MORNING CALL 7/12

MORNING CALL

Tuesday, July 12th, 2016View Older Reports

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OVERNIGHT MARKETS AND NEWS

Sep E-mini S&Ps (ESU16 +0.46%) are up +0.52% at a fresh record high and European stocks are up +1.79% at a 2-week high. U.S. stocks received a boost from Alcoa which is up over 4% in pre-market trading after it started off Q2 earnings reporting season by reporting higher than expected Q2 earnings. European stocks found support with a rally in automakers, led by an over 4% jump in Daimler AG after it reported a 5.6% increase in adjusted earnings. Also, Home Secretary May is prepared to take over as the UK's next prime minister, which removes some political uncertainty in Britain. Asian stocks settled higher: Japan +2.49%, Hong Kong +1.65%, China +1.82%, Taiwan +0.63%, Australia +0.30%, Singapore +0.89%, South Korea +0.06%, India +0.66%. China's Shanghai Composite climbed to a 2-1/2 month high on the heels of the rally in the S&P 500 to a record high. Also, China International Capital Corp and CIMB Securities Ltd. said that China's pension funds, which have about 2 trillion yuan ($299 billion) available for investment, may start to deploy some of their holdings in securities including equities in the second half of this year. Japan's Nikkei Stock Index rallied to a 2-week high as the yen fell to a 2-week low against the dollar, which boosted exporter stocks.

The dollar index (DXY00 -0.22%) is down -0.37%. EUR/USD (^EURUSD) is up +0.28%. USD/JPY (^USDJPY) is up +0.89% at 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.

Sep T-note prices (ZNU16 -0.25%) are down -10.5 ticks.

Speaking in Sydney, Cleveland Fed President Mester said the "the timing of the next Fed rate hike is going to depend on how the economy evolves." She added that she's "comfortable that we're not behind the curve, but that she thinks a gradual upward tilt for interest rates is appropriate for the U.S. economy."

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Fed Governor Danial Tarullo delivers opening remarks at a conference on shadow banking, (2) St. Louis Fed President James Bullard (voter) delivers a presentation at a breakfast meeting of the NABE, (3) May wholesale inventories (expected +0.2% m/m, Apr +0.6% m/m) and May wholesale trade sales (expected +0.5% m/m, Apr +1.0% m/m), (4) May JOLTS job openings (expected -288,000 to 5.500 million, Apr +118,000 to 5.788 million), (5) Treasury's auction of $20 billion of 10-year T-notes, (6) Minneapolis Fed President Neel Kashkari (non-voter) holds a town hall forum at Northern Michigan University on the state of the economy and the role of the Federal Reserve, and (7) USDA July WASDE crop production.

Russell 1000 companies reporting earnings today: Fastenal (consensus $0.48), Commerce Bancshares (0.68).

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

Equity conferences this week include: none.

OVERNIGHT U.S. STOCK MOVERS

Pinnacle Foods (PF -1.83%) was upgraded to a 'Buy' at Goldman Sachs.

Alcoa (AA +3.26%) rallied +4% in pre-market trading after reporting Q2 adjusted EPS of 15 cents, which was better than the consensus of 9 cents. Q2 revenue of $5.30 billion was close to the market consensus.

Seagate Technology (STX +0.33%) rallied 13% in pre-market trading after its preliminary Q4 revenue beat expectations and the company announced more cost-cutting by cutting 14% of jobs.

Oracle (ORCL -0.22%) was upgraded to 'Outperform' from 'Market Perform' at BMO Capital Markets.

Astec Industries (ASTE +1.36%) was downgraded to 'Hold' from 'Buy' at BB&T Capital Markets.

Swift Transportation (SWFT +0.96%) and Marten Transport Ltd (MRTN +0.09%) were both downgraded to 'Sector Weight' from 'Oveweight' at Keyblanc Capital Markets.

Fastenal (FAST +0.29%) reported Q2 EPS of 45 cents, below consensus of 48 cents.

RR Donnelley (RRD +2.33%) rallied 5% in after-hours trading on a report by Bloomberg that Xerox (XRX -0.42%) is in early-stage talks to acquire Donnelley.

Imperva (IMPV +7.55%) fell -12% in after-hours trading after reporting disappointing adjusted EPS and revenue figures.

Tesla (TSLA +3.69%) fell -1% in after-hours trading on continued concern about the WSJ report that the SEC is considering whether Tesla failed to report a recent crash as a material event.

MARKET COMMENTS

Sep E-mini S&Ps (ESU16 +0.46%) this morning are up +11.00 points (+0.52%) at a fresh record high. Monday's closes: S&P 500 +0.34%, Dow Jones +0.44%, Nasdaq +0.64%. The S&P 500 on Monday rallied to a new record high and closed moderately higher on support from the +4% rally in the Nikkei index after Japanese PM Abe's LDP party in Sunday's elections gained a supermajority in the upper house of parliament, ensuring a new fiscal stimulus program totaling as much as $200 billion. U.S. stocks also rallied on reduced UK political uncertainty and indications that Brexit will move more quickly after Theresa May's opponent in the PM race dropped out, allowing Ms. May to become PM by Wednesday.

Sep 10-year T-note prices (ZNU16 -0.25%) this morning are down -10.5 ticks. Monday's closes: TYU6 -20.5, FVU6 -11.75. Sep 10-year T-notes on Monday closed sharply lower on the prospects for a large Japanese fiscal stimulus program and on reduced Brexit uncertainty as Theresa May will become Prime Minister by Wednesday, much sooner than expectations of September. T-notes were also undercut by reduced safe-haven demand with the rally in the S&P 500 index to a new record high and by Kansas City Fed President Esther George's (voter) resumption of her campaign for higher interest rates following last Friday's strong payroll report.

