BARCAHRT MORNING CALL 6/26

BARCHART MORNING CALL

Friday, June 26th, 2015View Older Reports

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OVERNIGHT MARKETS AND NEWS

September E-mini S&Ps (ESU15 +0.24%) are up +0.13% led by a +3.7% gain in shares of Nike after the company beat Q4 earnings estimates. European stocks are down -0.29% as European leaders struggle to find a solution to Greece's debt crisis. German Chancellor Merkel said Saturday's meeting of Eurozone finance ministers was "decisive" as a failure to close a deal on Saturday raises the odds that Greece might have to impose capital controls as soon as Monday to prevent a run on its banks. Asian stocks closed mostly lower: Japan -0.31%, Hong Kong -1.78%, China -7.40%, Taiwan -0.15%, Australia -1.54%, Singapore -0.86%, South Korea +0.27%, India -0.30%. China's Shanghai Composite tumbled -7.40% to a 1-1/2 month low as leveraged speculators unwound positions amid concern that valuations have gotten excessive. Japanese stocks fell on concern the BOJ will not expand stimulus after Japan May inflation data rose more than expected.
Commodity prices are mixed. Aug crude oil (CLQ15 -0.37%) is down -0.23%, Aug gasoline (RBQ15 -0.23%) is down -0.05%. Metals prices are mostly higher. Aug gold (GCQ15 +0.09%) is up +0.15%. Jul copper (HGN15 -0.02%) is up +0.11%. Agricultural prices are higher as excessive rains threaten U.S crops with Jul corn up +1.33% at a 2-month high, Jul soybeans up +0.60% at a 3-1/2 month high and Jul wheat up +2.35% at a 2-1/2 month high.
The dollar index (DXY00 +0.05%) is down -0.03%. EUR/USD (^EURUSD) is down -0.03%. USD/JPY (^USDJPY) is down -0.20%.

Sep T-note prices (ZNU15 -0.11%) are down -2.5 ticks.
Eurozone finance ministers will meet Saturday, their fifth meeting in a week, in an attempt to resolve Greece's differences with its creditors. German Chancellor Merkel said "the Eurogroup meeting on Saturday has taken on a decisive significance, because time is short, and all in the European Council agreed that everything must be done to find a solution on Saturday." Jeroen Dijsselbloem, the chair of the Eurozone finance ministers, warned that if a good reform package is not on the table by Saturday, then it will be "too late."
Japan May national CPI rose +0.5% y/y, more than expectations of +0.4% y/y. May national CPI ex-fresh food rose +0.1% y/y, more than expectations of no change. May national CPI ex food & energy rose +0.4% y/y, right on expectations.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) final-June U.S. consumer sentiment from the University of Michigan (expected unchanged at 94.6; early-June +3.9 to 94.6).
None of the Russell 1000 companies report earnings today.
U.S. IPO's scheduled to price today include: Sotherly Hotels (SOHO).
Equity conferences during the remainder of this week include: none.

OVERNIGHT U.S. STOCK MOVERS

UnitedHealth (UNH +2.65%) was upgraded to 'Buy' from 'Neutral' at Sterne Agee CRT.
Target (TGT +0.19%) was downgraded to 'Market Perform' from 'Outperform' at BMO Capital.
Jefferies lowered its Street-high estimates for Intel (INTC +0.25%) after Micron noted weaker near-term PC trends during its May quarter earnings report.
Restoration Hardware (RH -0.39%) was upgraded to 'Buy' from 'Hold' at BB&T.
Community Health (CYH +12.97%) was downgraded to 'Market Perform' from 'Outperform' at Raymond James.
Cal-Maine Foods (CALM -0.13%) was initiated with a 'Buy' at DA Davidson with a price target of $65.
Facebook (FB -0.99%) was initiated with a 'Buy' at Mizuho with a price target of $104.
Yahoo (YHOO +0.29%) was initiated with a 'Buy' at Mizuho with a price target of $51.
Electronic Arts (EA -0.34%) was initiated with a 'Buy' at Mizuho with a price target of $75.
Amazon.com (AMZN -0.17%) was initiated with a 'Buy' at Mizuho with a price target of $498.
Activision Blizzard (ATVI -0.16%) was initiated with a 'Buy' at Mizuho with a price target of $29.
Glenview Capital Management reported a 7.24% passive stake in Manpower (MAN +0.82%) .
Nike (NKE -0.94%) gained 3% in after-hours trading after it reported Q4 EPS of 98 cents, well above consensus of 83 cents.
SYNNEX (SNX -1.12%) reported Q2 EPS of $1.55, better than consensus of $1.53, although Q2 revenue of $3.25 billion was less than consensus of $3.42 billion.
Micron (MU -0.17%) tumbled 13% in after-hours trading after it reported Q3 EPS of 54 cents, less than consensus of 56 cents.

