BARCHART MORNING CALL 1/27

BARCHART MORNING CALL

Tuesday, January 27th, 2015View Older Reports

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OVERNIGHT MARKETS AND NEWS

March E-mini S&Ps (ESH15 -0.57%) this morning are down -0.54%, led by a 4% decline in Microsoft, as a drop in the company's Q2 commercial-license revenue dragged the stock and the overall market lower. European stocks are down -1.18% due to disappointing earnings results from Siemens AG and Philips NV. Another negative for European stocks was the slower-than-expected pace of UK growth in Q4. Asian stocks closed mixed: Japan +1.72%, Hong Kong -0.41%, China -0.92%, Taiwan +0.46%, Australia +0.83%, Singapore +0.40%, South Korea +0.82%, India +1.00%. India's BSE Sensex 30 Stock Index climbed to a record high after Prime Minister Nodi and President Obama reached an agreement that could spur nuclear energy projects in India. Chinese stocks closed lower after industrial profits declined the most in at least 3 years last month. Commodity prices are mixed. Mar crude oil (CLH15 -0.16%) is down -0.24%. Mar gasoline (RBH15 -0.13%) is down -0.35%. Feb gold (GCG15 +0.10%) is up +0.13%. Mar copper (HGH15 -1.53%) is down -1.34%. Agriculture prices are mixed. The dollar index (DXY00 -0.22%) is down -0.12%. EUR/USD (^EURUSD) is up +0.38%. USD/JPY (^USDJPY) is down -0.42%. Mar T-note prices (ZNH15 +0.10%) are up +5 ticks.
China Dec industrial profits fell -8.0% y/y, the third straight monthly decline and the biggest drop since the data series began in 2011.
UK Q4 GDP rose +0.5% q/q and +2.7% y/y, less than expectations of +0.6% m/m and +2.8% y/y.
UK Nov index of services rose +0.1% m/m and +0.8% 3-mo/3-mo, less than expectations of +0.3% m/m and +0.9% 3-mo/3-mo.
Japan Dec PPI services rose +3.6% y/y, unch from Nov and higher than expectations of +3.5% y/y and matched the fastest pace of increase in 24 years.

U.S. STOCK PREVIEW

Today’s Dec durable goods orders report is expected to show an increase of +0.4% and +0.6% ex-transportation, improving from November’s -0.9% and -0.7% ex-transportation. Today’s Nov CaseShiller Composite-20 home price index is expected to show a solid increase of +0.65% m/m and +4.30% y/y, just modestly below October’s report of +0.76% m/m and +4.50% y/y. Today’s Dec new home sales report is expected to show an increase of +2.7% to 450,000, more than overcoming November’s decline of -1.6% m/m to 438,000. Today’s Jan consumer confidence index from the Conference Board is expected to show a +2.9 point increase to 95.5, adding to December’s increase of +1.6 to 92.6. The market consensus is that the FOMC at its 2-day meeting that begins today will leave its interest rate and policy guidance unchanged.
There are 27 of the S&P 500 companies that report earnings today with notable reports including: Apple (consensus $2.60), AT&T (0.55), Yahoo (0.29), Pfizer (1.13), Caterpillar (1.55), Amgen (2.05). Equity conferences this week include: Phacilitate Immunotherapy Forum on Mon-Wed, and PCC 2015. CBI's Pharmaceutical Compliance Congress on Tue.

OVERNIGHT U.S. STOCK MOVERS

Procter & Gamble (PG -0.56%) reported Q2 core EPS of $1.06, below consensus of $1.13.
Pfizer (PFE +1.08%) fell nerly 3% in pre-market trading after it reported Q4 adjusted EPS of 54 cents, better than consensus of 53 cents, but then lowered guidance on fiscal 2015 adjusted EPS to $2.00-$2.10, less than consensus of $2.18.
Bristol-Myers (BMY +0.63%) reported Q4 EPS of 46 cents, better than consensus of 41 cents.
Dunkin' Brands (DNKN +0.04%) authorized a new $700 million share repurchase program, but then lowered guidance on fiscal 2015 adjusted EPS to $1.83-$1.87 from $1.88-$1.91, below consensus of $1.92.
TechCrunch reported that International Business Machines (IBM +0.31%) will lay off 12,000 employees.
Brown & Brown (BRO +0.25%) reported Q4 adjusted EPS of 36 cents, over double consensus of 15 cents.
Crane (CR +1.83%) reported Q4 EPS ex-items of $1.13, right on consensus, but then lowered guidance on fiscal 2015 EPS ex-items to $4.45-$4.65, below consensus of $4.79.
Packaging Corp. (PKG +1.87%) slipped nearly 6% in after-hours trading after it reported Q4 adjusted EPS of $1.16, less than consensus of $1.17.
ESW Capital reported a 19% passive stake in Upland Software (UPLD -0.51%) .
Texas Instruments (TXN -0.02%) reported Q4 EPS of 76 cents, above consensus of 69 cents.
Oaktree Capital reported a 5.9% passive stake in Century Communities (CCS +2.35%) .
Marathon Oil (MRO +2.83%) and Colbalt (CIE +3.86%) were both downgraded to 'Neutral' from 'Buy' at UBS.
Plum Creek Timber ({=PCL lowered guidance on Q1 EPS to 20 cents-25 cents, weaker than consensus of 27 cents.
Sanmina (SANM +1.39%) reported Q1 adjusted EPS of 61 cents, better than consensus of 58 cents.
Microsoft (MSFT -0.36%) fell over 4% in pre-market trading after it reported Q2 EPS of 71 cents, right on consensus, but said that commercial-licesnse revenuing fell.
United Technologies (UTX -1.03%) reported Q4 EPS of $1.62, right on consensus, but then lowered guidance on fiscal 2015 EPS to $6.85-$7.05 from $7.00-$7.20, below consensus of $7.19.

