MORNING CALL 6/21

MORNING CALL

Tuesday, June 21st, 2016View Older Reports

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OVERNIGHT MARKETS AND NEWS

Sep E-mini S&Ps (ESU16 +0.47%) are up +0.48% and European stocks are up +0.83% at a 1-week high ahead of this morning's testimony to the Senate Banking Committee by Fed Chair Yellen and by a speech to the European Parliament by ECB President Draghi. European stocks also received a boost from an unexpected jump in the German Jun ZEW survey expectations of economic growth to a 10-month high. The British pound climbed to a 5-1/2 month high against the dollar as polls show the UK campaign to remain in the European Union are gaining ground before Thursday's referendum. Asian stocks settled mixed: Japan +1.28%, Hong Kong +0.77%, China -0.35%, Taiwan +0.68%, Australia +0.33%, Singapore -0.41%, South Korea +0.07%, India -0.20%. Japan's Nikkei Stock Index moved up to a 1-week high as exporters rallied after USD/JPY strengthened.

The dollar index (DXY00 +0.02%) is down -0.05% at a 1-1/2 month low. EUR/USD (^EURUSD) is up +0.01%. USD/JPY (^USDJPY) is up +0.67%.

Sep T-note prices (ZNU16 -0.12%) are down -3 ticks.

The German Jun ZEW survey expectations of economic growth unexpectedly rose +12.8 to 19.2, stronger than expectations of -1.6 to 4.8 and the highest in 10 months.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Fed Chair Janet Yellen testifies on monetary policy to the Senate Banking Committee, and (2) the Treasury's auction of $34 billion of 5-year T-notes.

There are 5 of the Russell 1000 companies that report earnings today: FedEx (consensus $3.28), Lennar (0.87), CarMax (0.92), Adobe (0.68), Carnival (0.39).

U.S. IPO's scheduled to price today: Selecta Biosciences (SELB), Tactile Systems Technology (TCMD)

Equity conferences this week include: Questex Sensors Expo & Conference on Tue, Real Estate Investment World Asia 2016 on Tue, Wells Fargo Convergence & Connectivity Symposium on Tue, Jefferies Consumer Conference on Tue-Wed, Wells Fargo West Coast Energy Conference on Tue-Wed, Panagora Pharma - Mobile Pharma Summit on Tue-Wed, Bernstein Global Future of Media & Telecommunications Summit on Wed, Oppenheimer Global Consumer Conference on Wed, Citigroup Insurance Conference on Thu.

OVERNIGHT U.S. STOCK MOVERS

Signature Bank/New York (SBNY +0.95%) was upgraded to 'Strong Buy' from 'Outperform' at Raymond James with a 12-month price target of $162.

Abbott Laboratories (ABT +0.96%) was upgraded to 'Buy' from 'Hold' at Edward Jones.

Imperva (IMPV +0.27%) rallied over 9% in after-hours trading after Elliott Associates disclosed a 9.8% stake in Imperva and said it began a dialogue with management and board regarding strategic and operational opportunities.

Knight Transportation (KNX +3.53%) was downgraded to 'Neutral' from 'Buy' at Bank of America/Merrill Lynch.

Prologis (PLD +0.06%) was downgraded to 'Hold' from 'Buy' at Deutsche Bank.

Kirby Corp. (KEX +0.90%) was downgraded to 'Neutral' from 'Outperform' at Credit Suisse.

CNOOC Ltd. (CEO +2.55%) was upgraded to 'Buy' from 'Neutral' at UBS.

Paratek Pharmaceuticals (PRTK -2.59%) slid over 2% in after-hours trading after it proposed an offering of 3.75 million shares of common stock.

Sunrun (RUN +2.66%) gained over 1% in after-hours trading after it was rated a new 'Outperform' at Oppenheimer,

American Superconductor (AMSC +1.21%) was rated a new 'Outperform' at Oppenheimer with an 18-month price target of $12.

Opko Health (OPK +1.55%) rose nearly 4% in after-hours trading after a FDA approved-drugs website indicated approval for Opko's Rayaldee drug came on June 17.

Werner (WERN +1.36%) dropped over 9% in after-hours trading after it warned that Q2 EPS may be only 21 cents-35 cents, below consensus of 40 cents, due to "sluggish" freight market conditions, driver pay and contractor cost increases.

Scynexis (SCYX +6.85%) tumbled over 11% in after-hours trading after it announced it will launch a public offering of common stock and warrants.

MARKET COMMENTS

September E-mini S&Ps (ESU16 +0.47%) this morning are up +10.00 points (+0.48%). Monday's closes: S&P 500 +0.58%, Dow Jones +0.73%, Nasdaq +0.59%. The S&P 500 on Monday rallied to a 1-week high and closed higher on carryover support from a sharp rally in European stocks as Brexit concerns eased after the latest polls showed that Britons will vote to remain in the European Union at Thursday's referendum. Stocks were also boosted by strength in mining stocks and energy producers after copper rallied +2.1% and the price of crude oil climbed 2.9% to a 1-week high.

