MORNING CALL 11/10

Barchart Morning Call

Barchart.com - Fri Nov 10, 6:38AM CST

OVERNIGHT MARKETS AND NEWS

Dec E-mini S&Ps (ESZ17 -0.38%) this morning are down -0.38% on pessimism U.S. legislators will be able to pass tax reform legislation after the Senate revealed Thursday that its tax plan would delay corporate tax cuts until 2019. The U.S. stock market has rallied sharply this year on expectations meaningful tax cuts would be implemented this year. European stocks are down -0.22% at a 2-week low as they followed U.S. stock indexes lower. Asian stocks settled mostly lower: Japan -0.82%, Hong Kong -0.05%, China +0.14%, Taiwan 0.10%, Australia -0.33%, Singapore -0.11%, South Korea -0.35%, India +0.19%. China's Shanghai Composite bucked the negative trend and rallied to a 1-3/4 year high, led by strength in financial stocks, after the government eased foreign ownership caps on banks and other financial companies.

The dollar index (DXY00 +0.05%) is up +0.09%. EUR/USD (^EURUSD) is up +0.03%. USD/JPY (^USDJPY) is down -0.01%.

Dec 10-year T-note prices (ZNZ17 -0.24%) are down -8.5 ticks at a 1-week low on hawkish comments from San Francisco Fed President Williams who expects a Fed rate hike next month and three more rate hikes next year.

San Francisco Fed President Williams said he expects a Fed rate hike at the Dec FOMC meeting and three more rate hikes in 2018 to return the fed funds rate to "a normal level" of about 2.5%.

UK Sep industrial production rose +0.7% m/m, stronger than expectations of +0.3% m/m and the largest increase in 7 months.

UK Sep manufacturing production rose +0.7% m/m, stronger than expectations of +0.3% m/m and the largest increase in 9 months.

UK Sep construction output fell -1.6% m/m, weaker than expectations of -0.9% m/m and the biggest decline in 1-1/2 years.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) U.S. Nov University of Michigan consumer sentiment expected +0.2 to 100.9, Oct +5.6 to 100.7.

Notable Russell 2000 earnings reports today include: none.

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

Equity conferences during the remainder of this week: none.

OVERNIGHT U.S. STOCK MOVERS

Macy's (M +10.98%) was downgraded to 'Short' from no position at Evercore ISI.

Walt Disney (DIS +1.48%) gained over 1% in after-hours trading after it said in a conference call that it is making another trilogy of 'Star Wars' movies to be released after 2020.

Trade Desk (TTD -3.84%) tumbled 11% in after-hours trading after it said it sees Q4 revenue of $101.0 million, below consensus of $101.8 million.

Nvidia (NVDA -1.84%) gained almost 2% in after-hours trading after it reported Q3 revenue of $2.64 billion, higher than consensus of $2.36 billion, and then said it sees Q4 revenue of $2.65 billion plus or minus 2%, better than consensus of $2.44 billion.

Redfin (RDFN +6.91%) fell nearly 7% in after-hours trading after it reported Q3 revenue of $109.5 million, below consensus of $110.7 million.

Nordstrom (JWN +4.52%) lost nearly 1% in after-hours trading after it reported Q3 gross margin of 34.7%, below consensus of 35.1%.

Ichor Holdings Ltd (ICHR -2.07%) dropped over 4% in after-hours trading after it announced that it acquired Talon Innovations in a stock purchase agreement for $130 million.

Hertz Global Holdings (HTZ -4.67%) climbed 7% in after-hours trading after it reported Q3 adjusted EPS of $1.42, better than consensus of $1.33.

Intrexon (XON +0.51%) fell 3% in after-hours trading after it reported Q3 revenue of $46 million, weaker than consensus of $55.1 million.

Dynavax Technologies (DVAX -3.84%) rallied 14% in after-hours trading after the FDA approved its Heplisav-B vaccine for prevention of infection caused by hepatitis B in adults.

Airgain (AIR -0.62%) dropped 6% in after-hours trading after it reported Q3 adjusted EPS of 5 cents, below consensus of 7 cents.

