MORNING CALL 5/31

MORNING CALL

Tuesday, May 31st, 2016View Older Reports

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OVERNIGHT MARKETS AND NEWS

Jun E-mini S&Ps (ESM16 +0.11%)are up +0.04% at a 1-1/4 month high on optimism that a strengthening U.S. economy could handle another 25 bp rate hike from the Fed. Fed Chair Yellen said Friday afternoon that an improving economy would probably warrant another rate increase "in the coming months." Strength in crude oil prices is lifting energy producers, while European stocks are down -0.33% as automakers declined after Volkswagen dropped over 3% when it reported an 86% plunge in quarterly profit due to its emissions-cheating scandal. European stocks were also undercut after an unexpected decline in German Apr retail sales. Asian stocks settled mostly higher: Japan +0.98%, Hong Kong +0.90%, China +3.34%, Taiwan unch, Australia -0.54%, Singapore -0.20%, South Korea +0.79%, India -0.22%. China's Shanghai Composite climbed to a 3-week high after Goldman Sachs said that it was likely that the stocks in the Shanghai Composite would be included in MSCI Inc.'s global benchmark indexes. Japan's Nikkei Stock Index rose to a 1-month high on optimism the Japanese government will delay an increase in the sales tax after senior officials from Prime Minister Abe's ruling party and its coalition partner said that Prime Minister Abe wants to put off a planned national sale tax increase for 2-1/2 years.

The dollar index (DXY00 -0.01%) is up +0.09%. EUR/USD (^EURUSD) is up +0.13%. USD/JPY (^USDJPY) is down -0.04%.

Jun T-note prices (ZNM16 -0.24%) are down -12.5 ticks.

German Apr retail sales unexpectedly fell -0.9% m/m, weaker than expectations of +0.9% m/m.

The Eurozone May CPI estimate fell -0.1% y/y, right on expectations. The May core CPI rose +0.8% y/y, right on expectations.

The Eurozone Apr unemployment rate was unch at 10.2%, right on expectations.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Apr personal spending (expected +0.7%, Mar +0.1%) and Apr personal income (expected +0.4%, Mar +0.4%), (2) Apr PCE deflator expected (+0.3% m/m and +1.1% y/y, Mar +0.1% m/m and +0.8% y/y) and Apr core PCE deflator (expected +0.2% m/m and +1.6% y/y, Mar +0.2% m/m and +1.6% y/y), (3) S&P/CaseShiller composite-20 home price index (expected +0.7% m/m and +5.06% y/y, Feb +0.66% m/m and +5.38% y/y), (4) May Chicago PMI (expected +0.1 to 50.5, Apr -3.2 to 50.4), (5) May Conference Board U.S. consumer confidence (expected +2.1 to 96.3, Apr-1.9 to 94.2), (6) May Dallas Fed manufacturing activity (expected +5.9 to -8.0, Apr -13.9), (7) USDA weekly grain export inspections, and (8) USDA Weekly Crop Progress.

There are 3 of the Russell 1000 companies that report earnings today: Golar LNG (consensus -$0.42), Medtronic (1.26), Workday (-0.02).

U.S. IPO's scheduled to price today: Cancer Preventation Pharmaceuticals (CPP).

Equity conferences this week include: Deutsche Bank Global Financial Services Investor Conference on Tue-Wed, BMO Capital Markets Energy & Power Conference on Wed, D. A. Davidson & Co Technology Forum on Wed, Stifel Dental & Veterinary Conference on Wed, Bank of America Merrill Lynch Global Technology Conference on Wed-Thu, Cowen and Company Technology, Media & Telecom Conference on Wed-Thu, RBC Capital Markets Consumer & Retail Conference on Wed-Thu, Bernstein Strategic Decisions Conference on Wed-Fri, Credit Suisse Engineering & Construction Conference on Thu, Keefe, Bruyette & Woods Asset Management Conference on Thu, American Society of Clinical Oncology (ASCO) Meeting on Fri.

OVERNIGHT U.S. STOCK MOVERS

Celator Pharmaceuticals (CPXX +0.17%) soared over 70% in pre-market trading after it agreed to a $1.5 billion takeover offer from Jazz Pharmaceuticals.

Lockheed Martin (LMT -0.60%) was downgraded to 'Hold' from 'Buy' at Berenberg.

Marathon Oil (MRO -2.05%) was upgraded to 'Overweight' from 'Neutral' at Piper Jaffray.

Deere & Co. (DE +0.29%) was upgraded to 'Buy' from 'Neutral' at UBS with a 12-month price target of $94.

Micron (MU +3.01%) was upgraded to 'Outperform' from 'Neutral' at Robert Baird.

Dril-Quip (DRQ +1.12%) was upgraded to 'Buy' from 'Accumulate' at KLR Group with a price target of $70.

Signature Bank/New York (SBNY +0.85%) was downgraded to 'Neutral' from 'Overweight' at Piper Jaffray with a 12-month price target of $146.

TransDigm Group (TDG +0.47%) jumped 4% in after-hours trading after it was announced that it will replace Baxalta in the S&P 500 after the close of trading Thursday, June 2.

Brocade (BRCD +0.23%) rose 3% in after-hours trading after it was announced that it will replace MDC Holdings in the MidCap 400 after the close of trading on Tuesday, May 31.

The FDA approved Zinbryta, made by Biogen (BIIB +0.28%) and Abbvie (ABBV +1.31%) , for the treatment of adults with relapsing forms of multiple sclerosis.

Reuters reports that Williams Cos (WMB +3.22%) has informed Energy Transfer Equity ETE that it is open to considering a new offer that would replace the $6 billion portion of the deal with shares in the acquisition vehicle that Energy Transfer will create.