Sep 10-year T-note prices (ZNU16 -0.12%) this morning are down -3 ticks. Monday's closes: TYU6 -1300, FVU6 -6.25. Sep T-notes gapped lower Monday to a 1-week low and closed lower on reduced safe-haven demand for T-notes as stocks rallied sharply as the latest polls showed Britons favored remaining in the EU. T-notes were also undercut by slack demand for the Treasury's $26 billion 2-year T-note auction that had a 2.72 bid-to-cover ratio, below the 12-auction average of 3.01.

The dollar index (DXY00 +0.02%) this morning is down -0.046 (-0.05%) at a 1-1/2 month low. EUR/USD (^EURUSD) is up +0.0001 (+0.01%). USD/JPY (^USDJPY) is up +0.70 (+0.67%). Monday's closes: Dollar Index -0.595 (-0.63%), EUR/USD +0.0037 (+0.33%), USD/JPY -0.22 (-0.21%). The dollar index on Monday fell to a 1-week low and closed lower on an easing of Brexit concerns, which lifted EUR/USD to a 1-week high and GBP/USD to a 2-1/2 week high. The dollar index was also undercut by cautiousness ahead of Tuesday's testimony by Fed Chair Yellen to the Senate Banking Committee on monetary policy.

July WTI crude oil (CLN16 -1.13%) this morning is down -54 cents (-1.09%). July gasoline (RBN16 -1.60%) is down -0.0227 (-1.43%). Monday's closes: CLN6 +1.39 (+2.90%), RBN6 +0.0774 (+5.14%). Jul crude oil and gasoline on Monday rallied to 1-week highs and closed higher. Crude oil prices were boosted by the fall in the dollar index to a 1-week low and a report by the Joint Organizations Data Initiative saying that Saudi Arabian Apr crude exports fell to a 6-month low of 7.44 million bpd.

GLOBAL EVENT CALENDAR06/21/2016

		Tuesday, June 21, 2016
US	1000 ET	Fed Chair Janet Yellen testifies on monetary policy to the Senate Banking Committee.
	1300 ET	Treasury auctions $34 billion of 5-year T-notes.
		Wednesday, June 22, 2016
US	0700 ET	Weekly MBA mortgage applications, previous -2.4% with purchase sub-index -4.9% and refi sub-index -0.7%.
	0900 ET	Apr FHFA house price index expected +0.6%, Mar +0.7% m/m.
	1000 ET	Fed Chair Janet Yellen testifies on monetary policy to the House Financial Services Committee.
	1000 ET	May existing home sales expected +1.8% to 5.55 million, Apr +1.7% m/m to 5.45 million.
	1030 ET	EIA Weekly Petroleum Status Report.
	1130 ET	Treasury auctions $13 billion of 2-year floating rate notes.
	1230 ET	Treasury auctions $28 billion of 7-year T-notes.
	1300 ET	Treasury auctions $5 billion of 30-year TIPS.
EUR	1000 ET	Eurozone Jun consumer confidence expected unch at -7.0, May +2.3 to -7.0.
JPN	2200 ET	Japan Jun Nikkei manufacturing PMI, May -0.5 to 47.7.

U.S. STOCK CALENDAR06/21/2016

Company	Ticker	Time	Event Description	Period	Estimate
QIAGEN NV	QGEN US	4:30	Annual General Meeting	Y 2016
Lennar Corp	LEN US	Bef-mkt	Q2 2016 Earnings Release	Q2 2016	0.872
CarMax Inc	KMX US	7:00	Q1 2017 Earnings Release	Q1 2017	0.923
CarMax Inc	KMX US	9:00	Q1 2017 Earnings Call	C1 2017
CarMax Inc	KMX US	9:00	Q1 2017 Earnings Call	Q1 2017
Nielsen Holdings PLC	NLSN US	9:00	Annual General Meeting	Y 2015
Ingram Micro Inc	IM US	10:00	Special Meeting - M&A Vote
United Continental Holdings Inc	UAL US	10:00	Business Update Call
Lennar Corp	LEN US	11:00	Q2 2016 Earnings Call	Q2 2016
Varian Medical Systems Inc	VAR US	12:00	Investor Day	Y 2016
NetSuite Inc	N US	12:00	Annual General Meeting
FedEx Corp	FDX US	16:15	Q4 2016 Earnings Release	Q4 2016	3.282
FedEx Corp	FDX US	17:00	Q4 2016 Earnings Call	Q4 2016
Adobe Systems Inc	ADBE US	17:00	Q2 2016 Earnings Call	Q2 2016
Adobe Systems Inc	ADBE US	Aft-mkt	Q2 2016 Earnings Release	Q2 2016	0.68
Carnival Corp	CCL US		Q2 2016 Earnings Release	Q2 2016	0.386
United Therapeutics Corp	UTHR US		Annual General Meeting
GameStop Corp	GME US		Annual General Meeting
Agios Pharmaceuticals Inc	AGIO US		Annual General Meeting

