MORNING CALL 1/23

Barchart Morning Call

Barchart.com - 1 hour ago

OVERNIGHT MARKETS AND NEWS

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

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

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

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

U.S. STOCK PREVIEW

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

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

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

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

OVERNIGHT U.S. STOCK MOVERS

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

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

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

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

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

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

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

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

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

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

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

MARKET COMMENTS

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

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

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

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

GLOBAL EVENT CALENDAR01/23/2017

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

U.S. STOCK CALENDAR01/23/2017

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

MORNING CALL 4/19

MORNING CALL

Tuesday, April 19th, 2016View Older Reports

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OVERNIGHT MARKETS AND NEWS

Jun E-mini S&Ps (ESM16 +0.41%) are up +0.47% at a 4-1/2 month high and European stocks are up +1.39% at a 1-month high. Energy producing stocks gained as the price of crude oil pushed back above $40 a barrel, and commodity producers rose, led by a +1.8% gain in Newmont Mining in pre-market trading, after the price of silver (SIK16 +2.72%)surged +2.32% to a 10-1/2 month high. U.S. stocks also received a boost on upbeat comments from Boston Fed President Rosengren who said the U.S. economy remains "fundamentally sound" despite a slow Q1. European stocks received a boost after a gauge of German investor sentiment rose as the German Apr ZEW survey of expectations of economic growth climbed to a 4-month high. Asian stocks settled mostly higher: Japan +3.68%, Hong Kong +1.30%, China +0.30%, Taiwan -0.37%, Australia +1.01%, Singapore South Korea -0.05%, India closed for holiday. Japanese stocks rallied as the yen weakened against the dollar on speculation that the BOJ may boost stimulus measures in the wake of damage caused to Japan's economy from the recent earthquake.

The dollar index (DXY00 -0.16%) is down -0.15%. EUR/USD (^EURUSD) is up +0.17%. USD/JPY (^USDJPY) is up +0.49%.

Jun T-note prices (ZNM16 -0.11%)are down -6 ticks.

Boston Fed President Rosengren said the U.S. economy remains "fundamentally sound" despite a slow Q1 and "we will be raising rates faster than what's reflected in the financial markets."

The German Apr ZEW survey expectations of economic growth rose +6.9 to 11.2, stronger than of +3.7 to 8.0 and the highest in 4 months.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Mar housing starts (expected -1.0% to 1.166 million, Feb +5.2% to 1.178 million).

There are 18 of the S&P 500 companies that report earnings today with notable reports including: Goldman Sachs (consensus $2.48), Northern Trust (0.95), Intel (0.49), Johnson & Johnson (1.65), Yahoo (0.08), Discover Financial Services (1.29), Navient (0.41),

U.S. IPO's scheduled to price today: MGM Growth Properties (MGP).

Equity conferences during the remainder of this week include: American Academy Of Neurology Meeting on Mon-Wed, American Association for Cancer Research Meeting on Mon-Wed, Rx Sample Management and logistics Summit on Tue-Wed.

OVERNIGHT U.S. STOCK MOVERS

Newmont Mining (NEM +0.31%) climbed nearly 2% in pre-market tradng after the price of silver surged to a 10-1/2 month high.

Dish Network (DISH +4.19%) climbed nearly 4% in after-hours trading after it said it has joined with China Central Television in suing HTV International over its h.TV streaming device.

International Business Machines (IBM +0.53%) dropped over 4% in pre-market trading after it projected Q2 growth of about $2.78 to $2.92 a share, below consensus of $3.45.

Ebay (EBAY +0.36%) slid over 2% in pre-market trading after it was dowmgraded by Morgan Stanley to 'Underweight' from 'Equal-weight.'

Netflix (NFLX -2.79%) sank over 7% in pre-market trading after it said it sees Q2 domestic streaming net adds of 500,000, below consensus of 505,000, and said it expects Q2 international streaming adds of 2.0 million, less than consensus of 3.451 million.

Illumina (ILMN +2.59%) tumbled 19% in after-hours trading after it said it sees Q1 preliminary revenue of $572 million, below consensus of $596.8 million and the lowest estimate of $590 million.

Spirit Airlines (SAVE -0.12%) rose almost 1% in after-hours trading after it said it sees Q1 operating margin of 21,5%, higher than a prior estimate of 19%-20.5%.

