BARCHART MORNING CALL 7/23

BARCHART MORNING CALL

Thursday, July 23rd, 2015View Older Reports

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OVERNIGHT MARKETS AND NEWS

September E-mini S&Ps (ESU15 +0.06%) are up +0.14% and European stocks are up +0.09% led by an increase in M&A activity. Cigna rose nearly 7% in pre-market trading after people familiar with the matter said Anthem is close to a deal to buy Cigna for $48 billion. Also, technology stocks are higher, led by a 13% surge in SanDisk, after the company reported Q2 earnings that were nearly double analysts' estimates. Representatives of Greece's creditor institutions will meet in Athens on Friday to hold formal negotiations on a new bailout after the Greek parliament passed a second round of reforms needed for a bailout. A Greek government official said decisions about reopening the Athens Stock Exchange and Greek financial markets will be deferred to next week. Asian stocks closed mixed: Japan +0.44%, Hong Kong +0.46%, China +2.43%, Taiwan -1.43%, Australia -0.43%, Singapore -0.08%, South Korea -0.23%, India -0.47%. Japanese stocks closed higher after Japan Jun exports rose by the most in 5 months, and China's Shanghai Composite rallied to a 3-week high, led by gains in financial companies, after data showed margin traders increased holdings of stock purchased on margin debt for a fourth day on Wednesday.
Commodity prices are mostly higher due to a weak dollar. Sep crude oil (CLU15 +0.08%) is up +0.06%. Sep gasoline (RBU15 +0.84%) is up +0.74%. Metals prices are mixed. Aug gold (GCQ15 +0.80%) is up +0.84%. Sep copper (HGU15 +0.14%) is down -0.04%. Agricultural prices are higher.
The dollar index (DXY00 -0.63%) is down -0.56% at a 1-week low. EUR/USD (^EURUSD) is up +0.59% at a 1-week high after Greece's parliament approved a second round of reforms needed for a bailout. USD/JPY (^USDJPY) is down -0.14%.

Sep T-note prices (ZNU15 +0.01%) are up +1 tick.
The Japan Jun trade balance narrowed to a -69.0 billion yen deficit from a downward revised -217.2 billion yen deficit in May, weaker than expectations of a +45.8 billion yen surplus. Jun exports rose +9.5% y/y, weaker than expectations of +10.0% y/y, although the largest increase in 5 months. Jun imports fell -2.9% y/y, a smaller decline than expectations of -4.3% y/y.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) weekly initial unemployment claims (expected -3,000 to 278,000 after last week's -15,000 to 281,000) and continuing claims report (expected +25,000 to 2.240 million after last week's -112,000 to 2.215 million), (2) Jun Chicago Fed national activity index (expected +0.12 to -0.05 after May's +0.02 to -0.17), (3) Jun leading indicators (expected +0.3% after May's +0.7%), (4) Jul Kansas City Fed manufacturing activity (expected +4 to -5 after June's +4 to -9), (5) the Treasurys's auction of $15 billion of 10-year TIPS.
There are 56 of the S&P 500 companies that report earnings today with notable reports including: Amazon.com (consensus -0.14), Visa ($0.58), AT&T (0.64), Starbucks (0.41), Caterpillar ($1.26), McDonald's (1.23), PulteGroup (0.26), Comcast (0.84), GM (1.08), Nasdaq (0.80), Under Armour (0.05), E-Trade (0.27).
U.S. IPO's scheduled to price today include: Exelixis (EXEL).
Equity conferences during the remainder of this week include: Wells Fargo Securities Telecom Symposium on Thu.

OVERNIGHT U.S. STOCK MOVERS

Eli Lilly (LLY +0.95%) gained 3% in pre-market trading after it reported Q2 EPS of 90 cents, well above consensus of 74 cents.
Texas Instruments (TXN -1.85%) reported Q2 EPS of 65 cents, right on consensus, although Q2 revenue of $3.23 billion was below consensus of $3.26 billion.
Equifax (EFX +0.76%) reported Q2 adjusted EPS of $1.15, above consensus of $1.10.
United Rentals (URI -1.45%) slid 5% in after-hours trading after it reported Q2 adjusted EPS of $1.95, better than consensus of $1.74, but then lowered guidance on fiscal 2015 revenue view to $5.8 billion-$5.9 billion from $6 billion-$6.1 billion, lower than consensus of $6 billion.
Cheesecake Factory (CAKE +1.83%) reported Q2 EPS of 69 cents, higher than consensus of 62 cents.
Crown Castle (CCI -0.22%) reported Q2 AFFO of $1.03, less than consensus of $1.06.
Fortune Brands (FBHS +0.14%) reported Q2 adjusted EPS of 59 cents, higher than consensus of 57 cents.
Covanta (CVA -2.06%) reported an unexpected Q2 EPS loss of -6 cents, below consensus of a 3 cent profit.
Discover (DFS +0.12%) reported Q2 EPS of $1.33, better than consensus $1.32, although Q2 revenue of $2.18 billion was below consensus of $2.22.
F5 Networks (FFIV +0.19%) reported Q3 EPS of $1.67, higher than consensus of $1.60.
Tractor Supply (TSCO +1.34%) reported Q2 EPS of $1.12, above consensus of $1.11.
Las Vegas Sands (LVS +0.24%) reported Q2 adjusted EPS of 60 cents, less than consensus of 61 cents.
American Express (AXP +0.05%) reported Q2 EPS of $1.42, better than consensus of $1.32.
Plexus (PLXS -0.28%) reported Q3 EPS of 69 cents, below consensus of 70 cents.
Qualcomm (QCOM -1.46%) dropped 2% in after-hours trading after it reported Q3 adjusted EPS of 99 cents, higher than consensus of 95 cents, but then lowered guidance on fiscal 2015 adjusted EPS view to $4.50-$4.70 from $4.60-$5.00, below consensus of $4.79.