The dollar index (DXY00 -0.22%) this morning is down -0.360 (-0.37%), while EUR/USD (^EURUSD) is up +0.0031 (+0.28%) and USD/JPY (^USDJPY) is up +0.92 (+0.89%) at a 2-week high. Monday's closes: Dollar Index +0.276 (+0.29%), EUR/USD +0.0008 (+0.07%), USD/JPY +2.25 (+2.24%). The dollar index on Monday edged to a new 3-month high and closed mildly higher on weakness in the yen caused by reduced safe-haven demand due to the rally in the S&P 500 index to a new record high. The yen also saw weakness on expectations for further BOJ easing in conjunction with a new Japanese fiscal stimulus program. The dollar also continued to receive support from last Friday's strong U.S. payroll report.

Aug WTI crude oil (CLQ16 +2.50%) prices this morning are up +$1.32 a barrel (+2.95%) and Aug gasoline prices (RBQ16 +2.48%) are up +0.0405 (+2.93%). Monday's closes: CLQ6 -0.65 (-1.43%), RBQ6 +0.0127 (+0.93%). Aug crude and gasoline on Monday closed mixed. Crude oil prices were undercut by last Friday's news from Baker Hughes that active U.S. oil rigs rose by +10 rigs to 351 in the week ended July 8, adding to the previous week's +11 rig increase. Crude oil prices received some underlying support from expectations for a -3.5 million bbl decline in Wednesday's weekly EIA U.S. crude oil inventories report. Gasoline rallied on some short-covering after the recent sell-off.

GLOBAL EVENT CALENDAR07/12/2016

		Tuesday, July 12, 2016
US	0915 ET	Fed Governor Danial Tarullo delivers opening remarks at a conference on shadow banking.
	0935 ET	St. Louis Fed President James Bullard (voter) delivers a presentation at a breakfast meeting of the NABE.
	1000 ET	May wholesale inventories expected +0.2% m/m, Apr +0.6% m/m. May wholesale trade sales expected +0.5% m/m, Apr +1.0% m/m.
	1000 ET	May JOLTS job openings expected -288,000 to 5.500 million, Apr +118,000 to 5.788 million.
	1200 ET	USDA Jul WASDE crop production.
	1300 ET	Treasury auctions $20 billion of 10-year T-notes.
	1730 ET	Minneapolis Fed President Neel Kashkari (non-voter) holds a town hall forum at Northern Michigan University on the state of the economy and the role of the Federal Reserve.
		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 +0.6% 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 +$24.0 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.
JPN	0030 ET	Revised Japan May industrial production, prelim-May -2.3% m/m and -0.1% y/y.
	0030 ET	Japan May capacity utilization, Apr -1.0% m/m.
UK	0430 ET	BOE credit conditions and bank liabilities surveys.
	1901 ET	UK Jun RICS house price balance expected 9%, May 19%.
EUR	0500 ET	Eurozone May industrial production, Apr +1.1% m/m and +2.0% y/y.

U.S. STOCK CALENDAR07/12/2016

Company	Ticker	Time	Event Description	Period	Estimate
Fastenal Co	FAST	7:00	Q2 2016 Earnings Release	Q2 2016	0.476
Fastenal Co	FAST	10:00	Q2 2016 Earnings Call	Q2 2016
American Airlines Group Inc	AAL		June 2016 Sales and Revenue Release - Traffic Results	2016
Commerce Bancshares Inc/MO	CBSH		Q2 2016 Earnings Release	Q2 2016	0.683
Genesee & Wyoming Inc	GWR		June 2016 Sales and Revenue Release - Traffic Results	2016
Copa Holdings SA	CPA		June 2016 Sales and Revenue Release - Traffic Statistics	2016

MORNING CALL 11/16

MORNING CALL

Monday, November 16th, 2015View Older Reports

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OVERNIGHT MARKETS AND NEWS

Dec E-mini S&Ps (ESZ15 +0.20%) this morning are up 4.50 points (+0.22%) and the EuroStoxx 50 index is up +0.34% as the world stock markets are showing resiliency despite last Friday's terrorist attack in Paris. The terrorist attack is a bearish factor for global stocks with expectations for expanded Western military action in the Middle East and a dent to French economic growth. However, the market fall-out has been contained since there were no additional attacks and no indications as yet of similar imminent threats in other Western nations. Indeed, energy and commodity producer stocks rallied today along with energy and commodity prices, overcoming weakness in travel and leisure companies.

Chinese mainland stocks initially fell today after the Chinese mainland exchanges after Friday's close announced a doubling of stock margins to reduce stock investor leverage. The Shanghai Composite index was down -1.7% early in today's session but was able to rally and end the day up +0.7% on speculation that the Chinese government was in the market buying stocks. The Hong Kong Hang Seng index, however, did not fare as well and closed the day down -1.72%.

Asian stocks today closed mostly lower: Japan -1.04%, Hong Kong -1.72%, China Shanghai Composite +0.73%, Taiwan -0.41%, Australia -0.94%, Singapore -0.34%, South Korea -1.58%, India +0.58%, Turkey -0.82%.

