MORNING CALL 8/3

MORNING CALL

Wednesday, August 3rd, 2016View Older Reports

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OVERNIGHT MARKETS AND NEWS

Sep E-mini S&Ps (ESU16 -0.22%) are down -0.20% ahead of data on U.S. Jul ADP employment. Losses in U.S. stock index futures were limited as energy producing stocks rose as the price of crude oil (CLU16 +0.38%) climbed +0.51% after API data late yesterday showed U.S. oil inventories fell by -1.34 million bbl. European stocks are down -0.01% at a 3-week low as automakers fell after tire manufacturer Continental AG dropped over 1% when it reported Q2 revenue that was below expectations. Losses in European stocks were contained after the Eurozone Jul Markit composite PMI unexpectedly accelerated to the highest in six months. Activity in European trading was muted ahead of tomorrow's BOE policy meeting that is expected to show the BOE boosting easing measures to contain the Brexit fallout. Asian stocks settled mostly lower: Japan -1.88%, Hong Kong -1.76%, China +0.24%, Taiwan -0.74%, Australia-1.35%, Singapore -1.02%, South Korea -1.30%, India -1.02%. Chinese stocks closed higher after brokerage-related stocks rallied after people familiar with the matter said that China's futures exchange is planning to relax trading restrictions it implemented last year after China's stock market rout. Japan's Nikkei Stock Index fell to a 3-week low as exporter stocks sold-off when USD/JPY tumbled to a 3-week low on disappointment over the size of Prime Minister Abe's stimulus package.

The dollar index (DXY00 +0.20%) is up +0.20%. EUR/USD (^EURUSD) is down -0.20%. USD/JPY (^USDJPY) is up +0.36%.

Sep T-note prices (ZNU16 -0.01%) are down -1 tick.

The Eurozone Jul Markit composite PMI was revised upward to 53.2 from the originally reported 52.9, the fastest pace of expansion in 6 months.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) weekly MBA mortgage applications (previous -11.2% with purchase sub-index -3.3% and refi sub-index -15.1%), (2) Jul ADP employment (expected +170,000, Jun +172,000), (3) revised-Jul Markit services PMI (expected +0.1 to 51.0, prelim-Jul -0.5 to 50.9), (4) Jul ISM non-manufacturing PMI (expected -0.5 to 56.0, Jun +3.6 to 56.5), (5) EIA Weekly Petroleum Status Report.

There are 29 of the S&P 500 companies that report earnings today with notable reports including: Time Warner (consensus $1.17), Marathon Oil (-0.25), Allstate (0.58), ICE (3.38), Humana (2.28), Prudential Financial (2.50), MetLife (1.35), First Solar (0.54). TripAdvisor (0.42).

U.S. IPO's scheduled to price today: At Home Group (HOME), Atomera (ATMR)

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

OVERNIGHT U.S. STOCK MOVERS

American International Group (AIG -0.13%) gained over 2% in pre-market trading after it reported Q2 operating EPS of 98 cents, higher than consensus of 92 cents, and then said it will add up to $3 billion to its stock buyback plan.

Verisk Analytics (VRSK -1.34%) lost over 4% in after-hours trading after it reported Q2 adjusted EPS continuing operations of 73 cents, below consensus of 76 cents.

Hanesbrands (HBI -3.39%) fell nearly 5% in after-hours trading after it reported Q2 adjusted EPS of 51 cents, weaker than consensus of 52 cents.

Phillips 66 (PSX +2.55%) was upgraded to 'Outperform' from 'Market Perform' at Cowen.

Fitbit (FIT -3.87%) rose over 5% in after-hours trading after it reported Q2 adjusted EPS of 12 cents, above consensus of 11 cents.

Qorvo (QRVO -3.18%) slid over 7% in after-hours trading after it reported fiscal-year Q1 gross margin of 48.2%, weaker than consensus of 50% and then said it sees fiscal-year Q2 gross margin of 47%, below consensus of 50.3%.

Community Health Systems (CYH -3.02%) dropped over 12% in after-hours trading after it reported Q2 adjusted EPS continuing operations of 9 cents, well below consensus of 56 cents, and then lowered its view of 2016 EPS continuing operations to $1.40-$1.90 from a prior view of $2.50-$2.80.

Hudson Technologies (HDSN +7.41%) gained over 3% in after-hours trading after it reported Q2 EPS of 14 cents, higher than consensus of 11 cents.

Oclaro (OCLR -3.99%) rose over 9% in after-hours trading after it reported Q4 adjusted EPS of 11 cents, better than consensus of 6 cents, and then forecast Q1 revenue of $126 million-$134 million, above consensus of $118.6 million.

Stone Energy (SGY -1.16%) sank 20% in after-hours trading after it reported a Q2 adjusted loss of -$7.45, a bigger loss than consensus of -$6.12.

Big 5 Sporting Goods (BGFV +1.65%) climbed nearly 10% in after-hours trading after it reported Q2 net sales of $241.4 million, above consensus of $239 million.

ZAGG Inc. (ZAGG -0.31%) jumped over 11% in after-hours trading after it reported Q2 adjusted EPS of 11 cents, well above consensus of 2 cents.

