MORNING CALL 4/12

MORNING CALL

Tuesday, April 12th, 2016View Older Reports

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OVERNIGHT MARKETS AND NEWS

Jun E-mini S&Ps (ESM16 +0.29%) are up +0.34% and European stocks are up +0.37% as a +0.50% rally in crude oil to a 2-1/2 week high boosts energy producers. Mining stocks are higher as well, led by a 5% gain in Anglo American Plc, as the price of gold climbed +0.11% to a 3-week high and after Anglo's De Beers unit forecast stronger diamond sales. Asian stocks settled mixed: Japan +1.13%, Hong Kong +0.31%, China -0.34%, Taiwan-0.37%, Australia +0.89%, Singapore +0.19%, South Korea +0.68%, India +0.49%. Japanese bank stocks rallied helped pushed the Nikkei Stock Index higher after the BOJ reduced the portion of bank funds subject to negative interest rates. Also, exporters gained after the yen stabilized following a 7-day rally.

The dollar index (DXY00 -0.02%) is down -0.10% at a 7-1/2 month low. EUR/USD (^EURUSD) is up +0.06% at a 5-3/4 month high after German Mar wholesale price posted their largest monthly increase in 10 months. USD/JPY (^USDJPY) is up +0.36%.

Jun T-note prices (ZNM16 -0.23%) are down -9 ticks.

Bundesbank President Weidmann is quoted in a Financial Times interview as saying "the ECB has to deliver on its price stability mandate and thus an expansionary monetary policy stance is appropriate at this juncture regardlesss of different views about specific measures."

The German Mar wholesale price index rose +0.3% m/m, the largest monthly increase in 10 months. Year-on-year, Mar wholesale prices fell -2.6% y/y and matched the Jan 2015 decline as the largest year-on-year decline in 6-1/3 years.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Mar import price index (expected +1.0% m/m and -4.7% y/y, Feb -0.3% m/m and -6.1% y/y), (2) Philadelphia Fed President Patrick Harker's speech on the economic outlook at an event in Philadelphia, (3) the Treasury's auction of $24 billion of 3-year T-notes, (4) Mar Treasury monthly budget statement (expected -$104.0 billion, Feb -$192.6 billion), (5) San Francisco Fed President John Williams' speech at the LendIt USA 2016 Conference in San Francisco, (6) Richmond Fed President Jeffrey Lacker's speech on “Economic Leadership in an Uncertain World” at the University of North Carolina Wilmington’s Cameron School of Business and (7) USDA Apr WASDE crop production.

There are 2 of the Russell 1000 companies that report earnings today: Fastenal (consensus $0.45), CSX (0.37).

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

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

OVERNIGHT U.S. STOCK MOVERS

Corning (GLW +0.44%) was upgraded to 'Buy' from 'Neutral' at Goldman Sachs with a price target of $26.

Alcoa (AA +3.95%) slid over 4% in pre-market trading after it reported Q1 revenue of $4.95 billion, below consensus of $5.2 billion.

Starbucks (SBUX -0.23%) was downgraded to 'Hold' from 'Buy' at Deutsche Bank.

ADT Corp. (ADT +0.02%) was downgraded to 'Sell' from 'Hold' at Argus Research.

Juniper Networks (JNPR -0.16%) dropped over 6% in after-hours trading after it lowered guidance on Q1 adjusted EPS to 35 cents-37 cents from a January estimate of 42 cents-46 cents, below consensus of 45 cents. Cisco Systems (CSCO -0.25%) fell over 1% and F5 Networks (FFIV -0.17%) dropped nearly 2% in after-hours trading after the Juniper news.

Mohawk Industries (MHK +0.23%) was rated a new 'Buy' at MKM Partners with a price target of $244.

Retrophin (RTRX -2.50%) was rated a new 'Outperform' at BMO Capital Markets with a 12-month price target of $25.

Yandex (YNDX +4.19%) was upgraded to 'Buy' from 'Neutral' at Goldman Sachs

Dycom Industries (DY +0.43%) was rated a new 'Buy' at Canaccord Genuity with a price target of $75.

Affimed NV (AFMD +2.37%) was rated a new 'Outperform' at BMO Capital Markets with a 12-month price target of $7.

Pandora Media (P -0.97%) gained over 2% in after-hours trading after it was rated a new 'Buy' at Citigroup with a price target of $16.

Marathon Oil (MRO -0.93%) climbed nearly 2% in after-hours trading after it said it will divest all of its Wyoming upstream and midstream assets for $870 million, ex-closing adjustments.

Sprint Realty Capital (SRC -0.95%) fell over 3% in after-hours trading after it began a 27 million share secondary offering of common stock.

MARKET COMMENTS

June E-mini S&Ps (ESM16 +0.29%) this morning are up +7.00 points (+0.34%). Monday's closes: S&P 500 -0.27%, Dow Jones -0.12%, Nasdaq -0.36%. The S&P 500 on Monday erased an early rally and closed lower on long liquidation pressure ahead of Q1 corporate earnings results that are expected to show a -7.6% y/y decline, the worst since the Great Recession ended. Stocks were also undercut by weakness biotechnology stocks. Stocks initially opened higher on the +1.64% rally in China's Shanghai Composite on signs of economic improvement after China Mar producer prices increased month-on-month for the first time in 2-1/2 years.

June 10-year T-note prices (ZNM16 -0.23%) this morning are down -9 ticks. Monday's closes: TYM6 unch, FVM6 +0.50. Jun T-notes on Monday closed little changed. T-notes were undercut by supply pressures as the Treasury auctions $56 billion of T-notes and T-bonds this week starting with Tuesday's $24 billion auction of 3- T-notes. After early weakness, T-notes rallied back later in the session on increased safe-haven demand as stocks sold off and as the 10-year T-note breakeven inflation expectations rate fell to a 1-1/2 week low.

