MORNING CALL 3/13

Barchart Morning Call

Barchart.com - 1 hour ago

OVERNIGHT MARKETS AND NEWS

Jun E-mini S&Ps (ESM17 -0.03%) this morning are down -0.08% and European stocks are down -0.09% as weakness in crude oil prices undercuts energy producing stocks. Apr WTI crude oil (CLJ17 -0.39%) is down -0.80% at a fresh 3-1/2 month low on negative carryover from Friday's data from Baker Hughes that showed U.S. active oil rigs rose to a 17-1/2 month high, offsetting efforts by OPEC to reduce a global oil output. German bunds erased losses and moved higher and EUR/USD retreated from a 1-month high after the Belgian Central Bank Governor said the ECB's latest policy statement policy "does not in itself signal a coming change in the monetary policy stance." Asian stocks settled mostly higher: Japan +0.15%, Hong Kong +1.11%, China +0.76%, Taiwan +0.72%, Australia -0.32%, Singapore +0.44%, South Korea +1.15%, India closed for holiday. China's Shanghai Composite recovered from a 1-month ow and moved higher on signs of reduced U.S.-China trade tensions after Steve Schwarzman, one of the Trump administration's top economic advisors said in a CNN interview that President Trump will likely moderate his criticisms of China, including his campaign claim that the country manipulates its currency.

The dollar index (DXY00 +0.01%) is unchanged. EUR/USD (^EURUSD) is down -0.02%. USD/JPY (^USDJPY) is down -0.20%.

Jun 10-year T-note prices (ZNM17 +0.08%) are up +4 ticks.

Belgian Central Bank Governor Smelts said in a WSJ interview that the ECB's policy statement last Thursday "does not in itself signal a coming change in the monetary policy stance."

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) USDA weekly grain export inspections.

Notable Russell 1000 earnings reports today include: Extraction Oil & Gas (consensus -$0.17), AquaBounty Technology.

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

Equity conferences: JP Morgan Aviation, Transportation & Industrials Conference on Mon-Wed, Bank of America Merrill Lynch Consumer and Retail Tech Conference on Tue-Wed, Barclays Emerging Payments Forum on Tue-Wed, Barclays Global Health Care Conference on Tue-Thu, Gabelli & Co. Waste & Environmental Services Symposium on Thu, American College of Cardiology Meeting on Fri.

OVERNIGHT U.S. STOCK MOVERS

American International Group (AIG -0.21%) was downgraded to 'Sell' from 'Hold' at Deutsche Bank with a price target of $57.

Mobileye (MBLY +0.83%) surged 30% in pre-market trading after Intel was said to agree to buy the company for $63.54 a share or $15 billion.

Boeing (BA -1.04%) was downgraded to 'Equal-Weight' from 'Overweight' at Morgan Stanley.

Marvell Technology Group Ltd (MRVL +3.54%) was upgraded to 'Buy' from 'Hold' at Needham.

Gamestop (GME +0.72%) was downgraded to 'Market Perform' from 'Outperform' at Telsey Advisory Group.

Finisar (FNSR -22.69%) was upgraded to 'Strong Buy' from 'Outperform' at Raymond James with a 12-month target price of $40.

Rockwell Collins (COL +0.20%) was upgraded to 'Overweight' from 'Equal-Weight' at Morgan Stanley with a price target of $121.

Incyte (INCY +8.13%) filed a 34 million-share shelf on behalf of holder Baker Brothers Advisors.

Alexandria Real Estate Equities (ARE -4.30%) may move to the upside this morning when it was announced after the close Friday that it will be added to the S&P 500 before the open on Monday, March 20.

Raymond James Financial (RJF +0.10%) may move to the upside this morning when it was announced after the close Friday that it will be added to the S&P 500 before the open on Monday, March 20.

Advanced Micro Devices (AMD +4.35%) gained over 1% in after-hours trading when it was announced that it will be added to the S&P 500 before the open on Monday, March 20.

First Solar (FSLR -0.25%) fell over 1% in after-hours trading when it was announced that it will be removed from the S&P 500 and put into the S&P MidCap 400 before the open on Monday, March 20.

Kronos Worldwide (KRO -0.21%) jumped 9% in after-hours trading after it reported Q4 EPS of 20 cents, well above consensus of 6 cents.