Osiris Therapeutics (OSIR +1.43%) slumped 10% in after-hours trading after it said a criminal probe against the company was started by the U.S. Attorney's Office for the Southern District of New York.

MARKET COMMENTS

June E-mini S&Ps (ESM16 +0.11%) this morning up +0.75 of a point (+0.04%) at a 1-1/4 month high. Friday's closes: S&P 500 +0.43%, Dow Jones +0.25%, Nasdaq +0.55%. The S&P 500 Friday rallied to a 1-1/4 month high and closed higher on the upward revision to U.S. Q1 GDP to +0.8% from +0.5% and on optimism that the U.S. economy is strong enough to handle further Fed rate hikes. Stocks were undercut by the -1.1 point decline in final-May University of Michigan U.S. consumer sentiment index to 94.7, weaker than expectations of -0.4 to 95.4.

June 10-year T-note prices (ZNM16 -0.24%) this morning are down -12.5 ticks. Friday's closes: TYM6 -3.50, FVM6 -3.00. Jun T-notes on Friday closed lower on the upward revision to U.S. Q1 GDP to +0.8% from +0.5%, hawkish comments from Fed Chair Yellen who said a Fed rate hike in coming months may be "appropriate," and reduced safe-haven demand with the rally in stocks.

The dollar index (DXY00 -0.01%) this morning is up +0.085 (+0.09%). EUR/USD (^EURUSD) is up +0.0014 (+0.13%). USD/JPY (^USDJPY) is down-0.05 (-0.04%). Friday's closes: Dollar Index +0.353 (+0.37%), EUR/USD -0.0079 (-0.71%), USD/JPY +0.55 (+0.50%). The dollar index on Friday rallied to a 2-month high and closed higher on the upward revision in U.S. Q1 GDP to +0.8% from +0.5% and hawkish comments from Fed Chair Yellen who said a Fed rate hike in coming months may be "appropriate." The dollar was also boosted by weakness in EUR/USD which tumbled to a 2-1/2 month low on divergent central bank policies with the Fed expected to further tighten monetary policy while the ECB maintains or even expands its monetary policy.

July WTI crude oil (CLN16 +0.47%) this morning is up +14 cents (+0.28%). July gasoline (RBN16 -0.90%) is down -0.0192 (-1.17%). Friday's closes: CLN6 -0.15 (-0.30%), RBN6 +0.0111 (+0.68%). July crude oil and gasoline prices on Friday settled mixed as July gasoline rebounded from a 1-week low. Crude oil prices were undercut by the rally in the dollar index to a 2-month high and by the restart of oil-sands facilities in Alberta as wildfire risks abated. Gasoline prices were boosted by signs of stronger demand as the AAA estimates that 38 million Americans will travel 50 miles or more this Memorial holiday weekend, up +2.2% y/y and the second-highest ever.

GLOBAL EVENT CALENDAR05/31/2016

US	0830 ET	Apr personal spending expected +0.7%, Mar +0.1%. Apr personal income expected +0.4%, Mar +0.4%.
	0830 ET	Apr PCE deflator expected +0.3% m/m and +1.1% y/y, Mar +0.1% m/m and +0.8% y/y. Apr core PCE deflator expected +0.2% m/m and +1.6% y/y, Mar +0.2% m/m and +1.6% y/y.
	0900 ET	Mar S&P/CaseShiller composite-20 home price index expected +0.7% m/m and +5.06% y/y, Feb +0.66% m/m and +5.38% y/y.
	0945 ET	May Chicago PMI expected +0.1 to 50.5, Apr -3.2 to 50.4.
	1000 ET	May U.S. consumer confidence (Conference Board) expected +2.1 to 96.3, Apr -1.9 to 94.2.
	1030 ET	May Dallas Fed manufacturing activity expected +5.9 to -8.0, Apr -13.9.
	1100 ET	USDA weekly grain export inspections.
	1600 ET	USDA Weekly Crop Progress.
JPN	0000 ET	Japan Apr vehicle production, Mar +1.2% y/y.
	0100 ET	Japan Apr housing starts expected +4.0% to 950,000 annualized, Mar +8.4% y/y to 993,000 annualized.
	0100 ET	Japan Apr construction orders, Mar +19.8% y/y.
	1950 ET	Japan Q1 capital spending expected +1.9% y/y, Q4 +8.5% y/y. Q1 capital spending ex software expected +4.1% y/y, Q4 +8.9% y/y.
	2200 ET	Revised Japan May Nikkei manufacturing PMI.
GER	0200 ET	German Apr retail sales expected +1.0% m/m and +1.9% y/y, Mar -1.4% m/m and +0.7% y/y.
	0355 ET	German May unemployment change expected -5,000, Apr -16,000. May unemployment rate, Apr 6.2%.
EUR	0400 ET	Eurozone Apr M3 money supply expected +5.0% y/y, Mar +5.0% y/y.
	0500 ET	Eurozone Apr unemployment rate expected unch at 10.2%, Mar -0.2 to 10.2%.
	0500 ET	Eurozone May CPI estimate expected -0.1% y/y, Apr -0.2% y/y. May core CPI expected +0.8% y/y, Apr +0.7% y/y.
UK	1901 ET	UK May BRC shop price index, Apr -1.7% y/y.
CHI	2100 ET	China May manufacturing PMI expected -0.1 to 50.0, Apr -0.1 to 50.1. May non-manufacturing PMI, Apr -0.3 to 53.5.
	2145 ET	China May Caixin manufacturing PMI expected -0.2 to 49.2, Apr -0.3 to 49.4.