MARKET COMMENTS

Mar E-mini S&Ps (ESH15 -0.57%) this morning are down -11.00 points (-0.54%). The S&P 500 index on Monday closed higher: S&P 500 +0.26%, Dow Jones +0.03%, Nasdaq -0.06%. Bullish factors included (1) carry-over support from a rally in European stocks to a 6-1/3 year high on reduced Greek sovereign debt concerns after Greek Prime Minister-elect Tsipras pledged to keep Greece within the Eurozone as he negotiates a write-down of Greek debt, and (2) stellar Q4 company earnings results thus far ash 77% of the S&P 500 companies that already released results have beat earnings projections. On the negative side, technology stocks fell after Seagate Technology plunged when it projected quarterly revenue that trailed market estimates.
Mar 10-year T-notes (ZNH15 +0.10%) this morning are up +5 ticks. Mar 10-year T-note futures prices on Monday closed lower. Closes: TYH5 -5.50, FVH5 -4.75. Negative factors included (1) reduced safe-haven demand for T-notes as stocks recovered from their worst levels after Greek sovereign debt concerns eased when newly elected Greek opposition leader Tsipras pledged to keep Greece within the Eurozone, and (2) supply pressures as the Treasury auctions $105 billion of T-notes this week.
The dollar index (DXY00 -0.22%) this morning is down -0.114 (-0.12%). EUR/USD (^EURUSD) is up +0.0043 (+0.38%). USD/JPY (^USDJPY) is down -0.50 (-0.42%). The dollar index on Monday posted an 11-1/3 year high but fell back and closed little changed: Dollar index +0.040 (+0.04%), EUR/USD +0.00383 (+0.34%), USD/JPY +0.698 (+0.59%). Bearish factors included (1) strength in EUR/USD which recovered from an 11-1/3 year low and closed higher after newly elected Greek opposition leader Tsipras pledged to keep Greece within the Eurozone as he negotiates a write-down of Greek debt, and (2) the larger-than-expected increase in the German Jan IFO business climate to a 6-month high, which is euro supportive.
Mar WTI crude oil (CLH15 -0.16%) this morning is down -11 cents (-0.24%) and Mar gasoline (RBH15 -0.13%) is down -0.0047 (-0.35%). Mar crude oil and Mar gasoline on Monday closed lower with Mar crude at a 1-1/2 week low: CLH5 -0.44 (-0.97%), RBH5 -0.0282 (-2.05%). Bearish factors included (1) the action from Saudi Arabia's new ruler, King Salman Bin Abdulaziz Al Saud, to keep Ali al-Naimi in his post as Saudi oil minister, which signals that current Saudi oil policy will remain unchanged, and (2) speculation that a blizzard on the U.S. East Coast will undercut gasoline demand as roads close and people refrain from driving.

GLOBAL EVENT CALENDAR01/27/2015

US	0830 ET	Dec durable goods orders expected +0.4% and +0.6% ex transportation, Nov -0.9% and -0.7% ex transportation. Dec capital goods orders non-defense ex-aircraft expected unch, Nov -0.5%.
	0900 ET	Nov S&P/CaseShiller composite-20 home price index expected +0.65% m/m and +4.30% y/y, Oct +0.76% m/m and +4.50% y/y.
	0945 ET	Preliminary-Jan Markit U.S. services PMI expected +0.5 to 53.8, Dec -2.6 to 53.6.
	1000 ET	Dec new home sales expected +2.7% to 450,000, Nov -1.6% m/m to 438,000.
	1000 ET	Jan consumer confidence (Conference Board) expected +2.9 to 95.5, Dec +1.6 to 92.6.
	1000 ET	Jan Richmond Fed manufacturing index expected -2 to 5, Dec +3 to 7.
	1030 ET	FOMC begins 2-day policy meeting.
UK	0430 ET	UK Nov index of services expected +0.3% m/m and +0.9% 3-mo/3-mo, Oct +0.3% m/m and +0.7% 3-mo/3-mo.
	0430 ET	UK Q4 GDP expected +0.6% q/q and +2.8% y/y, Q3 +0.7% q/q and +2.6% y/y.

