MORNING CALL 12/22

Barchart Morning Call

Barchart.com - 3 hours ago

OVERNIGHT MARKETS AND NEWS

Mar E-mini S&Ps (ESH17 -0.09%) are down -0.09% and European stocks are down -0.04% in quiet trade. A -1.18% decline in Mar COMEX copper (HGH17 -0.92%) to a 1-month low is undercutting mining stocks, while a -0.40% fall in Feb WTI crude oil (CLG17 -0.53%) is putting pressure on energy producing stocks. Asian stocks settled mixed: Japan -0.09%, Hong Kong -0.80%, China +0.07%, Taiwan -0.93%, Australia +0.54%, Singapore -0.68%, South Korea -0.05%, India -1.00%.

The dollar index (DXY00 -0.10%) is down -0.07%. EUR/USD (^EURUSD) is up +0.26% after the ECB in its monthly bulletin said that it sees the recovery in the Eurozone continuing and that headline inflation will pick up in 2017. USD/JPY (^USDJPY) is down -0.20%

Mar 10-year T-note prices (ZNH17 -0.05%) are down -2 ticks.

The ECB in its monthly economic bulletin said that it sees a moderate, firming Eurozone recovery proceeding and that headline inflation to pick up strongly at the turn of the year.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) weekly initial unemployment claims (expected +3,000 to 257,000, previous -4,000 to 254,000) and continuing claims (expected -8,000 to 2.010 million, previous +11,000 to 2.018 million), (2) revised Q3 GDP expected 3.3% (q/q annualized) vs previous +3.2% (3) Nov durable goods orders (expected -4.9% and +0.2% ex transportation, Oct +4.6% and +0.8% ex transportation), (4) Nov Chicago Fed national activity index (expected -0.02 to -0.10, Oct +0.15 to -0.08), (5) Oct FHFA house price index (expected +0.5% m/m, Sep +0.6% m/m), (6) Nov personal spending (expected +0.3%, Oct +0.3%) and Nov personal income (expected +0.3%, Oct +0.6%), (7) Nov PCE deflator (expected +0.2% m/m and +1.5% y/y, Oct +0.2% m/m and +1.4% y/y) and Nov core PCE deflator (expected +0.1% m/m and +1.7% y/y, Oct +0.1% m/m and +1.7% y/y), (8) Nov leading indicators (expected +0.1%, Oct +0.1%), (9) Dec Kansas City Fed manufacturing activity (expected +3 to 4, Nov -5 to 1), (10) Treasury auctions $14 billion of 5-year TIPS, and (11) USDA weekly Export Sales.

Russell 1000 earnings reports today include: Cintas (consensus $1.15), Rite Aid (0.05), Conagra (0.45).

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

Equity conferences this week: none.

OVERNIGHT U.S. STOCK MOVERS

Finish Line (FINL -8.74%) was downgraded to 'Hold' from 'Buy' at Canaccord Genuity.

Akamai Technologies (AKAM -1.21%) was rated a new 'Buy' at Guggenheim Securities with a 12-month target price of $75.

Microsoft (MSFT unch) was rated a new 'Overweight' at Piper Jaffray with a price target of $80.

Cubic (CUB -0.41%) was initiated with a 'Buy' at Drexel Hamilton LLC with a 12-month target price of $58.

Micron Technology (MU -0.34%) rallied over 9% in after-hours trading after it said it sees fiscal year Q2 adjusted EPS of 58 cents-68 cents, well above consensus of 46 cents.

Bed Bath & Beyond (BBBY -1.39%) lost over 2% in after-hours trading after it said Q3 comparable same store sales unexpectedly fell -1.4%, weaker than consensus of a +0.5% increase.

Power Integrations (POWI -1.10%) was rated a new 'Buy' at Drexel Hamilton LLC with a 12-month target price of $79.

Herman Miller (MLHR -0.98%) fell over 6% in after-hours trading after it reported Q2 net sales of $577.5 million, less than consensus of $593 million. and said it sees Q3 EPS of 31 cents-35 cents, weaker than consensus of 46 cents.

Red Hat (RHT +0.50%) plunged 12% in after-hours trading after it forecast Q4 revenue of $614 million-$622 million, below consensus of $638.2 million, and then lowered guidance on fiscal 2017 revenue to $2.40 to $2.41 billion, less than consensus of $2.42 billion.

Alexion Pharmaceuticals (ALXN +1.94%) slipped 1% in after-hours trading after its Soliris drug failed to prevent complications in a trial of kidney transplant patients.

CalAmp Corp. (CAMP +1.22%) dropped nearly 6% in after-hours trading after it reported Q3 adjusted EPS of 21 cents, below consensus of 26 cents.

XOMA Corp. (XOMA -3.00%) jumped 13% in after-hours trading after it generated up to $22 million through the sale of royalty streams from two license agreements to HealthCare Royalty Partners.

