Financial Tides -- A Stock Market Investing Newsletter by Jim Van Meerten: GAS

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Monday, November 9, 2015

MORNING CALL 11/9

Monday, November 9th, 2015View Older Reports

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OVERNIGHT MARKETS AND NEWS

December E-mini S&Ps (ESZ15 -0.32%) are down -0.33% and European stocks are down -0.42 % on global growth concerns after the OECD cut its global GDP forecasts for this year and next, and after China Oct exports and imports declined more than expected. Asian stocks settled mixed: Japan +1.96%, Hong Kong -0.61%, China +1.58%, Taiwan -0.59%, Australia -1.83%, Singapore -0.42, South Korea -0.42%, India -0.55%. China's Shanghai Composite climbed to a 2-1/2 month high as a government plan to resume initial public offerings by the end of the year boosted brokerages, and Japan's Nikkei Stock Index also rose to a 2-1/2 month high as exporters rallied on improved earnings prospects after the yen fell to a 2-1/2 month low against the dollar.

The dollar index (DXY00 -0.29%) is down -0.28%. EUR/USD (^EURUSD) is up +0.41% after a gauge of Eurozone investor confidence rose more than expected. USD/JPY (^USDJPY) is up +0.26% at a 2-1/2 month high.

Dec T-note prices (ZNZ15 -0.09%) are down -4 ticks.

The OECD cut its global economic forecast for the second time in three months as it cut its global 2015 GDP estimate to 2.9% from a Sep forecast of 3.0%, and cut its 2016 global GDP forecast to 3.3% from a Sep estimate of 3.6%.

The Eurozone Nov Sentix investor confidence rose +3.4 to 15.1, stronger than expectations of +1.4 to 13.1.

The China Oct trade balance widened to a record surplus of +$61.64 billion, less than expectations of +$62.00 billion. Oct exports fell -6.9% y/y, more than expectations of -3.2% y/y and the fourth straight month of declines. Oct imports fell -18.8% y/y, more than expectations of -15.2% y/y and the twelfth consecutive month of declines.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) the Treasury's auction of $24 billion 3-year T-notes.

There are 5 of the S&P 500 companies that report earnings today: Priceline (consensus $24.19), Affiliated Managers Group (2.87), Scripps Networks Interactive (0.98), International Flavors and Fragrances (1.35), AGL Resources (0.21).

U.S. IPO's scheduled to price today: Xtera Communications (XCOM), GenSight Biologics (GNST).

Equity conferences today include: Mitsubishi UFJ Energy Tour-Houston on Mon, Morgan Stanley Global Chemicals & Agriculture Conference on Mon-Tue, Baird Healthcare Conference on Mon-Wed, Edison Electric Institute Financial Conference on Mon-Wed, Robert W. Baird & Co. Industrial Conference on Mon-Wed, Citi Financial Technology Conference on Tue, J.P. Morgan Ultimate Services Investor Conference on Tue, Mizuho Securities Technology Corporate Access Day on Tue, Mitsubishi UFJ Securities: Healthcare Conference - Seattle on Tue, Bank of America Merrill Lynch Global Energy Conference on Tue-Wed, Credit Suisse Boston Financials Conference on Tue-Wed, Credit Suisse Health Care Conference on Tue-Wed, Wells Fargo Securities Technology, Media and Telecom Conference on Tue-Wed, RBC Capital Markets Technology, Internet, Media and Telecommunications Conference on Tue-Wed, Stephens Inc Fall Investment Conference on Tue-Wed, Jefferies Energy Conference on Wed, UBS Building & Building Products CEO Conference on Wed.

OVERNIGHT U.S. STOCK MOVERS

Alcoa (AA -1.20%) was downgraded to 'Neutral' from 'Buy' at Nomura.

Priceline Group (PCLN -0.87%) reported Q3 adjusted EPS of $25.35, better than consensus of $24.19.

Scripps Networks Interactive (SNI +1.34%) reported Q3 EPS of $1.06, higher than consensus of 98 cents.

Affiliated Managers Group (AMG +0.89%) reported Q3 EPS of $2.93, better than consensus of $2.87.

Sanofi (SNY -7.58%) was downgraded to 'Neutral' from 'Buy' at UBS.

Marathon Oil (MRO -3.74%) said it will sell some its Gulf of Mexico assets for $205 million.

Apache Corp. (APA -3.25%) jumped 11% in pre-market trading after it said it rejected an unsolicited $18 billion offer for the company.

Hertz GLobal (HTZ +4.27%) reported Q3 adjusted EPS of 49 cents, weaker than consensus of 52 cents.

Kronos Worldwide (KRO -0.37%) reported an unexpected Q3 EPS loss of -10 cents, weaker than consensus of a profit of 6 cents.

Weight Watchers (WTW +35.20%) rose 4% in after-hours trading after Point 72 Asset reported a 6.0% stake in the company.

BioCryst Pharmaceuticals (BCRX -4.28%) climbed nearly 4% in after-hours trading after Baker Bros. said they raised their stake in the company to 19.5% from 15.8%.

WhiteWave Foods (WWAV -0.96%) rose over 1% in after-hours trading on optimism over the company's Q3 earnings results that are expected before the opening of trading on Monday, Nov 9.

Acadia Pharmaceuticals (ACAD -11.53%) fell nearly 2% in after-hours trading after its Chief Medical Officer, Roger Mills, resigned.

MARKET COMMENTS

Dec E-mini S&Ps (ESZ15 -0.32%) this morning are down -7.00 points (-0.33%). Friday's closes: S&P 500 -0.03%, Dow Jones +0.26%, Nasdaq +0.09%. The S&P 500 on Friday closed slightly lower on the increased odds for a Fed rate hike in December after the +271,000 increase in Oct non-farm payrolls, stronger than expectations of +185,000 and the largest increase in 10 months. In addition, energy producers sold off on a rally in the dollar index to a 6-3/4 month high, which pushed crude prices to a 1-week low. The main bullish factor was the record +$28.918 billion increase in Sep consumer credit, stronger than expectations of +$18.000 billion and a sign that consumers are confident enough in the economy to increase their debt load. Bank stocks rallied on speculation that an increase in interest rates will boost bank profits.

Dec 10-year T-notes (ZNZ15 -0.09%) this morning are down -4 ticks. Friday's closes: TYZ5 -25.00, FVZ5 -14.25. Dec T-notes on Friday slumped to a 3-1/2 month nearest-futures low and closed lower on the larger-than-expected increase in U.S. Oct non-farm payrolls and on the larger-than-expected increase in U.S. Oct average hourly earnings which bolsters the likelihood that the Fed will raise interest rates at December's FOMC meeting.