The dollar index (DXY00 -0.02%) this morning is down -0.097 (-0.10%) at a 7-1/2 month low. EUR/USD (^EURUSD) is up +0.0007 (+0.06%) at a 5-3/4 month high. USD/JPY (^USDJPY) is up +0.39 (+0.36%). Monday's closes: Dollar Index -0.285 (-0.30%), EUR/USD +0.0009 (+0.08%), USD/JPY -0.13(-0.12%). The dollar index on Monday sold off to a 7-1/2 month low and closed lower on strength in the the crude-oil currencies of Canada and Russia after crude oil prices rose to a 2-week high. In addition, there was weakness in USD/JPY, which sank to a new 17-1/2 month low.

May WTI crude oil (CLK16 +0.89%) is up +20 cents (+0.50%) at a 2-1/2 week high. May gasoline (RBK16 +0.04%)is down -0.0036 (-0.24%). Monday's closes: CLK6 +0.64 (+1.61%), RBK6 +0.0440 (+3.01%). May crude and gasoline on Monday closed higher with May crude at a 2-week high and May gasoline at a 3-week high. Crude oil prices were boosted by the slide in the dollar index to a 7-1/2-month low and positive carryover from Friday's news that Baker Hughes U.S. active oil rigs in the week ended Apr 8 fell by -8 rigs to a 6-1/3 year low of 354 rigs.

GLOBAL EVENT CALENDAR04/12/2016

US	0830 ET	Mar import price index expected +1.0% m/m and -4.7% y/y, Feb -0.3% m/m and -6.1% y/y.
	0900 ET	Philadelphia Fed President Patrick Harker speaks on the economic outlook at an event in Philadelphia.
	1200 ET	USDA Apr WASDE crop production.
	1300 ET	Treasury auctions $24 billion of 3-year T-notes.
	1400 ET	Mar monthly budget statement expected -$104.0 billion, Feb -$192.6 billion.
	1500 ET	San Francisco Fed President John Williams speaks at the LendIt USA 2016 Conference in San Francisco.
	1600 ET	Richmond Fed President Jeffrey Lacker speaks on Economic Leadership in an Uncertain World at the University of North Carolina Wilmingtons Cameron School of Business.
JPN	0200 ET	Japan Mar machine tool orders, Feb -22.5% y/y.
	1950 ET	Japan Mar PPI expected unch m/m and -3.5% y/y, Feb -0.2% m/m and -3.4% y/y.
GER	0200 ET	Revised German Mar CPI (EU harmonized), preliminary +0.8% m/m and +0.1% y/y.
	0200 ET	German Mar wholesale price index, Feb -0.5% m/m and -1.9% y/y.
UK	0430 ET	UK Mar CPI expected +0.3% m/m and +0.4% y/y, Feb +0.2% m/m and +0.3% y/y. Mar core CPI expected +1.3% y/y, Feb +1.2% y/y.
	0430 ET	UK Mar RPI expected +0.3% m/m and +1.4% y/y, Feb +0.5% m/m and +1.3% y/y. Mar RPI ex-mortgage interest payments expected +1.5% y/y, Feb +1.4% y/y.
	0430 ET	UK Mar PPI input prices expected +2.3% m/m and -6.2% y/y, Feb +0.1% m/m and -8.1% y/y.
	0430 ET	UK Mar output prices expected +0.2% m/m and -1.0% y/y, Feb +0.1% m/m and -1.1% y/y. Mar PPI output core expected +0.1% m/m and +0.3% y/y, Feb +0.2% m/m and +0.2% y/y.
	0430 ET	UK Feb ONS house prices, Jan +7.9% y/y.
CHI	n/a	China Mar trade balance expected +$34.95 billion, Feb +$32.59 billion. Mar exports expected +10.0% y/y, Feb -25.4% y/y. Mar imports expected -10.1% y/y, Feb -13.8% y/y.

U.S. STOCK CALENDAR04/12/2016

Company	Ticker	Time	Event Description	Period	Estimate
Fastenal Co	FAST US	7:00	Q1 2016 Earnings Release	Q1 2016	0.445
Bank of New York Mellon Corp/The	BK US	9:00	Annual General Meeting
Tiffany & Co	TIF US	9:30	Analyst and Investor Day	Y 2016
Moody's Corp	MCO US	9:30	Annual General Meeting	Y 2016
Fastenal Co	FAST US	10:00	Q1 2016 Earnings Call	Q1 2016
CSX Corp	CSX US	Aft-mkt	Q1 2016 Earnings Release	Q1 2016	0.368

MORNING CALL 11/17

MORNING CALL

Tuesday, November 17th, 2015View Older Reports

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OVERNIGHT MARKETS AND NEWS

December E-mini S&Ps (ESZ15 +0.31%) are up +0.35% and European stocks are up +2.20% on speculation the ECB will expand monetary stimulus and offset the expectations of a Fed rate increase. ECB Executive Board member Praet said the ECB may consider adding to stimulus next month because there's a risk of inflation expectations becoming de-anchored. That sent EUR/USD (^EURUSD) down to a 7-month low and bolstered the earnings prospects for European exporters. European stocks also received a boost after the German Nov ZEW survey of expectations of economic growth rose more than expected. U.S. stocks found support on a 3% gain in Wal-Mart and a 2% gain in Home Depot in pre-market trading after both companies reported better-than-expected Q3 earnings results. Asian stocks settled mostly higher: Japan +1.22%, Hong Kong +1.15%, China -0.06%, Taiwan +1.50%, Australia +2.29%, Singapore +0.04%, South Korea +1.00%, India +0.41%.

