MORNING CALL 3/3

Barchart Morning Call

Barchart.com - Fri Mar 3, 6:41AM CST

OVERNIGHT MARKETS AND NEWS

Mar E-mini S&Ps (ESH17 -0.14%) this morning are down -0.16% ahead of speeches today from Fed Chair Yellen and Vice Chair Fischer that may add to the recent hawkish Fed commentary that increases the chances of a Fed rate hike later this month. European stocks are up +0.46% at a 1-1/4 year high on reduced political risks in France after polls showed French Presidential candidate Macron jumped ahead of anti-euro candidate Le Pen for the first time. The Odoxa survey of first-round voting intentions showed Macron's support rose +2 points to 27% and Le Pen's support fell -1.5 points to 25.5%. The easing of French political risks reduced safe-haven demand for German bunds which fell to a 2-week low and for gold as Apr COMEX gold (GCJ17 -0.49%) dropped -0.42% to a 2-week low. Asian stocks settled lower: Japan -0.49%, Hong Kong -0.74%, China -0.36%, Taiwan -0.45%, Australia -0.81%, Singapore -0.45%, South Korea -1.06%, India -0.03%. Fed rate hike fears undercut Asian stocks with China's Shanghai Composite falling to a 1-1/2 week low. Chinese stocks will look to headlines from the annual Chinese People's Political Consultative Conference, an advisory body of political elites and business executives, that begins today in Beijing.

The dollar index (DXY00 -0.25%) is down -0.21%. EUR/USD (^EURUSD) is up +0.33%. USD/JPY (^USDJPY) is up +0.08%.

Jun 10-year T-note prices (ZNM17 -0.10%) are down -2 ticks.

The Japan Feb consumer confidence index unexpectedly fell -0.1 to 43.1, weaker than expectations of +0.3 to 43.5.

Japan Jan national CPI rose +0.4% y/y, right on expectations. Jan national CPI ex-fresh food rose +0.1% y/y, stronger than expectations of unch y/y. Jan national CPI ex food & energy rose +0.2% y/y, right on expectations.

Eurozone Jan retail sales of -0.1% m/m and +1.2% y/y was weaker than expectations of +0.3% m/m and +1.5% y/y.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) revised Feb Markit services PMI (expected +0.1 to 54.0, prelim-Feb -1.7 to 53.9), (2) Feb ISM non-manufacturing PMI (expected unch at 56.5, Jan -0.1 to 56.5), (3) Chicago Fed President Charles Evans (voter) and Richmond Fed President Jeffrey Lacker (non-voter) speak on a panel at the Chicago Booth School’s Monetary policy forum in New York, (4) Fed Governor Jerome Powell speaks on innovation, technology and the payment system at a roundtable hosted by Yale Law School on blockchain: the future of finance and capital markets, (5) Fed Vice Chair Stanley Fischer delivers a speech at the Chicago Booth School’s Monetary policy forum in New York, (6) Fed Chair Janet Yellen speaks on the economic outlook at an Executive Club of Chicago event.

Notable Russell 1000 earnings reports today include: AdvanSix.

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

Equity conferences: Simmons Energy Conference on Thu-Fri.

OVERNIGHT U.S. STOCK MOVERS

GoPro (GPRO -1.59%) slipped nearly 2% in pre-market trading after Citigroup initiated a 'Sell' on the stock with a target price of $8 citing a 'deteriorating neighborhood.'

Costco Wholesale (COST +0.07%) dropped over 4% in after-hours trading after it reported Q2 EPS of $1.17, below consensus of $1.36,

Autodesk (ADSK -1.81%) lost nearly 2% in after-hours trading after it said it sees full-year revenue of $2.00 billion to $2.05 billion, weaker than consensus of $2.20 billion.

Guidewire Software (GWRE -0.14%) rose almost 3% in after-hours trading after it said it sees full-year revenue of $491 million-$499 million, higher than consensus of $489.4 million.

American Outdoor Brands (AOBC -0.36%) slid over 4% in after-hours trading after it said it sees full-year net sales of $874 million to $894 million, below consensus of $921.6 million.

