MORNING CALL 1/8

MORNING CALL

Friday, January 8th, 2016View Older Reports

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OVERNIGHT MARKETS AND NEWS

March E-mini S&Ps (ESH16 +0.75%) are up +0.32% as global stocks attempt to recover after China took steps to alleviate market stress. The PBOC set a higher reference rate for the yuan today, the first time it has done so in the last nine sessions, which strengthened the yuan against the dollar. U.S. stocks fell back from their best levels after crude oil erased an overnight rally and is now lower by -0.27%. European stocks are down -0.55% after German Nov industrial production unexpectedly declined. Asian stocks settled mixed: Japan -0.39%, Hong Kong +0.59%, China +1.97%, Taiwan +0.53%, Australia -0.39%, Singapore +0.78%, South Korea +0.75%, India +0.33%. China's Shanghai Composite rebounded from a 3-1/4 month low and closed higher after the government suspended a circuit-breaker system that had halted Chinese equity trading on Monday and Thursday when stock losses reached -7%. Chinese stocks also found support on signs that state-controlled funds were said to be buying equities.

The dollar index (DXY00 +0.54%) is up +0.50%. EUR/USD (^EURUSD) is down -0.56%. USD/JPY (^USDJPY) is up +0.53%.

Mar T-note prices (ZNH16 -0.17%) are down -6 ticks.

ECB Governing Council member Lane said "no door has been closed" in relation to QE, even as there's "plenty of evidence" that the ECB's sovereign-debt purchase program is working.

German Nov industrial production of -0.3% m/m and +0.1% y/y was weaker than expectations of +0.5% m/m and +0.5% y/y.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Dec non-farm payrolls (expected +200,000, Nov +211,000) and Dec unemployment rate (expected unch at 5.0%, Nov unch at 5.0%), (2) Nov wholesale trade sales (expected unch m/m, Oct unch m/m) and Nov wholesale inventories (expected -0.1% m/m, Oct -0.1% m/m), (3) San Francisco Fed President John Williams' speech on the economic outlook to the California Association of Bankers in Santa Barbara, CA, (4) Richmond Fed President Jeffrey Lacker's comments on his 2016 economic outlook to the Maryland Bankers Association, and (5) Nov consumer credit (expected +$18.5 billion, Oct +$15.982 billion).

There are 2 of the Russell 3000 companies that report earnings today: Acuity Brands (consensus $1.58), Global Payments (0.75).

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

Equity conferences today: none.

OVERNIGHT U.S. STOCK MOVERS

Foot Locker (FL -1.21%) was upgraded to 'Buy' from 'Neutral' at Bank of America.

Dupont (DD -2.97%) was upgraded to 'Outperform' from Market Perform' at Bernstein who also raised their price target on the stock to $81 from $71.

Williams-Sonoma (WSM +1.47%) was downgraded to 'Neutral' from 'Buy' at Buckingham Research Group.

Five Below (FIVE -0.18%) gained over 2% in after-hours trading after it raised guidance on Q4 sales to $323 million-$326 million from a December outlook of $318 million-$323 million, above estimates of $320 million.

Helen of Troy (HELE -1.34%) climbed over 3% in after-hours trading after it reported Q3 adjusted EPS of $2.07, higher than consensus of $1.93.

Freeport-McMoRan (FCX -9.08%) was downgraded to 'Neutral' from 'Outperform' at Macquarie.

Synnex (SNX -2.15%) reported Q4 adjusted EPS of $1.80, stronger than consensus of $1.75, but then lowered guidance on Q1 adjusted EPS to $1.34-$1.39, below consensus of $1.54.

The Gap (GPS +5.73%) slipped over 6% in after-hours trading after it reported December comparable same-store-sales fell -5.0% y/y, a bigger decline than expectations of -3.9% y/y.

Container Store Group (TCS -5.15%) slumped over 10% in after-hours trading after it reported an unexpected Q3 adjusted EPS loss of -4 cents, weaker than consensus of a 5 cent profit, and then lowered guidance on Q4 EPS to 19 cents-22 cents, well below consensus of 29 cents.

Alcoa (AA -3.95%) said it will close an aluminum smelter in Evansville, IN and curtail capacity at its Point Comfort, TX refinery to increase the competitiveness of its upstream business.

Suppliers of Apple products fell in after-hours trading with Skyworks Solutions (SWKS -2.88%) and Invensense (INVN -0.32%) down 3%, Avago Technologies (AVGO -3.18%) down 5%, and NXP Semiconductors (NXPI -5.41%) and Broadcom (BRCM -1.57%) both down 2% after Cirrus Logic and Qorvo blamed weakness in mobile products for their slowdown in revenue growth.

Cirrus Logic (CRUS unch) tumbled over 8% in after-hours trading after it reported Q3 preliminary revenue of $347 million, below consensus of $386 million.

Qorvo (QRVO +2.29%) lowered guidance on Q3 revenue to $629 million from a prior estimate of $720 million-$730 million, well below consensus of $723.8 million.

MARKET COMMENTS

Mar E-mini S&Ps (ESH16 +0.75%) this morning are up +6.25 points (+0.32%). Thursday's closes: S&P 500 -2.37%, Dow Jones -2.32%, Nasdaq -3.11%. The S&P 500 on Thursday sank to a 3-month low and closed sharply lower on carry-over weakness from the -7% plunge in the Chinese stock market, the Chinese government's eighth day of devaluing the yuan, and weakness in energy and raw-material producers after crude oil fell to a 12-year low and copper slumped to a 6-1/2 year low. Stocks recovered from their worst levels on speculation Chinese markets may stabilize after China's regulator suspended circuit breakers that had halted stock trading in China twice this week once losses reached 7%.

Mar 10-year T-notes (ZNH16 -0.17%)this morning are down -6 ticks. Thursday's closes: TYH6 +8.00, FVH6 +6.75. Mar-T-notes on Thursday climbed to a 2-month high on (1) increased safe-haven demand with the sharp sell-off in global equity markets, and (2) speculation that the financial turmoil in China will delay the Fed's next rate hike. T-notes fell back from their best levels as stocks recovered from their lows on speculation Chinese stock markets may stabilize after China's regulator suspended a circuit breaker that had halted stock trading twice this week.

