Morning Call 8/22

Barchart Morning Call

Barchart.com - Tue Aug 22, 6:36AM CDT

OVERNIGHT MARKETS AND NEWS

Sep E-mini S&Ps (ESU17 +0.13%) this morning are up +0.07% and European stocks are up +0.47%, led by a rally in mining stocks, as Sep COMEX copper (HGU17 +0.70%) climbs +0.67% to a new 2-3/4 year nearest-futures high. Gains in European stocks were limited after a gauge of German investor confidence fell to a 10-month low. The German Aug ZEW survey expectations of economic growth fell -7.5 to 10.0, weaker than expectations of -2.5 to 15.0, amid concern that the diesel scandal at Volkswagen AG along with recent strength in EUR/USD will weigh on the German economy, Europe's largest. Asian stocks settled mostly higher: Japan -0.05%, Hong Kong +0.91%, China +0.10%, Taiwan +0.64%, Australia +0.42%, Singapore +0.52%, South Korea +0.39%, India +0.11%. China's Shanghai Composite erased early losses and rose to a 2-1/2 week high on optimism that Chinese insurance stocks and pharmaceutical companies will report better-than-expected quarterly earnings results. Japan's Nikkei Stock Index fell to a new 3-1/2 month low on a lack of support for stocks in the Nikkei Stock Index as the BOJ has said it will reduce investments in the Nikkei Stock Index and buy more exchange-traded funds tracking the Topix index.

The dollar index (DXY00 +0.43%) is up +0.45%. EUR/USD (^EURUSD) is down -0.55% on the weaker-than-expected German Aug ZEW survey. USD/JPY (^USDJPY) is up +0.32%.

Sep 10-year T-note prices (ZNU17 -0.16%) are down -5 ticks.

The German Aug ZEW survey expectations of economic growth fell -7.5 to 10.0, weaker than expectations of -2.5 to 15.0 and a 10-month low.

UK Jul public sector net borrowing unexpectedly fell -0.8 billion pounds, weaker than expectations of +0.3 billion pounds and the first decline in 5 months.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Jun FHFA house price index (expected +0.4% m/m, May +0.4% m/m), (2) Aug Richmond Fed manufacturing index (expected -3 to 11, Jul +3 to 14), (3) USDA Jul Cold Storage.

Notable Russell 1000 earnings reports today include: Toll Brothers (consensus $0.69), Coty (0.09), Medtronics (1.08), salesforce.com (0.32), Intuit (0.17).

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

Equity conferences this week: Bank of America Merrill Lynch Industrial, Energy and Infrastructure Conference on Tue, CFA Society of Minnesota Intellisight Conference on Tue-Wed, Healthcare Information & Management Systems Society Southeast Summit on Wed, Heikkinen Energy Conference on Wed, Raymond James SMID Cap Growth Conference on Wed, Southern California Investor Conference on Thu.

OVERNIGHT U.S. STOCK MOVERS

Alibaba (BABA +1.04%) was upgraded to 'Overweight' from 'Neutral' at Atlantic Equities LLP with a price target of $215.

VMware (VMW +0.77%) was upgraded to 'Buy' from 'Hold' at Deutsche Bank.

Tempur Sealy (TPX +0.39%) was upgraded to 'Buy' from 'Hold' a Stifel with a price target of $80.

Hain Celestial (HAIN +0.24%) was downgraded to 'Neutral' from 'Positive' at Susquehanna Financial.

Inversora Carso reported a 5.1% passive stake in PBF Logistics (PBFX -0.24%) .

Estee Lauder (EL +0.53%) was upgraded to 'Buy' from 'Hold' at Argus with a price target of $125.

BHP Billiton Ltd (BHP +1.26%) reported full-year underlying profit of $6.7 billion, weaker than consensus of $7.3 billion, and said it was pursuing options to exit onshore U.S. assets.

Nordson (NDSN +0.80%) sank 10% in after-hours trading after it forecast Q4 EPS of $1.18 to $1.32, well below consensus of $1.51.

Fabrinet (FN -0.65%) fell nearly 4% in after-hours trading after it forecast Q1 revenue of $356 million-$360 million, below consensus of $375.6 million.

Zayo Group Holdings (ZAYO -0.24%) dropped over 3% in after-hours trading after it reported Q4 adjusted Ebitda of $310.8 million, below consensus of $314.7 million.

Premier Inc. (PINC -0.49%) slid over 2% in after-hours trading after it reported Q4 adjusted EPS of 50 cents, below consensus of 52 cents, and then said it sees full-year adjusted EPS of $1.98 to $2.09, weaker than consensus of $2.11.

Tarena International (TEDU +3.27%) lost over 3% in after-hours trading after it cut its full-year revenue forecast to 1.92 to 2-billion yuan from a May 22 estimate of 1.99 to 2.07 billion yuan.

Global Medical Reit (GMRE -1.75%) was downgraded to 'Neutral' from 'Buy' at D.A. Davidson.

