Financial Tides -- A Stock Market Investing Newsletter by Jim Van Meerten: LMCA

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Monday, April 11, 2016

MORNING CALL 4/11

Monday, April 11th, 2016View Older Reports

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OVERNIGHT MARKETS AND NEWS

Jun E-mini S&Ps (ESM16 +0.36%) are up +0.42%, led by a +3.4% gain in Alcoa ahead of U.S. Q1 company earnings results that begin after the close of trading today. A possible increase in M&A activity is also positive for stocks with Yahoo! Inc. up over 1% in pre-market trading after the parent of the UK's Daily Mail said it is in talks with potential bidders for Yahoo. European stocks are up +1.09% as a rally in Italian bank stocks leads European equities higher on optimism a meeting today between the Italian central bank and bank executives will help lead to a reduction of banks' non-performing loans. Asian stocks settled mixed: Japan -0.44%, Hong Kong +0.35%, China +1.64%, Taiwan +0.25%, Australia -0.12%, Singapore +0.03%, South Korea +0.12%, India +1.41%. China's Shanghai Composite closed higher on signs of economic improvement in China after China Mar producer prices increased month-on-month for the first time since September 2013. A sell-off in Japanese export stocks undercut the Nikkei Stock Index after USD/JPY tumbled to a fresh 17-1/2 month low, which reduces earnings prospects of Japanese exporters.

The dollar index (DXY00 -0.16%) is down -0.08% at a 5-3/4 month low. EUR/USD (^EURUSD) is down -0.10%. USD/JPY (^USDJPY) is up +0.12%.

Jun T-note prices (ZNM16 -0.08%) are down -4 ticks.

Italian Treasury and central bank officials will meet with executives of major Italian banks today to discuss the creation of a fund that would help tackle banks' non-performing loans, according to people with knowledge of the matter. The Italian government is seeking to reduce an estimated 360 billion euros ($410 billion) in bad loans and earlier this year struck a deal with the European Commission to allow banks to bundle their bad loans into securities for sale.

China Mar CPI rose +2.3% y/y, a slower pace of increase than expectations of +2.4% y/y. Mar PPI fell -4.3% y/y, a slower pace of decline than expectations of -4.6% y/y.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) New York Fed President William Dudley's keynote speech at the Association for Neighborhood and Housing Development Annual Community Development Conference in New York, and (2) Dallas Fed President Rob Kaplan's speech at a community forum at Louisiana Tech University.

There is 1 of Russell 1000 companies that reports earnings today: Alcoa (consensus $0.02).

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

Equity conferences this week include: Goldman Sachs Alzheimer Symposium on Mon, IPAA Oil & Gas Investment Symposium on Mon-Tue, Needham Healthcare Conference on Tue, Goldman Sachs Cars Conference on Fri.

OVERNIGHT U.S. STOCK MOVERS

Alcoa (AA -1.16%) climbed over 3% in pre-market trading before it releases its Q1 earnings results after today's close.

Yahoo! (YHOO -0.28%) rose over 1% in pre-market trading after the parent company of the UK's Daily Mail said it is in talks with a number of potential bidders for Yahoo.

United Natural Foods (UNFI -1.10%) was downgraded to 'Underweight' from Equal Weight' at Morgan Stanley.

NXP Semiconductors (NXPI +1.82%) was rate a new 'Buy' at Nomura with a price target of $95.

Potash Corp. of Saskatchewan (POT -0.50%) was downgraded to 'Hold' from 'Buy' at HSBC.

Noble (NE +1.92%) was downgraded to 'Hold' from 'Buy at Societe Generale.

Restaurant Brands International (QSR -0.78%) was upgraded to 'Outperform' from 'Sector Perform' at RBC Capital Markets.

Cummins (CMI +1.13%) was downgraded to 'Neutral' from 'Outperform' at Macquarie.

Valero Energy (VLO +2.27%) was downgraded to 'Neutral' from 'Outperform' at Credit Suisse.

