MORNING CALL 8/25

MORNING CALL

Thursday, August 25th, 2016View Older Reports

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OVERNIGHT MARKETS AND NEWS

Sep E-mini S&Ps (ESU16 -0.24%) are down -0.21% and European stocks are down -0.86% as fallout concerns from Brexit resurfaced after German Aug IFO business sentiment unexpectedly fell to the lowest in 6 months. Long liquidation and position-squaring ahead of Fed Chair Yellen's speech Friday at the Fed's symposium in Jackson Hole, Wyoming, also weighed on equity prices. Technology shares are also weaker, led by a nearly 6% drop in HP Inc. after it forecast weaker-than-expected Q4 profit. Asian stocks settled mostly lower: Japan -0.25%, Hong Kong -0.03%, China -0.57%, Taiwan +1.09%, Australia-0.36%, Singapore +0.26%, South Korea -0.02%, India -0.80%. China's Shanghai Composite fell to a 1-1/2 week low, led by losses in property stocks, on concern the government will act to thwart speculative activity after people familiar with the matter said Shanghai authorities are planning to hold meetings to discuss ways to cool surging property prices.

The dollar index (DXY00 -0.10%) is down -0.16%. EUR/USD (^EURUSD) is up +0.24%. USD/JPY (^USDJPY) is down -0.04%.

Sep T-note prices (ZNU16 +0.02%) are up +2 ticks.

The German Aug IFO business climate unexpectedly fell -2.1 to 106.2, weaker than expectations of +0.2 to 108.5 and the lowest in 6 months.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) weekly initial unemployment claims (expected +3,000 to 265,000, previous -4,000 to 262,000) and continuing claims (expected -20,000 to 2.155 million, previous +15,000 to 2.175 million), (2) Jul durable goods orders (expected +3.4% and +0.4% ex transportation, Jun-3.9% and -0.4% ex transportation), (3) Aug Markit services PMI (expected +0.4 to 51.8, Jul unchanged at 51.4), (4) Aug Kansas City Fed manufacturing activity survey (expected +4 to -2, Jul -8 to -6), (5) the Treasury's auction of $28 billion of 7-year T-notes, and (6) USDA weekly Export Sales.

Russell 1000 companies that report earnings today: Tiffany (consensus $0.71), Patterson Cos (0.51), Dollar General (1.09), Michaels Cos (0.17), Medtronic (1.01), Burlington Stores (0.30), Signet Jewelers (1.45), Dollar Tree (0.73), Autodesk (-0.13), Brocade Communications Systems (0.16), Gamestop (0.27), Ulta Salon (1.40), Splunk (0.03), Zayo Group (0.03).

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

Equity conferences during the remainder of this week: none.

OVERNIGHT U.S. STOCK MOVERS

Northrop Grumman (NOC -0.23%) was downgraded to 'Neutral' from 'Overweight' at JPMorgan Chase.

Sprint (S -0.49%) was downgraded to 'Underperform' from 'Neutral at Buckingham Research Group.

Express (EXPR -25.51%) lost over 1% in pre-market trading after it reported Q2 EPS of 13 cents, weaker than consensus of 17 cents, and then lowered guidance on full-year adjusted EPS to $1.00-$1.14 from a prior view of $1.41-$1.54.

Fiat Chrysler Automobiles NV (FCAU +0.44%) climbed 3% in pre-market trading after the Maeil Business newspaper reported that the vice chaorman of Samsung Electronics will fly to Italy to discuss a deal regarding auto-parts maker Magneti Marelli, an auto-parts unit of Fiat.

Netflix (NFLX -0.79%) was upgraded to 'Outperform' from 'Market Perform' at William Blair & Co.

HEICO (HEI +1.19%) rose over 1% in after-hours trading after it reported Q3 EPS of 62 cents, higher than consensus of 59 cents, and then said it sees 2016 net income of 13%-15%, up from a previous view of 12%-14%.

Cree (CREE -1.22%) was rated a new 'Buy' at Roth Capital with a price target of $34.

Workday (WDAY -0.38%) climbed nearly 11% in pre-market trading after it reported Q2 revenue of $377.7 million, above consensus of $372.8 million.

PVH Corp. (PVH -0.67%) gained over 1% in after-hours trading after it reported Q2 adjusted EPS of $1.47, higher than consensus of $1.29.

Electronics for Imaging (EFII -0.88%) was rated a new 'Buy' at Stifel with a 12-month target price of $53.

HP Inc. (HPQ -1.17%) fell nearly 6% in pre-market trading after it said it sees Q4 adjusted EPS from continuing operations of 34 cents-37 cents, weaker than consensus of 40 cents.

Guess? (GES -6.23%) surged 15% in after-hours trading after it reported Q2 adjusted EPS of 14 cents, much better than consensus of 6 cents, and then raised guidance on full-year adjusted EPS to 62 cents-75 cents from a May 25 view of 55 cents-75 cents.

Tilly's (TLYS +7.11%) jumped 10% in after-hours trading after it reported an unexpected Q2 EPS profit of 5 cents, better than consensus of a -5 cent loss.

Nymox Pharmaceutical Corp. (NYMX +83.13%) rallied over 10% in after-hours trading on carryover from Wednesday's announcement of positive results from a long-term Phase 3 study evaluating the drug fexapotide in men with enlarged prostates.

Ballard Power Systems (BLDP -4.33%) jumped 10% in after-hours trading after it said its Protonex unit was notified by the U.S. Commerce Department that its family of fuel cell propulsion systems are now designated EAR99 (Export Administration Regulations 99) compliant.

MARKET COMMENTS

Sep E-mini S&Ps (ESU16 -0.24%) this morning are down -4.50 points (-0.21%). Wednesday's closes: S&P 500 -0.52%, Dow Jones -0.35%, Nasdaq-0.73%. The S&P 500 on Wednesday closed lower on the -3.2% drop in U.S. Jul existing home sales to 5.39 million (a bigger decline than expectations of-1.1% to 5.51 million) and on the -2.70% plunge in crude oil prices that undercut energy producer stocks. In addition, there was a sell-off in drugmaker stocks, led by a 5% decline in Mylan NV, after it raised the price of its EpiPen by 400% and U.S. presidential candidate Clinton called it "outrageous," which fueled speculation that Ms. Clinton may take action against drugmakers if she is elected president.

Sep 10-year T-notes (ZNU16 +0.02%) this morning are up +2 ticks. Wednesday's closes: TYU6 unch, FVU6 +0.25. Sep T-notes on Wednesday closed unchanged. T-note prices were boosted by increased safe-haven demand with the slide in stocks and by the weaker-than-expected U.S. Jul existing home sales report of -3.2%. T-notes were undercut by supply pressures with this week's $101 billion T-note auction package.

