MORNING CALL 6/29

MORNING CALL

Wednesday, June 29th, 2016View Older Reports

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OVERNIGHT MARKETS AND NEWS

Sep E-mini S&Ps (ESU16 +0.53%) are up +0.54% and European stocks are up +2.44% on speculation central banks will provide measures to mitigate the damage done by the UK's decision to leave the European Union. Fed Governor Powell said late yesterday that global risks have shifted further to the downside, which may merit a reassessing of monetary policy. Energy producing stocks are moving up and leading the overall market higher as the price of crude oil (CLQ16 +0.79%) climbs +1.15%. Crude prices moved higher after API data late yesterday showed U.S. crude inventories fell by -3.86million bbl last week. Asian stocks settled higher: Japan +1.59%, Hong Kong +1.31%, China +0.65%, Taiwan +0.95%, Australia +0.77%, Singapore +1.31%, South Korea +0.93%, India +0.81%. China's Shanghai Composite rallied to a 3-week high led by gains in drug makers and industrial and consumer-staple companies.

The dollar index (DXY00 -0.34%) is down -0.33%. EUR/USD (^EURUSD) is up +0.24%. USD/JPY (^USDJPY) is down -0.05%.

Sep T-note prices (ZNU16 -0.01%) are down -2 ticks.

Speaking Tuesday evening to the Chicago Council on Global Affairs, Fed Governor Powell said that global risks have shifted further to the downside as "the Brexit vote has the potential to create new headwinds for economies around the world, including our own."

Eurozone Jun economic confidence unexpectedly fell -0.2 to 104.4, weaker than expectations of no change at 104.7.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) weekly MBA mortgage applications (previous +2.9% with purchase sub-index -2.4% and refi sub-index +6.5%), (2) May personal spending (expected +0.4%, Apr +1.0%) and May personal income (expected +0.3%, Apr +0.4%), (3) May PCE deflator (expected +0.2% m/m and +1.0% y/y, Apr +0.3% m/m and +1.1% y/y) and May core PCE deflator (expected +0.2% m/m and +1.7% y/y, Apr +0.2% m/m and +1.6% y/y), (4) May pending home sales (expected -1.1% m/m and +4.4% y/y, Apr +5.1% m/m and +2.9% y/y), (5) Federal Reserve Board releases results from supervisory stress tests, and (6) EIA Weekly Petroleum Status Report.

There are 3 of the Russell 1000 companies report earnings today: Monsanto (consensus $2.42), Acuity Brands (2.03), General Mills (0.60).

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

Equity conferences during the remainder of this week include: J.P. Morgan Inaugural Energy Equity Investor Conference on Mon-Wed.

OVERNIGHT U.S. STOCK MOVERS

Chicago Bridge & Iron (CBI +2.91%) was rated a new 'Buy' at MKM Partners with a 12-month price target of $46.

Autoliv (ALV +2.48%) slid over 6% in pre-market trading after it confirmed that Toyota had recalled some its cars that involved the company's airbags.

Symantex (SYMC +0.90%) was upgraded to 'Hold' rom 'Sell' at Evercore ISI.

Nike (NKE +2.31%) fell nearly 4% in pre-market trading after it reported Q4 revenue of $8.24 billion, less than consensus of $8.28 billion, and said Q4 worldwide futures orders ex-FX were up 11%, below consensus of +13%.

CalAmp (CAMP +3.07%) fell -0.5% in after-hours trading after it said it sees Q2 revenue of $90 million-$95 million, below consensus of $96.5 million.

Neurocrine Biosciences (NBIX +5.00%) was rated a new 'Buy' at HC Wainwright & Co. LLC with a target price of $80.

A Schulman (SHLM -2.53%) declined over 1% in after-hours trading after it filed a lawsuit versus sellers of Citadel Plastics, saying it identified quality reporting issues affecting certain product lines at two Lucent Polymer manufacturing facilities in Evansville, IN.

Eclipse Resources (ECR +3.53%) dropped 5% in after-hours trading after it started an underwritten public offering of 37.5 million shares of common stock.

Aerovironment (AVAV +0.32%) slid over 3% in after-hours trading after t said it sees fiscal 2017 revenue of $260 million-$280 million, below consensus of $286.4 million.

Esperion Therapeutics (ESPR +8.30%) plunged over 20% in after-hours trading after the company said its experimental drug 'Bempedoic acid' may not be able to win FDA approval based solely on its ability to cut cholesterol, which raises concern it may take 6 or more years for the drug to reach the U.S. market.

Hutchinson Technology (HTCH -0.27%) fell 4% in after-hours trading after it said the FTC has not indicated when Hutchinson's merger with Headway Technologies will be approved.

Anthera Pharmaceuticals (ANTH +2.68%) fell nearly 7% in after-hours trading after it said data from "Bright-SC" study of blisibmod for IgA nephropathy failed to meet the primary endpoint at 24 weeks.

KemPharm (KMPH +6.63%) jumped over 16% in after-hours trading after it reported positive Phase 1 results in a trial of its Prodrug of Hydromorphone KP511.

MARKET COMMENTS

September E-mini S&Ps (ESU16 +0.53%) this morning are up +11.00 points (+0.54%). Tuesday's closes: S&P 500 +1.78%, Dow Jones +1.57%, Nasdaq +2.13%. The S&P 500 on Tuesday closed higher on short-covering in global equity markets following the sharp 2-day sell-off after Thursday's Brexit vote. Stocks were also supported by the upward revision in U.S. Q1 GDP to +1.1% from +0.8% and by the +5.6 point increase in U.S. June consumer confidence to 98.0, stronger than expectations of +0.9 to 93.5 and an 8-month high.

