Morning Call 12/20

Barchart Morning Call

Barchart.com - 2 hours ago

OVERNIGHT MARKETS AND NEWS

Mar E-mini S&Ps (ESH17 +0.20%) are up +0.20% and European stocks are up +0.30% on improved prospects for global growth after Japan's Cabinet Office hiked its Japanese 2017 GDP forecast. Also, energy producing stocks are higher with the price of Feb WTI crude (CLG17 +0.53%) up +0.62%. Crude oil prices are higher on expectations that Wednesday's EIA data will show U.S. crude stockpiles fell for a fifth week, trimming an inventory glut. Asian stocks settled mixed: Japan +0.53%, Hong Kong -0.47%, China -0.49%, Taiwan +0.03%, Australia +0.52%, Singapore -0.06%, South Korea +0.25%, India -0.25%. China's Shanghai Composite fell to a 1-1/2-month low on concern over capital outflows with the yuan just above Friday's 8-1/2 year low against the dollar. Japan's Nikkei Stock Index rose to the highest in a year as exporter stocks rallied after the yen weakened when the BOJ said it will maintain its asset-purchase program.

The dollar index (DXY00 +0.34%) is up +0.27%. EUR/USD (^EURUSD) is down -0.20%. USD/JPY (^USDJPY) is up +0.72% after the BOJ kept its yield-curve and asset-purchase programs unchanged, while Japan's Cabinet Office cut its Japan CPI estimate for next year.

Mar 10-year T-note prices (ZNH17 -0.15%) are down -4 ticks.

The BOJ kept its rate on bank reserves at -0.1% and reiterated its pledge to keep the yield on the 10-year Japanese government bond at around 0% following today's policy meeting.

Japan's Cabinet Office raised its Japan 2017 GDP forecast to 1.5%, up from a Jul estimate of +1.2%, and said Japan 2017 CPI will climb 1.1%, down from a Jul estimate of 1.4%.

German Nov PPI rose +0.3% m/m and +0.1% y/y, stronger than expectations of +0.1% m/m and -0.2% y/y with the +0.1% y/y gain the first year-on-year increase in 3-1/3 years.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) no economic reports or Fed speakers scheduled.

Russell 1000 earnings reports today include: Carnival (consensus $0.58), Valspar (1.49), Darden Restaurants (0.64), General Mills (0.86), Factset (1.70), CarMax (0.70), FedEx (2.91), NIKE (0.43), Patheon (0.38).

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

Equity conferences this week: none.

OVERNIGHT U.S. STOCK MOVERS

Regeneron Pharmaceuticals (REGN -1.87%) was upgraded to 'Outperfom' from 'Neutral' at Credit Suisse with a target price of $485.

Alcoa (AA -0.37%) was upgraded to 'Outperform' from 'Neutral' at Macquarie Research with a 12-month target prce of $39.

Salesforce.com (CRM -0.50%) was rated a new 'Buy' at Drexel Hamilton LLC with a 12-month target price of $100.

Arch Coal (ARCH +1.05%) was rated a new 'Buy' at MKM Partners with a 12-month target price of $103.

Hubbell (HUBB -0.23%) was upgraded to 'Overweight' from 'Equalweight' at Morgan Stanley with a 12-month target price of $131.

Amgen (AMGN -1.09%) was downgraded to 'Neutral' from 'Outperform' at Credit Suisse with a target price of $180.

Teck Resources (TECK +0.59%) was rated a new 'Buy' at MKM Partners with a 12-month target price of $29.

Donegal Group (DGICA +4.45%) was downgraded to 'Market Perform' from 'Outperform' at Keefe, Bruyette & Woods.

Sucampo Pharmaceuticals (SCMP +6.03%) sank 8% in after-hours trading after it said it plans to offer $225 million of convertible senior notes due 2021.

Worthington Industries (WOR +0.92%) dropped almost 3% in after-hours trading after it reported Q2 EPS of 72 cents, weaker than expectations of 84 cents.