U.S. STOCK CALENDAR05/31/2016

Company	Ticker	Time	Event Description	Period	Estimate
Golar LNG Ltd	GLNG US	Bef-mkt	Q1 2016 Earnings Release	Q1 2016	-0.424
Medtronic PLC	MDT US	6:45	Q4 2016 Earnings Release	Q4 2016	1.264
Medtronic PLC	MDT US	8:00	Q4 2016 Earnings Call	Q4 2016
Golar LNG Ltd	GLNG US	10:00	Q1 2016 Earnings Call	Q1 2016
Workday Inc	WDAY US	17:00	Q1 2017 Earnings Call	Q1 2017
Workday Inc	WDAY US	Aft-mkt	Q1 2017 Earnings Release	Q1 2017	-0.021
Henry Schein Inc	HSIC US		Annual General Meeting
Tesla Motors Inc	TSLA US		Annual General Meeting
Empire State Realty Trust Inc	ESRT US		Annual General Meeting

MORNING CALL 5/27

MORNING CALL

Friday, May 27th, 2016View Older Reports

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OVERNIGHT MARKETS AND NEWS

Jun E-mini S&Ps (ESM16 +0.08%) are up +0.07% and European stocks are up +0.16% at a 4-week high as the market waits a speech later today from Fed Chair Yellen that may signal the timing of the Fed's next interest rate increase. Mining stocks and raw-material producers are higher as the price of copper (HGN16 +0.64%) climbs +0.78% on signs of tighter global supplies. LME copper inventories dropped -2,225 MT to 153,750 MT, a 4-week low, and weekly Shanghai copper inventories fell -36,122 MT to 221,212 MT, a 4-month low. On the negative side, energy producers were lower as the price of crude oil (CLN16 -0.81%) slips -0.93% as Canadian oil-sands producers moved to resume operations after wildfires eased. Asian stocks settled mostly higher: Japan +0.37%, Hong Kong +0.88%, China -0.05%, Taiwan +0.83%, Australia +0.33%, Singapore +1.05%, South Korea +0.53%, India +1.09%.

The dollar index (DXY00 +0.09%) is up +0.09%. EUR/USD (^EURUSD) is down -0.13%. USD/JPY (^USDJPY) is down -0.11%.

Jun T-note prices (ZNM16 -0.06%) are down -1.5 ticks.

In the final communique from the G-7 summit in Japan, G-7 nations said they will use "all policy tools; monetary, fiscal and structural, individually and collectively, to strengthen global demand and address supply constraints while continuing our efforts to put debt on a sustainable path."

Japan Apr national CPI fell -0.3% y/y, less than expectations of -0.4% y/y. Apr national CPI ex fresh food fell -0.3% y/y, a smaller decline than expectations of -0.4% y/y. Apr national CPI ex food & energy rose +0.7% y/y, right on expectations.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) revised Q1 GDP (expected +0.9% q/q annualized, previous +0.5%), (2) final-May University of Michigan U.S. consumer sentiment index (expected -0.4 to 95.4, prelim-May +6.8 to 95.8), (3) Fed Chair Yellen speaks at Harvard University’s Radcliffe Day.

There is 1 of the Russell 1000 companies that report earnings today: Golar LNG (consensus -$0.42).

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

Equity conferences today: none.

OVERNIGHT U.S. STOCK MOVERS

Ulta Salon Cosmetics & Fragrance (ULTA +1.05%) rallied nearly 8% in pre-market trading after it reported Q1 EPS of $1.45, higher than consensus of $1.29, and said it sees full-year EPS growth in the low twenties percentage range versus a prior view of up 18%-20%.

Monsanto (MON -1.84%) was downgraded to 'Neutral' from 'Overweight' at Atlantic Equities with a 12-month price target of $105.

GameStop (GME +0.84%) dropped over 8% in after-hours trading after it said it sees Q2 adjusted EPS of 23 cents-30 cents, below consensus of 33 cents.

Duluth Holdings (DLTH -0.96%) was rated a new 'Buy' at Stifel with a 12-month price target of $28.

Terex (TEX -3.45%) was downgraded to 'Hold' from 'Buy' at Evercore ISI with a 12-month price target of $21.

Caleres (CAL +1.16%) lost 1% in after-hours trading after it reported Q1 EPS of 41 cents, below consensus of 43 cents, and then lowered guidance on full-year revenue to $2.60 billion-$2.63 billion from a March 15 view of $2.65 billion-$2.68 billion, below consensus of $2.66 billion.

Veeva Systems (VEEV -0.43%) jumped 10% in after-hours trading after it reported Q1 adjusted EPS of 15 cents, higher than consensus of 11 cents, and then raised its full-year revenue estimate to $516 million-$520 million from a prior view of $508 million-$513 million, above consensus of $512.1 million.

Palo Alto Networks (PANW +1.71%) sank 11% in pre-market trading after it reported Q3 adjusted EPS of 42 cents, right on consensus, but said it sees Q4 adjusted EPS of 48 cents-50 cents, below consensus of 50 cents.

Deckers Outdoor (DECK +0.61%) fell over 2% in after-hours trading after it said it sees full-year net sales of unchanged to down -3%, weaker than estimates of up +2%, and then lowered guidance on full-year adjusted EPS to $4.05-$4.40, below consensus of $4.61.

First Data Corp. (FDC +1.39%) gained 1% in after-hours trading after Vice Chairman Plumeri disclosed a purchase of 250,000 shares of the company's stock on Wednesday.

BG Staffing (BGSF -0.24%) slumped over 14% in after-hours trading after it announced a public offering of stock, although no terms were available at the time of this writing.

21Vianet Group (VNET +6.09%) slid 4% in after-hours trading after it reported a Q1 adjusted loss/Ads of 13 cents and Q1 gross margins of 19.6% versus 26.8% y/y.

