MORNING CALL 10/10

Barchart Morning Call

Barchart.com - Tue Oct 10, 6:41AM CDT

OVERNIGHT MARKETS AND NEWS

Dec E-mini S&Ps (ESZ17 +0.12%) this morning are up +0.15% on optimism about U.S. company quarterly earnings ahead of the start of quarterly earnings results from S&P 500 companies later this week. European stocks are down -0.19%, led by losses in Spanish stocks, with Spain's IBEX Stock Index down -1.05% before a meeting of Catalan's regional parliament later today. According to people familiar with the matter, Spanish police are ready to arrest Catalan President Puigdemont immediately if he declares independence in today's parliament meeting. Losses in European stocks were limited on signs of strength in Germany's economy, Europe's largest, after German Aug exports and imports rose more than expected. Asian stocks settled mostly higher: Japan +0.64%, Hong Kong+0.58%, China +0.26%, Taiwan closed for holiday, Australia -0.02%, Singapore -0.08%, South Korea +1.97%, India +0.24%. Japanese markets reopened after Monday's holiday and the Nikkei Stock Index jumped to a new 2-year high after Friday's stronger-than-expected U.S. Sep wage data bolstered confidence that the global economic recovery can continue.

The dollar index (DXY00 -0.25%) is down -0.28% at a 1-week low on concern that President Trump's feud with Senator Corker may undercut support for his tax reform plan. EUR/USD (^EURUSD) is up +0.36% at a 1-week high on hawkish comments from ECB Executive Board member Lautenschlaeger who said the ECB should exit QE "as soon as possible." USD/JPY (^USDJPY) is down -020% at a 1-week low.

Dec 10-year T-note prices (ZNZ17 +0.02%) are up +2 ticks.

ECB Executive Board member Lautenschlaeger said the ECB should exit QE "as soon as possible because financial stability risks increase and the benefits decrease."

The German Aug trade balance widened to a surplus of +20.0 billion euros, larger than expectations of +19.5 billion euros. Aug exports rose +3.1% m/m, stronger than expectations of +1.1% m/m and the biggest increase in a year. Aug imports rose +1.2% m/m, stronger than expectations of +0.5% m/m.

Japan Sep eco watchers survey outlook expectations fell -0.1 to 51.0, stronger than expectations of -0.6 to 50.5. The Sep eco watchers survey current conditions rose +1.6 to 51.3, stronger than expectations of +0.5 to 50.1 and the highest in 9-months.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Minneapolis Fed President Neel Kashkari (voter) speaks at a regional economic conference hosted by his bank, (2) Dallas Fed President Robert Kaplan (voter) speaks in a moderated Q&A at a Stanford Institute for Economic Policy Research Associates Meeting, (3) USDA weekly grain export inspections, (4) USDA crop conditions and progress report.

Notable Russell 1000 earnings reports today include: none.

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

Equity conferences this week: Cerner Health Conference on Mon-Wed, HR Technology Conference on Tue-Fri, National HUBZone Conference on Thu.

OVERNIGHT U.S. STOCK MOVERS

McKesson (MCK -2.08%) was upgraded to 'Outperform' from 'Market Perform' at Cowen with a price target of $189.

Transocean (RIG +1.94%) was initiated a new 'Buy' at Deutsche Bank with a price target of $13.

Union Pacific (UNP -0.06%) was downgraded to 'Hold' from 'Buy' at Aegis Capital.

Apache (APA +1.51%) cut its Q3 crude production estimate to 206,000 bpd to 208,000 bpd from a prior estimate of 208,000 to 214,000 bpd and cut its Q4 crude production estimate to 218,000 bpd to 224,000 bpd from a prior view of 225,000 bpd to 237,000 bpd due to the impact of Hurricane Harvey.

Caterpillar (CAT -0.04%) gained +0.2% in after-hours trading after Goldman Sachs reiterated its 'Buy' rating on the stock and raised its 12-month target price to $158 from $143.

American Homes (AMH +0.42%) was initiated a new 'Buy' at BTIG with a price target of $26.

SRC Energy ({=SRCI was initiated a new 'Buy' at Jeffries with a price target of $12.

Clovis Oncology (CLVS -1.05%) gained almost 1% in after-hours trading after it said it submitted a Supplemental New Drug Application with the FDA for its rucaparib drug for maintenance treatment for patients with platinum-sensitive recurrent ovarian cancer.

American International Group (AIG -0.77%) fell nearly 1% in after-hours trading after it said its sees Q3 pre-tax catastrophe losses net of reinsurance of $2.9 billion-$3.1 billion.

PDC Energy (PDCE +1.05%) was initiated a new 'Buy' at Jeffries with a price target of $60.

Leidos Holdings (LDOS +0.40%) rose over 3% in after-hours trading after it received a contract from the Social Security Administration to provide IT support for the Social Security Administration's Strategic Plan.

Ichor Holdings Ltd (ICHR +1.89%) climbed 6% in after-hours trading after the company said it entered into a "substantial" agreement to produce liquid delivery systems for a key customer.

Chesapeake Energy (CHK -0.24%) lost 1% in after-hours trading after it was downgraded to 'Underperform' from 'Hold' at Jeffries with a price target of $2.