MARKET COMMENTS

September E-mini S&Ps (ESU15 +0.06%) this morning are up +3.00 points (+0.14%). Wednesday's closes: S&P 500 -0.24%, Dow Jones -0.38%, Nasdaq -1.09%. The S&P 500 on Wednesday closed lower on a slide in technology stocks due to disappointing earnings results from the likes of Apple, Microsoft and Yahoo, and weakness in basic-resource companies after commodity prices plunged. Stocks recovered from their worst levels after U.S. Jun existing home sales rose by +3.2% to an 8-1/3 year high of 5.49 million units.
Sep 10-year T-notes (ZNU15 +0.01%) this morning are up +1 tick. Wednesday's closes: TYU5 +3.50, FVU5 -1.00. Sep T-notes in Wednesday rose to a 1-week high and closed higher on increased safe-haven demand for T-notes after stock prices tumbled and on reduced inflation expectations as the 10-year T-note break-even inflation rate fell to a 1-3/4 month low.
The dollar index (DXY00 -0.63%) this morning is down -0.547 (-0.56%) at a 1-week low. EUR/USD (^EURUSD) is up +0.0064 (+0.59%) at a 1-week high. USD/JPY (^USDJPY) is down -0.17 (-0.14%). Wednesday's closes: Dollar Index +0.270 (+0.28%), EUR/USD -0.00075 (-0.07%), USD/JPY +0.07 (+0.06%). The dollar index on Wednesday closed higher on the stronger-than-expected U.S. June existing home sales report of +3.2% to an 8-1/3 year high of 5.49 million units and on weakness in the commodity currencies of Canada, Australia and New Zealand against the dollar after the CRB commodity price index fell to a 3-month low.
Sep WTI crude oil (CLU15 +0.08%) this morning is up +3 cents (+0.06%). Sep gasoline (RBU15 +0.84%)is up +0.0134 (+0.74%). Wednesday's closes: CLU5 -1.67 (-3.28%), RBU5 -0.0556 (-2.97%). Sep crude and gasoline on Wednesday closed sharply lower with Sep crude at a 3-1/2 month low on the (1) a stronger dollar, (2) the unexpected +2.47 million bbl increase in weekly EIA crude inventories, more than expectations of a -1.75 million bbl draw, and (3) the +813,000 bbl increase in crude supplies at Cushing, OK, the delivery point of WTI futures, the fourth straight increase.

GLOBAL EVENT CALENDAR07/23/2015

US	0830 ET	Weekly initial unemployment claims expected -3,000 to 278,000, previous -15,000 to 281,000. Weekly continuing claims expected +25,000 to 2.240 million, previous 112,000 to 2.215 million.
	0830 ET	Jun Chicago Fed national activity index expected +0.12 to -0.05, May +0.02 to -0.17.
	0830 ET	USDA weekly Export Sales.
	1000 ET	Jun leading indicators expected +0.3%, May +0.7%.
	1100 ET	Jul Kansas City Fed manufacturing activity expected +4 to -5, Jun +4 to -9.
	1100 ET	Treasury announces amount of 2-year T-notes (previous $26 billion), 2-year floating-rate notes (previous $13 billion), 5-year T-notes (previous $35 billion) and 7-year T-notes (previous $29 billion) to be auctioned Jul 28-30.
	1300 ET	Treasury auctions $15 billion of 10-year TIPS.
UK	0430 ET	UK Jun retail sales including auto fuel expected +0.4% m/m and +4.8% y/y, May +0.2% m/m and +4.6% y/y.
	0430 ET	UK Jun retail sales ex-auto fuel expected +0.4% m/m and +5.1% y/y, May +0.2% m/m and +4.4% y/y.
EUR	1000 ET	Eurozone Jul consumer confidence expected -0.2 to -5.8, Jun unch at -5.6.