U.S. STOCK CALENDAR01/27/2015

Company	Ticker	Time	Event Description	Period	Estimate
Nucor Corp	NUE US	Bef-mkt	Q4 2014 Earnings Release	Q4 2014	0.556
Bristol-Myers Squibb Co	BMY US	Bef-mkt	Q4 2014 Earnings Release	Q4 2014	0.404
Corning Inc	GLW US	Bef-mkt	Q4 2014 Earnings Release	Q4 2014	0.384
Prologis Inc	PLD US	Bef-mkt	Q4 2014 Earnings Release	Q4 2014	0.468
NextEra Energy Inc	NEE US	Bef-mkt	Q4 2014 Earnings Release	Q4 2014	1.063
Affiliated Managers Group Inc	AMG US	Bef-mkt	Q4 2014 Earnings Release	Q4 2014	3.456
Danaher Corp	DHR US	6:00	Q4 2014 Earnings Release	Q4 2014	1.123
EI du Pont de Nemours & Co	DD US	6:00	Q4 2014 Earnings Release	Q4 2014	0.707
Lockheed Martin Corp	LMT US	6:25	Q4 2014 Earnings Release	Q4 2014	2.847
Pfizer Inc	PFE US	7:00	Q4 2014 Earnings Release	Q4 2014	0.529
Procter & Gamble Co/The	PG US	7:00	Q2 2015 Earnings Release	Q2 2015	1.134
Dover Corp	DOV US	7:00	Q4 2014 Earnings Release	Q4 2014	0.946
3M Co	MMM US	7:30	Q4 2014 Earnings Release	Q4 2014	1.796
Parker-Hannifin Corp	PH US	7:30	Q2 2015 Earnings Release	Q2 2015	1.548
Caterpillar Inc	CAT US	7:30	Q4 2014 Earnings Release	Q4 2014	1.548
Danaher Corp	DHR US	8:00	Q4 2014 Earnings Call	Q4 2014
Freeport-McMoRan Inc	FCX US	8:00	Q4 2014 Earnings Release	Q4 2014	0.352
Illinois Tool Works Inc	ITW US	8:00	Q4 2014 Earnings Release	Q4 2014	1.129
Procter & Gamble Co/The	PG US	8:30	Q2 2015 Earnings Call	Q2 2015
Corning Inc	GLW US	8:30	Q4 2014 Earnings Call	Q4 2014
3M Co	MMM US	9:00	Q4 2014 Earnings Call	Q4 2014
Bristol-Myers Squibb Co	BMY US	9:00	Q4 2014 Earnings Call	Q4 2014
EI du Pont de Nemours & Co	DD US	9:00	Q4 2014 Earnings Call	Q4 2014
NextEra Energy Inc	NEE US	9:00	Q4 2014 Earnings Call	Q4 2014
Pfizer Inc	PFE US	10:00	Q4 2014 Earnings Call	Q4 2014
Dover Corp	DOV US	10:00	Q4 2014 Earnings Call	Q4 2014
Freeport-McMoRan Inc	FCX US	10:00	Q4 2014 Earnings Call	Q4 2014
Illinois Tool Works Inc	ITW US	10:00	Q4 2014 Earnings Call	Q4 2014
Parker-Hannifin Corp	PH US	11:00	Q2 2015 Earnings Call	Q2 2015
Lockheed Martin Corp	LMT US	11:00	Q4 2014 Earnings Call	Q4 2014
Caterpillar Inc	CAT US	11:00	Q4 2014 Earnings Call	Q4 2014
Affiliated Managers Group Inc	AMG US	11:00	Q4 2014 Earnings Call	Q4 2014
Prologis Inc	PLD US	12:00	Q4 2014 Earnings Call	Q4 2014
Becton Dickinson and Co	BDX US	13:00	Annual General Meeting	Y 2015
Nucor Corp	NUE US	14:00	Q4 2014 Earnings Call	Q4 2014
Total System Services Inc	TSS US	16:00	Q4 2014 Earnings Release	Q4 2014	0.528
Stryker Corp	SYK US	16:00	Q4 2014 Earnings Release	Q4 2014	1.442
ACE Ltd	ACE US	16:05	Q4 2014 Earnings Release	Q4 2014	2.318
AT&T Inc	T US	16:30	Q4 2014 Earnings Call	Q4 2014
Apple Inc	AAPL US	16:30	Q1 2015 Earnings Release	Q1 2015	2.596
Stryker Corp	SYK US	16:30	Q4 2014 Earnings Call	Q4 2014
Total System Services Inc	TSS US	17:00	Q4 2014 Earnings Call	Q4 2014
Yahoo! Inc	YHOO US	17:00	Q4 2014 Earnings Call	Q4 2014
Electronic Arts Inc	EA US	17:00	Q3 2015 Earnings Call	Q3 2015
Amgen Inc	AMGN US	17:00	Q4 2014 Earnings Call	Q4 2014
Apple Inc	AAPL US	17:00	Q1 2015 Earnings Call	Q1 2015
Juniper Networks Inc	JNPR US	17:00	Q4 2014 Earnings Call	Q4 2014
AT&T Inc	T US	Aft-mkt	Q4 2014 Earnings Release	Q4 2014	0.547
Yahoo! Inc	YHOO US	Aft-mkt	Q4 2014 Earnings Release	Q4 2014	0.294
Electronic Arts Inc	EA US	Aft-mkt	Q3 2015 Earnings Release	Q3 2015	0.925
Western Digital Corp	WDC US	Aft-mkt	Q2 2015 Earnings Release	Q2 2015	2.103
Amgen Inc	AMGN US	Aft-mkt	Q4 2014 Earnings Release	Q4 2014	2.054
Juniper Networks Inc	JNPR US	Aft-mkt	Q4 2014 Earnings Release	Q4 2014	0.308
Western Digital Corp	WDC US	18:00	Q2 2015 Earnings Call	Q2 2015
Hormel Foods Corp	HRL US	21:00	Annual General Meeting	Y 2015
CME Group Inc/IL	CME US		Extraordinary Shareholders Meeting	Y 2015

