MORNING CALL 1/19

Barchart Morning Call

Barchart.com - 3 minutes ago

OVERNIGHT MARKETS AND NEWS

Mar E-mini S&Ps (ESH17 -0.08%) are down -0.08% and European stocks are down -0.09% ahead of the results of today's ECB meeting. The ECB is expected to keep its monthly asset purchases at 80 billion euros ($85 billion) until March, and then at 60 billion euros from April to December. The markets will also scour comments from ECB President Draghi about when the central bank may begin to taper QE at his press conference following today's ECB meeting. Metals prices are weaker with Feb COMEX gold (GCG17 -0.76%) down -0.82% and Mar COMEX copper (HGH17 -0.52%) down -0.59% at a 1-week low after comments yesterday from Fed Chair Yellen bolstered interest rate hike expectations when she said the U.S. economy is close to the Fed's objectives of full employment and stable prices. Stock losses were muted as energy producing companies gained with Mar WTI crude oil prices (CLH17 +1.21%) up +0.69% after the API late yesterday reported that U.S. crude stockpiles fell by -5.04 million bbl last week. Asian stocks settled mixed: Japan +0.94%, Hong Kong -0.21%, China -0.38%, Taiwan -0.26%, Australia +0.24%, Singapore +0.27%, South Korea +0.23%, India +0.19%. Chinese stocks were led lower by losses in mining stocks with the slide in metals prices while Japanese stocks moved higher as strength in USD/JPY boosted exporter stocks.

The dollar index (DXY00 +0.15%) is up +0.18%. EUR/USD (^EURUSD) is up +0.32%. USD/JPY (^USDJPY) is down -0.06%.

Mar 10-year T-note prices (ZNH17 -0.34%) are down -13.5 ticks at a 1-week low on continuation of weakness seen late yesterday after comments from Fed Chair Yellen bolstered the prospects for more Fed rate hikes.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) weekly initial unemployment claims (expected +5,000 to 252,000, previous +10,000 to 247,000) and continuing claims (expected -12,000 to 2.075 million, previous -29,000 to 2.087 million), (2) Dec housing starts (expected +8.9% to 1.187 million, Nov 18.7% to 1.090 million), (3) Jan Philadelphia Fed business outlook index (expected -4.9 to 15.1, Dec +11.0 to 19.7), (4) Treasury auctions $13 billion of 10-year TIPS, (5) Fed Chair Janet Yellen speaks to the Stanford Institute for Economic Policy Research, and (6) EIA Weekly Petroleum Status Report.

S&P 500 earnings reports today include: IBM (consensus $4.88), AMEX (0.99), Union Pacific (1.33), PPG Industries (1.18), BB&T (0.74), M&T Bank (2.04), JB Hunt (1.01), KeyCorp (0.29), Bank of NY Mellon (0.77), People's United Financial (0.24), Schlumberger (0.26), Skyworks Solutions (1.58).

U.S. IPO's scheduled to price today: Keane Group (FRAC).

Equity conferences: ACI Future of Polyolefins Summit on Thu.

OVERNIGHT U.S. STOCK MOVERS

Exxon Mobile (XOM -1.24%) was downgraded to 'Sell' from 'Neutral' at UBS with a price target of $77.

Netflx (NFLX +0.28%) jumped over 7% in pre-market trading after it reported 1.93 million net streaming adds, higher than consensus of 1.45 million, and said it added 5.12 million new customers in international markets, above consensus of 3.78 million.

Under Armour (UAA -2.62%) was rated a new 'Buy' at CLSA with a price target of $37.

CSX Corp. (CSX -3.18%) rallied 8% in after-hours trading after the WSJ reported that outgoing CEO Hunter Harrison and activist investor Paul Hilal are finalizing a partnership and are set to target CSX.

Kinder Morgan (KMI -0.49%) fell over 2% in after-hours trading after it reported Q4 revenue of $3.39 billion, below consensus of $3.53 billion.

Mondelex International (MDLZ +0.29%) rose nearly 3% in after-hours trading after Bega Cheese agreed to buy Mondelez's Australian grocery business for A$460 million.

Canadian Pacific Railway (CP -0.45%) lost 1% in after-hours trading after the company accelerated the retirement of CEO Hunter Harrison by about 6 months after he inquired about the possibility of working with other major freight railroads.

Rent-A-Center (RCII +1.39%) tumbled over 12% in after-hours trading after it said preliminary Q4 core comparable sales tumbled 14% and that it will have a Q4 loss per share of -20 cents to -30 cents, much weaker than consensus for EPS of 10 cents.

Zynerba Pharmaceuticals (ZYNE +15.18%) declined nearly 7% in after-hours trading after it announced a proposed public offering of common stock.

Oclaro (OCLR -0.61%) jumped nearly 8% in after-hours trading after it reported preliminary Q2 revenue of $153.5 million-$154 million, better than consensus of $150.5 million.