MARKET COMMENTS

Sep S&P 500 E-mini stock futures (ESU17 +0.13%) this morning are up +1.75 points (+0.07%). Monday's closes: S&P 500 +0.12, Dow Jones +0.13%, Nasdaq -0.08%. The S&P 500 on Monday posted a 1-1/4 month low, but recovered its losses and closed slightly higher. Stocks were supported by strength in mining stocks after the price of copper rose +1.39% to a 2-3/4 year high. There was also optimism about the global economic outlook after the Bundesbank in its monthly report said, "the German economy may grow more strongly this year than was expected in June forecasts." Energy stocks were undercut by the -2.32% sell-off in crude oil prices.

Sep 10-year T-note prices (ZNU17 -0.16%) this morning are down -5 ticks. Monday's closes: TYU7 +3.00, FVU7 +2.25. Sep 10-year T-notes on Monday closed higher on the weaker-than-expected Jul Chicago Fed national activity index (-0.17 to -0.01 versus expectations of -0.03 to 0.10) and on the decline in inflation expectations after the 10-year T-note breakeven inflation rate tumbled to a 1-month low.

The dollar index (DXY00 +0.43%) this morning is up +0.422 (+0.45%). EUR/USD (^EURUSD) is down -0.0065 (-0.55%) and USD/JPY (^USDJPY) is up +0.35 (+0.32%). Monday's closes: Dollar Index -0.339 (-0.36%), EUR/USD +0.0054 (+0.46%), USD/JPY -0.20 (-0.18%). The dollar index on Monday fell to a 1-week low and closed lower on the weaker-than-expected Jul Chicago Fed national activity index and on strength in EUR/USD after the Bundesbank's monthly report stated that "the German economy may grow more strongly this year than was expected in June forecasts."

Oct crude oil (CLV17 +0.04%) this morning is up +2 cents (+0.04%) and Oct gasoline (RBV17 +0.01%) is +0.0023 (+0.15%). Monday's closes: Oct WTI crude -1.13 (-2.22%), Oct gasoline -0.0370 (-2.41%). Oct crude oil and gasoline on Monday closed lower on the fall in the S&P 500 to a new 1-1/4 month high and on concern that the global oil glut will persist after last Wednesday's EIA data showed U.S. crude production rose to a 2-year high.

Metals prices this morning are mixed with Dec gold (GCZ17 -0.46%) -4.9 (-0.38%), Sep silver (SIU17 -0.26%) -0.015(-0.09%) and Sep copper (HGU17 +0.70%) +0.020 (+0.67%) at a new 2-3/4 nearest-futures high. Monday's closes: Dec gold +5.1 (+0.39%), Sep silver +0.015 (+0.09%), Sep copper +0.0410 (+1.39%). Metals on Monday closed higher with Sep copper at a new 2-3/4 year nearest-futures high. Metals prices were boosted by the fall in the dollar index to a 1-week low and by signs of tighter copper supplies after LME copper inventories fell -9,650 MT to a 1-1/2 month low of 261,700 MT.

GLOBAL EVENT CALENDAR08/22/2017

		Tuesday, Aug 21
US	0900 ET	Jun FHFA house price index expected +0.4% m/m, May +0.4% m/m. Q2 house price purchase, Q1 +1.4% q/q.
	1000 ET	Aug Richmond Fed manufacturing index expected -3 to 11, Jul +3 to 14.
	1500 ET	USDA Jul Cold Storage.
		Wednesday, Aug 22
US	0700 ET	Weekly MBA mortgage applications, previous +0.1% with purchase sub-index -1.5% and refi sub-index +1.6%.
	0905 ET	Dallas Fed President Robert Kaplan speaks before the Permian Basin Petroleum Association Membership Luncheon in Midland, TX.
	0945 ET	Aug Markit manufacturing PMI expected +0.1 to 53.4, Jul +1.3 to 53.3. Aug Markit services PMI expected +0.2 to 54.9, Jul +0.5 to 54.7.
	1000 ET	Jul new home sales expected unch at 610,000, Jun +0.8% to 610,000.
	1030 ET	EIA Weekly Petroleum Status Report.
	1300 ET	Treasury auctions $13 billion 2-year floating-rate notes.

U.S. STOCK CALENDAR08/22/2017

Company	Ticker	Time	Event Description	Period	Estimate
Toll Brothers Inc	TOL US	Bef-mkt	Q3 2017 Earnings Release	Q3 17	0.687
Coty Inc	COTY US	Bef-mkt	Q4 2017 Earnings Release	Q4 17	0.091
Medtronic PLC	MDT US	06:45	Q1 2018 Earnings Release	Q1 18	1.084
Medtronic PLC	MDT US	08:00	Q1 2018 Earnings Call	Q1 18
Coty Inc	COTY US	08:00	Q4 2017 Earnings Call	Q4 17
Nordson Corp	NDSN US	08:30	Q3 2017 Earnings Call	Q3 17
Toll Brothers Inc	TOL US	11:00	Q3 2017 Earnings Call	Q3 17
Cadence Design Systems Inc	CDNS US		Roadshow
Cadence Design Systems Inc	CDNS US		Roadshow
Microchip Technology Inc	MCHP US	12:00	Annual General Meeting
salesforce.com Inc	CRM US	Aft-mkt	Q2 2018 Earnings Release	Q2 18	0.316
Intuit Inc	INTU US	Aft-mkt	Q4 2017 Earnings Release	Q4 17	0.168
Intuit Inc	INTU US	16:30	Q4 2017 Earnings Call	Q4 17
salesforce.com Inc	CRM US	17:00	Q2 2018 Earnings Call	Q2 18

