BARCHART MORNING CALL 12/5

BARCHART MORNING CALL

Thursday, December 5th, 2013View Older Reports

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OVERNIGHT MARKETS AND NEWS

December E-mini S&Ps (ESZ13 unch) this morning are down -0.03% and European stocks are down -0.18%. Stock losses were limited ahead of the ECB interest rate decision and after the UK Office for Budget Responsibility raised its 2013 and 2014 growth estimates for the UK, the first upgrades in 3-years. As expected, the BOE maintained its benchmark interest rate at a record low of 0.50% and held its asset purchase target at 375 billion pounds. Asian stocks closed mostly lower: Japan -1.50%, Hong Kong -0.07%, China -0.28%, Taiwan -0.50%, Australia -1.44%, Singapore -1.15%, South Korea -0.15%, India +1.20%. Commodity prices are mixed. Jan crude oil (CLF14 +0.20%) is up +0.34%. Jan gasoline (RBF14 -0.11%) is down -0.04%. Feb gold (GCG14 -1.15%) is down -1.25%. March copper (HGH14 -0.46%) is down -0.42%. Agricultural and livestock prices are mixed. The dollar index (DXY00 -0.02%) is unchanged after it fell to a 4-week low. EUR/USD (^EURUSD) is down -0.05% and fell back from a 1-month high ahead of the ECB rate decision later today. USD/JPY (^USDJPY) is down -0.27%. March T-note prices (ZNH14 -0.01%) are up +1.5 ticks.
The UK Office for Budget Responsibility (OBR) raised its 2013 UK GDP forecast to 1.4% from 0.6%, its first growth-forecast upgrade since 2010, and also raised its UK 2014 GDP estimate to 2.4% from a Mar estimate of 1.8%.
UK Nov Lloyds employment confidence slipped -3 points to -14, falling back from an 8-1/3 year high in Oct of -11.
UK Nov new car registrations rose +7.0% y/y, a bigger increase than the +4.0% y/y gain from Oct.

U.S. STOCK PREVIEW

Today’s weekly initial unemployment claims report is expected to show an increase of +5,000 to 321,000, reversing half of last week’s decline of -10,000 to 316,000. Meanwhile, continuing claims are expected to show an increase of +24,000 to 2.800 million following last week’s decline of -91,000 to 2.776 million. Today’s Q3 GDP report is expected to be revised higher to +3.1% (q/q annualized) from +2.8% due to a larger buildup of inventories. Today’s Oct factory orders report is expected to show a decline of -1.0% after the +1.7% increase seen in September.
There are 5 of the Russell 1000 companies that report earnings today: Kroger (consensus $0.53), Dollar General (0.70), Toro (0.03), Cooper Companies (1.80), and Ulta Salon (0.74). Equity conferences during the remainder of this week include: Credit Suisse Technology Conference on Tue-Thu, Credit Suisse Business Services Conference on Tue-Thu, Janney Industrials Conference on Thu.

