BARCHART MORNING CALL 11/20

BARCHART MORNING CALL

Wednesday, November 20th, 2013View Older Reports

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OVERNIGHT MARKETS AND NEWS

December E-mini S&Ps (ESZ13 -0.03%) this morning are down -0.08% and European stocks are down -0.30% ahead of U.S. Oct retail sales and the minutes of the Oct 29-30 FOMC meeting. Asian stocks closed mostly lower: Japan -0.33%, Hong Kong +0.18%, China +0.53%, Taiwan -0.67%, Australia -0.85%, Singapore -0.25%, South Korea -0.82%, India -1.22%. Commodity prices are mixed. Dec crude oil (CLZ13 +0.16%) is up +0.11%. Dec gasoline (RBZ13 -0.50%) is down -0.53%. Dec gold (GCZ13 -0.68%) is down -0.82% and Dec copper (HGZ13 +0.11%) is unch. Agricultural and livestock prices are mostly lower. The dollar index (DXY00 -0.08%) is down -0.09% after Fed Chairman Bernanke said Tuesday evening that the Fed funds rate will remain near zero for a "considerable time" after the Fed's stimulus program ends. EUR/USD (^EURUSD) is down -0.07% and USD/JPY (^USDJPY) is down -0.25%. December T-note prices (ZNZ13 -0.01%) are up +1 tick.
Speaking to economists late Tuesday evening, Fed Chairman Bernanke said a "preponderance of data" will be needed to begin removing accommodation, and that "the target for the federal funds rate is likely to remain near zero for a considerable time after the asset purchases end, perhaps well after" the jobless rate breaches the Fed's 6.5% threshold.
Minutes of the Nov 6-7 BOE policy meeting showed officials voted unanimously to keep policy unchanged and said record-low interest rates may be needed even after unemployment falls to the BOE's threshold as "there were uncertainties over the durability of the recovery."
The Japan Oct trade balance was a -1.090 trillion yen deficit, wider than expectations of a -854.2 billion yen deficit and the most in 9 months. Oct exports rose +18.6% y/y, more than expectations of +16.2% y/y, and Oct imports climbed +26.1% y/y, better than expectations of +19, 0% y/y. Both Oct exports and imports rose at their fastest pace in 3-1/4 years.
The Japan Sep all-industry activity index climbed +0.4% m/m, right on expectations.
German Oct PPI fell -0.2% m/m and -0.7% y/y, weaker than expectations of unch m/m and -0.6% y/y.

U.S. STOCK PREVIEW

Today’s Oct retail sales report is expected to be weak at +0.1% m/m both overall and ex-autos following the Sep report of -0.1% and +0.4% ex-autos. Today’s Oct CPI report is expected to ease to +1.0% y/y from +1.2% y/y in Sep. Meanwhile, the Oct core CPI is expected to be unchanged from Sep at +1.7% y/y. Today’s Oct existing home sales report is expected to show a decline of -2.7% to 5.15 million, adding to the -1.9% decline to 5.29 million seen in September. Today’s release of the minutes from the Oct 29-30 FOMC meeting should shed some additional light on how worried the Fed was about the economy in the immediate aftermath of the Oct 1-16 U.S. government shut-down. There are 7 of the S&P 500 companies that report earnings today: JM Smucker (consensus $1.59), Deere (1.90), ADT (0.46), Staples (0.42), Lowe's (0.48), JC Penney (-1.74), and L Brands (0.28).
Conferences during the remainder of this week include the following: Morgan Stanley Global Consumer & Retail Conference on Tue-Wed, Citi Global Financial Conference on Tue-Wed, Lazard Capital Markets Healthcare Conference on Tue-Wed, Mitsubishi UFJ Securities Oil & Gas Corporate Access Day on Tue-Wed, UBS Global Technology Conference on Tue-Thu, Los Angeles Auto Show-Press Days on Tue-Thu, UBS Global Outlook Conference on Wed, Bloomberg Business Summit on Wed, Canaccord Genuity TMT Day on Wed, Goldman Sachs Metals & Mining Steel Conference on Wed-Thu, Morgan Stanley Technology Media & Telecoms Conference on Wed-Thu, Bank of America Merrill Lynch Global Energy Conference on Thu, Jefferies Global Health Care Conference on Thu, and 11th Annual MIT Sloan CFO Summit on Thu.

OVERNIGHT U.S. STOCK MOVERS

Consolidated Edison (ED -0.65%) was downgraded to 'Hold' from 'Buy' at Argus.
Boeing (BA -1.00%) was downgraded to 'Perform' from 'Outperform' at Oppenheimer.
Priceline.com (PCLN -0.84%) was upgraded to 'Conviction Buy' from 'Buy' at Goldman.
Best Buy (BBY -10.97%) was upgraded to 'Buy' from 'Neutral' at Citigroup.
JM Smucker (SJM -0.29%) reported Q2 EPS of $1.52, below consensus of $1.59.
Lowe's (LOW -0.88%) reported Q3 EPS of 47 cents, weaker than consensus of 48 cents.
JC Penney (JCP unch) reported a Q3 EPS loss of -$1.81, a wider loss than consensus of -$1.74.
Deere & Co. (DE -1.02%) reported Q4 EPS of $2.11, well ahead of consensus of $1.90.
Johnson & Johnson's (JNJ +0.59%) DePuy Orthopaedics announced a $2.5 bllion U.S. settlement to compensate 8,000 hip system patients who had surgery to replace their their ASR hip, known as revision surgery, as of August 31.
Yahoo (YHOO -0.97%) climbed over 3% in after-hours trading after it said it will raise its share buyback program by $5 billion.
HealthSouth (HLS -1.39%) lowered guidance on fiscal 2013 EPS view to $2.43-$2.46 from $3.06-$3.09, but it is still above consensus of $1.89.
Herbalife (HLF -1.83%) rose over 3% in after-hours trading after William P. Stiritz reported a 6.38% stake in the company.
La-Z-Boy (LZB +0.25%) jumped over 6% in after-hours trading after it reported Q2 EPS of 31 cents, higher than consensus of 26 cents.