U.S. STOCK CALENDAR07/23/2015

Company	Ticker	Time	Event Description	Period	Estimate
American Electric Power Co Inc	AEP US	Bef-mkt	Q2 2015 Earnings Release	Q2 2015	0.806
Boston Scientific Corp	BSX US	Bef-mkt	Q2 2015 Earnings Release	Q2 2015	0.214
Dow Chemical Co/The	DOW US	Bef-mkt	Q2 2015 Earnings Release	Q2 2015	0.819
EQT Corp	EQT US	Bef-mkt	Q2 2015 Earnings Release	Q2 2015	0.017
Kimberly-Clark Corp	KMB US	Bef-mkt	Q2 2015 Earnings Release	Q2 2015	1.359
Eli Lilly & Co	LLY US	Bef-mkt	Q2 2015 Earnings Release	Q2 2015	0.737
McDonald's Corp	MCD US	Bef-mkt	Q2 2015 Earnings Release	Q2 2015	1.232
Nucor Corp	NUE US	Bef-mkt	Q2 2015 Earnings Release	Q2 2015	0.251
PulteGroup Inc	PHM US	Bef-mkt	Q2 2015 Earnings Release	Q2 2015	0.262
Snap-on Inc	SNA US	Bef-mkt	Q2 2015 Earnings Release	Q2 2015	2
Southwest Airlines Co	LUV US	Bef-mkt	Q2 2015 Earnings Release	Q2 2015	1.009
Comcast Corp	CMCSA US	Bef-mkt	Q2 2015 Earnings Release	Q2 2015	0.842
Celgene Corp	CELG US	Bef-mkt	Q2 2015 Earnings Release	Q2 2015	1.23
Huntington Bancshares Inc/OH	HBAN US	Bef-mkt	Q2 2015 Earnings Release	Q2 2015	0.206
T Rowe Price Group Inc	TROW US	Bef-mkt	Q2 2015 Earnings Release	Q2 2015	1.201
Macerich Co/The	MAC US	Bef-mkt	Q2 2015 Earnings Release	Q2 2015	0.929
AmerisourceBergen Corp	ABC US	Bef-mkt	Q3 2015 Earnings Release	Q3 2015	1.146
Cameron International Corp	CAM US	Bef-mkt	Q2 2015 Earnings Release	Q2 2015	0.772
Quest Diagnostics Inc	DGX US	Bef-mkt	Q2 2015 Earnings Release	Q2 2015	1.235
Fidelity National Information Services Inc	FIS US	Bef-mkt	Q2 2015 Earnings Release	Q2 2015	0.708
Mead Johnson Nutrition Co	MJN US	Bef-mkt	Q2 2015 Earnings Release	Q2 2015	0.771
Dr Pepper Snapple Group Inc	DPS US	Bef-mkt	Q2 2015 Earnings Release	Q2 2015	1.1
General Motors Co	GM US	Bef-mkt	Q2 2015 Earnings Release	Q2 2015	1.081
Danaher Corp	DHR US	6:00	Q2 2015 Earnings Release	Q2 2015	1.04
Raytheon Co	RTN US	7:00	Q2 2015 Earnings Release	Q2 2015	1.634
NASDAQ OMX Group Inc/The	NDAQ US	7:00	Q2 2015 Earnings Release	Q2 2015	0.795
Under Armour Inc	UA US	7:15	Q2 2015 Earnings Release	Q2 2015	0.048
Bristol-Myers Squibb Co	BMY US	7:30	Q2 2015 Earnings Release	Q2 2015	0.363
Caterpillar Inc	CAT US	7:30	Q2 2015 Earnings Release	Q2 2015	1.262
CMS Energy Corp	CMS US	7:30	Q2 2015 Earnings Release	Q2 2015	0.292
3M Co	MMM US	7:30	Q2 2015 Earnings Release	Q2 2015	1.995
Waste Management Inc	WM US	7:30	Q2 2015 Earnings Release	Q2 2015	0.629
Alliance Data Systems Corp	ADS US	7:30	Q2 2015 Earnings Release	Q2 2015	3.245
Ryder System Inc	R US	7:55	Q2 2015 Earnings Release	Q2 2015	1.615
Boston Scientific Corp	BSX US	8:00	Q2 2015 Earnings Call	Q2 2015
Danaher Corp	DHR US	8:00	Q2 2015 Earnings Call	Q2 2015
Freeport-McMoRan Inc	FCX US	8:00	Q2 2015 Earnings Release	Q2 2015	0.077
Union Pacific Corp	UNP US	8:00	Q2 2015 Earnings Release	Q2 2015	1.347
NASDAQ OMX Group Inc/The	NDAQ US	8:00	Q2 2015 Earnings Call	Q2 2015
CMS Energy Corp	CMS US	8:30	Q2 2015 Earnings Call	Q2 2015
Equifax Inc	EFX US	8:30	Q2 2015 Earnings Call	Q2 2015
PulteGroup Inc	PHM US	8:30	Q2 2015 Earnings Call	Q2 2015
Comcast Corp	CMCSA US	8:30	Q2 2015 Earnings Call	Q2 2015
Quest Diagnostics Inc	DGX US	8:30	Q2 2015 Earnings Call	Q2 2015
Alliance Data Systems Corp	ADS US	8:30	Q2 2015 Earnings Call	Q2 2015
Fidelity National Information Services Inc	FIS US	8:30	Q2 2015 Earnings Call	Q2 2015
Under Armour Inc	UA US	8:30	Q2 2015 Earnings Call	Q2 2015
Union Pacific Corp	UNP US	8:45	Q2 2015 Earnings Call	Q2 2015
American Electric Power Co Inc	AEP US	9:00	Q2 2015 Earnings Call	Q2 2015
Dow Chemical Co/The	DOW US	9:00	Q2 2015 Earnings Call	Q2 2015
Eli Lilly & Co	LLY US	9:00	Q2 2015 Earnings Call	Q2 2015
3M Co	MMM US	9:00	Q2 2015 Earnings Call	Q2 2015
Raytheon Co	RTN US	9:00	Q2 2015 Earnings Call	Q2 2015
Celgene Corp	CELG US	9:00	Q2 2015 Earnings Call	Q2 2015
Ameriprise Financial Inc	AMP US	9:00	Q2 2015 Earnings Call	Q2 2015
Brown-Forman Corp	BF/B US	9:30	Annual General Meeting	Y 2015
Cameron International Corp	CAM US	9:30	Q2 2015 Earnings Call	Q2 2015
Mead Johnson Nutrition Co	MJN US	9:30	Q2 2015 Earnings Call	Q2 2015
Freeport-McMoRan Inc	FCX US	10:00	Q2 2015 Earnings Call	Q2 2015
Kimberly-Clark Corp	KMB US	10:00	Q2 2015 Earnings Call	Q2 2015
Newmont Mining Corp	NEM US	10:00	Q2 2015 Earnings Call	Q2 2015
Snap-on Inc	SNA US	10:00	Q2 2015 Earnings Call	Q2 2015
Huntington Bancshares Inc/OH	HBAN US	10:00	Q2 2015 Earnings Call	Q2 2015
Waste Management Inc	WM US	10:00	Q2 2015 Earnings Call	Q2 2015
General Motors Co	GM US	10:00	Q2 2015 Earnings Call	Q2 2015
Bristol-Myers Squibb Co	BMY US	10:30	Q2 2015 Earnings Call	Q2 2015
EQT Corp	EQT US	10:30	Q2 2015 Earnings Call	Q2 2015
Crown Castle International Corp	CCI US	10:30	Q2 2015 Earnings Call	Q2 2015
Caterpillar Inc	CAT US	11:00	Q2 2015 Earnings Call	Q2 2015
McDonald's Corp	MCD US	11:00	Q2 2015 Earnings Call	Q2 2015
Ryder System Inc	R US	11:00	Q2 2015 Earnings Call	Q2 2015
AmerisourceBergen Corp	ABC US	11:00	Q3 2015 Earnings Call	Q3 2015
United Rentals Inc	URI US	11:00	Q2 2015 Earnings Call	Q2 2015
Dr Pepper Snapple Group Inc	DPS US	11:00	Q2 2015 Earnings Call	Q2 2015
Southwest Airlines Co	LUV US	12:30	Q2 2015 Earnings Call	Q2 2015
Nucor Corp	NUE US	14:00	Q2 2015 Earnings Call	Q2 2015
SL Green Realty Corp	SLG US	14:00	Q2 2015 Earnings Call	Q2 2015
Stryker Corp	SYK US	16:00	Q2 2015 Earnings Release	Q2 2015	1.168
Principal Financial Group Inc	PFG US	16:00	Q2 2015 Earnings Release	Q2 2015	1.043
Robert Half International Inc	RHI US	16:02	Q2 2015 Earnings Release	Q2 2015	0.661
Stericycle Inc	SRCL US	16:02	Q2 2015 Earnings Release	Q2 2015	1.141
CR Bard Inc	BCR US	16:05	Q2 2015 Earnings Release	Q2 2015	2.176
Capital One Financial Corp	COF US	16:05	Q2 2015 Earnings Release	Q2 2015	1.98
E*TRADE Financial Corp	ETFC US	16:05	Q2 2015 Earnings Release	Q2 2015	0.269
VeriSign Inc	VRSN US	16:05	Q2 2015 Earnings Release	Q2 2015	0.746
Visa Inc	V US	16:05	Q3 2015 Earnings Release	Q3 2015	0.584
Altera Corp	ALTR US	16:15	Q2 2015 Earnings Release	Q2 2015	0.251
AT&T Inc	T US	16:30	Q2 2015 Earnings Call	Q2 2015
Stryker Corp	SYK US	16:30	Q2 2015 Earnings Call	Q2 2015
Macerich Co/The	MAC US	16:30	Q2 2015 Earnings Call	Q2 2015
VeriSign Inc	VRSN US	16:30	Q2 2015 Earnings Call	Q2 2015
TripAdvisor Inc	TRIP US	16:30	Q2 2015 Earnings Call	Q2 2015
CR Bard Inc	BCR US	17:00	Q2 2015 Earnings Call	Q2 2015
CA Inc	CA US	17:00	Q1 2016 Earnings Call	Q1 2016
Robert Half International Inc	RHI US	17:00	Q2 2015 Earnings Call	Q2 2015
Skyworks Solutions Inc	SWKS US	17:00	Q3 2015 Earnings Call	Q3 2015
Starbucks Corp	SBUX US	17:00	Q3 2015 Earnings Call	Q3 2015
Capital One Financial Corp	COF US	17:00	Q2 2015 Earnings Call	Q2 2015
Stericycle Inc	SRCL US	17:00	Q2 2015 Earnings Call	Q2 2015
E*TRADE Financial Corp	ETFC US	17:00	Q2 2015 Earnings Call	Q2 2015
Amazon.com Inc	AMZN US	17:00	Q2 2015 Earnings Call	Q2 2015
Republic Services Inc	RSG US	17:00	Q2 2015 Earnings Call	Q2 2015
Juniper Networks Inc	JNPR US	17:00	Q2 2015 Earnings Call	Q2 2015
Visa Inc	V US	17:00	Q3 2015 Earnings Call	Q3 2015
Chubb Corp/The	CB US	Aft-mkt	Q2 2015 Earnings Release	Q2 2015	1.858
CA Inc	CA US	Aft-mkt	Q1 2016 Earnings Release	Q1 2016	0.617
AT&T Inc	T US	Aft-mkt	Q2 2015 Earnings Release	Q2 2015	0.636
Skyworks Solutions Inc	SWKS US	Aft-mkt	Q3 2015 Earnings Release	Q3 2015	1.286
Starbucks Corp	SBUX US	Aft-mkt	Q3 2015 Earnings Release	Q3 2015	0.409
Amazon.com Inc	AMZN US	Aft-mkt	Q2 2015 Earnings Release	Q2 2015	-0.142
Republic Services Inc	RSG US	Aft-mkt	Q2 2015 Earnings Release	Q2 2015	0.51
Juniper Networks Inc	JNPR US	Aft-mkt	Q2 2015 Earnings Release	Q2 2015	0.404
TripAdvisor Inc	TRIP US	Aft-mkt	Q2 2015 Earnings Release	Q2 2015	0.545
Hanesbrands Inc	HBI US		Q2 2015 Earnings Release	Q2 2015	0.5