The dollar index (DXY00 -0.29%) this morning is down -0.279 (-0.28%). EUR/USD (^EURUSD) is up +0.0044 (+0.41%). USD/JPY (^USDJPY) is up +0.32 (+0.26%) at a fresh 2-1/2 month high. Friday's closes: Dollar Index +1.232 (+1.26%), EUR/USD +0.0143 (-1.31%), USD/JPY +1.38 (+1.13%). The dollar index on Friday surged to a 6-3/4 month high and closed higher on increased expectations for a December FOMC rate hike after the stronger-than-expected U.S. Oct payroll report. In addition, EUR/USD tumbled to a 6-1/2 month low on speculation the ECB may expand QE after German Sep industrial production unexpectedly fell by the most in 13 months.

Dec crude oil (CLZ15 +1.29%) this morning is up +61 cents (+1.38%) and Dec gasoline (RBZ15 +1.93%) is up +0.0284 (+2.07%). Friday's closes: CLZ5-0.68 (-1.50%), RBZ5 +0.0139 (+1.02%). Dec crude oil and gasoline prices on Friday settled mixed with Dec crude at a 1-week low. Crude oil prices were undercut by the surge in the dollar index to a 6-3/4 month high and by the ongoing U.S. crude supply glut with U.S. crude inventories more than 100 million bbls above the 5-year seasonal average. Gasoline moved higher on speculation fuel demand will increase with the strength in the economy.

GLOBAL EVENT CALENDAR11/09/2015

US	1100 ET	USDA weekly grain export inspections.
	1300 ET	Treasury auctions $24 billion 3-year T-notes.
	1600 ET	USDA weekly crop progress.
GER	0200 ET	German Sep trade balance expected +20.0 billion euros, Aug +15.4 billion euros. Sep exports expected +2.0% m/m, Aug -5.2% m/m. Sep imports expected +1.0% m/m, Aug -3.2% m/m.
	0200 ET	German Sep current account balance, Aug +12.3 billion euros.
EUR	0430 ET	Eurozone Nov Sentix investor confidence expected +1.4 to 13.1, Oct 11.7.
	0530 ET	OECD economic outlook.
UK	1901 ET	UK Oct BRC sales like-for-like expected +0.8% y/y, Sep +2.6% y/y.
CHI	2030 ET	China Oct CPI expected +1.5% y/y, Sep +1.6% y/y. Oct PPI expected -5.9% y/y, Sep -5.9% y/y.
	n/a	China Oct new yuan loans expected +800.0 billion yuan, Sep +1.050 trillion yuan.
JPN	2330 ET	Japan Oct bankruptcies, Sep -18.62% y/y.

U.S. STOCK CALENDAR11/09/2015

Company	Ticker	Time	Event Description	Period	Estimate
American Airlines Group Inc	AAL US	Bef-mkt	October 2015 Sales and Revenue Release - Traffic Results	2015
Affiliated Managers Group Inc	AMG US	Bef-mkt	Q3 2015 Earnings Release	Q3 2015	2.87
Scripps Networks Interactive Inc	SNI US	Bef-mkt	Q3 2015 Earnings Release	Q3 2015	0.978
Priceline Group Inc/The	PCLN US	7:00	Q3 2015 Earnings Release	Q3 2015	24.19
Priceline Group Inc/The	PCLN US	7:30	Q3 2015 Earnings Call	Q3 2015
Affiliated Managers Group Inc	AMG US	8:00	Q3 2015 Earnings Call	Q3 2015
Multiple Companies	REGN US	10:00	IL-6 Receptor Phase 3 Study Results Call
Scripps Networks Interactive Inc	SNI US	10:00	Q3 2015 Earnings Call	Q3 2015
United Continental Holdings Inc	UAL US	17:00	October 2015 Sales and Revenue Release - Operational Performance	2015
International Flavors & Fragrances Inc	IFF US	Aft-mkt	Q3 2015 Earnings Release	Q3 2015	1.35
AGL Resources Inc	GAS US		Q3 2015 Earnings Release	Q3 2015	0.21
Entergy Corp	ETR US		Shareholders Meeting
Exxon Mobil Corp	XOM US		Shareholders Meeting
Gap Inc/The	GPS US		October 2015 Sales and Revenue Release	2015
TJX Cos Inc/The	TJX US		Shareholders Meeting
Starbucks Corp	SBUX US		Shareholders Meeting
Macerich Co/The	MAC US		Shareholders Meeting
Macerich Co/The	MAC US		Shareholders Meeting
Macerich Co/The	MAC US		Shareholders Meeting
United Parcel Service Inc	UPS US		Roadshow - Day6	Y 2015
Principal Financial Group Inc	PFG US		Roadshow - Day 1	Y 2015
CONSOL Energy Inc	CNX US		Shareholders Meeting
Wynn Resorts Ltd	WYNN US		Shareholders Meeting
Delphi Automotive PLC	DLPH US		Shareholders Meeting

Wednesday, March 25, 2015

BARCHART MORNING CALL 3/25

BARCHART MORNING CALL

Wednesday, March 25th, 2015View Older Reports

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OVERNIGHT MARKETS AND NEWS

June E-mini S&Ps (ESM15 -0.06%) this morning are up +0.08% on increased M&A activity as Kraft Foods jumped 16% in early pre-market trading on news that it will merge with H.J. Heinz. European stocks are down -0.51% on Greek default concerns after the ECB banned Greek banks from increasing holdings of short-term government debt. The ECB has rationed the Greek central bank's access to emergency funding since last month on concern the Greek government is funding itself via domestic lenders with central bank cash. Eurozone finance officials will hold a call today to discuss progress on Greece, amid concerns that it may run out of cash by early next month. Losses in European stocks were limited after German business confidence rose for a fifth month in March to the highest in 8 months. Asian stocks closed mixed: Japan +0.17%, Hong Kong +0.53%, China -0.82%, Taiwan -0.66%, Australia +0.07%, Singapore +0.17%, South Korea -0.08%, India -0.18%. Commodity prices are mixed. May crude oil (CLK15 -0.29%) is down -0.13% and May gasoline (RBK15 +0.46%) is up +0.50%. Apr gold (GCJ15 +0.19%) is up +0.07%. May copper (HGK15 -0.59%) is down -0.62%. Agriculture prices are mixed. The dollar index (DXY00 -0.42%) is down -0.30%. EUR/USD (^EURUSD) is up +0.52%. USD/JPY (^USDJPY) is down -0.14%. Jun T-note prices (ZNM15 +0.15%) are up +3 ticks at a 1-1/2 month high after Chicago Fed President said inflation is too low to raise interest rates this year.
The German Mar IFO business climate rose +1.1 points to 107.9, stronger than expectations of +0.5 to 107.3 and the highest in 8 months. The Mar IFO current assessment rose +0.7 to 112.0, right on expectations. The Mar IFO expectations rose +1.4 points to 103.9, stronger than expectations of +0.5 to 103.0 and the highest in 9 months.
Chicago Fed President Evans said inflation remains too low to justify an interest rate increase this year, despite "terrific" progress in reducing U.S. unemployment. Evans said "he sees no compelling reason for us to be in a hurry to tighten financial conditions until" it's clear that inflation will reach the Fed's 2.0% target within one or two years.
Japan Feb PPI services prices rose +3.3% y/y, right on expectations.

