Lumentum Holdings - Chart of the Day

Lumentum Holdings (LITE) is the Barchart Chart of the Day.  The communications equipment company has a Trend Spotter buy signal, a Weighted Alpha of 148.14+ and gained 125.26% in the last year.

The Chart of the Day is Lumentum Holdings (LITE).  I found the communications equipment stock by using Barchart to sort today's All Time High list first for the most frequent number of new highs in the last month, then again for technical buy signals of 80% or more.  Since the Trend Spotter signaled a buy on 7/12 the stock gained 56.91%.

Lumentum Holdings Inc. is a manufacturer of innovative optical and photonic products. The Company's operating segment consists of Optical Communications and Commercial Lasers. Optical Communications segment portfolio includes products used by Telecom and Datacom nanoelectromechanical systems and traditional as well as cloud/data center service providers. Commercial Lasers segment products serve its customers in markets and applications, such as manufacturing, biotechnology, graphics and imaging, remote sensing and precision machining. Lumentum Holdings Inc. is headquartered in Milpitas, California.

The status of Barchart's Opinion trading systems are listed below. Please note that the Barchart Opinion indicators are updated live during the session every 10 minutes and can therefore change during the day as the market fluctuates. The indicator numbers shown below therefore may not match what you see live on the Barchart.com web site when you read this report.

Barchart technical indicators:

• 100% Technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 12 new highs and up 19.87% in the last month
• Relative Strength Index 7559%
• Technical support level at 36.49
• Recently traded at 31.69 with a 50 day moving average of 31.69

Fundamental factors:

• Market Cap $2.32 billion
• P/E 39.99
• Revenue expected to grow 15.50% this year and another 9.80% next year
• Earnings estimated to increase 42.60% this year, an additional 16.80% next year and continue to compound at an annual rate of 20.00% for the next 5 years
• Wall Street analysts issue 8 strong buy, 1 buy, 1 hold and 2 sell recommendations on the stock

MORNING CALL 1/11

MORNING CALL

Monday, January 11th, 2016View Older Reports

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OVERNIGHT MARKETS AND NEWS

March E-mini S&Ps (ESH16 +0.33%) are up +0.50% and European stocks are up +0.74%. The Mar E-mini S&P had posted a 3-1/4 month low in overnight trade when China's Shanghai Composite slid over 5% to a 3-3/4 month low, but recovered their losses and moved higher as they attempt to stabilize ahead of Q4 company earnings season that begins this week. European stocks were led higher by a rally in automakers, with Volkswagen, BMW AG, and Daimler AG all up over 1.5%. Asian stocks settled lower: Japan closed for holiday, Hong Kong -2.76%, China -5.33%, Taiwan -1.34%, Australia -1.17%, Singapore -1.54%, South Korea -1.22%, India -0.44%. China's Shanghai Composite closed down % after China Dec producer prices fell for a record 46th consecutive month and declined at the fastest pace in 6-1/2 years, which pessimism over China's economy. The Shanghai Composite closed on its lows even as the yuan strengthened against the dollar, after Beijing News cited Premier Li Keqiang as saying policy makers won't seek strong stimulus or flood the economy with too much investment to boost demand.

The dollar index (DXY00 -0.08%) is down -0.03%. EUR/USD (^EURUSD) is down -0.20%. USD/JPY (^USDJPY) is up +0.38% as it recovered from a 4-1/2 month low after a rally in U.S. and European stocks curbed safe-haven demand for the yen.

Mar T-note prices (ZNH16 -0.12%) are down -4.5 ticks.

Eurozone Jan Sentix investor confidence fell -6.1 to 9.6, weaker than expectations of -4.3 to 11.4 and a 1-year low.