Ionis Pharmaceuticals (IONS -0.26%) gained over 1% in after-hours trading after its subsidiary Akcea Therapeutics said a Phase 3 Compass study met its primary endpoint in patients with severe hypertriglyceridemia,

NeoPhotonics (NPTN -0.87%) plunged over 15% in after-hours trading after it lowered guidance on Q4 adjusted EPS to 3 cents-11 cents from a November 3 view of 13 cents-21 cents, citing delayed shipments and higher manufacturing costs.

Resolute Energy (REN +4.81%) fell over 5% in after-hours trading after it announced a public offering of 3.8 million shares of common stock.

Canatus Pharmaceuticals (CNAT +2.62%) exploded over 150% higher in after-hours trading after it entered into a license agreement with Novartis for the liver disease drug Emricasan.

MARKET COMMENTS

Mar E-mini S&Ps (ESH17 +0.20%) this morning are up +4.50 points (+0.20%). Monday's closes: S&P 500 +0.20%, Dow Jones +0.20%, Nasdaq +0.41%. The S&P 500 on Monday closed higher on reduced interest rate concerns after the 10-year T-note yield fell -5 bp and on an increase in German business confidence as the German Dec IFO business climate rose +0.6 to a 2-3/4 year high of 111.0. Stocks were undercut by heightened geopolitical tensions after the Russian ambassador to Turkey was assassinated in Ankara.

Mar 10-year T-notes (ZNH17 -0.15%) this morning are down -4 ticks. Monday's closes: TYH7 +14.00, FVH7 +7.25. Mar 10-year T-notes on Monday closed higher on carry-over support from a rally in German bunds to a 2-1/2 week high after ECB Governing Council member Visco said the ECB stands ready to expand asset purchases if inflation fails to climb toward the ECB's target. T-notes were also boosted by heightened geopolitical tensions after the Russian ambassador to Turkey was assassinated in Ankara and by reduced inflation expectations after the 10-year T-note breakeven inflation rate fell to a 3-week low.

The dollar index (DXY00 +0.34%) this morning is up +0.280 (+0.27%). EUR/USD (^EURUSD) is down -0.0021 (-0.20%). USD/JPY (^USDJPY) is up +0.84 (+0.72%). Monday's closes: Dollar index +0.230 (+0.22%), EUR/USD -0.0049 (-0.47%), USD/JPY -0.84 (-0.71%). The dollar index on Monday closed higher on upbeat comments from Fed Chair Yellen who said job creation in the U.S. is continuing at a steady pace with layoffs low and indications that wage growth is picking up. There was also weakness in EUR/USD after ECB Governing Council member Visco said the ECB stands ready to expand asset purchases if inflation fails to climb toward the ECB's target.

Feb WTI crude oil prices (CLG17 +0.53%) this morning are up +33 cents (+0.62%) and Feb gasoline (RBG17 +0.73%) is +0.0122 (+0.77%). Monday's closes: Feb crude +0.19 (+0.26%), Feb gasoline +0.0063 (+0.40%). Feb crude oil and gasoline on Monday closed higher on the action by Libyan oil-facility guards to prevent two of Libya's biggest oil fields from resuming production. Crude oil prices were also boosted by expectations for Wednesday's EIA crude inventories to decline by -2.5 million bbl. Crude oil prices were undercut by the rally in the dollar and by news that Iran Oct crude production rose +7.3% m/m to 3.98 million bpd.

GLOBAL EVENT CALENDAR12/20/2016

		Tuesday, Dec 20
US	n/a	No economic reports or Fed speakers scheduled.
		Wednesday, Dec 21
US	0700 ET	Weekly MBA mortgage applications, previous -4.0% with purchase sub-index -3.3% and refi sub-index -3.6%.
	1000 ET	Nov existing home sales expected -1.8% to 5.50 million, Oct +2.0% to 5.60 million.
	1030 ET	EIA Weekly Petroleum Status Report.