MARKET COMMENTS

Jun E-mini S&Ps (ESM17 -0.03%) this morning are down -2.00 points (-0.08%). Friday's closes: S&P 500 +0.33%, Dow Jones +0.21%, Nasdaq +0.41%. The S&P 500 on Friday closed higher on the +235,000 increase in U.S. Feb non-farm payrolls, stronger than expectations of +200,000 and the mildly higher close in June T-note prices. Stock prices were undercut by a continued decline in energy producers as the price of crude oil fell by another -1.60% to a 3-1/2 month low.

Jun 10-year T-notes (ZNM17 +0.08%) this morning are up +4 ticks. Friday's closes: TYM7 +6.00, FVM7 +3.25. Jun 10-year T-notes on Friday recovered from a 2-1/2 month low and closed higher on some relief after the U.S. Feb average hourly earnings report rose by only +0.2% m/m, slightly weaker than expectations of +0.3% m/m. T-notes were also supported by the slump in crude oil prices to a 3-1/2 month low, which reduced inflation expectations. T-notes initially dropped to a 2-1/2 month low after U.S. Feb non-farm payrolls rose +235,000, stronger than expectations of +200,000.

The dollar index (DXY00 +0.01%) this morning is unchanged. EUR/USD (^EURUSD) is down -0.0002 (-0.02%). USD/JPY (^USDJPY) is -0.23 (-0.20%). Friday's closes: Dollar index -0.60 (-0.59%), EUR/USD +0.0096 (+0.91%), USD/JPY -0.16 (-0.14%). The dollar index on Friday closed lower on strength in EUR/USD which rallied to a 3-week high after a report that the ECB at Thursday's policy meeting discussed whether interest rates could rise before their bond-buying program comes to an end. The dollar was also undercut by slightly lower T-note yields, which undercut the dollar's interest rate differentials.

Apr WTI crude oil prices (CLJ17 -0.39%) this morning are down -39 cents (-0.80%) at a fresh 3-1/2 month low and Apr gasoline (RBJ17 -0.80%) is -0.0192 (-1.20%). Friday's closes: Apr crude -0.79 (-1.60%), Apr gasoline -0.0242 (-1.49%). Apr crude oil and gasoline on Friday closed lower with Apr crude at a 3-1/2 month low. Crude oil continued to be hurt by technical selling and negative carry-over from Wednesday's EIA data that showed a +8.21 million bbl increase in EIA crude inventories to a record 528.39 million bbl (well above expectations for a +2.0 million bbl gain) and a +0.6% increase in U.S. crude production to a 1-year high of 9.088 million bpd. Crude oil prices were also hurt by Friday's news from Baker Hughes that U.S. active oil rigs in the week ended Mar 10 rose 8 to a 17-1/2 month high of 617.

GLOBAL EVENT CALENDAR03/13/2017

		Monday, Mar 13
US	1100 ET	USDA weekly grain export inspections.
		Tuesday, Mar 14
US	0830 ET	Feb PPI final demand expected +0.1% m/m and +1.9% y/y, Jan +0.6% m/m and +1.6% y/y. Feb PPI ex food & energy expected +0.2% m/m and +1.5% y/y, Jan +0.4% m/m and +1.2% y/y.
	n/a	President Trump and German Chancellor Merkel meet at the White House.
	1200 ET	FOMC begins 2-day policy meeting.

U.S. STOCK CALENDAR03/13/2017

Company	Ticker	Time	Event Description	Period	Estimate
Adient PLC	ADNT US		Annual General Meeting
Cooper Cos Inc/The	COO US		Annual General Meeting
AquaBounty Technologies Inc	AQB US		Y 2016 Earnings Release	Y 16
Extraction Oil & Gas Inc	XOG US	Aft-mkt	Q4 2016 Earnings Release	Q4 16	-0.172

