MORNING CALL 3/13

Barchart Morning Call

Barchart.com - 1 hour ago

OVERNIGHT MARKETS AND NEWS

Jun E-mini S&Ps (ESM17 -0.03%) this morning are down -0.08% and European stocks are down -0.09% as weakness in crude oil prices undercuts energy producing stocks. Apr WTI crude oil (CLJ17 -0.39%) is down -0.80% at a fresh 3-1/2 month low on negative carryover from Friday's data from Baker Hughes that showed U.S. active oil rigs rose to a 17-1/2 month high, offsetting efforts by OPEC to reduce a global oil output. German bunds erased losses and moved higher and EUR/USD retreated from a 1-month high after the Belgian Central Bank Governor said the ECB's latest policy statement policy "does not in itself signal a coming change in the monetary policy stance." Asian stocks settled mostly higher: Japan +0.15%, Hong Kong +1.11%, China +0.76%, Taiwan +0.72%, Australia -0.32%, Singapore +0.44%, South Korea +1.15%, India closed for holiday. China's Shanghai Composite recovered from a 1-month ow and moved higher on signs of reduced U.S.-China trade tensions after Steve Schwarzman, one of the Trump administration's top economic advisors said in a CNN interview that President Trump will likely moderate his criticisms of China, including his campaign claim that the country manipulates its currency.

The dollar index (DXY00 +0.01%) is unchanged. EUR/USD (^EURUSD) is down -0.02%. USD/JPY (^USDJPY) is down -0.20%.

Jun 10-year T-note prices (ZNM17 +0.08%) are up +4 ticks.

Belgian Central Bank Governor Smelts said in a WSJ interview that the ECB's policy statement last Thursday "does not in itself signal a coming change in the monetary policy stance."

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) USDA weekly grain export inspections.

Notable Russell 1000 earnings reports today include: Extraction Oil & Gas (consensus -$0.17), AquaBounty Technology.

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

Equity conferences: JP Morgan Aviation, Transportation & Industrials Conference on Mon-Wed, Bank of America Merrill Lynch Consumer and Retail Tech Conference on Tue-Wed, Barclays Emerging Payments Forum on Tue-Wed, Barclays Global Health Care Conference on Tue-Thu, Gabelli & Co. Waste & Environmental Services Symposium on Thu, American College of Cardiology Meeting on Fri.

OVERNIGHT U.S. STOCK MOVERS

American International Group (AIG -0.21%) was downgraded to 'Sell' from 'Hold' at Deutsche Bank with a price target of $57.

Mobileye (MBLY +0.83%) surged 30% in pre-market trading after Intel was said to agree to buy the company for $63.54 a share or $15 billion.

Boeing (BA -1.04%) was downgraded to 'Equal-Weight' from 'Overweight' at Morgan Stanley.

Marvell Technology Group Ltd (MRVL +3.54%) was upgraded to 'Buy' from 'Hold' at Needham.

Gamestop (GME +0.72%) was downgraded to 'Market Perform' from 'Outperform' at Telsey Advisory Group.

Finisar (FNSR -22.69%) was upgraded to 'Strong Buy' from 'Outperform' at Raymond James with a 12-month target price of $40.

Rockwell Collins (COL +0.20%) was upgraded to 'Overweight' from 'Equal-Weight' at Morgan Stanley with a price target of $121.

Incyte (INCY +8.13%) filed a 34 million-share shelf on behalf of holder Baker Brothers Advisors.

Alexandria Real Estate Equities (ARE -4.30%) may move to the upside this morning when it was announced after the close Friday that it will be added to the S&P 500 before the open on Monday, March 20.

Raymond James Financial (RJF +0.10%) may move to the upside this morning when it was announced after the close Friday that it will be added to the S&P 500 before the open on Monday, March 20.

Advanced Micro Devices (AMD +4.35%) gained over 1% in after-hours trading when it was announced that it will be added to the S&P 500 before the open on Monday, March 20.

First Solar (FSLR -0.25%) fell over 1% in after-hours trading when it was announced that it will be removed from the S&P 500 and put into the S&P MidCap 400 before the open on Monday, March 20.

Kronos Worldwide (KRO -0.21%) jumped 9% in after-hours trading after it reported Q4 EPS of 20 cents, well above consensus of 6 cents.

MARKET COMMENTS

Jun E-mini S&Ps (ESM17 -0.03%) this morning are down -2.00 points (-0.08%). Friday's closes: S&P 500 +0.33%, Dow Jones +0.21%, Nasdaq +0.41%. The S&P 500 on Friday closed higher on the +235,000 increase in U.S. Feb non-farm payrolls, stronger than expectations of +200,000 and the mildly higher close in June T-note prices. Stock prices were undercut by a continued decline in energy producers as the price of crude oil fell by another -1.60% to a 3-1/2 month low.