U.S. STOCK CALENDAR12/20/2016

Company	Ticker	Time	Event Description	Period	Estimate
Carnival Corp	CCL US	Bef-mkt	Q4 2016 Earnings Release	Q4 2016	0.583
Valspar Corp/The	VAL US	Bef-mkt	Q4 2016 Earnings Release	Q4 2016	1.491
Darden Restaurants Inc	DRI US	Bef-mkt	Q2 2017 Earnings Release	Q2 2017	0.635
General Mills Inc	GIS US	7:00	Q2 2017 Earnings Release	Q2 2017	0.862
FactSet Research Systems Inc	FDS US	7:00	Q1 2017 Earnings Release	Q1 2017	1.701
CarMax Inc	KMX US	7:00	Q3 2017 Earnings Release	Q3 2017	0.702
Patheon NV	PTHN US	8:00	Q4 2016 Earnings Call	Q4 2016
General Mills Inc	GIS US	8:30	Q2 2017 Earnings Call	Q2 2017
Biogen Inc	BIIB US	8:30	Executive Update Call
Darden Restaurants Inc	DRI US	8:30	Q2 2017 Earnings Call	Q2 2017
CarMax Inc	KMX US	9:00	Q3 2017 Earnings Call	C3 2017
CarMax Inc	KMX US	9:00	Q3 2017 Earnings Call	Q3 2017
Carnival Corp	CCL US	10:00	Q4 2016 Earnings Call	Q4 2016
NorthStar Realty Finance Corp	NRF US	10:00	Extraordinary Shareholders Meeting
NorthStar Asset Management Group Inc	NSAM US	10:00	Special Meeting - M&A Vote
FactSet Research Systems Inc	FDS US	11:00	Q1 2017 Earnings Call	Q1 2017
FactSet Research Systems Inc	FDS US	15:00	Annual General Meeting
FedEx Corp	FDX US	16:15	Q2 2017 Earnings Release	Q2 2017	2.908
NIKE Inc	NKE US	16:15	Q2 2017 Earnings Release	Q2 2017	0.431
FedEx Corp	FDX US	17:00	Q2 2017 Earnings Call	Q2 2017
NIKE Inc	NKE US	17:00	Q2 2017 Earnings Call	Q2 2017
Equifax Inc	EFX US		Investors Meeting	Y 2016
NorthStar Realty Finance Corp	NRF US		Special Meeting - M&A Vote
Patheon NV	PTHN US		Q4 2016 Earnings Release	Q4 2016	0.381

MORNING CALL 9/21

MORNING CALL

Wednesday, September 21st, 2016View Older Reports

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OVERNIGHT MARKETS AND NEWS

Dec E-mini S&Ps (ESZ16 +0.46%) are up +0.42% and European stocks are up +1.43% at a 1-week high on signs that global central banks will maintain their overly easy monetary policies in an attempt to spur economic growth and revive inflation. A rally in energy producing stocks is also giving equity markets a boost with crude oil (CLX16 +2.07%) up +2.09% after API data late Tuesday showed U.S. crude stockpiles dropped -7.5 million bbl last week. Asian stocks settled mostly higher: Japan +1.91%, Hong Kong +0.59%, China +0.10%, Taiwan +0.73%, Australia +0.68%, Singapore -0.14%, South Korea +0.56%, India -0.06%. Japan's Nikkei Stock Index rallied up to a 1-1/2 week high as banks and insurance companies led the overall market higher after the BOJ refrained from cutting interest rates further below zero and shifted the focus of its stimulus to controlling the yield curve.

The dollar index (DXY00 -0.02%) is down -0.06%. EUR/USD (^EURUSD) is down -0.06%. USD/JPY (^USDJPY) is down -0.24% at a 3-week low.

Dec T-note prices (ZNZ16 -0.02%) are down -1.5 ticks.

The BOJ kept its benchmark interest rate at -0.1% and said it will maintain its asset purchase target at 80 trillion yen a year, but announced a new package which shifts its emphasis from just managing the key interest rate and buying assets to controlling the yield curve. The BOJ said it will buy bonds in a way that ensures the 10-year government bond yield remains more or less where it is, around 0%, as part of its "yield curve management." The BOJ also said it would continue expanding its monetary base until inflation overshoots its 2% target and stays above it.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) weekly MBA mortgage applications (previous +4.2% with purchase sub-index +8.6% and refi sub-index +1.7%), (2) 2-day FOMC meeting concludes with policy announcement, updated economic projections, and a press conference by Fed Chair Yellen, and (3) EIA Weekly Petroleum Status Report.