MORNING CALL 2/23

MORNING CALL

Tuesday, February 23rd, 2016View Older Reports

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OVERNIGHT MARKETS AND NEWS

March E-mini S&Ps (ESH16 -0.04%) are down -0.13% and European stocks are down -0.47% on Chinese economic concerns after the yuan fell to a 1-week low against the dollar when the PBOC cut its daily reference rate for the yuan by -17 bp, the most in 6 weeks. That also undercut Chinese stock prices and sent commodity prices lower. European stocks were also pressured by a nearly 4% decline in BHP Billiton after the company cut its dividend more than expected, and by a 6% fall in Standard Chartered after it reported 2015 revenue of $15.4 billion, less than expectations of $15.9 billion, and said its loan impairments almost doubled to the highest in its history at $4 billion from $2.1 billion in 2014. Another negative or European stock prices was the larger-than-expected decline in German Fed IFO business sentiment to the lowest in 14 months. Asian stocks settled mostly lower: Japan -0.37%, Hong Kong -0.25%, China -0.81%, Taiwan +0.10%, Australia -0.43%, Singapore +0.43%, South Korea +0.03%, India -1.59%.

The dollar index (DXY00 +0.09%) is up +0.13%. EUR/USD (^EURUSD) is down -0.32% at a 2-1/2 week low after the bigger-than-expected decline in the German Feb IFO business sentiment bolsters speculation the ECB will expand stimulus measures when it meets next month. USD/JPY (^USDJPY) is down-0.74% at a 1-week low as the weakness in global equity markets boosts the safe-haven demand for the yen.

Mar T-note prices (ZNH16 -0.10%) are down -3.5 ticks.

The German Feb IFO business climate fell -1.6 to 105.7, weaker than expectations of -0.5 to 106.8 and the lowest in 14 months.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Dec S&P/CaseShiller composite-20 home price index (expected +0.9% m/m and +5.8% y/y, Nov +0.94% m/m and +5.83% y/y), (2) Conference Board's Feb U.S. consumer confidence index (expected -0.9 to 97.2, Jan +1.8 to 98.1), (3) Feb Richmond Fed manufacturing index (expected unch at 2, Jan -4 to 2), (3) Jan existing home sales (expected -2.4% to 5.33 million, Dec +14.7% to 5.46 million), (4) the Treasury's auction of $26 billion of 2-year T-notes, and (5) Fed Vice Chair Stanley Fischer's speech on developments in monetary policy at an event in Houston, TX.

There are 11 of the S&P 500 companies that report earnings today: Home Depot (consensus $1.10), Macy's (1.89), Frontier Communications (-0.03), Ecolab (1.24), JM Smucker (1.62), Scripps Networks (1.01), Edison Int'l (0.60), Extra Space Storage (0.87), First Solar (0.78), Verisk Analytics (0.74), Expeditors International (0.60).

U.S. IPO's scheduled to price today: Silver Run Acquisition (SRAQU).

Equity conferences during the remainder of this week include: Credit Suisse Energy Summit on Tue, Jefferies Media & Communications Conference on Tue-Wed, RBC Capital Markets Health Care Conference on Tue-Wed, IHS Energy CERAWeek Conference on Tue-Thu, Wells Fargo Bank Investors Forum on Wed, Cantor Fitzgerald Internet & Technology Conference on Thu, Gabelli & Company Pump, Valve and Water Systems Symposium on Thu.

OVERNIGHT U.S. STOCK MOVERS

Home Depot (HD +0.95%) climbed nearly 1% in pre-market trading after it reported Q4 EPS of $1.17, higher than consensus of $1.10.

SolarCity (SCTY +1.38%) slid over 2% in pre-market trading after JPMorgan Chase downgraded it to 'Neutral' from 'Overweight.'

Twitter (TWTR -0.05%) advanced over 1% in pre-market trading after it was upgraded by Raymond James to 'Outperform' from 'Market Perform.'

Thermo Fisher Scientific (TMO +0.98%) said it will offer the first test kits available in the U.S. to enable serological detection of the Zika virus in research applications.

McDermott International (MDR +4.94%) reported Q4 revenue of $667.4 million, well below consensus of $757.9 million.

Tenet Healthcare (THC +7.05%) reported Q4 adjusted EPS of 35 cents, higher than consensus of 34 cents.

Alliant Energy (LNT +1.01%) reported Q4 adjusted EPS of 32 cents, weaker than consensus of 43 cents.

Chegg (CHGG +2.69%) slumped over 20% in after-hours trading after it lowered guidance on fiscal 2016 GAAP revenue to $230 million-$250 million, below consensus of $281.8 million.

Texas Roadhouse (TXRH +0.54%) climbed 3% in after-hours trading after it reported Q4 EPS of 32 cents, better than consensus of 30 cents.

Motorola Solutions (MSI +1.14%) raised guidance on fiscal 2016 adjusted EPS continuing operations to $4.45-$4.65, well above consensus of $4.04.