Immunomedics (IMMU +3.06%) jumped over 8% in after-hours trading after the company appointed former president of hematology and oncology at Celgene, Michael Pehl, as CEO.

Lightpath Technologies (LPTH +0.81%) tumbled 14% in after-hours trading after it reported Q1 revenue of $7.6 million, below consensus of $8.4 million.

MARKET COMMENTS

Dec S&P 500 E-mini stock futures (ESZ17 -0.38%) this morning are down -9.75 points (-0.38%). Thursday's closes: S&P 500 -0.38%, Dow Jones -0.43%, Nasdaq -0.53%. The S&P 500 on Thursday closed lower on negative carry-over from a decline foreign equity markets after the Nikkei Stock Index retreated from a 25-3/4 year high and closed lower and after Euro Stoxx 50 fell to a 2-week low. There was also disappointment in the stock market after the Senate revealed that its tax plan would delay cutting corporate taxes until 2019.

Dec 10-year T-note prices (ZNZ17 -0.24%) this morning are down -8.5 ticks at a 1-week low. Thursday's closes: TYZ7 -2.00, FVZ7 +0.50. Dec 10-year T-notes on Thursday closed lower on negative carry-over from a slide in 10-year German bunds to a 1-week low after the European Commission raised its Eurozone 2017 and 2018 GDP estimates, which was hawkish for ECB monetary policy. T-note prices were also undercut by increased inflation expectations after the 10-year T-note breakeven inflation rate rose to a 1-1/2 week high. Losses were limited as the slide in stocks boosted the safe-haven demand for T-notes.

The dollar index (DXY00 +0.05%) this morning is up +0.081 (+0.09%). EUR/USD (^EURUSD) is up +0.0003 (+0.03%) and USD/JPY (^USDJPY) is down -0.01 (-0.01%). Thursday's closes: Dollar Index -0.422 (-0.44%), EUR/USD +0.0047 (+0.41%), USD/JPY -0.40 (-0.35%). The dollar index on Thursday closed lower on the slide in USD/JPY to a 1-week low as the decline in global stocks boosted the safe-haven demand for the yen. The dollar was also undercut by strength in EUR/USD after the European Commission raised its Eurozone GDP forecast. The dollar was also hurt by disappointment in the Senate's tax plan, which delays a corporate tax cut until 2019.

Dec crude oil (CLZ17 -0.10%) this morning is down -3 cents (-0.05%) and Dec gasoline (RBZ17 -0.04%) is +0.0003 (+0.02%). Thursday's closes: Dec WTI crude +0.36 (+0.63%), Dec gasoline -0.0016 (-0.09%). Dec crude oil and gasoline on Thursday settled mixed. Crude oil prices were boosted by a weaker dollar and the European Commission's hike in its Eurozone 2017 GDP estimate, which is positive for energy demand. Gasoline closed lower after the crack spread moved lower, which may curb refinery demand for crude oil to refine into gasoline.

Metals prices this morning are mixed with Dec gold (GCZ17 -0.19%) -3.3 (-0.26%), Dec silver (SIZ17 +0.32%) +0.020 (+0.12%) and Dec copper (HGZ17 +0.21%) +0.002 (+0.05%). Thursday's closes: Dec gold +7.9 (+0.62%), Dec silver -0.163(-0.95%), Dec copper -0.0135 (-0.44%). Metals on Thursday settled mixed with Dec copper at a 4-week low. Metals prices were supported by a weaker dollar and by the selloff in global stocks that boosted safe-haven demand for precious metals. Copper closed lower on Chinese demand concerns after Chinese customs data on Tuesday showed China Oct copper imports fell -23% m/m to 330,000 MT.

GLOBAL EVENT CALENDAR11/10/2017

		Friday, Nov 10
US	1000 ET	U.S. Nov University of Michigan consumer sentiment expected +0.2 to 100.9, Oct +5.6 to 100.7.
		Monday, Nov 13
US	1100 ET	USDA weekly grain export inspections.
	1400 ET	Oct monthly budget statement expected -$50.0 billion, Sep +$8.0 billion.
	1600 ET	USDA crop conditions and progress report.

