet with House Republicans. There are no earnings reports today from the Russell 1000 companies.
Conferences during the remainder of this week include Credit Suisse Global Services Conference on Mon-Wed, Bank of America Merrill Lynch Consumer & Retail Conference on Tue-Wed, World Biofuels Markets 2013 on Tue-Wed, China Healthcare Investment Conference on Tue-Wed, FIA International Derivatives Conference on Tue-Thu, Piper Jaffray Technology Media and Telecommunications Conference on Tue-Wed, Barclays Capital Healthcare Conference on Tue-Thu, UBS Global Consumer Conference on Wed-Thu, and Susquehanna Chemical Conference on Thu.

June E-mini S&Ps (ESM13 -0.24%) are down -2.00 points (-0.13%) on weak overseas stocks. The S&P 500 index on Tuesday fell back from a 5-1/3 year high and closed lower, although the Dow posted a record high and closed higher. Bearish factors included (1) stretched valuations after the S&P 500 rose to 15.3 times earnings, a 22-month high, and (2) weakness in technology stocks led by a slide in Apple after IDC predicted Apple will lose market share in the tablet market and after Jefferies cut its price target on Apple to $420 from $500. Closes: S&P 500 -0.24%, Dow Jones +0.02%, Nasdaq -0.39%.

OVERNIGHT U.S. STOCK MOVERS

• Bunge (BG +0.49%) was reiterated as a top pick at Citigroup with a target of $105 after saying that every segment in Bunge's business is positioned to improve in 2013.
• H&R Block (HRB +1.35%) improperly filed Form 8863, which is used to claim educational credits, on over 600,000 tax returns, which will delay refunds for those filings by up to six weeks, according to a MarketWatch report that cites comments from an IRS spokeswoman, who said the error impacts roughly 10% of the 6.6M returns containing Form 8863.
• Kronos Worldwide (KRO +1.16%) reported a Q4 EPS loss of -16 cents, a bigger loss than consensus of -5 cents.
• The Federal Aviation Administration approved the Boeing (BA +1.47%) certification plan for the redesigned 787 battery system, after thoroughly reviewing Boeing's proposed modifications and the company's plan to demonstrate that the system will meet FAA requirements.
• Dole Food (DOLE +0.60%) reported a Q4 EPS loss of -59 cents, worse than consensus of -2 cents.
• Synergetics (SURG +1.40%) reported a Q2 EPS loss of -5 cents, weaker than consensus of a 7 cent profit.
• Inter Parfums (IPAR -0.64%) reported Q4 EPS of 21 cents, better than consensus of 18 cents.
• Engility Holdings (EGL +1.14%) reported Q4 adjusted EPS of 77 cents, well ahead of consensus of 50 cents, and raised its guidance on fiscal year 2013 EPS to $3.25-$3.55, better than consensus of $2.60.
• GAIN Capital (GCAP +3.35%) reported a Q4 adjusted EPS loss of -9 cents, weaker than consensus of a 5 cent profit.
• Acadia Healthcare (ACHC +0.04%) initiated with a Buy at Cantor.
• GenMark (GNMK +0.09%) reported a Q4 EPS loss of -15 cents, better than consensus of a -21 cent loss.

