BARCHART MORNING CALL 6/5

BARCHART MORNING CALL

Tuesday, May 5th, 2015View Older Reports

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OVERNIGHT MARKETS AND NEWS

June E-mini S&Ps (ESM15 -0.15%) this morning are down -0.14% and European stocks are down -0.18% on Greek default concerns after the Financial Times reported that the IMF told Eurozone creditors that it may reduce support to Greece unless European lenders write off a "significant" amount of Greece's sovereign debt. The yield on Greece's 10-year bond jumped 50 bp on the news to 11.10%. Losses in European stocks were limited, though, after the European Commission raised its Eurozone 2015 GDP forecast to 1.5% from 1.3% predicted in Feb. Asian stocks closed lower: Japan and South Korea closed for holiday, Hong Kong -1.31%, China -4.06%, Taiwan -0.25%, Australia -0.02%, Singapore -0.33%, India -0.18%. China's Shanghai Composite Index tumbled over 4% to a 2-week low amid concern the government will introduce measures to cool the market after the Securities Times reported that China may increase the stamp tax on stock trading to boost fiscal revenue. The Shanghai Composite may be in for a correction as it has surged over 113% in the past year to last Tuesday's 7-year high.
Commodity prices are mixed. Jun crude oil (CLM15 +1.65%) is up +0.83% and Jun gasoline (RBM15 +0.84%) is up +0.29%. Metals prices are mixed. Jun gold (GCM15 +0.43%) is up +0.07%. Jul copper (HGN15 +0.02%) is up +0.45% at a 4-1/2 month high. Agriculture prices are weaker with Jul corn down -1.11% at a new 6-month low after Monday's USDA Crop Progress report showed the pace of U.S. corn planting accelerated.
The dollar index (DXY00 -0.04%) is up +0.10%. EUR/USD (^EURUSD) is down -0.10%. USD/JPY (^USDJPY) is up +0.21% at a 3-week high.

Jun T-note prices (ZNM15 +0.11%) are unchanged.
As expected, the Reserve Bank of Australia (RBA) cut its key benchmark interest rate by 25 bp to a record low of 2.00% from 2.25%. RBA Governor Stevens said that "the inflation outlook provided the opportunity for monetary policy to be eased further, so as to reinforce recent encouraging trends in household demand."

U.S. STOCK PREVIEW

Key U.S. reports today include: (1) the March U.S. trade deficit (expected -$41.5 billion after Feb's -$35.4 billion), (2) the final-Apr Markit services PMI (expected unrevised at 57.8 after the prelim-April -1.4 to 57.8), (3) the Apr ISM non-manufacturing index (expected -0.4 to 56.1 after March's -0.4 to 56.5), and (4) Minneapolis Fed President Narayana Kocherlakota's comments at a public town forum at Southwest State University.
There are 29 of the S&P 500 companies that report earnings today with notable reports including: Disney (1.10), Kellogg (0.92), Allstate (1.44), ADM (0.71), Emerson Electric (0.76), Directv (1.54).
U.S. IPO's scheduled to price today include: Multivir (MVIR), Gelesis (GLSS), ClubCorp (MYCC), Acadia Healthcare (ACHC).
Equity conferences during the remainder of this week include: Barclays Chemical ROC Stars Conference on Tue, Internet & Television Expo on Tue-Wed, Wells Fargo Industrial and Construction Conference on Tue-Wed, Baird Growth Stock Conference on Tue-Thu, Power & Electricity World Asia 2015 on Wed, Sanford C. Bernstein & Co. Energy Conference on Wed, Deutsche Bank Health Care Conference on Wed-Thu, ICI General Membership Meeting on Wed-Thu, Citi Car of the Future Conference on Thu, Mitsubishi UFJ Securities Oil & Gas Conference on Thu, and RBC Capital Markets Mobile & Cloud Networking Investor Day on Thu.

OVERNIGHT U.S. STOCK MOVERS

Intercontinental Exchange (ICE +0.34%) reported Q1 EPS of $2.91, weaker than consensus of $2.96.
DirecTV (DTV -0.01%) reported Q1 EPS of $1.44, below consensus of $1.54.
Archer-Daniels-Midland (ADM +1.08%) reported Q1 EPS of 77 cents, above consensus of 71 cents.
AmeriGas (APU -0.04%) reported Q2 EPS of $2.17, weaker than consensus of $2.51.
MDU Resources (MDU -0.67%) reported Q1 EPS of 12 cents, well below consensus of 19 cents.
KapStone (KS -0.56%) reported Q1 adjusted EPS of 30 cents, below consensus of 41 cents.
Vornado (VNO +0.09%) reported Q1 FFO of $1.16, weaker than consensus of $1.19.
DaVita (DVA -0.07%) reported Q1 adjusted EPS of 86 cents, right on consensus, although Q1 revenue of $3.29 billion was better than consensus of $3.25 billion.
Starboard Value reported an 8.2% stake in Brink's (BCO +1.06%) .
EOG Resources (EOG +0.50%) reported Q1 adjusted EPS of 3 cents, higher than consensus of 0 cents, although Q1 revenue of $2.32 billion was below consensus of $2.71 billion.
Avis Budget (CAR +0.78%) reported Q1 EPS ex-items of 17 cents, better than consensus of 14 cents.
Tenet (THC +3.80%) reported Q1 adjusted EPS of 67 cents, more than double consensus of 32 cents.
Fidelity National (FNF +1.23%) reported Q1 adjusted EPS of 37 cents, higher than consensus of 32 cents.
Texas Roadhouse (TXRH +0.27%) reported Q1 EPS of 46 cents, better than consensus of 44 cents, although Q1 revenue of $460.23 million was below consensus of $465.37 million.
Ingram Micro (IM +0.51%) reported Q1 EPS of 43 cents, below consensus of 44 cents.

MARKET COMMENTS

June E-mini S&Ps (ESM15 -0.15%) this morning are down -3.00 points (-0.14%). Monday's closes: S&P 500 +0.29%, Dow Jones +0.26%, Nasdaq +0.08%. The S&P 500 on Monday closed higher on the +2.1% increase in U.S. Mar factory orders (slightly stronger than expectations of +2.0%) and general optimism that Q1 earnings reports have been better than expected on average.
Jun 10-year T-notes (ZNM15 +0.11%) this morning are unch. Monday's closes: TYM5 -0.05, FVM5 +1.25. Jun T-bonds Monday fell to a new 1-1/2 month low on continued carry-over weakness from the recent sharp sell-off in bund prices, and the stronger-than-expected U.S. Mar factory orders reporty of +2.1%. T-note prices received some support from Chicago Fed President Evans' comment that it probably will not be appropriate for the Fed to begin raising interest rates until "sometime in early 2016."
The dollar index (DXY00 -0.04%) this morning is up +0.094 (+0.10%). EUR/USD (^EURUSD) is down -0.0011 (-0.10%). USD/JPY (^USDJPY) is up +0.25 (+0.21%) at a 3-week high. Monday's closes: Dollar Index +0.183 (+0.19%), EUR/USD -0.00491 (-0.44%), USD/JPY -0.046 (-0.04%). The dollar index on Monday closed higher on the stronger-than-expected U.S. Mar factory orders report of +2.1% and weakness in EUR/USD on Greek default concerns as Greek-Eurozone negotiators seem to be making little progress.
Jun WTI crude oil (CLM15 +1.65%) this morning is up +49 cents (+0.83%) and Jun gasoline (RBM15 +0.84%) is up+0.0058 (+0.29%). Monday's closes: CLM5 -0.22 (-0.37%), RBM5 -0.0118 (-0.58%). Jun crude oil and gasoline prices on Monday closed lower on the stronger dollar and on continued worries about the global crude oil supply glut.

