MORNING CALL 6/30

MORNING CALL

Thursday, June 30th, 2016View Older Reports

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OVERNIGHT MARKETS AND NEWS

Sep E-mini S&Ps (ESU16 +0.17%) are up +0.25% and European stocks are up +0.80%. A rally in U.S. bank stocks is leading the overall market higher with Goldman Sachs, Bank of America and Citigroup all up over 1% in pre-market trading after they passed the Fed's annual stress tests and said they will increase their stock buyback programs. A +0.16% gain in copper prices (HGU16 -0.05%) to a 1-3/4 month high is giving European mining stocks a lift, as is data that showed German May retail sales rose +0.9% m/m, the biggest increase in 10 months. Asian stocks settled mostly higher: Japan +0.06%, Hong Kong +1,75%, China -0.07%, Taiwan +0.93%, Australia +1,77%, Singapore +1.73%, South Korea +0.75%, India +0.97%.

The dollar index (DXY00 -0.33%) is down -0.31%. EUR/USD (^EURUSD) is up +0.16% after Eurozone Jun CPI rose more than expected, which reduces the chances of additional ECB stimulus. USD/JPY (^USDJPY) is down -0.04%.

Sep T-note prices (ZNU16 -0.26%) are down -13.5 ticks.

German May retail sales rose +0.9% m/m, stronger than expectations of +0.6% m/m and the largest increase in 10 months.

The Eurozone Jun CPI estimate rose +0.1% y/y, stronger than expectations of unch y/y. The Jun core CPI rose +0.9% y/y, stronger than expectations of +0.8% y/y.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) weekly initial unemployment claims (expected +8,000 to 267,000, previous -18,000 to 259,000) and continuing claims (expected +9,000 to 2.151 million, previous -20,000 to 2.142 million), (2) Jun Chicago PMI (expected +1.7 to 51.0, May -1.1 to 49.3), (3) St. Louis Fed President James Bullard speaks at the Society of Business Economists’ dinner in London, (4) USDA weekly Export Sales, and (5) USDA Q2 Quarterly Grain Stocks and 2016 U.S. planted acreage.

There are 7 of the Russell 1000 companies report earnings today: McCormick (consensus $0.74), Paychex (0.49), Constellation Brands (1.52), Darden Restaurants (1.09), ConAgra Foods (0.52), Micron Technology (-0.10), Alere (0.58).

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

Equity conferences during the remainder of this week include: none.

OVERNIGHT U.S. STOCK MOVERS

JPMorgan Chase (JPM +2.82%) , Bank of America (BAC +3.86%) ,and Goldman Sachs (GS +2.17%) all rose over 1% in pre-market trading after they passed the Fed's CCAR stress tests without conditions.

Marriott International (MAR +3.69%) was upgraded to 'Buy' from 'Hold' at Evercore ISI with a price target of $75.

American International Group (AIG +3.29%) was upgraded to 'Overweight' from 'Neutral' at Atlantic Equities with a 12-month price target of $60.

Progress Software (PRGS +1.74%) rallied 5% in after-hours trading after it reported Q2 adjusted EPS of 33 cents, higher than consensus of 29 cents.

CIT Group (CIT +4.28%) climbed 6% in after-hours trading after it sold its Canadian Equipment Finance and Corporate Finance businesses to Laurentian Bank of Canada.

Pier 1 Imports (PIR +4.02%) slid 3% in after-hours trading after it lowered guidance on full-year adjusted EPS to 32 cents-40 cents from an April 13 view of 42 cents-50 cents.

Shutterstock (SSTK +4.47%) rose over 1% in after-hours trading after it was announced that it will replace Southwest Gas in the S&P Smallcap 600.

Alliant Energy (LNT +0.03%) gained 0.5% in after-hours trading after it was announced that it will replace AGL Resources in the S&P 500 after the close of trading on Thursday, June 30.

Tractor Supply (TSCO +1.06%) dropped over 7% in after-hours trading after it reported Q2 revenue of $1.85 billion, below consensus of $1.93 billion, and then lowered guidance on full-year EPS to $3.35-$3.40 from a prior view of $3.40-$3.48.

Citigroup (C +4.15%) rose over 2% in after-hours trading after it announced a $8.6 billion stock buyback and said it will lift its quarterly dividend to 16 cents from 5 cents.

Stone Energy (SGY +4.03%) jumped over 7% in after-hours trading after it said it ended its pact with ESV and ended its contract with Midstream and entered into a new gas gathering, processing pact with Williams at Mary Field in Appalachia.

Care.com (CRCM +2.79%) surged 18% in after-hours trading after it received a $46.35 million investment from Google Capital, who will add a representative to CRCM's board and is now the company's largest shareholder.