Valeant Pharmaceuticals (VRX -10.67%) sank over 8% in after-hours trading after the WSJ reported that company said it will restate earnings from late 2014 into early 2015 after an internal review showed discrepancies with sales of its drugs to Philidor RX Services.

Fitbit (FIT +5.90%) plunged 18% in pre-market trading after it lowered guidance on Q1 adjusted EPS to breakeven to 2 cents, well below consensus of 23 cents.

BHP Billiton Ltd. (BHP +5.46%) cut its first-half dividend to 16 cents from 62 cents a year earlier, a bigger cut than expectations of a cut to 31 cents.

Huron Consulting Group (HURN -2.94%) lowered guidance on fiscal 2016 adjusted EPS to $3.20-$3.40, below consensus of $3.69.

MARKET COMMENTS

Mar E-mini S&Ps (ESH16 -0.04%) this morning are down -2.50 points (-0.13%). Monday's closes: S&P 500 +1.45%, Dow Jones +1.40%, Nasdaq +1.61%. The S&P 500 on Monday climbed to a 3-week high and settled higher on carryover support from a +2.35% rally in the Shanghai Composite to a 4-week high, the 5% surge in crude oil prices, which boosted energy producers and energy service stocks, and strength in mining and raw-material producing stocks after copper prices climbed to a 2-week high.

Mar 10-year T-notes (ZNH16 -0.10%) this morning are down -3.5 ticks. Monday's closes: TYH6 -4.00, FVH6 -3.25. Mar T-notes on Monday closed lower on reduced safe-haven demand after the S&P 500 rallied to a 3-week high and on supply pressures as the Treasury auctions $101 billion of T-notes this week starting with Tuesday's auction of $26 billion in 2-year T-notes.

The dollar index (DXY00 +0.09%) this morning is up +0.122 (+0.13%). EUR/USD (^EURUSD) is down -0.0035 (-0.32%) at a 2-1/2 week low. USD/JPY (^USDJPY) is down -0.83 (-0.74%) at a 1-week low. Monday's closes: Dollar Index +0.779 (+0.81%), EUR/USD -0.0100 (-0.90%), USD/JPY +0.29 (+0.26%). The dollar index on Monday rallied to a 2-week high and closed higher on (1) the plunge in GBP/USD to a 6-3/4 year low after a split in the UK's ruling party over European Union membership increases the chance that the UK leaves the EU in a June referendum, and (2) weakness in EUR/USD which fell to a 2-week low after weaker-than-expected Eurozone PMI data increases the chance for expanded ECB stimulus.

Apr WTI crude (CLJ16 +0.12%) this morning is down -13 cents (-0.39%) and Apr gasoline (RBJ16 +0.59%) is up +0.0007 (+0.06%). Monday's closes: CLJ6 +1.64 (+5.17%), RBJ6 +0.0451 (+3.74%). Apr crude and gasoline on Monday closed sharply higher on the rally in the S&P 500 to a 3-week high and on speculation that OPEC may be nearer to cutting production after Saudi Oil Minister Ali al-Naimi said that last week's agreement between Saudi Arabia, Russia, Qatar and Venezuela to freeze output at current levels is the "beginning of a process" that could require "other steps to stabilize and improve the market."

GLOBAL EVENT CALENDAR02/23/2016

US	0900 ET	Dec S&P/CaseShiller composite-20 home price index expected +0.9% m/m and +5.8% y/y, Nov +0.94% m/m and +5.83% y/y.
	1000 ET	Feb consumer confidence (Conference Board) expected -0.9 to 97.2, Jan +1.8 to 98.1.
	1000 ET	Feb Richmond Fed manufacturing index expected unch at 2, Jan -4 to 2.
	1000 ET	Jan existing home sales expected -2.4% to 5.33 million, Dec +14.7% to 5.46 million.
	1300 ET	Treasury auctions $26 billion of 2-year T-notes.
	1500 ET	USDA Jan Cold Storage.
	2030 ET	Fed Vice Chair Stanley Fischer speaks on developments in monetary policy at an event in Houston, TX.
GER	0200 ET	Revised German Q4 GDP, previous +0.3% q/q and +2.1% (nsa).
	0400 ET	German Feb IFO business climate expected -0.5 to 106.8, Jan 107.3. Feb IFO current assessment expected -0.5 to 112.0, Jan 112.5. Feb IFO expectations expected -0.8 to 101.6, 102.4.
JPN	1850 ET	Japan Jan PPI services expected +0.3% y/y, Dec +0.4% y/y.
CHI	2045 ET	China Feb Westpac-MNI consumer sentiment, Jan 114.9.