The dollar index (DXY00 -0.10%) this morning is down -0.148 (-0.16%). EUR/USD (^EURUSD) is up +0.0027 (+0.24%). USD/JPY (^USDJPY) is down-0.04 (-0.04%). Wednesday's closes: Dollar index +0.247 (+0.26%), EUR/USD -0.0041 (-0.36%), USD/JPY +0.21 (+0.21%). The dollar index on Wednesday closed higher on speculation that Fed Chair Yellen may be hawkish and warn the markets of an impending Fed rate hike in her comments in Jackson Hole on Friday. The dollar was also boosted by weakness in the currencies of the crude-exporting countries of Russia and Canada after crude oil prices tumbled -2.70%.

Oct crude oil (CLV16 -0.62%) this morning is down -7 cents (-0.15%) and Oct gasoline (RBV16 -1.50%) is down -0.0174 (-1.23%). Wednesday's closes: CLV6 -1.30 (-2.70%), RBV6 -0.0049 (-0.35%). Oct crude oil and gasoline on Wednesday closed lower on doubts that OPEC will be able to agree on a production freeze at next month’s informal talks in Algiers after Iran said it hasn't decided if it will attend the meeting. In addition, the EIA report was bearish with the unexpected +2.5 million bbl increase in EIA crude inventories (vs expectations for -1.0 million bbl) and the +36,000 bbl increase in EIA gasoline supplies (vs expectations of -1.7 million bbl).

GLOBAL EVENT CALENDAR08/25/2016

		Thursday, Aug 25
US	0830 ET	Weekly initial unemployment claims expected +3,000 to 265,000, previous -4,000 to 262,000. Weekly continuing claims expected -20,000 to 2.155 million, previous +15,000 to 2.175 million.
	0830 ET	Jul durable goods orders expected +3.4% and +0.4% ex transportation, Jun -3.9% and -0.4% ex transportation. Jul capital goods orders non-defense ex aircraft & parts expected +0.2%, Jun +0.4%.
	0830 ET	USDA weekly Export Sales.
	0945 ET	Aug Markit services PMI expected +0.4 to 51.8, Jul unchanged at 51.4. Aug Markit composite PMI, Jul +0.6 to 51.8.
	1100 ET	Aug Kansas City Fed manufacturing activity survey expected +4 to -2, Jul -8 to -6.
	1300 ET	Treasury auctions $28 billion 7-year T-notes.
		Friday, Aug 26
US	0830 ET	Revised Q2 GDP expected +1.1% (q/q annualized) vs prelim +1.2%. Revised Q2 personal consumption expected +4.1%, prelim +4.2%. Revised Q2 GDP price index, prelim +2.2%. Revised Q2 core PCE, prelim +1.7% q/q.
	0830 ET	Jul wholesale inventories expected +0.1%, Jun +0.3%.
	1000 ET	Final-Aug University of Michigan U.S. consumer sentiment index expected +0.4 to 90.8, prelim-Aug +0.4 to 90.4.
	1000 ET	Fed Chair Janet Yellen speaks at the Jackson Hole Policy Symposium.
GER	0200 ET	German Sep GfK consumer confidence expected unch at 10.0, Aug -0.1 to 10.0.
EUR	0400 ET	Eurozone Jul M3 money supply expected +5.0% y/y, Jun +5.0% y/y.
UK	0430 ET	Revised UK Q2 GDP, previous +0.6% q/q and +2.2% y/y.
	0430 ET	UK Q2 private consumption, Q1 +0.7% q/q. Q2 government spending, Q1 +0.5% q/q.
	0430 ET	UK Q2 total business investment expected -0.9% q/q, Q1 -0.6% q/q and -0.8% y/y.
	0430 ET	UK Jun index of services expected +0.1% m/m and +0.4% 3-m0/3-mo, May -0.1% m/m and +0.3% 3-mo/3-mo.
CHI	2130 ET	China Jul industrial profits, Jun +5.1% y/y.

U.S. STOCK CALENDAR08/25/2016

Company	Ticker	Time	Event Description	Period	Estimate
Tiffany & Co	TIF	Bef-mkt	Q2 2017 Earnings Release	Q2 2017	0.714
Patterson Cos Inc	PDCO	Bef-mkt	Q1 2017 Earnings Release	Q1 2017	0.508
Dollar General Corp	DG	Bef-mkt	Q2 2017 Earnings Release	Q2 2017	1.09
Michaels Cos Inc/The	MIK	Bef-mkt	Q2 2017 Earnings Release	Q2 2017	0.169
Medtronic PLC	MDT	6:45	Q1 2017 Earnings Release	Q1 2017	1.011
Burlington Stores Inc	BURL	6:45	Q2 2017 Earnings Release	Q2 2017	0.296
Signet Jewelers Ltd	SIG	7:00	Q2 2017 Earnings Release	Q2 2017	1.451
Dollar Tree Inc	DLTR	7:30	Q2 2017 Earnings Release	Q2 2017	0.733
Medtronic PLC	MDT	8:00	Q1 2017 Earnings Call	Q1 2017
Tiffany & Co	TIF	8:30	Q2 2017 Earnings Call	Q2 2017
Signet Jewelers Ltd	SIG	8:30	Q2 2017 Earnings Call	Q2 2017
Burlington Stores Inc	BURL	8:30	Q2 2017 Earnings Call	Q2 2017
PVH Corp	PVH	9:00	Q2 2017 Earnings Call	Q2 2017
HEICO Corp	HEI	9:00	Q3 2016 Earnings Call	Q3 2016
Dollar Tree Inc	DLTR	9:00	Q2 2017 Earnings Call	Q2 2017
Michaels Cos Inc/The	MIK	9:00	Q2 2017 Earnings Call	Q2 2017
Patterson Cos Inc	PDCO	10:00	Q1 2017 Earnings Call	Q1 2017
Dollar General Corp	DG	10:00	Q2 2017 Earnings Call	Q2 2017
AMERCO	UHAL	14:00	Analyst and Investor Meeting	Y 2016
Autodesk Inc	ADSK	16:01	Q2 2017 Earnings Release	Q2 2017	-0.134
Splunk Inc	SPLK	16:30	Q2 2017 Earnings Call	Q2 2017
Autodesk Inc	ADSK	17:00	Q2 2017 Earnings Call	Q2 2017
GameStop Corp	GME	17:00	Q2 2017 Earnings Call	Q2 2017
Ulta Salon Cosmetics & Fragrance Inc	ULTA	17:00	Q2 2017 Earnings Call	Q2 2017
Zayo Group Holdings Inc	ZAYO	17:00	Q4 2016 Earnings Call	Q4 2016
Brocade Communications Systems Inc	BRCD	Aft-mkt	Q3 2016 Earnings Release	Q3 2016	0.163
GameStop Corp	GME	Aft-mkt	Q2 2017 Earnings Release	Q2 2017	0.267
Ulta Salon Cosmetics & Fragrance Inc	ULTA	Aft-mkt	Q2 2017 Earnings Release	Q2 2017	1.397
Splunk Inc	SPLK	Aft-mkt	Q2 2017 Earnings Release	Q2 2017	0.034
Zayo Group Holdings Inc	ZAYO	Aft-mkt	Q4 2016 Earnings Release	Q4 2016	0.033
Brocade Communications Systems Inc	BRCD	17:30	Q3 2016 Earnings Call	Q3 2016