Wingstop (WING -1.30%) dropped 8% in after-hours trading after it reported Q4 system-wide domestic comparable sales rose +1.0%, weaker than consensus of +3.5%.

Habit Restaurants (HABT +0.36%) climbed 6% in after-hours trading after it reported Q4 adjusted EPS of 7 cents, above consensus of 3 cents.

Nutanix (NTNX +1.27%) plunged nearly 15% in after-hours trading after it said expects a Q3 adjusted loss of -45 cents to -48 cents a share, wider than consensus of -35 cents.

Marvel Technology (MRVL -0.50%) rose 2% in after-hours trading after it reported Q4 adjusted EPS of 22 cents, higher than consensus of 19 cents, and then said it sees Q1 adjusted EPS continuing operations of 19 cents to 23 cents, better than consensus of 17 cents,

HMS Holdings (HMSY -1.09%) tumbled over 8% in after-hours trading after it delayed its 10-K filing when the company's auditor identified what it believes is a material weakness over financial reporting related to its internal controls.

VTTI Energy Partners LP (VTTI -0.27%) rose over 3% in after-hours trading after it received a buyout offer from VTTI B.V. for $18.75 a unit.

Builders FirstSource (BLDR +4.20%) lost 2% in after-hours trading after it announced a secondary offering of 10 million shares of common stock.

Immersion (IMMR -4.13%) dropped over 15% in after-hours trading after it reported a Q4 adjusted loss of -27 cents a share, wider than consensus of -17 cents, and then said it sees 2017 revenue of $38 million-$42 million, below consensus of $54.1 million.

Bill Barrett (BBG +0.18%) slumped 11% in after-hours trading after it reported a Q4 adjusted loss of -18 cents a share, wider than consensus of -12 cents.

MARKET COMMENTS

Mar E-mini S&Ps (ESH17 -0.14%) this morning are down -3,75 points (-0.16%). Thursday's closes: S&P 500 -0.59%, Dow Jones -0.53%, Nasdaq -0.51%. The S&P 500 on Thursday closed lower on long liquidation in stocks after hawkish comments from Fed Governor Powell increased the chances of a Fed interest rate increase at this month's FOMC meeting when he said the case for a rate increase at this month's FOMC meeting has "come together." There was also weakness in energy producing stocks after crude oil prices fell -2.27% to a 3-week low. On the positive side, U.S. weekly jobless claims unexpectedly fell -19,000 to 223,000, better than expectations of +1,000 to 245,000 and the fewest in 44 years.

Jun 10-year T-notes (ZNM17 -0.10%) this morning are down -2 ticks. Thursday's closes: TYM7 -7.00, FVM7 -6.00. Jun 10-year T-notes on Thursday dropped to a 2-week low and closed lower on hawkish comments from Fed Governor Powell who said the case for a rate increase in March has "come together, and I don't think it's on the table for discussion."

The dollar index (DXY00 -0.25%) this morning is down -0.21 (-0.21%). EUR/USD (^EURUSD) is up +0.0035 (+0.33%). USD/JPY (^USDJPY) is up +0.09 (+0.08%). Thursday's closes: Dollar index +0.42 (+0.41%), EUR/USD -0.0040 (-0.38%), USD/JPY +0.68 (+0.60%). The dollar index on Thursday climbed to a 1-1/2 month high and settled higher on the unexpected drop in U.S. weekly jobless claims to a 44-year low and the increase in the 10-year T-note yield to a 2-week high, which improves the dollar's interest rate differentials.

Apr WTI crude oil prices (CLJ17 +0.23%) this morning are up +13 cents (+0.25%) and Apr gasoline (RBJ17 +0.76%) is +0.0127 (+0.77%). Thursday's closes: Apr crude -1.22 (-2.27%), Apr gasoline -0.0347 (-2.07%). Apr crude oil and gasoline on Thursday closed lower with Apr crude at a 3-week low. Crude oil prices were undercut by the rally in the dollar index to a 1-1/2 month high and by negative carry-over from Wednesday's EIA data that showed a +0.3% increase in U.S. crude production in the week of Feb 24 to 9.032 million bpd, an 11-month high.