Jun 10-year T-notes (ZNM17 +0.08%) this morning are up +4 ticks. Friday's closes: TYM7 +6.00, FVM7 +3.25. Jun 10-year T-notes on Friday recovered from a 2-1/2 month low and closed higher on some relief after the U.S. Feb average hourly earnings report rose by only +0.2% m/m, slightly weaker than expectations of +0.3% m/m. T-notes were also supported by the slump in crude oil prices to a 3-1/2 month low, which reduced inflation expectations. T-notes initially dropped to a 2-1/2 month low after U.S. Feb non-farm payrolls rose +235,000, stronger than expectations of +200,000.

The dollar index (DXY00 +0.01%) this morning is unchanged. EUR/USD (^EURUSD) is down -0.0002 (-0.02%). USD/JPY (^USDJPY) is -0.23 (-0.20%). Friday's closes: Dollar index -0.60 (-0.59%), EUR/USD +0.0096 (+0.91%), USD/JPY -0.16 (-0.14%). The dollar index on Friday closed lower on strength in EUR/USD which rallied to a 3-week high after a report that the ECB at Thursday's policy meeting discussed whether interest rates could rise before their bond-buying program comes to an end. The dollar was also undercut by slightly lower T-note yields, which undercut the dollar's interest rate differentials.

Apr WTI crude oil prices (CLJ17 -0.39%) this morning are down -39 cents (-0.80%) at a fresh 3-1/2 month low and Apr gasoline (RBJ17 -0.80%) is -0.0192 (-1.20%). Friday's closes: Apr crude -0.79 (-1.60%), Apr gasoline -0.0242 (-1.49%). Apr crude oil and gasoline on Friday closed lower with Apr crude at a 3-1/2 month low. Crude oil continued to be hurt by technical selling and negative carry-over from Wednesday's EIA data that showed a +8.21 million bbl increase in EIA crude inventories to a record 528.39 million bbl (well above expectations for a +2.0 million bbl gain) and a +0.6% increase in U.S. crude production to a 1-year high of 9.088 million bpd. Crude oil prices were also hurt by Friday's news from Baker Hughes that U.S. active oil rigs in the week ended Mar 10 rose 8 to a 17-1/2 month high of 617.

GLOBAL EVENT CALENDAR03/13/2017

		Monday, Mar 13
US	1100 ET	USDA weekly grain export inspections.
		Tuesday, Mar 14
US	0830 ET	Feb PPI final demand expected +0.1% m/m and +1.9% y/y, Jan +0.6% m/m and +1.6% y/y. Feb PPI ex food & energy expected +0.2% m/m and +1.5% y/y, Jan +0.4% m/m and +1.2% y/y.
	n/a	President Trump and German Chancellor Merkel meet at the White House.
	1200 ET	FOMC begins 2-day policy meeting.

U.S. STOCK CALENDAR03/13/2017

Company	Ticker	Time	Event Description	Period	Estimate
Adient PLC	ADNT US		Annual General Meeting
Cooper Cos Inc/The	COO US		Annual General Meeting
AquaBounty Technologies Inc	AQB US		Y 2016 Earnings Release	Y 16
Extraction Oil & Gas Inc	XOG US	Aft-mkt	Q4 2016 Earnings Release	Q4 16	-0.172

MORNING CALL 5/9

MORNING CALL

Monday, May 9th, 2016View Older Reports

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OVERNIGHT MARKETS AND NEWS

Jun E-mini S&Ps (ESM16 +0.29%) are up +0.24% and European stocks are up +1.48% as a +2.15% rally in crude oil (CLM16 +1.34%) boosts energy producing stocks. The ongoing wildfire in Alberta, Canada has cut Canadian oil production by about 1 million bpd and has underpinned oil prices. Another positive for European stocks was the bigger-than-expected increase in Eurozone May Sentix investor confidence. On the negative side, however, copper prices (HGN16 -1.51%) dropped -1.53% to a 3-1/2 week low which has undercut mining stocks with Rio Tinto Group and Glencore Plc both down at last 3%. In addition, China Apr exports unexpectedly fell and China Apr imports fell for the 18th month in a row. Asian stocks settled mixed: Japan +0.68%, Hong Kong +0.23%, China -2.79%, Taiwan -0.18%, Australia +0.54%, Singapore +1.29%, South Korea -0.44%, India +1.82%. Chinese stocks were pressured by the weak Chinese trade data as the Shanghai Composite fell to a 1-3/4 month low, while Japanese stocks finished higher as exporters rallied after USD/JPY climbed to a 1-week high, which improves the earnings prospects of exporter companies.

The dollar index (DXY00 +0.19%) is up +0.13% at a 1-week high. EUR/USD (^EURUSD) is down -0.13% at a 1-week low. USD/JPY (^USDJPY) is up +0.88% at a 1-week high.

Jun T-note prices (ZNM16 +0.12%) are up +1.5 ticks.

Speaking at the International Financial Services Forum in London, Chicago Fed President Evans said that U.S. economic fundamentals are "good" and "wait and see" stance for monetary policy is appropriate. He said the U.S. economy should grow at a 2.5% pace for the rest of 2016, which "should support a gradual resumption of U.S. policy rate increases later this year."

