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Tuesday, August 12, 2014

BARCHART MORNING CALL 8/12

Tuesday, August 12th, 2014View Older Reports

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OVERNIGHT MARKETS AND NEWS

September E-mini S&Ps (ESU14 +0.16%) this morning are up +0.19% on optimism that Q2 company earnings results will remain strong, while European stocks are down -0.17% after German investor confidence dropped for an eighth month. Asian stocks closed mixed: Japan +0.20%, Hong Kong +0.18%, China -0.35%, Taiwan -0.11%, Australia +1.34%, Singapore -0.09%, South Korea +0.01%, India +1.42%. Commodity prices are mixed. Sep crude oil (CLU14 -0.71%) is down -0.81% after the IEA reduced its estimates for 2014 global oil demand by -180,000 barrels a day and by -90,000 barrels a day for 2015. Sep gasoline (RBU14 -0.36%) is down -0.47%. Dec gold (GCZ14 +0.18%) is up +0.21%. Sep copper (HGU14 +0.22%) is up +0.30%. Agriculture and livestock prices are lower ahead of today's USDA Aug WASDE crop production report. The dollar index (DXY00 +0.21%) is up +0.24%. EUR/USD (^EURUSD) is down -0.33% after German Aug ZEW investor confidence fell to the lowest in 20 months. USD/JPY (^USDJPY) is up +0.10%. GBP/USD fell -0.03% to a 2-month low after a gauge of British retail sales fell for a second month. Sep T-note prices (ZNU14 -0.05%) are down -2 ticks.
The German Aug ZEW survey expectations of economic growth slumped -18.5 to 8.6, a much bigger decline than expectations of -10.1 to 17.0 and the lowest in 20 months. The Aug ZEW survey current situation fell -17.5 to 44.3, a bigger drop than expectations of -7.8 to 54.0 and the lowest in 7 months.
UK Jul BRC sales like-for-like unexpectedly fell for a second month as it slid -0.3% y/y, weaker than expectations of +0.9% y/y.
Japan Jul PPI rose +0.3% m/m and +4.3% y/y, less than expectations of +0.4% m/m and +4.4% y/y.
The Japan Jun industrial production was revised lower to -3.4% m/m and +3.1% y/y from the originally reported -3.3% m/m and +3.2% y/y. The -3.4% m/m drop is the largest monthly decline in 3-1/4 years. Jun capacity utilization fell -3.3% m/m, the biggest decline in 1-3/4 years.

U.S. STOCK PREVIEW

The Treasury today will sell $27 billion of 3-year T-notes. Today's July monthly budget statement is expected to show a deficit of -$96.0 billion in a turnaround from June's surplus of +$70.5 billion. There are 12 of the Russell 1000 companies that report earnings today with notable reports including Fossil Group (consensus $0.96), Valspar (1.16), Kate Spade (0.00), Cree (0.41), and JDS Uniphase (0.13).
Equity conferences during the remainder of this week include: Pacific Crest Global Technology Leadership Forum on Mon-Tue, Jefferies Global Industrials Conference on Mon-Thu, Goldman Sachs Power, Utilities, MLP & Pipeline Conference on Tue, Wedbush Life Sciences Management Access Conference on Tue, 8/12/2014 on Tue-Wed, J.P. Morgan Auto Conference on Tue, Oppenheimer Technology, Internet & Communications Conference on Tue-Wed, JP Morgan Auto Conference on Wed, Canaccord Genuity Growth Conference on Wed-Thu, and Barclays Summer Utilities Conference on Thu.

OVERNIGHT U.S. STOCK MOVERS

Dean Foods (DF -3.86%) was upgraded to 'Outperform' from 'Neutral' at Credit Suisse.
Stryker (SYK -0.33%) was upgraded to 'Buy' from 'Hold' at Needham.
Citigroup added shares of First Solar (FSLR +1.98%) and Foot Locker (FT +0.55%) to its Focus List.
Towers Watson (TW +1.65%) reported Q4 adjusted EPS of $1.34, higher than consensus of $1.25.
Flowers Foods (FLO +0.35%) reported Q2 EPS of 21 cents, weaker than consensus of 24 cents, and then cut its fiscal 2014 EPS view to to 92 cents-98 cents from 98 cents-$1.05, below consensus of $1.02.
Abercrombie & Fitch (ANF +0.39%) was upgraded to 'Buy' from 'Hold' at Stifel with a price target of $50.
Paulson & Co. reported a 10.1% passive stake in Cobalt (CIE +2.46%) .
MasTec (MTZ +4.50%) fell nearly 4% in after-hours trading after it reported Q2 adjusted EPS of 40 cents, right on consensus, but then lowered guidance on fiscal 2014 adjusted EPS to $1.55-$1.58, well below consensus of $1.82.
Convergys (CVG +1.62%) reported Q2 adjusted EPS of 34 cents, better than consensus of 32 cents.
Caesar's (CZR +2.32%) reported a Q2 EPS losss of -$3.24, over double consensus of a -$1.19 loss.
Ventas (VTR +0.35%) reported Q2 normalized FFO of $1.12, higher than consensus of $1.09
Nuance (NUAN +1.06%) tumbled 9% in after-hours trading after it reported Q3 EPS of 27 cents, right on consensus, but then lowered guidance on fiscal 2014 EPS to $1.03-$1.08, below consensus of $1.13.

