MORNING CALL 8/4

MORNING CALL

Thursday, August 4th, 2016View Older Reports

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OVERNIGHT MARKETS AND NEWS

Sep E-mini S&Ps (ESU16 +0.29%) are little changed, up +0.06%, and European stocks are up +0.74 after the BOE as expected, cut its benchmark lending rate by 25 bp to a record low 0.25% and expanded its QE program by 60 billion pounds to 435 billion pounds. GBP/USD (^GBPUSD) is down -1.11% as the BOE also cut its UK 2017 GDP forecast to 0.8% from 2.3% and said new stimulus measures can be expanded further if needed. Gains is stocks were limited as a -0.88% drop in crude oil prices (CLU16 -0.42%) undercut energy producing stocks, while a -1.55% fall in copper prices (HGU16 -1.43%) to a 3-week low put pressure on mining stocks. Asian stocks settled higher: Japan +1.07%, Hong Kong +0.43%, China +0.13%, Taiwan +0.26%, Australia +0.18%, Singapore +0.15%, South Korea +0.24%, India +0.06%. Chinese stocks found support on a statement from the PBOC that said it plans to keep monetary policy "prudent" this year, while Japan's Nikkei Stock Index recovered from a 3-week low and closed higher as a rally in brokerage and shipping stocks led the overall market higher.

The dollar index (DXY00 +0.23%) is up +0.15%. EUR/USD (^EURUSD) is down -0.17%. USD/JPY (^USDJPY)is up +0.09%.

Sep T-note prices (ZNU16 +0.15%) are up +4 ticks.

In a statement released today, the PBOC reiterated it plans to keep monetary policy "prudent" this year and said it will use multiple tools to keep liquidity at reasonably ample levels and maintain reasonable credit growth in the second half of this year.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Jul Challenge job cuts (Jun -14.1% y/y), (2) weekly initial unemployment claims (expected -1,000 to 265,000, previous +14,000 to 266,000) and continuing claims (expected -9,000 to 2.130 million, previous +7,000 to 2.139 million), (3) Jun factory orders (expected -1.9% and-0.2% ex transportation, May -1.0% and +0.1% ex-transportation), (4) USDA weekly Export Sales.

There are 29 of the S&P 500 companies that report earnings today with notable reports including: Viacom (consensus $1.01), Church & Dwight (0.79), Duke Energy (1.01), Kellogg (0.91), Priceline (12.67), Consolidated Edison (0.69), Fluor (0.89), Monster Beverage (1.04).

U.S. IPO's scheduled to price today: Motif Bio PLC (MTFB).

Equity conferences this week include: Wells Fargo Services Conference on Wed-Thu.

OVERNIGHT U.S. STOCK MOVERS

Transocean Ltd. (RIG +3.98%) gained nearly 2% in after-hours trading after it reported an unexpected Q2 adjusted EPS profit of 17 cents, higher than consensus of a -2 cent loss.

Prudential Financial (PRU +2.95%) dropped over 2% in after-hours trading after it reported Q2 operating EPS of $1.84, well below consensus of $2.50,

XPO Logistics (XPO +0.87%) jumped over 10% in after-hours trading after it reported Q2 adjusted EPS of 42 cents, well above consensus of 22 cents, and then raised its full-year adjusted Ebitda view to at least $1.265 billion from a July 18 view of $1.25 billion.

CF Industries Holdings (CF +0.12%) fell over 4% in after-hours trading after it reported Q2 net sales of $1.134 billion, below consensus of $1.139 billion.

Jack in the Box (JACK -0.89%) rallied almost 6% in pre-market trading after it raised guidance on full-year adjusted EPS to $3.65-$3.75 from a May 11 view of $3.50-$3.63.

Albemarle (ALB -0.45%) slid nearly 4% in after-hours trading after it reported Q2 adjusted Ebitda of $190.5 million, weaker than consensus of $237.5 million.

Square (SQ +3.88%) jumped over 15% in pre-market trading after it raised its 2016 adjusted Ebitda estimate to $18 million-$24 million from a prior view of $8 million-$14 million.

TripAdvisor (TRIP +0.12%) lost nearly 8% in after-hours trading after it reported Q2 adjusted EPS of 38 cents, below consensus of 42 cents,

GoDaddy (GDDY -3.51%) rose nearly 8% in after-hours trading after it hiked its 2016 revenue estimate to $1.84 billion-$1.847 billion from a May 4 view of $1.83 billion-$1.845 billion.

Avid Technology (AVID +1.21%) climbed 8% in after-hours trading after it raised guidance on non-GAAP year revenue to $535 million-$565 million from a prior view of $500 million-$525 million.

Genpact Ltd. (G +0.15%) lost 2% in after-hours trading after it lowered its 2016 revenue estimate to $2.59 billion-$2.62 billion from a May 5 estimate of $2.62 billion-$2.66 billion.

AxoGen (AXGN +7.32%) rallied 10% in after-hours trading after it reported a Q2 loss of -9 cents, a smaller loss than consensus of -12 cents.

Insulet (PODD +0.42%) jumped 8% in after-hours trading after it boosted its full-year revenue estimate to $345 million-$355 million from a May 3 view of $330 million-$350 million.

Teladoc (TDOC -1.17%) plunged over 25% in after-hours trading after it said it sees a full-year loss per share between $1.47-$1.52, a wider loss than consensus of -$1.25.

MARKET COMMENTS

Sep E-mini S&Ps (ESU16 +0.29%) this morning are up +1.25 points (+0.06%). Wednesday's closes: S&P 500 +0.31%, Dow Jones +0.23%, Nasdaq +0.32%. The S&P 500 index on Wednesday closed higher on the +179,000 increase in the Jul ADP employment report (stronger than expectations of +170,000) and on the +3.34% rally in crude oil prices, which spurred gains in energy producer stocks. Stocks were undercut by the -1.0 point decline in the U.S. Jul ISM non-manufacturing PMI to 55.5, weaker than expectations of -0.6 to 55.9.