BARCHART MORNING CALL 6/10

BARCHART MORNING CALL

Tuesday, June 10th, 2014View Older Reports

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OVERNIGHT MARKETS AND NEWS

June E-mini S&Ps (ESM14 -0.23%) this morning are down -0.17% as they fall back from Monday's record high, although European stocks are up +0.25% at a 5-3/4 year high after UK industrial production rose at its fastest annual pace in over 3 years. Asian stocks closed mixed: Japan -0.85%, Hong Kong +0.86%, China +1.26%, Taiwan +0.65%, Australia +0.10%, Singapore -0.34%, South Korea +1.14%, India +0.01%. Chinese stocks rallied as the Shanghai Stock Index climbed to its best level in a week after the PBOC announced a -0.5 point cut in reserve requirements for some banks in a policy move aimed at supporting smaller companies and agriculture. Commodity prices are mixed. July crude oil (CLN14 +0.34%) is up +0.35% at a 3-week high on expectations that Wednesday's weekly EIA inventory data will show crude stockpiles fell -1.5 million bbl. July gasoline (RBN14 +0.16%) is up +0.14%. Aug gold (GCQ14 +0.09%) is down -0.08%. July copper (HGN14 -0.31%) is down -0.51%. Agriculture and livestock prices are mostly higher. The dollar index (DXY00 +0.17%) is up +0.20%. EUR/USD (^EURUSD)is down -0.38%. USD/JPY (^USDJPY) is down -0.20%. Sep T-note prices (ZNU14 -0.08%) are down -2 ticks.
The People's Bank of China (PBOC) announced that effective Jun 16, it will cut the reserve requirement by -0.5 of a percentage point for two-thirds of city commercial banks, 80% of non-county level rural commercial banks and 90% on non-county rural cooperative banks in a policy move aimed at supporting smaller companies and agriculture.
China May CPI rose +2.5% y/y, more than expectations of +2.4% y/y. May PPI fell -1.4% y/y, less than expectations of -1.5% y/y.
UK Apr industrial production rose +0.4% m/m and +3.0% y/y, better than expectations of +0.4% m/m and +2.8% y/y with the +3.0% y/y increase the largest annual gain in 3-1/4 years.
UK Apr manufacturing production rose +0.4% m/m and +4.4% y/y, stronger than expectations of +0.4% m/m and +4.0% y/y with the +4.4% y/y increase the largest annual gain in 3-1/4 years.
The UK May BRC like-for-like retail sales monitor rose +0.5% y/y, less than expectations of +1.6% y/y.
The Japan Apr tertiary industry activity index fell -5.4% m/m, a bigger decline than expectations of -3.4% m/m and matched the Apr 2011 drop as the largest decline in 17 years.

