Morning Call 10/9

Barchart Morning Call

Barchart.com - Mon Oct 9, 6:47AM CDT

OVERNIGHT MARKETS AND NEWS

Dec E-mini S&Ps (ESZ17 +0.19%) this morning are up +0.16% and European stocks are up +0.04% at a 4-1/2 month high on signs the global economic recovery can continue. German Aug industrial production jumped +2.6% m/m, the biggest increase in 6-years, and Eurozone Oct Sentix investor confidence rose +1.5 to 29.7, a 10-1/4 year high. Also, the crisis in Spain eased as Spain's IBEX Stock Index is up +0.67% after a senior member of the Catalan administration called for dialogue with Spain. Turkey's ISE Stock Index slumped -3.05% and the Turkish lira fell to an 8-1/2 month low against the dollar as a diplomatic spat between the two countries escalated after both the U.S. and Turkey suspended visa services for citizens looking to visit the other country. Asian stocks settled mostly higher: Japan, Taiwan and South Korea closed for holiday. Hong Kong -0.46%, China +0.76%, Australia +0.50%, Singapore +0.01%, India +0.10%. China's Shanghai Composite rallied to a 1-3/4 year high as it reopened following a week long holiday, although prices fell back from their best levels as real estate companies retreated after the Economic Information Daily said that new home sales declined in Beijing and Shanghai during the week-long National Day holiday.

The dollar index (DXY00 -0.14%) is down -0.12%. EUR/USD (^EURUSD) is up +0.14%. USD/JPY (^USDJPY) is down -0.02%.

Dec 10-year T-note prices (ZNZ17 +0.02%) are up +2.5 ticks.

The Eurozone Oct Sentix investor confidence rose +1.5 to 29.7, stronger than expectations of +0.3 to 28.5 and the highest in 10-1/4 years.

German Aug industrial production rose +2.6% m/m, stronger than expectations of +0.9% m/m and the biggest increase in 6-years.

Boston Fed President Rosengren said, "Low inflation readings have provided monetary policy makers the opportunity to take a more patient approach to removing accommodation than in recent recoveries, however, failing to respond to very tight labor markets with rates remaining negative in real terms could potentially risk unnecessarily shortening the economic recovery."

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) U.S. government offices and cash Treasury trading closed for Columbus Day but exchanges are open.

Notable Russell 1000 earnings reports today include: none.

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

Equity conferences this week: Cerner Health Conference on Mon-Wed, HR Technology Conference on Tue-Fri, National HUBZone Conference on Thu.

OVERNIGHT U.S. STOCK MOVERS

E*TRADE Financial (ETFC -2.36%) was upgraded to 'Buy' from 'Neutral' at Bank of America/Merrill Lynch with a price target of $49.

Yelp (YELP +0.73%) was downgraded to 'Neutral' from 'Overweight' at Cantor Fitzgerald.

Morgan Stanley (MS +0.26%) was upgraded to 'Outperform' from 'Neutral' at Credit Suisse with a price target of $54.

Activision Blizzard (ATVI +0.25%) was downgraded to 'Market Perform' from 'Outperform' at Cowen.

Humana (HUM +0.63%) was downgraded to 'Neutral' from 'Overweight' at JP Morgan Chase.

Goldman Sachs (GS -0.02%) was downgraded to 'Neutral' from 'Outperform' at Credit Suisse.

Express Scripts Holdings (ESRX -2.58%) may open lower this morning after it was downgraded to 'Underperform' from 'Market Perform' at Raymond James.

Viacom (VIA -0.98%) slid over 3% in pre-market trading after it was downgraded to 'Sell' from 'Neutral' at Citigroup who said that Viacom faces the "acute" risk that Charter Communications will stop carrying its content.

Tesla (TSLA +0.44%) fell -0.5% in after-hours trading after CEO Musk tweeted that that the unveiling of its semi-truck would be pushed back to Nov 16 from Oct 26 as the company diverts resources to fix Model 3 bottlenecks and increase battery production for Puerto Rico.