MARKET COMMENTS

Mar E-mini S&Ps (ESH17 -0.09%) this morning are down -2.00 points (-0.09%). Wednesday's closes: S&P 500 -0.25%, Dow Jones -0.16%, Nasdaq -0.10%. The S&P 500 on Wednesday closed lower on carry-over weakness from a slide in European stocks that were pulled down by a sell-off in Spanish bank stocks after the EU Court of Justice ruled that borrowers in Spain who paid too much interest on home loans are entitled to a refund from their banks. There was also weakness in energy producer stocks after the price of crude oil fell -1.48%. Stocks were boosted by an unexpected +0.7% increase in U.S. Nov existing home sales to 5.61 million (stronger than expectations of -1.8% to 5.50 million and the most in 9-3/4 years) and by reduced market anxiety after the VIX volatility index fell to a 16-1/2 month low.

Mar 10-year T-notes (ZNH17 -0.05%) this morning are down -2 ticks. Wednesday's closes: TYH7 +5.50, FVH7 +3.00. Mar 10-year T-notes on Wednesday closed higher on carry-over support from a rally in German bunds to a 3-week high and on increased safe-haven demand after stocks fell.

The dollar index (DXY00 -0.10%) this morning is down -0.070 (-0.07%). EUR/USD (^EURUSD) is up +0.0027 (+0.26%). USD/JPY (^USDJPY) is up +0.10 (+0.09%). Wednesday's closes: Dollar index -0.270 (-0.26%), EUR/USD +0.0036 (+0.35%), USD/JPY -0.31 (-0.26%). The dollar index on Wednesday closed lower on a decline in U.S. Treasury yields, which reduced the dollar's interest rate differentials. There was also strength in EUR/USD after Eurozone Dec consumer confidence rose to a 1-1/2 year high.

Feb WTI crude oil prices (CLG17 -0.53%) this morning are down -21 cents (-0.40%) and Feb gasoline (RBG17 -1.46%) is -0.0219 (-1.35%). Wednesday's closes: Feb crude -0.79 (-1.48%), Feb gasoline +0.0005 (+0.03%). Feb crude oil and gasoline on Wednesday settled mixed. Crude oil prices fell after weekly EIA crude inventories unexpectedly rose +2.26 million bbl versus expectations for a -2.5 million bbl decline. Crude oil prices were boosted by a weaker dollar and by the unexpected -1.31 million bbl decline in EIA gasoline stockpiles (vs expectations for a +1.375 million bbl increase).

GLOBAL EVENT CALENDAR12/22/2016

		Thursday, Dec 22
US	0830 ET	Weekly initial unemployment claims expected +3,000 to 257,000, previous -4,000 to 254,000. Weekly continuing claims expected -8,000 to 2.010 million, previous +11,000 to 2.018 million.
	0830 ET	Revised Q3 GDP expected 3.3% (q/q annualized), previous +3.2%. Q3 personal consumption expected unrevised at +2.8%. Q3 GDP price index expected unrevised at +1.4%. Q3 core PCE expected unrevised at +1.7% q/q.
	0830 ET	Nov durable goods orders expected -4.9% and +0.2% ex transportation, Oct +4.6% and +0.8% ex transportation. Nov capital goods new orders nondefense ex aircraft expected +0.4%, Oct +0.2%.
	0830 ET	Nov Chicago Fed national activity index expected -0.02 to -0.10, Oct +0.15 to -0.08.
	0830 ET	USDA weekly Export Sales.
	0900 ET	Oct FHFA house price index expected +0.5% m/m, Sep +0.6% m/m.
	1000 ET	Nov personal spending expected +0.3%, Oct +0.3%. Nov personal income expected +0.3%, Oct +0.6%.
	1000 ET	Nov PCE deflator expected +0.2% m/m and +1.5% y/y, Oct +0.2% m/m and +1.4% y/y. Nov core PCE deflator expected +0.1% m/m and +1.7% y/y, Oct +0.1% m/m and +1.7% y/y.
	1000 ET	Nov leading indicators expected +0.1%, Oct +0.1%.
	1100 ET	Dec Kansas City Fed manufacturing activity expected +3 to 4, Nov -5 to 1.
	1100 ET	Treasury announces amount of 2-year T-notes (previous $26 billion), 2-year floating-rate notes (previous $13 billion), 5-year T-notes (previous $34 billion) and 7-year T-notes (previous $28 billion) to be auctioned Dec 27-29.
	1300 ET	Treasury auctions $14 billion of 5-year TIPS.
		Friday, Dec 23
US	1000 ET	Nov new home sales expected +2.1% to 575,000, Oct -1.9% to 563,000.
	1000 ET	Final-Dec University of Michigan U.S. consumer sentiment index expected unch at 98.0, prelim-Dec +4.2 to 98.0.
	1200 ET	USDA Nov Cattle on Feed.
	1200 ET	USDA Q4 Hogs & Pigs inventory.
	1500 ET	USDA Nov Cold Storage.