PTC Inc. (PTC +0.04%) rose over 1% in after-hours trading after it reported Q1 adjusted revenue of $287.2 million, above consensus of $285.6 million.

Heron Therapeutics (HRTX -0.39%) dropped over 3% in after-hours trading after it proposed a $150 million public offering of common stock.

La Quinta Holdings (LQ +1.40%) gained almost 2% in after-hours trading after it said it will pursue plans to separate into two stand-alone publicly traded companies which could involve a spinoff of its real estate assets.

Plexus (PLXS +0.58%) slid over 2% in after-hours trading after it said it sees Q2 revenue of $620 million-$650 million, below consensus of $658.7 million.

EP Energy (EPE -2.79%) dropped nearly 4% in after-hours trading after it was downgraded to 'Sell' from 'Neutral' at UBS.

MARKET COMMENTS

Mar E-mini S&Ps (ESH17 -0.08%) this morning are down -1.75 points (-0.08%). Wednesday's closes: S&P 500 +0.18%, Dow Jones -0.11%, Nasdaq +0.22%. The S&P 500 on Wednesday closed higher on comments from Dallas Fed President Kaplan (voter) who said he's "pretty optimistic" about the 2017 economic outlook. Stocks were also boosted by the +0.8% increase in U.S. Dec industrial production, stronger than expectations of +0.6% and the biggest increase in 2 years. Stocks were undercut by the -2 point decline in the U.S. Jan NAHB housing market index to 67 (weaker than expectations for a decline to 69) and by the +0.2% increase in U.S. Dec manufacturing production (weaker than expectations of +0.4%).

Mar 10-year T-notes (ZNH17 -0.34%) this morning are down -13.5 ticks at a 1-week low. Wednesday's closes: TYH7 -16.50, FVH7 -9.50. Mar 10-year T-notes on Wednesday closed lower on increased inflation expectations that bolster the case for tighter Fed policy after the 10-year T-note breakeven inflation rate rose to a 2-1/3 year high. T-notes were also undercut by comments from Dallas Fed President Kaplan who said that stronger growth and structural reforms "would allow the Fed to more quickly normalize interest rates."

The dollar index (DXY00 +0.15%) this morning is up +0.18 (+0.18%). EUR/USD (^EURUSD) is up +0.0034 (+0.32%). USD/JPY (^USDJPY) is down -0.07 (-0.06%). Wednesday's closes: Dollar index +0.98 (+0.98%), EUR/USD -0.0083 (-0.77%), USD/JPY +2.02 (+1.8%). The dollar index on Wednesday closed higher on comments from Dallas Fed President Kaplan who said he's "pretty optimistic" about the 2017 economic outlook and on comments from Fed Chair Yellen who said the U.S. economy is "close" to the Fed's objectives of full employment and stable prices.

Mar WTI crude oil prices (CLH17 +1.21%) this morning are up +36 cents (+0.69%) and Mar gasoline (RBH17 +0.61%) is +0.0034 (+0.22%). Wednesday's closes: Mar crude -1.37 (-2.57%), Mar gasoline -0.0454 (-2.79%). Mar crude oil and gasoline on Wednesday closed lower with Mar gasoline at a 1-week low. Crude oil prices were undercut by the stronger dollar and by comments from IEA Director Fatih Birol who said that the recent rally in oil prices will trigger a "significant" increase in U.S. shale-oil output.

GLOBAL EVENT CALENDAR01/19/2017

		Thursday, Jan 19
US	0830 ET	Weekly initial unemployment claims expected +5,000 to 252,000, previous +10,000 to 247,000. Weekly continuing claims expected -12,000 to 2.075 million, previous -29,000 to 2.087 million.
	0830 ET	Dec housing starts expected +8.9% to 1.187 million, Nov 18.7% to 1.090 million. Dec building permits expected +1.1% to 1.225 million, Nov -3.8% to 1.212 million.
	0830 ET	Jan Philadelphia Fed business outlook survey expected -4.9 to 15.1, Dec +11.0 to 19.7.
	1100 ET	EIA Weekly Petroleum Status Report.
	1100 ET	Treasury announces amount of 2-year T-notes (previous $26 billion), 2-year floating-rate notes (previous $13 billion), 5-year T-notes (previous $34 billion) and 7-year T-notes (previous $28 billion) to be auctioned Jan 24-26.
	1300 ET	Treasury auctions $13 billion of 10-year TIPS.
	2000 ET	Fed Chair Janet Yellen speaks to the Stanford Institute for Economic Policy Research.
		Friday, Jan 20
US	0830 ET	USDA weekly Export Sales.
	0900 ET	Philadelphia Fed President Patrick Harker (voter) speaks on the economic outlook at an event in New Jersey.
	n/a	President-elect Trumps swearing in ceremony begins.
	1300 ET	San Francisco Fed President John Williams (non-voter) delivers closing remarks at the Bay Area Council meeting.
	1545 ET	San Francisco Fed President John Williams (non-voter) speaks at the Solano Economic Development Corporations Annual Luncheon meeting.