China Dec CPI rose +1.6% y/y, right on expectations. Dec PPI fell -5.9% y/y, weaker than expectations of -5.8% y/y and matched the fastest pace of decline in 6-1/4 years.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Atlanta Fed President Dennis Lockhart speaks on the U.S. economic outlook and monetary policy to the Rotary Club of Atlanta, (2) Dallas Fed President Rob Kaplan speaks on economic conditions and monetary policy at the North Texas Economic Forum.

There are 3 of the Russell 1000 companies that report earnings today: Alcoa (consensus $0.02), Global Payments (0.75), Lumentum Holdings (0.28).

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

Equity conferences this week: North American International Auto Show (Detroit) - Press Days on Mon-Tue, J.P. Morgan Health Care Conference on Mon-Thu, Needham & Company Growth Conference on Tue, Deutsche Bank Global Auto Conference on Tue-Wed.

OVERNIGHT U.S. STOCK MOVERS

Wyndham Worldwide (WYN -0.30%) was upgraded to 'Hold' from 'Sell' at Deutsche Bank.

Ilumina (ILMN -1.52%) is up 6% in pre-market trading after it raised guidance on 2016 core adjusted EPS to $3.80-$3.90, higher than estimates of $3.76.

Whiting Petroleum (WLL +3.05%) was upgraded to 'Outperfom' from 'Market Perform' at Wells Fargo Securities.

Marathon Oil (MRO -3.00%) and Devon Energy (DVN +1.57%) were both upgraded to 'Overweight' from 'Equalweight' at Barclays.

Williams-Sonoma (WSM -3.22%) was downgraded to 'Neutral' from 'Outperform' at Wedbush.

M&T Bank (MTB -2.05%) was downgraded to 'Neutral' from 'Buy' at Goldman Sachs.

Statoil (STO -2.74%) was added to the 'Conviction Sell' list at Goldman Sachs.

L'oreal (LRLCY -0.45%) was added to the 'Conviction Buy' list at Goldman Sachs.

Keycorp (KEY -2.13%) was upgraded to 'Buy' from 'Neutral' at Goldman Sachs.

Cheniere Energy (LNG +0.11%) climbed nearly 3% in after-hours trading after Baupost raised its stake in eh company to 15.01% from 9.60% in September.

HCA Holdings (HCA -0.03%) rose nearly 6% in after-hours trading after the company said its fiscal 2015 adjusted EBITDA will be about $7.9 billion, higher than consensus of $7.77 billion.

Affymetrix (AFFX -1.39%) surged over 40% in after-hours trading after Thermo Fisher Scientific TMO acquired the company for $1.3 billion or $14 a share.

Actuity Brands (AYI -3.73%) fell over 3% in after-hours trading, adding on to Friday's -3.7% decline, after the company reported Q1 revenue of $736.6 million, below estimates of $740.1 million.

MARKET COMMENTS

Mar E-mini S&Ps (ESH16 +0.33%) this morning are up +9.50 points (+0.50%). Friday's closes: S&P 500 -1.08%, Dow Jones -1.02%, Nasdaq -0.81%. The S&P 500 on Friday erased an early rally and fell to a 3-1/4 month low on weakness in energy producers as crude oil prices declined and on concern that the recent weakness in Chinese stocks has yet to run its course. Stocks initially opened higher on carry-over support from a +1.97% rally in China's Shanghai Composite and the +292,000 increase in U.S. Dec non-farm payrolls, stronger than expectations of +200,000.

Mar 10-year T-notes (ZNH16 -0.12%) this morning are down -4.5 ticks. Friday's closes: TYH6 +9.50, FVH6 +6.50. Mar T-notes on Friday posted a 2-1/4 month high and closed higher on (1) a lack of wage pressures after U.S. Dec average hourly earnings were unch m/m and up +2.5% y/y (weaker than expectations of +0.2% m/m and +2.7% y/y) (2) weaker commodity prices that reduced inflation expectations as the 10-year T-note breakeven inflation rate fell to a 2-week low, and (3) increased safe-haven demand after the S&P 500 gave up an early rally and fell to a 3-1/4 month low.