U.S. STOCK PREVIEW

Today’s Feb durable goods orders report is expected to show an increase of +0.2% for both the headline and ex-transportation reports. The Treasury today will sell $13 billion of 2-year floating-rate notes and $35 billion of 5-year T-notes. There are 5 of the Russell 1000 companies that report earnings today: Paychex (consensus $0.46), Red Hat (0.41), PVH (1.73), Leidos Holdings (0.49), Apollo Education (-0.16).
Equity conferences during the remainder of this week include: Excellence in Data Analytics for Shared Services and Outsourcing 2015 on Tue-Wed, Telsey Advisory Group (TAG) Spring Consumer Conference on Tue-Wed, Leerink Booth Tours At American Academy of Orthopaedic Surgeons on Wed-Thu, CIBC Real Estate Conference on Thu, Nomura - Conference: Global Chemicals Industry Leaders Conference - London on Thu, Jefferies Animal Health Summit on Thu, Gabelli Specialty Chemicals Conference on Thu.

OVERNIGHT U.S. STOCK MOVERS

Kraft Foods Group (KRFT -1.27%) surged 16% in pre-market trading after saying it will merge with H.J. Heinz.
Starwood (HOT -2.28%) was downgraded to 'Neutral' from 'Buy' at SunTrust.
Tesla (TSLA +1.05%) was downgraded to 'Underperform' from 'Outperform' at CLSA.
Finish Line (FINL +0.41%) was downgraded to 'Neutral' from 'Buy' at B. Riley.
Leidos (LDOS -2.20%) reported Q4 EPS of 69 cents, higher than consensus of 48 cents, but then lowered guidance on fiscal 2015 EPS to $2.20-$2.45, below consensus of $2.53.
Merck (MRK -0.17%) announced a new $10 billion share repurchase program.
ING Groep (ING +1.20%) was downgraded to 'Neutral' from 'Buy' at Goldman Sachs.
Ultragenyx (RARE -2.65%) was initiated with a 'Buy' at CRT Capital with a price target of $90.
Cepheid (CPHD -2.08%) announced it has received Emergency Use Authorization from the FDA for Xpert Ebola, a molecular diagnostic test for Ebola Zaire Virus that delivers results in less than two hours.
Wells Fargo initiated United Rentals (URI +0.25%) with an 'Outperform' rating and a $110-$115 valuation range.
Steelcase (SCS -2.16%) reported Q4 adjusted EPS of 21 cents, better than consensus of 20 cents.
Park City Group (PCYG +0.57%) filed to sell 1 million shares of common stock.

MARKET COMMENTS

Jun E-mini S&Ps (ESM15 -0.06%) this morning areup +1.75 points (+0.08%) . Tuesday's Closes: S&P 500 -0.61%, Dow Jones -0.58%, Nasdaq -0.33%. The stock market on Tuesday closed lower after the stronger-than-expected U.S. Feb new home sales report (+7.8% to a 7-year high of 539,000) bolstered concern the Fed would soon raise interest rates. Another negative for stocks was the comments from St. Louis Fed President Bullard who said the Fed risks falling "behind the curve" on inflation if normalization of monetary policy is not started soon.
Jun 10-year T-notes (ZNM15 +0.15%) this morning are up +3 ticks at a new 1-1/2 month high. Tuesday's Closes: TYM5 +8.00, FVM5 +5.50. Jun T-notes posted a 1-1/2 month high on benign inflation pressures after U.S. Feb core CPI rose +1.7% y/y, right on expectations and below the Fed's 2.0% inflation target. T-notes received additional support in late afternoon after stocks sold-off.
The dollar index (DXY00 -0.42%) this morning is down -0.289 (-0.30%). EUR/USD (^EURUSD) is up +0.0057 (+0.52%). USD/JPY (^USDJPY) is down -0.17 (-0.14%). Tuesday's closes: Dollar index +0.160 (+0.16%), EUR/USD -0.00212 (-0.19%), USD/JPY +0.025 (+0.02%). The dollar rebounded from a 2-week low and closed higher after U.S. Feb new home sales rose more than expected to the highest in 7 years, which bolsters expectations for the Fed to raise interest rates.
May WTI crude oil (CLK15 -0.29%) this morning is down -6 cents (-0.13%) and May gasoline (RBK15 +0.46%) is up +0.0090 (+0.50%). Tuesday's closes: CLK5 +0.06 (+0.13), RBK5 -0.0013 (-0.07%). May crude and gasoline posted 1-week highs but settled mixed after the dollar recovered from a 2-week low and closed higher. Gains in crude were limited on expectations that Wednesday's weekly EIA crude inventories will increase by +4.75 million bbl.

GLOBAL EVENT CALENDAR03/25/2015

US	0630 ET	Chicago Fed President Charles Evans speaks in London at the Official Monetary and Financial Institutions Forum City Lectures on Monetary Policy and the Economy.
	0700 ET	Weekly MBA mortgage applications, previous -3.9% with purchase sub-index -1.5% and refi sub-index -5.2%.
	0830 ET	Feb durable goods orders expected +0.2% and +0.2% ex transportation, Jan 2.8% and unch ex-transportation. Feb capital goods orders non-defense ex-aircraft expected +0.3%, Jan +0.5%.
	1030 ET	EIA Weekly Petroleum Status Report.
	1130 ET	Treasury auctions $13 billion 2-year floating rate notes.
	1300 ET	Treasury auctions $35 billion 5-year T-notes.
GER	0500 ET	German Mar IFO business climate expected +0.5 to 107.3, Feb 106.8. Mar IFO current assessment expected +0.7 to 112.0, Feb 111.3. Mar IFO expectations expected +0.5 to 103.0, Feb 102.5.

U.S. STOCK CALENDAR03/25/2015

Company	Ticker	Time	Event Description	Period	Estimate
Paychex Inc	PAYX US	Bef-mkt	Q3 2015 Earnings Release	Q3 2015	0.462
Leidos Holdings Inc	LDOS US	6:00	Q4 2015 Earnings Release	Q4 2015	0.485
Apollo Education Group Inc	APOL US	7:30	Q2 2015 Earnings Release	Q2 2015	-0.163
Leidos Holdings Inc	LDOS US	8:00	Q4 2015 Earnings Call	Q4 2015
Apollo Education Group Inc	APOL US	8:30	Q2 2015 Earnings Call	Q2 2015
AGL Resources Inc	GAS US	9:00	Analyst Day	Y 2015
Paychex Inc	PAYX US	9:30	Q3 2015 Earnings Call	Q3 2015
McCormick & Co Inc/MD	MKC US	10:00	Annual General Meeting	Y 2015
American Express Co	AXP US	13:30	Investor Day	Y 2015
Red Hat Inc	RHT US	17:00	Q4 2015 Earnings Call	Q4 2015
PVH Corp	PVH US	Aft-mkt	Q4 2015 Earnings Release	Q4 2015	1.728
Red Hat Inc	RHT US	Aft-mkt	Q4 2015 Earnings Release	Q4 2015	0.406