BARCHART MORNING CALL 8/19

BARCHART MORNING CALL

Wednesday, August 19th, 2015View Older Reports

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OVERNIGHT MARKETS AND NEWS

September E-mini S&Ps (ESU15 -0.23%) are down -0.26% and European stocks are down -0.67% at a 1-1/4 month low as exporters fell on concern a slowdown in China and other developing economies threatens exporters' earnings. A drop in basic-resource companies is undercutting European stocks as well, with Glencore Plc down over 6% on concern that slower growth in China will undercut its demand for commodities. Asian stocks closed mixed: Japan -1.61%, Hong Kong -1.31%, China +1.23%, Taiwan -1.90%, Australia +1.45%, Singapore -0.28%, South Korea -0.40%, India +0.36%. China's Shanghai Composite reversed losses from as much as 5% and recovered from a 2-week low and closed higher after several Chinese companies disclosed that government-backed funds had purchased their shares. Chinese Stocks had sold-off sharply Tuesday and early Wednesday on concern over reduced government support for equities after China Securities Finance Corp., the state agency appointed to support stock prices, said it will reduce its purchases of stocks as volatility declines. Japan's Nikkei Stock Index tumbled to a 3-week low on concern an economic slowdown in China will depress demand for Japanese exports.
The dollar index (DXY00 -0.10%) is down -0.12%. EUR/USD (^EURUSD) is up +0.15% after Germany's Parliament overwhelmingly approved a third bailout package for Greece. USD/JPY (^USDJPY) is down -0.04%.

Sep T-note prices (ZNU15 +0.05%) are up +2.5 ticks.
The Japan Jul trade balance unexpectedly widened to a -268.1 billion yen deficit, more than expectations of -53.0 billion yen and the biggest trade deficit in 5 months. Jul exports rose +7.6% y/y, more than expectations of +5.2% y/y, and Jul imports fell -3.2% y/y, less than expectations of -8.2% y/y.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Weekly MBA mortgage applications, (2) Jul CPI (expected +0.2% m/m and +0.2% y/y), (3) Jul CPI ex food & energy (expected +0.2% m/m and +1.8% y/y), and (4) Minutes of the Jul 28-29 FOMC meeting.
There are 6 of the S&P 500 companies that reports earnings today: Target (consensus $1.11), Hormel Foods (0.55), Lowe's (1.24), Staples (0.12), L Brands (0.68), NetApp (0.23).
U.S. IPO's scheduled to price today include: Sabre ($26.85), Summit Materials (25.75), PG&E (51.90), Medical Properties Trust (12.25), Sunrun (14.00), Planet Fitness (16.00), Aimmune Therapeutics (16.00), Dermira (21.50), Imprivata (15.00), Corium International (13.00).
Equity conferences during the remainder of this week include: ITG - Industry Conference: Midwest Industrials Conference - Milwaukee on Wed.

OVERNIGHT U.S. STOCK MOVERS

Lowe's (LOW +0.75%) reported Q2 EPS of $1.20, less than consensus of $1.24.
Staples (SPLS -0.56%) reported Q2 EPS of 12 cents, right on consensus.
Hormel Foods (HRL -1.37%) reported Q3 adjusted EPS of 56 cents, higher than consensus of 55 cents.
Intuit (INTU +0.15%) was upgraded to 'Buy' from 'Hold' at Deutsche Bank.
Google (GOOG -0.72%) was upgraded to 'Overweight' from 'Neutral' at Atlantic Equities.
International Game (IGT -0.87%) was initiated with a 'Sell' at Goldman Sachs.
Aflac (AFL +0.08%) was downgraded to 'Underperform' from 'Neutral' at BofA/Merrill Lynch.
C.H. Robinson (CHRW +0.09%) was initiated with a 'Buy' at Evercore ISI with a price target of $81.
Knight Transportation (KNX +0.29%) was initiated with a 'Buy' at Evercore ISI with a price target of $32.
Con-way (CNW -0.40%) was initiated with a 'Buy' at Evercore ISI with a price target of $44.
Seagate (STX -0.76%) said it will acquire Dot Hill Systems (HILL -4.78%) for $9.75 per share, or $694 million.
The WSJ reported that JPMorgan Chase (JPM +0.21%) is in advanced discussions with the SEC to settle investment bias charges for $150 million that it inappropriately guided clients to its own investment products.
DeVry (DV -2.03%) slid over 6% in after-hours trading after it reported Q4 EPS of 57 cents, below consensus of 61 cents.
La-Z-Boy (LZB -0.11%) rose over 1% in after-hours trading after it reported Q1 EPS of 27 cents, higher than consensus of 21 cents.
Analog Devices (ADI -2.69%) jumped over 7% in after-hours trading after it reported Q3 EPS of 77 cents, better than consensus of 74 cents.

