MORNING CALL 6/7

MORNING CALL

Tuesday, June 7th, 2016View Older Reports

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OVERNIGHT MARKETS AND NEWS

Jun E-mini S&Ps (ESM16 +0.25%) are up +0.26% at a contract high and European stocks are up 1.40%. Global stock markets rose on upbeat comments from Fed Chair Yellen on Monday when she said that positive developments outweigh negative developments in the U.S. economy and as she reiterated that the Fed will only gradually raise interest rates. A +0.50% rally in crude oil is also giving energy producing stocks a lift. European stocks also received a boost after Eurozone Q1 GDP was revised upward. Asian stocks settled higher: Japan +0.58%, Hong Kong +1.42%, China +0.07%, Taiwan +0.96%, Australia +0.20%, Singapore +0.59%, South Korea +1.42%, India +0.87%.

The dollar index (DXY00 +0.03%) is down -0.06%. EUR/USD (^EURUSD) is up +0.04%. USD/JPY (^USDJPY) is up +0.20%.

Sep T-note prices (ZNU16 -0.07%) are down -2.5 ticks.

Eurozone Q1 GDP was revised upward to +0.6% q/q and +1.7% y/y from the originally reported +0.5% q/q and +1.5% y/y.

China May foreign reserves fell to $3.192 trillion, more than expectations of $3.2 trillion and the lowest level in 4-1/3 years.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) final-Q1 non-farm productivity (expected -0.6%, prelim-Q1 -1.0%) and final-Q1 unit labor costs (expected +4.0%, prelim-Q1 +4.1%), (2) Treasury auctions $24 billion of 3-year T-notes, (3) Apr consumer credit (expected +$18.0 billion, Mar +$29.674 billion).

There are 3 of the Russell 1000 companies that report earnings today: Michaels Cos (consensus $0.35), HD Supply (0.47), VeriFone (0.52).

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

Equity conferences during the remainder of this week include: Gaming Restaurant & Leisure Conference on Mon-Tue, RBC Global Energy & Power Executive Conference on Mon-Tue, Stifel Technology, Internet & Media Investor Conference on Mon-Tue, American Society of Clinical Oncology Annual Meeting on Mon-Thu, Bank of America Merrill Lynch Global Telecom & Media Conference on Tue, Goldman Sachs European Financials Conference on Tue, NAREIT REITWeek Investor Forum on Tue-Wed, Stephens Spring Investment Conference on Tue-Wed, Goldman Sachs Global Health Care Conference on Tue-Thu, Jefferies Global Health Care Conference on Tue-Thu, Baird Global Consumer, Technology and Services Conference on Tue-Thu, BioTechnology Industry Organization International Convention on Wed, Deutsche Bank Global Industrials and Materials Summit on Wed-Thu, Sandler O'Neill Global Exchange and Brokerage Conference on Wed-Thu, Gabelli & Company Movie & Entertainment Conference on Thu, Susquehanna Financial Group Energy and Industrials Conference on Thu.

OVERNIGHT U.S. STOCK MOVERS

Norwegian Cruise Line Holdings Ld. (NCLH -0.72%) was rated a new 'Buy' at Sterne Agee CRT with a price target of $80.

Jabil Circuit (JBL +0.93%) was downgraded to 'Sell' from 'Neutral' at Goldman Sachs with a price target of $17.

Marathon Oil (MRO +4.80%) was rated a new 'Buy' at KLR Group with a target price of $21.

Layne Christensen (LAYN -1.01%) reported a Q1 loss continuing operations of -45 cents a share, a wider loss than consensus of -32 cents.

Discovery Communications (DISCA +1.73%) was downgraded to 'Underperform' from 'Market Perform' at Bernstein.

Catalent (CTLT -0.49%) announced a secondary public offering of 10 million shares of common stock.

United Natural Foods (UNFI +0.57%) jumped over 10% in after-hours trading after it reported Q3 EPS of 76 cents, higher than consensus of 65 cents, and then raised guidance on full-year adjusted EPS to $2.47-$2.53 from a March 7 estimate of $2.34-$2.44.

Casey's General Stores (CASY -0.98%) reported Q4 EPS of $1.19, below consensus of $1.22, although Q4 revenue of $1.58 billion was above consensus of $1.57 billion.

Thor Industries (THO +0.54%) gained over 1% in after-hours trading after it reported Q3 adjusted EPS from continuing operations of $1.51, better than consensus of $1.43.

Xactly (XTLY +1.25%) rose 4% in after-hours trading after it reported a Q1 adjusted EPS loss of -9 cents, narrower than consensus of -15 cents, and then raised guidance on full-year revenue to $95.5 million-$97.0 million from a March 3 estimate of $94 million-$95.5 million.

Sigma Designs (SIGM +2.62%) reported a Q1 adjusted EPS loss of -12 cents, wider than consensus of -5 cents.

WWD reported that Ralph Lauren (RL +0.54%) plans close some stores and cut up to 10% of its workforce.

DryShips (DRYS +10.80%) tumbled 12% in after-hours trading after three lenders said DryShips had elected to suspend principal repayments and interest payments and was in breach of certain covenants in loan agreements.

MARKET COMMENTS

June E-mini S&Ps (ESM16 +0.25%) this morning are up +5.50 points (+0.26%) at a new contract high. Monday's closes: S&P 500 +0.49%, Dow Jones +0.64%, Nasdaq +0.31%. The S&P 500 on Monday rallied to a 1-1/2 month high and closed higher on strength in raw-material and energy producing stocks as a weak dollar boosted commodity prices. Stocks were also boosted by upbeat comments from Fed Chair Yellen who said that positive forces supporting U.S. job growth and higher inflation still outweigh negative developments.

September 10-year T-note prices (ZNU16 -0.07%) this morning are down -2.5 ticks. Monday's closes: TYU6 -3.00, FVU6 -0.75. Sep T-notes on Monday closed lower on on comments from Fed Chair Yellen who said positives outweigh the negatives and that gradual interest rate hikes are still appropriate even after last Friday's weak payroll report. T-notes were also undercut by reduced safe-haven demand after the rally in the S&P 500 to a 1-1/2 month high.