Tuesday, April 29, 2014

BARCHART MORNING CALL 4/29

BARCHART MORNING CALL

Tuesday, April 29th, 2014View Older Reports

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OVERNIGHT MARKETS AND NEWS

June E-mini S&Ps (ESM14 +0.33%) this morning are up +0.32% and European stocks are up +0.87% after Deutsche Bank AG's earnings beat estimates and after Nokia Oyj forecast higher network sales. Another positive for European stocks was an upward revision to Eurozone Apr consumer confidence to a 6-1/2 year high. European government bonds fell after an unnamed Eurozone official said that ECB President Draghi told a private meeting with German lawmakers that a quantitative-easing program isn't imminent and is relatively unlikely for now. Asian stocks closed mixed: Japan closed for Showa Day holiday, Hong Kong +1.45%, China +1.10%, Taiwan +0.71%, Australia -0/89%, Singapore -0.15%, South Korea -0.39%, India -0.73%. China's Shanghai Stock Index rebounded from a 1-1/4 month low and closed higher on speculation the government will take steps to bolster the economy, while the Chinese yuan dropped to 6.2591 per dollar, the lowest in 16-1/2 months. Commodity prices are mixed. Jun crude oil (CLM14 +0.55%) is up +0.40%. Jun gasoline (RBM14 +0.29%) is up +0.19%. Jun gold (GCM14 -0.65%) is down -0.66%. July copper (HGN14 -0.24%) is down -0.15%. Agriculture and livestock prices are mixed. The dollar index (DXY00 -0.03%) is down -0.05%. EUR/USD (^EURUSD) is up +0.06%. USD/JPY (^USDJPY) is up +0.26%. June T-note prices (ZNM14 -0.24%) are down -10.5 ticks.
Eurozone Apr consumer confidence was revised higher by +0.1 to -8.6 from the originally reported -8.7, the highest in 6-1/2 years.
Eurozone Apr economic confidence unexpectedly fell by -0.5 to 102.0, weaker than expectations of +0.5 to 102.9. The Apr business climate indicator unexpectedly fell by -0.13 to 0.27, weaker than expectations of +0.3 to 0.42
Eurozone Mar M3 money supply rose +1.1% y/y and +1.2% 3-month average, less than expectations of +1.4% y/y and +1.3% 3-month average.
UK Q1 GDP rose +0.8% q/q and +3.1% y/y, slightly less than expectations of +0.9% q/q and +3.2% y/y.
German May GfK consumer confidence remained unchanged at a 7-1/3 year high of 8.5, right on expectations.

U.S. STOCK PREVIEW

Today’s Feb CaseShiller Composite-20 home price index is expected to show a another solid increase of +0.80% m/m and +13.00% y/y, which would be slightly below the increases seen in January of +0.85% m/m and +13.24% y/y. Today’s April U.S. consumer confidence index from the Conference Board is expected to show an increase of +1.0 points to 83.3, adding to the +4.0 point increase to 82.3 seen in March. The market is unanimously expecting the FOMC at its Tue/Wed meeting to cut QE3 by another $10 billion to $45 billion and leave its funds rate target range unchanged at zero to 0.25%.
There are 37 of the S&P 500 companies that report earnings today. Notable reports include eBay (consensus $0.67), ADM (0.74), Valero (1.39), Merck (0.79), Rockwell Automation (1.44), Bristol-Myers (0.43), Boston Properties (1.23). Equity conferences during the remainder of this week include: Barclays Retail and Consumer Discretionary Conference on Tue-Wed, and Linley Group Mobile Conference on Wed-Thu.

OVERNIGHT U.S. STOCK MOVERS

Bristol-Myers Squibb (BMY -0.28%) reported Q1 EPS of 46 cents, higher than consensus of 43 cents.
Merck & Co. (MRK -0.98%) reported Q1 EPS of 88 cents, stronger than consensus of 79 cents.
Archer-Daniels Midland (ADM -0.09%) reported Q1 EPS of 55 cents, well below consensus of 74 cents.
General Dynamics (GD -1.49%) was awarded a $17.6 billion contract from the U.S. Navy for the construction of 10 additional Virginia-class submarines.
Owens & Minor (OMI +1.37%) reported Q1 adjusted EPS of 44 cents, weaker than consensus of 46 cents.
Hartford Financial (HIG -1.46%) reported Q1 EPS of $1.18, well above consensus of 93 cents.
Tiger Global reported a 9.5% passive stake in Zillow (Z -1.85%) .
PartnerRe (PRE -0.06%) reported Q1 operating EPS of $3.36, much better than consensus of $2.56.
Herbalife (HLF +1.76%) climbed nearly 3% in after-hours trading after it reported Q1 adjusted EPS of $1.50, well above consensus of $1.29, and then raised guidance on fiscal 2014 EPS view to $6.10-$6.30 from $5.85-$6.05.
Kaman (KAMN -0.73%) reported Q1 EPS of 42 cents, higher than consensus of 41 cents.
Charles Baker reported a 5.6% stake in ZipRealty (ZIPR -1.79%) .
Ameriprise (AMP -0.02%) reported Q1 EPS of $2.01, much better than consensus of $1.88.
CoreLogic (CLGX -0.25%) reported Q1 adjusted EPS of 17 cents, higher than consensus of 16 cents.
Buffalo Wild Wings (BWLD -2.29%) rose 5% in after-hours trading after it reported Q1 EPS of $1.49, well above consensus of $1.34, and then raised guidance on fiscal 2014 net earnings growth rate to 25% from 20%.
Plum Creek Timber (PCL +0.35%) reported Q1 EPS of 17 cents, higher than consensus of 15 cents.