OVERNIGHT U.S. STOCK MOVERS

Union Pacific (UNP -0.66%) was upgraded to 'Strong Buy' from 'Outperform' at Raymond James.
Tiffany (TIF +0.18%) was upgraded to 'Conviction Buy' from 'Neutral' at Goldman.
Kohl's (KSS -1.57%) was upgraded to 'Buy' from 'Neutral' at BofA/Merrill.
Celgene (CELG +0.09%) was upgraded to 'Buy' from 'Neutral' at UBS.
CF Industries (CF +10.68%) was upgraded to 'Neutral' from 'Sell' at Goldman.
Exxon Mobil (XOM +0.30%) was downgraded to 'Outperform' from 'Strong Buy' at Raymond James after recent shae price gains.
Reuters reported that Ford's (F +0.36%) November China auto sales jump 47% y/y.
Dollar General (DG -0.19%) reported Q3 EPS of 72 cents, better than consensus of 70 cents.
Apple (AAPL -0.23%) rose nearly 2% in pre-market trading after three Chinese mobile phone carriers received government approval to start service on China's 4-G wireless network. This will allow China Mobile Ltd., the world's largest phone company, to beging selling Apple's iPhone to its 759 million subscribers.
General Growth Properties (GGP +0.10%) jumped over 3% in pre-market trading after it was anoounced that it will replace Molex (MOLX +0.13%) in the S&P 500 as of the 12/9 close.
Safeway (SWY -2.17%) fell nearly 3% in pre-market trading after Jana Partners LLC said it reduced its holdings in the stock to 4.1% from 6.2%.
Citigroup (C -0.17%) and Morgan Stanley (MS +0.52%) were both downgraded to 'Hold' from 'Buy' at Deutsche Bank.
Avago (AVGO -0.63%) reported Q4 EPS of 89 cents, well above consensus of 82 cents.
Synopsys (SNPS -0.46%) reported Q4 adjusted EPS of 56 cents, higher than consensus of 55 cents, and then raised guidance on fiscal 2014 adjusted EPS to $2.55-$2.60, above consensus of $2.54.
Guess (GES -1.62%) reported Q3 adjusted EPS of 42 cents, higher than consensus of 38 cents.
Aeropostale (ARO -3.90%) reported a Q3 EPS ex-items loss of -29 cents, a wider loss than consensus of -24 cents.

MARKET COMMENTS

Dec E-mini S&Ps (ESZ13 unch) this morning are dpwn -0.50 of a point (-0.03%). The S&P 500 index on Wednesday slipped to a 1-1/2 week low on concern the Fed may taper QE3 sooner rather than later after (1) the Nov ADP employment change rose +215,000, stronger than expectations of +170,000 and the most jobs created in a year, and (2) the Fed’s Beige Book that stated that the U.S. economy continues to expand at a “modest to moderate” pace. Stocks partially recovered on reports that U.S. budget negotiators are near a budget compromise that would boost user fees rather than end corporate tax breaks. Closes: S&P 500 -0.13%, Dow Jones -0.16%, Nasdaq 100 +0.11%.
Mar 10-year T-notes (ZNH14 -0.01%) this morning are up +1.5 ticks. Mar T-notes on Wednesday closed lower with the 10-year T-note yield at a 2-1/2 month high of 2.848%. Bearish factors included (1) the Nov ADP employment change that showed companies hired the most people in a year, and (2) the Fed’s Beige Book that stated the U.S. economy expanded at “modest to moderate” pace, which fueled speculation the Fed will cut its monthly bond purchases sooner rather than later. Closes: TYH4 -15.50, FVH4 -8.75.
The dollar index (DXY00 -0.02%) this morning is unchanged. EUR/USD (^EURUSD) is down -0.0007 (-0.05%) and USD/JPY (^USDJPY) is down -0.28 (-0.27%). The dollar index on Wednesday closed higher after the Nov ADP employment change showed companies boosted hiring by the most in a year, which bolstered the outlook for the Fed to taper QE3 sooner rather than later. EUR/USD fell back ahead of Thursday’s ECB meeting and after Eurozone Oct retail sales unexpectedly declined. Closes: Dollar index +0.005 (+0.01%), EUR/USD -0.00097(-0.07%), USD/JPY -0.153 (-0.15%).
Jan WTI crude oil (CLF14 +0.20%) this morning is up +33 cents (+0.34%) and Jan gasoline (RBF14 -0.11%) is down -0.0010 (-0.04%). Jan crude oil and gasoline prices on Wednesday closed mixed. Jan crude posted a 5-week high after weekly EIA crude inventories plunged -5.59 million bbl, the first decline since Sep and a larger draw than expectations of -500,000 bbl. Jan gasoline fell back from a 2-3/4 month high after weekly EIA gasoline stockpiles showed a larger-than-expected rise of +1.828 million bbl to a 1-month high. Closes: CLF4 +1.16 (+1.21%), RBF4 -0.0045 (-0.17%).