Splunk (SPLK +1.05%) dropped over 7% in after-hours trading despite reporting a -2 cent Q1 adjusted EPS loss, right on consensus.

Titan Pharmaceuticals (TTNP +1.29%) surged 23% in after-hours trading after it said it will receive a $15 million payment from partner Braeburn Pharma, double-digit royalties and up to $165 million is sales milestones following FDA approval of its Probuphine implant.

MARKET COMMENTS

June E-mini S&Ps (ESM16 +0.08%) this morning are up +1.50 points (+0.07%). Thursday's closes: S&P 500 +0.70%, Dow Jones +0.82%, Nasdaq +0.72%. The S&P 500 on Thursday closed little changed. Stocks were undercut by the unexpected -0.8% decline in U.S. Apr capital goods orders non-defense ex-aircraft, weaker than expectations of +0.3% and the third straight monthly decline. There was also some long liquidation pressure and position-squaring ahead of Friday's speech from Fed Chair Yellen that may signal the timing of the next Fed rate hike. Stocks found support from the-10,000 decline in U.S. weekly initial unemployment claims (vs expectations of -3,000 to 275,000) and from the +5.1% m/m increase in U.S. Apr pending home sales, stronger than expectations of +0.7% m/m and the largest monthly increase in 5-1/2 years.

June 10-year T-note prices (ZNM16 -0.06%) this morning are down -1.5 ticks. Thursday's closes: TYM6 +13.50, FVM6 +9.00. Jun T-notes on Thursday closed higher on U.S. economic concerns after Apr capital goods orders non-defense ex-aircraft, a gauge of capital spending, unexpectedly fell -0.8%, the third straight monthly decline. T-notes were also boosted by strong demand for the Treasury's $28 billion auction of 7-year T-notes that had a bid-to-cover ratio of 2.57, above the 12-auction average of 2.49.

The dollar index (DXY00 +0.09%) this morning is up +0.090 (+0.09%). EUR/USD (^EURUSD) is down -0.0015 (-0.13%). USD/JPY (^USDJPY) is down-0.12 (-0.11%). Thursday's closes: Dollar Index -0.186 (-0.20%), EUR/USD +0.0039 (+0.35%), USD/JPY -0.43 (-0.39%). The dollar index on Thursday closed lower on the unexpected decline in U.S. Apr capital goods orders non-defense ex-aircraft, a sign of weakness in capital spending that may give the Fed pause on additional rate hikes. The dollar was also undercut by the slide in USD/JPY as weak stocks boosted the safe-haven demand for the yen.

July WTI crude oil (CLN16 -0.81%) this morning is down -46 cents (-0.93%). July gasoline (RBN16 -0.72%) is down -0.0157 (-0.97%). Thursday's closes: CLN6 -0.16 (-0.32%), RBN6 -0.0219 (-1.33%). July crude and gasoline on Thursday closed lower as July crude retreated from a 7-1/2 month high. Crude oil was undercut by profit-taking after the sharp 3-month rally and by the restart of oil-sands facilities in Alberta as wildfire risks abated. Crude oil found underlying support from the weaker dollar.

GLOBAL EVENT CALENDAR05/27/2016

US	0830 ET	Revised Q1 GDP expected +0.9% (q/q annualized), previous +0.5%. Q1 personal consumption expected +2.1%, previous +1.9%. Q1 GDP price index, previous +0.7%. Q1 core PCE, previous +2.1% q/q.
	1000 ET	Final-May University of Michigan U.S. consumer sentiment index expected -0.4 to 95.4, prelim-May +6.8 to 95.8.
	1315 ET	Fed Chair Yellen will speak at Harvard Universitys Radcliffe Day.

U.S. STOCK CALENDAR05/27/2016

Company	Ticker	Time	Event Description	Period	Estimate
Multi-Color Corp	LABL US	8:30	Q4 2016 Earnings Release	Q4 2016	0.78
Big Lots Inc	BIG US		Q1 2017 Earnings Release	Q1 2017	0.701
Hawkins Inc	HWKN US		Q4 2016 Earnings Release	Q4 2016
Golar LNG Ltd	GLNG US		Q1 2016 Earnings Release	Q1 2016	-0.424

MORNING CALL 2/29

MORNING CALL

Monday, February 29th, 2016View Older Reports

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OVERNIGHT MARKETS AND NEWS

March E-mini S&Ps (ESH16 -0.08%) are down -0.18% and European stocks are down -0.49% after G-20 finance ministers meeting over the weekend in Shanghai disappointed financial markets by not coming up with coordinated stimulus to support the global economy. Weakness in bank stocks is leading the overall market lower with Goldman Sachs and Bank of America both down at least 1.1% in pre-market trading. Stock prices recovered from their worst levels, however, after China cut its reserve requirement ratio for banks by 50 bp to 17.00% from 17.50%. Asian stocks settled mostly lower: Japan -1.00%, Hong Kong -1.30%, China -2.86%, Taiwan closed for holiday, Australia +0.02%, Singapore +0.65%, South Korea -0.25%, India -0.66%. China's Shanghai Composite fell to a 1-month low after G-20 officials failed to come up with a coordinated plan to boost global growth, while Japanese stocks also fell after the yen rallied against the dollar, which undercut exporter stocks.

The dollar index (DXY00 +0.15%) is up +0.17% at a 3-week high. EUR/USD (^EURUSD) is down -0.41% at a 4-week high after Eurozone CPI unexpectedly fell at the fastest pace in a year, which bolsters the case for the ECB to expand stimulus when it convenes next week. USD/JPY (^USDJPY) is down -0.95%.

Mar T-note prices (ZNH16 +0.04%) are up +3.5 ticks on carryover support from a rally in German bunds to a 10-1/4 month high after Eurozone Feb CPI unexpectedly fell by the most in a year.