GLOBAL EVENT CALENDAR05/05/2015

US	0830 ET	Mar trade balance expected -$41.5 billion, Feb -$35.4 billion.
	0945 ET	Final-Apr Markit services PMI expected unrevised at 57.8, prelim-April -1.4 to 57.8. Revised Apr Markit composite PMI, prelim-Apr -1.8 to 57.4.
	1000 ET	Apr ISM non-manufacturing index expected -0.4 to 56.1, Mar -0.4 to 56.5.
	2000 ET	Minneapolis Fed President Narayana Kocherlakota holds a public town forum at Southwest State University.
UK	0430 ET	UK Apr Markit/CIPS construction PMI expected -0.4 to 57.4, Mar 57.8.
	1901 ET	UK Apr BRC shop price index expected -1.7% y/y, Mar -2.1% y/y.
EUR	0500 ET	Eurozone Mar PPI expected +0.3% m/m and -2.3% y/y, Feb +0.5% m/m and -2.8% y/y.
	0500 ET	European Commission economic forecasts.
JPN	n/a	Japanese markets closed for Childrens Day.

U.S. STOCK CALENDAR05/05/2015

Company	Ticker	Time	Event Description	Period	Estimate
Pentair PLC	PNR US	3:00	Annual General Meeting	Y 2015
Archer-Daniels-Midland Co	ADM US	Bef-mkt	Q1 2015 Earnings Release	Q1 2015	0.711
Emerson Electric Co	EMR US	Bef-mkt	Q2 2015 Earnings Release	Q2 2015	0.76
HCP Inc	HCP US	Bef-mkt	Q1 2015 Earnings Release	Q1 2015	0.782
Noble Energy Inc	NBL US	Bef-mkt	Q1 2015 Earnings Release	Q1 2015	0.016
Wisconsin Energy Corp	WEC US	Bef-mkt	Q1 2015 Earnings Release	Q1 2015	0.826
Estee Lauder Cos Inc/The	EL US	Bef-mkt	Q3 2015 Earnings Release	Q3 2015	0.511
DIRECTV	DTV US	Bef-mkt	Q1 2015 Earnings Release	Q1 2015	1.54
HCA Holdings Inc	HCA US	Bef-mkt	Q1 2015 Earnings Release	Q1 2015	1.35
Mallinckrodt PLC	MNK US	Bef-mkt	Q2 2015 Earnings Release	Q2 2015	1.515
Harris Corp	HRS US	6:30	Q3 2015 Earnings Release	Q3 2015	1.257
Fastenal Co	FAST US	7:00	April 2015 Sales and Revenue Release	2015
Discovery Communications Inc	DISCA US	7:00	Q1 2015 Earnings Release	Q1 2015	0.392
Zoetis Inc	ZTS US	7:00	Q1 2015 Earnings Release	Q1 2015	0.365
Intercontinental Exchange Inc	ICE US	7:30	Q1 2015 Earnings Release	Q1 2015	2.957
Walt Disney Co/The	DIS US	8:00	Q2 2015 Earnings Release	Q2 2015	1.1
Kellogg Co	K US	8:00	Q1 2015 Earnings Release	Q1 2015	0.916
Dun & Bradstreet Corp/The	DNB US	8:00	Q1 2015 Earnings Call	Q1 2015
Harris Corp	HRS US	8:30	Q3 2015 Earnings Call	Q3 2015
Intercontinental Exchange Inc	ICE US	8:30	Q1 2015 Earnings Call	Q1 2015
Discovery Communications Inc	DISCA US	8:30	Q1 2015 Earnings Call	Q1 2015
Discover Financial Services	DFS US	8:30	Financial Community Meeting	Y 2015
Mallinckrodt PLC	MNK US	8:30	Q2 2015 Earnings Call	Q2 2015
Zoetis Inc	ZTS US	8:30	Q1 2015 Earnings Call	Q1 2015
Anadarko Petroleum Corp	APC US	9:00	Q1 2015 Earnings Call	Q1 2015
Archer-Daniels-Midland Co	ADM US	9:00	Q1 2015 Earnings Call	Q1 2015
DaVita HealthCare Partners Inc	DVA US	9:00	Capital Markets Day - Q1 2015 Earnings	Y 2015
Sempra Energy	SRE US	9:00	Q1 2015 Earnings Release	Q1 2015	1.379
Walt Disney Co/The	DIS US	9:30	Q2 2015 Earnings Call	Q2 2015
Kellogg Co	K US	9:30	Q1 2015 Earnings Call	Q1 2015
Sysco Corp	SYY US	9:30	Sysco Hearing vs. the FTC's Bid to Block Proposed Acquisition of US Foods Inc.
Estee Lauder Cos Inc/The	EL US	9:30	Q3 2015 Earnings Call	Q3 2015
Baxter International Inc	BAX US	10:00	Annual General Meeting	Y 2015
Bristol-Myers Squibb Co	BMY US	10:00	Annual General Meeting	Y 2015
Kimco Realty Corp	KIM US	10:00	Annual General Meeting
Tenet Healthcare Corp	THC US	10:00	Q1 2015 Earnings Call	Q1 2015
Noble Energy Inc	NBL US	10:00	Q1 2015 Earnings Call	Q1 2015
Vornado Realty Trust	VNO US	10:00	Q1 2015 Earnings Call	Q1 2015
Vulcan Materials Co	VMC US	10:00	Q1 2015 Earnings Call	Q1 2015
Boston Scientific Corp	BSX US	11:00	Annual General Meeting	Y 2015
EOG Resources Inc	EOG US	11:00	Q1 2015 Earnings Call	Q1 2015
Leggett & Platt Inc	LEG US	11:00	Annual General Meeting
Tractor Supply Co	TSCO US	11:00	Annual General Meeting	Y 2015
Cimarex Energy Co	XEC US	11:00	Q1 2015 Earnings Call	Q1 2015
HCA Holdings Inc	HCA US	11:00	Q1 2015 Earnings Call	Q1 2015
HCP Inc	HCP US	12:00	Q1 2015 Earnings Call	Q1 2015
Ecolab Inc	ECL US	12:30	Analyst Presentation	Y 2015
Sempra Energy	SRE US	13:00	Q1 2015 Earnings Call	Q1 2015
Emerson Electric Co	EMR US	14:00	Q2 2015 Earnings Call	Q2 2015
Wisconsin Energy Corp	WEC US	14:00	Q1 2015 Earnings Call	Q1 2015
Nordstrom Inc	JWN US	14:00	Annual General Meeting	Y 2015
DIRECTV	DTV US	14:00	Q1 2015 Earnings Call	Q1 2015
L-3 Communications Holdings Inc	LLL US	14:30	Annual General Meeting
Allstate Corp/The	ALL US	16:05	Q1 2015 Earnings Release	Q1 2015	1.437
Frontier Communications Corp	FTR US	16:30	Q1 2015 Earnings Call	Q1 2015
Mylan NV	MYL US	16:30	Q1 2015 Earnings Call	Q1 2015
Fossil Group Inc	FOSL US	16:30	Q1 2015 Earnings Call	Q1 2015
News Corp	NWSA US	16:30	Q3 2015 Earnings Call	Q3 2015
CenturyLink Inc	CTL US	17:00	Q1 2015 Earnings Call	Q1 2015
Electronic Arts Inc	EA US	17:00	Q4 2015 Earnings Call	Q4 2015
Fiserv Inc	FISV US	17:00	Q1 2015 Earnings Call	Q1 2015
CenturyLink Inc	CTL US	Aft-mkt	Q1 2015 Earnings Release	Q1 2015	0.583
Frontier Communications Corp	FTR US	Aft-mkt	Q1 2015 Earnings Release	Q1 2015	0.042
Mylan NV	MYL US	Aft-mkt	Q1 2015 Earnings Release	Q1 2015	0.706
ONEOK Inc	OKE US	Aft-mkt	Q1 2015 Earnings Release	Q1 2015	0.358
Electronic Arts Inc	EA US	Aft-mkt	Q4 2015 Earnings Release	Q4 2015	0.258
Fiserv Inc	FISV US	Aft-mkt	Q1 2015 Earnings Release	Q1 2015	0.862
Fossil Group Inc	FOSL US	Aft-mkt	Q1 2015 Earnings Release	Q1 2015	0.689
Newfield Exploration Co	NFX US	Aft-mkt	Q1 2015 Earnings Release	Q1 2015	0.081
Pioneer Natural Resources Co	PXD US	Aft-mkt	Q1 2015 Earnings Release	Q1 2015	0.056
Devon Energy Corp	DVN US	Aft-mkt	Q1 2015 Earnings Release	Q1 2015	0.248
Assurant Inc	AIZ US	Aft-mkt	Q1 2015 Earnings Release	Q1 2015	0.625
News Corp	NWSA US	Aft-mkt	Q3 2015 Earnings Release	Q3 2015	0.072
Bristol-Myers Squibb Co	BMY US		Bristol-Myers Squibb Co. New CEO, Giovanni Caforio, Takes Over
Plum Creek Timber Co Inc	PCL US		Annual General Meeting
Sigma-Aldrich Corp	SIAL US		Annual General Meeting
O'Reilly Automotive Inc	ORLY US		Annual General Meeting
Zimmer Holdings Inc	ZMH US		Annual General Meeting
Kraft Foods Group Inc	KRFT US		Annual General Meeting