The dollar index (DXY00 +0.08%) this morning is slightly higher by +0.054 points (+0.05%) while USD/JPY (^USDJPY) is up +0.46 (+0.38%) on some safe-haven demand. EUR/USD (^EURUSD) is down -0.0034 (-0.32%) as the terrorist attack in Paris will put a dent in French economic growth and could increase the likelihood of additional ECB stimulus at its December meeting. Dec 10-year T-note futures (ZNZ15 +0.14%) this morning are up +5 ticks on some increased safe-haven demand.

The Chinese yuan rallied by +0.1% today after news that the IMF staff recommended that the yuan be included in the IMF's basket of reserve currencies, which will likely lead to increased demand for the yuan in coming years. The IMF executive board will meet on Nov 30 to make a final decision on whether to add the yuan to the currency basket.

Commodity prices this morning are up +0.49% due to strength in energy and metals prices. Dec crude oil (CLZ15 +2.28%) this morning is up +0.75 (+1.84%) and Dec gasoline (RBZ15 +1.14%) is up +0.0114 (+0.92%) on expectations for increased turmoil in the Middle East after Friday's terrorist attacks in Paris. Dec gold (GCZ15 +0.96%) is up +9.6 (+0.89%) and Dec silver (SIZ15 +1.27%) is up +0.166 (+1.17%) on increased safe-haven demand with Friday's terrorist attack in Paris, but Dec copper (HGZ15 -0.85%) is down -0.024 (-1.11%). Grains are steady to lower with Dec corn unchanged, Jan soybeans down -1.00 (-0.12%), and Dec wheat down -3.50 (-0.71%). Softs this morning are mixed: March sugar -0.06 (-0.40%), Dec coffee +0.65 (+0.58%), Dec cocoa +21 (+0.63%), and Dec cotton unchanged.

Credit-rating firm DBRS Ltd kept Portugal's credit rating at investment grade, thus maintaining the eligibility for Portugal to remain in the ECB's QE bond-buying program. Portuguese 10-year bond yields today fell by 7 bp to 2.69%.

Today is the second day of the 2-day G-20 summit in Turkey where the initial focus was on Friday's terrorist attack in Paris and efforts to stabilize Syria.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Nov Empire manufacturing survey of general business conditions (expected +5.01 to -6.35, Oct +3.31 to -11.36).

There are 4 of the Russell 1000 companies that report earnings today: Agilent Technologies (consensus $0.47), Dillard's (1.20), Urban Outfitters (0.42), Nuance Communications (0.35).

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

Equity conferences this week include: Gabelli & Company Television & Broadcasting Symposium on Mon, UBS Global Technology Conference on Mon-Tue, J.P. Morgans Global Technology, Media and Telecom Conference on Tue, Mitsubishi UFJ Securities: Industry Conference - Oil & Gas Conference - New York on Tue, Bank of America Merrill Lynch Banking and Financial Services Conference on Tue-Wed, Morgan Stanley Global Consumer & Retail Conference on Tue-Wed, Stifel Health Care Conference on Tue-Wed, Bank of America Merrill Lynch Frontier Markets Conference on Wed, Barclays Global Automotive Conference on Wed, Vertical Research Partners Global Materials Conference on Wed, Canaccord Genuity Medical Technology and Diagnostics Forum on Thu, Jefferies Global Health Care Conference on Thu, Scotiabank Canadian Energy Infrastructure Conference on Thu, UBS Industrials and Transportation Conference on Thu-Fri.

Dec E-mini S&Ps this morning are up 4.50 points (+0.22%) as the world stock markets are showing resiliency despite last Friday's terrorist attack in Paris with the EuroStoxx 50 index this morning up +0.34%. Friday's closes: S&P 500 -1.12%, Dow Jones -1.16%, Nasdaq -1.54%. The S&P 500 on Friday extended the sharp 1-week sell-off to post a new 3-week low and close sharply lower as the downside correction continues from the sharp October rally. U.S. stocks on Friday saw downward pressure from the weak Oct U.S. retail sales report of +0.1% and +0.2% ex-autos, which kept U.S. consumer spending in a weak light, and from continued weakness in energy and mining companies with crude oil and copper closing lower once again.

OVERNIGHT U.S. STOCK MOVERS

• Marriott International (MAR -2.39%) announced a tender offer to buy Starwood Hotels & Resorts (HOT) for $12.2 billion, which would create the world's largest hotel company.
• Intercontinental Exchange (ICE -0.62%) is buying BC's Trayport for $650 million in stock.
• Ross Stores (ROST -6.86%) was added to its Conviction List by Goldman Sachs.
• Exxon (XOM -1.65%) reported a "temporary issue" at its California Torrance refinery
• SunEdison (SUNE +8.59%) fell -0.2% in after-hours on Friday after news that Third Point exited its 3.9% stake. Third Point also exited its stake in Phillips 66 (PSX -0.18%).
• Apple's (AAPL -2.92%) CEO Cook said he sees "huge" 2015 Apple Watch sales.
• Emerson Electric (EMR +0.93%) may rally 25% in the next few years due to planned divestitures to boost profitability, according to a weekend article in Barron's.
• Genessee & Wyoming (GWR +0.38%) could rise more than 20% if the company makes acquisitions, according to Barrron's.

MARKET COMMENTS

Dec 10-year T-note futures this morning are up +5 ticks on some increased safe-haven demand. Friday's closes: TYZ5 +10.50, FVZ5 +7.5. Dec 10-year T-notes on Friday closed higher on the weak U.S. Oct retail sales report and on increased safe-haven demand with the fairly sharp sell-off seen in most global stock markets on Friday.

