MORNING CALL 10/3

MORNING CALL

Monday, October 3rd, 2016View Older Reports

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OVERNIGHT MARKETS AND NEWS

Dec E-mini S&Ps (ESZ16 -0.02%) are little changed, down -0.02% and European stocks are up +0.01% in quiet trade. Markets in China, Germany and South Korea are all closed today for holiday. Stocks received support from strength in crude oil (CLX16 +0.58%) which is up +0.87% at a 1-1/4 month high and is lifting energy producing stocks. Signs of increased M&A activity also boosted equity prices with Twitter up over 4% in pre-market trading after a news report said that Google is working with financial adviser Lazard Ltd. to consider a potential bid for the company. Gains in U.S. stocks were limited after Fitch Ratings cut its U.S. 2016 GDP forecast to 1.4% from a 1.8% estimate in Jul. Asian stocks settled higher: Japan +0.90%, Hong Kong +1.23%, Taiwan +0.73%, Australia +0.78%, Singapore +0.05%, India +1.35%. Asian stocks rose as European banking concerns eased and along with signs of strength in Japanese manufacturing activity after the Japan Sep Nikkei manufacturing PMI was revised upward to an 8-month high.

The dollar index (DXY00 +0.06%) is up +0.03. EUR/USD (^EURUSD) is unch. USD/JPY (^USDJPY) is unch. GBP/USD is down -0.75% at a 2-3/4 month low on economic concerns in Britain after Prime Minister May pledged to start pulling the UK out of the European Union by March.

Dec 10-year T-note prices (ZNZ16 -0.04%) are down -2 ticks.

In its bi-monthly Global Economic Outlook, Fitch Ratings' cut its U.S. 2016 GDP estimate to 1.4% from a 1.8% estimate in Jul due to oil sector adjustments, weak external demand and as dollar appreciation takes its toll on industrial demand.

China Sep manufacturing PMI was unchanged at 50.4, weaker than expectations of +0.1 to 50.5.

Japan Sep Nikkei manufacturing PMI was revised upward to 50.4 from 50.3, the fastest pace of expansion in 8 months.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) final-Sep Markit manufacturing PMI (expected unch at 51.4, prelim-Sep -0.6 to 51.4), (2) Aug construction spending (expected +0.3% m/m, Jul unch m/m), (3) Sep ISM manufacturing index (expected +0.9 to 50.3, Aug -3.2 to 49.4), (4) Sep total vehicle sales (expected 17.4 million, Aug 16.91 million), (5) USDA weekly grain export inspections, (6) USDA Weekly Crop Progress.

Russell 1000 companies that report earnings today: none.

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

Equity conferences this week include: Capital Link Shipping, Marine Services & Offshore Forum on Wed, ACI European Biomass to Power Conference on Wed, Seaport Global Securities Dallas Energy Day on Thu.

OVERNIGHT U.S. STOCK MOVERS

Teradata (TDC +2.96%) was downgraded to 'Sell' from 'Hold at UBS.

Barrick Gold (ABX -1.23%) was upgraded to 'Buy' from 'Hold' at Deutsche Bank.

Carnival Cruise Lines (CCL +1.16%) was rated a new 'Buy' at HSBC with a price target of $60.

National Oilwell Varco (NOV -0.33%) was downgraded to 'Sell' from "hold' at Citigroup.

FirstCash (FCFS +1.82%) was upgraded to 'Buy' from 'Neutral' at Janney Montgomery with a 12-month target price of $59.

VirnetX Holding Corp. (VHC -3.47%) jumped over 20% in pre-market trading after Apple was told to pay $302.4 million to VHC after a federal jury said Apple was guilty of infinging on VHC's patents.

Halliburton (HAL +1.58%) was upgraded to 'Buy' from 'Hold' at Societe Generale with a 12-month target price of $55.

Twitter (TWTR +0.17%) is up over 4% in pre-market trading after a person familiar with the matter said Alphabet (GOOG +0.29%) is said to be working with Lazard to review a potential bid for the company .

Levin Capital said it increased its stake in Fluidigm (FLDM -4.76%) to 19.6% from 12.38%

Dave & Buster's Entertainment (PLAY +3.54%) rose nearly 4% in after-hours trading after it was announced that it will replace Piedmont Natural Gas in the S&P SmallCap 600 after the close of trading Monday, October 3.

Express Scripts (ESRX +0.99%) said it will add Walgreens to its Tricare pharmacy network and drop CVS, as of December 1.

Seaword (SEAS -0.44%) gained 1% in after-hours trading after Ivory Cove reported a 5.2% stake in the company, the fourth largest.

The board of Viacom (VIAB +0.87%) has formed a special committee to evaluate a possible combination with CBS.

Illinois Treasurer Frerichs said late Friday that Illinois will suspend investment activity with Wells Fargo (WFC -0.20%) .

MARKET COMMENTS

Dec E-mini S&Ps (ESZ16 -0.02%) this morning are down -0.50 of a point (-0.02%). Friday's closes: S&P 500 +0.80%, Dow Jones +0.91%, Nasdaq +0.77%. The S&P 500 on Friday closed higher on reduced concern about Deutsche Bank after it rebounded sharply higher from a record low after a media report saying that the U.S. Department of Justice is seeking only $5.4 billion to settle its investigation of Deutsche Bank's involvement in mortgage-backed securities, far less than earlier reports of a $14 billion settlement. Stocks were also boosted by the +2.7 point increase in the Sep Chicago PMI (stronger than expectations of +0.5 to 52.0) and the +1.4 point gain in the final-Sep University of Michigan U.S. consumer sentiment index to 91.2 (stronger than expectations of +0.2 to 90.0).