MARKET COMMENTS

Dec E-mini S&Ps (ESZ13 -0.03%) this morning are down -1.50 points (-0.08%). The S&P 500 index on Tuesday closed lower. Bearish factors included (1) the OECD’s cut in its global GDP forecast for 2013 to 2.7% from May’s 3.1% and for 2014 to 3.6% from 4.0%, and (2) concerns about Chinese economic growth after China Oct foreign direct investment rose only +1.2% y/y, weaker than expectations of +6.1% y/y. Supportive factors included the larger-than-expected increase in the German Nov ZEW survey of expectations of economic growth to a 4-year high. Closes: S&P 500 -0.20%, Dow Jones -0.06%, Nasdaq 100 -0.32%.
Dec 10-year T-notes (ZNZ13 -0.01%) this morning are up +1 tick. Dec 10-year T-note prices on Tuesday fell back from a 1-week high and closed lower. A decline in German bund prices undercut T-notes after the German Nov ZEW survey of expectations of economic growth rose to a 4-year high. T-notes found support from the OECD’s cut its global GDP forecasts for 2013 and 2014. Closes: TYZ3 -10.00, FVZ3 -5.75.
The dollar index (DXY00 -0.08%) this morning is down -0.071 (-0.09%). EUR/USD (^EURUSD) is down -0.0010 (-0.07%) and USD/JPY (^USDJPY) is down -0.25 (-0.25%). The dollar index on Tuesday posted a 1-1/2 week low on overall bearish sentiment emanating from expectations that the Fed will not taper QE3 until next year. EUR/USD rose to a 2-week high after the German Nov ZEW survey of expectations of economic growth rose for a fourth month and climbed a larger-than-expected +1.8 points to a 4-year high of 54.6. Closes: Dollar index -0.121 (-0.15%), EUR/USD +0.00325 (+0.24%), USD/JPY +0.139 (+0.14%).
Dec WTI crude oil (CLZ13 +0.16%) this morning is up +10 cents (+0.11%) and Dec gasoline (RBZ13 -0.50%) is down -0.0139 (-0.53%). Dec crude oil and gasoline prices on Tuesday settled mixed. Dec crude oil recovered from a 5-1/2 month low after the dollar index fell to a 1-1/2 week low. Bearish factors included (1) the OECD’s cut in its global GDP estimates for 2013 and 2014, which signals reduced energy demand, and (2) expectations that Wednesday’s EIA weekly inventories will show crude supplies rose for a ninth week. Closes: CLZ3 +0.31 (+0.33%), RBZ3 -0.0173 (-0.65%).

GLOBAL EVENT CALENDAR11/20/2013

US	0700 ET	Weekly MBA mortgage applications, previous -1.8% with purchase sub-index -0.5% and refi sub-index -2.3%.
	0830 ET	Oct CPI expected unch m/m and +1.0% y/y, Sep +0.2% m/m and +1.2% y/y. Oct CPI ex food & energy expected +0.1% m/m and +1.7% y/y, Sep +0.1% m/m and +1.7% y/y.
	0830 ET	Oct retail sales expected +0.1% and +0.1% ex autos, Sep -0.1% and +0.4% ex autos.
	1000 ET	Oct existing home sales expected -2.7% to 5.15 million, Sep -1.9% to 5.29 million.
	1000 ET	Sep business inventories expected +0.3%, Aug +0.3%.
	1000 ET	New York Fed President William Dudley speaks on the regional and national economy at a briefing in New York to discuss the role of for-profit institutions in higher education.
	1030 ET	EIA Weekly Petroleum Status Report.
	1210 ET	St. Louis Fed President James Bullard speaks on the economy and monetary policy at the Bloomberg Business Summit in Chicago.
	1400 ET	Minutes of the Oct 29-30 FOMC meeting.
GER	0200 ET	German Oct PPI expected unch m/m and -0.6% y/y, Sep +0.3% m/m and -0.5% y/y.
UK	0430 ET	Minutes of the Nov 6-7 BOE policy meeting.
CHI	2045 ET	China Nov HSBC/Markit flash manufacturing PMI expected -0.1 to 50.8, Oct +0.7 to 50.9.

U.S. STOCK CALENDAR11/20/2013

Company Name	Ticker	Time	Event Description	Period	Estimate
JM Smucker Co/The	SJM US	Bef-mkt	Q2 2014 Earnings Release	Q2 2014	1.594
Deere & Co	DE US	Bef-mkt	Q4 2013 Earnings Release	Q4 2013	1.903
ADT Corp/The	ADT US	Bef-mkt	Q4 2013 Earnings Release	Q4 2013	0.46
Staples Inc	SPLS US	6:00	Q3 2014 Earnings Release	Q3 2014	0.419
Lowe's Cos Inc	LOW US	6:00	Q3 2014 Earnings Release	Q3 2014	0.475
JC Penney Co Inc	JCP US	7:30	Q3 2014 Earnings Release	Q3 2014	-1.743
Staples Inc	SPLS US	8:00	Q3 2014 Earnings Call	Q3 2014
L Brands Inc	LTD US	Aft-mkt	Q3 2014 Earnings Release	Q3 2014	0.277
Campbell Soup Co	CPB US		Annual General Meeting
Clorox Co/The	CLX US		Annual General Meeting
Equifax Inc	EFX US		Investor Meeting - Edinburgh	Y 2013

Barchart Morning Call 9/5

Barchart Morning Call

BC - 2 hrs 7 mins ago

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OVERNIGHT MARKETS AND NEWS

September E-mini S&Ps (ESU13 -0.05%) this morning are down -0.2%, although European stocks are up +0.30%. Asian stocks closed mixed: Japan +0.08%, Hong Kong +1.22%, China -0.38%, Taiwan +1.06%, Australia -0.37%, Singapore +0.80%, South Korea +0.98%, India +2.22%. Stocks fluctuated over Syrian concerns, while the 10-year German bund yield rose to a 17-month high of 2.00% before today's ECB interest rate decision. Commodity prices are mixed. Oct crude oil (CLV13 +0.48%) is up +0.50% and Oct gasoline (RBV13 -0.17%) is down -0.23%. Dec gold (GCZ13 +0.40%) is up +0.40% and Dec copper (HGZ13 +0.19%) is up +0.48%. Agricultural and livestock prices are mostly lower. The dollar index (DXY00 +0.05%) is unchanged. EUR/USD (^EURUSD) is up +0.04% and USD/JPY (^USDJPY) is up +0.14% at a 6-week high as the yen weakened after BOJ Governor Kuroda said the central bank will act if a proposed tax increase undercuts the economy. December T-note prices (ZNZ13 -0.47%) are down -12 ticks as they followed German bunds lower, with the 10-year T-note yield climbing to a new 2-year high of 2.94%.
As expected, the BOE maintained its benchmark rate at 0.50% and kept its asset purchase target at 375 billion pounds.
German July factory orders fell -2.7% m/m and rose +2.0% y/y, weaker than expectations of -1.0% m/m and +2.9% y/y, although Jun factory orders were revised up to +5.0% m/m and +5.6% y/y from the originally reported +3.8% m/m and +4.3% y/y.
Minneapolis Fed President Kocherlakota, who spoke at an event late Wednesday, hinted that he does not favor cutting stimulus when he said the FOMC's "own forecasts suggest that it should be providing more stimulus to the economy, not less."
The BOJ maintained its current extraordinary monetary policy measures following a 2-day meeting today and upgraded its economic outlook when it said a "moderate recovery" is under way. BOJ Governor Kuroda hinted that the BOJ will act if a proposed sales-tax increase slows the economy when he said if the tax move has a big effect on the economy, "fiscal policy can respond and if downside risks materialize to the 2% inflation target, we will of course take appropriate steps."
In an attempt to lower long-term interest rates and strengthen the rupee, new RBI Governor Rajan announced a plan to provide concessional swaps for banks' foreign-currency deposits, a move that could potentially boost the dollar reserves of the RBI, while India's lower house of parliament tried to stem the outflow of capital from the country after it passed a bill that allows international holdings in the country's pension funds.

