MORNING CALL 9/6

MORNING CALL

Tuesday, September 6th, 2016View Older Reports

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OVERNIGHT MARKETS AND NEWS

Sep E-mini S&Ps (ESU16 +0.09%) are up +0.09% and European stocks are up +0.18% on speculation that last Friday's weaker-than-expected U.S. Aug non-farm payrolls will keep the Fed from raising interest rates this month. Also, signs of increased M&A activity lifted stock prices with Monsanto up nearly 3% in pre-market trading after Bayer AG raised its takeover bid for a second time and said the two companies are in advanced talks. In addition, Navistar International surged 26% in pre-market trading after the WSJ reported that Volkswagen is said to be near a deal to take a 19.9% stake in the company. Energy-producing stocks are higher as well with crude oil prices up +1.33% after Saudi Arabia and Russia pledged to cooperate to stabilize oil markets, although they failed to announce any specific measures to boost prices. Asian stocks settled mostly higher: Japan +0.26%, Hong Kong +0.58%, China +0.61%, Taiwan +1.01%, Australia -0.29%, Singapore +1.47%, South Korea +0.50%, India +1.56%.

The dollar index (DXY00 -0.27%) is down -0.26%. EUR/USD (^EURUSD) is up +0.16%. USD/JPY (^USDJPY) is down -0.15% as the yen strengthened after Koichi Hamada, an economic advisor to Prime Minister Abe, said the BOJ should wait until after the Fed decides on interest rates before it acts itself.

Dec T-note prices (ZNZ16 +0.02%) are little changed, down -0.5 of a tick.

German Jul factory orders of +0.2% m/m and -0.7% y/y were weaker than expectations of +0.5% m/m and -0.2% y/y.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) final-Aug Markit services PMI (expected +0.2 to 51.1), (2) Aug ISM non-manufacturing PMI (expected -0.2 to 55.3, Jul-1.0 to 55.5), (3) San Francisco Fed President John Williams (non-voter) speaks on the economic outlook at an event in Reno, NV, (4) USDA weekly grain export inspections, (5) USDA Weekly Crop Progress.

Russell 1000 companies that report earnings today: Marvel Technology Group (consensus $0.11), Casey's General Stores (1.81).

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

Equity conferences during the remainder of this week include: Citi Global Technology Conference on Tue-Thu, Barclays CEO Energy Power Conference on Tue-Thu, Barclays Global Consumer Staples Conference on Tue-Thu, Barclays Back-to-School Conference on Tue-Thu, Cowen and Company Global Transportation Conference on Wed, Citi Biotech Conference on Wed, Avondale Partners Tech Services Conference on Wed, Goldman Sachs Global Retailing Conference on Wed-Thu, Drexel Hamilton Technology, Media and Telecom Conference on Wed-Thu, Keefe, Bruyette, & Woods Insurance Conference on Wed-Thu, Goldman Sachs Financial Technology Conference on Thu, Evercore ISI Real Estate Conference on Thu, Gabelli & Company Aircraft Supplier & Connectivity Conference on Thu.

OVERNIGHT U.S. STOCK MOVERS

Monsanto (MON +0.50%) is up nearly 3% in pre-market trading after Bayer AG raised its takeover bid for a second time as it up its offer to $127.50 a share and said the two companies are in advanced talks.

Navistar International (NAV +3.99%) soared over 25% in pre-market trading after the WSJ reported that Volkswagen is said to be near a deal to take a 19.9% stake in the company and a person with knowledge of the matter said the stake could ultimately provide a stepping stone for a full takeover.

Danaher (DHR -0.31%) agreed to buy Cepheid (CPHD +0.47%) in a deal valued at about $4 billion or $53 a share in cash, a 54% premium to last Friday's close.

State Street (STT +0.73%) was downgraded to 'Hold' from 'Buy' at Sandler O'Neill with a 12-month target price of $73.

CBS Corp. (CBS +0.35%) was rated a new 'Buy' at Drexel Hamilton LLC with a 12-month target price of $65.

Equinix (EQIX +1.28%) was upgraded to 'Outperform' from 'Market Perform' at Oppenheimer with an 18-month target price of $420.

Credit Acceptance (CACC -0.49%) was downgraded to 'Sell' from 'Neutral' at Compass Point Research & Trading LLC with a 12-month target price of $170.

Lions Gate Entertainment (LGF +1.34%) was rated a new 'Buy' at Brean Capital with a 12-month target price of $27.

AvalonBay Communities (AVB -0.20%) was upgraded to 'Buy' from 'Hold' at Sandler O'Neill with a 12-month target price of $200.

Herbalife (HLF +0.29%) gained almost 1% in after-hours trading after Carl Icahn disclosed that he bought 306,846 shares of Herbalife on Aug 31 at $60.39 to bring his total holdings to 19.6 million shares.

PennantPark Investment (PNNT +1.00%) rose 4% in after-hours trading after it declared a 28 cent quarterly dividend.

MARKET COMMENTS

Sep E-mini S&Ps (ESU16 +0.09%) this morning are up +2.00 points (+0.09%). Friday's closes: S&P 500 +0.42%, Dow Jones +0.39%, Nasdaq +0.31%. The S&P 500 on Friday closed higher on speculation the Fed may delay a rate hike after U.S. Aug non-farm payrolls rose +151,000, less than expectations of +180,000. Also, a rally in energy stocks boosted the overall market after the price of crude oil rose +2.97%. On the negative side was the +0.1% m/m and +2.4% y/y increase in U.S. Aug avg hourly earnings, weaker than expectations of +0.2% m/m and +2.5% y/y.

Dec 10-year T-notes (ZNZ16 +0.02%) this morning are down -0.5 of a tick. Friday's closes: TYZ6 -5.50, FVZ6 -0.50. Dec T-notes on Friday erased an early rally and closed lower as stocks rallied, which reduced the safe-haven demand for government debt. T-note prices were also weighed down on speculation that even though the increase in U.S. Aug non-farm payrolls (+151,000 vs. expectations of +180,000), was not as big as expected, it may still be strong enough for the Fed to raise interest rates.

The dollar index (DXY00 -0.27%) this morning is down -0.250 (-0.26%). EUR/USD (^EURUSD) is up +0.0018 (+0.16%). USD/JPY (^USDJPY) is down-0.15 (-0.15%). Friday's closes: Dollar index +0.191 (+0.20%), EUR/USD -0.0041 (-0.37%), USD/JPY +0.69 (+0.67%). The dollar index on Friday closed higher on speculation that Friday's U.S. Aug non-farm payrolls, although weaker than expected, is still strong enough to warrant a Fed interest rate increase. The dollar also garnered support from a weak yen as USD/JPY rallied to a 5-week high on expectations for the BOJ to expand stimulus while the Fed hikes rates.