GLOBAL EVENT CALENDAR12/05/2013

US	0730 ET	Nov Challenger job cuts, Oct -4.2% y/y.
	0815 ET	Atlanta Fed President Dennis Lockhart speaks on the economy and monetary policy in Fort Lauderdale, FL.
	0830 ET	Weekly initial unemployment claims expected +5,000 to 321,000, previous -10,000 to 316,000. Weekly continuing claims expected +24,000 to 2.800 million, previous -91,000 to 2.776 million.
	0830 ET	Q3 GDP expected to be revised higher to +3.1% (q/q annualized) from +2.8%. Q3 personal consumption expected unrevised at +1.5%. Q3 GDP price index expected unrevised at +1.9%. Q3 core PCE expected unrevised at +1.4%.
	0830 ET	USDA weekly Export Sales.
	1000 ET	Oct factory orders expected -1.0%, Sep +1.7%.
	1100 ET	Treasury announces amount of 3-year T-notes (previous $30 billion), 10-year T-notes (previous $24 billion) and 30-year T-bonds (previous $16 billion) to be auctioned Dec 10-12.
	1215 ET	Dallas Fed President Richard Fisher speaks on Federal Reserve Operations and Economic Update at a community forum at Texas A&M University.
UK	0430 ET	UK Nov Lloyds employment confidence, Oct -11.
	0700 ET	BOE announces interest rate decision and asset purchase target (expected no change to the 0.50% benchmark rate or to the 375 billion pound asset purchase target).
EUR	0745 ET	ECB announces interest rate decision.
	0830 ET	ECB President Mario Draghi speaks at monthly press conference.

U.S. STOCK CALENDAR12/05/2013

Company Name	Ticker	Time	Event Description	Period	Estimate
Kroger Co/The	KR US	Bef-mkt	Q3 2014 Earnings Release	Q3 2014	0.533
Dollar General Corp	DG US	Bef-mkt	Q3 2014 Earnings Release	Q3 2014	0.699
L Brands Inc	LB US	7:30	November 2013 Sales and Revenue Call	2013
Toro Co/The	TTC US	8:30	Q4 2013 Earnings Release	Q4 2013	0.032
Protective Life Corp	PL US	9:00	Investor Conference	Y 2013
Hospira Inc	HSP US	9:00	Investor Day	Y 2013
Kroger Co/The	KR US	10:00	Q3 2014 Earnings Call	Q3 2014
Bank of America Corp	BAC US	10:00	Bank of America and the US Government to Argue in Court on Amount of Penalty
Dollar General Corp	DG US	10:00	Q3 2014 Earnings Call	Q3 2014
Toro Co/The	TTC US	11:00	Q4 2013 Earnings Call	Q4 2013
Cooper Cos Inc/The	COO US	16:00	Q4 2013 Earnings Release	Q4 2013	1.802
Cooper Cos Inc/The	COO US	17:00	Q4 2013 Earnings Call	Q4 2013
Ulta Salon Cosmetics & Fragrance Inc	ULTA US	17:00	Q3 2014 Earnings Call	Q3 2014
Ulta Salon Cosmetics & Fragrance Inc	ULTA US	Aft-mkt	Q3 2014 Earnings Release	Q3 2014	0.741
Gap Inc/The	GPS US		November 2013 Sales and Revenue Release	2013
L Brands Inc	LB US		November 2013 Sales and Revenue Release	2013
Costco Wholesale Corp	COST US		November 2013 Sales and Revenue Release	2013
Bally Technologies Inc	BYI US		Annual General Meeting
ACE Ltd	ACE US		Investor Meeting - Day 4	Y 2013
Myriad Genetics Inc	MYGN US		Annual General Meeting
Ameren Corp	AEE US		Investor Meeting - Day 2	Y 2013