The dollar index (DXY00 -0.08%) this morning isdown -0.030 (-0.03%) . EUR/USD (^EURUSD) is down -0.0022 (-0.20%). USD/JPY (^USDJPY) is up +0.45 (+0.38%). Friday's closes: Dollar Index +0.321 (+0.33%), EUR/USD -0.0010 (-0.09%), USD/JPY -0.41 (-0.35%). The dollar index on Friday settled higher on the stronger-than-expected U.S. Dec payroll report, which bolsters the case for the Fed to continue to raise interest rates. In addition, there was weakness in EUR/USD after German Nov industrial production unexpectedly fell -0.3% m/m, weaker than expectations of +0.5% m/m. The dollar was undercut by the slide in stocks, which boosted safe-haven demand for the yen as USD/JPY tumbled to a 4-1/2 month low.

Feb crude oil (CLG16 -1.54%) this morning is down -54 cents (-1.63%) and Feb gasoline (RBG16 +0.20%) is down -0.0056 (-0.50%). Friday's closes: CLG6 -0.39 (-1.17%), RBG6 -0.0241 (-2.10%). Feb crude oil and gasoline on Friday closed lower on a stronger dollar and on concern that the turmoil in China will exacerbate a global oil glut. Losses in crude oil were limited after U.S. Dec non-farm payrolls rose more than expected in a sign of U.S. economic strength.

GLOBAL EVENT CALENDAR01/11/2016

US	1100 ET	USDA weekly grain export inspections.
	1240 ET	Atlanta Fed President Dennis Lockhart speaks on the U.S. economic outlook and monetary policy to the Rotary Club of Atlanta.
	1750 ET	Dallas Fed President Rob Kaplan speaks on economic conditions and monetary policy at the North Texas Economic Forum.
EUR	0430 ET	Eurozone Jan Sentix investor confidence expected -4.4 to 11.3, Dec 15.7.
UK	1901 ET	UK Dec BRC sales like-for-like expected +0.5% y/y, Nov -0.4% y/y.
JPN	n/a	Japanese markets closed for Coming-of-Age Day.

U.S. STOCK CALENDAR01/11/2016

Company	Ticker	Time	Event Description	Period	Estimate
American Airlines Group Inc	AAL US	Bef-mkt	December 2015 Sales and Revenue Release - Traffic Results	2015
Sirona Dental Systems Inc	SIRO US	13:00	Extraordinary Shareholders Meeting
Alcoa Inc	AA US	16:03	Q4 2015 Earnings Release	Q4 2015	0.024
Alcoa Inc	AA US	17:00	Q4 2015 Earnings Call	Q4 2015
United Continental Holdings Inc	UAL US	17:00	December 2015 Sales and Revenue Release - Operational Performance	2015
DENTSPLY International Inc	XRAY US		Special Meeting - M&A Vote
Sirona Dental Systems Inc	SIRO US		Special Meeting - M&A Vote
Global Payments Inc	GPN US		Q2 2016 Earnings Release	Q2 2016	0.753
Lumentum Holdings Inc	LITE US		Q2 2016 Earnings Release	Q2 2016	0.283

BARCHART

BARCHART MORNING CALL

Wednesday, September 23rd, 2015View Older Reports

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OVERNIGHT MARKETS AND NEWS

December E-mini S&Ps (ESZ15 +0.31%) rebounded from a 2-week low and are up +0.21% and European stocks recovered from a 4-week low and are up +0.84% after the new orders sub-index in the Eurozone Sep Markit manufacturing PMI rose to a 5-month high, which signals increased production in the coming months. Stocks also found support after a rally in crude oil and copper boosted energy producers and basic-resource companies. Stocks had been weaker and emerging markets closed mostly lower after a gauge of Chinese manufacturing activity unexpectedly fell to its lowest in 6-1/2 years. Asian stocks closed mostly lower: Japan closed for holiday, Hong Kong -2.29%, China -2.19%, Taiwan -2.06%, Australia -2.07%, Singapore-0.79%, South Korea -1.85%, India +0.67%.

