Morning Call 9/29

Barchart Morning Call

Barchart.com - Fri Sep 29, 6:34AM CDT

OVERNIGHT MARKETS AND NEWS

Dec E-mini S&Ps (ESZ17 -0.05%) this morning are little changed, down -0.03%, ahead of U.S. economic data later this morning on Aug personal spending and income and the Aug core PCE deflator, the Fed's preferred gauge of inflation. European stocks are up +0.31% at a 3-month high on strength in the European economy after German unemployment in Sep unexpectedly fell to a record low. Also, inflation in the Eurozone rose at a slower-than-expected pace this month, which may prompt the ECB to delay tapering of its bond purchases. Asian stocks settled mixed: Japan -0.03%, Hong Kong +0.48%, China +0.28%, Taiwan _0.33%, Australia +0.20%, Singapore -0.22%, South Korea +0.77%, India unchanged. China's Shanghai Composite climbed to a 1-week high ahead of next week's Golden Week holidays, which will close the Chinese markets for the entire week. Japanese deflation concerns eased a bit after the Japan Aug national CPI rose a more than expected +0.7% y/y, the fastest pace of increase in 2-1/3 years.

The dollar index (DXY00 -0.02%) is down -0.03%. EUR/USD (^EURUSD) is up +0.24%. USD/JPY (^USDJPY) is up +0.10%.

Dec 10-year T-note prices (ZNZ17 -0.05%) are down -0.5 of a tick.

The German Sep unemployment change fell -23,000 to 2.506 million, stronger than expectations of -5,000. The Sep unemployment rate unexpectedly fell -0.1 to 5.6%, stronger than expectations of no change at 5.7% and the lowest since German reunification in 1990.

The Eurozone Sep CPI estimate rose +1.5% y/y, weaker than expectations of +1.6% y/y. The Sep core CPI rose +1.1% y/y, weaker than expectations of +1.2% y/y.

The Japan Aug jobless rate was unch at 2.8%, right on expectations. The Aug job-to-applicant ratio was unch at 1.52, weaker than expectations of +0.01 to 1.53.

Japan Aug national CPI rose +0.7% y/y, stronger than expectations of +0.6% y/y and the fastest pace of increase in 2-1/3 years. Aug national CPI ex fresh food rose +0.7% y/y, right on expectations. Aug national CPI ex fresh food & energy rose +0.2% y/y, right on expectations and the biggest increase in 7 months.

Japan Aug industrial production rose +2.1% m/m, stronger than expectations of +1.8% m/m.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Aug personal spending (expected +0.1%, Jul +0.3%) and Aug personal income (expected +0.2%, Jul +0.4%), (2) Aug PCE deflator (expected +0.3% m/m and +1.5% y/y, Jul +0.1% m/m and +1.4% y/y) and Aug core PCE deflator (expected +0.2% and +1.4% y/y, Jul +0.1% m/m and +1.4% y/y), (3) Sep Chicago PMI (expected -0.2to 58.7, Aug unch at 58.9), (4) final-Sep University of Michigan U.S. consumer sentiment index (expected unch at 95.3, prelim-Sep -1.5 to 95.3), (5) Philadelphia Fed President Patrick Harker (voter) speaks at an event titled: The Impact on Consumers, Banking, and Regulatory Policy, (6) USDA Q3 Quarterly Grain Stocks.

Notable Russell 1000 earnings reports today include: none.

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

Equity conferences this week: none.

OVERNIGHT U.S. STOCK MOVERS

Louisiana-Pacific (LPX +0.07%) was downgraded to 'Underperform' from 'Market Perform' at BMO Capital Markets.

Altice (ATUS -3.05%) was initiated with a recommendation of 'Buy' at Redburn with a price target of $35.27.

Mastercard (MA +0.38%) was initiated with a recommendation of 'Overweight' at Cantor Fitzgerald with a 12-month target price of $165.