BARCHART MORNING CALL 11/15

BARCHART MORNING CALL

Friday, November 15th, 2013View Older Reports

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OVERNIGHT MARKETS AND NEWS

December E-mini S&Ps (ESZ13 +0.21%) this morning are up +0.20% at a fresh record high and European stocks are up +0.08% on optimism the Fed won't withdraw stimulus immediately. Asian stocks closed higher: Japan +1.95%, Hong Kong +1.69%, China +2.01%, Taiwan +0.52%, Australia +0.86%, Singapore +0.32%, South Korea +2.23%, India closed for holiday. Global stocks found support from Fed Chair nominee Yellen's comments on Thursday that she is committed to promoting a strong U.S. economic recovery and will ensure monetary stimulus isn't removed too soon. Japanese exporters rallied and led the Nikkei Stock Index to a 5-1/2 month high as the yen weakened past 100 to the dollar for the first time in 2 months, which should boost exporters' profits. Commodity prices are mixed. Dec crude oil (CLZ13 +0.13%) is up +0.15%. Dec gasoline (RBZ13 -0.51%) is down -0.52%. Dec gold (GCZ13 -0.32%) is down -0.32% and Dec copper (HGZ13 -0.17%) is down -0.32%. Agricultural and livestock prices are mostly higher. The dollar index (DXY00 unch) is up +0.04%. EUR/USD (^EURUSD) is down -0.09%. USD/JPY (^USDJPY) is up +0.36% at a 2-month high as the yen weakened on speculation the BOJ may announce additional stimulus measures when it meets next week. December T-note prices (ZNZ13 -0.09%) are down -4 ticks.
Eurozone Oct CPI was -0.1% m/m, right on expectations, and on an annual basis was left unrevised at a 4-year low of +0.7% y/y. Oct core CPI was also left unrevised at +0.8% y/y.
EU Economic and Monetary Affairs Commissioner Rehn said "The gradual recovery is underway in Europe," and that challenges remain for Spain and Ireland.
Moody's Investors Service cut its senior holding company ratings one level on four of the biggest U.S. banks: Morgan Stanley, Goldman Sachs, JPMorgan Chase and Bank of New York Mellon, saying the government would be less likely to help them repay creditors in a crisis.

U.S. STOCK PREVIEW

Today’s Oct industrial production report is expected to show a modest increase of +0.2% following the +0.6% increase seen in Sep. Today’s Nov Empire manufacturing index is expected to show a +3.48 to 5.00, reversing part of the -4.77 point decline to 1.52 seen in October. Today’s Oct import price index is expected to show declines of -0.5% m/m and -1.7% y/y following the Sep report of +0.2% m/m and -1.0% y/y. There are no major earnings reports today. Equity conferences during the remainder of this week include: Morgan Stanley Asia Pacific Summit on Thu, and Mexico Investors Forum 2013 on Fri.

OVERNIGHT U.S. STOCK MOVERS

Morgan Stanley reiterated its 'Overweight' rating on Amazon.com (AMZN +3.14%) and raised its price target on the stock to $404 from $380.
TransDigm (TDG -2.21%) was upgraded to 'Buy' from 'Hold' at KeyBanc.
Kellogg (K +1.33%) was downgraded to 'Underweight' from 'Equal Weight' at Barclays.
JPMorgan Chase (JPM +0.48%) reported October net credit losses of 2.82% vs. 2.63% in Sep and October delinquency rate of 1.60% vs. 1.57% in Sep.
Travel Centers of America (TA +0.37%) announced that it has agreed to acquire 31 convenience stores with retail gasoline stations for $67 million.
Reuters reported that Comcast (CMCSA +0.63%) is planning to begin selling movies for download and streaming through the cable operator's set-top boxes and its Xfinity TV website.
Kimberly Clark (KMB +0.80%) climbed nearly 7% in after-hours trading after it said that it is pursuing a spin-off of its health care business.
Agilent (A -1.29%) reported Q4 adjusted EPS of 81 cents, stronger than consensus of 76 cents.
Nordstrom (JWN +0.08%) reported Q3 EPS of 69 cents, higher than consensus of 66 cents.
Applied Materials (AMAT -0.62%) reported Q4 adjusted EPS of 19 cents, better than consensus of 18 cents.