New York Fed President Dudley said that while Friday's U.S. employment report was "a touch softer," it won't affect his economic outlook and that it remains a "reasonable expectation" that the Fed will raise interest rates twice this year.

The Eurozone May Sentix investor confidence rose +0.5 to 6.2, stronger than expectations of +0.3 to 6.0.

The China Apr trade balance widened to a surplus of +$45.56 billion, bigger than expectations of +$40.00 billion. Apr exports unexpectedly fell -1.8%y/y weaker than expectations of no change, and Apr imports fell -10.9% y/y, weaker than expectations of -4.0% y/y.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Chicago Fed President Charles Evans speaks on a panel with ECB Vice President Vitor Constancio at the International Financial Services Forum in London, (2) Minneapolis Fed President Neel Kashkari speaks at an Economic Club of Minnesota luncheon.

There are 6 of the S&P 500 companies that report earnings today: Tyson Foods (consensus $0.96), HCP (0.69), AES (0.20), Xcel Energy (0.47), International Flavors & Fragrances (1.40), Dun & Bradstreet (0.97).

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

Equity conferences this week include: Morgan Stanley E&P and Oil Services Conference on Mon, Deutsche Bank Clean Tech, Utilities and Power Conference on Mon, Goldman Sachs Global Staples Forum on Tue, Bank of America Merrill Lynch Global Metals, Mining & Steel Conference on Tue, Credit Suisse REIT Conference on Tue, Wells Fargo Securities Gaming, Leisure & Restaurants Conference on Tue, Sterne Agee CRT Business Services Conference on Tue, The Boston Industrial and Environmental Services Conference on Tue, Citi Global Energy and Utilities Conference on Tue-Wed, Oppenheimer Industrial Growth Conference on Tue-Wed, Wells Fargo Industrial and Construction Conference on Tue-Wed, Bank of America Merrill Lynch Health Care Conference on Tue-Thu, Jefferies Technology, Media and Telecom Conference on Wed-Thu, Mitsubishi UFJ Oil & Gas Conference on Thu, Morgan Stanley Refining Corporate Access Day on Thu, RBC Capital Markets Aerospace & Defense Investor Day on Thu.

OVERNIGHT U.S. STOCK MOVERS

Tyson Foods (TSN +1.31%) rose nearly 3% in pre-market trading after it reported Q2 adjusted EPS of $1.07, higher than consensus of 96 cents, and then raised guidance on full-year adjusted EPS to $4.20-$4.30 from a prior estimate of $3.85-$3.95, above consensus of $4.06.

Altria Group (MO +0.14%) was upgraded to 'Buy' from 'Hold' at Argus Research with a price target of $68.

LabStyle Innovations (DRIO +3.45%) was rated a new 'Buy' at Rodman & Renshaw with a 12-month price target of $12.

Silver Wheaton (SLW +2.74%) reported Q1 EPS of 10 cents, below consensus of 12 cents.

LendingClub (LC +3.65%) slumped 16% in pre-market trading after CEO Renaud Laplanch resigned following an internal review of $22 million in near-prime loans to a single investor.

Flotek Industries (FTK +1.13%) was upgraded to 'Buy' from 'Speculative Buy' ay Seaport Global Securities with a 12-month price target of $13.

Comerica (CMA unch) was upgraded to 'Outperform' from 'Market Perform' at Raymond James.

Kronos Worldwide (KRO +4.38%) reported a Q1 EPS loss of -3 cents, a smaller loss than consensus of -13 cents,

Apollo Education Group (APOL +1.47%) climbed nearly 2% in after-hours trading after Apollo Education shareholders approved a $10 a share offer from a group led by Apollo Global Management.

Beazer Homes (BZH +0.42%) gained over 1% in after-hours trading after the chairman of the company, Stephen Zelnak, disclosed a purchase of 55,000 shares May 4-5.

NorthStar Realty Finance (NRF +2.28%) jumped almost 6% in after-hours trading after Colony Capital said it is in exclusive negotiations with NorthStar Asset Management Group and NRF for a tri-party all stock "at the market" business combination.

NorthStar Asset Management Group (NSAM +1.01%) surged over 15% in after-hours trading after Colony Capital said it is in exclusive negotiations with NSAM and NorthStar Realty for a tri-party all stock "at the market" business combination.

MARKET COMMENTS

June E-mini S&Ps (ESM16 +0.29%) this morning are up +5.00 points (+0.24%). Friday's closes: S&P 500 +0.32%, Dow Jones +0.45%, Nasdaq +0.48%. The S&P 500 on Friday rebounded from a 1-month low and closed higher on reduced interest rate concerns as the weaker than expected U.S. Apr non-farm payrolls may keep the Fed from raising interest rates this year. Stocks also received a boost from the +$29.647 billion increase in U.S. Mar consumer credit, much stronger than expectations of +$16.0 billion and the largest increase on record (data from 1943). Stocks were undercut by the weak +160,000 April payroll report and by Friday's -2.82% drop in the Shanghai Composite to a 2-week low.