BARCHART MORNING CALL 8/26

BARCHART MORNING CALL

Wednesday, August 26th, 2015View Older Reports

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OVERNIGHT MARKETS AND NEWS

September E-mini S&Ps (ESU15 +1.87%) are up +1,76% on increased M&A activity after Schlumberger Ltd. agreed to buy Cameron for $14.8 billion. Strength in technology stocks is another positive with Google up over 3% in pre-market trading after Goldman Sachs upgraded the stock to 'Conviction Buy.' European stocks are down -1.00% as they followed Chinese stocks lower after China's Shanghai Composite erased a gain of almost 4% to close down over 1%. Miners and energy producers are leading losses in European stocks with the price of copper (HGU15 -2.62%) down -2.70% and with Transocean Ltd. down 10% in pre-market trading after the company said it may quit paying a dividend. Asian stocks closed mixed: Japan +3.20%, Hong Kong -1.52%, China -1.27%, Taiwan +0.52%, Australia +0.69%, Singapore -0.46%, South Korea +2.08%, India -1.22%. China's Shanghai Composite erased an early rally and closed down at an 8-1/4 month low despite Tuesday's action by the PBOC to cut interest rates. The Chinese government has halted intervention in the equity market this week which has prompted liquidation of stocks from margin traders. China's margin debt has plunged by 1 trillion yuan ($156 billion) to 1.25 trillion yuan on Monday from a record high 2.27 trillion yuan on Jun 18. Japan's Nikkei Stock Index recovered from a 6-1/4 month low and closed higher on bargain hunting and increased M&A activity after Nippon Life Insurance agreed to buy Mitsui Life Insurance for 400 billion yen ($2.5 billion).

The dollar index (DXY00 +0.07%) is up +0.02%. EUR/USD (^EURUSD) is down -0.82% after comments from ECB Executive Board member Praet signal the ECB may boost its stimulus measures when he said the downside risks to the ECB's inflation goal have increased. USD/JPY (^USDJPY) is up +0.63%.

Sep T-note prices (ZNU15 +0.18%) are up +9 ticks.

ECB Executive Board member Praet said that "recent developments in the world economy and commodity markets have increased the downside risk of achieving the sustainable inflation path towards 2.0%" and there should be "no doubt that the ECB will act if needed."

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) weekly MBA mortgage applications (previous +3.6% with purchase sub-index -1.1% and refi sub-index +7.2%), (2) July durable goods orders (expected -0.4% and +0.4% ex-transportation, Jun +3.4% and +0.6% ex transportation), (3) New York Fed President William Dudley's responds to questions after a press briefing on the local and regional economy, (4) the Treasury's auction of $35 billion of 5-year T-notes and $13 billion of 2-year floating rate notes.

There are 5 of the Russell 1000 companies that report earnings today: Brown-Forman (consensus $0.75), Williams-Sonoma (0.58), PVH (1.29), Avago Technologies (2.14), Workday (-0.06).

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

Equity conferences during the remainder of this week include: 9th Annual South East Asia Australia Offshore & Onshore Conference on Tue-Wed, 9th Annual Mining the Territory Conference on Wed, Pareto Healthcare Conference on Fri.

OVERNIGHT U.S. STOCK MOVERS

Amazon.com (AMZN +0.65%) was upgraded to 'Buy' from 'Hold' at Evercore ISI.

Best Buy (BBY +12.57%) was upgraded to 'Strong Buy' from 'Market Perform' at Raymond James.

Express (EXPR +1.14%) reported Q2 EPS of 25 cents, higher than consensus of 16 cents.

BHP Billiton (BHP +2.30%) was upgraded to 'Sector Perform' from 'Underperform' at RBC Capital.

Healthcare Trust (HTA -3.40%) and Healthcare Realty Trust (HR -2.56%) were both upgraded to 'Buy' from 'Hold' at Stifel.

Cooper Companies (COO -0.33%) were upgraded to 'Overweight' from 'Sector Weight' at KeyBanc.

Schlumberger (SLB -1.83%) agreed to acquire Cameron (CAM -0.96%) in deal valued at $14.8 billion.

Google (GOOG -1.28%) rose over 3% in pre-market trading after Goldman Sachs upgraded the stock to 'Conviction Buy' from 'Neutral.'

Transocean (RIG -0.49%) fell over 5% in pre-market trading after it announced that the company will convene an extraordinary general meeting of shareholders on October 29 to discuss the possible cancellation of the Q3 and Q4 installments of its annual dividend.

Oshkosh Defense (OSK +1.53%) jumped over 10% in after-hours trading after it said it was awarded a $6.7 billion contract with the U.S. Army to manufacture 17,000 Joint Light Tactical Vehicles.

Jack Henry (JKHY -0.11%) reported Q4 EPS of 75 cents, higher than consensus of 67 cents.

Dycom (DY +1.57%) reported Q4 non-GAAP EPS of 97 cents, well above consensus of 83 cents.

NextEra Energy Partners (NEP -7.28%) was initiated with an 'Outperform' at Baird with a price target of $43.

Solera (SLH +1.09%) reported Q4 adjusted EPS of 81 cents, better than consensus of 80 cents.

CBRE Group (CBG -2.77%) was initiated with a 'Buy' at Sterne Agee CRT wit a price target of $42.

MARKET COMMENTS

Sep E-mini S&Ps (ESU15 +1.87%) this morning are up +33.00 points (+1.76%). Tuesday's closes: S&P 500 -1.35%, Dow Jones -1.29%, Nasdaq -0.55%. The S&P 500 rallied sharply early Tuesday but erased the advance and closed lower. Stocks fell on concern that the slowdown in China may be worse than expected and that even Tuesday's Chinese rate cut will not be enough to spur growth. Stocks rallied early Tuesday on China's fifth rate cut in nine months and on the +10.5 point jump in the U.S. Aug consumer confidence (Conference Board) to 101.5, stronger than expectations of +3.5 to 93.4 and the highest in 7 months.