Sep 10-year T-notes (ZNU16 +0.15%) this morning are up +4 ticks. Wednesday's closes: TYU6 +1.00, FVU6 +1.00. Sep T-notes on Wednesday closed little changed. T-notes were undercut by signs of strength in the U.S. labor market after the Jun ADP employment rose +179,000, more than expectations of +170,000. T-notes found support from Minneapolis Fed President Kashkari's comment that "when I look at the data I don't see much inflationary pressure" and from the larger-than-expected decline in the U.S. Jul ISM non-manufacturing index.

The dollar index (DXY00 +0.23%) this morning is up +0.142 (+0.15%). EUR/USD (^EURUSD) is down -0.0019 (-0.17%). USD/JPY (^USDJPY) is up +0.09 (+0.09%). Wednesday's closes: Dollar index +0.482 (+0.51%), EUR/USD -0.0075 (-0.67%), USD/JPY +0.35 (+0.35%). The dollar index on Wednesday closed higher on the larger-than-expected increase in the U.S. Jul ADP employment, (+179,000 vs. expectations of +170,000) and weakness in EUR/USD after Eurozone Jun retail sales rose +1.6% y/y, weaker than expectations of +1.8% y/y.

Sep WTI crude oil (CLU16 -0.42%) this morning is down -36 cents (-0.88%) and Sep gasoline (RBU16 -1.47%) is down -0.0221 (-1.64%). Wednesday's closes: CLU6 +1.32 (+3.34%), RBU6 +0.0383 (+2.92%). Sep crude and gasoline on Wednesday closed higher as Sep crude recovered from a 3-1/2 month low. Crude oil prices were boosted by the -0.6% drop in U.S. crude production in the week ended Jul 29, the first decline in 4 weeks, and the -3.262 million bbl decline in EIA gasoline inventories, more than expectations of -650,000 bbl. Crude oil prices were undercut by the stronger dollar and by the unexpected +1.413 million bbl increase in EIA crude supplies (vs expectations of a -1.75 million bbl).

GLOBAL EVENT CALENDAR08/04/2016

		Thursday, Aug 4
US	0730 ET	Jul Challenge job cuts, Jun -14.1% y/y.
	0830 ET	Weekly initial unemployment claims expected -1,000 to 265,000, previous +14,000 to 266,000. Weekly continuing claims expected -9,000 to 2.130 million, previous +7,000 to 2.139 million.
	0830 ET	USDA weekly Export Sales.
	1000 ET	Jun factory orders expected -1.9% and -0.2% ex transportation, May -1.0% and +0.1% ex-transportation.
		Friday, Aug 5
US	0830 ET	Jul non-farm payrolls expected +180,000, Jun +287,000. Jul private payrolls expected +170,000, Jun +265,000. Jul manufacturing payrolls expected +4,000, Jun +14,000. Jul unemployment rate expected -0.1 to 4.8%, Jun +0.2 to 4.9%.
	0830 ET	Jul avg hourly earnings expected +0.2% m/m and +2.6% y/y, Jun +0.1% m/m and +2.6% y/y. Jul avg weekly hours all employees expected unch at 34.4 hours, Jun unch at 34.4 hours.
	0830 ET	Jun trade balance expected -$43.0 billion, May -$41.1 billion.
	1400 ET	Jun consumer credit expected +16.0 billion, May +$18.558 billion.
JPN	0100 ET	Japan Jun leading index CI expected unch at 99.7, May -0.3 to 99.7. Jun coincident index expected +1.3 to 111.2, May -2.1 to 109.9.
GER	0200 ET	German Jun factory orders expected +0.5% m/m and -1.5% y/y, May unch m/m and -0.2% y/y.
UK	0330 ET	UK Jul Halifax house prices expected -0.2% m/m and +8.8% 3-mo/y/y, Jun +1.3% m/m and +8.4% 3-mo/y/y.