Sep 10-year T-note prices (ZNU16 -0.01%) this morning are down -2 ticks. Tuesday's closes: TYU6 -1.00. FVU6 -0.50. Sep T-notes on Tuesday closed lower on reduced safe-haven demand with the recovery in global equity markets and on the stronger-than-expected U.S. Q1 GDP and Jun consumer confidence reports. T-notes recovered from their worst levels after the Jun Richmond Fed manufacturing index contracted at the steepest pace in 3-1/3 years.

The dollar index (DXY00 -0.34%) this morning is down -0.313 (-0.33%). EUR/USD (^EURUSD) is up +0.0027 (+0.24%). USD/JPY (^USDJPY) is down-0.05 (-0.05%). Tuesday's closes: Dollar Index -0.404 (-0.42%), EUR/USD +0.0040 (+0.36%), USD/JPY +0.75 (+0.74%). The dollar index on Tuesday closed lower on the rebound in GBP/USD and EUR/USD after the recent sell-off on Brexit concerns. The dollar recovered from its worst levels after U.S. Jun consumer confidence rose to an 8-month high.

Aug WTI crude oil (CLQ16 +0.79%) this morning is up +55 cents (+1.15%). Aug gasoline (RBQ16 +0.26%) is up +0.0092 (+0.61%). Tuesday's closes: CLQ6 +1.78 (+3.84%), RBQ6 +0.0341 (+2.29%). Aug crude oil and gasoline on Tuesday closed sharply higher on a weaker dollar, a rebound in global equity markets, and expectations for Wednesday's weekly EIA crude inventories to fall -2.5 million bbl.

GLOBAL EVENT CALENDAR06/29/2016

		Wednesday, June 29, 2016
US	0700 ET	Weekly MBA mortgage applications, previous +2.9% with purchase sub-index -2.4% and refi sub-index +6.5%.
	0830 ET	May personal spending expected +0.4%, Apr +1.0%. May personal income expected +0.3%, Apr +0.4%.
	0830 ET	May PCE deflator expected +0.2% m/m and +1.0% y/y, Apr +0.3% m/m and +1.1% y/y. May core PCE deflator expected +0.2% m/m and +1.7% y/y, Apr +0.2% m/m and +1.6% y/y.
	1000 ET	May pending home sales expected -1.1% m/m and +4.4% y/y, Apr +5.1% m/m and +2.9% y/y.
	1030 ET	EIA Weekly Petroleum Status Report.
	1630 ET	Federal Reserve Board releases results from supervisory stress tests.
		Thursday, June 30, 2016
Thu	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.
		1100 ET	EIA Weekly Petroleum Status Report.
		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.
	JPN	0000 ET	Japan May vehicle production, Apr -9.7% y/y.
		0100 ET	Japan May housing starts expected +4.9% to 972,000 annualized, Apr +9.0% y/y to 995,000 annualized.
		0100 ET	Japan May construction orders, Apr -16.9% y/y.
		1930 ET	Japan May jobless rate expected unch at 3.2%. May job-to-applicant ratio expected +0.01 to 1.35, Apr 1.34.
		1930 ET	Japan May overall household spending expected -1.0% y/y, Apr -0.4%y/y.
		1930 ET	Japan May national CPI expected -0.5% y/y, Apr -0.3% y/y. May national CPI ex fresh food expected -0.4% y/y, Apr -0.3% y/y. May national CPI ex food & energy expected +0.6% y/y, Apr +0.7% y/y.
		1930 ET	Japan Jun Tokyo CPI expected -0.4% y/y, May -0.5% y/y. Jun Tokyo CPI ex-fresh food expected -0.5% y/y, May -0.5% y/y. Jun Tokyo CPI ex food & energy expected +0.4% y/y, May +0.5% y/y.
		1950 ET	Japan Q2 Tankan business conditions large manufacturing expected-2 to 4, Q1 6.
		2200 ET	Revised Japan Jun Nikkei manufacturing PMI, prelim-Jun +0.1 to 47.8.
	GER	0200 ET	German May retail sales expected +0.6% m/m and +2.5% y/y, Apr-0.3% m/m and +2.3% y/y.
		0355 ET	German Jun unemployment change expected -5,000, May -11,000. Jun unemployment rate expected unch at 6.1%.
	UK	0430 ET	Revised UK Q1 GDP, prelm-Q1 +0.4% q/q and +2.0% y/y.
		0430 ET	UK Apr index of services expected +0.2% m/m and +0.4% 3-mon/3-mon, Mar -0.1% m/m and +0.6% 3-mon/3-mon.
	EUR	0500 ET	Eurozone Jun CPI estimate expected unch y/y, May -0.1% y/y. Jun core CPI expected +0.8% y/y, May +0.8% y/y.
	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 -0.1 to 49.1, May -0.2 to 49.2.

U.S. STOCK CALENDAR06/29/2016

Company	Ticker	Time	Event Description	Period	Estimate
Monsanto Co	MON	Bef-mkt	Q3 2016 Earnings Release	Q3 2016	2.417
Acuity Brands Inc	AYI	Bef-mkt	Q3 2016 Earnings Release	Q3 2016	2.029
Alcoa Inc	AA	8:30	Business Update Call
General Mills Inc	GIS	8:30	Q4 2016 Earnings Call	Q4 2016
McKesson Corp	MCK	9:00	Investor Day	Y 2016
Monsanto Co	MON	9:30	Q3 2016 Earnings Call	Q3 2016
Valspar Corp/The	VAL	10:00	Extraordinary Shareholders Meeting - M&A Vote	Y 2016
Acuity Brands Inc	AYI	10:00	Q3 2016 Earnings Call	Q3 2016
General Mills Inc	GIS		Q4 2016 Earnings Release	Q4 2016	0.599