MORNING CALL 1/23

Barchart Morning Call

Barchart.com - 1 hour ago

OVERNIGHT MARKETS AND NEWS

Mar E-mini S&Ps (ESH17 -0.22%) are down -0.19% and European stocks are down -0.35% at a 3-week low on concern over the Trump administration's trade policies. President Trump's inauguration speech Friday was construed as negative with very nationalist, protectionist rhetoric that has spurred concerns over global trade. A -1.16% decline in Mar WTI crude oil (CLH17 -1.24%) has also undercut energy producing stocks on signs of increased U.S. crude production after last Friday's data from Baker Hughes showed active U.S. oil rigs rose to the highest in 13-1/2 months. A weaker dollar and uncertainty over the Trump administration’s fiscal and trade plans has boosted safe-haven demand for gold with Feb COMEX gold (GCG17 +0.78%) up +0.64% at a 2-month high. Asian stocks settled mixed: Japan -1.29%, Hong Kong +0.06%, China +0.44%, Taiwan +0.99%, Australia -0.77%, Singapore +0.48%, South Korea +0.23%, India +0.31%. Japanese stocks retreated as exporter companies sold-off after President Trump's inauguration speech Friday boosted global trade concerns. China's Shanghai Composite rose to a 1-1/2 week high on signs of a stronger economy after last Friday's data showed China Q4 GDP grew more than expected.

The dollar index (DXY00 -0.40%) is down -0.29% at a 1-1/2 month low. EUR/USD (^EURUSD) is up +0.25% at a 1-1/2 month high on an upbeat monthly report from the Bundesbank that said Germany's economic growth "clearly gained pace" in Q4. USD/JPY (^USDJPY) is down -0.85%.

Mar 10-year T-note prices (ZNH17 +0.10%) are up +1 tick.

In its monthly report published today, the Bundesbank said Germany's economic growth "clearly gained pace" in Q4 as exports rose "strongly" and as "very strong" factory orders boosted industrial production. The report added that "further positive impulses have come from private consumption" and that inflation could reach "a good 2%" in Jan because of significant increases in prices of oil products.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) USDA weekly grain export inspections.

S&P 500 earnings reports today include: McDonalds (consensus $1.41), Halliburton (0.02), Zions Bancorporation (0.52), Yahoo (0.21).

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

Equity conferences: SPE Hydraulic Fracturing Technology Conference on Tue, Hart Energy DUG Marcellus Utica Midstream Conference on Wed-Thu.

OVERNIGHT U.S. STOCK MOVERS

Qualcomm (QCOM -2.42%) was downgraded to 'Neutral' from 'Buy' at Nomura with a 12-month target price of $70.

Verizon (VZ +0.69%) was downgraded to 'Market Perform' from 'Outperform at Wells Fargo Securities.

SunTrust Banks (STI +1.86%) was upgraded to 'Buy' from 'Hold' at Sandler O'Neill with a 12-month target price of $62.

FMC Corp. (FMC +1.63%) was downgraded to 'Neutral' from 'Accumulate' at Seaport Global with a price target of $60.

Schlumberger Ltd (SLB -0.81%) was downgraded to 'Equal-Weight' from 'Overweight' at Stephens.

Rockwell Collins (COL +2.45%) was upgraded to 'Buy' from 'Neutral' at Seaport Global with a price target of $100.

Dish Network (DISH -2.50%) was upgraded to 'Overweight' from 'Equal-Weight' at Morgan Stanley with a price target of $75.

MetLife (MET +0.57%) was upgraded to 'Buy' from 'Hold' at Deutsche Bank.

BB&T (BBT +0.29%) was upgraded to 'Buy' from 'Neutral' at Hilliard Lyons with a 12-month target price of $51.

Merck (MRK +3.65%) will pay $625 million to settle patent-infringement litigation against Bristol-Myers Squibb and Ono Pharmaceutical for infringing on both companies' patents covering use of PD-1 antibodies to treat cancer.

Winnebago Industries (WGO +0.32%) fell over 4% in after-hours trading after it registered 4.56 million shares for holders.

MARKET COMMENTS

Mar E-mini S&Ps (ESH17 -0.22%) this morning are down -4.25 points (-0.19%). Friday's closes: S&P 500 +0.34%, Dow Jones +0.48%, Nasdaq +0.24%. The S&P 500 on Friday closed higher on reduced Chinese economic concerns after China Q4 GDP rose 6.8% y/y, slightly stronger than expectations of 6.67 y/y. There was also strength in energy companies as the price of crude oil rose +2.11%. Stocks were undercut by Fed Chair Yellen's comment that it is "prudent" to gradually raise interest rates over time.