Vertex Pharmaceuticals (VRTX +0.37%) was initiated with a recommendation of 'Buy' at BTIG LLC with a 12-month target price of $200.

WR Grace ({=GRA was initiated with a recommendation of 'Buy' at Loop Capital Markets with a 12-month target price of $81.

Tyson Foods ({=TSN rallied over 5% in after-hours trading after it raised guidance on its fiscal 2017 adjusted EPS to $5.20-$5.30 from a prior view of $4.95-$5.05, citing better-than-expected earnings in the beef segment.

Cabot Microelectronics ({=CCMP was initiated with a recommendation of 'Buy' at Loop Capital Markets with a 12-month target price of $94.

KB Home ({=KBH gained over 1% in after-hours trading after it reported Q3 revenue of $1.14 billion, above consensus of $1.11 billion.

Nexstar Media Group (NXST +1.06%) slid 1% in after-hours trading after a block of 641,000 shares of Nexstar was offered at $61 a share via Raymond James, a -1.93% discount to Thursday's closing price.

Hilton Worldwide Holdings (HLT +0.36%) lost almost 1% in after-hours trading after it announced that it had commenced a secondary offering of 14.61 million shares of its common stock.

Smart Global Holdings (SGH +4.90%) jumped almost 7% in after-hours trading after it reported Q4 net sales of $223 million, better than consensus of $210.6 million.

Zynerba Pharmaceuticals (ZYNE +52.50%) rallied nearly 6% in after-hours trading after it was upgraded to 'Overweight' from 'Neutral' at Piper Jaffray with a target price of $16.

Marinus Pharmaceuticals (MRNS -4.77%) rose over 3% in after-hours trading after Bain Capital Life Sciences Fund reported a 15.9% passive stake in the company.

Aehr Test Systems (AEHR +11.04%) jumped over 15% in after-hours trading after it reported Q1 revenue of $6.97 million, better than expectations of $6.75 million.

MARKET COMMENTS

Dec S&P 500 E-mini stock futures (ESZ17 -0.05%) this morning are doen -0.75 points (-0.03%). Thursday's closes: S&P 500 +0.12%, Dow Jones +0.18%, Nasdaq -0.08%. The S&P 500 on Thursday closed higher on the unexpected upward revision to U.S. Q2 GDP to 3.1% from +3.0%, strongest pace of growth since Q1 2015, and on this week's increased optimism that Republicans may be able to cut corporate taxes. Energy stocks were undercut by the -1.11% sell-off in crude oil prices.

Dec 10-year T-note prices (ZNZ17 -0.05%) this morning are down -0.5 of a tick. Thursday's closes: TYZ7 +3.50, FVZ7 +3.25. Dec 10-year T-notes on Thursday recovered from a 2-1/2 month low and closed higher on some short-covering due to strong demand for the Treasury's $28 billion auction of 7-year T-notes that had a bid-to-cover ratio of 2.70, above the 12-auction average of 2.53. T-notes were undercut by the unexpected upward revision in U.S. Q2 GDP to 3.1% from 3.0% and by increased inflation expectations after the 10-year T-note breakeven inflation rate rose to a 4-1/2 month high.

The dollar index (DXY00 -0.02%) this morning is down -0.024 (-0.03%). EUR/USD (^EURUSD) is up +0.0028 (+0.24%) and USD/JPY (^USDJPY) is up +0.11 (+0.10%). Thursday's closes: Dollar Index -0.276 (-0.30), EUR/USD +0.0041 (+0.35%), USD/JPY -0.50 (-0.44%). The dollar index on Thursday closed lower on strength in EUR/USD after Eurozone Sep economic confidence rose +1.1 to 113.0, a 10-1/4 year high. The dollar was also undercut by the decline in T-note yields, which undercut the dollar's interest rate differentials.