Medtronic Plc (MDT +0.38%) fell 2% in after-hours trading when it said that its Q2 quarterly revenue and earnings would be hurt by $250 million from the impact of Hurricane Maria.

Pershing Square said it cut its stake in Mondelez (MDLZ +0.07%) to 4.97% from a 5.60% stake reported on Sep 27.

Morgan Stanley cut its passive stake in Blue Apron (APRN -1.32%) to 1.4% from a 5.31% stake reported in Aug 2.

MARKET COMMENTS

Dec S&P 500 E-mini stock futures (ESZ17 +0.19%) this morning are up +4.00 points (+0.16%). Friday's closes: S&P 500 -0.11%, Dow Jones -0.01%, Nasdaq +0.12%. The S&P 500 on Friday closed lower on the unexpected decline in U.S. Sep non-farm payrolls by -33,000, which was weaker than expectations of +80,000 and the biggest decline in 7 years. Stocks were also undercut by ramped up expectations for a Fed rate hike in December after U.S. Sep average hourly earnings rose +2.9% y/y, stronger than expectations of +2.6% y/y and the largest year-on-year increase in 8-1/4 years. There were also increased geopolitical tensions that fueled long liquidation in stocks after Russia's news agency reported that North Korea might test a long-range ballistic missile over the weekend.

Dec 10-year T-note prices (ZNZ17 +0.02%) this morning are up +2.5 ticks. Friday's closes: TYZ7 -4.00, FVZ7 -3.25. Dec 10-year T-notes on Friday tumbled to a 5-3/4 month nearest futures low and closed lower on the stronger-than-expected +2.9% y/y increase in U.S. Sep average hours earnings, the most in 8-1/4 years, which bolsters the case for a Fed rate hike in December. There was also an increase in inflation expectations after the 10-year T-note breakeven inflation rate rose to a 1-week high. T-notes recovered most of their losses on increased safe-haven demand after the Russian news agency reported that North Korea plans to test a long-range ballistic missile this weekend.

The dollar index (DXY00 -0.14%) this morning is down -0.11 (-0.12%). EUR/USD (^EURUSD) is up +0.0017 (+0.14%) and USD/JPY (^USDJPY) is down -0.02 (-0.02%). Friday's closes: Dollar Index -0.161 (-0.17%), EUR/USD +0.0019 (+0.16%), USD/JPY -0.17 (-0.15%). The dollar index on Friday fell back from a 2-1/4 month high and closed lower on increased safe-haven demand for the yen after Russia's news agency reported that North Korea would test a long-range missile over the weekend. The dollar was also undercut by dovish comments from Dallas Fed President Kaplan who said, "he's not there yet" on a Fed rate hike in Dec. The dollar rallied to a 2-1/4 month high early after U.S. Sep average hourly earnings rose +2.9% y/y, the largest year-on-year increase in 8-1/4 years, which was hawkish for Fed policy.

Nov crude oil (CLX17 +0.18%) this morning is down -1 cents (-0.02%) and Nov gasoline (RBX17 -0.91%) is -0.0179 (-1.15%). Friday's closes: Nov WTI crude -1.50 (-2.95%), Nov gasoline -0.0526 (-3.26%). Nov crude oil and gasoline on Friday closed lower with Nov crude at a 3-week low. Crude oil prices were undercut by updated weather forecasts that call for Tropical Storm Nate to move away from the bulk of the U.S. oil production rigs in the Gulf of Mexico before it makes landfall on the Gulf Coast Sunday. Crude oil prices were also undercut by the sharp decline in the crack spread, which reduces the incentive for refineries to purchase crude oil to refine into gasoline.