Cray (CRAY -0.92%) plunged 20% in after-hours trading after it reported a Q2 adjusted EPS loss of -29 cents, a wider loss than consensus of -2 cents, and then cut its fiscal 2016 revenue estimate to in the range of $650 million, well below consensus of $796 million.

MARKET COMMENTS

Sep E-mini S&Ps (ESU16 -0.22%) this morning are down -4.25 points (-0.20%). Tuesday's closes: S&P 500 -0.64%, Dow Jones -0.49%, Nasdaq -0.77%. The S&P on Tuesday tumbled to a 2-1/2 week low and closed lower on the weaker-than-expected +0.2% increase in U.S. Jun personal income (vs expectations of +0.3%) and weakness in energy producers due to the -1.37% drop in crude oil prices to a new 3-1/2 month low. Stocks were also undercut by long liquidation pressures after the +9.4% rally in the S&P 500 over the past month to Monday's all-time high.

Sep 10-year T-notes (ZNU16 -0.01%) this morning are down -1 tick. Tuesday's closes: TYU6 -8.00, FVU6 -3.00. Sep T-notes on Tuesday closed lower on negative carry-over from a slide in German bund prices after Eurozone Jun PPI rose more than expected and the +0.4% increase in U.S. Jun personal spending (stronger than expectations of +0.3%).

The dollar index (DXY00 +0.20%) this morning is up +0.187 (+0.20%). EUR/USD (^EURUSD) is down -0.0023 (-0.20%). USD/JPY (^USDJPY) is up +0.36 (+0.36%). Tuesday's closes: Dollar index -0.649 (-0.68%), EUR/USD +0.0061 (+0.55%), USD/JPY -1.50 (-1.46%). The dollar index on Tuesday dropped to a 1-1/4 month low and closed lower on strength in EUR/USD which rallied to a 1-1/4 month high after Eurozone Jun PPI rose +0.7% m/m, the largest monthly increase in 3-3/4 years, perhaps keeping the ECB from expanding stimulus measures. In addition, USD/JPY fell to a 3-week low on a yen rally generated by some disappointment that the Japanese government announced only 4.6 trillion yen ($45 billion) in extra spending for the current fiscal year as part of its fiscal stimulus package.

Sep WTI crude oil (CLU16 +0.38%) this morning is up +20 cents (+0.51%) and Sep gasoline (RBU16 -0.41%) is down -0.0037 (-0.38%). Tuesday's closes: CLU6 -0.55 (-1.37%), RBU6 +0.0080 (+0.61%). Sep crude oil and gasoline on Tuesday settled mixed with Sep crude at a 3-1/2 month low. Crude oil was undercut by increased OPEC output as OPEC July crude production rose +130,000 bpd to a record 33.24 million bpd. Gasoline received a boost from the fall in the dollar index to a 1-1/4-month low and on increased refinery demand for gasoline as the crack spread rose to a 1-month high.

GLOBAL EVENT CALENDAR08/03/2016

		Wednesday, Aug 3
US	0700 ET	Weekly MBA mortgage applications, previous -11.2% with purchase sub-index -3.3% and refi sub-index -15.1%.
	0815 ET	Jul ADP employment change expected +170,000, Jun +172,000.
	0830 ET	Treasury announces amount of 3-year T-notes (previous $24 billion), 10-year T-notes (previous $20 billion) and 30-year T-bonds (previous $12 billion) to be auctioned Aug 9-11 in the Aug quarterly refunding.
	0945 ET	Revised Jul Markit services PMI expected +0.1 to 51.0; prelim-Jul -0.5 to 50.9. Revised Jul Markit composite PMI, prelim-Jul +0.3 to 51.5.
	1000 ET	Jul ISM non-manufacturing PMI expected -0.5 to 56.0, Jun +3.6 to 56.5.
	1030 ET	EIA Weekly Petroleum Status Report.
		Thursday, Aug 4
Thu	US	0730 ET	Jul Challenge job cuts, Jun -14.1% y/y.
		0830 ET	Weekly initial unemployment claims expected -1,000 to 265,000, previous +14,000 to 266,000. Weekly continuing claims expected-9,000 to 2.130 million, previous +7,000 to 2.139 million.
		0830 ET	USDA weekly Export Sales.
		1000 ET	Jun factory orders expected -1.9% and -0.2% ex transportation, May -1.0% and +0.1% ex-transportation.
	GER	0330 ET	German Jul Markit construction PMI, Jun 50.4.
	UK	0400 ET	UK Jul new car registrations, Jun -0.8% y/y.
		0700 ET	BOE Quarterly inflation report.
		0700 ET	BOE announces interest rate decision and asset purchase target, expected -25 bp cut to the benchmark rate to 0.25% and the asset purchase target to remain unch at 375 billion pounds.
	JPN	2000 ET	Japan Jun labor cash earnings expected +0.3% y/y, May -0.1%y/y. Jun real cash earnings, May +0.4% y/y.