MARKET COMMENTS

June 10-year T-notes (ZNM13 +0.13%) are up 3 ticks ahead of today's sale of 10-year T-notes. June 10-year T-note prices on Tuesday closed higher as a slide in equities prompted short-covering and fueled an increase in safe-haven demand for Treasuries. Closes: TYM3 +8.5, FVM3 +4.0.
The dollar index (DXY00 +0.06%) is unchanged. EUR/USD (^EURUSD) is down -0.0028 (-0.21%) on the weak Eurozone industrial production report and a mildly disappointing Italian bond auction today. USD/JPY (^USDJPY) is down -0.32 (-0.33%) as the market frets about PM Abe's difficulty in pushing through his dovish BOJ nominations although he is expected to prevail in the end. The dollar index on Tuesday closed slightly higher as stock market weakness boosted safe-haven demand for the dollar. EUR/USD fell back after comments from ECB Council member Weidmann fueled speculation the ECB may maintain its easy monetary policy, which is euro negative. USD/JPY fell back from a 3-1/2 year high and closed lower on the possibility that one of Prime Minister Abe’s choices for a BOJ deputy governor may not be confirmed, which boosted the yen. Closes: Dollar index +0.014 (+0.02%), EUR/USD -0.0015 (-0.12%), USD/JPY -0.199 (-0.20%).
April WTI crude oil (CLJ13 +0.11%) is up +0.34 (+0.37%) while April gasoline (RBJ13 +0.26%) is up +0.0255 (+0.81%). Crude oil and gasoline prices on Tuesday closed mixed. The main bullish factor was the narrowing of the WTI/Brent spread which fell for the fifth straight session to its lowest level in 5 weeks and boosted the April WTI crude futures contract. A bearish factor for crude was the action by the EIA to cut its global oil consumption forecast for this year to 90.13 million barrels a day from a forecast last month of 90.21 million barrels a day. Closes: CLJ3 +0.48 (+0.52%), RBJ3 -0.0022 (-0.07%). Expectations for Wednesday's weekly DOE inventory data are for crude stockpiles to grow by +2.35 million bbl, gasoline supplies to fall -1.25 million bbl, distillate inventories to decline -2.0 million bbl and the refinery utilization rate to slip -0.1 to 82.1%.

GLOBAL EVENT CALENDAR03/13/2013

US	0700 ET	Weekly MBA mortgage applications, previous +14.8% with purchase sub-index +15.0% and refi sub-index +14.8%.
	0830 ET	Feb import price index expected +0.5% m/m, Jan +0.6% m/m and -1.3% y/y.
	0830 ET	Feb retail sales expected +0.5% m/m, Jan +0.1% m/m. Feb retail sales ex-autos expected +0.5% m/m, Jan +0.2% m/m. Feb retail sales ex-autos and ex-gas expected +0.3% m/m, Jan +0.2% m/m.
	1000 ET	Jan business inventories expected +0.3%, Dec +0.1%.
	1030 ET	DOE Weekly Petroleum Status Report.
	1300 ET	Treasury auction of $21 billion in 10-year T-notes.
EUR	0600 ET	Eurozone Jan industrial production expected -0.1% m/m and -2.0% y/y, Dec +0.7% m/m and -2.3% y/y.

U.S. STOCK CALENDAR03/13/2013

Company Name	Symbol	Time	Event Description	Period	EPS Est (US$)
Starwood Hotels & Resorts Worldwide Inc	HOT US	0:30	Investor and Analyst Day	Y 2013
Progressive Corp/The	PGR US	Bef-mkt	February 2013 Sales and Revenue Release	2013
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Bunge - BG - Barchart Chart of the Day

Barchart.coms Chart of the Day - Bunge (BG)

Barchart Research Team - BC - Sat Nov 03, 9:50PM CDT

The "Chart of the Day" is Bunge (BG), which showed up on Friday's Barchart "52-Week High" list. Bunge on Friday edged to a new 15-month high of $72.15 and closed +0.56%. TrendSpotter has been long since Sep 12 at $65.90. In recent news on the stock, Citigroup on Oct 26 reiterated Bunge as a top pick and raised its target to $105 from $96 after the company reported Q3 earnings. Bunge on Oct 25 reported Q3 adjusted EPS of $2.08, below the consensus of $2.17. Bunge, with a market cap of $10 billion, is an integrated global agribusiness and food company spanning the farm-to-consumer food chain.


How we found the Chart of the Day:
We found the "Chart of the Day" by scanning the Barchart "52-week Highs" page. That page shows all the stocks that have posted new 52-week highs, which is a popular sign of strong upside momentum.
The status of Barchart's Opinion trading systems are listed below. Please note that the Barchart Opinion indicators are updated live during the session every 10 minutes and can therefore change during the day as the market fluctuates. The indicator numbers shown below therefore may not match what you see live on the Barchart.com web site when you read this report.

• TrendSpotter: Buy
• Short-Term Indicators: 100% Buy
• Medium-Term Indicators: 100% Buy
• Long-Term Indicators: 100% Buy
• Overall Average 100% Buy

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