Dec 10-year T-notes (ZNZ16 -0.04%) this morning are down -2 ticks. Friday's closes: TYZ6 -13.50, FVZ6 -6.75. Dec 10-year T-notes on Friday retreated from a 1-1/2 month high and closed lower on reduced safe-haven demand with the rally in stocks and with relief about the report that Deutsche Bank may not have to pay as large of a fine to the DOJ as earlier reported. T-notes were also undercut by the stronger-than-expected U.S. consumer sentiment index and Chicago PMI report.

The dollar index (DXY00 +0.06%) this morning is up +0.027 (+0.03%). EUR/USD (^EURUSD) is unch. USD/JPY (^USDJPY) is unch. Friday's closes: Dollar index -0.072 (-0.08%), EUR/USD +0.0013 (+0.12%), USD/JPY +0.32 (+0.32%). The dollar index on Friday fell back from a 1-week high and closed lower on a upward rebound in EUR/USD on reduced European banking concerns after Deutsche Bank CEO Cryan said that Deutsche Bank's balance sheet is safer than at any point in the past two decades. The dollar was also undercut by the weaker-than-expected U.S. Aug personal spending report of unchanged (vs expectations of +0.1%).

Nov WTI crude oil (CLX16 +0.58%) this morning is up +42 cents (+0.87%) at a 1-1/4 month high and Nov gasoline (RBX16 -0.47%) is down -0.0026(-0.18%). Friday's closes: Nov crude +0.41 (+0.86%), Nov gasoline +0.0210 (+1.46%). Nov crude oil and gasoline on Friday closed higher on a weaker dollar and hopes that the global oil glut may shrink faster than expected if OPEC follows through on last Wednesday's agreement to cut its oil production to 32.5-33.0 million bpd.

GLOBAL EVENT CALENDAR10/03/2016

		Monday, Oct 3
US	0945 ET	Final-Sep Markit manufacturing PMI expected unch at 51.4, prelim-Sep -0.6 to 51.4.
	1000 ET	Aug construction spending expected +0.3% m/m, Jul unch m/m.
	1000 ET	Sep ISM manufacturing index expected +0.9 to 50.3, Aug -3.2 to 49.4. Sep ISM new orders, Aug -7.8 to 49.1. Sep ISM employment, Aug-1.1 to 48.3. Sep ISM prices paid expected +0.5 to 53.5, Aug -2.0 to 53.0.
	1100 ET	USDA weekly grain export inspections.
	1600 ET	USDA Weekly Crop Progress.
	n/a	Sep total vehicle sales expected 17.4 million, Aug 16.91 million. Sep domestic vehicle sales expected 13.3 million, Aug 13.13 million.
		Tuesday, Oct 4
US	0805 ET	Richmond Fed President Jeffrey Lacker (non-voter) speaks at the west Virginia Economic Outlook Conference.
	0945 ET	Sep New York ISM, Aug -13.2 to 47.5.
	1950 ET	Chicago Fed President Charles Evans (non-voter) speaks on the economy and monetary policy at an event in Auckland, New Zealand.

U.S. STOCK CALENDAR10/03/2016

Company	Ticker	Time	Event Description	Period	Estimate
Ford Motor Co	F US	9:15	September 2016 Sales and Revenue Release	2016
Ford Motor Co	F US	10:00	September 2016 Sales and Revenue Call	2016
Infoblox Inc	BLOX US	16:00	Analyst Meeting	Y 2016
Monotype Imaging Holdings Inc	TYPE US	16:30	Business Update Call	Y 2016

MORNING CALL 5/26

MORNING CALL

Thursday, May 26th, 2016View Older Reports

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OVERNIGHT MARKETS AND NEWS

Jun E-mini S&Ps (ESM16 +0.12%) are up +0.13% and European stocks are up +0.08% as energy producing stocks strengthen with the price of crude oil (CLN16 +0.67%) up +0.67% at a fresh 7-1/2 month high. Increased M&A activity is giving stocks a boost as well with Yahoo up nearly 4% in pre-market trading after people familiar with the matter said AT&T made a bid for the company. Mining stocks also rallied, with Arcelor Mittal and Anglo American Plc both up more than 4.5%, as the price of copper (HGN16 +0.55%) is up +0.62% at a 2-week high. Gains in European stocks were limited by weakness in bank stocks, as Banco Popular Espanol SA plunged -20% after it said it will raise about 2.5 billion euros ($2.79 billion) by selling new shares. Asian stocks settled mostly higher: Japan +0.09%, Hong Kong +0.14%, China +0.26%, Taiwan -0.02%, Australia+0.29%, Singapore +0.24%, South Korea -0.14%, India +1.88%.

The dollar index (DXY00 -0.13%) is down -0.16%. EUR/USD (^EURUSD) is up +0.21%. USD/JPY (^USDJPY) is down -0.19%.

Jun T-note prices (ZNM16 -0.01%) are little changed, down -0.5 of a tick.

