Morning Call 12/6

Barchart Morning Call

Barchart.com - 2 hours ago

OVERNIGHT MARKETS AND NEWS

Dec E-mini S&Ps (ESZ16 +0.03%) are little changed, up +0.05%, as a -0.85% decline in Jan WTI crude oil (CLF17 -1.08%) weighs on energy producing stocks. Crude oil is under pressure on concern over whether OPEC will be able to adhere to its recently announced production cuts. European stocks are up +0.70% on signs of economic strength after German Oct factory orders rose more than expected by the most in 2-1/4 years. European stocks also garnered support and EUR/USD fell on expectations that ECB President Draghi will extend the central banks QE program beyond March of next year at this Thursday's policy meeting. Asian stocks settled mostly higher: Japan +0.47%, Hong Kong +0.75%, China -0.16%, Taiwan +0.98%, Australia +0.52%, Singapore +0.21%, South Korea +1.38%, India +0.17%.

The dollar index (DXY00 +0.19%) is up +0.19%. EUR/USD (^EURUSD) is down -0.24%. USD/JPY (^USDJPY) is up +0.11%.

Mar 10-year T-note prices (ZNH17 unch) are down -1 tick.

German Oct factory orders surged +4.9% m/m, stronger than expectations of +0.6% m/m and the largest monthly increase in 2-1/4 years.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) revised Q3 non-farm productivity (expected +3.3%, prelim-Q3 +3.1%) and revised Q3 unit labor costs (expected unrevised at +0.3%), (2) Oct trade balance (expected -$42.0 billion, Sep -$36.4 billion), (3) Oct factory orders (expected +2.5%, Sep +0.3% and +0.6% ex transportation).

Russell 1000 earnings reports today include: Toll Brothers (consensus $0.99), AutoZone (9.31), Michaels Cos (0.43), HD Supply Holdings (0.82).

U.S. IPO's scheduled to price today: Polar Power (POLA),

Equity conferences during the remainder of this week include: Raymond James Technology Investors Conference on Mon-Tue, UBS Global Media and Communications Conference on Mon-Wed, Barclays Gaming, Lodging, Leisure, Restaurant & Food Retail Conference on Tue, Cowen & Co Ultimate Energy Conference on Tue, Wells Fargo Securities Energy Symposium on Tue, Goldman Sachs U.S. Financial Services Conference on Tue-Wed, Wells Fargo Pipeline, MLP and Utility Symposium on Wed, Citi Global Health Care Conference on Wed-Thu, Barclays Global Technology, Media and Telecommunications Conference on Wed-Thu, Bernstein Consumer Summit on Wed-Thu, Capital One Southcoast Energy Conference on Wed-Thu, ACI European Biopolymer Summit on Thu.

OVERNIGHT U.S. STOCK MOVERS

Roper Technologies (ROP -0.37%) will buy Deltek for about $2.8 billion.

Nike (NKE +2.75%) was downgraded to 'Market Perform' from 'Outperform' at Cowen.

Pandora Media (P +0.30%) was upgraded to 'Outperform' from 'Market Perform' at Oppenheimer with an 18-month target price of $18.

McCormick (MKC +0.61%) was rated a 'Buy' at Vertical Group with a price target of $1.09.

Tyson Foods (TSN +0.39%) was rated a 'Buy' at Vertical Group with a price target of $67.

Bob Evans Farms (BOBE +2.30%) jumped over 5% in after-hours trading after it reported Q2 adjusted EPS of 56 cents, above consensus of 45 cents, and then raised guidance on 2017 adjusted EPS to $2.15-$2.30 from an August 31 view of $2.05-$2.20.

Kinder Morgan (KMI +0.47%) gained over 1% in after-hours trading after it said it sees a 50 cent a share dividend in 2017 and "delivering additional value to its shareholders in 2018."

Coupa Software (COUP -1.03%) climbed 6% in after-hours trading after it reported a Q3 adjusted loss of -22 cents a share, narrower than consensus of -47 cents, and said it sees a Q4 adjusted EPS loss of -16 cents to -19 cents, smaller than consensus of-23 cents.

Rent-A-Center (RCII +3.30%) slid 3% in after-hours trading after it said CFO Guy J. Constant resigned his position effective last Friday.

Lexicon Pharmaceuticals (LXRX +4.41%) tumbled over 12% in after-hours trading after a Phase 2 study of sotagliflozin did not reach statistical significance in young adults with Type 1 Diabetes.