U.S. STOCK CALENDAR08/04/2016

Company	Ticker	Time	Event Description	Period	Estimate
Ball Corp	BLL US	Bef-mkt	Q2 2016 Earnings Release	Q2 2016	0.991
Becton Dickinson and Co	BDX US	Bef-mkt	Q3 2016 Earnings Release	Q3 2016	2.203
Regeneron Pharmaceuticals Inc	REGN US	Bef-mkt	Q2 2016 Earnings Release	Q2 2016	2.617
Chesapeake Energy Corp	CHK US	Bef-mkt	Q2 2016 Earnings Release	Q2 2016	-0.107
Henry Schein Inc	HSIC US	Bef-mkt	Q2 2016 Earnings Release	Q2 2016	1.627
Iron Mountain Inc	IRM US	Bef-mkt	Q2 2016 Earnings Release	Q2 2016	0.523
AMETEK Inc	AME US	Bef-mkt	Q2 2016 Earnings Release	Q2 2016	0.589
Quanta Services Inc	PWR US	Bef-mkt	Q2 2016 Earnings Release	Q2 2016	0.356
WestRock Co	WRK US	6:45	Q3 2016 Earnings Release	Q3 2016	0.663
Apache Corp	APA US	7:00	Q2 2016 Earnings Release	Q2 2016	-0.141
Church & Dwight Co Inc	CHD US	7:00	Q2 2016 Earnings Release	Q2 2016	0.794
Duke Energy Corp	DUK US	7:00	Q2 2016 Earnings Release	Q2 2016	1.009
Fastenal Co	FAST US	7:00	July 2016 Sales and Revenue Release	2016
L Brands Inc	LB US	7:30	July 2016 Sales and Revenue Call - Pre-Recorded	2016
Parker-Hannifin Corp	PH US	7:30	Q4 2016 Earnings Release	Q4 2016	1.765
Becton Dickinson and Co	BDX US	8:00	Q3 2016 Earnings Call	Q3 2016
Harman International Industries Inc	HAR US	8:00	Q4 2016 Earnings Release	Q4 2016	1.52
Kellogg Co	K US	8:00	Q2 2016 Earnings Release	Q2 2016	0.908
MetLife Inc	MET US	8:00	Q2 2016 Earnings Call	Q2 2016
Michael Kors Holdings Ltd	KORS US	8:00	Annual General Meeting	Y 2016
Tesoro Corp	TSO US	8:30	Q2 2016 Earnings Call	Q2 2016
Regeneron Pharmaceuticals Inc	REGN US	8:30	Q2 2016 Earnings Call	Q2 2016
Iron Mountain Inc	IRM US	8:30	Q2 2016 Earnings Call	Q2 2016
AMETEK Inc	AME US	8:30	Q2 2016 Earnings Call	Q2 2016
Viacom Inc	VIAB US	8:30	Q3 2016 Earnings Call	C2 2016
TripAdvisor Inc	TRIP US	8:30	Q2 2016 Earnings Call	Q2 2016
WestRock Co	WRK US	8:30	Q3 2016 Earnings Call	Q3 2016
Marathon Oil Corp	MRO US	9:00	Q2 2016 Earnings Call	Q2 2016
Chesapeake Energy Corp	CHK US	9:00	Q2 2016 Earnings Call	Q2 2016
Allstate Corp/The	ALL US	9:00	Q2 2016 Earnings Call	Q2 2016
Transocean Ltd	RIG US	9:00	Q2 2016 Earnings Call	Q2 2016
Albemarle Corp	ALB US	9:00	Q2 2016 Earnings Call	Q2 2016
Quanta Services Inc	PWR US	9:00	Q2 2016 Earnings Call	Q2 2016
Sempra Energy	SRE US	9:00	Q2 2016 Earnings Release	Q2 2016	0.971
CF Industries Holdings Inc	CF US	9:00	Q2 2016 Earnings Call	Q2 2016
American Water Works Co Inc	AWK US	9:00	Q2 2016 Earnings Call	Q2 2016
Kellogg Co	K US	9:30	Q2 2016 Earnings Call	Q2 2016
Church & Dwight Co Inc	CHD US	10:00	Q2 2016 Earnings Call	Q2 2016
Duke Energy Corp	DUK US	10:00	Q2 2016 Earnings Call	Q2 2016
Lincoln National Corp	LNC US	10:00	Q2 2016 Earnings Call	Q2 2016
Henry Schein Inc	HSIC US	10:00	Q2 2016 Earnings Call	Q2 2016
Ball Corp	BLL US	11:00	Q2 2016 Earnings Call	Q2 2016
Harman International Industries Inc	HAR US	11:00	Q4 2016 Earnings Call	Q4 2016
Parker-Hannifin Corp	PH US	11:00	Q4 2016 Earnings Call	Q4 2016
Prudential Financial Inc	PRU US	11:00	Q2 2016 Earnings Call	Q2 2016
Cimarex Energy Co	XEC US	11:00	Q2 2016 Earnings Call	Q2 2016
Sempra Energy	SRE US	12:00	Q2 2016 Earnings Call	Q2 2016
Progressive Corp/The	PGR US	13:00	Investor Relations Conference Call
Apache Corp	APA US	14:00	Q2 2016 Earnings Call	Q2 2016
Symantec Corp	SYMC US	16:00	Q1 2017 Earnings Release	Q1 2017	0.248
Priceline Group Inc/The	PCLN US	16:00	Q2 2016 Earnings Release	Q2 2016	12.671
Activision Blizzard Inc	ATVI US	16:30	Q2 2016 Earnings Call	Q2 2016
Priceline Group Inc/The	PCLN US	16:30	Q2 2016 Earnings Call	Q2 2016
Kraft Heinz Co/The	KHC US	16:30	Q2 2016 Earnings Call	Q2 2016
PerkinElmer Inc	PKI US	17:00	Q2 2016 Earnings Call	Q2 2016
Motorola Solutions Inc	MSI US	17:00	Q2 2016 Earnings Call	Q2 2016
Symantec Corp	SYMC US	17:00	Q1 2017 Earnings Call	Q1 2017
Monster Beverage Corp	MNST US	17:00	Q2 2016 Earnings Call	Q2 2016
Consolidated Edison Inc	ED US	Aft-mkt	Q2 2016 Earnings Release	Q2 2016	0.693
PerkinElmer Inc	PKI US	Aft-mkt	Q2 2016 Earnings Release	Q2 2016	0.658
EOG Resources Inc	EOG US	Aft-mkt	Q2 2016 Earnings Release	Q2 2016	-0.486
Federal Realty Investment Trust	FRT US	Aft-mkt	Q2 2016 Earnings Release	Q2 2016	1.409
Motorola Solutions Inc	MSI US	Aft-mkt	Q2 2016 Earnings Release	Q2 2016	0.86
Activision Blizzard Inc	ATVI US	Aft-mkt	Q2 2016 Earnings Release	Q2 2016	0.426
Fluor Corp	FLR US	Aft-mkt	Q2 2016 Earnings Release	Q2 2016	0.886
Kraft Heinz Co/The	KHC US	Aft-mkt	Q2 2016 Earnings Release	Q2 2016	0.711
Monster Beverage Corp	MNST US	Aft-mkt	Q2 2016 Earnings Release	Q2 2016	1.038
Fluor Corp	FLR US	17:30	Q2 2016 Earnings Call	Q2 2016
L Brands Inc	LB US		July 2016 Sales and Revenue Release	2016
Mohawk Industries Inc	MHK US		Q2 2016 Earnings Release	Q2 2016	3.369
Viacom Inc	VIAB US		Q3 2016 Earnings Release