MARKET COMMENTS

September E-mini S&Ps (ESU15 +0.24%) this morning are up +2.75 points (+0.13%). Thursday's closes: S&P 500 -0.30%, Dow Jones -0.42%, Nasdaq -0.23%. The S&P 500 on Thursday erased an early rally and closed lower on the ongoing Greek debt crisis and on weakness in energy producers after the price of crude oil fell. Stocks received support from the +0.9% increase in U.S. May personal spending, stronger than expectations of +0.7% and the largest increase in 5-3/4 years, and a rally in health-care stocks after the U.S. Supreme Court voted 6-3 in favor President Obama's Affordable Care Act that allows tax subsidies in all 50 states.
Sep 10-year T-notes (ZNU15 -0.11%) this morning are down -2.5 ticks. Thursday's closes: TYU5 -5.00, FVU5 -2.25. Sep T-notes on Thursday closed lower on the stronger-than-expected U.S. May personal spending report and the rally in stocks which reduced the safe-haven demand for T-notes.
The dollar index (DXY00 +0.05%) this morning is down -0.031 (-0.03%). EUR/USD (^EURUSD) is down -0.0003 (-0.03%). USD/JPY (^USDJPY) is down -0.25 (-0.20%). Thursday's closes: Dollar Index -0.077 (-0.08%), EUR/USD -0.0001 (-0.01%), USD/JPY -0.223 (-0.18%). The dollar index on Thursday closed slightly lower on the +1.2% y/y increase in the May core PCE deflator, the Fed's preferred inflation gauge, which remains well below the Fed's inflation target of 2.0% and may keep the Fed from raising interest rates. The dollar saw support from the larger-than-expected increase in U.S. May personal spending, which is positive for sustained economic growth and may push the Fed to raise interest rates.
Aug WTI crude oil (CLQ15 -0.37%) this morning is down -14 cents (-0.23%). Aug gasoline (RBQ15 -0.23%) is down -0.0010 (-0.05%). Thursday's closes: CLQ5 -0.57 (-0.95%), RBQ5 -0.0170 (-0.88%). Aug crude oil and gasoline on Thursday closed lower on negative carryover from Wednesday's unexpected +680,000 bbl increase in EIA gasoline inventories, which fueled speculation that refiners may cut back on gasoline production, thus reducing their demand for crude.

GLOBAL EVENT CALENDAR06/26/2015

US	1000 ET	Final-Jun U.S. consumer sentiment (University of Michigan) expected unch at 94.6, early-June +3.9 to 94.6.
	1500 ET	USDA Q2 Hogs & Pigs.
GER	0200 ET	German May import price index expected +0.2% m/m and -0.4% y/y, Apr +0.6% m/m and -0.6% y/y.
EUR	0400 ET	Eurozone May M3 money supply expected +5.4% y/y and +5.1% 3-mon avg, Apr +5.3% y/y and +4.7% 3-mon avg.

U.S. STOCK CALENDAR06/26/2015

Company	Ticker	Time	Event Description	Period	Estimate
Nielsen NV	NLSN US	9:00	Annual General Meeting - Restructuring Vote
Gannett Co Inc	GCI US	Aft-mkt	Gannett Co. Inc. Replaces Quiksilver Inc. in S&P SmallCap 600
United Therapeutics Corp	UTHR US		Annual General Meeting
ITC Holdings Corp	ITC US		Investor Meetings	Y 2015