The dollar index (DXY00 +0.08%) is up +0.10% at a 7-month high. EUR/USD (^EURUSD) is down -0.26%% at a 7-month low after comments from ECB Executive Board member Praet bolstered the outlook for additional ECB stimulus. USD/JPY (^USDJPY) is up +0.11%.

Dec T-note prices (ZNZ15 -0.12%) are down -4.5 ticks.

ECB Executive Board member Praet said "It's key for the central bank to keep inflation expectations anchored, especially in a period of slack in the economy, and we have some signals that these inflation expectations are still fragile. This is why the Governing Council will discuss whether there is a case for further action as a possible de-anchoring of inflation expectations together with a lot of slack is a dangerous cocktail."

The German Nov ZEW survey expectations of economic growth rose +8.5 to 10.4, stronger than expectations of +4.1 to 6.0.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Oct CPI (expected +0.2% m/m and +0.1% y/y, Sep -0.2% m/m and unch y/y) and Oct CPI ex food & energy (expected +0.2% m/m and +1.9% y/y, Sep +0.2% m/m and +1.9% y/y), (2) Oct industrial production (expected +0.1% m/m, Sep -0.2% m/m) and Oct manufacturing production (expected +0.2%, Sep -0.1%), and (3) Nov NAHB housing market index (expected unch at 64, Oct +3 to 64).

There are 3 of the S&P 500 companies that report earnings today: Wal-Mart (consensus $0.98), Home Depot (1.32), TJX (0.85).

U.S. IPO's scheduled to price today: Black Hills Corp (BKH).

Equity conferences this week include: UBS Global Technology Conference on Mon-Tue, J.P. Morgans Global Technology, Media and Telecom Conference on Tue, Mitsubishi UFJ Securities: Industry Conference - Oil & Gas Conference - New York on Tue, Bank of America Merrill Lynch Banking and Financial Services Conference on Tue-Wed, Morgan Stanley Global Consumer & Retail Conference on Tue-Wed, Stifel Health Care Conference on Tue-Wed, Bank of America Merrill Lynch Frontier Markets Conference on Wed, Barclays Global Automotive Conference on Wed, Vertical Research Partners Global Materials Conference on Wed, Canaccord Genuity Medical Technology and Diagnostics Forum on Thu, Jefferies Global Health Care Conference on Thu, Scotiabank Canadian Energy Infrastructure Conference on Thu, UBS Industrials and Transportation Conference on Thu-Fri.

OVERNIGHT U.S. STOCK MOVERS

Wal-Mart (WMT +2.57%) climbed over 3% in pre-market trading after it reported Q3 adusted EPS of 99 cents, better than consensus of 98 cents, and then raised guidance on fiscal 2015 EPS to at least $4.50 a share, up from a previous forecast of $4.40.

Home Depot (HD +0.70%) rose over 2% in pre-market trading after it reported Q3 EPS of $1.36, better than consensus of $1.32.

Moody's (MCO +1.23%) was upgraded to 'Buy' from 'Neutral' at UBS.

Chesapeake Energy (CHK +3.93%) slipped nearly 4% in pre-market trading after it was downgraded to 'Neutral' from 'Buy' at Sterne Agee.

Berkshire Hathaway reported a new stake in AT&T (T +2.26%) and said it boosted its stakes in Phillips 66 (PSX +2.23%) , Charter Communications (CHTR -0.42%) , Suncor Energy (SU +3.53%) and General Motors (GM +2.51%) and cut its stake in Goldman Sachs (GS +0.93%), Wal-Mart (WMT+2.57%) , Deere (DE +0.08%) , Chicago Bridge & Iron (CBI +0.05%) and WABCO Holdings (WBC -0.35%) .

Barron's said on its website that Eli Lilly (LLY +2.11%) can keep rallying into next year given its promising pipeline of new products.

Nuance (NUAN +2.96%) climbed over 2% in after-hours trading after it reported Q4 adjusted EPS of 41 cents, higher than consensus of 35 cents.

Agilent Technologies (A +1.52%) fell over 1% in after-hours trading after it lowered guidance on fiscal 2016 EPS to $1.85-$1.91 from a previous estimate of $1.97.

Urban Outfitters (URBN -7.43%) dropped nearly 10% in after-hours trading after it reported Q3 EPS of 42 cents, right on consensus, but said Q3 comparable same-store sales were up +1.0%, weaker than expectations of +3.4%

Casey's General Store (CASY +1.87%) reported October same-store-sales for prepared food and fountain were up +10.5% and October comparable sales for grocery and other were up +7.3%.

Matthews International (MATW +0.25%) reported Q4 adjusted EPS of 93 cents, higher than consensus of 89 cents, but reported Q4 revenue of $368.3 million, below consensus of $389.0 million.

MARKET COMMENTS

Dec E-mini S&Ps (ESZ15 +0.31%) this morning are up +7.25 points (+0.35%). Monday's closes: S&P 500 +1.49%, Dow Jones +1.38%, Nasdaq +1.41%. The S&P 500 on Monday recovered from a 3-week low and closed sharply higher on a rally in energy producers after crude oil rebounded from a 2-1/2 month low and closed higher and on increased M&A activity after Marriott International agreed to buy Starwood Hotels & Resorts Worldwide for $12.2 billion. Stocks were undercut early by Friday's terrorist attacks in Paris and the +0.62 point increase in the Nov Empire manufacturing survey of general business conditions to -10.74, weaker than expectations of +4.86 to -6.50.