U.S. STOCK CALENDAR11/10/2017

Name	Ticker	Time	Description	Period	Estimate
Equifax Inc	EFX US	08:30	Q3 2017 Earnings Call	Q3 17
WW Grainger Inc	GWW US	10:00	Annual General Meeting
WW Grainger Inc	GWW US	10:00	Analyst Meeting
Rayonier Inc	RYN US	10:30	Investor Day
Humana Inc	HUM US		Investor Meeting
Maxim Integrated Products Inc	MXIM US	13:00	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 2/28

Barchart Morning Call

Barchart.com - 31 minutes ago

OVERNIGHT MARKETS AND NEWS

Mar E-mini S&Ps (ESH17 -0.06%) this morning are down -0.02% on light profit taking ahead of U.S. President Trump's first address to Congress tonight where he is expected to layout specifics to his policy plans. Also, retail stocks are lower, led by a 4% decline in shares of Target, after it reported Q4 adjusted EPS of $1.45, below consensus of $1.51, and said it expects full-year adjusted EPS of $3.80 to $4.20, well below expectations of $5.34. European stocks are little changed, up +0.09%. Asian stocks settled mixed: Japan +0.06%, Hong Kong -0.77%, China +0.40%, Taiwan closed for holiday, Australia -0.21%, Singapore -0.39%, South Korea +0.41%, India -0.24%.

The dollar index (DXY00 -0.16%) is down -0.12%. EUR/USD (^EURUSD) is up +0.16%. USD/JPY (^USDJPY) is down -0.46%.

Mar 10-year T-note prices (ZNH17 +0.01%) are down -0.5 of a tick.

Japan Jan industrial production unexpectedly fell -0.8% m/m, weaker than expectations of +0.4% m/m and the biggest decline in 8 months.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) revised Q4 GDP (expected +2.1% q/q annualized, previous +1.9%), (2) Jan wholesale inventories (expected +0.4%, Dec +1.0% m/m), (3) Dec S&P CoreLogic composite-20 home price index (expected +0.7% m/m and +5.35% y/y, Nov +0.88% m/m and +5.27% y/y), (4) Feb Chicago PMI (expected +3.0 to 53.3, Jan -3.6 to 50.3), (5) Feb Conference Board U.S. consumer confidence index (expected -0.8 to 111.0, Jan -1.5 to 111.8), (6) Feb Richmond Fed manufacturing index (expected -2 to 10, Jan +4 to 12), (7) Philadelphia Fed President Patrick Harker (voter) speaks on the economic outlook at Temple University, (8) San Francisco Fed President John Williams (non-voter) delivers an outlook speech to the Santa Cruz Chamber of Commerce, (9) St. Louis Fed President James Bullard (non-voter) gives the Spring 2017 GWU Alumni Lecture in Economics at George Washington University, and (10) President Trump delivers speech to joint session of Congress.

Notable S&P 500 earnings reports today include: salesforce.com (consensus $0.25), AutoZone (8.19), CenterPoint Energy (0.28), Endo International (1.63), NRG Energy (-0.25), Target (1.51), Sempra Energy (1.49), Ross Stores (0.75), Universal Health Systems (1.81), Envision Healthcare (1.23).

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

Equity conferences: Media & Telecom Conference on Mon-Tue BMO Capital Markets Global Metals & Mining Conference on Mon-Tue, JMP Securities Technology Conference on Mon-Tue, JP Morgan Leveraged Finance Conference on Mon-Tue, GSMA Mobile World Congress on Mon-Tue, Morgan Stanley MLP Diversified Natural Gas, Utilities & Clean Tech Conference on Tue, UBS Utilities and Natural Gas Conference on Tue, Barclays MLP Corporate Access Day on Tue, Pacific Crest Emerging Technology Summit on Tue, Evercore ISI Industrial Conference on Tue, CITI Asset Management, Broker Dealer & Market Structure Conference on Wed, Gabelli & Company Pump, Valve & Water Systems Symposium on Wed, Wells Fargo Real Estate Securities Conference on Wed, ABA National Conference on Wed, EnerCom The Oil & Gas Conference on Wed, J.P. Morgan Gaming, Lodging, Restaurant & Leisure Management Access Forum on Thu, Bank of America Merrill Lynch Global Agriculture and Chemicals Conference on Wed-Thu, BTIG Healthcare Conference on Thu, Capital Link Master Limited Partnership Investing Forum on Thu, Simmons Energy Conference on Thu-Fri.