Nov crude oil (CLX17 -0.12%) this morning is up +4 cents (+0.08%) and Nov gasoline (RBX17 -0.27%) is +0.0001 (+0.01%). Thursday's closes: Nov WTI crude -0.5 (-1.11%), Nov gasoline -0.0072 (-0.44%). Nov crude oil and gasoline on Thursday closed lower on the decline in the crack spread to a 1-month low, which may curb refinery demand for crude to refine into gasoline, and on negative carry-over from Wednesday's EIA data that showed U.S. crude production last week rose to a 2-year high.

Metals prices this morning are mixed with Dec gold (GCZ17 +0.16%) +3.3 (+0.26%), Dec silver (SIZ17 +0.11%) +0.043 (+0.26%) and Dec copper (HGZ17 -0.50%) -0.013 (-0.44%). Thursday's closes: Dec gold -13.9 (-1.07%), Dec silver -0.056(-0.33%), Dec copper +0.0105 (+0.36%). Metals on Thursday closed higher on a weaker dollar, the upward revision to U.S. Q2 GDP to +3.1% from +3.0% that was positive for industrial metals demand, and the -3,525 MT decline in LME copper inventories to a 2-week low of 298,425 MT.

GLOBAL EVENT CALENDAR09/29/2017

		Friday, Sep 29
US	0830 ET	Aug personal spending expected +0.1%, Jul +0.3%. Aug personal income expected +0.2%, Jul +0.4%.
	0830 ET	Aug PCE deflator expected +0.3% m/m and +1.5% y/y, Jul +0.1% m/m and +1.4% y/y. Aug core PCE deflator expected +0.2% and +1.4% y/y, Jul +0.1% m/m and +1.4% y/y.
	0945 ET	Sep Chicago PMI expected -0.2 to 58.7, Aug unch at 58.9.
	1000 ET	Final-Sep University of Michigan U.S. consumer sentiment index expected unch at 95.3, prelim-Sep -1.5 to 95.3.
	1100 ET	Philadelphia Fed President Patrick Harker (voter) speaks at an event titled: The Impact on Consumers, Banking, and Regulatory Policy. Text: No Q&A.
	1200 ET	USDA Q3 Quarterly Grain Stocks.
		Monday, Oct 2
US	0945 ET	Revised Sep Markit manufacturing PMI, prelim-Sep +0.4 to 52.6.
	1000 ET	Sep ISM manufacturing PMI expected -1.3 to 57.5, Aug +2.5 to 58.8. Sep ISM new orders, Aug -0.1 to 60.3. Sep ISM employment, Aug +4.7 to 59.9. Sep ISM prices paid expected +2.0 to 64.0, Aug unch at 62.0.
	1000 ET	Aug construction spending expected +0.4%, Jul -0.6% m/m.
	1100 ET	USDA weekly grain export inspections.
	1400 ET	Dallas Fed President Robert Kaplan (voter) speaks in a moderated Q&A at an event hosted by the El Paso branch of the Dallas Fed.
	1600 ET	USDA crop conditions and progress report.

U.S. STOCK CALENDAR09/29/2017

Name	Ticker	Time	Description	Period	Estimate
Carter's Inc	CRI US		Annual General Meeting

MORNING CALL 7/31

Barchart Morning Call

Barchart.com - Mon Jul 31, 6:52AM CDT

OVERNIGHT MARKETS AND NEWS

Sep E-mini S&Ps (ESU17 +0.12%) this morning are up +0.06% and European stocks are up +0.18% as raw-material producing stocks gain on optimism the global economy is gathering momentum. Sep COMEX copper (HGU17 +0.82%) is up +0.78% at a new 2-year high and is giving mining stocks a boost after China Jul manufacturing PMI expanded and after Japan Jun industrial production rose more than expected. Another supportive factor was the decline in Eurozone Jun unemployment to an 8-1/3 year low of 9.1%. Gains in European stocks were limited on concern the ECB may be closer to tapering QE after Eurozone Jul core CPI rose a more than expected +1.2% y/y pace and matched the largest increase in 4-years. Asian stocks settled mixed: Japan -0.17%, Hong Kong +1.28%, China +0.61%, Taiwan +0.04%, Australia +0.31%, Singapore -0.04%, South Korea +0.15%, India +0.63%. China's Shanghai Composite rallied to a 3-1/2 month high and the yuan accelerated to a 9-1/2 month high against the dollar after data showed Chinese manufacturing activity expanded for a 12th consecutive month. Japan's Nikkei Stock Index fell to a 3-week low as exporter stocks sold-off on reduced earnings prospects as USD/JPY slid to a 1-1/2 month low.