The dollar index (DXY00 +0.54%) this morning is up +0.494 (+0.50%). EUR/USD (^EURUSD) is down -0.0061 (-0.56%). USD/JPY (^USDJPY) is up +0.62 (+0.53%). Thursday's closes: Dollar Index -0.962 (-0.97%), EUR/USD +0.0151 (+1.40%), USD/JPY -0.80 (-0.68%). The dollar index on Thursday closed lower on speculation that this week's sell-off in global equity markets may prompt the Fed to delay the next interest rate increase. In addition, USD/JPY fell to a 4-1/2 month low as the sell-off in global equity markets boosted the safe-haven demand for the yen.

Feb crude oil (CLG16 +0.72%) this morning is down -9 cents (-0.27%) and Feb gasoline (RBG16 +0.35%) is down -0.0067 (-0.58%). Thursday's closes: CLG6 -0.71 (-2.09%), RBG6 -0.0122 (-1.05%). Feb crude oil and gasoline on Thursday closed lower with Feb crude at a 12-year nearest-futures low and Feb gasoline at a 6-3/4 year low. Energy prices were undercut by the slump in global stock markets and by negative carryover from Wednesday’s EIA inventory report that showed a +917,000 bbl increase in crude supplies at Cushing to a record high of 63.91 million bbl and a +10.58 million bbl surge in weekly EIA gasoline inventories to a 9-1/2 month high. Prices recovered from their worst levels on as the dollar moved lower.

GLOBAL EVENT CALENDAR01/08/2016

US	0830 ET	Dec non-farm payrolls expected +200,000, Nov +211,000. Dec private payrolls expected +200,000, Nov +197,000. Dec manufacturing payrolls expected unch, Nov -1,000. Dec unemployment rate expected unch at 5.0%, Nov unch at 5.0%.
	0830 ET	Dec avg hourly earnings expected +0.2% m/m and +2.8% y/y, Nov +0.2% m/m and +2.3% y/y. Dec avg weekly hours all employees expected unch at 34.5 hours.
	1000 ET	Nov wholesale trade sales expected unch m/m, Oct unch m/m. Nov wholesale inventories expected -0.1% m/m, Oct -0.1% m/m.
	1130 ET	San Francisco Fed President John Williams speaks on the economic outlook to the California Association of Bankers in Santa Barbara, CA.
	1300 ET	Richmond Fed President Jeffrey Lacker delivers his 2016 economic outlook to the Maryland Bankers Association.
	1500 ET	Nov consumer credit expected +$18.5 billion, Oct +$15.982 billion.
JPN	0000 ET	Japan Nov leading index CI expected -0.3 to 103.9, Oct 104.2. Nov coincident index expected -1.6 to 111.6, Oct 113.3.
GER	0200 ET	German Nov industrial production expected +0.5% m/m and +0.5% y/y, Oct +0.2% m/m and unch y/y.
	0200 ET	German Nov trade balance expected +20.2 billion euros, Oct +22.3 billion euros. Nov exports expected +0.5% m/m, Oct -1.3% m/m. Nov imports expected +1.0% m/m, Oct -3.3% m/m.
CHI	2030 ET	China Dec CPI expected +1.6% y/y, Nov +1.5% y/y. Dec PPI expected -5.8% y/y, Nov -5.9% y/y.

U.S. STOCK CALENDAR01/08/2016

Company	Ticker	Time	Event Description	Period	Estimate
Acuity Brands Inc	AYI US	Bef-mkt	Q1 2016 Earnings Release	Q1 2016	1.578
Global Payments Inc	GPN US	7:00	Q2 2016 Earnings Release	Q2 2016	0.753
WP Glimcher Inc	WPG US	9:00	Analyst & Investor Day	Y 2016
SolarWinds Inc	SWI US	9:30	Special Meeting - M&A Vote
Acuity Brands Inc	AYI US	10:00	Q1 2016 Earnings Call	Q1 2016

BARCHART MORING CALL 7/31

BARCHART MORNING CALL

Friday, July 31st, 2015View Older Reports

Everything you need to know about the markets in one free daily newsletter.

