MORNING CALL 6/6

MORNING CALL

Monday, June 6th, 2016View Older Reports

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OVERNIGHT MARKETS AND NEWS

Jun E-mini S&Ps (ESM16 +0.14%) are little changed, up +0.06%, as the markets await clues on Fed policy from a speech by Fed Chair Yellen later today, the last scheduled appearance by a Fed member ahead of the Jun 14-15 FOMC meeting. Strength in crude oil and metals prices is lifting energy producers and mining stocks and is giving stocks a lift. European stocks are down -0.10% after German Apr factory orders fell more than expected by the most in 9 months. European stocks were also under pressure and the British pound fell to a 3-week low against the dollar after latest polls showed more Britons favored exiting from the European Union. Asian stocks settled mixed: Japan -0.37%, Hong Kong +0.40%, China -0.16%, Taiwan +0.06%, Australia +0.78%, Singapore +0.78%, South Korea closed for holiday, India -0.24%.

The dollar index (DXY00 +0.13%) is up +0.22%. EUR/USD (^EURUSD) is down -0.28%. USD/JPY (^USDJPY) is up +0.60%.

Sep T-note prices (ZNU16 -0.12%) are down -4 ticks.

The latest ITV poll shows Britons favor leaving the European Union by 45% to 41%, which is fueling concern that the June 23 referendum could throw global markets into turmoil and undermine confidence in the EU. The IMF and OECD have warned of dire fallout if Britain votes to leave the EU, and Chicago Fed President Evans said the referendum is undermining confidence in the economic outlook at a time when the international economy is already losing momentum.

German Apr factory orders fell -2.0% m/m and -0.5% y/y, weaker than expectations of 0.5% m/m and +0.6% y/y with the -2.0% decrease the largest monthly decline in 9 months.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Fed Chair Janet Yellen speaks at a World Affairs Council of Philadelphia luncheon event, (2) USDA weekly grain export inspections, and (3) USDA Weekly Crop Progress.

There is one of the Russell 1000 companies that reports earnings today: Thor Industries (consensus $1.43).

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

Equity conferences this week include: BB&T Automotive Aftermarket Conference on Mon, RBC Capital Markets Energy and Power Executive Conference on Mon, Stifel WasteExpo Investor Summit on Mon, Goldman Sachs Lodging, Gaming Restaurant & Leisure Conference on Mon-Tue, RBC Global Energy & Power Executive Conference on Mon-Tue, Stifel Technology, Internet & Media Investor Conference on Mon-Tue, American Society of Clinical Oncology Annual Meeting on Mon-Thu, Bank of America Merrill Lynch Global Telecom & Media Conference on Tue, Goldman Sachs European Financials Conference on Tue, NAREIT REITWeek Investor Forum on Tue-Wed, Stephens Spring Investment Conference on Tue-Wed, Goldman Sachs Global Health Care Conference on Tue-Thu, Jefferies Global Health Care Conference on Tue-Thu, Baird Global Consumer, Technology and Services Conference on Tue-Thu, BioTechnology Industry Organization International Convention on Wed, Deutsche Bank Global Industrials and Materials Summit on Wed-Thu, Sandler O'Neill Global Exchange and Brokerage Conference on Wed-Thu, Gabelli & Company Movie & Entertainment Conference on Thu, Susquehanna Financial Group Energy and Industrials Conference on Thu.

OVERNIGHT U.S. STOCK MOVERS

Wal-mart (WMT -0.11%) was upgraded to 'Buy' from 'Hold' at Jeffries with a 12-month price target of $82.

Harley-Davidson (HOG -0.78%) was downgraded to 'Neutral' from 'Buy' at Goldman Sachs.

Autohome (ATHM +0.93%) was rated a new 'Buy' at Brean Capital with a 12-month price target of $31.

Sturm Ruger & Co. (RGR -4.83%) was downgraded to 'Hold' from 'Buy' at BB&T Capital Markets.

Barracuda Networks (CUDA -0.23%) was downgraded to 'Market Underperform' from 'Market Perform' at JMP Securities.

Jazz Pharmaceuticals (JAZZ -2.08%) was rated a new 'Buy' at Goldman Sachs with a price target of $196.

Tyson Foods (TSN +0.97%) and Pilgrim's Pride (PPC +0.24%) were both downgraded to 'Market Perform' from 'Outperform' at BMO Capital Markets.

Synopsys (SNPS -0.71%) was rated a new 'Outperform' at RBC Capital Markets with a 12-month price target of $64.

American Equity Investment (AEL -3.29%) was upgraded to 'Overweight' from 'Neutral' at JPMorgan Chase.

Sempra Energy (SRE +2.56%) was downgraded to 'Neutral' and off the 'Conviction List' at Goldman Sachs.

MARKET COMMENTS

June E-mini S&Ps (ESM16 +0.14%) this morning are up +1.25 points (+0.06%). Friday's closes: S&P 500 -0.29%, Dow Jones -0.18%, Nasdaq -0.48%. The S&P 500 on Friday closed lower on concerns about the U.S. economy after the very weak +38,000 increase in U.S. May non-farm payrolls, less than expectations of +160,000 and the smallest increase in 5-1/2 years. In other weak economic data, the U.S. May ISM non-manufacturing index fell by-2.8 points to 52.9, weaker than expectations of -0.4 to 55.3 and the slowest pace of expansion in 2-1/4 years. Stocks found some support from reduced fears of Fed tightening after the weak payroll report and from the +1.9% rise in U.S. Apr factory orders, right on expectations and the biggest increase in 6 months.

September 10-year T-note prices (ZNU16 -0.12%) this morning are down -4 ticks. Friday's closes: TYU6 +1-3/32 points, FVU6 +21.75. Sep T-notes on Friday rallied to a 1-month high and closed higher on the weaker-than-expected U.S. May payroll report, which eliminated the chance of a rate hike at the upcoming June 14-15 FOMC meeting and substantially reduced the chances for a rate hike at the following meeting in July. T-notes were also boosted by the bigger-than-expected -2.8 point decline in the May ISM non-manufacturing index and by reduced inflation expectations after the 10-year T-note breakeven inflation rate fell to a 1-1/2 month low.