The dollar index (DXY00 +0.03%) this morning is down -0.055 (-0.06%). EUR/USD (^EURUSD) is up +0.0005 (+0.04%). USD/JPY (^USDJPY) is up +0.21 (+0.20%). Monday's closes: Dollar Index -0.127 (-0.14%), EUR/USD -0.0012 (-0.11%), USD/JPY +1.03 (+0.97%). The dollar index on Monday tumbled to a fresh 3-week low and closed lower on comments from Fed Chair Yellen who said that gradual interest hikes are appropriate but who also refused to specify any timetable. In addition, Atlanta Fed President Lockhart said the Fed should wait until at least the July FOMC meeting before deciding if they should raise interest rates because of a slowing labor market and the British vote on EU membership.

July WTI crude oil (CLN16 +0.83%) this morning is up +25 cents (+0.50%). July gasoline (RBN16 +0.79%) is up +0.0061 (+0.38%). Monday's closes: CLN6 +1.07 (+2.20%), RBN6 -0.0188 (-1.176%). July crude oil and gasoline on Monday settled mixed. Crude oil received a boost from a weaker dollar and from reduced crude oil output from Nigeria, Africa's biggest producer, after the Nigerian National Petroleum Corp said that militant attacks on pipelines and installations have reduced the country's oil production by 700,0000-800,000 bpd. Gasoline was undercut by reduced refinery demand after the crack spread fell to a 2-week low.

GLOBAL EVENT CALENDAR06/07/2016

		Tuesday, June 7
US	0830 ET	Final-Q1 non-farm productivity expected -0.6%, prelim-Q1 -1.0%. Final-Q1 unit labor costs expected +4.0%, prelim-Q1 +4.1%.
	1300 ET	Treasury auctions $24 billion of 3-year T-notes.
	1500 ET	Apr consumer credit expected +$18.0 billion, Mar +$29.674 billion.
JPN	0100 ET	Japan Apr leading index CI expected +1.4 to 100.7, Mar 99.3. Apr coincident index expected +1.6 to 112.7, Mar 111.1
	1950 ET	Revised Japan Q1 GDP expected +1.9% (q/q annualized), previous +1.7% (q/q annualized). Revised Q1 GDP deflator, previous +0.9% y/y.
GER	0200 ET	German Apr industrial production expected +0.7% m/m and +1.0% y/y, Mar -1.3% m/m and +0.3% y/y.
UK	0330 ET	UK May Halifax house prices expected +0.3% m/m and +8.9% 3-months through May y/y, Apr -0.8% m/m and +9.2% 3-months though Apr y/y.
EUR	0500 ET	Revised Eurozone Q2 GDP, preliminary +0.5% q/q and +1.5% y/y.
CHI	n/a	China May trade balance expected +$55.85 billion, Apr +$45.56 billion. May exports expected -4.0% y/y, Apr 1.8% y/y. May imports expected -6.7% y/y, Apr -10.9% y/y.
		Wednesday, June 8
US	0700 ET	Weekly MBA mortgage applications, previous -4.1% with purchase sub-index -4.7% and refi sub-index -3.9%.
	1000 ET	Apr JOLTS job openings expected -107,000 to 5.650 million, Mar +149,000 to 5.757 million.
	1030 ET	EIA Weekly Petroleum Status Report.
	1300 ET	Treasury auctions $20 billion of 10-year T-notes.
JPN	0030 ET	Japan May bankruptcies, Apr -7.08% y/y.
	0100 ET	Japan May eco watchers survey current expected -0.1 to 43.4, Apr 43.5. May eco watchers survey outlook expected +0.4 to 45.9, Apr 45.5.
	1950 ET	Japan Apr machine orders expected -3.0% m/m and -1.8% y/y, Mar +5.5% m/m and +3.2% y/y.
UK	0430 ET	UK Apr industrial production expected unch m/m and -0.4% y/y, Mar +0.3% m/m and -0.2% y/y.
	0430 ET	UK Apr manufacturing production expected -0.1% m/m and -1.5% y/y, Mar +0.1% m/m and -1.9% y/y.
	1901 ET	UK May RICS house price balance expected 35%, Apr 41%.
CHI	2130 ET	China May CPI expected +2.2% y/y, Apr +2.3% y/y. May PPI expected -3.2% y/y, Apr -3.4% y/y.

U.S. STOCK CALENDAR06/07/2016

Company	Ticker	Time	Event Description	Period	Estimate
Michaels Cos Inc/The	MIK US	Bef-mkt	Q1 2017 Earnings Release	Q1 2017	0.354
HD Supply Holdings Inc	HDS US	6:00	Q1 2017 Earnings Release	Q1 2017	0.469
HD Supply Holdings Inc	HDS US	8:00	Q1 2017 Earnings Call	Q1 2017
Ralph Lauren Corp	RL US	8:30	Investor Day	Y 2016
Michaels Cos Inc/The	MIK US	9:00	Q1 2017 Earnings Call	Q1 2017
General Motors Co	GM US	9:30	Annual General Meeting	Y 2016
New York Community Bancorp Inc	NYCB US	10:00	Annual General Meeting	Y 2016
Alliance Data Systems Corp	ADS US	14:00	Annual General Meeting
LendingClub Corp	LC US	14:00	Annual General Meeting	Y 2016
SolarCity Corp	SCTY US	16:00	Annual General Meeting
Hewlett Packard Enterprise Co	HPE US	16:00	Investor Meeting	Y 2016
VeriFone Systems Inc	PAY US	16:30	Q2 2016 Earnings Call	Q2 2016
VeriFone Systems Inc	PAY US	Aft-mkt	Q2 2016 Earnings Release	Q2 2016	0.524
TJX Cos Inc/The	TJX US		Annual General Meeting	Y 2016
Nabors Industries Ltd	NBR US		Annual General Meeting
LifePoint Health Inc	LPNT US		Annual General Meeting
Chimera Investment Corp	CIM US		Annual General Meeting	Y 2016
Outfront Media Inc	OUT US		Annual General Meeting