U.S. STOCK CALENDAR08/03/2016

Company	Ticker	Time	Event Description	Period	Estimate
Clorox Co/The	CLX	Bef-mkt	Q4 2016 Earnings Release	Q4 2016	1.277
Dominion Resources Inc/VA	D	Bef-mkt	Q2 2016 Earnings Release	Q2 2016	0.708
Noble Energy Inc	NBL	Bef-mkt	Q2 2016 Earnings Release	Q2 2016	-0.286
Occidental Petroleum Corp	OXY	Bef-mkt	Q2 2016 Earnings Release	Q2 2016	-0.18
Time Warner Inc	TWX	Bef-mkt	Q2 2016 Earnings Release	Q2 2016	1.165
Xcel Energy Inc	XEL	Bef-mkt	Q2 2016 Earnings Release	Q2 2016	0.404
Spectra Energy Corp	SE	Bef-mkt	Q2 2016 Earnings Release	Q2 2016	0.266
Zoetis Inc	ZTS	Bef-mkt	Q2 2016 Earnings Release	Q2 2016	0.444
Delphi Automotive PLC	DLPH	6:45	Q2 2016 Earnings Release	Q2 2016	1.556
Humana Inc	HUM	7:30	Q2 2016 Earnings Release	Q2 2016	2.283
Intercontinental Exchange Inc	ICE	7:30	Q2 2016 Earnings Release	Q2 2016	3.378
American International Group Inc	AIG	8:00	Q2 2016 Earnings Call	Q2 2016
Time Warner Inc	TWX	8:30	Q2 2016 Earnings Call	Q2 2016
Intercontinental Exchange Inc	ICE	8:30	Q2 2016 Earnings Call	Q2 2016
Verisk Analytics Inc	VRSK	8:30	Q2 2016 Earnings Call	Q2 2016
Zoetis Inc	ZTS	8:30	Q2 2016 Earnings Call	Q2 2016
FMC Corp	FMC	9:00	Q2 2016 Earnings Call	Q2 2016
Spectra Energy Corp	SE	9:00	Q2 2016 Earnings Call	Q2 2016
Delphi Automotive PLC	DLPH	9:00	Q2 2016 Earnings Call	Q2 2016
Qorvo Inc	QRVO	9:00	Annual General Meeting
Concho Resources Inc	CXO	9:30	Q2 2016 Earnings Call	Q2 2016
CA Inc	CA	10:00	Annual General Meeting
Dominion Resources Inc/VA	D	10:00	Q2 2016 Earnings Call	Q2 2016
Noble Energy Inc	NBL	10:00	Q2 2016 Earnings Call	Q2 2016
Occidental Petroleum Corp	OXY	10:00	Q2 2016 Earnings Call	Q2 2016
ONEOK Inc	OKE	10:00	Q2 2016 Earnings Call	Q2 2016
Xcel Energy Inc	XEL	10:00	Q2 2016 Earnings Call	Q2 2016
Newfield Exploration Co	NFX	11:00	Q2 2016 Earnings Call	Q2 2016
Devon Energy Corp	DVN	11:00	Q2 2016 Earnings Call	Q2 2016
Clorox Co/The	CLX	13:30	Q4 2016 Earnings Call	Q4 2016
Twenty-First Century Fox Inc	FOXA	16:00	Q4 2016 Earnings Release	Q4 2016	0.369
Allstate Corp/The	ALL	16:15	Q2 2016 Earnings Release	Q2 2016	0.582
Twenty-First Century Fox Inc	FOXA	16:30	Q4 2016 Earnings Call	Q4 2016
Western Union Co/The	WU	16:30	Q2 2016 Earnings Call	Q2 2016
First Solar Inc	FSLR	16:30	Q2 2016 Earnings Call	Q2 2016
CenturyLink Inc	CTL	17:00	Q2 2016 Earnings Call	Q2 2016
CF Industries Holdings Inc	CF	17:00	Q2 2016 Earnings Release	Q2 2016	0.664
CenturyLink Inc	CTL	Aft-mkt	Q2 2016 Earnings Release	Q2 2016	0.595
Lincoln National Corp	LNC	Aft-mkt	Q2 2016 Earnings Release	Q2 2016	1.563
Tesoro Corp	TSO	Aft-mkt	Q2 2016 Earnings Release	Q2 2016	1.764
Marathon Oil Corp	MRO	Aft-mkt	Q2 2016 Earnings Release	Q2 2016	-0.245
Transocean Ltd	RIG	Aft-mkt	Q2 2016 Earnings Release	Q2 2016	-0.016
Albemarle Corp	ALB	Aft-mkt	Q2 2016 Earnings Release	Q2 2016	1.005
Prudential Financial Inc	PRU	Aft-mkt	Q2 2016 Earnings Release	Q2 2016	2.498
Western Union Co/The	WU	Aft-mkt	Q2 2016 Earnings Release	Q2 2016	0.401
MetLife Inc	MET	Aft-mkt	Q2 2016 Earnings Release	Q2 2016	1.349
Cimarex Energy Co	XEC	Aft-mkt	Q2 2016 Earnings Release	Q2 2016	-0.012
Equinix Inc	EQIX	Aft-mkt	Q2 2016 Earnings Release	Q2 2016	2.998
First Solar Inc	FSLR	Aft-mkt	Q2 2016 Earnings Release	Q2 2016	0.543
TripAdvisor Inc	TRIP	Aft-mkt	Q2 2016 Earnings Release	Q2 2016	0.418
American Water Works Co Inc	AWK	Aft-mkt	Q2 2016 Earnings Release	Q2 2016	0.73
Equinix Inc	EQIX	17:30	Q2 2016 Earnings Call	Q2 2016
Costco Wholesale Corp	COST	21:00	July 2016 Sales and Revenue Release	2016
Equifax Inc	EFX		Investor Meeting	Y 2016
Leucadia National Corp	LUK		Q2 2016 Earnings Release	Q2 2016	0.13