The dollar index this morning is slightly higher by +0.054 points (+0.05%) while USD/JPY is up +0.46 (+0.38%) on some safe-haven demand. EUR/USD is down -0.0034 (-0.32%) as the terrorist attack in Paris will put a dent in French economic growth and could increase the likelihood of additional ECB stimulus at its December meeting. Friday's closes: Dollar Index +0.349 (+0.35%), EUR/USD -0.0041 (-0.38%), USD/JPY unchanged. The dollar index on Friday closed lower on fairly strong market expectations that the Fed will go ahead with a rate hike at its next meeting on Dec 15-16 after fairly hawkish comments by various Fed officials during the week.

GLOBAL EVENT CALENDAR11/16/2015

US	0830 ET	Nov Empire manufacturing survey of general business conditions expected +5.01 to -6.35, Oct +3.31 to -11.36.
	1100 ET	USDA weekly grain export inspections.
	1600 ET	USDA weekly crop progress.
EUR	0500 ET	Revised Eurozone Oct CPI, prelim -0.1% y/y. Revised Oct core CPI, prelim +1.0% y/y.

U.S. STOCK CALENDAR11/16/2015

Company	Ticker	Time	Event Description	Period	Estimate
Dillard's Inc	DDS US	Bef-mkt	Q3 2016 Earnings Release	Q3 2016	1.198
Hasbro Inc	HAS US	10:00	Investor Day	Y 2015
Agilent Technologies Inc	A US	16:00	Q4 2015 Earnings Release	Q4 2015	0.473
Urban Outfitters Inc	URBN US	16:30	Q3 2016 Earnings Release	Q3 2016	0.419
Agilent Technologies Inc	A US	16:30	Q4 2015 Earnings Call	Q4 2015
Urban Outfitters Inc	URBN US	17:00	Q3 2016 Earnings Call	Q3 2016
Nuance Communications Inc	NUAN US	17:00	Q4 2015 Earnings Call	Q4 2015
Nuance Communications Inc	NUAN US	Aft-mkt	Q4 2015 Earnings Release	Q4 2015	0.354
American Express Co	AXP US		Credit-card Charge-offs and Delinquencies
JPMorgan Chase & Co	JPM US		Credit-card Charge-offs and Delinquencies
Bank of America Corp	BAC US		Credit-card Charge-offs and Delinquencies
Citigroup Inc	C US		Credit-card Charge-offs and Delinquencies
Morgan Stanley	MS US		Credit-card Charge-offs and Delinquencies
Capital One Financial Corp	COF US		Credit-card Charge-offs and Delinquencies
Reynolds American Inc	RAI US		Investor Day - New York	Y 2015
Discover Financial Services	DFS US		Credit-card Charge-offs and Delinquencies
Synchrony Financial	SYF US		Credit-card Charge-offs and Delinquencies

BARCHART MORNING CALL 8/31

BARCHART MORNING CALL

Monday, August 31st, 2015View Older Reports

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OVERNIGHT MARKETS AND NEWS

September E-mini S&Ps (ESU15 -0.83%) are down -0.82% and European stocks are down -0.52% as Chinese stocks fell on concern China's efforts to prop up its equity market will fail. Another negative for global stock and commodity markets was hawkish comments from Fed and ECB members at the Kansas City Fed's annual symposium in Jackson Hole, Wyoming. Fed Vice Chair Fischer said there's "good reason" to believe that inflation is poised to move higher and ECB Vice President Constancio said that the link between real activity and inflation in the Eurozone has "strengthened." Losses in European stocks were contained after German Jul retail sales came in stronger than expected. Asian stocks closed mostly lower: Japan -1.28%, Hong Kong +0.27%, China -0.82%, Taiwan +1.94%, Australia -1.08%, Singapore -1.17%, South Korea +0.19%, India -0.41%. China's Shanghai Composite fell even after people familiar with the matter said China's securities regulator asked brokerages to increase stock buybacks and step up their support for stock prices by contributing 100 billion yuan ($15.7 billion) to China's market rescue fund. Japanese stock prices were also pressured after Japan Jul industrial production came in weaker than expected.
The dollar index (DXY00 -0.14%) is down -0.13%. EUR/USD (^EURUSD) is up +0.21% after Eurozone Aug CPI rose at a faster pace than expected. USD/JPY (^USDJPY) is down -0.36%.
Sep T-note prices (ZNU15 +0.09%) are up +3 ticks.
Comments from Fed Vice Chair Fischer Saturday at the Kansas City Fed's annual symposium in Jackson Hole, WY, suggest he favors an interest rate increase sooner rather than later when he said "given the apparent stability of inflation expectations, there is good reason to believe that inflation will move higher as the forces holding down inflation dissipate further."
ECB Vice President Constancio said at the Fed's symposium in Jackson Hole, WY, that "the link between inflation and real activity appears to have strengthened in the Eurozone recently."
The Eurozone Aug CPI estimate rose +0.2% y/y, higher than expectations of +0.1% y/y. Aug core CPI rose +1.0% y/y, higher than expectations of +0.9% y/y.
Japan Jul industrial production fell -0.6% m/m and rose +0.2% y/y, weaker than expectations of +0.1% m/m and +0.8% y/y.
German Jul retail sales rose +1.4% m/m and +3.3% y/y, stronger than expectations of +1.1% m/m and +1.7% y/y.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Aug Milwaukee ISM (expected +2.88 to 50.00, Jul +0.57 to 47.12), (2) Aug Chicago PMI (expected -0.02 at 54.5, Jul +4.7 to 54.7), (3) Aug Dallas Fed manufacturing activity (expected +0.8 to -3.8, Jul +2.4 to -4.6).
None of the Russell 1000 companies report earnings today.
U.S. IPO's scheduled to price today include: GC Aesthetics (GCAA), Ardelyx (ARDX), Accelerize (ACLZ), NovaBay Pharmaceuticals (NBY).
Equity conferences this week include: European Society of Cardiology Meeting on Mon-Wed, Longbow Research Industrial Manufacturing & Technology Investor Conference on Tue, Simmons Gleneagles Energy Conference on Tue-Wed, KeyBanc Capital Markets Basic Materials and Packaging Conference on Wed, Global Hunter Securities Industrials Conference on Thu.