Forum Energy Technologies (FET +5.22%) fell 5% in after-hours trading after it announced a public offering of 7 million shares of common stock.

TherapeuticsMD (TXMD +0.65%) surged almost 20% in after-hours trading after a Phase 3 trial of its TX-001HR drug met co-primary goals at multiple doses in postmenopausal women with moderate to severe vasomotor symptoms.

MARKET COMMENTS

Dec E-mini S&Ps (ESZ16 +0.03%) this morning are up +1.00 point (+0.05%). Monday's closes: S&P 500 +0.58%, Dow Jones +0.24%, Nasdaq +0.82%. The S&P 500 on Monday closed higher on carry-over support from a rally in European stocks to a 3-week high on reduced concern about contagion of political risks from Italy to Europe. U.S. stocks were also boosted by signs of U.S. economic strength after the Nov ISM non-manufacturing index rose +2.4 to 57.2, stronger than expectations of +0.7 to 55.5 and the fastest pace of expansion in 13 months. Energy producer stocks received a boost as the price of crude oil rose to a 16-1/2 month high.

Mar 10-year T-notes (ZNH17 unch) this morning are down -1 tick. Monday's closes: TYH7 unch, FVH7 -3.00. Mar 10-year T-note futures on Monday closed little changed. T-note prices were undercut by reduced safe-haven demand after the failure of the Italian constitutional reform referendum didn't cause much consternation and after U.S. stocks rallied. T-note prices were also undercut by the larger-than-expected increase in the Nov ISM non-manufacturing index to its fastest pace of expansion in 13 months (+2.4 to 57.2). T-notes found some support after St. Louis Fed President Bullard said a single 25 bp increase in the fed funds rate "will get us very close" to the interest rate path recommended by the St. Louis Fed through 2019.

The dollar index (DXY00 +0.19%) this morning is up +0.190 (+0.19%). EUR/USD (^EURUSD) is down -0.0026 (-0.24%). USD/JPY (^USDJPY) is up +0.12 (+0.11%). Monday's closes: Dollar index -0.680 (-0.67%), EUR/USD +0.0100 (+0.94%), USD/JPY +0.34 (+0.30%). The dollar index on Monday closed lower on reduced safe-haven demand for the dollar after stocks recovered losses and moved higher as a 'No' vote for Italy's constitutional reforms was already factored into the market. EUR/USD rebounded from a 1-1/2 year low and rallied to a 2-week high on signs of economic strength in the Eurozone that may keep the ECB from expanding stimulus after Eurozone Oct retail sales rose +1.1% m/m, the biggest monthly increase in 2 years.

Jan WTI crude oil prices (CLF17 -1.08%) this morning are down -44 cents (-0.85%) and Jan gasoline (RBF17 -0.25%) is +0.0008 (+0.05%) . Monday's closes: Jan crude +0.11 (+0.20%), Jan gasoline -0.0101 (-0.65%). Jan crude oil and gasoline on Monday settled mixed with Jan crude at a 16-1/2 month high. Crude oil prices were boosted by the slide in the dollar index to a 2-week low and by continued support from last Wednesday's OPEC production cut agreement. Crude oil prices were undercut by news of a +200,000 bpd increase in OPEC Nov crude production to a record 34.160 million bpd.

GLOBAL EVENT CALENDAR12/06/2016

		Tuesday, Dec 6
US	0830 ET	Revised Q3 non-farm productivity expected +3.3%, prelim-Q3 +3.1%. Revised Q3 unit labor costs expected unrevised at +0.3%.
	0830 ET	Oct trade balance expected -$42.0 billion, Sep -$36.4 billion.
	1000 ET	Oct factory orders expected +2.5%, Sep +0.3% and +0.6% ex transportation.
		Wednesday, Dec 7
US	0700 ET	Weekly MBA mortgage applications, previous -9.4% with purchase sub-index -0.2% and refi sub-index -16.2%.
	1000 ET	Oct JOLTS job openings expected +14,000 to 5.500 million, Sep +33,000 to 5.486 million.
	1030 ET	EIA Weekly Petroleum Status Report.
	1500 ET	Oct consumer credit expected +$18.5 billion, Sep +$19.292 billion.