The dollar index (DXY00 +0.13%) this morning is up +0.208 (+0.22%). EUR/USD (^EURUSD) is down -0.0032 (-0.28%). USD/JPY (^USDJPY) is up +0.64 (+0.60%). Friday's closes: Dollar Index -1.535 (-1.61%), EUR/USD +0.0216 (+1.94%), USD/JPY -2.34 (-2.15%). The dollar index on Friday tumbled to a 3-week low on the reduced likelihood of a Fed rate hike after the very weak payroll report of +38,000. The dollar also saw weakness with the fall in USD/JPY to a 1-month low as stock weakness boosted the safe-haven demand for the yen.

July WTI crude oil (CLN16 +1.13%) this morning is up +51 cents (+1.05%). July gasoline (RBN16 +0.17%) is up +0.0013 (+0.08%). Friday's closes: CLN6 -0.55 (-1.12%), RBN6 -0.0271 (-1.66%). July crude and gasoline on Friday closed lower on economic concerns after U.S. May non-farm payrolls posted their smallest increase in 5-1/2 years. Crude oil also saw some continued weakness after OPEC on Thursday was unable to agree on a new production ceiling. Crude oil prices received some underlying support from the sharp -1.61% sell-off in the dollar index.

GLOBAL EVENT CALENDAR06/06/2016

		Monday, June 6
US	1100 ET	USDA weekly grain export inspections.
	1230 ET	Fed Chair Janet Yellen speaks at a World Affairs Council of Philadelphia luncheon event.
	1600 ET	USDA Weekly Crop Progress.
GER	0200 ET	German Apr factory orders expected -0.5% m/m and +0.5% y/y, Mar +1.9% m/m and +1.7% y/y.
	0330 ET	German May Markit construction PMI, Apr 53.4.
UK	0400 ET	UK May new car registrations, Apr +2.0% y/y.
	1901 ET	UK May BRC sales like-for-like expected +0.3% y/y, Apr -0.9% y/y.
EUR	0400 ET	ECB Vice President Vitor Constancio speaks at an international conference in Frankfurt.
	0430 ET	Eurozone Jun Sentix investor confidence expected +0.8 to 7.0, May 6.2.
		Tuesday, June 7
US	0830 ET	Final-Q1 non-farm productivity expected -0.6%, prelim-Q1 -1.0%. Final-Q1 unit labor costs expected +4.0%, prelim-Q1 +4.1%.
	1300 ET	Treasury auctions $24 billion of 3-year T-notes.
	1500 ET	Apr consumer credit expected +$18.0 billion, Mar +$29.674 billion.
JPN	0100 ET	Japan Apr leading index CI expected +1.4 to 100.7, Mar 99.3. Apr coincident index expected +1.6 to 112.7, Mar 111.1
	1950 ET	Revised Japan Q1 GDP expected +2.0% (q/q annualized), previous +1.7% (q/q annualized). Revised Q1 GDP deflator, previous +0.9% y/y.
GER	0200 ET	German Apr industrial production expected +0.7% m/m and +1.0% y/y, Mar -1.3% m/m and +0.3% y/y.
UK	0330 ET	UK May Halifax house prices expected +0.3% m/m and +8.9% 3-months through May y/y, Apr -0.8% m/m and +9.2% 3-months though Apr y/y.
EUR	0500 ET	Revised Eurozone Q2 GDP, preliminary +0.5% q/q and +1.5% y/y.
CHI	n/a	China May trade balance expected +$55.6 billion, Apr +$45.56 billion. May exports expected -4.2% y/y, Apr 1.8% y/y. May imports expected -6.8% y/y, Apr -10.9% y/y.

U.S. STOCK CALENDAR06/06/2016

Company	Ticker	Time	Event Description	Period	Estimate
Fastenal Co	FAST	7:00	May 2016 Sales and Revenue Release	2016
Medtronic PLC	MDT	8:00	Investor & Analyst Meeting	Y 2016
Thor Industries Inc	THO	Aft-mkt	Q3 2016 Earnings Release	Q3 2016	1.432
Thor Industries Inc	THO	Aft-mkt	Q3 2016 Earnings Release	Q3 2016	1.432
UnitedHealth Group Inc	UNH		Annual General Meeting
Watsco Inc	WSO		Annual General Meeting
BioMarin Pharmaceutical Inc	BMRN		Annual General Meeting
GoPro Inc	GPRO		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 3/25

BARCHART MORNING CALL

Tuesday, March 25th, 2014View Older Reports

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OVERNIGHT MARKETS AND NEWS

June E-mini S&Ps (ESM14 +0.32%) this morning are up +0.20% and European stocks are up +0.85% ahead of U.S. data later today on consumer confidence, home prices and new home sales. Gains in European stocks were muted after a gauge of German investor confidence fell for the first time in five months. Asian stocks closed mostly lower: Japan -0.36%, Hong Kong -0.52%. China -0.10%, Taiwan +0.98%, Australia -0.19%, Singapore -0.25%, South Korea -0.30%, India closed for holiday. China's Shanghai Stock Index rose to a 1-month high on speculation the Chinese government will take steps to support economic growth. Commodity prices are mixed. May crude oil (CLK14 +0.57%) is up +0.37%. May gasoline (RBK14 +0.48%) is up +0.44%. Apr gold (GCJ14 +0.28%) is up +0.34%. May copper (HGK14 +1.49%) is up +1.46%. Agriculture and livestock prices are weaker. The dollar index (DXY00 +0.15%) is up +0.10%. EUR/USD (^EURUSD) is down -0.16%. USD/JPY (^USDJPY) is up +0.02%. June T-note prices (ZNM14 unch) are up +1.5 ticks.
The German Mar IFO business climate fell -0.6 to 110.7, a bigger decline than expectations of -0.4 to 110.9. The Mar IFO current assessment rose +0.8 to 115.2, a bigger increase than expectations of +0.1 to 114.5 and the highest in 1-3/4 years. Mar IFO expectations fell -1.9 to 106.4, a bigger decline than expectations of -0.6 to 107.7.
UK Feb CPI rose +0.5% m/m and +1.7% y/y, right on expectations, with the +1.7% y/y increase the smallest annual gain in 4-1/3 years. Feb core CPI gained +1.7% y/y, higher than expectations of unch at +1.6 y/y.
UK Feb RPI rose +0.6% m/m and +2.7% y/y, higher than expectations of +0.5% m/m and +2.6% y/y. Feb RPI ex-mortgage interest payments rose +2.7% y/y, higher than expectations of +2.6% y/y.
UK Feb PPI input prices fell -0.4% m/m and -5.7% y/y, bigger declines than expectations of +0.3% m/m and -5.3% y/y, with the -5.7% y/y decline the largest annual fall in 4-1/3 years.
UK Feb PPI output prices were unch m/m and +0.5% y/y, less than expectations of +0.2% m/m and +0.7% y/y. Feb PPI output core prices rose +0.1% m/m and +1.1% y/y, close to expectations of unch m/m and +1.1% y/y.