BARCHART MORNING CALL 2/23

BARCHART MORNING CALL

Monday, February 23rd, 2015View Older Reports

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OVERNIGHT MARKETS AND NEWS

March E-mini S&Ps (ESH15 -0.20%) this morning are down -0.20% as they consolidate Friday's rally to an all-time high, while European stocks are up +0.26% at a 6-1/2 year high after Greece received a 4-month extension on its bailout. The Greek government has until the end of the day today to complete a list of policies in return for continued funding. The Eurozone finance ministers will then meet and decide whether the Greek policies go far enough or trigger another round of emergency negotiations this week. European stocks fell back from their best levels after the German Feb IFO business confidence rose less than expected. The extension of bailout funds to Greece also fueled a rally in Italian and Portuguese government bonds that sent their yields falling to record lows. Asian stocks closed mixed: Japan +0.73%, Australia +0.45%, Singapore -0.42%, South Korea +0.17%, India -0.88%, China and Taiwan closed for holiday. Japan's Nikkei Stock Index rose to a 14-3/4 year high as the positive news on a Greek debt deal lifted most global stocks. Commodity prices are mostly lower. Apr crude oil (CLJ15 -3.01%) is down -2.40% at a 1-week low and Apr gasoline (RBJ15 -0.91%) is down -0.85%. Apr gold (GCJ15 -0.79%) is down -0.87%. Mar copper (HGH15 -0.64%) is down -0.79%. Agriculture prices are mixed. The dollar index (DXY00 +0.52%) is up +0.56% at a 1-week high on speculation that Fed Chair Yellen's testimony to Congress tomorrow will be dollar supportive. EUR/USD (^EURUSD) is down -0.60%. USD/JPY (^USDJPY) is unchanged. Mar T-note prices (ZNH15 +0.12%) are up +3.5 ticks.
The German Feb IFO business climate rose +0.1 to 106.8, less than expectations of +1.0 to 107.7 but still the highest in 7 months. The Feb IFO current assessment unexpectedly fell -0.4 to 111.3, weaker than expectations of +0.8 to 112.5. The Feb IFO expectations rose +0.5 to 102.5, less than expectations of +1.0 to 103.0.
The UK Feb CBI reported sales slumped -38 to 1, a much bigger decline than expectations of -4 to 35 and the lowest in 15 months.

U.S. STOCK PREVIEW

Today’s Jan existing home sales report is expected to show a decline of -1.8% to 4.95 million, giving back most of December’s +2.4% increase to 5.04 million. There are 3 of the S&P 500 companies that report earnings today: Tenet Healthcare (consensus $1.19), ONEOK (0.35), and Express Scripts (1.38).
Equity conferences this week include: JPMorgan High Yield & Leveraged Finance Conference on Mon-Wed, BMO Capital Markets Global Metals & Mining Conference on Mon-Tue, Cantor Fitzgerald 2nd Annual Internet and Technology Conference on Tue, Susquehanna Semi, Storage & Tech Summit on Tue, Credit Suisse Energy Summit on Tue-Wed, RBC Capital Markets Global Healthcare Conference on Tue-Wed, Robert W. Baird Business Solutions Conference on Tue-Wed, Wells Fargo Cyber Security Forum on Wed, Bank of America Merrill Lynch Global Agriculture Conference on Wed-Thu, Auerbach Grayson & Morgan Stanley's Inaugural Frontier Markets Conference on Thu, Gabelli & Company Pump, Valve & Water Systems Symposium on Thu, Gabelli & Company Inaugural Waste & Environmental Services Symposium on Fri.

OVERNIGHT U.S. STOCK MOVERS

Precision Castparts (PCP +2.53%) was downgraded to 'Neutral' from 'Buy' at Goldman Sachs.
Boeing (BA +2.97%) was downgraded to 'Sell' from 'Neutral' at Goldman Sachs.
Raytheon (RTN +0.75%) was upgraded to 'Buy' from 'Neutral' at Buckingham.
AerCap (AER +1.42%) reported Q4 adjusted EPS of $1.40, higher than consensus of $1.30.
Colgate-Palmolive (CL +0.04%) was upgraded to 'Buy' from 'Neutral' at Citigroup.
CSX (CSX +0.06%) was initiated with an 'Overweight' at JPMorgan Chase with a price target of $41.
Penn National (PENN -1.80%) was upgraded to 'Buy' from 'Neutral' at BofA/Merrill Lynch.
Honda (HMC +0.42%) announced that Takanobu Ito is stepping down as president and CEO of Honda and Takahiro Hachigo, Honda's managing officer, will take over as president and CEO in June.
CyberArk (CYBR +9.44%) was downgraded to 'Underweight' from 'Neutral' at JPMorgan Chase.
LabCorp (LH +3.36%) was upgraded to 'Overweight' from 'Neutral' at Piper Jaffray.
Antofagasta (ANFGY +2.00%) was downgraded to 'Sell' from 'Neutral' at Goldman Sachs.
DirecTV (DTV +0.06%) was downgraded to 'Hold' from 'Buy' at Brean Capital.
Rio Tinto (RIO +0.67%) was downgraded to 'Neutral' from 'Buy' at UBS.
Exxon Mobil (XOM +0.54%) was awarded a $1.01 billion government contract for aviation turbine fuel.

MARKET COMMENTS

Mar E-mini S&Ps (ESH15 -0.20%) this morning are down -4.25 points (-0.20%). The S&P 500 index on Friday rose to a new all-time high and closed higher: S&P 500 +0.61%, Dow Jones +0.86%, Nasdaq +0.71%. Bullish factors included (1) optimism about a Eurozone agreement with Greece to keep bailout funds flowing to Greece, and (2) signs of strength in the U.S. economy after the U.S. Feb Markit manufacturing PMI unexpectedly rose +0.4 to 54.3, better than expectations of -0.3 to 53.6.
Mar 10-year T-notes (ZNH15 +0.12%) this morning are up +3.5 ticks. Mar 10-year T-note futures prices on Friday closed lower. Closes: TYH5 -6.00, FVH5 -4.75. Bearish factors included (1) the unexpected increase in the Feb Markit manufacturing PMI, and (2) the rally in the S&P 500 to a new record high, which reduced safe-haven demand for Treasuries.
The dollar index (DXY00 +0.52%) this morning is up +0.529 (+0.56%) at a 1-week high. EUR/USD (^EURUSD) is down -0.0068 (-0.60%). USD/JPY (^USDJPY) is unchanged. The dollar index on Friday fell back from a 1-week high and closed lower: Dollar index -0.095 (-0.10%), EUR/USD +0.00087 (+0.08%), USD/JPY +0.026 (+0.02%). The main bearish factor was a rebound in EUR/USD, which recovered from a 1-week low and closed higher after Eurozone finance ministers reached a deal to extend bailout funds to Greece for four months in return for a commitment on budget targets. The dollar had risen to a 1-week high on bullish factors that included (1) the unexpected increase in the U.S. Feb Markit manufacturing PMI, and (2) early weakness in EUR/USD which fell to a 1-week low after the Eurozone Feb Markit manufacturing PMI was weaker than expected and German Jan producer prices fell more than expected.
Apr WTI crude oil (CLJ15 -3.01%) this morning is down -$1.22 a barrel (-2.40%) at a 1-week low and Apr gasoline (RBJ15 -0.91%) is down -0.0156 (-0.85%). Apr crude and Apr gasoline prices on Friday settled mixed: CLJ5 -1.02 (-1.97%), RBJ5 +0.0049 (+0.27%). The main bearish factor was ample supplies after Wednesday’s EIA data showed U.S. crude inventories at their highest level since weekly EIA data began in 1982. Gasoline closed higher on bullish factors that included (1) the ongoing strike by the United Steelworkers union that represents more than 30,000 oil refinery workers and 13% of U.S. refining output, which may reduce gasoline and distillate production, and (2) frigid weather in the U.S. Northeast that boosted demand for heating fuels and also shuttered two refineries in Pennsylvania because of the sub-zero cold.