U.S. STOCK CALENDAR12/06/2016

Company	Ticker	Time	Event Description	Period	Estimate
AutoZone Inc	AZO US	Bef-mkt	Q1 2017 Earnings Release	Q1 2017	9.311
Toll Brothers Inc	TOL US	Bef-mkt	Q4 2016 Earnings Release	Q4 2016	0.989
Michaels Cos Inc/The	MIK US	Bef-mkt	Q3 2017 Earnings Release	Q3 2017	0.43
HD Supply Holdings Inc	HDS US	6:00	Q3 2017 Earnings Release	Q3 2017	0.818
Fastenal Co	FAST US	7:00	November 2016 Sales and Revenue Release	2016
Pitney Bowes Inc	PBI US	8:00	Analyst Day	Y 2016
HD Supply Holdings Inc	HDS US	8:00	Q3 2017 Earnings Call	Q3 2017
Tesoro Corp	TSO US	9:00	Investor and Analyst Day	Y 2016
L-3 Communications Holdings Inc	LLL US	9:00	Investor Conference	Y 2016
Michaels Cos Inc/The	MIK US	9:00	Q3 2017 Earnings Call	Q3 2017
AutoZone Inc	AZO US	10:00	Q1 2017 Earnings Call	Q1 2017
Principal Financial Group Inc	PFG US	10:00	Q4 2017 Guidance Call	Q4 2017
Toll Brothers Inc	TOL US	11:00	Q4 2016 Earnings Call	Q4 2016
Western Digital Corp	WDC US	11:30	Investor Day	Y 2016
Autodesk Inc	ADSK US	11:30	Investor Day	Y 2016
Harman International Industries Inc	HAR US		Annual General Meeting	Y 2016

MORNING CALL 6/7

MORNING CALL

Tuesday, June 7th, 2016View Older Reports

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OVERNIGHT MARKETS AND NEWS

Jun E-mini S&Ps (ESM16 +0.25%) are up +0.26% at a contract high and European stocks are up 1.40%. Global stock markets rose on upbeat comments from Fed Chair Yellen on Monday when she said that positive developments outweigh negative developments in the U.S. economy and as she reiterated that the Fed will only gradually raise interest rates. A +0.50% rally in crude oil is also giving energy producing stocks a lift. European stocks also received a boost after Eurozone Q1 GDP was revised upward. Asian stocks settled higher: Japan +0.58%, Hong Kong +1.42%, China +0.07%, Taiwan +0.96%, Australia +0.20%, Singapore +0.59%, South Korea +1.42%, India +0.87%.

The dollar index (DXY00 +0.03%) is down -0.06%. EUR/USD (^EURUSD) is up +0.04%. USD/JPY (^USDJPY) is up +0.20%.

Sep T-note prices (ZNU16 -0.07%) are down -2.5 ticks.

Eurozone Q1 GDP was revised upward to +0.6% q/q and +1.7% y/y from the originally reported +0.5% q/q and +1.5% y/y.

China May foreign reserves fell to $3.192 trillion, more than expectations of $3.2 trillion and the lowest level in 4-1/3 years.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) final-Q1 non-farm productivity (expected -0.6%, prelim-Q1 -1.0%) and final-Q1 unit labor costs (expected +4.0%, prelim-Q1 +4.1%), (2) Treasury auctions $24 billion of 3-year T-notes, (3) Apr consumer credit (expected +$18.0 billion, Mar +$29.674 billion).

There are 3 of the Russell 1000 companies that report earnings today: Michaels Cos (consensus $0.35), HD Supply (0.47), VeriFone (0.52).

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

Equity conferences during the remainder of this week include: Gaming Restaurant & Leisure Conference on Mon-Tue, RBC Global Energy & Power Executive Conference on Mon-Tue, Stifel Technology, Internet & Media Investor Conference on Mon-Tue, American Society of Clinical Oncology Annual Meeting on Mon-Thu, Bank of America Merrill Lynch Global Telecom & Media Conference on Tue, Goldman Sachs European Financials Conference on Tue, NAREIT REITWeek Investor Forum on Tue-Wed, Stephens Spring Investment Conference on Tue-Wed, Goldman Sachs Global Health Care Conference on Tue-Thu, Jefferies Global Health Care Conference on Tue-Thu, Baird Global Consumer, Technology and Services Conference on Tue-Thu, BioTechnology Industry Organization International Convention on Wed, Deutsche Bank Global Industrials and Materials Summit on Wed-Thu, Sandler O'Neill Global Exchange and Brokerage Conference on Wed-Thu, Gabelli & Company Movie & Entertainment Conference on Thu, Susquehanna Financial Group Energy and Industrials Conference on Thu.