Metals prices this morning are mixed with Dec gold (GCZ17 +0.75%) +10.4 (+0.82%) at a 1-week high, Dec silver (SIZ17+0.83%) +0.16 (+0.95%) at a 1-1/2 week high and Dec copper (HGZ17 -0.12%) -0.005 (-0.17%). Friday's closes: Dec gold +1.7 (+0.13%), Dec silver +0.152 (+0.91%), Dec copper -0.0175 (-0.57%). Metals on Friday settled mixed. Precious metals prices were boosted by increased safe-haven demand after Russia's news agency reported that North Korea would test a ballistic missile over the weekend. Copper was boosted by the -2,675 MT decline in LME copper inventories to a 3-week low. Metals prices were undercut by the stronger-than-expected U.S. Sep hourly earnings report of +2.9% y/y that bolstered the case for a Fed interest rate increase at the Dec FOMC meeting.

GLOBAL EVENT CALENDAR10/09/2017

		Monday, Oct 9
US	n/a	U.S. government offices and cash Treasury trading closed for Columbus Day. Exchanges open.
		Tuesday, Oct 10
US	1000 ET	Minneapolis Fed President Neel Kashkari (voter) speaks at a regional economic conference hosted by his bank.
	1100 ET	USDA weekly grain export inspections.
	1600 ET	USDA crop conditions and progress report.
	2000 ET	Dallas Fed President Robert Kaplan (voter) speaks in a moderated Q&A at a Stanford Institute for Economic Policy Research Associates Meeting.

U.S. STOCK CALENDAR10/09/2017

Name	Ticker	Time	Description	Period	Estimate
Wal-Mart Stores Inc	WMT US		Investment Community Meeting Day - 1

Morning Call 10/6

Barchart Morning Call

Barchart.com - Fri Oct 6, 6:42AM CDT

OVERNIGHT MARKETS AND NEWS

Dec E-mini S&Ps (ESZ17 -0.06%) this morning are down -0.04% ahead of this morning's U.S. Sep payrolls report as the market consolidates this week's sharp gains to a new record high Thursday. European stocks are down -0.22%, led by losses in Spanish banks, as the financial and political squeeze on the separatist government in Catalonia tightens. Catalan President Puigdemont risks economic damage and isolation if he goes ahead with plans to declare independence based on a referendum that was considered illegal under Spain's constitution. Other Spanish companies may join Spain's banks in deciding to relocate their headquarters out of Catalonia as the crisis persists. Losses in European stocks were limited on signs of strength in the German economy, Europe's largest, after German Aug factory orders rose +3.6% m/m, the biggest increase in 8-months. GBP/USD tumbled -0.40% to a 4-week low on concern the political movement in the UK to try to remove Prime Minister May from power would throw the Brexit negotiations into chaos. Asian stocks settled higher: Japan +0.30%, Hong Kong +0.28%, Taiwan +0.14%, Australia +1.04%, Singapore +0.90%, India +0.70%. China and South Korea remain closed for holidays. Japan's Nikkei Stock Index climbed to a new 2-year high on carry-over support from the rally in U.S. stocks Thursday to a record high.

The dollar index (DXY00 +0.01%) is up +0.04% at a 1-1/2 month high. EUR/USD (^EURUSD) is down -0.04% at a 1-1/2 month low as the political crisis in Spain weighs on the euro. USD/JPY (^USDJPY) is up +0.10%.

Dec 10-year T-note prices (ZNZ17 -0.11%) are down -4 ticks.

UK Q2 unit labor costs rose +1.6% y/y, the slowest pace of increase since Q4 of 2015.

Japan Aug labor cash earnings rose +0.9% y/y, stronger than expectations of +0.5% y/y and the biggest increase in 13-months.

The Japan Aug leading index CI rose +1.6 to 106.8, weaker than expectations of +1.9 to 107.1 but still a 3-1/2 year high. The Aug coincident index rose +1.9 to 117.6, stronger than expectations of +1.8 to 117.5.