MARKET COMMENTS

Dec E-mini S&Ps (ESZ13 +0.21%) this morning are up +3.50 points (+0.20%) at a fresh record high. The S&P 500 index on Thursday posted a record high and closed higher. Bullish factors for stocks included (1) comments from Fed Chair nominee Yellen who said "it is imperative that we do what we can to promote a strong recovery," which signals the Fed will maintain the current pace of QE3, and (2) additional comments from Yellen who said that she sees "no evidence of an asset-price bubble" in the stock market. Closes: S&P 500 +0.48%, Dow Jones +0.35%, Nasdaq 100 +0.28%.
Dec 10-year T-notes (ZNZ13 -0.09%) this morning are down -4 ticks. Dec 10-year T-note prices on Thursday closed higher. Supportive factors for T-notes included (1) comments from Fed Chair nominee Yellen who said she will continue with the current pace of QE3 until the economy improves, and (2) bond dealer short-covering after the Treasury concluded its $70 billion sale of T-notes and T-bonds in its quarterly refunding. Closes: TYZ3 +15.50, FVZ3 +9.50.
The dollar index (DXY00 unch) this morning is up +0.032 (+0.04%). EUR/USD (^EURUSD) is down -0.0012 (-0.09%). USD/JPY (^USDJPY) is up +0.36 (+0.36%) at a 2-month high. The dollar index on Thursday closed higher after Fed Chair nominee Yellen said she is committed to promoting a strong economic recovery, which would be dollar positive. USD/JPY rose to a 2-month high as the yen weakened on speculation the slowdown in Japan Q3 GDP will prompt the BOJ to increase its asset purchases to stimulate growth. Closes: Dollar index +0.097 (+0.12%), EUR/USD -0.00278 (-0.21%), USD/JPY +0.775 (+0.78%).
Dec WTI crude oil (CLZ13 +0.13%) this morning is up +14 cents (+0.15%) and Dec gasoline (RBZ13 -0.51%) is down -0.0140 (-0.52%). Dec crude oil and gasoline prices on Thursday closed mixed. Dec crude sank to a 5-1/4 month low on bearish factors that included (1) the +2.64 million bbl increase in weekly EIA inventories to a 4-1/2 month high of 388.1 million bbl, (2) the +1.69 million bbl increase in inventories at Cushing, OK, the delivery hub for WTI futures, to a 3-month high of 38.2 million bbl, and (3) the increase in U.S. crude production in the week ended Nov 8 by +1.6% to a 24-3/4 year high of 7.981 million barrels a day. Dec gasoline rose to a 4-week high after weekly EIA gasoline stockpiles tumbled -838,000 bbl to an 11-1/2 month low of 209.2 million bbl. Closes: CLZ3 -0.12 (-0.13%), RBZ3 +0.0557 (+2.12%).

GLOBAL EVENT CALENDAR11/15/2013

US	0830 ET	Nov Empire manufacturing index expected +3.48 to 5.00, Oct -4.77 to 1.52.
	0830 ET	Oct import price index expected -0.5% m/m and -1.6% y/y, Sep +0.2% m/m and -1.0% y/y.
	0830 ET	USDA weekly Export Sales.
	0915 ET	Oct industrial production expected +0.2%, Sep +0.6%. Oct manufacturing production expected +0.2%, Sep +0.1%. Oct capacity utilization expected unch at 78.3%.
	1000 ET	Sep wholesale inventories expected +0.4%, Aug +0.5%. Sep wholesale trade sales expected +0.3%, Aug +0.6%.
EUR	0500 ET	Revised Eurozone Oct CPI, previous +0.7% y/y and core CPI +0.8% y/y.

U.S. STOCK CALENDAR11/15/2013

Company Name	Ticker	Time	Event Description	Period	Estimate
Towers Watson & Co	TW US	8:00	Annual General Meeting	Y 2013
General Electric Co	GE US	10:00	Investor Meeting - GE Capital	Y 2013
Sysco Corp	SYY US	11:00	Annual General Meeting	Y 2013
Twenty-First Century Fox Inc	FOXA US		U.S. Box Office Release of Movie The Book Thief""
Questar Corp	STR US		Roadshow - West Coast - Day 2	Y 2013
Molex Inc	MOLX US		Annual General Meeting - M&A Vote	Y 2013