BARCHART MORNING CALL 9/29

BARCHART MORNING CALL

Tuesday, September 29th, 2015View Older Reports

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OVERNIGHT MARKETS AND NEWS

December E-mini S&Ps (ESZ15 +0.41%) are up +0.55% and European stocks are up +0.20% as prices recover from Monday's rout. Gains in crude oil and copper helped boost energy and basic-resource producers, while an unexpected increase in Eurozone Sep economic confidence to a 4-year high underpinned European stocks. Asian stocks settled mostly lower: Japan -4.05%, Hong Kong -2.97%, China -2.02%, Taiwan and South Korea closed for holiday, Australia -3.81%, Singapore -0.14%, India +0.63%. China's Shanghai Composite fell to a 1-week low on economic concerns after the China Aug leading index fell to a 6-1/2 year low. Japan's Nikkei Stock Index tumbled more than 4% to an 8-1/4 month low, led by a sell-off in shipping companies, after Daiichi Chuo KK said it filed for bankruptcy protection. Also, Kobe Steel plunged 11% after it cut its net income forecast for the year to Mar 2016 to 25 billion yen, 58% lower than its Jul outlook of 60 billion yen, due to falling sales from its construction machinery unit because of the slowdown in China. Emerging stocks closed higher as commodity prices recovered, and India's BSE Sensex Stock Index climbed 0.63% after India's central bank cut interest rates more than expected.

The dollar index (DXY00 -0.01%) is down -0.02%. EUR/USD (^EURUSD) is down -0.09%. USD/JPY (^USDJPY) is unchanged.

Dec T-note prices (ZNZ15 -0.07%) are down -2 ticks.

The China Aug leading index fell -0.17 to 98.23, the lowest in 6-1/2 years.

Eurozone Sep economic confidence unexpectedly rose +1.5 to 105.6, stronger than expectations of -0.1 to 104.1 and the highest in 4 years. The Sep business climate indicator rose +0.14 to 0.34, stronger than expectations of unch at 0.21.

The Reserve Bank of India (RBI) cut the benchmark repurchase rate by 50 bp to 6.75%, more than expectations of a 25 bp cut to 7.00%.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) July S&P CaseShiller composite-20 home price index (expected +0.10% m/m and +5.15% y/y, Jun -0.12% m/m and +4.97% y/y), and (2) Sep consumer confidence (Conference Board) (expected -5.5 to 96.0, Aug +10.5 to 101.5).

There are 2 of the Russell 2000 companies that report earnings today: IHS (consensus $1.47), Costco (1.66).

U.S. IPO's scheduled to price today include: Mirna Therapeutics (MIRN).

Equity conferences this week include: Johnson Rice & Co Energy Conference on Mon-Wed, Deutsche Bank Leveraged Finance Conference on Tue, Jefferies West Coast Electronic Payments Summit on Tue, Wolfe Research Power and Gas Leaders Conference on Tue-Wed, D. A. Davidson & Co Engineering & Construction Conference on Wed, Leerink Partners Rare Disease Roundtable Conference on Thu.

OVERNIGHT U.S. STOCK MOVERS

Autoliv (ALV -1.16%) rose 3% in pre-market trading after Goldman Sachs upgraded the stock to 'Neutral' from 'Sell.'

Fiat Chrysler Automobiles NV (FCAU -4.85%) gained over 1% in pre-market trading on the heels of a recovery in European carmakers.

Yahoo! (YHOO -5.25%) climbed over 3% in pre-market trading after it said it's on track to spin off its stake of about $22 billion in Alibaba Group Holding Ltd. this year.

Micron (MU -5.70%) rose 1% in pre-market trading after Wells Fargo upgraded the stock to 'Outperform' from 'Market Perform.'

Novarax (NVAX -5.56%) jumped 9% in pre-market trading after the company said it was awarded a grant of up to $89 million from the Bill & Melinda Gates Foundation to support development of its RSV F Vaccine Phase 3 clinical trial in pregnant women.

Cheniere Energy (LNG -2.12%) rose 1% in after-hours trading after Carl Icahn reported he boosted his stake in the company to 11.4% from 9.6%.

GoPro (GPRO -8.17%) was rated a 'Buy at Sterne Agee CRT with a price target of $45.

Synnex (SNX -2.32%) slipped 4% in after-hours trading after it reported Q3 EPS of $1.47, better than consensus of $1.44, but reported Q3 revenue of $3.33 billion, below consensus of $3.35 billion.

Apple (AAPL -1.98%) was rated a 'Buy' at Sterne AGee CRT with a price target og $150.

Republic Airways (RJET +81.79%) rose over 10% in after-hours trading after the company was upgraded to 'Buy' from 'Hold' at Deutsche Bank with a price target of $8.

Western Digital (WDC -3.15%) was rated a 'Buy' at Sterne Agee CRT with a prica target of $95.

Allergan (AGN -8.66%) was rated a 'Buy' at Nomura with a price target of $350.

MARKET COMMENTS

Dec E-mini S&Ps (ESZ15 +0.41%) this morning are up +10.25 points (+0.55%). Monday's closes: S&P 500 -2.57%, Dow Jones -1.92%, Nasdaq -2.87%. The S&P 500 on Monday tumbled to a 1-month low and closed sharply lower on weakness in miners and commodity producers after the price of copper fell to a 1-month low and on Chinese economic concerns after China Aug industrial profits sank -8.8% y/y, the largest decline since the data series began in 2011. In addition, there was a rout in biotechnology shares led by a -17% plunge in Valeant Pharmaceuticals after Democrats in the U.S. House asked to subpoena the company for documents related to drug price increases. Stocks were also undercut by the unexpected -1.4% decline in U.S. Aug pending home sales, weaker than expectations of +0.4% m/m.

Dec 10-year T-notes (ZNZ15 -0.07%) this morning are down -2 ticks. Monday's closes: TYZ5 +19.00, FVZ5 +9.00. Dec T-notes on Monday settled higher on the the slide in the S&P 500 to a 1-month low, the unexpected decline in U.S. Aug pending home sales, and reduced inflation expectations after the 10-year T-note breakeven inflation rate slid to a 6-1/3 year low.