U.S. STOCK PREVIEW

Today’s Feb new home sales report is expected to show a decline of -4.9% to 445,000, reversing part of January’s surprise +9.6% increase to a 5-1/2 year high of 468,000. Today’s Jan CaseShiller composite-20 home price index report is expected to show an increase of +0.6% m/m while the Jan FHFA house price index report is expected to show an increase of +0.5% m/m. Today’s March U.S. consumer confidence index from the Conference Board is expected to show a +0.4 point increase to 78.5, reversing part of the -1.3 point drop to 78.1 seen in February. Today’s March Richmond Fed manufacturing index is expected to show a +10 point increase to 4, reversing more than one-half of the sharp -18 point drop to -6 seen in February.
There are 5 of the Russell 1000 companies report earnings today: Carnival (consensus -0.08), McCormick (0.58), HD Supply (-0.03), Walgreen (0.93), PVH Corp (1.42). Equity conferences during the remainder of this week include: Barclays Emerging Payments Forum on Mon-Tue, TAG Spring Consumer Conference on Tue, Gastech Conference & Exhibition on Mon-Wed, BB&T Capital Markets Commercial & Industrial Conference on Wed, CIBC Retail and Consumer Conference on Wed, JPMorgan Insurance Conference on Wed, Oracle Storage Summit New York on Wed, Jefferies Animal Health Day on Thu, and Jefferies Animal Health Day on Thu

OVERNIGHT U.S. STOCK MOVERS

BofA/Merrill added CSX (CSX -0.24%) to its top stock pick list for 2014.
Walgreens (WAG -0.68%) reported Q2 adjusted EPS of 91 cents, below consensus of 93 cents.
AT&T (T +0.47%) was downgraded to 'Neutral' from 'Overweight' at HSBC.
The NYT reports that General Motors (GM +0.37%) told its customers and families of accident victims that it did not have sufficient evidence to determine that there were defects in its cars, even after the company had definitive evidence of such a defect.
Arch Coal (ACI +3.08%) was downgraded to 'Hold' from 'Buy' at Jefferies.
Navistar (NAV +0.06%) was downgraded to 'Neutral' from 'Buy' at UBS.
KBR (KBR -0.98%) was downgraded to 'Neutral' from 'Buy' at Goldman Sachs.
Domtar (UFS +0.08%) was upgraded to 'Buy' from 'Neutral' at Goldman Sachs.
RealD (RLD -3.39%) and Wanda Cinema Line Corporation announced an extended agreement to install an additional 780 RealD 3D Cinema Systems in China.
Integrated Core Strategies reported a 6% passive stake in Stone Energy (SGY +0.08%) .
Standard & Poor's Ratings Services lowered its long-term foreign currency sovereign credit rating on Brazil to 'BBB-' from 'BBB' with a stable outlook on its long-term credit rating.
PL Capital reported a 5.2% stake in Metro Bancorp (METR +0.98%) .
Disney (DIS -1.07%) has agreed to acquire Maker Studios for $500 million.
BioMarin (BMRN -0.30%) was downgraded to 'Neutral' from 'Buy' at Goldman.
Blackstone Holdings I reported a 6% passive stake in Ardmore Shipping (ASC -1.77%) .

MARKET COMMENTS

June E-mini S&Ps (ESM14 +0.32%) this morning are up +3.75 points (+0.20%). The S&P 500 on Monday closed lower. Bearish factors included (1) the China Mar HSBC manufacturing PMI that unexpectedly weakened for the fifth straight month as it fell by -0.4 to an 8-month low of 48.1, weaker than expectations of +0.2 to 48.7, and (2) concern the Ukraine crisis may escalate after Ukraine’s foreign minister said the risk of war is growing as Russia continues to mass troops along the Ukraine border. Closes: S&P 500 -0.49%, Dow Jones -0.16%, Nasdaq -0.98%.
Jun 10-year T-notes (ZNM14 unch) this morning are up +1.5 ticks. Jun 10-year T-note futures prices on Monday closed lower. Bearish factors included (1) supply pressures with $109 billion T-notes to be auctioned this week, and (2) negative carry-over from Fed Chair Yellen’s indication last Wednesday that the funds rate might be raised as soon as spring 2015. Closes: TYM4 -1.00, FVM4 -3.00.
The dollar index (DXY00 +0.15%) this morning is up +0.079 (+0.10%). EUR/USD (^EURUSD) is down -0.0022 (-0.16%). USD/JPY (^USDJPY) is up +0.02 (+0.02%). The dollar index on Monday closed lower. EUR/USD recovered from early losses and closed higher after the Bundesbank stated in its monthly report said that it sees a “substantial strengthening of the overall pace of economic expansion” in Q1 German economic growth. Closes: Dollar index -0.171 (-0.21%), EUR/USD +0.00461 (+0.33%), USD/JPY +0.004 (+0.01%).
May WTI crude oil (CLK14 +0.57%) this morning is up 37 cents (+0.37%) and May gasoline (RBK14 +0.48%) is up +0.0128 (+0.44%). May crude and gasoline prices on Monday settled mixed. Crude oil prices rose on concern that the closure of the Houston Ship Canal since Saturday due to an oil spill will disrupt refinery operations and lead to reduced production at refineries along the Gulf Coast. Bearish factors included global demand concerns after the Chinese manufacturing PMI fell to an 8-month low and the German manufacturing PMI slipped to its slowest pace in 4 months. Closes: CLK4 +0.14 (+0.14%). RBK4 -0.0139 (-0.48%).