MARKET COMMENTS

September E-mini S&Ps (ESU16 +0.17%) this morning are up +5.25 points (+0.25%). Wednesday's closes: S&P 500 +1.70%, Dow Jones +1.64%, Nasdaq +1.73%. The S&P 500 on Wednesday closed sharply higher on reduced Brexit concerns on speculation global central banks will take the necessary measures to mitigate the damage done by the UK's decision to leave the European Union. Stocks were also boosted by the as-expected +0.4% increase in U.S. May personal spending and by strength in energy producers after crude oil prices climbed +4.24%. Stocks were undercut by the-3.7% m/m decline in U.S. May pending home sales, the largest monthly decline in 6 years.

Sep 10-year T-note prices (ZNU16 -0.26%) this morning are down -13.5 ticks. Wednesday's closes: TYU6 -6.00. FVU6 -4.00. Sep T-notes on Wednesday closed lower on reduced safe-haven demand with the 2-day recovery rally in stocks and the Atlanta Fed's hike in its U.S. Q2 GDP estimate to 2.7% from a previous estimate of 2.6%.

The dollar index (DXY00 -0.33%) this morning is down -0.296 (-0.31%). EUR/USD (^EURUSD) is up +0.0018 (+0.16%). USD/JPY (^USDJPY) is down-0.04 (-0.04%). Wednesday's closes: Dollar Index -0.476 (-0.49%), EUR/USD +0.0060 (+0.54%), USD/JPY +0.08 (+0.08%). The dollar index on Wednesday closed lower on the weaker-than-expected U.S. May pending home sales report of -3.7% and the as-expected increase in German Jun CPI, which may keep the ECB from expanding stimulus and boosted EUR/USD.

Aug WTI crude oil (CLQ16 -1.06%) this morning is down -43 cents (-0.86%). Aug gasoline (RBQ16 -0.13%) is up +0.0002 (+0.01%). Wednesday's closes: CLQ6 +2.03 (+4.24%), RBQ6 +0.0184 (+1.21%). Aug crude oil and gasoline on Wednesday settled higher on the weaker dollar and the -4.05million bbl decline in EIA crude inventories (vs expectations of -2.5 million bbl). Crude oil was also boosted by the -0.6% drop in U.S. crude production in the week ended Jun 24 to a 1-3/4 year low of 8.622 million bpd. Gasoline prices were undercut on news that EIA gasoline stockpiles unexpectedly rose +1.37 million bbl, more than expectations for a -300,000 bbl decline.

GLOBAL EVENT CALENDAR06/30/2016

		Thursday, June 30, 2016
US	0830 ET	Weekly initial unemployment claims expected +8,000 to 267,000, previous -18,000 to 259,000. Weekly continuing claims expected +9,000 to 2.151 million, previous -20,000 to 2.142 million.
	0830 ET	USDA weekly Export Sales.
	0945 ET	Jun Chicago PMI expected +1.7 to 51.0, May -1.1 to 49.3.
	1200 ET	USDA Q2 Quarterly Grain Stocks and 2016 U.S. planted acreage.
	1330 ET	St. Louis Fed President James Bullard speaks at the Society of Business Economists dinner in London.
CHI	2100 ET	China Jun manufacturing PMI expected -0.1 to 50.0, May unch at 50.1. Jun non-manufacturing PMI, May -0.4 to 53.1.
	2145 ET	China Jun Caixin manufacturing PMI expected unch at 49.2, May -0.2 to 49.2.
		Friday, July 1, 2016
US	0945 ET	Final-Jun Markit manufacturing PMI expected -0.1 to 51.3, prelim-Jun +0.7 to 51.4.
	1000 ET	Jun ISM manufacturing index expected +0.1 to 51.4, May +0.5 to 51.3. Jun ISM new orders, May -0.1 to 55.7. Jun ISM employment, May unch at 49.2. Jun ISM prices paid expected +0.1 to 63.6, May +4.5 to 63.5.
	1000 ET	May construction spending expected +0.6%, Apr -1.8% m/m.
	n/a	Jun total vehicle sales expected 17.29 million, May 17.37 million. Jun domestic vehicle sales expected 13.40 million, May 13.33 million.
JPN	0100 ET	Japan Jun vehicle sales, May +6.6% y/y.
	0100 ET	Japan Jun consumer confidence index expected +0.2 to 41.1, May 40.9.
GER	0355 ET	Revised German Jun Markit/BME manufacturing PMI, prelim-Jun +2.3 to 54.4.
EUR	0400 ET	Revised Eurozone Jun Markit manufacturing PMI, prelim-Jun +1.1 to 52.6.
	0500 ET	Eurozone May unemployment rate expected -0.1 to 10.1%, Apr unch at 10.2%.
UK	0430 ET	UK Jun Markit manufacturing PMI expected +0.1 to 50.2, May +0.7 to 50.1.
	0430 ET	UK Q1 labor costs expected +1.5% y/y, Q4 +1.3% y/y.