GLOBAL EVENT CALENDAR02/23/2015

US	0830 ET	Jan Chicago national activity index expected +0.10 to 0.05, Dec -0.05.
	1000 ET	Jan existing home sales expected -1.8% to 4.95 million, Dec +2.4% to 5.04 million.
	1030 ET	Feb Dallas Fed manufacturing outlook level of general business activity expected +0.4 to -4.0, Jan -7.9 to -4.4.
	1100 ET	USDA weekly grain export inspections.
GER	0400 ET	German Feb IFO business climate expected +1.0 to 107.7, Jan 106.7. Feb IFO current assessment expected +0.8 to 112.5, Jan 111.7. Feb IFO expectations expected +1.0 to 103.0, Jan 102.0.
UK	0600 ET	UK Feb CBI reported sales expected -4 to 35, Jan 39.
JPN	1850 ET	Japan Jan PPI services expected +3.6% y/y, Dec +3.6% y/y.

U.S. STOCK CALENDAR02/23/2015

Company	Ticker	Time	Event Description	Period	Estimate
Tenet Healthcare Corp	THC US	Aft-mkt	Q4 2014 Earnings Release	Q4 2014	1.186
ONEOK Inc	OKE US	Aft-mkt	Q4 2014 Earnings Release	Q4 2014	0.348
Express Scripts Holding Co	ESRX US	Aft-mkt	Q4 2014 Earnings Release	Q4 2014	1.381

BARCHART MORNING CALL 2/19

BARCHART MORNING CALL

Thursday, February 19th, 2015View Older Reports

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OVERNIGHT MARKETS AND NEWS

March E-mini S&Ps (ESH15 -0.19%) this morning are down -0.07% due to weakness in energy producers as crude oil fell, while European stocks are up +0.46% at a 6-1/2 year high after the Greek government submitted a request to extend the availability of bailout funds for 6 months. Eurozone finance ministers are scheduled to assess the request later today and if they see room for an agreement the finance ministers will meet tomorrow. Asian stocks closed mixed: Japan +0.36%, Hong Kong, China, Taiwan, Singapore and South Korea closed for holiday, Australia -0.19%, India +0.48%. Japan's Nikkei Stock Index rose to a 14-3/4 year high on upbeat trade data after Japan Jan exports rose by the most in 14 months. Commodity prices are mixed. Mar crude oil (CLH15 -3.93%) is down -3.62% and Mar gasoline (RBH15 -2.04%) is down -1.85% at a 1-week low ahead of weekly EIA data that may show U.S. crude stockpiles rose for a sixth week to a record high. Apr gold (GCJ15 +1.74%) is up +1.48%. Mar copper (HGH15 -0.42%) is down -0.23%. Agriculture prices are mixed. The dollar index (DXY00 +0.18%) is unchanged. EUR/USD (^EURUSD) is down -0.05%. USD/JPY (^USDJPY) is up +0.19%. Mar T-note prices (ZNH15 -0.05%) are down -3 ticks.
The Japan Jan trade balance widened to a -1.177 trillion yen deficit, bigger than expectations of -1.681 trillion yen and the largest deficit in 10 months. Jan exports rose +17.0% y/y, better than expectations of +13.5% y/y and the biggest increase in 14 months. Jan imports fell -9.0% y/y, more than expectations of -4.9% y/y and the biggest decline in 5 years.
Japan Jan nationwide department store sales fell -2.8% y/y, the tenth consecutive month sales have declined.
UK Feb CBI trends total orders rose +6 to 10, better than expectations of 2 to 6 and the highest in 6 months. Feb CBI trends selling prices unexpectedly rose +14 to 8, more than expectations of -1 to -7 and the highest in 10 months.

U.S. STOCK PREVIEW

Today’s initial claims report is expected to show a -14,000 decline to 290,000. Today’s continuing claims report is expected to show a small +6,000 rise to 2.360 million after last week’s -51,000 decline to 2.354 million. Today’s Feb Philadelphia Fed business outlook survey is expected to show a +2.7 point increase to 9.0, stabilizing after January’s -18.0 point plunge to 6.3. Today’s Jan leading indicators index is expected to show a decent increase of +0.3%, adding to December’s strong increase of +0.5%.
There are 18 of the S&P 500 companies that report earnings today with notable reports including: Wal-Mart (consensus $1.54), Hormel Foods (0.64), Discovery Communications (0.45), Priceline (10.05), Newmont Mining (0.12), Consolidated Edison (0.55), Nordstrom (1.35). Equity conferences this week include: Consumer Analysts Group of New York Conference on Tue-Thu, and Barclays Industrial Select Conference on Wed-Thu.

OVERNIGHT U.S. STOCK MOVERS

Halliburton (HAL -1.07%) is down 2% and Exxon Mobil (XOM -2.19%) slid over 1% in pre-market trading as crude oil prices fell.
Hormel Foods (HRL +0.77%) reported Q1 EPS of 69 cents, well above consensus of 64 cents.
Priceline.com (PCLN +0.18%) reported Q4 EPS of $10.85, higher than consensus of $10.05.
Southwest Airlines (LUV +2.25%) was initiated with a 'Buy' at BofA/Merril Lynch with a price target of $52.
Regeneron (REGN +0.40%) reported positive results for its Eylea injection in patients with diabetic macular edema.
EOG Resources (EOG -1.22%) reported Q4 EPS of 79 cents, well below consensus of $1.02.
Marathon Oil (MRO -2.06%) reported Q4 adjusted EPS of 0, less than consensus of 3 cents.
Sunoco Logistics (SXL +1.63%) reported a Q4 EPS loss of -80 cents, well below consensus of a 37 cent profit.
Avis Budget (CAR -0.57%) reported Q4 EPS ex-items of 23 cents, above consensus of 20 cents.
Marriott (MAR +0.20%) reported Q4 EPS of 68 cents, higher than consensus of 65 cents.
Convergys (CVG +0.05%) reported Q4 adjusted EPS of 52 cents, better than consensus of 44 cents.
Synopsys (SNPS +0.94%) reported Q1 EPS of 80 cents, well above consensus of 62 cents.
Fidelity National (FNF -1.25%) reported Q4 EPS of 50 cents, higher than consensus of 47 cents.
Williams (WMB -1.95%) reported Q4 EPS of 26 cents, better than consensus of 23 cents.
ARRIS (ARRS +5.10%) reported Q4 adjusted EPS of 78 cents, well above consensus of 61 cents.