MARKET COMMENTS

Dec S&P 500 E-mini stock futures (ESZ17 +0.12%) this morning are up +3.75 points (+0.15%). Monday's closes: S&P 500 -0.18%, Dow Jones -0.06%, Nasdaq -0.10%. The S&P 500 on Monday closed lower on negative carry-over from last Friday's U.S. Sep average hourly earnings report of +2.9% that bolstered the case for additional Fed tightening. There was also some long liquidation pressure ahead of quarterly earnings results from major U.S. banks later this week. Energy stocks received a boost from the +0.59% rally in crude oil prices.

Dec 10-year T-note prices (ZNZ17 +0.02%) this morning are up +2 ticks. Monday's closes: TYZ7 +2.00, FVZ7 +1.25. Dec 10-year T-notes on Monday closed higher on carry-over support from a rally in German bund prices and on weakness in stocks.

The dollar index (DXY00 -0.25%) this morning is down -0.258 (-0.28%) at a 1-week low. EUR/USD (^EURUSD) is up +0.0042 (+0.36%) at a 1-week high and USD/JPY (^USDJPY) is down -0.23 (-0.20%) at a 1-week low. Monday's closes: Dollar Index -0.125 (-0.13%), EUR/USD +0.0010 (+0.09%), USD/JPY +0.03 (+0.03%). The dollar index on Monday closed lower on strength in EUR/USD as political tensions eased in Spain after a senior member of the Catalan administration called for dialogue with the Spanish government. There was also strength in the yuan versus the dollar after China Sep foreign reserves rose for the eighth month in a row.

Nov crude oil (CLX17 +1.33%) this morning is up +68 cents (+1.37%) and Nov gasoline (RBX17 +1.05%) is +0.0188 (+1.21%). Monday's closes: Nov WTI crude +0.29 (+0.59%), Nov gasoline +0.0006 (+0.04%). Nov crude oil and gasoline on Monday closed higher on a weaker dollar and on comments from OPEC Secretary General Mohammed Barkindo who said the rebalancing of the oil market is underway and that OPEC may need to take further steps to sustain the recovery into 2018.

Metals prices this morning are higher with Dec gold (GCZ17 +0.65%) +8.0 (+0.62%) at a 1-week high, Dec silver (SIZ17+1.35%) +0.189 (+1.11%) at a 2-week high and Dec copper (HGZ17 +0.31%) +0.008 (+0.26%) at a 4-week high. Monday's closes: Dec gold +10.1 (+0.79%), Dec silver +0.181 (+1.08%), Dec copper -0.0020 (+0.07%). Metals on Monday closed higher with Dec gold at a 1-week high and Dec silver at a 1-1/2 week high. Metals prices were boosted by a weak dollar and by the German Aug industrial production report of +2.6% m/m, the biggest increase in 6 years, which is positive for copper consumption and demand. Copper prices were also boosted by the -2,450 MT decline in LME copper inventories to a 3-week low of 291,000 MT.

GLOBAL EVENT CALENDAR10/10/2017

		Tuesday, Oct 10
US	1000 ET	Minneapolis Fed President Neel Kashkari (voter) speaks at a regional economic conference hosted by his bank.
	1100 ET	USDA weekly grain export inspections.
	1600 ET	USDA crop conditions and progress report.
	2000 ET	Dallas Fed President Robert Kaplan (voter) speaks in a moderated Q&A at a Stanford Institute for Economic Policy Research Associates Meeting.
		Wednesday, Oct 11
US	0700 ET	Weekly MBA mortgage applications, previous -0.4% with purchase sub-index +1.0% and refi sub-index -1.8%.
	0715 ET	Chicago Fed President Charles Evans (voter) takes part in a moderated discussion on the economy and monetary policy.
	1000 ET	Aug JOLTS job openings expected -10,000 to 6.16 million, Jul +54,000 to 6.17 million.
	1130 ET	Treasury auctions $24 billion of 3-year T-notes
	1300 ET	Treasury auctions $20 billion of 10-year T-notes.
	1400 ET	Minutes of the Sep 19-20 FOMC meeting.
	1440 ET	San Francisco Fed President John Williams gives a Community Leaders Speech at an event in San Francisco.

U.S. STOCK CALENDAR10/10/2017

Name	Ticker	Time	Description	Period	Estimate
Procter & Gamble Co/The	PG US	09:00	Annual General Meeting
Wal-Mart Stores Inc	WMT US	09:00	Investment Community Meeting Day - 2
Workday Inc	WDAY US	15:30	Analyst Day