MORNING CALL 5/17

MORNING CALL

Tuesday, May 17th, 2016View Older Reports

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OVERNIGHT MARKETS AND NEWS

Jun E-mini S&Ps (ESM16 -0.10%) are little changed, down -0.05% and European stocks are up +0.12% as the price of crude oil rose to a 7-month high. Crude oil retreated from that high and is now unchanged in early trade, which pulled stocks back from their best levels. Home Depot rose over 1% in pre-market trading and gave recently battered retail stocks a lift after it raised guidance on its full-year EPS this year to $6.27, higher than expectations of $6.22. European stocks also received a boost from a rally in telecommunication stocks, led by a 2.4% gain in Vodafone Group Plc, after the company reported Q1 adjusted service revenue rose +1.8%, better than consensus of +1.5%. Asian stocks settled mostly higher: Japan +1.13%, Hong Kong +1.18%, China -0.25%, Taiwan +0.90%, Australia +0.69%, Singapore +1.65%, South Korea +0.09%, India +0.47%.

The dollar index (DXY00 unch) is down -0.02%. EUR/USD (^EURUSD) is down -0.04%. USD/JPY (^USDJPY) is up +0.47% at a 2-week high.

Jun T-note prices (ZNM16 -0.05%) are down -1.5 ticks.

In its monthly report published today, the Bundesbank said "growth in the German economy will probably lose momentum in the spring," even as the "solid underlying economic trend" is likely to stay intact.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Key U.S. reports today include: (1) Apr housing starts (expected +3.3% to 1.125 million, Mar -8.8% at 1.089 million), (2) Apr CPI (expected +0.3% m/m and +1.1% y/y, Mar +0.1% m/m and +0.9% y/y; Apr core CPI expected +0.2% m/m and +2.1% y/y, Mar +0.1% m/m and +2.2% y/y), (3) Apr industrial production (expected +0.3%, Mar -0.6%), and (4) San Francisco Fed President John Williams (non-voter) and Atlanta Fed President Dennis Lockhart (non-voter) interview on the U.S. economic outlook.

There are 2 of the Russell 1000 companies that report earnings today: Home Depot (consensus $1.35), TJX (0.71).

U.S. IPO's scheduled to price today: PhaseRX (PZRX)

Equity conferences today: Electrical Products Group Investor Conference on Mon-Wed, Bank of America Merrill Lynch Transportation Conference on Tue, Goldman Sachs Basic Materials Conference on Tue-Wed, Barclays Americas Select Franchise Conference on Tue-Wed, CBI's Life Sciences IT Governance and Cybersecurity Summit on Tue-Wed, Barclays Insurance Forum on Wed, MoffettNathanson Media and Communications Conference on Wed, BMO Capital Markets Farm to Market Conference on Wed-Thu, Citi Car of the Future Symposium on Thu, ITG Global Industrials Conference on Thu, Needham Emerging Technology Conference Thu, Business Analytics Innovation Summit on Thu-Fri, Medical Affairs Summit on Fri.

OVERNIGHT U.S. STOCK MOVERS

Hartford Financial Services Group (HIG -0.32%) was downgraded to 'Market Perform' from 'Outperform' at Wells Fargo Securities.

Home Depot (HD +1.66%) climbed over 1% in pre-market trading after it reported Q1 EPS of $1.44, higher than consensu sof $1.35, and then raised guidance on full-year EPS to $6.27 from a previous view of $6.12-$6.18.

Freeport-McMoRan (FCX +6.05%) is up over 3% in pre-market trading after Jeffries Group upgraded toe stock to 'Buy' from 'Hold.'

Bob Evans Farms (BOBE +0.43%) was rated a new 'Buy' at Maxim Group with a 12-month price target of $59.

Agilent Technologies (A +0.75%) climbed nearly 4% in after-hours trading after it raised guidance on fiscal 2016 adjusted EPS to $1.88-$1.92 from a March 7 estimate of $1.81-$1.87, above consensus of $1.86.

Office Depot (ODP -5.16%) gained over 2% in after-hours trading after the company hired Bain for a strategic review of its business.

Relypsa (RLYP +4.07%) dropped over 7% in after-hours trading after it reported no increase in April in the weekly average of new patients who began taking Veltassa with a free starter supply.

Amplify Snack Brands (BETR +0.39%) slid over 4% in after-hours trading after it started a 10-million share secondary offering of common stock.

Community Health Systems (CYH +2.00%) climbed nearly 4% in after-hours trading after Greenlight Capital Holdings reported a new stake in the company in Q1.

Akorn (AKRX +4.94%) rose over 1% in after-hours trading after it reported Q1 revenue of $268.3 million, better than consensus of $267.1 million.

Meritage Homes (MTH +0.77%) gained over 2% in after-hours trading after it said it sees Q2 EPS of 78 cents-85 cents, higher than consensus of 78 cents.