U.S. STOCK CALENDAR01/19/2017

Company	Ticker	Time	Event Description	Period	Estimate
PPG Industries Inc	PPG US	Bef-mkt	Q4 2016 Earnings Release	Q4 2016	1.182
BB&T Corp	BBT US	Bef-mkt	Q4 2016 Earnings Release	Q4 2016	0.739
M&T Bank Corp	MTB US	Bef-mkt	Q4 2016 Earnings Release	Q4 2016	2.036
JB Hunt Transport Services Inc	JBHT US	Bef-mkt	Q4 2016 Earnings Release	Q4 2016	1.01
KeyCorp	KEY US	Bef-mkt	Q4 2016 Earnings Release	Q4 2016	0.29
Bank of New York Mellon Corp/The	BK US	6:30	Q4 2016 Earnings Release	Q4 2016	0.772
Union Pacific Corp	UNP US	7:00	Q4 2016 Earnings Release	Q4 2016	1.329
Skyworks Solutions Inc	SWKS US	Aft-mkt	Q1 2017 Earnings Release	Q1 2017	1.582
DR Horton Inc	DHI US		Annual General Meeting

MORNING CALL 4/18

MORNING CALL

Monday, April 18th, 2016View Older Reports

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OVERNIGHT MARKETS AND NEWS

Jun E-mini S&Ps (ESM16 -0.34%) are down -0.33% and European stocks are down -0.28% as crude oil prices (CLK16 -3.96%) tumbled -3.72% to a 1-week low after a weekend meeting in Doha between OPEC members ended without a deal on freezing crude production. Saudi Arabian Crown Prince Mohammed bin Salman said that Saudi Arabia would not restrain its production without commitments from other major oil producers including Iran, which has ruled out freezing its crude production for now. Stocks recovered from their worst levels after comments to the Financial Times from St. Louis Fed President Bullard signal he favors delaying additional interest rate increases. Asian stocks settled mostly lower: Japan -3.40%, Hong Kong -0.73%, China -1.44%, Taiwan -0.40%, Australia -0.40%, Singapore -0.21%, South Korea -0.21%, India +0.74%. Japanese stocks closed lower with a sell-off in insurance companies leading the overall market lower after earthquakes struck southern Japan. Exporter stocks also fell as USD/JPY fell back toward its recent 17-1/2 month low after the weekend G-20 meeting in Washington failed to show support for any intervention in currency markets to slow the yen's recent strength.

The dollar index (DXY00 -0.11%) is down -0.10%. EUR/USD (^EURUSD) up +0.19%. USD/JPY (^USDJPY) is down -0.38% after U.S. Treasury Secretary Lew late Friday said that foreign-exchange moves are "orderly," a signal that the U.S. doesn't view yen-selling intervention as warranted.

Jun T-note prices (ZNM16 +0.04%) are up +1.5 ticks.

St. Louis Fed President Bullard told the Financial Times the "the jobs report we got this month was very strong but the GDP tracking has moved down substantially for Q1 and to some extent for Q2." This supports arguments for patience in assessing whether to lift the benchmark U.S. rate.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) New York Fed President William Dudley gives opening remarks at a conference titled “The Transatlantic Economy: Convergence or Divergence” in New York, (2) Apr NAHB housing market index (expected +1 to 59, Mar unch at 58), and (3) Minneapolis Fed President Neel Kashkari's speech at an event hosted by the Minnesota Chamber of Commerce.

There are 8 of the S&P 500 companies that report earnings today: Morgan Stanley (consensus $0.47), IBM (2.09), Netflix (0.04), M&T Bank (1.87), JB Hunt Transport (0.85), PepsiCo (0.81), Hasbro (0.24), WW Grainger (2.85).

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

Equity conferences this week include: American Academy Of Neurology Meeting on Mon-Wed, American Association for Cancer Research Meeting on Mon-Wed, Rx Sample Management and logistics Summit on Tue-Wed.

OVERNIGHT U.S. STOCK MOVERS

ConocoPhillips (COP -1.18%) and Chevron (CVX -0.77%) are both down over 2% in pre-market trading as crude oil fell to a 1-week low after oil output talks between OPEC and non-OPEC members ended without a deal on freezing crude production.

Union Pacific (UNP -1.35%) was downgraded to 'Neutral' from 'Buy' at UBS>

Edison International (EIX +1.46%) and Exelon (EXC -1.63%) were both downgraded to 'Hold' from 'Buy' at Deutsche Bank.