U.S. STOCK PREVIEW

Today’s Aug ADP employment report is expected to show an increase of +180,000, down from +200,000 in July. Today’s initial unemployment claims report is expected to show a slight decline of -1,000 to 330,000, adding to last week’s -6,000 decline to 331,000. Today’s July factory orders report is expected to show a decline of -3.4%, more than reversing the +1.5% increase seen in June. Today’s Aug ISM non-manufacturing index is expected to ease by -1.0 points to 55.0, reversing part of the +3.8 point increase to 56.0 seen in July.
There are 3 of the Russell 1000 companies that report earnings today: Cooper Companies (consensus $1.72), Forest City Enterprises (-0.02), VeriFone Systems (0.20). Conferences this week include: 18th Handelsblatt Annual Conference - Banks in Upheaval on Thu, and Scotiabank Financials Conference 2013 on Thu.

OVERNIGHT U.S. STOCK MOVERS

Sherwin-Williams (SHW +0.74%) was upgraded to "Buy" from "Neutral" at Longbow.
The NY Times reports that President Obama prefers to nominate Larry Summers as the next Fed chairman.
Lockheed Martin (LMT +0.52%) was downgraded to "Sector Perform" from "Outperform" at RBC Capital.
Newmont Mining (NEM +0.48%) was downgraded to "Equal Weight" from "Overweight" due to valuation at Barclays.
Viacom (VIAB +0.24%) was downgraded to "Neutral" from "Buy" at B. Riley.
JoS. A. Bank (JOSB +0.33%) reported Q2 EPS of 51 cents, lower than consensus of 52 cents.
Transocean (RIG +0.15%) was upgraded to "Outperform" from "Neutral" at Credit Suisse.
POZEN (POZN +1.34%) jumped jumped 13% in after-hours trading after it announced it had signed a commercialization agreement with Sanofi (SNY +0.63%) .
Greif (GEF +3.27%) reported Q3 EPS of 80 cents, below consensus of 89 cents.
Raging Capital reported a 12.5% passive stake in Standard Register (SR +17.27%) .
Starbucks (SBUX +0.75%) was initiated with an "Outperform" at Wedbush with a price target of $80.

MARKET COMMENTS

Sep E-mini S&Ps (ESU13 -0.05%) this morning are little changed, down -0.25 of a point (-0.02%). The S&P 500 index on Wednesday climbed to a 1-week high and closed higher. Stocks opened higher on signs that there will be no immediate U.S. military attack on Syria after Russian President Putin said he will only support a UN resolution for military strikes against Syria if there's conclusive proof that the Syrian government used chemical weapons on its own people. Stocks moved even higher after the Fed's Beige Book stated that the economy maintained a "modest to moderate" pace of growth. Closes: S&P 500 +0.81%, Dow Jones +0.65%, Nasdaq 100 +1.06%.
Dec 10-year T-notes (ZNZ13 -0.47%) this morning are down -12 ticks as the 10-year T-note yield overnight rose to a new 2-year high of 2.94%. Dec 10-year T-note prices on Wednesday closed lower on reduced safe-haven demand as stocks rallied and on the likelihood that the Fed will start to taper QE later this month after the Beige Book said that spending on cars and housing helped the economy maintain a "modest to moderate" pace of expansion from early July through late August, and that manufacturing expanded "modestly" and hiring "held steady or increased modestly." Closes: TYZ3 -15.00, FVZ3 -12.00.
The dollar index (DXY00 +0.05%) this morning is unch. EUR/USD (^EURUSD) is up +0.0005 (+0.04%) and USD/JPY (^USDJPY) is up +0.14 (+0.14%) at a 6-week high. The dollar index on Wednesday closed lower on reduced safe-haven demand as stocks rallied as the prospects of an immediate U.S. attack on Syria dwindled. The dollar was also undercut after the U.S trade balance widened to a deficit of -$39.1 billion, a bigger deficit than expectations of -$38.6 billion. Closes: Dollar index -0.192 (-0.23%), EUR/USD +0.00365 (+0.28%), USD/JPY +0.185 (+0.19%).
Oct WTI crude oil (CLV13 +0.48%) this morning is up +54 cents (+0.50%) and Oct gasoline (RBV13 -0.17%) is down -0.0065 (-0.23%). Oct crude oil and gasoline prices on Wednesday closed lower on signs that there will be no immediate U.S. military attack on Syria. Russian President Putin said he will only support a UN resolution for military strikes against Syria if there's conclusive proof that the Syrian government used chemical weapons on its own people. Another negative for crude prices in growing speculation the Fed will begin tapering QE later this month, which may slow economic growth and demand for commodities. Closes: CLV3 -1.31 (-1.21%), RBV3 -0.0003 (-0.01%).

GLOBAL EVENT CALENDAR09/05/2013

US	0815 ET	Aug ADP employment change expected +180,000, July +200,000.
	0830 ET	Weekly initial unemployment claims expected -1,000 to 330,000, previous -6,000 to 331,000. Weekly continuing claims expected -5,000 to 2.984 million, previous -14,000 to 2.989 million.
	0830 ET	Revised Q2 non-farm productivity expected +1.6%, previous +0.9%. Revised Q2 unit labor costs expected +0.9%, previous +1.4%.
	0900 ET	Minneapolis Fed President Narayana Kocherlakota speaks at the Economic Indicator Breakfast at the University of Wisconsin Lacrosse.
	1000 ET	July factory orders expected -3.4%, Jun +1.5%.
	1000 ET	Aug ISM non-manufacturing index expected -1.0 to 55.0, July +3.8 to 56.0.
	1100 ET	EIA Weekly Petroleum Status Report.
	1100 ET	Treasury announces amounts of 3-year T-notes (previous $32 billion), 10-year T-notes (previous $24 billion), and 30-year T-bonds (previous $16 billion) to be auctioned Sep 10-12.
	n/a	G-20 leaders begin a 2-day summit in St. Petersburg, Russia.
UK	0430 ET	UK Lloyds Aug employment confidence, July -22.
	0700 ET	BOE announces interest rate decision and asset purchase target (expected no change to 0.50% benchmark rate or to the 375 billion pound asset target).
GER	0600 ET	German July factory orders expected -1.0% m/m and +2.9% y/y, Jun +3.6% m/m and +4.3% y/y.
EUR	0745 ET	ECB announces interest rate decision (expected no change to the 0.50% 2-week refinancing rate).
	0830 ET	ECB President Draghi holds press conference following ECB meeting.
JPN	n/a	BOJ announces interest rate decision following 2-day meeting.