MARKET COMMENTS

June E-mini S&Ps (ESM14 +0.33%) this morning are up +6.00 points (+0.32%). The S&P 500 index on Monday recovered from a 1-1/2 week low and closed higher. Supportive factors for stocks included (1) increased M&A activity after Pfizer proposed buying AstraZeneca for about $98.7 billion, and (2) the +3.4% m/m increase in U.S. Mar pending home sales, a bigger increase than expectations of +1.0% m/m and the largest monthly gain in 2-3/4 years. Gains in stocks were limited on concern over escalation of the Ukraine crisis after the U.S and the EU imposed additional sanctions against Russia. Closes: S&P 500 +0.32%, Dow Jones +0.53%, Nasdaq +0.34%.
Jun 10-year T-notes (ZNM14 -0.24%) this morning are down -10.5 ticks. Jun 10-year T-note futures prices on Monday closed little changed. Negative factors included (1) the larger-than-expected increase in U.S. Mar pending home sales, and (2) expectations for the Fed to taper QE3 by $10 billion on Wed. T-notes recovered from their worst levels on increased safe-haven demand after the S&P 500 tumbled to a 1-1/2 week low. Closes: TYM4 +4.5, FVM4 +1.75.
The dollar index (DXY00 -0.03%) this morning is down -0.043 (-0.05%%). EUR/USD (^EURUSD) is up +0.0009 (+0.06%). USD/JPY (^USDJPY) is up +0.27 (+0.26%). The dollar index on Monday fell to a 2-week low and closed lower: Dollar index -0.04 (-0.06%), EUR/USD +0.0017 (+0.13%), USD/JPY +0.31 (+0.31%). Negative factors for the dollar included (1) strength in EUR/USD which rose to a 2-week high on reduced speculation the ECB will start a QE program after ECB Council member Knot said that more evidence is needed on the effectiveness of quantitative easing and if the Eurozone inflation rate falls any further, the ECB could lower the deposit rate below 0%, and (2) strength in the British pound which rose to a 4-1/3 year high against the dollar as a jump in the UK Apr Lloyds business barometer to a record high boosted the prospects for stronger British economic growth.
Jun WTI crude oil (CLM14 +0.55%) this morning is up +40 cents (+0.40%). Jun gasoline (RBM14 +0.29%) is up +0.0056 (+0.19%). Jun crude and gasoline prices on Monday settled mixed. Jun crude recovered from a 2-1/2 week low and closed higher on bullish factors that included (1) expectations that weekly EIA data on Wed will show crude supplies at Cushing, OK, the delivery point for WTI futures, fell to a fresh 4-1/2 year low, and (2) the fall in the dollar index fell to a 2-week low. Jun gasoline fell to a 1-1/2 week low on speculation that new economic sanctions levied by the U.S. and the EU against Russia won't disrupt global oil supplies: Closes: CLM4 +0.24 (+0.24%). RBM4 -0.0402 (-1.33%).

GLOBAL EVENT CALENDAR04/29/2014

US	0900 ET	Feb S&P/CaseShiller composite-20 home price index expected +0.80% m/m and +13.00% y/y, Jan +0.85% m/m and +13.24% y/y.
	1000 ET	Apr consumer confidence (Conference Board) expected +1.0 to 83.3, Mar +4.0 to 82.3.
	1300 ET	Treasury auctions $15 billion 2-year floating-rate notes.
	n/a	FOMC begins 2-day policy meeting.
GER	0200 ET	German May GfK consumer confidence expected unch at 8.5, Apr 8.5.
	0800 ET	German Apr CPI (EU harmonized) expected -0.1% m/m and +1.3% y/y, Mar +0.3% m/m and +0.9% y/y.
EUR	0400 ET	Eurozone Mar M3 money supply expected +1.5% y/y and +1.3% 3-mo avg, Feb +1.3% y/y and +1.2% 3-mo avg.
	0500 ET	Eurozone Apr economic confidence expected +0.5 to 102.9, Mar 102.4. Apr business climate indicator expected +0.03 to 0.42, Mar 0.39.
	0500 ET	Revised Eurozone Apr consumer confidence, previous -8.7.
UK	0430 ET	UK Q1 GDP expected +0.9% q/q and +3.2% y/y, Q4 +0.7% q/q and +2.7% y/y.
	0430 ET	UK Feb index of services expected +0.3% m/m and +0.9% 3-mo/3-mo, Jan +0.4% m/m and +0.9% 3-mo/3-mo.
	1905 ET	UK Apr GfK consumer confidence expected +1 to -4, Mar -5.
JPN	1915 ET	Japan Apr Markit/JMMA manufacturing PMI, Mar 53.9.
	1950 ET	Japan Mar industrial production expected +0.5% m/m and +7.2% y/y, Feb -2.3% m/m and +7.0% y/y.
	2130 ET	Japan Mar labor cash earnings, Feb unch y/y.
	n/a	Japanese markets closed for Showa Day holiday.

U.S. STOCK CALENDAR04/29/2014

Company Name	Ticker	Time	Event Description	Period	Estimate
Archer-Daniels-Midland Co	ADM US	Bef-mkt	Q1 2014 Earnings Release	Q1 2014	0.741
Valero Energy Corp	VLO US	Bef-mkt	Q1 2014 Earnings Release	Q1 2014	1.394
AGL Resources Inc	GAS US	Bef-mkt	Q1 2014 Earnings Release	Q1 2014	1.822
LyondellBasell Industries NV	LYB US	Bef-mkt	Q1 2014 Earnings Release	Q1 2014	1.744
Boston Scientific Corp	BSX US	Bef-mkt	Q1 2014 Earnings Release	Q1 2014	0.177
Eaton Corp PLC	ETN US	Bef-mkt	Q1 2014 Earnings Release	Q1 2014	1.002
Hudson City Bancorp Inc	HCBK US	Bef-mkt	Q1 2014 Earnings Release	Q1 2014	0.072
Goodyear Tire & Rubber Co/The	GT US	Bef-mkt	Q1 2014 Earnings Release	Q1 2014	0.601
Forest Laboratories Inc	FRX US	Bef-mkt	Q4 2014 Earnings Release	Q4 2014	0.434
Merck & Co Inc	MRK US	Bef-mkt	Q1 2014 Earnings Release	Q1 2014	0.788
Harris Corp	HRS US	6:30	Q3 2014 Earnings Release	Q3 2014	1.191
CONSOL Energy Inc	CNX US	6:45	Q1 2014 Earnings Release	Q1 2014	0.193
Xylem Inc/NY	XYL US	7:00	Q1 2014 Earnings Release	Q1 2014	0.32
Rockwell Automation Inc	ROK US	7:00	Q2 2014 Earnings Release	Q2 2014	1.444
Coach Inc	COH US	7:00	Q3 2014 Earnings Release	Q3 2014	0.615
Waters Corp	WAT US	7:00	Q1 2014 Earnings Release	Q1 2014	1.116
McGraw Hill Financial Inc	MHFI US	7:15	Q1 2014 Earnings Release	Q1 2014	0.873
Parker Hannifin Corp	PH US	7:30	Q3 2014 Earnings Release	Q3 2014	1.627
Bristol-Myers Squibb Co	BMY US	7:30	Q1 2014 Earnings Release	Q1 2014	0.432
Cummins Inc	CMI US	7:30	Q1 2014 Earnings Release	Q1 2014	1.672
PACCAR Inc	PCAR US	8:00	Q1 2014 Earnings Release	Q1 2014	0.759
Aflac Inc	AFL US	Aft-mkt	Q1 2014 Earnings Release	Q1 2014	1.582
eBay Inc	EBAY US	Aft-mkt	Q1 2014 Earnings Release	Q1 2014	0.668
Dun & Bradstreet Corp/The	DNB US	Aft-mkt	Q1 2014 Earnings Release	Q1 2014	1.339
Owens-Illinois Inc	OI US	Aft-mkt	Q1 2014 Earnings Release	Q1 2014	0.605
Edison International	EIX US	Aft-mkt	Q1 2014 Earnings Release	Q1 2014	0.815
TECO Energy Inc	TE US	Aft-mkt	Q1 2014 Earnings Release	Q1 2014	0.229
ACE Ltd	ACE US	Aft-mkt	Q1 2014 Earnings Release	Q1 2014	2.148
Boston Properties Inc	BXP US	Aft-mkt	Q1 2014 Earnings Release	Q1 2014	1.23
Seagate Technology PLC	STX US	Aft-mkt	Q3 2014 Earnings Release	Q3 2014	1.25
United States Steel Corp	X US	Aft-mkt	Q1 2014 Earnings Release	Q1 2014	0.304
Genworth Financial Inc	GNW US	Aft-mkt	Q1 2014 Earnings Release	Q1 2014	0.356
Macerich Co/The	MAC US	Aft-mkt	Q1 2014 Earnings Release	Q1 2014	0.844
Express Scripts Holding Co	ESRX US	Aft-mkt	Q1 2014 Earnings Release	Q1 2014	1.005
Fiserv Inc	FISV US	Aft-mkt	Q1 2014 Earnings Release	Q1 2014	0.743