The dollar index (DXY00 -0.12%) is down -0.11% as it fall back from a 2-week high. EUR/USD (^EURUSD) is up +0.36% and recovered from a 2-week low after ECB Governing Council member Nowotny said he's wary of expanding QE. USD/JPY (^USDJPY) is up +0.06%.

Dec T-note prices (ZNZ15 -0.13%) are down -7 ticks.

ECB Governing Council member Nowotny said he's wary of increasing QE any time soon and that the question of whether more easing is needed "deserves a much more thorough examination."

The China Sep Caixin manufacturing PMI unexpectedly fell -0.3 to 47.0, weaker than expectations of +0.2 to 47.5 and the steepest pace of contraction in 6-1/2 years.

The Eurozone Sep Markit manufacturing PMI fell -0.3 to 52.0, right on expectations and matched April's reading as the slowest pace of growth in 7 months.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) weekly MBA mortgage applications (previous -7.0% with purchase sub-index -4.2% and refi sub-index -9.1%), (2) prelim-Sep Markit manufacturing PMI (expected -0.2 to 52.8, Aug 53.0), (3) Atlanta Fed President Dennis Lockhart's speech on the economy to the Buckhead Rotary Club in Atlanta, and (4) the Treasury's auction of $35 billion of 5-year T-notes and $13 billion of 2-year floating rate notes.

There is 1 company in the Russell 1000 index that reports earnings today: Lumentum Holdings (consensus $0.20).

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

Equity conferences during the remainder of this week include: Mitsubishi UFJ Securities: Utilities Conference - New York on Thu.

OVERNIGHT U.S. STOCK MOVERS

A.O. Smith (AOS -2.12%) was initiated with a 'Buy' at BB&T with a price target of $80.

Raytheon (RTN -1.18%) was upgraded to 'Outperform' from 'Market Perform' at Bernstein.

Carnival Cruise Lines (CCL -5.49%) was upgraded to 'Buy' from 'Neutral' at Nomura.

Sherwin-Williams (SHW -2.87%) was downgraded to 'Neutral' from 'Buy' at Longbow.

Intel (INTC -1.68%) was upgraded to 'Market Perform' from 'Underperform' at Bernstein.

CarMax (KMX -4.69%) was downgraded to 'Perform' from 'Outperform' at Oppenheimer.

Laredo Petroleum (LPI -0.96%) was downgraded to 'Underperform' from 'Neutral' at BofA/Merrill Lynch.

Cytec Industries (CYT -0.08%) was downgraded to 'Hold' from 'Buy' at Jefferies.

Volkswagen (VLKAY -15.48%) was downgraded to 'Neutral' from 'Overweight' at JPMorgan Chase.

Reuters reports that Wells Fargo (WFC -1.67%) is being sued by Oakland, California for "steering" minorities into high-cost mortgages that allegedly led to foreclosures and abandoned properties,

Integrated Core Strategies reported a 4.6% passive stake in WPX Energy (WPX -2.32%) .

Copart (CPRT -2.05%) reported Q4 EPS of 44 cents, higher than consensus of 39 cents.

Heron Therapeutics (HRTX -3.20%) surged 19% in after-hours trading after a Phase 2 study of its HTX-011 drug meets primary endpoint in the management of post-operative pain in patients undergoing bunionectomy.

MARKET COMMENTS

Dec E-mini S&Ps (ESZ15 +0.31%) this morning are up +4.00 points (+0.21%). Tuesday's closes: S&P 500 -1.23%, Dow Jones -1.09%, Nasdaq -1.43%. The S&P 500 on Tuesday dropped to a 2-week low and closed lower on the unexpected -5 point drop in the Sep Richmond Fed manufacturing survey to -5, weaker than expectations of +2 to 2 and the steepest pace of contraction in 2-1/2 years. In addition, raw-material and energy-producer stocks saw weakness after commodity prices slumped. Meanwhile, biotech and pharmaceutical stocks sold-off after Hillary Clinton said she will propose price caps and research-and-development spending guidelines for the pharmaceutical industry.