Broadcom Ltd. (AVGO -2.10%) was rated a new 'Outperform' at Cowen with a price target of $190.

Apple (AAPL -2.01%) and Verizon Communications (VZ -0.02%) were both upgraded to 'Buy' from 'Hold' at Erste Group.

NetApp (NTAP -2.03%) was downgraded to 'Underperform' from 'Neutral' at Sterne Agee CRT.

Disney (DIS -0.04%) was upgraded to 'Buy' from 'Hold' at Pivotal Research Group LLC with a 12-month price target of $121.

Chemical Financial (CHFC +0.46%) reported Q1 adjusted EPS of 65 cents, higher than consensus of 63 cents.

Autoliv (ALV -0.57%) was downgraded to 'Sell' from 'Neutral' at Goldman Sachs.

Groupon (GRPN +3.85%) gained over 1% in after-hours trading after New Enterprise Associates reported a 7.7% stake in the company.

Autohome (ATHM +6.60%) fell over 1% in after-hours trading after it received a non-binding proposal from a consortium for $31.50/ADS, below Friday's closing price of $32.15.

Calumet Specialty Products (CLMT -7.39%) dropped nearly 3% in after-hours trading after it said it sees a Q1 net loss of $59 million-$83 million.

Zoe's Kitchen (ZOES +2.21%) rose over 1% in after-hours trading after the company dismissed PricewaterhouseCoopers LLP and appointed Deloitte & Touche LLP as its accountant.

MARKET COMMENTS

June E-mini S&Ps (ESM16 -0.34%) this morning are down -6.75 points (-0.33%). Friday's closes: S&P 500 -0.10%, Dow Jones -0.16%, Nasdaq -0.25%. The S&P 500 on Friday closed lower on the unexpected -0.3% decline in U.S. manufacturing production, weaker than expectations of +0.1%, and the unexpected -1.3 point fall in the Apr University of Michigan U.S. consumer sentiment index to a 7-month low of 89.7. Stocks received some support from the +8.94 point rise in the Apr Empire manufacturing index to a 15-month high of 9.56.

June 10-year T-note prices (ZNM16 +0.04%) this morning are up +1.5 ticks. Friday's closes: TYM6 +8.50, FVM6 +4.75. Jun T-notes on Friday closed higher on the weak Mar U.S. manufacturing production report of -0.3% m/m, the biggest decline in 13 months, and on reduced inflation expectations after the 10-year T-note breakeven inflation rate fell to a 1-month low.

The dollar index (DXY00 -0.11%) this morning is down -0.94 (-0.10%). EUR/USD (^EURUSD) is up +0.0021 (+0.19%). USD/JPY (^USDJPY) is down-0.41 (-0.38%). Friday's closes: Dollar Index -0.206 (-0.22%), EUR/USD +0.0016 (+0.14%), USD/JPY -0.64 (-0.59%). The dollar index on Friday closed lower on the weaker-than-expected U.S. economic data on Mar manufacturing production and Apr University of Michigan U.S. consumer sentiment, which may delay the Fed's next rate hike.

May WTI crude oil (CLK16 -3.96%) is down -$1.50 a barrel (-3.72%). May gasoline (RBK16 -2.26%) is down -0.0361 (-2.47%). Friday's closes: CLK6-1.14 (-2.75%), RBK6 -0.0397 (-2.64%). May crude and gasoline on Friday closed lower on the weaker-than-expected U.S. Mar industrial and manufacturing production, which was negative for energy demand, and on long liquidation pressure ahead of Sunday's oil-producer meeting in Doha.

GLOBAL EVENT CALENDAR04/18/2016

US	0830 ET	New York Fed President William Dudley gives opening remarks at a conference titled The Transatlantic Economy: Convergence or Divergence in New York.
	1000 ET	Apr NAHB housing market index expected +1 to 59, Mar unch at 58.
	1100 ET	USDA weekly grain export inspections.
	1230 ET	Minneapolis Fed President Neel Kashkari delivers speech at an event hosted by the Minnesota Chamber of Commerce.
	1600 ET	USDA Weekly Crop Progress.