MARKET COMMENTS

Sep E-mini S&Ps (ESU15 -0.23%) this morning are down -5.50 points. Tuesday's closes: S&P 500 -0.26%, Dow Jones -0.19%, Nasdaq -0.53%. The S&P 500 closed lower Tuesday on negative carry-over from the 6% plunge in China's Shanghai Composite Stock Index. Weakness in mining and basic-resource companies were a drag on the overall market as most commodity prices fell on Chinese demand concerns with copper at a new 6-year low. Another negative was the larger-than-expected decline in U.S. Jul building permits, a proxy for future building (-16.3% to 1.119 million vs. expectations of -8.0% to 1.225 million). Losses were limited after U.S. Jul housing starts rose +0.2% to a 7-3/4 year high of 1.206 million.
Sep 10-year T-notes (ZNU15 +0.05%) this morning are up +2.5 ticks. Tuesday's closes: TYU5 -10.00, FVU5 -3.00. Reduced global deflation concerns undercut government bond prices as Sep T-notes fell along with British gilts and German bunds after UK Jul core CPI rose a more than expected +1.2% y/y, the fastest pace of increase in 5 months. Also, strength in the U.S. housing market undercut T-note prices after U.S. Jul housing starts rose to a 7-3/4 year high.
The dollar index (DXY00 -0.10%) this morning is down -0.114 (-0.12%). EUR/USD (^EURUSD) is up +0.0016 (+0.15%). USD/JPY (^USDJPY) is down -0.05 (-0.04%). Tuesday's closes: Dollar Index +0.234 (+0.24%), EUR/USD -0.00552 (-0.50%), USD/JPY +0.022 (+0.02%). The dollar index closed higher Tuesday as the increase in U.S. Jul housing starts to a 7-3/4 year high may prompt the Fed to raise interest rates as soon as next month. The dollar also found support on weakness in the commodity currencies of Australia, Canada and New Zealand after copper slumped to a 6-year low on Chinese economic concerns.
Sep crude oil (CLU15 -0.59%) this morning is down -22 cents (-0.52%) and Sep gasoline (RBU15 -1.20%) is down -0.0216 (-1.31%) at a fresh 1-week low. Tuesday's closes: CLU5 +0.56 (+1.34%), RBU5 -0.0178 (-1.08%). Sep gasoline Tuesday fell to a 1-week low and Sep crude traded lower early in the session as the dollar strengthened and after Algeria's Energy Minister sad OPEC can do little to halt the decline in crude prices and needs oil producers outside of OPEC to help in reducing global supplies. Crude oil recovered its losses, however, and closed higher on expectations for Wednesday's weekly EIA crude inventories to fall -750,000 bbl, the fourth straight decline.

GLOBAL EVENT CALENDAR08/19/2015

US	0700 ET	Weekly MBA mortgage applications, previous +0.1% with purchase sub-index -3.5% and refi sub-index +3.1%.
	0830 ET	Jul CPI expected +0.2% m/m and +0.2% y/y, Jun +0.3% m/m and +0.1% y/y. Jul CPI ex food & energy expected +0.2% m/m and +1.8% y/y, Jun +0.2% m/m and +1.8% y/y.
	1030 ET	EIA Weekly Petroleum Status Report.
	1400 ET	Minutes of the Jul 28-29 FOMC meeting.
JPN	0030 ET	Japan Jun all-industry activity index expected +0.4% m/m, May -0.5% m/m.
	0100 ET	Revised Japan Jun leading index CI, previous 107.2. Revised Jun coincident index, previous 112.0.
	0130 ET	Japan Jul nationwide department store sales, Jun +0.4% y/y
	0200 ET	Revised Japan Jul machine tool orders, previous +1.6% y/y.
EUR	0500 ET	Eurozone Jun construction output, May +0.3% m/m and +0.3% y/y.

U.S. STOCK CALENDAR08/19/2015

Company	Ticker	Time	Event Description	Period	Estimate
Target Corp	TGT US	Bef-mkt	Q2 2016 Earnings Release	Q2 2016	1.112
Hormel Foods Corp	HRL US	Bef-mkt	Q3 2015 Earnings Release	Q3 2015	0.547
Lowe's Cos Inc	LOW US	Bef-mkt	Q2 2016 Earnings Release	Q2 2016	1.239
Staples Inc	SPLS US	8:00	Q2 2016 Earnings Call	Q2 2016	0.117
Caterpillar Inc	CAT US	15:00	Caterpillar Inc. Teleconference with Analysts & Investors: Across the Table
L Brands Inc	LB US	Aft-mkt	Q2 2016 Earnings Release	Q2 2016	0.679
NetApp Inc	NTAP US	Aft-mkt	Q1 2016 Earnings Release	Q1 2016	0.233
Progressive Corp/The	PGR US		July 2015 Sales and Revenue Release	2015