Barchart Moring Call 8/7

Barchart Morning Call

BC - 2 hrs 23 mins ago

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OVERNIGHT MARKETS AND NEWS

September E-mini S&Ps (ESU13 -0.37%) this morning are down -0.32% and European stocks are down -0.08%. Asian stocks closed mostly lower: Japan -4.00%, Hong Kong -1.53%, China -0.57%, Taiwan -1.46%, Australia -1.85%, Singapore +0.16%, South Korea -1.64%, India -0.36%. Global stocks retreated on speculation the Fed may be nearer to tapering stimulus after hawkish comments Tuesday from Chicago Fed President Evans who said he "would not rule out" a decision to begin cutting bond purchases as soon as September. GBP/USD erased early losses and climbed to a 5-week high as the British pound rallied after the BOE hiked its UK growth projections for this year and next. Commodity prices are mixed. Sep crude oil (CLU13 -0.08%) is up +0.05%, Sep gasoline (RBU13 -0.16%) is down -0.10%, Dec gold (GCZ13 -0.48%) is down -0.51% at a 3-week low on speculation the Fed will soon begin to trim stimulus, and Sep copper (HGU13 -0.96%) is down -0.69%. Agricultural prices are mixed. The dollar index (DXY00 -0.04%) is down -0.05%. EUR/USD (^EURUSD) is down -0.06% and USD/JPY (^USDJPY) is down -0.45% at a 1-1/2 month low as the yen strengthens on speculation the BOJ probably won't expand stimulus measures at its 2-day meeting that ends tomorrow. September T-note prices (ZNU13 +0.05%) are up +2.5 ticks on weak stocks.
The BOE in its monthly inflation report raised its UK 2013 and 2014 GDP estimates to 1.5% and 2.7% from 1.2% and 1.9% forecast in May. The BOE also said it sees inflation cooling gradually and reaching its 2% target in Q4 of 2015. BOE Governor Carney for the first time linked the monetary policy outlook to unemployment when he said that "while the unemployment rate remains above 7%, the Monetary Policy Committee (MPC) stands ready to undertake further asset purchases if further stimulus is warranted. But until the unemployment threshold is reached the MPC intends not to reduce the stock of asset purchases from the current 375 billion pounds."
The UK July Lloyds employment confidence climbed to -22 from -33 in June, its highest level in 5-3.4 years.
German Jun industrial production rose +2.4% m/m and +2.0% y/y, much stronger than expectations of +0.3% m/m and -0.3% y/y, with the +2.4% m/m increases the biggest monthly gain in 23-months.

U.S. STOCK PREVIEW

The Treasury today will sell $24 billion in 10-year T-notes in a new issue as opposed to a reopening of an existing issue. The Treasury on Thursday will conclude this week’s $72 billion Treasury coupon package by selling $16 billion in 30-year T-bonds. Today’s 10-year T-note was trading at 2.65% in when-issued trading late yesterday afternoon. There are 11 of the S&P 500 companies that report earnings today: Devon Energy (consensus $0.95), Pepco Holdings (0.23), Time Warner (0.76), Duke Energy (0.93), Marsh & McLennan (0.67), Molex (0.35), Ralph Lauren (1.94), Mondelez (0.34), Prudential Financial (1.99), CenturyLink (0.66), and Frontier Communications (0.06).
Conferences during the remainder of this week include the Mitsubishi Technology Tour on Mon-Thu, JP Morgan Oil & Gas Corporate Access on Wed, Goldman Sachs Power and Utility Conferenceon Thu, and Nasdaq Summer Analyst Conference on Fri.