U.S. STOCK CALENDAR04/18/2016

Company	Ticker	Time	Event Description	Period	Estimate
M&T Bank Corp	MTB US	Bef-mkt	Q1 2016 Earnings Release	Q1 2016	1.87
JB Hunt Transport Services Inc	JBHT US	Bef-mkt	Q1 2016 Earnings Release	Q1 2016	0.853
PepsiCo Inc	PEP US	6:30	Q1 2016 Earnings Release	Q1 2016	0.812
Hasbro Inc	HAS US	6:30	Q1 2016 Earnings Release	Q1 2016	0.239
Morgan Stanley	MS US	7:00	Q1 2016 Earnings Release	Q1 2016	0.467
WW Grainger Inc	GWW US	7:30	Q1 2016 Earnings Release	Q1 2016	2.845
WW Grainger Inc	GWW US	7:30	Q1 2016 Earnings Call	Q1 2016
PepsiCo Inc	PEP US	8:00	Q1 2016 Earnings Call	Q1 2016
Hasbro Inc	HAS US	8:30	Q1 2016 Earnings Call	Q1 2016
Morgan Stanley	MS US	8:30	Q1 2016 Earnings Call	Q1 2016
M&T Bank Corp	MTB US	11:00	Q1 2016 Earnings Call	Q1 2016
Netflix Inc	NFLX US	16:05	Q1 2016 Earnings Release	Q1 2016	0.037
International Business Machines Corp	IBM US	17:00	Q1 2016 Earnings Call	Q1 2016
Netflix Inc	NFLX US	17:00	Q1 2016 Earnings Call	Q1 2016
International Business Machines Corp	IBM US	Aft-mkt	Q1 2016 Earnings Release	Q1 2016	2.091

MORNING CALL 1/11

MORNING CALL

Monday, January 11th, 2016View Older Reports

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OVERNIGHT MARKETS AND NEWS

March E-mini S&Ps (ESH16 +0.33%) are up +0.50% and European stocks are up +0.74%. The Mar E-mini S&P had posted a 3-1/4 month low in overnight trade when China's Shanghai Composite slid over 5% to a 3-3/4 month low, but recovered their losses and moved higher as they attempt to stabilize ahead of Q4 company earnings season that begins this week. European stocks were led higher by a rally in automakers, with Volkswagen, BMW AG, and Daimler AG all up over 1.5%. Asian stocks settled lower: Japan closed for holiday, Hong Kong -2.76%, China -5.33%, Taiwan -1.34%, Australia -1.17%, Singapore -1.54%, South Korea -1.22%, India -0.44%. China's Shanghai Composite closed down % after China Dec producer prices fell for a record 46th consecutive month and declined at the fastest pace in 6-1/2 years, which pessimism over China's economy. The Shanghai Composite closed on its lows even as the yuan strengthened against the dollar, after Beijing News cited Premier Li Keqiang as saying policy makers won't seek strong stimulus or flood the economy with too much investment to boost demand.

The dollar index (DXY00 -0.08%) is down -0.03%. EUR/USD (^EURUSD) is down -0.20%. USD/JPY (^USDJPY) is up +0.38% as it recovered from a 4-1/2 month low after a rally in U.S. and European stocks curbed safe-haven demand for the yen.

Mar T-note prices (ZNH16 -0.12%) are down -4.5 ticks.

Eurozone Jan Sentix investor confidence fell -6.1 to 9.6, weaker than expectations of -4.3 to 11.4 and a 1-year low.

China Dec CPI rose +1.6% y/y, right on expectations. Dec PPI fell -5.9% y/y, weaker than expectations of -5.8% y/y and matched the fastest pace of decline in 6-1/4 years.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Atlanta Fed President Dennis Lockhart speaks on the U.S. economic outlook and monetary policy to the Rotary Club of Atlanta, (2) Dallas Fed President Rob Kaplan speaks on economic conditions and monetary policy at the North Texas Economic Forum.

There are 3 of the Russell 1000 companies that report earnings today: Alcoa (consensus $0.02), Global Payments (0.75), Lumentum Holdings (0.28).

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

Equity conferences this week: North American International Auto Show (Detroit) - Press Days on Mon-Tue, J.P. Morgan Health Care Conference on Mon-Thu, Needham & Company Growth Conference on Tue, Deutsche Bank Global Auto Conference on Tue-Wed.

OVERNIGHT U.S. STOCK MOVERS

Wyndham Worldwide (WYN -0.30%) was upgraded to 'Hold' from 'Sell' at Deutsche Bank.

Ilumina (ILMN -1.52%) is up 6% in pre-market trading after it raised guidance on 2016 core adjusted EPS to $3.80-$3.90, higher than estimates of $3.76.

Whiting Petroleum (WLL +3.05%) was upgraded to 'Outperfom' from 'Market Perform' at Wells Fargo Securities.

Marathon Oil (MRO -3.00%) and Devon Energy (DVN +1.57%) were both upgraded to 'Overweight' from 'Equalweight' at Barclays.

Williams-Sonoma (WSM -3.22%) was downgraded to 'Neutral' from 'Outperform' at Wedbush.

M&T Bank (MTB -2.05%) was downgraded to 'Neutral' from 'Buy' at Goldman Sachs.

Statoil (STO -2.74%) was added to the 'Conviction Sell' list at Goldman Sachs.

L'oreal (LRLCY -0.45%) was added to the 'Conviction Buy' list at Goldman Sachs.

Keycorp (KEY -2.13%) was upgraded to 'Buy' from 'Neutral' at Goldman Sachs.