The dollar index (DXY00 +0.23%) is up +0.22%. EUR/USD (^EURUSD) is down -0.16%. USD/JPY (^USDJPY) is down -0.10% at a 1-1/2 month low.

Sep 10-year T-note prices (ZNU17 -0.02%) are little changed, down -0.5 of a tick.

The Eurozone Jul CPI estimate rose +1.3% y/y, right on expectations. The Jul core CPI rose +1.2% y/y, stronger than expectations of +1.1% y/y and matched April's gain as the fastest pace of increase in 4 years.

The Eurozone Jun unemployment rate fell -0.1 to 9.1%, stronger than expectations of -0.1 to 9.2% and the lowest in 8-1/3 years.

The China Jul manufacturing PMI fell -0.3 to 51.4, weaker than expectations of -0.2 to 51.5.

Japan Jun industrial production rose +1.6% m/m, stronger than expectations of +1.5% m/m.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Jul Chicago PMI (expected -5.7 to 60.0 Jun +6.3 to 65.7), (2) Jun pending home sales (expected +1.0% m/m, May -0.8% m/m and +0.5% y/y), (3) Jul Dallas Fed manufacturing activity (expected -2.0 to 13.0, Jun -2.2 to 15.0), (4) USDA weekly grain export inspections, (5) USDA crop conditions and planting progress.

Notable S&P 500 earnings reports today include: Loews (consensus $0.76), Affiliated Managers Group (3.24), Roper Technologies (2.22), Alexandria Real Estate Equities (1.49), Vornado Realty Trust (1.25).

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

Equity conferences this week: Keefe, Bruyette, & Woods Community Bank Investor Conference on Tue, Wells Fargo Boston Biotech Corporate Access Day on Tue, UBS Transport Conference on Thu.

OVERNIGHT U.S. STOCK MOVERS

Oppenheimer raised its 2017 year-end target for the S&P 500 to 2,650 from a prior forecast of 2,450.

Wells Fargo (WFC -2.58%) was upgraded to 'Market Perform' from 'Underperform' at BMO Capital Markets.

American Airlines Group (AAL +0.98%) was upgraded to 'Outperform' from 'Market Perform' at Cowen with a price target of $57.

Citigroup (C -0.25%) was downgraded to 'Market Perform' from 'Outperform' at BMO Capital Markets.

Hilton Worldwide Holdings (HLT -0.16%) was upgraded to 'Hold' from 'Sell' at Berenberg.

Virtus Investment Partners (VRTS -2.41%) was upgraded to 'Outperform' from 'Neutral' at Credit Suisse with a price target of $147.

Facebook (FB +1.18%) was downgraded to 'Sell' from 'Hold' at Pivotal.

Celgene (CELG -0.04%) was upgraded to 'Buy' from 'Hold' at Argus Research with a price target of $160.

Hertz Global Holdings (HTZ -0.17%) was downgraded to 'Underweight' from 'Equalweight' at Barclays.

ANI Pharma (ANIP +0.89%) was initiated a new 'Buy' at Canaccord Genuity with a price target of $60.

Tesla (TSLA +0.18%) on Friday night delivered its first mass-market Model 3 electric vehicles with a price tag of $44,000 and a higher-than-expected 310-mile range.

Kearny Financial (KRNY -0.34%) reported in-line EPS of 5 cents.

Ironwood Pharma (IRWD +5.71%) rallied 6% on a positive research note by Wells Fargo.