Speaking in Singapore, St. Louis Fed President Bullard (voter) said that market expectations for a June interest rate hike are "substantially positive" and that the FOMC can vary the rate rise pace depending on the world and the U.S.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) St. Louis Fed President James Bullard (voter) delivers a presentation to the Official Monetary and Financial Institutions Forum in Singapore, (2) weekly initial unemployment claims (expected -3,000 to 275,000, previous -16,000 to 278,000) and continuing claims (expected -12,000 to 2.140 million, previous -13,000 to 2.152 million), (3) Apr durable goods orders (expected +0.5% and +0.3% ex-transportation, Mar +0.8% and -0.2% ex-transportation), (4) Apr pending home sales (expected +0.7% m/m and +0.1% y/y, Mar +1.4% m/m and +2.9% y/y), (5) May Kansas City Fed manufacturing activity (expected +1 to -3, Apr +2 to -4), (6) Fed Governor Jerome Powell discusses “Recent Economic Developments, the Productive Potential of the Economy, and Monetary Policy” at the Peterson Institute for International Economics in Washington D.C., (7) the Treasury's auction of $28 billion of 7-year T-notes, and (8) USDA weekly Export Sales.

There are 5 of the S&P 500 companies that report earnings today: Dollar Tree (consensus $0.81), Patterson Cos (0.75), Signet Jewelers (1.94), Ulta Salon (1.29), Dollar General (0.95).

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

Equity conferences during the remainder of this week include: none.

OVERNIGHT U.S. STOCK MOVERS

Yahoo! (YHOO -5.17%) rose nearly 4% in pre-market trading after people familiar with the matter said AT&T made a bid for the company.

HP Inc. (HPQ +2.43%) gained 2% in European trading after it reported Q2 adjusted EPS continuing operations of 41 cents, better than consensus of 38 cents.

Williams-Sonoma (WSM +2.40%) climbed over 3% in after-hours trading after it reported Q1 adjusted EPS of 53 cents, higher than consensus of 50 cents.

NetApp (NTAP +1.23%) sank nearly 8% in after-hours trading after it reported Q4 adjusted EPS of 55 cents, weaker than consensus of 58 cents, and said it sees Q1 adjusted EPS of 34 cnts-30 cents, below consensus of 45 cents

PVH (PVH +0.91%) climbed over 6% in after-hours trading after it reported Q1 adjusted EPS of $1.50, higher than consensus of $1.43, and then raised guidance on full-year adjusted EPS to $6.45-$6.55 from a March 23 view of $6.30-$6.50.

Infoblox (BLOX +0.87%) lost over 3% in after-hours trading after it said it sees Q4 adjusted EPS of 5 cents-7 cents, below consensus of 7 cents.

Guess? (GES +1.17%) fell nearly 2% in after-hours trading after it lowered guidance on full-year adjusted EPS to 55 cents-75 cents from a March 16 estimate of 65 cents-85 cents, below consensus of 77 cents,

Trinity Industries (TRN +4.63%) gained almost 1% in after-hours trading after it reported a new $940 million order for wind towers.

CSRA (CSRA +0.79%) lost nearly 1% in after-hours trading after it reported Q4 adjusted EPS of 50 cents, better than consensus of 48 cents, but Q4 revenue of $1.29 billion was below consensus of $1.31 billion.

The Rubicon Project (RUBI +1.53%) slipped 3% in after-hours trading after CFO Todd Tappin resigned to assume the role of president at another company.

WebMD Health (WDMD) dropped over 4% in after-hours trading after it announced that it will offer $300 million of convertible notes due 2023 in a private placement.

Popeyes Louisiana Kitchen (PLKI -0.46%) slid nearly 7% in after-hours trading after it reported Q1 adjusted EPS of 58 cents, below consensus of 64 cents.

Lions Gate Entertainment (LGF +0.20%) jumped over 13% in after-hours trading after it reported Q4 adjusted EPS of 26 cents, well above consensus of 2 cents.

Pure Storage (PSTG +1.10%) tumbled 15% in after-hours trading after it reported that its Q1 operating margin dropped -45.6% versus -28.6% q/q.

Cempra (CEMP +3.43%) climbed nearly 5% in after-hours trading after it said its solithromycin had successful results in its Phase 2 study of community-acquire bacterial pneumonia conducted by Japanese partner Toyama Chemical.

Paragon Shipping (PRGN -0.63%) plunged nearly 50% in after-hours trading after it received a notice of non-compliance from NASDAQ because the company's stockholders' equity as of Dec 31, 2015 was below the $2.5 million requirement. Therefore, the company no longer meets requirement for the NASDAQ and will have to transfer its listing to the OTC market.

MARKET COMMENTS

June E-mini S&Ps (ESM16 +0.12%) this morning are up +2.75 points (+0.13%). Wednesday's closes: S&P 500 +0.70%, Dow Jones +0.82%, Nasdaq +0.72%. The S&P 500 on Wednesday rose to a 3-week high and closed higher on strength in energy producers after crude oil rallied to a 7-1/2 month high and on increased M&A activity after HP rallied by +9% after it said it will merge its enterprise-services division with Computer Sciences Corp. Stocks were undercut by the unexpected -1.6 point decline in the May Markit U.S. services PMI index to 51.2, weaker than expectations of +0.2 to 53.0.

June 10-year T-note prices (ZNM16 -0.01%) this morning are down -0.5 of a tick. Wednesday's closes: TYM6 -3.00, FVM6 -1.00. Jun T-notes on Wednesday closed lower on supply pressures as the Treasury auctioned $47 billion of 5-year T-notes and 2-year floating rate notes and on reduced safe-haven demand after the S&P 500 climbed to a 3-week high. T-notes found support from the unexpected -1.6 point decline in the May Markit U.S. services PMI index.