Cheniere Energy (LNG +0.11%) climbed nearly 3% in after-hours trading after Baupost raised its stake in eh company to 15.01% from 9.60% in September.

HCA Holdings (HCA -0.03%) rose nearly 6% in after-hours trading after the company said its fiscal 2015 adjusted EBITDA will be about $7.9 billion, higher than consensus of $7.77 billion.

Affymetrix (AFFX -1.39%) surged over 40% in after-hours trading after Thermo Fisher Scientific TMO acquired the company for $1.3 billion or $14 a share.

Actuity Brands (AYI -3.73%) fell over 3% in after-hours trading, adding on to Friday's -3.7% decline, after the company reported Q1 revenue of $736.6 million, below estimates of $740.1 million.

MARKET COMMENTS

Mar E-mini S&Ps (ESH16 +0.33%) this morning are up +9.50 points (+0.50%). Friday's closes: S&P 500 -1.08%, Dow Jones -1.02%, Nasdaq -0.81%. The S&P 500 on Friday erased an early rally and fell to a 3-1/4 month low on weakness in energy producers as crude oil prices declined and on concern that the recent weakness in Chinese stocks has yet to run its course. Stocks initially opened higher on carry-over support from a +1.97% rally in China's Shanghai Composite and the +292,000 increase in U.S. Dec non-farm payrolls, stronger than expectations of +200,000.

Mar 10-year T-notes (ZNH16 -0.12%) this morning are down -4.5 ticks. Friday's closes: TYH6 +9.50, FVH6 +6.50. Mar T-notes on Friday posted a 2-1/4 month high and closed higher on (1) a lack of wage pressures after U.S. Dec average hourly earnings were unch m/m and up +2.5% y/y (weaker than expectations of +0.2% m/m and +2.7% y/y) (2) weaker commodity prices that reduced inflation expectations as the 10-year T-note breakeven inflation rate fell to a 2-week low, and (3) increased safe-haven demand after the S&P 500 gave up an early rally and fell to a 3-1/4 month low.

The dollar index (DXY00 -0.08%) this morning isdown -0.030 (-0.03%) . EUR/USD (^EURUSD) is down -0.0022 (-0.20%). USD/JPY (^USDJPY) is up +0.45 (+0.38%). Friday's closes: Dollar Index +0.321 (+0.33%), EUR/USD -0.0010 (-0.09%), USD/JPY -0.41 (-0.35%). The dollar index on Friday settled higher on the stronger-than-expected U.S. Dec payroll report, which bolsters the case for the Fed to continue to raise interest rates. In addition, there was weakness in EUR/USD after German Nov industrial production unexpectedly fell -0.3% m/m, weaker than expectations of +0.5% m/m. The dollar was undercut by the slide in stocks, which boosted safe-haven demand for the yen as USD/JPY tumbled to a 4-1/2 month low.

Feb crude oil (CLG16 -1.54%) this morning is down -54 cents (-1.63%) and Feb gasoline (RBG16 +0.20%) is down -0.0056 (-0.50%). Friday's closes: CLG6 -0.39 (-1.17%), RBG6 -0.0241 (-2.10%). Feb crude oil and gasoline on Friday closed lower on a stronger dollar and on concern that the turmoil in China will exacerbate a global oil glut. Losses in crude oil were limited after U.S. Dec non-farm payrolls rose more than expected in a sign of U.S. economic strength.

GLOBAL EVENT CALENDAR01/11/2016

US	1100 ET	USDA weekly grain export inspections.
	1240 ET	Atlanta Fed President Dennis Lockhart speaks on the U.S. economic outlook and monetary policy to the Rotary Club of Atlanta.
	1750 ET	Dallas Fed President Rob Kaplan speaks on economic conditions and monetary policy at the North Texas Economic Forum.
EUR	0430 ET	Eurozone Jan Sentix investor confidence expected -4.4 to 11.3, Dec 15.7.
UK	1901 ET	UK Dec BRC sales like-for-like expected +0.5% y/y, Nov -0.4% y/y.
JPN	n/a	Japanese markets closed for Coming-of-Age Day.

U.S. STOCK CALENDAR01/11/2016

Company	Ticker	Time	Event Description	Period	Estimate
American Airlines Group Inc	AAL US	Bef-mkt	December 2015 Sales and Revenue Release - Traffic Results	2015
Sirona Dental Systems Inc	SIRO US	13:00	Extraordinary Shareholders Meeting
Alcoa Inc	AA US	16:03	Q4 2015 Earnings Release	Q4 2015	0.024
Alcoa Inc	AA US	17:00	Q4 2015 Earnings Call	Q4 2015
United Continental Holdings Inc	UAL US	17:00	December 2015 Sales and Revenue Release - Operational Performance	2015
DENTSPLY International Inc	XRAY US		Special Meeting - M&A Vote
Sirona Dental Systems Inc	SIRO US		Special Meeting - M&A Vote
Global Payments Inc	GPN US		Q2 2016 Earnings Release	Q2 2016	0.753
Lumentum Holdings Inc	LITE US		Q2 2016 Earnings Release	Q2 2016	0.283