Globalstar (GSAT +12.24%) rose over 5% in after-hours trading after Greenlight Capital Holdings reported a new stake in the company in Q1.

Aegerion Pharmaceuticals (AEGR +33.53%) dropped over 13% in after-hours trading after it lowered guidance on full-year sales to $130 million-$150 million from a prior view of $160 million-$190 million, below consensus of $174.8 million.

MARKET COMMENTS

June E-mini S&Ps (ESM16 -0.10%) this morning are down -1.00 point (-0.05%). Monday's closes: S&P 500 +0.98%, Dow Jones +1.00%, Nasdaq +1.25%. The S&P 500 on Monday closed higher on strength in energy producer stocks after crude oil climbed to a 6-1/2 month high and on a rally in drug stocks on increased M&A activity after Pfizer agreed to buy Amacor Pharmaceuticals for $5.2 billion. Stocks were undercut by the -18.58 point plunge in the U.S. May Empire manufacturing index to -9.02, weaker than expectations of -3.56 to 6.50.

June 10-year T-note prices (ZNM16 -0.05%) this morning are down -1.5 ticks. Monday's closes: TYM6 -14.50, FVM6 -8.75. Jun T-notes on Monday closed lower on reduced safe-haven demand with the rally in stocks and on increased inflation expectations after crude oil rallied to a 6-1/2 month high.

The dollar index (DXY00 unch) this morning is down -0.023 (-0.02%). EUR/USD (^EURUSD) is down -0.0004 (-0.04%). USD/JPY (^USDJPY) is up +0.51 (+0.47%) at a 2-week high. Monday's closes: Dollar Index -0.036 (-0.04%), EUR/USD +0.0012 (+0.11%), USD/JPY +0.40 (+0.37%). The dollar index on Monday closed lower on strength in the currencies of the crude-producing countries of Russia and Canada after the price of crude soared to a 6-1/2 month high and on the weaker-than-expected May Empire manufacturing index and May HAHB housing market index.

June WTI crude oil (CLM16 unch) this morning is unchanged. June gasoline (RBM16 -0.26%) is down -0.0044 (-0.27%). Monday's closes: CLM6 +1.51 (+3.27%), RBM6 +0.0181 (+1.14%). Jun crude and gasoline on Monday closed higher with Jun crude at a 6-1/2 month high and Jun gasoline at an 8-1/2 month high. Crude oil prices were boosted by a weaker dollar, Chinese demand with the +2.4% y/y rise in China Apr crude processing to a record 10.93 million bpd, and stronger U.S. refinery demand for gasoline after the crack spread climbed to a 1-1/2 week high.

GLOBAL EVENT CALENDAR05/17/2016

US	0830 ET	Apr housing starts expected +3.3% to 1.125 million, Mar -8.8% at 1.089 million. Apr building permits expected +5.5% to 1.135 million, Mar -8.6% to 1.076 million.
	0830 ET	Apr CPI expected +0.3% m/m and +1.1% y/y, Mar +0.1% m/m and +0.9% y/y. Apr CPI ex food & energy expected +0.2% m/m and +2.1% y/y, Mar +0.1% m/m and +2.2% y/y.
	0915 ET	Apr industrial production expected +0.3%, Mar -0.6%. Apr manufacturing production, Mar -0.3%. Apr capacity utilization expected +0.2 to 75.0%, Mar -0.5 to 74.8%.
	1200 ET	San Francisco Fed President John Williams (non-voter) and Atlanta Fed President Dennis Lockhart (non-voter) interview on the U.S. economic outlook.
JPN	0030 ET	Revised Japan Mar industrial production, preliminary +3.6% m/m and +0.1% y/y.
	0030 ET	Japan Mar capacity utilization, Feb -5.4% m/m.
	1950 ET	Japan Q1 GDP expected +0.3% q/q annualized, Q4 -1.1% q/q annualized. Q1 GDP deflator expected +1.0% y/y, Q4 +1.5% y/y.
	1950 ET	Japan Q1 private consumption expected +0.2% q/q, Q4 -0.9% q/q. Q1 business spending expected -0.8% q/q, Q4 +1.5% q/q.
UK	0430 ET	UK Apr CPI expected +0.3% m/m and +0.5% y/y, Mar +0.4% m/m and +0.5% y/y. Apr core CPI expected +1.4% y/y, Mar +1.5% y/y.
	0430 ET	UK Apr RPI expected +0.3% m/m and +1.5% y/y, Mar +0.4% m/m and +1.6% y/y. Apr RPI ex mortgage interest payments expected +1.6% y/y, Mar +1.6% y/y.
	0430 ET	UK Apr PPI input prices expected +1.1% m/m and -6.7% y/y, Mar +2.0% m/m and -6.5% y/y.
	0430 ET	UK Apr PPI output prices expected +0.2% m/m and -0.8% y/y, Mar +0.3% m/m and -0.9% y/y. Apr PPI output core expected +0.1% m/m and +0.3% y/y, Mar +0.1% m/m and +0.2% y/y.
	0430 ET	UK Mar ONS house price, Feb +7.6% y/y.
CHI	2130 ET	China Apr property prices.