Rambus (RMBS +0.73%) dropped over 7% in after-hours trading after it reported Q1 adjusted EPS of 13 cents, better than consensus of 12 cents, but then said it expected Q2 revenue of $72 million-$77 million, below consensus of $78.7 million.

Badger Meter (BMI +0.43%) rose over 4% in after-hours trading after it reported Q1 adjusted EPS of 55 cents, better than consensus of 41 cents.

Celanese (CE +0.79%) gained over 7% in after-hours trading after it reported Q1 adjusted EPS of $1.83, well above consensus of $1.49, and then raised its view of fiscal 2016 adjusted EPS to up 8%-10% from a January view of up 5% to 10%.

Dynavax Technologies (DVAX +4.91%) rose over 4% in after-hours trading after it said that results of a trial demonstrated both co-primary endpoints were met with its Heplisav-B vaccine.

GigPeak (GIG +2.73%) climbed almost 1% in after-hours trading after it reported Q1 adjusted EPS of 5 cents, above consensus of 4 cents.

Heron Therapeutics (HRTX +2.77%) jumped 18% in after-hours trading after the U.S. Food & Drug Administration (FDA) indicated no substantive deficiencies in the company's Sustol NDA and the FDA has begun labeling discussions with Heron for Sustol Injection.

Applied Optoelectronics (AAOI +1.83%) plunged over 20% in after-hours trading after it lowered guidance on Q1 adjusted EPS to a loss of -4 cents to -6cents from a February estimate of a 21 cent to 28 cent gain.

MARKET COMMENTS

June E-mini S&Ps (ESM16 +0.41%) this morning are up +9.75 points (+0.47%) at a fresh 4-1/2 month high. Monday's closes: S&P 500 +0.65%, Dow Jones +0.60%, Nasdaq +0.58%. The S&P 500 on Monday shook off early losses and rallied to a new 4-1/2 month high. Stocks were boosted by upbeat comments from New York Fed President Dudley who said that U.S. economic news is "mostly favorable" and that monetary-policy adjustments are likely to be gradual and cautious. Stocks were also boosted by a partial recovery in oil prices from sharp early losses on the failure of Sunday's Doha production freeze meeting.

June 10-year T-note prices (ZNM16 -0.11%) this morning are down -6 ticks. Monday's closes: TYM6 -4.50, FVM6 -3.00. Jun T-notes on Monday closed lower on reduced safe-haven demand for T-notes after the S&P 500 shook off early losses and rallied to a new 4-1/2 month high. T-notes were also undercut by comments from New Yok Fed President Dudley who said he said he's confident that inflation will return to the Fed's 2% target as transitory downward factors dissipate.

The dollar index (DXY00 -0.16%) this morning is down -0.140 (-0.15%). EUR/USD (^EURUSD) is up +0.0019 (+0.17%). USD/JPY (^USDJPY) is up +0.53 (+0.49%). Monday's closes: Dollar Index -0.206 (-0.22%), EUR/USD +0.0029 (+0.26%), USD/JPY +0.06 (+0.06%). The dollar index on Monday closed lower on the weaker-than-expected U.S. Apr NAHB housing market index report and on dovish comments from New York Fed President Dudley suggesting that he favors delaying additional Fed interest rate hikes.

May WTI crude oil (CLK16 +1.66%) is up +54 cents (+1.36%). May gasoline (RBK16 +1.62%) is up +0.0216 (+1.50%). Monday's closes: CLK6 -0.58(-1.44%), RBK6 -0.0247 (-1.69%). May crude and May gasoline on Monday fell to 1-week lows and closed lower on the lack of an agreement between OPEC and non-OPEC oil producers at Sunday's meeting in Doha after Saudi Arabian Crown Prince Mohammed bin Salman said that Saudi Arabia would not restrain its production without commitments from other major oil producers including Iran. Crude oil was also pressured by expectations for Wednesday's weekly EIA data to show that U.S crude supplies rose +3.0 million bbl last week. Crude recovered from its worst levels as a strike by oil workers in Kuwait, OPEC's fourth-largest producer, extended into a second day and curbed Kuwait's crude output by nearly 60% to 1.7 million bpd.