Russell 1000 companies that report earnings today: General Mills (consensus $0.76), CarMax (0.88), Red Hat (0.54), Bed, Baty & Beyond (1.17), Jabil Circuit (0.25).

U.S. IPO's scheduled to price today: elf Beauty Inc (ELF), Capstar Financial Holdings (CSTR).

Equity conferences this week include: Finance Montreal FinTech Forum on Tue-Wed, Johnson Rice Energy Conference on Tue-Wed, Goldman Sachs Communicopia Conference on Tue-Thu, Finance Shared Services & GBS Exchange Conference on Wed.

OVERNIGHT U.S. STOCK MOVERS

Microsoft (MSFT -0.21%) rose over 1% in pre-market trading after it raised its quarterly dividend by 3 cents to 39 cents and authorized the byback of an additional $40 billion of stock on top of an existing $40 billion repurchase program.

Cooper Cos. (COO -1.09%) gained 1% in after-hours trading after it was announced that it will replace Starwood Hotels & Resorts in the S&P 500 Index at the close of trading on Thursday, September 22.

SPS Commerce (SPSC +0.78%) jumped over 5% in after-hours trading after it was announced that it will replace Northwestern in the S&P SmallCap 600 at the close of trading on Thursday, September 22.

Adobe Systems (ADBE +0.94%) climbed nearly 5% in pre-market trading after it reported Q3 adjusted EPS of 75 cents, better than consensus of 72 cents, and then raised guidance on fiscal 2016 adjusted EPS to $2.94-$3.00, higher than consensus of $2.87.

KB Home (KBH -2.42%) gained over 3% in after-hours trading after it reported Q3 net orders were up +16% y/y, well above consensus of +2.8%.

FedEx (FDX +0.86%) rose almost 3% in after-hours trading after it reported Q1 adjusted EPS of $2.90, higher than consensus of $2.79.

The Children's Place (PLCE -1.02%) was downgraded to 'Neutral' from 'Overweight' at Piper Jaffray with a 12-month target price of $88.

Clovis Oncology (CLVS +12.68%) rallied over 8% in after-hours trading after Janney said there are a "long list" of potential suitors for Clovis.

Airgain (AIRG +10.64%) gained over 4% in after-hours trading after it reported Q2 sales surged +63% y/y to $6.1 million.

CommScope Holding Co. (COMM -0.77%) slid 1% in after-hours trading after holder Carlyle said it sold 10 million common shares of CommScope.

Adamas Pharmaceuticals (ADMS +2.32%) jumped 5% in after-hours trading after the results of a Phase 3 trial of ADS-5102 for the treatment of Levodopa-induced Dyskinesia in patients with Parkinson's met its primary endpoint.

Nu Skin Enterprises (NUS -1.32%) rose over 3% in after-hours trading after it raised its Q3 revenue view to slightly above a prior forecast of $560 million-$580 million due to success of recent product introductions and "favorable" currency trends.

Mirna Therapeutics (MIRN -0.40%) plunged over 25% in after-hours trading after it said it was closing a Phase 1 study of its MRX34 in melanoma patients due to serious adverse events in patients taking the drug.

MARKET COMMENTS

Dec E-mini S&Ps (ESZ16 +0.46%) this morning are up +9.00 points (+0.42%). Tuesday's closes: S&P 500 +0.03%, Dow Jones +0.05%, Nasdaq +0.19%. The S&P 500 on Tuesday closed slightly higher as the market awaited Wednesday's outcome of the FOMC meeting, which is likely to produce hawkish language but not a rate hike. Energy producer stocks received a boost from the +0.43% rally in crude prices. Stocks were undercut by the weak Aug housing starts report of -5.8%, which implied less stimulus from the housing sector.

Dec 10-year T-notes (ZNZ16 -0.02%) this morning are down -1.5 ticks. Tuesday's closes: TYZ6 +2.50, FVZ6 +0.50. Dec T-notes on Tuesday closed higher on the weaker-than-expected U.S. Aug housing starts and building permits reports and on expectations for the FOMC on Wednesday to refrain from a rate hike.