U.S. STOCK CALENDAR02/23/2016

Company	Ticker	Time	Event Description	Period	Estimate
Frontier Communications Corp	FTR US	Bef-mkt	Q4 2015 Earnings Release	Q4 2015	-0.034
Ecolab Inc	ECL US	Bef-mkt	Q4 2015 Earnings Release	Q4 2015	1.244
JM Smucker Co/The	SJM US	Bef-mkt	Q3 2016 Earnings Release	Q3 2016	1.62
Scripps Networks Interactive Inc	SNI US	Bef-mkt	Q4 2015 Earnings Release	Q4 2015	1.011
Home Depot Inc/The	HD US	6:00	Q4 2016 Earnings Release	Q4 2016	1.104
Macy's Inc	M US	8:00	Q4 2016 Earnings Release	Q4 2016	1.885
JPMorgan Chase & Co	JPM US	8:30	Investor Day	Y 2016
Frontier Communications Corp	FTR US	8:30	Q4 2015 Earnings Call	Q4 2015
JM Smucker Co/The	SJM US	8:30	Q3 2016 Earnings Call	Q3 2016
Macy's Inc	M US	9:00	Q4 2016 Earnings Call	Q4 2016
Home Depot Inc/The	HD US	9:00	Q4 2016 Earnings Call	Q4 2016
Tenet Healthcare Corp	THC US	10:00	Q4 2015 Earnings Call	Q4 2015
Scripps Networks Interactive Inc	SNI US	10:00	Q4 2015 Earnings Call	Q4 2015
Tractor Supply Co	TSCO US	10:15	Investor Meeting	Y 2016
Airgas Inc	ARG US	11:00	Special Meeting - M&A Vote
ONEOK Inc	OKE US	11:00	Q4 2015 Earnings Call	Q4 2015
Ecolab Inc	ECL US	13:00	Q4 2015 Earnings Call	Q4 2015
Edison International	EIX US	16:30	Q4 2015 Earnings Call	Q4 2015
First Solar Inc	FSLR US	16:30	Q4 2015 Earnings Call	Q4 2015
Edison International	EIX US	Aft-mkt	Q4 2015 Earnings Release	Q4 2015	0.595
Extra Space Storage Inc	EXR US	Aft-mkt	Q4 2015 Earnings Release	Q4 2015	0.872
First Solar Inc	FSLR US	Aft-mkt	Q4 2015 Earnings Release	Q4 2015	0.778
Verisk Analytics Inc	VRSK US	Aft-mkt	Q4 2015 Earnings Release	Q4 2015	0.743
Expeditors International of Washington Inc	EXPD US		Q4 2015 Earnings Release	Q4 2015	0.604

BARCHART MORNING CALL 9/14

BARCHART MORNING CALL

Monday, September 14th, 2015View Older Reports

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OVERNIGHT MARKETS AND NEWS

December E-mini S&Ps (ESZ15 +0.09%) are up +0.29% on an increase in M&A activity as Solera Holdings jumped 8% in pre-market trading after Vista Equity Partners agreed to buy the company for $6.5 billion. European stocks were up +0.28% as gains in miners led the overall market higher with Rio Tinto Group and BHP Billiton Ltd. up more than 2% after Jeffries upgraded its recommendation on BHP Billiton to 'Buy' from 'Hold.' European stocks also received a boost after Eurozone Jul industrial production rose more than expected at the fastest pace in 5 months. Asian stocks closed mixed: Japan-1.63%, Hong Kong +0.27%, China -2.67%, Taiwan +0.02%, Australia +0.50%, Singapore -0.57%, South Korea -0.29%, India +0.96%. Japanese stocks fell on economic concerns after Japan Jul industrial production was revised lower and China's Shanghai Composite settled lower after data showed that China Aug fixes asset investment ex-rural households rose at the slowest pace in 14-1/2 years.

The dollar index (DXY00 +0.05%) is up +0.05% as it rebounded from a 2-week low. EUR/USD (^EURUSD) is down -0.19%. USD/JPY (^USDJPY) is down -0.27%.

Dec T-note prices (ZNZ15 +0.02%) are down -1 tick.

ECB Governing Council member Bonnici said that the full impact of the ECB's QE program "will take time" and that it was "too early" to decide on new stimulus.

Eurozone Jul industrial production rose +0.6% m/m, twice as much as expectations of +0.3% m/m and the most in 5 months. On an annual basis, Jul industrial production rose +1.9% y/y, stronger than expectations of +0.7% y/y.

China Aug fixed-asset investment (excluding rural households) rose +10.9% y/y, less than expectations of +11.2% y/y and the slowest pace of increase in 14-1/2 years.

China Aug industrial production rose +6.1% y/y, weaker than expectations of +6.5% y/y.

Japan Jul industrial production was revised lower to -0.8% m/m and unch y/y from the originally reported -0.6% m/m and +0.2% y/y.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) anticipation of the Wed/Thu FOMC meeting where there is about a 30% chance of a Fed rate hike.

Three of the Russell 2000 companies report earnings today include Unilife Corp. (consensus -$0.12), Park City Group (-0.03), Energy XXI Ltd (-1.26).

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

Equity conferences this week include: Bank of America Merrill Lynch Power & Gas Leaders Conference on Wed-Thu, Citi 2015 Industrials Conference on Wed-Thu, Deutsche Bank Technology Conference on Wed-Thu, Morgan Stanley Industrials Conference on Wed-Thu, Barclays Capital Global Financial Services Conference on Wed-Fri, Credit Suisse Basic Materials Conference on Wed-Fri, Goldman Sachs Communacopia Conference on Wed-Fri, Morgan Stanley Global Healthcare Conference on Wed-Fri, Bank of America Merrill Lynch Global Health Care Conference on Thu, Imperial Capital Global Opportunities Conference on Thu, and AACR CRI-CIMT-EATI Immunotherapy Conference on Thu-Fri.