U.S. STOCK CALENDAR06/30/2016

Company	Ticker	Time	Event Description	Period	Estimate
McCormick & Co Inc/MD	MKC	Bef-mkt	Q2 2016 Earnings Release	Q2 2016	0.741
Paychex Inc	PAYX	Bef-mkt	Q4 2016 Earnings Release	Q4 2016	0.489
Constellation Brands Inc	STZ	Bef-mkt	Q1 2017 Earnings Release	Q1 2017	1.519
Darden Restaurants Inc	DRI	Bef-mkt	Q4 2016 Earnings Release	Q4 2016	1.085
ConAgra Foods Inc	CAG	7:30	Q4 2016 Earnings Release	Q4 2016	0.522
McCormick & Co Inc/MD	MKC	8:00	Q2 2016 Earnings Call	Q2 2016
Darden Restaurants Inc	DRI	8:30	Q4 2016 Earnings Call	Q4 2016
ConAgra Foods Inc	CAG	9:30	Q4 2016 Earnings Call	Q4 2016
Paychex Inc	PAYX	9:30	Q4 2016 Earnings Call	Q4 2016
Constellation Brands Inc	STZ	10:30	Q1 2017 Earnings Call	Q1 2017
Red Hat Inc	RHT	13:30	Analyst Day	Y 2016
Micron Technology Inc	MU	16:00	Q3 2016 Earnings Release	Q3 2016	-0.095
Micron Technology Inc	MU	16:30	Q3 2016 Earnings Call	Q3 2016
Yahoo! Inc	YHOO	17:00	Annual General Meeting
Rowan Cos Plc	RDC		Extraordinary Shareholders Meeting
Rowan Cos Plc	RDC		Special Meeting
Alere Inc	ALR		Q4 2015 Earnings Release	Q4 2015	0.583

MORNING CALL 2/23

MORNING CALL

Tuesday, February 23rd, 2016View Older Reports

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OVERNIGHT MARKETS AND NEWS

March E-mini S&Ps (ESH16 -0.04%) are down -0.13% and European stocks are down -0.47% on Chinese economic concerns after the yuan fell to a 1-week low against the dollar when the PBOC cut its daily reference rate for the yuan by -17 bp, the most in 6 weeks. That also undercut Chinese stock prices and sent commodity prices lower. European stocks were also pressured by a nearly 4% decline in BHP Billiton after the company cut its dividend more than expected, and by a 6% fall in Standard Chartered after it reported 2015 revenue of $15.4 billion, less than expectations of $15.9 billion, and said its loan impairments almost doubled to the highest in its history at $4 billion from $2.1 billion in 2014. Another negative or European stock prices was the larger-than-expected decline in German Fed IFO business sentiment to the lowest in 14 months. Asian stocks settled mostly lower: Japan -0.37%, Hong Kong -0.25%, China -0.81%, Taiwan +0.10%, Australia -0.43%, Singapore +0.43%, South Korea +0.03%, India -1.59%.

The dollar index (DXY00 +0.09%) is up +0.13%. EUR/USD (^EURUSD) is down -0.32% at a 2-1/2 week low after the bigger-than-expected decline in the German Feb IFO business sentiment bolsters speculation the ECB will expand stimulus measures when it meets next month. USD/JPY (^USDJPY) is down-0.74% at a 1-week low as the weakness in global equity markets boosts the safe-haven demand for the yen.

Mar T-note prices (ZNH16 -0.10%) are down -3.5 ticks.

The German Feb IFO business climate fell -1.6 to 105.7, weaker than expectations of -0.5 to 106.8 and the lowest in 14 months.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Dec S&P/CaseShiller composite-20 home price index (expected +0.9% m/m and +5.8% y/y, Nov +0.94% m/m and +5.83% y/y), (2) Conference Board's Feb U.S. consumer confidence index (expected -0.9 to 97.2, Jan +1.8 to 98.1), (3) Feb Richmond Fed manufacturing index (expected unch at 2, Jan -4 to 2), (3) Jan existing home sales (expected -2.4% to 5.33 million, Dec +14.7% to 5.46 million), (4) the Treasury's auction of $26 billion of 2-year T-notes, and (5) Fed Vice Chair Stanley Fischer's speech on developments in monetary policy at an event in Houston, TX.

There are 11 of the S&P 500 companies that report earnings today: Home Depot (consensus $1.10), Macy's (1.89), Frontier Communications (-0.03), Ecolab (1.24), JM Smucker (1.62), Scripps Networks (1.01), Edison Int'l (0.60), Extra Space Storage (0.87), First Solar (0.78), Verisk Analytics (0.74), Expeditors International (0.60).

U.S. IPO's scheduled to price today: Silver Run Acquisition (SRAQU).