BARCHART MORNING CALL 8/12

BARCHART MORNING CALL

Tuesday, August 12th, 2014View Older Reports

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OVERNIGHT MARKETS AND NEWS

September E-mini S&Ps (ESU14 +0.16%) this morning are up +0.19% on optimism that Q2 company earnings results will remain strong, while European stocks are down -0.17% after German investor confidence dropped for an eighth month. Asian stocks closed mixed: Japan +0.20%, Hong Kong +0.18%, China -0.35%, Taiwan -0.11%, Australia +1.34%, Singapore -0.09%, South Korea +0.01%, India +1.42%. Commodity prices are mixed. Sep crude oil (CLU14 -0.71%) is down -0.81% after the IEA reduced its estimates for 2014 global oil demand by -180,000 barrels a day and by -90,000 barrels a day for 2015. Sep gasoline (RBU14 -0.36%) is down -0.47%. Dec gold (GCZ14 +0.18%) is up +0.21%. Sep copper (HGU14 +0.22%) is up +0.30%. Agriculture and livestock prices are lower ahead of today's USDA Aug WASDE crop production report. The dollar index (DXY00 +0.21%) is up +0.24%. EUR/USD (^EURUSD) is down -0.33% after German Aug ZEW investor confidence fell to the lowest in 20 months. USD/JPY (^USDJPY) is up +0.10%. GBP/USD fell -0.03% to a 2-month low after a gauge of British retail sales fell for a second month. Sep T-note prices (ZNU14 -0.05%) are down -2 ticks.
The German Aug ZEW survey expectations of economic growth slumped -18.5 to 8.6, a much bigger decline than expectations of -10.1 to 17.0 and the lowest in 20 months. The Aug ZEW survey current situation fell -17.5 to 44.3, a bigger drop than expectations of -7.8 to 54.0 and the lowest in 7 months.
UK Jul BRC sales like-for-like unexpectedly fell for a second month as it slid -0.3% y/y, weaker than expectations of +0.9% y/y.
Japan Jul PPI rose +0.3% m/m and +4.3% y/y, less than expectations of +0.4% m/m and +4.4% y/y.
The Japan Jun industrial production was revised lower to -3.4% m/m and +3.1% y/y from the originally reported -3.3% m/m and +3.2% y/y. The -3.4% m/m drop is the largest monthly decline in 3-1/4 years. Jun capacity utilization fell -3.3% m/m, the biggest decline in 1-3/4 years.

U.S. STOCK PREVIEW

The Treasury today will sell $27 billion of 3-year T-notes. Today's July monthly budget statement is expected to show a deficit of -$96.0 billion in a turnaround from June's surplus of +$70.5 billion. There are 12 of the Russell 1000 companies that report earnings today with notable reports including Fossil Group (consensus $0.96), Valspar (1.16), Kate Spade (0.00), Cree (0.41), and JDS Uniphase (0.13).
Equity conferences during the remainder of this week include: Pacific Crest Global Technology Leadership Forum on Mon-Tue, Jefferies Global Industrials Conference on Mon-Thu, Goldman Sachs Power, Utilities, MLP & Pipeline Conference on Tue, Wedbush Life Sciences Management Access Conference on Tue, 8/12/2014 on Tue-Wed, J.P. Morgan Auto Conference on Tue, Oppenheimer Technology, Internet & Communications Conference on Tue-Wed, JP Morgan Auto Conference on Wed, Canaccord Genuity Growth Conference on Wed-Thu, and Barclays Summer Utilities Conference on Thu.