MARKET COMMENTS

Mar E-mini S&Ps (ESH15 -0.19%) this morning are down -1.50 points (-0.07%). The S&P 500 index on Wednesday closed lower: S&P 500 -0.03%, Dow Jones -0.10%, Nasdaq +0.13%. Bearish factors included (1) the -2.0% decline in U.S. Jan housing starts to 1.065 million, weaker than expectations of -1.7% to 1.070 million, and (2) the +0.2% increase in U.S. Jan industrial production, weaker than expectations of +0.3%. Stocks recovered from their worst levels after the Jan 27-28 FOMC meeting minutes signaled policy makers may be inclined to keep interest rates lower for longer amid risks facing the economy.
Mar 10-year T-notes (ZNH15 -0.05%) this morning are down -3 ticks. Mar 10-year T-note futures prices on Wednesday rebounded from a 1-1/4 month low and closed higher. Closes: TYH5 +24.50, FVH5 +16.75. Bullish factors included (1) a lack of inflation at the wholesale level after the U.S. Jan final-demand PPI index fell -0.8% m/m, the largest monthly decline since the data series began in 2009, and (2) the Jan 27-28 FOMC meeting minutes stating that policy makers were inclined to keep the Fed funds rate near zero “for a longer time.”
The dollar index (DXY00 +0.18%) this morning is unchanged. EUR/USD (^EURUSD) is down -0.0006 (-0.05%). USD/JPY (^USDJPY) is up +0.22 (+0.19%). The dollar index on Wednesday closed higher: Dollar index +0.137 (+0.15%), EUR/USD -0.00138 (-0.12%), USD/JPY -0.451 (-0.38%). A bullish factor for the dollar was a lack of inflation pressures after the Jan PPI final-demand fell more than expected. The dollar fell back from it best levels after the Jan 27-28 FOMC meeting minutes signaled that Fed members may be inclined to delay raising interest rates due to risks facing the economy.
Mar WTI crude oil (CLH15 -3.93%) this morning is down -$1.89 a barrel (-3.62%) and Mar gasoline (RBH15 -2.04%) is down -0.0291 (-1.85%) at a 1-week low. Mar crude and Mar gasoline on Wednesday closed lower: CLH5 -1.39 (-2.60%), RBH5 -0.0311 (-1.96%). Negative factors included (1) the stronger dollar, and (2) expectations that Thursday’s weekly EIA data will show crude supplies rose +3.0 million bbl to a record high of 420 million bbl.

GLOBAL EVENT CALENDAR02/19/2015

US	0830 ET	Weekly initial unemployment claims expected -14,000 to 290,000, previous +25,000 to 304,000. Weekly continuing claims expected +6,000 to 2.360 million, previous 51,000 to 2.354 million.
	1000 ET	Feb Philadelphia Fed business outlook survey expected +2.7 to 9.0, Jan -18.0 to 6.3.
	1000 ET	Jan leading indicators expected +0.3%, Dec +0.5%.
	1100 ET	EIA Weekly Petroleum Status Report.
	1100 ET	Treasury announces amount of 2-year T-notes (previous $26 billion), 2-year floating-rate notes (previous $15 billion), 5-year T-notes (previous $35 billion) and 7-year T-notes (previous $29 billion) to be auctioned Feb 24-26.
JPN	0000 ET	Revised Japan Dec leading index CI, previous +1.3 to 105.2. Revised Dc coincident index, previous +1.5 to 110.7.
	0030 ET	Japan Jan nationwide department store sales, Dec -1.7% y/y.
	2035 ET	Japan Feb Markit/JMMA manufacturing PMI expected +0.3 to 52.5, Jan 52.2.
EUR	0400 ET	Eurozone Dec current account, Nov +24.6 billion euros (nsa).
	1000 ET	Eurozone Feb consumer confidence expected +1.0 to -7.5, Jan -8.5.
UK	0600 ET	UK Feb CBI trends total orders expected +2 to 6, Jan 4. Feb CBI trends selling prices expected -1 to -7, Jan -6.

U.S. STOCK CALENDAR02/19/2015

Company	Ticker	Time	Event Description	Period	Estimate
DIRECTV	DTV US	Bef-mkt	Q4 2014 Earnings Release	Q4 2014	1.411
Noble Energy Inc	NBL US	Bef-mkt	Q4 2014 Earnings Release	Q4 2014	0.344
Quanta Services Inc	PWR US	Bef-mkt	Q4 2014 Earnings Release	Q4 2014	0.514
SCANA Corp	SCG US	Bef-mkt	Q4 2014 Earnings Release	Q4 2014	0.737
Denbury Resources Inc	DNR US	Bef-mkt	Q4 2014 Earnings Release	Q4 2014	0.233
Wal-Mart Stores Inc	WMT US	Bef-mkt	Q4 2015 Earnings Release	Q4 2015	1.544
Hormel Foods Corp	HRL US	Bef-mkt	Q1 2015 Earnings Release	Q1 2015	0.644
Patterson Cos Inc	PDCO US	Bef-mkt	Q3 2015 Earnings Release	Q3 2015	0.594
Host Hotels & Resorts Inc	HST US	Bef-mkt	Q4 2014 Earnings Release	Q4 2014	0.384
Discovery Communications Inc	DISCA US	7:00	Q4 2014 Earnings Release	Q4 2014	0.447
Wal-Mart Stores Inc	WMT US	7:00	Q4 2015 Earnings Call - Pre - Recorded	Q4 2015
Priceline Group Inc/The	PCLN US	7:00	Q4 2014 Earnings Release	Q4 2014	10.051
Priceline Group Inc/The	PCLN US	7:30	Q4 2014 Earnings Call	Q4 2014
Discovery Communications Inc	DISCA US	8:30	Q4 2014 Earnings Call	Q4 2014
Emerson Electric Co	EMR US	9:00	Investor Meeting	Y 2015
EOG Resources Inc	EOG US	9:00	Q4 2014 Earnings Call	Q4 2014
Marathon Oil Corp	MRO US	9:00	Q4 2014 Earnings Call	Q4 2014
Hormel Foods Corp	HRL US	9:00	Q1 2015 Earnings Call	Q1 2015
Host Hotels & Resorts Inc	HST US	9:00	Q4 2014 Earnings Call	Q4 2014
Quanta Services Inc	PWR US	9:30	Q4 2014 Earnings Call	Q4 2014
Williams Cos Inc/The	WMB US	9:30	Q4 2014 Earnings Call	Q4 2014
Noble Energy Inc	NBL US	10:00	Q4 2014 Earnings Call	Q4 2014
Marriott International Inc/MD	MAR US	10:00	Q4 2014 Earnings Call	Q4 2014
Patterson Cos Inc	PDCO US	10:00	Q3 2015 Earnings Call	Q3 2015
Denbury Resources Inc	DNR US	11:00	Q4 2014 Earnings Call	Q4 2014
DIRECTV	DTV US	14:00	Q4 2014 Earnings Call	Q4 2014
SCANA Corp	SCG US	15:00	Q4 2014 Earnings Call	Q4 2014
Intuit Inc	INTU US	16:30	Q2 2015 Earnings Call	Q2 2015
Nordstrom Inc	JWN US	16:45	Q4 2015 Earnings Call	Q4 2015
Frontier Communications Corp	FTR US	17:00	Q4 2014 Earnings Call	Q4 2014
Newmont Mining Corp	NEM US	Aft-mkt	Q4 2014 Earnings Release	Q4 2014	0.118
Intuit Inc	INTU US	Aft-mkt	Q2 2015 Earnings Release	Q2 2015	-0.126
Mohawk Industries Inc	MHK US	Aft-mkt	Q4 2014 Earnings Release	Q4 2014	2.204
Frontier Communications Corp	FTR US	Aft-mkt	Q4 2014 Earnings Release	Q4 2014	0.054
Public Storage	PSA US	Aft-mkt	Q4 2014 Earnings Release	Q4 2014	2.201
Consolidated Edison Inc	ED US	Aft-mkt	Q4 2014 Earnings Release	Q4 2014	0.549
Nordstrom Inc	JWN US	Aft-mkt	Q4 2015 Earnings Release	Q4 2015	1.349

5 Great NASDAQ 100 Stocks

I wanted to see how the NASDAQ 100 stocks were doing so I used Barchart to sort the NASDAQ 100 Index stocks for the 5 that had the highest technical buy signals then used the Flipchart feature to review the stocks.