OVERNIGHT U.S. STOCK MOVERS

United Technologies (UTX -0.03%) was downgraded to 'Equal Weight' from 'Overweight' at Barclays.
Intel (INTC +2.53%) was upgraded to 'Outperform' from 'Market Perform' at Northland.
Twitter (TWTR +1.40%) was upgraded to 'Buy' from 'Neutral' at SunTrust.
Morgan Stanley (MS -0.73%) and Goldman Sachs (GS -0.77%) were both upgraded to 'Buy' from 'Hold' at Evercore ISI.
J.C. Penney (JCP +5.55%) was upgraded to 'Buy' from 'Hold' at Deutsche Bank.
CNOOC (CEO -1.67%) was upgraded to 'Buy' from 'Neutral' at BofA/Merrill Lynch.
Southern Copper (SCCO +1.56%) was downgraded to 'Neutral' from 'Overweight' at JPMorgan Chase.
Stanley Black & Decker (SWK -0.23%) was upgraded to 'Outperform' from 'Neutral' at Macquarie.
Baidu (BIDU +0.05%) was upgraded to 'Buy' from 'Hold' at Jefferies.
Freeport McMoRan (FCX +3.04%) , which has fallen over 70% in the past year, looks oversold, according to Barron's.
Barron's said that With its shares down about 50% from all-time highs, Whole Foods Market (WFM -0.88%) looks cheap.
Kopp Investment Advisors reported a 16.1% stake in Superconductor Technologies (SCON unch) .
Apollo Principal Holdings reported a 5.7% stake in RCS Capital (RCAP unch) .
Integrated Core Strategies reported a 4.7% passive stake in Whiting Petroleum (WLL +5.07%) .

MARKET COMMENTS

Sep E-mini S&Ps (ESU15 -0.83%) this morning are down -16.25 points (-0.82%). Friday's closes: S&P 500 +0.063%, Dow Jones -0.07%, Nasdaq +0.10%. The S&P 500 on Friday closed little changed. Stocks were undercut by the +0.3% increase in U.S. Jul personal spending, less than expectations of +0.4%, and by the unexpected -1.0 point decline in U.S. Aug University of Michigan consumer sentiment to 91.0, weaker than expectations of +0.1 to 93.0. Stocks found support on Friday's +4.8% rally in China's Shanghai Composite and strength in energy producers after crude oil rallied to a 2-week high.
Sep 10-year T-notes (ZNU15 +0.09%) this morning are up +3 ticks. Friday's closes: TYU5 -5.00, FVU5 -7.75. Sep T-notes on Friday closed lower on the stable U.S. stock market and Friday's +4.8% rally in the Chinese Shanghai index. T-notes were also hurt by Cleveland Fed President Mester's comment that the U.S. economy "is solid and could support an increase in interest rates" despite recent market turmoil. T-notes found support on the decline in the U.S. Jul core PCE deflator, the Fed's preferred gauge of inflation, to a 4-1/3 year low of +1.2% y/y.
The dollar index (DXY00 -0.14%) this morning is down -0.128 (0.13%). EUR/USD (^EURUSD) is up +0.0024 (+0.21%). USD/JPY (^USDJPY) is down -0.44 (-0.36%). Friday's closes: Dollar Index +0.496 (+0.52%), EUR/USD -0.00698 (-0.62%), USD/JPY +0.668 (+0.55%). The dollar index on Friday climbed to a 1-week high and closed higher on the increases in U.S. Jul personal spending and income that were close to expectations, and weakness in EUR/USD which fell to a 1-week low on speculation the ECB may expand stimulus after ECB Executive Board member Praet said that policy makers are ready to act if they perceive a material shift in inflation risks.
Oct crude oil (CLV15 -1.77%) this morning is down -89 cents (-1.97%) and Oct gasoline (RBV15 -2.08%) is down -0.0250 (-2.51%). Friday's closes: CLV5 +2.81 (+6.60%), RBV5 +0.0635 (+5.78%). Oct crude and gasoline prices on Friday closed higher with Oct crude at a 2-week high. Crude oil found support on the sharp +4.8% rally in the Shanghai index on Friday and on the close-to-expected increases in U.S. Jul personal spending and income, which were positive for economic growth and energy demand.