U.S. STOCK CALENDAR05/17/2016

Company	Ticker	Time	Event Description	Period	Estimate
Home Depot Inc/The	HD US	Bef-mkt	Q1 2017 Earnings Release	Q1 2017	1.352
Home Depot Inc/The	HD US	9:00	Q1 2017 Earnings Call	Q1 2017
TJX Cos Inc/The	TJX US	9:30	Q1 2017 Earnings Release	Q1 2017	0.708
Principal Financial Group Inc	PFG US	10:00	Annual General Meeting	Y 2016
Boston Properties Inc	BXP US	10:00	Annual General Meeting
JPMorgan Chase & Co	JPM US	11:00	Annual General Meeting	Y 2016
TJX Cos Inc/The	TJX US	11:00	Q1 2017 Earnings Call	Q1 2017
Electronic Arts Inc	EA US	11:00	Investor Day	Y 2016
Southwestern Energy Co	SWN US	12:00	Annual General Meeting
Amazon.com Inc	AMZN US	12:00	Annual General Meeting	Y 2016
Juniper Networks Inc	JNPR US	12:00	Investor Day	Y 2016
Gap Inc/The	GPS US	13:00	Annual General Meeting	Y 2016
Morgan Stanley	MS US	14:00	Annual General Meeting
Essex Property Trust Inc	ESS US	16:00	Annual General Meeting	Y 2016
Charles Schwab Corp/The	SCHW US	17:00	Annual General Meeting
Time Warner Cable Inc	TWC US	Aft-mkt	Digital Realty Trust Replaces Time Warner Cable in S&P 500
Equifax Inc	EFX US		Investor Meeting - London	Y 2016
Leggett & Platt Inc	LEG US		Annual General Meeting
General Growth Properties Inc	GGP US		Annual General Meeting	Y 2016
Newfield Exploration Co	NFX US		Annual General Meeting
Realty Income Corp	O US		Annual General Meeting
Diamond Offshore Drilling Inc	DO US		Annual General Meeting
FirstEnergy Corp	FE US		Annual General Meeting	Y 2016

BARCHART MORNING CALL 10/15

BARCHART MORNING CALL

Thursday, October 15th, 2015View Older Reports

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OVERNIGHT MARKETS AND NEWS

December E-mini S&Ps (ESZ15 +0.71%) are up +0.69% and European stocks are up +1.53% as global stocks and emerging-market currencies rallied on speculation that a Fed interest rate increase has been pushed back into next year. European stocks rose further and EUR/USD fell back from a 1-1/2 month high on signs that the ECB is concerned about deflation and may expand QE after ECB Governing Council member Nowotny said both headline and core inflation in the Eurozone are "clearly missing our target," which contrasts from comments he made three weeks ago when he said there was "equilibrium" in prices. Asian stocks settled higher: Japan +1.15%, Hong Kong +2.00%, China +2.32%, Taiwan +0.93%, Australia +0.63%, Singapore +1.05%, South Korea +1.20%, India +0.86%. China's Shanghai Composite rallied up to a 1-1/2 month high after the Chinese government unveiled a $36 billion plan to reorganize China's telecom industry, which bolstered speculation the government will accelerate reforms of state-owned companies to revive economic growth.

The dollar index (DXY00 +0.17%) is up +0.17% as it rebounds from an overnight 1-1/2 month low. EUR/USD (^EURUSD) is down -0.31% and retreated from a 1-1/2 month high after comments from ECB Governing Council member Nowotny fueled speculation the ECB may expand QE. USD/JPY (^USDJPY) is down -0.45% to a 1-1/2 month low.

Dec T-note prices (ZNZ15 -0.10%) are down -3.5 ticks.

ECB Governing Council member Nowotny hinted that the ECB may need to expand QE measures when he said both headline and core inflation in the Eurozone are "clearly missing our target" and that "additional" steps may be necessary to achieve growth.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) weekly initial unemployment claims (expected +7,000 to 270,000, previous -13,000 to 263,000) and continuing claims (expected -4,000 to 2.200 million, previous +9,000 to 2.204 million), (2) Sep CPI (expected -0.2% m/m and -0.1% y/y, Aug -0.1% m/m and +0.2% y/y) and Sep CPI ex food & energy (expected +0.1% m/m and +1.8% y/y, Aug +0.1% m/m and +1.8% y/y), (3) Oct Empire manufacturing survey general business conditions (expected +6.67 to -8.00, Sep +0.25 to -14.67), (4) Oct Philadelphia Fed outlook survey diffusion index (expected +4.0 to -2.0, Sep -14.3 to -6.0), (5) New York Fed President William Dudley's speech at the Brookings Institute in Washington, D.C. about how the Fed should decide the appropriate level of interest rates, (6) St. Louis Fed President James Bullard's opening remarks at the St. Louis Fed’s annual fall policy conference, (7) Cleveland Fed President Loretta Mester's speech at the NYU Stern Center for Global Business and Economy,

There are 13 of the S&P 500 companies report earnings today with notable reports including Goldman Sachs (consensus $3.00), Citigroup ($1.27), UnitedHealth Group (1.64), Mattel (0.80), Schlumberger (0.77), Wynn Resorts (0.85).