Friday, March 7, 2014

BARCHART MORNING CALL 3//

BARCHART MORNING CALL

Friday, March 7th, 2014View Older Reports

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OVERNIGHT MARKETS AND NEWS

March E-mini S&Ps (ESH14 +0.07%) this morning are up +0.11% and European stocks are down -0.34% ahead of U.S. Feb payroll data later this morning. Losses in European stocks were muted after German Jan industrial production rose for a third month. Asian stocks closed mixed: Japan +0.92%, Hong Kong -0.19%, China -0.24%, Taiwan closed for holiday, Australia +0.30%, Singapore +0.23%, South Korea -0.11%, India +1.89%. India's S&P Sensex Stock Index rose to a record after the India Q4 current-account deficit fell to a 4-year low, while Chinese stocks closed lower when a Chinese company defaulted after it failed to pay full interest on its bonds. Commodity prices are mixed. Apr crude oil (CLJ14 +0.55%) is up +0.33%. Apr gasoline (RBJ14 unch) is down -0.13%. Apr gold (GCJ14 -0.09%) is down -0.23%. May copper (HGK14 -2.25%) is down -2.03% at a 15-week low on Chinese demand concerns after weekly Shanghai copper inventories rose +9,034 MT to a 10-1/4 month high of 207,320 MT. Agriculture and livestock prices are mostly higher. The dollar index (DXY00 -0.25%) is down -0.22% at a 4-1/4 month low. EUR/USD (^EURUSD) is up +0.30% at a 2-1/3 year high after the ECB on Thursday quashed expectations they will expand their stimulus measures. USD/JPY (^USDJPY) is down -0.13%. June T-note prices (ZNM14 +0.08%) are up +3.5 ticks.
China's Shanghai Chaori Solar Energy Science & Technology Company failed to pay full interest due today on its bonds, China's first onshore corporate bond default. Chaori's default, which occurred during the annual session of China's legislature, signals the government is willing to tolerate such failures and will back off its practice of bailing out companies with bad debt.
German Jan industrial production rose +0.8% m/m, right on expectations, and on an annual basis rose +5.0% y/y, greater than expectations of +3.9% y/y and the most in 2-1/3 years. Dec was revised upward to +0.1% m/m and +3.4% y/y from the originally reported -0.6% m/m and +2.6% y/y.
The German Jan wholesale price index fell -0.1% m/m and -1.7% y/y. Dec was revised to +0.3% m/m and -1.3% y/y from the originally reported +0.4% m/m and -1.8% y/y.
The Japan Jan leading index CI rose +0.5 to 112.2, less than expectations of +0.7 to 112.4, but still the highest in 7-years. The Jan coincident index climbed +2.5 from an upward revised 112.3 in Dec to 114.8, better than expectations of +2.9 to 114.6 and the highest in 5-3/4 years.

U.S. STOCK PREVIEW

The market consensus for today’s payroll report is +150,000, which would be relatively weak but would at least be an improvement from +113,000 in January. Meanwhile, today’s Feb unemployment rate is expected to be unchanged from January’s 5-1/2 year low of 6.6%. Today’s Jan U.S. trade deficit is expected to widen mildly to -$38.5 billion from -$38.7 billion in December. There are 2 of the Russell 1000 companies that report earnings today: Foot Locker (consensus $0.76), Big Lots (1.38). There are no equity conferences today.

OVERNIGHT U.S. STOCK MOVERS

Staples (SPLS -15.30%) was downgraded to 'Hold' from 'Buy' at Argus.
Citigroup lowered its Q3 earnings estimate for FedEx (FDX +0.28%) to $1.45 from $1.55, below the consensus of $1.54, to reflect the impact from severe winter weather.
Foot Locker (FL +0.85%) reported Q4 adjusted EPS of 82 cents, better than consensus of 76 cents.
Alon USA Energy (ALJ +2.02%) reported a Q4 EPS ex-items loss of -12 cents, a smaller loss than consensus of -15 cents.
Safeway (SWY -0.03%) fell 5% in after-hours trading after Albertsons said it will acquire the company for $40 a share.
The Fresh Market (TFM -2.13%) reported Q4 adjusted EPS of 39 cents, weaker than consensus of 42 cents, and then lowered guidance on fiscal 2014 adjusted EPS to $1.56-$1.66, below consensus of $1.67.
Piedmont Natural Gas (PNY -0.91%) reported Q1 EPS of $1.26, stronger than consensus of $1.19, and then raised guidance on fiscal 2014 EPS view to $1.80-$1.90 from $1.73-$1.83, higher than consensus of $1.80.
Lehigh Gas (LGP -0.26%) reported Q4 EPS of 25 cents, weaker than consensus of 31 cents.
Gogo (GOGO -0.25%) rose 2% in after-hours trading after SAC Capital reported a 5.1% passive stake in the company.
Thor Industries (THO +1.54%) reported Q2 continuing operations EPS of 32 cents, below consensus of 36 cents.
Cooper Companies (COO -0.60%) reported Q1 EPS of $1.47, better than consensus of $1.46.
The Gap (GPS -0.75%) fell over 5% in after-hours trading after it reported comparable same-store-sales sales for February were down 7% versus a 3% increase last year.