Morning Call 2/18

Morning Call 

Thursday, February 18th, 2016View Older Reports

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

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OVERNIGHT MARKETS AND NEWS

March E-mini S&Ps (ESH16 +0.42%) are up +0.36% at a 2-week high and European stocks are up +1.06% at a 1-1/2 week high as crude oil moved higher and after St. Louis Fed President Bullard said the Fed should delay interest rate hikes. U.S. stock index futures fell back from their best levels as Wal-Mart slid 3% in pre-market trading after it lowered its sales forecast for the year. Mar crude is up +2.45% at a 2-week high after API data late Wednesday showed U.S. crude inventories fell -3.26 million bbl and St. Louis Fed President Bullard said that recent turmoil that has contributed to a decline in inflation expectations gives the Fed scope to delay further interest rate increases. Asian stocks settled mostly higher: Japan +2.28%, Hong Kong +2.32%, China-0.16%, Taiwan +1.22%, Australia +2.25%, Singapore +1.67%, South Korea +1.21%, India +1.14%. China's Shanghai Composite retreated from a 3-week high and closed lower after government data showed inflation picked up in January on rising food prices.

The dollar index (DXY00 +0.12%) is up +0.10%. EUR/USD (^EURUSD) is down -0.28%. USD/JPY (^USDJPY) is down -0.23%.

Mar T-note prices (ZNH16 -0.02%) are down -1 tick.

St. Louis Fed President Bullard suggested Wednesday evening that he favors delaying further interest rate hikes when he said "I regard it as unwise to continue a normalization strategy in an environment of declining market-based inflation expectations."

The Organization for Economic Cooperation and Development (OECD) cut its 2016 global GDP forecast to 3.0%, down from a 3.3% projection in Nov, citing a slowdown in Germany and the U.S. along with exchange-rate volatility that may hurt emerging markets.

The China Jan CPI rose +1.8% y/y, weaker than expectations of +1.9% y/y, but still the fastest pace of increase in 5 months. Jan PPI fell -5.3% y/y, a smaller decline than expectations of -5.4% y/y.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) weekly initial unemployment claims (expected +6,000 to 275,000, previous -16,000 to 269,000) and continuing claims (expected +11,000 to 2.250 million, previous -21,000 to 2.239 million), (2) Feb Philadelphia Fed business outlook index (expected +0.5 to -3.0, Jan +6.7 to-3.5), (3) Jan leading indicators (expected -0.2%, Dec -0.2%), (4) the Treasury's auction of $7 billion of 30-year TIPS, (5) San Francisco Fed President John Williams' speech on the economic outlook at an event in Los Angeles, and (6) EIA Weekly Petroleum Status Report.

There are 20 of the S&P 500 companies that report earnings today with notable reports including: Wal-Mart (consensus $1.46), PG&E (0.44), Waste Management (0.8), Duke Energy (0.91), Nordstrom (1.21), Applied Materials (0.26), Fluor (0.93).

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

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

OVERNIGHT U.S. STOCK MOVERS

NVIDIA (NVDA +2.48%) jumped nearly 8% in pre-market trading after it reported Q4 adjusted EPS of 52 cents, higher than consensus of 43 cents.

Wal-Mart (WMT +0.32%) slid 3% in pre-market tradng after it reported Q4 revenue of $129.7 billion, below consensus of $130.6 billion, and cut its yearly sales forecast to "relatively flat" from a previous view of up 3%-4%.

Brocade Communications Systems (BRCD +3.02%) rallied over 5% in after-hours trading after it reported Q1 adjusted EPS of 29 cents, above consensus of 24 cents.

Williams Cos. (WMB +4.53%) lost over 2% in after-hours trading after it reported Q4 adjusted EPS continuing operations of 1 cent, weaker than consensus of 27 cents.

Intercept Pharmaceuticals (ICPT +5.42%) rose over 5% in after-hours trading after departing CFO Barbara Duncan said she will delay her departure date of June 30 if no successor is in office by that time.

CF Industries (CF +1.80%) fell over 4% in after-hours trading after it reported Q4 adjusted EPS of 76 cents, below consensus of 82 cents.

Synopsys (SNPS +1.51%) climbed 6% in after-hours trading after it reported Q1 adjusted EPS of 68 cents, above consensus of 62 cents and then raised guidance on Q2 adjusted EPS to 78 cents-81 cents, above consensus of 70 cents.

Marriott International (MAR +2.49%) dropped over 2% in after-hours trading after it lowered guidance on Q1 EPS to 81 cents-85 cents, weaker than consensus of 89 cents.

Capital One Financial (COF +1.51%) gained over 1% in after-hours trading after it said its board authorized an additional $300 million to its stock buyback plan.

ARRIS International PLC (ARRS +2.11%) dropped 5% in after-hours trading after it said it sees Q1 adjusted EPS of 37 cents-42 cents, below consensus of 53 cents.

Tyler Technologies (TYL +3.47%) slip nearly 8% in after-hours trading after it reported Q4 adjusted EPS of 59 cents, below consensus of 66 cents, and then lowered guidance on fiscal 2016 adjusted EPS to $3.33-$3.45, below consensus of $3.55.

Jack in the Box (JACK +2.68%) tumbled 20% in pre-market trading after it reported Q1 adjusted EPS of 93 cents, below consensus of $1.03.