U.S. STOCK CALENDAR09/05/2013

Company Name	Ticker	Time	Event Description	Period	Estimate
Fastenal Co	FAST US	7:00	August 2013 Sales and Revenue Release	2013
L Brands Inc	LTD US	7:30	August 2013 Sales and Revenue Call	2013
Theravance Inc	THRX US	8:30	TD-4208 Phase 2b study Results Call
Stryker Corp	SYK US	9:00	Analysts Meeting	Y 2013
Greif Inc	GEF US	10:00	Q3 2013 Earnings Call	Q3 2013
Forest City Enterprises Inc	FCE/A US	Aft-mkt	Q2 2014 Earnings Release	Q2 2014	-0.015
VeriFone Systems Inc	PAY US	Aft-mkt	Q3 2013 Earnings Release	Q3 2013	0.204
Gap Inc/The	GPS US		August 2013 Sales and Revenue Release	2013
L Brands Inc	LTD US		August 2013 Sales and Revenue Release	2013
Walgreen Co	WAG US		August 2013 Sales and Revenue Release	2013
Costco Wholesale Corp	COST US		August 2013 Sales and Revenue Release	2013
AutoNation Inc	AN US		August 2013 Sales and Revenue Release	2013

Barchart Morning Call 8/22

Barchart Morning Call

BC - 1 hr 40 mins ago

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OVERNIGHT MARKETS AND NEWS

September E-mini S&Ps (ESU13 +0.38%) this morning are up +0.40% and European stocks are up +1.15% after better-than-expected manufacturing data in China and Europe signal strength in the global economy. Asian stocks closed mostly lower: Japan -0.44%, Hong Kong +0.36%, China -0.20%, Taiwan -0.23%, Australia -0.48%, Singapore -0.63%, South Korea -0.87%, India +2.27%. Commodity prices are mostly higher. Oct crude oil (CLV13 +0.33%) is up +0.48% and Oct gasoline (RBV13 +0.16%) is up +0.21%. Dec gold (GCZ13 -0.18%) is down -0.26%, and Sep copper (HGU13 +1.62%) is up +1.77%. Agricultural and livestock prices are lower as field samples taken from the ongoing Pro Farmers of America Midwest Crop Tour signal better-than-expected U.S. corn and soybean yields. The dollar index (DXY00 +0.54%) is up +0.56%. EUR/USD (^EURUSD) is down -0.30% and USD/JPY (^USDJPY) is up +1.00%. Most emerging market currencies plunged after the July 30-31 FOMC meeting minutes signaled the Fed will begin cutting stimulus next month, which boosted the dollar and exacerbates capital outflows out of emerging market countries. India's rupee fell to a record low 65.56 against the dollar, Thailand's baht and the Malaysian ringgit dropped to 3-year lows, while the Indonesian rupiah sank to a 4-year low against the dollar. September T-note prices (ZNU13 -0.45%) are down -15.5 ticks as the 10-year T-note yield climbed overnight to a fresh 2-year high of 2.93%.
The China HSBC Aug flash manufacturing PMI rose +2.4 points from July to 50.1, stronger than expectations of +0.5 to 48.2 and the first reading since April above the 50.0 level that divides contraction from expansion.
The German Aug PMI manufacturing index rose +1.3 points from July to 52.0, stronger than expectations of +0.4 to 51.1 and the fastest pace of expansion in 2 years.
The Eurozone PMI composite index climbed +1.2 points from July to 51.7, better than expectations of +0.4 to 50.9 and its fastest pace of expansion in over 2 years.
The revised Japan July machine tool orders were revised slightly lower to -12.2% y/y from the originally reported -12.1% y/y.

U.S. STOCK PREVIEW

Today’s weekly initial unemployment claims report is expected to show an increase of +10,000 to 330,000, reversing part of last week’s decline of -15,000 to 320,000.  Meanwhile, continuing claims are expected to fall by -4,000 to 2.965 million, adding to last week’s decline of -54,000 to 2.969 million.  Today’s June FHFA house price index is expected to show a +0.6% m/m increase, adding to the +0.7% increase seen in May. Today’s July leading indicators report is expected to show a solid gain of +0.5% after June’s report of unchanged.  The Treasury today will sell $16 billion in 5-year inflation-protected TIPS securities.  The 3-day Kansas City Fed monetary conference in Jackson Hole, Wyoming begins today.  There are 15 of the S&P 500 companies that report earnings today: Hormel (consensus $0.45), Patterson (0.48), Dollar Tree (0.57), Sears Holdings (-1.07), Abercrombie & Fitch (0.29), Toro ($0.59), Gap (0.64), Ross Stores (0.93), MICROS Systems (0.62), Autodesk (0.42), Nordson (1.05), Solera Holdings (0.66), Pandora (0.02), Marvell Technology Group (0.19), GameStop (0.04).  Equity conferences during the remainder of this week include the Raymond James Bank Conference on Thu.

OVERNIGHT U.S. STOCK MOVERS

Microsoft (MSFT -0.03%) was upgraded to "Buy" from "Neutral" at Nomura.
Dollar Tree (DLTR -0.31%) reported Q2 EPS of 56 cents, lower than consensus of 57 cents.
Target (TGT -3.61%) was downgraded to "Underperform" from "Market Perform" at William Blair.
Marathon Oil (MRO -1.35%) was upgraded to "Outperform" from "Market Perform" at Raymond James.
Sears Holdings (SHLD +4.04%) reported a Q2 adjusted EPS loss of -$1.46, a wider loss than consensus of -$1.10
Abercrombie & Fitch (ANF -3.51%) reported Q2 EPS of 16 cents, well below consensus of 29 cents.
Patterson (PDCO -0.53%) reported Q1 EPS of 45 cents, weaker than consensus of 48 cents.
Hormel Foods (HRL -1.57%) reported Q3 EPS of 42 cents, lower than consensus of 45 cents.
Yahoo! (YHOO -0.22%) is up over 1% in pre-market trading after data from ComScore showed that Yahoo attracted 196 million Web visitors in July, 4.3 million more than Google (GOOG +0.45%) and the first time in 2-years that Yahoo's Web traffic has surpassed Google.
Kratos Defense (KTOS +3.39%) announced that it was awarded a Blanket Purchase Agreement with an estimated value of $6 billion to provide Continuous Monitoring as a Service to the Department of Homeland Security as part of the Continuous Diagnostics and Mitigation Program.
Hewlett-Packard (HPQ -1.78%) fell over 7% in after-hours trading after it reported Q3 EPS of 86 cents, right on consensus, but gave guidance on fiscal 2013 EPS of $3.53-$3.57, below consensus of $3.57 and said demand in China is soft 'across the board.'
Synopsys (SNPS -1.22%) reported Q3 EPS of 55 cents, better than consensus of 54 cents, and gave guidance on fiscal 2013 EPS of $2.42 - $2.44, better than consensus of $2.42.
Bloomberg reported that Wells Fargo (WFC -0.54%) will cut 2,300 mortgage lending jobs.
Hain Celestial (HAIN -1.30%) reported Q4 adjusted EPS of 65 cents, stronger than consensus of 62 cents.
LTD Brands (LTD -1.34%) reported Q2 EPS of 61 cents, better than consensus of 60 cents.