United Continental (UAL -0.15%) slipped nearly 1% in after-hours trading after the company reported March traffic was down -1.5% and its Mar consolidated load factor fell -1.1 points versus Mar 2015.

QLogic (QLGC +6.80%) climbed over 2% in after-hours trading after Bloomberg reported the company hired Qatalyst Partners to explore strategic alternatives for the company, including a possible sale.

Boston Scientific (BSX +0.10%) fell nearly 1% in after-hours trading after it voluntarily recalled its Fetch 2 aspiration catheter due to complaints of shaft breakage.

MARKET COMMENTS

June E-mini S&Ps (ESM16 +0.36%) this morning are up +8.50 points (+0.42%). Friday's closes: S&P 500 +0.28%, Dow Jones +0.20%, Nasdaq -0.01%. The S&P 500 on Friday closed higher on the +6.6% rally in crude oil prices to a 1-1/2 week high, which boosted energy producer stocks, and on New York Fed President Dudley's comment that the uncertainty of the U.S. economy calls for "gradual" interest rate increases. Stocks fell back from their best levels on the -0.5% decline in U.S. Feb wholesale inventories (which will undercut Q1 GDP) and on long liquidation ahead of Q1 earnings season which begins on Monday.

June 10-year T-note prices (ZNM16 -0.08%) this morning are down -4 ticks. Friday's closes: TYM6 -7.00, FVM6 -3.00. Jun T-notes on Friday closed lower on reduced safe-haven demand with the rally in stocks and on the sharp rally in crude oil to a 1-1/2 week high, which boosted inflation expectations.

The dollar index (DXY00 -0.16%) this morning is down -0.076 (-0.08%) at a 5-3/4 month low. EUR/USD (^EURUSD) is down -0.0011 (-0.10%). USD/JPY (^USDJPY) is up +0.13 (+0.12%). Friday's closes: Dollar Index -0.247 (-0.26%), EUR/USD +0.0021 (+0.18%), USD/JPY -0.14 (-0.13%). The dollar index on Friday closed lower on dovish comments from New York Fed President Dudley who said that the uncertainty of the U.S. economy calls for "gradual" interest rate increases. In addition, EUR/USD gained support from the larger-than-expected +1.3% m/m gain in German Feb exports, the biggest increase in 5 months.

May WTI crude oil (CLK16 -0.58%) is down -2 cents (-0.05%). May gasoline (RBK16 -0.13%) is up +0.0043 (+0.29%). Friday's closes: CLK6 +2.46 (+6.60%), RBK6 +0.0825 (+5.97%). May crude and gasoline prices on Friday closed sharply higher with May crude at a 1-1/2 week high and May gasoline at a 1-week high. Crude oil prices were boosted by a weaker dollar and the outlook for lower U.S. crude oil production after Baker Hughes reported that U.S. active oil rigs last week fell by -8 rigs to a 6-1/3 year low of 354 rigs.

GLOBAL EVENT CALENDAR04/11/2016

US	0925 ET	New York Fed President William Dudley delivers the keynote speech at the Association for Neighborhood and Housing Development Annual Community Development Conference in New York.
	1100 ET	USDA weekly grain export inspections.
	1300 ET	Dallas Fed President Rob Kaplan speaks at a community forum at Louisiana Tech University.
	1600 ET	USDA Weekly Crop Progress.
UK	1901 ET	UK Mar BRC sales like-for-like expected +1.4% y/y, Feb +0.1% y/y.