Lattice Semiconductor (LSCC unch) slid over 2% in after-hours trading after it reported Q4 revenue of $101.3 million, below consensus of $110.3 million.

Aerie Pharmaceuticals (AERI +6.46%) jumped 15% in after-hours trading after it reported successful 12-month safety results in its Phase 3 trial for its Rhopressa once-daily eye drop for its ability to lower intraocular pressure in patients with glaucoma or ocular hypertension.

Ingram Micro (IM +0.78%) surged over 20% in after-hours trading after Tianjin Tianhai bought the company for $6 billion or $38.90 a share.

MARKET COMMENTS

Mar E-mini S&Ps (ESH16 +0.42%) this morning are up +7.00 points (+0.36%) at a 2-week high. Wednesday's closes: S&P 500 +1.65%, Dow Jones +1.59%, Nasdaq +2.31%. The S&P 500 on Wednesday climbed to a 2-week high and closed higher on a rally in bank stocks and retailers that had been beaten down to start the year, the +0.5% increase in U.S. Jan manufacturing production (stronger than expectations of +0.2% and the largest increase in 6 months), and the +5% jump in crude oil, which sparked a rally in energy producer stocks.

Mar 10-year T-notes (ZNH16 -0.02%) this morning are down -1 tick. Wednesday's closes: TYH6 -15.00, FVH6 -7.50. Mar T-notes on Wednesday dropped to a 1-week low and closed lower on reduced safe-haven demand with the rally in the S&P 500 to a 2-week high, the larger-than-expected increase in U.S. Jan PPI, and the stronger-than-expected U.S. Jan manufacturing and industrial production reports.

The dollar index (DXY00 +0.12%) this morning is up +0.099 (+0.10%). EUR/USD (^EURUSD) is down -0.0031 (-0.28%). USD/JPY (^USDJPY) is down-0.26 (-0.23%). Wednesday's closes: Dollar Index +0.082 (-0.08%), EUR/USD -0.0016 (-0.14%), USD/JPY +0.03 (+0.03%). The dollar index on Wednesday closed lower on the rally in crude oil that benefited the oil-exporting currencies of Russia and Canada as the Russian ruble rallied to a 2-week high and the Canadian dollar climbed to a 1-week high against the U.S. dollar. The dollar was also undercut by the minutes of the Jan 26-27 FOMC meeting that stated policy makers saw increased downside risks, which may keep the Fed from additional rate hikes.

Mar WTI crude (CLH16 +3.03%) this morning is up +75 cents (+2.45%) and Mar gasoline (RBH16 +1.24%) is up +0.0092 (+0.92%). Wednesday's closes: CLH6 +1.62 (+5.58%), RBH6 +0.0325 (+3.35%). Mar crude and gasoline on Wednesday closed higher on comments from Iran's Oil Minister Bijan Zanganeh who said that Iran supports cooperation between OPEC and non-OPEC countries and supports an accord by Saudi Arabia and Russia to cap their crude output at Jan levels. Mar crude oil was also boosted by signs of strength in the U.S. economy that is positive for energy demand after U.S. Jan manufacturing production rose +0.5%, the most in 6 months.

GLOBAL EVENT CALENDAR02/18/2016

US	0830 ET	Weekly initial unemployment claims expected +6,000 to 275,000, previous -16,000 to 269,000. Weekly continuing claims expected +11,000 to 2.250 million, previous -21,000 to 2.239 million.
	0830 ET	Feb Philadelphia Fed business outlook survey expected +0.5 to -3.0, Jan +6.7 to -3.5.
	1000 ET	Jan leading indicators expected -0.2%, Dec -0.2%.
	1100 ET	EIA Weekly Petroleum Status Report.
	1100 ET	Treasury announces amount of 2-year T-notes (previous $26 billion, 2-year floating-rate notes (previous $15 billion), 5-year T-notes (previous $35 billion) and 7-year T-notes (previous $29 billion) to be auctioned Feb 23-25.
	1300 ET	Treasury auctions $7 billion 30-year TIPS.
	1530 ET	San Francisco Fed President John Williams delivers a speech on the economic outlook at an event in Los Angeles, CA.
EUR	0400 ET	Eurozone Dec current account balance, Nov +29.8 billion euros (nsa).
JPN	2330 ET	Japan Dec all-industry activity index expected -0.3% m/m, Nov -1.0% m/m.