Dec 10-year T-notes (ZNZ15 -0.12%) this morning are down -4.5 ticks. Monday's closes: TYZ5 +4.50, FVZ5 +3.50. Dec T-notes on Monday rose to a 1-week high and closed higher on increased safe-haven demand for Treasuries after Friday's terrorist attacks in Paris and on the weaker-than-expected Nov Empire manufacturing survey of general business conditions. T-notes fell back from early highs as stocks recovered.

The dollar index (DXY00 +0.08%) this morning is up +0.096 (+0.10%) at a 7-month high. EUR/USD (^EURUSD) is down -0.0028 (-0.26%). USD/JPY (^USDJPY) is up +0.13 (+0.11%). Monday's closes: Dollar Index +0.444 (+0.45%), EUR/USD -0.0087 (-0.81%), USD/JPY +0.57 (+0.46%). The dollar index on Monday closed higher on weakness in EUR/USD on concern that Friday's terrorist attacks in Paris on Friday may undercut Eurozone consumer confidence and economic growth and prompt the ECB to expand stimulus. Meanwhile the yen saw weakness, boosting USD/JPY, on speculation the BOJ may boost stimulus after Japan Q3 GDP contracted more than expected.

Dec crude oil (CLZ15 -1.56%) this morning is down -50 cents (-1.20%) and Dec gasoline (RBZ15 -0.78%) is down -0.0065 (-0.52%). Monday's closes: CLZ5 +1.00 (+2.45%), RBZ5 +0.0091 (+0.73%). Dec crude recovered from a 2-1/2 month low and Dec gasoline recovered from a 6-3/4 year nearest-futures low and closed higher on bullish factors that included (1) increased geopolitical risks after France stepped up its bombing of ISIS targets in Syria following Friday's terrorist attacks in Paris, and (2) the rally in European and U.S. stocks.

GLOBAL EVENT CALENDAR11/17/2015

US	0830 ET	Oct CPI expected +0.2% m/m and +0.1% y/y, Sep -0.2% m/m and unch y/y. Oct CPI ex food & energy expected +0.2% m/m and +1.9% y/y, Sep +0.2% m/m and +1.9% y/y.
	0915 ET	Oct industrial production expected +0.1% m/m, Sep -0.2% m/m. Oct manufacturing production expected +0.2%, Sep -0.1%. Oct capacity utilization expected unch at 77.5%, Sep -0.3 to 77.5%.
	1000 ET	Nov NAHB housing market index expected unch at 64, Oct +3 to 64.
EUR	0200 ET	Eurozone Oct new car registrations, Sep +9.8% y/y.
UK	0430 ET	UK Oct CPI expected +0.1% m/m and -0.1% y/y, Sep -0.1% m/m and -0.1% y/y. Oct core CPI expected +1.0% y/y, Sep +1.0% y/y.
	0430 ET	UK Oct RPI expected +0.1% m/m and +0.9% y/y, Sep -0.1% m/m and +0.8% y/y. Oct RPI ex-mortgage interest payments expected +0.9% y/y, Sep +0.9% y/y.
	0430 ET	UK Oct PPI input prices expected +0.2% m/m and -12.0% y/y, Sep +0.6% m/m and -13.3% y/y.
	0430 ET	UK Oct PPI output prices expected -0.1% m/m and -1.4% y/y, Sep -0.1% m/m and -1.8% y/y. Oct PPI output core, Sep +0.1% m/m and +0.2% y/y.
	0430 ET	UK Sep ONS house prices expected +5.4% y/y, Sep +5.2% y/y.
GER	0500 ET	German Nov ZEW expectations of economic growth expected +4.1 to 6.0, Oct 1.9. Nov ZEW survey current situation expected unch at 55.2.
CHI	2030 ET	China Oct property prices.

U.S. STOCK CALENDAR11/17/2015

Company	Ticker	Time	Event Description	Period	Estimate
Home Depot Inc/The	HD US	6:00	Q3 2016 Earnings Release	Q3 2016	1.319
Wal-Mart Stores Inc	WMT US	7:00	Q3 2016 Earnings Release	Q3 2016	0.975
Qorvo Inc	QRVO US	8:30	Investor Day	Y 2015
Home Depot Inc/The	HD US	9:00	Q3 2016 Earnings Call	Q3 2016
Wal-Mart Stores Inc	WMT US	9:00	Q3 2016 Earnings Call	Q3 2016
TJX Cos Inc/The	TJX US	9:30	Q3 2016 Earnings Release	Q3 2016	0.845
Apache Corp	APA US	10:00	North Sea Region Update Call
TJX Cos Inc/The	TJX US	11:00	Q3 2016 Earnings Call	Q3 2016
Monsanto Co	MON US	14:00	Analyst Meeting - Biennial Investor Event	Y 2015
Caterpillar Inc	CAT US	15:00	Analyst & Investor Meeting
Citrix Systems Inc	CTXS US	16:45	Business Update Call
Genworth Financial Inc	GNW US	Aft-mkt	Synchrony Financial Replaces Genworth Financial in S&P 500
Genworth Financial Inc	GNW US	Aft-mkt	Genworth Financial Replaces Rovi Corp in S&P MidCap 400
Electronic Arts Inc	EA US		Electronic Arts Releases Star Wars Battlefront" Video Game in the U.S."

BARCHART MORNING CALL 9/30

BARCHART MORNING CALL

Wednesday, September 30th, 2015View Older Reports

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OVERNIGHT MARKETS AND NEWS

December E-mini S&Ps are up sharply by +1.23% and European stocks are up +2.53% as a rally in copper boosted miners and commodity producers. Also a rally in China's Shanghai Composite reduced Chinese economic concerns. European automakers rose, with Peugeot Citroen up over 6%, after China said it will cut the purchase tax in half on certain vehicles. Asian stocks settled higher: Japan +2.70%, Hong Kong +1.41%, China +0.48%, Taiwan +0.60%, Australia +2.10%, Singapore +0.11%, South Korea +1.25%, India +1.46%.