After Chinese financial markets closed today, the PBOC cut the required reserve ratio for China's biggest banks by 50 bp to 17.00% from 17.50%, effective March 1.

Eurozone Feb CPI unexpectedly fell -0.2% y/y, weaker than expectations of unch y/y and the fastest pace of decline in a year. Feb core CPI rose +0.7% y/y, weaker than expectations of +0.9% y/y and the smallest increase in 10 months.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Feb Milwaukee ISM (expected -0.36 to 50.00, Jan +1.83 to 50.36), (2) Feb Chicago PMI (expected -3.1 to 52.5, Jan +12.7 to 55.6), (3) Jan pending home sales (expected +0.5% m/m and +4.1% y/y, Dec +0.1% m/m and +3.1% y/y), (4) Feb Dallas Fed manufacturing activity (expected +4.6 to -30.0, Jan -13.0 to -34.6), (5) New York Fed President William Dudley's speech at a symposium in Hangzhou, China co-hosted by the PBOC and the New York Fed, and (6) USDA weekly grain export inspections.

There are 2 of the S&P 500 companies that report earnings today: NRG Energy (consensus $0.18), Endo Intl (1.27).

U.S. IPO's scheduled to price today: Shimmick Construction (SCCI).

Equity conferences this week include: BMO Capital Markets Global Metals and Mining Conference on Mon-Tue, J.P. Morgan Global High Yield & Leveraged Finance Conference on Mon-Tue, Morgan Stanley Technology Media & Technology Conference on Mon-Thu, Barclays Power & Utility Credit Conference on Tue, Goldman Sachs Media & Telecom Conference on Tue, Canaccord Genuity Musculoskeletal Conference on Tue, JMP Securities Technology Conference on Tue, Longbow Research Basic Materials Investor Conference on Tue, Pacific Crest Securities Emerging Technology Summit on Tue-Wed, UBS Natural Gas & Electric Utilities Conference on Wed, Bank of America Merrill Lynch Global Agriculture and Chemicals Conference on Wed-Thu, Bank of America Refining Conference on Thu, Citi Asset Management, Broker Dealer & Exchanges Investor Conference on Thu, Gabelli & Company Waste & Environmental Services Conference on Thu, Simmons Energy Conference on Thu-Fri.

OVERNIGHT U.S. STOCK MOVERS

Morgan Stanley (MS +2.15%) and Goldman Sachs (GS +1.35%) are both down at least 1% in pre-market trading.

Valeant Pharmaceuticals (VRX -4.79%) slumped 7% in pre-market trading after the company withdrew its financial forecast and delayed releasing its quarterly results as its CEO returns from leave.

Federal-Mogul Holdings (FDML +12.93%) may be active today after Carl Icahn, the company's biggest shareholder, offered to buy the rest of the company for $7 a share, well above Friday's closing price of $4.98.

General Motors (GM +0.44%) was downgraded to 'Hold' from 'Buy at Argus Research.

Dillard's (DDS +3.73%) was downgraded to 'Sell' from 'Hold' at Deutsche Bank.

Southwestern Energy (SWN -5.76%) was downgraded to 'Underperform' from 'Market Perform' at Raymond James.

Dynegy (DYN +3.06%) was upgraded to 'Buy' from 'Neutral' at Guggenheim with a price target of $22.

FormFactor (FORM +1.64%) said it sees Q1 revenue of $65 million-$70 million, below consensus of $70.3 million.

Cleco (CNL -1.03%) reported Q4 operating EPS of 38 cents, below consensus of 42 cents.

New Jersey Resources (NJR -2.58%) will replace StanCorp in the S&P MidCap 400 as of the close of trading on Monday, March 7.

Business Insider reports that Bank of America (BAC +3.08%) is preparing for "significant" job cuts of over 5% across its global investment banking and markets business.

Atlas Resource Partners LP (ARP -5.63%) was downgraded to 'Sell' from 'Hold' at Stifel.

MARKET COMMENTS

Mar E-mini S&Ps (ESH16 -0.08%) this morning are down -3.50 points (-0.18%). Friday's closes: S&P 500 -0.19%, Dow Jones -0.34%, Nasdaq -0.13%. The S&P 500 on Friday fell back from a 1-1/2 month high and closed lower on concern the Fed may continue to raise interest rates after the U.S. Jan PCE core deflator rose +0.3% m/m and +1.7% y/y, stronger than expectations of +0.2% m/m and +1.5% y/y. Stocks received support from the +0.95% rally in the Shanghai Composite after the PBOC said it sees room for further monetary easing and from the +0.5% increase in U.S. Jan personal spending, stronger than expectations of +0.3% and the biggest increase in 8 months.

Mar 10-year T-notes (ZNH16 +0.04%) this morning are up +3.5 ticks. Friday's closes: TYH6 -23.00, FVH6 -16.25. Mar T-notes on Friday closed lower on the stronger-than-expected Jan personal spending and income reports and on the +1.7% y/y increase in the U.S. Jan PCE core deflator, stronger than expectations of +1.5% y/y and the largest increase in nearly 3 years.

The dollar index (DXY00 +0.15%) this morning is up +0.171 (+0.17%) at a 3-weeek high. EUR/USD (^EURUSD) is down -0.0045 (-0.41%) at a 4-week low. USD/JPY (^USDJPY) is down -1.08 (-0.95%). Friday's closes: Dollar Index +0.861 (+0.89%), EUR/USD -0.0084 (-0.76%), USD/JPY +1.00 (+0.88%). The dollar index on Friday climbed to a 3-week high and settled higher on the stronger-than-expected U.S. Q4 GDP and Jan personal spending and income reports, which bolster confidence in the U.S. economic outlook. In addition, EUR/USD slid to a 3-week low after German Feb CPI fell-0.2% y/y, weaker than expectations of unch y/y and the fastest pace of decline in 13 months, which supports the case for the ECB to expand stimulus.