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OVERNIGHT MARKETS AND NEWS

Sep E-mini S&Ps (ESU15 -0.20%) this morning are trading slightly lower by -2.50 points (-0.12%) on negative carry-over from this morning's slightly lower trade in European stocks with the EuroStoxx 50 index down -0.08%. In addition, the Shanghai Composite index today closed -1.13% and lower commodity prices are hurting commodity producer stocks. The markets remain worried about China and a Fed rate hike later this year. On the more positive side, the MSCI Emerging Markets Index is up +0.3% this morning.
Asian stocks today closed mostly higher: Japan +0.30%, Hong Kong +0.56%, China -1.13%, Taiwan +0.16%, Australia +0.52%, Singapore -1.45%, South Korea +0.28%, India +1.48%, Turkey +0.92%.
The dollar index (DXY00 -0.21%) this morning is down -0.291 (-0.30%) while EUR/USD (^EURUSD) is up +0.0041 (+0.38%) and USD/JPY (^USDJPY) is up +0.13 (+0.10%). Sep 10-year T-note prices (ZNU15 -0.05%) this morning are down -2.5 ticks since global stocks are generally stable this morning.
Commodity prices this morning are down by -0.33% on average. Sep crude oil (CLU15 -1.77%) this morning is down -0.91 (-1.88%) and Sep gasoline (RBU15 +0.06%) is down -0.0027 (-0.15%) as bearish sentiment prevails. Metals prices this morning are trading lower with Aug gold (GCQ15 -0.74%) down -8.5 (-0.78%), Sep silver (SIU15 -1.16%) down -0.161 (-1.10%), and Sep copper (HGU15 -0.63%) down -0.016 (-0.65%). Grains are steady to higher. Softs are mixed.
The Russian central bank today cut its key rate by 50 bp to 11.0%, in line with most market forecasts. Today's rate cut was the fifth this year. The Russian bank was able to slowly cut the rate this year, which was raised sharply late last year to as high as 17% when U.S. and European sanctions over Ukraine caused the ruble to plunge. The market consensus is that the Russian economy this year will fall by -3.5% but then recover to +0.5% in 2016 and +1.3% in 2017.
Greek Prime Minister Tsipras managed to delay a Syriza party congress until September, which should come after his government signs off on a 3-year bailout program some time in August. Members in his Syriza party who are opposed to the bailout had hoped to hold a party congress as early as this weekend, which could have led to a split in the party and could have forced new elections. The outcome is favorable for the markets since it suggests that Ms. Tsipras should be able to push the 3-year bailout through the Greek parliament before new elections are held, likely this autumn.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Key U.S. reports today include: (1) Q2 employment cost index (expected +0.6% after Q1's +0.7%), (2) Jul Milwaukee ISM (expected +3.45 to 50.00, Jun -1.15 to 46.55), (3) Jul Chicago PMI (expected +1.4 to 50.8, Jun +3.2 to 49.4), and (4) final-July U.S. consumer sentiment from the University of Michigan (expected +0.7 to 94.0, prelim-Jul -2.8 to 93.3).
There are 13 of the S&P 500 companies that report earnings today with notable reports including: Exxon Mobil (consensus $1.11), Chevron (1.16), Phillips 66 (1.81), Bershire Hathaway (3038), Aon (1.30), Tyco (0.55), Royal Caribbean (0.72).
U.S. IPO's scheduled to price today include: Ardelyx (ARDX), Accelerize (ACLZ), NovaBay Pharma (NBY).
Equity conferences this week: none.

Sep E-mini S&Ps this morning are trading slightly lower by -2.50 points (-0.12%) on negative carry-over from this morning's slightly lower -0.08% trade in European stocks and today's -1.13% sell-off in Chinese stocks. Thursday's closes: S&P 500 unchanged, Dow Jones -0.03%, Nasdaq +0.33%. The S&P 500 on Thursday closed little changed, finding support from general optimism about Q2 earnings as about three-quarters of reporting SPX companies have surprised to the upside, and from relief that the Chinese stock market appears to be holding and has not fallen below Monday’s lows. However, factors causing downward pressure yesterday included the slightly weaker-than-expected U.S. Q2 GDP report of +2.3% (vs expectations of +2.5%) and a -4% decline in Procter & Gamble and -1.8% decline in Facebook on negative earnings news.

OVERNIGHT U.S. STOCK MOVERS

• SPX earnings reports this morning have all been positive thus far: Weyerhaeuser (WY +0.53%) (0.26 vs 0.20 consensus), Tyco (TYC +0.38%) (0.59 vs 0.56), Aon (AON +0.06%) (1.31 vs 1.29), Newell Rubbermaid (NWL +1.16%) (0.64 vs 0.62), Legg Mason (LM +1.16%) (0.84 vs 0.83).
• Amgen (AMGN +0.13%) is up +1% in pre-market trading after reporting favorable earnings of 2.57 (vs 2.43).
• LinkedIn (LNKD -2.09%) fell 4% as concerns arose about slowing core growth.
• SPX earnings reports late yesterday afternoon were mostly positive: Electronic Arts (EA +0.17%) (0.15 vs 0.03), Western Union (WU -0.11%) (0.41 vs 0.39), Apartment Investment (AIV -0.53%) (0.56 vs 0.54), Hanesbrands (HBI +1.19%) (0.50 vs 0.499), Flowserve (FLS +0.28%) (0.80 vs 0.79), Eversource Energy (ES +0.99%) (0.66 vs 0.56), KLA-Tencor (KLAC +0.62%) (0.99 vs 0.92), FirstEnergy (FE +1.07%) (0.53 vs 0.47), PerkinElmer (PKI +1.32%) (0.60 vs 0.59), Expedia (EXPE +0.69%) (1.02 vs 0.87), Universal Health Services (UHS -0.61%) (1.85 vs 1.65).
• Negative SPX earnings reports late yesterday included: Leggett & Platt (LEG +0.86%) (0.53 vs 0.538), Broadcom (BRCM -0.89%) (0.72 vs 0.75), Fluor (FLR +1.01%) (1.00 vs 1.06).

MARKET COMMENTS

Sep 10-year T-note prices this morning are down -2.5 ticks since global stocks are generally stable this morning. Thursday's closes: TYU5 +1, FVU5 -2.50. Sep 10-year T-notes on Thursday closed slightly higher on the sluggish stock market and on the slightly weaker-than-expected Q2 GDP report of +2.3%, which did not create any fresh pressure on the Fed to begin its rate-hike regime. T-notes continued to see some downward pressure from supply overhang as the Treasury sold 7-year T-notes to conclude this week’s $105 billion T-note package.
The dollar index this morning is down -0.291 (-0.30%) while EUR/USD is up +0.0041 (+0.38%) and USD/JPY is up +0.13 (+0.10%). Thursday's closes: Dollar Index +0.58 (+0.60%), EUR/USD -0.0052 (-0.47%), USD/JPY +0.20 (+0.16%). The dollar index on Thursday closed moderately higher on technical buying, continued ideas that the Fed will tighten by year-end, and weakness in EUR/USD as the IMF said it will not join a Greek bailout unless the Eurozone provides debt relief and assurance of long-term debt sustainability.