Equity conferences during the remainder of this week include: Credit Suisse Energy Summit on Tue, Jefferies Media & Communications Conference on Tue-Wed, RBC Capital Markets Health Care Conference on Tue-Wed, IHS Energy CERAWeek Conference on Tue-Thu, Wells Fargo Bank Investors Forum on Wed, Cantor Fitzgerald Internet & Technology Conference on Thu, Gabelli & Company Pump, Valve and Water Systems Symposium on Thu.

OVERNIGHT U.S. STOCK MOVERS

Home Depot (HD +0.95%) climbed nearly 1% in pre-market trading after it reported Q4 EPS of $1.17, higher than consensus of $1.10.

SolarCity (SCTY +1.38%) slid over 2% in pre-market trading after JPMorgan Chase downgraded it to 'Neutral' from 'Overweight.'

Twitter (TWTR -0.05%) advanced over 1% in pre-market trading after it was upgraded by Raymond James to 'Outperform' from 'Market Perform.'

Thermo Fisher Scientific (TMO +0.98%) said it will offer the first test kits available in the U.S. to enable serological detection of the Zika virus in research applications.

McDermott International (MDR +4.94%) reported Q4 revenue of $667.4 million, well below consensus of $757.9 million.

Tenet Healthcare (THC +7.05%) reported Q4 adjusted EPS of 35 cents, higher than consensus of 34 cents.

Alliant Energy (LNT +1.01%) reported Q4 adjusted EPS of 32 cents, weaker than consensus of 43 cents.

Chegg (CHGG +2.69%) slumped over 20% in after-hours trading after it lowered guidance on fiscal 2016 GAAP revenue to $230 million-$250 million, below consensus of $281.8 million.

Texas Roadhouse (TXRH +0.54%) climbed 3% in after-hours trading after it reported Q4 EPS of 32 cents, better than consensus of 30 cents.

Motorola Solutions (MSI +1.14%) raised guidance on fiscal 2016 adjusted EPS continuing operations to $4.45-$4.65, well above consensus of $4.04.

Valeant Pharmaceuticals (VRX -10.67%) sank over 8% in after-hours trading after the WSJ reported that company said it will restate earnings from late 2014 into early 2015 after an internal review showed discrepancies with sales of its drugs to Philidor RX Services.

Fitbit (FIT +5.90%) plunged 18% in pre-market trading after it lowered guidance on Q1 adjusted EPS to breakeven to 2 cents, well below consensus of 23 cents.

BHP Billiton Ltd. (BHP +5.46%) cut its first-half dividend to 16 cents from 62 cents a year earlier, a bigger cut than expectations of a cut to 31 cents.

Huron Consulting Group (HURN -2.94%) lowered guidance on fiscal 2016 adjusted EPS to $3.20-$3.40, below consensus of $3.69.

MARKET COMMENTS

Mar E-mini S&Ps (ESH16 -0.04%) this morning are down -2.50 points (-0.13%). Monday's closes: S&P 500 +1.45%, Dow Jones +1.40%, Nasdaq +1.61%. The S&P 500 on Monday climbed to a 3-week high and settled higher on carryover support from a +2.35% rally in the Shanghai Composite to a 4-week high, the 5% surge in crude oil prices, which boosted energy producers and energy service stocks, and strength in mining and raw-material producing stocks after copper prices climbed to a 2-week high.

Mar 10-year T-notes (ZNH16 -0.10%) this morning are down -3.5 ticks. Monday's closes: TYH6 -4.00, FVH6 -3.25. Mar T-notes on Monday closed lower on reduced safe-haven demand after the S&P 500 rallied to a 3-week high and on supply pressures as the Treasury auctions $101 billion of T-notes this week starting with Tuesday's auction of $26 billion in 2-year T-notes.

The dollar index (DXY00 +0.09%) this morning is up +0.122 (+0.13%). EUR/USD (^EURUSD) is down -0.0035 (-0.32%) at a 2-1/2 week low. USD/JPY (^USDJPY) is down -0.83 (-0.74%) at a 1-week low. Monday's closes: Dollar Index +0.779 (+0.81%), EUR/USD -0.0100 (-0.90%), USD/JPY +0.29 (+0.26%). The dollar index on Monday rallied to a 2-week high and closed higher on (1) the plunge in GBP/USD to a 6-3/4 year low after a split in the UK's ruling party over European Union membership increases the chance that the UK leaves the EU in a June referendum, and (2) weakness in EUR/USD which fell to a 2-week low after weaker-than-expected Eurozone PMI data increases the chance for expanded ECB stimulus.