MARKET COMMENTS

Mar E-mini S&Ps (ESH14 +0.07%) this morning are up +2.00 points (+0.11%). The S&P 500 on Thursday posted a new record high and closed higher. Supportive factors included (1) the -26,000 drop in U.S. weekly jobless claims to a 3-month low of 323,000, a bigger decline than expectations of -12,000, (2) signs of strength in Europe after German Jan factory orders rose +1.2% m/m (vs expectations of +0.9% m/m) and the ECB raised its Eurozone 2014 GDP forecast to +1.2% from +1.1% projected in Dec. Closes: S&P 500 +0.17%, Dow Jones +0.38%, Nasdaq 100 -0.17%.
Jun 10-year T-notes (ZNM14 +0.08%) this morning are up +3.5 ticks. Jun 10-year T-note futures prices on Thursday dropped to a 1-1/2 week low and closed lower. Bearish factors included (1) the larger-than-expected fall in weekly jobless claims to a 3-month low and (2) reduced safe-haven demand after the S&P 500 posted a record high. Closes: TYM4 -10.00, FVM4 -5.00.
The dollar index (DXY00 -0.25%) this morning is down -0.177 (-0.22%) at a 4-1/4 month low. EUR/USD (^EURUSD) is up +0.0041 (+0.30%) at a 2-1/3 year high. USD/JPY (^USDJPY) is down -0.13 (-0.13%). The dollar index on Thursday slumped to a 4-1/4 month low and closed lower. EUR/USD rose to a 2-1/4 month high after the ECB refrained from expanding stimulus and raised its Eurozone 2014 GDP forecast to +1.2% from +1.1% projected in Dec. USD/JPY rose to a 1-1/4 month high after a Japanese government advisory panel said Japan’s Government Pension Investment Fund, the world’s largest pension fund, should shift its investment focus away from Japanese bonds, which clobbered the yen: Dollar index -0.446 (-0.56%), EUR/USD +0.01278 (+0.93%), USD/JPY +0.767 (+0.75%).
Apr WTI crude oil (CLJ14 +0.55%) this morning is up +34 cents (+0.33%) and Apr gasoline (RBJ14 unch) is down -0.0038 (-0.13%). Apr crude and gasoline prices on Thursday closed higher. Apr crude recovered from a 2-week low and Apr gasoline rebounded from a 3-week low on bullish factors that included (1) the slide in the dollar index to a 4-1/4 month low, (2) the fall in U.S. weekly jobless claims to a 3-month low, and (3) the rally in the S&P 500 to a record high. Bearish factors included (1) expectations that tension between Ukraine and Russia won’t disrupt crude supplies and (2) the weaker than expected U.S Jan factory orders, a sign of weaker energy demand. Closes: CLJ4 +0.11 (+0.11%), RBJ4 +0.0052 (+0.18%).

GLOBAL EVENT CALENDAR03/07/2014

US	0830 ET	Feb non-farm payrolls expected +150,000, Jan +113,000. Feb private payrolls expected +151,000, Jan +142,000. Feb manufacturing payrolls expected +5,000, Jan +21,000. Feb unemployment rate expected unch at 6.6%, Jan -0.1 to 6.6%.
	0830 ET	Feb avg earnings expected +0.2% m/m and +2.0% y/y, Jan +0.2% m/m and +1.9% y/y. Feb avg weekly hours expected unch at 34.4 hours, Jan 34.4 hours.
	0830 ET	Jan trade balance expected -$38.5 billion, Dec -$38.7 billion.
	1200 ET	New York Fed President William Dudley speaks on the economy at Brooklyn College.
	1500 ET	Jan consumer credit expected +$14.0 billion, Dec +$18.756 billion.
JPN	0000 ET	Japan Jan leading index CI expected +0.7 to 112.4, Dec 111.7. Jan coincident index expected +2.9 to 114.6, Dec 111.7.
GER	0600 ET	German Jan industrial production expected +0.8% m/m and +3.9% y/y, Dec -0.6% m/m and +2.6% y/y.
CHI	n/a	China Feb trade balance expected +$14.50 billion, Jan +$31.87 billion. Feb exports expected +7.5% y/y, Jan +10.6% y/y. Feb imports expected +7.6% y/y, Jan +10.0% y/y.

U.S. STOCK CALENDAR03/07/2014

Company Name	Ticker	Time	Event Description	Period	Estimate
Foot Locker Inc	FL US	Bef-mkt	Q4 2014 Earnings Release	Q4 2014	0.755
Big Lots Inc	BIG US	8:00	Q4 2014 Earnings Call	Q4 2014
Public Service Enterprise Group Inc	PEG US	8:00	Analyst Meeting	Y 2014
AGL Resources Inc	GAS US	8:30	Analyst Day	Y 2014
Foot Locker Inc	FL US	9:00	Q4 2014 Earnings Call	Q4 2014
Big Lots Inc	BIG US		Q4 2014 Earnings Release	Q4 2014	1.384
Hill-Rom Holdings Inc	HRC US		Annual General Meeting
Twenty-First Century Fox Inc	FOXA US		U.S. Box Office Release of Movie Mr. Peabody & Sherman""
Questar Corp	STR US		Analyst Day - Day 2	Y 2014

Wednesday, March 27, 2013

Barchart Morning Call 3/27

BARCHART MORNING CALL 3/27

Wednesday, March 27th, 2013

View Older Reports

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OVERNIGHT MARKETS AND NEWS

June E-mini S&Ps (ESM13 -0.47%) are down by -0.35% on a sharp -1.20% sell-off in the Euro Stoxx 50 index tied to increased Italian political uncertainty and a larger-than-expected drop in Eurozone confidence. Asian stocks today closed mostly higher with the Nikkei index up +0.18%, the Hang Seng up +0.69%, and China's CSI 300 index up +0.33%. Commodity prices are mildly lower by -0.19%. May crude oil (CLK13 -0.48%) is down -0.44%, May gasoline (RBK13 unch) is up +0.08%, April gold (GCJ13 -0.15%) is down -0.26%, May copper (HGK13 -0.38%) is down -0.32%, and agriculture prices are mostly higher. The dollar index (DXY00 +0.39%) is up +0.33% this morning on increased safe-haven demand while EUR/USD (^EURUSD) is down -0.50% on increased Italian political uncertainty and the weak Eurozone confidence index. USD/JPY (^USDJPY) is down -0.14%. June T-note prices (ZNM13 +0.30%) are up +12.5 ticks.
The March Eurozone economic confidence index from the European Commission fell by -1.1 points to 90.0 from 91.1 in Feb and was weaker than market expectations for a -0.6 point drop to 90.5. The index posted a 10-month high of 91.1 in Feb but then fell back in March as the Eurozone recession continued and as Cyprus emerged as a major problem. Separately, the March Eurozone business climate index fell to -0.86 from -0.73 and was weaker than market expectations of -0.79. The March Eurozone services confidence index was unchanged from Feb at -23.5, which was line with market expectations.
The Italian 10-year bond yield today rose sharply by 15 bp to 4.72% after Democratic Party leader Bersani said there is no possibility of a broad coalition to resolve the political deadlock caused by the muddled Feb 24-25 general election. Another election may be necessary, which would likely result in the Euroskeptic Five Star Movement party gaining more votes. The Spanish bond yield today rose by 9 bp to 5.02%. Meanwhile, the German 10-year bund yield fell by 4 bp to 1.31% on increased safe-haven demand.
Italy today sold 6.91 billion euros of 5 and 10-year bonds, close to the maximum target of 7 billion euros, but the auctions were on the weak side.
Germany's Feb import price index of +0.3% m/m and -1.6% was close to market expectations and compared with the Jan report of +0.1% m/m and -0.8% y/y.
The German April GfK consumer confidence index of 5.9 was unchanged from March and was in line with market expectations. The index has been moving basically sideways over the past year and is just mildly below the 5-year high of 6.1 posted in Oct 2012.
The UK current account deficit of -14.0 billion pounds was wider than market expectations of -12.5 billion pounds but was slightly narrower than -15.1 billion pounds in Q3.
The UK final Q4 GDP report was left unrevised at -0.3% q/q but was revised slightly lower on a year-on-year basis to +0.2% from +0.3%.