Today's list includes Comcast (CMCSA), Microsoft (MSFT), Netapp (NTAP), Costco Wholesale (COST) and Directv (DTV):

Comcast (CMCSA)

Barchart technical indicators:

• 96% Barchart technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 9 new highs and up 4.10% in the last month
• Relative Strength Index 72.01
• Barchart computes a technical support level at 56.52
• Recently traded at 56.99 with a 50 day moving average of 54.71

Microsoft (MSFT)

Barchart technical indicators:

• 96% Barchart technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 9 new highs and up 3.91% in the last month
• Relative Strength Index 64.91%
• Barchart computes a technical support level at 45.74
• Recently traded at 46.59 with a 50 day moving average of 44.41

Netapp (NTAP)

Barchart technical indicators:

• 96% Barchart technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 10 new highs and up 3.48% in the last month
• Relative Strength Index 76.12%
• Barchart computes a technical support level at 42.22
• Recently traded at 42.85 with a 50 day moving average of 39.72

Costco Wholesale (COST)

Barchart technical indicators:

• 96% Barchart technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 8 new highs and up 6.64% in the last month
• Relative Strength Index 71.37%
• Barchart computes a technical support level at 124.82
• Recently traded at 126.37 with a 50 day moving average of 120.22

Directv (DTV)

Barchart technical indicators:

• 80% Barchart technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 10 new highs and up 3.30% in the last month
• Relative Strength Index 62.39%
• Barchart computes a technical support level at 86.40
• Recently traded at 87.00 with a 50 day moving average of 85.85

BARCHART MORNING CALL 7/31

BARCHART MORNING CALL

Thursday, July 31st, 2014View Older Reports

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OVERNIGHT MARKETS AND NEWS

September E-mini S&Ps (ESU14 -0.59%) this morning are down -0.56% and European stocks are down -0.86%, both at 1-1/2 week lows, as company earnings results disappointed. Samsung, the world's biggest smartphone maker, fell 3.7% in South Korea and led technology stocks lower after it reported Q2 net income that fell short of consensus, while Lufthansa dropped nearly 6% after Europe's second-largest airline said Q2 profit fell and predicted travel markets will remain weak in the second half of this year. Standard & Poor's said Argentina was in default after it missed an interest payment on $13 billion of debt. Asian stocks closed mixed: Japan -0.16%, Hong Kong +0.10%, China +1.22%, Taiwan -1.39%, Australia +0.18%, Singapore +0.61%, South Korea -0.55%, India -0.74%. China's Shanghai Stock Index climbed to its highest level in 7-1/2 months on speculation government stimulus and reform measures will boost economic growth. Commodity prices are mixed. Sep crude oil (CLU14 -0.72%) is down -0.74% at a 2-week low as it fell below $100 a barrel on dollar strength. Sep gasoline (RBU14 -0.56%) is down -0.69% at a 3-1/2 month low. Aug gold (GCQ14 -0.05%) is up +0.05%. Sep copper (HGU14 -0.06%) is up +0.11%. Agriculture and livestock prices are lower. The dollar index (DXY00 +0.08%) is up +0.06%. EUR/USD (^EURUSD) is down -0.07% after weaker-than-expected Eurozone Jul CPI boosted the prospects for additional ECB easing measures. USD/JPY (^USDJPY) is up +0.08%. Sep T-note prices (ZNU14 -0.01%) are unchanged.
The Eurozone Jul CPI estimate unexpectedly weakened to +0.4% y/y, lower than expectations of unch at +0.5% y/y and the slowest pace of increase in 4-3/4 years. The Jul core CPI rose +0.8% y/y, right on expectations.
The Eurozone Jun unemployment rate unexpectedly fell -0.1 to 11.5%, better than expectations of no change at 11.6% y/y and the lowest in 1-3/4 years.
The German Jul unemployment change fell -12,000, over double expectations of -5,000 and the first decrease in 3 months. The Jul unemployment rate remained unchanged at 6.7%, right on expectations and the lowest since data for a reunified Germany began in 1991.
German Jun retail sales were mixed as sales rose +1.3% m/m, better than expectations of +1.0% m/m, but rose only +0.4% y/y, less than expectations of +1.3% y/y.
UK Jul GfK consumer confidence unexpectedly fell -3 points to -2, weaker than expectations of +1 to 2.
UK Jul nationwide house prices rose +0.1% m/m and +10.6% y/y, less than expectations of +0.5% m/m and +11.3% y/y.
Japan Jun labor cash earnings rose +0.4% y/y, less than expectations of +0.8% y/y.

U.S. STOCK PREVIEW

Today’s weekly initial unemployment claims report is expected to show a +16,000 gain to 300,000, reversing most of last week’s -19,000 decline to 284,000. Meanwhile, today’s continuing claims report is expected to show a -8,000 decline to 2.492 million, matching last week’s decline of -8,000 to 2.500 million. Today’s Q2 employment cost index is expected to strengthen to +0.5% q/q (+2.0% annualized) from +0.3% (+1.2% annualized) in Q1. Today’s July Chicago PMI report is expected to show a +0.4 point increase to 63.0, recovering some of the sharp -2.9 point loss to 62.6 seen in June.
There are 51 of the S&P 500 companies that report earnings today with notable reports including: Mastercard (consensus $0.77), Exxon (1.86), Kellogg (1.02), Expedia (0.76), CME Group (0.79), Time Warner (1.90), ConocoPhillips (1.61), Marathon Petroleum (2.20), ADP (0.63), Excelon (0.50). Equity conferences this week include the following: Institute of Validation technology on Tue-Thu, and Marcus Evans 13th Annual Outage Management for Power Plants Conference on Tue-Thu.

OVERNIGHT U.S. STOCK MOVERS

CME Group (CME +0.44%) reported Q2 EPS of 77 cents, below consensus of 79 cents.
Avon Products (AVP +0.39%) reported Q2 EPS of 20 cents, weaker than consensus of 21 cents.
Con-way (CNW +0.19%) reported Q2 EPS of 91 cents, well above consensus of 75 cents.
Lam Research (LRCX -1.32%) reported Q4 adjusted EPS of $1.25, better than consensus of $1.23.
Western Digital (WDC +0.38%) reported Q4 EPS of $1.85, stronger than consensus of $1.74.
Unum Group (UNM -0.46%) reported Q2 EPS of 94 cents, higher than consensus of 87 cents.
Endurance Specialty (ENH -0.19%) terminated its offer to acquire Aspen Insurance (AHL -0.63%) .
Hologic (HOLX +1.68%) reported Q3 EPS of 37 cents, better than consensus of 34 cents, and then raisd guidance on fiscal 2014 EPS view ex-items to $1.44-$1.45 from $1.37-$1.40, higher than consensus of $1.40.
Allstate (ALL -0.28%) gained nearly 3% in after-hours tradng after it reported Q2 operating EPS of $1.01, well above consensus of 70 cents.
MetLife (MET +0.65%) reported Q2 EPS of $1.39, less than consensus of $1.41.
Kraft Foods (KRFT -0.90%) dropped over 2% in after-hours trading after it reported Q2 EPS of 80 cents, weaker than consensus of 83 cents.
Fortune Brands (FBHS +0.11%) reported Q2 EPS of 55 cents, higher than consensus of 54 cents, although Q2 revenue of $1.14 billion was slightly less than consensus of $1.17 billion.
Whiting Petroleum (WLL -0.13%) rose over 1% in after-hours trading after it reported adjusted Q2 EPS of $1.40, stronger than consensus of $1.28.
AMC Entertainment (AMC -0.31%) reported Q2 EPS of 32 cents, higher than consensus of 29 cents.
Whole Foods Market (WFM +3.80%) fell over 4% in afer-hours trading after it reported Q3 EPS of 41 cents, better than consensus of 39 cents, but then lowered guidance on fiscal 2014 EPS view to $1.52-$1.54 from $1.52-$1.56, at the low end of consensus of $1.53.
Akamai (AKAM +2.93%) reported Q2 EPS of 58 cents, higher than consensus of 55 cents.