Apr WTI crude (CLJ16 +0.49%) this morning is down -4 cents (-0.12%) and Apr gasoline (RBJ16 -0.32%) is down -0.0093 (-0.72%). Friday's closes: CLJ6-0.29 (-0.88%), RBJ6 -0.0171 (-1.30%). Apr crude and gasoline on Friday fell back from 3-week highs and closed lower on the rally in the dollar index to a 3-week high and the ongoing crude oil supply glut with EIA crude inventories at a record high. A bullish factor for crude was the late-Friday report from Baker Hughes that the active U.S. oil rig count fell -13 to 400 in the week ended Feb 26, the 10th straight decline and the fewest number of active rigs in 6 years.

GLOBAL EVENT CALENDAR02/29/2016

US	0900 ET	Feb Milwaukee ISM expected -0.36 to 50.00, Jan +1.83 to 50.36.
	0945 ET	Feb Chicago PMI expected -3.1 to 52.5, Jan +12.7 to 55.6.
	1000 ET	Jan pending home sales expected +0.5% m/m and +4.1% y/y, Dec +0.1% m/m and +3.1% y/y.
	1030 ET	Feb Dallas Fed manufacturing activity expected +4.6 to -30.0, Jan -13.0 to -34.6.
	1100 ET	USDA weekly grain export inspections.
	2330 ET	New York Fed President William Dudley speaks at a symposium in Hangzhou, China co-hosted by the PBOC and the New York Fed.
JPN	0000 ET	Japan Jan housing starts expected -0.3% y/y to 870,000 annualized, Dec -1.3% y/y to 860,000 annualized.
	0000 ET	Japan Jan construction orders, Dec +14.8% y/y.
	1830 ET	Japan Jan jobless rate expected unch at 3.3%. Jan job-to-applicant ratio expected unch at 1.27.
	1830 ET	Japan Jan overall household spending expected -2.7% y/y, Dec -4.4% y/y
	1850 ET	Japan Q4 capital spending expected +10.0% y/y, Q3 +11.2% y/y. Q4 capital spending ex-software expected +8.7% y/y, Q3 +11.2% y/y.
	2100 ET	Revised Japan Feb Nikkei manufacturing PMI.
GER	0200 ET	German Jan import price index expected -1.0% m/m and -3.4% y/y, Dec -1.2% m/m and -3.1% y/y.
	0200 ET	German Jan retail sales expected +0.3% m/m and +1.8% y/y, Dec +0.6% m/m and +1.5% y/y.
UK	0430 ET	UK Jan net consumer credit expected +1.4 billion pounds, Dec +1.2 billion pounds.
	0430 ET	UK Jan M4 money supply, Dec -0.2% m/m and +0.2% y/y.
	0430 ET	UK Jan mortgage approvals expected 73,700, Dec 70,800.
EUR	0500 ET	Eurozone Feb CPI estimate expected unch y/y, Jan +0.3% y/y. Feb core CPI expected +0.9% y/y, Jan +1.0% y/y.
CHI	2000 ET	China Feb manufacturing PMI expected unch at 49.4, Jan -0.3 to 49.4. Feb non-manufacturing PMI, Jan 53.5.

U.S. STOCK CALENDAR02/29/2016

Company	Ticker	Time	Event Description	Period	Estimate
Endo International PLC	ENDP US	Bef-mkt	Q4 2015 Earnings Release	Q4 2015	1.274
Golar LNG Ltd	GLNG US	Bef-mkt	Y 2015 Earnings Release	Y 2015	-1.561
NRG Energy Inc	NRG US	Bef-mkt	Q4 2015 Earnings Release	Q4 2015	0.181
Tribune Media Co	TRCO US	Bef-mkt	Q4 2015 Earnings Release	Q4 2015	0.549
Frank's International NV	FI US	Bef-mkt	Q4 2015 Earnings Release	Q4 2015	0.103
Platform Specialty Products Corp	PAH US	Bef-mkt	Q4 2015 Earnings Release	Q4 2015	0.11
NRG Energy Inc	NRG US	7:30	Q4 2015 Earnings Call	Q4 2015
Endo International PLC	ENDP US	8:30	Q4 2015 Earnings Call	Q4 2015
Tribune Media Co	TRCO US	8:30	Q4 2015 Earnings Call	Q4 2015
Platform Specialty Products Corp	PAH US	8:30	Q4 2015 Earnings Call	Q4 2015
Golar LNG Ltd	GLNG US	10:00	Y 2015 Earnings Call	Y 2015
Frank's International NV	FI US	11:00	Q4 2015 Earnings Call	Q4 2015
OPKO Health Inc	OPK US	16:30	Q4 2015 Earnings Call	Q4 2015
TerraForm Power Inc	TERP US	16:30	Q4 2015 Earnings Call	Q4 2015
Workday Inc	WDAY US	17:00	Q4 2016 Earnings Call	Q4 2016
Juno Therapeutics Inc	JUNO US	17:00	Q4 2015 Earnings Call	Q4 2015
California Resources Corp	CRC US	17:00	Q4 2015 Earnings Call	Q4 2015
Atmel Corp	ATML US	Aft-mkt	Q4 2015 Earnings Release	Q4 2015	0.063
OPKO Health Inc	OPK US	Aft-mkt	Q4 2015 Earnings Release	Q4 2015	0
Hertz Global Holdings Inc	HTZ US	Aft-mkt	Q4 2015 Earnings Release	Q4 2015	0.039
Intrexon Corp	XON US	Aft-mkt	Q4 2015 Earnings Release	Q4 2015	-0.187
Workday Inc	WDAY US	Aft-mkt	Q4 2016 Earnings Release	Q4 2016	-0.045
Brixmor Property Group Inc	BRX US	Aft-mkt	Q4 2015 Earnings Release	Q4 2015	0.511
Juno Therapeutics Inc	JUNO US	Aft-mkt	Q4 2015 Earnings Release	Q4 2015	-0.434
California Resources Corp	CRC US	Aft-mkt	Q4 2015 Earnings Release	Q4 2015	-0.254
Intrexon Corp	XON US	17:30	Q4 2015 Earnings Call	Q4 2015
Orbital ATK Inc	OA US		Q4 2015 Earnings Release	Q4 2015	1.106
Equifax Inc	EFX US		Investor Meeting - Los Angeles	Y 2016
Howard Hughes Corp/The	HHC US		Q4 2015 Earnings Release	Q4 2015	0.385
Puma Biotechnology Inc	PBYI US		Q4 2015 Earnings Release	Q4 2015	-1.846
TerraForm Power Inc	TERP US	23:59	Q4 2015 Earnings Release	Q4 2015	-0.206