The dollar index (DXY00 -0.01%) this morning is down -0.020 (-0.02%). EUR/USD (^EURUSD) is down -0.0010 (-0.09%). USD/JPY (^USDJPY) is unch. Monday's closes: Dollar Index -0.330 (-0.34%), EUR/USD +0.0049 (+0.44%), USD/JPY -0.67 (-0.56%). The dollar index on Monday closed lower on the plunge in the S&P 500 to a 1-month low, which may prompt the Fed to further delay an interest rate hike. In addition, EUR/USD saw some strength after ECB Executive Board member Lautenschlaeger said "it is too early to talk about concrete measures about broadening QE."

Nov crude oil (CLX15 +1.53%) this morning is up +45 cents (+1.01%) and Nov gasoline (RBX15 +0.38%) is up +0.0008 (+0.06%). Monday's closes: CLX5-1.27 (-2.78%), RBX5 -0.0505 (-3.66%). Nov crude oil and gasoline prices on Monday closed with Nov gasoline at a 1-week low. Crude oil prices were hurt by Chinese growth concerns after China Aug industrial profits fell by the most in over 4 years and by IMF chief Lagarde's comment that the IMF will cut its 2015/16 global growth forecasts as the "process of recovery" slows.

GLOBAL EVENT CALENDAR09/29/2015

US	0900 ET	Jul S&P CaseShiller composite-20 home price index expected +0.10% m/m and +5.15% y/y, Jun -0.12% m/m and +4.97% y/y.
	1000 ET	Sep consumer confidence (Conference Board) expected -5.5 to 96.0, Aug +10.5 to 101.5.
GER	0200 ET	German Aug import price index expected -1.4% m/m and -3.0% y/y, Jul -0.7% m/m and -1.8% y/y.
	0800 ET	German Sep CPI (EU harmonized) expected -0.1% m/m and unch y/y, Aug unch m/m and +0.1% y/y.
EUR	0500 ET	Eurozone Sep economic confidence expected -0.1 to 104.1, Aug 104.2. Sep business climate indicator expected unch at 0.21, Aug 0.21.
	0500 ET	Revised Eurozone Sep consumer confidence, previous -0.2 to -7.1.
UK	0430 ET	UK Aug net consumer credit expected +1.2 billion pounds, Jul +1.2 billion pounds.
	0430 ET	UK Aug mortgage approvals expected 69,900, Jul 68,800.
	0430 ET	UK Aug M4 money supply, Jul +1.0% m/m and +0.6% y/y.
	0600 ET	UK Sep CBI reported sales, Aug 24.
	1905 ET	UK Sep GfK consumer confidence expected -2 to 5, Aug 7.
JPN	1950 ET	Japan Aug industrial production expected +1.0% m/m and +1.8% y/y, Jul -0.8% m/m and unch y/y.
	1950 ET	Japan Aug retail sales expected +0.5% m/m and +1.2% y/y, Jul +1.4% m/m and +1.8% y/y.
CHI	2145 ET	China Sep Westpac-MNI consumer sentiment indicator, Aug 116.5.

U.S. STOCK CALENDAR09/29/2015

Company	Ticker	Time	Event Description	Period	Estimate
IHS Inc	IHS US	Bef-mkt	Q3 2015 Earnings Release	Q3 2015	1.472
IHS Inc	IHS US	8:00	Q3 2015 Earnings Call	Q3 2015
Discovery Communications Inc	DISCA US	8:15	Investor Day	Y 2015
VEREIT Inc	VER US	9:00	Annual General Meeting	Y 2015
General Mills Inc	GIS US	9:30	Annual General Meeting
Autodesk Inc	ADSK US	11:30	Investor Day	Y 2015
Workday Inc	WDAY US	17:30	Analyst Day	Y 2015
Costco Wholesale Corp	COST US	21:00	Q4 2015 Earnings Release	Q4 2015	1.658
United Parcel Service Inc	UPS US		Roadshow - Milan	Y 2015
Tesla Motors Inc	TSLA US		Tesla Motors Unveils Limited Edition Founders Series-Starts SUV Deliveries

BARCHART MORNING CALL 8/5

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BARCHART MORNING CALL

Wednesday, August 5th, 2015View Older Reports

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OVERNIGHT MARKETS AND NEWS

September E-mini S&Ps (ESU15 +0.66%) are up +0.44% led by strength in energy producers as crude oil (CLU15 +0.57%) gained. The markets will look to this morning's Jul ADP employment change to gauge the strength of the U.S. labor market that may provide clues as to when the Fed will begin to raise interest rates. European stocks are up +1.06% at a 2-week high, led by a rally in bank stocks, as Societe Generale SA jumped over 8% after posting its highest profit since the financial crisis. Asian stocks closed mixed: Japan +0.46%, Hong Kong +0.44%, China -1.65%, Taiwan +0.37%, Australia -0.42%, Singapore +0.01%, South Korea -0.18%, India +0.54%. Japanese stocks rose on better-than-expected company quarterly earnings results as the Nikkei Stock Index posted a 2-week high, while China's Shanghai Composite closed lower as a total of 515 mainland Chinese companies remain halted from trading due to trading curbs.
The dollar index (DXY00 +0.14%) is up +0.16% at a 3-1/4 month high on speculation the Fed may raise interest rates as soon as September after Atlanta Fed President Lockhart on Tuesday said the Fed was "close" to raising interest rates. EUR/USD (^EURUSD) is down -0.11% at a 2-week low after Eurozone Jun retail sales fell by the most in 9 months. USD/JPY (^USDJPY) is unchanged.