OVERNIGHT U.S. STOCK MOVERS

Norwegian Cruise Line Holdings Ld. (NCLH -0.72%) was rated a new 'Buy' at Sterne Agee CRT with a price target of $80.

Jabil Circuit (JBL +0.93%) was downgraded to 'Sell' from 'Neutral' at Goldman Sachs with a price target of $17.

Marathon Oil (MRO +4.80%) was rated a new 'Buy' at KLR Group with a target price of $21.

Layne Christensen (LAYN -1.01%) reported a Q1 loss continuing operations of -45 cents a share, a wider loss than consensus of -32 cents.

Discovery Communications (DISCA +1.73%) was downgraded to 'Underperform' from 'Market Perform' at Bernstein.

Catalent (CTLT -0.49%) announced a secondary public offering of 10 million shares of common stock.

United Natural Foods (UNFI +0.57%) jumped over 10% in after-hours trading after it reported Q3 EPS of 76 cents, higher than consensus of 65 cents, and then raised guidance on full-year adjusted EPS to $2.47-$2.53 from a March 7 estimate of $2.34-$2.44.

Casey's General Stores (CASY -0.98%) reported Q4 EPS of $1.19, below consensus of $1.22, although Q4 revenue of $1.58 billion was above consensus of $1.57 billion.

Thor Industries (THO +0.54%) gained over 1% in after-hours trading after it reported Q3 adjusted EPS from continuing operations of $1.51, better than consensus of $1.43.

Xactly (XTLY +1.25%) rose 4% in after-hours trading after it reported a Q1 adjusted EPS loss of -9 cents, narrower than consensus of -15 cents, and then raised guidance on full-year revenue to $95.5 million-$97.0 million from a March 3 estimate of $94 million-$95.5 million.

Sigma Designs (SIGM +2.62%) reported a Q1 adjusted EPS loss of -12 cents, wider than consensus of -5 cents.

WWD reported that Ralph Lauren (RL +0.54%) plans close some stores and cut up to 10% of its workforce.

DryShips (DRYS +10.80%) tumbled 12% in after-hours trading after three lenders said DryShips had elected to suspend principal repayments and interest payments and was in breach of certain covenants in loan agreements.

MARKET COMMENTS

June E-mini S&Ps (ESM16 +0.25%) this morning are up +5.50 points (+0.26%) at a new contract high. Monday's closes: S&P 500 +0.49%, Dow Jones +0.64%, Nasdaq +0.31%. The S&P 500 on Monday rallied to a 1-1/2 month high and closed higher on strength in raw-material and energy producing stocks as a weak dollar boosted commodity prices. Stocks were also boosted by upbeat comments from Fed Chair Yellen who said that positive forces supporting U.S. job growth and higher inflation still outweigh negative developments.

September 10-year T-note prices (ZNU16 -0.07%) this morning are down -2.5 ticks. Monday's closes: TYU6 -3.00, FVU6 -0.75. Sep T-notes on Monday closed lower on on comments from Fed Chair Yellen who said positives outweigh the negatives and that gradual interest rate hikes are still appropriate even after last Friday's weak payroll report. T-notes were also undercut by reduced safe-haven demand after the rally in the S&P 500 to a 1-1/2 month high.

The dollar index (DXY00 +0.03%) this morning is down -0.055 (-0.06%). EUR/USD (^EURUSD) is up +0.0005 (+0.04%). USD/JPY (^USDJPY) is up +0.21 (+0.20%). Monday's closes: Dollar Index -0.127 (-0.14%), EUR/USD -0.0012 (-0.11%), USD/JPY +1.03 (+0.97%). The dollar index on Monday tumbled to a fresh 3-week low and closed lower on comments from Fed Chair Yellen who said that gradual interest hikes are appropriate but who also refused to specify any timetable. In addition, Atlanta Fed President Lockhart said the Fed should wait until at least the July FOMC meeting before deciding if they should raise interest rates because of a slowing labor market and the British vote on EU membership.