U.S. STOCK CALENDAR12/22/2016

Company	Ticker	Time	Event Description	Period	Estimate
Rite Aid Corp	RAD US	7:00	Q3 2017 Earnings Release	Q3 2017	0.048
Conagra Brands Inc	CAG US	7:30	Q2 2017 Earnings Release	Q2 2017	0.454
Conagra Brands Inc	CAG US	9:30	Q2 2017 Earnings Call	Q2 2017
Cintas Corp	CTAS US	17:00	Q2 2017 Earnings Call	Q2 2017
Cintas Corp	CTAS US	Aft-mkt	Q2 2017 Earnings Release	Q2 2017	1.154

MORNING CALL 6/30

MORNING CALL

Thursday, June 30th, 2016View Older Reports

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OVERNIGHT MARKETS AND NEWS

Sep E-mini S&Ps (ESU16 +0.17%) are up +0.25% and European stocks are up +0.80%. A rally in U.S. bank stocks is leading the overall market higher with Goldman Sachs, Bank of America and Citigroup all up over 1% in pre-market trading after they passed the Fed's annual stress tests and said they will increase their stock buyback programs. A +0.16% gain in copper prices (HGU16 -0.05%) to a 1-3/4 month high is giving European mining stocks a lift, as is data that showed German May retail sales rose +0.9% m/m, the biggest increase in 10 months. Asian stocks settled mostly higher: Japan +0.06%, Hong Kong +1,75%, China -0.07%, Taiwan +0.93%, Australia +1,77%, Singapore +1.73%, South Korea +0.75%, India +0.97%.

The dollar index (DXY00 -0.33%) is down -0.31%. EUR/USD (^EURUSD) is up +0.16% after Eurozone Jun CPI rose more than expected, which reduces the chances of additional ECB stimulus. USD/JPY (^USDJPY) is down -0.04%.

Sep T-note prices (ZNU16 -0.26%) are down -13.5 ticks.

German May retail sales rose +0.9% m/m, stronger than expectations of +0.6% m/m and the largest increase in 10 months.

The Eurozone Jun CPI estimate rose +0.1% y/y, stronger than expectations of unch y/y. The Jun core CPI rose +0.9% y/y, stronger than expectations of +0.8% y/y.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) weekly initial unemployment claims (expected +8,000 to 267,000, previous -18,000 to 259,000) and continuing claims (expected +9,000 to 2.151 million, previous -20,000 to 2.142 million), (2) Jun Chicago PMI (expected +1.7 to 51.0, May -1.1 to 49.3), (3) St. Louis Fed President James Bullard speaks at the Society of Business Economists’ dinner in London, (4) USDA weekly Export Sales, and (5) USDA Q2 Quarterly Grain Stocks and 2016 U.S. planted acreage.

There are 7 of the Russell 1000 companies report earnings today: McCormick (consensus $0.74), Paychex (0.49), Constellation Brands (1.52), Darden Restaurants (1.09), ConAgra Foods (0.52), Micron Technology (-0.10), Alere (0.58).

U.S. IPO's scheduled to price today: Tactile Systems Technology (TCMD)

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

OVERNIGHT U.S. STOCK MOVERS

JPMorgan Chase (JPM +2.82%) , Bank of America (BAC +3.86%) ,and Goldman Sachs (GS +2.17%) all rose over 1% in pre-market trading after they passed the Fed's CCAR stress tests without conditions.

Marriott International (MAR +3.69%) was upgraded to 'Buy' from 'Hold' at Evercore ISI with a price target of $75.

American International Group (AIG +3.29%) was upgraded to 'Overweight' from 'Neutral' at Atlantic Equities with a 12-month price target of $60.

Progress Software (PRGS +1.74%) rallied 5% in after-hours trading after it reported Q2 adjusted EPS of 33 cents, higher than consensus of 29 cents.

CIT Group (CIT +4.28%) climbed 6% in after-hours trading after it sold its Canadian Equipment Finance and Corporate Finance businesses to Laurentian Bank of Canada.

Pier 1 Imports (PIR +4.02%) slid 3% in after-hours trading after it lowered guidance on full-year adjusted EPS to 32 cents-40 cents from an April 13 view of 42 cents-50 cents.

Shutterstock (SSTK +4.47%) rose over 1% in after-hours trading after it was announced that it will replace Southwest Gas in the S&P Smallcap 600.

Alliant Energy (LNT +0.03%) gained 0.5% in after-hours trading after it was announced that it will replace AGL Resources in the S&P 500 after the close of trading on Thursday, June 30.

Tractor Supply (TSCO +1.06%) dropped over 7% in after-hours trading after it reported Q2 revenue of $1.85 billion, below consensus of $1.93 billion, and then lowered guidance on full-year EPS to $3.35-$3.40 from a prior view of $3.40-$3.48.

Citigroup (C +4.15%) rose over 2% in after-hours trading after it announced a $8.6 billion stock buyback and said it will lift its quarterly dividend to 16 cents from 5 cents.

Stone Energy (SGY +4.03%) jumped over 7% in after-hours trading after it said it ended its pact with ESV and ended its contract with Midstream and entered into a new gas gathering, processing pact with Williams at Mary Field in Appalachia.

Care.com (CRCM +2.79%) surged 18% in after-hours trading after it received a $46.35 million investment from Google Capital, who will add a representative to CRCM's board and is now the company's largest shareholder.