BARCHART MORNING C ALL 8/20

BARCHART MORNING  CALL

Thursday, August 20th, 2015View Older Reports

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OVERNIGHT MARKETS AND NEWS

September E-mini S&Ps (ESU15 -0.75%) are down -0.75% at a 1-week low and European stocks are down -1.25% at a 1-1/4 month low on concern over emerging markets. The plunge in crude oil to a 6-1/3 year low has prompted Kazakhstan, Central Asia's largest crude producer, to let its currency the tenge, float freely. The tenge immediately plunged 23% to a record low 257.21 per dollar and fueled a rally in gold prices (GCZ15 +0.84%) to a 1-month high. Kazakhstan was forced to devalue its currency in an attempt to stay competitive with China and Russia, its two top trading partners, after both countries devalued their currencies. The sell-off in emerging markets may continue as declining commodity prices curbs revenue and China's surprise devaluation of the yuan last week may force other countries to devalue their currencies in order to stay competitive. Other emerging market currencies fell sharply as well with Turkey's lira at a record low of 3 per dollar, the South African rand at a 14-year low of 13 per dollar, and Malaysia's ringgit plunging to a 17-year low against the dollar. Energy producing stocks are lower as crude oil continues its slide and is down -1.53% (CLV15 -0.87%) at a fresh 6-1/3 year low. Asian stocks closed lower: Japan -0.94%, Hong Kong -1.77%, China -3.42%, Taiwan +0.10%, Australia -1.70%, Singapore -1.03%, South Korea -1.14%, India -1.16%. Weakness in commodity and energy producers hammered Asian stocks with Japan's Nikkei Stock Index falling to a 1-1/4 month low. China's Shanghai Composite tumbled over 3% amid concern a slowing economy and weaker yuan will spur capital outflows.
The dollar index (DXY00 -0.16%) is down -0.14% after Wednesday's FOMC minutes from Jul 28-29 said that policy makers needed to see more improvement in the U.S. labor market and in the inflation rate before they begin to raise interest rates. EUR/USD (^EURUSD) is up +0.46%. USD/JPY (^USDJPY) is up +0.17%.

Sep T-note prices (ZNU15 +0.16%) are up +8 ticks at a 1-week high as the slump in global equity markets spurs safe-haven demand for government debt. The German 10-year bund yield fell to a 2-1/2 month low of 0.575%.
German Jul PPI was unch m/m and fell -1.3% y/y, right on expectations.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) weekly initial unemployment claims (expected -4,000 to 270,000 and continuing claims expected -8,000 to 2.265 million), (2) Jul existing home sales (expected -1.1% to 5.43 million), (3) Jul leading indicators (expected +0.2%), and (4) the Aug Philadelphia Fed business outlook survey (expected +1.1 to 6.8).
There are 5 of the S&P 500 companies that reports earnings today: the Gap (consensus $0.64), Ross Stores (0.62), Hewlett-Packard (0.86), Intuit (-0.11), salesforce.com (0.18).
U.S. IPO's scheduled to price today include: IMS Health Holdings ($31.40), Surgical Care Affiliates (37.95), First Foundation (19.25), Benefitfocus Inc. (36.75).
Equity conferences during the remainder of this week include: none.

OVERNIGHT U.S. STOCK MOVERS

Union Pacific (UNP -0.67%) was downgraded to 'Neutral' from 'Outperform' at Macquarie.
Disney (DIS -0.46%) and Time Warner (TWX -1.51%) were both downgraded to 'Market Perform' from 'Outperform' at Bernstein.
Tech Data (TECD -0.55%) reported Q2 non-GAAP EPS of $1.43, well above consensus of 96 cents.
Lockheed Martin (LMT -0.65%) was upgraded to 'Buy' from 'Neutral' at Sterne Agee CRT.
Analog Devices (ADI +0.83%) was downgraded to 'Reduce' from 'Neutral' at Nomura.
Targa Resources (TRGP -3.21%) was downgraded to 'Underperform' from 'Hold' at Jefferies.
The recent sell-off in AMC Networks (AMCX -1.14%) provides a 'great' entry point, says Piper Jaffray, who reiterates their 'Overweight' rating on the stock with a $90 price target.
FrontFour Capital reported a 7.4% passive stake in North American Energy (NOA -0.53%) .
Fifth Third Bank (FITB -0.80%) was initiated with a 'Buy' at Sterne Agee CRT with a price target of $25.
L Brands (LB -0.21%) fell over 2% in after-hours trading after it reported Q2 EPS of 68 cents, right on consensus, but then lowered guidance on Q3 EPS to 40 cents-45 cents, weaker than consensus of 48 cents.
United Natural Foods (UNFI -0.75%) lowered guidance on fiscal 2016 EPS to $2.86-$2.98, below consensus of $3.05.
Mattel (MAT -1.70%) was initiated with an 'Outperform' at Oppenheimer with a price target of $28.
Leidos (LDOS -0.29%) was awarded a $4.3 billion contract by the U.S. Department of Defense as part of the Defense Healthcare Management System Modernization Program to provide an electronic health record solution, integration activities and deployment across the U.S. military health system.
SpartanNash (SPTN -1.93%) reported Q2 adjusted EPS of 53 cents, above consensus of 51 cents.
Synopsys (SNPS +0.62%) reported Q3 adjusted EPS of 63 cents, higher than consensus of 59 cents.
NetApp (NTAP -1.65%) shot up over 6% in after-hours trading after it reported Q1 EPS of 29 cents, better than consensus of 23 cents.