U.S. STOCK CALENDAR04/11/2016

Company	Ticker	Time	Event Description	Period	Estimate
Liberty Media Corp	LMCA US	15:30	Extraordinary Shareholders Meeting	Y 2016
Alcoa Inc	AA US	17:00	Q1 2016 Earnings Call	Q1 2016
Alcoa Inc	AA US	Aft-mkt	Q1 2016 Earnings Release	Q1 2016	0.023
Goodyear Tire & Rubber Co/The	GT US		Annual General Meeting
AO Smith Corp	AOS US		Annual General Meeting

Tuesday, June 2, 2015

BARCHART MORNING CALL 6/2

BARCHART MORING CALL

Tuesday, June 2nd, 2015View Older Reports

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OVERNIGHT MARKETS AND NEWS

June E-mini S&Ps (ESM15 -0.25%) this morning are down -0.20% and European stocks are down -0.13%, both at 2-week lows, although prices recovered from their worst levels on optimism over an end to the Greek credit impasse after EU Economic Commissioner Moscovici said there was "real progress" in talks. IMF chief Lagarde met with German Chancellor Merkel, ECB President Draghi and European Commission President Juncker at the German Chancellery in Berlin on Monday night in an attempt to forge a plan to unlock bailout funds for Greece. Although Greece says it can make a debt repayment due to the IMF on Friday, it is the smallest of four payments due this month that total almost 1.6 billion euros. Asian stocks closed mixed: Japan -0.13%, Hong Kong -0.47%, China +1.69%, Taiwan -0.12%, Australia -1.73%, Singapore -1.61%, South Korea -0.95%, India -2.37%. India's BSE Sensex 30 Stock Index fell over 2% even after the RBI lowered interest rates for the third time this year as the central bank cut its growth estimates for India.
Commodity prices are mostly higher. Jul crude oil (CLN15 +1.31%) is up +0.95% at a 2-week high and Jul gasoline (RBN15 +0.33%) is up +0.11%. Metals prices are higher. Aug gold (GCQ15 +0.14%) is up +0.13% and Jul copper (HGN15 +0.17%) is up +0.15%. Agricultural prices are stronger.
The dollar index (DXY00 -0.59%) is down -0.53%. EUR/USD (^EURUSD) is up +0.95% on reduced deflation concerns after Eurozone consumer prices rose or the first time in 6 months. USD/JPY (^USDJPY) is up +0.02% at a fresh 12-1/2 year high.

Sep T-note prices (ZNU15 -0.25%) are down -6.5 ticks at a 1-week low.
The Reserve Bank of India (RBI) cut its benchmark repurchase rate by 25 bp to 7.25%, right on expectations and the third interest rate cut this year. The RBI also lowered its gross value added (GVA), a component of GDP watched closely by the RBI, to 7.6% in the year though Mar 2016 from a previous estimate of 7.8%.
The Eurozone May CPI estimate rose +0.3% y/y, stronger than expectations of +0.2% y/y and the largest increase in 6 months. The May core CPI climbed +0.9% y/y, stronger than expectations of +0.7% y/y and the fastest pace of increase in 9 months.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) May New York ISM (April was +8.1 to 58.1), (2) Apr factory orders (expected -0.1% after March's +2.1% and -0.1% ex-transportation), (3) a speech by Fed Governor Lael Brainard on the U.S. economic outlook and monetary policy at the Center for Strategic and International Studies, and (4) May total vehicle sales (expected 17.10 million units vs April's 16.46 million).
There are 3 of the Russell 1000 companies that report earnings today: Dollar General (consensus $0.81), Medtronic (1.12), Ascena Retail Group (0.20).
U.S. IPO's scheduled to price today include: Nevro Corp (NVRO), Catalent (CTLT), Ferrellgas Partners (FGP), Intersect ENT (XENT).
Equity conferences during the remainder of this week include: American Society of Clinical Oncology Meeting on Mon-Tue, Andean Institutional Real Estate Forum on Mon-Tue, RBC - Conference: Global Energy & Power Executive Conference - New York on Mon-Tue, Jefferies Global Healthcare Conference on Mon-Wed, Bank of America Merrill Lynch Global Telecom & Media Conference on Tue, Goldman Sachs Lodging, Gaming, Restaurant and Leisure Conference on Tue, Keefe, Bruyette, & Woods Mortgage Finance Conference on Tue, RBC Global Energy Conference on Tue, Bank of America Merrill Lynch Global Technology Conference on Tue-Wed, Deutsche Bank Global Financial Services Investor Conference on Tue-Wed, KBW Asset Management and Capital Markets Conference on Wed, Sandler O'Neill & Partners Global Exchange and Brokerage Conference on Wed, Deutsche Bank Global Industrials and Basic Materials Conference on Wed-Thu, FBN Securities: Field Trip - 8th Semi-Annual Silicon Valley Tour on Wed-Thu, Credit Suisse Engineering & Construction Conference on Thu, Morgan Stanley Leveraged Finance Conference on Thu.