BARCHART MORNING CALL 4/21

BARCHART MORNING CALL Tuesday, April 21st, 2015View Older Reports Everything you need to know about the markets in one free daily newsletter. E-mail: You will also receive a free subscription to the Barchart family of newsletters. OVERNIGHT MARKETS AND NEWS June E-mini S&Ps (ESM15 +0.37%) this morning are up +0.31% amid merger activity and corporate earnings. Mylan NV surged 13% in pre-market trading after people with knowledge of the matter said Teva Pharmaceutical Industries Ltd. is preparing an unsolicited offer for the company, while Lam Research climbed nearly 10% in European trading after it reported Q3 profit that was above consensus. European stocks gave up an early advance and are down -0.05% after the German Apr ZEW investor confidence unexpectedly fell for the first time in 6 months. Greek funding concerns are another negative as the yield on the Greek 10-year bond rose to a 2-1/3 year high of 13.56%. The Greek government on Monday ordered local administrations to move funds to Greece's central bank as it struggles to find funds for salaries and a repayment to the IMF. Asian stocks closed mostly higher as the action by the PBOC to lower reserve-requirement ratios for banks outweighed efforts by Chinese regulators to curb speculative trading: Japan +1.40%, Hong Kong +2.79%, China +1.82%, Taiwan -0.20%, Australia +0.67%, Singapore +0.15%, South Korea -0.14%, India -0.75%. Commodity prices are mixed. May crude oil (CLK15 -0.50%) is down -0.27% and May gasoline (RBK15 -1.32%) is down -0.93% on expectations that Wednesday's EIA data will show crude stockpiles rose +2.5 million bbl, exacerbating a supply glut. Metals prices are mixed. Jun gold (GCM15 +0.49%) is up +0.38%. May copper (HGK15 -0.48%) is down -0.46%. Agriculture prices are weaker. The dollar index (DXY00 +0.16%) is up +0.35%. EUR/USD (^EURUSD) is down -0.55%%. USD/JPY (^USDJPY) is up +0.23%. Jun T-note prices (ZNM15 +0.13%) are up +3.5 ticks. EUR/USD is lower on Greek funding concerns after people with knowledge of the discussions said the ECB staff has produced a proposal to increase the haircuts Greek lenders take on the collateral they post when borrowing from the Bank of Greece. Greek banks currently have access to 74 billion euros of emergency funds from the Greek central bank, an amount that is increasing and is under review each week from the ECB Governing Council. The German Apr ZEW survey of expectations for economic growth unexpectedly fell for the first time in six months as it declined -1.5 to 53.3, weaker than expectations of a +0.5 point increase to 55.3. The Apr ZEW survey current situation, however, jumped +15.1 to 70.2, well above expectations of +1.4 to 56.5 and the highest in 3-3/4 years. U.S. STOCK PREVIEW There are no U.S. economic reports today. There are 33 of the S&P 500 companies that report earnings today with notable reports including: Northern Trust (0.87), Discover (1.27), Amgen (2.10), Verizon (0.95), Harley-Davidson (1.24), Travelers (2.52), Lockheed (2.50). U.S. IPO's scheduled to price or trade today: none. Equity conferences during the remainder of this week include: IPAA Oil & Gas Conference on Mon-Tue, American Association for Cancer Research Meeting on Mon-Wed, IHS CERAWeek Energy Conference on Mon-Thu, Cards & Payments Asia 2015 on Tue, Financial Times Commodities Global Summit on Tue-Wed, Future Bank Asia 2015 on Tue-Wed, American Academy of Neurology Meeting on Wed, Capital Link Closed-End Funds & Global ETFs Forum - Panel on Thu, RSA Conference on Thu. OVERNIGHT U.S. STOCK MOVERS Travelers (TRV +0.70%) reported Q1 EPS of $2.53, above consensus of $2.52. United Technologies (UTX +1.22%) reported Q1 EPS of $1.51, higher than conensus of $1.46. Kimberly-Clark (KMB +0.54%) reported Q1 EPS of $1.42, better than consensus of $1.33. Under Armour (UA +3.08%) reported Q1 EPS of 7 cents, stronger than consensus of 5 cents. Harley-Davidson (HOG +1.93%) reported Q1 EPS of $1.27, better than consensus of $1.24. Steel Dynamics (STLD +2.15%) reported Q1 adjusted EPS of 17 cents, above consensus of 15 cents. Luxor Capital reported a 5% passive stake in GrubHub (GRUB +0.55%) . Packaging Corp. (PKG +0.34%) reported Q1 adjusted EPS of $1.01, below consensus of $1.08. Coach (COH +0.33%) was initiated with a 'Sell' and a $32 price target at Cantor. Sanmina (SANM +0.95%) fell nearly 10% in after-hours tradign after it lowered guidance on fiscal Q3 EPS to 48 cents-52 cents, below consensus of 56 cents, and said it sees Q3 revenue of $1.5 billion-$1.55 billion, below consensus of $1.64 billion. Bed Bath & Beyond (BBBY +1.19%) was initiated with a 'Buy' at Cantor with a price target of $83. IDEX Corp. (IEX +1.55%) reported Q1 EPS of 84 cents, above consensus of 83 cents. Dollar Tree (DLTR +0.72%) was initiated with a 'Buy' at Cantor with a price target of $96. Lam Research (LRCX +1.88%) jumped nearly 10% in after-hours trading after it reported Q3 EPS of $1.40, higher than consensus of $1.30. International Business Machines (IBM +3.42%) reported Q1 EPS of $2.91, better than consensus of $2.82. MARKET COMMENTS June E-mini S&Ps (ESM15 +0.37%) this morning are up +6.50 points (+0.31%). The S&P 500 on Monday settled higher: S&P 500 +0.92%, Dow Jones +1.17%, Nasdaq +1.51%. Supportive factors for stocks included (1) the action by the PBOC to reduce banks' reserve requirement ratios for the second time this year, which should support growth in China and is positive for the global economy, and (2) upbeat comments from New York Fed President Dudley who said that "despite the weak performance of the first quarter, I believe that the growth prospects for the U.S. economy over the remainder of 2015 will improve." Jun 10-year T-notes (ZNM15 +0.13%) this morning are up +3.5 ticks. T-notes prices on Monday closed lower: TYM5 -9.00, FVM5 -3.75. Bearish factors included (1) reduced safe-haven demand for Treasuries after stocks rallied, and (2) comments from New York Fed President Dudley that suggest he favors raising interest rates this year when he said that "the growth prospects for the U.S. economy over the remainder of 2015 will improve." The dollar index (DXY00 +0.16%) this morning is up +0.342 (+0.35%). EUR/USD (^EURUSD) is down -0.0059 (-0.55%). USD/JPY (^USDJPY) is up +0.27 (+0.23%). The dollar index on Monday