Sep 10-year T-notes (ZNU15 +0.18%) this morning are up +9 ticks. Tuesday's closes: TYU5 -1-4.5/32, FVU5 -17.25. Sep T-notes on Tuesday closed sharply lower on (1) reduced safe-haven demand for T-notes as global stock markets rallied sharply on the Chinese rate cut, and (2) the large-than-expected increase in U.S. Aug consumer confidence to a 7-month high.

The dollar index (DXY00 +0.07%) this morning is up +0.020 (+0.02%). EUR/USD (^EURUSD) is down -0.0094 (-0.82%). USD/JPY (^USDJPY) is up +0.75 (+0.63%). Tuesday's closes: Dollar Index +1.198 (+1.286%), EUR/USD -0.01019 (-1.02%), USD/JPY +0.432 (+0.36%). The dollar index on Tuesday closed higher on reduced safe-haven demand for the yen as USD/JPY and global stock markets rallied sharply after China cut interest rates. EURUSD saw weakness on speculation the ECB may expand stimulus measures after ECB Vice President Constancio said medium-term inflation risks in the Eurozone are "very low" and the ECB may respond to any material change to the outlook for price stability.

Oct crude oil (CLV15 +0.46%) this morning is up +13 cents (+0.33%) and Oct gasoline (RBV15 -1.93%) is down -0.0295 (-2.28%). Tuesday's closes: CLV5 +1.07 (+2.80%), RBV5 -0.0103 (-0.79%). Oct crude and gasoline on Tuesday settled mixed. Crude oil prices received a boost from the Chinese rate cut, which may help revive China's economic growth and energy demand, and from the larger-than-expected jump in U.S. Aug consumer confidence to a 7-month high. Negative factors included a stronger dollar, weakness in gasoline after BP restarted its 235,000 bpd refinery in Whiting, IN, and expectations that Wednesday's EIA crude inventories report will show an increase of +2.0 million bbl.

GLOBAL EVENT CALENDAR08/26/2015

US	0700 ET	Weekly MBA mortgage applications, previous +3.6% with purchase sub-index -1.1% and refi sub-index +7.2%.
	0830 ET	Jul durable goods orders expected -0.4% and +0.4% ex-transportation, Jun +3.4% and +0.6% ex transportation. Jul capital goods new orders non-defense ex-aircraft & parts expected +0.3%, Jun +0.7%.
	1000 ET	New York Fed President William Dudley answers questions after a press briefing on the local and regional economy.
	1030 ET	EIA Weekly Petroleum Status Report.
	1130 ET	Treasury auctions $13 billion of 2-year floating rate notes.
	1300 ET	Treasury auctions $35 billion of 5-year T-notes.
UK	0600 ET	UK Aug CBI reported sales expected -3 to 18, Jul 21.

U.S. STOCK CALENDAR08/26/2015

Company	Ticker	Time	Event Description	Period	Estimate
Brown-Forman Corp	BF/B US	8:00	Q1 2016 Earnings Release	Q1 2016	0.746
Jack Henry & Associates Inc	JKHY US	8:45	Q4 2015 Earnings Call	Q4 2015
Brown-Forman Corp	BF/B US	10:00	Q1 2016 Earnings Call	Q1 2016
Williams-Sonoma Inc	WSM US	17:00	Q2 2016 Earnings Call	Q2 2016
Avago Technologies Ltd	AVGO US	17:00	Q3 2015 Earnings Call	Q3 2015
Workday Inc	WDAY US	17:00	Q2 2016 Earnings Call	Q2 2016
PVH Corp	PVH US	Aft-mkt	Q2 2016 Earnings Release	Q2 2016	1.288
Williams-Sonoma Inc	WSM US	Aft-mkt	Q2 2016 Earnings Release	Q2 2016	0.578
Avago Technologies Ltd	AVGO US	Aft-mkt	Q3 2015 Earnings Release	Q3 2015	2.138
Workday Inc	WDAY US	Aft-mkt	Q2 2016 Earnings Release	Q2 2016	-0.056
Equifax Inc	EFX US		Investor Meeting - Denver	Y 2015
Xcel Energy Inc	XEL US		Analyst/Investor Meeting	Y 2015
Under Armour Inc	UA US		Extraordinary Shareholders Meeting	Y 2015

BARCHART MORNING CALL 6/23

BARCART MORNING CALL

Monday, June 23rd, 2014View Older Reports

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OVERNIGHT MARKETS AND NEWS

September E-mini S&Ps (ESU14 +0.05%) this morning are unchanged and European stocks are down % after a composite gauge of European manufacturing and services activity slowed to its slowest pace in 6 months. Another negative for stocks was heightened geopolitical risk as the fighting in Iraq intensified after the al-Queda breakaway group ISIL seized all of Iraq's border crossings with Jordan and Syria. The advances made by ISIL have edged Iraq closer to sectarian strife and an all-out civil war. Losses in stocks were muted after a gauge of Chinese manufacturing activity expanded at the fastest pace in 7 months. Asian stocks closed mixed: Japan +0.13%, Hong Kong -1.68%), China -0.12%, Taiwan -0.49%, Australia +0.62%, Singapore -0.04%, South Korea +0.57%, India -0.30%. Commodity prices are mixed. Aug crude oil (CLQ14 +0.14%) is up +0.12%. Aug gasoline (RBQ14 +0.18%) is up +0.17%. Aug gold (GCQ14 -0.32%) is down -0.39%. July copper (HGN14 +0.74%) is up +0.78% at a 2-1/2 week high on signs of increased Chinese demand after manufacturing growth expanded in China. Agriculture prices are higher on crop concerns after heavy rains inundated the Midwest over the weekend. The dollar index (DXY00 -0.06%) is unchanged. EUR/USD (^EURUSD) is down -0.11% after ECB President Draghi signaled Eurozone interest rates may remain low for another 2-1/2 years. USD/JPY (^USDJPY) is up +0.06%. Sep T-note prices (ZNU14 +0.14%) are up +4 ticks.
The Jun China HSBC flash manufacturing PMI rose +1.4 to 50.8, stronger than expectations of +0.3 to 49.7 and the fastest rate of expansion in 7 months.
The Japan Jun Markit/JMMA manufacturing PMI rose +1.2 to 51.1, better than expectations of +0.2 to 50.1 and the highest in 3 months.
The German Jun Markit/BME manufacturing PMI rose +0.1 to 52.4, less than expectations of +0.2 to 52.5. The Jun Markit services PMI fell -1.2 to 54.8, a bigger decline than expectations of -0.2 to 55.8.
The Eurozone Jun Markit composite PMI fell -0.7 to 52.8, a bigger decline than expectations of -0.1 to 53.4 and the slowest rate of expansion in 6 months.
In an interview with Dutch newspaper De Telegraaf, ECB President Draghi signaled that interest rates will probably remain low for at least another 2-1/2 years when he said "We have prolonged banks' access to unlimited liquidity up to the end of 2016. That is a signal." The recovery "is still weak and unevenly distributed across the Eurozone" and that broad-based asset purchases will be "the answer" if the inflation outlook weakens further.