German Aug factory orders jumped +3.6% m/m, stronger than expectations of +0.7% m/m and the largest increase in 8-months.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Sep non-farm payrolls (expected +80,000, Aug +156,000) and Sep unemployment rate (expected unch at 4.4%, Aug +0.1 to 4.4%), (2) Sep avg hourly earnings (expected +0.3% m/m and +2.5% y/y, Aug +0.1% m/m and +2.5% y/y), (3) Atlanta Fed President Raphael Bostic (non-voter) speaks at the “Investing in America’s Workforce” conference, (4) Aug wholesale trade sales (expected unch m/m, Jul -0.1% m/m), (5) New York Fed President William Dudley (voter)will deliver a speech on “The Monetary Policy Outlook and the Importance of Higher Education for Economic Mobility” at an event in New York, (6) Dallas Fed President Robert Kaplan (voter) speaks in a moderated Q&A at an “Investing in America’s Workforce” conference in Dallas, (7) Aug consumer credit expected +$15.54 billion, Jul +$18.499 billion.

Notable Russell 1000 earnings reports today include: Costco (consensus $2.02), Constellation Brands (2.17), Global Payments (1.10), Yum China Holdings (0.56).

U.S. IPO's scheduled to price today: Switch (SWCH).

Equity conferences this week: Petaluma Area Chamber of Commerce Business Conference on Fri.

OVERNIGHT U.S. STOCK MOVERS

Goldman Sachs (GS +2.39%) was downgraded to 'Market Perform' from 'Market Outperform' at Vining Sparks.

Bank of America (BAC +1.63%) was downgraded to 'Market Outperform' from 'Strong Buy' at Vining Sparks.

Albemarle (ALB +1.04%) was downgraded to 'Neutral' from 'Buy' at Goldman Sachs.

Kraft Heinz (KHC +0.62%) was upgraded to 'Overweight' from 'Neutral' at Piper Jaffray with a price target of $90.

Microchip (MCHP -0.33%) was initiated as a new 'Buy' at Argus with a price target of $106.

Marathon Petroleum (MPC -0.11%) was upgraded to 'Buy' from 'Hold' at Edward Jones with a price target of $63.

Green Dot (GDOT +2.71%) was initiated with a 'Buy' rating at Craig-Hallum with a price target of $70.

Valero Energy (VLO -0.54%) was downgraded to 'Neutral' from 'Overweight' at JPMorgan Chase.

HollyFrontier (HFC -2.56%) was downgraded to 'Underweight' from 'Neutral' at JPMorgan Chase.

Yum China Holdings (YUMC +0.20%) climbed almost 4% in after-hours trading after it reported Q3 revenue of $2.04 billion, higher than consensus of $1.98 billion.

Costco Wholesale (COST +1.13%) fell over 1% in after-hours trading even after it reported Q4 revenue of $43.3 billion, better than consensus of $41.62 billion.

Annaly Capital Management (NLY +0.41%) slid nearly 3% in after-hours trading after it announced that it intends to make a public offering of 65 million shares of its common stock.

Synchronoss Technologies (SNCR -0.09%) surged nearly 20% in after-hours trading after it entered into an exclusivity pact with Siris Capital Group.

MARKET COMMENTS

Dec S&P 500 E-mini stock futures (ESZ17 -0.06%) this morning are down -1.00 point (-0.04%). Thursday's closes: S&P 500 +0.56%, Dow Jones +0.50%, Nasdaq +0.97%. The S&P 500 on Thursday accelerated up to a new record high and settled higher on the -12,000 fall in U.S. weekly jobless claims to 260,000, a bigger decline than expectations of -7,000 to 265,000, and on the U.S. Aug factory orders report of +1.2%, stronger than expectations of +1.0%. There was also strength in energy stocks after crude oil prices rose +1.62%.

Dec 10-year T-note prices (ZNZ17 -0.11%) this morning are down -4 ticks. Thursday's closes: TYZ7 -5.50, FVZ7 -3.75. Dec 10-year T-notes on Thursday closed lower on the stronger-than-expected U.S. Aug factory orders report of +1.2%, and on comments from Philadelphia Fed President Harker who said that he has already "penciled in" a third 25 bp Fed rate hike in Dec and that he projects three more rate increases in 2018. T-notes were also undercut by reduced safe-haven demand with the rally in the S&P 500 to a new record high.