June 10-year T-note prices (ZNM16 +0.12%) this morning are up +1.5 ticks. Friday's closes: TYM6 -6.50, FVM6 -3.50. Jun T-notes on Friday retreated from a 3-1/2 week high and closed lower on reduced safe-haven demand after stocks recovered from an early 1-month low. T-notes initially rallied to a 3-1/2 week high after U.S. Apr non-farm payrolls rose less than expected.

The dollar index (DXY00 +0.19%) this morning is up +0.126 (+0.13% at a 1-week high. EUR/USD (^EURUSD) is down -0.0015 (-0.13%) at a 1-week low. USD/JPY (^USDJPY) is up +0.94 (+0.88%) at a 1-week high. Friday's closes: Dollar Index +0.601 (+0.64%), EUR/USD -0.0001 (-0.01%), USD/JPY-0.14 (-0.13%). The dollar index on Friday closed higher on the stronger-than-expected U.S. Apr average hourly earnings report and the stronger-than-expected U.S. Mar consumer credit report of +$29.674 billion.

June WTI crude oil (CLM16 +1.34%) this morning is up +96 cents (+2.15%). June gasoline (RBM16 +0.29%) is up +0.0126 (+0.84%). Friday's closes: CLM6 +0.34 (+0.77%), RBM6 +0.0048 (+0.32%). Jun crude oil and gasoline on Friday recovered from early losses and closed higher on the outlook for reduced U.S. oil production after Baker Hughes reported a -4 rig drop in the number of active U.S. oil rigs to a 6-1/2 year low of 328 rigs. Gains were limited by the weak U.S. payroll report.

GLOBAL EVENT CALENDAR05/09/2016

US	0510 ET	Chicago Fed President Charles Evans speaks on a panel with ECB Vice President Vitor Constancio at the International Financial Services Forum in London.
	1100 ET	USDA weekly grain export inspections.
	1300 ET	Minneapolis Fed President Neel Kashkari speaks at an Economic Club of Minnesota luncheon.
	1600 ET	USDA Weekly Crop Progress.
JPN	0100 ET	Japan Apr consumer confidence index expected -1.0 to 40.7, Mar 41.7.
GER	0200 ET	German Mar factory orders expected +0.6% m/m and +0.1% y/y, Feb -1.2% m/m and +0.5% y/y.
EUR	0430 ET	Eurozone May Sentix investor confidence expected +0.3 to 6.0, Apr 5.7.
UK	0330 ET	UK Apr Halifax house prices expected -0.3% m/m and +9.6% 3-mon y/y, Mar +2.6% m/m and +10.1% 3-mon y/y.
	1901 ET	UK Apr BRC sales like-for-like expected +0.5% y/y, Mar -0.7% y/y.
CHI	2130 ET	China Apr CPI expected +2.3% y/y, Mar +2.3% y/y. Apr PPI expected -3.7% y/y, Mar -4.3% y/y.
	n/a	China Apr new yuan loans expected +815.0 billion yuan, Mar +1.37 trillion yuan.

U.S. STOCK CALENDAR05/09/2016

Company	Ticker	Time	Event Description	Period	Estimate
HCP Inc	HCP US	Bef-mkt	Q1 2016 Earnings Release	Q1 2016	0.69
AES Corp/VA	AES US	Bef-mkt	Q1 2016 Earnings Release	Q1 2016	0.203
Xcel Energy Inc	XEL US	Bef-mkt	Q1 2016 Earnings Release	Q1 2016	0.465
Tyson Foods Inc	TSN US	7:30	Q2 2016 Earnings Release	Q2 2016	0.955
Pitney Bowes Inc	PBI US	9:00	Annual General Meeting	Y 2016
AES Corp/VA	AES US	9:00	Q1 2016 Earnings Call	Q1 2016
Tyson Foods Inc	TSN US	9:00	Q2 2016 Earnings Call	Q2 2016
Masco Corp	MAS US	10:00	Annual General Meeting
Xcel Energy Inc	XEL US	10:00	Q1 2016 Earnings Call	Q1 2016
Martin Marietta Materials Inc	MLM US	11:00	Analyst and Investor Day	Y 2016
HCP Inc	HCP US	12:00	Q1 2016 Earnings Call	Q1 2016
International Paper Co	IP US	12:00	Annual General Meeting
Baxter International Inc	BAX US	13:00	Investor Conference	Y 2016
Gap Inc/The	GPS US	16:15	April 2016 Sales and Revenue Release	2016
International Flavors & Fragrances Inc	IFF US	Aft-mkt	Q1 2016 Earnings Release	Q1 2016	1.4
Dun & Bradstreet Corp/The	DNB US	Aft-mkt	Q1 2016 Earnings Release	Q1 2016	0.969

MORNING CALL 11/9

MORNING CALL

Monday, November 9th, 2015View Older Reports

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OVERNIGHT MARKETS AND NEWS

December E-mini S&Ps (ESZ15 -0.32%) are down -0.33% and European stocks are down -0.42 % on global growth concerns after the OECD cut its global GDP forecasts for this year and next, and after China Oct exports and imports declined more than expected. Asian stocks settled mixed: Japan +1.96%, Hong Kong -0.61%, China +1.58%, Taiwan -0.59%, Australia -1.83%, Singapore -0.42, South Korea -0.42%, India -0.55%. China's Shanghai Composite climbed to a 2-1/2 month high as a government plan to resume initial public offerings by the end of the year boosted brokerages, and Japan's Nikkei Stock Index also rose to a 2-1/2 month high as exporters rallied on improved earnings prospects after the yen fell to a 2-1/2 month low against the dollar.