The dollar index (DXY00 -0.13%) this morning is down -0.150 (-0.16%). EUR/USD (^EURUSD) is up +0.0023 (+0.21%). USD/JPY (^USDJPY) is down-0.21 (-0.19%). Wednesday's closes: Dollar Index -0.217 (-0.23%), EUR/USD +0.0014 (+0.13%), USD/JPY +0.20 (+0.18%). The dollar index on Wednesday closed lower on the unexpected decline in the U.S. May Markit services PMI index, which was a sign of economic weakness that may give the Fed pause on raising interest rates. The dollar was also undercut by strength in EUR/USD after the German May IFO business climate index rose to a 5-month high.

July WTI crude oil (CLN16 +0.67%) this morning is up +33 cents (+0.67%) at a fresh 7-1/2 month high. July gasoline (RBN16 +0.14%) is up +0.0042 (+0.25%). Wednesday's closes: CLN6 +0.94 (+1.93%), RBN6 -0.0086 (-0.52%). July crude oil and gasoline on Wednesday settled mixed with July crude at a 7-1/2 month high. Crude oil prices were boosted by the -4.23 million bbl decline in weekly EIA crude inventories, more than expectations of-2.0 million bbl. Crude oil prices were also boosted by the -0.3% decline in U.S. crude production in the week ended May 20 to a 1-1/2 year low of 8.767 million bpd. Gasoline closed lower after weekly EIA gasoline stockpiles unexpectedly rose +2.04 million bbl, more than expectations of -1.5 million bbl.

GLOBAL EVENT CALENDAR05/26/2016

US	0610 ET	St. Louis Fed President James Bullard (voter) delivers a presentation to the Official Monetary and Financial Institutions Forum in Singapore.
	0830 ET	Weekly initial unemployment claims expected -3,000 to 275,000, previous -16,000 to 278,000. Weekly continuing claims expected-12,000 to 2.140 million, previous -13,000 to 2.152 million.
	0830 ET	Apr durable goods orders expected +0.5% and +0.3% ex transportation, Mar +0.8% and -0.2% ex transportation. Apr capital goods orders non-defense ex-aircraft expected +0.3%, Mar +0.1%
	0830 ET	USDA weekly Export Sales.
	1000 ET	Apr pending home sales expected +0.7% m/m and +0.1% y/y, Mar +1.4% m/m and +2.9% y/y
	1100 ET	May Kansas City Fed manufacturing activity expected +1 to -3, Apr +2 to -4.
	1200 ET	Fed Governor Jerome Powell will discuss Recent Economic Developments, the Productive Potential of the Economy, and Monetary Policy at the Peterson Institute for International Economics in Washington D.C.
	1300 ET	Treasury auctions $28 billion of 7-year T-notes.
UK	0430 ET	Revised UK Q1 GDP, previous +0.4% q/q and +2.1% y/y.
	0430 ET	UK Mar index of services expected +0.2% m/m and +0.6% 3-mo/3-mo, Feb +0.1% m/m and +0.7% 3-mo/3-mo.
	0430 ET	UK Q1 total business investment, Q4 -2.0% q/q and +3.0% y/y.
	1905 ET	UK May GfK consumer confidence expected -1 to -4, Apr -3 to -3.
JPN	1930 ET	Japan Apr national CPI expected -0.4% y/y, Mar -0.1% y/y. Apr national CPI ex-fresh food expected -0.4% y/y, Mar -0.3% y/y. Apr national CPI ex food & energy expected +0.7% y/y, Mar +0.7% y/y.
	1930 ET	Japan May Tokyo CPI expected -0.5% y/y, Apr -0.4% y/y. May Tokyo CPI ex-fresh food expected -0.4% y/y, Apr -0.3% y/y. May Tokyo CPI ex food & energy expected +0.6% y/y, Apr +0.6% y/y.
CHI	2130 ET	China Apr industrial profits, Mar +11.1% y/y.

U.S. STOCK CALENDAR05/26/2016

Company	Ticker	Time	Event Description	Period	Estimate
Patterson Cos Inc	PDCO US	Bef-mkt	Q4 2016 Earnings Release	Q4 2016	0.754
Dollar Tree Inc	DLTR US	Bef-mkt	Q1 2017 Earnings Release	Q1 2017	0.808
Signet Jewelers Ltd	SIG US	7:00	Q1 2017 Earnings Release	Q1 2017	1.943
Symantec Corp	SYMC US	8:30	Analyst Day	Y 2016
Signet Jewelers Ltd	SIG US	8:30	Q1 2017 Earnings Call	Q1 2017
PVH Corp	PVH US	9:00	Q1 2017 Earnings Call	Q1 2017
Dollar Tree Inc	DLTR US	9:00	Q1 2017 Earnings Call	Q1 2017
Leucadia National Corp	LUK US	10:00	Annual General Meeting
McDonald's Corp	MCD US	10:00	Annual General Meeting	Y 2016
Owens-Illinois Inc	OI US	10:00	Annual General Meeting	Y 2016
Patterson Cos Inc	PDCO US	10:00	Q4 2016 Earnings Call	Q4 2016
Dollar General Corp	DG US	10:00	Q1 2017 Earnings Call	Q1 2017
Raytheon Co	RTN US	11:00	Annual General Meeting
Costco Wholesale Corp	COST US	11:00	Q3 2016 Earnings Call	Q3 2016
Navient Corp	NAVI US	11:00	Annual General Meeting
Danaher Corp	DHR US	12:00	Analyst and Investor Meeting	Y 2016
Western Digital Corp	WDC US	17:00	Q4 2016 Guidance Call	Q4 2016
Ulta Salon Cosmetics & Fragrance Inc	ULTA US	17:00	Q1 2017 Earnings Call	Q1 2017
Ulta Salon Cosmetics & Fragrance Inc	ULTA US	Aft-mkt	Q1 2017 Earnings Release	Q1 2017	1.292
Tiffany & Co	TIF US		Annual General Meeting
Unum Group	UNM US		Annual General Meeting
CBS Corp	CBS US		Annual General Meeting
Macerich Co/The	MAC US		Annual General Meeting
Quanta Services Inc	PWR US		Annual General Meeting
Dollar General Corp	DG US		Q1 2017 Earnings Release	Q1 2017	0.947