The dollar index (DXY00 -0.02%) this morning is down -0.056 (-0.06%). EUR/USD (^EURUSD) is down -0.0007 (-0.06%). USD/JPY (^USDJPY) is down-0.24 (-0.24%). Tuesday's closes: Dollar index +0.178 (+0.19%), EUR/USD -0.0024 (-0.21%), USD/JPY -0.23 (-0.23%). The dollar index on Tuesday closed higher on speculation that the Fed may be hawkish in its post-FOMC meeting statement as it may prepare the markets for a Dec rate hike. In addition, there was weakness in EUR/USD after German Aug PPI weakened more than expected, which fueled speculation the ECB may expand stimulus.

Nov crude oil (CLX16 +2.07%) this morning is up +92 cents (+2.09%) and Nov gasoline (RBX16 +2.60%) is up +0.0356 (+2.69%). Tuesday's closes: CLX6 +0.19 (+0.43%), RBX6 -0.0280 (-2.07%). Nov crude oil and gasoline on Tuesday settled mixed with Nov gasoline at a 2-week low. Crude oil prices was undercut by a stronger dollar and the slide in gasoline prices after Colonial said it will restart its damaged gasoline pipeline in Alabama one day earlier than scheduled, which should ease East Coast supply concerns. Crude oil was also undercut by expectations for Wednesday's EIA crude inventories to climb +3.25 million bbl. Crude oil recovered from a 1-1/4 month low and closed higher after Algerian Energy Minister Noureddine Bouterfa said OPEC may turn the informal meeting in Algiers on Sep 28 into a formal meeting as it seeks ways among producers to cut crude supplies by 1.0 million bpd to rebalance and stabilize the oil market.

GLOBAL EVENT CALENDAR09/21/2016

		Wednesday, Sep 21
US	0700 ET	Weekly MBA mortgage applications, previous +4.2% with purchase sub-index +8.6% and refi sub-index +1.7%.
	1030 ET	EIA Weekly Petroleum Status Report.
	1400 ET	FOMC announces interest rate decision and provides a summary of economic projections. Fed Chair Yellen holds press conference.
		Thursday, Sep 22
US	0830 ET	Weekly initial unemployment claims expected +1,000 to 261,000, previous +1,000 to 260,000. Weekly continuing claims expected -2,000 to 2.141 million, previous +1,000 to 2.143 million.
	0830 ET	Aug Chicago Fed national activity index expected -0.12 to 0.15, Jul +0.22 to 0.27.
	0830 ET	USDA weekly Export Sales.
	0900 ET	Jul FHFA house price index expected +0.3% m/m, Jun +0.2% m/m.
	1000 ET	Aug existing home sales expected +1.1% to 5.45 million, Jul -3.2% to 5.39 million.
	1000 ET	Aug leading indicators expected unchanged m/m, Jul +0.4%.
	1100 ET	Sep Kansas City Fed manufacturing survey expected +1 to -3, Aug +2 to -4.
	1100 ET	Treasury announces amount of 2-year T-notes (previous $26 billion), 2-year floating-rate notes (previous $13 billion), 5-year T-notes (previous $34 billion) and 7-year T-notes (previous $28 billion) to be auctioned Sep 26-28.
	1300 ET	Treasury auctions $13 billion of 10-year TIPS.
	1300 ET	Atlanta Fed President Dennis Lockhart (non-voter) gives welcoming and introductory remarks at an Atlanta Fed conference on Unemployment, Wages and Productivity.
EUR	0400 ET	ECB publishes economic bulletin.
	1000 ET	Eurozone Sep consumer confidence expected +0.3 to -8.2, Aug -0.6 to -8.5.
UK	0600 ET	UK Sep CBI trends total orders expected unch at -5. Sep CBI trends selling prices expected +2 to 10, Aug 8.
JPN	n/a	Japanese markets closed for Autumnal Equinox Day.
	2230 ET	Japan Sep Nikkei manufacturing PMI, Aug +0.2 to 49.5.