GLOBAL EVENT CALENDAR03/03/2017

		Friday, Mar 3
US	0945 ET	Revised Feb Markit services PMI expected +0.1 to 54.0, prelim-Feb -1.7 to 53.9. Revised Feb Markit composite PMI, prelim-Feb -1.5 to 54.3.
	1000 ET	Feb ISM non-manufacturing PMI expected unch at 56.5, Jan -0.1 to 56.5.
	1015 ET	Chicago Fed President Charles Evans (voter) and Richmond Fed President Jeffrey Lacker (non-voter) speak on a panel at the Chicago Booth Schools Monetary policy forum in New York.
	1215 ET	Fed Governor Jerome Powell speaks on innovation, technology and the payment system at a roundtable hosted by Yale Law School on blockchain: the future of finance and capital markets.
	1230 ET	Fed Vice Chair Stanley Fischer delivers a speech at the Chicago Booth Schools Monetary policy forum in New York.
	1300 ET	Fed Chair Janet Yellen speaks on the economic outlook at an Executive Club of Chicago event.
		Mon, Mar 6
US	1000 ET	Jan factory orders expected +1.0%, Dec +1.3% and +2.1% ex transportations.
	1100 ET	USDA weekly grain export inspections.
	1500 ET	Minneapolis Fed President Neel Kashkari (voter) speaks at the NABE conference in Washington, D.C.

U.S. STOCK CALENDAR03/03/2017

Company	Ticker	Time	Event Description	Period	Estimate
Progressive Corp/The	PGR US	9:00	Investor Relations Conference Call
Staples Inc	SPLS US		Q4 2017 Earnings Release	Q4 2017	0.255

Morning Call 11/30

Barchart Morning Call

Barchart.com - 3 hours ago

OVERNIGHT MARKETS AND NEWS

Dec E-mini S&Ps (ESZ16 +0.26%) are up +0.22% and European stocks are up +0.32% at a 1-week high as strength in energy producing stocks leads the overall market higher. Jan WTI crude oil (CLF17 +7.96%) has surged +7.12% to a 1-week high after OPEC ministers expressed optimism about a deal to cut oil production and prop up oil prices. Iraqi Oil Minister Jabbar al-Luaibi said OPEC ministers were unanimous in favor of a cut and Iran Oil Minister Bijan Namdar Zanganeh said producers will reach agreement without his country freezing production and that Russia was ready to abandon its previous position and participate in curbing oil production. European stocks also received a boost after German Oct retail sales rose more than expected at the fastest pace in 2-3/4 years. Asian stocks settled mixed: Japan +0.01%, Hong Kong +0.23%, China -1.00%, Taiwan +0.53%, Australia -0.31%, Singapore +0.86%, South Korea +0.53%, India +0.98%. The Chinese yuan rose to a 1-1/2 week high against the dollar after people familiar with the matter said the PBOC is adding curbs to stop capital outflows and that it won't approve requests to bring the yuan overseas for the purpose of converting into foreign currencies unless applicants provide a valid business reason. The equivalent of $275 billion exited China via yuan payments this year through Oct, versus a $101.5 billion outflow in the same period of 2015.

The dollar index (DXY00 +0.28%) is up +0.12%. EUR/USD (^EURUSD) is down -0.02%. USD/JPY (^USDJPY) is up +0.76%.

Dec 10-year T-note prices (ZNZ16 -0.39%) are down -12 ticks.

German Oct retail sales rose +2.4% m/m, stronger than expectations of +1.0% m/m and the largest monthly increase in 2-3/4 years.