OVERNIGHT U.S. STOCK MOVERS

Fossil (FOSL +17.81%) was downgraded to "Neutral" from "Buy" at Citigroup, although Citigroup raised its price target on the stock to $135 from $125.
Marsh & McLennan (MMC -0.47%) reported Q2 EPS of 72 cents, better than consensus of 67 cents.
Devon Energy (DVN -0.36%) reported Q2 EPS of $1.21, well ahead of consensus of 95 cents.
Time Warner (TWX -0.60%) reported Q2 EPS of 83 cents, stronger than consensus of 76 cents.
Marathon Oil (MRO -2.51%) reported Q2 adjusted EPS of 67 cents, lower than consensus of 71 cents.
Live Nation (LYV -1.86%) reported Q2 EPS of 30 cents, well ahead of consensus of 10 cents.
C.H. Robinson (CHRW -0.13%) reported Q2 EPS of 70 cents, weaker than consensus of 74 cents.
URS Corporation (URS -3.95%) reported Q2 non-GAAP EPS of $1.16, better than consensus of 96 cents.
First Solar (FSLR -2.32%) fell over 9% in after-hours trading after it reported Q2 EPS of 39 cents, weaker than consensus of 52 cents, and lowered guidance on its fiscal 2013 EPS outlook to $3.75-$4.25 from $4.00-$4.50.
Disney (DIS +1.56%) reported Q3 EPS ex-items of $1.03, better than consensus of $1.01.
21st Century Fox (FOXA -0.41%) reported Q4 adjusted EPS of 31 cents, lower than consensus of 34 cents.
CF Industries (CF -1.84%) reported Q2 EPS of $8.38, better than consensus of $7.64.
Genpact (G -0.14%) reported Q2 adjusted EPS of 32 cents, well ahead of consensus of 25 cents, but then said it sees fiscal 2013 revenue at the lower half of $2.15 billion-$2.2 billion, below consensus of $2.19 billion.
Sotheby's (BID -0.51%) reported Q2 EPS of $1.33, weaker than consensus of $1.37.
According to Bloomberg, Amgen (AMGN -2.06%) is set to boost its bid for Onyx (ONXX -1.03%) to $130 per share.

MARKET COMMENTS

Sep E-mini S&Ps (ESU13 -0.37%) this morning are down -5.50 points (-0.32%). The S&P 500 index on Tuesday closed lower, led by a decline in retailers, after a Janney Montgomery analyst downgraded the retail softline sector to “underweight” from “neutral.” Stocks failed to garner much support from the smaller-than-expected U.S. Jun trade deficit of -$34.2 billion, the lowest in 3-1/2 years, which should lead to an upward revision of Q2 GDP. Closes: S&P 500 -0.57%, Dow Jones -0.60%, Nasdaq 100 -0.67%.
Sep 10-year T-notes (ZNU13 +0.05%) this morning are up +2.5 ticks. Sep 10-year T-note prices on Tuesday closed little changed as increased demand for Treasuries because of a slide in stocks was offset by comments from Chicago Fed President Evans who said he would “clearly not rule out” a tapering of stimulus in September. Closes: TYU3 +0.50, FVU3 +0.25.
The dollar index (DXY00 -0.04%) this morning is down -0.042 (-0.05%). EUR/USD (^EURUSD) is down -0.0008 (-0.06%) and USD/JPY
(^USDJPY)is down -0.44 (-0.45%). The dollar index on Tuesday closed lower. EUR/USD strengthened after German Jun factory orders jumped +3.8% m/m, the biggest increase in 8 months. USD/JPY slipped to a 6-week low as the yen strengthened on increased safe-haven demand as stocks faltered. Closes: Dollar index -0.272 (-0.33%), EUR/USD +0.00468(+0.35%), USD/JPY -0.555 (-0.56%).
Sep WTI crude oil (CLU13 -0.08%) this morning is up +5 cents a barrel (+0.05%) and Sep gasoline (RBU13 -0.16%) is down -0.0029 (-0.10%). Sep crude oil and gasoline prices on Tuesday closed lower. Crude prices fell as stocks weakened and after the EIA in its Short-Term Energy Outlook raised its U.S. crude production forecast to 7.4 million barrels a day in 2013 and 8.2 million in 2014, 100,000 barrels a day higher than last month’s forecast. Gasoline prices tumbled to a 4-week low after the value for 2013 Renewable Identification Numbers, or RINS, slumped to a 2-month low. Refiners must buy the RINs in lieu of blending ethanol into gasoline to meet federal requirements for biofuel use. Closes: CLU3 -1.26 (-1.18%), RBU3 -0.0355 (-1.20%).