MARKET COMMENTS

Sep E-mini S&Ps (ESU15 -0.75%) this morning are down -15.50 points (-0.75%) at a 1-week low. Wednesday's closes: S&P 500 -0.83%, Dow Jones -0.93%, Nasdaq -0.69%. The S&P 500 closed lower Wednesday after crude oil plunged to a 6-1/3 year low, which undercut energy producers, while raw-material and industrial stocks closed lower on China growth concerns after copper fell to a 6-year low. Stocks briefly recovered from their worst levels after the Jul 28-29 FOMC meeting minutes said that policy makers need to see further improvement in the labor market and inflation before they begin to raise interest rates.
Sep 10-year T-notes (ZNU15 +0.16%) this morning are up +8 ticks at a 1-week high. Wednesday's closes: TYU5 +20.50, FVU5 +13.00. Sep T-notes closed higher Wednesday after stocks sold-off, which boosted the safe-haven demand for T-notes, and after crude oil skid to a 6-1/3 year low, which reduced inflation expectations as the 10-year T-note inflation breakeven rate dropped to a 7-month low.
The dollar index (DXY00 -0.16%) this morning is down -0.131 (-0.14%). EUR/USD (^EURUSD) is up +0.0051 (+0.46%). USD/JPY (^USDJPY) is up +0.21 (+0.17%). Wednesday's closes: Dollar Index -0.681 (-0.70%), EUR/USD +0.00975 (+0.88%), USD/JPY +0.022 (+0.02%). The dollar closed lower Wednesday after the Jul 28-29 FOMC minutes said that policy members wanted to see improvement in the labor market and inflation before they start to hike interest rates. Another negative for the dollar was the fall in USD/JPY to a 2-week low as the swoon in stocks boosted the safe-haven demand for the yen.
Oct crude oil (CLV15 -0.87%) this morning is down -63 cents (-1.53%0 at a contract low and Oct gasoline (RBV15 -1.93%) is down -0.0351 (-2.48%) at a contract low. Wednesday's closes: CLV5 -2.26 (-5.24%), RBV5 -0.0737 (-4.97%). Oct crude Wednesday fell to a contract low and nearest-futures (U15) crude slumped to a 6-1/3 year low after weekly EIA crude inventories unexpectedly rose (+2.62 million bbl vs. expectations of a -820,000 bbl decline). Crude prices were also pressured after crude stockpiles at Cushing, OK, the delivery point of WTI futures, rose +326,000 bbl, the first increase in 4 weeks.

GLOBAL EVENT CALENDAR08/20/2015

US	0245 ET	San Francisco Fed President John Williams delivers keynote address at the Bank of Indonesia-BIS Research Conference in Jakarta, Indonesia.
	0830 ET	Weekly initial unemployment claims expected -4,000 to 270,000, previous +5,000 to 274,000. Weekly continuing claims expected -8,000 to 2.265 million, previous +15,000 to 2.273 million.
	0830 ET	USDA weekly Export Sales.
	1000 ET	Jul existing home sales expected -1.1% to 5.43 million, Jun +3.2% m/m to 5.49 million.
	1000 ET	Jul leading indicators expected +0.2%, Jun +0.6%.
	1000 ET	Aug Philadelphia Fed business outlook survey expected +1.1 to 6.8, Jul -9.5 to 5.7.
	1100 ET	Treasury announces amount of 2-year T-notes (previous $26 billion), 2-year floating-rate notes (previous $15 billion), 5-year T-notes (previous $35 billion) and 7-year T-notes (previous $29 billion) to be auctioned Aug 25-27.
	1300 ET	Treasury auctions $16 billion of 5-year TIPS in reopening of April 5-year TIPS maturing Apr-2020.
	2020 ET	Minneapolis Fed President Narayan Kocherlakota speaks in Seoul at a Bank of Korea event titled Macroeconomic Policy and Price Measurement Issues in a Low Inflation Environment.
GER	0200 ET	German Jul PPI expected unch m/m and -1.3% y/y, Jun -0.1% m/m and -1.4% y/y.
UK	0430 ET	UK Jul retail sales including auto fuel expected +0.4% m/m and +4.4% y/y, Jun -0.2% m/m and +4.0% y/y. Jul retail sales ex auto fuel expected +0.4% m/m and +4.3% y/y, Jun -0.2% m/m and +4.2% y/y.
	0600 ET	UK Aug CBI trends total orders expected unch at -10. Aug CBI trends selling prices, Jul 1.
EUR	0730 ET	ECB Governing Council member Ewald Nowotny speaks on an academic panel about Europes Crisis: Monetary Policy, Financial Markets, or Real Investment?
JPN	2135 ET	Japan Aug Nikkei manufacturing PMI, Jul 51.2.
CHI	2145 ET	China Aug Caixin flash manufacturing PMI expected +0.4 to 48.2, Jul 47.8.

U.S. STOCK CALENDAR08/20/2015

Company	Ticker	Time	Event Description	Period	Estimate
L Brands Inc	LB US	9:00	Q2 2016 Earnings Call	Q2 2016
Gap Inc/The	GPS US	16:00	Q2 2016 Earnings Release	Q2 2016	0.64
Ross Stores Inc	ROST US	16:00	Q2 2016 Earnings Release	Q2 2016	0.623
Hewlett-Packard Co	HPQ US	Aft-mkt	Q3 2015 Earnings Release	Q3 2015	0.856
Intuit Inc	INTU US	Aft-mkt	Q4 2015 Earnings Release	Q4 2015	-0.112
salesforce.com inc	CRM US	Aft-mkt	Q2 2016 Earnings Release	Q2 2016	0.175