The Eurozone Nov CPI estimate rose +0.6% y/y, right on expectations. The Nov core CPI rose +0.8% y/y, also right on expectations.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) weekly MBA mortgage applications (previous +5.5% with purchase sub-index +18.8% and refi sub-index -3.1%), (2) Dallas Fed President Robert Kaplan (non-voter) speaks to the Economic Club of New York, (3) Nov ADP employment change (expected +169,000, Oct +147,000), (4) Oct personal spending (expected +0.5%, Sep +0.5%) and Oct personal income (expected +0.4%, Sep +0.3%), (5) Oct PCE deflator (expected +0.3% m/m and +1.5% y/y, Sep +0.2% m/m and +1.2% y/y) and Oct core PCE (expected +0.1% m/m and +1.7% y/y, Sep +0.1% m/m and +1.7% y/y), (6) Nov Chicago PMI (expected +1.9 to 52.5, Oct -3.6 to 50.6), (7) Oct pending home sales (expected unch m/m, Sep +1.5% m/m and +2.0% y/y), (8) Fed Governor Jerome Powell speaks at the Brookings Institute in Washington, D.C., (9) Fed Beige Book, (10) OPEC meeting in Vienna, (11) EIA Weekly Petroleum Status Report.

Russell 1000 earnings reports today include: PVH Corp (consensus $2.40), Synopsys (0.77).

U.S. IPO's scheduled to price today: Supportingsmallbusiness Inc, Innovative Industrial Properties (IIPR).

Equity conferences during the remainder of this week include: Credit Suisse Technology, Media, and Telecom Conference on Mon-Wed, Citi Basic Materials Conference on Tue-Wed, Jefferies Energy Conference on Tue-Wed, Piper Jaffray Health Care Conference on Tue-Wed, Bank of America Merrill Lynch Leveraged Finance Conference on Tue-Wed, NASDAQ Investor Conference on Tue-Wed, J.P. Morgan FinTech & Specialty Finance Forum on Wed, Credit Suisse Industrials Conference on Tue-Thu.

OVERNIGHT U.S. STOCK MOVERS

Celanese (CE +0.73%) was upgraded to 'Buy' from 'Neutral' at Goldman Sachs with a price target of $92.

AmSurg (AMSG +3.85%) will replace Legg Mason in the S&P 500 effective after the close of trading on Thursday, Dec 1.

Mid-America Apartment Communities (MAA +1.68%) will replace Owens-Illinois in the S&P 500 as of the close of trading Thursday, Dec 1.

Shutterfly (SFLY +0.22%) was rated a new 'Buy' at Alegis Capital with an 18-month target price of $62.

Advaxis (ADXS -3.82%) was rated a new 'Buy' at Cantor Fitzgerald with a 12-month target price of $19.

Splunk (SPLK -0.07%) rallied over 4% in after-hours trading after it reported Q3 adjusted EPS of 12 cents, above consensus of 8 cents, and then raised guidance on fiscal 2017 revenue view to $930 million-$932 million from a prior view of $910 million-$914 million.

Autodesk (ADSK +0.11%) dropped 3% in after-hours trading after it forecast a Q4 adjusted share loss of -32 cents to -39cents, a larger loss than consensus of -31 cents.

Hyatt Hotels (H -0.08%) slid over 1% in after-hours trading after a 6-million share block of shares was offered.

Guidewire Software (GWRE -1.40%) rose over 2% in after-hours trading after it reported an unexpected Q1 adjusted EPS profit of 2 cents, better than consensus of a -5 cent loss, and then raised guidance on fiscal 2017 revenue to $473 million-$483 million from a September 7 view of $471.5 million-$483.5 million.

Ooma (OOMA +4.40%) climbed over 4% in after-hours trading after it reported a Q3 adjusted loss of -2 cents a share, a smaller loss than consensus of -5 cents, and then raised guidance on 2017 adjusted EP loss to -16 cents to -19 cents from an August 30 view of -20 cents to -25 cents.

Evolent Health (EVH -7.14%) fell 7% in after-hours trading after it said it will offer $110 million in convertible senior notes due on 2021, convertible into Class A shares.

Costamare (CMRE -6.60%) sank 9% in after-hours trading after it announced a public offering of 11 million shares of common stock.

Arrowhead Pharmaceuticals (ARWR -1.57%) plunged 60% in after-hours trading after it said it will discontinue development of clinical stage drug candidates ARC-520, ARC-521 and ARC-AAT and will reduce its workforce by 30%.