U.S. IPO's scheduled to price today: Adesto Technologies (IOTS), Fuling Global (FORK), American Farmland Co (AFCO).

Equity conferences during the remainder of this week include: Energy Storage North America Conference on Thu, and Moody's UK Water Sector Conference on Thu.

OVERNIGHT U.S. STOCK MOVERS

UnitedHealth Group (UNH -1.55%) reported Q3 EPS of $1.65, better consensus of $1.64.

PPG Industries (PPG +0.14%) reported Q3 EPS of $1.61, higher than consensus of $1.57.

Philip Morris International (PM +0.08%) reported Q3 EPS of $1.24 above consensus of $1.12.

Goldman Sachs (GS -0.81%) reported Q3 qdjusted EPS of $2.64, well below consensus of $3.00.

Garmin Ltd. (GRMN +0.38%) fell over 10% in pre-market trading after it reported preliminary adjusted Q3 EPS of 51 cents, weaker than consensus of 64 cents, and then lowered guidance on fiscal 2015 EPS to $2.25 from a July estimate of $2.65, well below consensus of $2.62.

Manitowoc (MTW -2.91%) plunged 12% in after-hours trading after it forecast Q3 preliminary sales of $863 million, weaker than consensus of $942 million.

Dexcom (DXCM -6.35%) jumped nearly 10% in after-hours trading after it reported preliminary Q3 revenue of $105 million, higher than consensus of $97.9 million

Xilinx (XLNX +2.02%) rose nearly 4% in after-hours trading after it reported Q2 EPS of 48 cents, better than consensus of 46 cents.

HCA Holdings (HCA +0.21%) tumbled over 9% in after-hours trading after it reported Q3 EPS of $1.17, below consensus of $1.22. Community Health Systems (CYH -0.90%) also fell over 6% and Tenet Healthcare (THC -2.48%) slipped 9% in after-hours trading on the weaker-than-expected earnings from HCA Holdings.

Netflix (NFLX +0.46%) fell over 3% in after-hours trading after it reported Q3 EPS of 7 cents, less than consensus of 8 cents.

MBIA Inc. (MBI +1.72%) jumped over 9% and Assured Guaranty (AGO +1.41%) rose over 1% in after-hours trading after the WSJ reported that Puerto Rico and U.S. officials are discussing issuance of a "superbond" to help restructure Puerto Rico's debt.

Imprivata (IMPR -3.30%) slumped over 30% in after-hours trading after it reported a preliminary Q3 adjusted EPS loss of -22 cents to -23 cents, a bigger loss than consensus of -20 cents.

MARKET COMMENTS

Dec E-mini S&Ps (ESZ15 +0.71%) this morning are up +13.75 points (+0.69%). Wednesday's closes: S&P 500 -0.47%, Dow Jones -0.92%, Nasdaq-0.14%. The S&P 500 on Wednesday closed lower on carryover weakness from a slide in global stocks on Chinese economic concerns after China Sep PPI fell -5.9% y/y, the steepest decline in 6 years. There were also concerns about the pace of U.S. growth after the U.S. Sep retail sales report of +0.1% and-0.3% ex autos was weaker than expectations of +0.2% and -0.1% ex autos. Also, WalMart fell by -10% to a 3-1/3 year low after the world's largest retailer forecast earnings will drop by 6-12% in fiscal 2017, weaker than analysts' projections for a +4% increase.

Dec 10-year T-notes (ZNZ15 -0.10%) this morning are down -3.5 ticks. Wednesday's closes: TYZ5 +22.00, FVZ5 +13.25. Dec T-notes on Wednesday rose to a 1-1/2 week high and settled higher on the weaker-than-expected U.S. Sep retail sales and Sep PPI reports, which reduce the chance of a Fed interest rate increase this year. T-notes also received a boost from the slide in global stocks, which boosts the safe-haven demand for Treasuries.

The dollar index (DXY00 +0.17%) this morning is up +0.161 (+0.17%). EUR/USD (^EURUSD) is down -0.0036 (-0.31%). USD/JPY (^USDJPY) is down-0.54 (-0.45%) at a 1-1/2 month low. Wednesday's closes: Dollar Index -0.828 (-0.87%), EUR/USD +0.0095 (+0.83%), USD/JPY -0.92 (-0.77%). The dollar index on Wednesday tumbled to a 1-1/2 month low and closed lower on increased chances for a further Fed rate hike delay after the weaker-than-expected U.S. Sep PPI and Sep retail sales reports. In addition, the China Sep PPI fell by the most in 6 years, which suggests weak Chinese product demand.

Nov crude oil (CLX15 -1.14%) this morning is down -54 cents (-1.16%) at a 1-week low and Nov gasoline (RBX15 +1.01%) is up +0.0144 (+1.10%). Wednesday's closes: CLX5 -0.02 (-0.04%), RBX5 +0.0068 (+0.52%). Nov crude oil and gasoline on Wednesday settled mixed with Nov crude falling to a 1-week low and Nov gasoline posting a 9-month low. Crude oil prices were undercut by the weak U.S. retail sales report and Chinese PPI report and by expectations that Thursday's weekly EIA inventory data will show that U.S. crude inventories rose +2.6 million bbl and Cushing stockpiles rose +900,000 bbl. Crude oil prices found some underlying support from the decline in the dollar index to a 1-1/2 month low.