Dec 10-year T-notes (ZNZ15 -0.13%) this morning are down -7 ticks. Tuesday's closes: TYZ5 +23.50, FVZ5 +12.00. Dec T-notes on Tuesday rose to a 3-week high and closed higher on reduced inflation expectations after the 10-year T-note breakeven inflation rate fell to a 4-week low, and on increased safe-haven demand for T-notes after the S&P 500 tumbled to a 2-week low.

The dollar index (DXY00 -0.12%) this morning is down -0.103 (-0.11%) as it retreats from a 2-week high. EUR/USD (^EURUSD) is up +0.0040 (+0.35%) as it rebounds from a 2-week low. USD/JPY (^USDJPY) is up +0.07 (+0.06%). Tuesday's closes: Dollar Index +0.389 (+0.41%), EUR/USD -0.0070(-0.63%), USD/JPY -0.41 (-0.34%). The dollar index on Tuesday climbed to a 1-1/2 week high and closed higher on (1) the larger-than-expected increase in July FHFA home prices, which bolsters the case for a Fed interest rate increase, and (2) weakness in EUR/USD which slid to a 2-week low on speculation the ECB may boost stimulus after ECB Executive Board member Praet said that policy makers would "forcefully react" to defend their inflation objective.

Nov crude oil (CLX15 +0.97%) this morning is up +21 cents (+0.45%_ and Nov gasoline (RBX15 +0.16%) is down -0.0033 (-0.24%). Tuesday's closes: CLX5 -0.60 (-1.28%), RBX5 +0.0139 (+1.00%). Nov crude oil and gasoline prices on Tuesday settled mixed. Crude oil prices were undercut by the rally in the dollar index to a 1-1/2 week high, and by news that Iran has cooperated in allowing the IEAE access to Iran's nuclear facilities, which is a critical step towards getting sanctions dropped. Gasoline closed higher on supply concerns after Marathon Oil said it will shut its Catlettsburg, KY, 277,000 bpd refinery for repairs and Northern Tier St. Paul Park said it will close its 90,500 bpd refinery for unplanned repairs.

GLOBAL EVENT CALENDAR09/23/2015

US	0700 ET	Weekly MBA mortgage applications, previous -7.0% with purchase sub-index -4.2% and refi sub-index -9.1%.
	0945 ET	Prelim-Sep Markit manufacturing PMI expected -0.2 to 52.8, Aug 53.0.
	1030 ET	EIA Weekly Petroleum Status Report.
	1130 ET	Treasury auctions $13 billion of 2-year floating rate notes.
	1230 ET	Atlanta Fed President Dennis Lockhart speaks on the economy to the Buckhead Rotary Club in Atlanta.
	1300 ET	Treasury auctions $35 billion of 5-year T-notes.
GER	0330 ET	German Sep Markit/BME manufacturing PMI expected -0.7 to 52.6, Aug 53.3.
	0330 ET	German Sep Markit services PMI expected -0.4 to 54.5, Aug 54.9.
EUR	0400 ET	Eurozone Sep Markit manufacturing PMI expected -0.3 to 52.0, Aug 52.3. Sep Markit composite PMI expected -0.3 to 54.0, Aug 54.3.
	0900 ET	ECB President Mario Draghi delivers introductory statement at the Quarterly Hearing before the Committee on Economic and Monetary Affairs of the European Parliament.
JPN	2135 ET	Japan Sep Nikkei manufacturing PMI expected -0.5 to 51.2, Aug 51.7.