MORNING CALL 11/17

MORNING CALL

Tuesday, November 17th, 2015View Older Reports

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OVERNIGHT MARKETS AND NEWS

December E-mini S&Ps (ESZ15 +0.31%) are up +0.35% and European stocks are up +2.20% on speculation the ECB will expand monetary stimulus and offset the expectations of a Fed rate increase. ECB Executive Board member Praet said the ECB may consider adding to stimulus next month because there's a risk of inflation expectations becoming de-anchored. That sent EUR/USD (^EURUSD) down to a 7-month low and bolstered the earnings prospects for European exporters. European stocks also received a boost after the German Nov ZEW survey of expectations of economic growth rose more than expected. U.S. stocks found support on a 3% gain in Wal-Mart and a 2% gain in Home Depot in pre-market trading after both companies reported better-than-expected Q3 earnings results. Asian stocks settled mostly higher: Japan +1.22%, Hong Kong +1.15%, China -0.06%, Taiwan +1.50%, Australia +2.29%, Singapore +0.04%, South Korea +1.00%, India +0.41%.

The dollar index (DXY00 +0.08%) is up +0.10% at a 7-month high. EUR/USD (^EURUSD) is down -0.26%% at a 7-month low after comments from ECB Executive Board member Praet bolstered the outlook for additional ECB stimulus. USD/JPY (^USDJPY) is up +0.11%.

Dec T-note prices (ZNZ15 -0.12%) are down -4.5 ticks.

ECB Executive Board member Praet said "It's key for the central bank to keep inflation expectations anchored, especially in a period of slack in the economy, and we have some signals that these inflation expectations are still fragile. This is why the Governing Council will discuss whether there is a case for further action as a possible de-anchoring of inflation expectations together with a lot of slack is a dangerous cocktail."

The German Nov ZEW survey expectations of economic growth rose +8.5 to 10.4, stronger than expectations of +4.1 to 6.0.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Oct CPI (expected +0.2% m/m and +0.1% y/y, Sep -0.2% m/m and unch y/y) and Oct CPI ex food & energy (expected +0.2% m/m and +1.9% y/y, Sep +0.2% m/m and +1.9% y/y), (2) Oct industrial production (expected +0.1% m/m, Sep -0.2% m/m) and Oct manufacturing production (expected +0.2%, Sep -0.1%), and (3) Nov NAHB housing market index (expected unch at 64, Oct +3 to 64).

There are 3 of the S&P 500 companies that report earnings today: Wal-Mart (consensus $0.98), Home Depot (1.32), TJX (0.85).

U.S. IPO's scheduled to price today: Black Hills Corp (BKH).

Equity conferences this week include: UBS Global Technology Conference on Mon-Tue, J.P. Morgans Global Technology, Media and Telecom Conference on Tue, Mitsubishi UFJ Securities: Industry Conference - Oil & Gas Conference - New York on Tue, Bank of America Merrill Lynch Banking and Financial Services Conference on Tue-Wed, Morgan Stanley Global Consumer & Retail Conference on Tue-Wed, Stifel Health Care Conference on Tue-Wed, Bank of America Merrill Lynch Frontier Markets Conference on Wed, Barclays Global Automotive Conference on Wed, Vertical Research Partners Global Materials Conference on Wed, Canaccord Genuity Medical Technology and Diagnostics Forum on Thu, Jefferies Global Health Care Conference on Thu, Scotiabank Canadian Energy Infrastructure Conference on Thu, UBS Industrials and Transportation Conference on Thu-Fri.

OVERNIGHT U.S. STOCK MOVERS

Wal-Mart (WMT +2.57%) climbed over 3% in pre-market trading after it reported Q3 adusted EPS of 99 cents, better than consensus of 98 cents, and then raised guidance on fiscal 2015 EPS to at least $4.50 a share, up from a previous forecast of $4.40.

Home Depot (HD +0.70%) rose over 2% in pre-market trading after it reported Q3 EPS of $1.36, better than consensus of $1.32.

Moody's (MCO +1.23%) was upgraded to 'Buy' from 'Neutral' at UBS.

Chesapeake Energy (CHK +3.93%) slipped nearly 4% in pre-market trading after it was downgraded to 'Neutral' from 'Buy' at Sterne Agee.

Berkshire Hathaway reported a new stake in AT&T (T +2.26%) and said it boosted its stakes in Phillips 66 (PSX +2.23%) , Charter Communications (CHTR -0.42%) , Suncor Energy (SU +3.53%) and General Motors (GM +2.51%) and cut its stake in Goldman Sachs (GS +0.93%), Wal-Mart (WMT+2.57%) , Deere (DE +0.08%) , Chicago Bridge & Iron (CBI +0.05%) and WABCO Holdings (WBC -0.35%) .

Barron's said on its website that Eli Lilly (LLY +2.11%) can keep rallying into next year given its promising pipeline of new products.

Nuance (NUAN +2.96%) climbed over 2% in after-hours trading after it reported Q4 adjusted EPS of 41 cents, higher than consensus of 35 cents.

Agilent Technologies (A +1.52%) fell over 1% in after-hours trading after it lowered guidance on fiscal 2016 EPS to $1.85-$1.91 from a previous estimate of $1.97.

Urban Outfitters (URBN -7.43%) dropped nearly 10% in after-hours trading after it reported Q3 EPS of 42 cents, right on consensus, but said Q3 comparable same-store sales were up +1.0%, weaker than expectations of +3.4%

Casey's General Store (CASY +1.87%) reported October same-store-sales for prepared food and fountain were up +10.5% and October comparable sales for grocery and other were up +7.3%.