GLOBAL EVENT CALENDAR04/19/2016

US	0830 ET	Mar housing starts expected -1.0% to 1.166 million, Feb +5.2% to 1.178 million. Mar building permits expected +2.0% to 1.200 million, Feb was -2.2% to 1.177 million.
JPN	0130 ET	Japan Mar nationwide department store sales, Feb +0.2% y/y.
	1950 ET	Japan Mar trade balance expected +834.6 billion yen, Feb +242.2 billion yen. Mar exports expected -7.0% y/y, Feb -4.0% y/y. Mar imports expected -16.6% y/y, Feb -14.2% y/y.
GER	0500 ET	German Apr ZEW survey expectations of economic growth expected +3.7 to 8.0, Mar 4.3. Apr ZEW survey current situation expected +0.1 to 50.8, Mar 50.7.
EUR	0400 ET	Eurozone Feb current account, Jan +25.4 billion euros (nsa).
	0500 ET	Eurozone Feb construction output, Jan+3.6% m/m and +6.0% y/y.

U.S. STOCK CALENDAR04/19/2016

Company	Ticker	Time	Event Description	Period	Estimate
Comerica Inc	CMA US	Bef-mkt	Q1 2016 Earnings Release	Q1 2016	0.433
Genuine Parts Co	GPC US	Bef-mkt	Q1 2016 Earnings Release	Q1 2016	1.033
Harley-Davidson Inc	HOG US	Bef-mkt	Q1 2016 Earnings Release	Q1 2016	1.289
Kansas City Southern	KSU US	Bef-mkt	Q1 2016 Earnings Release	Q1 2016	0.972
Omnicom Group Inc	OMC US	Bef-mkt	Q1 2016 Earnings Release	Q1 2016	0.868
UnitedHealth Group Inc	UNH US	Bef-mkt	Q1 2016 Earnings Release	Q1 2016	1.722
Northern Trust Corp	NTRS US	Bef-mkt	Q1 2016 Earnings Release	Q1 2016	0.948
Prologis Inc	PLD US	Bef-mkt	Q1 2016 Earnings Release	Q1 2016	0.59
Johnson & Johnson	JNJ US	6:45	Q1 2016 Earnings Release	Q1 2016	1.647
Philip Morris International Inc	PM US	7:00	Q1 2016 Earnings Release	Q1 2016	1.108
Goldman Sachs Group Inc/The	GS US	7:30	Q1 2016 Earnings Release	Q1 2016	2.48
Comerica Inc	CMA US	8:00	Q1 2016 Earnings Call	Q1 2016
Johnson & Johnson	JNJ US	8:30	Q1 2016 Earnings Call	Q1 2016
Omnicom Group Inc	OMC US	8:30	Q1 2016 Earnings Call	Q1 2016
Kansas City Southern	KSU US	8:45	Q1 2016 Earnings Call	Q1 2016
UnitedHealth Group Inc	UNH US	8:45	Q1 2016 Earnings Call	Q1 2016
Harley-Davidson Inc	HOG US	9:00	Q1 2016 Earnings Call	Q1 2016
Whirlpool Corp	WHR US	9:00	Annual General Meeting
Philip Morris International Inc	PM US	9:00	Q1 2016 Earnings Call	Q1 2016
Goldman Sachs Group Inc/The	GS US	9:30	Q1 2016 Earnings Call	Q1 2016
Northern Trust Corp	NTRS US	10:00	Q1 2016 Earnings Call	Q1 2016
Genuine Parts Co	GPC US	11:00	Q1 2016 Earnings Call	Q1 2016
Fastenal Co	FAST US	11:00	Annual General Meeting	Y 2016
Fifth Third Bancorp	FITB US	11:30	Annual General Meeting	Y 2016
Northern Trust Corp	NTRS US	11:30	Annual General Meeting	Y 2016
Prologis Inc	PLD US	12:00	Q1 2016 Earnings Call	Q1 2016
Intel Corp	INTC US	16:00	Q1 2016 Earnings Release	Q1 2016	0.488
Intuitive Surgical Inc	ISRG US	16:05	Q1 2016 Earnings Release	Q1 2016	4.324
Intuitive Surgical Inc	ISRG US	16:30	Q1 2016 Earnings Call	Q1 2016
Intel Corp	INTC US	17:00	Q1 2016 Earnings Call	Q1 2016
Yahoo! Inc	YHOO US	17:00	Q1 2016 Earnings Call	Q1 2016
Discover Financial Services	DFS US	17:00	Q1 2016 Earnings Call	Q1 2016
Linear Technology Corp	LLTC US	Aft-mkt	Q3 2016 Earnings Release	Q3 2016	0.503
Yahoo! Inc	YHOO US	Aft-mkt	Q1 2016 Earnings Release	Q1 2016	0.075
Discover Financial Services	DFS US	Aft-mkt	Q1 2016 Earnings Release	Q1 2016	1.292
Navient Corp	NAVI US	Aft-mkt	Q1 2016 Earnings Release	Q1 2016	0.414
Public Service Enterprise Group Inc	PEG US		Annual General Meeting
Perrigo Co PLC	PRGO US		Q1 2016 Earnings Release	Q1 2016	1.895
M&T Bank Corp	MTB US		Annual General Meeting
US Bancorp	USB US		Annual General Meeting
Signet Jewelers Ltd	SIG US		Analyst Meeting