U.S. STOCK CALENDAR09/23/2015

Company	Ticker	Time	Event Description	Period	Estimate
Golar LNG Ltd	GLNG US	8:00	Annual General Meeting	Y 2015
Steel Dynamics Inc	STLD US	9:30	Investor Day	Y 2015
Liberty Broadband Corp	LBRDA US	10:30	Extraordinary Shareholders Meeting	Y 2015
Copart Inc	CPRT US	11:00	Q4 2015 Earnings Call	Q4 2015
Raymond James Financial Inc	RJF US		August 2015 Sales and Revenue Release - Operating Data	2015
Lumentum Holdings Inc	LITE US		Q4 2015 Earnings Release	Q4 2015	0.199

BARCHART MORNING CALL 8/25

BARCHART MORNINING CALL

Tuesday, August 25th, 2015View Older Reports

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OVERNIGHT MARKETS AND NEWS

September E-mini S&Ps (ESU15 +3.65%) are up +3.50% and European stocks are up +4.75% as they shed overnight losses and rallied sharply after the PBOC cut its interest rate and reserve requirement ratios. Stocks also rose after analysts at JPMorgan Chase said a deep correction in the U.S. stock market is unlikely and it is time to start buying the dip after the recent market rout. Commodity prices and emerging-market currencies also rallied sharply after the PBOC cut interest rates. European stocks received a boost after German Aug IFO business confidence unexpectedly rose. Asian stocks closed mixed: Japan -3.96%, Hong Kong +0.72%, China -7.63%, Taiwan +3.58%, Australia +2.72%, Singapore +1.51%, South Korea +0.70%, India +1.13%. China's Shanghai Composite fell to an 8-month low and Japan's Nikkei Stock Index dropped to a 6-1/2 month low. The Asian markets were closed by the time China lowered interest rates so they have yet to react to the PBOC's actions.
The dollar index (DXY00 +0.77%) is up +0.85%. EUR/USD (^EURUSD) is down -0.97% after ECB Vice President Constancio said that medium-term inflation risks in the Eurozone are "very low" and the ECB may respond to any material change to the outlook for price stability. USD/JPY (^USDJPY) is up +1.40%.
Sep T-note prices (ZNU15 -0.52%) are down -20.5 ticks as the sharp rally in stocks curbs the safe-haven demand for government debt.
The PBOC lowered the 1-year lending rate by 25 bp to 4.6% effective Wednesday and cut the 1-year deposit rate by 25 bp to 1.75%. The PBOC also lowered banks' reserve requirement ratios by 50 bp to 18.00% in an attempt to boost bank lending. This is the fifth time in the last nine months the PBOC has cut its benchmark lending rate.
ECB Vice President Constancio said that medium-term inflation risks in the Eurozone are "very low" and "as always, the ECB Governing Council stands ready to use all instruments available within its mandate to respond to any material change to the outlook for price stability."
The German Aug IFO business climate unexpectedly rose +0.3 to 108.0, better than expectations of -0.4 to 107.6.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) June FHFA house price index (expected +0.4% m/m, May +0.4% m/m), (2) Jun S&P CaseShiller composite-20 home price index (expected +0.10% m/m and +5.10% y/y, May -0.18% m/m and +4.94% y/y), (3) Aug Markit services PMI (expected -0.6 to 55.1, Jul +0.9 to 55.7), (4) July new home sales (expected +5.8% to 510,000, Jun -6.8% to 482,000), (5) Aug U.S. consumer confidence from the Conference Board (expected +2.5 to 93.4, Jul -8.9 to 90.9), (6) Aug Richmond Fed manufacturing index (expected -3 to 10, Jul +7 to 13), (7) U.S. Congressional Budget Office's release of its budget and economic outlook, and (8) the Treasury's auction of $26 billion of 2-year T-notes.
There are 7 of the Russell 1000 companies that report earnings today: Best Buy (consensus $0.34), Toll Brothers (0.50), DSW (0.42), Valspar (1.26), Jack Henry (0.67), Solera Holdings (0.80), Lumentum Holdings (0.20).
U.S. IPO's scheduled to price today include: none.
Equity conferences during the remainder of this week include: 9th Annual South East Asia Australia Offshore & Onshore Conference on Tue-Wed, 9th Annual Mining the Territory Conference on Wed, Pareto Healthcare Conference on Fri.