MARKET COMMENTS

September E-mini S&Ps (ESU16 +0.17%) this morning are up +5.25 points (+0.25%). Wednesday's closes: S&P 500 +1.70%, Dow Jones +1.64%, Nasdaq +1.73%. The S&P 500 on Wednesday closed sharply higher on reduced Brexit concerns on speculation global central banks will take the necessary measures to mitigate the damage done by the UK's decision to leave the European Union. Stocks were also boosted by the as-expected +0.4% increase in U.S. May personal spending and by strength in energy producers after crude oil prices climbed +4.24%. Stocks were undercut by the-3.7% m/m decline in U.S. May pending home sales, the largest monthly decline in 6 years.

Sep 10-year T-note prices (ZNU16 -0.26%) this morning are down -13.5 ticks. Wednesday's closes: TYU6 -6.00. FVU6 -4.00. Sep T-notes on Wednesday closed lower on reduced safe-haven demand with the 2-day recovery rally in stocks and the Atlanta Fed's hike in its U.S. Q2 GDP estimate to 2.7% from a previous estimate of 2.6%.

The dollar index (DXY00 -0.33%) this morning is down -0.296 (-0.31%). EUR/USD (^EURUSD) is up +0.0018 (+0.16%). USD/JPY (^USDJPY) is down-0.04 (-0.04%). Wednesday's closes: Dollar Index -0.476 (-0.49%), EUR/USD +0.0060 (+0.54%), USD/JPY +0.08 (+0.08%). The dollar index on Wednesday closed lower on the weaker-than-expected U.S. May pending home sales report of -3.7% and the as-expected increase in German Jun CPI, which may keep the ECB from expanding stimulus and boosted EUR/USD.

Aug WTI crude oil (CLQ16 -1.06%) this morning is down -43 cents (-0.86%). Aug gasoline (RBQ16 -0.13%) is up +0.0002 (+0.01%). Wednesday's closes: CLQ6 +2.03 (+4.24%), RBQ6 +0.0184 (+1.21%). Aug crude oil and gasoline on Wednesday settled higher on the weaker dollar and the -4.05million bbl decline in EIA crude inventories (vs expectations of -2.5 million bbl). Crude oil was also boosted by the -0.6% drop in U.S. crude production in the week ended Jun 24 to a 1-3/4 year low of 8.622 million bpd. Gasoline prices were undercut on news that EIA gasoline stockpiles unexpectedly rose +1.37 million bbl, more than expectations for a -300,000 bbl decline.

GLOBAL EVENT CALENDAR06/30/2016

		Thursday, June 30, 2016
US	0830 ET	Weekly initial unemployment claims expected +8,000 to 267,000, previous -18,000 to 259,000. Weekly continuing claims expected +9,000 to 2.151 million, previous -20,000 to 2.142 million.
	0830 ET	USDA weekly Export Sales.
	0945 ET	Jun Chicago PMI expected +1.7 to 51.0, May -1.1 to 49.3.
	1200 ET	USDA Q2 Quarterly Grain Stocks and 2016 U.S. planted acreage.
	1330 ET	St. Louis Fed President James Bullard speaks at the Society of Business Economists dinner in London.
CHI	2100 ET	China Jun manufacturing PMI expected -0.1 to 50.0, May unch at 50.1. Jun non-manufacturing PMI, May -0.4 to 53.1.
	2145 ET	China Jun Caixin manufacturing PMI expected unch at 49.2, May -0.2 to 49.2.
		Friday, July 1, 2016
US	0945 ET	Final-Jun Markit manufacturing PMI expected -0.1 to 51.3, prelim-Jun +0.7 to 51.4.
	1000 ET	Jun ISM manufacturing index expected +0.1 to 51.4, May +0.5 to 51.3. Jun ISM new orders, May -0.1 to 55.7. Jun ISM employment, May unch at 49.2. Jun ISM prices paid expected +0.1 to 63.6, May +4.5 to 63.5.
	1000 ET	May construction spending expected +0.6%, Apr -1.8% m/m.
	n/a	Jun total vehicle sales expected 17.29 million, May 17.37 million. Jun domestic vehicle sales expected 13.40 million, May 13.33 million.
JPN	0100 ET	Japan Jun vehicle sales, May +6.6% y/y.
	0100 ET	Japan Jun consumer confidence index expected +0.2 to 41.1, May 40.9.
GER	0355 ET	Revised German Jun Markit/BME manufacturing PMI, prelim-Jun +2.3 to 54.4.
EUR	0400 ET	Revised Eurozone Jun Markit manufacturing PMI, prelim-Jun +1.1 to 52.6.
	0500 ET	Eurozone May unemployment rate expected -0.1 to 10.1%, Apr unch at 10.2%.
UK	0430 ET	UK Jun Markit manufacturing PMI expected +0.1 to 50.2, May +0.7 to 50.1.
	0430 ET	UK Q1 labor costs expected +1.5% y/y, Q4 +1.3% y/y.