OVERNIGHT U.S. STOCK MOVERS

Dean Foods (DF -3.86%) was upgraded to 'Outperform' from 'Neutral' at Credit Suisse.
Stryker (SYK -0.33%) was upgraded to 'Buy' from 'Hold' at Needham.
Citigroup added shares of First Solar (FSLR +1.98%) and Foot Locker (FT +0.55%) to its Focus List.
Towers Watson (TW +1.65%) reported Q4 adjusted EPS of $1.34, higher than consensus of $1.25.
Flowers Foods (FLO +0.35%) reported Q2 EPS of 21 cents, weaker than consensus of 24 cents, and then cut its fiscal 2014 EPS view to to 92 cents-98 cents from 98 cents-$1.05, below consensus of $1.02.
Abercrombie & Fitch (ANF +0.39%) was upgraded to 'Buy' from 'Hold' at Stifel with a price target of $50.
Paulson & Co. reported a 10.1% passive stake in Cobalt (CIE +2.46%) .
MasTec (MTZ +4.50%) fell nearly 4% in after-hours trading after it reported Q2 adjusted EPS of 40 cents, right on consensus, but then lowered guidance on fiscal 2014 adjusted EPS to $1.55-$1.58, well below consensus of $1.82.
Convergys (CVG +1.62%) reported Q2 adjusted EPS of 34 cents, better than consensus of 32 cents.
Caesar's (CZR +2.32%) reported a Q2 EPS losss of -$3.24, over double consensus of a -$1.19 loss.
Ventas (VTR +0.35%) reported Q2 normalized FFO of $1.12, higher than consensus of $1.09
Nuance (NUAN +1.06%) tumbled 9% in after-hours trading after it reported Q3 EPS of 27 cents, right on consensus, but then lowered guidance on fiscal 2014 EPS to $1.03-$1.08, below consensus of $1.13.

MARKET COMMENTS

Sep E-mini S&Ps (ESU14 +0.16%) this morning are up +3.75 points (+0.19%). The S&P 500 index on Monday rallied to a 1-week high and closed higher: S&P 500 +0.28%, Dow Jones +0.10%, Nasdaq +0.58%. Bullish factors included (1) carry-over support from a rally in European stocks on reduced tensions in Ukraine after Russia said it had withdrawn troops from the Ukraine border, and (2) signs of optimism about the global economic outlook after Japan Jul consumer confidence climbed to an 8-month high and UK Jul Lloyds employment confidence rose to its highest level since the data series began in 2004.
Sep 10-year T-notes (ZNU14 -0.05%) this morning are down -2 ticks. Sep 10-year T-note futures prices on Monday closed slightly lower. Bearish factors included (1) reduced safe-haven demand as global equity markets rallied after Russia said it had withdrawn troops from the Ukraine border, and (2) supply pressures as the Treasury prepares to auction $67 billion of T-notes and T-bonds this week in the Aug quarterly refunding that begins with Tuesday’s $27 billion auction of 3-year T-notes. Closes: TYU4 -1.50, FVU4 -0.50.
The dollar index (DXY00 +0.21%) this morning is up +0.197 (+0.24%). EUR/USD (^EURUSD) is down -0.0044 (-0.33%) and USD/JPY (^USDJPY) is up +0.10 (+0.10%). The dollar index on Monday closed higher. Bullish factors included (1) weakness in the yen as USD/JPY rallied after strength in global equity markets reduced the safe-haven demand for the yen, and (2) overall negative sentiment toward EUR/USD on speculation the Fed will tighten monetary policy before the ECB. Closes: Dollar index +0.077 (+0.09%), EUR/USD -0.00259 (-0.19%), USD/JPY +0.152 (+0.15%).
Sep WTI crude oil (CLU14 -0.71%) this morning is down -79 cents (-0.81%) after the IEA cut its global oil demand forecasts for this year and next. Sep gasoline (RBU14 -0.36%) is down -0.0129 (-0.47%). Sep crude and gasoline prices on Monday closed higher: CLU4 +0.43 (+0.44%), RBU4 +0.0009 (+0.03%). Bullish factors included (1) a rally in global stock markets, which signals confidence in the economic outlook and energy demand, and (2) expectations that Wednesday’s weekly EIA data will show crude stockpiles declined for the seventh consecutive week.