Matthews International (MATW +0.25%) reported Q4 adjusted EPS of 93 cents, higher than consensus of 89 cents, but reported Q4 revenue of $368.3 million, below consensus of $389.0 million.

MARKET COMMENTS

Dec E-mini S&Ps (ESZ15 +0.31%) this morning are up +7.25 points (+0.35%). Monday's closes: S&P 500 +1.49%, Dow Jones +1.38%, Nasdaq +1.41%. The S&P 500 on Monday recovered from a 3-week low and closed sharply higher on a rally in energy producers after crude oil rebounded from a 2-1/2 month low and closed higher and on increased M&A activity after Marriott International agreed to buy Starwood Hotels & Resorts Worldwide for $12.2 billion. Stocks were undercut early by Friday's terrorist attacks in Paris and the +0.62 point increase in the Nov Empire manufacturing survey of general business conditions to -10.74, weaker than expectations of +4.86 to -6.50.

Dec 10-year T-notes (ZNZ15 -0.12%) this morning are down -4.5 ticks. Monday's closes: TYZ5 +4.50, FVZ5 +3.50. Dec T-notes on Monday rose to a 1-week high and closed higher on increased safe-haven demand for Treasuries after Friday's terrorist attacks in Paris and on the weaker-than-expected Nov Empire manufacturing survey of general business conditions. T-notes fell back from early highs as stocks recovered.

The dollar index (DXY00 +0.08%) this morning is up +0.096 (+0.10%) at a 7-month high. EUR/USD (^EURUSD) is down -0.0028 (-0.26%). USD/JPY (^USDJPY) is up +0.13 (+0.11%). Monday's closes: Dollar Index +0.444 (+0.45%), EUR/USD -0.0087 (-0.81%), USD/JPY +0.57 (+0.46%). The dollar index on Monday closed higher on weakness in EUR/USD on concern that Friday's terrorist attacks in Paris on Friday may undercut Eurozone consumer confidence and economic growth and prompt the ECB to expand stimulus. Meanwhile the yen saw weakness, boosting USD/JPY, on speculation the BOJ may boost stimulus after Japan Q3 GDP contracted more than expected.

Dec crude oil (CLZ15 -1.56%) this morning is down -50 cents (-1.20%) and Dec gasoline (RBZ15 -0.78%) is down -0.0065 (-0.52%). Monday's closes: CLZ5 +1.00 (+2.45%), RBZ5 +0.0091 (+0.73%). Dec crude recovered from a 2-1/2 month low and Dec gasoline recovered from a 6-3/4 year nearest-futures low and closed higher on bullish factors that included (1) increased geopolitical risks after France stepped up its bombing of ISIS targets in Syria following Friday's terrorist attacks in Paris, and (2) the rally in European and U.S. stocks.

GLOBAL EVENT CALENDAR11/17/2015

US	0830 ET	Oct CPI expected +0.2% m/m and +0.1% y/y, Sep -0.2% m/m and unch y/y. Oct CPI ex food & energy expected +0.2% m/m and +1.9% y/y, Sep +0.2% m/m and +1.9% y/y.
	0915 ET	Oct industrial production expected +0.1% m/m, Sep -0.2% m/m. Oct manufacturing production expected +0.2%, Sep -0.1%. Oct capacity utilization expected unch at 77.5%, Sep -0.3 to 77.5%.
	1000 ET	Nov NAHB housing market index expected unch at 64, Oct +3 to 64.
EUR	0200 ET	Eurozone Oct new car registrations, Sep +9.8% y/y.
UK	0430 ET	UK Oct CPI expected +0.1% m/m and -0.1% y/y, Sep -0.1% m/m and -0.1% y/y. Oct core CPI expected +1.0% y/y, Sep +1.0% y/y.
	0430 ET	UK Oct RPI expected +0.1% m/m and +0.9% y/y, Sep -0.1% m/m and +0.8% y/y. Oct RPI ex-mortgage interest payments expected +0.9% y/y, Sep +0.9% y/y.
	0430 ET	UK Oct PPI input prices expected +0.2% m/m and -12.0% y/y, Sep +0.6% m/m and -13.3% y/y.
	0430 ET	UK Oct PPI output prices expected -0.1% m/m and -1.4% y/y, Sep -0.1% m/m and -1.8% y/y. Oct PPI output core, Sep +0.1% m/m and +0.2% y/y.
	0430 ET	UK Sep ONS house prices expected +5.4% y/y, Sep +5.2% y/y.
GER	0500 ET	German Nov ZEW expectations of economic growth expected +4.1 to 6.0, Oct 1.9. Nov ZEW survey current situation expected unch at 55.2.
CHI	2030 ET	China Oct property prices.

U.S. STOCK CALENDAR11/17/2015

Company	Ticker	Time	Event Description	Period	Estimate
Home Depot Inc/The	HD US	6:00	Q3 2016 Earnings Release	Q3 2016	1.319
Wal-Mart Stores Inc	WMT US	7:00	Q3 2016 Earnings Release	Q3 2016	0.975
Qorvo Inc	QRVO US	8:30	Investor Day	Y 2015
Home Depot Inc/The	HD US	9:00	Q3 2016 Earnings Call	Q3 2016
Wal-Mart Stores Inc	WMT US	9:00	Q3 2016 Earnings Call	Q3 2016
TJX Cos Inc/The	TJX US	9:30	Q3 2016 Earnings Release	Q3 2016	0.845
Apache Corp	APA US	10:00	North Sea Region Update Call
TJX Cos Inc/The	TJX US	11:00	Q3 2016 Earnings Call	Q3 2016
Monsanto Co	MON US	14:00	Analyst Meeting - Biennial Investor Event	Y 2015
Caterpillar Inc	CAT US	15:00	Analyst & Investor Meeting
Citrix Systems Inc	CTXS US	16:45	Business Update Call
Genworth Financial Inc	GNW US	Aft-mkt	Synchrony Financial Replaces Genworth Financial in S&P 500
Genworth Financial Inc	GNW US	Aft-mkt	Genworth Financial Replaces Rovi Corp in S&P MidCap 400
Electronic Arts Inc	EA US		Electronic Arts Releases Star Wars Battlefront" Video Game in the U.S."