GLOBAL EVENT CALENDAR03/25/2014

US	0900 ET	Jan S&P/CaseShiller composite-20 home price index expected +0.60% m/m and +13.34% y/y, Dec +0.76% m/m and +13.42% y/y.
	0900 ET	Jan FHFA house price index expected +0.5% m/m, Dec +0.8% m/m.
	1000 ET	March U.S. consumer confidence (Conference Board) expected +0.4 to 78.5, Feb -1.3 to 78.1.
	1000 ET	Mar Richmond Fed manufacturing index expected +10 to 4, Feb -18 to -6.
	1000 ET	Feb new home sales expected -4.9% to 445,000, Jan +9.6% to 468,000.
	1300 ET	Treasury auctions $32 billion 2-year T-notes.
	1600 ET	Atlanta Fed President Dennis Lockhart speaks on the economic outlook at the Rutberg Global Summit.
	1900 ET	Philadelphia Fed President Charles Plosser speaks on the economic outlook and monetary policy to the Money Marketeers of NYU.
GER	0500 ET	German Mar IFO business climate expected -0.4 to 110.9, Feb 111.3. Mar IFO current assessment expected +0.1 to 114.5, Feb 114.4. Mar IFO expectations expected -0.6 to 107.7, Feb 108.3.
UK	0530 ET	UK Feb CPI expected +0.5% m/m and +1.7% y/y, Jan -0.6% m/m and +1.9% y/y. Feb core CPI expected +1.6% y/y, Jan +1.6% y/y.
	0530 ET	UK Feb RPI expected +0.5% m/m and +2.6% y/y, Jan -0.3% m/m and +2.8% y/y. Feb RPI ex mortgage interest payments expected +2.6% y/y, Jan +2.8% y/y.
	0530 ET	UK Feb PPI input prices expected +0.3% m/m and -5.3% y/y, Jan -0.9% m/m and -3.1% y/y.
	0530 ET	UK Feb PPI output prices expected +0.2% m/m and +0.7% y/y, Jan +0.3% m/m and +0.9% y/y. Feb PPI output core expected unch m/m and +1.0% y/y, Jan +0.5% m/m and +1.2% y/y.
	0700 ET	UK Mar CBI reported sales expected -9 to 28, Feb 37.
EUR	1200 ET	ECB President Mario Draghi gives a lecture in Paris.
JPN	1950 ET	Japan Feb corporate service price index expected +0.8% y/y, Jan +0.8% y/y.

U.S. STOCK CALENDAR03/25/2014

Company Name	Ticker	Time	Event Description	Period	Estimate
Carnival Corp	CCL US	Bef-mkt	Q1 2014 Earnings Release	Q1 2014	-0.083
McCormick & Co Inc/MD	MKC US	Bef-mkt	Q1 2014 Earnings Release	Q1 2014	0.579
HD Supply Holdings Inc	HDS US	6:00	Q4 2014 Earnings Release	Q4 2014	-0.029
Walgreen Co	WAG US	7:30	Q2 2014 Earnings Release	Q2 2014	0.932
McCormick & Co Inc/MD	MKC US	8:00	Q1 2014 Earnings Call	Q1 2014
HD Supply Holdings Inc	HDS US	8:00	Q4 2014 Earnings Call	Q4 2014
Walgreen Co	WAG US	8:30	Q2 2014 Earnings Call	Q2 2014
Akamai Technologies Inc	AKAM US	8:30	Investor Meeting	Y 2014
L-3 Communications Holdings Inc	LLL US	9:00	Investor Conference	Y 2014
Carnival Corp	CCL US	10:00	Q1 2014 Earnings Call	Q1 2014
Panera Bread Co	PNRA US	10:30	Investor Day	Y 2014
Beam Inc	BEAM US	12:00	Extraordinary Shareholders Meeting - M&A Vote	Y 2014
NVIDIA Corp	NVDA US	12:00	Investor Day	Y 2014
Adobe Systems Inc	ADBE US	17:00	Financial Analyst Briefing	Y 2014
PVH Corp	PVH US	Aft-mkt	Q4 2014 Earnings Release	Q4 2014	1.42
Equifax Inc	EFX US		Investor Meeting - Boston	Y 2014
Xcel Energy Inc	XEL US		Investors Meeting - Day 1	Y 2014
General Motors Co	GM US		GM Recall Documentation Submittal to US House Energy & Commerce Committee