Oct crude oil (CLV16 +1.22%) this morning is up +59 cents (+1.33%) and Oct gasoline (RBV16 +1.88%) is up +0.0245 (+1.88%). Friday's closes: CLV6 +1.28 (+2.97%), RBV6 +0.0169 (+1.33%). Oct crude oil and gasoline on Friday closed higher due to comments from Russian President Putin who said he'd like OPEC and Russia, producers of half of the world's oil, to reach a deal to freeze production with an exemption for Iran. A rally in stocks was also supportive for crude as it boosts confidence in the economic outlook and energy demand.

GLOBAL EVENT CALENDAR09/06/2016

		Tuesday, Sep 6
US	0945 ET	Revised Aug Markit services PMI expected +0.2 to 51.1, prelim-Aug -0.5 to 50.9.
	1000 ET	Aug ISM non-manufacturing PMI expected -0.2 to 55.3, Jul -1.0 to 55.5.
	1100 ET	USDA weekly grain export inspections.
	1600 ET	USDA Weekly Crop Progress.
	2115 ET	San Francisco Fed President John Williams (non-voter) speaks on the economic outlook at an event in Reno, NV.
GER	0200 ET	German Jul factory orders expected +0.6% m/m and -0.1% y/y, Jun-0.4% m/m and -3.1% y/y
	0330 ET	German Aug construction PMI, Jul 51.6.
UK	0400 ET	UK Aug new car registrations, Jul +0.1% y/y.
	1901 ET	UK Aug BRC shop price index, Jul -1.6% y/y.
EUR	0500 ET	Revised Eurozone Q3 GDP, previous +0.3% q/q and +1.6% y/y.
		Wednesday, Sep 7
US	0700 ET	Weekly MBA mortgage applications, previous +2.8% with purchase sub-index +1.3% and refi sub-index +3.7%.
	1000 ET	Jul JOLTS job openings, Jun +110,000 to 5.624 million.
	1400 ET	Fed Beige Book.
JPN	0100 ET	Japan Jul leading index CI expected -0.6 to 98.6, Jun 99.2. Jul coincident index expected +0.6 to 111.7, Jun 111.1.
	1950 ET	Revised Japan Q2 GDP, previous +0.2% (q/q annualized). Revised Q2 deflator, previous +0.8% y/y.
GER	0200 ET	German Jul industrial production expected +0.1% m/m and +0.1% y/y, Jun +0.8% m/m and +0.5% y/y.
UK	0330 ET	UK Aug Halifax house prices expected -0.3% m/m and +7.0% 3-mo/year-over-year, Jul -1.0% m/m and +8.4% 3-mo/year-over-year.
	0430 ET	UK Jul industrial production expected -0.3% m/m and +1.9% y/y, Jun +0.1% m/m and +1.6% y/y.
	0430 ET	UK Jul manufacturing production expected -0.4% m/m and +1.6% y/y, Jun -0.3% m/m and +0.9% y/y.
	1901 ET	UK Aug RICS house price balance expected 2%, Jul 5%.

U.S. STOCK CALENDAR09/06/2016

Company	Ticker	Time	Event Description	Period	Estimate
Marvell Technology Group Ltd	MRVL US	Bef-mkt	Q2 2017 Earnings Release	Q2 2017	0.111
Casey's General Stores Inc	CASY US	16:00	Q1 2017 Earnings Release	Q1 2017	1.806

MORNING CALL 5/10

MORNING CALL

Tuesday, May 10th, 2016View Older Reports

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OVERNIGHT MARKETS AND NEWS

Jun E-mini S&Ps (ESM16 +0.17%) are up +0.51% and European stocks are up +1.49% as strength in crude oil and metals prices lifts energy and commodity producers. A nearly 5% gain in Credit Suisse is leading European bank stocks higher after it reported a smaller-than-expected quarterly loss. Asian stocks settled mostly higher: Japan +2.15%, Hong Kong +0.43%, China +0.02%, Taiwan +0.30%, Australia +0.42%, Singapore -0.90%, South Korea +0.60%, India +0.33%. China's Shanghai Composite shook off early losses and closed higher after Chinese economic data showed Apr consumer prices matched expectations and declines in Apr producer prices moderated. A rally in Japanese exporters lifted the Nikkei Stock Index as USD/JPY climbed to a 1-week high.

The dollar index (DXY00 +0.12%) is up +0.09% at a 1-week high. EUR/USD (^EURUSD) is down -0.17% at a 1-week low. USD/JPY (^USDJPY) is up +0.71% at a 1-week high.

Jun T-note prices (ZNM16 unch) are down -2 ticks.

San Francisco Fed President Williams said that "very low inflation in most economies is the biggest issue for central banks today." He added that "the U.S. economy is in good shape, in part because the Federal Reserve took such aggressive and, in some cases, extraordinary actions to right the ship."

China Apr CPI rose +2.3% y/y, right on expectations and the fastest pace of increase in 1-3/4 years.

China Apr PPI fell -3.4% y/y, less than expectations of -3.7% y/y and the slowest pace of decline in 16 months.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Mar wholesale inventories (expected +0.1% m/m, Feb -0.5% m/m), (2) Mar JOLTS job openings (expected +5,000 to 5.450 million, Feb -159,000 to 5.445 million), and (3) the Treasury's auction of $24 billion of 3-year T-notes.

There are 4 of the S&P 500 companies that report earnings today: Walt Disney (consensus $1.40), CenterPoint Energy (0.31), Allergan (3.00), Electronic Arts (0.42).

U.S. IPO's scheduled to price today: Turning Point Brands (TPB).

Equity conferences during the remainder of this week include: Goldman Sachs Global Staples Forum on Tue, Bank of America Merrill Lynch Global Metals, Mining & Steel Conference on Tue, Credit Suisse REIT Conference on Tue, Wells Fargo Securities Gaming, Leisure & Restaurants Conference on Tue, Sterne Agee CRT Business Services Conference on Tue, The Boston Industrial and Environmental Services Conference on Tue, Citi Global Energy and Utilities Conference on Tue-Wed, Oppenheimer Industrial Growth Conference on Tue-Wed, Wells Fargo Industrial and Construction Conference on Tue-Wed, Bank of America Merrill Lynch Health Care Conference on Tue-Thu, Jefferies Technology, Media and Telecom Conference on Wed-Thu, Mitsubishi UFJ Oil & Gas Conference on Thu, Morgan Stanley Refining Corporate Access Day on Thu, RBC Capital Markets Aerospace & Defense Investor Day on Thu.

OVERNIGHT U.S. STOCK MOVERS

Rush Enterprises (RUSHA -1.96%) was upgraded to 'Buy' from 'Neutral' at Bank of America Merrill Lynch.