BARCHART MORNING CALL 5/18

BARCHART MORNING CALL

Monday, May 18th, 2015View Older Reports

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OVERNIGHT MARKETS AND NEWS

June E-mini S&Ps (ESM15 -0.27%) this morning are down -0.13% as they consolidate modestly below Friday's new all-time high. European stocks are down -0.58% as no resolution is seen yet to the Greek debt crisis. The yield on the Greek 10-year bond climbed to a 2-week high of 11.40% on concern the ongoing impasse may prompt the ECB to increase the discount on the collateral Greek banks pledge in exchange for cash under its Emergency Liquidity Assistance program. That may fuel further outflow of bank deposits and force Greek Prime Minister Tsipras to choose between doing a deal with Greece's creditors or implement capital controls in an attempt to keep Greece's banks solvent. ECB Executive Board member Mersch said Saturday about Greece's debt crisis that "we are in an endgame" and that "this situation is not tenable." Stock losses were contained on increased M&A activity after Endo International Plc agreed to buy Par Pharmaceutical Holdings for $8.05 billion. Asian stocks closed mixed: Japan +0.80%, Hong Kong -0.83%, China -0.58%, Taiwan +0.28%, Australia -1.33%, Singapore -0.10%, South Korea +0.24%, India +1.33%. Japan's Nikkei Stock Index climbed to a 2-week high on improved company earnings prospects and share buybacks from Japanese companies.
Commodity prices are mixed. Jun crude oil (CLM15 +1.29%) is up +0.90% and Jun gasoline (RBM15 unch) is down -0.31%. Metals prices are higher. Jun gold (GCM15 +0.06%) is up +0.29% at a 3-month high after Chicago Fed President Evans said the Fed should hold interest rate at current levels until early 2016 because inflation is still too far below the Fed's target. Jul copper (HGN15 -0.32%) is down -0.31%.
The dollar index (DXY00 +0.50%) is up +0.43%. EUR/USD (^EURUSD) is down -0.30%. USD/JPY (^USDJPY)is up +0.34%.

Jun T-note prices (ZNM15 -0.10%) are down -6 ticks.
Chicago Fed President Evans, speaking at the Swedbank Global Seminar in Stockholm, said that the Fed is on a "meeting-by-meeting basis in decision making, at least in terms of the funds rate." He added "my own projection is that it will take quite some time" for inflation to meet target; that's why "I'm in favor of the current level accommodation to continue."

U.S. STOCK PREVIEW

Key U.S. reports today include: (1) May NAHB housing market index (expected +1 to 57 after April's +3 to 56), and (2) comments by Chicago Fed President Charles Evans and ECB Executive Board member Yves Mersch about the economy and monetary policy at the Swedbank Global Seminar in Stockholm.
There are 3 of the Russell 100 companies report earnings today: Urban Outfitters (consensus $0.30), Agilent Technologies (0.39), WP Carey (1.00).
U.S. IPO's scheduled to price today include: Code Rebel (CDRB).
Equity conferences this week include: American Gas Association (AGA) Financial Forum on Mon, JPMorgan Global Technology, Media and Telecom Conference on Mon-Wed, UBS Global Health Care Conference on Mon-Wed, Electrical Products Group Spring Conference on Mon-Wed, EPG Conference on Mon-Wed, Asian Investment Summit on Tue, Nomura Gaming, Leisure and Lodging Conference on Tue, JPMorgan Chase Homebuilding and Building Products Conference on Tue, Goldman Sachs Basic Materials Conference on Tue-Wed, Barclays America Select Conference on Tue-Wed, Wolfe Research Global Transportation Conference on Tue-Wed, LME Week Asia 2015 on Wed, BMO Farm to Market Conference on Wed-Thu, Janney Montgomery Scott - Company Marketing : Biotechnology - Southeast on Fri.

OVERNIGHT U.S. STOCK MOVERS

Chevron (CVX -0.39%) was downgraded to 'Sell' from 'Neutral' at Goldman Sachs.
Chicago Bridge & Iron (CBI +8.01%) was upgraded to 'Neutral' from 'Sell' at Goldman Sachs.
Targa Resources Partners (NGLS +0.85%) was downgraded to 'Sell' from 'Buy' at Goldman Sachs.
Holly Energy (HEP +1.91%) was upgraded to 'Buy' from 'Neutral' at Goldman Sachs.
Kansas City Southern (KSU +0.40%) was downgraded to 'Neutral' from 'Buy' at BofA/Merrill Lynch.
Owens-Illinois ({=OI was upgraded to 'Neutral' from 'Underperform' at BofA/Merrill Lynch.
Chesapeake (CHK -0.60%) and Hess Corp (HES +0.36%) were both downgraded to 'Neutral' from 'Buy' at Goldman Sachs.
Endo International Plc (ENDP +0.39%) will acquire Par Pharmaceutical Holdings for $8.05 billion.
Alibaba (BABA +0.07%) reported a 17.2% passive stake in zulily (ZU +1.73%) .
AbbVie (ABBV +0.03%) announced that it has extended the expiration of its exchange offer to acquire all of the outstanding shares of Pharmacyclics (PCYC -0.20%) to 5 p.m. EST on May 22.
Berkshire Hathaway gave a quarterly update where they said they increased stakes in International Business Machines (IBM -0.45%) , Precision Castparts (PCP +3.80%) , Wells Fargo (WFC -0.93%) , Phillips 66 (PSX -0.71%) , and US Bancorp (USB -1.01%) . Berkshire said they decreased stakes in National Oilwell Varco (NOV +0.10%) , Viacom (VIAB +0.72%) , Bank of New York Mellon (BK -0.65%) , MasterCard (MA -0.66%) , and Visa (V -0.61%) .
Icahn Associates gave a quarterly update where they said they increased stakes in Manitowoc (MTW -0.41%) , Voltari (VLTC -4.54%) , Federal-Mogul Holdings (FDML +0.08%) , and Chesapeake Energy (CHK -0.60%) .