The dollar index (DXY00 +0.01%) this morning is up +0.038 (+0.04%) at a 1-1/2 month high. EUR/USD (^EURUSD) is down -0.0005 (-0.04%) at a 1-1/2 month low and USD/JPY (^USDJPY) is up +0.11 (+0.10%). Thursday's closes: Dollar Index +0.503 (+0.54%), EUR/USD -0.0048 (-0.41%), USD/JPY +0.06 (+0.05%). The dollar index on Thursday closed higher on hawkish comments from Philadelphia Fed President Harker who said he has already "penciled in" a third 25 bp rate hike by the Fed in Dec. The dollar index was also boosted by the increase in 10-year T-note yields, which boosts the dollar's interest rate differentials.

Nov crude oil (CLX17 -0.91%) this morning is down -53 cents (-1.04%) and Nov gasoline (RBX17 +0.24%) is +0.0007 (+0.04%). Thursday's closes: Nov WTI crude +0.81 (+1.62%), Nov gasoline +0.0309 (+1.96%). Nov crude oil and gasoline on Thursday closed higher with Nov gasoline at a 1-week high. Crude oil prices were supported by the prospects for an extension of crude oil production cuts between OPEC and Russia after Saudi King Salman bin Abdulaziz made a trip to Moscow to meet Russian President Putin and said Saudi Arabia wants to continue cooperation with Russia to maintain stability on the world oil market. Crude oil prices were also boosted by the increase in the crack spread to a 1-week high, which gives incentive for refiners to increase their crude purchases to refine crude oil into gasoline.

Metals prices this morning are mixed with Dec gold (GCZ17 -0.13%) -1.5 (-0.12%), Dec silver (SIZ17 -0.02%) -0.003 (-0.02%) and Dec copper (HGZ17 -0.05%) +0.002 (+0.05%) at a 3-week high. Thursday's closes: Dec gold -3.6 (-0.28%), Dec silver +0.014 (+0.08%), Dec copper +0.0875 (+2.96%). Metals on Thursday settled mixed with Dec copper at a 3-week high. Metals prices were boosted by the stronger-than-expected U.S. Aug factory orders report of +1.2% that was positive for industrial metals demand, and by the -2,450 MT decline in LME copper inventories, a sign of tighter supplies. Metals prices were undercut by a stronger dollar and by reduced safe-haven demand for stocks with the rally in the S&P 500 to a new record high.

GLOBAL EVENT CALENDAR10/06/2017

		Friday, Oct 6
US	0830 ET	Sep non-farm payrolls expected +80,000, Aug +156,000. Sep private payrolls expected +72,000, Aug +165,000. Sep manufacturing payrolls expected +8,000, Aug +36,000. Sep unemployment rate expected unch at 4.4%, Aug +0.1 to 4.4%.
	0830 ET	Sep avg hourly earnings expected +0.3% m/m and +2.5% y/y, Aug +0.1% m/m and +2.5% y/y. Sep avg weekly hours all-employees expected unch at 34.4 hours, Aug -0.1 to 34.4 hours.
	0915 ET	Atlanta Fed President Raphael Bostic (non-voter) speaks at the Investing in Americas Workforce conference.
	1000 ET	Aug wholesale trade sales expected unch m/m, Jul -0.1% m/m. Revised Aug wholesale inventories expected unchanged at +1.0%, prelim-Aug +1.0% m/m.
	1215 ET	New York Fed President William Dudley (voter)will deliver a speech on The Monetary Policy Outlook and the Importance of Higher Education for Economic Mobility at an event in New York.
	1245 ET	Dallas Fed President Robert Kaplan (voter) speaks in a moderated Q&A at an Investing in Americas Workforce conference in Dallas.
	1500 ET	Aug consumer credit expected +$15.54 billion, Jul +$18.499 billion.
		Monday, Oct 9
US	n/a	U.S. government offices and cash Treasury trading closed for Columbus Day. Exchanges open.