U.S. STOCK PREVIEW

Today’s May existing home sales report is expected to show a +1.9% increase to 4.74 million, adding to the +1.3% increase to 4.65 million seen in April. There are two of the Russell 1000 companies that report earnings today: Micron Technology (consensus $0.72), Hertz (0.08). Equity conferences this week include: Smart Grid World Conference 2014 on Tue, Global Hunter Securities LLC Energy Conference on Tue-Wed, Oppenheimer Consumer Conference on Tue-Wed, Mobile Pharma Biztech 2014 on Wed-Thu.

OVERNIGHT U.S. STOCK MOVERS

Barclays (BCS -1.05%) was upgraded to 'Buy' from 'Hold' at Canaccord.
Wisconsin Energy (WEC +0.02%) will acquire Integrys Energy (TEG +0.25%) for $9.1 billion.
NVIDIA (NVDA -1.10%) was downgraded to 'Underperform' from 'Sector Perform' at Pacific Crest.
Burlington Stores (BURL +1.12%) were upgraded to 'Buy' from 'Neutral' at Goldman Sachs.
Owens Corning (OC -6.03%) was downgraded to 'Neutral' from 'Buy' at Longbow.
Helmerich & Payne (HP +0.44%) was downgraded to 'Market Perform' from 'Outperform' at FBR Capital.
Express (EXPR -0.54%) was upgraded to 'Buy' from 'Neutral' at Janney Capital.
Teradata (TDC -0.93%) was downgraded to 'Market Perform' from 'Outperform' at JMP Securities.
Ashland (ASH +0.32%) was upgraded to 'Buy' from 'Hold' at KeyBanc.
DISH (DISH +2.47%) was upgraded to 'Buy' from 'Neutral' at Citigroup.
AMD (AMD -5.96%) was downgraded to 'Underperform' from 'Sector Perform' at Pacific Crest.
Nordstrom (JWN -0.39%) was downgraded to 'Neutral' from 'Buy' at Goldman Sachs.
SunPower (SPWR +1.10%) was downgraded to 'Hold' from 'Buy' at Brean Capital.
Cubist Pharmaceuticals (CBST +5.38%) announced the U.S. FDA approved its SIVEXTRO drug for the treatment of adult acute bacterial skin and skin structure infections.

MARKET COMMENTS

Sep E-mini S&Ps (ESU14 +0.05%) this morning are unch. The S&P 500 index on Friday rose to yet another record high and closed higher. Bullish factors for stocks included (1) technical buying after the S&P 500 posted record highs for three straight sessions, (2) a rally in health-care stocks and drug makers on increased M&A activity after Shire turned down AbbVie’s offer to buy the company for 27.3 billion pounds ($47 billion), and (3) a rally in gold producers after gold prices climbed to a 2-1/4 month high. Closes: S&P 500 +0.17%, Dow Jones +0.15%, Nasdaq +0.05%.
Sep 10-year T-notes (ZNU14 +0.14%) this morning are up +4 ticks. Sep 10-year T-note futures prices on Friday closed lower. Bearish factors included (1) reduced safe-haven demand for Treasuries as the S&P 500 posted a new all-time high, and (2) inflation concerns after the Treasury 5-year break-even rate, which measures the difference between yields on benchmark 5-year T-notes and similar maturity TIPS, rose to 209 bp, the highest in 13 months. Closes: TYU4 -2.50, FVU4 -1.75.
The dollar index (DXY00 -0.06%) this morning is unch. EUR/USD (^EURUSD) is down -0.0015 (-0.11%). USD/JPY (^USDJPY) is down -0.22 (-0.22%). The dollar index on Friday closed higher. Weakness in EUR/USD helped push the dollar higher after (1) Eurozone Jun consumer confidence unexpectedly fell -0.3 to -7.4, weaker than expectations of -6.5, and (2) the German May PPI that unexpectedly fell -0.2% m/m, weaker than expectations of unch m/m and the fourth decline in the last 5 months, which may push the ECB into its own quantitative easing program. Closes: Dollar Index +0.055 (+0.07%), EUR/USD -0.0009 (-0.07%), USD/JPY +0.122 (+0.12%).
Aug WTI crude oil (CLQ14 +0.14%) this morning is up +13 cents (+0.12%). Aug gasoline (RBQ14 +0.18%) is up +0.0052 (+0.17%). Aug crude and gasoline prices on Friday closed higher. Bullish factors included (1) a rally in the S&P 500 to a new record high, which boosts confidence in the economic outlook and energy demand, and (2) heightened geopolitical risks with NATO’s condemnation of Russia’s increased troop presence along Ukraine’s border and with the escalation of violence in Iraq that may lead to a disruption in supplies of OPEC’s second-largest producer. Closes: CLQ4 +0.78 (+0.74%) RBQ4 +0.0034 (+0.11%).

GLOBAL EVENT CALENDAR06/23/2014

US	0830 ET	May Chicago Fed activity index expected +0.52 to 0.20, Apr -0.32.
	0945 ET	Preliminary Jun Markit manufacturing PMI expected -0.4 to 56.0, May +1.0 to 56.4.
	1000 ET	May existing home sales expected +1.9% to 4.74 million, Apr +1.3% to 4.65 million.
	1100 ET	USDA weekly grain export inspections.
	1500 ET	USDA May Cold Storage.
	1600 ET	USDA weekly crop progress.
EUR	0300 ET	ECB Vice President Vitor Constancio speaks at the ESCBs Macro-prudential Research Network conference.
	0400 ET	Eurozone Jun Markit composite PMI expected -0.1 to 53.4, May 53.5.
	0800 ET	ECB Governing Council member Yves Mersch speaks at the European Financial Congress on Is Growth of Competitiveness of the European Economy Possible Without Ensuring Financial Safety?
GER	0330 ET	German Jun Markit/BME manufacturing PMI expected +0.2 to 52.5, May 52.3. Jun Markit services PMI expected -0.2 to 55.8, May 56.0.
UK	n/a	UK Jun nationwide house prices expected +0.5% m/m and +11.2% y/y, May +0.7% m/m and +11.1% y/y.