MARKET COMMENTS

Sep E-mini S&Ps (ESU13 +0.38%) this morning are up +6.50 points (+0.40%) as they recover from a 1-1/2 month low overnight on stronger-than-expected manufacturing data from China and Europe. The S&P 500 index on Wednesday fell to a 1-1/2 month low and closed lower on concern the Fed will cut stimulus measures next month after the July 30-31 FOMC minutes stated that Fed officials were "broadly comfortable" with Fed Chairman Bernanke's timeline for moderating "the pace of its securities purchases later this year." Stocks failed to garner much support from the +6.5% increase in July existing home sales, better-than-expectations of +1.0% and their best level in 3-1/2 years. Closes: S&P 500 -0.58%, Dow Jones -0.70%, Nasdaq 100 -0.35%.
Sep 10-year T-notes (ZNU13 -0.45%) this morning are down -15.5 ticks as the 10-year T-note yield rose to a new 2-year high overnight at 2.93%. Sep 10-year T-note prices on Wednesday fell to a 1-1/2 month low and closed lower after the July 30-31 FOMC meeting minutes showed that Fed members expressed support for Fed Chairman Bernanke's timeline to cut bond buying later this year. Another negative for T-note prices was the larger-than-expected increase in U.S. July existing home sales that rose to their fastest pace in 3-1/2 years. Closes: TYU3 -14.50, FVU3 -9.75.
The dollar index (DXY00 +0.54%) this morning is up +0.453 (+0.56%). EUR/USD (^EURUSD) is down -0.0040 (-0.30%) and USD/JPY (^USDJPY) is up +0.98 (+1.00%). The dollar index on Wednesday closed higher. Bullish factors included (1) the larger-than-expected +6.5% increase in U.S. July existing home sales to the fastest pace in 3-1/2 years and (2) the July 30-31 FOMC minutes in which Fed members expressed support for a cut in the dollar-negative QE3 program. Closes: Dollar index +0.307 (+0.38%), EUR/USD -0.00618 (-0.46%), USD/JPY +0.419 (+0.43%).
Oct WTI crude oil (CLV13 +0.33%) this morning is up +50 cents (+0.48%) and Oct gasoline (RBV13 +0.16%) is up +0.0060 (+0.21%). Oct crude oil and gasoline prices on Wednesday settled mixed. Crude prices fell to a 1-week low on a stronger dollar and on concern the Fed will cut stimulus next month, which may reduce economic growth and demand for crude. Supportive factors included (1) the -4.029 plunge in weekly EIA gasoline inventories to a 3-month low of 218.4 million bbl, a bigger decline than expectations of -1.5 million bbl draw, and (2) the -1.09 million bbl decline in crude oil stockpiles at Cushing, OK, the delivery point for WTI futures, to a 17-month low of 37.425 million bbl. Closes: CLV3 -1.26 (-1.20%), RBV3 unchanged.

GLOBAL EVENT CALENDAR08/22/2013

US	0830 ET	Weekly initial unemployment claims expected +10,000 to 330,000, previous -15,000 to 320,000. Weekly continuing claims expected -4,000 to 2.965 million, previous -54,000 to 2.969 million.
	0830 ET	USDA weekly Export Sales.
	0900 ET	Jun FHFA purchase only house price index expected +0.6% m/m, May +0.7% m/m. Q2 house price purchase index expected +2.45% q/q, Q21 +1.95% q/q.
	1000 ET	July leading indicators expected +0.5%, Jun unch.
	1100 ET	Treasury announces amounts of 2-year T-notes (previous $35 billion, 5-year T-notes (previous $35 billion) and 7-year T-notes (previous $29 billion) to be auctioned Aug 27-29.
	1300 ET	Treasury auctions $16 billion 5-year TIPS.
	1400 ET	Dallas Fed President Richard Fisher speaks at the U.S. Manufacturing Summit in Orlando, FL.
	1500 ET	USDA July Cold Storage.
	n/a	Annual Kansas City Fed Jackson Hole Summit begins (Thu-Sat).
JPN	0200 ET	Revised Japan July machine tool orders, previous -12.1% y/y.
GER	0330 ET	German Aug PMI manufacturing expected +0.4 to 51.1, July 50.7. Aug PMI services expected +0.4 to 51.7, July 51.3.
EUR	0400 ET	Eurozone Aug PMI composite expected +0.4 to 50.9, July 50.5.

U.S. STOCK CALENDAR08/22/2013

Company Name	Company Ticker	Time	Event Description	Period	Estimate
Hormel Foods Corp	HRL US	Bef-mkt	Q3 2013 Earnings Release	Q3 2013	0.45
Patterson Cos Inc	PDCO US	Bef-mkt	Q1 2014 Earnings Release	Q1 2014	0.481
Dollar Tree Inc	DLTR US	Bef-mkt	Q2 2014 Earnings Release	Q2 2014	0.572
Sears Holdings Corp	SHLD US	Bef-mkt	Q2 2014 Earnings Release	Q2 2014	-1.067
Abercrombie & Fitch Co	ANF US	7:00	Q2 2014 Earnings Release	Q2 2014	0.291
Abercrombie & Fitch Co	ANF US	8:00	Q2 2014 Earnings Call	Q2 2014
Toro Co/The	TTC US	8:30	Q3 2013 Earnings Release	Q3 2013	0.59
Hormel Foods Corp	HRL US	9:00	Q3 2013 Earnings Call	Q3 2013
L Brands Inc	LTD US	9:00	Q2 2014 Earnings Call	Q2 2014
Dollar Tree Inc	DLTR US	9:00	Q2 2014 Earnings Call	C2 2014
Dollar Tree Inc	DLTR US	9:00	Q2 2014 Earnings Call	Q2 2014
Patterson Cos Inc	PDCO US	10:00	Q1 2014 Earnings Call	Q1 2014
Toro Co/The	TTC US	11:00	Q3 2013 Earnings Call	Q3 2013
GameStop Corp	GME US	11:00	Q2 2014 Earnings Call	Q2 2014
Medtronic Inc	MDT US	11:30	Annual General Meeting	Y 2013
Gap Inc/The	GPS US	16:00	Q2 2014 Earnings Release	Q2 2014	0.638
Ross Stores Inc	ROST US	16:00	Q2 2014 Earnings Release	Q2 2014	0.931
MICROS Systems Inc	MCRS US	16:15	Q4 2013 Earnings Release	Q4 2013	0.624
Ross Stores Inc	ROST US	16:15	Q2 2014 Earnings Call	Q2 2014
MICROS Systems Inc	MCRS US	16:45	Q4 2013 Earnings Call	Q4 2013
Marvell Technology Group Ltd	MRVL US	16:45	Q2 2014 Earnings Call	Q2 2014
Gap Inc/The	GPS US	17:00	Q2 2014 Earnings Call	Q2 2014
Autodesk Inc	ADSK US	17:00	Q2 2014 Earnings Call	Q2 2014
Solera Holdings Inc	SLH US	17:00	Q4 2013 Earnings Call	Q4 2013
Pandora Media Inc	P US	17:00	Q2 2014 Earnings Call	Q2 2014
Autodesk Inc	ADSK US	Aft-mkt	Q2 2014 Earnings Release	Q2 2014	0.42
Nordson Corp	NDSN US	Aft-mkt	Q3 2013 Earnings Release	Q3 2013	1.045
Solera Holdings Inc	SLH US	Aft-mkt	Q4 2013 Earnings Release	Q4 2013	0.659
Pandora Media Inc	P US	Aft-mkt	Q2 2014 Earnings Release	Q2 2014	0.02
Marvell Technology Group Ltd	MRVL US		Q2 2014 Earnings Release	Q2 2014	0.192
GameStop Corp	GME US		Q2 2014 Earnings Release	Q2 2014	0.043

Barchart Morning Call 8/21

Barchart Morning Call

BC - Wed Aug 21, 6:44AM CDT

• Article
• Comments (0)