BARCHART MORNING CALL 3/3

BARCHART MORNING CALL

Monday, March 3rd, 2014View Older Reports

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OVERNIGHT MARKETS AND NEWS

March E-mini S&Ps (ESH14 -1.05%) this morning are down -1.10% and European stocks are down sharply by -2.69% after Russian troops seized control of Ukraine's Crimea region. The situation threatens to escalate after Russian servicemen attacked Ukrainian army units in the last 24 hours, according to Ukraine's border guard service. U.S. Secretary of State Kerry is traveling to Kiev after discussing sanctions against Russia, and European Union foreign ministers will hold an emergency meeting. The Russian ruble tumbled to a record low, which prompted Bank Rossii, Russia's central bank, to unexpectedly hike the 1-week auction rate, the benchmark rate introduced in Sep, by 150 bp to 7.00%. Asian stocks closed mostly lower: Japan -1.27%, Hong Kong -1.47%, China +0.52%, Taiwan -0.44%, Australia -0.38%, Singapore -0.75%, South Korea -0.82%, India -0.82%. Commodity prices are sharply higher as escalating tension in Ukraine fuel concern that energy and agricultural supplies will be disrupted. Apr crude oil (CLJ14 +2.00%) is up +1.94% at a 5-1/4 month high. Apr gasoline (RBJ14 +1.95%) is up +1.97%. Apr gold (GCJ14 +1.82%) is up +1.73% at a 4-month high on increased safe-haven demand from the Ukraine crisis. May copper (HGK14 -0.71%) is down -0.86% at a 3-1/2 month low after manufacturing activity in China weakened to its slowest pace in 8-months. Agriculture prices are sharply higher with May corn up +3.24% at a 5-3/4 month high and May wheat up +5.35% at a 2-1/2 month high. The dollar index (DXY00 +0.27%) is up +0.24%. EUR/USD (^EURUSD) is down -0.29%. USD/JPY (^USDJPY) is down -0.53%. June T-note prices (ZNM14 +0.36%) are up +16 ticks on surge in safe-haven demand as global stocks slump on the Ukraine crisis.
The China Feb manufacturing PMI fell -0.3 to 50.2, a smaller decline than expectations of -0.4 to 50.1, but still the slowest pace of expansion in 8-months. The Feb non-manufacturing PMI rose +1.6 to 55.0.
The German Feb PMI manufacturing index was revised up to 54.8 from the originally reported 54.7.
The Eurozone Feb manufacturing PMI index was revised higher to 53.2 from the originally reported 53.0.
The UK Feb PMI manufacturing index rose +0.3 to 56.9 from an upward revised 56.6 in Jan, a faster pace of expansion than expectations of +0.1 to 56.8.
UK Jan mortgage approvals rose 76,900, more than expectations of 74,500 and the most in 6-years.
UK Jan net consumer credit rose +0.7 billion pounds, right on expectations.

U.S. STOCK PREVIEW

Today’s Feb ISM manufacturing index is expected to show a recovery of +0.7 points to 52.0 after the sharp -5.2 point drop to 51.3 seen in January. Today’s Feb total vehicle sales report is expected to improve to 15.40 million from 15.16 million in January. Today’s Jan personal income and consumption report is expected to be modest and show increases of +0.2% and +0.1%, respectively. Today’s Jan PCE deflator is expected to be unchanged from December at +1.1% y/y. Meanwhile, the Jan core PCE deflator is expected to ease to +1.1% y/y from +1.2% in December. There are 8 of the Russell 1000 companies that report earnins today: Nu Skin Enterprises (consensus $2.01), WP Carey (0.79), Ascena Retail Group (0.21), MBIA (0.17), McDermott International (0.16), URS Corp (0.18), Rockwood Holdings (0.32), Stratasys (0.49).
Equity conferences this week include: Morgan Stanley Utilities Conference on Mon, Citi Korea Investor Conference on Mon, JMP Securities Technology Research Conference on Mon-Tue,
Morgan Stanley Technology, Media & Telecom Conference on Mon-Thu, Citi Global Property CEO Conference on Mon-Wed, Cowen & Co. Healthcare Conference on Mon-Wed, Raymond James Institutional Investor Conference on Mon-Wed, Credit Suisse Healthcare Conference on Tue, IHS Energy CERAWeek Conference on Tue, UBS Natural Gas Electric Power and MLP Conference, Morgan Stanley European Medtech & Services Conference on Tue-Wed, Canadian Energy Research Institure (CERI) National Gas Conference on Tue, Pacific Crest Emerging Tech Summit conference on Wed, ISI Enterprise Infrastructure Conference on Wed, Mitsubishi Seattle Consumer Conference on Wed, Seattle Consumer Conference on Wed, Bank of America Merrill Lynch Refining Conference on Thu, and Jefferies Industrial Leaders Day on Thu.

OVERNIGHT U.S. STOCK MOVERS

Autodesk (ADSK -3.32%) was downgraded to 'Sell' from 'Neutral' at Citigroup.
Superior Energy (SPN +2.00%) was downgraded to 'Neutral' from 'Buy' at Guggenheim.
Darden (DRI +2.53%) lowered guidance on Q3 EPS to 82 cents, below consensus of 93 cents, citing severe winter weather that undercut restaurant sales.
Tyco (TYC -0.66%) said it will sell its security business in South Korea to Carlyle Group (CG +0.58%) for $1.93 billion.
Intuit INTU=}) was upgraded to 'Buy' from 'Neutral' at Citigroup.
U.S. Cellular (USM -3.81%) and Telephone and Data (TDS -2.36%) were both upgraded to 'Overweight' from 'Neutral' at JPMorgan.
Magna (MGA +2.21%) reported Q4 EPS of $2.03, well above consensus of $1.54.
Bloomberg reported that Las Vegas Sands (LVS +0.14%) said customer data was stolen recently in a cyber-attack on systems at its Pennsylvania property.
Raytheon (RTN +0.33%) was awarded $655.41 million government contract for two PATRIOT fire units and associated initial spares for the military of Kuwait.
In a regulatory filing, billionare investor Carl Icahn disclosed the purchase of an additional 33,515 shares of Herbalife (HLF -1.01%) .
VA Partners reported a 6.6% stake in Dresser-Rand (DRC +0.06%) .
Cooper Tire (CTB +0.08%) reported Q3 EPS of 0 cents, well below consensus of 38 cents, as the company said there was unusual items related to the terminated merger agreement with Apollo Tyres.
Moody's Investors Service raised its outlook on Germany's Aaa government bond rating to stable from negative.
Michael Weiss reported a 15.0% stake in Coronado (CNDO -3.73%) .
River Road Asset reported a 9.2% stake in Miller Energy (MILL +0.73%) .