U.S. STOCK CALENDAR06/23/2014

Company Name	Ticker	Time	Event Description	Period	Estimate
Applied Materials Inc	AMAT US	13:00	Extraordinary Shareholders Meeting	Y 2014
CarMax Inc	KMX US	13:00	Annual General Meeting	Y 2014
Micron Technology Inc	MU US	16:30	Q3 2014 Earnings Call	Q3 2014
Micron Technology Inc	MU US	Aft-mkt	Q3 2014 Earnings Release	Q3 2014	0.723
Kennametal Inc	KMT US		Financial Community Meeting - Day 1	Y 2014
Questar Corp	STR US		Roadshow - Day 1	Y 2014
Weyerhaeuser Co	WY US		Annual General Meeting	Y 2014
Hertz Global Holdings Inc	HTZ US		Q1 2014 Earnings Release	Q1 2014	0.078

BARCHART MORNING CALL 1/13

BARCHART MORNING CALL

Monday, January 13th, 2014View Older Reports

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OVERNIGHT MARKETS AND NEWS

March E-mini S&Ps (ESH14 -0.24%) this morning are down -0.37%, although European stocks are up +0.08%, led by a rally in bank stocks, after the Basel Committee on Banking Supervision eased rules linked to minimum-capital requirements for lenders. Asian stocks closed mixed: Japan was closed for Coming-of-Age-Day holiday, Hong Kong +0.19%, China -0.51%, Taiwan +0.43%, Australia -0.38%, Singapore -0.27%, South Korea +0.63%, India +1.81. China's Shanghai Stock Index fell to a 5-1/4 month low on concern that a liquidity squeeze ahead of the Lunar New Year holiday in China will slow economic growth. Commodity prices are mostly lower. Feb crude oil (CLG14 -0.81%) is down -0.84%. Feb gasoline (RBG14 -0.25%) is down -0.28%. Feb gold (GCG14 -0.02%) is down -0.10%. March copper (HGH14 -0.52%) is down -0.55%. Agriculture prices are mixed. The dollar index (DXY00 -0.06%) is down -0.07% at a 1-week low. EUR/USD (^EURUSD) is down -0.02%. USD/JPY (^USDJPY) is down -0.79% at a 3-week low. March T-note prices (ZNH14 +0.04%) are up +1.5 ticks.
The Basel Committee on Banking Supervision diluted a planned debt leverage ratio after some banks complained the rule would penalize low-risk financial activities and curtail lending. The committee also modified a rule on liquidity-coverage ratios or LCRs, to widen the possibility for banks to use committed liquidity facilities from central banks to meet the ratio.
The Chinese yuan climbed to 6.0443 per dollar, the highest since China unified the official and market exchange rates in 1993, after the PBOC strengthened the yuan's daily fixing by 0.1% to 6.0950 per dollar, the highest since the peg to the dollar was ended in 2005.
The UK Dec Lloyds consumer barometer of employment confidence rose +2 points to -12 from -14 in Nov.

U.S. STOCK PREVIEW

This will be a busy week with a full slate of economic reports and the first significant week of Q4 earnings reports. There are 30 of the S&P 500 companies that report earnings this week with a heavy focus on the big banks. There are no major earnings reports today. Equity Conferences this week include: Macquarie Oil and Gas Explorers Conference on Mon, FMI Midwinter Executive Conference on Mon-Tue, North American (Detroit) International Auto Show-NAIAS 2014 on Mon-Tue, ICR Exchange Conference on Mon-Tue, Biotech Showcase Investor Conference on Mon-Wed, J.P. Morgan Healthcare Conference on Mon-Thu, BMO Unconventional Resource Conference on Tue, Deutsche Bank Global Auto Industry Conference on Tue-Wed.

OVERNIGHT U.S. STOCK MOVERS

Symantec (SYMC -0.17%) was downgraded to 'Underweight' from 'Equal Weight' at Morgan Stanley.
MGM Resorts (MGM +1.52%) were upgraded to 'Buy' from 'Neutral' at BofA/Merrill.
Lululemon (LULU +3.92%) dropped 5% to $56.50 in pre-market trading after the compnay cut its outlook for Q4 EPS to 71 cents-78 cents from 78 cents-80 cents, below consensus of 79 cents.
Jacobs Engineering (JEC +0.76%) was upgraded to 'Buy' from 'Neutral' at UBS.
Cree (CREE +0.81%) was downgraded to 'Hold' from 'Buy' at Stifel.
Express (EXPR +2.26%) cuts fiscal 2013 EPS view to $1.37-$1.41 from $1.46-$1.51, below consensus of $1.50, due to 'deeper than anticipated' traffic drop in Q4.
Marsh & McLennan (MMC -0.74%) was downgraded to 'Neutral' from 'Outperform' at Credit Suisse.
Marriott (MAR +0.59%) was downgraded to 'Underperform' from 'Hold' at Jefferies.
General Motors (GM -1.14%) is recalling 370,000 of its 2014 model-year Chevrolet Silverado and GMC Sierra pickup trucks, citing software that could pose a fire risk.
EnPro (NPO +4.28%) surged over 34% in after-hours trading Friday after a judge in the EnPro case says $12 million satisfies the company's liability obligation.
PVH (PVH -0.67%) cut its Q4 revenue view to $2.06 billion from $2.08 billion, and lowered guidance on fiscal 2013 to $8.22 billion from $8.24 billion.
St. Denis J. Villere & Company reported a 8.44% passive stake in Sanchez Energy (SN +1.43%) .
Select Medical (SEM -7.37%) lowered guidance on fiscal 2014 EPS to 84 cents-93 cents, weaker than consensus of 96 cents.