BARCHART MORNING CALL 6/5

BARCHART MORNING CALL

Friday, June 5th, 2015View Older Reports

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OVERNIGHT MARKETS AND NEWS

June E-mini S&Ps (ESM15 -0.21%) this morning are down -0.33% and European stocks are down -1.42% at a 4-week low ahead of U.S. May non-farm payrolls. Stocks took a hit after Greece said it would defer a debt payment due today to the IMF until the end of the month, which bolsters concern that Greece may be close to bankruptcy. Greece's ASE Stock Index tumbled -4.55% and the 10-year Greek bond yield rose 40 bp to a three-session high of 11.32% on Greek default concerns. Asian stocks closed mostly lower: Japan -0.13%, Hong Kong -1.06%, China +1.54%, Taiwan -0.09%, Australia -0.11%, Singapore -0.34%, South Korea -0.21%, India -0.17%. Chinese socks rallied and bucked the negative trend as the China's Shanghai Composite Index climbed to a 7-1/3 year high amid speculation the government will boost stimulus measures to bolster the economy along with cross-borders sales of mutual funds that may widen access to financial markets and increase equity inflows.
Commodity prices are mixed. Jul crude oil (CLN15 +0.40%) is down -0.50% at a 1-week low on speculation that OPEC will leave its production targets unchanged as the cartel meets today in Vienna. Jul gasoline (RBN15 +0.93%) is up +0.37%. Metals prices are mostly lower. Aug gold (GCQ15 -0.10%) is down -0.11%. Jul copper (HGN15 +0.09%) is down -0.13%% at a 6-week low on concern that U.S. copper demand will weaken after the IMF cut its 2015 U.S. GDP estimate to 2.5% from an earlier forecast of 3.1%. Agricultural prices are mixed.
The dollar index (DXY00 +0.21%) is up +0.24%. EUR/USD (^EURUSD) is down -0.11%. USD/JPY (^USDJPY) is up +0.36%.

Sep T-note prices (ZNU15 -0.25%) are down -8.5 ticks.
Greece notified the IMF that a 300 million euro payment due to the IMF today would be deferred and bundled with three more payments due at the end of the month. Greece is the first country since the 1980s to defer a payment to the IMF and underscores the state of Greece's shrinking finances.
ECB Governing Council member and National Bank of Belgium Governor Smets said "there's no chance" that the ECB will end its quantitative easing earlier than planned.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) the May unemployment report (May payrolls expected +227,000 after April's +223,000; May unemployment rate expected unchanged at 5.4% after April's -0.1 point decline to 5.4%), (2) Apr consumer credit (expected +$16.0 billion after March's +$20.523 billion), and (3) a speech by New York Fed President William Dudley on the economy and monetary policy at a gathering of the Economic Club of Minnesota.
None of the Russell 1000 companies report earnings today.
U.S. IPO's scheduled to price today include: Ardelyx (ARDX).
Equity conferences today include: none.