GLOBAL EVENT CALENDAR08/31/2015

US	0900 ET	Aug Milwaukee ISM expected +2.88 to 50.00, Jul +0.57 to 47.12.
	0945 ET	Aug Chicago PMI expected -0.2 at 54.5, Jul +4.7 to 54.7.
	1030 ET	Aug Dallas Fed manufacturing activity expected +0.8 to -3.8, Jul +2.4 to -4.6.
	1100 ET	USDA weekly grain export inspections.
	1600 ET	USDA weekly crop progress.
JPN	0000 ET	Japan Jul vehicle production, Jun -5.3% y/y.
	0100 ET	Japan Jul housing starts expected +11.0% y/y to 938,000 annualized, Jun +16.3% y/y to 1.033 million annualized.
	0100 ET	Japan Jul construction orders, Jun +15.4% y/y.
	1950 ET	Japan Q2 capital spending expected +8.9% y/y, Q1 +7.3% y/y. Q2 capital spending ex-software expected +11.3% y/y, Q1 +8.1% y/y.
	2135 ET	Revised Japan Aug Nikkei manufacturing PMI.
GER	0200 ET	German Jul retail sales expected +1.3% m/m and +1.7% y/y, Jun -2.3% m/m and +5.1% y/y.
EUR	0500 ET	Eurozone Aug CPI estimate expected +0.1% y/y, Jul +0.2% y/y. Aug core CPI expected +0.9% y/y, Jul +1.0% y/y.
CHI	2100 ET	China Aug manufacturing PMI expected -0.3 to 49.7, Jul 50.0. Aug non-manufacturing PMI, Jul 53.9.

U.S. STOCK CALENDAR08/31/2015

Company	Ticker	Time	Event Description	Period	Estimate
TCF Financial Corp	TCB US	8:30	Investor Day
Multiple Companies	NEE US	9:00	Business Update Call
VMware Inc	VMW US	15:00	Analyst Day
Genesee & Wyoming Inc	GWR US		Investor Meeting

Today's 5 Best Mid Caps

Today's list comes form using Barchart to sort the S&P 400 Mid Cap Index to find the stock with the most consistent short term momentum.  The list includes Endo Pharmaceuticals (ENDP), Genesee and Wyoming (GWR), Fairchild Semiconductor International (FCS), National Instruments (NATI) and Skyworks Solutions (SWKS):

Endo Pharmaceuticals (ENDP)

Barchart technical indicators:

• 96% Barchart technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 15 new highs and up 18.83% in the last month
• Relative strength Index 75.04%
• Barchart computes a technical support level at 42.73
• Recently traded at 43.79 with a 50 day moving average of 39.09

Genesee and Wyoming (GWR)

Barchart technical indicators:

• 88% Barchart technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 11 new highs and up 8.99% in the last month
• Relative strength Index 69.16%
• Barchart computes a technical support level at 93.88
• Recently traded at 94.80 with a 50 day moving average of 89.45

Fairchild Semiconductor International (FCS)

Barchart technical indicators:

• 48% Barchart technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 11 new highs and up 13.86% in the last month
• Relative Strength Index 69.93%
• Barchart computes a technical support level at 12.90
• Recently traded at 13.58 with a 50 day moving average of 12.92

National Instruments (NATI)

Barchart technical indicators:

• 72% Barchart technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 11 new highs and up 9.30% in the last month
• Relative Strength Index 67.31%
• Barchart computes a technical support level at 28.78
• Recently traded at 29.97 with a 50 day moving average of 28.66

Skyworks Solutions (SWKS)

Barchart technical indicators:

• 72% Barchart technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 11 new highs and up 8.95% in the last month
• Relative strength Index 59.71%
• Barchart computes a technical support level at 25.83
• Recently traded at 25.90 with a 50 day moving average of 24.06

Barchart Morning Call 4/11

BARCHART MORNING CALL - Thursday, April 11th, 2013View Older Reports

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OVERNIGHT MARKETS AND NEWS

June E-mini S&Ps (ESM13 unch) this morning are little changed as the market looks ahead to this morning's unemployment claims report and next week's pickup in Q1 earnings reports. The Euro Stoxx 50 index this morning is slightly higher by +0.08%. Asian stocks today closed mostly higher except for the -0.30% decline in the Chinese CSI 300 index. The Nikkei index today closed +1.96% and the Hang Seng closed +0.30%. Commodity prices this morning are mildly higher by +0.16%. May crude oil (CLK13 -0.11%) is down -0.10%, May gasoline (RBK13 +0.29%) is up +0.20%, May natural gas (NGK13 +0.86%) is up +0.51%, June gold GCM13 +0.09%) is down -0.03%, May copper (HGK13 -0.42%) is down -0.12%, and agriculture prices are trading mostly higher. The dollar index (DXY00 -0.55%) this morning is down -0.48% on reduced safe-haven demand. EUR/USD (^EURUSD) is up +0.48% on a positive Italian 3-year bond auction today. USD/JPY (^USDJPY) is down -0.26%. June 10-year T-note prices (ZNM13 -0.02%) are down -0.5 tick ahead of today's 30-year bond auction.
In the first sign of a possible break in North Korea's feverish rhetoric, the official North Korean Central News Agency last night said that the suspension of business activity at the joint North-South business zone at Gaeseong is "temporary." Despite that comment, South Korean officials still believe there is a good chance that North Korea in coming days will launch an intermediate-range missile and/or conduct another nuclear test.
The South Korean central bank at its meeting today left its policy rate unchanged at 2.75%. The South Korean Kospi stock index today closed +0.7% and the won strengthened by +0.6%.
Italy today sold 4 trillion euros of a 3-year bond at 2.29%, down by 19 bp from the 2.48% on the same bond maturity sold on March 13. The bid cover ratio rose to 1.40 from 1.28 in March.
Greece's Jan unemployment rate rose to a record 27.2% from a revised 25.7% in Dec. The European Commission is forecasting that Greek GDP this year will fall -4.4%, adding to last year's plunge of -6.4%.
China's March local-currency lending was 1.06 trillion yuan ($171 billion), which was higher than market expectations of 900 billion yuan and was supportive for the Chinese economic outlook. Feb lending was 620 billion yuan. Separately, China's M2 money supply growth of +15.7% y/y was stronger than market expectations of +14.6%.
China's foreign exchange reserves rose to a record $3.44 trillion at the end of Q1, up from $3.31 trillion at the end of Q4.
Japan Feb machine orders rose +7.5% m/m, which was stronger than market expectations of +6.9% m/m and regained some ground after the -13.1% m/m decline seen in Jan. On a year-on-year basis, Feb machine orders fell to -11.3% y/y from -9.7% in Jan.