OVERNIGHT U.S. STOCK MOVERS

Solera Holdings (SLH +3.86%) jumped over 8% in pre-market trading after Vista Equity Partners agreed to buy the company for $6.5 billion.

Wisconsin Energy (WEC +1.35%) was upgraded to 'Buy' from 'Hold' at Argus.

Brean Capital reiterated its 'Buy' rating on Salesforce (CRM +0.44%) and said the stock should be a core holding.

H&R Block (HRB +1.20%) was downgraded to 'Neutral' from 'Buy' at BTIG.

Exelon (EXC -0.17%) was upgraded to 'Buy' from 'Neutral' at SunTrust.

Marvell (MRVL -16.21%) was downgraded to 'Neutral' from 'Buy' at B. Riley.

AstraZeneca (AZN +0.06%) was upgraded to 'Buy' from 'Hold' at Deutsche Bank.

Alexion Pharmaceuticals (ALXN +0.16%) was downgraded to 'Equal Weight' from 'Overweight' at Barclays.

Xilinx (XLNX +0.38%) was upgraded to 'Buy' from 'Neutral' at Goldman Sachs.

Nokia (NOK -0.61%) was upgraded to 'Conviction Buy' from 'Buy' at Goldman Sachs.

BHP Billiton (BHP +0.38%) was upgraded to 'Buy' from 'Hold' at Jefferies.

Chico's (CHS +0.13%) said it is contemplating a sale of the company after offers from private-equity buyers including Sycamore Partners, according to Bloomberg.

Monster Beverage (MNST +0.40%) announced a new $500 million share repurchase program.

Baker Brothers reported a 39.6% stake in Aquinox (AQXP +4.86%) .

MARKET COMMENTS

Dec E-mini S&Ps (ESZ15 +0.09%) this morning are up +5.75 points (+0.29%). Friday's closes: S&P 500 +0.45%, Dow Jones +0.63%, Nasdaq +0.63%. The S&P 500 Friday recovered from early losses and closed higher on speculation the Fed won't raise interest rates at the Sep 16-17 FOMC meeting and on strength in health-care stocks after Gilead Sciences and Pfizer rallied sharply. Stocks had traded lower early after the U.S. Sep University of Michigan consumer sentiment fell to a 1-year low (-6.2 to 85.7 vs. expectations of -0.8 to 91.1) and after energy producers sold off as crude oil declined.

Dec 10-year T-notes (ZNZ15 +0.02%) this morning are down -1 tick. Friday's closes: TYZ5 +12.00, FVZ5 +7.50. Dec T-notes Friday closed higher on carryover support from a rally in German bunds after ECB Executive Board member Coeure said that ECB asset purchases will continue for "as long as necessary." Another supportive factor for T-notes was the larger-than-expected drop in U.S. Sep University of Michigan consumer sentiment to a 1-year low, which may prompt the Fed to delay a rate hike.

The dollar index (DXY00 +0.05%) this morning is up +0.045 (+0.05%). EUR/USD (^EURUSD) is down -0.0021 (-0.19%). USD/JPY (^USDJPY) is down-0.32 (-0.27%). Friday's closes: Dollar Index -0.262 (-0.27%), EUR/USD +0.00567 (+0.50%), USD/JPY -0.03 (-0.02%). The dollar index Friday dropped to a 1-week low on concern that consumer spending may slow and undercut economic growth after the U.S. Sep University of Michigan consumer sentiment fell to a 1-year low. The dollar also fell on speculation the recent volatility in global financial markets that may prompt the Fed to delay an interest rate increase.

Oct crude oil (CLV15 -0.22%) this morning is down -10 cents (-0.22%) and Oct gasoline (RBV15 -0.50%) is down -0.0063 (-0.46%). Friday's closes: CLV5-1.29 (-2.81%), RBV5 -0.0237 (-1.70%). Oct crude oil and gasoline on Friday closed lower with Oct gasoline at a 1-1/2 week low on concern that the U.S. crude oil supply glut will persist with U.S. oil inventories nearly 100 million bbl above their 5-year seasonal average. Prices remained lower after a report from Goldman Sachs said that the oil market is more oversupplied than expected and that prices may need to fall to near $20 a barrel to clear the oversupply.

GLOBAL EVENT CALENDAR09/14/2015

US	1100 ET	USDA weekly grain export inspections.
	1600 ET	USDA weekly crop progress.
JPN	0030 ET	Japan Jul tertiary industry index expected +0.2% m/m, Jun +0.3% m/m.
	0030 ET	Revised Japan Jul industrial production, previous -0.6% m/m and +0.2% y/y. Jul capacity utilization, Jun +0.7% m/m.
EUR	0500 ET	Eurozone Jul industrial production expected +0.3% m/m and +0.7% y/y, Jun -0.4% m/m and +1.2% y/y.