U.S. STOCK CALENDAR10/06/2017

Name	Ticker	Time	Description	Period	Estimate
Constellation Brands Inc	STZ US	Bef-mkt	Q2 2018 Earnings Release	Q2 18	2.166
Leucadia National Corp	LUK US	08:30	Investor Meeting
Clorox Co/The	CLX US	09:00	Analyst Day
Constellation Brands Inc	STZ US	10:30	Q2 2018 Earnings Call	Q2 18
Telephone & Data Systems Inc	TDS US		Roadshow - Day 4
United States Cellular Corp	USM US		Roadshow - Day 4
RPM International Inc	RPM US		Annual General Meeting
Global Payments Inc	GPN US		Q3 2017 Earnings Release	Q3 17	1.098
Leucadia National Corp	LUK US		Investor Day
Symantec Corp	SYMC US	12:00	Annual General Meeting
Oracle Corp	ORCL US	14:00	Analyst Meeting
Costco Wholesale Corp	COST US	16:15	Q4 2017 Earnings Release	Q4 17	2.017
Yum China Holdings Inc	YUMC US	16:30	Q3 2017 Earnings Release	Q3 17	0.564
Costco Wholesale Corp	COST US	17:00	Q4 2017 Earnings Call	Q4 17
Yum China Holdings Inc	YUMC US	20:00	Q3 2017 Earnings Call	Q3 17

MORNING CALL 2/24

Barchart Morning Call

Barchart.com - Fri Feb 24, 6:37AM CST

OVERNIGHT MARKETS AND NEWS

Mar E-mini S&Ps (ESH17 -0.41%) are down -0.47% and European stocks are down -1.19%. Uncertainty ahead of France's presidential election in April and Tuesday's speech to Congress from President Trump has fueled long liquidation in stocks. European political risks have increased as far-right French presidential candidate Marine Le Penn, who wants to take France out of the EU, is seen gaining in polls, while President Trump promised something "phenomenal" with respect to tax reform three weeks ago, and his every word will be parsed when he addresses House and Senate lawmakers on Tuesday. The slide in equity markets has boosted the price of gold with Apr COMEX gold (GCJ17 +0.53%) up +0.59% to a 3-1/4 month high. Government bonds are also higher on increased safe-haven demand as German bunds climbed to a 1-1/2 month high and T-notes are at a 2-week high. Asian stocks settled mostly lower: Japan -0.45%, Hong Kong -0.62%, China +0.06%, Taiwan -0.19%, Australia -0.79%, Singapore -0.65%, South Korea -0.92%, India closed for holiday. A stronger yen undercut Japanese stocks as USD/JPY tumbled to a 2-week low.

The dollar index (DXY00 -0.26%) is down -0.24%. EUR/USD (^EURUSD) is up +0.23%. USD/JPY (^USDJPY) is down -0.26% at a 2-week low.

Mar 10-year T-note prices (ZNH17 +0.16%) are up +6 ticks at a 2-week high.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Jan new home sales (expected +6.3% to 570,000, Dec -10.4% to 536,000), (2) revised-Feb University of Michigan U.S. consumer sentiment index (expected +0.3 to 96.0, prelim-Feb -2.8 to 95.7), (3) USDA weekly Export Sales, (4) USDA Jan Cattle on Feed.

Notable S&P 500 earnings reports today include: Foot Locker (consensus $1.32), Public Service Enterprise Group (0.53), Pinnacle West Capital (0.48), Cabot Oil & Gas (0.01).

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

Equity conferences: CAGNY Investor Conference on Tue-Fri.

OVERNIGHT U.S. STOCK MOVERS

Goldman Sachs (GS -0.21%) was downgraded to 'Sell' from 'Hold' at Berenberg with a price target of $190.

Incyte (INCY +0.49%) climbed over 4% in after-hours trading after it was announced that it will replace Spectra Energy in the S&P 500 at the open of trading on Tuesday, February 28.