July WTI crude oil (CLN16 +0.83%) this morning is up +25 cents (+0.50%). July gasoline (RBN16 +0.79%) is up +0.0061 (+0.38%). Monday's closes: CLN6 +1.07 (+2.20%), RBN6 -0.0188 (-1.176%). July crude oil and gasoline on Monday settled mixed. Crude oil received a boost from a weaker dollar and from reduced crude oil output from Nigeria, Africa's biggest producer, after the Nigerian National Petroleum Corp said that militant attacks on pipelines and installations have reduced the country's oil production by 700,0000-800,000 bpd. Gasoline was undercut by reduced refinery demand after the crack spread fell to a 2-week low.

GLOBAL EVENT CALENDAR06/07/2016

		Tuesday, June 7
US	0830 ET	Final-Q1 non-farm productivity expected -0.6%, prelim-Q1 -1.0%. Final-Q1 unit labor costs expected +4.0%, prelim-Q1 +4.1%.
	1300 ET	Treasury auctions $24 billion of 3-year T-notes.
	1500 ET	Apr consumer credit expected +$18.0 billion, Mar +$29.674 billion.
JPN	0100 ET	Japan Apr leading index CI expected +1.4 to 100.7, Mar 99.3. Apr coincident index expected +1.6 to 112.7, Mar 111.1
	1950 ET	Revised Japan Q1 GDP expected +1.9% (q/q annualized), previous +1.7% (q/q annualized). Revised Q1 GDP deflator, previous +0.9% y/y.
GER	0200 ET	German Apr industrial production expected +0.7% m/m and +1.0% y/y, Mar -1.3% m/m and +0.3% y/y.
UK	0330 ET	UK May Halifax house prices expected +0.3% m/m and +8.9% 3-months through May y/y, Apr -0.8% m/m and +9.2% 3-months though Apr y/y.
EUR	0500 ET	Revised Eurozone Q2 GDP, preliminary +0.5% q/q and +1.5% y/y.
CHI	n/a	China May trade balance expected +$55.85 billion, Apr +$45.56 billion. May exports expected -4.0% y/y, Apr 1.8% y/y. May imports expected -6.7% y/y, Apr -10.9% y/y.
		Wednesday, June 8
US	0700 ET	Weekly MBA mortgage applications, previous -4.1% with purchase sub-index -4.7% and refi sub-index -3.9%.
	1000 ET	Apr JOLTS job openings expected -107,000 to 5.650 million, Mar +149,000 to 5.757 million.
	1030 ET	EIA Weekly Petroleum Status Report.
	1300 ET	Treasury auctions $20 billion of 10-year T-notes.
JPN	0030 ET	Japan May bankruptcies, Apr -7.08% y/y.
	0100 ET	Japan May eco watchers survey current expected -0.1 to 43.4, Apr 43.5. May eco watchers survey outlook expected +0.4 to 45.9, Apr 45.5.
	1950 ET	Japan Apr machine orders expected -3.0% m/m and -1.8% y/y, Mar +5.5% m/m and +3.2% y/y.
UK	0430 ET	UK Apr industrial production expected unch m/m and -0.4% y/y, Mar +0.3% m/m and -0.2% y/y.
	0430 ET	UK Apr manufacturing production expected -0.1% m/m and -1.5% y/y, Mar +0.1% m/m and -1.9% y/y.
	1901 ET	UK May RICS house price balance expected 35%, Apr 41%.
CHI	2130 ET	China May CPI expected +2.2% y/y, Apr +2.3% y/y. May PPI expected -3.2% y/y, Apr -3.4% y/y.

U.S. STOCK CALENDAR06/07/2016

Company	Ticker	Time	Event Description	Period	Estimate
Michaels Cos Inc/The	MIK US	Bef-mkt	Q1 2017 Earnings Release	Q1 2017	0.354
HD Supply Holdings Inc	HDS US	6:00	Q1 2017 Earnings Release	Q1 2017	0.469
HD Supply Holdings Inc	HDS US	8:00	Q1 2017 Earnings Call	Q1 2017
Ralph Lauren Corp	RL US	8:30	Investor Day	Y 2016
Michaels Cos Inc/The	MIK US	9:00	Q1 2017 Earnings Call	Q1 2017
General Motors Co	GM US	9:30	Annual General Meeting	Y 2016
New York Community Bancorp Inc	NYCB US	10:00	Annual General Meeting	Y 2016
Alliance Data Systems Corp	ADS US	14:00	Annual General Meeting
LendingClub Corp	LC US	14:00	Annual General Meeting	Y 2016
SolarCity Corp	SCTY US	16:00	Annual General Meeting
Hewlett Packard Enterprise Co	HPE US	16:00	Investor Meeting	Y 2016
VeriFone Systems Inc	PAY US	16:30	Q2 2016 Earnings Call	Q2 2016
VeriFone Systems Inc	PAY US	Aft-mkt	Q2 2016 Earnings Release	Q2 2016	0.524
TJX Cos Inc/The	TJX US		Annual General Meeting	Y 2016
Nabors Industries Ltd	NBR US		Annual General Meeting
LifePoint Health Inc	LPNT US		Annual General Meeting
Chimera Investment Corp	CIM US		Annual General Meeting	Y 2016
Outfront Media Inc	OUT US		Annual General Meeting