U.S. STOCK PREVIEW

The Treasury today will sell $28 billion of 3-year T-notes. There are three of the Russell 1000 companies that report earnings today: Science Applications (consensus $0.67), HD Supply Holdings (0.17), Ulta Salon (0.74).
Equity conferences during the remainder of this week include: Goldman Sachs European Financials Conference on Tue, Harbor's Aluminum Outlook Summit on Tue, Morgan Stanley Financials Conference on Tue-Wed, Piper Jaffray Consumer Conference on Tue-Wed, Goldman Sachs Global Healthcare Conference on Tue-Thu, William Blair Growth Stock Conference on Tue-Thu, Credit Suisse Future of Payments & Commerce Conference on Wed, Goldman Sachs North American Energy Summit on Wed, Mexico Capital Projects & Infrastructure Summit on Wed, 2nd Annual Mexico Capital Projects & Infrastructure Summit on Wed-Thu, Morgan Stanley Leveraged Finance Conference on Wed-Thu, Drexel Hamilton Aerospace and Defense Conference on Thu, and Robert W. Baird & Co. Inc. Utility & Infrastructure Symposium on Thu.

OVERNIGHT U.S. STOCK MOVERS

Tyson Foods (TSN -6.53%) was downgraded to 'Underperform' from 'Neutral' at Credit Suisse.
SAIC (SAIC -1.22%) reported Q1 EPS of 69 cents, higher than consensus of 66 cents.
Colgate-Palmolive (CL +0.62%) was upgraded to 'Outperform' from 'Market Perform' at BMO Capital.
Twitter (TWTR +3.42%) was upgraded to 'Market Perform' from 'Underperform' at Wells Fargo.
ConocoPhillips (COP +0.01%) was initiated with a 'Buy' at Deutsche Bank with a price target of $94.
Union Pacific (UNP -49.40%) was upgraded to 'Outperform' from 'Sector Perform' at RBC Capital.
Urban Outfitters (URBN +0.81%) said Q2 comparative sales to date are 'approximately flat.'
HD Supply (HDS +0.84%) reported Q1 adjusted EPS of 20 cents, better than consensus of 18 cents.
Las Vegas Sands (LVS -2.16%) was downgraded to 'Neutral' from 'Buy' at UBS.
Netflix (NFLX -1.64%) was upgraded to 'Overweight' from 'Equal Weight' at Evercore.
Chico’s FAS (CHS -0.19%) jumped over 10% in after-hours trading after the Financial Times reported that the company is considering a sale to PE firms and going private.
eBay (EBAY -0.24%) fell 2% in after-hours trading after it announced that PayPal President David Marcus is leaving the company on June 27 to lead Facebook’s (FB +0.61%) messaging products.
Pep Boys ({=PBY reported Q1 EPS of 3 cents, well below consensus of 6 cents.
BlackRock reported a 11.3% passive stake in Washington Prime Group (WPG -0.05%) and a 10.1% passive stake in Quotient (QTNT +1.86%) .
PL Capital reported a 7.1% stake in Banc of California (BANC +1.15%) .
According to Reuters, International Game Technology (IGT +14.39%) hired Morgan Stanley to explore a sale and has attracted interest from rival gaming companies as well as private equity firms.
Casey's General Stores (CASY +3.34%) reported Q4 EPS of 59 cents, better than consensus of 53 cents.

MARKET COMMENTS

June E-mini S&Ps (ESM14 -0.23%) this morning are down -3.25 points (-0.17%). The S&P 500 index on Monday climbed to yet another new record high and closed higher. Bullish factors included (1) reduced Chinese economic concerns after China May exports rose +7.0% y/y, better than expectations of +6.7% y/y, and (2) increased M&A activity after Merck agreed to buy Idenix Pharmaceuticals for $3.9 billion, Analog Devices bought Hittite Microwave for $2 billion, and Tyson Foods made a binding offer to buy Hillshire Brands for $7.7 billion. Closes: S&P 500 +0.09%, Dow Jones +0.11%, Nasdaq +0.03%.
Sep 10-year T-notes (ZNU14 -0.08%) this morning are down -2 ticks. Sep 10-year T-note futures prices on Monday closed lower. Bearish factors for T-notes included (1) supply pressures as the Treasury auctions $62 billion of T-notes this week starting with Tuesday’s $28 billion auction of 3-year T-notes, and (2) reduced safe-haven demand after the S&P 500 climbed to a new record high. Closes: TYU4 -5.50, FVU4 -5.50.
The dollar index (DXY00 +0.17%) this morning is up +0.158 (+0.20%). EUR/USD (^EURUSD) is down -0.0051 (-0.38%). USD/JPY (^USDJPY) is down -0.20 (-0.20%). The dollar index on Monday closed higher. Supportive factors included (1) weakness in EUR/USD after Eurozone Jun Sentix investor confidence unexpectedly fell -4.3 to a 6-month low of 8.5, and (2) speculation that divergent monetary policies among global central banks will boost the dollar’s interest rate differentials versus the euro and yen as the Fed continues to taper QE3 while the BOJ and ECB expand their monetary stimulus measures. Closes: Dollar Index +0.244 (+0.30%), EUR/USD -0.00488 (-0.36%), USD/JPY +0.038 (+0.04%).
July WTI crude oil (CLN14 +0.34%) this morning is up +37 cents (+0.35%) at a 3-week high. July gasoline (RBN14 +0.16%) is up +0.0041 (+0.14%). July crude and gasoline prices on Monday climbed to 1-week highs and closed higher. Bullish factors included (1) signs of strength in the global economy after China May exports rose more than expected, and (2) the rally in the S&P 500 to another record high, which bolsters confidence in the economic outlook and energy demand. Closes: CLN4 +1.75 (+1.70%) RBN4 +0.0458 (+1.56%).