closed higher: Dollar Index +0.421 (+0.43%), EUR/USD -0.00671 (-0.62%), USD/JPY +0.316 (+0.27%). Bullish factors included (1) comments from New York Fed President Dudley who said that he's "relatively optimistic" that a rebound in U.S. growth will warrant raising interest rates this year, and (2) weakness in EUR/USD after the 10-year Greek bond yield jumped to a 2-1/3 year high of 13.328% on concern Greece will be unable to secure financing in time to avoid default. May WTI crude oil (CLK15 -0.50%) this morning is down -15 cents (-0.27%) and May gasoline (RBK15 -1.32%) is down -0.0180 (-0.93%). May crude and gasoline on Monday closed higher with May gasoline at a 1-1/2 month high: CLK5 +0.64 (+1.15%), RBK5 +0.0051 (+0.26%). Bullish factors included (1) the action by the PBOC to cut banks' reserve requirements for the second time this year, which may boost China's economy and its demand for energy, and (2) the estimation from energy research firm Genscape that Wednesday's EIA data will show that crude supplies declined at Cushing, OK, the delivery point of WTI futures. GLOBAL EVENT CALENDAR04/21/2015 US n/a No U.S. economic reports or Fed speakers scheduled. JPN 0100 ET Revised Japan Feb leading index CI, previous -0.2 to 105.3. Revised Feb coincident index, previous -2.8 to 110.5. 0200 ET Japan Mar nationwide department store sales, Feb +1.1% y/y. 1950 ET Japan Mar trade balance expected +44.6 billion yen, Feb -425.0 billion yen. Mar exports expected +8.5% y/y, Feb +2.5% y/y. Mar imports expected -12.6% y/y, Feb -3.6% y/y. GER 0500 ET German Apr ZEW survey of expectations for economic growth expected +0.5 to 55.3, Mar 54.8. Apr ZEW survey current situation expected +1.4 to 56.5, Mar 55.1. U.S. STOCK CALENDAR04/21/2015 Company Ticker Time Event Description Period Estimate Baker Hughes Inc BHI US Bef-mkt Q1 2015 Earnings Release Q1 2015 0.46 EI du Pont de Nemours & Co DD US Bef-mkt Q1 2015 Earnings Release Q1 2015 1.31 Gannett Co Inc GCI US Bef-mkt Q1 2015 Earnings Release Q1 2015 0.448 Genuine Parts Co GPC US Bef-mkt Q1 2015 Earnings Release Q1 2015 1.054 Harley-Davidson Inc HOG US Bef-mkt Q1 2015 Earnings Release Q1 2015 1.241 Kansas City Southern KSU US Bef-mkt Q1 2015 Earnings Release Q1 2015 1.077 Kimberly-Clark Corp KMB US Bef-mkt Q1 2015 Earnings Release Q1 2015 1.329 Omnicom Group Inc OMC US Bef-mkt Q1 2015 Earnings Release Q1 2015 0.823 Travelers Cos Inc/The TRV US Bef-mkt Q1 2015 Earnings Release Q1 2015 2.522 United Technologies Corp UTX US Bef-mkt Q1 2015 Earnings Release Q1 2015 1.461 PACCAR Inc PCAR US Bef-mkt Q1 2015 Earnings Release Q1 2015 1.012 Northern Trust Corp NTRS US Bef-mkt Q1 2015 Earnings Release Q1 2015 0.872 Pentair PLC PNR US Bef-mkt Q1 2015 Earnings Release Q1 2015 0.651 Lockheed Martin Corp LMT US Bef-mkt Q1 2015 Earnings Release Q1 2015 2.499 Allegheny Technologies Inc ATI US Bef-mkt Q1 2015 Earnings Release Q1 2015 0.102 Regions Financial Corp RF US Bef-mkt Q1 2015 Earnings Release Q1 2015 0.18 Fifth Third Bancorp FITB US 6:30 Q1 2015 Earnings Release Q1 2015 0.371 Dover Corp DOV US 7:00 Q1 2015 Earnings Release Q1 2015 0.706 Under Armour Inc UA US 7:15 Q1 2015 Earnings Release Q1 2015 0.047 Verizon Communications Inc VZ US 7:30 Q1 2015 Earnings Release Q1 2015 0.95 Illinois Tool Works Inc ITW US 8:00 Q1 2015 Earnings Release Q1 2015 1.173 Verizon Communications Inc VZ US 8:30 Q1 2015 Earnings Call Q1 2015 Omnicom Group Inc OMC US 8:30 Q1 2015 Earnings Call Q1 2015 Allegheny Technologies Inc ATI US 8:30 Q1 2015 Earnings Call Q1 2015 Under Armour Inc UA US 8:30 Q1 2015 Earnings Call Q1 2015 Kansas City Southern KSU US 8:45 Q1 2015 Earnings Call Q1 2015 EI du Pont de Nemours & Co DD US 9:00 Q1 2015 Earnings Call Q1 2015 Harley-Davidson Inc HOG US 9:00 Q1 2015 Earnings Call Q1 2015 Travelers Cos Inc/The TRV US 9:00 Q1 2015 Earnings Call Q1 2015 United Technologies Corp UTX US 9:00 Q1 2015 Earnings Call Q1 2015 Fifth Third Bancorp FITB US 9:00 Q1 2015 Earnings Call Q1 2015 Pentair PLC PNR US 9:00 Q1 2015 Earnings Call Q1 2015 Dover Corp DOV US 10:00 Q1 2015 Earnings Call Q1 2015 Gannett Co Inc GCI US 10:00 Q1 2015 Earnings Call Q1 2015 Illinois Tool Works Inc ITW US 10:00 Q1 2015 Earnings Call Q1 2015 Kimberly-Clark Corp KMB US 10:00 Q1 2015 Earnings Call Q1 2015 Northern Trust Corp NTRS US 10:00 Q1 2015 Earnings Call Q1 2015 Genuine Parts Co GPC US 11:00 Q1 2015 Earnings Call Q1 2015 PACCAR Inc PCAR US 11:00 Q1 2015 Earnings Call Q1 2015 Fastenal Co FAST US 11:00 Annual General Meeting Y 2015 Lockheed Martin Corp LMT US 11:00 Q1 2015 Earnings Call Q1 2015 Regions Financial Corp RF US 11:00 Q1 2015 Earnings Call Q1 2015 Northern Trust Corp NTRS US 11:30 Annual General Meeting Y 2015 PACCAR Inc PCAR US 13:30 Annual General Meeting Stryker Corp SYK US 16:00 Q1 2015 Earnings Release Q1 2015 1.084 Chipotle Mexican Grill Inc CMG US 16:00 Q1 2015 Earnings Release Q1 2015 3.651 ACE Ltd ACE US 16:05 Q1 2015 Earnings Release Q1 2015 2.22 Stryker Corp SYK US 16:30 Q1 2015 Earnings Call Q1 2015 Intuitive Surgical Inc ISRG US 16:30 Q1 2015 Earnings Call Q1 2015 Chipotle Mexican Grill Inc CMG US 16:30 Q1 2015 Earnings Call Q1 2015 Broadcom Corp BRCM US 16:45 Q1 2015 Earnings Call Q1 2015 Amgen Inc AMGN US 17:00 Q1 2015 Earnings Call Q1 2015 Yahoo! Inc YHOO US 17:00 Q1 2015 Earnings Call Q1 2015 Discover Financial Services DFS US 17:00 Q1 2015 Earnings Call Q1 2015 Amgen Inc AMGN US Aft-mkt Q1 2015 Earnings Release Q1 2015 2.102 Yahoo! Inc YHOO US Aft-mkt Q1 2015 Earnings Release Q1 2015 0.184 Yum! Brands Inc YUM US Aft-mkt Q1 2015 Earnings Release Q1 2015 0.719 United Rentals Inc URI US Aft-mkt Q1 2015 Earnings Release Q1 2015 1.187 Broadcom Corp BRCM US Aft-mkt Q1 2015 Earnings Release Q1 2015 0.604 Intuitive Surgical Inc ISRG US Aft-mkt Q1 2015 Earnings Release Q1 2015 3.87 FMC Technologies Inc FTI US Aft-mkt Q1 2015 Earnings Release Q1 2015 0.592 Discover Financial Services DFS US Aft-mkt Q1 2015 Earnings Release Q1 2015 1.268 Navient Corp NAVI US Aft-mkt Q1 2015 Earnings Release Q1 2015 0.5 American Electric Power Co Inc AEP US Annual General Meeting Public Service Enterprise Group Inc PEG US Annual General Meeting Whirlpool Corp WHR US Annual General Meeting M&T Bank Corp MTB US Annual General Meeting Huntington Bancshares Inc/OH HBAN US Board Meeting US Bancorp/MN USB US Annual General Meeting