Nordstrom (JWN -3.11%) rallied 3% in after-hours trading after it reported Q4 adjusted EPS of $1.37, higher than consensus of $1.15.

Stamps.com (STMP -0.52%) fell almost 3% in after-hours trading after it said it sees full-year adjusted EPS of $6.00-$7.00, weaker than consensus of $7.91

Hewlett Packard Enterprise (HPE -0.48%) dropped 6% in after-hours trading after it reported Q1 net revenue of $11.4 billion, weaker than consensus of $12.1 billion, and said it sees Q2 adjusted EPS of 41 cents-45 cents, below consensus of 47 cents.

B&G Foods (BGS -1.37%) slid 6% in after-hours trading after it reported Q4 adjusted EPS of 29 cents, weaker than consensus of 40 cents.

RH US (RH -3.15%) surged 15% in after-hours trading after it reported Q4 adjusted EPS of 68 cents, above consensus of 66 cents.

MercadoLibre (MELI -0.29%) gained 2% in after-hours trading after it reported Q4 net revenue of $256.3 million, better than consensus of $250 million.

Universal Display (OLED -5.33%) jumped nearly 12% in after-hours trading after it reported Q4 EPS of 55 cents, above consensus of 43 cents.

Baidu (BIDU -0.74%) rose 3% in after-hours trading after it reported Q4 adjusted profit for ADS of $1.91, well above consensus of $1.09.

Acacia Communications (ACIA +1.94%) tumbled 11% in after-hours trading after it said it sees Q1 adjusted EPS of 63 cents-70 cents, weaker than consensus of 78 cents.

Sarepta Therapeutics (SRPT -0.76%) gained over 1% in after-hours trading after Point72 Asset Management said it raised its passive stake in the company to 5.2% from 2.5%.

Zoe's Kitchen (ZOES -1.49%) sank 11% in after-hours trading after it said it sees full-year revenue of $325 million-$327 million, below consensus of $329.1 million.

Accelerate Diagnostics (AXDX +1.23%) rose 3% in after-hours trading after it received clearance from the FDA to market its PhenoTest BC Kit as the first test to identify organisms that cause bloodstream infections and provide information on antibiotic sensitivity.

Emergent BioSolutions (EBS -0.47%) gained over 2% in after-hours trading after it reported Q4 adjusted EPS of 74 cents, better than consensus of 61 cents.

Acadia Healthcare (ACHC +1.41%) fell over 8% in after-hours trading after it said it sees Q1 adjusted EPS of 45 cents-47 cents, below consensus of 56 cents, and then lowered guidance on full-year EPS to $2.40-$2.50, weaker than consensus of $2.53.

Hi-Crush Partners LP (HCLP -6.38%) slid over 7% in after-hours trading after it announced a primary offering of 20.5 million common units.

MARKET COMMENTS

Mar E-mini S&Ps (ESH17 -0.41%) this morning are down -11.00 points (-0.47%). Thursday's closes: S&P 500 +0.04%, Dow Jones +0.17%, Nasdaq -0.37%. The S&P 500 on Thursday posted a new record high and closed higher on strength in energy producing stocks after the price of crude oil rose +1.44% to a 1-1/2 month high and on a rally in mining stocks after the price of gold and silver climbed to 3-1/4 month highs. Stocks were undercut by weakness in technology stocks and by hawkish comments from Atlanta Fed President Lockhart who said that "two or three 25 bp rate hikes are likely this year as long as the economy remains on the track it is on."

Mar 10-year T-notes (ZNH17 +0.16%) this morning are up +6 ticks at a 2-week high. Thursday's closes: TYH7 +9.00, FVH7 +6.50. Mar 10-year T-notes on Thursday climbed to a 2-week high and closed higher on carry-over support from a rally in German bunds to a 1-1/2 month high on increased safe-haven demand due to political risks in France and on short-covering at the conclusion of this week's T-note auctions.