OVERNIGHT U.S. STOCK MOVERS

Best Buy (BBY -3.02%) reported Q2 EPS of 49 cents, better than consensus of 34 cents.
Apple (AAPL -2.50%) was upgraded to 'Outperform' from 'Market Perform' at Wells Fargo.
JPMorgan Chase (JPM -5.27%) was upgraded to 'Buy' from 'Outperform' at CLSA.
Sherwin-Williams (SHW -2.69%) was upgraded to 'Buy' from 'Neutral' at Sterne Agee CRT.
Macy's (M -3.50%) was upgraded to 'Hold' from 'Sell' at Deutsche Bank.
Adobe (ADBE -5.83%) was upgraded to 'Outperform' from 'Neutral' at Baird.
American Eagle (AEO -1.07%) was upgraded to 'Outperform' from 'Market Perform' at FBR Capital.
Bank of America (BAC -5.03%) was upgraded to 'Outperform' from 'Market Perform' at Bernstein.
SunEdison (SUNE +0.09%) was downgraded to 'Neutral' from 'Buy' at UBS.
Toll Brothers (TOL -4.73%) reported Q3 EPS of 36 cents, weaker than consensus of 49 cents.
KLX Inc. (KLX) reported Q2 adjusted EPS of 62 cents, higher than consensus of 58 cents.
Raven Energy Holdings reported a 10.4% passive stake in SunCoke Energy Partners (SXCP -6.80%) .
Ilex Partners reported a 5.0% passive stake in Genie Energy (GNE -2.54%) .
Great Point Partners reported a 5.87% passive stake in Adamas Pharmaceuticals (ADMS -5.73%) .
Fortune Brands (FBHS -5.27%) was initiated with a 'Buy' at Cantor with a price target of $58.

MARKET COMMENTS

Sep E-mini S&Ps (ESU15 +3.65%) this morning are up +65.50 points (+3.50%) after China cut interest rates. Monday's closes: S&P 500 -3.94%, Dow Jones -3.57%, Nasdaq -3.78%. The S&P 500 on Monday sold off to a 10-1/4 month low and settled sharply lower on negative carryover from Monday's 8% plunge in China's Shanghai Composite index. Stocks were also hurt by weakness in energy and raw-material producers after crude oil plunged to a 6-1/2 year low and copper sank to a 6-year low, and by panic selling and liquidation of stocks that pushed the VIX volatility index up to nearly a 4-year high. Stocks recovered from their worst levels on bargain hunting with the new 10-1/4 month low in the S&P 500.
Sep 10-year T-notes (ZNU15 -0.52%) this morning are down -20.5 ticks. Monday's closes: TYU5 +17.00, FVU5 +11.50. Sep T-notes rallied on Monday to a 4-1/4 month nearest-futures high on strong safe-haven demand for T-notes after global stock markets plunged, and reduced inflation expectations that may prompt the Fed to delay an interest rate increase after crude oil dropped to a 6-1/2 year low and helped push the 10-year T-note breakeven inflation rate down to a 6-1/3 year low.
The dollar index (DXY00 +0.77%) this morning is up +0.790 (+0.85%). EUR/USD (^EURUSD) is down -0.0113 (-0.97%). USD/JPY (^USDJPY) is up +1.66 (+1.40%). Monday's closes: Dollar Index -1.676 (-1.76%), EUR/USD +0.02338 (+2.05%), USD/JPY -3.59 (-2.94%). The dollar index on Monday sank to a 7-month low and closed sharply lower. The dollar was hurt by the plunge in global equity markets, which fueled speculation the Fed will delay an interest rate increase. USD/JPY slumped to a 7-1/4 month low as the rout in global stocks boosted the safe-haven demand for the yen.
Oct crude oil (CLV15 +2.62%) this morning is up +$1.17 a barrel (+3.06%) and Oct gasoline (RBV15 +1.22%) is up +0.0211 (+1.61%). Monday's closes: CLV5 -2.21 (-5.46%), RBV5 -0.0765 (-5.53%). Oct crude and gasoline on Monday closed sharply lower with Oct crude at a 6-1/2 year low. Crude oil fell on the plunge in world stock markets and the slowdown in the Chinese economy, which will likely curb world energy demand. Crude oil prices also fell on comments from Iran's Oil Minister who said his country will seek to regain oil sales and its crude output "at any cost."