BARCHART MORNING CALL 10/20

BARCHART MORNING CALL

Monday, October 20th, 2014View Older Reports

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OVERNIGHT MARKETS AND NEWS

December E-mini S&Ps (ESZ14 -0.12%) this morning are down -0.07% after IBM missed on Q3 revenue estimates and European stocks are down -1.28% as SAP SE dropped over 5% after it cut its full-year profit forecast and Royal Philips slid over 4% after it reported Q3 sales and profits that were weaker-than-expected. Asian stocks closed higher: Japan +3.98%, Hong Kong +0.20%, China +0.53%, Taiwan +1.77%, Australia +0.91%, Singapore +0.42%, South Korea +1.69%, India +1.23%. Japanese stocks rallied sharply after the Nikkei newspaper reported that Japan's $1.2 trillion Government Pension Investment Fund will increase its allocation target for local stocks to about 25% from the current 12%. Chinese stocks gained after a government official said the PBOC is planning to inject about 200 billion yuan ($32.7 billion) into banks to help them prepare for year-end liquidity needs and as Communist leaders gather for a plenum that may further economic and social reforms in an attempt to spur economic growth. Commodity prices are mixed. Nov crude oil (CLX14 +0.35%) is up +0.05%. Nov gasoline (RBX14 +0.03%) is down -0.14%. Dec gold (GCZ14 +0.51%) is up +0.30%. Dec copper (HGZ14 -0.92%) is down -1.03%. Agriculture prices are lower on speculation dry weather in the Midwest sped up the pace of the U.S. harvest. The dollar index (DXY00 -0.03%) is up +0.03%. EUR/USD (^EURUSD) is up +0.20%. USD/JPY (^USDJPY) is down -0.02%. Dec T-note prices (ZNZ14 -0.07%) are down -2 ticks.
German Sep PPI was unchanged m/m and down -1.0% y/y, right on expectations. German producer prices have now held steady or fallen for 10 consecutive months and the -1.0% y/y drop was the largest year-over-year decline in 8 months.
The UK Oct Rightmove house prices rose +2.6% m/m, the largest increase in 5 months, and on an annual basis rose +7.6% y/y.
Japan Sep nationwide department store sales fell -0.7% y/y, the sixth consecutive month of year-over-year declines.
The Japan leading index CI was revised upward to 104.4 from the originally reported 104.0. The Aug coincident index was revised downward to 108.3 from the originally reported 108.5, the lowest level in 13 months.

U.S. STOCK PREVIEW

There are no U.S. economic reports today.  There are 10 of the S&P 500 companies that report earnings today:  Apple (consensus $1.30), IBM (4.32), Gannett (0.55), Genuine Parts (1.24), Halliburton (1.10), Hasbro (1.45), VF Corp (1.10), Texas Instruments (0.71), Chipotle (3.83), Zions Bancorporate (0.44).  Equity conferences this week include:  LME Metals Seminar 2014 on Monday, and Latin Markets Private Wealth Latin America and the Caribbean Forum on Thu.

OVERNIGHT U.S. STOCK MOVERS

International Business Machines (IBM +1.23%) reported Q3 EPS of $3.68, well below consensus of $4.32.
Halliburton (HAL +2.79%) reported Q3 EPS of $1.19, better than consensus of $1.10.
Hasbro (HAS -0.66%) reported Q3 EPS of $1.46, higher than consensus of $1.45.
E-Trade (ETFC +1.21%) was upgraded to 'Conviction Buy' from 'Buy' at Goldman Sachs.
Freeport McMoRan (FCX +0.33%) was upgraded to 'Neutral' from 'Sell' at Citigroup.
Newmont Mining (NEM -1.41%) was upgraded to 'Buy' from 'Neutral' at Citigroup.
Cliffs Natural (CLF -8.00%) downgraded to 'Sell' from 'Neutral' at Citigroup.
Swift Transport (SWFT +4.02%) was upgraded to 'Buy' from 'Neutral' at Citigroup.
Anerican International Group (AIG +2.75%) rose over 1% in pre-market trading after Deutsche Bank AG upgraded the stock to 'Buy' from 'Hold.'
Longview Asset reported a 9.97% stake in General Dynamics (GD +2.56%) .
RA Capital reported a 8.3% passive stake in TG Therapeutics (TGTX unch) .
Advanced Technology Ventures VIII reported an 11.8% stake in Calithera Biosciences (CALA +7.13%) .