MORNING CALL 3/15

MORNING CALL

Tuesday, March 15th, 2016View Older Reports

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OVERNIGHT MARKETS AND NEWS

Jun E-mini S&Ps (ESM16 -0.56%) are down -0.50% and European stocks are down -0.71% as a slide in commodity prices drags down raw material and energy producing stocks. Freeport-McMoRan is down over 5% in pre-market trading as the price of gold drops to a 1-1/2 week low and Schlumberger Ltd. SLB is down over 1% in pre-market trading as the price of crude oil dropped to a 1-week low. Also, long liquidation in stocks is pulling prices lower ahead of the 2-day FOMC meeting that begins today. Asian stocks settled mostly lower: Japan -0.68%, Hong Kong -0.72%, China +0.17%, Taiwan-1.56%, Australia -1.43%, Singapore -0.27%, South Korea -0.13%, India -1.02%. Japanese stocks retreated, led by a fall in exporters, as the yen strengthened against the dollar after the BOJ maintained a negative interest rate and kept asset-purchase plans unchanged following its policy meeting today.

The dollar index (DXY00 +0.11%) is up +0.19%. EUR/USD (^EURUSD) is down -0.13%. USD/JPY (^USDJPY) is down -0.62%.

Jun T-note prices (ZNM16 +0.16%) are up +6 ticks.

As expected, the BOJ refrained from additional stimulus following the conclusion of today's policy meeting and said it "will examine risks to economic activity and prices, and take additional easing measures in terms of three dimensions -- quantity, quality, and the interest rate - if it is judged necessary for achieving the price stability target."

U.S. STOCK PREVIEW

Key U.S. news today includes: Feb retail sales (expected -0.2% and -0.2% ex autos, Jan +0.2% and +0.1% ex autos), (2) Feb final-demand PPI (expected -0.2% m/m and +0.1% y/y, Jan +0.1% m/m and -0.2% y/y) and Feb PPI ex food & energy (expected +0.1% m/m and +1.2% y/y, Jan +0.4% m/m and +0.6% y/y), (3) Mar Empire manufacturing survey business conditions index (expected +6.64 to -10.00, Feb +2.73 to -16.64), (4) Mar NAHB housing market index (expected +1 to 59, Feb -3 to 58), (5) Jan business inventories (expected unch, Dec +0.1%), and (6) the first day of the FOMC's 2-day policy meeting (federal funds rate target expected unchanged at 0.25%-0.50%).

There are 6 of the Russell 1000 companies that report earnings today: Oracle (consensus $0.62), FactSet (1.52), DSW (0.07), HD Supply (0.24), Alere (0.58), TerraForm Power (-0.21).

U.S. IPO's scheduled to price today: Senseonics Holdings (SENH).

Equity conferences this week include: Citi Global Property CEO Conference on Mon-Wed, Bank of America Merrill Lynch Consumer & Retail Tech Conference on Tue-Wed, Barclays Emerging Payments Forum on Tue-Wed, Barclays Capital Global Health Care Conference on Tue-Thu,
3rd Annual Pharma Customer Experience Summit 2016 on Wed, Goldman Sachs Innovation Symposium on Wed, Bank of America Merrill Lynch Global Industrials & EU Autos Conference on Wed-Thu, Evercore ISI Retail Summit on Wed-Thu, ACI European Food & Beverage Plastic Packaging Conference on Thu, and Citigroup Retail Madness Conference on Thu.

OVERNIGHT U.S. STOCK MOVERS

Schlumberger Ltd. (SLB -2.08%) is down over 1% in pre-market trading as the price of crude oil dropped to a 1-week low.

Tiffany (TIF +0.03%) was downgraded to 'Neutral' from 'Buy' at Citigroup.

Freeport-McMoRan (FCX +4.40%) is down over 5% in pre-market trading as metals declined with the price of gold at a 1-1/2 week low.