The dollar index (DXY00 -0.29%) is down -0.28%. EUR/USD (^EURUSD) is up +0.41% after a gauge of Eurozone investor confidence rose more than expected. USD/JPY (^USDJPY) is up +0.26% at a 2-1/2 month high.

Dec T-note prices (ZNZ15 -0.09%) are down -4 ticks.

The OECD cut its global economic forecast for the second time in three months as it cut its global 2015 GDP estimate to 2.9% from a Sep forecast of 3.0%, and cut its 2016 global GDP forecast to 3.3% from a Sep estimate of 3.6%.

The Eurozone Nov Sentix investor confidence rose +3.4 to 15.1, stronger than expectations of +1.4 to 13.1.

The China Oct trade balance widened to a record surplus of +$61.64 billion, less than expectations of +$62.00 billion. Oct exports fell -6.9% y/y, more than expectations of -3.2% y/y and the fourth straight month of declines. Oct imports fell -18.8% y/y, more than expectations of -15.2% y/y and the twelfth consecutive month of declines.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) the Treasury's auction of $24 billion 3-year T-notes.

There are 5 of the S&P 500 companies that report earnings today: Priceline (consensus $24.19), Affiliated Managers Group (2.87), Scripps Networks Interactive (0.98), International Flavors and Fragrances (1.35), AGL Resources (0.21).

U.S. IPO's scheduled to price today: Xtera Communications (XCOM), GenSight Biologics (GNST).

Equity conferences today include: Mitsubishi UFJ Energy Tour-Houston on Mon, Morgan Stanley Global Chemicals & Agriculture Conference on Mon-Tue, Baird Healthcare Conference on Mon-Wed, Edison Electric Institute Financial Conference on Mon-Wed, Robert W. Baird & Co. Industrial Conference on Mon-Wed, Citi Financial Technology Conference on Tue, J.P. Morgan Ultimate Services Investor Conference on Tue, Mizuho Securities Technology Corporate Access Day on Tue, Mitsubishi UFJ Securities: Healthcare Conference - Seattle on Tue, Bank of America Merrill Lynch Global Energy Conference on Tue-Wed, Credit Suisse Boston Financials Conference on Tue-Wed, Credit Suisse Health Care Conference on Tue-Wed, Wells Fargo Securities Technology, Media and Telecom Conference on Tue-Wed, RBC Capital Markets Technology, Internet, Media and Telecommunications Conference on Tue-Wed, Stephens Inc Fall Investment Conference on Tue-Wed, Jefferies Energy Conference on Wed, UBS Building & Building Products CEO Conference on Wed.

OVERNIGHT U.S. STOCK MOVERS

Alcoa (AA -1.20%) was downgraded to 'Neutral' from 'Buy' at Nomura.

Priceline Group (PCLN -0.87%) reported Q3 adjusted EPS of $25.35, better than consensus of $24.19.

Scripps Networks Interactive (SNI +1.34%) reported Q3 EPS of $1.06, higher than consensus of 98 cents.

Affiliated Managers Group (AMG +0.89%) reported Q3 EPS of $2.93, better than consensus of $2.87.

Sanofi (SNY -7.58%) was downgraded to 'Neutral' from 'Buy' at UBS.

Marathon Oil (MRO -3.74%) said it will sell some its Gulf of Mexico assets for $205 million.

Apache Corp. (APA -3.25%) jumped 11% in pre-market trading after it said it rejected an unsolicited $18 billion offer for the company.

Hertz GLobal (HTZ +4.27%) reported Q3 adjusted EPS of 49 cents, weaker than consensus of 52 cents.

Kronos Worldwide (KRO -0.37%) reported an unexpected Q3 EPS loss of -10 cents, weaker than consensus of a profit of 6 cents.

Weight Watchers (WTW +35.20%) rose 4% in after-hours trading after Point 72 Asset reported a 6.0% stake in the company.

BioCryst Pharmaceuticals (BCRX -4.28%) climbed nearly 4% in after-hours trading after Baker Bros. said they raised their stake in the company to 19.5% from 15.8%.

WhiteWave Foods (WWAV -0.96%) rose over 1% in after-hours trading on optimism over the company's Q3 earnings results that are expected before the opening of trading on Monday, Nov 9.

Acadia Pharmaceuticals (ACAD -11.53%) fell nearly 2% in after-hours trading after its Chief Medical Officer, Roger Mills, resigned.