GLOBAL EVENT CALENDAR07/31/2015

US	0830 ET	Q2 employment cost index expected +0.6%, Q1 +0.7%.
	0900 ET	Jul Milwaukee ISM expected +3.45 to 50.00, Jun -1.15 to 46.55.
	0945 ET	Jul Chicago PMI expected +1.4 to 50.8, Jun +3.2 to 49.4.
	1000 ET	Final-July U.S. consumer sentiment (University of Michigan) expected +0.7 to 94.0, prelim-Jul -2.8 to 93.3.
JPN	0100 ET	Japan Jun housing starts expected +3.0% y/y annualized to 913,000, May +5.8% y/y annualized to 912,000.
	0100 ET	Japan Jun construction orders, May -7.4% y/y.
GER	0200 ET	German Jun retail sales expected +0.1% m/m and +4.1% y/y, May +0.2% m/m and -0.4% y/y.
UK	0430 ET	UK Jul Lloyds business barometer, Jun 55.
EUR	0500 ET	Eurozone Jul CPI estimate expected +0.2% y/y, Jun +0.2% y/y. Jul CPI core expected +0.8% y/y, Jun +0.8% y/y.
	0500 ET	Eurozone Jun unemployment rate expected -0.1 to 11.0%, May 11.1%.
CHI	2100 ET	China Jul manufacturing PMI, Jun 50.2. Jul non-manufacturing PMI, Jun 53.8.

U.S. STOCK CALENDAR07/31/2015

Company	Ticker	Time	Event Description	Period	Estimate
Aon PLC	AON US	Bef-mkt	Q2 2015 Earnings Release	Q2 2015	1.295
Newell Rubbermaid Inc	NWL US	Bef-mkt	Q2 2015 Earnings Release	Q2 2015	0.623
Tyco International Plc	TYC US	Bef-mkt	Q3 2015 Earnings Release	Q3 2015	0.554
Weyerhaeuser Co	WY US	Bef-mkt	Q2 2015 Earnings Release	Q2 2015	0.198
Royal Caribbean Cruises Ltd	RCL US	Bef-mkt	Q2 2015 Earnings Release	Q2 2015	0.719
Ameren Corp	AEE US	Bef-mkt	Q2 2015 Earnings Release	Q2 2015	0.606
Seagate Technology PLC	STX US	Bef-mkt	Q4 2015 Earnings Release	Q4 2015	0.634
Legg Mason Inc	LM US	7:00	Q1 2016 Earnings Release	Q1 2016	0.83
Public Service Enterprise Group Inc	PEG US	7:30	Q2 2015 Earnings Release	Q2 2015	0.543
Exxon Mobil Corp	XOM US	8:00	Q2 2015 Earnings Release	Q2 2015	1.111
Legg Mason Inc	LM US	8:00	Q1 2016 Earnings Call	Q1 2016
Tyco International Plc	TYC US	8:00	Q3 2015 Earnings Call	Q3 2015
Phillips 66	PSX US	8:00	Q2 2015 Earnings Release	Q2 2015	1.814
Aon PLC	AON US	8:30	Q2 2015 Earnings Call	Q2 2015
Chevron Corp	CVX US	8:30	Q2 2015 Earnings Release	Q2 2015	1.158
Newell Rubbermaid Inc	NWL US	8:30	Q2 2015 Earnings Call	Q2 2015
Leggett & Platt Inc	LEG US	9:00	Q2 2015 Earnings Call	Q2 2015
Eversource Energy	ES US	9:00	Q2 2015 Earnings Call	Q2 2015
Universal Health Services Inc	UHS US	9:00	Q2 2015 Earnings Call	Q2 2015
Reynolds American Inc	RAI US	9:00	Investor Meeting - New York	Y 2015
Seagate Technology PLC	STX US	9:00	Q4 2015 Earnings Call	Q4 2015
Exxon Mobil Corp	XOM US	9:30	Q2 2015 Earnings Call	Q2 2015
Weyerhaeuser Co	WY US	10:00	Q2 2015 Earnings Call	Q2 2015
Royal Caribbean Cruises Ltd	RCL US	10:00	Q2 2015 Earnings Call	Q2 2015
FirstEnergy Corp	FE US	10:00	Q2 2015 Earnings Call	Q2 2015
Ameren Corp	AEE US	10:00	Q2 2015 Earnings Call	Q2 2015
Chevron Corp	CVX US	11:00	Q2 2015 Earnings Call	Q2 2015
Public Service Enterprise Group Inc	PEG US	11:00	Q2 2015 Earnings Call	Q2 2015
Flowserve Corp	FLS US	11:00	Q2 2015 Earnings Call	Q2 2015
Phillips 66	PSX US	12:00	Q2 2015 Earnings Call	Q2 2015
Apartment Investment & Management Co	AIV US	13:00	Q2 2015 Earnings Call	Q2 2015
Essex Property Trust Inc	ESS US	14:00	Q2 2015 Earnings Call	Q2 2015
Berkshire Hathaway Inc	BRK/A US		Q2 2015 Earnings Release	Q2 2015	3038.09

BARCHART MORNING CALL 7/7

BARCHART MORNING CALL

Tuesday, July 7th, 2015View Older Reports

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OVERNIGHT MARKETS AND NEWS

September E-mini S&Ps (ESU15 -0.10%) are up +0.25%, although European stocks are down -0.57% at a fresh 4-3/4 month low as European leaders prepare to meet to discuss Greece's economic crisis. The ECB maintained the level of Emergency Liquidity Assistance to Greek banks at 88.6 billion euros on Monday, while tightening terms related to collateral as it raised the haircut on Greek debt to 45%. Greek banks and its stock market will remain shut through Wednesday. Asian stocks closed mixed: Japan +1.31%, Hong Kong -1.03%, China -1.29%, Taiwan -0.06%, Australia +1.94%, Singapore +0.24%, South Korea -0.10%, India -0.13%. The sell-off in Chinese stocks continued for the fourth time in five days as the Shanghai Composite fell to a 3-1/2 month low. Deleveraging of stocks purchased on margin has fueled declines as traders cut 93.6 billion yuan worth of stock bought on margin on the Shanghai Stock exchange since Monday, the most since at least 2010. Also, foreign investors are exiting Chinese stocks at a record pace as net selling through the Hong Kong-Shanghai exchange link reached 10.3 billion yuan today, extending sales to 23.7 billion yuan in the past 2 days, the most since the link started in November.
Commodity prices are mixed. Aug crude oil (CLQ15 -0.70%) is up +0.78%, Aug gasoline (RBQ15 -0.24%) is up +0.95%. Metals prices are weaker. Aug gold (GCQ15 -0.17%) is down -0.72%. Sep copper (HGU15 -1.98%) is down -2.44% at a new 5-month low. Agricultural prices are lower.
The dollar index (DXY00 +0.57%) is up +0.54% at a 1-month high. EUR/USD (^EURUSD) is down -0.77% at a 1-week low. USD/JPY (^USDJPY) is down -0.06%.