MARKET COMMENTS

Dec E-mini S&Ps (ESZ16 +0.26%) this morning are up +4.75 points (+0.22%). Tuesday's closes: S&P 500 +0.13%, Dow Jones 0.12%, Nasdaq +0.33%. The S&P 500 on Tuesday closed higher on the upward revision to U.S Q3 GDP to 3.2% from +2.9%, stronger than expectations of +3.0% and the fastest pace of expansion in 2 years. Stocks were also boosted by the +6.3 point increase in U.S. Nov consumer confidence (Conference Board) to a 9-1/3 year high of 107.1, stronger than expectations of +2.9 to 101.5. Energy producer stocks were undercut by the -3.93% slide in crude oil prices to a 2-week low.

Dec 10-year T-notes (ZNZ16 -0.39%) this morning are down -12 ticks. Tuesday's closes: TYZ6 +4.00, FVZ6 +3.00. Dec 10-year T-note futures on Tuesday rebounded from early losses and closed higher on short-covering after the recent plunge and the sharp sell-off in crude oil to a 2-week low, which undercut inflation expectations as the 10-year T-note breakeven inflation rate fell to a 1-1/2 week low.

The dollar index (DXY00 +0.28%) this morning is up +0.120 (+0.12%). EUR/USD (^EURUSD) is down -0.0002 (-0.02%). USD/JPY (^USDJPY) is up +0.85 (+0.76%). Tuesday's closes: Dollar index -0.400 (-0.39%), EUR/USD +0.0036 (+0.34%), USD/JPY +0.44 (+0.39%). The dollar index on Tuesday closed lower on strength in EUR/USD after Eurozone Nov economic confidence rose +0.1 to an 11-month high of 106.5. The dollar was also undercut by the decline in 10-year T-note yields, which reduced the dollar's interest rate differentials and spurred liquidation of long dollar positions.

Jan crude oil prices (CLF17 +7.96%) this morning are up sharply by +$3.22 a barrel (+7.12%) and Jan gasoline (RBF17+5.98%) is +0.0744 (+5.40%), both at 1-week highs. Tuesday's closes: Jan crude -1.85 (-3.93%), Jan gasoline -0.0381(-2.69%). Jan crude oil and gasoline in Tuesday sold off sharply with Jan crude at a 2-week low. Crude oil prices fell on doubts that OPEC will be able to agree on any production cuts when it meets Wednesday in Vienna as Iran and Iraq continue to resist calls to cut output and Saudi Arabia says it is ready to reject a deal unless Iran and Iraq compromise.

GLOBAL EVENT CALENDAR11/30/2016

		Wednesday, Nov 30
US	0700 ET	Weekly MBA mortgage applications, previous +5.5% with purchase sub-index +18.8% and refi sub-index -3.1%.
	0800 ET	Dallas Fed President Robert Kaplan (non-voter) speaks to the Economic Club of New York.
	0815 ET	Nov ADP employment change expected +169,000, Oct +147,000.
	0830 ET	Oct personal spending expected +0.5%, Sep +0.5%. Oct personal income expected +0.4%, Sep +0.3%.
	0830 ET	Oct PCE deflator expected +0.3% m/m and +1.5% y/y, Sep +0.2% m/m and +1.2% y/y. Oct core PCE expected +0.1% m/m and +1.7% y/y, Sep +0.1% m/m and +1.7% y/y.
	0945 ET	Nov Chicago PMI expected +1.9 to 52.5, Oct -3.6 to 50.6.
	1000 ET	Oct pending home sales expected unch m/m, Sep +1.5% m/m and +2.0% y/y.
	1030 ET	EIA Weekly Petroleum Status Report.
	1145 ET	Fed Governor Jerome Powell speaks at the Brookings Institute in Washington, D.C.
	1400 ET	Fed Beige Book.
	n/a	OPEC meeting in Vienna.
		Thursday, Dec 1
US	0730 ET	Nov Challenger job cuts, Oct -39.1% y/y.
	0830 ET	Weekly initial unemployment claims expected +2,000 to 253,000, previous +18,000 to 251,000. Weekly continuing claims expected -10,000 to 2.033 million, previous +60,000 to 2.043 million.
	0830 ET	USDA weekly Export Sales.
	0900 ET	Dallas Fed President Robert Kaplan (non-voter) speaks in a moderated Q&A at St. Marys University Forum on Entrepreneurship.
	0945 ET	Final-Nov Markit manufacturing PMI expected unch at 53.9, prelim-Nov +0.5 to 53.9.
	1000 ET	Oct construction spending expected +0.6%, Sep -0.4%.
	1000 ET	Nov ISM manufacturing index expected +0.4 to 52.3, Oct +0.4 to 51.9. Nov ISM new orders, Oct -3.0 to 52.1. Nov ISM employment, Oct +3.2 to 52.9. Nov ISM prices paid expected -0.5 to 54.0, Oct +1.5 to 54.5.
	n/a	Nov total vehicle sales expected 17.70 million, Oct 17.91 million. Nov domestic vehicle sales expected 14.00 million, Oct 14.05 million.