BARCHART MORNING CALL 7/9

BARCHART MORNING CALL

Thursday, July 9th, 2015View Older Reports

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OVERNIGHT MARKETS AND NEWS

September E-mini S&Ps (ESU15 +1.02%) are up +1.01% and European stocks are up +1.74% following a rebound in Chinese equities. Greece extended its bank holiday and capital controls through Monday and has until midnight Thursday to present European leaders with a plan that includes spending cuts in exchange for fresh bailout funds. European leaders will then meet on Sunday to decide their response to the proposals. Asian stocks closed mostly higher: Japan +0.60%, Hong Kong +3.73%, China +5,76%, Taiwan -0.69%, Australia +0.03%, Singapore -0.54%, South Korea +0.75%, India -0.41%. China's Shanghai Composite recovered from a 3-3/4 month low and closed higher after regulators banned majority stockholders from selling their shares for at least 6 months. Investors continue to sell shares bought on margin funds as data showed traders unloaded a record 112 billion yuan ($18 billion) of shares bought with borrowed money on the Shanghai exchange Wednesday, the 13th straight day of declines.
Commodity prices are mixed. Aug crude oil (CLQ15 +2.88%) is up +1.65%, Aug gasoline (RBQ15 +0.85%) is down -0.60%. Metals prices are mixed. Aug gold (GCQ15 -0.11%) is down -0.16%. Sep copper (HGU15 +1.62%) is up +1.40%. Agricultural prices are higher.
The dollar index (DXY00 +0.10%) is up +0.21%. EUR/USD (^EURUSD) is down -0.23%. USD/JPY (^USDJPY) is up +0.68%.

Sep T-note prices (ZNU15 -0.31%) are down -11 ticks as the rally in global stocks reduces the safe-haven demand for Treasuries.
As Greece extended its bank holiday and capital controls through Monday, the ECB on Wednesday kept the cap on Emergency Liquidity Assistance (ELA) to Greece's central bank at 88.6 billion euros, the level it has been frozen at since Jun 26. A Greek official with direct knowledge of the matter said at the current level of ELA, Greek banks have sufficient liquidity to last through Monday.
As expected, the BOE at the conclusion of today's policy meeting kept its benchmark interest rate at 0.50% and maintained its asset purchase target at 375 billion pounds.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) weekly initial unemployment claims (expected -6,000 to 275,000 after last week's +10,000 to 281,000) and continuing claims (expected -14,000 to 2.250 million after last week's +15,000 to 2.264 million), (2) the Treasury's auction of $13 billion of 30-year T-bonds, (3) an appearance by Minneapolis Fed President Narayana Kocherlakota on central banks and fiscal authorities as a panelist at the Deutsche Bundesbank Conference, and (4) a speech by Kansas City Fed President Esther George on the U.S. economy and monetary policy at OSU in Stillwater, OK.
There are two of the Russell 1000 companies that report earnings today: PepsiCo (consensus $1.24), Walgreens (0.87).
U.S. IPO's scheduled to price today include: none.
Equity conferences this week: none.

OVERNIGHT U.S. STOCK MOVERS

Knight Transportation (KNX -0.52%) was upgraded to 'Outperform' from 'Neutral' at Credit Suisse.
Con-way (CNW -3.88%) was downgraded to 'Neutral' from 'Outperform' at Credit Suisse.
Regeneron (REGN -1.61%) was downgraded to 'Sell' from 'Neutral' at UBS.
J.B. Hunt (JBHT -1.45%) was upgraded to 'Buy' from 'Neutral' at Longbow.
Amgen (AMGN -1.98%) was downgraded to 'Neutral' from 'Buy' at UBS.
Dunkin' Brands (DNKN -1.60%) was downgraded to 'Neutral' from 'Buy' at Goldman Sachs.
Panera Bread (PNRA -0.47%) was upgraded to 'Neutral' from 'Sell' at Goldman Sachs.
Conn's (CONN -2.21%) reports that its June same-store-sales were up +1.1% y/y.
HSBC (HSBC -2.68%) was upgraded to 'Neutral' from 'Underperform' at Exane BNP Paribas.
Costco (COST -0.43%) reports that its June same-store-sales were down 1% y/y.
Walgreens Boots Alliance (WBA -1.54%) reported Q3 EPS of $1.02, stronger than consensus of 87 cents.
PepsiCo (PEP -0.82%) jumped over 2% in pre-market trading after it reported Q2 EPS of $1.32, higher than consensus of $1.24.
Yahoo! (YHOO -2.62%) rose over 2% in pre-market tradign after the company said it will roll out a new sports-fantasy service designed for use on mobile devices.
Alcoa (AA -5.06%) reported Q2 EPS of 19 cents, below consensus of 23 cents.
Celgene Rivot reported a 9.1% stake in Juno Therapeutics (JUNO -6.24%) .