MARKET COMMENTS

Sep S&P 500 E-mini stock futures (ESU17 +0.12%) this morning are trading up +1.50 points (+0.06%). Friday's closes: S&P 500 -0.13%, Dow Jones +0.15%, Nasdaq -0.12%. The S&P 500 on Friday closed slightly lower on weakness in tech stocks that were undercut by a sharp -2.48% sell-off in Amazon.com on disappointing late-Thursday earnings news. Stocks were also undercut by the failure of Senate Republicans on Thursday night to approve a bill to advance an Obamacare repeal, which had some negative implications for tax reform, and by geopolitical uncertainty after news of a North Korean ICBM missile launch. The U.S. Q2 GDP report of +2.6% was slightly weaker than market expectations of +2.7% and was also slightly bearish for stocks. Stocks found support on a mildly higher close in T-notes and on strength in energy stocks on the +1.37% rally in Sep crude oil.

Sep 10-year T-note prices (ZNU17 -0.02%) this morning are little changed, down -0.5 of a tick. Friday's closes: TYU7 +4, FVU7 +1.75. Sep 10-year T-notes on Friday closed mildly higher on the slightly weaker-than-expected Q2 GDP report of +2.6% and on the slightly weaker-than-expected Q2 ECI report of +0.5%, which was dovish for inflation. T-notes also received a boost from some safe-haven buying after news that North Korea fired another ICBM missile.

The dollar index (DXY00 +0.23%) this morning is up +0.204 (+0.22%) while EUR/USD (^EURUSD) is down -0.0019 (-0.16%) and USD/JPY (^USDJPY) is down -0.11 (-0.10%) at a 1-1/2 month low. Friday's closes: Dollar Index -0.605 (-0.64%), EUR/USD +0.0074 (+0.63%), USD/JPY -0.58 (-0.52%). The dollar index on Friday remained above Thursday's 13-month low but closed the day with a fairly sharp loss. The dollar index was undercut by Washington political uncertainty after Senate Republicans on Thursday night were unable to advance a health care bill and by the slighter weaker-than-expected U.S. Q2 GDP and ECI reports, which were slightly dovish for Fed policy. There was also strength in EUR/USD due to strong European data reported on Friday. The Canadian dollar rallied sharply against the U.S. dollar on Friday due to the +1.37% rally in crude oil prices and the stronger-than-expected Canadian May GDP report of +4.6% y/y.

Sep crude oil this morning (CLU17 -0.02%) is down -21 cents (-0.42%). Sep gasoline (RBU17 +0.95%) is up +0.0121 (+0.74%). Friday's closes: Sep WTI crude +0.67 (+1.37%), Sep gasoline +0.0261 (+1.61%). Sep crude oil and gasoline on Friday closed higher on technical buying with Friday's new 2-month high. There was also carry-over support from the week's bullish news that included strong Chinese crude oil imports, Saudi Arabia's intent to cut exports in August, and Wednesday's weekly EIA report showing a -7.2 mln bbl plunge in U.S. crude oil inventories and a -0.2% w/w decline in U.S. weekly oil production.

GLOBAL EVENT CALENDAR07/31/2017

		Monday, July 31
US	0945 ET	Jul Chicago PMI expected -5.7 to 60.0 Jun +6.3 to 65.7.
	1000 ET	Jun pending home sales expected +1.0% m/m, May -0.8% m/m and +0.5% y/y.
	1030 ET	Jul Dallas Fed manufacturing activity expected -2.0 to 13.0, Jun -2.2 to 15.0.
	1100 ET	USDA weekly grain export inspections.
	1600 ET	USDA crop conditions and planting progress.
		Tuesday, Aug 1
US	0830 ET	Jun personal spending expected +0.1%, May +0.1%. Jun personal income expected +0.4%, May +0.4%.
	0830 ET	Jun PCE deflator expected unch m/m and +1.3% y/y, May -0.1% m/m and +1.4% y/y. Jun core PCE deflator expected +0.1% m/m and +1.4% y/y, May +0.1% m/m and +1/4% y/y.
	0945 ET	Revised Jul Markit U.S. manufacturing index expected -0.1 to 53.1, prelim-July +1.2 to 53.2.
	1000 ET	Jul ISM manufacturing index expected -1.4 to 56.4, Jun +2.9 to 57.8. Jul ISM new orders, Jun +4.0 to 3.5. Jul ISM employment, Jun +3.7 to 57.2. Jul ISM prices paid expected +1.5 to 56.5, Jun -5.5 to 55.0.
	1000 ET	Jun construction spending expected +0.5% m/m, May unch m/m.
	n/a	Jul total vehicle sales expected 16.80 million, Jun 16.41 million. Jul domestic vehicle sales expected 13.00 million, Jun 12.79 million.