GLOBAL EVENT CALENDAR08/12/2014

US	1200 ET	Aug WASDE crop production.
	1300 ET	Treasury auctions $27 billion 3-year T-notes.
	1400 ET	Jul monthly budget statement expected -$96.0 billion, Jun +$70.5 billion.
JPN	0030 ET	Revised Japan Jun industrial production, previous -3.3% m/m and +3.2% y/y.
	0030 ET	Japan Jun capacity utilization, May -0.7% m/m
	1950 ET	Japan Q2 GDP expected -7.0% q/q annualized, Q1 +6.7% q/q annualized. Q2 deflator expected +1.6% y/y, Q1 0.1% y/y. Q2 consumer spending expected -3.7% q/q, Q1 +2.2% q/q. Q2 business spending expected -3.0% q/q, Q1 +7.6% q/q.
GER	0500 ET	German Aug ZEW survey expectations of economic growth expected -10.1 to 17.0, Jul 27.1. Aug ZEW survey current situation expected -7.8 to 54.0, Jul 61.8.

U.S. STOCK CALENDAR08/12/2014

Company Name	Ticker	Time	Event Description	Period	Estimate
Kate Spade & Co	KATE US	Bef-mkt	Q2 2014 Earnings Release	Q2 2014	-0.003
Valspar Corp/The	VAL US	Bef-mkt	Q3 2014 Earnings Release	Q3 2014	1.159
Flowers Foods Inc	FLO US	Bef-mkt	Q2 2014 Earnings Release	Q2 2014	0.235
CST Brands Inc	CST US	Bef-mkt	Q2 2014 Earnings Release	Q2 2014	0.487
Towers Watson & Co	TW US	6:00	Q4 2014 Earnings Release	Q4 2014	1.252
Charles River Laboratories International Inc	CRL US	8:30	Investor Meeting	Y 2014
Flowers Foods Inc	FLO US	8:30	Q2 2014 Earnings Call	Q2 2014
Ventas Inc	VTR US	9:00	Q2 2014 Earnings Call	Q2 2014
Towers Watson & Co	TW US	9:00	Q4 2014 Earnings Call	Q4 2014
CST Brands Inc	CST US	9:00	Q2 2014 Earnings Call	Q2 2014
Kate Spade & Co	KATE US	10:00	Q2 2014 Earnings Call	Q2 2014
Chimera Investment Corp	CIM US	10:00	Q2 2014 Earnings Call	Q2 2014
Valspar Corp/The	VAL US	11:00	Q3 2014 Earnings Call	Q3 2014
Precision Castparts Corp	PCP US	16:00	Annual General Meeting
Fossil Group Inc	FOSL US	16:30	Q2 2014 Earnings Call	Q2 2014
Myriad Genetics Inc	MYGN US	16:30	Q4 2014 Earnings Call	Q4 2014
Cree Inc	CREE US	17:00	Q4 2014 Earnings Call	Q4 2014
JDS Uniphase Corp	JDSU US	17:00	Q4 2014 Earnings Call	Q4 2014
URS Corp	URS US	Aft-mkt	Q2 2014 Earnings Release	Q2 2014	0.74
Fossil Group Inc	FOSL US	Aft-mkt	Q2 2014 Earnings Release	Q2 2014	0.964
Jack Henry & Associates Inc	JKHY US	Aft-mkt	Q4 2014 Earnings Release	Q4 2014	0.595
Cree Inc	CREE US	Aft-mkt	Q4 2014 Earnings Release	Q4 2014	0.409
JDS Uniphase Corp	JDSU US	Aft-mkt	Q4 2014 Earnings Release	Q4 2014	0.13
Myriad Genetics Inc	MYGN US	Aft-mkt	Q4 2014 Earnings Release	Q4 2014	0.464
Tahoe Resources Inc	THO CN	Aft-mkt	Q2 2014 Earnings Release	Q2 2014

BARCHART MORNING CALL 6/4

BARCHART MORNING CALL

Wednesday, June 4th, 2014View Older Reports

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OVERNIGHT MARKETS AND NEWS

June E-mini S&Ps (ESM14 -0.17%) this morning are down -0.13% ahead of the May ADP employment change later this morning and European stocks are down -0.25% at a 1-week low after the Eurozone May composite PMI was revised lower, a sign of weaker economic growth. European stocks also fell back on profit taking ahead of Thursday's ECB meeting where the ECB is expected to boost stimulus measures to spur economic growth and combat deflation risks. Asian stocks closed mostly lower: Japan +0.22%, Hong Kong -0.60%, China -1.01%, Taiwan -0.04%, Australia -0.64%, Singapore -0.50%, South Korea closed for holiday, India -0.21%. Japanese stocks bucked the trend and closed higher, led by gains in exporters, after the yen fell to a 1-month low against the dollar, which boosts the earnings prospects of exporters. China's Shanghai Stock Index fell to a 2-week low on concern that government measures to revive China's property market may come up short. Commodity prices are mixed. July crude oil (CLN14 +0.75%) is up +0.61% ahead of the weekly EIA inventory data later today. July gasoline (RBN14 +0.12%) is up +0.09%. Aug gold (GCQ14 +0.10%) is up +0.04%. July copper (HGN14 -1.42%) is down -1.37% at a 3-week low. Agriculture and livestock prices are mostly higher. The dollar index (DXY00 unch) is up +0.04%. EUR/USD (^EURUSD) is down -0.07%. USD/JPY (^USDJPY) is up +0.14% at a 1-month high. Sep T-note prices (ZNU14 -0.04%) are down -0.5 of a tick.
Eurozone Apr PPI fell -0.1% m/m and -1.2% y/y, right on expectations. Eurozone producer prices have now fallen for 9 straight months on a year-over-year basis.
The Eurozone May Markit composite PMI was revised lower to 53.5 from the originally reported 53.9.
Eurozone Q1 GDP was left unrevised at +0.2% q/q and +0.9% y/y.
The German May Markit/BME composite PMI was revised lower to 55.6 from the originally reported 56.1.
The UK May BRC shop price index fell -1.4% y/y, a larger decline than expectations of -1.3% y/y.