MORNING CALL 11/30

MORNING CALL

Monday, November 30th, 2015View Older Reports

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OVERNIGHT MARKETS AND NEWS

December E-mini S&Ps (ESZ15 +0.13%) are up +0.08% and European stocks are up +0.81% at a 3-1/2 month high. European stocks recovered from early losses and EUR/USD Slid to a 7-1/2 month low on expectations for the ECB to take additional steps to boost inflation at Thursday's policy meeting. European automakers were leading the overall market higher with Volkswagen AG and PSA Peugeot Citroen both up more than 2% on expectations of increased profits with the sell-off in EUR/USD. Limiting gains in stocks is a sell-off in BHP Billiton Ltd. which fell nearly 6% to a 7-year low as Brazil said it is seeking $5.2 billion in compensation for a dam collapse at an iron-ore mine run by Billiton ad Vales SA. Asian stocks settled mostly lower: Japan-0.69%, Hong Kong -0.33%, China +0.26%, Taiwan -0.93%, Australia -0.69%, Singapore -0.11%, South Korea -1.94%, India +0.07%. China's Shanghai Composite rebounded from a 3-week low in the last hour of trade and closed higher on speculation the government intervened in the market to support equities.

The dollar index (DXY00 +0.20%) is up +0.21% at an 8-1/2 month high. EUR/USD (^EURUSD) is down -0.16% at a 7-1/2 month low. USD/JPY (^USDJPY) is up +0.21%.

Dec T-note prices (ZNZ15 -0.10%) are down -5 ticks.

Japan Oct industrial production rose +1.4% m/m and fell -1.4% y/y, weaker than expectations of +1.8% m/m and -0.9% y/y.

German Oct retail sales fell -0.4% m/m and rose +2.1% y/y, weaker than expectations of +0.4% m/m and +2.9% y/y.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Nov Milwaukee ISM (expected +1.34 to 48.00, Oct +7.22 to 46.66), (2) Nov Chicago PMI (expected -2.2 to 54.0, Oct +7.5 to 56.2), (3) Oct pending home sales (expected +1.0% m/m and +4.5% y/y, Sep -2.3% m/m and +2.5% y/y), (4) Nov Dallas Fed manufacturing outlook level of general business activity (expected +2.7 to -10.0, Oct -3.2 to 12.7).

There are 2 of the Russell 3000 companies report earnings today: Golar LNG (consensus -0.33), Thor Industries (0.83).

U.S. IPO's scheduled to price today: GenSight Biologics (GNST), Ardelyx (ARDX).

Equity conferences this week include: Berenberg Bank European Conference on Mon, Citi Chemicals Conference on Tue, Credit Suisse Technology Conference on Tue, Citi Basic Materials Conference on Tue-Wed, Cowen and Company Ultimate Energy Conference on Tue-Wed, Piper Jaffray Health Care Conference on Tue-Wed, Credit Suisse Global Industrials Conference on Tue-Thu, Credit Suisse Technology, Media & Telecom Conference on Tue-Thu, Citi Global Financial Conference on Wed, J.P. Morgan Fintech & Specialty Finance Forum on Wed, Wells Fargo Connected Commerce Investor Summit on Wed, NASDAQ OMX Group, Inc. Investor Program on Wed-Thu, ASEAN Business Summit on Wed-Thu, Bank of America Merrill Lynch Leveraged Finance Conference on Thu.

OVERNIGHT U.S. STOCK MOVERS

Helmerich & Payne (HP -1.93%) was upgraded to 'Buy' from 'Neutral' at Guggenheim.

Microsoft (MSFT +0.45%) was raised to a 'Strong Buy' at Raymond James.

Diamond Offshore Drilling (DO -3.62%) and Transocean (RIG -2.49%) were both raised to 'Buy' from 'Neutral' at Guggenheim.

Dynavax Technologies (DVAX -0.64%) was rated a new 'Outperform' at RBC Capital Markets with a 12-month price target of $48.

Prologis (PLD +0.83%) was downgraded to 'Market Perform' from Outperform' at Wells Fargo Securities.

Marriott International (MAR -0.50%) and Starwood Hotels & Resorts Worldwide ({=HOT were both cut to 'Hold' from 'Buy' at Evercore ISI.

Raytheon (RTN +0.54%) was cut to 'Equal Weight' from 'Overweight' at Barclays.

FMC Technologies (FTI -1.56%) was upgraded to 'Buy' from 'Neutral' at Guggenheim.