MARKET COMMENTS

Sep E-mini S&Ps (ESU14 -0.59%) this morning are down -11,00 points (-0.56%). The S&P 500 index on Wednesday recovered from a 1-1/2 week low and closed higher: S&P 500 +0.01%, Dow Jones -0.19%, Nasdaq +0.43%. Bullish factors included (1) the +4.0% gain in U.S. Q2 GDP, stronger than expectations of +3.0% as Q2 personal consumption rose +2.5%, better than expectations of +1.9%, and (2) positive Q2 company earnings results as 77% of reporting S&P 500 companies have beaten estimates. A negative factor was the +218,000 increase in Jul ADP employment, less than expectations of +230,000.
Sep 10-year T-notes (ZNU14 -0.01%) this morning are unch. Sep 10-year T-note futures prices on Wednesday tumbled to a 3-week low and closed lower. Bearish factors included (1) the stronger-than-expected U.S. Q2 GDP of +4.0%, which bolstered the outlook for the Fed to raise interest rates sooner rather than later, and (2) the +2.0% increase in the Q2 core PCE deflator, more than expectations of +1.9% and the fastest pace in 2-1/4 years. Closes: TYU4 -23.00, FVU4 -11.00.
The dollar index (DXY00 +0.08%) this morning is up +0.048 (+0.06%). EUR/USD (^EURUSD) is down -0.0010 (-0.07%) and USD/JPY (^USDJPY) is up +0.08 (+0.08%). The dollar index on Wednesday soared to a 10-1/2 month high after the stronger-than-expected U.S. Q2 GDP report bolstered the outlook for the Fed to tighten monetary policy. EUR/USD fell to an 8-1/2 month low and USD/JPY rose to a 2-3/4 month high as the yen weakened on speculation the BOJ may expand its stimulus measures after Japan Jun industrial production fell -3.3% m/m, the most in 3-1/4 years. Closes: Dollar index +0.218 (+0.27%), EUR/USD -0.0012 (-0.09%), USD/JPY +0.672 (+0.66%).
Sep WTI crude oil (CLU14 -0.72%) this morning is down -74 cents (-0.74%) at a 2-week low and Sep gasoline (RBU14 -0.56%) is down -0.0194 (-0.69%) at a 3-1/2 month low. Sep crude and gasoline prices on Wednesday closed lower with Sep crude at a 2-week low and Sep gasoline at a 2-1/2 month low: CLU4 -1.29 (-1.28%), RBU4 -0.0419 (-1.47%). Bearish factors included (1) the rally in the dollar index to a 10-1/2 month high, and (2) the +789,000 bbl increase in EIA distillate inventories to a 10-month high of 126.7 million bbl. Crude prices failed to rally on the -3.697 million bbl drop in weekly EIA inventories, three times more than expectations of a -1.25 million bbl draw.

GLOBAL EVENT CALENDAR07/31/2014

US	0730 ET	Jul Challenger job cuts, Jun -20.2% y/y.
	0830 ET	Weekly initial unemployment claims expected +16,000 to 300,000, previous -19,000 to 284,000. Weekly continuing claims expected -8,000 to 2.492 million, previous -8,000 to 2.500 million.
	0830 ET	USDA weekly Export Sales.
	0830 ET	Q2 employment cost index expected +0.5%, Q1 +0.3%.
	0900 ET	Jul Milwaukee ISM expected +0.4 to 61.0, Jun -2.92 to 60.57.
	0945 ET	Jul Chicago PMI expected +0.4 to 63.0, Jun -2.9 to 62.6.
JPN	0100 ET	Japan Jun annualized housing starts expected -11.5% y/y to 857,000, May -15.0% y/y to 872,000.
	0100 ET	Japan Jun construction orders, May +13.7% y/y.
GER	0200 ET	German Jun retail sales expected +1.0% m/m and +1.3% y/y, May -0
	0355 ET	German Jul unemployment change expected -5,000, Jun +9,000. Jul unemployment rate expected unch at 6.7%, Jun 6.7%.
EUR	0500 ET	Eurozone Jul CPI estimate expected +0.5% y/y, Jun +0.5% y/y. Jul core CPI expected +0.8% y/y, Jun +0.8% y/y.
	0500 ET	Eurozone Jun unemployment rate expected unchanged at 11.6%, May 11.6%.
UK	0200 ET	UK Jul Nationwide House Price index expected +0.5% m/m and +11.3% y/y, June +1.0% m/m and +11.8% y/y.
CHI	2100 ET	China Jul manufacturing PMI (National Bureau of Statistics) expected +0.4 to 51.4, Jun +0.2 to 51.0.
	2145 ET	Final-July HSBC China manufacturing PMI expected unch at 52.0, prelim-Jul +1.3 to 52.0.