BARCHART MORNING CALL 10/19

BARCHART MORNING CALL

Monday, October 19th, 2015View Older Reports

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OVERNIGHT MARKETS AND NEWS

December E-mini S&Ps (ESZ15 -0.23%) are down -0.10% as they fall back from a 1-3/4 month high in overnight trade. Stocks retreated after China reported its slowest pace of growth in 6-1/2 years and as Morgan Stanley dropped over 5% in pre-market trading when it reported weaker-than-expected Q3 earnings. European stocks are up +0.54% at a 5-week high led by a 4% rally in Deutsche Bank AG after it reshuffled its management in an attempt to reshape the company. Asian stocks settled mixed: Japan -0.88%, Hong Kong +0.04%, China -0.14%, Taiwan +0.31%, Australia +0.03%, Singapore-0.20%, South Korea +0.04%, India +0.55%. China's Shanghai Composite rose to a 1-3/4 month high after China Q3 GDP grew at a faster pace than expected, but the slowest pace of manufacturing activity in 6 months undercut stocks as they shed their gains and closed slightly lower.

The dollar index (DXY00 +0.30%) is up +0.32%. EUR/USD (^EURUSD) is down -0.23% at a 1-week low ahead of Thursday's ECB monetary policy meeting. USD/JPY (^USDJPY) is unchanged.

Dec T-note prices (ZNZ15 -0.15%) are down -6 ticks.

New York Fed President Dudley said "it's still too early to consider an interest-rate increase." He added that "the situation has changed in the past few months. It's true that we thought we could raise rates by the end of 2015, but turbulence in financial markets, modest global growth, energy prices and macro-prudential imbalances are slowing this process down."

China Q3 GDP rose +6.9% y/y, stronger than expectations of +6.8% y/y, but still the slowest pace of growth in 6-1/2 years.

China Sep industrial production rose +5.7% y/y, weaker than expectations of +6.0% y/y and the slowest pace on 6 months.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Oct NAHB housing market index (expected unch at 62, Sep +1 to 62), and 92) Richmond Fed President Jeffrey Lacker's speech on “Early Childhood Education in the Context of Lifetime Human Capital Investment” at the University of Richmond.

There are 7 of the S&P 500 companies that report earnings today: Morgan Stanley (consensus $0.63), IBM (3.30), Genuine Parts (1.23), Halliburton (0.27), M&T Bank (2.00), Hasbro (1.52), Zions Bancorporation (0.42).

U.S. IPO's scheduled to price today: Adesto Technologies (IOTS), Fuling Global (FORK).

Equity conferences today include: Private Wealth Latin America and The Caribbean Forum on Wed.

OVERNIGHT U.S. STOCK MOVERS

Morgan Stanley (MS +1.01%) slid over 5% in pre-market trading after it reported Q3 EPS of 34 cents, well below consensus of 63 cents.

Hasbro (HAS +3.25%) reported Q3 EPS of $1.58, better than consesnsus of $1.52.

Diebold (DBD +1.98%) jumped over 4% in pre-market trading after it offered to buy Wincor Nixdorf AG for $1.8 billion.

Halliburton (HAL -3.69%) reported Q3 EPS of 31 cents, above consensus of 27 cents.

Weight Watchers (WTW -1.59%) surged over 30% in pre-market trading after Oprah Winfrey bought 10% of the stock in a partnership.

PMC-Sierra (PMCS -0.39%) climbed 11% in pre-market trading after Microsemi offered to buy the company for $2.4 billion.

Western Digital (WDC -1.97%) rose over 1% in pre-market trading after it said a decision from China's Misitry of Commerce allows it to integrate some parts of its subsidiaries.

Potash (POT -1.04%) was raised to 'Sector Outperform' from 'Sector Perform' by CIBC with a price target of $28.

Reuters reports that Lockheed Martin (LMT +0.29%) has started a review aimed at cutting corporate overhead costs by as much as 30%.

AT&T's (T +1.02%) DirecTV said it will restate financials for Q2 as they contained an error in calculation of the Venezuelan unit's assets and associated impairment.

According to a person with knowledge of the matter, the Fresh Market (TFM +7.82%) is working with Apollo Global Management LLC to explore a possible buyout of the company.

Great Lakes Dredge & Dock (GLDD -4.31%) has withdrawn its previously announced adjusted EBITDA guidance for fiscal year 2015 and said its Board of Directors has initiated a process to review potential strategic alternatives to enhance stockholder value.