OVERNIGHT U.S. STOCK MOVERS

Intel (INTC -1.63%) was downgraded to 'Market Perform' from 'Outperform' at BMO Capital.
Big Lots (BIG +2.26%) was upgraded to 'Overweight' from 'Equal Weight' at Barclays.
Iron Mountain (IRM +0.99%) was downgraded to 'Underperform' from 'Hold' at Jefferies.
Medtronic PLC (MDT +0.50%) reported Q4 EPS of $1.16, higher than consensus of $1.12.
Dollar General (DG +0.30%) reported Q1 EPS of 84 cents, better than consensus of 81 cents.
Glenview Capital reported a 7.06% stake in Manitowoc (MTW +2.33%) .
Whiting Petroleum (WLL -1.55%) was initiated with a Buy at Evercore ISI with a price target of $45.
Prudential (PRU -0.34%) was initiated with an 'Overweight' at Piper Jaffray with a price target of $106.
AIG (AIG +0.12%) was initiated with an 'Overweight' at Piper Jaffray with a price target of $73.
Anadarko (APC +0.28%) was initiated with a 'Buy' at Evercore ISI with a price target of $100.
Palo Alto (PANW +0.60%) was initiated with a 'Buy' at Guggenheim with a price target of $200.
Point72 Asset reported a 5.1% passive stake in Renewable Energy (REGI +16.46%) .
PVH Corp. (PVH +0.04%) reported Q1 adjusted EPS of $1.50, better than consensus of $1.38, and then raised guidance on fiscal 2015 adjusted EPS view to $6.85-$6.95 from $6.75-$6.90, above consensus of $6.86.

MARKET COMMENTS

June E-mini S&Ps (ESM15 -0.25%) this morning are down -4.25 points (-0.20%) at a 2-week low. Monday's closes: S&P 500 +0.21%, Dow Jones +0.16%, Nasdaq +0.30%. The S&P 500 on Monday settled higher on the +1.3 point increase in the May ISM manufacturing index to 52.8 (stronger than expectations of +0.5 to 52.0) and the +2.2% jump in U.S. Apr construction spending, which was the biggest increase in 2-3/4 years.
Sep 10-year T-notes (ZNU15 -0.25%) this morning are down -6.5 ticks at a 1-week low. Monday's closes: TYU5 -25.00, FVU5 -14.50. Sep T-notes Monday closed lower on the stronger-than-expected May ISM manufacturing report and the +2.2% increase in U.S. Apr construction spending, which may prompt the Fed to raise interest rates sooner rather than later.
The dollar index (DXY00 -0.59%) this morning is down -0.518 (-0.53%). EUR/USD (^EURUSD) is up +0.0104 (+0.95%). USD/JPY (^USDJPY) is up +0.02 (+0.02%) at a fresh 12-1/2 year high. Monday's closes: Dollar Index +0.485 (+0.50%), EUR/USD -0.00662 (-0.60%), USD/JPY +0.644 (+0.52%). The dollar index on Monday closed higher on the stronger-than-expected U.S. May ISM manufacturing and April construction spending reports, which bolster the case for Fed rate hikes sooner rather than later. The yen showed weakness on poor Japanese interest rate differentials as USD/JPY surged to a 12-1/2 year high.
July WTI crude oil (CLN15 +1.31%) this morning is up +57 cents (+0.95%). July gasoline (RBN15 +0.33%) is up +0.0022 (+0.11%). Monday's closes: CLN5 -0.10 (-0.17%), RBN5 -0.0172 (-0.83%). Jul crude and gasoline on Monday closed lower on the stronger dollar and on record Saudi crude output as Saudi Arabian May oil production was 10.25 million bpd, unch from Apr and the highest since data began in 1962. Other bearish monthly OPEC data included (1) record Iraq oil exports with Iraq May crude exports up +2.2% to a record 3.145 million bpd, and (2) the rise in May OPEC crude production by +67,000 bpd to a 2-1/2 year high of 31.579 million bpd.