U.S. STOCK CALENDAR02/18/2016

Company	Ticker	Time	Event Description	Period	Estimate
Entergy Corp	ETR US	Bef-mkt	Q4 2015 Earnings Release	Q4 2015	1.448
Laboratory Corp of America Holdings	LH US	Bef-mkt	Q4 2015 Earnings Release	Q4 2015	1.989
NiSource Inc	NI US	Bef-mkt	Q4 2015 Earnings Release	Q4 2015	0.3
PG&E Corp	PCG US	Bef-mkt	Q4 2015 Earnings Release	Q4 2015	0.44
SCANA Corp	SCG US	Bef-mkt	Q4 2015 Earnings Release	Q4 2015	0.746
Wal-Mart Stores Inc	WMT US	Bef-mkt	Q4 2016 Earnings Release	Q4 2016	1.46
Welltower Inc	HCN US	Bef-mkt	Q4 2015 Earnings Release	Q4 2015	1.121
Waste Management Inc	WM US	Bef-mkt	Q4 2015 Earnings Release	Q4 2015	0.677
Columbia Pipeline Group Inc	CPGX US	Bef-mkt	Q4 2015 Earnings Release	Q4 2015	0.18
Perrigo Co PLC	PRGO US	6:00	Q4 2015 Earnings Release	Q4 2015	1.927
Starwood Hotels & Resorts Worldwide Inc	HOT US	6:30	Q4 2015 Earnings Release	Q4 2015	0.789
Duke Energy Corp	DUK US	7:00	Q4 2015 Earnings Release	Q4 2015	0.909
Wal-Mart Stores Inc	WMT US	7:00	Q4 2016 Earnings Call	Q4 2016
Discovery Communications Inc	DISCA US	7:00	Q4 2015 Earnings Release	Q4 2015	0.443
Perrigo Co PLC	PRGO US	8:00	Q4 2015 Earnings Call	Q4 2015
Discovery Communications Inc	DISCA US	8:30	Q4 2015 Earnings Call	Q4 2015
Laboratory Corp of America Holdings	LH US	9:00	Q4 2015 Earnings Call	Q4 2015
NiSource Inc	NI US	9:00	Q4 2015 Earnings Call	Q4 2015
Marathon Oil Corp	MRO US	9:00	Q4 2015 Earnings Call	Q4 2015
CF Industries Holdings Inc	CF US	9:00	Q4 2015 Earnings Call	Q4 2015
Columbia Pipeline Group Inc	CPGX US	9:00	Q4 2015 Earnings Call	Q4 2015
Newmont Mining Corp	NEM US	9:30	Q4 2015 Earnings Call	Q4 2015
Williams Cos Inc/The	WMB US	9:30	Q4 2015 Earnings Call	Q4 2015
Duke Energy Corp	DUK US	10:00	Q4 2015 Earnings Call	Q4 2015
Welltower Inc	HCN US	10:00	Q4 2015 Earnings Call	Q4 2015
Waste Management Inc	WM US	10:00	Q4 2015 Earnings Call	Q4 2015
Marriott International Inc/MD	MAR US	10:00	Q4 2015 Earnings Call	Q4 2015
Entergy Corp	ETR US	11:00	Q4 2015 Earnings Call	Q4 2015
PG&E Corp	PCG US	12:00	Q4 2015 Earnings Call	Q4 2015
Starwood Hotels & Resorts Worldwide Inc	HOT US	13:00	Q4 2015 Earnings Call	Q4 2015
SCANA Corp	SCG US	15:00	Q4 2015 Earnings Call	Q4 2015
Applied Materials Inc	AMAT US	16:30	Q1 2016 Earnings Call	Q1 2016
Nordstrom Inc	JWN US	16:45	Q4 2016 Earnings Call	Q4 2016
Consolidated Edison Inc	ED US	Aft-mkt	Q4 2015 Earnings Release	Q4 2015	0.538
Nordstrom Inc	JWN US	Aft-mkt	Q4 2016 Earnings Release	Q4 2016	1.213
Applied Materials Inc	AMAT US	Aft-mkt	Q1 2016 Earnings Release	Q1 2016	0.256
Flowserve Corp	FLS US	Aft-mkt	Q4 2015 Earnings Release	Q4 2015	0.916
Fluor Corp	FLR US	Aft-mkt	Q4 2015 Earnings Release	Q4 2015	0.931
Equinix Inc	EQIX US	Aft-mkt	Q4 2015 Earnings Release	Q4 2015	3.071
Fluor Corp	FLR US	17:30	Q4 2015 Earnings Call	Q4 2015
Equinix Inc	EQIX US	17:30	Q4 2015 Earnings Call	Q4 2015
Quanta Services Inc	PWR US		Q4 2015 Earnings Release	Q4 2015	0.284

BARCHART MORNING CALL 2/18

BARCHART MORNING CALL

Wednesday, February 18th, 2015View Older Reports

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OVERNIGHT MARKETS AND NEWS

March E-mini S&Ps (ESH15 -0.06%) this morning are down -0.06% and European stocks are up +0.70% at a 6-1/2 year high on speculation Greece and its creditors may be moving toward a compromise. A rally in European bank stocks is leading the markets higher after a person familiar with the matter said Greece may seek a 6-month extension of a loan agreement as soon as today. Asian stocks closed higher: Japan +1.18%, Hong Kong +0.19%, China, Taiwan and South Korea closed for holiday, Australia +0.98%, Singapore +0.58%, India +0.63%. Japan's Nikkei Stock Index climbed to a 7-1/2 year high after the BOJ maintained record stimulus following its 2-day policy meeting and after BOJ Governor Kuroda pledged to adjust monetary policy if needed. Commodity prices are mixed. Mar crude oil (CLH15 -1.70%) is down -1.44% and Mar gasoline (RBH15 -1.20%) is down -0.71%. Apr gold (GCJ15 -0.26%) is down -0.29% at a 6-week low on optimism that Greece will ease a standoff with its creditors and before the minutes of the Jan 27-28 FOMC meeting that may signal the Fed is closer to raising interest rates. Mar copper (HGH15 +0.02%) is down -0.08%. Agriculture prices are mixed. The dollar index (DXY00 +0.24%) is up +0.29%. EUR/USD (^EURUSD) is down -0.34%. USD/JPY (^USDJPY) is up +0.07%. Mar T-note prices (ZNH15 -0.05%) are down -2.5 ticks at a 6-week low.
UK Jan jobless claims fell -38,600, more than expectations of -25,000 and the most in 7 months. The Jan claimant count rate fell -0.1 to 2.5%, right on expectations and the lowest in 6-3/4 years.
The UK Dec ILO unemployment rate unexpectedly fell -0.1 to 5.7% in the 3-months through Dec, better than expectations of unch at 5.8% and the lowest in 6-1/2 years.
Dec avg weekly earnings rose +2.1% 3-mon avg, more than expectations of +1.7% 3-mon avg and the most in 1-1/2 years. Dec avg weekly earnings ex-bonus rose +1.7% 3-mon avg, less than expectations of +1.8% 3-mon avg.
Eurozone Dec construction output fell -0.8% m/m and -3.5% y/y, with the -3.5% y/y drop the largest annual decline in 1-1/2 years.