MARKET COMMENTS

Dec E-mini S&Ps (ESZ15 -0.32%) this morning are down -7.00 points (-0.33%). Friday's closes: S&P 500 -0.03%, Dow Jones +0.26%, Nasdaq +0.09%. The S&P 500 on Friday closed slightly lower on the increased odds for a Fed rate hike in December after the +271,000 increase in Oct non-farm payrolls, stronger than expectations of +185,000 and the largest increase in 10 months. In addition, energy producers sold off on a rally in the dollar index to a 6-3/4 month high, which pushed crude prices to a 1-week low. The main bullish factor was the record +$28.918 billion increase in Sep consumer credit, stronger than expectations of +$18.000 billion and a sign that consumers are confident enough in the economy to increase their debt load. Bank stocks rallied on speculation that an increase in interest rates will boost bank profits.

Dec 10-year T-notes (ZNZ15 -0.09%) this morning are down -4 ticks. Friday's closes: TYZ5 -25.00, FVZ5 -14.25. Dec T-notes on Friday slumped to a 3-1/2 month nearest-futures low and closed lower on the larger-than-expected increase in U.S. Oct non-farm payrolls and on the larger-than-expected increase in U.S. Oct average hourly earnings which bolsters the likelihood that the Fed will raise interest rates at December's FOMC meeting.

The dollar index (DXY00 -0.29%) this morning is down -0.279 (-0.28%). EUR/USD (^EURUSD) is up +0.0044 (+0.41%). USD/JPY (^USDJPY) is up +0.32 (+0.26%) at a fresh 2-1/2 month high. Friday's closes: Dollar Index +1.232 (+1.26%), EUR/USD +0.0143 (-1.31%), USD/JPY +1.38 (+1.13%). The dollar index on Friday surged to a 6-3/4 month high and closed higher on increased expectations for a December FOMC rate hike after the stronger-than-expected U.S. Oct payroll report. In addition, EUR/USD tumbled to a 6-1/2 month low on speculation the ECB may expand QE after German Sep industrial production unexpectedly fell by the most in 13 months.

Dec crude oil (CLZ15 +1.29%) this morning is up +61 cents (+1.38%) and Dec gasoline (RBZ15 +1.93%) is up +0.0284 (+2.07%). Friday's closes: CLZ5-0.68 (-1.50%), RBZ5 +0.0139 (+1.02%). Dec crude oil and gasoline prices on Friday settled mixed with Dec crude at a 1-week low. Crude oil prices were undercut by the surge in the dollar index to a 6-3/4 month high and by the ongoing U.S. crude supply glut with U.S. crude inventories more than 100 million bbls above the 5-year seasonal average. Gasoline moved higher on speculation fuel demand will increase with the strength in the economy.

GLOBAL EVENT CALENDAR11/09/2015

US	1100 ET	USDA weekly grain export inspections.
	1300 ET	Treasury auctions $24 billion 3-year T-notes.
	1600 ET	USDA weekly crop progress.
GER	0200 ET	German Sep trade balance expected +20.0 billion euros, Aug +15.4 billion euros. Sep exports expected +2.0% m/m, Aug -5.2% m/m. Sep imports expected +1.0% m/m, Aug -3.2% m/m.
	0200 ET	German Sep current account balance, Aug +12.3 billion euros.
EUR	0430 ET	Eurozone Nov Sentix investor confidence expected +1.4 to 13.1, Oct 11.7.
	0530 ET	OECD economic outlook.
UK	1901 ET	UK Oct BRC sales like-for-like expected +0.8% y/y, Sep +2.6% y/y.
CHI	2030 ET	China Oct CPI expected +1.5% y/y, Sep +1.6% y/y. Oct PPI expected -5.9% y/y, Sep -5.9% y/y.
	n/a	China Oct new yuan loans expected +800.0 billion yuan, Sep +1.050 trillion yuan.
JPN	2330 ET	Japan Oct bankruptcies, Sep -18.62% y/y.

U.S. STOCK CALENDAR11/09/2015

Company	Ticker	Time	Event Description	Period	Estimate
American Airlines Group Inc	AAL US	Bef-mkt	October 2015 Sales and Revenue Release - Traffic Results	2015
Affiliated Managers Group Inc	AMG US	Bef-mkt	Q3 2015 Earnings Release	Q3 2015	2.87
Scripps Networks Interactive Inc	SNI US	Bef-mkt	Q3 2015 Earnings Release	Q3 2015	0.978
Priceline Group Inc/The	PCLN US	7:00	Q3 2015 Earnings Release	Q3 2015	24.19
Priceline Group Inc/The	PCLN US	7:30	Q3 2015 Earnings Call	Q3 2015
Affiliated Managers Group Inc	AMG US	8:00	Q3 2015 Earnings Call	Q3 2015
Multiple Companies	REGN US	10:00	IL-6 Receptor Phase 3 Study Results Call
Scripps Networks Interactive Inc	SNI US	10:00	Q3 2015 Earnings Call	Q3 2015
United Continental Holdings Inc	UAL US	17:00	October 2015 Sales and Revenue Release - Operational Performance	2015
International Flavors & Fragrances Inc	IFF US	Aft-mkt	Q3 2015 Earnings Release	Q3 2015	1.35
AGL Resources Inc	GAS US		Q3 2015 Earnings Release	Q3 2015	0.21
Entergy Corp	ETR US		Shareholders Meeting
Exxon Mobil Corp	XOM US		Shareholders Meeting
Gap Inc/The	GPS US		October 2015 Sales and Revenue Release	2015
TJX Cos Inc/The	TJX US		Shareholders Meeting
Starbucks Corp	SBUX US		Shareholders Meeting
Macerich Co/The	MAC US		Shareholders Meeting
Macerich Co/The	MAC US		Shareholders Meeting
Macerich Co/The	MAC US		Shareholders Meeting
United Parcel Service Inc	UPS US		Roadshow - Day6	Y 2015
Principal Financial Group Inc	PFG US		Roadshow - Day 1	Y 2015
CONSOL Energy Inc	CNX US		Shareholders Meeting
Wynn Resorts Ltd	WYNN US		Shareholders Meeting
Delphi Automotive PLC	DLPH US		Shareholders Meeting