OVERNIGHT U.S. STOCK MOVERS

DISH (DISH +4.86%) was downgraded to 'Neutral' from 'Outperform' at Macquarie.
Cardinal Health (CAH -0.47%) will acquire Harvard Drug Group for $1.115 billion.
Under Armour (UA -0.43%) was upgraded to 'Buy' from 'Neutral' at DA Davidson.
DreamWorks (DWA +0.55%) was upgraded to 'Buy' from 'Hold' at Stifel with a $34 price target.
Charles Schwab (SCHW -0.09%) was upgraded to 'Buy' from 'Neutral' at Goldman Sachs.
LifePoint (LPNT -1.05%) was initiated with a 'Conviction Buy' at Goldman Sachs with a price target of $92.
Team Health (TMH -0.20%) was downgraded to 'Neutral' from 'Buy' at Goldman Sachs.
Lockheed Martin (LMT -0.90%) was awarded a $920.35 million government contract for the manufacture and delivery of 94 F-35 Lightning II aircraft.
Thor Industries (THO -1.43%) reported Q3 EPS of $1.19, less than consensus of $1.21.
UTi Worldwide (UTIW -3.29%) reported a Q1 EPS loss of -35 cents, a much bigger loss than consensus of -15 cents.
Esterline (ESL -1.53%) reported Q2 adjusted EPS of $1.20, below consensus of $1.33.
Cooper Companies (COO -2.54%) reported Q2 adjusted EPS of $1.72, weaker than consensus of $1.76.
Verifone (PAY -1.49%) reported Q2 adjusted EPS of 44 cents, higher than consensus of 42 cents.
Gap (GPS +0.81%) reported that May same-store-sales were down 1% y/y.

MARKET COMMENTS

June E-mini S&Ps (ESM15 -0.21%) this morning are down -7.00 points (-0.33%). Thursday's closes: S&P 500 -0.86%, Dow Jones -0.94%, Nasdaq -0.73%. The S&P 500 on Thursday sold off to a 3-week low on a rout in global bond markets that temporarily sent the 10-year German bund yield up to an 8-1/4 month high and the 10-year T-note yield up to a 5-1/4 month high. There was also weakness in commodity producer stocks after metals and crude oil fell. A positive factor was the -8,000 decline in initial unemployment claims.
Sep 10-year T-notes (ZNU15 -0.25%) this morning are down -8.5 ticks. Thursday's closes: TYU5 +14.50, FVU5 +7.50. Sep T-notes on Thursday recovered from a 5-month low and closed higher. Supportive factors included a recovery in German bund prices from an 8-1/4 month low and increased safe-haven demand for Treasuries after stocks plunged.
The dollar index (DXY00 +0.21%) this morning is up +0.228 (+0.24%). EUR/USD (^EURUSD) is down -0.0012 (-0.11%). USD/JPY (^USDJPY) is up +0.45 (+0.36%). Thursday's closes: Dollar Index -0.004 (-0.01%), EUR/USD -0.00368 (-0.33%), USD/JPY +0.122 (+0.10%). The dollar index on Thursday fell to a 2-week low and closed lower on strength in EUR/USD on improved EUR interest rate differentials with the German 10-year bund yield rising to an 8-1/4 month high.
July WTI crude oil (CLN15 +0.40%) this morning is down -29 cents (-0.50%) at a 1-week low. July gasoline (RBN15 +0.93%) is up +0.0074 (+0.37%). Thursday's closes: CLN5 -1.64 (-2.75%), RBN5 -0.0568 (-2.78%). Jul crude and gasoline on Thursday closed lower on expectations for OPEC on Friday to maintain its production target and news that Iraq will increase its oil exports by +100,000 bpd this month.

GLOBAL EVENT CALENDAR06/05/2015

US	0830 ET	May non-farm payrolls expected +226,000, Apr +223,000. May private payrolls expected +220,000, Apr +213,000. May manufacturing payrolls expected +5,000, Apr +1,000. May unemployment rate expected unch at 5.4%, Apr -0.1 to 5.4%.
	0830 ET	May average hourly earnings expected +0.2% m/m and +2.2% y/y, Apr +0.1% m/m and +2.2% y/y. May average weekly hours all-employees expected unch at 34.5 hours.
	1230 ET	New York Fed President William Dudley speaks on the economy and monetary policy at a gathering of the Economic Club of Minnesota.
	1500 ET	Apr consumer credit expected +$16.000 billion, Mar +$20.523 billion.
JPN	0100 ET	Japan Apr leading index CI expected +1.2 to 107.2, Mar 106.0. Apr coincident index expected +1.5 to 110.7, Mar 109.2.
GER	0200 ET	German Apr factory orders expected +0.5% m/m and -0.6% y/y, Mar +0.9% m/m and +1.9% y/y.
UK	0430 ET	BOE May quarterly inflation attitudes survey.
EUR	0500 ET	Revised Eurozone Q1 GDP, previous +0.4% q/q and +1.0% y/y.