MARKET COMMENTS

September E-mini S&Ps (ESU15 +1.02%) this morning are up +20.50 points (+1.01%) as Chinese stocks stabilized. Wednesday's closes: S&P 500 -1.67%, Dow Jones -1.47%, Nasdaq -1.75%. The S&P 500 on Wednesday closed sharply lower on Grexit concerns, the plunge in China's Shanghai Composite to a 3-1/2 month low, and the +$16.086 billion increase in U.S. May consumer credit, less than expectations of +$18.5.
Sep 10-year T-notes (ZNU15 -0.31%) this morning are down -11 ticks. TYU5 +8.00, FVU5 +6.00. Sep T-notes on Wednesday rose to a 5-week high and closed higher on (1) safe-haven demand from concerns about Grexit and the plunge in the Chinese stock market, and (2) expectations that the Fed's first rate hike will be delayed by Greek and Chinese concerns.
The dollar index (DXY00 +0.10%) this morning is up +0.201 (+0.21%). EUR/USD (^EURUSD) is down -0.0026 (-0.23%). USD/JPY (^USDJPY) is up +0.82 (+0.68%). Dollar Index -0.637 (-0.66%), EUR/USD +0.00649 (+0.59%), USD/JPY -1.829 (-1.49%). The dollar index on Wednesday closed lower on some safe-haven demand for the yen and a rally in EUR/USD tied to relief that the ECB maintained the Greek 89 billion euro ELA lifeline.
Aug WTI crude oil (CLQ15 +2.88%) this morning is up +85 cents (+1.65%). Aug gasoline (RBQ15 +0.85%) is down -0.0119 (-0.60%). CLQ5 -0.68 (-1.30%), RBQ5 +0.0572 (+2.93%). Aug crude and gasoline on Wednesday settled mixed. The EIA report was bearish with the +384,000 bbl increase in EIA crude inventories, more than expectations for no change, and the +1.22 million bbl increase in EIA gasoline supplies, more than expectations of no change. Other negative factors included concern about the negative economic fall-out from Greece and China and expectations that Iranian oil exports will double if there is a near-term Iranian nuclear agreement. The main supportive factor for crude oil prices was the weaker dollar.

GLOBAL EVENT CALENDAR07/09/2015

US	0545 ET	Minneapolis Fed President Narayana Kocherlakota speaks on central banks and fiscal authorities as a panelist at the Deutsche Bundesbank Conference.
	0830 ET	Weekly initial unemployment claims expected -6,000 to 275,000, previous +10,000 to 281,000. Weekly continuing claims expected -14,000 to 2.250 million, previous +15,000 to 2.264 million.
	0830 ET	USDA weekly Export Sales.
	1300 ET	Kansas City Fed President Esther George speaks on the U.S. economy and monetary policy at OSU in Stillwater, OK.
	1300 ET	Treasury auctions $13 billion of 30-year T-bonds.
GER	0200 ET	German May trade balance expected +20.5 billion euros, Apr +21.8 billion euros. May exports expected -0.8% m/m, Apr +2.0% y/y. May imports expected +0.1% m/m, Apr -0.8% y/y.
	0200 ET	German May current account balance expected +16.0 billion euros, Apr +19.6 billion euros.
JPN	0200 ET	Japan Jun machine tool orders, May +15.0% y/y.
	1950 ET	Japan Jun PPI expected -0.1% m/m and -2.2% y/y, May +0.3% m/m and -2.1% y/y.
UK	0700 ET	BOE announces interest rate decision and asset purchase target, expected no change to the 0.50% benchmark rate or to the 375 billion pound asset purchase target.
CHI	n/a	China Jun new yuan loans expected +1.050 trillion yuan, May +900.8 billion yuan.

U.S. STOCK CALENDAR07/09/2015

Company	Ticker	Time	Event Description	Period	Estimate
American Airlines Group Inc	AAL US	Bef-mkt	June 2015 Sales and Revenue Release - Traffic Results	2015
PepsiCo Inc	PEP US	6:30	Q2 2015 Earnings Release	Q2 2015	1.241
Walgreens Boots Alliance Inc	WBA US	7:00	Q3 2015 Earnings Release	Q3 2015	0.871
L Brands Inc	LB US	7:30	June 2015 Sales and Revenue Call	2015
PepsiCo Inc	PEP US	8:00	Q2 2015 Earnings Call	Q2 2015
Walgreens Boots Alliance Inc	WBA US	8:30	Q3 2015 Earnings Call	Q3 2015
T-Mobile US Inc	TMUS US	9:00	Un-Carrier Amped Announcement
United Continental Holdings Inc	UAL US	Aft-mkt	June 2015 Sales and Revenue Release - Operational Performance	2015
Gap Inc/The	GPS US		June 2015 Sales and Revenue Release	2015
Eli Lilly & Co	LLY US		FDA Adcomm, necitumumab, first-line squamous non-small cell lung cancer
L Brands Inc	LB US		June 2015 Sales and Revenue Release	2015