BARCHART MORNING CALL 3/25

BARCHART MORNING CALL

Wednesday, March 25th, 2015View Older Reports

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OVERNIGHT MARKETS AND NEWS

June E-mini S&Ps (ESM15 -0.06%) this morning are up +0.08% on increased M&A activity as Kraft Foods jumped 16% in early pre-market trading on news that it will merge with H.J. Heinz. European stocks are down -0.51% on Greek default concerns after the ECB banned Greek banks from increasing holdings of short-term government debt. The ECB has rationed the Greek central bank's access to emergency funding since last month on concern the Greek government is funding itself via domestic lenders with central bank cash. Eurozone finance officials will hold a call today to discuss progress on Greece, amid concerns that it may run out of cash by early next month. Losses in European stocks were limited after German business confidence rose for a fifth month in March to the highest in 8 months. Asian stocks closed mixed: Japan +0.17%, Hong Kong +0.53%, China -0.82%, Taiwan -0.66%, Australia +0.07%, Singapore +0.17%, South Korea -0.08%, India -0.18%. Commodity prices are mixed. May crude oil (CLK15 -0.29%) is down -0.13% and May gasoline (RBK15 +0.46%) is up +0.50%. Apr gold (GCJ15 +0.19%) is up +0.07%. May copper (HGK15 -0.59%) is down -0.62%. Agriculture prices are mixed. The dollar index (DXY00 -0.42%) is down -0.30%. EUR/USD (^EURUSD) is up +0.52%. USD/JPY (^USDJPY) is down -0.14%. Jun T-note prices (ZNM15 +0.15%) are up +3 ticks at a 1-1/2 month high after Chicago Fed President said inflation is too low to raise interest rates this year.
The German Mar IFO business climate rose +1.1 points to 107.9, stronger than expectations of +0.5 to 107.3 and the highest in 8 months. The Mar IFO current assessment rose +0.7 to 112.0, right on expectations. The Mar IFO expectations rose +1.4 points to 103.9, stronger than expectations of +0.5 to 103.0 and the highest in 9 months.
Chicago Fed President Evans said inflation remains too low to justify an interest rate increase this year, despite "terrific" progress in reducing U.S. unemployment. Evans said "he sees no compelling reason for us to be in a hurry to tighten financial conditions until" it's clear that inflation will reach the Fed's 2.0% target within one or two years.
Japan Feb PPI services prices rose +3.3% y/y, right on expectations.

U.S. STOCK PREVIEW

Today’s Feb durable goods orders report is expected to show an increase of +0.2% for both the headline and ex-transportation reports. The Treasury today will sell $13 billion of 2-year floating-rate notes and $35 billion of 5-year T-notes. There are 5 of the Russell 1000 companies that report earnings today: Paychex (consensus $0.46), Red Hat (0.41), PVH (1.73), Leidos Holdings (0.49), Apollo Education (-0.16).
Equity conferences during the remainder of this week include: Excellence in Data Analytics for Shared Services and Outsourcing 2015 on Tue-Wed, Telsey Advisory Group (TAG) Spring Consumer Conference on Tue-Wed, Leerink Booth Tours At American Academy of Orthopaedic Surgeons on Wed-Thu, CIBC Real Estate Conference on Thu, Nomura - Conference: Global Chemicals Industry Leaders Conference - London on Thu, Jefferies Animal Health Summit on Thu, Gabelli Specialty Chemicals Conference on Thu.

OVERNIGHT U.S. STOCK MOVERS

Kraft Foods Group (KRFT -1.27%) surged 16% in pre-market trading after saying it will merge with H.J. Heinz.
Starwood (HOT -2.28%) was downgraded to 'Neutral' from 'Buy' at SunTrust.
Tesla (TSLA +1.05%) was downgraded to 'Underperform' from 'Outperform' at CLSA.
Finish Line (FINL +0.41%) was downgraded to 'Neutral' from 'Buy' at B. Riley.
Leidos (LDOS -2.20%) reported Q4 EPS of 69 cents, higher than consensus of 48 cents, but then lowered guidance on fiscal 2015 EPS to $2.20-$2.45, below consensus of $2.53.
Merck (MRK -0.17%) announced a new $10 billion share repurchase program.
ING Groep (ING +1.20%) was downgraded to 'Neutral' from 'Buy' at Goldman Sachs.
Ultragenyx (RARE -2.65%) was initiated with a 'Buy' at CRT Capital with a price target of $90.
Cepheid (CPHD -2.08%) announced it has received Emergency Use Authorization from the FDA for Xpert Ebola, a molecular diagnostic test for Ebola Zaire Virus that delivers results in less than two hours.
Wells Fargo initiated United Rentals (URI +0.25%) with an 'Outperform' rating and a $110-$115 valuation range.
Steelcase (SCS -2.16%) reported Q4 adjusted EPS of 21 cents, better than consensus of 20 cents.
Park City Group (PCYG +0.57%) filed to sell 1 million shares of common stock.