MARKET COMMENTS

Dec E-mini S&Ps (ESZ14 -0.12%) this morning are down -1.25 points (-0.07%). The S&P 500 index on Friday closed higher: S&P 500 +1.29%, Dow Jones +1.63%, Nasdaq +1.33%. Bullish factors included (1) carry-over support from a rally in European stocks on the prospects of additional ECB stimulus after ECB Executive Board member Coeure said the central bank will start “within the next days” to purchase assets in the new program to support the economy, (2) the +6.3% increase in U.S. Sep housing starts to 1.017 million, stronger etter than expectations of +5.4% to 1.008 million, and (3) the unexpected +1.8 point increase in the U.S. Oct University of Michigan consumer confidence to a 7-1/4 year high of 86.4, better than expectations of -0.6 to 84.0.
Dec 10-year T-notes (ZNZ14 -0.07%) this morning are down -2 ticks. Dec 10-year T-note futures prices on Friday closed lower. Closes: TYZ4 -13.00, FVZ4 -7.00. Negative factors included (1) the larger-than-expected increase in U.S. Sep housing starts, (2) the unexpected increase in the Oct University of Michigan U.S. consumer confidence index to a 7-1/4 year high, and (3) reduced safe-haven demand for T-notes after stocks rallied.
The dollar index (DXY00 -0.03%) this morning is up +0.024 (+0.03%). EUR/USD (^EURUSD) is up +0.0025 (+0.20%). USD/JPY (^USDJPY) is down -0.02 (-0.02%). The dollar index on Friday closed higher. Closes: Dollar index +0.155 (+0.18%), EUR/USD -0.00513 (-0.40%), USD/JPY +0.541 (+0.51%). Supportive factors included (1) signs of U.S. economic strength after Sep housing starts rose more than expected and the Oct University of Michigan U.S. consumer confidence unexpectedly rose to a 7-1/4 year high, and (2) weakness in EUR/USD on euro-negative comments from ECB Executive Board member Coeure who said the central bank will start “within the next days” to purchase assets in the new program to support the economy.
Nov WTI crude oil (CLX14 +0.35%) this morning is up +4 cents (+0.05%) and Nov gasoline (RBX14 +0.03%) is down -0.0032 (-0.14%). Nov crude and Nov gasoline on Friday settled higher. Closes: CLX4 +0.05 (+0.06%), RBXX4 +0.0218 (+0.99%). Bullish factors included (1) stronger-than-expected U.S. economic reports on Sep housing starts and U.S. consumer confidence, and (2) the rally in stocks which bolstered optimism in the economic outlook. A rally in the dollar index took energy prices off of their best levels.

GLOBAL EVENT CALENDAR10/20/2014

US	1100 ET	USDA weekly grain export inspections.
	1600 ET	USDA weekly crop progress.
JPN	0100 ET	Revised Japan Aug leading index CI, previous 104.5. Revised Aug coincident index, previous 108.5.
	0130 ET	Japan Sep nationwide department store sales, Aug -0.3% y/y.
GER	0200 ET	German Sep PPI expected unch m/m and -1.0% y/y, Aug -0.1% m/m and -0.8% y/y.
EUR	0400 ET	Eurozone Aug current account, Jul +32.3 billion euros (nsa).
CHI	2200 ET	China Sep industrial production expected +7.5% y/y, Aug +6.9% y/y.
	2200 ET	China Sep retail sales expected +11.7% y/y, Aug +11.9% y/y.
	2200 ET	China Q3 GDP expected +1.8% q/q and +7.2% y/y, Q2 +2.0% q/q and +7.5% y/y.

U.S. STOCK CALENDAR10/20/2014

Company Name	Company Ticker	Time	Event Description	Actual	Estimate
Gannett Co Inc	GCI US	Bef-mkt	Q3 2014 Earnings Release		0.55
Genuine Parts Co	GPC US	Bef-mkt	Q3 2014 Earnings Release		1.235
Hasbro Inc	HAS US	6:30	Q3 2014 Earnings Release	1.46	1.446
VF Corp	VFC US	7:00	Q3 2014 Earnings Release	1.08	1.096
Halliburton Co	HAL US	7:00	Q3 2014 Earnings Release	1.19	1.098
International Business Machines Corp	IBM US	7:04	Q3 2014 Earnings Release	3.68	4.317
International Business Machines Corp	IBM US	8:00	Q3 2014 Earnings Call
Hasbro Inc	HAS US	8:30	Q3 2014 Earnings Call
VF Corp	VFC US	8:30	Q3 2014 Earnings Call
Halliburton Co	HAL US	9:00	Q3 2014 Earnings Call
Gannett Co Inc	GCI US	10:00	Q3 2014 Earnings Call
Genuine Parts Co	GPC US	11:00	Q3 2014 Earnings Call
Texas Instruments Inc	TXN US	16:30	Q3 2014 Earnings Release		0.713
Chipotle Mexican Grill Inc	CMG US	16:30	Q3 2014 Earnings Release		3.833
Apple Inc	AAPL US	17:00	Q4 2014 Earnings Call
Chipotle Mexican Grill Inc	CMG US	17:00	Q3 2014 Earnings Call
Apple Inc	AAPL US	Aft-mkt	Q4 2014 Earnings Release		1.302
Zions Bancorporation	ZION US	Aft-mkt	Q3 2014 Earnings Release		0.435
Texas Instruments Inc	TXN US	17:30	Q3 2014 Earnings Call
Zions Bancorporation	ZION US	17:30	Q3 2014 Earnings Call