OVERNIGHT U.S. STOCK MOVERS

Target (TGT +0.60%) is down 4% in pre-market trading after it reported Q4 adjusted EPS of $1.45, below consesnsus of $1.51, and said it expects full-year adjusted EPS of $3.80 to $4.20, well below expectations of $5.34.

Priceline Group (PCLN +0.02%) rallied over 3% in after-hours trading after it reported Q4 adjusted EPS of $14.21, well above consensus of $12.97.

Jabil Circuit (JBL +0.27%) was dowmngraded to 'Market Perform' from 'Strong Buy' at Raymond James.

U.S. Steel (X +3.19%) rose 3% in after-hours trading after it was upgraded to 'Outperform' from Market Perform' at Cowen.

Square (SQ +2.87%) slid 2% in after-hours trading after it announced a $350 million offering of convertible senior notes due in 2022.

Hertz Global Holdings (HTZ +0.15%) climbed over 2% in after-hours trading after Gamco said it increased its stake in the company to 6.18% from 5.1%.

EOG Resources (EOG +1.67%) gained 2% in after-hours trading after it reported a Q4 adjusted loss of -1 cent a share, narrower than expectations for a -14 cent a share loss.

Hudson Pacific Properties (HPP +0.83%) lost nearly 2% in after-hours trading after it announced the commencement of a public offering of 8.5 million shares of common stock.

Nutrisystem (NTRI +2.75%) jumped over 15% in after-hours trading after it reported Q4 EPS of 29 cents, better than consensus of 24 cents, and said it sees Q1 revenue of $202 million-$207 million, above consensus of $179.3 million.

Realty Income (O -0.08%) lost nearly 2% in after-hours trading after it announced the commencement of a public offering of 8 million shares of common stock.

Triangle Capital (TCAP -0.60%) dropped 4% in after-hours trading after it announced the commencement of a public offering of 7 million shares of common stock.

Silver Bay Realty Trust (SBY +0.89%) surged 17% in after-hours trading after Tricon Capital bought the company for $1.4 billion, or $21,50 a share, an 18% premium to Monday's closing price.

58.com (WUBA +1.63%) rose 3% in after-hours trading after it reported Q4 gross margin of 89.9%, below consensus of 90.5%.

Essendant (ESND +1.56%) tumbled 11% in after-hours trading after it reported an unexpected Q4 adjusted loss of -2 cents a share, much weaker than consensus for a 28 cent EPS gain.

Kindred Healthcare (KND +3.29%) rose over 4% in after-hours trading after it reported Q4 core EPS of 8 cents, better than consensus of 5 cents, and then said it sees full-year revenue of $7.1 billion-$7.3 billion, above consensus of $6.89 billion.

Fiesta Restaurant Group (FRGI -1.52%) plunged 13% in after-hours trading after it said it will suspend its sale evaluation process due to "softer" company performance and a "weak" industry outlook.

Kona Grill (KONA -3.80%) slumped nearly 10% in after-hours trading after it reported a Q4 adjusted loss of -39 cents a share, wider than consensus for -33 cents a share loss.

MARKET COMMENTS

Mar E-mini S&Ps (ESH17 -0.06%) this morning are down -0.50 of a point (-0.02%). Monday's closes: S&P 500 +0.10%, Dow Jones +0.08%, Nasdaq +0.08%. The S&P 500 on Monday rose to a new record high and closed higher on a rally in steelmakers and raw-material producing stocks after President Trump said he will spend "big" on infrastructure. Stocks were undercut by the unexpected -0.4% decline in U.S. Jan capital goods orders non-defense ex aircraft (weaker than expectations of +0.5%) and by the unexpected -2.8% drop in U.S. Jan pending home sales (weaker than expectations of +0.6% m/m and the biggest decline in a year).