Apr WTI crude (CLJ16 +0.12%) this morning is down -13 cents (-0.39%) and Apr gasoline (RBJ16 +0.59%) is up +0.0007 (+0.06%). Monday's closes: CLJ6 +1.64 (+5.17%), RBJ6 +0.0451 (+3.74%). Apr crude and gasoline on Monday closed sharply higher on the rally in the S&P 500 to a 3-week high and on speculation that OPEC may be nearer to cutting production after Saudi Oil Minister Ali al-Naimi said that last week's agreement between Saudi Arabia, Russia, Qatar and Venezuela to freeze output at current levels is the "beginning of a process" that could require "other steps to stabilize and improve the market."

GLOBAL EVENT CALENDAR02/23/2016

US	0900 ET	Dec S&P/CaseShiller composite-20 home price index expected +0.9% m/m and +5.8% y/y, Nov +0.94% m/m and +5.83% y/y.
	1000 ET	Feb consumer confidence (Conference Board) expected -0.9 to 97.2, Jan +1.8 to 98.1.
	1000 ET	Feb Richmond Fed manufacturing index expected unch at 2, Jan -4 to 2.
	1000 ET	Jan existing home sales expected -2.4% to 5.33 million, Dec +14.7% to 5.46 million.
	1300 ET	Treasury auctions $26 billion of 2-year T-notes.
	1500 ET	USDA Jan Cold Storage.
	2030 ET	Fed Vice Chair Stanley Fischer speaks on developments in monetary policy at an event in Houston, TX.
GER	0200 ET	Revised German Q4 GDP, previous +0.3% q/q and +2.1% (nsa).
	0400 ET	German Feb IFO business climate expected -0.5 to 106.8, Jan 107.3. Feb IFO current assessment expected -0.5 to 112.0, Jan 112.5. Feb IFO expectations expected -0.8 to 101.6, 102.4.
JPN	1850 ET	Japan Jan PPI services expected +0.3% y/y, Dec +0.4% y/y.
CHI	2045 ET	China Feb Westpac-MNI consumer sentiment, Jan 114.9.

U.S. STOCK CALENDAR02/23/2016

Company	Ticker	Time	Event Description	Period	Estimate
Frontier Communications Corp	FTR US	Bef-mkt	Q4 2015 Earnings Release	Q4 2015	-0.034
Ecolab Inc	ECL US	Bef-mkt	Q4 2015 Earnings Release	Q4 2015	1.244
JM Smucker Co/The	SJM US	Bef-mkt	Q3 2016 Earnings Release	Q3 2016	1.62
Scripps Networks Interactive Inc	SNI US	Bef-mkt	Q4 2015 Earnings Release	Q4 2015	1.011
Home Depot Inc/The	HD US	6:00	Q4 2016 Earnings Release	Q4 2016	1.104
Macy's Inc	M US	8:00	Q4 2016 Earnings Release	Q4 2016	1.885
JPMorgan Chase & Co	JPM US	8:30	Investor Day	Y 2016
Frontier Communications Corp	FTR US	8:30	Q4 2015 Earnings Call	Q4 2015
JM Smucker Co/The	SJM US	8:30	Q3 2016 Earnings Call	Q3 2016
Macy's Inc	M US	9:00	Q4 2016 Earnings Call	Q4 2016
Home Depot Inc/The	HD US	9:00	Q4 2016 Earnings Call	Q4 2016
Tenet Healthcare Corp	THC US	10:00	Q4 2015 Earnings Call	Q4 2015
Scripps Networks Interactive Inc	SNI US	10:00	Q4 2015 Earnings Call	Q4 2015
Tractor Supply Co	TSCO US	10:15	Investor Meeting	Y 2016
Airgas Inc	ARG US	11:00	Special Meeting - M&A Vote
ONEOK Inc	OKE US	11:00	Q4 2015 Earnings Call	Q4 2015
Ecolab Inc	ECL US	13:00	Q4 2015 Earnings Call	Q4 2015
Edison International	EIX US	16:30	Q4 2015 Earnings Call	Q4 2015
First Solar Inc	FSLR US	16:30	Q4 2015 Earnings Call	Q4 2015
Edison International	EIX US	Aft-mkt	Q4 2015 Earnings Release	Q4 2015	0.595
Extra Space Storage Inc	EXR US	Aft-mkt	Q4 2015 Earnings Release	Q4 2015	0.872
First Solar Inc	FSLR US	Aft-mkt	Q4 2015 Earnings Release	Q4 2015	0.778
Verisk Analytics Inc	VRSK US	Aft-mkt	Q4 2015 Earnings Release	Q4 2015	0.743
Expeditors International of Washington Inc	EXPD US		Q4 2015 Earnings Release	Q4 2015	0.604

Today's 5 Best Mid Caps

This morning I used Barchart to sort the S&P 400 Mid Cap Index stocks forst for the highest technical buy signals then I used the Flip Chart feature to review the charts.  My list today includes Aqua America (WTR), Westar Energy (WR), WGL Holdings (WGL), PNM Resources (PNM), Alliant Energy (LNT):