Sep T-note prices (ZNU15 -0.29%) are down -11 ticks on negative carry-over from comments made Tuesday by Atlanta Fed President Lockhart who said he would only endorse putting off an interest rate increase if there was a "significant deterioration" in economic data.
Eurozone Jun retail sales fell -0.6% m/m, more than expectations of -0.2% m/m and the largest decline in 9 months. On an annual basis. Jun retail sales rose +1.2% y/y, less than expectations of +2.0% y/y.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) weekly MBA mortgage applications (previous +0.8% with purchase sub-index -0.1% and refi sub-index +1.6%), (2) July ADP employment (expected +215,000, Jun +237,000), (3) June trade deficit (expected -$43.0 billion, May -$41.87 billion), (4) final-Jul Markit U.S. services PMI (expected unrevised at 55.2, prelim-Jul +0.4 to 55.2), (5) July ISM non-manufacturing PMI (expected +0.2 to 56.2, Jun +0.3 to 56.0).
There are 24 of the S&P 500 companies that report earnings today with notable reports including: Time Warner (consensus $1.03), Motorola Solutions (0.54), Priceline (11.79), Ralph Lauren (1.00), Marathon Oil (-0.23), CBS (0.72), Prudential Financial (2.47).
U.S. IPO's scheduled to price today include: Philadelphia Energy Solutions (PESC), Planet Fitness (PLNT), Aimmune Therapeutics (AIMT), GC Aesthetics (GCAA), Benitec Biopharma (BTEBY), PG&E (PCG), Corium International (CORI), Medical Properties Trust (MPW), Summit Materials (SUM).
Equity conferences this week: Piper Jaffray Technology-Enabled Industrials Symposium on Tue-Wed, Needham Interconnect Conference on Wed.

OVERNIGHT U.S. STOCK MOVERS

IntercontinentalExchange (ICE +0.33%) reported Q2 adjusted EPS of $2.90, better than consensus of $2.77.
Time Warner (TWX -0.15%) reported Q2 EPS of $1.25, higher than consensus of $1.03.
The Priceline Group (PCLN +3.51%) reported Q2 EPS of $12.45, well above consensus of $11.79.
Discovery Communications (DISCA +0.46%) reported Q2 EPS of 47 cents, below consensus of 50 cents.
Cognizant Technology Solutions (CTSH +0.65%) reported Q2 EPS of 79 cents, higher than consensus of 73 cents.
Advance Auto Parts (AAP +0.74%) was downgraded to 'Hold' from 'Buy' at Evercore ISI.
Hyatt (H -2.63%) was downgraded to 'Hold' from 'Buy' at Deutsche Bank.
Babcock & Wilcox (BW +0.15%) reported Q2 adjusted EPS of 27 cents, above consensus of 21 cents.
Acadia (ACHC -2.90%) reported Q2 EPS of 57 cents, higher than consensus of 52 cents.
Disney (DIS +0.47%) reported Q3 EPS of $1.45, better than consensus of $1.42.
DaVita (DVA +0.61%) reported Q2 EPS of 95 cents, right on consensus, although Q2 revenue of $3.43 billion was above consensus of $3.37 billion.
Activision Blizzard (ATVI +0.59%) rose over 6% in after-hours trading after it reported Q2 EPS of 13 cents, better than consensus of 8 cents.
Cerner (CERN -0.82%) reported Q2 EPS of 52 cents, right on consensus.
Ternium (TX -0.20%) reported Q2 EPS of 21 cents, well below consensus of 34 cents.
AmSurg (AMSG +2.28%) reported Q2 adjusted EPS of 97 cents, higher than consensus of 84 cents, and then raised guidance on 2015 adjusted EPS outlook to $3.52-$3.59 from $3.31-$3.39, above consensus of $3.35.

MARKET COMMENTS

Sep E-mini S&Ps (ESU15 +0.66%) this morning are up +9.25 points (+0.44%). Tuesday's closes: S&P 500 -0.22%, Dow Jones -0.27%, Nasdaq -0.28%. The S&P 500 on Tuesday closed lower on disappointing earnings results from Allstate and CVS Health, weakness in technology stocks after Apple closed lower for a fifth day, and Atlanta Fed President Lockhart's comment that the Fed was "close" to raising interest rates. Stocks found some support on the 3% rally in China's Shanghai Composite Stock Index and the as-expected +1.8% increase in U.S. Jul factory orders.
Sep 10-year T-note prices (ZNU15 -0.29%) this morning are down -11 ticks. Tuesday's closes: TYU5 -18.0, FVU5 -13.50. Sep T-notes on Tuesday closed lower on the +0.5% increase in U.S. Jul factory orders ex-transportation, the largest increase in a year, hawkish comments from Atlanta Fed President Lockhart who said September may be the appropriate time for the Fed to begin raising interest rates, and the +3% rally in China's Shanghai Composite Stock Index, which reduced safe-haven demand for T-notes.
The dollar index (DXY00 +0.14%) this morning is up +0.154 (+0.16%) at a 3-1/4 month high. EUR/USD (^EURUSD) is down -0.0012 (-0.11%) at a 2-week low. USD/JPY (^USDJPY) is unchanged. Tuesday's closes: Dollar Index +0.437 (+0.45%), EUR/USD -0.00686 (-0.63%), USD/JPY +0.345 (+0.28%). The dollar index on Tuesday rallied to a 2-week high and closed higher on the +0.5% increase in U.S. Jul factory orders ex-transportation and hawkish comments from Atlanta Fed President Lockhart who said the Fed is "close" to raising interest rates, which suggests he favors a September rate hike.
Sep crude oil (CLU15 +0.57%) this morning is up +29 cents (+0.63%) and Sep gasoline (RBU15 +1.13%) is up +0.0193 (+1.15%). Tuesday's closes: CLU5 +0.66 (+1.46%), RBU5 +0.0198 (+1.18%). Sep crude and gasoline on Tuesday closed higher on the 3% rally in China's Shanghai Composite Index and on expectations that Wednesday's weekly EIA crude inventories will fall -1.75 million bbl.