GLOBAL EVENT CALENDAR06/02/2015

US	0945 ET	May New York ISM, Apr +8.1 to 58.1.
	1000 ET	Apr factory orders expected -0.1%, Mar +2.1% and -0.1% ex-transportation.
	1000 ET	Fed Governor Lael Brainard speaks on the U.S. economic outlook and monetary policy at the Center for Strategic and International Studies.
	n/a	May total vehicle sales expected 17.10 million, Apr 16.46 million. May domestic vehicle sales expected 13.20 million, Apr 12.88 million.
GER	0355 ET	German May unemployment change expected -10,000, Apr -8,000. May unemployment rate expected unch at 6.4%.
UK	0430 ET	UK Apr net consumer credit expected +1.0 billion pounds, Mar +1.2 billion pounds.
	0430 ET	UK Apr mortgage approvals expected 63,500, Mar 61,300.
	0430 ET	UK Apr M4 money supply, Mar +0.3% m/m and -0.6% y/y.
	0430 ET	UK May Markit/CIPS construction PMI expected +0.8 to 55.0, Apr 54.2.
	1901 ET	UK May BRC shop price index expected -1.8% y/y, Apr -1.9% y/y.
EUR	0500 ET	Eurozone May CPI estimate expected +0.2% y/y, Apr unch y/y. May core CPI expected +0.7% y/y, Apr +0.6% y/y.
	0500 ET	Eurozone Apr PPI expected +0.1% m/m and -2.0% y/y, Mar +0.2% m/m and -2.3% y/y

U.S. STOCK CALENDAR06/02/2015

Company	Ticker	Time	Event Description	Period	Estimate
Dollar General Corp	DG US	7:00	Q1 2016 Earnings Release	Q1 2016	0.813
Medtronic PLC	MDT US	7:15	Q4 2015 Earnings Release	Q4 2015	1.119
Medtronic PLC	MDT US	8:00	Q4 2015 Earnings Call	Q4 2015
PVH Corp	PVH US	9:00	Q1 2016 Earnings Call	Q1 2016
Energizer Holdings Inc	ENR US	9:00	Investor Day - Edgewell Personal Care
Ford Motor Co	F US	9:15	May 2015 Sales and Revenue Release	2015
Ford Motor Co	F US	10:00	May 2015 Sales and Revenue Call	2015
Dollar General Corp	DG US	10:00	Q1 2016 Earnings Call	Q1 2016
Urban Outfitters Inc	URBN US	10:30	Annual General Meeting
Liberty Media Corp	LMCA US	11:00	Annual General Meeting	Y 2015
Liberty Interactive Corp	QVCA US	11:10	Annual General Meeting	Y 2015
Liberty TripAdvisor Holdings Inc	LTRPA US	11:20	Annual General Meeting	Y 2015
Liberty Broadband Corp	LBRDA US	11:30	Annual General Meeting	Y 2015
Whiting Petroleum Corp	WLL US	12:00	Annual General Meeting	Y 2015
T-Mobile US Inc	TMUS US	12:30	Annual General Meeting	Y 2015
International Flavors & Fragrances Inc	IFF US	13:00	Investor Day	Y 2015
Voya Financial Inc	VOYA US	13:00	Investor Day	Y 2015
Energizer Holdings Inc	ENR US	13:00	Investor Day - New Energizer Household Products Company	Y 2015
ANSYS Inc	ANSS US	14:30	Investor Day	Y 2015
Ascena Retail Group Inc	ASNA US	16:00	Q3 2015 Earnings Release	Q3 2015	0.195
Pfizer Inc	PFE US	16:30	Business Update Call
Ascena Retail Group Inc	ASNA US	16:30	Q3 2015 Earnings Call	Q3 2015
Questar Corp	STR US		Roadshow - Europe - Day 2	Y 2015
WR Berkley Corp	WRB US		Annual General Meeting
Nabors Industries Ltd	NBR US		Annual General Meeting
Ocwen Financial Corp	OCN US		Annual General Meeting
Cognizant Technology Solutions Corp	CTSH US		Annual General Meeting
LifePoint Health Inc	LPNT US		Annual General Meeting
IPG Photonics Corp	IPGP US		Annual General Meeting
Delta Air Lines Inc	DAL US		May 2015 Sales and Revenue Release - Traffic Results	2015
SolarCity Corp	SCTY US		Annual General Meeting