OVERNIGHT MARKETS AND NEWS

September E-mini S&Ps (ESU13 -0.23%) this morning are down -0.32% and European stocks are down -0.40% ahead of the release of the minutes of the July 30-31 FOMC meeting. Asian stocks closed mixed: Japan +0.21%, Hong Kong -0.69%, China -0.17%, Taiwan closed because of the approach of Tropical Storm Trami, Australia +0.43%, Singapore -0.63%, South Korea -1.08%, India -1.86%. India's central bank said it will start buying government debt to pump funds into markets in an attempt to lower the surge in bond yields that threatens India's economy. Commodity prices are mostly lower. Oct crude oil (CLV13 -0.40%) is down -0.07% at a 1-week low and Oct gasoline (RBV13 +0.04%) is down -0.05%. Dec gold (GCZ13 -0.43%) is down -0.55%, and Sep copper (HGU13 -0.78%) is down -0.85%. Agricultural and livestock prices are mixed. The dollar index (DXY00 +0.20%) is up +0.27%. EUR/USD (^EURUSD) is down -0.18% and USD/JPY (^USDJPY) is up +0.16%. September T-note prices (ZNU13 -0.04%) are down -1.5 ticks.
UK Aug CBI volume of total factory orders rose to 0 from -12 in July, better than expectations of -8 and its highest level in 2 years. Aug CBI average selling prices unexpectedly fell to 0 from 2 in July, weaker than expectations of an increase to 3 and its lowest level in a year.
UK July public sector net borrowing fell -1.6 billion pounds, the first decline in 6-months, but less than expectations of -5.0 billion pounds.
In an attempt to pump funds into the markets and rein in a surge in bond yields and slow the slide in the rupee, the Reserve Bank of India (RBI) said it will buy 80 billion rupees ($1.2 billion) of government bonds through open-market operations on Aug 23 and "thereafter calibrate them both in terms of quantum and frequency" based on market conditions. The RBI also said that sales of cash-management bills will be calibrated going forward, "including scaling it down as may be necessary." The rupee weakened to a record low of 64.465 per dollar today and the yield on India's 10-year bond rose to a 12-year high of 9.48% yesterday as capital outflows intensified. Global funds have cut holdings of Indian debt by $10 billion since May 22 when Fed Chairman Bernanke first mentioned the prospects of tapering Fed stimulus.

U.S. STOCK PREVIEW

Today’s July existing home sales report is expected to show an increase of +1.4% to what would be a new 3-1/2 year high of 5.15 million, more than reversing June’s -1.2% decline and taking out June’s current 3-1/2 year high of 5.14 million.  The markets will assess today’s minutes from the July 30-31 FOMC meeting for any clues as to whether the Fed will start tapering QE3 as soon as the next FOMC meeting on Sep 17-18.  There are 7 of the S&P 500 companies that report earnings today: Target (consensus $0.95), Staples (0.18), PetSmart (0.86), Lowe's (0.79), Limited Brands (0.03), JM Smucker ($1.20), Hewlett-Packard (0.86).  Equity conferences during the remainder of this week include CRM Evolution Conference & Exhibition 2013 on Tue-Wed, Morgan Stanley Semiconductor & Semi-Cap Equipment Corporate Access Day on Wed, Citi One on One Midstream/Infrastructure Conference on Wed, and Raymond James Bank Conference on Thu.

OVERNIGHT U.S. STOCK MOVERS

Tupperware Brands (TUP +0.20%) was downgraded to "Market Perform" from "Outperform" at BMO Capital.
Target (TGT -0.42%) reported Q2 adjusted EPS of $1.19, well ahead of consensus of 96 cents.
Staples (SPLS +2.62%) reported Q2 EPS of 16 cents, lower than consensus of 18 cents, and then lowered guidance on fiscal 2013 EPS to $1.21-$1.25 from $1.30-$1.35, weaker than consensus of $1.32.
JM Smucker (SJM +0.04%) reported Q1 EPS of $1.24, stronger than consensus of $1.20.
Bloomberg repoted that PG&E (PCG +0.85%) CEO Tony Earley said that the company may be pushed to the brink of bankruptcy if California state regulators impose a proposed $2.25 billion penalty against the company related to a 2010 pipeline explosion.
Textron (TXT -0.18%) has been awarded a $640.79 million U.S. government firm-fixed-price contract for 1,300 cluster bomb units for foreign military sales to Saudi Arabia.
The WSJ reports that German Finance Minister Wolfgang Schäuble says that Greece will need a third bailout.
Lowe's (LOW +0.94%) reported Q2 EPS of 88 cents, better than consensus of 79 cents, and also announced that CEO Mark Baker will resign.
La-Z-Boy (LZB +3.96%) rose over 1% in pre-market trading after it reported Q1 EPS of 18 cents, better than consensus of 15 cents.
Analog Devices (ADI +0.15%) reported Q3 EPS of 57 cents, better than consensus of 54 cents.
Intuit (INTU -0.44%) reported Q4 adjusted EPS of 0 cents, right on expectations, although Q4 revenue of $634 million was better than consensus of $622.95 million.
The Financial Times reported that Goldman Sachs (GS +0.59%) could face up to $100 million in losses after making erroneous trades across multiple options exchanges on Tuesday.

MARKET COMMENTS

Sep E-mini S&Ps (ESU13 -0.23%) this morning are down -5.25 points (-0.32%). The S&P 500 index on Tuesday rebounded from a 6-week low and closed mostly higher after better-than-expected quarterly earnings results from Best Buy, TJX and Urban Outfitters lifted retail stocks. Gains in stocks were limited ahead of Wednesday's release of the minutes of the July 30-31 FOMC meeting, which may shed some clarity on to when and how much the Fed may taper QE3. Closes: S&P 500 +0.38%, Dow Jones -0.05%, Nasdaq 100 +0.40%.
Sep 10-year T-notes (ZNU13 -0.04%) this morning are down -1.5 ticks. Sep 10-year T-note prices on Tuesday rebounded from Monday's 6-week low and closed higher. Short-covering and increased safe-haven demand for Treasuries boosted T-notes on concern that a Fed cut in stimulus may exacerbate capital outflows from emerging Asian markets that are already reeling after India's rupee fell to a record low and Indonesia's rupiah tumbled to a 4-year low against the dollar. Closes: TYU3 +18.0, FVU3 +9.25.
The dollar index (DXY00 +0.20%) this morning is up +0.215 (+0.27%). EUR/USD (^EURUSD) is down -0.0024 (-0.18%) and USD/JPY (^USDJPY) is up +0.16 (+0.16%). The dollar index on Tuesday slid to a 2-month low and closed lower. EUR/USD surged to a 6-1/4 month high as European investors repatriated funds from Asian markets back into euros as emerging market assets have slumped after India's rupee fell to a record low and Indonesia's rupiah tumbled to a 4-year low against the dollar. Closes: Dollar index -0.320 (-0.39%), EUR/USD +0.00827 (+0.62%), USD/JPY -0.297 (-0.30%).
Oct WTI crude oil (CLV13 -0.40%) this morning is down -7 cents (-0.07%) and Oct gasoline (RBV13 +0.04%) is down -0.0013 (-0.05%). Oct crude oil and gasoline prices on Tuesday closed mixed. Crude prices were undercut on concern a cut in Fed stimulus will reduce economic growth and demand for crude. Limiting declines were (1) the slide in the dollar index to a 2-month low and (2) expectations for weekly EIA gasoline stockpiles on Wednesday to drop -1.25 million bbl and for crude inventories to fall -1.25 million bbl to an 11-month low. Closes: CLV3 -1.75 (-1.64%), RBV3 +0.0145 (+0.51%).