U.S. STOCK PREVIEW

Today’s U.S. Feb pending homes sales report is expected to show a small decline of -0.4% m/m after the +4.5% m/m increase seen in Jan to the 2-2/3 year high of 105.9. Otherwise, the U.S. stock market will be watching European after today's sharp sell-off in European stocks and the rise in Italian bond yields on increased Italian political uncertainty. There are earnings reports today from Paychex (consensus $0.39), PVH Corp (1.50%), Forest City Enterprises (0.27%), and Red Hat (0.30).
Conferences during the remainder of this week include: Bank of America Merrill Lynch New York Auto Summit on Wednesday, CIBC Retail & Consumer Conference on Thursday, and Photon's 8th Solar Electric Utility Conference on Thursday.

June E-mini S&Ps (ESM13 -0.47%) this morning are down 5.50 points (-0.35%) on this morning's -1.20% sell-off in the Euro Stoxx 50 index. The S&P 500 index on Tuesday closed with a solid gain on optimism about the U.S. economy and the end of the Cyprus crisis, although most of Tuesday’s U.S. economic reports were a bit weaker than expected. Closes: S&P 500 +0.78%, Dow Jones +0.77%, Nasdaq 100 +0.61%.

OVERNIGHT U.S. STOCK MOVERS

Google's (GOOG +0.34%) price target was raised to $982 from $847 by Credit Suisse (Outperform reiterated) on Google's Enhanced Campaigns update, which Credit Suisse believes will increase advertisers' spending.
SAIC (SAI -0.54%) rallied 4% in after-hours trading after reporting Q4 EPS of 54 cents, above the consensus of 52 cents.
Lions Gate (LGF +2.67%) rallied 1% in after-hours trading after announcing a 50/50 partnership with CBS (CBS +0.64%) on TVGN and TVGuide.com.
Landec (LNDC +1.83%) fell 6% in after-hours trading after reporting disappointing earnings.
AdCare (ADC -1.14%) fell 7% after announcing that it is postponing its Q4 earnings release.
Peregine Semiconductor (PSMI +1.84%) filed a new patent infringement lawsuit against RF Micro Devices (RFMD +6.92%).
FMC Technologies (FTI +1.94%) announced a new subsea operations services agreement with Statoil (STO +0.58%).

MARKET COMMENTS

June 10-year T-notes (ZNM13 +0.30%) are up +12.5 ticks on increased safe-haven demand with the increased worries about Italy's political situation. June 10-year T-note prices on Tuesday closed mildly higher on the generally weaker-than-expected U.S. economic data such as the -8.3 point drop in U.S. consumer confidence. T-notes were able to shake off the weak 2-year T-note auction results. Closes: TYM3 +4, FVM3 +2.5.
The dollar index (DXY00 +0.39%) this morning is up +0.28 points (+0.33%) on increased safe-haven demand with the sell-off in U.S. and European stocks. EUR/USD (^EURUSD) is down -0.0064 (-0.50%) on increased Italian political uncertainty. USD/JPY (^USDJPY) is down -0.13 yen (-0.14%). The dollar index and EUR/USD on Tuesday closed little changed. The dollar was able to hold its ground despite reduced safe-haven demand with Sunday’s Cyprus bailout and with the weaker-than-expected U.S. economic data. Closes: Dollar index +0.05 (+0.06%), EUR/USD +0.0008 (+0.06%), USD/JPY +0.27 (+0.29%).
May WTI crude oil (CLK13 -0.48%) this morning is down -0.42 (-0.44%) while May gasoline (RBK13 unch) is up +0.0026 (+0.08%). Crude oil and gasoline prices on Tuesday closed higher on carry-over from the rally in the U.S. stock market and on bullish API inventory report for gasoline and distillates. Closes: CLK3 +1.53 (+1.61%), RBK3 +0.0483 (+1.58%).

GLOBAL EVENT CALENDAR03/27/2013

US	0700 ET	Weekly MBA mortgage applications, previous -7.1% with purchase sub-index -3.9% and refi sub-index -8.0%.
	1000 ET	Feb pending homes sales expected -0.4% m/m and +8.7% y/y, Jan +4.5% m/m and +10.4% y/y.
	1030 ET	DOE Weekly Petroleum Status Report.
	1130 ET	Boston Fed President Eric Rosengren speaks on the economic outlook at the New Hampshire Institute of Politics and Political Library at Saint Anselm’s College.
	1215 ET	Cleveland Fed President Sandra Pianalto speaks on “Managing Information, Uncertainty and Risks in Monetary Policy” to CFA Society Cleveland luncheon.
	1300 ET	Treasury sells $35 billion in 5-year T-notes.
	1300 ET	Minneapolis Fed President Narayana Kocherlakota speaks on “Improving the Outlook with Better Monetary Policy” in Edina, Minnesota, at Bloomington, Edina, and Richmond Chambers of Commerce.
JPN	1950 ET	Japan Feb retail trade expected +0.8% m/m and -1.3% y/y, Jan +2.3% m/m and -1.1% y/y. Feb large retailer sales expected -1.5% y/y, Jan -3.5% y/y.
UK	0530 ET	UK Q4 current account expected -12.5 bln pounds, Q3 -12.8 bln pounds.
	0530 ET	UK final Q4 expected unrevised from prelim -0.3% q/q and +0.3% y/y.
	2001 ET	UK March Gfk consumer confidence survey expected -27, Feb -26.
GER	0300 ET	German Feb import price index expected +0.2% m/m and -1.6% y/y, Jan +0.1% m/m and -0.8% y/y.
	0300 ET	German Apr GfK consumer confidence survey expected 5.9, March 5.9.
EUR	0600 ET	Eurozone March CPI, Feb +1.8% y/y.
	0600 ET	Eurozone March economic confidence expected 90.5, Feb 91.1. Mar business climate indicator expected -0.79, Feb -0.73. Mar industrial confidence expected -12.0, Feb -11.2. Mar services confidence index expected -6.5, Feb -5.4.
CH	2130 ET	China Feb industrial profits, Jan 5.3% year-to-date y/y.

U.S. STOCK CALENDAR03/27/2013

Company Name	Symbol	Time	Event Description	Period	EPS Est (US$)
AGL Resources Inc	GAS US	8:30	Analyst Day	Y 2013
Paychex Inc	PAYX US	16:01	Q3 2013 Earnings Release	Q3 2013	0.39
Red Hat Inc	RHT US	17:00	Q4 2013 Earnings Call	Q4 2013
PVH Corp	PVH US	Aft-mkt	Q4 2013 Earnings Release	Q4 2013	1.497
Forest City Enterprises Inc	FCE/A US	Aft-mkt	Q4 2013 Earnings Release	Q4 2013	0.27
Red Hat Inc	RHT US	Aft-mkt	Q4 2013 Earnings Release	Q4 2013	0.299
Public Service Enterprise Group Inc	PEG US		Investor Meeting - Columbus	Y 2013