U.S. STOCK CALENDAR09/21/2016

Company	Ticker	Time	Event Description	Period	Estimate
General Mills Inc	GIS US	7:00	Q1 2017 Earnings Release	Q1 2017	0.759
CarMax Inc	KMX US	7:00	Q2 2017 Earnings Release	Q2 2017	0.881
General Mills Inc	GIS US	8:30	Q1 2017 Earnings Call	Q1 2017
Allergan plc	AGN US	8:30	Acquisition of Tobira Therapeutics Inc. by Allergan plc Call
Brocade Communications Systems Inc	BRCD US	9:00	Investor Day	Y 2016
CarMax Inc	KMX US	9:00	Q2 2017 Earnings Call	Q2 2017
Intuit Inc	INTU US	11:00	Investor Day	Y 2016
Copart Inc	CPRT US	11:00	Q4 2016 Earnings Call	Q4 2016
Applied Materials Inc	AMAT US	13:30	Analyst Day	Y 2016
Retail Properties of America Inc	RPAI US	16:00	Investor and Analyst Day	Y 2016
Red Hat Inc	RHT US	16:15	Q2 2017 Earnings Release	Q2 2017	0.539
Jabil Circuit Inc	JBL US	16:30	Q4 2016 Earnings Call	Q4 2016
Bed Bath & Beyond Inc	BBBY US	17:00	Q2 2017 Earnings Call	Q2 2017
Red Hat Inc	RHT US	17:00	Q2 2017 Earnings Call	Q2 2017
Alphabet Inc	GOOGL US	17:00	ITC Due to Announce Next Step in Google vs Creative Technology Patent Case
Bed Bath & Beyond Inc	BBBY US	Aft-mkt	Q2 2017 Earnings Release	Q2 2017	1.161
Jabil Circuit Inc	JBL US	Aft-mkt	Q4 2016 Earnings Release	Q4 2016	0.249
Raymond James Financial Inc	RJF US		August 2016 Sales and Revenue Release - Operating Data	2016

MORNING CALL 7/13

MORNING CALL 

Wednesday, July 13th, 2016View Older Reports

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OVERNIGHT MARKETS AND NEWS

Sep E-mini S&Ps (ESU16 +0.03%) are up +0.12% and European stocks are up +0.30% at a 2-week high on speculation central bank actions will be sufficient to contain the fallout from the Brexit vote. The BOE is expected to lower interest rates Thursday and Japanese Prime Minister Abe has ordered more fiscal stimulus. Strength in commodity producers is leading the overall market higher as the price of copper (HGU16 +1.42%) jumped +1.42% to a 2-1/4 month high. On the negative side, energy producers are lower as the price of crude oil (CLQ16 -1.26%) is down -1.37% after API data late yesterday showed U.S. crude stockpiles unexpectedly rose +2.2 million bbl. Asian stocks settled higher: Japan +0.84%, Hong Kong +0.46%, China +0.37%, Taiwan +0.18%, Australia +0.66%, Singapore +0.30%, South Korea +0.85%, India +0.03%. Asian stock markets followed other global bourses higher as China's Shanghai Composite rose to a 2-3/4 month high and Japan's Nikkei Stock Index climbed to a 1-month high.

The dollar index (DXY00 -0.05%) is down -0.11%. EUR/USD (^EURUSD) is up +0.19%. USD/JPY (^USDJPY) is up +0.12%.

Sep T-note prices (ZNU16 +0.18%) are up +5 ticks.

Eurozone May industrial production fell -1.2% m/m, a bigger decline than expectations of -0.8% m/m.

The China Jun trade balance shrank to a surplus of $48.11 billion, a bigger surplus than expectations of $45.65 billion. Jun exports fell -4.8% y/y, a smaller decline than expectations of -5.0% y/y, and Jun imports fell -8.4% y/y, a bigger decline than expectations of -6.2% y/y.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) weekly MBA mortgage applications (previous +14.2% with purchase sub-index +4.3% and refi sub-index +20.8%), (2) Jun import price index (expected +0.5% m/m and -4.6% y/y, May +1.4% m/m and -5.0% y/y), (3) the Treasury's auction of $12 billion of 30-year T-bonds, (4) Jun monthly budget statement (expected +$23.0 billion, May -$52.507 billion), (5) Fed Beige Book, (6) Philadelphia Fed President Patrick Harker (non-voter) speaks on the economic outlook at an event in Philadelphia, and (7) EIA Weekly Petroleum Status Report.