MORNING CALL 5/16

MORNING CALL

Monday, May 16th, 2016View Older Reports

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OVERNIGHT MARKETS AND NEWS

Jun E-mini S&Ps (ESM16 +0.16%) are little changed up +0.01% as a +1.95% rally in crude oil (CLM16 +2.16%) to a 6-1/2 month high underpins energy producers. Signs of increased M&A activity is another positive for stocks with Yahoo up nearly 2% in pre-market trading after people familiar with the matter said that Warren Buffett is backing a group bidding for the company's internet assets. European stocks are down -0.67% in thin trade with Germany and Switzerland closed for holiday. Asian stocks settled higher: Japan +0.33%, Hong Kong +0.84%, China +0.84%, Taiwan +0.17%, Australia +0.56%, Singapore +0.04%, South Korea +0.09%, India +0.64%. Despite weaker-than-expected Chinese economic data on Apr industrial production and retail sales, Asian stocks closed higher after the PBOC issued a statement saying that it will create appropriate monetary and financial environment to facilitate steady economic growth.

The dollar index (DXY00 -0.05%) is down -0.06%. EUR/USD (^EURUSD) is up +0.14%. USD/JPY (^USDJPY) is up +0.21%.

Jun T-note prices (ZNM16 -0.11%) are down -3 ticks after a Washington Post story quoted Richmond Fed President Lacker saying "at this point it looks to me as if the case for raising rates looks to be pretty strong in June as inflation is moving decidedly toward 2% and the labor markets have tightened significantly."

In a statement released on its website, the PBOC said the slowdown in new yuan loan growth last month was mainly due to an acceleration in local government debt swaps and that prudent monetary policy remains unchanged, overall credit supply and aggregate financing growth are steady, and the PBOC will create appropriate monetary and financial environment to facilitate steady economic growth.

China Apr industrial production rose +5.8% year-to-date y/y, unch from Mar and weaker than expectations of +6.1% year-to-date y/y.

China Apr retail sales rose +10.3% year-to-date y/y, unch from Mar and weaker than expectations of +10.4% year-to-date y/y.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) May Empire manufacturing index (expected -3.06 to 6.50, Apr +8.94 to 9.56), (2) May NAHB housing market index (expected +1 to 59, Apr unch at 58), (3) Minneapolis Fed President Neel Kashkari holds a town hall meeting on “Too Big to Fail” at the University of Minnesota, (4) USDA weekly grain export inspections, and (5) USDA Weekly Crop Progress.

There are 3 of the Russell 1000 companies that report earnings today: Urban Outfitters (consensus $0.25), Agilent Technologies (0.39), Akorn (0.54).

U.S. IPO's scheduled to price today: Cancer Prevention Pharmaceuticals (CPP).

Equity conferences today: American Gas Association Financial Forum on Mon, 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

Yahoo! (YHOO -1.49%) climbed nearly 2% in pre-market trading after people familiar with the matter said that Warren Buffett is backing a group bidding for the company's internet assets.

Globalstar (GSAT +35.36%) jumped 16% in pre-market trading after the chairman of the FCC late Friday asked the agency to vote on Globalstar's proposal to offer mobile service on airwaves now reserved for satellite use.

Nokia OYJ (NOK unch) was upgraded to 'Buy' from 'Hold' at Canaccord Genuity with a price target of $7.

Weibo (WB +2.10%) was downgraded to 'Neutral' from 'Buy' at Goldman Sachs.

Vornado Realty Trust (VNO -1.54%) was upgraded to 'Buy' from 'Hold' at Evercore ISI with a 12-month price target of $108.

Regions Financial Corp. (RF -1.53%) was downgraded to 'Underperform' from 'Market perform' at KBW.

Infoblox (BLOX -2.99%) was downgraded to 'Underperform' from 'Neutral' at DA Davidson.

Globus Medical (GMED +0.51%) was downgraded to 'Sell' from 'Neutral' at Goldman Sachs.

Digital Realty Trust (DLR -0.29%) climbed nearly 4% in after-hours trading after it was announced that it will replace Tim Warner Cable in the S&P 500 after the close of trading on Tuesday, May 17.

Blue Buffalo Pet Products (BUFF -0.83%) slid over 4% in after-hours trading after it started a 25 million share secondary offering of common stock.