Delphi Automotive (DLPH -0.31%) was upgraded to 'Buy' from 'Neutral' at UBS with a price target of $88.

Cardinal Health (CAH -0.32%) was downgraded to 'Market Perform' from 'Outperform' at Cowen.

TeleTech Holdings (TTEC +0.07%) reported Q4 adjusted EPS of 47 cents, below consensus of 52 cents.

Outerwall (OUTR +0.73%) rose 9% in after-hours trading after it boosted its quarterly dividend by 100% to 60 cents a share and said it hired Morgan Stanley for strategic and financial alternatives.

Black Diamond (BDE -4.50%) rallied over 12% in after-hours trading after it reported Q4 adjusted EPS of 2 cents, better than consensus of a -1 cent loss.

Dover (DOV -0.70%) may be active today after the CEO said in after-hours trading that it sees Q1 results "well below our prior expectations."

MannKind (MNKD +4.51%) slumped over 10% in after-hours trading after it reported a Q4 loss of -66 cents, a much bigger loss than consensus of -5cents.

InVivo Therapeutics Holdings (NVIV -4.74%) dropped over 8% in after-hours trading after it announced a public offering of stock and warrants, packaged as units. Prices and volumes have yet to be announced.

Biocryst Pharmaceuticals (BCRX -1.41%) rose over 5% in after-hours trading after D.E. Shaw raised his passive stake in the company to 5.1% from 3.5%.

Inigen (INGN +3.09%) jumped over 12% in after-hours trading after reported Q$ EPS of 19 cents, well above consensus of 7 cents, and raised guidance on 2016 revenue to $187 million-$191 million from a prior projection of $177 million-$181 million, above consensus of $181 million.

Amphastar Pharmaceuticals (AMPH +2.99%) climbed over 8% in after-hours trading after it reported Q4 adjusted EPS of 19 cents, well above consensus for a -5 cent loss.

Immunomedics (IMMU +3.92%) slumped over 15% in after-hours trading after it terminated a Phase 3 trial after patients with metastatic pancreatic cancer showed no improvement after receiving it its 90Y clivatuzumab tetraxetan.

Celator Pharmaceuticals (CPXX +9.80%) exploded over 300% higher in after-hours trading after it announced positive results from a Phase 3 clinical trial on usage of its Vyxeos Liposome for treatment of patients with acute myeloid leukemia,

MARKET COMMENTS

Jun E-mini S&Ps (ESM16 -0.56%) this morning are down -10.00 points (-0.50%). Monday's closes: S&P 500 -0.13%, Dow Jones +0.09%, Nasdaq +0.13%. The S&P 500 on Monday closed lower on weakness in energy producer stocks after crude oil sold off by -3.4% and on position-squaring ahead of the 2-day FOMC meeting that begins Tuesday. Stocks found supported from a +1.75% rally in China's Shanghai Composite and increased M&A activity after Apollo Global offered to buy Fresh Market for $1.4 billion.

Jun 10-year T-notes (ZNM16 +0.16%) this morning are up +6 ticks. Monday's closes: TYM6 +2.50, FVM6 +0.50. Jun T-notes on Monday closed higher on increased safe-haven demand with the sell-off in stocks and on the -3.4% slide in crude oil prices that pushed inflation expectations lower.

The dollar index (DXY00 +0.11%) this morning is up +0.185 (+0.19%). EUR/USD ^EURUSD) is down -0.0014 (-0.13%). USD/JPY (^USDJPY)is down-0.71 (-0.62%). Monday's closes: Dollar Index +0.452 (+0.47%), EUR/USD -0.0053 (-0.48%), USD/JPY -0.04 (-0.04%). The dollar index on Monday settled higher on the sell-off in crude oil, which undercut the currencies of the crude exporting countries of Russia and Canada against the dollar. The dollar was also boosted by weakness in EUR/USD on the prospects for the Fed to keep raising interest rates while the ECB maintains or even expands stimulus measures.

Apr WTI crude (CLJ16 -2.50%) this morning is down -91 cents (-2.45%) at a 1-week low and Apr gasoline (RBJ16 -2.17%) is down -0.0268 (-1.88%). Monday's closes: CLJ6 -1.32 (-3.43%), RBJ6 -0.0217 (-1.50%). Apr crude oil and gasoline on Monday closed lower on the stronger dollar and on Iranian Oil Minister Bijan Namdar Zanganreh's comment that Iran plans to boost its crude production by about a third to 4 million bpd before it will consider joining any move to rebalance the market.