U.S. STOCK CALENDAR09/14/2015

Company	Ticker	Time	Event Description	Period	Estimate
Unilife Corp	UNIS US	Aft-mkt	Q4 2015 Earnings Release	Q4 2015	-0.12
Park City Group Inc	PCYG US	Aft-mkt	Q4 2015 Earnings Release	Q4 2015	-0.03
Energy XXI Ltd	EXXI US		Q4 2015 Earnings Release	Q4 2015	-1.26

BARCHART MORNING CALL 8/26

BARCHART MORNING CALL

Wednesday, August 26th, 2015View Older Reports

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OVERNIGHT MARKETS AND NEWS

September E-mini S&Ps (ESU15 +1.87%) are up +1,76% on increased M&A activity after Schlumberger Ltd. agreed to buy Cameron for $14.8 billion. Strength in technology stocks is another positive with Google up over 3% in pre-market trading after Goldman Sachs upgraded the stock to 'Conviction Buy.' European stocks are down -1.00% as they followed Chinese stocks lower after China's Shanghai Composite erased a gain of almost 4% to close down over 1%. Miners and energy producers are leading losses in European stocks with the price of copper (HGU15 -2.62%) down -2.70% and with Transocean Ltd. down 10% in pre-market trading after the company said it may quit paying a dividend. Asian stocks closed mixed: Japan +3.20%, Hong Kong -1.52%, China -1.27%, Taiwan +0.52%, Australia +0.69%, Singapore -0.46%, South Korea +2.08%, India -1.22%. China's Shanghai Composite erased an early rally and closed down at an 8-1/4 month low despite Tuesday's action by the PBOC to cut interest rates. The Chinese government has halted intervention in the equity market this week which has prompted liquidation of stocks from margin traders. China's margin debt has plunged by 1 trillion yuan ($156 billion) to 1.25 trillion yuan on Monday from a record high 2.27 trillion yuan on Jun 18. Japan's Nikkei Stock Index recovered from a 6-1/4 month low and closed higher on bargain hunting and increased M&A activity after Nippon Life Insurance agreed to buy Mitsui Life Insurance for 400 billion yen ($2.5 billion).

The dollar index (DXY00 +0.07%) is up +0.02%. EUR/USD (^EURUSD) is down -0.82% after comments from ECB Executive Board member Praet signal the ECB may boost its stimulus measures when he said the downside risks to the ECB's inflation goal have increased. USD/JPY (^USDJPY) is up +0.63%.

Sep T-note prices (ZNU15 +0.18%) are up +9 ticks.

ECB Executive Board member Praet said that "recent developments in the world economy and commodity markets have increased the downside risk of achieving the sustainable inflation path towards 2.0%" and there should be "no doubt that the ECB will act if needed."

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) weekly MBA mortgage applications (previous +3.6% with purchase sub-index -1.1% and refi sub-index +7.2%), (2) July durable goods orders (expected -0.4% and +0.4% ex-transportation, Jun +3.4% and +0.6% ex transportation), (3) New York Fed President William Dudley's responds to questions after a press briefing on the local and regional economy, (4) the Treasury's auction of $35 billion of 5-year T-notes and $13 billion of 2-year floating rate notes.

There are 5 of the Russell 1000 companies that report earnings today: Brown-Forman (consensus $0.75), Williams-Sonoma (0.58), PVH (1.29), Avago Technologies (2.14), Workday (-0.06).

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

Equity conferences during the remainder of this week include: 9th Annual South East Asia Australia Offshore & Onshore Conference on Tue-Wed, 9th Annual Mining the Territory Conference on Wed, Pareto Healthcare Conference on Fri.

OVERNIGHT U.S. STOCK MOVERS

Amazon.com (AMZN +0.65%) was upgraded to 'Buy' from 'Hold' at Evercore ISI.

Best Buy (BBY +12.57%) was upgraded to 'Strong Buy' from 'Market Perform' at Raymond James.

Express (EXPR +1.14%) reported Q2 EPS of 25 cents, higher than consensus of 16 cents.

BHP Billiton (BHP +2.30%) was upgraded to 'Sector Perform' from 'Underperform' at RBC Capital.

Healthcare Trust (HTA -3.40%) and Healthcare Realty Trust (HR -2.56%) were both upgraded to 'Buy' from 'Hold' at Stifel.

Cooper Companies (COO -0.33%) were upgraded to 'Overweight' from 'Sector Weight' at KeyBanc.

Schlumberger (SLB -1.83%) agreed to acquire Cameron (CAM -0.96%) in deal valued at $14.8 billion.

Google (GOOG -1.28%) rose over 3% in pre-market trading after Goldman Sachs upgraded the stock to 'Conviction Buy' from 'Neutral.'

Transocean (RIG -0.49%) fell over 5% in pre-market trading after it announced that the company will convene an extraordinary general meeting of shareholders on October 29 to discuss the possible cancellation of the Q3 and Q4 installments of its annual dividend.

Oshkosh Defense (OSK +1.53%) jumped over 10% in after-hours trading after it said it was awarded a $6.7 billion contract with the U.S. Army to manufacture 17,000 Joint Light Tactical Vehicles.

Jack Henry (JKHY -0.11%) reported Q4 EPS of 75 cents, higher than consensus of 67 cents.

Dycom (DY +1.57%) reported Q4 non-GAAP EPS of 97 cents, well above consensus of 83 cents.

NextEra Energy Partners (NEP -7.28%) was initiated with an 'Outperform' at Baird with a price target of $43.