MARKET COMMENTS

June E-mini S&Ps (ESM15 -0.27%) this morning are down -2.75 points (-0.13%). Friday's closes: S&P 500 +0.08%, Dow Jones +0.11%, Nasdaq -0.02%. The S&P 500 on Friday posted a 2-1/2 week high and closed slightly higher on ideas that Friday's weak economic data will delay a Fed interest rate hike. Weak economic data included the -0.3% drop in U.S. Apr industrial production (weaker than expectations of unch and the fifth straight monthly decline), and the -7.3 point decline in the U.S. May University of Michigan consumer sentiment index to a 7-month low of 88.6 (weaker than expectations of unchanged at 95.9).
Jun 10-year T-notes (ZNM15 -0.10%) this morning are down -6 ticks. Friday's closes: TYM5 +20.50, FVM5 +7.00. Jun 10-year T-notes on Friday closed higher on Friday's weak economic data, which will help to delay a Fed rate hike. T-note prices also received support as the 10-year T-note breakeven inflation expectations rate dropped to a 1-month low.
The dollar index (DXY00 +0.50%) this morning is up +0.401 (+0.43%). EUR/USD (^EURUSD) is down -0.0034 (-0.30%). USD/JPY (^USDJPY) is up +).41 (+0.34%). Friday's closes: Dollar Index -0.322 (-0.34%), EUR/USD +0.00364 (+0.32%), USD/JPY +0.111 (+0.09%). The dollar index Friday closed lower on the weak U.S. economic data that may delay a Fed rate hike.
Jun WTI crude oil (CLM15 +1.29%) this morning is up +54 cents (+0.90%) and Jun gasoline (RBM15 unch) is down 09.0063 (-0.31%). Friday's closes: CLM5 -0.19 (-0.32%), RBM5 -0.0030 (-0.15%). Jun crude oil and gasoline on Friday closed lower on the weaker-than-expected U.S. economic data and on expectations that the global oil supply glut will persist.

GLOBAL EVENT CALENDAR05/18/2015

US	0200 ET	Chicago Fed President Charles Evans and ECB Executive Board member Yves Mersch speak about the economy and monetary policy at the Swedbank Global Seminar in Stockholm.
	1000 ET	May NAHB housing market index expected +1 to 57, Apr +3 to 56.
	1100 ET	USDA weekly grain export inspections.
	1600 ET	USDA weekly crop progress.
JPN	0030 ET	Japan Mar tertiary index expected -0.5% m/m, Feb +0.3% m/m.
	0030 ET	Japan Mar capacity utilization, Feb -3.2% m/m.
	0030 ET	Revised Japan Mar industrial production, previous -0.3% m/m and -1.2% y/y.

U.S. STOCK CALENDAR05/18/2015

Company	Ticker	Time	Event Description	Period	Estimate
WP Carey Inc	WPC US	Bef-mkt	Q1 2015 Earnings Release	Q1 2015	1
Visteon Corp	VC US	10:00	Extraordinary Shareholders Meeting	Y 2015
WP Carey Inc	WPC US	11:00	Q1 2015 Earnings Call	Q1 2015
Omnicom Group Inc	OMC US	12:00	Annual General Meeting	Y 2015
Baxter International Inc	BAX US	12:30	Investor Conference - Day 1	Y 2015
PacWest Bancorp	PACW US	13:30	Annual General Meeting	Y 2015
Urban Outfitters Inc	URBN US	16:00	Q1 2016 Earnings Release	Q1 2016	0.302
Agilent Technologies Inc	A US	16:05	Q2 2015 Earnings Release	Q2 2015	0.386
Agilent Technologies Inc	A US	16:30	Q2 2015 Earnings Call	Q2 2015
Urban Outfitters Inc	URBN US	17:00	Q1 2016 Earnings Call	Q1 2016
Consolidated Edison Inc	ED US		Annual General Meeting
Equifax Inc	EFX US		Investor Meeting - Stockholm	Y 2015
Johnson & Johnson	JNJ US		PDUFA, Invega Sustenna, three-month formulation in schizophrenia
Motorola Solutions Inc	MSI US		Annual General Meeting
Targa Resources Corp	TRGP US		Annual General Meeting