GLOBAL EVENT CALENDAR06/10/2014

US	1000 ET	Apr wholesale inventories expected +0.6% m/m, Mar +1.1% m/m. Apr wholesale sales expected +0.9%, Mar +1.4% m/m.
	1300 ET	Treasury auctions $28 billion 3-year T-notes.
JPN	0200 ET	Japan May machine tool orders, Apr +48.7% y/y.
	1950 ET	Japan Q2 BSI large all industry business conditions, Q1 12.7. Q2 BSI large manufacturing business condition, Q1 12.5.
	1950 ET	Japan May domestic CGPI expected +0.1% m/m and +4.1% y/y, Apr +2.8% m/m and +4.1% y/y.
UK	0430 ET	UK Apr industrial production expected +0.4% m/m and +2.8% y/y, Mar -0.1% m/m and +2.3% y/y.
	0430 ET	UK Apr manufacturing production expected +0.4% m/m and +4.0% y/y, Mar +0.5% m/m and +3.3% y/y.

U.S. STOCK CALENDAR06/10/2014

Company Name	Ticker	Time	Event Description	Period	Estimate
Science Applications International Corp	SAIC US	Bef-mkt	Q1 2015 Earnings Release	Q1 2015	0.665
HD Supply Holdings Inc	HDS US	6:00	Q1 2015 Earnings Release	Q1 2015	0.173
HD Supply Holdings Inc	HDS US	8:00	Q1 2015 Earnings Call	Q1 2015
Science Applications International Corp	SAIC US	8:00	Q1 2015 Earnings Call	Q1 2015
Covanta Holding Corp	CVA US	8:30	Business Update Call
TD Ameritrade Holding Corp	AMTD US	8:30	May 2014 Sales and Revenue Release	2014
MetLife Inc	MET US	8:45	Investor Conference-New York	Y 2014
Aaron's Inc	AAN US	9:00	Annual General Meeting	Y 2014
3D Systems Corp	DDD US	9:00	Investor and Analyst Meeting	Y 2014
General Motors Co	GM US	9:30	Annual General Meeting	Y 2014
White Mountains Insurance Group Ltd	WTM US	10:00	Investor Meeting	Y 2014
Best Buy Co Inc	BBY US	10:30	Annual General Meeting	Y 2014
Essex Property Trust Inc	ESS US	16:00	Annual General Meeting	Y 2014
Ulta Salon Cosmetics & Fragrance Inc	ULTA US	17:00	Q1 2015 Earnings Call	Q1 2015
Ulta Salon Cosmetics & Fragrance Inc	ULTA US	Aft-mkt	Q1 2015 Earnings Release	Q1 2015	0.741
Autodesk Inc	ADSK US	17:30	Annual General Meeting	Y 2014
TJX Cos Inc/The	TJX US		Annual General Meeting
Alliant Energy Corp	LNT US		Roadshow-Day 1	Y 2014
United Parcel Service Inc	UPS US		Roadshow - Zurich	Y 2014
Hospitality Properties Trust	HPT US		Annual General Meeting
AMC Networks Inc	AMCX US		Annual General Meeting
Endo International PLC	ENDP US		Annual General Meeting
LinkedIn Corp	LNKD US		Annual General Meeting
KAR Auction Services Inc	KAR US		Annual General Meeting
Splunk Inc	SPLK US		Annual General Meeting
Pinnacle Foods Inc	PF US		Annual General Meeting

BARCHART MORNING CALL 4/23

BARCHART MORNING CALL

Wednesday, April 23rd, 2014View Older Reports

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OVERNIGHT MARKETS AND NEWS

June E-mini S&Ps (ESM14 -0.12%) this morning are down -0.12% and European stocks are down -0.30% on concern over Chinese economic growth after a gauge of manufacturing activity in China contracted for a fourth month. Another negative for European equities is the slide in technology stocks led by a -4.7% decline in Ericsson AB after the world's biggest maker of wireless networks reported quarterly profit that was below consensus. On the positive side, the Eurozone Apr Markit composite PMI expanded at its fastest pace in 2-3/4 years, and the Eurozone sovereign debt crisis continues to recede as the yield on Portugal’s 10-year bond dropped to an 8-year low of 3.63% after the government sold 750 million euros of 10-year securities, the first government bond auction since Portugal requested financial aid three years ago. Asian stocks closed mixed: Japan +1.09%, Hong Kong -0.97%, China -0.10%, Taiwan -0.20%, Australia +0.70%, Singapore -0.60%, South Korea -0.13%, India +0.52%. Commodity prices are mixed. Jun crude oil (CLM14 -0.14%) is down -0.32% at a 1-week low on expectations for U.S. crude supplies to increase for the thirteenth time in fourteen weeks when the EIA reports weekly crude inventories later today. Jun gasoline (RBM14 +0.09%) is up +0.09%. Jun gold (GCM14 +0.44%) is up +0.49%. May copper (HGK14 -0.49%) is down -0.41%. Agriculture and livestock prices are weaker. The dollar index (DXY00 -0.22%) is down -0.22%. EUR/USD (^EURUSD) is up +0.28%. USD/JPY (^USDJPY) is down -0.35%. June T-note prices (ZNM14 +0.15%) are up +6.5 ticks.
The Eurozone Apr Markit manufacturing PMI rose +0.3 to 53.3, better than expectations of no change at 53.0. The Apr Markit composite PMI unexpectedly rose +0.9 to 54.0, better than expectations of -0.1 to 53.0 and the fastest pace of expansion in 2-3/4 years.
The German Apr Markit/BME manufacturing PMI rose +0.5 to 54.2, better than expectations of +0.1 to 53.8. The Apr Markit/BME composite PMI unexpectedly rose +2.0 to 56.3, stronger than expectations of -0.3 to 54.0.
UK Mar public sector net borrowing increased by 4.9 billion pounds, less than expectations of 8.5 billion pounds.
UK Apr CBI trends total orders dropped -7 points to -1, weaker than expectations of +1 point to 7. Apr CBI business optimism rose +12 to 33, better than expectations of +4 to 25 and the highest in 41 years.
The China Apr HSBC manufacturing PMI rose +0.3 to 48.3, right on expectations.