Sep T-note prices (ZNU15 +0.39%) are up +10.5 ticks on carry-over support from a rally in German bunds to a 1-month high.
In a document published on its website today, the ECB added "moral hazard" to its Emergency Liquidity Assistance (ELA) rules in an attempt to clarify the conditions to which banks may access emergency aid. The ECB warned that "moral hazard" could be a reason to object to ELA it allows banks to access saying that "the objective of ELA is to support solvent credit institutions facing temporary liquidity problems. It is not a monetary-policy instrument." The reference to moral hazard indicates the ECB is worried that bending the liquidity rules for Greece may lead future Eurozone members to act less responsibly.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) May U.S. trade deficit (expected -$42.75 billion after April's -$40.90 billion), (2) May JOLTS job openings (expected -76,000 to 5.300 million after April's +267,000 to 5.376 million), and (3) the Treasury's auction of $24 billion of 3-year T-notes.
One of the Russell 1000 companies reports earnings today: MSC Industrial Direct (consensus $0.96).
U.S. IPO's scheduled to price today include: none.
Equity conferences this week: none.

OVERNIGHT U.S. STOCK MOVERS

Lloyds Banking (LYG -2.03%) was upgraded to 'Buy' from 'Hold' at Canaccord.
Broadcom (BRCM -1.34%) was downgraded to 'Perform' from 'Outperform' at Oppenheimer.
Marvell (MRVL -1.19%) was upgraded to 'Perform' from 'Underperform' at Oppenheimer.
Dillard's (DDS -0.39%) was downgraded to 'Underperform' from 'Neutral' at BofA/Merrill Lynch.
Disney (DIS +0.63%) was upgraded to 'Overweight' from 'Neutral' at Atlantic Equities.
BTIG initiated Teva (TEVA +0.16%) with a 'Buy' rating and a $77 price target.
Baxter (BAX -0.68%) was downgraded to 'Market Perform' from 'Outperform' at BMO Capital.
W. R. Berkley (WRB +1.19%) was upgraded to 'Hold' from 'Sell' at Deutsche Bank.
Electronic Arts (EA +0.31%) and Kansas City Southern (KSU -0.82%) were both upgraded to 'Buy' from 'Neutral' at UBS.
Tesla (TSLA -0.11%) was downgraded to 'Hold' from 'Buy' at Deutsche Bank.
Advance Auto Parts (AAP +0.81%) will replace Family Dollar (FDO +0.05%) in the S&P 500 as of the close of trading on Wednesday July 8.
A. Schulman (SHLM -2.25%) reported Q3 adjusted EPS of 72 cents, below consensus of 77 cents, and then lowered guidance on 2015 EPS to$2.37-$2.42, weaker than consensus of $2.47.
Luxor Capital Group reported a 5.03% passive stake in Northstar Realty (NRF -1.14%) .
Advanced Micro Devices (AMD -2.37%) lowered guidance on Q2 revenue view to down 8% versus Q1, weaker than an earlier estimate of down 3%, plus or minus 3%.

MARKET COMMENTS

September E-mini S&Ps (ESU15 -0.10%) this morning are up +5.25 points (+0.25%). Monday's closes: S&P 500 -0.39%, Dow Jones -0.26%, Nasdaq -0.33%. The S&P 500 on Monday closed lower on (1) a slide in European stocks to a 4-3/4 month low as financial stocks plunged on Grexit concerns after Greece voters decisively voted No in Sunday's referendum, (2) the +0.3 point increase in the U.S. Jun ISM non-manufacturing index to 56.0, weaker than expectations of +0.7 to 56.4, and (3) weakness in oil producers on the plunge in oil prices. Stocks recovered from their worst levels after Greek Finance Minster Varoufakis resigned, which raised hopes that Prime Minister Tsipras may be ready to accede to a bailout deal.
Sep 10-year T-notes (ZNU15 +0.39%) this morning are up +10.5 ticks. Monday's closes: TYU5 +28.50, FVU5 +15.25. Sep T-notes on Monday gapped up to a 2-week high and closed higher on (1) Grexit concerns after Sunday's referendum vote, and (2) ideas that the Fed might be forced to delay a rate hike by the Greek crisis. T-notes fell back from their best levels after stocks recovered on speculation the ECB will contain any negative fallout from the Greek crisis.
The dollar index (DXY00 +0.57%) this morning is up +0.523 (+0.54%) at a fresh 1-month high. EUR/USD (^EURUSD) is down -0.0085 (-0.77%) at a 1-week low. USD/JPY (^USDJPY) is down -0.07 (-0.06%). Monday's closes: Dollar Index +0.185 (+0.19%), EUR/USD -0.0028 (-0.25%), USD/JPY -0.486 (-0.39%). The dollar index on Monday climbed to a 1-month high and settled higher on the decline in EUR/USD to a 1-week low on Grexit concerns. However, the rally in the dollar index was curbed by safe-haven demand for the yen and by news that Greek Finance Minster Varoufakis resigned, which means that Prime Minister Tsipras may be ready for a bailout deal.
Aug WTI crude oil (CLQ15 -0.70%) this morning is up +41 cents (+0.78%). Aug gasoline (RBQ15 -0.24%) is up +0.0183 (+0.95%). Monday's closes: CLQ5 -2.99 (-5.39%), RBQ5 -0.0651 (-3.25%). Aug crude oil and gasoline gapped lower Monday and finished sharply lower with Aug crude at a 2-1/2 month low and Aug gasoline at a 1-month low. Negative factors included dollar strength, Grexit concerns, and the possibility of an Iran nuclear deal this week, which would pave the way for at least a doubling of Iranian oil exports.