The dollar index is up +0.25%. EUR/USD is down -0.23% on the prospects for additional ECB stimulus after Eurozone Sep CPI unexpectedly fell for the first time in 6 months. USD/JPY is up +0.40%.

Dec T-note prices are down -13 ticks as the sharp rally in stocks reduces the safe-haven demand of government debt.

In an attempt to spur demand in China's housing market, the PBOC cut the minimum down payment for buyers in cities without property restrictions to 25% from 30%.

The Eurozone Sep CPI estimate unexpectedly fell -0.1% y/y, weaker than expectations of unch y/y and the first decline in 6 months. The Sep core CPI rose +0.9% y/y, right on expectations.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) weekly MBA mortgage applications (previous +13.9% with purchase sub-index +9.1% and refi sub-index +17.7%), (2) Sep ADP employment (expected +190,000, Aug +190,000), (3) Sep Milwaukee ISM (expected +0.83 to 48.50, Aug +0.55 to 47.67), (4) Sep Chicago PMI (expected -1.4 to 53.0, Aug -0.3 to 54.4), (5) New York Fed President William Dudley's speech on market liquidity at the Liquidity Forum sponsored by SIFMA, (6) opening remarks by Fed Chair Janet Yellen and St. Louis Fed President James Bullard at the St. Louis Fed’s annual community banking conference, and (7) Fed Governor Brainard's speech at a St. Louis Fed conference on the outlook for community banking.

There is 1 of the Russell 2000 companies that report earnings today: Paychex (consensus $0.51).

U.S. IPO's scheduled to price today include: Performance Food Group (PFGC), Ardelyx (ARDX), Innovation Economy Group (MYIE), Accelerize (ACLZ), NovaBay Pharmaceuticals (NBY).

Equity conferences this week include: Johnson Rice & Co Energy Conference on Mon-Wed, Wolfe Research Power and Gas Leaders Conference on Tue-Wed, D. A. Davidson & Co Engineering & Construction Conference on Wed, Leerink Partners Rare Disease Roundtable Conference on Thu.

OVERNIGHT U.S. STOCK MOVERS

Verifone Systems (PAY +1.47%) was raised to 'Buy' from 'Hold' at Argus with a price target of $35.

Bank of America reinstated Valeant Pharmaceuticals (VRX -5.06%) with a 'Buy' and a price target of $290.

HSBC (HSBC -0.30%) was upgraded to 'Buy' from 'Neutral' at UBS.

Novavax (NVAX -21.35%) climbed over 3% in after-hours trading after the company said a Phase 1 study of its RSV F vaccine shows it was safe in healthy children.

Ralph Lauren (RL -0.79%) gained almost 4% in after-hours trading after CEO Ralph Lauren said he will step down and hand the job over to Old Navy President Stefan Larsson.

The Gap (GPS +0.30%) fell 4% in pre-market trading after UBS downgraded the stock to 'Sell' from 'Neutral' on the pending departure of Old Navy President Stefan Larsson.

Dealertrack Technologies (TRAK +0.10%) rose nearly 2% in after-hours trading after the U.S. Attorney General said that Cox Automotive can buy the company on the condition it divests an inventory management unit to preserve competition.

Donaldson (DCI +0.26%) dropped over 6% in after-hours trading after the company said it will delay its 10-K filing after two ex-employees reported that a European gas turbine project improperly recognized revenue.

Barracuda Networks (CUDA -4.38%) slumped over 15% in after-hours trading after it reported Q2 adjusted EPS of 10 cents, higher than consensus of 9 cents, but reported Q2 revenue of $78.4 million, below consensus of $78.7 million, and said that it sees "some evidence that growth in the overall storage market has slowed."

Clovis (CLVS -1.67%) climbed nearly 3% in after-hours trading after it said the FDA and EMA will expedite reviews of its rociletinib drug for the treatment of non-small cell lung cancer.

Diamond Foods (DMND -1.97%) fell over 4% in after-hours trading after it reported Q4 adjusted EPS of 23 cents, better than consensus of 21 cents, but Q4 sales of $201.8 million were below expectations of $209.8 million.

Clarcor (CLC -0.21%) boosted its quarterly dividend to 22 cents a share from 20 cents a share, below consensus for an increase to 23 cents a share.

MARKET COMMENTS

Dec E-mini S&Ps (ESZ15 +1.33%) this morning are up +23.00 points (+1.23%). Tuesday's closes: S&P 500 +0.12%, Dow Jones +0.30%, Nasdaq -0.49%. The S&P 500 on Tuesday recovered from a 1-month low and closed slightly higher on the unexpected +1.7 point increase in U.S. Sep consumer confidence to an 8-month high of 103.0, stronger than expectations of -4.7 to 96.8, and on strength in energy and commodity producers as crude oil and copper moved higher. Stocks were undercut by negative carryover from a 2% slide in China's Shanghai Composite and a -0.70% fall in European stocks on global growth concerns, and by the unexpected -0.2% m/m decline in the Jul S&P CaseShiller composite-20 home price index.

Dec 10-year T-notes (ZNZ15 -0.32%) this morning are down -13 ticks. Tuesday's closes: TYZ5 +12.00, FVZ5 +6.75. Dec T-notes on Tuesday rose to a 1-month high and settled higher on carryover support from a rally in German bunds to a 1-month high on speculation the ECB may boost QE to fight deflation risks after German Sep CPI fell -0.2% y/y, the fastest pace of decline in 8 months. T-notes also received a boost from the weaker-than-expected Jul S&P CaseShiller home price index.