U.S. STOCK PREVIEW

Today’s March new home sales report is expected to show an increase of +2.3% to 450,000, recovering somewhat from the -3.3% decline to 440,000 seen in February. The Treasury today will sell $35 billion of 5-year T-notes. There are 41 of the S&P 500 companies that report earnings today. Notable reports include Apple (consensus $10.17), Facebook ($0.24), Texas Instrument (0.41), Procter & Gamble (1.02), General Dynamics (1.64), Johnson Controls (0.65). There are no equity conferences during the remainder of this week.

OVERNIGHT U.S. STOCK MOVERS

Procter & Gamble (PG -0.38%) reported Q3 EPS of $1.04, higher than consensus of $1.02.
Northrop Grumman (NOC -1.98%) reported Q1 EPS of $2.63, much better than consensus of $2.15.
Yum! Brands (YUM +1.93%) gained almost 3% in after-hours trading after it reported Q1 EPS ex-items of 87 cents, higher than consensus of 85 cents, and said Q1 same-store-sales in its China division were up 9%.
Boeing (BA -0.21%) announced that Shandong Airlines commits to order fifty 737s.
W. R. Berkley (WRB +0.22%) reported Q1 EPS of $1.25, well ahead of consensus of 79 cents.
Illumina (ILMN +4.79%) rose 6% in after-hours trading after it reported Q1 adjusted EPS of 53 cents, stronger than consensus of 44 cents, and then raised guidance on fiscal 2014 EPS view to $2.10-$2.15, higher than consensus of $2.05.
International Game (IGT +0.50%) reported Q2 adjusted EPS of 20 cents, higher than consensus of 19 cents.
Discover (DFS -0.18%) reported Q1 EPS of $1.31, better than consensus of $1.25.
C.R. Bard (BCR -0.01%) reported Q1 adjusted EPS $1.91, higher than consensus of $1.84.
Skechers (SKX +2.64%) reported Q1 EPS of 61 cents, nearly double consensus of 33 cents.
FMC Technologies (FTI +0.18%) reported Q1 EPS of 57 cents, higher than consensus of 50 cents.
Covanta (CVA +1.18%) reported a Q1 adjusted EPS loss of -3 cents, five times better than consensus of a -15 cent loss.
Juniper (JNPR +1.85%) reported Q1 adjusted EPS of 29 cents, right on consensus, but reported Q1 revenue of $1.17 billion, better than consensus of $1.15 billion.
Amgen (AMGN +1.95%) lost nearly 3% in after-hours trading after it reported Q1 EPS of $1.87, below consensus of $1.94.
Gilead (GILD +1.76%) climbed nearly 4% in pre-market trading after it reported Q1 EPS of $1.48, well above consensus of 89 cents.
Cree (CREE +0.85%) reported Q3 EPS of 39 cents, better than consensus of 38 cents.
VMware (VMW +0.30%) reported Q1 EPS of 80 cents, higher than consensus of 79 cents.
AT&T (T +0.64%) fell over 2% in pre-market trading even after it reported Q1 adjusted EPS of 71 cents, better than consensus of 70 cents.

MARKET COMMENTS

June E-mini S&Ps (ESM14 -0.12%) this morning are down -2.25 points (-0.12%). The S&P 500 index on Tuesday climbed to a 2-week high and closed higher. Supportive factors included (1) the -0.2% decline in U.S. Mar existing home sales to 4.59 million, stronger than expectations of -1.0% to 4.56 million, (2) the +14 point increase in the Apr Richmond Fed manufacturing index to 7, stronger than expectations of +9 to 2, and (3) strength in drug makers that rallied on increased M&A activity as more than $28 billion in M&A deals bolstered speculation of more takeovers in the drug sector. Closes: S&P 500 +0.41%, Dow Jones +0.40%, Nasdaq +0.81%.
Jun 10-year T-notes (ZNM14 +0.15%) this morning are up +6.5 ticks. Jun 10-year T-note futures prices on Tuesday fell to a 2-week low and closed lower. Bearish factors included (1) the rally in stocks which reduced the safe-haven demand for Treasuries, and (2) supply pressures as the Treasury auctions $96 billion of T-notes this week. Closes: TYM4 -3.50, FVM4 -3.50.
The dollar index (DXY00 -0.22%) this morning is down -0.174 (-0.22%). EUR/USD (^EURUSD) is up +0.0038 (+0.28%). USD/JPY (^USDJPY) is down -0.36 (-0.35%). The dollar index on Tuesday closed lower after a rally in the S&P 500 to a 2-week high reduced the safe-haven demand for the dollar. EUR/USD closed higher after Eurozone Apr consumer confidence rose +0.6 to -8.7, better than expectations of unch at -9.3 and the highest in 6-1/2 years. Closes: Dollar index -0.040 (-0.05%), EUR/USD +0.0012 (+0.09%), USD/JPY +0.014 (+0.01%).
Jun WTI crude oil (CLM14 -0.14%) this morning is down -33 cents (-0.32%) at a 1-week low and Jun gasoline (RBM14 +0.09%) is up +0.0027 (+0.09%). Jun crude and gasoline prices on Tuesday closed lower with Jun crude oil at a 1-1/2 week low. The main bearish factor was long liquidation spurred on by expectations that weekly EIA crude inventories on Wed will climb by 3 million bbl to a new 9-1/2 month high, the thirteenth increase in the last fourteen weeks. Closes: CLM4 -1.90 (-1.83%). RBM4 -0.0003 (-0.01%).