MARKET COMMENTS

Mar E-mini S&Ps (ESH14 -1.05%) this morning are down sharply by -20.50 points (-1.10%) as escalating tensions in Ukraine prompts a sell-off in global stocks. The S&P 500 on Friday opened lower after U.S. Q4 GDP was revised lower to +2.4% from +3.2%, which was a slightly larger decline than expectations of +2.5%. Stocks recovered and rallied to a fresh record high and closed higher, however, on bullish factors that included (1) the unexpected +0.2 point rise in the Chicago Feb PMI that to 59.8, better than expectations of -3.2 to 56.4, and (2) the +0.4 point increase in the final-Feb University of Michigan U.S. consumer confidence index to 81.6, stronger than expectations of unch at 81.2. Closes: S&P 500 +0.49%, Dow Jones +0.46%, Nasdaq 100 +0.63%.
Jun 10-year T-notes (ZNM14 +0.36%) this morning are up +16 ticks at a 1-month high. Jun 10-year T-note futures prices Friday fell back from a 1-month high and closed lower. Bearish factors included (1) signs of economic growth after the unexpected increases in the Feb Chicago PMI and the U.S. Feb University of Michigan consumer confidence, and (2) the rally in the S&P 500 to a record high, which reduced safe-haven demand for T-notes. Closes: TYM4 -7.00, FVM4 -3.75.
The dollar index (DXY00 +0.27%) this morning is up +0.192 (+0.24%). EUR/USD (^EURUSD) is down -0.004 (-0.29%). USD/JPY (^USDJPY) is down -0.54 (-0.53%). The dollar index on Friday fell to a 2-month low and closed lower. Negative factors included (1) the rally in the S&P 500 to a record high, which reduced safe-haven demand for the dollar, and (2) strength in EUR/USD, which rallied to a 2-month high after the Feb Eurozone CPI estimate of +0.8% y/y was higher than expectations of +0.7% y/y and dampened speculation the ECB will expand its stimulus measures when it meets on Thursday. Closes: Dollar index -0.594 (-0.74%), EUR/USD +0.00912 (+0.67%), USD/JPY -0.384 (-0.38%).
Apr WTI crude oil (CLJ14 +2.00%) this morning is up +$1.99 a barrel (+1.94%) at a 5-1/4 month high and Apr gasoline (RBJ14 +1.95%) is up +0.0588 (+1.97%). Apr crude and gasoline prices Friday closed higher. Bullish factors included (1) the slide in the dollar index to a 2-month low, (2) the unexpected increase in the Feb Chicago PMI, and (3) the unexpected increase in the U.S. Feb University of Michigan consumer confidence. Gains were limited after U.S. Q4 GDP was revised lower than expected, a sign of weaker energy demand. Closes: CLJ4 +0.19 (+0.19%), RBJ4 +0.0169 (+0.57%).

GLOBAL EVENT CALENDAR03/03/2014

US	0830 ET	Jan personal spending expected +0.1%, Dec +0.4%. Jan personal income expected +0.2%, Dec unch. Jan PCE deflator expected +0.1% m/m and +1.1% y/y, Dec +0.2% m/m and +1/1% y/y. Jan PCE core deflator expected +0.1% m/m and +1.1% y/y, Dec +0.1% m/m and +1.2% y/y.
	1000 ET	Feb ISM manufacturing index expected +0.7 to 52.0, Jan -5.2 to 51.3. Feb ISM prices paid expected -3.1 to 57.4, Jan +7.0 to 60.5. Feb ISM new orders sub-index, Jan -13.2 to 51.2.
	1000 ET	Jan construction spending expected -0.5% m/m, Dec +0.1% m/m.
	1100 ET	USDA weekly grain export inspections.
	n/a	Feb total vehicle sales expected 15.40 million, Jan 15.16 million. Feb domestic vehicle sales expected 11.90 million, Jan 11.94 million.
JPN	0000 ET	Japan Feb vehicle sales, Jan +27.5% y/y.
	2030 ET	Japan Jan labor cash earnings expected +0.3% y/y, Dec +0.5% y/y.
GER	0355 ET	Revised German Feb PMI manufacturing, previous 54.7.
EUR	0400 ET	Revised Eurozone Feb PMI manufacturing, previous 53.0.
	0900 ET	ECB President Mario Draghi speaks at the Quarterly Hearing before the Committee on Economic and Monetary Affairs of the European Parliament.
UK	0430 ET	UK Feb PMI manufacturing expected +0.3 to 57.0, Jan 56.7.
	0430 ET	UK Jan net consumer credit expected +0.7 billion pounds, Dec +0.6 billion pounds.
	0430 ET	UK Jan mortgage approvals expected 74,500, Dec 71,600.
	0430 ET	UK Jan M4 money supply, Dec -1.4% m/m and +0.2% y/y.

U.S. STOCK CALENDAR03/03/2014

Company Name	Ticker	Time	Event Description	Period	Estimate
Nu Skin Enterprises Inc	NUS US	3/3/2014	Q4 2013 Earnings Release	Q4 2013	2.012
WP Carey Inc	WPC US	3/3/2014	Q4 2013 Earnings Release	Q4 2013	0.79
BioMarin Pharmaceutical Inc	BMRN US	3/3/2014	Q4 2013 Earnings Call	Q4 2013
Stratasys Ltd	SSYS US	3/3/2014	Q4 2013 Earnings Call	Q4 2013
Ford Motor Co	F US	3/3/2014	February 2014 Sales and Revenue Release	2014
Ford Motor Co	F US	3/3/2014	February 2014 Sales and Revenue Call	2014
Rockwood Holdings Inc	ROC US	3/3/2014	Q4 2013 Earnings Call	Q4 2013
Nu Skin Enterprises Inc	NUS US	3/3/2014	Q4 2013 Earnings Call	Q4 2013
WP Carey Inc	WPC US	3/3/2014	Q4 2013 Earnings Call	Q4 2013
Ascena Retail Group Inc	ASNA US	3/3/2014	Q2 2014 Earnings Release	Q2 2014	0.213
Ascena Retail Group Inc	ASNA US	3/3/2014	Q2 2014 Earnings Call	Q2 2014
McDermott International Inc	MDR US	3/3/2014	Q4 2013 Earnings Call	Q4 2013
URS Corp	URS US	3/3/2014	Q4 2013 Earnings Call	Q4 2013
MBIA Inc	MBI US	3/3/2014	Q4 2013 Earnings Release	Q4 2013	0.17
McDermott International Inc	MDR US	3/3/2014	Q4 2013 Earnings Release	Q4 2013	0.163
URS Corp	URS US	3/3/2014	Q4 2013 Earnings Release	Q4 2013	0.175
Rockwood Holdings Inc	ROC US	3/3/2014	Q4 2013 Earnings Release	Q4 2013	0.321
Stratasys Ltd	SSYS US	3/3/2014	Q4 2013 Earnings Release	Q4 2013	0.494