GLOBAL EVENT CALENDAR08/05/2015

US	0700 ET	Weekly MBA mortgage applications, previous +0.8% with purchase sub-index -0.1% and refi sub-index +1.6%.
	0815 ET	Jul ADP employment change expected +215,000, Jun +237,000.
	0830 ET	Jun trade balance expected -$43.0 billion, May -$41.87 billion.
	0830 ET	Treasury announces amount of 3-year T-notes (previous $24 billion), 10-year T-notes (previous $21 billion) and 30-year T-bonds (previous $13 billion) to be auctioned in the Aug quarterly refunding Aug 11-13.
	0945 ET	Final-Jul Markit U.S. services PMI expected unrevised at 55.2, prelim-Jul +0.4 to 55.2. Final-Jul Markit composite PMI, prelim-Jul +0.6 to 55.2.
	1000 ET	Jul ISM non-manufacturing PMI expected +0.2 to 56.2, Jun +0.3 to 56.0.
	1030 ET	EIA Weekly Petroleum Status Report.
GER	0355 ET	Revised German Jul Markit services PMI, previous -0.1 to 53.7.
EUR	0400 ET	Revised Eurozone Jul Markit composite PMI, previous -0.5 to 53.7.
	0500 ET	Eurozone Jun retail sales expected -0.2% m/m and +2.0% y/y, May +0.2% m/m and +2.4% y/y.
UK	0430 ET	UK Jul Markit/CIPS services PMI expected -0.5 to 58.0, Jun 58.5.

U.S. STOCK CALENDAR08/05/2015

Company	Ticker	Time	Event Description	Period	Estimate
Dominion Resources Inc/VA	D US	Bef-mkt	Q2 2015 Earnings Release	Q2 2015	0.725
Time Warner Inc	TWX US	Bef-mkt	Q2 2015 Earnings Release	Q2 2015	1.028
Chesapeake Energy Corp	CHK US	Bef-mkt	Q2 2015 Earnings Release	Q2 2015	-0.112
Quanta Services Inc	PWR US	Bef-mkt	Q2 2015 Earnings Release	Q2 2015	0.448
Cognizant Technology Solutions Corp	CTSH US	Bef-mkt	Q2 2015 Earnings Release	Q2 2015	0.728
Intercontinental Exchange Inc	ICE US	Bef-mkt	Q2 2015 Earnings Release	Q2 2015	2.778
Spectra Energy Corp	SE US	Bef-mkt	Q2 2015 Earnings Release	Q2 2015	0.186
HCA Holdings Inc	HCA US	Bef-mkt	Q2 2015 Earnings Release	Q2 2015	1.369
Motorola Solutions Inc	MSI US	7:00	Q2 2015 Earnings Release	Q2 2015	0.54
Fastenal Co	FAST US	7:00	July 2015 Sales and Revenue Release	2015
Priceline Group Inc/The	PCLN US	7:00	Q2 2015 Earnings Release	Q2 2015	11.794
Discovery Communications Inc	DISCA US	7:00	Q2 2015 Earnings Release	Q2 2015	0.5
Priceline Group Inc/The	PCLN US	7:30	Q2 2015 Earnings Call	Q2 2015
Perrigo Co PLC	PRGO US	8:00	Q4 2015 Earnings Release	Q4 2015	2.048
Ralph Lauren Corp	RL US	8:00	Q1 2016 Earnings Release	Q1 2016	0.996
Cognizant Technology Solutions Corp	CTSH US	8:00	Q2 2015 Earnings Call	Q2 2015
Genworth Financial Inc	GNW US	8:00	Q2 2015 Earnings Call	Q2 2015
Motorola Solutions Inc	MSI US	8:30	Q2 2015 Earnings Call	Q2 2015
Intercontinental Exchange Inc	ICE US	8:30	Q2 2015 Earnings Call	Q2 2015
Discovery Communications Inc	DISCA US	8:30	Q2 2015 Earnings Call	Q2 2015
Chesapeake Energy Corp	CHK US	9:00	Q2 2015 Earnings Call	Q2 2015
Newfield Exploration Co	NFX US	9:00	Q2 2015 Earnings Call	Q2 2015
Ralph Lauren Corp	RL US	9:00	Q1 2016 Earnings Call	Q1 2016
Spectra Energy Corp	SE US	9:00	Q2 2015 Earnings Call	Q2 2015
Quanta Services Inc	PWR US	9:30	Q2 2015 Earnings Call	Q2 2015
CA Inc	CA US	10:00	Annual General Meeting	Y 2015
Dominion Resources Inc/VA	D US	10:00	Q2 2015 Earnings Call	Q2 2015
Perrigo Co PLC	PRGO US	10:00	Q4 2015 Earnings Call	Q4 2015
Pioneer Natural Resources Co	PXD US	10:00	Q2 2015 Earnings Call	Q2 2015
HCA Holdings Inc	HCA US	10:00	Q2 2015 Earnings Call	Q2 2015
Time Warner Inc	TWX US	10:30	Q2 2015 Earnings Call	Q2 2015
ONEOK Inc	OKE US	11:00	Q2 2015 Earnings Call	Q2 2015
Devon Energy Corp	DVN US	11:00	Q2 2015 Earnings Call	Q2 2015
Cimarex Energy Co	XEC US	11:00	Q2 2015 Earnings Call	Q2 2015
CBS Corp	CBS US	16:30	Q2 2015 Earnings Call	Q2 2015
CenturyLink Inc	CTL US	17:00	Q2 2015 Earnings Call	Q2 2015
Keurig Green Mountain Inc	GMCR US	17:00	Q3 2015 Earnings Call	Q3 2015
CenturyLink Inc	CTL US	Aft-mkt	Q2 2015 Earnings Release	Q2 2015	0.6
FMC Corp	FMC US	Aft-mkt	Q2 2015 Earnings Release	Q2 2015	0.698
Twenty-First Century Fox Inc	FOXA US	Aft-mkt	Q4 2015 Earnings Release	Q4 2015	0.371
Tesoro Corp	TSO US	Aft-mkt	Q2 2015 Earnings Release	Q2 2015	4.019
Marathon Oil Corp	MRO US	Aft-mkt	Q2 2015 Earnings Release	Q2 2015	-0.225
Costco Wholesale Corp	COST US	Aft-mkt	July 2015 Sales and Revenue Release	2015
CBS Corp	CBS US	Aft-mkt	Q2 2015 Earnings Release	Q2 2015	0.724
Transocean Ltd	RIG US	Aft-mkt	Q2 2015 Earnings Release	Q2 2015	0.517
Keurig Green Mountain Inc	GMCR US	Aft-mkt	Q3 2015 Earnings Release	Q3 2015	0.787
Prudential Financial Inc	PRU US	Aft-mkt	Q2 2015 Earnings Release	Q2 2015	2.469
Dun & Bradstreet Corp/The	DNB US	Aft-mkt	Q2 2015 Earnings Release	Q2 2015	1.308
CF Industries Holdings Inc	CF US	Aft-mkt	Q2 2015 Earnings Release	Q2 2015	1.491
Twenty-First Century Fox Inc	FOXA US	17:30	Q4 2015 Earnings Call	Q4 2015