Mar 10-year T-notes (ZNH17 +0.10%) this morning are up +1 tick. Friday's closes: TYH7 +1.50, FVH7 +4.00. Mar 10-year T-notes on Friday recovered from a 2-week low and closed higher on Fed Chair Yellen's comment that economic growth is unlikely to "markedly" pick up in the near term given weak overseas demand. T-notes were also supported by the late slide in stocks which fell back from their best levels in afternoon trade, which spurred short-covering in Treasuries.

The dollar index (DXY00 -0.40%) this morning is down -0.29 (-0.29%) at a 1-1/2 month low. EUR/USD (^EURUSD) is up +0.0027 (+0.25%) at a 1-1/2 month high. USD/JPY (^USDJPY) is down -0.98 (-0.85%). Friday's closes: Dollar index -0.41 (-0.41%), EUR/USD +0.0039 (+0.37%), USD/JPY -0.24 (-0.21%). The dollar index on Friday closed lower on strength in the currencies of the energy-producing countries of Canada and Russia as the price of crude oil rose +2.11%. The dollar was also boosted by Fed Chair Yellen's comment that a gradual pace to rate hikes is "prudent" as economic growth is unlikely to "markedly" pick up in the near term given weak overseas demand.

Mar WTI crude oil prices (CLH17 -1.24%) this morning are down -62 cents (-1.16%) and Mar gasoline (RBH17 -0.82%) is -0.0117 (-0.73%). Friday's closes: Mar crude +1.10 (+2.11%), Mar gasoline +0.0300 (+1.92%). Mar crude oil and gasoline on Friday closed higher on a weaker dollar and on comments from Saudi Arabian Energy Minister Khalid Al-Falih who said there is "very strong" compliance among OPEC and non-OPEC members with output cuts and most producers are exceeding commitments. Crude oil was also boosted by strong Chinese demand after China Dec oil processing rose +1.1% m/m to a record 11.3 million bpd.

GLOBAL EVENT CALENDAR01/23/2017

		Monday, Jan 23
US	1100 ET	USDA weekly grain export inspections.
		Tuesday, Jan 24
US	0945 ET	Jan Markit manufacturing PMI expected +0.2 to 54.5, Dec +0.2 to 54.3.
	1000 ET	Dec existing home sales expected -2.0% to 5.50 million, Nov +0.7% to 5.61 million.
	1000 ET	Jan Richmond Fed manufacturing index expected -2 to 6, Dec +4 to 8.
	1300 ET	Treasury auctions $26 billion of 2-year T-notes.
	1500 ET	USDA Dec Cold Storage.

U.S. STOCK CALENDAR01/23/2017

Company Name	Company Ticker	Time	Event Description	Period	Estimate
Halliburton Co	HAL US	6:50	Q4 2016 Earnings Release	Q4 2016	0.02
McDonald's Corp	MCD US	7:58	Q4 2016 Earnings Release	Q4 2016	1.413
Halliburton Co	HAL US	9:00	Q4 2016 Earnings Call	Q4 2016
McDonald's Corp	MCD US	11:00	Q4 2016 Earnings Call	Q4 2016
Zions Bancorporation	ZION US	Aft-mkt	Q4 2016 Earnings Release	Q4 2016	0.522
Yahoo! Inc	YHOO US	Aft-mkt	Q4 2016 Earnings Release	Q4 2016	0.21
Zions Bancorporation	ZION US	17:30	Q4 2016 Earnings Call	Q4 2016

Morning Call 12/1

Barchart Morning Call

Barchart.com - 15 minutes ago

OVERNIGHT MARKETS AND NEWS

Dec E-mini S&Ps (ESZ16 -0.14%) are down -0.08% and European stocks are down -0.75% as investors remained sidelined ahead of Friday's U.S. monthly non-farm payrolls report, Italy's vote Sunday on constitutional reform and next Thursday's ECB meeting. Interest rate concerns are also weighing on stocks with the 10-year T-note yield climbing to a 16-1/2 month high of 2.415%. The prospects on a Fed interest rate increase later this month is pressuring gold prices with Feb COMEX gold (GCG17 -0.20%) down -0.36% at a 9-3/4 month low. On the positive side is the +0.87% increase in Jan WTI crude oil prices (CLF17 +1.13%) to a 1-month high, which is bullish for energy producing stocks. On the positive side for European stocks was the unexpected decline in the Eurozone unemployment rate to the lowest in over 7 years in Oct. Asian stocks settled mostly higher: Japan +1.12%, Hong Kong +0.39%, China +0.72%, Taiwan +0.25%, Australia +1.10%, Singapore +0.81%, South Korea +0.09%, India -0.35%. Japan's Nikkei Stock Index rallied to a 10-3/4 month high as exporters gained on improved earnings prospects after the yen tumbled to a 9-1/2 month low against the dollar on Wednesday. China's Shanghai Composite closed higher on signs of economic strength after the China Nov manufacturing PMI unexpectedly expanded at the fastest pace in 4-1/2 years.