Mar 10-year T-notes (ZNH17 +0.01%) this morning are down -0.5 of a tick. Monday's closes: TYH7 -15.00, FVH7 -10.75. Mar 10-year T-notes on Monday closed lower on carry-over weakness from a slide in German bunds on reduced European political risks after polls showed French presidential candidate Macron had closed the gap with anti-euro candidate Le Pen. T-notes were also undercut by comments from Dallas Fed President Kaplan who said "we should move sooner rather than later" on raising interest rates.

The dollar index (DXY00 -0.16%) this morning is down -0.12 (-0.12%). EUR/USD (^EURUSD) is up +0.0017 (+0.16%). USD/JPY (^USDJPY) is down -0.52 (-0.46%). Monday's closes: Dollar index +0.04 (+0.04%), EUR/USD +0.0024 (+0.23%), USD/JPY +0.58 (+0.52%). The dollar index on Monday closed higher on the increase in 10-year T-note yields, which improves the dollar's interest rate differentials, and by comments from President Trump who said he will spend "big" on infrastructure, which would be positive for U.S. economic growth. Gains in the dollar were limited by strength in EUR/USD as European political risks eased after polls showed French presidential candidate Macron had closed the gap with anti-euro candidate Le Pen.

Apr WTI crude oil prices (CLJ17 -0.22%) this morning are down -19 cents (-0.35%) and Apr gasoline (RBJ17 -0.37%) is -0.0090 (-0.52%). Monday's closes: Apr crude +0.06 (+0.11%), Apr gasoline +0.0052 (+0.30%). Apr crude oil and gasoline on Monday closed higher on the rally in the S&P 500 to a new record high and on comments from Russian Energy Minister Novak who said that Russia had cut its oil output this month by more than the 117,000 bpd it had cut its oil production in Jan. Crude prices fell back from their best levels after OPEC Secretary-General Mohammad Barkindo said that "Non-OPEC members are lagging behind" on agreed to oil production cuts.

GLOBAL EVENT CALENDAR02/28/2017

		Tuesday, Feb 28
US	0830 ET	Revised Q4 GDP expected +2.1% (q/q annualized), previous +1.9% (q/q annualized). Q4 personal consumption expected unrevised at +2.5%. Q4 GDP price index expected unrevised at +2.1%. Q4 core PCE expected unrevised at +1.3% q/q.
	0830 ET	Jan wholesale inventories expected +0.4%, Dec +1.0% m/m. Jan retail inventories, Dec unch m/m.
	0900 ET	Dec S&P CoreLogic composite-20 home price index expected +0.7% m/m and +5.3% y/y, Nov +0.88% m/m and +5.27% y/y.
	0945 ET	Feb Chicago PMI expected +2.7 to 53.0, Jan -3.6 to 50.3.
	1000 ET	Feb Conference Board U.S. consumer confidence index expected -0.8 to 111.0, Jan -1.5 to 111.8.
	1000 ET	Feb Richmond Fed manufacturing index expected -2 to 10, Jan +4 to 12.
	1500 ET	Philadelphia Fed President Patrick Harker (voter) speaks on the economic outlook at Temple University.
	1530 ET	San Francisco Fed President John Williams (non-voter) delivers an outlook speech to the Santa Cruz Chamber of Commerce.
	1850 ET	St. Louis Fed President James Bullard (non-voter) gives the Spring 2017 GWU Alumni Lecture in Economics at George Washington University.
	2100 ET	President Trump delivers speech to joint session of Congress.
		Wednesday, Mar 1
US	0700 ET	Weekly MBA mortgage applications, previous -2.0% with purchase sub-index -2.8% and refi sub-index -1.0%.
	0830 ET	Jan personal spending expected +0.3%, Dec +0.5%. Jan personal income expected +0.3%, Dec +0.3%. Jan PCE deflator expected +0.5% m/m and +2.0% y/y, Dec +0.2% m/m and +1.6% y/y. Jan core PCE deflator expected +0.3% m/m and +1.7% y/y, Dec +0.1% m/m and +1.7% y/y.
	0945 ET	Revised Feb Markit manufacturing PMI expected +0.2 to 54.5, prelim-Feb -0.7 to 54.3.
	1000 ET	Feb ISM manufacturing index expected unch at 56.0, Jan +1.5 to 56.0. Feb ISM new orders, Jan +0.1 to 60.4. Feb ISM employment, Jan +3.3 to 56.1. Feb ISM prices paid expected -1.0 to 68.0, Jan +3.5 to 69.0.
	1000 ET	Jan construction spending expected +0.6% m/m, Dec -0.2% m/m.
	1030 ET	EIA Weekly Petroleum Status Report.
	1300 ET	Dallas Fed President Robert Kaplan (voter) speaks at Paul Quinn College in Dallas, TX.
	1400 ET	Fed Beige Book.
	1800 ET	Fed Governor Lael Brainard speaks on the economic outlook and monetary policy at Harvard Universitys John F. Kennedy School of Government.
	n/a	Feb total vehicle sales expected 17.70 million, Jan 17.48 million. Feb domestic vehicle sales expected 13.65 million, Jan 13.60 million.