U.S. STOCK CALENDAR06/05/2015

Company	Ticker	Time	Event Description	Period	Estimate
Actavis plc	ACT US	3:30	Annual General Meeting	Y 2015
Wal-Mart Stores Inc	WMT US	8:30	Annual General Meeting	Y 2015
Goodyear Tire & Rubber Co/The	GT US	9:00	Goodyear Tire & Rubber Co. and Sumitomo Rubber Industries, Ltd Joint Venture Ag
Cardinal Health Inc	CAH US	10:00	Investors and Analysts Meeting - Dublin	Y 2015
Flowers Foods Inc	FLO US	11:00	Annual General Meeting	Y 2015
ResMed Inc	RMD US	12:00	Investor Day	Y 2015
Wal-Mart Stores Inc	WMT US	13:30	Investment Community Meeting and Q&A Session	Y 2015
Questar Corp	STR US		Roadshow - Europe - Day 5	Y 2015
Garmin Ltd	GRMN US		Annual General Meeting	Y 2015

BARCHART MORNING CALL 6/1

BARCHART MORNING CALL

Monday, June 1st, 2015View Older Reports

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OVERNIGHT MARKETS AND NEWS

June E-mini S&Ps (ESM15 +0.23%) this morning are little changed, down -0.06% ahead of U.S. economic data on May ISM manufacturing and Apr personal spending that are expected to show a pickup in growth. European stocks are up +0.02& as they hover just above a 2-week low. Gains in European stocks were limited as Greece's debt payment deadlines draw closer amid a standoff with creditors. Asian stocks closed mixed: Japan +0.03%, Hong Kong +0.63%, China +4.71%, Taiwan -0.78%, Australia -0.72%, Singapore closed for holiday, South Korea -0.63%, India +0.07%. Chinese stocks closed sharply higher after a gauge of Chinese manufacturing activity expanded or a third month. Another positive for Chinese stocks was a report from people familiar with the situation that China was considering doubling the size of a local bond-swap program to 1 trillion yuan ($81 billion) from 500 billion yuan that would be authorized to swap bonds issued by provinces and cities in an attempt to clean up local government finances. The bond-swap program includes inducements for banks to buy new, longer-maturity bonds that may alleviate a funding crunch among Chinese provinces that had threatened to deepen China's economic slowdown.
Commodity prices are mostly lower. Jul crude oil (CLN15 -1.19%) is down -1.04% and Jul gasoline (RBN15 -0.67%) is down -0.61. Metals prices are weaker. Aug gold (GCQ15 -0.26%) is down -0.31% and Jul copper (HGN15 -0.38%) is down -0.24%. Agricultural prices are lower.
The dollar index (DXY00 +0.44%) is up +0.46%. EUR/USD (^EURUSD) is down -0.56%. USD/JPY (^USDJPY) is down -0.07%.

Sep T-note prices (ZNU15 -0.24%) are down -8 ticks.
Speaking at an event in Beijing, San Francisco Fed President John Williams said the U.S. economy is "basically in a good place," and he doesn't worry about a strong dollar weakening U.S. growth. He added that long-term interest rates are expected to rise and to be more normal in the next few years.
The China May manufacturing PMI rose +0.1 to 50.2, weaker than expectations of +0.2 to 50.3. The May non-manufacturing PMI fell -0.2 to 53.2, the slowest pace of expansion in 6-1/3 years.