The dollar index (DXY00 +0.31%) this morning is up +0.240 (+0.25%). EUR/USD (^EURUSD) is down -0.0026 (-0.23%). USD/JPY (^USDJPY) is up +0.48 (+0.40%). Tuesday's closes: Dollar Index -0.179 (-0.19%), EUR/USD +0.0005 (+0.04%), USD/JPY -0.18 (-0.15%). The dollar index on Tuesday closed lower on the weaker-than-expected U.S. Jul S&P CaseShiller composite-20 home price index, and on the -2.0% plunge in China's Shanghai Composite after the China Aug leading index fell to a 6-1/2 year low, which bolsters speculation that the recent meltdown in China will undercut global growth and further delay a Fed interest rate hike. The dollar recovered from its worst levels after U.S. Sep consumer confidence unexpectedly rose to an 8-month high.

Nov crude oil (CLX15 -0.31%) this morning is down -16 cents (-0.35%) and Nov gasoline (RBX15 -0.51%) is down -0.0092 (-0.68%). Tuesday's closes: CLX5 +0.80 (+1.80%), RBX5 -0.0094 (+0.71%). Nov crude oil and gasoline prices on Tuesday closed higher on improvement in global economic outlook after an unexpected increase in U.S. Sep consumer confidence to an 8-month high and an increase in Eurozone Sep economic confidence to a 4-year high. Crude oil prices also received a boost from the weaker dollar and expectations that Wednesday's weekly EIA data will show U.S. crude inventories fell-500,000 bbl.

GLOBAL EVENT CALENDAR09/30/2015

US	0700 ET	Weekly MBA mortgage applications, previous +13.9% with purchase sub-index +9.1% and refi sub-index +17.7%.
	0800 ET	New York Fed President William Dudley speaks on market liquidity at the Liquidity Forum sponsored by SIFMA.
	0815 ET	Sep ADP employment change expected +190,000, Aug +190,000.
	0900 ET	Sep Milwaukee ISM expected +0.83 to 48.50, Aug +0.55 to 47.67.
	0945 ET	Sep Chicago PMI expected -1.4 to 53.0, Aug -0.3 to 54.4.
	1030 ET	EIA Weekly Petroleum Status Report.
	1200 ET	Q3 USDA Quarterly Grain Stocks.
	1500 ET	Fed Chair Janet Yellen and St. Louis Fed President James Bullard make opening remarks at the St. Louis Feds annual community banking conference.
	2000 ET	Fed Governor Brainard speaks at a St. Louis Fed conference on the outlook for community banking.
JPN	0000 ET	Japan Aug vehicle production, Jul -5.9% y/y.
	0100 ET	Japan Aug housing starts expected +7.6% y/y to 920,000 annualized, Jul +7.4% y/y to 914,000 annualized.
	0100 ET	Japan Aug construction orders, Jul -4.0% y/y.
	1950 ET	Japan Q3 Tankan large manufacturing business conditions expected -2 to 13, Q2 15.
	2135 ET	Revised Japan Nikkei manufacturing PMI.
GER	0200 ET	German Aug retail sales expected +0.2% m/m and +3.3% y/y, Jul +1.6% m/m and +3.3% y/y.
	0355 ET	German Sep unemployment change expected -5,000, Aug -7,000. Sep unemployment rate expected unch at 6.4%.
UK	0200 ET	UK Sep nationwide house prices expected +0.4% m/m and +3.8% y/y, Aug +0.3% m/m and +3.2% y/y.
	0430 ET	Revised UK Q2 GDP, previous +0.7% q/q and +2.6% y/y.
	0430 ET	UK Jul index of services expected +0.2% m/m and +0.8% 3-mo/3-mo, Jun +0.5% m/m and +0.7% 3-mo/3-mo.
	0430 ET	UK Sep Lloyds business barometer, Aug 45.
EUR	0500 ET	Eurozone Sep CPI estimate expected unch y/y, Aug +0.1% y/y. Sep core CPI expected +0.9% y/y, Aug +0.9% y/y.
	0500 ET	Eurozone Aug unemployment rate expected unch at 10.9%.
CHI	2100 ET	China Sep manufacturing PMI expected unch at 49.7. Sep non-manufacturing PMI, Aug -0.5 to 53.4.

U.S. STOCK CALENDAR09/30/2015

Company	Ticker	Time	Event Description	Period	Estimate
Paychex Inc	PAYX US	Bef-mkt	Q1 2016 Earnings Release	Q1 2016	0.51
Moody's Corp	MCO US	8:30	Investor Day	Y 2015
Paychex Inc	PAYX US	9:30	Q1 2016 Earnings Call	Q1 2016
Costco Wholesale Corp	COST US	11:00	Q4 2015 Earnings Call	Q4 2015
BlackRock Inc	BLK US	11:30	Economic Club of Canada Presents Managing Director, Jean Boivin PhD
Brocade Communications Systems Inc	BRCD US	12:00	Investor Day	Y 2015
Veeva Systems Inc	VEEV US	16:00	Analyst & Investor Day	Y 2015
Bristol-Myers Squibb Co	BMY US		PDUFA, Opdivo combined with Yervoy, first line melanoma
Bank of America Corp	BAC US		Bank of America Resubmits Capital Plan to Federal Reserve
United Parcel Service Inc	UPS US		Roadshow - London	Y 2015
Madison Square Garden Co/The	MSG US		Madison Square Garden Co. Splits into Two Companies