Hertz Global Holdings (HTZ -2.67%) fell over 1% in after-hours trading after it reported a Q1 adjusted EPS loss of -12 cents, weaker than consensus of -1cent.

The Gap (GPS +0.65%) sank 14% in pre-market trading after it reported April comparable store sales unexpectedly fell -7.0%, weaker than consensus of a +1.1% increase.

Consolidated Edison (ED +0.26%) fell 2% in after-hours trading after it announced plans for an 8.8 million share offering.

SolarCity (SCTY +3.07%) sank 18% in pre-market trading after it said Q1 bookings were 150 MW lower than expected and unlikely to be made up for by year end. The company then said it sees 2016 guidance of 1.0-1.1 GW installed, lower than a previous estimate of 1.25 GW.

Inflblox (BLOX -0.51%) dropped 9% in after-hours trading after lowered guidance on fiscal 2016 revenue to $354 million-$358 million from a prior view of $370 million-$380 million, weaker than consensus of $376.8 million.

Stamps.com (STMP +4.71%) surged over 15% in after-hours trading after it reported Q1 adjusted EPS of $1.72, well above consensus of $1.07, and then raised guidance on full-year adjusted EPS to $6.00-$6.50 from a previous estimate of $5.00-$5.50, higher than consensus of $5.27.

MaxLinear (MXL +0.37%) climbed over 3% in after-hours trading after it reported Q1 adjusted EPS of 47 cents, right on consensus, and said it will acquire Broadcom's wireless infrastructure backhaul business for $80 million.

Fiesta Restaurant Group (FRGI +1.31%) slumped over 10% in after-hours trading after it reported Q1 adjusted EPS of 37 cents, weaker than consensus of 40 cents.

Lattice Semiconductor (LSCC -2.26%) slid over 3% in after-hours trading after it reported a Q1 adjusted EPS loss of -1 cent, right on consensus, but said it sees Q2 revenue of $97 million-$103 million, below consensus of $107.3 million.

InvenSense (INVN -4.32%) fell nearly 7% in after-hours trading after it said it sees Q1 total revenue of $58 million-$62 million, well below consensus of $84.8 million.

Halozyme Therapeutics (HALO +2.32%) rose over 4% in after-hours trading after it raised guidance eon its 2016 revenue estimate to $130 million-$145 million from a previous estimate of $110 million-$125 million, above consensus of $121.8 million.

NewLink Genetics (NLNK +6.11%) plunged over 30% in after-hours trading after a Phase 3 study of its algenpantucel-L for patients with resected pancreatic cancer did not achieve the primary endpoint and found no statistical difference in overall survival.

MARKET COMMENTS

June E-mini S&Ps (ESM16 +0.17%) this morning are up +10.50 points (+0.51%). Monday's closes: S&P 500 +0.08%, Dow Jones -0.20%, Nasdaq +0.26%. The S&P 500 on Monday closed higher on positive carryover from a rally in European stocks after German Mar factory orders rose +1.9% m/m, stronger than expectations of +0.6% m/m and the biggest increase in 9 months. Stocks also received a boost from upbeat comments from Chicago Fed President Evans who said that U.S. economic fundamentals are "good." Stocks were underdcut by the -2.79% decline in China's Shanghai Composite after China Apr exports unexpectedly fell -1.8% y/y (vs expectations of unchanged) and by weakness in energy producers and mining stocks after crude oil fell -2.73% and copper prices tumbled -2.21% to a 3-1/2 week low.

June 10-year T-note prices (ZNM16 unch) this morning are down -2 ticks. Monday's closes: TYM6 +8.50, FVM6 +5.50. Jun T-notes on Monday closed higher on global economic concerns after China Apr exports unexpectedly declined and on reduced inflation expectations after the 10-year T-note breakeven inflation rate fell to a 2-1/2 week low.

The dollar index (DXY00 +0.12%) this morning is up +0.085 (+0.09%) at a 1-week high. EUR/USD (^EURUSD) is down -0.0019 (-0.17%) at a 1-week low. USD/JPY (^USDJPY) is up +0.77 (+0.71%) at a 1-week high. Monday's closes: Dollar Index +0.240 (+0.26%), EUR/USD -0.0021 (-0.18%), USD/JPY +1.20 (+1.12%). The dollar index on Monday rallied to a 1-week high and closed higher on comments from New York Fed President Dudley who said that while Friday's U.S. employment report was "a touch softer," it remains a "reasonable expectation" that the Fed will raise interest rates twice this year. In addition, USD/JPY rallied to a 1-week high after Japanese Finance Minister Aso said that the recent strength in the yen is "undesirable" and "it's natural that Japan has means to intervene" in the currency market.

June WTI crude oil (CLM16 -0.53%) this morning is up +17 cents (+0.39%). June gasoline (RBM16 +0.55%) is up +0.0185 (+1.28%). Monday's closes: CLM6 -1.22 (-2.73%), RBM6 -0.0535 (-3.58%). Jun crude oil and gasoline on Monday closed lower with Jun gasoline at a 2-1/2 week low. Crude oil prices were undercut by the rally in the dollar index to a 1-week high, reduced fire threats to Alberta oil-sands facilities as the wildfire switched directions, and reduced refinery demand for gasoline after the crack spread fell to a 2-1/2 month low.

GLOBAL EVENT CALENDAR05/10/2016

US	1000 ET	Mar wholesale inventories expected +0.1% m/m, Feb -0.5% m/m. Mar wholesale trade sales expected +0.5% m/m, Feb -0.2% m/m.
	1000 ET	Mar JOLTS job openings expected +5,000 to 5.450 million, Feb -159,000 to 5.445 million.
	1200 ET	USDA May WASDE crop production.
	1300 ET	Treasury auctions $24 billion 3-year T-notes.
GER	0200 ET	German Mar industrial production expected -0.2% m/m and +1.1% y/y, Feb -0.5% m/m and +1.3% y/y.
	0200 ET	German Mar trade balance expected +20.6 billion euros, Feb +20.2 billion euros. Mar exports expected unch m/m, Feb +1.3% m/m. Mar imports expected -0.3% m/m, Feb +0.5% m/m.