U.S. STOCK CALENDAR06/30/2016

Company	Ticker	Time	Event Description	Period	Estimate
McCormick & Co Inc/MD	MKC	Bef-mkt	Q2 2016 Earnings Release	Q2 2016	0.741
Paychex Inc	PAYX	Bef-mkt	Q4 2016 Earnings Release	Q4 2016	0.489
Constellation Brands Inc	STZ	Bef-mkt	Q1 2017 Earnings Release	Q1 2017	1.519
Darden Restaurants Inc	DRI	Bef-mkt	Q4 2016 Earnings Release	Q4 2016	1.085
ConAgra Foods Inc	CAG	7:30	Q4 2016 Earnings Release	Q4 2016	0.522
McCormick & Co Inc/MD	MKC	8:00	Q2 2016 Earnings Call	Q2 2016
Darden Restaurants Inc	DRI	8:30	Q4 2016 Earnings Call	Q4 2016
ConAgra Foods Inc	CAG	9:30	Q4 2016 Earnings Call	Q4 2016
Paychex Inc	PAYX	9:30	Q4 2016 Earnings Call	Q4 2016
Constellation Brands Inc	STZ	10:30	Q1 2017 Earnings Call	Q1 2017
Red Hat Inc	RHT	13:30	Analyst Day	Y 2016
Micron Technology Inc	MU	16:00	Q3 2016 Earnings Release	Q3 2016	-0.095
Micron Technology Inc	MU	16:30	Q3 2016 Earnings Call	Q3 2016
Yahoo! Inc	YHOO	17:00	Annual General Meeting
Rowan Cos Plc	RDC		Extraordinary Shareholders Meeting
Rowan Cos Plc	RDC		Special Meeting
Alere Inc	ALR		Q4 2015 Earnings Release	Q4 2015	0.583

MORNING CALL 4/7

MORNING CALL

Thursday, April 7th, 2016View Older Reports

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OVERNIGHT MARKETS AND NEWS

Jun E-mini S&Ps (ESM16 -0.61%) are down -0.51% and European stocks are down -0.51%. Energy producers are lower with crude oil down -0.19%, and Fiat Chrysler Automobiles NV is down nearly 3% in pre-market trading and is leading automaker stocks lower after it said it is indefinitely laying off 1,300 employees at a Michigan factory. Cautious comments from ECB President Draghi undercut stocks as well when he said "We face uncertainty about the outlook for the global economy." Concern over the global outlook pushed raw material producing stocks lower as well as the price of copper dropped -2.08% to a 1-month low. Asian stocks settled mixed: Japan +0.22%, Hong Kong +0.29%, China -1.38%, Taiwan -0.27%, Australia +0.37%, Singapore +0.08%, South Korea +0.12%, India -0.86%. Japanese stocks closed higher, despite a fall in USD/JPY to a fresh 17-month low, after the Mar 15-16 FOMC meeting minutes showed the Fed won't rush to raise interest rates.

The dollar index (DXY00 -0.13%) is down -0.01% at a fresh 5-1/2 month low. EUR/USD (^EURUSD) is down -0.16% and fell back from a 5-1/2 month high on speculation the ECB may expand stimulus measures after ECB President Draghi said that policy makers won't "surrender" to excessively low price growth. USD/JPY (^USDJPY)is down -1.37% at a fresh 17-month low.

Jun T-note prices (ZNM16 +0.17%) are up +6.5 ticks.

ECB President Draghi said that policy makers won't "surrender" to excessively low price growth. "We face uncertainty about the outlook for the global economy, continued disinflationary forces, and we face questions about the direction of and its resilience to new shocks."

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) weekly initial unemployment claims (expected -6,000 to 270,000, previous +11,000 to 276,000) and continuing claims (expected -3,000 to 2.170 million, previous -7,000 to 2.173 million), (2) Feb consumer credit (expected +14.9 billion, Jan +$10.538 billion), (3) Fed Chair Yellen's participation in a discussion with former Fed chiefs Ben Bernanke, Alan Greenspan and Paul Volker, and (4) Kansas City Fed President Esther George's speech about the U.S. economy at an event in York, NE.

There are 3 of the Russell 1000 companies that report earnings today: CarMax (consensus $0.71), Rite Aid (0.06), ConAgra Foods (0.55).

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

Equity conferences during the remainder of this week include: Cowen & Co Retail & Luxury Day on Thu

OVERNIGHT U.S. STOCK MOVERS

Fiat Chrysler Automobiles NV (FCAU -1.36%) is down nearly 3% in pre-market trading after Reuters reported that it is indefinitely laying off 1,300 employees at a Michigan factory.

Verizon Communications (VZ -1.05%) was downgraded to 'Hold' from 'Buy' at Jeffries.

Wynn Resorts Ltd (WYNN -1.51%) ws upgraded to 'Outperform' from 'Market Perform' at Telsey Advisory Group.

Valeant Pharmaceuticals International (VRX +18.93%) rose nearly 4% in after-hours trading after it won support from a majority its lenders to waive a default and ease some restrictions on its $32 billion debt load.

Harley-Davidson (HOG -7.02%) was downgraded to 'Market Perform' from 'Outperform' at William Blair & Co.