U.S. STOCK PREVIEW

Key U.S. reports today include: (1) Apr personal spending (expected +0.2% after March's +0.4%) and Apr personal income (expected +0.3% after March's unchanged), (2) Apr PCE deflator (expected +0.2% y/y after March's +0.3% y/y) and Apr PCE core deflator (+1.3% y/y after March's +1.3% y/y), (3) a speech by Boston Fed President Eric Rosengren at the 2015 Workforce Stars Breakfast in Hartford, CT, (4) Apr construction spending (expected +0.7% m/m after March's -0.6% m/m), (5) May ISM manufacturing index (expected +0.5 to 52.0 after April's unchanged at 51.5), and (6) final-May Markit manufacturing PMI (expected unrevised at 53.8 vs prelim-May -0.3 to 53.8).
There is 1 of the Russell 1000 companies that reports earnings today: PVH Corp (consensus $1.38).
U.S. IPO's scheduled to price today include: none.
Equity conferences today include: Stifel Financial Corp WasteExpo Inestor Summit on Mon, American Society of Clinical Oncology Meeting on Mon-Tue, Andean Institutional Real Estate Forum on Mon-Tue, RBC - Conference: Global Energy & Power Executive Conference - New York on Mon-Tue, Jefferies Global Healthcare Conference on Mon-Wed, Bank of America Merrill Lynch Global Telecom & Media Conference on Tue, Goldman Sachs Lodging, Gaming, Restaurant and Leisure Conference on Tue, Keefe, Bruyette, & Woods Mortgage Finance Conference on Tue, RBC Global Energy Conference on Tue, Bank of America Merrill Lynch Global Technology Conference on Tue-Wed, Deutsche Bank Global Financial Services Investor Conference on Tue-Wed, KBW Asset Management and Capital Markets Conference on Wed, Sandler O'Neill & Partners Global Exchange and Brokerage Conference on Wed, Deutsche Bank Global Industrials and Basic Materials Conference on Wed-Thu, FBN Securities: Field Trip - 8th Semi-Annual Silicon Valley Tour on Wed-Thu, Credit Suisse Engineering & Construction Conference on Thu, Morgan Stanley Leveraged Finance Conference on Thu.

OVERNIGHT U.S. STOCK MOVERS

Juniper (JNPR +0.54%) was downgraded to 'Sell' from 'Neutral' at MKM Partners.
Wells Fargo said it sees a potential for 75% upside in DISH (DISH +0.70%) shares.
Duke Energy (DUK -0.29%) was upgraded to 'Outperform' from 'Market Perform' at Bernstein.
Verifone (PAY +0.37%) was upgraded to 'Outperform' from 'Market Perform' at Raymond James.
Enbridge (ENB -1.40%) and Boyd Gaming (BYD -0.28%) were both upgraded to 'Outperform' from 'Neutral' at Credit Suisse.
Coca-Cola (KO -0.44%) was upgraded to 'Outperform' from 'Market Perform' at BMO Capital.
According to DigiTimes, data from Gartner showed Q1 global server shipments up 13% y/y.
Citigroup (C -0.86%) was upgraded to 'Buy' from 'Neutral' at Goldman Sachs.
Altera (ALTR +4.00%) jumped over 6% in pre-market trading after people familiar with the matter said that Intel INTC is near a deal to acquire the chipmaker.
Stonepine Capital reported a 5.2% passive stake in Aegerion (AEGR -1.02%) .
O'Reilly Automotive (ORLY -1.41%) increased its stock repurchase authorization by $500 million to $5.5 billion.
Ryanair (RYAAY -2.06%) was downgraded to 'Neutral' from 'Buy' at Goldman Sachs.
Point72 reported a 5.0% passive stake in Achillion (ACHN +5.89%) .