GLOBAL EVENT CALENDAR03/15/2016

US	0830 ET	Feb retail sales expected -0.2% and -0.2% ex autos, Jan +0.2% and +0.1% ex autos. Feb retail sales ex-autos and ex-gasoline expected +0.2%, Jan +0.4%.
	0830 ET	Feb PPI final demand expected -0.2% m/m and +0.1% y/y, Jan +0.1% m/m and -0.2% y/y. Feb PPI ex food & energy expected +0.1% m/m and +1.2% y/y, Jan +0.4% m/m and +0.6% y/y.
	0830 ET	Mar Empire manufacturing survey business conditions expected +6.64 to -10.00, Feb +2.73 to -16.64.
	1000 ET	Mar NAHB housing market index expected +1 to 59, Feb -3 to 58.
	1000 ET	Jan business inventories expected unch, Dec +0.1%.
	1100 ET	FOMC begins 2-day policy meeting.
JPN	0030 ET	Revised Japan Jan industrial production, preliminary +3.7% m/m and -3.8% y/y.
	0030 ET	Japan Jan capacity utilization, Dec -1.0% m/m.
	0030 ET	Japan Jan tertiary index expected +0.3% m/m, Dec -0.6% m/m.
	n/a	BOJ announces interest rate decision.
EUR	0600 ET	Eurozone Q4 employment, Q3 +0.3% q/q and +1.1% y/y.

U.S. STOCK CALENDAR03/15/2016

Company	Ticker	Time	Event Description	Period	Estimate
FactSet Research Systems Inc	FDS US	Bef-mkt	Q2 2016 Earnings Release	Q2 2016	1.515
DSW Inc	DSW US	Bef-mkt	Q4 2016 Earnings Release	Q4 2016	0.072
HD Supply Holdings Inc	HDS US	6:00	Q4 2016 Earnings Release	Q4 2016	0.242
LKQ Corp	LKQ US	8:00	Investor Day	Y 2016
HD Supply Holdings Inc	HDS US	8:00	Q4 2016 Earnings Call	Q4 2016
DSW Inc	DSW US	8:30	Q4 2016 Earnings Call	Q4 2016
Gaming and Leisure Properties Inc	GLPI US	10:00	Extraordinary Shareholders Meeting - M&A Vote	Y 2016
Western Digital Corp	WDC US	11:00	Extraordinary Shareholders Meeting - M&A Vote	Y 2016
SanDisk Corp	SNDK US	11:00	Extraordinary Shareholders Meeting	Y 2016
FactSet Research Systems Inc	FDS US	11:00	Q2 2016 Earnings Call	Q2 2016
CBS Corp	CBS US	14:00	Investor Day	Y 2016
Toro Co/The	TTC US	14:30	Annual General Meeting	Y 2016
Oracle Corp	ORCL US	17:00	Q3 2016 Earnings Call	Q3 2016
Oracle Corp	ORCL US	Aft-mkt	Q3 2016 Earnings Release	Q3 2016	0.62
American Express Co	AXP US		Credit-card Charge-offs and Delinquencies
JPMorgan Chase & Co	JPM US		Credit-card Charge-offs and Delinquencies
Hill-Rom Holdings Inc	HRC US		Annual General Meeting
Bank of America Corp	BAC US		Credit-card Charge-offs and Delinquencies
Citigroup Inc	C US		Credit-card Charge-offs and Delinquencies
Questar Corp	STR US		Roadshow - Boston	Y 2016
Capital One Financial Corp	COF US		Credit-card Charge-offs and Delinquencies
SanDisk Corp	SNDK US		Special Meeting - M&A Vote
Alliance Data Systems Corp	ADS US		Credit-card Charge-offs and Delinquencies
Alere Inc	ALR US		Q4 2015 Earnings Release	Q4 2015	0.576
Discover Financial Services	DFS US		Credit-card Charge-offs and Delinquencies
ADT Corp/The	ADT US		Annual General Meeting	Y 2016
Synchrony Financial	SYF US		Credit-card Charge-offs and Delinquencies
TerraForm Power Inc	TERP US		Q4 2015 Earnings Release	Q4 2015	-0.206
TerraForm Power Inc	TERP US		Q4 2015 Earnings Call	Q4 2015