GLOBAL EVENT CALENDAR08/07/2013

US	0700 ET	Weekly MBA mortgage applications, previous -3.7% with purchase sub-index -3.4% and refi sub-index -3.8%.
	1030 ET	EIA Weekly Petroleum Status Report.
	1230 ET	Philadelphia Fed President Charles Plosser speaks on the economic outlook at an event in Washington D.C.
	1300 ET	Treasury auctions $24 billion 10-year T-notes.
	1340 ET	Cleveland Fed President Sandra Pianalto speaks on monetary policy and the economic outlook at an event in Cleveland.
	1500 ET	Jun consumer credit expected $15.00 billion, May $19.615 billion.
UK	0430 ET	UK July Lloyds employment confidence, Jun -33.
	0530 ET	BOE releases monthly inflation report.
GER	0600 ET	German Jun industrial production expected +0.3% m/m (s/a) and -0.3% y/y, May -1.0% m/m (sa) and -1.0% y/y.
JPN	1950 ET	Japan Jun trade balance balance-of-payment basis expected -128.7 billion yen, May -906.7 billion yen.
CHI	n/a	China July trade balance expected +$26.45 billion, Jun +$27.12 billion. July exports expected +2.0% y/y, Jun 3.1% y/y. July imports expected +1.0% y/y, Jun -0.7% y/y.

U.S. STOCK CALENDAR08/07/2013

Company Name	Symbol	Time	Event Description	Period	EPS Est (US$)
Devon Energy Corp	DVN US	Bef-mkt	Q2 2013 Earnings Release	Q2 2013	0.95
Pepco Holdings Inc	POM US	Bef-mkt	Q2 2013 Earnings Release	Q2 2013	0.233
Time Warner Inc	TWX US	7:00	Q2 2013 Earnings Release	Q2 2013	0.759
Duke Energy Corp	DUK US	7:00	Q2 2013 Earnings Release	Q2 2013	0.93
Marsh & McLennan Cos Inc	MMC US	7:00	Q2 2013 Earnings Release	Q2 2013	0.673
Molex Inc	MOLX US	7:30	Q4 2013 Earnings Release	Q4 2013	0.346
Ralph Lauren Corp	RL US	8:00	Q1 2014 Earnings Release	Q1 2014	1.944
Marathon Oil Corp	MRO US	8:00	Q2 2013 Earnings Call	Q2 2013
Integrys Energy Group Inc	TEG US	8:00	Analyst Day	Y 2013
Marsh & McLennan Cos Inc	MMC US	8:30	Q2 2013 Earnings Call	Q2 2013
Ralph Lauren Corp	RL US	9:00	Q1 2014 Earnings Call	Q1 2014
EOG Resources Inc	EOG US	9:00	Q2 2013 Earnings Call	Q2 2013
Molex Inc	MOLX US	9:30	Q4 2013 Earnings Call	Q4 2013
Duke Energy Corp	DUK US	10:00	Q2 2013 Earnings Call	Q2 2013
CF Industries Holdings Inc	CF US	10:00	Q2 2013 Earnings Call	Q2 2013
Pepco Holdings Inc	POM US	10:00	Q2 2013 Earnings Call	Q2 2013
Time Warner Inc	TWX US	10:30	Q2 2013 Earnings Call	Q2 2013
Devon Energy Corp	DVN US	11:00	Q2 2013 Earnings Call	Q2 2013
Mondelez International Inc	MDLZ US	16:00	Q2 2013 Earnings Release	Q2 2013	0.341
Prudential Financial Inc	PRU US	16:07	Q2 2013 Earnings Release	Q2 2013	1.992
Frontier Communications Corp	FTR US	16:30	Q2 2013 Earnings Call	Q2 2013
Mondelez International Inc	MDLZ US	17:00	Q2 2013 Earnings Call	Q2 2013
CenturyLink Inc	CTL US	17:00	Q2 2013 Earnings Call	Q2 2013
CenturyLink Inc	CTL US	Aft-mkt	Q2 2013 Earnings Release	Q2 2013	0.664
Frontier Communications Corp	FTR US	Aft-mkt	Q2 2013 Earnings Release	Q2 2013	0.059