MARKET COMMENTS

Mar E-mini S&Ps (ESH14 -0.24%) this morning are down -6.75 points (-0.37%). The S&P 500 on Friday closed slightly higher on speculation that the weaker-than-expected Dec payrolls report will keep the Fed from aggressively tapering QE3. U.S. Dec non-farm payrolls rose +74,000, much weaker than expectations of +197,000 and the smallest monthly gain in nearly 3 years, although Nov was revised higher to a gain of +241,000 from the originally reported +203,000. Closes: S&P 500 +0.23%, Dow Jones -0.06%, Nasdaq 100 +0.35%.
Mar 10-year T-notes (ZNH14 +0.04%) this morning are up +1.5 ticks. Dec 10-year T-note futures prices on Friday rallied sharply to a 3-week high after the below-forecast Dec non-farm payrolls fueled speculation the Fed may pause before it further tapers QE3. Another supportive factor for T-notes was the dovish comment from Minneapolis Fed President Kocherlakota who said he favors keeping Fed stimulus measures in place to facilitate a more rapid fall in unemployment and more rapid return to 2% inflation. Closes: TYH4 +31.0, FVH4 +19.25.
The dollar index (DXY00 -0.06%) this morning is down -0.057 (-0.07%) at a 1-week low. EUR/USD (^EURUSD) is down -0.0003 (-0.02%). USD/JPY (^USDJPY) is down -0.82 (-0.79%) at a 3-week low. The dollar index on Friday closed lower after the weaker-than-expected U.S. Dec payrolls report bolstered speculation the Fed will take its time as it winds down its asset purchases. Closes: Dollar index -0.347 (-0.43%), EUR/USD +0.0060 (+0.44%), USD/JPY -0.69 (-0.66%).
Feb WTI crude oil (CLG14 -0.81%) this morning is down -78 cents (-0.84%) and Feb gasoline (RBG14 -0.25%) is down -0.0076 (-0.28%). Feb crude oil prices and Feb gasoline prices on Friday closed higher as the dollar weakened on reduced concern the Fed will further cut its asset purchases after U.S. Dec non-farm payrolls rose less than expected. Another bullish factor for crude is strong Chinese demand after China Dec crude imports rose +10% m/m and +13% y/y to a record 6.31 million bpd. Closes: CLG4 +1.06 (+1.16%), RBG4 +0.0265 (+1.00%).

GLOBAL EVENT CALENDAR01/13/2014

US	1100 ET	USDA weekly grain export inspections.
	1240 ET	Atlanta Fed President Dennis Lockhart speaks on the economic outlook to the Rotary Club of Atlanta.
	1400 ET	Dec monthly budget statement expected +$44.0 billion, Nov -$135.2 billion.
UK	0430 ET	UK Dec Lloyds employment confidence, Nov -14.
JPN	2330 ET	Japan Dec bankruptcies, Nov -10.58% y/y.

U.S. STOCK CALENDAR01/13/2014

Company Name	Ticker	Time	Event Description	Period	Estimate
Wendy's Co/The	WEN US	8:00	Q4 2013 Guidance Call	Q4 2013
CapitalSource Inc	CSE US	13:00	Extraordinary Shareholders Meeting - M&A Vote	Y 2014
American Airlines Group Inc	AAL US	15:00	Decision Due on Cantor Fitzgerald LP vs. American Airlines 9/11/01 Case
Yum! Brands Inc	YUM US		December 2013 Sales and Revenue Release	2013

Barchart Morning Call 12/4

BARCHART MORNING CALL

Wednesday, December 4th, 2013View Older Reports

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OVERNIGHT MARKETS AND NEWS

December E-mini S&Ps (ESZ13 -0.04%) this morning are up +0.01% and European stocks are down -0.06% ahead of this morning's Nov ADP employment change that may help gauge the outlook for Fed stimulus. Asian stocks closed mixed: Japan -2.17%, Hong Kong -0.76%, China +1.32%, Taiwan +0.30%, Australia +0.34%, Singapore -0.85%, South Korea -1.27%, India -0.70%. European stocks fell after Eurozone Oct retail sales unexpectedly declined, while China's Shanghai Stock Index climbed to a 2-1/2 month high led by companies linked to Shanghai's free-trade zone after the PBOC said it plans to implement reform measures for the area within three months. The Australian dollar slid to a 3-month low against the dollar after Australia Q3 GDP rose +0.6% q/q, weaker than expectations of +0.7% q/q. Commodity prices are mixed. Jan crude oil (CLF14 +1.25%) is up +1.28% at a 5-week high on expectations for weekly EIA crude stockpiles to decline along with carry-over support from TransCanada's decision to start the southern portion of its Keystone XL pipeline next month, which could reduce inventories at Cushing, OK, delivery point for WTI crude futures. Jan gasoline (RBF14 -0.14%) is down -0.11%. Feb gold (GCG14 -0.64%) is down -0.65% at a 5-month low on expectations that the Fed is closer to cutting stimulus. March copper (HGH14 +0.24%) is up +0.21%. Agricultural and livestock prices are mixed. The dollar index (DXY00 +0.02%) is up +0.05%. EUR/USD (^EURUSD) is down -0.02%. USD/JPY (^USDJPY) is unch. March T-note prices (ZNH14 -0.17%) are down -7.5 ticks.
The German Nov PMI services index was revised up to 55.7 from the originally reported 54.5 and matched the Jan 2013 level as the fastest pace of expansion in 2-1/3 years.
Eurozone Oct retail sales unexpectedly fell -0.2% m/m and -0.1% y/y, weaker than expectations of unch m/m and +1.0% y/y.
Eurozone Q3 GDP was left unrevised at +0.1% q/q and -0.4% y/y.
The Eurozone Nov PMI composite index was revised up to 51.7 from the originally reported 51.5.
UK Nov PMI services fell -2.5 to 60.0, a bigger decline than expectations of -0.5 to 62.0.

U.S. STOCK PREVIEW

Today’s Nov ADP employment change is expected to improve to +170,000 from the poor report of +130,000 seen in October. Today’s Oct new home sales report is expected to show a +2.1% increase to 430,000 from the August level of 421,000. Today’s Nov ISM non-manufacturing index is expected to show a -0.4 point decline to 55.0, reversing part of October’s +1.0 point increase to 55.4. Today’s Oct U.S. trade deficit is expected to narrow mildly to -$40.0 billion from -$41.8 billion in September. There are four of the Russell 1000 companies that report earnings today: Brown-Forman (consensus $0.91), Synopsys (0.55), Guess (0.38), Avago Technologies (0.81).
Equity conferences during the remainder of this week include: Citi Basic Materials Conference on Tue-Wed, Piper Jaffray Healthcare Conference on Tue-Wed, Bank of America-Merrill Lynch Leveraged Finance Conference on Tue-Wed, Cowen and Company Ultimate Energy Conference on Tue-Wed, NASDAQ OMX International Investor Program on Tue-Wed, Credit Suisse Technology Conference on Tue-Thu, Credit Suisse Business Services Conference on Tue-Thu, Asia Derivatives Conference on Tue-Wed, Janney Industrials Conference on Thu.