U.S. STOCK CALENDAR05/10/2016

Company	Ticker	Time	Event Description	Period	Estimate
Pentair PLC	PNR US	3:00	Annual General Meeting	Y 2016
CenterPoint Energy Inc	CNP US	Bef-mkt	Q1 2016 Earnings Release	Q1 2016	0.312
Allergan plc	AGN US	Bef-mkt	Q1 2016 Earnings Release	Q1 2016	3.005
Walt Disney Co/The	DIS US	Aft-mkt	Q2 2016 Earnings Release	Q2 2016	1.399
Electronic Arts Inc	EA US	Aft-mkt	Q4 2016 Earnings Release	Q4 2016	0.422
Danaher Corp	DHR US		Annual General Meeting
Loews Corp	L US		Annual General Meeting
ConocoPhillips	COP US		Annual General Meeting
Prudential Financial Inc	PRU US		Annual General Meeting
Wyndham Worldwide Corp	WYN US		Annual General Meeting
Scripps Networks Interactive Inc	SNI US		Annual General Meeting
Columbia Pipeline Group Inc	CPGX US		Annual General Meeting

MORNING CALL 3/9

MORNING CALL

Wednesday, March 9th, 2016View Older Reports

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OVERNIGHT MARKETS AND NEWS

March E-mini S&Ps (ESH16 +0.56%) are up +0.49% and European stocks are up +1.35% on speculation that the ECB on Thursday will deliver a package of easing measures to spur economic growth. Energy and raw-material producing stocks are higher as the price of crude oil and copper rose. Crude oil had initially moved lower after the API late yesterday reported a +4.4 million bbl increase in U.S. crude inventories. However, crude recovered losses and is up +1.53% on the outlook for lower future U.S. crude production after the EIA cut its U.S. 2017 crude output forecast. Asian stocks settled mixed: Japan -0.84%, Hong Kong -0.08%, China -1.34%, Taiwan -0.35%, Australia +0.96%, Singapore +1.14%, South Korea +0.29%, India +0.55%.

The dollar index (DXY00 +0.16%) is up +0.17%. EUR/USD (^EURUSD) is down -0.33%. USD/JPY (^USDJPY) is down -010% at a 1-week low.

Jun T-note prices (ZNM16 -0.27%) are down -11.5 ticks.

The Energy Information Administration (EIA) in its monthly Short-Term Energy Outlook projected that U.S. 2017 crude production will fall -5.5% y/y to 8.19 million bpd, less than the 8.46 million bpd previously forecast and a 4-year low.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) weekly MBA mortgage applications (previous -4.8% with purchase sub-index -0.6% and refi sub-index -7.2%), (2) Jan wholesale inventories (expected -0.2%, Dec -0.1% m/m) and Jan wholesale trade sales (expected -0.3% m/m, Dec -0.3% m/m), (3) the Treasury's auction of $20 billion of 10-year T-notes, (4) EIA Weekly Petroleum Status Report, and (5) USDA Mar WASDE crop production.

There are 2 of the Russell 1000 companies that report earnings today: Tahoe Resources (consensus $0.12), Square Inc (-0.14).

U.S. IPO's scheduled to price today: KLR Acquisition Group (KLREU)

Equity conferences this week include: Raymond James Institutional Investors Conference on Mon-Wed, J.P. Morgan Aviation, Transportation & Industrials Conference on Tue-Wed, Piper Jaffray Technology Symposium on Tue-Wed, RBC Capital Markets Financial Institutions Conference on Tue-Wed, UBS Global Consumer Conference on Wed-Thu, JPMorgan Chase & Co., Inc Aviation, Transportation and Industrials Conference on Tue-Thu, J.P. Morgan Gaming, Lodging, Restaurant & Leisure Management Access Forum on Thu.

OVERNIGHT U.S. STOCK MOVERS

CBS Corp. (CBS -1.58%) was upgraded to 'Outperform' from 'Market Perform' at Wells Fargo Securities.

Yelp (YELP -4.74%) and Groupon (GRPN -3.78%) were both downgraded to 'Sell' from 'Neutral' at UBS.

United Continental Holdings (UAL -2.20%) reported February traffic was up +2.7% and available seat miles were up +6%, but still sees Q1 passenger unit revenue down 6%-8% y/y due to a stronger dollar, lower surcharges, and softening domestic and international yields.

Ross Stores (ROST -0.26%) were downgraded to 'Neutral' from 'Buy' at Goldman Sachs.

Chipotle Mexican Grill (CMG -1.69%) fell nearly 4% in after-hours trading after it said it closed a store in Billerica, Massachusetts for cleaning after 4 workers at the store "were not feeling well."

Aerovironment (AVAV -0.30%) climbed over 7% in after-hours trading after it raised guidance on yearly gross profit margin to between 38%-39.5%, up from a December forecast of 37%-37.5%.

Blue Buffalo Pet Products (BUFF -4.72%) surged over 10% in after-hours trading after it reported Q4 adjusted EPS of 16 cents, higher than consensus of 14 cents, and then raised guidance on fiscal 2016 adjusted EPS to 72 cents-74 cents, higher than consensus of 70 cents.

NCI Building Systems (NCS -3.45%) rose over 3% in after-hours trading after it reported Q1 adjusted EPS of 7 cents, well above consensus of 2 cents, as Q1 sales rose to $370 million, above consensus of $363.8 million.

Amplify Snack Brands (BETR -1.60%) jumped over 9% in after-hours trading after it reported Q4 adjusted EPS of 13 cents, higher than consensus of 9 cents and then raised guidance on 2016 adjusted EPS to 61 cents-64 cents, above consensus of 57 cents.

Zagg Inc. (ZAGG -1.42%) slumped over 10% in after-hours trading after it reported Q4 GAAP EPS of 18 cents, weaker than consensus of 24 cents.

Cerus Corp. (CERS -5.51%) slid over 5% in after-hours trading after it said it sees 2016 global revenue of $37 million-$40 million, below consensus of $44.5 million.

MARKET COMMENTS

Mar E-mini S&Ps (ESH16 +0.56%) this morning are up +9.75 points (+0.49%). Tuesday's closes: S&P 500 -1.12%, Dow Jones -0.64%, Nasdaq -0.88%. The S&P 500 on Tuesday closed lower on concern that a slowdown in China will undercut global economic growth after China Feb exports fell -25.4%y/y, weaker than expectations of -14.5% y/y and the largest decline in 6-3/4 years. In addition, energy and commodity producers showed weakness after the price of crude oil and copper fell.

Jun 10-year T-notes (ZNM16 -0.27%) this morning are down -11.5 ticks. Tuesday's closes: TYM6 +18.50, FVM6 +11.25. Jun T-notes on Tuesday closed higher on increased safe-haven demand with the sell-off in stocks. T-notes also received a boost from Japanese government bonds where the 10-year JGB bond yield fell to a record low of -0.10%.

The dollar index (DXY00 +0.16%) this morning is up +0.163 (+0.17%). EUR/USD (^EURUSD) is down -0.0036 (-0.33%). USD/JPY (^USDJPY) is down-0.11 (-0.10%) at a 1-week low. Tuesday's closes: Dollar Index +0.138 (+0.14%), EUR/USD -0.0003 (-0.03%), USD/JPY -0.84 (-0.74%). The dollar index on Tuesday recovered from a 2-week low and closed higher on weakness in EUR/USD on the outlook for the ECB to expand stimulus when it meets on Thursday. The dollar also received a boost from weakness in GBP/USD after BOE official Weale said that if the outlook for inflation worsens, "the scope for further asset purchases is substantial."