GLOBAL EVENT CALENDAR08/21/2013

US	0700 ET	Weekly MBA mortgage applications, previous -4.7% with purchase sub-index -5.4% and refi sub-index -4.4%.
		1000 ET	July existing home sales expected +1.4% to 5.15 million, Jun -1.2% to 5.08 million.
		1030 ET	EIA Weekly Petroleum Status Report.
		1400 ET	Minutes of the July 30-31 FOMC meeting.
UK	0430 ET	UK July public sector net borrowing expected -5.0 billion pounds, Jun +10.2 billion pounds.
		0600 ET	UK Aug CBI trends total orders expected -8, July -12. Aug CBI trends selling prices expected 3, July 2.
CHI	2145 ET	China HSBC Aug flash manufacturing PMI expected +0.5 to 48.2, July 47.7.

U.S. STOCK CALENDAR08/21/2013

Company Name	Company Ticker	Time	Event Description	Period	Estimate
Target Corp	TGT US	Bef-mkt	Q2 2014 Earnings Release	Q2 2014	0.953
Staples Inc	SPLS US	Bef-mkt	Q2 2014 Earnings Release	Q2 2014	0.181
PetSmart Inc	PETM US	Bef-mkt	Q2 2014 Earnings Release	Q2 2014	0.857
Lowe's Cos Inc	LOW US	6:00	Q2 2014 Earnings Release	Q2 2014	0.793
Staples Inc	SPLS US	8:00	Q2 2014 Earnings Call	Q2 2014
JM Smucker Co/The	SJM US	8:30	Q1 2014 Earnings Call	Q1 2014
Lowe's Cos Inc	LOW US	9:00	Q2 2014 Earnings Call	Q2 2014
Yum! Brands Inc	YUM US	10:00	Investor & Analyst Meeting - Yum! Restaurants International (YRI)	Y 2012
PetSmart Inc	PETM US	10:00	Q2 2014 Earnings Call	Q2 2014
Target Corp	TGT US	10:30	Q2 2014 Earnings Call	Q2 2014
Life Technologies Corp	LIFE US	11:00	Extraordinary Shareholders Meeting - M&A Vote	Y 2013
Hewlett-Packard Co	HPQ US	17:00	Q3 2013 Earnings Call	Q3 2013
L Brands Inc	LTD US	Aft-mkt	Q2 2014 Earnings Release	Q2 2014	0.595
JM Smucker Co/The	SJM US		Q1 2014 Earnings Release	Q1 2014	1.195
Hewlett-Packard Co	HPQ US		Q3 2013 Earnings Release	Q3 2013	0.864

Barchart Morning Call 8/8

Barchart Morning Call

BC - 1 hr 34 mins ago

• Article
• Comments (0)

OVERNIGHT MARKETS AND NEWS

September E-mini S&Ps (ESU13 +0.39%) this morning are up +0.36% and European stocks are up +0.72% after China's exports and imports rose more than expected last month, a sign the Chinese economy is stabilizing. Asian stocks closed mixed: Japan -1.59%, Hong Kong +0.31%, China -0.17%, Taiwan -0.17%, Australia +1.07%, South Korea +0.26%, India +0.67%. Commodity prices are higher. Sep crude oil (CLU13 -0.21%) is up +0.05%, Sep gasoline (RBU13 +0.11%) is up +0.17%, Dec gold (GCZ13 +0.25%) is up +0.26%, and Sep copper (HGU13 +2.51%) is up +2.74% at a 1-3/4 month high on stronger-than-expected trade data from China, the biggest copper consumer. Agricultural and livestock prices are higher with Oct cattle up +2.41% at a 4-month high after Tyson Foods, the top U.S. meat processor, said it plans to stop buying animals fed with the feed supplement Zilmax, made by Merk & Co., after discovering lame livestock at factories. The dollar index (DXY00 -0.16%) is down -0.17% at a 1-1/2 month low. EUR/USD (^EURUSD) is up +0.17% at a 1-1/2 month high after German exports rose in July and USD/JPY (^USDJPY) is down -0.02% at a 1-1/2 month low after the yen strengthened when the BOJ refrained from adding additional stimulus. September T-note prices (ZNU13 +0.02%) are unchanged.
China's July trade balance was a $17.82 billion surplus, smaller than expectations of $26.90 billion. July exports rose +5.1% y/y, stronger than expectations of +2.0% y/y and July imports jumped +10.9% y/y, stronger than expectations of +1.0% y/y.
Germany's Jun trade balance was in surplus by 16.9 billion euros, more than expectations of 15.0 billion euros. Jun exports rose +0.6% m/m, weaker than expectations of +0.9% m/m and Jun imports unexpectedly fell -0.8% m/m, weaker than expectations of a +0.5% m/m increase.
The Japan July eco watchers survey current unexpectedly fell to a 6-month low of 52.3 from 53.0 in Jun, weaker than expectations of a +0.5 point increase to 53.5. The July eco watchers survey outlook was unchanged at 53.6 from Jun, also weaker than expectations of a +0.5 point increase to 54.1.

U.S. STOCK PREVIEW

The Treasury today will sell $16 billion in 30-year T-bonds, concluding this week's $72 billion Treasury coupon package. Today’s weekly initial unemployment claims report is expected to show an increase of +9,000 to 335,000, reversing part of last week’s decline of -19,000 to 326,000. Meanwhile, continuing claims are expected to show a small +2,000 increase to 2.953 million following last week’s decline of -52,000 to 2.951 million. There are 8 of the S&P 500 companies that are scheduled to report earnings today: Scripps (consensus $1.05), Windstream (0.09), NVIDIA (0.19), Monster Beverage (0.64), CareFushion (0.56), Priceline.com (9.43), Beam (0.60), AES (0.28).
Conferences during the remainder of this week include the Mitsubishi Technology Tour on Mon-Thu, Goldman Sachs Power and Utility Conferenceon Thu, and Nasdaq Summer Analyst Conference on Fri.