U.S. STOCK CALENDAR07/31/2014

Company Name	Ticker	Time	Event Description	Period	Estimate
Pentair PLC	PNR US	Bef-mkt	Q2 2014 Earnings Release	Q2 2014	1.034
Xcel Energy Inc	XEL US	Bef-mkt	Q2 2014 Earnings Release	Q2 2014	0.405
DIRECTV	DTV US	Bef-mkt	Q2 2014 Earnings Release	Q2 2014	1.533
Occidental Petroleum Corp	OXY US	Bef-mkt	Q2 2014 Earnings Release	Q2 2014	1.764
Marathon Petroleum Corp	MPC US	Bef-mkt	Q2 2014 Earnings Release	Q2 2014	2.195
PG&E Corp	PCG US	Bef-mkt	Q2 2014 Earnings Release	Q2 2014	0.75
BorgWarner Inc	BWA US	Bef-mkt	Q2 2014 Earnings Release	Q2 2014	0.871
PPL Corp	PPL US	Bef-mkt	Q2 2014 Earnings Release	Q2 2014	0.454
Automatic Data Processing Inc	ADP US	Bef-mkt	Q4 2014 Earnings Release	Q4 2014	0.629
Exelon Corp	EXC US	Bef-mkt	Q2 2014 Earnings Release	Q2 2014	0.497
Avon Products Inc	AVP US	Bef-mkt	Q2 2014 Earnings Release	Q2 2014	0.213
Pinnacle West Capital Corp	PNW US	Bef-mkt	Q2 2014 Earnings Release	Q2 2014	1.148
L-3 Communications Holdings Inc	LLL US	Bef-mkt	Q2 2014 Earnings Release	Q2 2014	2.016
SCANA Corp	SCG US	Bef-mkt	Q2 2014 Earnings Release	Q2 2014	0.616
McKesson Corp	MCK US	Bef-mkt	Q1 2015 Earnings Release	Q1 2015	2.327
Colgate-Palmolive Co	CL US	Bef-mkt	Q2 2014 Earnings Release	Q2 2014	0.734
TECO Energy Inc	TE US	Bef-mkt	Q2 2014 Earnings Release	Q2 2014	0.268
MasterCard Inc	MA US	Bef-mkt	Q2 2014 Earnings Release	Q2 2014	0.768
Ensco PLC	ESV US	Bef-mkt	Q2 2014 Earnings Release	Q2 2014	1.314
CME Group Inc/IL	CME US	Bef-mkt	Q2 2014 Earnings Release	Q2 2014	0.793
Delphi Automotive PLC	DLPH US	Bef-mkt	Q2 2014 Earnings Release	Q2 2014	1.326
Ball Corp	BLL US	6:00	Q2 2014 Earnings Release	Q2 2014	1.022
Becton Dickinson and Co	BDX US	6:00	Q3 2014 Earnings Release	Q3 2014	1.671
Cigna Corp	CI US	6:00	Q2 2014 Earnings Release	Q2 2014	1.842
Iron Mountain Inc	IRM US	6:00	Q2 2014 Earnings Release	Q2 2014	0.423
Time Warner Cable Inc	TWC US	6:00	Q2 2014 Earnings Release	Q2 2014	1.901
Helmerich & Payne Inc	HP US	6:00	Q3 2014 Earnings Release	Q3 2014	1.63
Host Hotels & Resorts Inc	HST US	6:00	Q2 2014 Earnings Release	Q2 2014	0.434
Quanta Services Inc	PWR US	6:07	Q2 2014 Earnings Release	Q2 2014	0.403
Newell Rubbermaid Inc	NWL US	6:30	Q2 2014 Earnings Release	Q2 2014	0.544
NiSource Inc	NI US	6:30	Q2 2014 Earnings Release	Q2 2014	0.244
Discovery Communications Inc	DISCA US	7:00	Q2 2014 Earnings Release	Q2 2014	0.966
ConocoPhillips	COP US	7:00	Q2 2014 Earnings Release	Q2 2014	1.606
Mosaic Co/The	MOS US	7:00	Q2 2014 Earnings Release	Q2 2014	0.739
DENTSPLY International Inc	XRAY US	7:00	Q2 2014 Earnings Release	Q2 2014	0.682
Legg Mason Inc	LM US	7:00	Q1 2015 Earnings Release	Q1 2015	0.553
Invesco Ltd	IVZ US	7:30	Q2 2014 Earnings Release	Q2 2014	0.586
Newell Rubbermaid Inc	NWL US	8:00	Q2 2014 Earnings Call	Q2 2014
Apache Corp	APA US	8:00	Q2 2014 Earnings Release	Q2 2014	1.64
Allegion PLC	ALLE US	8:00	Q2 2014 Earnings Call	Q2 2014
Becton Dickinson and Co	BDX US	8:00	Q3 2014 Earnings Call	Q3 2014
Exxon Mobil Corp	XOM US	8:00	Q2 2014 Earnings Release	Q2 2014	1.862
Kellogg Co	K US	8:00	Q2 2014 Earnings Release	Q2 2014	1.017
Legg Mason Inc	LM US	8:00	Q1 2015 Earnings Call	Q1 2015
MetLife Inc	MET US	8:00	Q2 2014 Earnings Call	Q2 2014
Discovery Communications Inc	DISCA US	8:30	Q2 2014 Earnings Call	Q2 2014
PPL Corp	PPL US	8:30	Q2 2014 Earnings Call	Q2 2014
Automatic Data Processing Inc	ADP US	8:30	Q4 2014 Earnings Call	Q4 2014
McKesson Corp	MCK US	8:30	Q1 2015 Earnings Call	Q1 2015
Cigna Corp	CI US	8:30	Q2 2014 Earnings Call	Q2 2014
Iron Mountain Inc	IRM US	8:30	Q2 2014 Earnings Call	Q2 2014
Tesoro Corp	TSO US	8:30	Q2 2014 Earnings Call	Q2 2014
Time Warner Cable Inc	TWC US	8:30	Q2 2014 Earnings Call	Q2 2014
DENTSPLY International Inc	XRAY US	8:30	Q2 2014 Earnings Call	Q2 2014
CME Group Inc/IL	CME US	8:30	Q2 2014 Earnings Call	Q2 2014
Pentair PLC	PNR US	9:00	Q2 2014 Earnings Call	Q2 2014
NiSource Inc	NI US	9:00	Q2 2014 Earnings Call	Q2 2014
Avon Products Inc	AVP US	9:00	Q2 2014 Earnings Call	Q2 2014
TECO Energy Inc	TE US	9:00	Q2 2014 Earnings Call	Q2 2014
Invesco Ltd	IVZ US	9:00	Q2 2014 Earnings Call	Q2 2014
Noble Corp plc	NE US	9:00	Q2 2014 Earnings Call	Q2 2014
Unum Group	UNM US	9:00	Q2 2014 Earnings Call	Q2 2014
MasterCard Inc	MA US	9:00	Q2 2014 Earnings Call	Q2 2014
Mosaic Co/The	MOS US	9:00	Q2 2014 Earnings Call	Q2 2014
Delphi Automotive PLC	DLPH US	9:00	Q2 2014 Earnings Call	Q2 2014
Allstate Corp/The	ALL US	9:00	Q2 2014 Earnings Call	Q2 2014
BorgWarner Inc	BWA US	9:30	Q2 2014 Earnings Call	Q2 2014
Quanta Services Inc	PWR US	9:30	Q2 2014 Earnings Call	Q2 2014
Williams Cos Inc/The	WMB US	9:30	Q2 2014 Earnings Call	Q2 2014
Kellogg Co	K US	9:30	Q2 2014 Earnings Call	Q2 2014
Xcel Energy Inc	XEL US	10:00	Q2 2014 Earnings Call	Q2 2014
Occidental Petroleum Corp	OXY US	10:00	Q2 2014 Earnings Call	Q2 2014
Marathon Petroleum Corp	MPC US	10:00	Q2 2014 Earnings Call	Q2 2014
Exelon Corp	EXC US	10:00	Q2 2014 Earnings Call	Q2 2014
Progressive Corp/The	PGR US	10:00	Investor Relations Conference Call
Lincoln National Corp	LNC US	10:00	Q2 2014 Earnings Call	Q2 2014
Host Hotels & Resorts Inc	HST US	10:00	Q2 2014 Earnings Call	Q2 2014
PG&E Corp	PCG US	11:00	Q2 2014 Earnings Call	Q2 2014
Ball Corp	BLL US	11:00	Q2 2014 Earnings Call	Q2 2014
L-3 Communications Holdings Inc	LLL US	11:00	Q2 2014 Earnings Call	Q2 2014
Hartford Financial Services Group Inc/The	HIG US	11:00	Q2 2014 Earnings Call	Q2 2014
Colgate-Palmolive Co	CL US	11:00	Q2 2014 Earnings Call	Q2 2014
Exxon Mobil Corp	XOM US	11:00	Q2 2014 Earnings Call	Q2 2014
FMC Corp	FMC US	11:00	Q2 2014 Earnings Call	Q2 2014
Ensco PLC	ESV US	11:00	Q2 2014 Earnings Call	Q2 2014
Helmerich & Payne Inc	HP US	11:00	Q3 2014 Earnings Call	Q3 2014
ConocoPhillips	COP US	12:00	Q2 2014 Earnings Call	Q2 2014
Pinnacle West Capital Corp	PNW US	12:00	Q2 2014 Earnings Call	Q2 2014
Michael Kors Holdings Ltd	KORS US	12:00	Annual General Meeting	Y 2014
Murphy Oil Corp	MUR US	13:00	Q2 2014 Earnings Call	Q2 2014
DIRECTV	DTV US	14:00	Q2 2014 Earnings Call	Q2 2014
Apache Corp	APA US	14:00	Q2 2014 Earnings Call	Q2 2014
SCANA Corp	SCG US	15:00	Q2 2014 Earnings Call	Q2 2014
Western Union Co/The	WU US	16:00	Q2 2014 Earnings Release	Q2 2014	0.357
Western Union Co/The	WU US	16:30	Q2 2014 Earnings Call	Q2 2014
Expedia Inc	EXPE US	16:30	Q2 2014 Earnings Call	Q2 2014
DaVita HealthCare Partners Inc	DVA US	17:00	Q2 2014 Earnings Call	Q2 2014
Microchip Technology Inc	MCHP US	17:00	Q1 2015 Earnings Call	Q1 2015
Edison International	EIX US	17:00	Q2 2014 Earnings Call	Q2 2014
PerkinElmer Inc	PKI US	17:00	Q2 2014 Earnings Call	Q2 2014
Electronic Arts Inc	EA US	17:00	Annual General Meeting
Northeast Utilities	NU US	Aft-mkt	Q2 2014 Earnings Release	Q2 2014	0.506
Fluor Corp	FLR US	Aft-mkt	Q2 2014 Earnings Release	Q2 2014	0.992
DaVita HealthCare Partners Inc	DVA US	Aft-mkt	Q2 2014 Earnings Release	Q2 2014	0.888
Microchip Technology Inc	MCHP US	Aft-mkt	Q1 2015 Earnings Release	Q1 2015	0.665
Mohawk Industries Inc	MHK US	Aft-mkt	Q2 2014 Earnings Release	Q2 2014	2.197
Edison International	EIX US	Aft-mkt	Q2 2014 Earnings Release	Q2 2014	0.818
Public Storage	PSA US	Aft-mkt	Q2 2014 Earnings Release	Q2 2014	1.961
PerkinElmer Inc	PKI US	Aft-mkt	Q2 2014 Earnings Release	Q2 2014	0.579
Apartment Investment & Management Co	AIV US	Aft-mkt	Q2 2014 Earnings Release	Q2 2014	0.505
Expedia Inc	EXPE US	Aft-mkt	Q2 2014 Earnings Release	Q2 2014	0.758
Fluor Corp	FLR US	17:30	Q2 2014 Earnings Call	Q2 2014