Intercept Pharmaceuticals (ICPT +8.27%) gained almost 1% in after-hours trading after it was initiated with an 'Outperform' at BMO Capital Markets.

Ebay (EBAY -0.59%) fell over 1% in after-hours trading after it reported March same-store-sales fell -0.2%, a decline from February's +9.5% increase.

Bed Bath & Beyond (BBBY -0.51%) rallied over 3% in after-hours trading after it reported Q4 comparable sales rose +1.7%, more than double consensus of +0.8%.

Apollo Education (APOL +0.12%) slid over 2% in after-hours trading after it reported a Q2 adjusted EPS loss of -31 cents continuing operations, a much wider loss than consensus of -10 cents, and said it will not provide future guidance at this time.

Terex (TEX +1.82%) jumped over 3% in after-hours trading after Reuters reported that Zoomlion Heavy Industry Science and Technology told Terex that it will cover the risk of its acquisition of Terex being approved by Chinese authorities.

Alder Biopharmaceuticals (ALDR +7.06%) dropped over 4% in after-hours trading after it began a $100 million secondary offering of stock.

Sprint (S +2.57%) climbed over 2% in after-hours trading after it said it agreed to sell and lease back network assets to generate $2.2 billion in funding to cushion its liquidity position.

Apogee Enterprises (APOG +3.22%) rose almost 5% in after-hours trading after it reported Q3 EPS of 69 cents, higher than consensus of 64 cents.

Ollie's Bargain Outlet Holdings (OLLI +0.93%) gained almost 6% in after-hours trading after it raised guidance on full-year adjusted EPS to 83 cents-85cents, above consensus of 76 cents.

MARKET COMMENTS

June E-mini S&Ps (ESM16 -0.61%) this morning are down -10.50 points (-0.51%). Wednesday's closes: S&P 500 +1.05%, Dow Jones +0.64%, Nasdaq +1.63%. The S&P 500 on Wednesday closed higher on strength in energy producer stocks as crude oil rallied by more than 5%. Stocks also received a boost from upbeat comments from Cleveland Fed President Mester who said that U.S. economic fundamentals "remain sound" despite "gyrations" in financial markets earlier this year.

June 10-year T-note prices (ZNM16 +0.17%) this morning are up +6.5 ticks. Wednesday's closes: TYM6 -4.50, FVM6 -2.25. Jun T-notes on Wednesday closed lower on reduced safe-haven demand as stocks rallied and on the minutes from the Mar 15-16 FOMC meeting stating that some participants indicated that an increase in the federal funds rate target at the Apr 26-27 meeting "might well be warranted" if economic data comes in as expected.

The dollar index (DXY00 -0.13%) this morning down -0.009 (-0.01%) at a fresh 5-1/2 month low. EUR/USD (^EURUSD) is down -0.0018 (-0.16%). USD/JPY (^USDJPY) is down -1.50 (-1.37%) at a new 17-month low. Wednesday's closes: Dollar Index -0.201 (-0.21%), EUR/USD +0.0015 (+0.13%), USD/JPY -0.55 (-0.50%). The dollar index on Wednesday fell to a 5-1/2 month low and closed lower on the slump in USD/JPY to a 17-month low and on the stronger-than-expected German Feb industrial production report, which was positive for EUR/USD.

May WTI crude oil (CLK16 +0.03%) is down -7 cents (-0.19%). May gasoline (RBK16 +0.42%) is up +0.0048 (+0.34%). Wednesday's closes: CLK6 +1.86 (+5.18%), RBK6 +0.0169 (+1.23%). May crude and gasoline on Wednesday closed higher on the unexpected -4.94 million bbl decline in weekly EIA crude inventories (vs. expectations of +3.0 million bbl) and on the -0.2% decline in U.S. crude production to a 16-1/2 month low of 9.008 million bpd. Gasoline prices were undercut by the +1.44 million bbl rise in EIA gasoline inventories versus expectations for a -1.0 million bbl draw.

GLOBAL EVENT CALENDAR04/07/2016

US	0830 ET	Weekly initial unemployment claims expected -6,000 to 270,000, previous +11,000 to 276,000. Weekly continuing claims expected-3,000 to 2.170 million, previous -7,000 to 2.173 million.
	0830 ET	USDA weekly Export Sales.
	1100 ET	Treasury announces amount of 3-year T-notes (previous $24 billion), 10-year T-notes (previous $20 billion and 30-year T-bonds (previous $12 billion) to be auctioned Apr 12-14.
	1500 ET	Feb consumer credit expected +14.9 billion, Jan +$10.538 billion.
	1730 ET	Fed Chair Yellen takes part in a discussion with former Fed chiefs, Ben Bernanke, Alan Greenspan and Paul Volker.
	2115 ET	Kansas City Fed President Esther George speaks about the U.S. economy at an event in York, NE.
EUR	0300 ET	ECB Vice President Vitor Constancio presents the ECBs Annual Report 2015 at the Economic Committee of the European Parliament in Brussels.
	n/a	ECB President Draghi will make a presentation about the economic and financial situation in Europe at a meeting of the Portuguese Presidents Council in Lisbon.
UK	0330 ET	UK Mar Halifax house prices expected +0.9% m/m and +9.5% y/y, Feb -1.4% m/m and +9.7% 3-months y/y.
	0430 ET	UK Q4 unit labor costs expected +1.9% y/y, Q3 +1.9% y/y.