BARCHART MORNING CALL 1/26

BARCHART MORNING CALL

Monday, January 26th, 2015View Older Reports

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OVERNIGHT MARKETS AND NEWS

March E-mini S&Ps (ESH15 -0.26%) this morning are down -0.34% after Greek opposition party Syriza won in Sunday's election. European stocks, however, shook off early losses and are up +0.18% after Syriza leader Tsipras pledged to keep Greece within the Eurozone as he negotiates a write-down of Greek debt. European stocks also received a boost after a gauge of German business confidence rose more than expected to the highest in 6 months. Asian stocks closed mixed: Japan -0.25%, Hong Kong +0.24%, China +1.02%, Taiwan +0.07%, Australia and India closed for holiday, Singapore -0.38%, South Korea -0.07%. Commodity prices are mostly lower. Mar crude oil (CLH15 -1.07%) is down -1.14% at a 1-1/2 week low. Mar gasoline (RBH15 -1.19%) is down -1.33%. Feb gold (GCG15 -0.87%) is down -1.10%. Mar copper (HGH15 -1.16%) is down -1.06% at a 5-1/2 year low after the dollar index climbed to an 11-1/3 year high and on signs of increasing supplies after LME copper inventories rose +1,700 MT to 236,850 MT, the most in 8-3/4 months. Agriculture prices are mixed. The dollar index (DXY00 +0.20%) is up +0.24% at an 11-1/3 year high. EUR/USD (^EURUSD) is up +0.18%. USD/JPY (^USDJPY) is up +0.37%. Mar T-note prices (ZNH15 +0.04%) are down -1 tick.
The German Jan IFO business climate rose +1.2 to 16.7, better than expectations of +1.0 to 106.5 and the highest in 6 months. The Jan IFO current assessment rose +1.9 to 111.7, stronger than expectations of +0.8 to 110.8. Jan IFO expectations rose +0.7 to 102.0, less than expectations of +1.4 to 102.5.
The Japan Dec trade balance shrink to a -660.7 billion yen deficit from an upward revised -893.5 billion yen deficit in Nov, a smaller deficit than expectations of -735.2 billion yen and the smallest deficit in 1-1/2 years. Dec exports rose +12.9% y/y, better than expectations of +11.2% y/y and the most in a year. Dec imports rose +1.9% y/y, slightly less than expectations of +2.0% y/y.

U.S. STOCK PREVIEW

There are no major U.S. economic reports today. There are 9 of the S&P 500 companies that report earnings today: Microsoft (0.75), Texas Instruments (0.69), Seagate (1.35), DR Horton (0.34), Roper Industries (1.79), Norfolk Souther (1.64), WW Grainger (2.83), Plum Creek Timber (0.34), Zions Bancorp (0.42). Equity conferences this week include: Phacilitate Immunotherapy Forum on Mon-Wed, and PCC 2015. CBI's Pharmaceutical Compliance Congress on Tue.

OVERNIGHT U.S. STOCK MOVERS

LyondellBasell (LYB -0.75%) and Westlake (WLK -0.90%) were both downgraded to Neutral from Buy at BofA/Merrill Lynch.
United Parcel Service (UPS -9.91%) was downgraded to Neutral from Outperform at Macquarie.
Unilever (UL +1.19%) was upgraded to 'Buy' from 'Underperform' at BofA/Merrill Lynch.
Roper Industries (ROP -0.35%) reported Q4 EPS of $1.85, higher than conensus of $1.79.
DR Horton (DHI -2.49%) reporteed Q1 EPS of 39 cents, better than consensus of 34 cents.
Endo (ENDP -1.44%) will replace (COV +1.52%) Covidien in theS&P 500 as of today's close.
Knight Transportation (KNX +0.30%) was downgraded to 'Hold' from 'Buy' at KeyBanc.
Amici Capital reported a 6.78% passive stake in Uroplasty (UPI -20.38%) .
HCA Holdings (HCA -2.50%) will replace Safeway (SWY unch) in the S&P 500 as of the close of trading today.
Salient Capital Advisors reported a 5.74% passive stake in NGL Energy Partners (NGL -0.45%) .
The U.S. Food and Drug Administration approved Bexsero, a vaccine from Novartis (NVS +0.03%) to prevent invasive meningococcal disease.
Van Berkom & Associates reported a 9.41% passive stake in RE/MAX Holdings (RMAX -0.65%) .
Point72 Asset reported a5.2% passive stake in ZELTIQ (ZLTQ -0.79%) .