Aqua America (WTR)

Barchart technical indicators:

• 100% technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 7 new highs and up 6.51% in the last month
• Relative Strength Index 69.13%
• Technical support level at 31.17
• Recently traded at 31.74 with a 50 day moving average of 29.66

Westar Energy (WR)

Barchart technical indicators:

• 100% technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 6 new highs and up 5.33% in the last month
• Relative Strength Index 67.59%
• Technical support level at 42.79
• Recently traded at 44.78 with a 50 day moving average of 42.05

WGL Holdings (WGL)

Barchart technical indicators:

• 100% technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 8 new highs and up 5.62% in the last month
• Relative Strength Index 65.44%
• Technical support level at 64.96
• Recently traded at 66.78 with a 50 day moving average of 62.34

PNM Resources (PNM)

Barchart technical indicators:

• 100% Technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 6 new highs and up 3.96% in the last month
• Relative Strength Index 30.85%
• Technical support level at 30.85
• Recently traded at 31.77 with a 50 day moving average of 29.83

Alliant Energy (LNT)

Barchart technical indicators:

• 100% technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 9 new highs and up 5.22% in the last month
• Relative Strength Index 65.67%
• Technical support level at 64.07
• Recently traded at 65.92 with a 50 day moving average of 61.78

BARCHART MORNING CALL 2/14

BARCHART MORNING CALL Tuesday, February 24th, 2015View Older Reports Everything you need to know about the markets in one free daily newsletter. E-mail: You will also receive a free subscription to the Barchart family of newsletters. OVERNIGHT MARKETS AND NEWS March E-mini S&Ps (ESH15 unch) this morning are up +0.02% ahead of testimony from Fed Chair Yellen to U.S. lawmakers and European stocks are up +0.23% at a 6-1/2 year high on optimism Eurozone finance ministers will agree to Greece's list of debt-reduction policies. The markets will be watching for clues on the timing of a Fed interest rate hike when Fed Chair Yellen delivers her semi-annual monetary policy testimony later today before the Senate Banking Committee. Greece's ASE Stock Index soared over 7% to a 2-1/2 month high and the yield on Greece's 10-year bond fell to a 4-week low of 8.85% after a European Union source said that Greece's creditors; the European Commission, the ECB and the IMF were all satisfied with the reforms submitted by the Greek government in its bid for a bailout extension. Asian stocks closed mostly higher: Japan +0.74%, Hong Kong -0.35%, China closed for holiday, Taiwan +1.05%, Australia +0.32%, Singapore +0.48%, South Korea +0.19%, India +0.10%. Japan's Nikkei Stock Index posted a 14-3/4 year high, led by strength in exporters, after the yen fell to a 1-week low against the dollar. Commodity prices are mostly higher. Apr crude oil (CLJ15 +0.44%) is up +0.61% and Apr gasoline (RBJ15 +0.33%) is up +0.39%. Apr gold (GCJ15 -0.14%) is down -0.19%. Mar copper (HGH15 +0.25%) is up +0.25%. Agriculture prices are higher. The dollar index (DXY00 +0.16%) is up +0.18%. EUR/USD (^EURUSD) is down -0.11%. USD/JPY (^USDJPY) is up +0.61% at a 1-week high. Mar T-note prices (ZNH15 -0.10%) are down -4.5 ticks. Eurozone Jan CPI fell -1.6% m/m, right on expectations and the biggest monthly decline since the euro currency was introduced in 1999. The Jan CPI was left unrevised at -0.6% y/y and the Jan core CPI was also left unrevised at +0.6% y/y. The German Q4 GDP was left unrevised at +0.7% q/q and +1.6% y/y (nsa). Japan Jan PPI services rose +3.4% y/y, less than expectations of +3.6% y/y and the smallest pace of increase in 6 months. U.S. STOCK PREVIEW Fed Chair Yellen will present her semi-annual testimony today before the Senate Banking Committee and tomorrow before the House Financial Services Committee. Today’s Dec S&P/CaseShiller Composite-20 home price index is expected to show another solid increase of +0.60% m/m, which would be just slightly weaker than the Nov report of +0.74%. Today’s Feb