TerraForm Global (GLBL -1.50%) rose nearly 3% in after-hours trading after Appaloosa Management’s 13F filing showed it increased its stake in TerraForm Global.

MARKET COMMENTS

June E-mini S&Ps (ESM16 +0.16%) this morning are little changed, up +0.25 of a point (+0.01%). Friday's closes: S&P 500 -0.85%, Dow Jones -1.05%, Nasdaq -0.37%. The S&P 500 on Friday closed lower on concern about a sooner-than-expected Fed rate hike after the very strong U.S. retail sales and consumer sentiment reports. In addition, retail stocks moved lower, led by a -13% plunge in Nordstrom, after the retailer cut its full-year earnings forecast and added to evidence that the U.S. department-store industry is in a deep and probably permanent slump. Stocks were boosted by improved confidence about the U.S. economy after U.S. Apr retail sales rose +1.3% and +0.8% ex-autos, stronger than expectations of +0.8% and +0.5% ex-autos, and by the +6.8 point increase in the U.S. May University of Michigan U.S. consumer sentiment index to an 11-month high of 95.8, stronger than expectations of +0.5 to 89.5.

June 10-year T-note prices (ZNM16 -0.11%) this morning are down -3 ticks. Friday's closes: TYM6 +12.00, FVM6 +5.25. Jun T-notes on Friday closed higher on increased safe-haven demand with the sell-off in stocks. T-notes were above to shake off the strong U.S. retail sales and consumer sentiment reports.

The dollar index (DXY00 -0.05%) this morning is down -0.059 (-0.06%). EUR/USD (^EURUSD) is up +0.0016 (+0.14%). USD/JPY (^USDJPY) is up +0.23 (+0.21%). Friday's closes: Dollar Index +0.426 (+0.45%), EUR/USD -0.0068 (-0.60%), USD/JPY -0.39 (-0.36%). The dollar index on Friday rallied to a 2-1/2 week high and closed higher on increased chances for a Fed rate hike after the strong U.S. Apr retail sales and May U.S. consumer sentiment reports.

June WTI crude oil (CLM16 +2.16%) this morning is up +90 cents (+1.95%) at a 6-1/2 month high. June gasoline (RBM16 +1.44%) is up +0.0206 (+1.30%) at a 2-week high. Friday's closes: CLM6 -0.49 (-1.05%), RBM6 +0.0049 (+0.31%). Jun crude oil and gasoline on Friday settled mixed. Crude oil prices were undercut by the rally in the dollar index to a 2-1/2 week high and by the ongoing U.S. crude oil supply glut with U.S. crude inventories at +33% above their 5-year average. Crude oil prices received a boost from Baker Hughes' report that the number of active U.S. oil rigs fell by another -10rigs to 318 in the week ended May 13, the fewest in 6-1/2 years.

GLOBAL EVENT CALENDAR05/16/2016

US	0830 ET	May Empire manufacturing index expected -3.06 to 6.50, Apr +8.94 to 9.56.
	1000 ET	May NAHB housing market index expected +1 to 59, Apr unch at 58.
	1100 ET	USDA weekly grain export inspections.
	1600 ET	USDA Weekly Crop Progress.
	1900 ET	Minneapolis Fed President Neel Kashkari holds a town hall meeting on Too Big to Fail at the University of Minnesota.
JPN	0200 ET	Japan Apr machine tool orders, Mar -21.2% y/y.

U.S. STOCK CALENDAR05/16/2016

Company	Ticker	Time	Event Description	Period	Estimate
Reynolds American Inc	RAI US	4:00	Investor Meeting	Y 2016
RenaissanceRe Holdings Ltd	RNR US	8:00	Annual General Meeting	Y 2016
CommScope Holding Co Inc	COMM US	8:30	Investor Day	Y 2016
Liberty Interactive Corp QVC Group	QVCA US	12:15	Investor Meeting	Y 2016
PacWest Bancorp	PACW US	13:30	Annual General Meeting	Y 2016
Markel Corp	MKL US	16:30	Annual General Meeting
Agilent Technologies Inc	A US	16:30	Q2 2016 Earnings Call	Q2 2016
Motorola Solutions Inc	MSI US	17:00	Annual General Meeting
Akorn Inc	AKRX US	Aft-mkt	Q1 2016 Earnings Release	Q1 2016	0.539
Agilent Technologies Inc	A US	Aft-mkt	Q2 2016 Earnings Release	Q2 2016	0.389
American Express Co	AXP US		Credit-card Charge-offs and Delinquencies
JPMorgan Chase & Co	JPM US		Credit-card Charge-offs and Delinquencies
Consolidated Edison Inc	ED US		Annual General Meeting
Equifax Inc	EFX US		Investor Meeting - Stockholm	Y 2016
Bank of America Corp	BAC US		Credit-card Charge-offs and Delinquencies
Office Depot Inc	ODP US		Business Update Call
Citigroup Inc	C US		Credit-card Charge-offs and Delinquencies
Robert Half International Inc	RHI US		Annual General Meeting
Urban Outfitters Inc	URBN US		Q1 2017 Earnings Release	Q1 2017	0.251
Capital One Financial Corp	COF US		Credit-card Charge-offs and Delinquencies
Ultimate Software Group Inc/The	ULTI US		Annual General Meeting
Alliance Data Systems Corp	ADS US		Credit-card Charge-offs and Delinquencies
Discover Financial Services	DFS US		Credit-card Charge-offs and Delinquencies
Synchrony Financial	SYF US		Credit-card Charge-offs and Delinquencies