GLOBAL EVENT CALENDAR07/07/2015

US	0830 ET	May trade balance expected -$42.75 billion, Apr -$40.90 billion.
	1000 ET	May JOLTS job openings expected -76,000 to 5.300 million, Apr +267,000 to 5.376 million.
	1300 ET	Treasury auctions $24 billion of 3-year T-notes.
GER	0200 ET	German May industrial production expected +0.1% m/m and +2.6% y/y, Apr +0.9% m/m and +1.4% y/y.
UK	0430 ET	UK May industrial production expected -0.2% m/m and +1.6% y/y, Apr +0.4% m/m and +1.2% y/y.
	0430 ET	UK May manufacturing production expected +0.1% m/m and +1.8% y/y, Apr -0.4% m/m and +0.2% y/y.
	1901 ET	UK Jun BRC shop price index, May -1.9% y/y.

U.S. STOCK CALENDAR07/07/2015

Company	Ticker	Time	Event Description	Period	Estimate
MSC Industrial Direct Co Inc	MSM US	7:00	Q3 2015 Earnings Release	Q3 2015	0.962
MSC Industrial Direct Co Inc	MSM US	8:30	Q3 2015 Earnings Call	Q3 2015
Columbus McKinnon Corp/NY	CMCO US	9:00	Investor and Analyst Day	Y 2015
A Schulman Inc	SHLM US	10:00	Q3 2015 Earnings Call	Q3 2015
Stifel Financial Corp	SF US	12:00	Annual General Meeting
Navidea Biopharmaceuticals Inc	NAVB US	13:00	Business Update Call
Container Store Group Inc/The	TCS US	16:30	Q1 2016 Earnings Call	Q1 2016
Container Store Group Inc/The	TCS US	Aft-mkt	Q1 2016 Earnings Release	Q1 2016	-0.124
Allegiant Travel Co	ALGT US		June 2015 Sales and Revenue Release - Traffic Results	2015