BARCHART MORNING CALL 3/13

BARCHART MORNING CALL

Friday, March 13th, 2015View Older Reports

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OVERNIGHT MARKETS AND NEWS

June E-mini S&Ps (ESM15 +0.10%) this morning are up +0.12% ahead of U.S. producer prices for Feb and a preliminary reading of U.S. consumer confidence for March. European stocks ae down -0.12 as energy producers fall after the price of crude oil slipped to a 6-week low. Asian stocks closed mixed: Japan +1.39%, Hong Kong +0.11%, China +0.69%, Taiwan -0.17%, Australia -0.61%, Singapore -0.32%, South Korea +0.76%, India -1.48%. Japan's Nikkei Stock Index rallied up to a 14-3/4 year high and China's Shanghai Stock Index rose to a 6-week high on receding Fed rate hike prospects after U.S. Feb retail sales unexpectedly declined for a third month. Commodity prices are mixed. Apr crude oil (CLJ15 -1.49%) is down -0.55% at a 6-week low on a supply glut in the U.S. after Wednesday's EIA data showed U.S. crude stockpiles at 448.9 million bbl, the most since EIA data started in 1982. Apr gasoline (RBJ15 -0.62%) is down -0.57% at a 3-week low. The IEA said today that the record oil surplus in the U.S. may soon strain the nation's storage capacity and further pressure oil prices. The IEA said that the oil-storage hub in Cushing, OK, the largest in the U.S., is now 70% full. Apr gold (GCJ15 +0.31%) is up +0.27%. May copper (HGK15 -0.24%) is down -0.23% as it retreated from a 1-week high on signs of ample global supplies after weekly Shanghai copper inventories rose +17,276 MT to 241,616 MT, a 1-3/4 year high, and LME copper inventories rose +2,825 MT to 333,575 MT, a 13-1/2 month high. Agriculture prices are mixed. The dollar index (DXY00 +0.14%) is up +0.11%. EUR/USD (^EURUSD) is down -0.47%. USD/JPY (^USDJPY) is up +0.13%. GBP/USD is down -0.38% at a 4-1/2 year low after UK Jan construction output unexpectedly fell at the fastest pace in 14 months. Jun T-note prices (ZNM15 -0.21%) are down -7.5 ticks.
Japan Jan industrial production was revised lower to +3.7% m/m and -2.8% y/y from the originally reported +4.0% m/m and -2.6% y/y. Jan capacity utilization rose +3.6% m/m and matched September's increase as the largest in a year.
UK Jan construction output unexpectedly fell -2.6% m/m and -3.1% y/y, weaker than expectations of +1.3% m/m and +2.1% y/y with the -2.6% m/m decline the biggest monthly drop in 14 months and the -3.1% y/y decline the largest annual fall in 22 months.
The German Feb wholesale price index rose +0.5% m/m and fell -2.1% y/y with the +0.5% m/m gain the biggest monthly increase in 17 months.

U.S. STOCK PREVIEW

Today’s preliminary-March U.S. consumer confidence index from the University of Michigan is expected to show a small +0.1 point increase to 95.5, stabilizing after Feb’s fairly sharp -2.7 point decline to 95.4. Today’s Feb final-demand PPI index is expected to match January’s report of unchanged y/y and the core PPI is expected to match Jan’s report of +1.6% y/y. There is one of the Russell 1000 companies that reports earnings today: Ocwen Financial Corp (consensus $0.35). There are no equity conferences today.