The dollar index (DXY00 -0.26%) this morning is down -0.24 (-0.24%). EUR/USD (^EURUSD) is up +0.0024 (+0.23%). USD/JPY (^USDJPY) is down -0.29 (-0.26%) at a 2-week low. Thursday's closes: Dollar index -0.17 (-0.17%), EUR/USD +0.0024 (+0.23%), USD/JPY -0.70 (-0.62%). The dollar index on Thursday closed lower on the slide in 10-year T-note yields to 2-week lows, which reduces the dollar's interest rate differentials. The dollar was also undercut by Treasury Secretary Mnuchin's comment that fiscal stimulus effects on the U.S. economy this year may be limited.

Apr WTI crude oil prices (CLJ17 -0.77%) this morning are down -25 cents (-0.46%) and Apr gasoline (RBJ17 -0.51%) is -0.0037 (-0.21%). Thursday's closes: Apr crude +0.77 (+1.44%), Apr gasoline +0.0128 (+0.74%). Apr crude and gasoline on Thursday closed higher with Apr crude at a 1-1/2 month high and Apr gasoline at a 1-week high. Crude oil prices were boosted by a weaker dollar, the +564,000 increase in EIA crude inventories (less than expectations of +3.25 million bbl) and the -1.528 million bbl decline in crude supplies at Cushing to a 2-1/2 month low. Crude prices fell back from their best levels after U.S. crude production in the week of Feb 17 rose +0.3% to 9.001 million bpd, a 10-1/2 month high.

GLOBAL EVENT CALENDAR02/24/2017

		Friday, Feb 24
US	0830 ET	USDA weekly Export Sales.
	1000 ET	Jan new home sales expected +6.5% to 571,000, Dec -10.4% to 536,000.
	1000 ET	Revised-Feb University of Michigan U.S. consumer sentiment expected +0.3 to 96.0, prelim-Feb -2.8 to 95.7.
	1500 ET	USDA Jan Cattle on Feed.
		Monday, Feb 27
US	0830 ET	Jan durable goods orders expected +2.0% and +0.5% ex transportation, Dec -0.5% and +0.5% ex transportation. Jan capital goods new orders non-defense ex aircraft & parts expected +0.5%, Dec +0.7%.
	1000 ET	Jan pending home sales expected +0.9% m/m, Dec +1.6% m/m and -2.0% y/y.
	1030 ET	Feb Dallas Fed manufacturing activity expected -2.1 to 20.0, Jan +4.4 to 22.1.
	1100 ET	USDA weekly grain export inspections.
	1100 ET	Dallas Fed President Robert Kaplan (voter) speaks at the University of Oklahoma Price College of Business.

U.S. STOCK CALENDAR02/24/2017

Company	Ticker	Time	Event Description	Period	Estimate
Cabot Oil & Gas Corp	COG US	Bf-mkt	Q4 2016 Earnings Release	Q4 2016	0.011
Pinnacle West Capital Corp	PNW US	Bf-mkt	Q4 2016 Earnings Release	Q4 2016	0.481
Foot Locker Inc	FL US	6:45	Q4 2017 Earnings Release	Q4 2017	1.328
Public Service Enterprise Group	PEG US	7:30	Q4 2016 Earnings Release	Q4 2016	0.525
Eaton Corp PLC	ETN US	8:00	Analyst Conference	Y 2017
Foot Locker Inc	FL US	9:00	Q4 2017 Earnings Call	Q4 2017
Cabot Oil & Gas Corp	COG US	9:30	Q4 2016 Earnings Call	Q4 2016
Southwestern Energy Co	SWN US	10:00	Q4 2016 Earnings Call	Q4 2016
Alliant Energy Corp	LNT US	10:00	Q4 2016 Earnings Call	Q4 2016
Pinnacle West Capital Corp	PNW US	11:00	Q4 2016 Earnings Call	Q4 2016
Public Service Enterprise Group	PEG US	11:00	Q4 2016 Earnings Call	Q4 2016