U.S. STOCK CALENDAR11/30/2016

Company	Ticker	Time	Event Description	Period	Estimate
Pilgrim's Pride Corp	PPC US	9:00	Acquisition of GNP Company by Pilgrim's Pride Corp Call
Equifax Inc	EFX US	10:00	Business Update Call
Microsoft Corp	MSFT US	11:00	Annual General Meeting	Y 2016
Synopsys Inc	SNPS US	17:00	Q4 2016 Earnings Call	Q4 2016
PVH Corp	PVH US	Aft-mkt	Q3 2017 Earnings Release	Q3 2017	2.401
Synopsys Inc	SNPS US	Aft-mkt	Q4 2016 Earnings Release	Q4 2016	0.768
Costco Wholesale Corp	COST US	21:00	November 2016 Sales and Revenue Release	2016

MORNING CALL 3/2

MORNING CALL

Wednesday, March 2nd, 2016View Older Reports

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OVERNIGHT MARKETS AND NEWS

March E-mini S&Ps (ESH16 -0.14%) are down -0.28% as they follow crude oil prices lower, although European stocks are up +0.39% at a 1-month high as miners and commodity producers rallied and led the overall market higher after the price of copper jumped to a 3-1/2 month high. Crude oil is down -1.95% after data late yesterday from API showed U.S. crude inventories surged +9.9 million bbl last week. Asian stocks settled higher: Japan +4.11%, Hong Kong +3.07%, China +4.26%, Taiwan +0.69%, Australia +2.01%, Singapore +1.66%, South Korea +1.70%, India +1.95%. Chinese stocks rallied on speculation the government will announce measures to boost growth at legislative meetings that begin Saturday. China's National People's Congress will begin a 2-week meeting starting March 5 where delegates will sign off on a new 5-year economic plan. Japan's Nikkei Stock Index climbed to a 3-week high as exporter stocks rallied after the yen fell to a 2-week low against eh dollar, which improves earnings prospects of exporters

The dollar index (DXY00 +0.10%) is up +0.10%. EUR/USD (^EURUSD) is down -0.12%. USD/JPY (^USDJPY) is up +0.32% at a 2-week high.

Jun T-note prices (ZNM16 -0.12%) are down -4 ticks at a 4-week low on hawkish comments from San Francisco Fed President Williams who said the U.S. economy is set to "power ahead." which increases the chance of a Fed rate hike at the Mar 15-16 FOMC meeting.

In a telephone interview with the Financial Times, San Francisco Fed President Williams said "he doesn't see any signs in the data of any slackening of domestic demand" and that the U.S. economy is set to "power ahead" and push inflation back to target as positive U.S. domestic demand outweighs weakness from abroad.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) weekly MBA mortgage applications (previous -4.3% with purchase sub-index +2.2% and refi sub-index -7.7%), (2) Feb ADP employment change (expected +188,000, Jan +205,000), (3) Feb New York ISM (Jan -7.4 to 54.6), (4) San Francisco Fed President John Williams' speech at the Bishop Ranch Forum in San Ramon, CA, and (5) Fed Beige Book.