Tuesday, August 26, 2014

BARCHART MORNING CALL 8/26

BARCHART MORNING CALL

Tuesday, August 26th, 2014View Older Reports

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OVERNIGHT MARKETS AND NEWS

September E-mini S&Ps (ESU14 +0.15%) this morning are up +0.10% on the prospects for a strong U.S. Jul durable goods orders report later this morning, while European stocks are up +0.18% on optimism a resolution to the conflict in Ukraine can be found. Russia President Putin and Ukraine President Poroshenko are set to meet today in Minsk, Belarus, as tensions continue to flare in the region. Ukraine said that an armored column that included 10 tanks entered its country Monday from Russia under the guise of humanitarian aid into rebel-held Ukrainian territory. European government bond yields continue to fall to record lows amid speculation of additional ECB monetary easing. The yield on Italy's 10-year bond fell to 2.40% and the yield on Spain's 10-year bond fell to 2.18%, both at the lowest since Bloomberg started collecting the data in 1993. Asian stocks closed mixed as valuation concerns weighed on prices with Asian stock markets at their highest valuations this year: Japan -0.59%, Hong Kong -0.37%, China -0.80%, Taiwan +0.04%, Australia +0.05%, Singapore -0.22%, South Korea +0.26%, India +0.02%. China's Shanghai Stock Index fell to a 2-week low amid concern that 10 new initial public offerings this week may divert funds from existing equities. Commodity prices are mixed. Oct crude oil CLV14 +0.29%) is up +0.28%. Oct gasoline (RBV14 +0.15%) is up +0.15%. Dec gold (GCZ14 +0.69%) is up +0.74%. Sep copper (HGU14 -0.59%) is down -0.57%. Agriculture and livestock prices are mostly lower with Nov soybeans down -0.41% at a fresh contract low. The dollar index (DXY00 -0.02%) is down -0.07%. EUR/USD (^EURUSD) is up +0.05% as it rebounds from an 11-1/2 month low. USD/JPY (^USDJPY) is down -0.15%. Sep T-note prices (ZNU14 +0.10%) are up +6 ticks.
The Markit iTraxx Europe index of credit-default swaps on 125 investment-grade companies, which is cost of insuring against losses on European corporate debt, fell -2.5 bp to 57 bp, a 7-week low.
Japan Jul PPI services prices rose +3.7% y/y, unchanged from Jun and right on expectations and the fastest pace of increase in 24 years.