BARCHART MORNING CALL 11/18

BARCHART MORNING CALL

Tuesday, November 18th, 2014View Older Reports

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OVERNIGHT MARKETS AND NEWS

December E-mini S&Ps (ESZ14 -0.04%) this morning are down -0.07%, although European stocks are up +0.89% after German investor confidence rose more than expected to a 4-month high. Asian stocks closed mixed: Japan +2.18%, Hong Kong -1.13%, China -1.00%, Taiwan -0.28%, Australia -0.24%, Singapore +0.76%, South Korea +0.95%, India -0.05%. Japanese stocks closed higher after Prime Minister Abe suspended a national sales tax increase, called for an early election, and ordered his minsters to start preparing a mew stimulus package. Commodity prices are mixed. Dec crude oil (CLZ14 -0.12%) is up +0.30%. Dec gasoline (RBZ14 -0.31%) is unch. Dec gold (GCZ14 +1.34%) is up +1.48% at a 2-week high after ECB Executive Board member Mersch suggested the ECB could purchase assets including bullion to counter low inflation. Dec copper (HGZ14 -1.33%) is down -1.35%. Agriculture prices are mixed. The dollar index (DXY00 -0.30%) is down -0.34%. EUR/USD (^EURUSD) is up +0.52%. USD/JPY (^USDJPY) is up +0.03% at a 7-year high after Japanese Prime Minister Abe called for an early election and suspended a planned sales-tax increase. Dec T-note prices (ZNZ14 +0.06%) are up +1 tick.
The German Nov ZEW survey expectations of economic growth rose +15.1 to 11.5, better than expectations of +4.1 to 0.5 and the highest in 4 months. The Nov ZEW survey current situation unexpectedly rose +0.1 to 3.3, better than expectations of -1.5 to 1.7.
ECB Executive Board member Mersch said that the ECB could "theoretically" but sovereign debt, gold, exchange-traded funds, and even real estate to counter a longer period of low inflation.
Eurozone Oct new car registrations rose +6.5% y/y, the largest increase in 7 months and the 14th consecutive month that sales have increased.
A research report from the San Francisco Fed said that monetary policy "appears to be far from causing excessive inflation" and price increases are likely to remain slow through the end of 2016 and that it's more probable that inflation will remain below the Fed's 2% inflation target than rise above it.
China Oct home prices fell in 69 of 70 cities tracked by the National Bureau of Statistics, unch from Sep and the most since Jan 2011 when the government changed the way it compiles the data.
UK Oct CPI rose +0.1% m/m, right on expectations, and rose +1.3% y/y, slightly more than expectations of +1.2% y/y. Oct core CPI rose +1.5% y/y, less than expectations of +1.6% y/y and matched the smallest pace of increase in 5-3/4 years.
UK Sep ONS house prices unexpectedly rose +12.1% y/y from a +11.7% y/y increase in Aug, more than expectations of +11.2% y/y and the largest increase in 7 years.

U.S. STOCK PREVIEW

Today’s Oct final-demand PPI index is expected to ease to +1.3% y/y from Sep’s +1.6% y/y and for the core PPI to ease to +1.5% y/y from Sep’s +1.6%. Today's Nov NAHB housing market index is expected to show a +1 point increase to 55, recovering a bit after the sharp -5 point decline to 54 seen in October. There are 5 of the Russell 1000 companies report earnings today: Home Depot (consensus $1.13), Dick's Sporting Goods (0.41), Medtronic (0.96), TJX (0.85), Petsmart (0.95).
Equity conferences today include: Bernstein Energy Efficiency Conference on Tue, FirstEnergys Energy Growth Conference on Tue, Morgan Stanley Global Consumer & Retail Conference on Tue-Wed, Stifel Healthcare Conference on Tue-Wed, UBS Global Technology Conference on Tue-Wed, Los Angeles Auto Show-Press & Trade Days on Tue-Thu, Citi Financial Technology Conference on Wed, Jefferies Global Healthcare Conference on Wed, World Internet Conference on Wed, Keefe, Bruyette, & Woods Securities Brokerage & Market Structure Conference on Wed, Vertical Research Partners Paper and Packaging Conference on Wed, Barclays Global Automotive Conference on Wed-Thu, Citigroup Global Financial Conference on Wed-Thu, Goldman Sachs Global Metals & Mining/Steel Conference on Thu, Wells Fargo Securities E-Cig Conference on Thu, Morgan Stanley European Technology, Media & Telecoms Conference on Fri.

OVERNIGHT U.S. STOCK MOVERS

Macy's (M -0.71%) was downgraded to 'Neutral' from 'Buy' at BofA/Merrill Lynch.
JA Solar (JASO +0.91%) reported Q3 EPS of 21 cents, higher than consensus of 18 cents.
Sony (SNE -1.84%) was upgraded to 'Buy' from 'Hold' at Deutsche Bank.
Wells Fargo (WFC +0.17%) was downgraded to 'Market Perform' from 'Outperform' at BMO Capital.
Discovery (DISCA -2.98%) was upgraded to 'Neutral' from 'Sell' at Citigroup.
Manitowoc (MTW -2.03%) was upgraded to 'Buy' from 'Hold' at Jefferies.
Home Depot (HD -0.21%) reported Q3 EPS of $1.15, better than consensus of $1.13.
Gabelli reported a 6.52% stake in Chiquita Brands (CQB +0.14%) .
Point72 reported a 5.1% passive stake in RCS Capital (RCAP +0.83%) .
Agilent (A -0.79%) reported Q4 EPS of 88 cents, less than consensus of 89 cents.
Urban Outfitters (URBN -0.06%) fell over 5% in after-hours trading after it reported Q3 EPS of 35 cents, below consensus of 41 cents.
Glenview Capital reported a 5.53% passive stake in Teradyne (TER -1.52%) .