There are 2 of the S&P 500 companies that report earnings today: Costco Wholesale (consensus $1.28), Brown-Forman (0.94).

U.S. IPO's scheduled to price today: Syndax Pharmaceuticals (SNDX).

Equity conferences this week include: Morgan Stanley Technology Media & Technology Conference on Mon-Thu, 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

Dollar Tree (DLTR +2.22%) was downgraded to 'Market Perform' from 'Strong Buy' at Raymond James.

Amazon.com (AMZN +4.80%) was rated a new 'Outperform' at BMO with a price target of $700.

Weatherford International PLC (WFT -3.28%) dropped over 3% in after-hours trading after it announced an offering of 80 million shares of common stock.

Ross Stores (ROST +2.27%) gained almost 1% in after-hours trading after it reported Q4 EPS of 66 cents, higher than consensus of 64 cents.

Ascena Retail Group (ASNA +4.73%) slid over 4% in after-hours trading after it reported Q2 revenue of $1.84 billion, weaker than consensus of $1.88 billion, and then lowered guidance in Q3 EPS to 10 cents-14 cents, below consensus of 19 cents.

Veeva Systems (VEEV +3.25%) dropped over 2% in after-hours trading after it lowered guidance on fiscal 2016 adjusted EPS to 54 cents-56 cents, below consensus of 57 cents.

Bob Evans Farms BOBE reported Q3 adjusted EPS of 62 cents, better than consensus of 55 cents.

NeoPhotonics (NPTN +5.75%) rose over 5% in after-hours trading after it reported Q4 adjusted EPS of 16 cents, better than consensus of 10 cents.

Chuy's Holdings (CHUY +2.34%) climbed over 6% in after-hours trading after it reported Q4 adjusted EPS of 18 cents, higher than consensus of 13 cents.

Guidewire Software (GWRE +2.62%) jumped 8% in after-hours trading after it raised guidance on fiscal 2016 adjusted EPS to 64 cents-71 cents from a prior view of 57 cents-66 cents, above consensus of 64 cents.

Darling Ingredients (DAR +1.44%) rose over 3% in after-hours trading after it reported Q4 pro forma adjusted Ebitda of $103.1 million, above estimates of $97.1 million.

Big 5 Sporting Goods (BGFV -2.99%) slumped over 12% in after-hours trading after it lowered guidance for Q1 EPS to between a net -5 cent loss to a 2 cent profit, below consensus of a 6 cent profit.

MARKET COMMENTS

Mar E-mini S&Ps (ESH16 -0.14%) this morning are down -5.50 points (-0.28%). Tuesday's closes: S&P 500 +2.39%, Dow Jones +2.11%, Nasdaq +3.15%. The S&P 500 on Tuesday rose to a 1-3/4 month high and closed sharply higher on the strong U.S. economic reports, which included the +1.3 point increase in the U.S. Feb ISM manufacturing index to 49.5 (stronger than expectations of +0.3 to 48.5) and the +1.5% jump in U.S Jan construction spending (stronger than expectations of +0.3% m/m and the largest increase in 8 months). Stocks were undercut by the -0.4 point decline in the China Feb manufacturing PMI to 49.0, weaker than expectations of unch at 49.4 and matched Nov 2011 as the steepest pace of contraction in 7 years.

Jun 10-year T-notes (ZNM16 -0.12%) this morning are down -4 ticks at a 4-week low. Tuesday's closes: TYM6 -29.50, FVM6 -16.00. Jun T-notes on Tuesday sold off to a 3-week low and closed lower on strength in the U.S. Feb ISM manufacturing and Jan construction spending reports, reduced safe-haven demand with the rally in stocks, and an increase in inflation expectations after the 10-year T-note breakeven inflation rate climbed to a 1-1/2 month high.