U.S. STOCK PREVIEW

Today’s July durable goods orders report is expected to show a sharp gain of +8.0% for the headline figure but an increase of only +0.5% ex-transportation. Today’s Aug Richmond Fed manufacturing index is expected to show a small -1 point decline to 6, giving back some of the +3 point increase to 7 seen in July. The market is expecting today’s June FHFA index to be up +0.3% m/m and for the June Case-Shiller index to be unchanged from May. Today’s Aug consumer confidence index from the Conference Board is expected to show a decline of -1.9 points to 89.0, reversing part of July’s +4.5 point increase to 90.9. The Treasury today will sell $29 billion of 2-year T-notes, kicking off this week’s sale of $106 billion of T-notes.
There are 6 of the Russell 1000 companis that reports earnings today: Tech Data (consensus $0.77), Golar LNG (-0.06), Best Buy (0.31), DSW (0.32), Analog Devices (0.63), Solera Holdings (0.80). Equity conferences this week include: ONS 2014 Conference on Mon-Thu, Latin Markets 3rd Annual Peru Capital Projects & Infrastructure Summit on Wed, Simmons European Energy Conference on Wed, Jefferies Semiconductors, Hardware & Communications Infrastructure Summit on Wed, and MIT Sloan Latin America-China Conference on Fri.

OVERNIGHT U.S. STOCK MOVERS

Best Buy (BBY +2.53%) reported Q2 EPS of 44 cents, well ahead of consensus of 31 cents.
Tech Data (TECD +0.67%) reported Q2 non-GAAP EPS of $1.12, much higher than consensus of 77 cents.
Salesforce.com (CRM -0.95%) files to sell 7.2 million shares of common stock for holders.
Sanderson Farms (SAFM +1.96%) reported Q3 EPS of $3.30, well below consensus of $3.82.
ArcelorMittal (MT +0.36%) was upgraded to 'Buy' from 'Sell' at UBS.
Comtech Telecommunications (CMTL +4.84%) rose 3% in after-hours trading after it confirmed that it is exploring strategic alternatives to enhance shareholder value, including a possible merger or sale of the company.
Castleton Commodities reported a 9.9% passive stake in Torchlight Energy Resources (TRCH -2.34%) .
D. E. Shaw & Co reported a 5.0% passive stake in Liberty Media (LMCA -0.37%) .
Owl Creek reported a 5.8% passive stake in Seventy Seven Energy (SSE +1.22%) .
OZ Management reported an 8.04% passive stake in Biglari (BH -0.58%) .
Amazon.com (AMZN +0.73%) announced that it reached an agreement to acquire Twitch Interactive for $970 million.
ModusLink Global Solutions reported a 9.9% stake in Medifast (MED -0.14%) .

MARKET COMMENTS

Sep E-mini S&Ps (ESU14 +0.15%) this morning are up +2.00 points (+0.10%). The S&P 500 index and the Dow on Monday rallied to fresh all-time highs and closed higher: S&P 500 +0.48%, Dow Jones +0.44%, Nasdaq +0.36%. Bullish factors included (1) increased M&A activity after Roche Holding purchased InterMune for $8.3 billion and Burger King Worldwide said it was in talks to buy Tim Hortons, and (2) the +0.28 increase in the Jul Chicago Fed national activity index to a 4-month high 0.39, better than expectations of +0.08 to 0.20 Stocks fell back from their best levels after an unexpected -2.4% decline in Jul new home sales to a 4-month low of 412,000, weaker than expectations of a +5.8% increase to 430,000.
Sep 10-year T-notes (ZNU14 +0.10%) this morning are up +6 ticks. Sep 10-year T-note futures prices Monday settled little changed. T-note prices Monday were undercut by reduced safe-haven demand after the S&P 500 rallied to a new record high. Bullish factors included (1) the unexpected decline in U.S. Jul new home sales, and (2) carry-over support from a rally in German bunds after the yield on the 10-year German bund fell to a record low of 0.925%. Closes: TYU4 +2.0, FVU4 -1.50.
The dollar index (DXY00 -0.02%) this morning is down -0.059 (-0.07%). EUR/USD (^EURUSD) is up +0.0007 (+0.05%) and USD/JPY (^USDJPY) is down -0.16 (-0.15%). The dollar index on Monday posted an 11-1/2 month high and closed higher. EUR/USD tumbled to an 11-1/2 month low after the German Aug IFO business confidence fell more than expected to a 13-month low. USD/JPY rallied to a 7-month high and closed higher as the yen tumbled to a 7-month low against the dollar when BOJ Governor Kuroda said at the Fed’s symposium in Jackson Hole, Wyoming that BOJ monetary policy was “having its intended effect” and that global central banks must fight deflation by any and all means. Closes: Dollar index +0.213 (+0.26%), EUR/USD -0.00497 (-0.38%), USD/JPY +0.145 (+0.14%).
Oct WTI crude oil (CLV14 +0.29%) this morning is up +26 cents (+0.28%) and Oct gasoline (RBV14 +0.15%) is up +0.0038 (+0.15%). Oct crude and gasoline prices on Monday settled mixed: CLV4 -0.30 (-0.32%), RBV4 +0.0065 (+0.25%). Crude prices fell on bearish factors that included (1) the rally in the dollar index to an 11-1/2 month high, and (2) expectations that Wednesday’s weekly EIA inventory data will show crude supplies at Cushing, Oklahoma, delivery point of WTI futures, increased for a fourth week. Gasoline prices rose on increased optimism in the U.S. economic outlook after the S&P 500 posted a new record high.