MORNING CALL 5/10

MORNING CALL

Tuesday, May 10th, 2016View Older Reports

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OVERNIGHT MARKETS AND NEWS

Jun E-mini S&Ps (ESM16 +0.17%) are up +0.51% and European stocks are up +1.49% as strength in crude oil and metals prices lifts energy and commodity producers. A nearly 5% gain in Credit Suisse is leading European bank stocks higher after it reported a smaller-than-expected quarterly loss. Asian stocks settled mostly higher: Japan +2.15%, Hong Kong +0.43%, China +0.02%, Taiwan +0.30%, Australia +0.42%, Singapore -0.90%, South Korea +0.60%, India +0.33%. China's Shanghai Composite shook off early losses and closed higher after Chinese economic data showed Apr consumer prices matched expectations and declines in Apr producer prices moderated. A rally in Japanese exporters lifted the Nikkei Stock Index as USD/JPY climbed to a 1-week high.

The dollar index (DXY00 +0.12%) is up +0.09% at a 1-week high. EUR/USD (^EURUSD) is down -0.17% at a 1-week low. USD/JPY (^USDJPY) is up +0.71% at a 1-week high.

Jun T-note prices (ZNM16 unch) are down -2 ticks.

San Francisco Fed President Williams said that "very low inflation in most economies is the biggest issue for central banks today." He added that "the U.S. economy is in good shape, in part because the Federal Reserve took such aggressive and, in some cases, extraordinary actions to right the ship."

China Apr CPI rose +2.3% y/y, right on expectations and the fastest pace of increase in 1-3/4 years.

China Apr PPI fell -3.4% y/y, less than expectations of -3.7% y/y and the slowest pace of decline in 16 months.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Mar wholesale inventories (expected +0.1% m/m, Feb -0.5% m/m), (2) Mar JOLTS job openings (expected +5,000 to 5.450 million, Feb -159,000 to 5.445 million), and (3) the Treasury's auction of $24 billion of 3-year T-notes.

There are 4 of the S&P 500 companies that report earnings today: Walt Disney (consensus $1.40), CenterPoint Energy (0.31), Allergan (3.00), Electronic Arts (0.42).

U.S. IPO's scheduled to price today: Turning Point Brands (TPB).

Equity conferences during the remainder of this week include: Goldman Sachs Global Staples Forum on Tue, Bank of America Merrill Lynch Global Metals, Mining & Steel Conference on Tue, Credit Suisse REIT Conference on Tue, Wells Fargo Securities Gaming, Leisure & Restaurants Conference on Tue, Sterne Agee CRT Business Services Conference on Tue, The Boston Industrial and Environmental Services Conference on Tue, Citi Global Energy and Utilities Conference on Tue-Wed, Oppenheimer Industrial Growth Conference on Tue-Wed, Wells Fargo Industrial and Construction Conference on Tue-Wed, Bank of America Merrill Lynch Health Care Conference on Tue-Thu, Jefferies Technology, Media and Telecom Conference on Wed-Thu, Mitsubishi UFJ Oil & Gas Conference on Thu, Morgan Stanley Refining Corporate Access Day on Thu, RBC Capital Markets Aerospace & Defense Investor Day on Thu.

OVERNIGHT U.S. STOCK MOVERS

Rush Enterprises (RUSHA -1.96%) was upgraded to 'Buy' from 'Neutral' at Bank of America Merrill Lynch.

Hertz Global Holdings (HTZ -2.67%) fell over 1% in after-hours trading after it reported a Q1 adjusted EPS loss of -12 cents, weaker than consensus of -1cent.

The Gap (GPS +0.65%) sank 14% in pre-market trading after it reported April comparable store sales unexpectedly fell -7.0%, weaker than consensus of a +1.1% increase.

Consolidated Edison (ED +0.26%) fell 2% in after-hours trading after it announced plans for an 8.8 million share offering.

SolarCity (SCTY +3.07%) sank 18% in pre-market trading after it said Q1 bookings were 150 MW lower than expected and unlikely to be made up for by year end. The company then said it sees 2016 guidance of 1.0-1.1 GW installed, lower than a previous estimate of 1.25 GW.

Inflblox (BLOX -0.51%) dropped 9% in after-hours trading after lowered guidance on fiscal 2016 revenue to $354 million-$358 million from a prior view of $370 million-$380 million, weaker than consensus of $376.8 million.

Stamps.com (STMP +4.71%) surged over 15% in after-hours trading after it reported Q1 adjusted EPS of $1.72, well above consensus of $1.07, and then raised guidance on full-year adjusted EPS to $6.00-$6.50 from a previous estimate of $5.00-$5.50, higher than consensus of $5.27.

MaxLinear (MXL +0.37%) climbed over 3% in after-hours trading after it reported Q1 adjusted EPS of 47 cents, right on consensus, and said it will acquire Broadcom's wireless infrastructure backhaul business for $80 million.

Fiesta Restaurant Group (FRGI +1.31%) slumped over 10% in after-hours trading after it reported Q1 adjusted EPS of 37 cents, weaker than consensus of 40 cents.

Lattice Semiconductor (LSCC -2.26%) slid over 3% in after-hours trading after it reported a Q1 adjusted EPS loss of -1 cent, right on consensus, but said it sees Q2 revenue of $97 million-$103 million, below consensus of $107.3 million.