MARKET COMMENTS

Dec E-mini S&Ps (ESZ14 -0.04%) this morning are down -1.50 points (-0.07%). The S&P 500 index on Monday opened lower but rallied back and settled little changed: S&P 500 +0.07%, Dow Jones +0.07%, Nasdaq -0.27%. Bearish factors included (1) global growth concerns after Japan Q3 GDP unexpectedly contracted for a second quarter, which puts Japan into recession, and (2) the unexpected -0.1% decline in U.S. Oct industrial production, weaker than expectations of +0.2%. Stocks recovered on increased M&A activity after Halliburton agreed to acquire Baker Hughes for $34.6 billion and Actavis Plc reached a deal to buy Allergan for $66 billion.
Dec 10-year T-notes (ZNZ14 +0.06%) this morning are up +1 tick. Dec 10-year T-note futures prices on Monday erased early gains and closed lower: TYZ4 -7.00, FVZ4 -3.25. Bearish factors included (1) the rebound in stocks which recovered from early losses and reduced the safe-haven demand for Treasuries, and (2) speculation the Fed will still raise interest rates next year despite uneven U.S. economic data and a slowdown in the global economy.
The dollar index (DXY00 -0.30%) this morning is down -0.298 (-0.34%). EUR/USD (^EURUSD) is up +0.0065 (+0.52%). USD/JPY (^USDJPY) is up +0.03 (+0.03%). The dollar index on Monday rebounded from a 1-week low and closed higher. Closes: Dollar index +0.401 (+0.46%), EUR/USD +0.00492 (+0.39%), USD/JPY +0.503 (+0.43%). Bullish factors included (1) weakness in the yen as USD/JPY soared to a new 7-year high after Japan Q3 unexpectedly contacted for a second quarter and put Japan into recession, and (2) weakness in EUR/USD which fell back from a 2-week high and closed lower after ECB President Draghi said the Eurozone economic outlook is "increasingly sobering."
Dec WTI crude oil (CLZ14 -0.12%) this morning is up +23 cents (+0.30%) and Dec gasoline (RBZ14 -0.31%) is unch. Dec crude and Dec gasoline on Monday closed lower. Closes: CLZ4 -0.18 (-0.24%), RBZ4 -0.0162 (-0.79%). Negative factors included (1) Japanese demand concerns after Japan Q3 GDP unexpectedly contracted for a second quarter, which puts Japan, the world's third-largest oil consumer, into recession, (2) the unexpected decline in U.S. Oct industrial production, and (3) a recovery in the dollar after the dollar index rebounded from a 1-week low and closed higher.

GLOBAL EVENT CALENDAR11/18/2014

US	0830 ET	Oct PPI final demand expected -0.1% m/m and +1.3% y/y, Sep -0.1% m/m and +1.6% y/y. Oct PPI final demand ex food & energy expected +0.1% m/m and +1.5% y/y, Sep unch m/m and +1.6% y/y.
	1000 ET	Nov HAHB housing market index expected +1 to 55, Oct -5 to 54.
	1330 ET	Minneapolis Fed President Narayana Kocherlakota speaks on Clarifying the Objectives of Monetary Policy at the St. Paul Rotary.
EUR	0200 ET	Eurozone Oct new car registrations, Sep +6.4% y/y.
UK	0430 ET	UK Oct CPI expected +0.1% m/m and +1.2% y/y, Sep unch m/m and +1.2% y/y. Oct core CPI expected +1.6% y/y, Sep +1.5% y/y.
	0430 ET	UK Oct RPI expected +0.1% m/m and +2.4% y/y, Sep +0.2% m/m and +2.3% y/y. Oct RPI ex-mortgage interest payments expected +2.3% y/y, Sep +2.3% y/y.
	0430 ET	UK Oct PPI input prices expected -1.5% m/m and -8.3% y/y, Sep -0.6% m/m and -7.4% y/y.
	0430 ET	UK Oct PPI output prices expected -0.2% m/m and -0.2% y/y, Sep -0.1% m/m and -0.4% y/y. Oct PPI output core prices expected unch m/m and +0.8% y/y, Sep -0.1% m/m and +0.8% y/y.
	0430 ET	UK Sep ONS house prices expected +11.3% y/y, Aug +11.7% y/y.
GER	0500 ET	German Nov ZEW survey expectations of economic growth expected +4.1 to 0.5, Oct -3.6. Nov ZEW survey current situation expected -1.5 to 1.7, Oct 3.2.
JPN	2330 ET	Japan Sep all-industry activity index expected +1.0% m/m, Aug -0.1% m/m.

U.S. STOCK CALENDAR11/18/2014

Company Name	Ticker	Time	Event Description	Period	Estimate
Dick's Sporting Goods Inc	DKS US	Bef-mkt	Q3 2015 Earnings Release	Q3 2015	0.405
Home Depot Inc/The	HD US	6:00	Q3 2015 Earnings Release	Q3 2015	1.132
Medtronic Inc	MDT US	7:15	Q2 2015 Earnings Release	Q2 2015	0.961
Medtronic Inc	MDT US	8:00	Q2 2015 Earnings Call	Q2 2015
Multiple Companies	SUNE US	8:00	Acquisition of First Wind by TerraForm Power, Inc. and SunEdison, Inc Call
Principal Financial Group Inc	PFG US	8:00	Roadshow - West Coast - Day 2	Y 2014
PetSmart Inc	PETM US	Aft-mkt	Q3 2015 Earnings Release	Q3 2015	0.945
Equifax Inc	EFX US		Investor Meeting	Y 2014
Questar Corp	STR US		Roadshow - West Coast - Day 2	Y 2014