U.S. STOCK PREVIEW

Today’s Jan housing starts report is expected to show a -1.7% decline to 1.070 million, giving back a little of December’s +4.4% increase to 1.089 million. Today’s Jan final-demand PPI index is expected to fall to +0.4% y/y from +1.1% in December. Meanwhile, today’s Jan core PPI index is expected to edge lower to +2.0% y/y from +2.1% in December. Today’s Jan industrial production report is expected to show an increase of +0.3%, recovering somewhat after the -0.1% decline seen in December. The FOMC today will release the minutes from the recent Jan 27-28 FOMC meeting, which was a relatively uneventful meeting.
There are 1 of the S&P 500 companies that report earnings today with notable reports including: Marathon Oil (consensus $0.02), Williams Companies (0.24), Marriott (0.67), Duke Energy (0.88), Garmin (0.79), Fluor (1.10). Equity conferences this week include: Consumer Analysts Group of New York Conference on Tue-Thu, and Barclays Industrial Select Conference on Wed-Thu.

OVERNIGHT U.S. STOCK MOVERS

Duke Energy (DUK -0.56%) reported Q4 EPS of 87 cents, below consensus of 88 cents.
Allegion PLC (ALLE -0.17%) reported Q4 EPS of 76 cents, better than consensus of 68 cents.
Exxon Mobil (XOM -0.34%) fell over 2% in pre-market trading after Berkshire Hathaway announced it had exited its $3.7 billion investment in the company.
Owens & Minor (OMI -1.00%) reported Q4 adjusted EPS of 49 cents, below consensus of 50 cents, and then lowered guidance on fiscal 2015 EPS to $1.90-$1.95, at the low end of consensus of $1.95.
Valmont (VMI +0.85%) reported Q4 adjusted EPS of $1.62, less than consensus of $1.65.
Terex ({=TEX reported Q4 adjusted EPS of 72 cents, higher than consensus of 68 cents.
CF Industries (CF -0.89%) fell over 2% in after-hours trading after it reported Q4 EPS of $4.82, below consensus of $5.08.
Norwegian Cruise Line (NCLH -0.71%) reported Q4 adjusted EPS of 36 cents, less than consensus of 37 cents.
KAR Auction (KAR -0.11%) reported Q4 adjusted EPS of 40 cents, better than consensus of 29 cents.
Flowserve (FLS +0.46%) reported Q4 EPS of $1.16, above consensus of $1.13.
Analog Devices (ADI +3.09%) reported Q1 EPS of 63 cents, better than consensus of 61 cents.
Jack in the Box (JACK +1.19%) rose over 3% in after-hours trading after it reported Q1 EPS of 93 cents, higher than consensus of 87 cents, and then raised guidance on fiscal 2015 EPS to $2.85-$2.97, above consensus $2.84.
AMC Entertainment (AMC +0.91%) reported Q4 EPS of 30 cents, well above consensus of 20 cents.
Agilent (A +0.92%) reported Q1 EPS of 41 cents, right on consensus, but then lowered guidance on fiscal 2015 EPS to $1.67- $1.73, on the low side of consensus at $1.73.
Fossil (FOSL +0.89%) reported Q4 EPS of $3.00, below consensus of $3.07, and then lowered guidance on fiscal 2015 EPS to$5.45-$6.05, well below consensus of $7.54.
Rackspace (RAX -0.28%) reported Q4 EPS of 26 cents, above consensus of 19 cents.

MARKET COMMENTS

Mar E-mini S&Ps (ESH15 -0.06%) this morning are down -1.25 points (-0.06%). The S&P 500 index on Tuesday posted a new record high and closed higher: S&P 500 +0.16%, Dow Jones +0.16%, Nasdaq +0.03%. Bullish factors included (1) reduced Greek default concerns after an unconfirmed report that Greece’s government may request an extension of its loan agreement for 6 months, something it previously said it would not do, and (2) a rally in health-care stocks. Stocks had opened lower on bearish factors that included (1) the -2.17 point decline in the Feb Empire manufacturing index, weaker than expectations of -1.95 to 8.00, and (2) the unexpected -2 point decline in the Feb NAHB housing market index to 55, weaker than expectations of +1 to 58 and a 4-month low.
Mar 10-year T-notes (ZNH15 -0.05%) this morning are down -2.5 ticks at a 6-week low. Mar 10-year T-note futures prices on Tuesday tumbled to a 1-1/4 month low and closed lower. Closes: TYH5 -31.50, FVH5 -15.50. Bearish factors included (1) hawkish comments from Cleveland Fed President Mester who said that she sees June as a “viable option” for when to begin raising interest rates, and (2) fund selling of T-notes after a report that Greece will ask for a 6-month extension of its loan agreement, which reduced Greek default concerns and curbed safe-haven demand for T-notes.
The dollar index (DXY00 +0.24%) this morning is up +0.273 (+0.29%). EUR/USD (^EURUSD) is down -0.0039 (-0.34%). USD/JPY (^USDJPY) is up +0.08 (+0.07%). The dollar index on Tuesday fell to a 1-week low and closed lower: Dollar index -0.140 (-0.15%), EUR/USD +0.00576 (+0.51%), USD/JPY +0.763 (+0.4%). Bearish factors included (1) strength in EUR/USD which rallied to a 1-week high after the German Feb ZEW survey expectations of economic growth rose to a 1-year high, and (2) weaker-than-expected U.S. economic data on Feb Empire manufacturing and the Feb NAHB housing market index that may prompt the Fed to delay interest rate hikes.
Mar WTI crude oil (CLH15 -1.70%) this morning is down -77 cents (-1.44%) and Mar gasoline (RBH15 -1.20%) is down -0.0113 (-0.71%). Mar crude and Mar gasoline on Tuesday settled mixed: CLH5 +0.75 (+1.42%), RBH5 -0.0361 (-2.22%). Bullish factors included (1) the fall in the dollar index to a 1-week low, and (2) the rally in the S&P 500 to a new all-time high. Bearish factors included expectations that Thursday’s weekly EIA data will show crude supplies rose +3.0 million bbl to a record high of 420 million bbl.