GLOBAL EVENT CALENDAR04/23/2014

US	0700 ET	Weekly MBA mortgage applications, previous +4.3% with purchase sub-index +1.3% and refi sub-index +6.9%.
	0945 ET	Markit Apr manufacturing PMI expected +0.5 to 56.0, Mar 55.5.
	1000 ET	Mar new home sales expected +2.3% to 450,000, Feb -3.3% to 440,000.
	1030 ET	EIA Weekly Petroleum Status Report.
	1300 ET	Treasury auctions $35 billion 5-year T-notes.
GER	0330 ET	German Apr Markit/BME manufacturing PMI expected +0.1 to 53.8, Mar 53.7. Apr composite PMI expected 0.3 to 54.0, Mar 54.3.
EUR	0400 ET	Eurozone Apr Markit manufacturing PMI expected unch at 53.0, Mar 53.0. Apr composite PMI expected -0.1 to 53.0, Mar 53.1.
UK	0430 ET	Minutes of the Apr 9-10 BOE policy meeting.
	0430 ET	UK Mar public sector net borrowing expected 8.5 billion pounds, Feb 7.5 billion pounds.
	0600 ET	UK Apr CBI trends total orders expected +1 to 7, Mar 6. Apr CBI trends selling prices expected -2 to 10, Mar 12. Apr CBI business optimism expected +4 to 25, Mar 21.
JPN	1950 ET	Japan Mar corporate service price index expected +0.7% y/y, Feb +0.7% y/y.

U.S. STOCK CALENDAR04/23/2014

Company Name	Ticker	Time	Event Description	Period	Estimate
Eaton Corp PLC	ETN US	2:00	Annual General Meeting	Y 2014
Air Products & Chemicals Inc	APD US	Bef-mkt	Q2 2014 Earnings Release	Q2 2014	1.354
Northrop Grumman Corp	NOC US	Bef-mkt	Q1 2014 Earnings Release	Q1 2014	2.152
Dr Pepper Snapple Group Inc	DPS US	Bef-mkt	Q1 2014 Earnings Release	Q1 2014	0.592
Praxair Inc	PX US	Bef-mkt	Q1 2014 Earnings Release	Q1 2014	1.508
Procter & Gamble Co/The	PG US	Bef-mkt	Q3 2014 Earnings Release	Q3 2014	1.017
Boeing Co/The	BA US	Bef-mkt	Q1 2014 Earnings Release	Q1 2014	1.542
Ryder System Inc	R US	Bef-mkt	Q1 2014 Earnings Release	Q1 2014	0.87
Thermo Fisher Scientific Inc	TMO US	Bef-mkt	Q1 2014 Earnings Release	Q1 2014	1.401
Dow Chemical Co/The	DOW US	Bef-mkt	Q1 2014 Earnings Release	Q1 2014	0.707
Biogen Idec Inc	BIIB US	Bef-mkt	Q1 2014 Earnings Release	Q1 2014	2.555
Delta Air Lines Inc	DAL US	Bef-mkt	Q1 2014 Earnings Release	Q1 2014	0.287
Gannett Co Inc	GCI US	Bef-mkt	Q1 2014 Earnings Release	Q1 2014	0.46
General Dynamics Corp	GD US	Bef-mkt	Q1 2014 Earnings Release	Q1 2014	1.636
TE Connectivity Ltd	TEL US	Bef-mkt	Q2 2014 Earnings Release	Q2 2014	0.91
Johnson Controls Inc	JCI US	Bef-mkt	Q2 2014 Earnings Release	Q2 2014	0.649
Amphenol Corp	APH US	Bef-mkt	Q1 2014 Earnings Release	Q1 2014	0.957
Reynolds American Inc	RAI US	Bef-mkt	Q1 2014 Earnings Release	Q1 2014	0.738
EMC Corp/MA	EMC US	7:00	Q1 2014 Earnings Release	Q1 2014	0.349
Ingersoll-Rand PLC	IR US	7:00	Q1 2014 Earnings Release	Q1 2014	0.258
Norfolk Southern Corp	NSC US	8:00	Q1 2014 Earnings Release	Q1 2014	1.148
Biogen Idec Inc	BIIB US	8:00	Q1 2014 Earnings Call	Q1 2014
Avery Dennison Corp	AVY US	8:30	Q1 2014 Earnings Release	Q1 2014	0.661
Procter & Gamble Co/The	PG US	8:30	Q3 2014 Earnings Call	Q3 2014
Thermo Fisher Scientific Inc	TMO US	8:30	Q1 2014 Earnings Call	Q1 2014
EMC Corp/MA	EMC US	8:30	Q1 2014 Earnings Call	Q1 2014
TE Connectivity Ltd	TEL US	8:30	Q2 2014 Earnings Call	Q2 2014
Norfolk Southern Corp	NSC US	8:45	Q1 2014 Earnings Call	Q1 2014
Dow Chemical Co/The	DOW US	9:00	Q1 2014 Earnings Call	Q1 2014
FMC Technologies Inc	FTI US	9:00	Q1 2014 Earnings Call	Q1 2014
General Dynamics Corp	GD US	9:00	Q1 2014 Earnings Call	Q1 2014
Reynolds American Inc	RAI US	9:00	Q1 2014 Earnings Call	Q1 2014
Yum! Brands Inc	YUM US	9:15	Q1 2014 Earnings Call	Q1 2014
Lam Research Corp	LRCX US	Aft-mkt	Q3 2014 Earnings Release	Q3 2014	1.165
Tractor Supply Co	TSCO US	Aft-mkt	Q1 2014 Earnings Release	Q1 2014	0.369
Crown Castle International Corp	CCI US	Aft-mkt	Q1 2014 Earnings Release	Q1 2014	1.12
Flowserve Corp	FLS US	Aft-mkt	Q1 2014 Earnings Release	Q1 2014	0.746
Equifax Inc	EFX US	Aft-mkt	Q1 2014 Earnings Release	Q1 2014	0.868
E*TRADE Financial Corp	ETFC US	Aft-mkt	Q1 2014 Earnings Release	Q1 2014	0.228
Varian Medical Systems Inc	VAR US	Aft-mkt	Q2 2014 Earnings Release	Q2 2014	1.028
Facebook Inc	FB US	Aft-mkt	Q1 2014 Earnings Release	Q1 2014	0.24
Xilinx Inc	XLNX US	Aft-mkt	Q4 2014 Earnings Release	Q4 2014	0.552
AvalonBay Communities Inc	AVB US	Aft-mkt	Q1 2014 Earnings Release	Q1 2014	1.628
Assurant Inc	AIZ US	Aft-mkt	Q1 2014 Earnings Release	Q1 2014	1.553
Cigna Corp	CI US		Annual General Meeting
Textron Inc	TXT US		Annual General Meeting