BARCHART MORNING CALL 4/14

BARCHART MORNING CALL

Tuesday, April 14th, 2015View Older Reports

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OVERNIGHT MARKETS AND NEWS

June E-mini S&Ps (ESM15 -0.06%) this morning are down -0.17% and European stocks are down -0.94% ahead of Q1 earnings results from JPMorgan Chase and Johnson & Johnson. Losses were limited on increased M&A Activity as Alcatel-Lucent SA jumped 12% in pre-market trading after Nokia Oyj said it was in advanced talks to buy the company. Asian stocks settled mixed: Japan +0.02%, Hong Kong -1.62%, China +0.34%, Taiwan -0.25%, Australia -0.23%, Singapore +1.05%, South Korea +0.79%. China's Shanghai Composite Index climbed to a fresh 7-year high on speculation the government will boost stimulus measures to spur economic growth.
Commodity prices are mixed. May crude oil (CLK15 +1.12%) is up +0.71% and May gasoline (RBK15 +1.11%) is up +0.65% after the EIA said late Monday that U.S. crude output from the shale oil boom will decline by -57,000 bpd in May, the first time the EIA has forecast a decline in output since it began issuing a monthly drilling productivity report in 2013. Metals prices are weaker. Jun gold (GCM15 -0.90%) is down -0.92% at a 1-1/2 week low. May copper (HGK15 -1.29%) is down -1.31% at a 3-week low. Copper prices are also being weighed down by Chinese demand concerns with tomorrow's China Q1 GDP expected to be reported at a 7.0% y/y pace, the slowest since the global recession of 2009. Agriculture prices are mixed with May wheat down -0.80% at a 2-week low after recent rains alleviated drought concerns in the U.S. Great Plains.
The dollar index (DXY00 -0.05%) is down -0.06% and EUR/USD (^EURUSD) is up +0.02%. USD/JPY (^USDJPY) is down -0.37% at a 1-week low after Koichi Hamada, a consultant to Japanese Prime Minister Abe, said that an exchange rate of 105 yen per dollar would be "appropriate," which undercut expectations for additional easing from the BOJ.
Jun T-note prices (ZNM15 +0.13%) are up +6.5 ticks on carry-over support from a rally in German bunds to a record high. The yield on the 10-year German bund fell to an all-time low of 0.134% after Moody's Investors Service warned that the ECB could run out of eligible bonds to buy from some governments around the end of the year, which may force the ECB to loosen the rules of its QE program and further suppress bond yields.

U.S. STOCK PREVIEW

Key U.S. news today includes (1) March retail sales (expected +1.0%, +0.7% ex-autos, and +0.6% ex-autos and ex-gasoline), (2) March final-demand PPI (expected -0.9% m/m vs Feb's -0.6%) and March core PPI (expected +0.9% y/y vs Feb's +1.0%), (3) Feb business inventories (expected +0.2% after Jan's unchanged), (4) Minneapolis Fed President Narayan Kocherlakota's open forum at Winona State University, and (5) the IMF's release of its World Economic Outlook.
There are 8 of the S&P 500 companies that report earnings today: JPMorgan Chase (consensus $1.41), Intel (0.41), Wells Fargo (0.98), M&T Bank (1.76), Fastenal (0.42), Johnson & Johnson (1.53), CSX (0.44), Linear Technology (0.53).
U.S. IPO's scheduled to price today include: Smart & Final Stores (SFS), XBiotech (XBIT), Cidara Therapeutics (CDTX).
Equity conferences during the remainder of this week include: World Strategic Forum on Mon-Tue, Cantor Fitzgerald First Annual ETF and Indexing Forum on Wed.

OVERNIGHT U.S. STOCK MOVERS

JPMorgan Chase (JPM +0.60%) reported Q1 EPS of $1.61, better than consensus of $1.41.
Fastenal (FAST +0.02%) reported Q1 EPS of 43 cents, higher than consensus of 42 cents.
Urban Outfitters (URBN +0.25%) were upgraded to 'Outperform' from 'Market Perform' at BMO Capital.
Qualcomm (QCOM -0.62%) and Western Digital (WDC -0.41%) were both upgraded to 'Buy' from 'Neutral' at BofA/Merrill Lynch.
Ulta Salon (ULTA +0.21%) was initiated with a 'Buy' at Evercore ISI.
Molson Coors (TAP -1.63%) was initiated with a 'Positive' at Susquehanna with a price target of $97.
Pep Boys (PBY -0.10%) reported an unexpected Q4 EPS loss of -50 cents with items, well below consensus of a 3 cent profit.
Norfolk Southern (NSC -1.39%) dropped over 4% in after-hours trading after it lowered guidance on Q1 EPS to $1.00, below consensus of $1.27.
Scripps Networks (SNI +0.80%) was downgraded to 'Neutral' from 'Overweight' at Piper Jaffray.
AMC Networks (AMCX +0.20%) was initiated with an 'Overweight' at Piper Jaffray with a price target of $90.