MARKET COMMENTS

Dec E-mini S&Ps (ESZ15 -0.23%) this morning are down -2.00 points (-0.10%). Friday's closes: S&P 500 +0.46%, Dow Jones +0.43%, Nasdaq +0.46%. The S&P 500 on Friday posted a 1-3/4 month high and closed higher on carryover support from a +1.60% rally in China's Shanghai Composite to a 1-3/4 month high and on the +4.9 point increase in U.S. Oct University of Michigan consumer sentiment to 92.1, stronger than expectations of +1.8 to 89.0. Stock prices were undercut by the -0.2% drop in U.S. Sep industrial production and the -298,000 fall in U.S. Aug JOLTS job openings to 5.37 million, a larger decline than expectations of -173,000 to 5.58 million.

Dec 10-year T-notes (ZNZ15 -0.15%) this morning are down -6 ticks. Friday's closes: TYZ5 -3.00, FVZ5 -2.00. Dec T-notes on Friday closed lower on reduced safe-haven demand with the rally in the S&P 500 to a 1-3/4 month high and on the larger-than-expected increase in U.S. Oct University of Michigan consumer sentiment. T-notes found underlying support from the drop in the 10-year inflation expectations breakeven rate to a 2-week low.

The dollar index (DXY00 +0.30%) this morning is up +0.303 (+0.32%). EUR/USD (^EURUSD) is down -0.0026 (-0.23%) at a 1-week low. USD/JPY (^USDJPY) is unchanged. Friday's closes: Dollar Index +0.169 (+0.18%), EUR/USD -0.0038 (-0.33%), USD/JPY +0.54 (+0.45%). The dollar index on Friday closed higher on (1) increased safe-haven demand for the dollar on concern over escalation of Middle Eastern hostilities after Turkey shot down a drone that invaded its airspace, and (2) the stronger than expected U.S. Oct University of Michigan consumer sentiment report.

Nov crude oil (CLX15 -0.99%) this morning is down -47 cents (-0.99%) and Nov gasoline (RBX15 -1.58%) is down -0.0209 (-1.57%). Friday's closes: CLX5 +0.88 (+1.90%), RBX5 +0.0201 (+1.54%). Nov crude oil and gasoline prices on Friday closed higher on (1) the -10 rig drop to a 5-year low of 595 in Baker Hughes U.S. oil rigs for the tenth straight weekly decline, and (2) the larger-than-expected increase in U.S. Oct University of Michigan consumer sentiment. Crude oil prices were undercut by the stronger dollar.

GLOBAL EVENT CALENDAR10/19/2015

US	1000 ET	Oct NAHB housing market index expected unch at 62, Sep +1 to 62.
	1100 ET	USDA weekly grain export inspections.
	1200 ET	Richmond Fed President Jeffrey Lacker speaks on Early Childhood Education in the Context of Lifetime Human Capital Investment at the University of Richmond.
	1600 ET	USDA weekly crop progress.
EUR	0500 ET	Eurozone Aug construction output, Jul +1.0% m/m and +1.8% y/y.

U.S. STOCK CALENDAR10/19/2015

Company	Ticker	Time	Event Description	Period	Estimate
Genuine Parts Co	GPC US	Bef-mkt	Q3 2015 Earnings Release	Q3 2015	1.229
Halliburton Co	HAL US	Bef-mkt	Q3 2015 Earnings Release	Q3 2015	0.272
M&T Bank Corp	MTB US	Bef-mkt	Q3 2015 Earnings Release	Q3 2015	2.004
Hasbro Inc	HAS US	Bef-mkt	Q3 2015 Earnings Release	Q3 2015	1.521
Morgan Stanley	MS US	7:00	Q3 2015 Earnings Release	Q3 2015	0.627
Hasbro Inc	HAS US	8:30	Q3 2015 Earnings Call	Q3 2015
Morgan Stanley	MS US	8:30	Q3 2015 Earnings Call	Q3 2015
Halliburton Co	HAL US	9:00	Q3 2015 Earnings Call	Q3 2015
M&T Bank Corp	MTB US	9:30	Q3 2015 Earnings Call	Q3 2015
Genuine Parts Co	GPC US	11:00	Q3 2015 Earnings Call	Q3 2015
Aetna Inc	AET US	13:30	Extraordinary Shareholders Meeting - M&A Vote	Y 2015
Humana Inc	HUM US	15:30	Extraordinary Shareholders Meeting - M&A Vote	Y 2015
International Business Machines Corp	IBM US	17:00	Q3 2015 Earnings Call	Q3 2015
International Business Machines Corp	IBM US	Aft-mkt	Q3 2015 Earnings Release	Q3 2015	3.303
Zions Bancorporation	ZION US	Aft-mkt	Q3 2015 Earnings Release	Q3 2015	0.422
Zions Bancorporation	ZION US	17:30	Q3 2015 Earnings Call	Q3 2015