MARKET COMMENTS

Jun E-mini S&Ps (ESM15 -0.06%) this morning areup +1.75 points (+0.08%) . Tuesday's Closes: S&P 500 -0.61%, Dow Jones -0.58%, Nasdaq -0.33%. The stock market on Tuesday closed lower after the stronger-than-expected U.S. Feb new home sales report (+7.8% to a 7-year high of 539,000) bolstered concern the Fed would soon raise interest rates. Another negative for stocks was the comments from St. Louis Fed President Bullard who said the Fed risks falling "behind the curve" on inflation if normalization of monetary policy is not started soon.
Jun 10-year T-notes (ZNM15 +0.15%) this morning are up +3 ticks at a new 1-1/2 month high. Tuesday's Closes: TYM5 +8.00, FVM5 +5.50. Jun T-notes posted a 1-1/2 month high on benign inflation pressures after U.S. Feb core CPI rose +1.7% y/y, right on expectations and below the Fed's 2.0% inflation target. T-notes received additional support in late afternoon after stocks sold-off.
The dollar index (DXY00 -0.42%) this morning is down -0.289 (-0.30%). EUR/USD (^EURUSD) is up +0.0057 (+0.52%). USD/JPY (^USDJPY) is down -0.17 (-0.14%). Tuesday's closes: Dollar index +0.160 (+0.16%), EUR/USD -0.00212 (-0.19%), USD/JPY +0.025 (+0.02%). The dollar rebounded from a 2-week low and closed higher after U.S. Feb new home sales rose more than expected to the highest in 7 years, which bolsters expectations for the Fed to raise interest rates.
May WTI crude oil (CLK15 -0.29%) this morning is down -6 cents (-0.13%) and May gasoline (RBK15 +0.46%) is up +0.0090 (+0.50%). Tuesday's closes: CLK5 +0.06 (+0.13), RBK5 -0.0013 (-0.07%). May crude and gasoline posted 1-week highs but settled mixed after the dollar recovered from a 2-week low and closed higher. Gains in crude were limited on expectations that Wednesday's weekly EIA crude inventories will increase by +4.75 million bbl.

GLOBAL EVENT CALENDAR03/25/2015

US	0630 ET	Chicago Fed President Charles Evans speaks in London at the Official Monetary and Financial Institutions Forum City Lectures on Monetary Policy and the Economy.
	0700 ET	Weekly MBA mortgage applications, previous -3.9% with purchase sub-index -1.5% and refi sub-index -5.2%.
	0830 ET	Feb durable goods orders expected +0.2% and +0.2% ex transportation, Jan 2.8% and unch ex-transportation. Feb capital goods orders non-defense ex-aircraft expected +0.3%, Jan +0.5%.
	1030 ET	EIA Weekly Petroleum Status Report.
	1130 ET	Treasury auctions $13 billion 2-year floating rate notes.
	1300 ET	Treasury auctions $35 billion 5-year T-notes.
GER	0500 ET	German Mar IFO business climate expected +0.5 to 107.3, Feb 106.8. Mar IFO current assessment expected +0.7 to 112.0, Feb 111.3. Mar IFO expectations expected +0.5 to 103.0, Feb 102.5.

U.S. STOCK CALENDAR03/25/2015

Company	Ticker	Time	Event Description	Period	Estimate
Paychex Inc	PAYX US	Bef-mkt	Q3 2015 Earnings Release	Q3 2015	0.462
Leidos Holdings Inc	LDOS US	6:00	Q4 2015 Earnings Release	Q4 2015	0.485
Apollo Education Group Inc	APOL US	7:30	Q2 2015 Earnings Release	Q2 2015	-0.163
Leidos Holdings Inc	LDOS US	8:00	Q4 2015 Earnings Call	Q4 2015
Apollo Education Group Inc	APOL US	8:30	Q2 2015 Earnings Call	Q2 2015
AGL Resources Inc	GAS US	9:00	Analyst Day	Y 2015
Paychex Inc	PAYX US	9:30	Q3 2015 Earnings Call	Q3 2015
McCormick & Co Inc/MD	MKC US	10:00	Annual General Meeting	Y 2015
American Express Co	AXP US	13:30	Investor Day	Y 2015
Red Hat Inc	RHT US	17:00	Q4 2015 Earnings Call	Q4 2015
PVH Corp	PVH US	Aft-mkt	Q4 2015 Earnings Release	Q4 2015	1.728
Red Hat Inc	RHT US	Aft-mkt	Q4 2015 Earnings Release	Q4 2015	0.406