BARCHART MORNING CALL 9/10

BARCHART MORNING CALL

Wednesday, September 10th, 2014View Older Reports

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OVERNIGHT MARKETS AND NEWS

September E-mini S&Ps (ESU14 -0.04%) this morning are up +0.08% and European stocks are up +0.03% on the prospects for a sustained peace in Ukraine after Ukrainian President Poroshenko said that Russia has withdrawn more than 70% of its troops from his country. Global stocks also found support on comments from Chinese Premier Li Keqiang who said that his country will accelerate policy changes to promote growth. Li Keqiang added that the Chinese economy will avoid a hard-landing and that his government will ensure a medium to high growth rate as it deepens policy changes to promote business, attract foreign investment and protect intellectual property. Asian stocks closed mostly lower: Japan +0.25%, Hong Kong -1.93%, China -0.52%, Taiwan -0.82%, Australia -0.60%, Singapore -0.13%, South Korea closed for holiday, India -0.76%. Japanese stocks bucked the trend of lower Asian markets and closed higher as exporter stocks rallied on the prospects for improved earnings after the yen slumped to a fresh 5-3/4 year low against the dollar. Commodity prices are mixed. Oct crude oil (CLV14 -0.42%) is up +0.09%. Oct gasoline (RBV14 -0.14%) is up +0.18%. Dec gold (GCZ14 +0.36%) is up +0.50%. Dec copper (HGZ14 +0.24%) is down -0.18%. Agriculture and livestock prices are mixed although Oct live cattle prices are up +1.00% at a new all-time high. The dollar index (DXY00 -0.08%) is down -0.17%. EUR/USD (^EURUSD) is up +0.10%. USD/JPY (^USDJPY) is up +0.37% at a 5-3/4 year high after an unexpected decline in Japanese producer prices last month bolstered expectations for the BOJ to expand stimulus. Dec T-note prices (ZNZ14 -0.14%) are down -4 ticks at a 1-month low.
Japan Aug PPI unexpectedly fell -0.2% m/m, less than expectations of unch m/m and the biggest drop in 22 months. On an annual basis, Aug PPI rose +3.9% y/y, less than expectations of +4.1% y/y.
Japan Jul machine orders rose +3.5% m/m, less than expectations of +4.0% m/m. On an annual basis, Jul machine orders rose +1.1% y/y, double expectations of +0.5% y/y.

U.S. STOCK PREVIEW

Mortgage activity should get a small boost from low U.S. mortgage rates. The Treasury today will sell $21 billion of 10-year T-notes. There are no Russell 1000 companies that report earnings today: (consensus: n/a).
Equity conferences the rest of this week include: Morgan Stanley Healthcare Conference on Mon-Wed, Barclays Global Financial Services Conference on Mon-Wed, Deutsche Bank dbAccess Technology Conference on Tue-Wed, RBC Capital Market Global Industrials Conference on Tue-Wed, UBS Best of Americas Conference on Tue-Thu, Latin Markets Mexico Energy Summit on Wed, Pareto Oil & Offshore Conference on Wed, Longbow Research - Industrial Manufacturing & Technology Investor Conference on Wed, Goldman Sachs Communacopia Conference on Wed-Fri, UBS Global Paper & Forest Products Conference on Thu, BIO Latin America Conference on Thu, and Credit Suisse Asian Technology Conference on Thu.

OVERNIGHT U.S. STOCK MOVERS

Huntsman (HUN -1.43%) was upgraded to 'Buy' from 'Neutral' at Citigroup.
eBay (EBAY -2.77%) was downgraded to 'Neutral' from 'Overweight' at Piper Jaffray.
L Brands (LB -0.72%) was upgraded to 'Outperform' from 'Neutral' at Credit Suisse.
Tiffany (TIF -0.92%) was downgraded to 'Neutral' from 'Outperform' at Credit Suisse.
Hartford Financial (HIG -0.49%) was upgraded to 'Outperform' from 'Market Perform' at FBR Capital.
Twitter (TWTR -2.67%) was upgraded to 'Buy' from 'Neutral' at UBS.
Billionaire activist investor Carl Icahn raised his stake in Gannett (GCI -3.11%) to 8.48% from 6.63%.
Urban Outfitters (URBN -0.46%) fell nearly 3% in after-hour trading after the company said that Q3 Same-Store-Ssales thus far are low single-digit negative.
Lazard Asset Management reported a 7.05% passive stake in Orbitz (OWW -1.21%) .
SAIC (SAIC -0.50%) reported Q2 EPS of 70 cents, better than consensus of 68 cents.
Piper Jaffray believes Apple's (AAPL -0.38%) new product launches met expectations and keeps its 'Overweight' rating on Apple with a $120 price target.
Pershing Square Capital Management reported a 9.7% stake in Allergan (AGN -0.49%) and sent a letter to Allergan's Board of Directors.