U.S. STOCK CALENDAR07/31/2017

Company	Ticker	Time	Event Description	Period	Estimate
Loews Corp	L US	Bef-mkt	Q2 2017 Earnings Release	Q2 17	0.763
Affiliated Managers Group Inc	AMG US	Bef-mkt	Q2 2017 Earnings Release	Q2 17	3.241
Roper Technologies Inc	ROP US	Bef-mkt	Q2 2017 Earnings Release	Q2 17	2.218
Affiliated Managers Group Inc	AMG US	08:30	Q2 2017 Earnings Call	Q2 17
Roper Technologies Inc	ROP US	08:30	Q2 2017 Earnings Call	Q2 17
Loews Corp	L US	11:00	Q2 2017 Earnings Call	Q2 17
Alexandria Real Estate Equities Inc	ARE US	Aft-mkt	Q2 2017 Earnings Release	Q2 17	1.49
Vornado Realty Trust	VNO US	Aft-mkt	Q2 2017 Earnings Release	Q2 17	1.254

Morning Call 12/8

Barchart Morning Call

Barchart.com - 4 minutes ago

OVERNIGHT MARKETS AND NEWS

Dec E-mini S&Ps (ESZ16 +0.10%) are up +0.02% and European stocks are up +0.30% at an 11-month high as the markets expect the ECB later today to announce an extension of its QE program. Government bond prices fell and EUR/USD (^EURUSD) rose to a 3-week high on speculation the ECB may also announce a slower pace of asset purchases and that this will be the last extension of QE before the ECB starts to taper its bond buying. The weaker dollar has boosted crude oil prices with Jan WTI crude (CLF17 +0.86%) up +0.78%, which has also lifted energy producing stocks. Stock markets around the world also rose on signs of economic strength in China after China Nov exports unexpectedly rose for the first time in 8 months and after China imports posted their largest increase in 2 years. Asian stocks settled mostly higher: Japan +1.45%, Hong Kong +0.27%, China -0.21%, Taiwan +1.21%, Australia +1.20%, Singapore -0.03%, South Korea +2.21%, India +1.74%. Japan's Nikkei Stock Index climbed to an 11-month high as strength in Chinese Nov imports boosted exporter stocks.

The dollar index (DXY00 -0.34%) is down -0.28% at a 3-week low. EUR/USD (^EURUSD) is up +0.31% at a 3-week high. USD/JPY (^USDJPY) is down -0.29%.

Mar 10-year T-note prices (ZNH17 -0.18%) are down -7 ticks.

China Nov exports unexpectedly rose +0.1% y/y, stronger than expectations of -5.0% y/y and the first increase in 8 months. Nov imports unexpectedly rose +6.7% y/y, stronger than expectations of -1.9% y/y and the biggest increase in 2 years.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) weekly initial unemployment claims (expected -13,000 to 255,000, previous +17,000 to 268,000) and continuing claims (expected -33,000 to 2.048 million, previous +38,000 to 2.081 million), (2) USDA weekly Export Sales.

Russell 1000 earnings reports today include: Toro (consensus $0.22), Cooper Cos (2.25), Broadcom (3.36).

U.S. IPO's scheduled to price today: Ichor Holdings (ICHR), Athene Holding (ATH).