MARKET COMMENTS

June E-mini S&Ps (ESM15 -0.06%) this morning are down -3.50 points (-0.17%). Monday's closes: S&P 500 -0.46%, Dow Jones -0.45%, Nasdaq -0.29%. The U.S. stock market on Monday fell back from a 3-week high and closed lower on concerns about the impending Q1 earnings season and on weakness in GE that weighed on industrial stocks.
Jun 10-year T-notes (ZNM15 +0.13%) this morning are up +6.5 ticks. Monday's closes: TYM5 +5.50, FVM5 +4.25. June T-notes on Monday closed higher on weakness in stocks, the sharp decline in Chinese March exports that raised worries about Chinese economic growth, and the decline in the 10-year breakeven inflation expectations rate to a 1-week low.
The dollar index (DXY00 -0.05%) this morning is down -0.057 (-0.06%). EUR/USD (^EURUSD) is up +0.0002 (+0.02%). USD/JPY (^USDJPY) is down -0.45 (-0.37%). Monday's closes: Dollar Index +0.152 (+0.15%), EUR/USD -0.0031 (-0.29%), USD/JPY -0.07 (-0.06%). The dollar index on Monday closed mildly higher on continued support from divergent monetary policies. Meanwhile, USD/JPY fell back from a 3-week high on ideas that the BOJ will not expand its stimulus further after Japanese Prime Minister Abe said that monetary policy is working and that the yen is weak in terms of purchasing power.
May WTI crude oil (CLK15 +1.12%) this morning is up 37 cents (+0.71%). May gasoline (RBK15 +1.11%) is up +0.0118 (+0.65%). Monday's closes: CLK5 +0.27 (+0.52%), RBK5 +0.0015 (+0.08%). May crude oil and gasoline on Monday closed higher as doubts continue to grow about an Iranian nuclear deal as Congress returned to session in a mood to force through legislation that would require Congressional review of any nuclear deal. However, sentiment remains bearish with the market expecting another increase in this week's weekly EIA U.S. crude oil inventories report.

GLOBAL EVENT CALENDAR04/14/2015

US	0830 ET	Mar retail sales expected +1.0% and +0.7% ex autos, Feb -0.6% and -0.1% ex autos. Mar retail sales ex-auto and ex-gasoline expected +0.6%, Feb -0.2%.
	0830 ET	Mar final demand PPI expected +0.2% m/m and -0.9% y/y, Feb -0.5% m/m and -0.6% y/y. Mar PPI ex food & energy expected +0.1% m/m and +0.9% y/y, Feb -0.5% m/m and +1.0% y/y.
	0900 ET	IMF releases its World Economic Outlook. Press briefing by IMF Chief Economist Olivier Blanchard.
	1000 ET	Feb business inventories expected +0.2%, Jan unch.
	2000 ET	Minneapolis Fed President Narayan Kocherlakota holds an open forum at Winona State University.
GER	0200 ET	German Mar wholesale price index, Feb +0.5% m/m and -2.1% y/y.
UK	0430 ET	UK Mar CPI expected +0.2% m/m and unch y/y, Feb +0.3% m/m and unch y/y. Mar core CPI expected +1.2% y/y, Feb +1.2% y/y.
	0430 ET	UK Mar RPI expected +0.3% m/m and +1.0% y/y, Feb +0.5% m/m and +1.0% y/y. Mar RPI ex-mortgage interest payments expected +1.-% y/y, Feb +1.0% y/y.
	0430 ET	UK Mar PPI input prices expected -0.4% m/m and -13.5% y/y, Feb +0.2% m/m and -13.5% y/y.
	0430 ET	UK Mar PPI output prices expected +0.1% m/m and +0.1% y/y, Feb +0.2% m/m and -1.8% y/y. Nar PPI output core, Feb +0.1% m/m and +0.2% y/y.
EUR	0500 ET	Eurozone Feb industrial production expected +0.4% m/m and +0.8% y/y, Jan -0.1% m/m and +1.2% y/y.
CHI	2200 ET	China Q1 GDP expected +7.0% y/y, Q4 +7.3% y/y.
	2200 ET	China Mar industrial production expected +7.3% y/y. Dec +7.9% y/y.
	2200 ET	China Mar retail sales expected +10.9% y/y, Dec +11.9% y/y.

U.S. STOCK CALENDAR04/14/2015

Company	Ticker	Time	Event Description	Period	Estimate
JPMorgan Chase & Co	JPM US	7:00	Q1 2015 Earnings Release	Q1 2015	1.412
Fastenal Co	FAST US	7:00	Q1 2015 Earnings Release	Q1 2015	0.416
Johnson & Johnson	JNJ US	7:45	Q1 2015 Earnings Release	Q1 2015	1.533
Wells Fargo & Co	WFC US	8:00	Q1 2015 Earnings Release	Q1 2015	0.977
JPMorgan Chase & Co	JPM US	8:30	Q1 2015 Earnings Call	Q1 2015
Johnson & Johnson	JNJ US	8:30	Q1 2015 Earnings Call	Q1 2015
Norfolk Southern Corp	NSC US	8:45	Q1 2015 Guidance Call	Q1 2015
Bank of New York Mellon Corp/The	BK US	9:00	Annual General Meeting
Moody's Corp	MCO US	9:30	Annual General Meeting
Wells Fargo & Co	WFC US	10:00	Q1 2015 Earnings Call	Q1 2015
Fastenal Co	FAST US	10:00	Q1 2015 Earnings Call	Q1 2015
Cerner Corp	CERN US	10:30	Investment Community Meeting	Y 2015
Fifth Third Bancorp	FITB US	11:30	Annual General Meeting
Intel Corp	INTC US	17:00	Q1 2015 Earnings Call	Q1 2015
CSX Corp	CSX US	Aft-mkt	Q1 2015 Earnings Release	Q1 2015	0.439
Intel Corp	INTC US	Aft-mkt	Q1 2015 Earnings Release	Q1 2015	0.405
Linear Technology Corp	LLTC US	Aft-mkt	Q3 2015 Earnings Release	Q3 2015	0.529
Carnival Corp	CCL US		Annual General Meeting
M&T Bank Corp	MTB US		Q1 2015 Earnings Release	Q1 2015	1.763
Actavis plc	ACT US		FDA Adcomm, alogliptin, results of cardiovascular outcomes trial