Barchart Morning Call 9/17

Barchart Morning Call

Tuesday, September 17th, 2013View Older Reports

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OVERNIGHT MARKETS AND NEWS

December E-mini S&Ps (ESZ13 -0.10%) this morning are down -0.13% and European stocks are down -0.34%. Asian stocks closed mostly lower: Japan -0.65%, Hong Kong -0.31%, China -2.06%, Taiwan -0.07%, Australia +0.06%, Singapore +0.05%, South Korea -0.49%, India +0.31%. Asian stocks slid after foreign direct investment in China trailed estimates, while U.S. stocks fell back ahead of the start of the 2-day FOMC meeting later today. European stocks failed to garner much support from the jump in German investor confidence to a 3-1/3 year high. Commodity prices are mixed. Oct crude oil (CLV13 -0.20%) is down -0.39% at a 2-week low and Oct gasoline (RBV13 +0.04%) is down -0.10% at a 5-week low. Dec gold (GCZ13 +0.30%) is up +0.09% and Dec copper (HGZ13 unch) is down -0.02%. Agricultural prices are higher and livestock prices are lower. The dollar index (DXY00 -0.18%) is down -0.18%. EUR/USD (^EURUSD) is up +0.19% and USD/JPY (^USDJPY) is unch. December T-note prices (ZNZ13 +0.18%) are up +9 ticks.
The German Sep ZEW survey of expectations of economic growth rose +7.0 from Aug to 49.6, stronger than expectations of +3.0 to 45.0 and the highest in 3-1/3 years. The Sep ZEW survey current situation rose +12.3 from Aug to 30.6, stronger than expectations of +1.7 to 20.0 and the highest in 15-months.
UK Aug PPI input prices fell -0.2% m/m and rose +2.8% y/y, weaker than expectations of +0.2% m/m and +3.0% y/y. Aug PPI output prices rose +0.1% m/m and +1.6% y/y, smaller increases than expectations of +0.2% m/m and +1.8% y/y. Aug PPI output core prices were unchanged m/m and +1.0% y/y, weaker than expectations of +0.1% m/m and +1.1% y/y.
UK Aug CPI rose +0.4% m/m and +2.7% y/y, close to expectations of +0.5% m/m and +2.7% y/y. Aug core CPI rose +2.0% y/y, a smaller increase than expectations of +2.1% y/y. The Aug RPI rose +0.5% m/m and +3.3% y/y, bigger increases than expectations of +0.4% m/m and +3.2% y/y. Aug RPI ex-mortgage interest payments rose +3.3% y/y, stronger than expectations of +3.2% y/y.
China Aug foreign direct investment rose +0.6% y/y, much weaker than expectations of +12.5% y/y.

U.S. STOCK PREVIEW

The FOMC today begins its 2-day meeting. The FOMC will announce its decision tomorrow and Fed Chairman Bernanke will give a news conference tomorrow as well. The market consensus is that the FOMC tomorrow will announce a $10 billion cut in its $85 billion per month QE3 program to $75 billion. Today’s Aug CPI report is expected to ease to +1.6% y/y from +2.0% y/y in July. Meanwhile, the Aug core CPI is expected to edge higher to +1.8% y/y from +1.7% in July. Today’s Sep NAHB housing market index is expected to show a small -1 point decline to 58, reversing part of the +3 point increase to August’s 7-3/4 year high of 59. There are two of the Russell 1000 companies that report earnings today: FactSet (consensus $1.19) and Adobe Systems (0.34).
Equity conferences during the remainder of this week include: Morgan Stanley Industrials & Autos Conference on Mon-Wed, Capital Link Global Commodities Energy Freight Forum on Tue, Home Delivery World 2013 on Tue, Citi Global Industrials Conference on Tue-Wed, RBC Capital Markets Financial Institutions Conference on Tue-Wed, Credit Suisse Chemical & Ag Science Conference on Tue-Thu, BMO Capital Markets North American Real Estate Conference on Wed, Jefferies Advanced Analytics & Big Data Intelligence Summit on Wed, Mitsubishi UFJ Securities-Utility Corporate Access Day on Wed, 28th International Aluminum Conference on Wed-Thu, UBS Houston Energy Symposium on Wed-Thu, Credit Suisse Global Mining & Steel Conference on Thu, Mitsubishi UFJ Securities- Industrials Corporate Access Day on Thu.

OVERNIGHT U.S. STOCK MOVERS

ConAgra (CAG +0.66%) was downgraded to "Neutral" from "Overweight" at JPMorgan.
Kellogg (K +0.56%) was downgraded to "Underweight" from "Neutral" at JPMorgan.
US Airways (LCC +1.12%) and Delta Air Lines (DAL +3.03%) were both pgraded to "Overweight" from "Neutral" at JPMorgan.
Verizon (VZ +1.13%) was upgraded to "Outperform" from "Sector Perform" at RBC Capital.
The WSJ report that JPMorgan (JPM +1.05%) is expected to pay $800 million in 'London Whale' fines.
Fifth Third Bancorp (FITB +0.60%) was downgraded to "Neutral" from "Buy" at Goldman.
Huntsman (HUN -0.67%) will acquire Rockwood (ROC +0.94%) TiO2 business for $1.1 billion.
Chico's FAS (CHS +1.98%) was upgraded to "Buy" from "Hold" at KeyBanc.
Altria Group (MO +0.83%) raised guidance on fiscal 2013 EPS view to $2.57-$2.62 from $2.51-$2.56, well above consensus of $2.39.
Pandora (P unch) filed to sell 14 million shares of common stock.
Outerwall (OUTR -2.32%) plunged over 17% in after-hours trading after it lowered guidance on fiscal 2013 EPS view to $4.72-$5.12 from $5.76-$6.26, well below consensus of $5.91.