OVERNIGHT U.S. STOCK MOVERS

Intel (INTC -4.73%) was upgraded to 'Buy' from 'Hold' at Canaccord.
Genesco (GCO -7.79%) was downgraded to 'Neutral' from 'Buy' at Sterne Agee.
Children's Place (PLCE +8.81%) was downgraded to 'Neutral' from 'Buy' at Citigroup.
Worldwide PC shipments are expected to drop 4.9% in 2015, compared to a previous forecast of 3.3%, reports DigiTimes, according to the IDC Worldwide Quarterly PC Tracker.
Piper Jaffray said February video game software sales rose 7% y/y and maintains its 'Overweight' ratings on Activision Blizzard (ATVI -0.09%) , Electronic Arts (EA -0.05%) , GameStop (GME +0.51%) and Take-Two (TTWO +0.20%) .
General Motors (GM +1.72%) will recall approximately 64,000 2011-13 Chevrolet Volts for a software update to limit how long the car can be left idling.
Kronos Worldwide (KRO +1.76%) reported Q4 EPS of 17 cents, better than consensus of 14 cents.
Mobileye (MBLY +0.75%) was upgraded to 'Buy' from 'Neutral' at Goldman Sachs.
Laurene Powell Jobs Trust reported a 7.7% passive stake in Disney (DIS +4.16%) .
Ulta Salon (ULTA +2.01%) jumped 7% in after-hours trading after it reported Q4 EPS of $1.35, higher than consensus of $1.27.
Aeropostale (ARO -6.80%) slid 4% in after-hours trading after it reported Q4 adjusted EPS of 1 cent, better than consensus of a -3 cent loss, but then lowered guidance on Q1 EPS to a loss of -61 cents to -53 cwnts, a larger loss than consensus of -36 cents.

MARKET COMMENTS

Jun E-mini S&Ps (ESM15 +0.10%) this morning are up +2.50 points (+0.12%). The S&P 500 index on Thursday closed sharply higher: S&P 500 +1.26%, Dow Jones +1.47%, Nasdaq +0.72%. Bullish factors included (1) signs that China’s monetary easing is spurring demand for loans after data showed China Feb aggregate financing, China’s broadest measure of new credit, rose 1.35 trillion yuan, more than expectations of 1.00 trillion yuan, (2) a rally in bank stocks after 29 U.S. banks passed Fed stress tests, and (3) reduced interest rate hike concerns after Feb retail sales unexpectedly fell for a third month as they declined -0.6% and -0.1% ex autos, weaker than expectations of +0.5% and +0.3% ex autos.
Jun 10-year T-notes (ZNM15 -0.21%) this morning are down -7.5 ticks. Jun 10-year T-note futures prices on Thursday rose to a 1-1/2 week high and closed higher. Closes: TYM5 +7.00, FVM5 +5.75. The main bullish factor was the unexpected decline in U.S. Feb retail sales for a third month, which may prompt the Fed to delay interest rate hikes. T-notes fell back from their best levels on weak demand for the Treasury’s $13 billion 30-year T-bond auction that had a bid-to-cover ratio of 2.18, below the 12-auction average of 2.45 and the lowest in 10 months.
The dollar index (DXY00 +0.14%) this morning is up +0.111 (+0.11%). EUR/USD (^EURUSD) is down -0.0050 (-0.47%). USD/JPY (^USDJPY) is up +0.16 (+0.13%). The dollar index on Thursday closed lower: Dollar index -0.360 (-0.36%), EUR/USD +0.00876 (+0.83%), USD/JPY -0.159 (-0.13%). Bearish factors included the unexpected decline in U.S. Feb retail sales for a third month, which fueled long liquidation in the dollar, and (2) strength in EUR/USD on reduced Greek default concerns after the ECB increased the Emergency Liquidity Assistance for Greek banks by 600 million euros.
Apr WTI crude oil (CLJ15 -1.49%) this morning is down -26 cents (-0.55%) at a 6-week low and Apr gasoline (RBJ15 -0.62%) is down -0.0103 (-0.57%) at a 3-week low. Apr crude oil and gasoline prices on Thursday closed lower with Apr crude at a 5-week low and Apr gasoline at a 3-week low: CLJ5 -1.12 (-2.33), RBJ5 -0.0253 (-1.39%). Bearish factors included (1) abundant supplies as Wednesday’s EIA data showed EIA crude inventories rose +4.51 million bbl to 448.9 million bbl, the highest since EIA data began in 1982, and (2) the unexpected decline in U.S. Feb retail sales for a third month, which signals economic weakness.

GLOBAL EVENT CALENDAR03/13/2015

US	0830 ET	Feb PPI final demand expected +0.3% m/m and unch y/y, Jan -0.8% m/m and unch y/y. Feb PPI final demand ex food & energy expected +0.1% m/m and +1.6% y/y, Jan -0.1% m/m and +1.6% y/y.
	1000 ET	Preliminary-Mar U.S. consumer confidence index (University of Michigan) expected +0.1 to 95.5, Feb -2.7 to 95.4.
JPN	0030 ET	Revised Japan Jan industrial production, previous +4.0% m/m and -2.6% y/y.
	0030 ET	Japan Jan capacity utilization, Dec +2.0% m/m.
GER	0300 ET	German Feb wholesale price index, Jan -2.6% m/m and -0.4% y/y.
UK	0530 ET	UK Jan construction output expected +1.3% m/m and +2.1% y/y, Dec +0.4% m/m and +5.5% y/y.

U.S. STOCK CALENDAR03/13/2015

Company	Ticker	Time	Event Description	Period	Estimate
Ocwen Financial Corp	OCN US		Q4 2014 Earnings Release	Q4 2014	0.349