U.S. STOCK CALENDAR04/07/2016

Company	Ticker	Time	Event Description	Period	Estimate
CarMax Inc	KMX US	Bef-mkt	Q4 2016 Earnings Release	Q4 2016	0.708
Rite Aid Corp	RAD US	7:00	Q4 2016 Earnings Release	Q4 2016	0.062
ConAgra Foods Inc	CAG US	7:30	Q3 2016 Earnings Release	Q3 2016	0.547
L Brands Inc	LB US	7:30	March 2016 Sales and Revenue Call	2016
CarMax Inc	KMX US	9:00	Q4 2016 Earnings Call	Q4 2016
ConAgra Foods Inc	CAG US	9:30	Q3 2016 Earnings Call	Q3 2016
Brocade Communications Systems Inc	BRCD US	14:30	Annual General Meeting
Gap Inc/The	GPS US	16:15	March 2016 Sales and Revenue Release	2016
L Brands Inc	LB US		March 2016 Sales and Revenue Release	2016

MORNING CALL 12/22

MORNING CALL

Tuesday, December 22nd, 2015View Older Reports

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OVERNIGHT MARKETS AND NEWS

March E-mini S&Ps (ESH16 +0.02%) are up +0.02%and European stocks are up +0.09%% as crude oil prices (CLG16 +0.20%) gained +0.45% in overnight trading. European stocks also found support after German Dec GfK consumer confidence unexpectedly rose. Gains in stocks were limited as weaker metals prices undercut miners and raw-material producers. Asian stocks settled mixed: Japan -0.16%, Hong Kong +0.18%, China +0.26%, Taiwan +0.13%, Australia +0.15%, Singapore +0.26%, South Korea +0.71%, India -0.56%. China's Shanghai Composite eked out a new 3-week high on positive carryover from Monday when the Chinese government signaled more stimulus measures.

The dollar index (DXY00 -0.12%) is down -0.13%. EUR/USD (^EURUSD) is up +0.26 % after German Nov import prices fell less than expected and German Dec GfK consumer confidence unexpectedly rose. USD/JPY (^USDJPY) is down -0.21%.

Mar T-note prices (ZNH16 -0.02%) are down -2.5 ticks.

German Dec GfK consumer confidence unexpectedly rose +0.1 to 9.4, stronger than expectations of unch at 9.3.

The German Nov import price index fell -0.2% m/m and -3.5% y/y, a slower pace of decline than expectations of -0.2% m/m and -3.7% y/y.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Q3 GDP (expected revised to +1.9% from +2.1%), (2) Oct FHFA house price index (expected +0.5% m/m, Sep +0.8% m/m), (3) Nov existing home sales (expected -0.4% at 5.34 million, Oct -3.4% to 5.36 million), (4) Dec Richmond Fed manufacturing survey (expected +2 to -1, Nov -2 to -3).

There are 4 of the Russell 1000 companies that report earnings today: ConAgra Foods (consensus $0.60), Paychex (0.51), NIKE (0.86), Micron Technology (0.23).

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

Equity conferences this week: none.

OVERNIGHT U.S. STOCK MOVERS

Express Scripts Holdings (ESRX +1.78%) rose over 1% in pre-market trading after it gave guidance on fiscal 2016 adjusted EPS of $6.08-$6.28, above consensus of $6.05.

American Express (AXP +0.78%) was rated new 'Market Perform' at JMP Securities.

Chipolte Mexican Grill (CMG -3.52%) was downgraded to 'Neutral' from 'Overweight' at JPMorgan Chase.

Whiting Petroleum (WLL -8.58%) was downgraded to 'Market Perform' from 'Outperform' at BMO.

Alaska Air Group (ALK +3.19%) was downgraded to 'Hod' from 'Buy' at Stifel.

Box Inc. (BOX +0.36%) was rated new 'Market Outperform' at JMP Securities with a 12-month price target of $18.

NetApp (NTAP unch) said it will acquire SolidFire for $870 million.

Pfizer (PFE +1.47%) reported that a Phase 3 study of its Pristiq drug did demonstrate superior efficacy versus a placebo in pediatric patients ages 7 to 17 with Major Depressive Disorder.

Cintas (CTAS +0.80%) rallied over 1% in after-hours trading after it reported Q2 continuing operations EPS of $1.03, better than consensus of $1.00.

Steelcase (SCS +3.00%) slumped over 15% in after-hours trading after reported Q3 adjusted EPS of 30 cents, below consensus of 33 cents, and then lowered guidance on Q4 adjusted EPS to 20 cents-24 cents, weaker than consensus of 26 cents.

Stone Energy (SGY -14.36%) slid nearly 2% in after-hours trading after it lowered its Q4 production forecast to 23-24 Mboepd (thousand barrels of oil equivalents per day) from 25-26 Mboepd.