Solera (SLH +1.09%) reported Q4 adjusted EPS of 81 cents, better than consensus of 80 cents.

CBRE Group (CBG -2.77%) was initiated with a 'Buy' at Sterne Agee CRT wit a price target of $42.

MARKET COMMENTS

Sep E-mini S&Ps (ESU15 +1.87%) this morning are up +33.00 points (+1.76%). Tuesday's closes: S&P 500 -1.35%, Dow Jones -1.29%, Nasdaq -0.55%. The S&P 500 rallied sharply early Tuesday but erased the advance and closed lower. Stocks fell on concern that the slowdown in China may be worse than expected and that even Tuesday's Chinese rate cut will not be enough to spur growth. Stocks rallied early Tuesday on China's fifth rate cut in nine months and on the +10.5 point jump in the U.S. Aug consumer confidence (Conference Board) to 101.5, stronger than expectations of +3.5 to 93.4 and the highest in 7 months.

Sep 10-year T-notes (ZNU15 +0.18%) this morning are up +9 ticks. Tuesday's closes: TYU5 -1-4.5/32, FVU5 -17.25. Sep T-notes on Tuesday closed sharply lower on (1) reduced safe-haven demand for T-notes as global stock markets rallied sharply on the Chinese rate cut, and (2) the large-than-expected increase in U.S. Aug consumer confidence to a 7-month high.

The dollar index (DXY00 +0.07%) this morning is up +0.020 (+0.02%). EUR/USD (^EURUSD) is down -0.0094 (-0.82%). USD/JPY (^USDJPY) is up +0.75 (+0.63%). Tuesday's closes: Dollar Index +1.198 (+1.286%), EUR/USD -0.01019 (-1.02%), USD/JPY +0.432 (+0.36%). The dollar index on Tuesday closed higher on reduced safe-haven demand for the yen as USD/JPY and global stock markets rallied sharply after China cut interest rates. EURUSD saw weakness on speculation the ECB may expand stimulus measures after ECB Vice President Constancio said medium-term inflation risks in the Eurozone are "very low" and the ECB may respond to any material change to the outlook for price stability.

Oct crude oil (CLV15 +0.46%) this morning is up +13 cents (+0.33%) and Oct gasoline (RBV15 -1.93%) is down -0.0295 (-2.28%). Tuesday's closes: CLV5 +1.07 (+2.80%), RBV5 -0.0103 (-0.79%). Oct crude and gasoline on Tuesday settled mixed. Crude oil prices received a boost from the Chinese rate cut, which may help revive China's economic growth and energy demand, and from the larger-than-expected jump in U.S. Aug consumer confidence to a 7-month high. Negative factors included a stronger dollar, weakness in gasoline after BP restarted its 235,000 bpd refinery in Whiting, IN, and expectations that Wednesday's EIA crude inventories report will show an increase of +2.0 million bbl.

GLOBAL EVENT CALENDAR08/26/2015

US	0700 ET	Weekly MBA mortgage applications, previous +3.6% with purchase sub-index -1.1% and refi sub-index +7.2%.
	0830 ET	Jul durable goods orders expected -0.4% and +0.4% ex-transportation, Jun +3.4% and +0.6% ex transportation. Jul capital goods new orders non-defense ex-aircraft & parts expected +0.3%, Jun +0.7%.
	1000 ET	New York Fed President William Dudley answers questions after a press briefing on the local and regional economy.
	1030 ET	EIA Weekly Petroleum Status Report.
	1130 ET	Treasury auctions $13 billion of 2-year floating rate notes.
	1300 ET	Treasury auctions $35 billion of 5-year T-notes.
UK	0600 ET	UK Aug CBI reported sales expected -3 to 18, Jul 21.

U.S. STOCK CALENDAR08/26/2015

Company	Ticker	Time	Event Description	Period	Estimate
Brown-Forman Corp	BF/B US	8:00	Q1 2016 Earnings Release	Q1 2016	0.746
Jack Henry & Associates Inc	JKHY US	8:45	Q4 2015 Earnings Call	Q4 2015
Brown-Forman Corp	BF/B US	10:00	Q1 2016 Earnings Call	Q1 2016
Williams-Sonoma Inc	WSM US	17:00	Q2 2016 Earnings Call	Q2 2016
Avago Technologies Ltd	AVGO US	17:00	Q3 2015 Earnings Call	Q3 2015
Workday Inc	WDAY US	17:00	Q2 2016 Earnings Call	Q2 2016
PVH Corp	PVH US	Aft-mkt	Q2 2016 Earnings Release	Q2 2016	1.288
Williams-Sonoma Inc	WSM US	Aft-mkt	Q2 2016 Earnings Release	Q2 2016	0.578
Avago Technologies Ltd	AVGO US	Aft-mkt	Q3 2015 Earnings Release	Q3 2015	2.138
Workday Inc	WDAY US	Aft-mkt	Q2 2016 Earnings Release	Q2 2016	-0.056
Equifax Inc	EFX US		Investor Meeting - Denver	Y 2015
Xcel Energy Inc	XEL US		Analyst/Investor Meeting	Y 2015
Under Armour Inc	UA US		Extraordinary Shareholders Meeting	Y 2015