Apr WTI crude (CLJ16 +1.78%) this morning is up +56 cents (+1.53%) and Apr gasoline (RBJ16 +2.02%) is up +0.0318 (+2.29%). Tuesday's closes: CLJ6 -1.40 (-3.69%), RBJ6 -0.0049 (-0.35%). Apr crude and gasoline on Tuesday closed lower on concern that a slowdown in China's economy will lead to slower global growth and energy demand after China Feb exports fell by the most in 6-3/4 years. Crude oil prices were also undercut by expectations that Wednesday's EIA data will show U.S crude supplies rose +3.5 million bbl. Crude oil prices found some underlying support on news that Chinese Feb crude oil imports rose +19% m/m to 31.8 MMT.

GLOBAL EVENT CALENDAR03/09/2016

US	0700 ET	Weekly MBA mortgage applications, previous -4.8% with purchase sub-index -0.6% and refi sub-index -7.2%.
	1000 ET	Jan wholesale inventories expected -0.2%, Dec -0.1% m/m. Jan wholesale trade sales expected -0.3% m/m, Dec -0.3% m/m.
	1030 ET	EIA Weekly Petroleum Status Report.
	1200 ET	USDA Mar WASDE crop production.
	1300 ET	Treasury auctions $20 billion 10-year T-notes.
JPN	0100 ET	Japan Feb machine tool orders, Jan -17.2% y/y.
	1850 ET	Japan Feb PPI expected -0.3% m/m and -3.4% y/y, Jan -0.9% m/m and -3.1% y/y.
UK	0430 ET	UK Jan industrial production expected +0.4% m/m and unch y/y, Dec -1.1% m/m and -0.4% y/y.
	0430 ET	UK Jan manufacturing production expected +0.2% m/m and -0.7% y/y, Dec -0.2% m/m and -1.7% y/y.
	1901 ET	UK Feb RICS house price balance expected 50%, Jan 49%.
CHI	2030 ET	China Feb CPI expected +1.8% y/y, Jan +1.8% y/y. Feb PPI expected -4.9% y/y, Jan -5.3% y/y.
	n/a	China Feb new yuan loans expected +1.2 trillion yuan, Jan +2.51 trillion yuan. Feb aggregate financing expected +1.790 trillion yuan, Jan +3.417 trillion yuan.

U.S. STOCK CALENDAR03/09/2016

Company	Ticker	Time	Event Description	Period	Estimate
Analog Devices Inc	ADI US	9:00	Annual General Meeting	Y 2016
Tyco International Plc	TYC US	10:00	Annual General Meeting	Y 2016
Whole Foods Market Inc	WFM US	11:00	Annual General Meeting	Y 2016
Danaher Corp	DHR US	17:00	ITC Decision Due in Instradent vs. Danaher Corp. Patent Case
Square Inc	SQ US	17:00	Q4 2015 Earnings Call	Q4 2015
Tahoe Resources Inc	THO CN	Aft-mkt	Q4 2015 Earnings Release	Q4 2015	0.122
Square Inc	SQ US	Aft-mkt	Q4 2015 Earnings Release	Q4 2015	-0.137

MORNING CALL 1/14

MORNING CALL

Thursday, January 14th, 2016View Older Reports

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OVERNIGHT MARKETS AND NEWS

March E-mini S&Ps (ESH16 +0.23%) are down -0.08% at a 3-1/2 month low and European stocks are down -2.67% at a 13-month low on global growth concerns. As expected, the BOE maintained its benchmark interest rate at 0.50% and kept its asset purchase target at 375 billion pounds following the conclusion of today's monetary policy meeting. U.S. stock index futures recovered from their worst levels as JPMorgan Chase climbed over +1% in pre-market trading after it reported better-than-expected Q4 earnings. Asian stocks settled mostly lower: Japan -2.68%, Hong Kong -0.59%, China +1.97%, Taiwan -1.04%, Australia -1.57%, Singapore -1.93%, South Korea -0.92%, India -0.33%. Japan's Nikkei Stock Index dropped to a 3-1/2 month low as it followed Wednesday's losses in U.S. stocks, although China's Shanghai Composite erased early losses and recovered from a 4-1/2 month low and closed higher on signs of increased government efforts to prop up shares after state funds entered the market to buy stocks and after Chinese stock exchanges vowed to step up monitoring of share sales by companies' major shareholders.

The dollar index (DXY00 -0.16%) is down -0.28%. EUR/USD (^EURUSD) is up +0.37%. USD/JPY (^USDJPY) is up +0.05%.

Mar T-note prices (ZNH16 -0.07%) are up +3.5 ticks on increased safe-haven demand as stocks falter along with reduced inflation expectations after the 10-year T-note breakeven inflation rate tumbled to a 3-1/2 month low.

The China Securities Regulatory Commission said the forthcoming registration system for initial public offerings won't lead to an oversupply of new shares.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) weekly initial unemployment claims (expected -2,000 to 275,000, previous -10,000 to 277,000) and continuing claims (expected -20,000 to 2.210 million, previous +25,000 to 2.230 million), (2) Dec import price index (expected -1.4% m/m and -8.4% y/y, Nov -0.4% m/m and -9.4% y/y), (3) St. Louis Fed President James Bullard's speech to the Economic Club of Memphis, and (4) the Treasury's auction of $13 billion 30-year T-bonds.

There are 3 of the Russell 1000 companies that report earnings today: JP Morgan Chase (consensus $1.27), Intel (0.63), First Republic Bank (0.81).

U.S. IPO's scheduled to price today: Shimmick Constructions Co (SCCI).

Equity conferences during the remainder of this week: J.P. Morgan Health Care Conference on Mon-Thu.

OVERNIGHT U.S. STOCK MOVERS

Alcoa (AA -2.06%) was downgraded to 'Hold' from 'Buy' at Argus.

JPMorgan Chase (JPM -2.75%) climbed over 1% in pre-market trading after it reported Q4 EPS of $1.40, better than consensus of $1.27.

Fiat Chrysler Automobiles NV (FCA -4.40%) dropped over 4% in pre-market trading after Automotive News reported that two dealerships alleged the company offered dealers money to falsify sales,

CSX Corp. (CSX -5.70%) was upgraded to 'Buy' from 'Hold' at BB&T Capital Markets with a 12-month price target of $27.

Extra Space Storage (EXR -1.06%) rose 2% in after-hours trading after it was reported that it will replace Chubb in the S&P 500 after the close of trading this Friday, January 15.