U.S. STOCK PREVIEW

Today’s weekly initial unemployment claims report is expected to show a decline of -25,000 to 360,000, reversing most of last week’s sharp increase of +28,000 to 4-month high of 385,000. Meanwhile today’s continuing claims report is expected to show a small +7,000 increase to 3.070 mln, reversing most of last week’s decline of -8,000 to 3.063 mln. The Treasury today will sell $13 billion in 30-year T-bonds, concluding this week's $66 billion coupon package. Earnings reports today include Commerce Bancshares (consensus $0.68) and JB Hunt Transport ($0.64). Conferences through the remainder of this week include the Bio-IT World Conference & Expo 2013 on Wed-Thu.

June E-mini S&Ps (ESM13 unch) this morning are slightly higher by +0.75 points (+0.05%) on a possible break in North Korea's feverish rhetoric and on a decline in yields at today's Italian 3-year bond auction. The S&P 500 index on Wednesday closed sharply higher and posted an all-time high on economic optimism and speculation that U.S. companies can beat already reduced Q1 corporate earnings estimates. Technology stocks soared after the CEO of Taiwan Semiconductor, the world's biggest chip maker, predicted that the global chip industry will grow 4% this year. Stocks shrugged off weaker-than-expected March China export growth of +10% y/y, versus expectations of +11.7% y/y, and the slightly hawkish Mar 19-20 FOMC meeting minutes. Closes: S&P 500 +1.22%, Dow Jones +0.88%, Nasdaq 100 +1.94%.

OVERNIGHT U.S. STOCK MOVERS

• Microsoft (MSFT +2.26%) was downgraded to Sell from Neutral at Goldman Sachs and cut its target to $27 from $30 due to weakening PC trends.
• Rite Aid (RAD +0.56%) reported Q4 EPS of 13 cents, better than the consensus for a 2-cent loss.
• Genesee & Wyoming (GWR +0.39%) reports Q1 traffic up 102.7% y/y. March traffic was up +100.0% y/y.
• Yum! Brands (YUM -0.04%) slid 3% in after-hours trading after the compoany said its China Division same-store sales were down 13% in March.
• According to the International Data Corporation (IDC) worldwide quarterly PC tracker, worldwide PC shipments totaled 76.3 million units in Q1, down 13.9% compared to the same quarter in 2012 and worse than the forecast decline of 7.7%. The extent of the year-on-year contraction marked the worst quarter since IDC began tracking the PC market quarterly in 1994. The results also marked the fourth consecutive quarter of year-on-year shipment declines.
• Apogee Enterprises (APOG +0.10%) slumped over 7% in after-hours trading after the company reported Q4 EPS of 15 cents, below consensus of 17 cents.
• Integra LifeSciences (IART +1.27%) announced that it initiated a voluntary recall of certain products. After the announcement, the company lowered its guidance on Q1 EPS to 30 cents to 40 cents, well below consensus of 69 cents.
• Bed Bath & Beyond (BBBY +1.55%) reported Q4 EPS of $1.68, right on consensus $1.68, but lowered its guidance on Q1 EPS to 88 cents to 94 cents, below consensus of 95 cents.
• Fortinet (FTNI) reported preliminary Q1 EPS of 10 cents, weaker than consensus of 12 cents.
• Mondelez (MDLZ +0.33%) was initiated with an "Outperform" at Wells Fargo with a valuation range of $35-$37 a share.
• Xerox (XRX +2.05%) was initiated with an "Overweight" at Piper Jaffray with a target of $12 a share.
• MEI Pharma (MEIP +2.24%) announced the presentation of new data showing the ability of its drug ME-344 to decrease tumor burden and delay recurrence of ovarian cancer.
• Ruby Tuesday (RT +5.29%) reported Q3 adjusted EPS of 10 cents, right on expectations, but raised its guidance for fiscal year 2013 to EPS of 28 cents to 32 cents, above the consensus of 25 cents.

MARKET COMMENTS

June 10-year T-notes (ZNM13 -0.02%) this morning are down 0.5 tick. June 10-year T-note futures prices on Wednesday closed lower after the Mar 19-20 FOMC meeting minutes indicated support for a slowdown of the Fed's QE program. Treasuries were also pressured on reduced safe-haven demand after the S&P 500 and Dow rallied to fresh all-time highs. Closes: TYM3 -21.5, FVM3 -5.5.
The dollar index (DXY00 -0.55%) this morning is moderately lower by -0.48% on reduced safe-haven demand and technical selling with the new 1-month low. EUR/USD (^EURUSD) is up +0.0063 (+0.48%) on the positive Italian 3-year bond auction and on technical buying with the new 1-month high this morning. USD/JPY is down -0.26 yen (-0.26%). The dollar index on Wednesday recovered from a 2-week low and closed higher after the Mar 19-20 FOMC minutes indicated several Fed members were in favor of reducing dollar negative asset purchases. USD/JPY (^USDJPY) posted a nearly 4-year high as the yen slumped when BOJ Governor Kuroda said the BOJ will take "all necessary measures" to boost inflation. Closes: Dollar index +0.223 (+0.27%), EUR/USD -0.00123 (-0.09%), USD/JPY +0.746 (+0.75%).
May WTI crude oil (CLK13 -0.11%) this morning is down -0.09 (-0.10%) and May gasoline is up +0.0058 (+0.20%). May crude oil and gasoline prices (RBK13 +0.29%) on Wednesday closed mixed. Bearish factors included (1) the increase in U.S. crude production by 30,000 bbl to 7.18 million bbl in the week ended Apr 5, its highest in 22 years, (2) OPEC's action to cut its 2013 world oil consumption estimate to +800,000 bpd from +840,000 bpd last month, and (3) the unexpected +1.699 million bbl increase in weekly EIA gasoline inventories when a draw of -1.5 million bbl was expected. Supportive factors included (1) economic optimism after the S&P 500 and the Dow rallied to fresh record highs and (2) the +250,000 bbl increase in weekly EIA crude inventories, less than expectations of a +1.5 million bbl build. Closes: CLK3 +0.44 (+0.47%), RBK3 -0.0773 (-2.63%).