MARKET COMMENTS

Dec E-mini S&Ps (ESZ13 -0.10%) this morning are down -2.25 points (-0.13%). The S&P 500 index on Monday gapped up to a 1-1/4 month high and closed higher. Bullish factors included (1) former Treasury Secretary Summers’ withdrawal from consideration as the next Fed Chairman, which bolstered speculation that Janet Yellen will get the job and she will maintain the Fed’s easy monetary policies and be less aggressive in tapering QE3, and (2) reduced threats of an imminent U.S. military attack on Syria after U.S. Secretary of State Kerry and Russian Foreign Minister Lavrov agreed on a framework for locating and destroying Syria’s stockpiles of chemical weapons. Closes: S&P 500 +0.57%, Dow Jones +0.77%, Nasdaq 100 -0.30%.
Dec 10-year T-notes (ZNZ13 +0.18%) this morning are up +9 ticks. Dec 10-year T-note prices on Monday gapped up to a 1-month high and the 10-year T-note yield fell to a 2-week low on speculation that Fed Vice Chair Janet Yellen will be the next Fed chairman and will withdraw stimulus more slowly than former Treasury Secretary Summers would have done. Other bullish factors include (1) the unexpected decline in the Sep Empire manufacturing index (-1.9 to 6.3), and (2) the smaller-than-expected +0.4% in Aug industrial production (vs expectations of +0.5%). Closes: TYZ3 +13.50, FVZ3 +12.50.
The dollar index (DXY00 -0.18%) this morning is down -0.144 (-0.18%). EUR/USD (^EURUSD) is up +0.0026 (+0.19%) and USD/JPY (^USDJPY) is unch. The dollar index on Monday dropped to a 2-week low and closed lower on former Treasury Secretary Summers’ rejection of consideration of the Fed chairmanship. Mr. Summers famously questioned the efficacy of quantitative easing and probably would have ended QE3 faster than Fed Vice Chair Janet Yellen. Closes: Dollar index -0.157 (-0.19%), EUR/USD +.00356 (+0.27%), USD/JPY -0.319 (-0.32%).
Oct WTI crude oil (CLV13 -0.20%) this morning is down -42 cents (-0.39%) at a 2-week low and Oct gasoline (RBV13 +0.04%) is down -0.0026 (-0.10%) at a 5-week low. Oct crude oil and gasoline prices on Monday closed lower with Oct crude at a 2-week low. The main bearish factor for crude prices was the reduced threat of an imminent U.S. attack on Syria after U.S. Secretary of State Kerry and Russian Foreign Minister Lavrov over the weekend agreed on a framework for locating and destroying Syria’s stockpiles of chemical weapons by mid-2014. Crude prices climbed from their worst levels after the dollar index fell to a 2-week low and the S&P 500 rallied to a 1-1/4 month high. Closes: CLV3 -1.62 (-1.50%), RBV3 -0.0530 (-1.91%).

GLOBAL EVENT CALENDAR09/17/2013

US	0815 ET	U.S. Treasury Secretary Jacob Lew speaks at the Economic Club of Washington on The state of the U.S. economy and the need for Washington to avoid self-inflicted wounds that could impede economic growth.
	0830 ET	Aug CPI expected +0.2% m/m and +1.6% y/y, July +0.2% m/m and +2.0% y/y. Aug CPI ex food & energy expected +0.1% m/m and +1.8% y/y, July +0.2% m/m and +1.7% y/y.
	1000 ET	Sep NAHB housing market index expected -1 to 58, Aug +3 to 59.
	1000 ET	CBO releases federal budget outlook.
	1030 ET	FOMC begins 2-day meeting.
	1630 ET	API weekly U.S. oil statistics.
EUR	0200 ET	Eurozone Aug new car registrations, July -5.6%.
	0500 ET	Eurozone July trade balance expected +15.0 billion euros, Jun +14.9 billion euros.
UK	0430 ET	UK Aug PPI input prices expected +0.2% m/m and +3.0% y/y, July +1.1% m/m and +5.0% y/y. Aug PPI output prices expected +0.2% m/m and +1.8% y/y, July +0.2% m/m and +2.1% y/y. Aug PPI core output prices expected +0.1% m/m and +1.1% y/y, July +0.1% m/m and +1.1% y/y.
	0430 ET	UK Aug CPI expected +0.5% m/m and +2.7% y/y, July unch m/m and +2.8% y/y. Aug core CPI expected +2.1% y/y, July +2.0% y/y.
	0430 ET	UK Aug RPI expected +0.4% m/m and +3.2% y/y, July unch m/m and +3.1% y/y. Aug RPI ex-mortgage interest payments expected +3.2% y/y, July +3.2% y/y.
GER	0500 ET	German Sep ZEW survey expectations of economic growth expected +3.0 to 45.0, Aug 42.0. Sep ZEW survey current situation expected +1.7 to 20.0. Aug 18.3.
CHI	2130 ET	China Aug property prices.

U.S. STOCK CALENDAR09/17/2013

Company Name	Ticker	Time	Event Description	Period	Estimate
FactSet Research Systems Inc	FDS US	Bef-mkt	Q4 2013 Earnings Release	Q4 2013	1.19
BioMarin Pharmaceutical Inc	BMRN US	8:00	Research and Development Day	Y 2013
Laredo Petroleum Holdings Inc	LPI US	8:30	Investor Meeting	Y 2013
Cummins Inc	CMI US	9:00	Analyst Day	Y 2013
Reliance Steel & Aluminum Co	RS US	9:30	Analyst & Investor Day	Y 2013
Adobe Systems Inc	ADBE US	Aft-mkt	Q3 2013 Earnings Release	Q3 2013	0.337