OVERNIGHT U.S. STOCK MOVERS

Express (EXPR +0.94%) reported Q3 EPS of 23 cents, below consensus of 25 cents.
Ross Stores (ROST -1.93%) was downgraded to 'Neutral' from 'Outperform' at Credit Suisse.
AT&T (T -0.17%) was downgraded to 'Neutral' from 'Overweight' at JPMorgan.
eBay (EBAY +1.13%) was downgraded to 'Equal Weight' from 'Overweight' at Evercore.
U.S. Bancorp (USB -1.76%) was upgraded to 'Conviction Buy' from 'Neutral' at Goldman.
Citigroup (C -0.93%) was downgraded to 'Neutral' from 'Conviction Buy' at Goldman.
ComScore reported holiday season U.S. retail e-commerce spending from Thanksgiving through Cyber Monday, online buying from desktop computers totaled $5.3 billion, up 22% versus last year.
ESL Partners lowered its stake in Sears Holdings (SHLD -7.72%) to 48.4% from 55.4%.
J.C. Penney (JCP +1.00%) rose over 5% in after-hours trading after it reported November same-store-sales rose 10.1% y/y.
United Natural Foods (UNFI -0.23%) reported Q1 EPS of 56 cents, better than consensus of 54 cents.

MARKET COMMENTS

Dec E-mini S&Ps (ESZ13 -0.04%) this morning are up +0.25 of a point (+0.01%). The S&P 500 index on Tuesday fell to a 1-1/2 week low and closed lower. Stocks declined on (1) profit-taking after the recent rally in the S&P 500 to a record high on Friday, (2) concern that recent strength in the U.S. economic data will prompt the Fed to taper QE3 sooner rather than later, and (3) the warning from Bill Gross, manager of the world’s biggest bond fund, that the unprecedented cash added to the financial system by central banks around the world is raising the risk of a slide in global asset prices. Closes: S&P 500 -0.32%, Dow Jones -0.59%, Nasdaq 100 -0.05%.
Mar 10-year T-notes (ZNH14 -0.17%) this morning are down -7.5 ticks. Mar T-notes on Tuesday closed higher as a slide in stocks boosted the safe-haven demand for Treasuries. Gains were muted on expectations that the economy is strong enough to allow the Fed to cut back on its monthly asset purchases. Closes: TYH4 +7.50, FVH4 +5.00.
The dollar index (DXY00 +0.02%) this morning is up +0.043 (+0.05%). EUR/USD (^EURUSD) is down -0.0003 (-0.02%) and USD/JPY (^USDJPY) is unch. The dollar index on Tuesday closed lower. Negative factors included (1) strength in the yen after USD/JPY fell back from a 6-1/4 month high as weak stocks boosted the safe-haven demand for the yen, and (2) short-covering in EUR/USD which rose ahead of Thursday’s ECB meeting. Closes: Dollar index -0.30 (-0.37%), EUR/USD +0.00476 (+0.35%), USD/JPY -0.432 (-0.42%).
Jan WTI crude oil (CLF14 +1.25%) this morning is up +$1.23 a barrel (+1.28%) at a 5-week high and Jan gasoline (RBF14 -0.14%) is down -0.0029 (-0.11%). Jan crude oil and gasoline prices on Tuesday closed higher with Jan crude at a 1-month high. Bullish factors included (1) TransCanada’s announcement that it will begin operating the southern leg of its Keystone XL pipeline next month that will move 700,000 barrels a day of crude to Port Arthur, TX from Cushing, OK, the delivery point for WTI futures, which will reduce Cushing’s oil inventories, and (2) expectations for Wednesday’s weekly EIA crude inventories to decline by -500,000 bbl, which would be the first decline since September. Closes: CLF4 +2.22 (+2.37%), RBF4 +0.0453 (+1.69%).

GLOBAL EVENT CALENDAR12/04/2013

US	0700 ET	Weekly MBA mortgage applications, previous -0.3% with purchase sub-index -0.2% and refi sub-index +0.1%.
	0815 ET	Nov ADP employment change expected +170,000, Oct +130,000.
	0830 ET	Oct trade balance expected -$40.0 billion, Sep -$41.8 billion.
	1000 ET	Oct new home sales expected +2.1% to 430,000, Sep postponed, Aug +7.9% to 421,000.
	1000 ET	Nov ISM non-manufacturing index expected -0.4 to 55.0, Oct +1.0 to 55.4.
	1030 ET	EIA Weekly Petroleum Status Report.
	1400 ET	Fed Beige Book.
GER	0355 ET	Revised German Nov PMI services, previous 54.5.
EUR	0400 ET	Revised Eurozone Nov PMI composite, previous 51.5.
	0500 ET	Revised Eurozone Q3 GDP, previous +0.1% q/q and -0.4% y/y.
	0500 ET	Eurozone Oct retail sales expected unch m/m and +1.0% y/y, Sep -0.6% m/m and +0.3% y/y.
UK	0430 ET	UK Nov PMI services expected -0.5 o 62.0, Oct 62.5.

U.S. STOCK CALENDAR12/04/2013

Company Name	Ticker	Time	Event Description	Period	Estimate
Fastenal Co	FAST US	7:00	November 2013 Sales and Revenue Release	2013
Brown-Forman Corp	BF/B US	8:00	Q2 2014 Earnings Release	Q2 2014	0.905
Unit Corp	UNT US	8:30	Investor Day	Y 2013
Marathon Petroleum Corp	MPC US	8:30	Analyst Day	Y 2013
Yum! Brands Inc	YUM US	8:45	Investor & Analyst Meeting	Y 2013
Xcel Energy Inc	XEL US	9:00	Analyst Meeting	Y 2013
Brown-Forman Corp	BF/B US	10:00	Q2 2014 Earnings Call	Q2 2014
Oracle Corp	ORCL US	10:00	Court of Appeals Hearing on Oracle vs. Google Patent-Infringement Case
Google Inc	GOOG US	10:00	Court of Appeals Hearing on Oracle vs. Google Patent-Infringement Case
Guess? Inc	GES US	16:30	Q3 2014 Earnings Call	Q3 2014
Synopsys Inc	SNPS US	17:00	Q4 2013 Earnings Call	Q4 2013
Avago Technologies Ltd	AVGO US	17:00	Q4 2013 Earnings Call	Q4 2013
Synopsys Inc	SNPS US	Aft-mkt	Q4 2013 Earnings Release	Q4 2013	0.553
Guess? Inc	GES US	Aft-mkt	Q3 2014 Earnings Release	Q3 2014	0.376
Avago Technologies Ltd	AVGO US	Aft-mkt	Q4 2013 Earnings Release	Q4 2013	0.808
Harman International Industries Inc	HAR US		Annual General Meeting
Walgreen Co	WAG US		November 2013 Sales and Revenue Release	2013
AutoNation Inc	AN US		November 2013 Sales and Revenue Release	2013
ACE Ltd	ACE US		Investor Meeting - Day 3	Y 2013
Ocwen Financial Corp	OCN US		Analyst and Investor Meeting - Day 2	Y 2013
Ameren Corp	AEE US		Investor Meeting - Day 1	Y 2013