GLOBAL EVENT CALENDAR04/11/2013

US	0600 ET	Philadelphia Fed President Charles Plosser speaks on monetary policy in Hong Kong at the Market News International Economic Seminar.
	0830 ET	Weekly initial unemployment claims expected -25,000 to 360,000, previous +28,000 to 385,000. Weekly continuing claims expected +7,000 to 3.070 mln, previous -8,000 to 3.063 mln.
	0830 ET	March import price index expected -0.5% m/m and -1.9% y/y, Feb +1.1% m/m and -0.3% y/y.
	0830 ET	USDA weekly Export Sales.
	0830 ET	St. Louis Fed President James Bullard gives welcoming remarks in Washington at 2013 Federal Reserve System Community Development Research Conference Resilience & Rebuilding for Low-Income Communities: Research to Inform Policy.
	0900 ET	Treasury announces 5-year TIPS auction for April 18.
	1300 ET	Treasury sells $13 billion of 30-year T-bonds.
EUR	0400 ET	ECB publishes monthly report.
GER	0200 ET	German March final-March CPI expected unrevised from preliminary of +0.5% m/m and +1.4% y/y. German final-March CPI expected unrevised from preliminary +0.4% m/m and +1.8% y/y.
JPN	1950 ET	Japan Feb tertiary industry index expected +0.7% m/m, Jan -1.1% m/m.

U.S. STOCK CALENDAR04/11/2013

Company Name	Symbol	Time	Event Description	Period	EPS Est (US$)
Commerce Bancshares Inc/MO	CBSH US	Bef-mkt	Q1 2013 Earnings Release	Q1 2013	0.678
L Brands Inc	LTD US	7:30	March 2013 Sales and Revenue Call	2013
TJX Cos Inc	TJX US	8:15	March 2013 Sales and Revenue Release	2013
Protective Life Corp	PL US	9:00	Business Update Call
Hartford Financial Services Group Inc	HIG US	9:00	Investor Day	Y 2013
Gap Inc/The	GPS US		March 2013 Sales and Revenue Release	2013
L Brands Inc	LTD US		March 2013 Sales and Revenue Release	2013
Questar Corp	STR US		Roadshow - Day 3	Y 2013
TJX Cos Inc	TJX US		March 2013 Sales and Revenue Call	2013
Costco Wholesale Corp	COST US		March 2013 Sales and Revenue Release	2013
JB Hunt Transport Services Inc	JBHT US		Q1 2013 Earnings Release	Q1 2013	0.643
Ross Stores Inc	ROST US		March 2013 Sales and Revenue Release	2013

Genesee and Wyoming - GWR - Barchart Chart of the Day

Barchart.com's Chart of the Day - Genesee & Wyoming (GWR)

Barchart Research Team - BC - Wed Oct 10, 6:20PM CDT

The "Chart of the Day" is Genesee & Wyoming (GWR), which showed up on Wednesday's Barchart "All Time " list. Genesee & Wyoming on Wednesday posted a new all-time high of $68.91 and closed +1.16%. TrendSpotter in mid-September took a profit on a July-August long trade and then turned long again on Sep 14 at $62.62. In recent news on the stock, Carlyle on Oct 10 reported a 11.9% stake in Genesee & Wyoming. On Sep 25, S&P announced that Genesee & Wyoming would be added to the S&P 400 index. BofA/Merrill on Sep 24 initiated research coverage on Genesee & Wyoming with a Buy and a target of $74. Genesee & Wyoming, with a market cap of $3 billion, owns and operates short line and regional freight railroads and provides related rail services. They operate in three business segments in two geographic areas: North American Railroad Operations, Australian Railroad Operations, and Industrial Switching.


How we found the Chart of the Day:
We found the "Chart of the Day" by scanning the Barchart "All Time High" list. In order to get to that list, we first clicked on the Stocks menu item on the Barchart home page, then on the "All Time Highs" menu item on the left menu bar. We then sorted the list by percentage gainers by clicking on the "Percent" column title. A stock that has posted a new All-Time high is typically showing strong upside momentum.
The status of Barchart's Opinion trading systems are listed below. Please note that the Barchart Opinion indicators are updated live during the session every 10 minutes and can therefore change during the day as the market fluctuates. The indicator numbers shown below therefore may not match what you see live on the Barchart.com web site when you read this report.

• TrendSpotter: Buy
• Short-Term Indicators: 80% Buy
• Medium-Term Indicators: 100% Buy
• Long-Term Indicators: 100% Buy
• Overall Average 96% Buy

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