InvenSense (INVN -4.32%) fell nearly 7% in after-hours trading after it said it sees Q1 total revenue of $58 million-$62 million, well below consensus of $84.8 million.

Halozyme Therapeutics (HALO +2.32%) rose over 4% in after-hours trading after it raised guidance eon its 2016 revenue estimate to $130 million-$145 million from a previous estimate of $110 million-$125 million, above consensus of $121.8 million.

NewLink Genetics (NLNK +6.11%) plunged over 30% in after-hours trading after a Phase 3 study of its algenpantucel-L for patients with resected pancreatic cancer did not achieve the primary endpoint and found no statistical difference in overall survival.

MARKET COMMENTS

June E-mini S&Ps (ESM16 +0.17%) this morning are up +10.50 points (+0.51%). Monday's closes: S&P 500 +0.08%, Dow Jones -0.20%, Nasdaq +0.26%. The S&P 500 on Monday closed higher on positive carryover from a rally in European stocks after German Mar factory orders rose +1.9% m/m, stronger than expectations of +0.6% m/m and the biggest increase in 9 months. Stocks also received a boost from upbeat comments from Chicago Fed President Evans who said that U.S. economic fundamentals are "good." Stocks were underdcut by the -2.79% decline in China's Shanghai Composite after China Apr exports unexpectedly fell -1.8% y/y (vs expectations of unchanged) and by weakness in energy producers and mining stocks after crude oil fell -2.73% and copper prices tumbled -2.21% to a 3-1/2 week low.

June 10-year T-note prices (ZNM16 unch) this morning are down -2 ticks. Monday's closes: TYM6 +8.50, FVM6 +5.50. Jun T-notes on Monday closed higher on global economic concerns after China Apr exports unexpectedly declined and on reduced inflation expectations after the 10-year T-note breakeven inflation rate fell to a 2-1/2 week low.

The dollar index (DXY00 +0.12%) this morning is up +0.085 (+0.09%) at a 1-week high. EUR/USD (^EURUSD) is down -0.0019 (-0.17%) at a 1-week low. USD/JPY (^USDJPY) is up +0.77 (+0.71%) at a 1-week high. Monday's closes: Dollar Index +0.240 (+0.26%), EUR/USD -0.0021 (-0.18%), USD/JPY +1.20 (+1.12%). The dollar index on Monday rallied to a 1-week high and closed higher on comments from New York Fed President Dudley who said that while Friday's U.S. employment report was "a touch softer," it remains a "reasonable expectation" that the Fed will raise interest rates twice this year. In addition, USD/JPY rallied to a 1-week high after Japanese Finance Minister Aso said that the recent strength in the yen is "undesirable" and "it's natural that Japan has means to intervene" in the currency market.

June WTI crude oil (CLM16 -0.53%) this morning is up +17 cents (+0.39%). June gasoline (RBM16 +0.55%) is up +0.0185 (+1.28%). Monday's closes: CLM6 -1.22 (-2.73%), RBM6 -0.0535 (-3.58%). Jun crude oil and gasoline on Monday closed lower with Jun gasoline at a 2-1/2 week low. Crude oil prices were undercut by the rally in the dollar index to a 1-week high, reduced fire threats to Alberta oil-sands facilities as the wildfire switched directions, and reduced refinery demand for gasoline after the crack spread fell to a 2-1/2 month low.

GLOBAL EVENT CALENDAR05/10/2016

US	1000 ET	Mar wholesale inventories expected +0.1% m/m, Feb -0.5% m/m. Mar wholesale trade sales expected +0.5% m/m, Feb -0.2% m/m.
	1000 ET	Mar JOLTS job openings expected +5,000 to 5.450 million, Feb -159,000 to 5.445 million.
	1200 ET	USDA May WASDE crop production.
	1300 ET	Treasury auctions $24 billion 3-year T-notes.
GER	0200 ET	German Mar industrial production expected -0.2% m/m and +1.1% y/y, Feb -0.5% m/m and +1.3% y/y.
	0200 ET	German Mar trade balance expected +20.6 billion euros, Feb +20.2 billion euros. Mar exports expected unch m/m, Feb +1.3% m/m. Mar imports expected -0.3% m/m, Feb +0.5% m/m.

U.S. STOCK CALENDAR05/10/2016

Company	Ticker	Time	Event Description	Period	Estimate
Pentair PLC	PNR US	3:00	Annual General Meeting	Y 2016
CenterPoint Energy Inc	CNP US	Bef-mkt	Q1 2016 Earnings Release	Q1 2016	0.312
Allergan plc	AGN US	Bef-mkt	Q1 2016 Earnings Release	Q1 2016	3.005
Walt Disney Co/The	DIS US	Aft-mkt	Q2 2016 Earnings Release	Q2 2016	1.399
Electronic Arts Inc	EA US	Aft-mkt	Q4 2016 Earnings Release	Q4 2016	0.422
Danaher Corp	DHR US		Annual General Meeting
Loews Corp	L US		Annual General Meeting
ConocoPhillips	COP US		Annual General Meeting
Prudential Financial Inc	PRU US		Annual General Meeting
Wyndham Worldwide Corp	WYN US		Annual General Meeting
Scripps Networks Interactive Inc	SNI US		Annual General Meeting
Columbia Pipeline Group Inc	CPGX US		Annual General Meeting