GoPro (GPRO +0.07%) slumped over 20% in after-hours trading after it reported preliminary Q4 revenue of $435 million, below consensus of $510.9 million, and said it will cut 7%, or about 100 employees from its workforce.

Vail Resorts (MTN -3.84%) climbed over 3% in after-hours trading after it reported lift ticket revenue at its U.S. resorts was up +19% for the current season through Jan 10.

KB Home (KBH -2.95%) gained over 1% in after-hours trading after it said it will buy back up to 10 million shares.

JetBlue (JBLU -4.26%) rose over 1% in after-hours trading after it reported a +11.3% y/y increase in December traffic and a +9.5% increase in capacity, or available seat miles, to 4.6 million.

World Wrestling Entertainment (WWE -4.05%) climbed over 3% in after-hours trading after it was reported that it will replace Wausau Paper in the S&P SmallCap 600 on the close of trading Wednesday, January 20.

Aqua America (WTR -0.95%) fell nearly 2% in after-hours trading after it forecast 2016 EPS of $1.30-$1.35, below consensus of $1.36.

U.S. Concrete (USCR -3.90%) gained 4% in after-hours trading after it was announced that it will replace Extra Space Storage in the S&P SmallCap 600 on the close of trading this Friday, January 15.

MARKET COMMENTS

Mar E-mini S&Ps (ESH16 +0.23%) this morning are down -1.50 (-0.08%) points at a 3-1/2 month low. Wednesday's closes: S&P 500 -2.50%, Dow Jones-2.21%, Nasdaq -3.48%. The S&P 500 on Wednesday slumped to a 3-1/4 month low and closed sharply lower on negative carryover from a -2.42% sell-off in the China Shanghai Composite to a 4-1/2 month low and weakness in energy producer stocks after weekly EIA data showed supplies of crude oil and refined products continue to grow. Consumer discretionary stocks were led lower by a 10% plunge in BorgWarner on disappointing 2016 sales guidance.

Mar 10-year T-notes (ZNH16 -0.07%) this morning are up +3.5 ticks. Wednesday's closes: TYH6 +7.50, FVH6 +4.00. Mar T-Notes on Wednesday rose to a 2-1/2 month high and closed higher on the plunge in stocks, which spurred safe-haven demand buying of T-notes, and by dovish comments from Chicago Fed President Evans who said he backs an "even shallower" path for fed funds rate increases than his FOMC colleagues.

The dollar index (DXY00 -0.16%) this morning is down -0.281 (-0.28%). EUR/USD (^EURUSD) is up +0.0040 (+0.37%). USD/JPY (^USDJPY) is up +0.06 (+0.05%). Wednesday's closes: Dollar Index -0.041 (-0.04%), EUR/USD +0.0019 (+0.17%), USD/JPY +0.03 (+0.03%). The dollar index on Wednesday closed lower on comments from Chicago Fed President Evans who said the cost of raising the fed funds rate too fast "far exceed" costs of removing accommodation too slowly, which signals that he is not in favor of raising interest rates anytime soon. In addition, the Fed Beige Book stated that U.S. wage pressures are subdued and overall prices pressures are minimal, which may cause the Fed to pause on additional interest rate increases.

Feb crude oil (CLG16 +1.38%) this morning is up +26 cents (+0.85%) and Feb gasoline (RBG16 +2.40%) is up +0.0182 (+1.73%). Wednesday's closes: CLG6 +0.04 (+0.13%), RBG6 -0.0320 (-2.95%). Feb crude oil and gasoline prices on Wednesday settled mixed with Feb gasoline at a 6-3/4 year low. Crude oil prices were undercut by the +8.44 million bbl surge in weekly EIA gasoline inventories to a 10-1/2 month high and the +6.14 million bbl increase in EIA distillate stockpiles to a 5-year high of 165.5 million bbl. Crude oil prices founds support on (1) the +234,000 bbl increase in EIA crude inventories, less than expectations of +2.0 million bbl, and (2) strong Chinese demand after Chinese customs data showed China 2015 crude imports rose +8.8% y/y to a record 334 MMT.

GLOBAL EVENT CALENDAR01/14/2016

US	0830 ET	Weekly initial unemployment claims expected -2,000 to 275,000, previous -10,000 to 277,000. Weekly continuing claims expected-20,000 to 2.210 million, previous +25,000 to 2.230 million.
	0830 ET	Dec import price index expected -1.4% m/m and -8.4% y/y, Nov -0.4% m/m and -9.4% y/y.
	0830 ET	USDA weekly Export Sales.
	0830 ET	St. Louis Fed President James Bullard speaks to the Economic Club of Memphis.
	1100 ET	Treasury announces amount of 10-year TIPS to be auctioned Jan 21 (previous $13 billion).
	1300 ET	Treasury auctions $13 billion 30-year T-bonds.
JPN	0100 ET	Japan Dec machine tool orders, Nov -17.7% y/y.
GER	0200 ET	German Dec wholesale price index, Nov -0.2% m/m and -1.1% y/y.
UK	0700 ET	BOE announces interest rate decision and asset purchase target, expected no change to the 0.50% benchmark rate or to the 375 billion pound asset purchase target.

U.S. STOCK CALENDAR01/14/2016

Company	Ticker	Time	Event Description	Period	Estimate
JPMorgan Chase & Co	JPM US	6:45	Q4 2015 Earnings Release	Q4 2015	1.27
Domino's Pizza Inc	DPZ US	8:00	Investor Day	Y 2016
First Republic Bank/CA	FRC US	8:00	Q4 2015 Earnings Release	Q4 2015	0.812
JPMorgan Chase & Co	JPM US	8:30	Q4 2015 Earnings Call	Q4 2015
Aqua America Inc	WTR US	9:00	Analyst Day	Y 2016
First Republic Bank/CA	FRC US	10:00	Q4 2015 Earnings Call	Q4 2015
Danaher Corp	DHR US	17:00	ITC Decision Due in Instradent vs. Danaher Corp. Patent Case
Intel Corp	INTC US	17:00	Q4 2015 Earnings Call	Q4 2015
Intel Corp	INTC US	Aft-mkt	Q4 2015 Earnings Release	Q4 2015	0.633
Best Buy Co Inc	BBY US		Sales Release