GLOBAL EVENT CALENDAR08/26/2014

US	0830 ET	Jul durable goods orders expected +8.0% and +0.5% ex-transportation, Jun +1.7% and +1.9% ex transportation. July capital goods orders non-defense ex-aircraft expected +0.2%, June +3.3%.
	0900 ET	Jun FHFA house price index expected +0.3% m/m, May +0.4% m/m. Q2 house price index, Q1 +1.30% q/q.
	0900 ET	Jun S&P/CaseShiller composite-20 home price index expected unch m/m and +8.3% y/y, May -0.31% m/m and +9.34% y/y. Q2 S&P/CaseShiller home price index, Q1 +10.35% y/y.
	1000 ET	Aug consumer confidence (Conference Board) expected -1.9 to 89.0, Jul +4.5 to 90.9.
	1000 ET	Aug Richmond Fed manufacturing index expected -1 to 6, Jul +3 to 7.
	1300 ET	Treasury auctions $29 billion 2-year T-notes.

U.S. STOCK CALENDAR08/26/2014

Company Name	Ticker	Time	Event Description	Period	Estimate
Tech Data Corp	TECD US	Bef-mkt	Q2 2015 Earnings Release	Q2 2015	0.774
Golar LNG Ltd	GLNG US	Bef-mkt	Q2 2014 Earnings Release	Q2 2014	-0.063
Best Buy Co Inc	BBY US	7:00	Q2 2015 Earnings Release	Q2 2015	0.31
DSW Inc	DSW US	7:00	Q2 2015 Earnings Release	Q2 2015	0.315
Best Buy Co Inc	BBY US	8:00	Q2 2015 Earnings Call	Q2 2015
DSW Inc	DSW US	8:30	Q2 2015 Earnings Call	Q2 2015
Tech Data Corp	TECD US	9:00	Q2 2015 Earnings Call	Q2 2015
Golar LNG Ltd	GLNG US	10:30	Q2 2014 Earnings Call	Q2 2014
Analog Devices Inc	ADI US	17:00	Q3 2014 Earnings Call	Q3 2014
Solera Holdings Inc	SLH US	17:00	Q4 2014 Earnings Call	Q4 2014
Analog Devices Inc	ADI US	Aft-mkt	Q3 2014 Earnings Release	Q3 2014	0.627
Solera Holdings Inc	SLH US	Aft-mkt	Q4 2014 Earnings Release	Q4 2014	0.802
Equifax Inc	EFX US		Investor Meeting - London	Y 2014