GLOBAL EVENT CALENDAR08/25/2015

US	0900 ET	Jun FHFA house price index expected +0.4% m/m, May +0.4% m/m.
	0900 ET	Jun S&P CaseShiller composite-20 home price index expected +0.10% m/m and +5.10% y/y, May -0.18% m/m and +4.94% y/y.
	0945 ET	Aug Markit services PMI expected -0.6 to 55.1, Jul +0.9 to 55.7. Aug Markit composite PMI, Jul +1.1 to 5
	1000 ET	Jul new home sales expected +5.8% to 510,000, Jun -6.8% to 482,000.
	1000 ET	Aug consumer confidence (Conference Board) expected +2.5 to 93.4, Jul -8.9 to 90.9.
	1000 ET	Aug Richmond Fed manufacturing index expected -3 to 10, Jul +7 to 13.
	1000 ET	U.S. Congressional Budget Office releases budget and economic outlook.
	1300 ET	Treasury auctions $26 billion of 2-year T-notes.
GER	0200 ET	Revised German Q2 GDP, previous +0.4% m/m and +1.6% y/y (nsa).
	0400 ET	German Aug IFO business climate expected -0.4 to 107.6, Jul 108.0. Aug IFO current assessment expected unch at 113.9. Aug IFO expectations expected -0.4 to 102.0, Jul 102.4.
UK	0430 ET	UK Jul index of services, Jun +0.3% m/m and +0.4% 3-mo/3-mo.
EUR	0650 ET	ECB Vice President Vitor Constancio speaks at an event in Mannheim, Germany.
JPN	1950 ET	Japan Jul PPI services expected +0.4% y/y, Jun +0.4% y/y.

U.S. STOCK CALENDAR08/25/2015

Company	Ticker	Time	Event Description	Period	Estimate
Toll Brothers Inc	TOL US	4:49	Q3 2015 Earnings Release	Q3 2015	0.496
Best Buy Co Inc	BBY US	7:00	Q2 2016 Earnings Release	Q2 2016	0.342
DSW Inc	DSW US	7:00	Q2 2016 Earnings Release	Q2 2016	0.423
Valspar Corp/The	VAL US	7:30	Q3 2015 Earnings Release	Q3 2015	1.259
Best Buy Co Inc	BBY US	8:00	Q2 2016 Earnings Call	Q2 2016
DSW Inc	DSW US	8:30	Q2 2016 Earnings Call	Q2 2016
Toll Brothers Inc	TOL US	11:00	Q3 2015 Earnings Call	Q3 2015
Valspar Corp/The	VAL US	11:00	Q3 2015 Earnings Call	Q3 2015
Solera Holdings Inc	SLH US	17:00	Q4 2015 Earnings Call	Q4 2015
Jack Henry & Associates Inc	JKHY US	Aft-mkt	Q4 2015 Earnings Release	Q4 2015	0.67
Solera Holdings Inc	SLH US	Aft-mkt	Q4 2015 Earnings Release	Q4 2015	0.797
Lumentum Holdings Inc	LITE US		Q4 2015 Earnings Release	Q4 2015	0.195