GLOBAL EVENT CALENDAR10/15/2015

US	0830 ET	Weekly initial unemployment claims expected +7,000 to 270,000, previous -13,000 to 263,000. Weekly continuing claims expected -4,000 to 2.200 million, previous +9,000 to 2.204 million.
	0830 ET	Sep CPI expected -0.2% m/m and -0.1% y/y, Aug -0.1% m/m and +0.2% y/y. Sep CPI ex food & energy expected +0.1% m/m and +1.8% y/y, Aug +0.1% m/m and +1.8% y/y.
	0830 ET	Oct Empire manufacturing survey general business conditions expected +6.67 to -8.00, Sep +0.25 to -14.67.
	1000 ET	Oct Philadelphia Fed outlook survey diffusion index general conditions expected +4.0 to -2.0, Sep -14.3 to -6.0.
	1030 ET	New York Fed President William Dudley speaks at the Brookings Institute in Washington, D.C. about how the Fed should decide the appropriate level of interest rates.
	1030 ET	St. Louis Fed President James Bullard makes opening remarks at the St. Louis Feds annual fall policy conference.
	1100 ET	EIA Weekly Petroleum Status Report.
	1100 ET	Treasury announces amount of 30-year TIPS to be auctioned Oct 22.
	1630 ET	Cleveland Fed President Loretta Mester speaks at the NYU Stern Center for Global Business and Economy.
JPN	0030 ET	Revised Japan Aug industrial production, Jul -0.5% m/m and +0.2% y/y.
	0030 ET	Japan Aug capacity utilization, Jul -0.2% m/m.
	0030 ET	Japan Aug tertiary industry index expected unch m/m, Jul +0.2% m/m.

U.S. STOCK CALENDAR10/15/2015

Company	Ticker	Time	Event Description	Period	Estimate
PPG Industries Inc	PPG US	Bef-mkt	Q3 2015 Earnings Release	Q3 2015	1.571
Charles Schwab Corp/The	SCHW US	Bef-mkt	Q3 2015 Earnings Release	Q3 2015	0.267
UnitedHealth Group Inc	UNH US	Bef-mkt	Q3 2015 Earnings Release	Q3 2015	1.64
KeyCorp	KEY US	Bef-mkt	Q3 2015 Earnings Release	Q3 2015	0.267
US Bancorp	USB US	Bef-mkt	Q3 2015 Earnings Release	Q3 2015	0.811
BB&T Corp	BBT US	5:45	Q3 2015 Earnings Release	Q3 2015	0.686
Philip Morris International Inc	PM US	7:00	Q3 2015 Earnings Release	Q3 2015	1.122
Goldman Sachs Group Inc/The	GS US	7:30	Q3 2015 Earnings Release	Q3 2015	3
Citigroup Inc	C US	8:00	Q3 2015 Earnings Release	Q3 2015	1.274
BB&T Corp	BBT US	8:00	Q3 2015 Earnings Call	Q3 2015
UnitedHealth Group Inc	UNH US	8:45	Q3 2015 Earnings Call	Q3 2015
KeyCorp	KEY US	9:00	Q3 2015 Earnings Call	Q3 2015
Philip Morris International Inc	PM US	9:00	Q3 2015 Earnings Call	Q3 2015
US Bancorp	USB US	9:30	Q3 2015 Earnings Call	Q3 2015
Goldman Sachs Group Inc/The	GS US	9:30	Q3 2015 Earnings Call	Q3 2015
Citigroup Inc	C US	11:00	Q3 2015 Earnings Call	Q3 2015
PPG Industries Inc	PPG US	14:00	Q3 2015 Earnings Call	Q3 2015
People's United Financial Inc	PBCT US	16:00	Q3 2015 Earnings Release	Q3 2015	0.218
Mattel Inc	MAT US	16:05	Q3 2015 Earnings Release	Q3 2015	0.795
Wynn Resorts Ltd	WYNN US	16:30	Q3 2015 Earnings Call	Q3 2015
Mattel Inc	MAT US	17:00	Q3 2015 Earnings Call	Q3 2015
People's United Financial Inc	PBCT US	17:00	Q3 2015 Earnings Call	Q3 2015
Schlumberger Ltd	SLB US	Aft-mkt	Q3 2015 Earnings Release	Q3 2015	0.766
Wynn Resorts Ltd	WYNN US	Aft-mkt	Q3 2015 Earnings Release	Q3 2015	0.851
PG&E Corp	PCG US	21:30	Commonwealth Club of San Francisco Presents CEO, Tony Earley
American Express Co	AXP US		Credit-card Charge-offs and Delinquencies
JPMorgan Chase & Co	JPM US		Credit-card Charge-offs and Delinquencies
Bank of America Corp	BAC US		Credit-card Charge-offs and Delinquencies
Citigroup Inc	C US		Credit-card Charge-offs and Delinquencies
Morgan Stanley	MS US		Credit-card Charge-offs and Delinquencies
Capital One Financial Corp	COF US		Credit-card Charge-offs and Delinquencies
Discover Financial Services	DFS US		Credit-card Charge-offs and Delinquencies