MARKET COMMENTS

Mar E-mini S&Ps (ESH15 -0.26%) this morning are down -7.00 points (-0.34%). The S&P 500 index on Friday retreated from a 1-1/2 week high and closed lower: S&P 500 +1.53%, Dow Jones +1.48%, Nasdaq +1.87%. Bearish factors included (1) the +2.4% increase in U.S. Dec existing home sales to 5.04 million, weaker than expectations of +3.0% to 5.08 million, and (2) weakness in transportation stocks after UPS tumbled when it reported weaker-than-expected 2014 earnings. Stocks had opened higher on carry-over support from a rally in European stocks to a 6-1/3 year high on optimism the ECB’s quantitative easing program will spur economic growth in the Eurozone.
Mar 10-year T-notes (ZNH15 +0.04%) this morning are down -1 tick. Mar 10-year T-note futures prices on Friday closed higher. Closes: TYH5 +17.50, FVH5 +8.50. Bullish factors included (1) carry-over support from a rally in European bonds that sent the 10-year German bund yield down to a record low of 0.345%, and (2) increased safe-haven demand for T-notes after stocks erased an early rally and closed lower.
The dollar index (DXY00 +0.20%) this morning is up +0.228 (+0.24%) at a new 11-1/3 year high. EUR/USD (^EURUSD) is up +0.0020 (+0.18%). USD/JPY (^USDJPY) is up +0.44 (+0.37%). The dollar index on Friday rose to an 11-1/3 year high and closed higher: Dollar index +0.685 (+0.73%), EUR/USD -0.01615 (-1.42%), USD/JPY -0.745 (-0.63%). Bullish factors included (1) the fall in EUR/USD to an 11-1/3 year low on negative carry-over from ECB’s QE announcement on Thursday, and (2) Greek sovereign debt concerns on speculation the anti-austerity Syriza party would win Sunday’s election in Greece.
Mar WTI crude oil (CLH15 -1.07%) this morning is down 52 cents (-1.14%) and Mar gasoline (RBH15 -1.19%) is down -0.0182 (-1.33%). Mar crude oil and Mar gasoline on Friday settled mixed with Mar crude at a 1-week low: CLH5 -0.72 (-1.55%), RBH5 +0.0156 (+1.15%). Bearish factors included (1) the rally in the dollar index to an 11-1/3 year high, and (2) comments from Salman Bin Abdulaziz Al Saud, the new Saudi Arabian king, that he will maintain the current Saudi crude oil policy of refusing to cut production. Crude prices recovered from their worst levels and gasoline closed higher on signs of global economic growth after the China Jan HSBC flash manufacturing PMI and the Eurozone Jan Markit manufacturing PMI both rose more than expected.

GLOBAL EVENT CALENDAR01/26/2015

US	1030 ET	Jan Dallas Fed outlook of manufacturing activity expected -0.1 to 4.0, Dec -6.4 to 4.1.
	1100 ET	USDA weekly grain export inspections.
GER	0400 ET	German Jan IFO business climate expected +1.0 to 106.5, Dec 105.5. Jan IFO current assessment expected +1.0 to 110.8, Dec 109.8. Jan IFO expectations expected +1.1 to 102.5, Dec 101.4.
JPN	1850 ET	Japan Dec PPI services expected +3.6% y/y, Nov +3.6% y/y.
CHI	2030 ET	China Dec industrial profits, Nov -4.2% y/y.

U.S. STOCK CALENDAR01/26/2015

Company	Ticker	Time	Event Description	Period	Estimate
Seagate Technology PLC	STX US	Bef-mkt	Q2 2015 Earnings Release	Q2 2015	1.348
DR Horton Inc	DHI US	7:00	Q1 2015 Earnings Release	Q1 2015	0.344
Roper Industries Inc	ROP US	7:00	Q4 2014 Earnings Release	Q4 2014	1.792
WW Grainger Inc	GWW US	7:30	Q4 2014 Earnings Call	Q4 2014
Norfolk Southern Corp	NSC US	8:00	Q4 2014 Earnings Release	Q4 2014	1.638
WW Grainger Inc	GWW US	8:00	Q4 2014 Earnings Release	Q4 2014	2.83
Roper Industries Inc	ROP US	8:30	Q4 2014 Earnings Call	Q4 2014
Norfolk Southern Corp	NSC US	8:45	Q4 2014 Earnings Call	Q4 2014
Seagate Technology PLC	STX US	9:00	Q2 2015 Earnings Call	Q2 2015
DR Horton Inc	DHI US	10:00	Q1 2015 Earnings Call	Q1 2015
Texas Instruments Inc	TXN US	16:30	Q4 2014 Earnings Release	Q4 2014	0.691
Plum Creek Timber Co Inc	PCL US	17:00	Q4 2014 Earnings Call	Q4 2014
Plum Creek Timber Co Inc	PCL US	Aft-mkt	Q4 2014 Earnings Release	Q4 2014	0.335
Microsoft Corp	MSFT US	Aft-mkt	Q2 2015 Earnings Release	Q2 2015	0.749
Zions Bancorporation	ZION US	Aft-mkt	Q4 2014 Earnings Release	Q4 2014	0.424
Texas Instruments Inc	TXN US	17:30	Q4 2014 Earnings Call	Q4 2014
Microsoft Corp	MSFT US	17:30	Q2 2015 Earnings Call	Q2 2015
Zions Bancorporation	ZION US	17:30	Q4 2014 Earnings Call	Q4 2014