Lululemon (LULU -0.85%) was cut to 'Under Perform' from 'Market Perform' at FBR Capital.

Paccar (PCAR +0.47%) was downgraded to 'Sector Perform' from 'Outperform' at RBC Capital Markets.

Quest Diagnostics (DGX +0.34%) won dismissal of a class action lawsuit brought by consumers claiming it monopolized the Northern California diagnostic labs market.

According to Catchpoint Systems, Neiman Marcus' (NMG) webpage was down for nearly the entire day on Black Friday.

According to people familiar with the company's plans, American International Group (AIG +0.84%) is considering the sale of blocks of life policies.

MARKET COMMENTS

Dec E-mini S&Ps (ESZ15 +0.13%) this morning are up +1.75 points (+0.08%). Friday's closes: S&P 500 +0.06%, Dow Jones -0.08%, Nasdaq +0.16%. The S&P 500 on Friday closed higher on optimism about the holiday shopping season after Adobe Systems reported a surge in e-commerce sales on Thanksgiving day with an expected $1.7 billion expected to be spent online, a +22% increase from last year. In addition, there was a rally in small cap stocks as health-care and consumer staples companies moved higher. Stocks were undercut by a -5.48% plunge in China's Shanghai Composite and by weakness in media stocks after Disney dropped over 3% after it reported subscriptions to its ESPN sports programming fell 3% in its last fiscal year.

Dec 10-year T-notes (ZNZ15 -0.10%) this morning are down -5 ticks. Friday's closes: TYZ5 +3.50, FVZ5 +2.00. Dec T-notes on Friday rallied to a 3-week high and closed higher on safe-haven demand after the -5.5% plunge in the China Shanghai Composite index. T-notes were also boost by carryover support from a rally in German bunds to a 4-week high on expectations for the ECB to cut its deposit facility rate by 10 bp when it meets on Thursday.

The dollar index (DXY00 +0.20%) this morning is up +0.210 (+0.21%) at a fresh 8-1/2 month high. EUR/USD (^EURUSD) is down -0.0017 (-0.16%) at a news 7-1/2 month low. USD/JPY (^USDJPY) is up +0.26 (+0.21%). Friday's closes: Dollar Index +0.225 (+0.23%), EUR/USD -0.0014 (-0.13%), USD/JPY +0.28 (+0.23%). The dollar index on Friday climbed to an 8-1/2 month high and closed higher on divergent central bank policies with the Fed expected to raise interest rates in December while the ECB this Thursday is expected to cut the bank deposit rate by 10 bp to -0.30% and expand its QE program.

Jan crude oil (CLF16 +0.41%) this morning is up +34 cents (+0.82%) and Jan gasoline (RBF16 -0.16%) is up +0.0054 (+0.40%). Friday's closes: CLF6-1.27 (-2.95%), RBF6 -0.0138 (-1.02%). Jan crude oil and gasoline on Friday closed lower on the rally in the dollar index to an 8-1/2 month high and concern about the global crude oil supply glut after the chairman of Libya's National Oil Corp. said that oil production from Libya's Sharara and Elephant oil fields, which have been closed for a year with a combined capacity of 440,000 bpd, could resume full production within a week of a decision to restart operations.

GLOBAL EVENT CALENDAR11/30/2015

US	0900 ET	Nov Milwaukee ISM expected +1.34 to 48.00, Oct +7.22 to 46.66.
	0945 ET	Nov Chicago PMI expected -2.2 to 54.0, Oct +7.5 to 56.2.
	1000 ET	Oct pending home sales expected +1.0% m/m and +4.5% y/y, Sep -2.3% m/m and +2.5% y/y.
	1030 ET	Nov Dallas Fed manufacturing outlook level of general business activity expected +2.7 to -10.0, Oct -3.2 to 12.7.
	1100 ET	USDA weekly grain export inspections.
	1600 ET	USDA weekly crop progress.
JPN	0000 ET	Japan Oct housing starts expected +2.6% y/y to 908,000 annualized, Sep +2.6% y/y to 900,000 annualized.
	0000 ET	Japan Oct construction orders, Sep +6.7% y/y.
	1850 ET	Japan Q3 capital spending expected +2.2% y/y, Q2 +5.6% y/y. Q3 capital spending ex-software expected +1.8% y/y, Q2 +6.6% y/y.
	2035 ET	Revised Japan Nov Nikkei manufacturing PMI, preliminary +0.4 to 52.8.
UK	0430 ET	UK Oct net consumer credit expected +1.3 billion pounds, Sep +1.3 billion pounds.
	0430 ET	UK Oct mortgage approvals expected 69,900, Sep 68.900.
	0430 ET	UK Oct M4 money supply, Sep -1.0% m/m and -0.6% y/y.
	0430 ET	UK Nov Lloyds business barometer, Oct 50.
GER	0200 ET	German Oct retail sales expected +0.3% m/m and +2.9% y/y, Sep unch m/m and +3.4% y/y.
	0800 ET	German Nov CPI (EU harmonized) expected +0.1% m/m and +0.3% y/y, Oct unch m/m and +0.2% y/y.
CHI	2000 ET	China Nov manufacturing PMI expected +0.1 to 49.9, Oct 49.8. Nov non-manufacturing PMI, Oct 53.1.

U.S. STOCK CALENDAR11/30/2015

Company	Ticker	Time	Event Description	Period	Estimate
Golar LNG Ltd	GLNG US	Bef-mkt	Q3 2015 Earnings Release	Q3 2015	-0.325
Golar LNG Ltd	GLNG US	10:00	Q3 2015 Earnings Call	Q3 2015
Thor Industries Inc	THO US		Q1 2016 Earnings Release	Q1 2016	0.826