U.S. consumer confidence index from the Conference Board is expected to show a -3.4 point decline to 99.5, giving back part of the +9.8 point surge to the 7-1/2 year high of 102.9 seen in January. There are 13 of the S&P 500 companies that report earnings today with notable reports including: Macy's (consensus $2.40), HP (0.91), Comcast (0.78), Home Depot (0.89), First Solar (0.77). Equity conferences during the remainder of this week include: JPMorgan High Yield & Leveraged Finance Conference on Mon-Wed, BMO Capital Markets Global Metals & Mining Conference on Mon-Tue, Cantor Fitzgerald 2nd Annual Internet and Technology Conference on Tue, Susquehanna Semi, Storage & Tech Summit on Tue, Credit Suisse Energy Summit on Tue-Wed, RBC Capital Markets Global Healthcare Conference on Tue-Wed, Robert W. Baird Business Solutions Conference on Tue-Wed, Wells Fargo Cyber Security Forum on Wed, Bank of America Merrill Lynch Global Agriculture Conference on Wed-Thu, Auerbach Grayson & Morgan Stanley's Inaugural Frontier Markets Conference on Thu, Gabelli & Company Pump, Valve & Water Systems Symposium on Thu, Gabelli & Company Inaugural Waste & Environmental Services Symposium on Fri. OVERNIGHT U.S. STOCK MOVERS Home Depot (HD +0.04%) reported Q4 EPS of $1.00, stronger than consensus of 89 cents. Comcast (CMCSA -0.50%) reported Q4 EPS of 77 cents, below consensus of 78 cents. Valspar (VAL -0.14%) reported Q1 adjusted EPS of 85 cents, more than consensus of 76 cents. Werner (WERN +0.25%) was upgraded to 'Buy' from 'Hold' at Deutsche Bank. Worthington (WOR -1.67%) was downgraded to 'Neutral' from 'Outperform' at Credit Suisse. Office Depot (ODP -0.53%) reported Q4 adjusted EPS of 7 cents, higher than consensus of 4 cents. First Solar (FSLR +1.26%) rose 9% and SunPower (SPWR -0.82%) jumped 11% in after-hours trading after both companies said they are in talks to form a joint venture called YieldCo. Alliant Energy (LNT +0.74%) reported Q4 adjusted EPS of 54 cents, less than consensus of 55 cents. Quad/Graphics (QUAD -1.46%) reported Q4 adjusted EPS of 96 cents, better than consensus of 94 cents. American Tower (AMT +0.83%) reported Q4 EPS of 42 cents, below consensus of 51 cents, and then lowered guidance on fuscal 2015 revenue to $4.25 billion-$4.33 billion, well below consensus of $4.62 billion. The Soros Fund reported a 9.95% passive stake in Oclaro (OCLR +1.99%) . Kaman (KAMN -1.31%) reported Q4 adjusted EPS of 76 cents, more than consensus of 70 cents. Dillard's (DDS +0.62%) reported Q4 EPS of $3.17, less than consensus of $3.18. Texas Roadhouse (TXRH +2.48%) gained almost 2% in after-hours trading after it reported Q4 EPS of 26 cents, right on consensus, although Q4 revenue of $404.43 million was higher than consensus of $399.63 million. Express Scripts (ESRX +0.74%) rose over 2% in after-hours trading after it reported Q4 EPS of 1.39, better than consensus of $1.38. MARKET COMMENTS Mar E-mini S&Ps (ESH15 unch) this morning are .up +0.50 of a point (+0.02%) The S&P 500 index on Monday closed slightly lower: S&P 500 -0.03%, Dow Jones -0.13%, Nasdaq +0.14%. Bearish factors included (1) the -4.9% decline in U.S. Jan existing home sales to 4.82 million, weaker than expectations of -1.8% to 4.95 million and the lowest level in 9 months, and (2) weakness in energy producers after crude oil prices fell to a 2-week low. Stocks recovered from their worst levels after health-care stocks rallied on increased M&A activity when Valeant Pharmaceuticals said it would purchase Salix Pharmaceuticals for $10.1 billion. Mar 10-year T-notes (ZNH15 -0.10%) this morning are down -4.5 ticks. Mar 10-year T-note futures prices on Monday closed higher. Closes: TYH5 +19.50, FVH5 +9.75. Bullish factors included (1) the larger-than-expected decline in U.S. Jan existing home sales to the lowest level in 9 months, and (2) speculation that Fed Chair Yellen will keep a dovish tilt to her comments when she delivers her semi-annual monetary policy testimony to the Senate Banking Committee Congress on Tuesday. The dollar index (DXY00 +0.16%) this morning is up +0.173 (+0.18%). EUR/USD (^EURUSD) is down -0.0012 (-0.11%). USD/JPY (^USDJPY) is up +0.72 (+0.61%) at a 1-week high. The dollar index on Monday posted a 1-week high and closed higher: Dollar index +0.316 (+0.34%), EUR/USD -0.00454 (-0.40%), USD/JPY -0.191 (-0.16%). Bullish factors included (1) short covering in the dollar ahead of Fed Chair Yellen’s semi-annual monetary policy testimony to Congress on Tuesday, and (2) the weaker-than-expected increase in the German Feb IFO business climate, which was negative for EUR/USD. Apr WTI crude oil (CLJ15 +0.44%) this morning is up +30 cents (+0.61%) and Apr gasoline (RBJ15 +0.33%) is up +0.0072 (+0.39%). Apr crude and Apr gasoline prices on Monday settled mixed with Apr crude at a 2-week low: CLJ5 -1.36 (-2.68%), RBJ5 +0.0018 (+0.10%). Bearish factors included (1) the rally in the dollar index to a 1-week high and (2) expectations for Wednesday’s weekly EIA data to show crude stockpiles increased by +3.75 million bbl. Gasoline closed higher due to the ongoing strike by the United Steelworkers union that represents more than 30,000 oil refinery workers and 13% of U.S. refining output, which will reduce gasoline and distillate production. GLOBAL EVENT CALENDAR02/24/2015 US 0900 ET Dec S&P/CaseShiller composite-20 home price index expected +0.60% m/m and +4.30% y/y, Nov +0.74% m/m and +4.31% y/y. 0945 ET Preliminary Feb Markit U.S. services PMI expected +0.3 to 54.5, Jan +0.9 to 54.2. 1000 ET Fed Chair Janet Yellen delivers semi-annual monetary policy testimony to Senate Banking Committee. 1000 ET Feb consumer confidence (Conference Board) expected -3.4 to 99.5, Jan +9.8 to 102.9. 1000 ET Feb Richmond Fed manufacturing index expected unch at 6, Jan -1 to 6. 1300 ET Treasury auctions $26 billion 2-year T-notes. GER 0200 ET Revised German Q4 GDP, previous +0.7% q/q and +1.6% y/y (nsa). EUR 0500 ET Revised Eurozone Jan CPI, previous -0.6% y/y. Revised Jan core CPI, previous +0.6% y/y. CHI 2045 ET China Feb HSBC flash manufacturing PMI expected -0.2 to 49.5, Jan 49.7. U.S. STOCK CALENDAR02/24/2015 Company Ticker Time Event Description Period Estimate Ecolab Inc ECL US Bef-mkt Q4 2014 Earnings Release Q4 2014 1.2 Expeditors International of Washington Inc EXPD US Bef-mkt Q4 2014 Earnings Release Q4 2014 0.489 Comcast Corp CMCSA US Bef-mkt Q4 2014 Earnings Release Q4 2014 0.779 Windstream Holdings Inc WIN US Bef-mkt Q4 2014 Earnings Release Q4 2014 0.03 Home Depot Inc/The HD US Bef-mkt Q4 2015 Earnings Release Q4 2015 0.892 Pall Corp PLL US 7:00 Q2 2015 Earnings Release Q2 2015 0.865 Macy's Inc M US 8:00 Q4 2015 Earnings Release Q4 2015 2.401 JPMorgan Chase & Co JPM US 8:30 Investor Day Y 2015 American Tower Corp AMT US 8:30 Q4 2014 Earnings Call Q4 2014 Akamai Technologies Inc AKAM US 8:30 Investor Meeting Y 2015 Express Scripts Holding Co ESRX US 8:30 Q4 2014 Earnings Call Q4 2014 Comcast Corp CMCSA US 8:30 Q4 2014 Earnings Call Q4 2014 Windstream Holdings Inc WIN US 8:30 Q4 2014 Earnings Call Q4 2014 Pall Corp PLL US 8:30 Q2 2015 Earnings Call Q2 2015 Home Depot Inc/The HD US 9:00 Q4 2015 Earnings Call Q4 2015 Tenet Healthcare Corp THC US 10:00 Q4 2014 Earnings Call Q4 2014 Tractor Supply Co TSCO US 10:15 Investment Community Meeting Y 2015 Macy's Inc M US 10:30 Q4 2015 Earnings Call Q4 2015 ONEOK Inc OKE US 11:00 Q4 2014 Earnings Call Q4 2014 Ecolab Inc ECL US 13:00 Q4 2014 Earnings Call Q4 2014 First Solar Inc FSLR US 16:30 Q4 2014 Earnings Call Q4 2014 Edison International EIX US 17:00 Q4 2014 Earnings Call Q4 2014 Hewlett-Packard Co HPQ US 17:00 Q1 2015 Earnings Call Q1 2015 Edison International EIX US Aft-mkt Q4 2014 Earnings Release Q4 2014 0.834 First Solar Inc FSLR US Aft-mkt Q4 2014 Earnings Release Q4 2014 0.769 Newfield Exploration Co NFX US Aft-mkt Q4 2014 Earnings Release Q4 2014 0.447 QEP Resources Inc QEP US Aft-mkt Q4 2014 Earnings Release Q4 2014 0.246 Hewlett-Packard Co HPQ US Aft-mkt Q1 2015 Earnings Release Q1 2015 0.912 Range Resources Corp RRC US Aft-mkt Q4 2014 Earnings Release Q4 2014 0.282 Xcel Energy Inc XEL US Investor Meeting - New York Y 2015

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