Equity conferences during the remainder of this week include: 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

L-3 Communications Holdings (LLL +1.96%) was downgraded to 'Neutral' from 'Buy' at Bank of America/Merrill Lynch with a price target of $170.

Priceline.com (PCLN +1.48%) was rated a new 'Buy' at CLSA with a price target of $1,900.

Tailored Brands (TLRD +3.39%) was upgraded to 'Buy' from 'Neutral' at Mizuho Securities with a 12-month target price of $25.

Lululemon Athletica (LULU +4.54%) surged 13% in after-hours trading after it reported Q3 adjusted EPS of 47 cents, higher than consensus of 43 cents, and then said its board approved up to $100 million in stock repurchases.

Ollie's Bargain Outlet Holdings (OLLI +1.11%) fell over 2% in after-hours trading after it reported Q3 comparable store sales rose +1.8%, below consensus of +2.1%.

Corning (GLW +2.46%) gained over 1% in after-hours trading after it announced a new $4 billion share repurchase program.

United Natural Foods (UNFI +0.88%) slid over 2% in after-hours trading after it reported Q1 EPS of 58 cents, below consensus of 62 cents.

Verint Systems (VRNT +0.26%) tumbled over 12% in after-hours trading after it reported Q3 adjusted EPS of 59 cents, weaker than consensus of 70 cents, and then lowered guidance on fiscal 2017 adjusted EPS to $2.50, below a September 7 view of $2.85.

Comtech (CMTL +6.43%) dropped 7% in after-hours trading after it reported Q1 revenue of $135.8 million, below consensus of $139.2 million, and then cut its quarterly dividend to 10 cents a share from 30 cents a share.

H&R Block (HRB +2.86%) jumped nearly 6% in after-hours trading after it reported Q2 revenue of $131.3 million, higher than consensus of $127 million.

Casey's General Stores (CASY +0.93%) fell over 2% in after-hours trading after it reported Q2 EPS of $1.44, below consensus of $1.57.

Voyager Therapeutics (VYGR -1.93%) surged over 30% in after-hours trading after it announced positive results on its phase 1b trial of its VY-AADC01 gene therapy that showed improved measures of motor function in in patients with advanced Parkinson's disease.

MARKET COMMENTS

Dec E-mini S&Ps (ESZ16 +0.10%) this morning are up +0.50 of a point (+0.02%). Wednesday's closes: S&P 500 +1.32%, Dow Jones +1.55%, Nasdaq +1.32%. The S&P 500 on Wednesday pushed up to a new record high and closed higher on carry-over support from a rally in European stocks to a 7-1/4 month high on expectations that the ECB on Thursday will extend QE past March 2017. Stocks were also boosted by reduced interest rate concerns as the 10-year T-note yield fell -4 bp.

Mar 10-year T-notes (ZNH17 -0.18%) this morning are down -7 ticks. Wednesday's closes: TYH7 +11.00, FVH7 +7.00. Mar 10-year T-notes on Wednesday closed higher on the -2.28% slide in crude oil prices, which undercut inflation expectations. T-notes were also boosted by carry-over support from a rally in German bunds ahead of Thursday's ECB meeting.

The dollar index (DXY00 -0.34%) this morning is down -0.284 (-0.28%) at a 3-week low. EUR/USD (^EURUSD) is up +0.0033 (+0.31%) at a 3-week high. USD/JPY (^USDJPY) is down -0.33 (-0.29%). Wednesday's closes: Dollar index -0.260 (-0.26%), EUR/USD +0.0035 (+0.33%), USD/JPY -0.25 (-0.22%). The dollar index on Wednesday closed lower on a -4 bp decline in the 10-year T-note yield, which reduced the dollar's interest rate differentials. In addition, there was strength in EUR/USD on short-covering ahead of Thursday's ECB meeting.