The dollar index (DXY00 -0.34%) is down -0.27%. EUR/USD (^EURUSD) is up +0.34%. USD/JPY (^USDJPY) is down -0.7%.

Mar 10-year T-note prices (ZNH17 -0.28%) are down -12 ticks at a new contract low.

The Eurozone Oct unemployment rate unexpectedly fell -0.1 to 9.8%, stronger than expectations of no change at 10.0% and the lowest in 7-1/3 years.

The China Nov manufacturing PMI (NBS) unexpectedly rose +0.5 to 51.7, stronger than expectations of -0.2 to 51.0 and matched July 2014 as the fastest pace of expansion in 4-1/2 years.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Nov Challenger job cuts (Oct -39.1% y/y), (2) weekly initial unemployment claims (expected +2,000 to 253,000, previous +18,000 to 251,000) and continuing claims (expected -10,000 to 2.033 million, previous +60,000 to 2.043 million), (3) Dallas Fed President Robert Kaplan (non-voter) speaks in a moderated Q&A at St. Mary’s University Forum on Entrepreneurship, (4) final-Nov Markit manufacturing PMI (expected unch at 53.9, prelim-Nov +0.5 to 53.9), (5) Oct construction spending (expected +0.6%, Sep -0.4%), (6) Nov ISM manufacturing index (expected +0.4 to 52.3, Oct +0.4 to 51.9), (7) Nov total vehicle sales (expected 17.70 million, Oct 17.91 million), and (8) USDA weekly Export Sales.

Russell 1000 earnings reports today include: Kroger (consensus $0.41), Dollar General (0.93), Ulta Salon (1.38), Donaldson (0.35), Versum Materials (0.35), Workday (-0.04).

U.S. IPO's scheduled to price today: Supportingsmallbusiness Inc, Innovative Industrial Properties (IIPR).

Equity conferences during the remainder of this week include: Credit Suisse Industrials Conference on Tue-Thu.

OVERNIGHT U.S. STOCK MOVERS

Wells Fargo (WFC +2.04%) was downgraded to 'Neutral' from 'Positive' at Susquehanna with a 12-month target price of $56.

Skechers (SKX +6.05%) was upgraded to 'Buy' from 'Neutral' at Buckingham Research Group with a price target of $31.

Cerner (CERN +0.02%) was downgraded to 'Market Perform' from 'Outperform' at Leerink Partners with a 12-month target price of $50.

PVH Corp. (PVH -0.08%) fell 2% in after-hours trading after it said it sees Q4 non-GAAP EPS of $1.13-$1.18, below consensus of $1.29.

Rockwell Collins (COL +0.41%) rallied over 3% in after-hours trading after it people familiar with the matter said it is under pressure from Starboard Value LP, one of its three biggest shareholders, to reconsider its $6.4 billion purchase of B/E/ Aerospace and instead explore alternative options, including selling itself.

Pure Storage (PSTG -2.17%) rose over 1% in after-hours trading after it said it added more than 300 customers in Q3 and that it sees Q4 revenue of $219 million-$227 million versus estimates of $221.2 million.

Semtech (SMTC -0.71%) gained 3% in after-hours trading after it reported Q3 adjusted EPS of 37 cents, better than consensus of 36 cents, and said it sees Q4 adjusted EPS of 33 cents-37 cents, above consensus of 33 cents.

Box Inc. (BOX -0.46%) gained almost 1% in after-hours trading after it reported a Q3 adjusted loss of -14 cents a share, narrower than consensus of -19 cents, and then raised its 2017 revenue view to $397 million-$398 million from an August 31 view of $394 million-$396 million.