BARCHART MORNING CALL 2/25

BARCHART MORNING CALL YOU ARE HERE:  Stocks » News & Commentary » Barchart Morning Call Wednesday, February 25th, 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 March E-mini S&Ps (ESH15 -0.15%) this morning are down -0.11% and European stocks are down -0.26% as the market consolidates Tuesday's rally that pushed the S&P 500 up to a record high and European stocks up to a 6-1/2 year high. Losses were negligible after a gauge of Chinese manufacturing activity unexpectedly expanded at the fastest pace in 4 months. Global bond markets rallied as the 10-year government bond yields in Spain, Italy, Portugal and Ireland all fell to record lows after Fed Chair Yellen yesterday made it clear that no Fed interest rate increase was imminent. Germany sold 3.28 billion euros of 5-year notes at an average yield of negative -0.08%, the lowest yield ever for 5-year debt in the Eurozone. Asian stocks closed mixed: Japan -0.10%, Hong Kong +0.11%, China -1.24%, Taiwan +0.73%, Australia +0.30%, Singapore +0.09%, South Korea +0.67%, India +0.01%. Commodity prices are mixed. Apr crude oil (CLJ15 +0.57%) is up +0.39% and Apr gasoline (RBJ15 +0.18%) is down -0.12%. Apr gold (GCJ15 +0.98%) is up +0.94%. Mar copper (HGH15 -0.08%) is down -0.13%. Agriculture prices are weaker. The dollar index (DXY00 -0.24%) is down -0.19%. EUR/USD (^EURUSD) is up +0.04%. USD/JPY (^USDJPY) is down -0.12%. GBP/USD is up +0.23% at a 1-3/4 month high against the dollar after BOE policy maker Weale said interest rate may need to rise earlier than markets expect. Mar T-note prices (ZNH15 +0.05%) are up +1.5 ticks at a 2-week high. The China Feb HSBC flash manufacturing PMI unexpectedly rose +0.4 to 50.1, stronger than expectations of -0.2 to 49.5 and the fastest pace of expansion in 4 months. U.S. STOCK PREVIEW Fed Chair Yellen today will present her semi-annual testimony before the House Financial Services Committee. Today’s Jan new home sales report is expected to show a small decline of -2.3% to 470,000, settling back after the +11.6% surge to the 6-1/2 year high of 481,000 seen in December. The Treasury today will sell $35 billion of 5-year T-notes and $13 billion of 2-year floating rate notes. There are 12 of the S&P 500 companies that report earnings today with notable reports including: Lowe's (consensus $0.44), Dollar Tree (1.14), Target (1.46), TJX (0.90), Transocean (0.75), and L Brands (1.80). Equity conferences during the remainder of this week include: JPMorgan High Yield & Leveraged Finance Conference on Mon-Wed, Credit Suisse Energy Summit on Tue-Wed, RBC Capital Markets Global Healthcare Conference on Tue-Wed, Robert W. Baird Business Solutions Conference on Tue-Wed, Wells Fargo Cyber Security Forum on Wed, Bank of America Merrill Lynch Global Agriculture Conference on Wed-Thu, Auerbach Grayson & Morgan Stanley's Inaugural Frontier Markets Conference on Thu, Gabelli & Company Pump, Valve & Water Systems Symposium on Thu, Gabelli & Company Inaugural Waste & Environmental Services Symposium on Fri. OVERNIGHT U.S. STOCK MOVERS Lowe's (LOW +1.25%) reported Q4 EPS of 46 cents, better than consensus of 44 cents. Masonite (DOOR -0.48%) reported Q4 EPS of 6 cents, less than consensus of 9 cents. Papa John's (PZZA -0.24%) slid 4% in after-hours trading after it reported reported Q4 EPS of 52 cents, better than consensus of 50 cents, but then lowered guidance on fiscal 2015 EPS to $1.98-$2.06, below consensus of $2.11. HealthSouth (HLS +0.15%) reported Q4 EPS with items of 41 cents, less than consensus of 48 cents, and then lowered guidance on fiscal 2015 EPS to $2.24-$2.29, below consensus of $2.44. Dycom (DY -1.79%) reported Q2 EPS of 27 cents, well above consensus of 10 cents. QEP Resources (QEP -0.62%) reported Q4 adjusted EPS of 22 cents, below consensus of 25 cents. Range Resources (RRC -0.21%) reported Q4 adjusted EPS of 39 cents, better than consensus of 28 cents. Alleghany (Y -0.63%) reported Q4 EPS of $8.61, higher than consensus of $8.36. Verisk Analytics (VRSK +0.16%) reported Q4 adjusted EPS of 65 cents, better than consensus of 63 cents. Matson (MATX +0.98%) reported Q4 EPS of 63 cents, above consensus of 58 cents. First Solar (FSLR +10.19%) reported Q4 GAAP EPS of $1.89, over double consensus of 76 cents. Chicago Bridge & Iron (CBI +2.18%) rose 3% in after-hours trading after it reported Q4 adjusted EPS of $1.47, better than consensus $1.44. Hewlett-Packard (HPQ +0.79%) dropped 7% in after-hours trading after it reported Q1 revenue of $26.8 billion, below consensus of $27.34 billion, and then lowered guidance on fiscal 2015 EPS view to $3.53-$3.73 from $3.83.