Jan WTI crude oil prices (CLF17 +0.86%) this morning are up +39 cents (+0.78%) and Jan gasoline (RBF17 -0.20%) is -0.0038 (-0.25%). Wednesday's closes: Jan crude -1.16 (-2.28%), Jan gasoline -0.0291 (-1.89%). Jan crude oil and gasoline on Wednesday closed lower on the +3.783 million bbl increase in crude stockpiles at Cushing to a 5-1/2 month high and on the +3.425 million bbl increase in weekly EIA gasoline supplies, a larger increase than expectations of +1.6 million bbl.

GLOBAL EVENT CALENDAR12/08/2016

		Thursday, Dec 8
US	0830 ET	Weekly initial unemployment claims expected -13,000 to 255,000, previous +17,000 to 268,000. Weekly continuing claims expected -33,000 to 2.048 million, previous +38,000 to 2.081 million.
	0830 ET	USDA weekly Export Sales.
	1100 ET	Treasury announces amount of 3-year T-notes (previous $24 billion), 10-year T-notes (previous $23 billion) and 30-year T-bonds (previous $15 billion) to be auctioned Dec 12-13.
		Friday, Dec 9
US	1000 ET	Revised Oct wholesale inventories expected -0.4%, prelim-Oct -0.4%. Oct wholesale trade sales expected +0.7% m/m, Sep +0.2%.
	1000 ET	Preliminary-Dec University of Michigan U.S. consumer sentiment index expected +0.7 to 94.5, Nov +6.6 to 93.8.
	1200 ET	USDA WASDE Dec crop production.

U.S. STOCK CALENDAR12/08/2016

Company	Ticker	Time	Event Description	Period	Estimate
Dell Technologies Inc Class V	DVMT US	Bef-mkt	Q3 2017 Earnings Release	Q3 2017
Toro Co/The	TTC US	7:30	Q4 2016 Earnings Release	Q4 2016	0.216
Principal Financial Group Inc	PFG US	8:00	Roadshow	Y 2016
Hilton Worldwide Holdings Inc	HLT US	8:00	Investor Day	Y 2016
Nielsen Holdings PLC	NLSN US	8:00	Analyst Day	Y 2016
Dell Technologies Inc Class V	DVMT US	8:00	Q3 2017 Earnings Call	Q3 2017
CMS Energy Corp	CMS US	8:30	Investor Meeting
UGI Corp	UGI US	8:30	Investor Day	Y 2016
Verisk Analytics Inc	VRSK US	8:30	Investor Day	Y 2016
Baker Hughes Inc	BHI US	9:00	Investor Meeting	Y 2016
General Electric Co	GE US	9:00	Investor Meeting	Y 2016
Edwards Lifesciences Corp	EW US	9:00	Investor Meeting	Y 2016
Casey's General Stores Inc	CASY US	10:30	Q2 2017 Earnings Call	Q2 2017
Toro Co/The	TTC US	11:00	Q4 2016 Earnings Call	Q4 2016
Palo Alto Networks Inc	PANW US	13:00	Annual General Meeting
Cooper Cos Inc/The	COO US	16:15	Q4 2016 Earnings Release	Q4 2016	2.248
Cooper Cos Inc/The	COO US	17:00	Q4 2016 Earnings Call	Q4 2016
Broadcom Ltd	AVGO US	17:00	Q4 2016 Earnings Call	Q4 2016
Broadcom Ltd	AVGO US	Aft-mkt	Q4 2016 Earnings Release	Q4 2016	3.358
American Airlines Group Inc	AAL US		November 2016 Sales and Revenue Release - Traffic Results	2016
Vail Resorts Inc	MTN US		Annual General Meeting
TD Ameritrade Holding Corp	AMTD US		November 2016 Sales and Revenue Release	2016
Spirit Airlines Inc	SAVE US		November 2016 Sales and Revenue Release - Traffic Results	2016
Alere Inc	ALR US		Annual General Meeting
United Continental Holdings Inc	UAL US		November 2016 Sales and Revenue Release - Traffic Results	2016