GLOBAL EVENT CALENDAR02/18/2015

US	0700 ET	Weekly MBA mortgage applications, previous -9.0% with purchase sub-index -6.5% and refi sub-index -10.3%.
	0830 ET	Jan housing starts expected -1.7% to 1.070 million, Dec +4.4% to 1.089 million. Jan building permits expected +1.0% to 1.069 million, Dec +0.6% to 1.058 million.
	0830 ET	Jan PPI final demand expected -0.4% m/m and +0.4% y/y, Dec -0.3% m/m and +1.1% y/y. Jan PPI ex food & energy expected +0.1% m/m and +2.0% y/y, Dec +0.3% m/m and +2.1% y/y.
	0915 ET	Jan industrial production expected +0.3%, Dec -0.1%. Jan capacity utilization expected +0.2 to 79.9%, Dec -0.3 to 79.7%.
	1400 ET	Minutes of the Jan 27-28 FOMC meeting.
JPN	0100 ET	Revised Japan Jan machine tool orders.
	1850 ET	Japan Jan trade balance expected -1.681 trillion yen, Dec -665.2 billion yen. Jan exports expected +13.5% y/y, Dec +12.8% y/y. Jan imports expected -4.9% y/y, Dec +1.9% y/y.
	2330 ET	Japan Dec all-industry activity index expected -0.3% m/m, Nov +0.1% m/m.
	n/a	BOJ announces interest rate decision following 2-day policy meeting.
UK	0430 ET	UK Jan jobless claims change expected -25,000, Dec -29,700. Jan claimant count rate expected +2.5%, Dec 2.6%.
	0430 ET	UK Dec ILO unemployment rate expected 5.8% 3-months through Dec, previous 5.8% 3-months through Nov.
	0430 ET	UK Dec avg weekly earnings expected +1.7% 3-mon avg, Nov +1.7% 3-mon avg. Dec weekly earnings ex-bonus expected +1.8% 3-mon avg, Nov +1.8% 3-mon avg.
	0430 ET	BOE minutes from the Feb 4-5 policy meeting.
EUR	0500 ET	Eurozone Dec construction output, Nov -0.1% m/m and +2.2% y/y.

U.S. STOCK CALENDAR02/18/2015

Company	Ticker	Time	Event Description	Period	Estimate
NiSource Inc	NI US	Bef-mkt	Q4 2014 Earnings Release	Q4 2014	0.518
Fluor Corp	FLR US	Bef-mkt	Q4 2014 Earnings Release	Q4 2014	1.102
Allegion PLC	ALLE US	Bef-mkt	Q4 2014 Earnings Release	Q4 2014	0.68
Actavis plc	ACT US	Bef-mkt	Q4 2014 Earnings Release	Q4 2014	3.906
Garmin Ltd	GRMN US	Bef-mkt	Q4 2014 Earnings Release	Q4 2014	0.788
Duke Energy Corp	DUK US	7:00	Q4 2014 Earnings Release	Q4 2014	0.879
DENTSPLY International Inc	XRAY US	7:00	Q4 2014 Earnings Release	Q4 2014	0.608
Allegion PLC	ALLE US	8:30	Q4 2014 Earnings Call	Q4 2014
Actavis plc	ACT US	8:30	Investor Day	Y 2015
DENTSPLY International Inc	XRAY US	8:30	Q4 2014 Earnings Call	Q4 2014
NiSource Inc	NI US	9:00	Q4 2014 Earnings Call	Q4 2014
Fluor Corp	FLR US	9:00	Q4 2014 Earnings Call	Q4 2014
CF Industries Holdings Inc	CF US	9:00	Q4 2014 Earnings Call	Q4 2014
FirstEnergy Corp	FE US	9:00	Q4 2014 Earnings Call	Q4 2014
Duke Energy Corp	DUK US	10:00	Q4 2014 Earnings Call	Q4 2014
Vornado Realty Trust	VNO US	10:00	Q4 2014 Earnings Call	Q4 2014
Garmin Ltd	GRMN US	10:30	Q4 2014 Earnings Call	Q4 2014
Devon Energy Corp	DVN US	11:00	Q4 2014 Earnings Call	Q4 2014
Flowserve Corp	FLS US	11:00	Q4 2014 Earnings Call	Q4 2014
Nabors Industries Ltd	NBR US	11:00	Q4 2014 Earnings Call	Q4 2014
Cimarex Energy Co	XEC US	11:00	Q4 2014 Earnings Call	Q4 2014
Marriott International Inc/MD	MAR US	17:00	Q4 2014 Earnings Release	Q4 2014	0.65
EOG Resources Inc	EOG US	Aft-mkt	Q4 2014 Earnings Release	Q4 2014	0.999
Marathon Oil Corp	MRO US	Aft-mkt	Q4 2014 Earnings Release	Q4 2014	0.02
Williams Cos Inc/The	WMB US	Aft-mkt	Q4 2014 Earnings Release	Q4 2014	0.235
Progressive Corp/The	PGR US		January 2015 Sales and Revenue Release	2015