Alexza Pharmaceuticals (ALXA -2.22%) soared over 30% in after-hours trading after it said it was "encouraged" by data in a Phase 2a study of it AZ-002drug being developed for the management of epilepsy in patients with acute repetitive seizures.

MARKET COMMENTS

Mar E-mini S&Ps (ESH16 +0.02%) this morning are up +0.50 of a point (+0.02%). Monday's closes: S&P 500 +0.78%, Dow Jones +0.72%, Nasdaq +1.01%. The S&P 500 on Monday closed higher on positive carryover from a +1.77% increase in China's Shanghai Composite on speculation China may boost stimulus measures after a statement from the government's Central Economic Work Conference said that monetary policy must be more "flexible" and fiscal policy more "forceful." There was also strength in mining and raw-material producing stocks after metals prices rallied.

Mar 10-year T-notes (ZNH16 -0.02%) this morning are down -2.5 ticks. Monday's closes: TYH6 +2.50, FVH6 +2.25. Mar T-notes on Monday settled higher on the fall in crude oil prices to a 6-3/4 year low, which undercuts inflation expectations, and on the weaker-than-expected Nov Chicago Fed national activity index. T-notes were undercut by a rally in stocks curbed the safe-haven demand for T-notes.

The dollar index (DXY00 -0.12%) this morning is down -0.132 (-0.13%). EUR/USD (^EURUSD) is up +0.0028 (+0.26%). USD/JPY (^USDJPY) is down-0.26 (-0.21%). Monday's closes: Dollar Index -0.340 (-0.34%), EUR/USD +0.0047 (+0.43%), USD/JPY +0.03 (+0.02%). The dollar index on Monday closed lower on the weaker-than-expected Nov Chicago Fed national activity index, which fell to a 6-month low, and on strength in EUR/USD after Eurozone Dec consumer confidence unexpectedly climbed to a 6-month high.

Feb crude oil (CLG16 +0.20%) this morning is up +16 cents (+0.45%) and Feb gasoline (RBG16 -1.86%) is down -0.0237 (-1.95%). Monday's closes: CLG6 +0.01 (+0.03%), RBG6 -0.0627 (-4.94%). Feb crude oil and gasoline on Monday settled mixed with nearest-futures (F16) crude at a new 6-3/4 year low and Feb gasoline at a 1-1/2 week low. Crude oil prices were undercut by concern that energy stockpiles may increase further as the above-normal winter temperatures in the U.S. reduce demand for heating fuels. Crude oil prices recovered from their worst levels as a weak dollar spurred short covering in crude futures.

GLOBAL EVENT CALENDAR12/22/2015

US	0830 ET	Q3 GDP expected revised to +1.9% from +2.1% (q/q annualized). Q3 personal consumption expected revised to +2.9% from +3.0%. Q3 GDP price index expected unrevised from +1.3%. Q3 core PCE expected unrevised from +1.3% q/q.
	0900 ET	Oct FHFA house price index expected +0.5% m/m, Sep +0.8% m/m.
	1000 ET	Nov existing home sales expected -0.4% at 5.34 million, Oct -3.4% to 5.36 million.
	1000 ET	Dec Richmond Fed manufacturing survey expected +2 to -1, Nov -2 to -3.
	1500 ET	USDA Nov Cold Storage.
GER	0200 ET	German Jan GfK consumer confidence expected unch at 9.3.
	0200 ET	German Nov import price index expected -0.2% m/m and -3.7% y/y, Oct -0.3% m/m and -4.1% y/y.
UK	0430 ET	UK Nov public sector net borrowing expected +11.1 billion pounds, Oct +7.5 billion pounds.

U.S. STOCK CALENDAR12/22/2015

Company	Ticker	Time	Event Description	Period	Estimate
ConAgra Foods Inc	CAG US	7:30	Q2 2016 Earnings Release	Q2 2016	0.598
Paychex Inc	PAYX US	8:30	Q2 2016 Earnings Release	Q2 2016	0.513
Express Scripts Holding Co	ESRX US	9:00	Q4 2016 Guidance Call	Q4 2016
ConAgra Foods Inc	CAG US	9:30	Q2 2016 Earnings Call	Q2 2016
Paychex Inc	PAYX US	9:30	Q2 2016 Earnings Call	Q2 2016
Donaldson Co Inc	DCI US	10:00	Annual General Meeting
Avangrid Inc	EAS US	12:00	Business Update Call
NIKE Inc	NKE US	16:15	Q2 2016 Earnings Release	Q2 2016	0.856
Micron Technology Inc	MU US	16:30	Q1 2016 Earnings Call	Q1 2016
NIKE Inc	NKE US	17:00	Q2 2016 Earnings Call	Q2 2016
Micron Technology Inc	MU US	Aft-mkt	Q1 2016 Earnings Release	Q1 2016	0.233
Raymond James Financial Inc	RJF US		November 2015 Sales and Revenue Release - Operating Data	2015
NVIDIA Corp	NVDA US		ITC Due to Release Findings in 2nd Samsung vs. Nvidia Patent Case