BARCHART MORNING CALL 5/13

BARCHART MORNING CALL 

Wednesday, May 13th, 2015View Older Reports

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OVERNIGHT MARKETS AND NEWS

June E-mini S&Ps (ESM15 +0.25%) this morning are up +0.27% and European stocks are up +0.85% after global bond markets rallied and after Eurozone Q1 GDP expanded as expected. The British pound fell back from a 4-3/4 month high against the dollar after the BOE cut its 2015 UK GDP forecast and after BOE Governor Carney signaled the BOE may keep interest rates at record lows for longer than expected. Asian stocks closed mixed: Japan +0.71%, Hong Kong -0.58%, China -0.58%, Taiwan +0.45%, Australia +0.71%, Singapore +0.31%, South Korea +0.70%, India +1.39%. China's Shanghai Composite Index closed lower after China Apr fixed-asset investment growth grew at the slowest pace in over 14 years and after China Apr industrial production rose less than expected.
Commodity prices are mostly higher. Jun crude oil (CLM15 +0.91%) is up +0.67% and Jun gasoline (RBM15 +0.33%) is up +0.17% ahead of today's EIA data where crude inventories are expected to fall -250,000 bbl. Metals prices are mixed. Jun gold (GCM15 +0.39%) is up +0.07%. Jul copper (HGN15 -0.12%) is down -0.12%. Agriculture prices are mixed.
The dollar index (DXY00 -0.11%) is down -0.04%. EUR/USD (^EURUSD) is up +0.08%. USD/JPY (^USDJPY) is down -0.12%.

Jun T-note prices (ZNM15 +0.20%) are up +8.5 ticks on a rebound in global government bond markets.
The BOE cut its 2015 UK GDP forecast to 2.5% from a 2.9% forecast in Feb and raised its 2015 inflation forecast to +0.6% from a Feb estimate of +0.5%. BOE Governor Carney said that "persistent headwinds continue to weigh on the U.K. economy" and that this may require "not only a more gradual rate of increase in bank rates than in previous cycles, but also require the level of bank rates to remain below average historical levels for some time to come."
Eurozone Q1 GDP rose +0.4% q/q and +1.0% y/y, right on expectations.
China Apr fixed asset investment (excluding rural households) rose +12.0% y/y, weaker than expectations of +13.5% y/y and the slowest pace of investment growth since Dec 2000.
China Apr industrial production rose +5.9% y/y, less than expectations of +6.0% y/y.

U.S. STOCK PREVIEW

Key U.S. reports today include: (1) weekly MBA mortgage applications (last week -4.6% with purchase sub-index +0.8% and refi sub-index -8.3%), (2) Apr retail sales (expected +0.2%, +0.5% ex autos, +0.6% ex-autos and gas after Mar's +0.9%, +0.4%, and +0.5%, respectively), (3) Apr import price index (expected +0.3% m/m and -9.7% y/y after March's -0.3% m/m and -10.5% y/y), (4) March business inventories (expected +0.2% after Feb's +0.3%), and (5) the Treasury's auction of $24 billion of 10-year T-notes.
There are 10 of the Russell 100 companies that report earnings today with notable reports including: Macy's (consensus $0.62), Cisco Systems (0.53), Ralph Lauren (1.32), JC Penney (-0.76).
U.S. IPO's scheduled to price today include: Fortress Transportation (FTAI), Galapagos ((GLPYY), Fenix Parts (FENX).
Equity conferences during the remainder of this week include: Citi Global Energy and Utilities Conference on Tue-Wed, Jefferies Global Technology, Media and Telecom Conference on Tue-Wed, Oppenheimer Industrials Conference on Tue-Wed, Bank of America Merrill Lynch Health Care Conference on Tue-Thu, Jefferies Global Technology, Media and Telecom Conference on Tue-Thu, Morgan Stanley E&P and Oil Services Conference on Tue-Thu, Bank of America Merrill Lynch Small-Mid Cap Conference on Wed, UBS Financial Services Conference on Wed, Credit Suisse Disruptive Technology Conference on Wed, JP Morgan Business Services Conference on Wed, Janney Montgomery Scott - Company Marketing : Biotechnology - Southeast on Wed, MoffettNathanson Media & Communications Summit on Wed-Thu, Bank of America Merrill Lynch Transportation Conference on Thu, Barclays Biotech CEO/CFO Conference on Thu, Royal Bank of Canada Aerospace & Defense Investor Day on Thu.

OVERNIGHT U.S. STOCK MOVERS

Microsoft (MSFT -0.04%) was upgraded to 'Buy' from 'Hold' at Deutsche Bank.
Danaher (DHR +2.92%) said it will separate into two independent, publicly traded companies.
Precision Castparts (PCP -0.62%) reported Q4 EPS of $2.94, below consensus of $2.95, and then lowered guidance on fiscal 2016 EPS to $12.50-$13.40, below consensus of $13.39.
Piper Jaffray kept its 'Overweight' rating on Acuity Brands (AYI +1.11%) and raised its price target on the stock to $207 from $194.
Vale (VALE -3.79%) was downgraded to 'Neutral' from 'Outperform' at Macquarie.
Humana (HUM +4.06%) was downgraded to 'Underperform' from 'Neutral' at Sterne Agee CRT.
American Eagle (AEO -1.40%) was upgraded to 'Outperform' from 'Market Perform' at Cowen.
Jefferies upgraded Magellan Health (MGLN +0.15%) to 'Buy' from 'Hold' with a $78 price target.
Kimberly-Clark (KMB -0.15%) was upgraded to 'Overweight' from 'Equal Weight' at Barclays.
AOL (AOL +18.62%) was upgraded to 'Neutral' from 'Sell' at Goldman Sachs.
Vertex (VRTX -2.61%) jumped over 7% in after-hours trading when it confirmed that an FDA panel voted 12-to-1 to recommend approval of its drug Orkambi for use in people with cystic fibrosis.
American Express (AXP -0.78%) rose nearly 2% in after-hours trading after it authorized a 150 million share repurchase and raised its dividend.
McKesson (MCK +0.44%) reported Q4 adjusted adjusted EPS of $2.94, higher than consensus of $2.75, although Q4 revenue of $44.93 billion was below consensus of $45.04 billion.