U.S. STOCK CALENDAR02/28/2017

Company	Ticker	Time	Event Description	Period	Estimate
AutoZone Inc	AZO US	Bf-mkt	Q2 2017 Earnings Release	Q2 2017	8.197
CenterPoint Energy Inc	CNP US	Bf-mkt	Q4 2016 Earnings Release	Q4 2016	0.282
Endo International PLC	ENDP US	Bf-mkt	Q4 2016 Earnings Release	Q4 2016	1.633
NRG Energy Inc	NRG US	Bf-mkt	Q4 2016 Earnings Release	Q4 2016	-0.263
Target Corp	TGT US	6:30	Q4 2017 Earnings Release	Q4 2017	1.509
NRG Energy Inc	NRG US	8:00	Q4 2016 Earnings Call	Q4 2016
JPMorgan Chase & Co	JPM US	8:30	Investor Day	Y 2017
Sempra Energy	SRE US	8:30	Q4 2016 Earnings Release	Q4 2016	1.487
Endo International PLC	ENDP US	8:30	Q4 2016 Earnings Call	Q4 2016
Target Corp	TGT US	9:00	Financial Community Meeting - Q4 Earnings	Y 2017
Albemarle Corp	ALB US	9:00	Q4 2016 Earnings Call	Q4 2016
AutoZone Inc	AZO US	10:00	Q2 2017 Earnings Call	Q2 2017
EOG Resources Inc	EOG US	10:00	Q4 2016 Earnings Call	Q4 2016
CenterPoint Energy Inc	CNP US	11:00	Q4 2016 Earnings Call	Q4 2016
ONEOK Inc	OKE US	11:00	Q4 2016 Earnings Call	Q4 2016
Sempra Energy	SRE US	12:00	Q4 2016 Earnings Call	Q4 2016
Ross Stores Inc	ROST US	16:00	Q4 2017 Earnings Release	Q4 2017	0.754
Ross Stores Inc	ROST US	16:15	Q4 2017 Earnings Call	Q4 2017
salesforce.com Inc	CRM US	17:00	Q4 2017 Earnings Release	Q4 2017	0.248
salesforce.com Inc	CRM US	17:00	Q4 2017 Earnings Call	Q4 2017
Envision Healthcare Corp	EVHC US	17:00	Q4 2016 Earnings Call	Q4 2016
Universal Health Services Inc	UHS US	Aft-mkt	Q4 2016 Earnings Release	Q4 2016	1.813
Envision Healthcare Corp	EVHC US	Aft-mkt	Q4 2016 Earnings Release	Q4 2016	1.211
Equifax Inc	EFX US		Investor Meeting	Y 2017
Apple Inc	AAPL US		Annual General Meeting