The dollar index (DXY00 +0.10%) this morning is up +0.101 (+0.10%). EUR/USD (^EURUSD) is down -0.0013 (-0.12%). USD/JPY (^USDJPY) is up +0.36 (+0.32%) at a 2-week high. Tuesday's closes: Dollar Index +0.141 (+0.14%), EUR/USD -0.00051 (-0.05%), USD/JPY +1.32 (+1.17%). The dollar index on Tuesday rose to a 4-week high and settled higher on the stronger-than-expected U.S. Feb ISM manufacturing and Jan construction spending reports, which may accelerate a Fed rate hike. In addition, EUR/USD slumped to a 1-month low on expectations for the ECB to expand stimulus at next week's policy meeting.

Apr WTI crude (CLJ16 -1.37%) this morning is down -67 cents (-1.95%) and Apr gasoline (RBJ16 +0.61%) is up +0.0007 (+0.05%). Tuesday's closes: CLJ6 +0.65 (+1.93%), RBJ6 -0.0202 (-1.53%). Apr crude oil and gasoline on Tuesday settled mixed. Metals prices were boosted by the rally in global stocks and the stronger-than-expected U.S. Feb ISM manufacturing and Jan construction spending reports, which were positive for energy demand. Metals prices were undercut by the rally in the dollar index to a 4-week high and by expectations for U.S. crude supplies to increase by +2.75 million bbl in Wednesday's EIA inventory report.

GLOBAL EVENT CALENDAR03/02/2016

US	0700 ET	Weekly MBA mortgage applications, previous -4.3% with purchase sub-index +2.2% and refi sub-index -7.7%.
	0815 ET	Feb ADP employment change expected +188,000, Jan +205,000.
	0945 ET	Feb New York ISM, Jan -7.4 to 54.6.
	1000 ET	San Francisco Fed President John Williams speaks at the Bishop Ranch Forum in San Ramon, CA.
	1030 ET	EIA Weekly Petroleum Status Report.
	1400 ET	Fed Beige Book.
UK	0430 ET	UK Feb Markit/CIPS construction PMI expected +0.5 to 55.5, Jan 55.0.
EUR	0500 ET	Eurozone Jan PPI expected -1.0% m/m and -2.9% y/y, Dec -0.8% m/m and -3.0% y/y.
CHI	2045 ET	China Feb Caixin composite PMI, Jan +0.7 to 50.1.

U.S. STOCK CALENDAR03/02/2016

Company	Ticker	Time	Event Description	Period	Estimate
Brown-Forman Corp	BF/B US	8:00	Q3 2016 Earnings Release	Q3 2016	0.94
Huntsman Corp	HUN US	8:00	Investor Day	Y 2016
Exxon Mobil Corp	XOM US	9:00	Analyst Meeting	Y 2016
Progressive Corp/The	PGR US	9:00	Investor Relations Conference Call
TransDigm Group Inc	TDG US	9:00	Annual General Meeting	Y 2016
Honeywell International Inc	HON US	10:00	Investor Conference	Y 2016
Brown-Forman Corp	BF/B US	10:00	Q3 2016 Earnings Call	Q3 2016
Middleby Corp/The	MIDD US	11:00	Q4 2015 Earnings Call	Q4 2015
Cerner Corp	CERN US	12:00	Investment Community Meeting	Y 2016
WESCO International Inc	WCC US	13:00	Investor Day	Y 2016
Target Corp	TGT US	14:30	Financial Community Meeting	Y 2016
Cable One Inc	CABO US	Aft-mkt	Q4 2015 Earnings Release	Q4 2015	3.33
Costco Wholesale Corp	COST US	21:00	Q2 2016 Earnings Release	Q2 2016	1.281
Helmerich & Payne Inc	HP US		Annual General Meeting
Costco Wholesale Corp	COST US		February 2016 Sales and Revenue Release	2016
Hologic Inc	HOLX US		Annual General Meeting
PTC Inc	PTC US		Annual General Meeting
AECOM	ACM US		Annual General Meeting
Mallinckrodt PLC	MNK US		Annual General Meeting	Y 2016