MARKET COMMENTS

June E-mini S&Ps (ESM15 +0.25%) this morning are up +5.75 points (+0.27%). Tuesday's closes: S&P 500 -0.29%, Dow Jones -0.20%, Nasdaq -0.41%. The S&P 500 on Tuesday closed lower on the sharp -150,000 drop in March JOLTS job openings and on New York Fed President Dudley's comment that the Fed's first rate increase since 2006 will usher in a "regime shift" that will stir financial markets when it occurs. Supportive factors included M&A activity after Verizon said it would buy AOL for $4.4 billion, and strength in energy producers after crude oil rallied.
Jun 10-year T-notes (ZNM15 +0.20%) this morning are up +8.5 ticks. Tuesday's closes: TYM5 +5.00, FVM5 +4.00. June T-notes on Tuesday recovered from a 4-1/4 month low and closed higher on the sharp -150,000 drop in March JOLTS job openings and on strong foreign demand for the Treasury's $24 billion auction of 3-year T-notes after indirect bidders, a proxy for foreign buyers, bought 52.7% of the auction, well above the 12-auction average of 39.3% and the most in 5 years. T-notes posted a 4-1/4 month low early on bearish carry-over from a surge in European and Japanese government bond yields.
The dollar index (DXY00 -0.11%) this morning is down -0.042 (-0.04%). EUR/USD (^EURUSD) is up +0.0009 (+0.08%). USD/JPY (^USDJPY) is down -0.14 (-0.12%). Tuesday's closes: Dollar Index -0.477 (-0.50%), EUR/USD +0.00584 (+0.52%), USD/JPY -0.215 (-0.18%). The dollar index on Tuesday closed lower on EUR strength as the rise in European government bond yields boosted the euro's interest rate differentials. EUR also saw some strength after Greece made its 750 million euro payment due Tuesday to the IMF and after Dutch Finance Minister Dijsselbloem, leader of the Eurozone finance ministers, said "we are making faster progress" in Greece's debt negotiations.
Jun WTI crude oil (CLM15 +0.91%) this morning is up +41 cents (+0.67%) and Jun gasoline (RBM15 +0.33%) is up +0.0035 (+0.17%). Tuesday's closes: CLM5 +1.50 (+2.53%), RBM5 +0.0561 (+2.82%). Jun crude oil and gasoline on Tuesday settled higher on a weaker dollar and expectations that Wednesday's EIA report will show that crude inventories fell -500,000 bbl. Oil prices also received a boost after the EIA's monthly drilling report said that U.S. oil production from shale production is set to decline in June to a 5-month low of 5.56 million bpd.

GLOBAL EVENT CALENDAR05/13/2015

US	0700 ET	Weekly MBA mortgage applications, previous -4.6% with purchase sub-index +0.8% and refi sub-index -8.3%.
	0830 ET	Apr retail sales expected +0.2%, +0.5% ex autos, +0.6% ex-autos and gas; Mar +0.9%, +0.4% ex autos, +0.5% ex-autos and gas.
	0830 ET	Apr import price index expected +0.3% m/m and -9.7% y/y, Mar -0.3% m/m and -10.5% y/y.
	1000 ET	Mar business inventories expected +0.2%, Feb +0.3%.
	1030 ET	EIA Weekly Petroleum Status Report.
	1300 ET	Treasury auctions $24 billion 10-year T-notes.
JPN	0030 ET	Japan Apr bankruptcies, Mar +5.52% y/y.
	0100 ET	Japan Apr eco-watchers survey current expected +0.1 to 52.3, Mar 52.2. Apr eco-watchers survey outlook expected -0.1 49 53.3, Mar 53.4.
CHI	0130 ET	China Apr industrial production expected +6.0% y/y, Mar +5.6% y/y.
	0130 ET	China Apr retail sales expected +10.4% y/y, Mar +10.2% y/y.
GER	0200 ET	German Q1 GDP expected +0.5% q/q and +1.3% y/y (nsa), Q4 +0.7% q/q and +1.6% y/y (nsa).
	0200 ET	Revised German Apr CPI (EU harmonized), previous -0.1% m/m and +0.3% y/y.
UK	0430 ET	UK Apr jobless claims change expected -20,000, Mar -20.700. Apr claimant count rate expected -0.1 to 2.2%, Mar 2.3%.
	0430 ET	UK Mar avg weekly earnings expected +1.7% 3-mo avg y/y, Feb +1.7% 3-mo avg y/y. Mar weekly earnings ex-bonus expected +2.1% 3-mo avg y/y, Feb +1.8% 3-mo avg y/y.
	0430 ET	UK Mar ILO unemployment rate expected -0.1 to 5.5% 3-months through Mar, previous 5.6% 3-month through Feb.
	0530 ET	BOE Quarterly Inflation Report.
	1901 ET	UK Apr RICS house price balance expected 22%, Mar 21%.
EUR	0500 ET	Eurozone Mar industrial production expected unch m/m and +1.9% y/y, Feb +1.1% m/m and +1.6% y/y.
	0500 ET	Eurozone Q1 GDP expected +0.4% q/q and +1.0% y/y, Q4 +0.3% q/q and +0.9% y/y.

U.S. STOCK CALENDAR05/13/2015

Company	Ticker	Time	Event Description	Period	Estimate
Macy's Inc	M US	Bef-mkt	Q1 2016 Earnings Release	Q1 2016	0.623
Precision Castparts Corp	PCP US	Bef-mkt	Q4 2015 Earnings Release	Q4 2015	2.947
Delta Air Lines Inc	DAL US	7:00	Delta Air Lines Releases Shareholder Returns Plan
WW Grainger Inc	GWW US	8:00	April 2015 Sales and Revenue Call	2015
WW Grainger Inc	GWW US	8:00	April 2015 Sales and Revenue Release	2015
Ingersoll-Rand PLC	IR US	8:00	Analyst and Investor Conference	Y 2015
Ralph Lauren Corp	RL US	8:00	Q4 2015 Earnings Release	Q4 2015	1.317
Anthem Inc	ANTM US	8:00	Annual General Meeting	Y 2015
EI du Pont de Nemours & Co	DD US	8:30	Annual General Meeting - Proxy Fight for Board Representation	Y 2015
Williams Cos Inc/The	WMB US	8:45	Analyst Day	Y 2015
Macy's Inc	M US	9:00	Q1 2016 Earnings Call	Q1 2016
Ralph Lauren Corp	RL US	9:00	Q4 2015 Earnings Call	Q4 2015
Akamai Technologies Inc	AKAM US	9:30	Annual General Meeting
Frontier Communications Corp	FTR US	10:00	Annual General Meeting
Precision Castparts Corp	PCP US	10:00	Q4 2015 Earnings Call	Q4 2015
American International Group Inc	AIG US	11:00	Annual General Meeting	Y 2015
Southwest Airlines Co	LUV US	11:00	Annual General Meeting	Y 2015
Hospira Inc	HSP US	11:00	Extraordinary Shareholders Meeting - M&A Vote	Y 2015
Cisco Systems Inc	CSCO US	16:05	Q3 2015 Earnings Release	Q3 2015	0.527
Cisco Systems Inc	CSCO US	16:30	Q3 2015 Earnings Call	Q3 2015
Charles Schwab Corp/The	SCHW US	17:00	Annual General Meeting
Murphy Oil Corp	MUR US		Annual General Meeting
Laboratory Corp of America Holdings	LH US		Annual General Meeting
National Oilwell Varco Inc	NOV US		Annual General Meeting
Yum! Brands Inc	YUM US		Investor Conference-China-Day 1	Y 2015
Sempra Energy	SRE US		Annual General Meeting
Chipotle Mexican Grill Inc	CMG US		Annual General Meeting