MARKET COMMENTS

Sep E-mini S&Ps (ESU14 -0.04%) this morning are up +1.50 points (+0.08%). The S&P 500 Index on Tuesday fell to a 2-week low and closed lower: S&P 500 -0.65%, Dow Jones -0.57%, Nasdaq -0.82%. Bearish factors included (1) the unexpected -2,000 decline in Jul JOLTS job openings, less than expectations for a +29,000 increase, and (2) long liquidation spurred on by interest rate concerns after a San Francisco Fed research paper stated that investors may be underestimating how quickly the Fed could raise interest rates.
Dec 10-year T-notes (ZNZ14 -0.14%) this morning are down -4 ticks at a fresh 1-month low. Dec 10-year T-note futures prices on Tuesday fell to a 1-month low and closed lower. Bearish factors included (1) a San Francisco Fed research paper that stated investors are underestimating how quickly the Fed may hike interest rates, and (2) supply pressures ahead of today's $21 billion auction of 10-year T-notes and tomorrow's $13 billion auction of 30-year T-bonds. Closes: TYZ4 -9.50, FVZ4 -7.00.
The dollar index (DXY00 -0.08%) this morning is down -0.147 (-0.17%). EUR/USD (^EURUSD) is up +0.0013 (+0.10%) and USD/JPY (^USDJPY) is up +0.39 (+0.37%) at a new 5-3/4 year high. The dollar index on Tuesday climbed to a 14-month high and closed higher. Bullish factors included (1) a San Francisco Fed research paper that stated the markets may be underestimating the pace of Fed rate increases, and (2) weakness in the yen as USD/JPY surged to a 5-3/4 year high on divergent monetary policies between the Fed, which is cutting stimulus and may soon raise interest rates and the BOJ, which is seen expanding stimulus to boost Japanese growth and combat deflation risks. Closes: Dollar index +0.046 (+0.05%), EUR/USD +0.0043 (+0.33%), USD/JPY +0.173 (+0.16%).
Oct WTI crude oil (CLV14 -0.42%) this morning is up +8 cents (+0.09%) and Oct gasoline (RBV14 -0.14%) is up +0.0045 (+0.18%). Oct crude and gasoline prices on Tuesday settled mixed: CLV4 +0.09 (+0.10%), RBV4 -0.0169 (-0.66%). Crude found support on expectations that Wednesday's weekly EIA inventory data will show crude supplies fell -1.5 million bbl, the fourth consecutive decline. Negative factors included (1) the rally in the dollar index to a 14-month high, and (2) increased oil output in Libya after Libya's state-run National Oil Corp. said Libyan oil production rose to 747,000 bpd on Sep 8 from 700,000 bpd on Sep 1.

GLOBAL EVENT CALENDAR09/10/2014

US	0700 ET	Weekly MBA mortgage applications, previous +0.2% with purchase sub-index -1.5% and the refi sub-index +1.4%.
	1000 ET	Jul wholesale inventories expected +0.5% m/m, Jun +0.3% m/m. Jul wholesale trade sales expected +0.6% m/m, Jun +0.2% m/m.
	1030 ET	EIA Weekly Petroleum Status Report.
	1300 ET	Treasury auctions $21 billion 10-year T-notes.
UK	1901 ET	UK Aug RICS house price balance expected 47%, Jul 49%.
JPN	1950 ET	Japan Q3 BSI large all-industry business conditions, Q2 -14.6. Q3 BSI large manufacturing business conditions, Q2 -13.9.
CHI	2130 ET	China Aug CPI expected +2.2% y/y, Jul +2.3% y/y. Aug PPI expected -1.1% y/y, Jul -0.9% y/y.

U.S. STOCK CALENDAR09/10/2014

Company Name	Ticker	Time	Event Description	Period	Estimate
General Electric Co	GE US	9:00	Investor Meeting - Oil & Gas	Y 2014
B/E Aerospace Inc	BEAV US	9:00	Annual General Meeting
Legg Mason Inc	LM US	12:00	Investor Day	Y 2014
Charles Schwab Corp/The	SCHW US		August 2014 Sales and Revenue Release - Activity Report	2014

Gannett Co - Barchart's Chart of the Day

Gannett Co (GCI) is the Chart of the Day.  The stock has a Trend Spotter buy signal, a Weighted Alpha of 57.10+ and gained 58.70% in the last year.

The Chart of the Day is Gannet Co (GCI).  I found the stock by sorting the New High List for frequency in the last month, eliminated the stocks that did not have positive gains for the last week and month, then reviewed the charts using the Flipchart feature.  Since the Trend Spotter signaled a buy on 12/14 the stock gained 8.44%.

It is an international news and information company that publishes daily newspapers in the USA, including USA TODAY, the nation's largest-selling daily newspaper. The company also owns in excess of 400 non-daily publications in the USA and USA WEEKEND, a weekly newspaper magazine. Gannett subsidiary Newsquest is the United Kingdom's second largest regional newspaper company. Newsquest publishes more than 300 titles, including 15 daily newspapers, and a network of prize-winning Web sites. Gannett also operates 22 television stations in the United States.

Barchart's Opinion trading systems are listed below. Please note that the Barchart Opinion indicators are updated live during the session every 10 minutes and can therefore change during the day as the market fluctuates. The indicator numbers shown below therefore may not match what you see live on the Barchart.com web site when you read this report.



Barchart technical indicators:

• 96% Barchart technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 15 new highs and up 16.71% in the last month
• Relative Strength Index 73.36%
• Barchart computes a technical support level at 29.02
• Recently traded at 29.84 with a 50 day moving average of 27.38

Fundamental factors:

• Market Cap $6.84 billion
• P/E 13.04
• Dividend yield 2.70%
• Revenue expected to decrease 3.20% this year but grow 14.80% next year
• Earnings estimated to decrease 12.00% this year but increase again by 35.60% next year and continue to increase by 8.00% annually for the next 5 years
• Financial Strength is B

I put this chart in here as a learning lesson.  Technically and fundamentally the stock looks very good.  However when I look at the chart I see very erratic movement, momentum that is uncertain, including some day with great volatility.  I don't like uncertainty.  Always took at all 3 indicators - technical, fundamental and visual before committing funds.