MARKET COMMENTS

June E-mini S&Ps (ESM15 +0.23%) this morning are down -1.25 points (-0.06%). Friday's closes: S&P 500 -0.63%, Dow Jones -0.64%, Nasdaq -0.60%. The S&P 500 on Friday settled lower on the unresolved Greek situation and on the unexpected -6.1 point drop in the May Chicago PMI to 46.2, weaker than expectations of +0.7 to 53.0. Stocks found some support from the final-May U.S. consumer sentiment index, which rose +2.1 to 90.7, stronger than expectations of +0.9 to 89.5.
Sep 10-year T-notes (ZNU15 -0.24%) this morning are down -8 ticks. Friday's closes: TYU5 +9.50, FVU5 +6.50. Sep 10-year T-notes on Friday rallied to a 1-month high on ideas the Fed will be forced to delay a rate hike after Q1 GDP was revised lower to -0.7% from +0.2% and the Chicago PMI was expectedly weak at -6.1 points to 46.2. T-notes also found some carry-over support from a rally in German bunds to a 3-week high on the unresolved Greek debt crisis.
The dollar index (DXY00 +0.44%) this morning is u[ +0.443 (+0.46%). EUR/USD (^EURUSD)is down -0.0062 (-0.56%). USD/JPY (^USDJPY) is down -0.09 (-0.07%). Friday's closes: Dollar Index -0.058 (-0.06%), EUR/USD +0.00413 (+0.38%), USD/JPY +0.153 (+0.12%). The dollar index on Friday closed lower on talk of a delayed Fed rate hike after the downward revision for U.S. Q1 GDP to -0.7% and the unexpected -6.1 point decline in the May Chicago PMI.
July WTI crude oil (CLN15 -1.19%) this morning is down 63 cents (-1.04%). July gasoline (RBN15 -0.67%) is down -0.0126 (-0.61%). Friday's closes: CLN5 +2.62 (+4.54%), RBN5 +0.0922 (+4.68%). Jul crude oil and gasoline on Friday settled sharply higher on the weaker dollar and on the EPA's cut in its corn ethanol mandate levels to 13.4 billion gallons 2015 and 14 billion gallons for 2016 (from 15 billion gallons), which will increase U.S. gasoline usage levels.

GLOBAL EVENT CALENDAR06/01/2015

US	0830 ET	Apr personal spending expected +0.2%, Mar +0.4%. Apr personal income expected +0.3%, Mar unch.
	0830 ET	Apr PCE deflator expected +0.1% m/m and +0.2% y/y, Mar +0.2% m/m and +0.3% y/y. Apr PCE core deflator expected +0.2% m/m and +1.3% y/y, Mar +0.1% m/m and +1.3% y/y.
	0905 ET	Boston Fed President Eric Rosengren speaks from a prepared text at the 2015 Workforce Stars Breakfast in Hartford, CT.
	0945 ET	Final-May Markit manufacturing PMI expected unrevised at 53.8, prelim-May -0.3 to 53.8.
	1000 ET	Apr construction spending expected +0.7% m/m, Mar -0.6% m/m.
	1000 ET	May ISM manufacturing index expected +0.5 to 52.0, Apr unch at 51.5. May ISM new orders, Apr +1.7 to 53.5. May ISM employment, Apr -1.7 to 48.3. May ISM prices paid expected +2.5 to 43.0, Apr +1.5 to 40.5.
	1100 ET	USDA weekly grain export inspections.
	1600 ET	USDA weekly crop progress.
JPN	0100 ET	Japan May vehicle sales, Apr +5.0% y/y.
	2130 ET	Japan Apr labor cash earnings expected +0.4% y/y, Mar unch y/y. Apr real cash earnings, Mar -2.7% y/y.
GER	0355 ET	Revised German May Markit/BME manufacturing PMI, previous -0.7 to 51.4.
	0800 ET	German May CPI (EU harmonized) expected unch m/m and +0.6% y/y, Apr -0.1% m/m and +0.3% y/y.
EUR	0400 ET	Revised Eurozone May Markit manufacturing PMI, previous +0.3 to 52.3.
UK	0430 ET	UK May Markit manufacturing PMI expected +0.6 to 52.5, Apr 51.9.

U.S. STOCK CALENDAR06/01/2015

Company	Ticker	Time	Event Description	Period	Estimate
American Water Works Co Inc	AWK US	8:45	Annual General Meeting - Second Call	Y 2015
Wendy's Co/The	WEN US	10:00	Annual General Meeting
Wendy's Co/The	WEN US	10:00	Annual General Meeting
Staples Inc	SPLS US	16:00	Annual General Meeting
PVH Corp	PVH US	Aft-mkt	Q1 2016 Earnings Release	Q1 2016	1.384
Windstream Holdings Inc	WIN US	Aft-mkt	Talen Energy Replaces Windstream Holdings in S&P MidCap 400
Arthur J Gallagher & Co	AJG US		Annual General Meeting
Questar Corp	STR US		Roadshow - Europe - Day 1	Y 2015
UnitedHealth Group Inc	UNH US		Annual General Meeting
Hospitality Properties Trust	HPT US		Annual General Meeting - Proxy Fight
Arista Networks Inc	ANET US		Annual General Meeting