BARCHART MORNING CALL 4/11

BARCHART MORNING CALL Wednesday, April 22nd, 2015View Older Reports Everything you need to know about the markets in one free daily newsletter. E-mail: You will also receive a free subscription to the Barchart family of newsletters. OVERNIGHT MARKETS AND NEWS June E-mini S&Ps (ESM15 -0.20%) this morning are down -0.33% and European stocks are down -0.67% as a decline in crude oil undercuts energy producers which are leading the overall market lower. Chipotle Mexican Grill slumped over 5% in pre-market trading as Q1 revenue trailed analysts' estimates. Losses in European stocks were limited after ASML Holding NV, Europe's largest chip-equipment maker, jumped over 6% after it said it signed a deal with a U.S. customer to deliver at least 15 of its extreme ultraviolet lithography systems. Greek default concerns eased as the Greek 10-year bond yield fell back from a 2-1/3 year high on signs that Greek and EU officials were moving closer to a resolution on financing Greece's debt. Asian stocks closed mostly higher: Japan +1.13%, Hong Kong +0.30%, China +2.44%, Taiwan +0.83%, Australia -0.59%, Singapore -0.35%, South Korea +0.18%, India +0.77%. Japan's Nikkei Stock Index rose to a 15-year high after Japan's Mar trade balance showed Japan swung to its largest trade surplus in 3-1/2 years. China's Shanghai Composite Index climbed to a new 7-year high on speculation the Chinese government will counter slowing growth with stimulus. Commodity prices are mostly lower. Jun crude oil (CLM15 -0.72%) is down -0.53% and Jun gasoline (RBM15 -0.13%) is down -0.06% ahead of an expected +2.5 million bbl increase in EIA crude supplies later today. Metals prices are lower. Jun gold (GCM15 -0.03%) is down -0.08%. May copper (HGK15 -0.37%) is down -0.39%. Agriculture prices are mixed. The dollar index (DXY00 -0.34%) is down -0.35%. EUR/USD (^EURUSD) is up +0.27%. USD/JPY (^USDJPY) is down -0.12%. Jun T-note prices (ZNM15 +0.01%) are up +4 ticks. The Greek 10-year bond yield fell back from a 2-1/3 year high as Greek default concerns eased after Greek Finance Minister Varoufakis said late Tuesday that there were narrowing differences between the government and Eurozone officials and that neither "will let the opportunity slip to arrive at an agreement." U.S. STOCK PREVIEW U.S. reports today include: (1) weekly MBA mortgage applications (last -2.3% with purchase sub-index -3.1% and refi sub-index -1.8%), (2) Feb FHFA house price index (expected +0.5% m/m after Jan's +0.3% m/m), and (3) Mar existing home sales (expected +3.1% to 5.03 million after Feb's +1.2% to 4.88 million). There are 31 of the S&P 500 companies that report earnings today with notable reports including: Facebook (consensus $0.40), eBay (0.70), AT&T (0.62), Boeing (1.80), Coca-Cola (0.42), McDonald's (1.06), Bank of NY Mellon (0.59). U.S. IPO's scheduled to price today include: National Storage Affiliates (NSA). Equity conferences during the remainder of this week include: American Association for Cancer Research Meeting on Mon-Wed, IHS CERAWeek Energy Conference on Mon-Thu, Financial Times Commodities Global Summit on Tue-Wed, Future Bank Asia 2015 on Tue-Wed, American Academy of Neurology Meeting on Wed, Capital Link Closed-End Funds & Global ETFs Forum - Panel on Thu, RSA Conference on Thu. OVERNIGHT U.S. STOCK MOVERS EMC (EMC -1.72%) reported Q1 adjusted EPS of 31 cents, below consensus of 36 cents. United Rentals (URI -0.97%) reported Q1 adjusted EPS of $1.34, well above consensus of $1.13. Yum! Brands (YUM -0.30%) climbed 4% in after-hours trading after it reported Q1 adjusted EPS of 80 cents, higher than consensus of 72 cents. Rush Enterprises (RUSHA +1.03%) reported Q1 EPS of 41 cents, above consensus of 38 cents. Perrigo (PRGO -2.66%) reported Q3 adjusted EPS of $1.85, stronger than consensus of $1.78. Discover (DFS -0.39%) reported Q1 EPS $1.28, better than consensus of $1.27. Illumina (ILMN +3.17%) reported Q1 adjusted EPS of 91 cents, higher than consensus of 72 cents, and then raised guidance on fiscal 2015 adjusted EPS view to $3.36-$3.42 from $3.12-$3.18, well above consensus of $3.20. Intuitive Surgical (ISRG -1.13%) dropped over 3% in after-hours trading after it reported Q1 EPS of $3.57, well below consensus of $3.87. Yahoo (YHOO -0.36%) fell over 2% in after-hours trading after it reported Q1 EPS of 15 cents, weaker than consensus of 18 cents. Broadcom (BRCM +0.83%) moved up 4% in after-hours trading after it reported Q1 adjusted EPS of 64 cents, above consensus of 60 cents. FMC Technologies (FTI -4.48%) reported Q1 EPS of 63 cents, better than consensus of 59 cents. Stryker (SYK +1.46%) reported Q1 adjusted EPS of $1.11, higher than consensus of $1.08. Chipotle (CMG +0.81%) slid over 5% in pre-market trading after it reported Q1 EPS of $3.88, better than consensus of $3.66, but reported Q1 revenue of $1.09 billion, below consensus of $1.11 billion. Amgen (AMGN +1.50%) gained nearly 2% in after-hours trading after it reported Q1 EPS of $2.48, well above consensus of $2.10, and then raised guidance on fiscal 2015 EPS view to $9.35-$9.65 from $9.05-$9.40, stronger than consensus of $9.32. Cree (CREE +0.85%) dropped over 5% in after-hours trading after it reported Q3 adjusted EPS of 22 cents, below consensus of 23 cents. VMware (VMW +1.34%) reported Q1 EPS of 86 cents, higher than consensus of 84 cents. MARKET COMMENTS June E-mini S&Ps (ESM15 -0.20%) this morning are down -7.00 points (-0.33%). Tuesday's closes: S&P 500 -0.15%, Dow Jones -0.47%, Nasdaq +0.42%. The S&P 500 index on Tuesday closed mildly lower on continued concern about a Greek debt default and on weakness in oil producers after crude oil fell more than 2%. Stocks got a boost from M&A after Teva Pharmaceutical Industries offered to buy Mylan for $40.1 billion. Jun 10-year T-notes (ZNM15 +0.01%) this morning are up +4 ticks. Tuesday's closes: TYM5 -5.50, FVM5 -2.75. T-note prices on Tuesday closed lower after New York Fed President Dudley said on Monday that he is relatively optimistic that U.S. economic growth will support a hike in interest rates. The dollar index (DXY00 -0.34%) this morning is down -0.339 (-0.35%). EUR/USD (^EURUSD) is up +0.0029 (+0.27%). USD/JPY (^USDJPY) is down -0.14 (-0.12%). Tuesday's closes: Dollar Index +0.063 (+0.06%), EUR/USD -0.0002 (-0.02%), USD/JPY +0.498 (+0.42%). The dollar index on Tuesday closed slightly higher as EUR/USD fell on news that the German Apr ZEW survey of expectations for economic growth unexpectedly fell for the first time in six months with a -1.5 point decline to 53.3. EUR/USD also saw weakness on Greek default concerns after the Greek 10-year bond yield rose to a 2-1/3 year high. However, EUR/USD got a boost after Dutch Finance Minister Dijsselbloem said that some progress has been made in Greek debt talks that could result in a deal by the end of the month. Jun WTI crude oil (CLM15 -0.72%) this morning is down -30 cents (-0.53%) and Jun gasoline (RBM15 -0.13%) is down -0.0011 (-0.39%). Tuesday's closes: CLM5 -1.27 (-2.19%), RBM5 -0.0522 (-2.70%). Jun crude and gasoline on Tuesday closed lower on expectations that Wednesday's weekly EIA data will show that crude oil inventories rose +2.5 million bbl to another new record high. GLOBAL EVENT CALENDAR04/22/2015 US 0700 ET Weekly MBA mortgage applications, previous -2.3% with purchase sub-index -3.1% and refi sub-index -1.8%. 0900 ET Feb FHFA house price index expected +0.5% m/m, Jan +0.3% m/m. 1000 ET Mar existing home sales expected +3.1% to 5.03 million, Feb +1.2% to 4.88 million. 1030 ET EIA Weekly Petroleum Status Report. 1500 ET USDA Mar Cold Storage. UK 0430 ET Minutes of the Apr 8-9 BOE meeting. EUR 1000 ET Eurozone Apr consumer confidence expected +1.2 to -2.5, Mar -3.7 JPN 2135 ET Japan Apr Markit/JMMA manufacturing PMI expected +0.4 to 50.7, Mar 50.3. CHI 2145 ET China Apr HSBC flash manufacturing PMI expected -0.2 to 49.4, Mar -1.1 to 49.6. U.S. STOCK CALENDAR04/22/2015 Company Ticker Time Event Description Period Estimate Eaton Corp PLC ETN US 3:00 Annual General Meeting Y 2015 Abbott Laboratories ABT US Bef-mkt Q1 2015 Earnings Release Q1 2015 0.419 Boeing Co/The BA US Bef-mkt Q1 2015 Earnings Release Q1 2015 1.802 Coca-Cola Co/The KO US Bef-mkt Q1 2015 Earnings Release Q1 2015 0.423 McDonald's Corp MCD US Bef-mkt Q1 2015 Earnings Release Q1 2015 1.058 Ryder System Inc R US Bef-mkt Q1 2015 Earnings Release Q1 2015 1.001 Thermo Fisher Scientific Inc TMO US Bef-mkt Q1 2015 Earnings Release Q1 2015 1.609 DR Horton Inc DHI US Bef-mkt Q2 2015 Earnings Release Q2 2015 0.384 Huntington Bancshares Inc/OH HBAN US Bef-mkt Q1 2015 Earnings Release Q1 2015 0.19 AutoNation Inc AN US Bef-mkt Q1 2015 Earnings Release Q1 2015 0.886 T Rowe Price Group Inc TROW US Bef-mkt Q1 2015 Earnings Release Q1 2015 1.136 Amphenol Corp APH US Bef-mkt Q1 2015 Earnings Release Q1 2015 0.564 TE Connectivity Ltd TEL US Bef-mkt Q2 2015 Earnings Release Q2 2015 1.002 Nielsen NV NLSN US Bef-mkt Q1 2015 Earnings Release Q1 2015 0.471 Bank of New York Mellon Corp/The BK US 6:30 Q1 2015 Earnings Release Q1 2015 0.594 EMC Corp/MA EMC US 7:00 Q1 2015 Earnings Release Q1 2015 0.361 St Jude Medical Inc STJ US 7:15 Q1 2015 Earnings Release Q1 2015 0.91 Bank of New York Mellon Corp/The BK US 8:00 Q1 2015 Earnings Call Q1 2015 St Jude Medical Inc STJ US 8:00 Q1 2015 Earnings Call Q1 2015 Nielsen NV NLSN US 8:00 Q1 2015 Earnings Call Q1 2015 Navient Corp NAVI US 8:00 Q1 2015 Earnings Call Q1 2015 EMC Corp/MA EMC US 8:30 Q1 2015 Earnings Call Q1 2015 Thermo Fisher Scientific Inc TMO US 8:30 Q1 2015 Earnings Call Q1 2015 ACE Ltd ACE US 8:30 Q1 2015 Earnings Call Q1 2015 TE Connectivity Ltd TEL US 8:30 Q2 2015 Earnings Call Q2 2015 Abbott Laboratories ABT US 9:00 Q1 2015 Earnings Call Q1 2015 FMC Technologies Inc FTI US 9:00 Q1 2015 Earnings Call Q1 2015 Yum! Brands Inc YUM US 9:15 Q1 2015 Earnings Call Q1 2015 Coca-Cola Co/The KO US 9:30 Q1 2015 Earnings Call Q1 2015 American International Group Inc AIG US 10:00 AIG Bailout Trial-Closing Arguments DR Horton Inc DHI US 10:00 Q2 2015 Earnings Call Q2 2015 Huntington Bancshares Inc/OH HBAN US 10:00 Q1 2015 Earnings Call Q1 2015 Boeing Co/The BA US 10:30 Q1 2015 Earnings Call Q1 2015 General Electric Co GE US 11:00 Annual General Meeting Y 2015 McDonald's Corp MCD US 11:00 Q1 2015 Earnings Call Q1 2015 Newmont Mining Corp NEM US 11:00 Annual General Meeting Y 2015 Ryder System Inc R US 11:00 Q1 2015 Earnings Call Q1 2015 AutoNation Inc AN US 11:00 Q1 2015 Earnings Call Q1 2015 United Rentals Inc URI US 11:00 Q1 2015 Earnings Call Q1 2015 Amphenol Corp APH US 13:00 Q1 2015 Earnings Call Q1 2015 QUALCOMM Inc QCOM US 16:00 Q2 2015 Earnings Release Q2 2015 1.336 F5 Networks Inc FFIV US 16:00 Q2 2015 Earnings Release Q2 2015 1.499 Citrix Systems Inc CTXS US 16:05 Q1 2015 Earnings Release Q1 2015 0.643 AT&T Inc T US 16:30 Q1 2015 Earnings Call Q1 2015 F5 Networks Inc FFIV US 16:30 Q2 2015 Earnings Call Q2 2015 QUALCOMM Inc QCOM US 16:45 Q2 2015 Earnings Call Q2 2015 Citrix Systems Inc CTXS US 16:45 Q1 2015 Earnings Call Q1 2015 Xilinx Inc XLNX US 17:00 Q4 2015 Earnings Call Q4 2015 Tractor Supply Co TSCO US 17:00 Q1 2015 Earnings Call Q1 2015 eBay Inc EBAY US 17:00 Q1 2015 Earnings Call Q1 2015 Facebook Inc FB US 17:00 Q1 2015 Earnings Call Q1 2015 Equifax Inc EFX US Aft-mkt Q1 2015 Earnings Release Q1 2015 0.99 AT&T Inc T US Aft-mkt Q1 2015 Earnings Release Q1 2015 0.618 Texas Instruments Inc TXN US Aft-mkt Q1 2015 Earnings Release Q1 2015 0.624 Torchmark Corp TMK US Aft-mkt Q1 2015 Earnings Release Q1 2015 1.045 Xilinx Inc XLNX US Aft-mkt Q4 2015 Earnings Release Q4 2015 0.505 O'Reilly Automotive Inc ORLY US Aft-mkt Q1 2015 Earnings Release Q1 2015 1.937 Tractor Supply Co TSCO US Aft-mkt Q1 2015 Earnings Release Q1 2015 0.407 SL Green Realty Corp SLG US Aft-mkt Q1 2015 Earnings Release Q1 2015 1.489 Crown Castle International Corp CCI US Aft-mkt Q1 2015 Earnings Release Q1 2015 1.102 eBay Inc EBAY US Aft-mkt Q1 2015 Earnings Release Q1 2015 0.7 Ameriprise Financial Inc AMP US Aft-mkt Q1 2015 Earnings Release Q1 2015 2.331 Facebook Inc FB US Aft-mkt Q1 2015 Earnings Release Q1 2015 0.403 Texas Instruments Inc TXN US 17:30 Q1 2015 Earnings Call Q1 2015 Cigna Corp CI US Annual General Meeting Merck & Co Inc MRK US PDUFA, sugammadex, reversal of moderate/deep neuromuscular blockade Textron Inc TXT US Annual General Meeting