BARCHART MORNING CALL 9/9

BARCHART MORNING CALL

Tuesday, September 9th, 2014View Older Reports

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OVERNIGHT MARKETS AND NEWS

September E-mini S&Ps (ESU14 +0.07%) this morning are up +0.02% and European stocks are down -0.26%. The EU's second package of economic sanctions against Russia was put on hold for a "few days" to allow for more time to assess the viability of a cease-fire and a peace plan in Ukraine, according to EU President Van Rompuy. Losses in European stocks were limited and the British pound recovered from a 9-1/2 month low against the dollar after UK Aug industrial production rose more than expected. GBP/USD also received support from comments from BOE Governor Carney who said "the point at which interest rates also begin to normalize is getting closer." Asian stocks closed mixed: Japan +0.28%, Hong Kong and South Korea closed for holiday, China -0.16%, Taiwan +0.29%, Australia +0.55%, Singapore +0.23%, India -0.20%. Japanese exporters rallied and led the Nikkei Stock Index higher after the yen slumped to a 5-3/4 year low against the dollar, which boosts the earnings prospects of exporters. Commodity prices are mixed. Oct crude oil (CLV14 +1.36%) is up +0.85%. Oct gasoline (RBV14 +0.30%) is down -0.25%. Dec gold (GCZ14 +0.21%) is up +0.20%. Dec copper (HGZ14 -0.79%) is down 0.79%. Agriculture and livestock prices are mixed. The dollar index (DXY00 +0.12%) is up +0.09% at a new 13-3/4 month high. EUR/USD (^EURUSD) is down -0.07% at a 13-3/4 month low. USD/JPY (^USDJPY) is up +0.15% at a 5-3/4 year high. Dec T-note prices (ZNZ14 -0.28%) are down -10 ticks.
UK Aug industrial production rose +0.5% m/m and +1.7% y/y, better than expectations of +0.2% m/m and +1.3% y/y. Aug manufacturing production rose +0.3% m/m and +2.2% y/y, right on expectations.
Japan Aug consumer confidence unexpectedly fell -0.3 to 41.2, weaker than expectations of +0.8 to 42.3.
Japan Aug machine tool orders rose +35.6% y/y, the eleventh consecutive month of year-over-year increases.
The Japan Jul tertiary industry index was unchanged m/m, weaker than expectations of +0.2% m/m.

U.S. STOCK PREVIEW

Today’s July JOLTS U.S. job openings report is likely to post a new 13-1/3 year high of 4.7 million, an indication that the supply of new unfilled jobs has reached the highest level since February 2001. The Treasury today will sell $27 billion of 3-year T-notes, kicking off this week’s $61 billion coupon package. There are four Russell 1000 companies that report earnings today: John Wiley & Sons (consensus: $0.53), HD Supply Holdings 0.47, Palo Alto Networks 0.11 and Leidos Holdings 0.62.
Equity conferences the rest of this week include: Morgan Stanley Healthcare Conference on Mon-Wed, Barclays Global Financial Services Conference on Mon-Wed, D.A. Davidson Engineering & Construction Conference on Tue, KeyBanc Capital Markets Basic Materials & Packaging Conference on Tue, 4G World 2014/Tower & Small Cell Summit on Tue, Gabelli & Company Aerospace Conference on Tue, Gabelli Aircraft Suppliers Conference on Tue, Raymond James North American Equities Conference on Tue, Deutsche Bank dbAccess Technology Conference on Tue-Wed, RBC Capital Market Global Industrials Conference on Tue-Wed, UBS Best of Americas Conference on Tue-Thu, Latin Markets Mexico Energy Summit on Wed, Pareto Oil & Offshore Conference on Wed, Longbow Research - Industrial Manufacturing & Technology Investor Conference on Wed, Goldman Sachs Communacopia Conference on Wed-Fri, UBS Global Paper & Forest Products Conference on Thu, BIO Latin America Conference on Thu, and Credit Suisse Asian Technology Conference on Thu.

OVERNIGHT U.S. STOCK MOVERS

Ralph Lauren (RL -0.23%) was upgraded to 'Strong Buy' from 'Buy' at ISI Group.
Total (TOT -2.26%) was upgraded to 'Neutral' from 'Underperform' at BofA/Merrill.
HD Supply (HDS -0.83%) reported Q2 adjusted EPS of 51 cents, better than consensus of 47 cents.
Leidos (LDOS -0.89%) reported Q2 EPS of 61 cents, less than consensus of 62 cents, and then lowered guidance on fiscal 2015 EPS view to $2.10-$2.30 from $2.35-$2.55, well below consensus of $2.47.
Dick's Sporting Goods (DKS -0.46%) was downgraded to 'Market Perform' from 'Outperform' at Wells Fargo.
The U.S. airline sector, which includes United Continental (UAL +0.79%), Delta Air Lines (DAL -0.46%) and American Airlines (AAL +1.00%), were initiated with an 'Overweight' at Credit Suisse.
D.R. Horton (DHI +0.75%) and Lennar (LEN +0.44%) were both upgraded to 'Overweight' from 'Neutral' at JPMorgan.
Annie's (BNNY -1.12%) surged over 30% in after-hours trading after General Mills (GIS -0.58%) said it will buy the company for $46 per share in cash or about $820 million.
Pep Boys (PBY +1.97%) dropped over 6% in after-hours trading afte rit reported Q2 EPS of 0 cents with items, well below consensus of 16 cents.
CHC Group (HELI -1.89%) reported a Q1 EPS loss of -46 cents, less than consensus of -47 cents.
Casey's General Stores (CASY -0.54%) rose over 3% in after-hours trading after it reported Q1 EPS of $1.43, well above consensus of $1.24.