Guess? (GES -1.54%) tumbled over 10% in after-hours trading after it reported Q3 EPS of 11 cents, weaker than consensus of 14 cents, and then cut its fiscal 2017 adjusted EPS view to 42 cents-52 cents from a prior view of 62 cents-75cents.

Xencor (XNCR -2.96%) slid nearly 4% in after-hours trading after it announced a proposed public offering of common stock but gave no size.

La-Z-Boy (LZB -1.83%) climbed nearly 5% in after-hours trading after it reported Q2 EPS of 42 cents, higher than a preliminary view of 37 cents-39 cents.

Tilly's (TLYS -4.17%) surged over 15% in after-hours trading after it reported Q3 EPS of 22 cents, double consensus of 11 cents.

Fred's (FRED +1.01%) rose over 5% in after-hours trading after rescheduling the release of its Q3 results and Nov sales data to Dec 8 from Dec 2.

Rexnord (RXN +3.77%) fell 4% in after-hours trading after it announced a public offering of 7 million shares of preferred stock.

MARKET COMMENTS

Dec E-mini S&Ps (ESZ16 -0.14%) this morning are down -1.75 points (-0.08%). Wednesday's closes: S&P 500 -0.27%, Dow Jones +0.01%, Nasdaq -1.23%. The S&P 500 on Wednesday rose to a new record high early but then fell back the rest of the day and closed lower. Stocks were undercut by weakness in technology stocks and by the 10 bp jump in the 10-year T-note yield that pressured the interest-rate-sensitive utility, phone and consumer staple stock sectors. Stocks were supported by the +216,000 increase in Nov ADP employment (stronger than expectations of +170,000 and the biggest increase in 5 months) and by the +7.0 point increase in the Nov Chicago PMI to 57.6 (stronger than expectations of +1.9 to 52.5 and the fastest pace of expansion in 1-3/4 years). Energy producer stocks got a big boost from the OPEC production cut agreement, which prompted a +9.31% surge in crude oil prices to a 1-month high.

Mar 10-year T-notes (ZNH17 -0.28%) this morning are down -12 ticks at a fresh contract low. Wednesday's closes: TYH7 -19.00, FVH7 -9.00. Mar 10-year T-note futures on Wednesday closed lower on the stronger-than-expected Nov ADP and Nov Chicago PMI reports, which may lead to faster-than-expected Fed rate hikes. T-notes were also undercut by the surge in crude prices to a 1-month high, which boosted inflation expectations.

The dollar index (DXY00 -0.34%) this morning is down -0.270 (-0.27%). EUR/USD (^EURUSD) is up +0.0036 (+0.34%). USD/JPY (^USDJPY) is -0.08 (-0.07%). Wednesday's closes: Dollar index +0.570 (+0.56%), EUR/USD -0.0061 (-0.57%), USD/JPY +2.08 (+1.85%). The dollar index on Wednesday closed higher on the stronger-than-expected U.S. Nov ADP and Nov Chicago PMI reports, which bolstered the case for the Fed to raise interest rates. The dollar was also boosted by the 10 bp increase in the 10-year T-note yield, which improved the dollar's interest rate differentials against the yen and sent USD/JPY soaring to an 8-1/2 month high.

Jan crude oil prices (CLF17 +1.13%) this morning are up +43 cents (+0.87%) and Jan gasoline (RBF17 +1.27%) is up +0.0158 (+1.07%), both at new 1-month highs. Wednesday's closes: Jan crude +4.21 (+9.31%), Jan gasoline +0.0975 (+7.08%). Jan crude oil and gasoline rallied sharply with Jan crude and Jan gasoline at 1-month highs. Crude oil prices were boosted by OPEC's agreement to cut its crude production by -1.2 million bpd to 32.5 million bpd after Saudi Arabia softened its stance and said Iran can increase its crude output to 3.9 million bpd. In addition, Russia said that it will cut its crude production by 300,000 bpd. Crude oil prices were also boosted by the unexpected -884,000 bbl decline in EIA crude inventories versus expectations for a +1.5 million bbl increase.