OVERNIGHT U.S. STOCK MOVERS

Scripps Networks Interactive (SNI +1.13%) reported Q2 EPS of $1.08, better than consensus of $1.05.
Windstream (WIN +0.35%) reported Q2 EPS of 8 cents, weaker than consensus of 9 cents.
CenturyLink (CTL +0.58%) reported Q2 adjusted EPS of 69 cents, above consensus of 67 cents.
American Water (AWK +0.26%) reported Q2 EPS of 57 cents, below consensus of 61 cents.
Jack in the Box (JACK +0.27%) reported Q3 EPS ex-items of 41 cents, better than consensus of 38 cents, and raised guidance on fiscal 2013 EPS ex-items to $1.72-$1.78, above consensus of $1.65.
Arris (ARRS +2.02%) reported Q2 EPS adjusted EPS of 46 cents, well ahead of consensus of 26 cents, and said the order backlog at the end of Q2 was $534.9 million.
Mondelez (MDLZ -1.88%) reported Q2 adjusted EPS of 37 cents, stronger than consensus of 34 cents.
Matson (MATX -1.61%) reported Q2 EPS of 47 cents, better than consensus of 44 cents.
RealD (RLD -2.82%) signed an exclusive 10-year deal with Mexico's Cinemex that calls for approximately 700 auditoriums across the Cinemex circuit in Mexico to be equipped with RealD 3D technology, including the removal of approximately 540 alternative 3D systems that will be replaced with RealD 3D within the next two years.
Prudential (PRU -1.68%) reported Q2 adjusted EPS of $2.30, stronger than consensus of $1.99.
Tesla (TSLA -5.57%) rose 7% in after-hours trading after it reported Q2 comparable EPS of 5 cents, well ahead of consensus of a -17 cents loss.
Green Mountain (GMCR -2.53%) reported Q3 adjusted EPS of 82 cents, better than consensus of 77 cents, and raised its fiscal 2013 EPS view to $3.19-$3.24 from $3.05-$3.15, higher than consensus of $3.18.

MARKET COMMENTS

Sep E-mini S&Ps (ESU13 +0.39%) this morning are up +6.00 points (+0.36%). The S&P 500 index on Wednesday fell to a 1-week low and closed lower as heightened speculation the Fed may be nearer to cutting QE3 fueled long liquidation and profit-taking in stocks. On the positive side, 72% of the 432 S&P 500 companies that have reported Q2 earnings results thus far have beaten expectations. Closes: S&P 500 -0.38%, Dow Jones -0.31%, Nasdaq 100 -0.11%.
Sep 10-year T-notes (ZNU13 +0.02%) this morning are unchanged. Sep 10-year T-note prices on Wednesday closed higher after a slide in the S&P 500 to a 1-week low boosted the safe-haven demand for Treasuries. Closes: TYU3 +9.00, FVU3 +2.75.
The dollar index (DXY00 -0.16%) this morning is down -0.136 (-0.17%) at a 1-1/2 month low. EUR/USD (^EURUSD) is up +0.0023 (+0.16%) at a 1-1/2 month high and USD/JPY (^USDJPY) is down -0.02 (-0.02%) at a 1-1/2 month low. The dollar index on Wednesday fell to a 1-1/2 month low and closed lower. EUR/USD closed higher after German Jun industrial production rose +2.4% m/m, the biggest increase in 23 months. USD/JPY dropped to a 1-1/2 month low on speculation the BOJ probably won't expand stimulus measures at its 2-day meeting that ends Thursday. Closes: Dollar index -0.316 (-0.39%), EUR/USD +0.0031 (+0.23%), USD/JPY -1.403 (-1.44%).
Sep WTI crude oil (CLU13 -0.21%) this morning is up +5 cents a barrel (+0.05%) and Sep gasoline (RBU13 +0.11%) is up +0.0049 (+0.17%). Sep crude oil and gasoline prices on Wednesday closed lower. Bearish factors included (1) weekly EIA data that showed U.S. crude production rose +0.2% to 7.56 million barrels a day in the week ended Aug 2, the most in 23-1/2 years, and (2) the slide in gasoline to a 4-week low after weekly EIA gasoline inventories unexpectedly rose +135,000 bbl, higher than expectations for a -500,000 bbl draw. Limiting declines in crude was (1) the slide in the dollar index to a 1-1/2 month low, and (2) the -2.245 million bbl drop in crude oil stockpiles at Cushing, OK, the delivery point for WTI futures, to a 16-month low of 39.874 million bbl. Closes: CLU3 -0.93 (-0.88%), RBU3 -0.0440 (-1.51%).

GLOBAL EVENT CALENDAR08/08/2013

US	0830 ET	Weekly initial unemployment claims expected +9,000 to 335,000, previous -19,000 to 326,000. Weekly continuing claims expected +2,000 to 2.953 mln, previous -52,000 to 2.951 mln.
	0830 ET	USDA weekly Export Sales.
	1300 ET	Treasury auctions $16 billion 30-year T-bonds.
JPN	0030 ET	Japan July bankruptcies, Jun -8.0% y/y.
	0100 ET	Japan July eco watchers survey current expected 53.5, Jun 53.0, July eco watchers survey outlook expected 54.1, Jun 53.6.
	1950 ET	Japan Jun tertiary industry index expected -0.4%, May +1.2% m/m.
	n/a	BOJ announces interest rate decision.
GER	0200 ET	German Jun trade balance expected +15.0 billion euros, May +13.1 billion euros. Jun exports expected +0.9% m/m, May -2.0% m/m. Jun imports expected +0.5%, May +1.4% m/m.
CHI	2130 ET	China July PPI expected -2.1% y/y, Jun -2.7% y/y. July CPI expected +2.8% y/y, Jun +2.7% y/y.

U.S. STOCK CALENDAR08/08/2013

Company Name	Symbol	Time	Event Description	Period	EPS Est (US$)
Scripps Networks Interactive Inc	SNI US	Bef-mkt	Q2 2013 Earnings Release	Q2 2013	1.053
Windstream Corp	WIN US	Bef-mkt	Q2 2013 Earnings Release	Q2 2013	0.088
L Brands Inc	LTD US	7:30	July 2013 Sales and Revenue Call	2013
Twenty-First Century Fox Inc	FOXA US	8:00	Investor Day	Y 2013
Windstream Corp	WIN US	8:30	Q2 2013 Earnings Call	Q2 2013
Progressive Corp/The	PGR US	9:00	Investor Relations Conferece Call
Harman International Industries Inc	HAR US	9:00	Investor Day	Y 2013
Scripps Networks Interactive Inc	SNI US	10:00	Q2 2013 Earnings Call	Q2 2013
Beam Inc	BEAM US	10:00	Q2 2013 Earnings Call	Q2 2013
AES Corp/VA	AES US	10:00	Q2 2013 Earnings Call	Q2 2013
Monster Beverage Corp	MNST US	Aft-mkt	Q2 2013 Earnings Release	Q2 2013	0.639
CareFusion Corp	CFN US	Aft-mkt	Q4 2013 Earnings Release	Q4 2013	0.555
priceline.com Inc	PCLN US	Aft-mkt	Q2 2013 Earnings Release	Q2 2013	9.433
Beam Inc	BEAM US		Q2 2013 Earnings Release	Q2 2013	0.601
Red Hat Inc	RHT US		Annual General Meeting
Ralph Lauren Corp	RL US		Annual General Meeting
Gap Inc/The	GPS US		July 2013 Sales and Revenue Release	2013
AES Corp/VA	AES US		Q2 2013 Earnings Release	Q2 2013	0.278
Costco Wholesale Corp	COST US		July 2013 Sales and Revenue Release	2013
Costco Wholesale Corp	COST US		July 2013 Sales and Revenue Call	2013
Humana Inc	HUM US		Investor Meeting	Y 2013
L Brands Inc	LTD US		July 2013 Sales and Revenue Release	2013
McDonald's Corp	MCD US		July 2013 Sales and Revenue Release	2013