MARKET COMMENTS

Sep E-mini S&Ps (ESU14 +0.07%) this morning are up +0.50 of a point (+0.02%). The S&P 500 Index on Monday closed lower: S&P 500 -0.31%, Dow Jones -0.15%, Nasdaq +0.14%. Negative factors included (1) Chinese economic concerns after China Aug imports unexpectedly fell -2.4% y/y, weaker than expectations of +3.0% y/y and the biggest decline in 5 months, and (2) European economic concerns after the Eurozone Sep Sentix investor confidence dropped -12.5 points to -9.8, a bigger decline than expectations of -1.3 to 1.4 and the lowest in 14 months.
Dec 10-year T-notes (ZNZ14 -0.28%) this morning are down -10 ticks. Dec 10-year T-note futures prices on Monday closed lower. The main bearish factor for T-note prices is supply pressures with the Treasury set to auction $61 billion of T-notes and T-bonds this week starting with Tuesday's $27 billion auction of 3-year T-notes. Losses were limited after Morgan Stanley reduced its year-end 10-year T-note yield forecast to 2.85% from 3.00%, citing global geopolitical concerns and weakness in the European growth outlook. Closes: TYZ4 -3.50, FVZ4 -4.75.
The dollar index (DXY00 +0.12%) this morning is up +0.078 (+0.09%) at a new 13-3/4 month high. EUR/USD (^EURUSD) is down -0.0009 (-0.07%) at a 13-3/4 month low and USD/JPY (^USDJPY) is up +0.16 (+0.15%) at a fresh 5-3/4 year high. The dollar index on Monday surged to a 13-3/4 month high and closed higher. Bullish factors included (1) weakness in EUR/USD which slumped to a 13-3/4 month low after the Eurozone Sep Sentix investor confidence fell more than expected to a 14-month low, and (2) a surge in USD/JPY to a 5-3/4 year high as the yen plunged against the dollar on signs the Japanese economy is weaker than anticipated after Japan Q2 GDP was revised lower to -7.1% q/q annualized, the biggest pace of contraction in 5 years. Closes: Dollar index +0.493 (+0.59%), EUR/USD -0.0054 (-0.42%), USD/JPY +0.989 (+0.94%).
Oct WTI crude oil (CLV14 +1.36%) this morning is up +79 cents (+0.85%) and Oct gasoline (RBV14 +0.30%) is down -0.0064 (-0.25%). Oct crude and gasoline prices on Monday closed lower for a third day with Oct crude at a 7-3/4 month low and Oct gasoline at a 2-1/2 week low: CLV4 -0.63 (-0.68%), RBV4 -0.0184 (-0.71%). Bearish factors included (1) the rally in the dollar index to a 13-3/4 month high, and (2) Chinese demand concerns after China Aug imports unexpectedly fell by the most in 5 months.

GLOBAL EVENT CALENDAR09/09/2014

US	1000 ET	Jul JOLTS job openings expected 4.700 million, Jun 4.671 million.
	1300 ET	Treasury auctions $27 billion 3-year T-notes.
JPN	0100 ET	Japan Aug consumer confidence index expected +0.8 to 42.3, Jul 41.5.
	0200 ET	Japan Aug machine tool orders, Jul +37.7% y/y.
	1950 ET	Japan Aug PPI expected unch m/m and +4.1% y/y, Jul +0.3% m/m and +4.3% y/y.
	1950 ET	Japan Jul machine orders expected +4.0% m/m and +0.5% y/y, Jun +8.8% m/m and -3.0% y/y.
UK	0430 ET	UK Jul industrial production expected +0.2% m/m and +1.3% y/y, Jun +0.3% m/m and +1.2% y/y.
	0430 ET	UK manufacturing production expected +0.3% m/m and +2.2% y/y, Jun +0.3% m/m and +1.9% y/y.
CHI	n/a	China Aug new yuan loans expected +700.0 billion yuan, Jul +385.2 billion yuan. Aug M2 money supply expected +13.5% y/y, Jul +13.5% y/y.

U.S. STOCK CALENDAR09/09/2014

Company Name	Ticker	Time	Event Description	Period	Estimate
John Wiley & Sons Inc	JW/A US	Bef-mkt	Q1 2015 Earnings Release	Q1 2015	0.53
HD Supply Holdings Inc	HDS US	6:00	Q2 2015 Earnings Release	Q2 2015	0.468
Leidos Holdings Inc	LDOS US	8:00	Q2 2015 Earnings Call	Q2 2015
HD Supply Holdings Inc	HDS US	8:00	Q2 2015 Earnings Call	Q2 2015
SPX Corp	SPW US	9:00	Investor and Analyst Meeting - Day 2	Y 2014
Tyco International Ltd	TYC US	9:00	Extraordinary Shareholders Meeting - Reincorporation Vote	Y 2014
John Wiley & Sons Inc	JW/A US	10:00	Q1 2015 Earnings Call	Q1 2015
Chico's FAS Inc	CHS US	10:00	Analyst Meeting	Y 2014
Lions Gate Entertainment Corp	LGF US	10:00	Annual General Meeting	Y 2014
Tableau Software Inc	DATA US	12:00	Analyst Day	Y 2014
Apple Inc	AAPL US	13:00	Special Media Event-Debut of Latest iPhones
Palo Alto Networks Inc	PANW US	16:30	Q4 2014 Earnings Call	Q4 2014
Palo Alto Networks Inc	PANW US	Aft-mkt	Q4 2014 Earnings Release	Q4 2014	0.108
McDonald's Corp	MCD US		August 2014 Sales and Revenue Release	2014
Actavis plc	ACT US		FDA Adcomm, nebivolol/valsartan fixed-dose combo, hypertension
Leidos Holdings Inc	LDOS US		Q2 2015 Earnings Release	Q2 2015	0.619