-$4.03, well below consensus of $3.95. Edison International (EIX +0.26%) reported Q4 EPS of $1.08, well above consensus of 83 cents. Century Aluminum (CENX +0.45%) reported Q4 EPS of 63 cents, less than consensus of 64 cents. MARKET COMMENTS Mar E-mini S&Ps (ESH15 -0.15%) this morning are down -2.25 points (-0.11%). The S&P 500 index on Tuesday posted a new all-time high and closed higher: S&P 500 +0.28%, Dow Jones +0.51%, Nasdaq +0.03%. Bullish factors included (1) comments from Fed Chair Yellen that signaled an increase in interest rates was unlikely before mid-year as inflation and wage growth remain too low, and (2) carry-over support from a rally in European stocks after Eurozone finance ministers approved an extension of bailout funds to Greece. Strength is stocks was muted after the U.S. Feb consumer confidence (Conference Board) fell -7.4 to 96.4, weaker than expectations of -3.4 to 99.5. Mar 10-year T-notes (ZNH15 +0.05%) this morning are up +1.5 ticks at a 2-week high. Mar 10-year T-note futures prices on Tuesday closed higher. Closes: TYH5 +21.50, FVH5 +14.25. Bullish factors included (1) comments from Fed Chair Yellen who said the Fed will be “patient” on when to raise interest rates and that an increase is unlikely for “at least the next couple” of FOMC meetings, and (2) the weaker-than-expected U.S. Feb consumer confidence. The dollar index (DXY00 -0.24%) this morning is down -0.176 (-0.19%). EUR/USD (^EURUSD) is up +0.0005 (+0.04%). USD/JPY (^USDJPY) is down -0/14 (-0.12%). The dollar index on Tuesday posted a 2-week high but then fell back and closed lower: Dollar index -0.076 (-0.08%), EUR/USD +0.00056 (+0.05%), USD/JPY +0.15 (+0.13%). Negative factors included (1) comments from Fed Chair Yellen that signaled the Fed is in no hurry to raise interest rates, and (2) the weaker-than-expected U.S. Feb consumer confidence report. A bullish factor for the dollar was the rally in the S&P 500 to a record high that reduced the safe-haven demand for the yen and sent USD/JPY up to a 2-week high. Apr WTI crude oil (CLJ15 +0.57%) this morning is up +19 cents (+0.39%) and Apr gasoline (RBJ15 +0.18%) is down -0.0021 (-0.12%). Apr crude and Apr gasoline prices on Tuesday closed lower: CLJ5 -0.17 (-0.34%), RBJ5 -0.0207 (-1.13%). Bearish factors included (1) comments by an unnamed OPEC delegate that despite the plunge in oil prices, OPEC has had no concrete discussions about holding an emergency meeting, and (2) expectations for Wednesday’s weekly EIA data to show crude stockpiles increased by +4.0 million bbl. GLOBAL EVENT CALENDAR02/25/2015 US 0700 ET Weekly MBA mortgage applications, previous -13.2% with purchase sub-index -7.1% and refi sub-index 16.0%. 1000 ET Fed Chair Janet Yellen delivers semi-annual monetary policy testimony to House Financial Services Committee. 1000 ET Jan new home sales expected -2.3% to 470,000, Dec +11.6% to 481,000. 1030 ET EIA Weekly Petroleum Status Report. 1130 ET Treasury auctions $13 billion 2-year floating-rate notes. 1300 ET Treasury auctions $35 billion 5-year T-notes. EUR 1000 ET ECB President Mario Draghi takes part in the European Parliament debate on ECB policy. 1130 ET ECB President Mario Draghi testifies to the European Parliament on the ECB Annual Report. U.S. STOCK CALENDAR02/25/2015 Company Ticker Time Event Description Period Estimate Dollar Tree Inc DLTR US Bef-mkt Q4 2015 Earnings Release Q4 2015 1.143 Cablevision Systems Corp CVC US Bef-mkt Q4 2014 Earnings Release Q4 2014 0.188 Campbell Soup Co CPB US Bef-mkt Q2 2015 Earnings Release Q2 2015 0.652 Target Corp TGT US Bef-mkt Q4 2015 Earnings Release Q4 2015 1.459 TJX Cos Inc/The TJX US Bef-mkt Q4 2015 Earnings Release Q4 2015 0.9 Chesapeake Energy Corp CHK US Bef-mkt Q4 2014 Earnings Release Q4 2014 0.245 Ameren Corp AEE US Bef-mkt Q4 2014 Earnings Release Q4 2014 0.143 Lowe's Cos Inc LOW US Bef-mkt Q4 2015 Earnings Release Q4 2015 0.435 Campbell Soup Co CPB US 8:30 Q2 2015 Earnings Call Q2 2015 Express Scripts Holding Co ESRX US 8:30 Investor Day Y 2015 Dollar Tree Inc DLTR US 9:00 Q4 2015 Earnings Call Q4 2015 Chesapeake Energy Corp CHK US 9:00 Q4 2014 Earnings Call Q4 2014 QEP Resources Inc QEP US 9:00 Q4 2014 Earnings Call Q4 2014 Lowe's Cos Inc LOW US 9:00 Q4 2015 Earnings Call Q4 2015 Range Resources Corp RRC US 9:00 Q4 2014 Earnings Call Q4 2014 Vulcan Materials Co VMC US 9:30 Investor Day Y 2015 Cablevision Systems Corp CVC US 10:00 Q4 2014 Earnings Call Q4 2014 Ameren Corp AEE US 10:00 Q4 2014 Earnings Call Q4 2014 Target Corp TGT US 10:30 Q4 2015 Earnings Call Q4 2015 Deere & Co DE US 11:00 Annual General Meeting Y 2015 TJX Cos Inc/The TJX US 11:00 Q4 2015 Earnings Call Q4 2015 Newfield Exploration Co NFX US 11:00 Q4 2014 Earnings Call Q4 2014 State Street Corp STT US 12:30 Analyst and Investor Meeting Y 2015 salesforce.com inc CRM US 17:00 Q4 2015 Earnings Call Q4 2015 Avago Technologies Ltd AVGO US 17:00 Q1 2015 Earnings Call Q1 2015 salesforce.com inc CRM US Aft-mkt Q4 2015 Earnings Release Q4 2015 0.136 Avago Technologies Ltd AVGO US Aft-mkt Q1 2015 Earnings Release Q1 2015 1.937 Transocean Ltd RIG US Aft-mkt Q4 2014 Earnings Release Q4 2014 0.749 L Brands Inc LB US Aft-mkt Q4 2015 Earnings Release Q4 2015 1.802

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