U.S. STOCK PREVIEW

Today’s May ADP employment report is expected to show a solid increase of +210,000, down slightly from +220,000 in April. Today’s April U.S. trade deficit is expected to widen slightly to -$40.8 billion from -$40.4 billion in March. Today’s May ISM non-manufacturing index is expected to show a small increase of +0.3 points to 55.5, adding to the +2.1 point increase to 55.2 seen in April. There are 4 of the Russell 1000 companies that report earnings today: Brown-Forman (consensus $0.58), Leidos Holdings (0.54), PVH (1.49), Greif (0.61).
Equity conferences this week include: Jefferies Global Health Care Conference on Mon-Thu, National Association of Real Estate Investment Trusts REITWeek Investor Forum on Tue-Thu, Bank of America Merrill Lynch Global Technology Conference on Tue-Wed, Stephens Spring Conference on Tue-Wed, Bank of America Merrill Lynch Energy and Power Leveraged Finance Conference on Tue-Wed, Goldman Sachs Dotcommerce Conference on Wed, KBW Asset Management Conference on Wed, Sandler O'Neill Global Exchange & Brokerage Conference on Wed,
Deutsche Bank Global Industrials and Basic Materials Conference on Wed-Thu, Credit Suisse Engineering & Construction Conference on Thu, UBS Aerospace & Defense Conference on Thu.

OVERNIGHT U.S. STOCK MOVERS

Barclays (BCS -0.79%) was downgraded to 'Neutral' from 'Overweight' at HSBC.
Broadcom (BRCM +2.99%) was downgraded to 'Hold' from 'Buy' at Standpoint Research.
The WSJ reports that NRG Energy (NRG +1.21%) is close to buying Alta Wind Energy Center (EIX +0.97%) , the largest wind farm in North America, for $800 million.
Coach (COH -0.20%) was downgraded to 'Neutral' from 'Buy' at Sterne Agee.
Credit Suisse (CS -0.74%) was upgraded to 'Conviction Buy' from 'Neutral' at Goldman Sachs.
Deutsche Bank (DB -0.22%) was upgraded to 'Neutral' from 'Sell' at Goldman Sachs.
Under Armour (UA -0.72%) gained 1.4% in pre-market trading after the stock was upgraded to 'Buy' from 'Hold' at Jeffries.
Northrop Grumman (NOC -0.39%) was awarded a $9.9 billion government contract for B-2 modernization and sustainment.
ABM Industries (ABM -1.79%) reported Q4 adjusted EPS of 33 cents, well below consensus of 40 cents.
Ascena Retail (ASNA -0.79%) reported Q3 adjusted EPS of 27 cents, well ahead of consensus of 19 cents.
Mattress Firm (MFRM -0.74%) reported Q1 adjusted EPS of 31 cents, below consensus of 36 cents.