GLOBAL EVENT CALENDAR12/01/2016

		Thursday, Dec 1
US	0730 ET	Nov Challenger job cuts, Oct -39.1% y/y.
	0830 ET	Weekly initial unemployment claims expected +2,000 to 253,000, previous +18,000 to 251,000. Weekly continuing claims expected -10,000 to 2.033 million, previous +60,000 to 2.043 million.
	0830 ET	USDA weekly Export Sales.
	0900 ET	Dallas Fed President Robert Kaplan (non-voter) speaks in a moderated Q&A at St. Marys University Forum on Entrepreneurship.
	0945 ET	Final-Nov Markit manufacturing PMI expected unch at 53.9, prelim-Nov +0.5 to 53.9.
	1000 ET	Oct construction spending expected +0.6%, Sep -0.4%.
	1000 ET	Nov ISM manufacturing index expected +0.4 to 52.3, Oct +0.4 to 51.9. Nov ISM new orders, Oct -3.0 to 52.1. Nov ISM employment, Oct +3.2 to 52.9. Nov ISM prices paid expected -0.5 to 54.0, Oct +1.5 to 54.5.
	n/a	Nov total vehicle sales expected 17.70 million, Oct 17.91 million. Nov domestic vehicle sales expected 14.00 million, Oct 14.05 million.
		Friday, Dec 2
US	0830 ET	Nov non-farm payrolls expected +180,000, Oct +161,000. Nov private payrolls expected +170,000, Oct +142,000. Nov manufacturing payrolls expected -3,000, Oct -9,000. Nov unemployment rate expected unch at 4.9%, Oct -0.1 to 4.9%.
	0830 ET	Nov avg hourly earnings expected +0.2% m/m and +2.8% y/y, Oct +0.4% m/m and +2.8% y/y. Nov avg weekly hours all-employees expected unch at 34.4 hours, Oct unch at 34.4 hours.
	0845 ET	Fed Governor Lael Brainard delivers opening remarks at an event in Washington, D.C.
	0945 ET	Nov New York ISM, Oct -0.4 to 49.2.
	1300 ET	Fed Governor Daniel Tarullo speaks at the Financial Stability Conference on Innovation, Market Structure and Financial Stbility.

U.S. STOCK CALENDAR12/01/2016

Company	Ticker	Time	Event Description	Period	Estimate
Donaldson Co Inc	DCI US	Bef-mkt	Q1 2017 Earnings Release	Q1 2017	0.35
Versum Materials Inc	VSM US	Bef-mkt	Q4 2016 Earnings Release	Q4 2016	0.346
Dollar General Corp	DG US	6:55	Q3 2017 Earnings Release	Q3 2017	0.928
L Brands Inc	LB US	7:30	November 2016 Sales and Revenue Call - Pre-Recorded	2016
Jacobs Engineering Group Inc	JEC US	8:00	Investor Day	Y 2016
PVH Corp	PVH US	9:00	Q3 2017 Earnings Call	Q3 2017
CBRE Group Inc	CBG US	9:00	Investor Meeting	Y 2016
Ford Motor Co	F US	9:15	November 2016 Sales and Revenue Release	2016
Skechers U.S.A. Inc	SKX US	9:30	Analyst/Investor Meeting	Y 2016
Donaldson Co Inc	DCI US	10:00	Q1 2017 Earnings Call	Q1 2017
Ford Motor Co	F US	10:00	November 2016 Sales and Revenue Call	2016
Kroger Co/The	KR US	10:00	Q3 2017 Earnings Release	Q3 2017	0.408
Kroger Co/The	KR US	10:00	Q3 2017 Earnings Call	Q3 2017
Dollar General Corp	DG US	10:00	Q3 2017 Earnings Call	Q3 2017
Versum Materials Inc	VSM US	11:00	Q4 2016 Earnings Call	Q4 2016
United Rentals Inc	URI US	12:30	Investor & Analyst Day	Y 2016
Ulta Salon Cosmetics & Fragrance Inc	ULTA US	16:03	Q3 2017 Earnings Release	Q3 2017	1.375
Gap Inc/The	GPS US	16:15	November 2016 Sales and Revenue Release	2016
Ulta Salon Cosmetics & Fragrance Inc	ULTA US	17:00	Q3 2017 Earnings Call	Q3 2017
Workday Inc	WDAY US	17:00	Q3 2017 Earnings Call	Q3 2017
Workday Inc	WDAY US	Aft-mkt	Q3 2017 Earnings Release	Q3 2017	-0.042
L Brands Inc	LB US		November 2016 Sales and Revenue Release	2016
Guidewire Software Inc	GWRE US		Annual General Meeting