Russell 1000 companies reporting earnings today: CSX (consensus $0.44), Yum Brands (0.74), PacWest Bancorp (0.69).

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

Equity conferences this week include: none.

OVERNIGHT U.S. STOCK MOVERS

Bank of America (BAC +2.50%) was rated a new 'Buy' at Berenberg with a price target of $15.

Whiting Petroleum (WLL +12.53%) was upgraded to 'Outperform' from 'Neutral' at Credit Suisse.

Darden Restaurants (DRI +0.29%) was downgraded to 'Market Perform' from 'Outperform' at Wells Fargo Securities.

Alexion Pharmaceuticals (ALXN +0.04%) was rated a new 'Outperform' at RBC Capital Markets with a 12-month price target of $188.

Michaels Cos (MIK +0.14%) dropped over 3% in after-hours trading after it started a secondary offering of 11 million shares of common stock.

Chesapeake Lodging Trust (CHSP +1.09%) slipped nearly 1% in after-hours trading after it said Q2 pro forma revpar rose +2.2%, below an April 28 forecast of up +4%-6%, citing continued headwinds at the start of the second half of the year.

AAR Corp. (AIR +4.33%) sank 10% in after-hours trading after it said it sees 2017 EPS continuing operations of $1.30-$1.40, well below consensus of $2.07.

Teva Pharmaceutical Industries Ltd. (TEVA +3.00%) gained nearly 2% in after-hours trading after it raised guidance on Q2 revenue to $4.9 billion-$5.0 billion from a prior view of $4.8 billion-$4.9 billion.

Fastenal (FAST -3.46%) was downgraded to 'Hold' from 'Buy' at Edward Jones.

Minneapolis Fed President Kashkari (non-voter) said the Fed can continue to be patient on raising interest rates as "there's not a huge urgency to raise rates because inflation is coming up low."

Juno Therapeutics (JUNO +1.68%) surged 33% in after-hours trading after the FDA removed the clinical hold on Juno's Phase 2 study of JCAR015 to treat lymphoblastic leukemia.

Avinger (AVGR -0.44%) lowered guidance on 2016 revenue to $19 million-$23 million from a prior view of $25 million-$30 million.

Orexigen Therapeutics (OREX +0.50%) rallied over 4% in after-hours trading after its top shareholder, Baupost, said it may convert/exercise notes/warrants of up to 4.7 million common shares.

MARKET COMMENTS

Sep E-mini S&Ps (ESU16 +0.03%) this morning are up +2.50 points (+0.12%). Tuesday's closes: S&P 500 +0.70%, Dow Jones +0.66%, Nasdaq +0.50%. The S&P 500 on Tuesday climbed to a fresh all-time high and closed moderately higher on carry-over support from a +1.7% rally in European stocks on reduced political uncertainty in Britain with Home Secretary May prepared to take over as the UK's next prime minister. Stocks were also boosted by a good beginning to U.S. Q2 company earnings season as Alcoa jumped 5% after it reported better-than-expected Q2 earnings.

Sep 10-year T-note prices (ZNU16 +0.18%) this morning are up +5 ticks. Tuesday's closes: TYU6 -20.50, FVU6 -9.25. Sep T-notes on Tuesday fell to a 1-week low and closed sharply lower on reduced safe-haven demand with the the rally in the S&P 500 to a new record high and on hawkish comments from Cleveland Fed President Mester who said she thinks "a gradual upward tilt for interest rates is appropriate for the U.S. economy."