MARKET COMMENTS

June E-mini S&Ps (ESM14 -0.17%) this morning are down -2.50 points (-0.13%). The S&P 500 index on Tuesday fell back from Monday’s record high on long liquidation pressures and closed slightly lower. Bullish factors included (1) the +0.7% increase in U.S. Apr factory orders, better than expectations of +0.5%, and (2) expectations for the ECB to expand its stimulus measures when it meets Thursday, which may help facilitate global economic growth. Closes: S&P 500 -0.04%, Dow Jones -0.13%, Nasdaq -0.08%.
Sep 10-year T-notes (ZNU14 -0.04%) this morning are down -0.5 of a tick. Sep 10-year T-note futures prices on Tuesday slipped to a 2-1/2 week low and closed lower. Bearish factors included (1) the larger-than-expected increase in U.S. Apr factory orders along with the upward revision to Mar, and (2) carry-over weakness from a drop in European bond markets which fell back on long liquidation ahead of Thursday’s ECB meeting. Closes: TYU4 -15.00, FVU4 -6.00.
The dollar index (DXY00 unch) this morning is up +0.030 (+0.04%). EUR/USD (^EURUSD) is down -0.0009 (-0.07%). USD/JPY (^USDJPY) is up +0.14 (+0.14%) at a 1-month high. The dollar index on Tuesday closed lower. EUR/USD gained after the Eurozone Apr unemployment rate unexpectedly fell -0.1 to a 17-month low of 11.7%. Losses in the dollar were limited after the yen weakened as USD/JPY climbed to a 1-month high on speculation that Japan’s Government Pension Investment Fund (GPIF), Japan’s biggest, will diversify more of its assets into foreign investments from yen-denominated investments. Closes: Dollar Index -0.090 (-0.11%), EUR/USD +0.00309 (+0.23%), USD/JPY +0.128 (+0.13%).
July WTI crude oil (CLN14 +0.75%) this morning is up +63 cents (+0.61%). July gasoline (RBN14 +0.12%) is up +0.0027 (+0.09%). July crude and gasoline prices on Tuesday settled mixed. Crude prices rallied after U.S. Apr factory orders rose more than expected, a sign of strength in energy demand and consumption. July gasoline fell to a 2-week low and closed lower on expectations for U.S. gasoline production to ramp up now that seasonal refinery maintenance has ended. Closes: CLN4 +0.19 (+0.19%) RBN4 -0.0012 (-0.04%).

GLOBAL EVENT CALENDAR06/04/2014

US	0700 ET	Weekly MBA mortgage applications, previous -1.2% with purchase sub-index -1.1% and the refi sub-index 1.4%.
	0815 ET	May ADP employment change expected +210,000, Apr +220,000.
	0830 ET	Apr trade balance expected -$40.8 billion, Mar -$40.4 billion.
	0830 ET	Revised Q1 non-farm productivity expected -3.0%, previous -1.7%. Revised Q1 unit labor costs expected +5.3%, previous +4.2%.
	1000 ET	May ISM non-manufacturing index expected +0.3 to 55.5, Apr +2.1 to 55.2.
	1030 ET	EIA Weekly Petroleum Status Report.
	1400 ET	Fed Beige Book.
EUR	0400 ET	Revised Eurozone May composite PMI, previous 53.9.
	0500 ET	Eurozone Apr PPI expected -0.1% m/m and -1.2% y/y, Mar -0.2% m/m and -1.6% y/y.
	0500 ET	Revised Eurozone Q1 GDP, previous +0.2% q/q and +0.9% y/y.

U.S. STOCK CALENDAR06/04/2014

Company Name	Ticker	Time	Event Description	Period	Estimate
Leidos Holdings Inc	LDOS US	6:00	Q1 2015 Earnings Release	Q1 2015	0.537
Fastenal Co	FAST US	7:00	May 2014 Sales and Revenue Release	2014
Brown-Forman Corp	BF/B US	8:00	Q4 2014 Earnings Release	Q4 2014	0.582
Leidos Holdings Inc	LDOS US	8:00	Q1 2015 Earnings Call	Q1 2015
Prudential Financial Inc	PRU US	8:30	Analyst & Investor Meeting	Y 2014
Compass Minerals International Inc	CMP US	8:30	Investor Day	Y 2014
Cobalt International Energy Inc	CIE US	8:30	Analyst Day	Y 2014
American Airlines Group Inc	AAL US	9:00	Annual General Meeting	Y 2014
SCANA Corp	SCG US	9:00	Analyst Day	Y 2014
Devon Energy Corp	DVN US	9:00	Annual General Meeting	Y 2014
Science Applications International Corp	SAIC US	9:00	Annual General Meeting	Y 2014
Brown-Forman Corp	BF/B US	10:00	Q4 2014 Earnings Call	Q4 2014
Trimble Navigation Ltd	TRMB US	10:00	Analyst Day	Y 2014
New York Community Bancorp Inc	NYCB US	10:00	Annual General Meeting	Y 2014
HomeAway Inc	AWAY US	10:00	Annual General Meeting	Y 2014
Pandora Media Inc	P US	10:30	Annual General Meeting	Y 2014
PVH Corp	PVH US	Aft-mkt	Q1 2015 Earnings Release	Q1 2015	1.488
Greif Inc	GEF US	Aft-mkt	Q2 2014 Earnings Release	Q2 2014	0.61
Bank of America Corp	BAC US		2014 Global Energy and Power Leveraged Finance Conference
Walgreen Co	WAG US		May 2014 Sales and Revenue Release	2014
AutoNation Inc	AN US		May 2014 Sales and Revenue Release	2014
Ingram Micro Inc	IM US		Annual General Meeting
BioMarin Pharmaceutical Inc	BMRN US		Annual General Meeting
SolarCity Corp	SCTY US		Annual General Meeting
CST Brands Inc	CST US		Annual General Meeting