The dollar index (DXY00 -0.05%) this morning is down -0.110 (-0.11%), EUR/USD (^EURUSD) is up +0.0021 (+0.19%) and USD/JPY (^USDJPY) is up +0.13 (+0.12%). Tuesday's closes: Dollar Index -0.130 (-0.13%), EUR/USD +0.0003 (+0.03%), USD/JPY +1.89 (+1.84%). The dollar index on Tuesday closed lower on the larger-than-expected decline in U.S. May JOLTS job openings to a 5-month low and strength in GBP/USD on reduced political uncertainty in Britain as Home Secretary May is prepared to take over as the UK's next prime minister. USD/JPY jumped to a 2-week high after Japanese Prime Minister Abe said he wants to "accelerate" Japan's exit from deflation, which suggests he favors additional yen-negative stimulus measures.

Aug WTI crude oil (CLQ16 -1.26%) prices this morning are down -64 cents (-1.37%) and Aug gasoline prices (RBQ16 -1.84%) are down -0.0268 (-1.87%). Tuesday's closes: CLQ6 +2.04 (+4.56%), RBQ6 +0.0466 (+3.37%). Aug crude oil and gasoline on Tuesday closed sharply higher on a weaker dollar, the rally in the S&P 500 to a record high, and expectations for Wednesday's weekly EIA data to show that U.S. crude inventories fell -3.5 million bbl.

GLOBAL EVENT CALENDAR07/13/2016

		Wednesday, July 13, 2016
US	0700 ET	Weekly MBA mortgage applications, previous +14.2% with purchase sub-index +4.3% and refi sub-index +20.8%.
	0830 ET	Jun import price index expected +0.5% m/m and -4.6% y/y, May +1.4% m/m and -5.0% y/y.
	1030 ET	EIA Weekly Petroleum Status Report.
	1300 ET	Treasury auctions $12 billion of 30-year T-bonds.
	1400 ET	Jun monthly budget statement expected +$23.0 billion, May -$52.507 billion.
	1400 ET	Fed Beige Book.
	1800 ET	Philadelphia Fed President Patrick Harker (non-voter) speaks on the economic outlook at an event in Philadelphia.
		Thursday, July 14, 2016
US	0830 ET	Weekly initial unemployment claims expected +11,000 to 265,000, previous -16,000 to 254,000. Weekly continuing claims expected +6,000 to 2.130 million, previous -44,000 to 2.124 million.
	0830 ET	Jun PPI final demand expected +0.3% m/m and -0.1% y/y, May +0.4% m/m and -0.1% y/y. Jun PPI ex food & energy expected +0.1% m/m and +1.0% y/y, May +0.3% m/m and +1.2% y/y.
	0830 ET	USDA weekly Export Sales.
	1100 ET	Treasury announces amount of 10-year TIPS (previous $11 billion) to be auctioned Jul 21.
	1115 ET	Atlanta Fed President Dennis Lockhart (non-voter) speaks at the Rocky Mountain Economic Summit in Victor, Idaho.
	1900 ET	Dallas Fed President Robert Kaplan (non-voter) speaks at the Official Monetary and Financial Institutions Forum in St. Louis about economic conditions and the role of monetary policy.
UK	0700 ET	BOE announces interest rate decision and asset purchase target, expected -25 bp cut in benchmark rate to 0.25% from 0.50% and asset purchase target to remain unchanged at 375 billion pounds.
CHI	2200 ET	China Q2 GDP expected +1.6% q/q and +6.6% y/y, Q1 +1.1% q/q and +6.7% y/y.
	2200 ET	China Jun industrial production expected +5.9% y/y, May +6.0% y/y.
	2200 ET	China Jun retail sales expected +9.9% y/y, May +10.0% y/y.

U.S. STOCK CALENDAR07/13/2016

Company	Ticker	Time	Event Description	Period	Estimate
Ionis Pharmaceuticals Inc	IONS	8:30	R&D Day	Y 2016
General Mills Inc	GIS	10:00	Investor Day	Y 2016
CSX Corp	CSX	Aft-mkt	Q2 2016 Earnings Release	Q2 2016	0.439
Yum! Brands Inc	YUM	Aft-mkt	Q2 2016 Earnings Release	Q2 2016	0.74
JetBlue Airways Corp	JBLU		June 2016 Sales and Revenue Release - Traffic Results	2016
PacWest Bancorp	PACW		Q2 2016 Earnings Release	Q2 2016	0.689