MARKET COMMENTS

Sep E-mini S&Ps (ESU14 +0.16%) this morning are up +3.75 points (+0.19%). The S&P 500 index on Monday rallied to a 1-week high and closed higher: S&P 500 +0.28%, Dow Jones +0.10%, Nasdaq +0.58%. Bullish factors included (1) carry-over support from a rally in European stocks on reduced tensions in Ukraine after Russia said it had withdrawn troops from the Ukraine border, and (2) signs of optimism about the global economic outlook after Japan Jul consumer confidence climbed to an 8-month high and UK Jul Lloyds employment confidence rose to its highest level since the data series began in 2004.
Sep 10-year T-notes (ZNU14 -0.05%) this morning are down -2 ticks. Sep 10-year T-note futures prices on Monday closed slightly lower. Bearish factors included (1) reduced safe-haven demand as global equity markets rallied after Russia said it had withdrawn troops from the Ukraine border, and (2) supply pressures as the Treasury prepares to auction $67 billion of T-notes and T-bonds this week in the Aug quarterly refunding that begins with Tuesday’s $27 billion auction of 3-year T-notes. Closes: TYU4 -1.50, FVU4 -0.50.
The dollar index (DXY00 +0.21%) this morning is up +0.197 (+0.24%). EUR/USD (^EURUSD) is down -0.0044 (-0.33%) and USD/JPY (^USDJPY) is up +0.10 (+0.10%). The dollar index on Monday closed higher. Bullish factors included (1) weakness in the yen as USD/JPY rallied after strength in global equity markets reduced the safe-haven demand for the yen, and (2) overall negative sentiment toward EUR/USD on speculation the Fed will tighten monetary policy before the ECB. Closes: Dollar index +0.077 (+0.09%), EUR/USD -0.00259 (-0.19%), USD/JPY +0.152 (+0.15%).
Sep WTI crude oil (CLU14 -0.71%) this morning is down -79 cents (-0.81%) after the IEA cut its global oil demand forecasts for this year and next. Sep gasoline (RBU14 -0.36%) is down -0.0129 (-0.47%). Sep crude and gasoline prices on Monday closed higher: CLU4 +0.43 (+0.44%), RBU4 +0.0009 (+0.03%). Bullish factors included (1) a rally in global stock markets, which signals confidence in the economic outlook and energy demand, and (2) expectations that Wednesday’s weekly EIA data will show crude stockpiles declined for the seventh consecutive week.

GLOBAL EVENT CALENDAR08/12/2014

US	1200 ET	Aug WASDE crop production.
	1300 ET	Treasury auctions $27 billion 3-year T-notes.
	1400 ET	Jul monthly budget statement expected -$96.0 billion, Jun +$70.5 billion.
JPN	0030 ET	Revised Japan Jun industrial production, previous -3.3% m/m and +3.2% y/y.
	0030 ET	Japan Jun capacity utilization, May -0.7% m/m
	1950 ET	Japan Q2 GDP expected -7.0% q/q annualized, Q1 +6.7% q/q annualized. Q2 deflator expected +1.6% y/y, Q1 0.1% y/y. Q2 consumer spending expected -3.7% q/q, Q1 +2.2% q/q. Q2 business spending expected -3.0% q/q, Q1 +7.6% q/q.
GER	0500 ET	German Aug ZEW survey expectations of economic growth expected -10.1 to 17.0, Jul 27.1. Aug ZEW survey current situation expected -7.8 to 54.0, Jul 61.8.

U.S. STOCK CALENDAR08/12/2014

Company Name	Ticker	Time	Event Description	Period	Estimate
Kate Spade & Co	KATE US	Bef-mkt	Q2 2014 Earnings Release	Q2 2014	-0.003
Valspar Corp/The	VAL US	Bef-mkt	Q3 2014 Earnings Release	Q3 2014	1.159
Flowers Foods Inc	FLO US	Bef-mkt	Q2 2014 Earnings Release	Q2 2014	0.235
CST Brands Inc	CST US	Bef-mkt	Q2 2014 Earnings Release	Q2 2014	0.487
Towers Watson & Co	TW US	6:00	Q4 2014 Earnings Release	Q4 2014	1.252
Charles River Laboratories International Inc	CRL US	8:30	Investor Meeting	Y 2014
Flowers Foods Inc	FLO US	8:30	Q2 2014 Earnings Call	Q2 2014
Ventas Inc	VTR US	9:00	Q2 2014 Earnings Call	Q2 2014
Towers Watson & Co	TW US	9:00	Q4 2014 Earnings Call	Q4 2014
CST Brands Inc	CST US	9:00	Q2 2014 Earnings Call	Q2 2014
Kate Spade & Co	KATE US	10:00	Q2 2014 Earnings Call	Q2 2014
Chimera Investment Corp	CIM US	10:00	Q2 2014 Earnings Call	Q2 2014
Valspar Corp/The	VAL US	11:00	Q3 2014 Earnings Call	Q3 2014
Precision Castparts Corp	PCP US	16:00	Annual General Meeting
Fossil Group Inc	FOSL US	16:30	Q2 2014 Earnings Call	Q2 2014
Myriad Genetics Inc	MYGN US	16:30	Q4 2014 Earnings Call	Q4 2014
Cree Inc	CREE US	17:00	Q4 2014 Earnings Call	Q4 2014
JDS Uniphase Corp	JDSU US	17:00	Q4 2014 Earnings Call	Q4 2014
URS Corp	URS US	Aft-mkt	Q2 2014 Earnings Release	Q2 2014	0.74
Fossil Group Inc	FOSL US	Aft-mkt	Q2 2014 Earnings Release	Q2 2014	0.964
Jack Henry & Associates Inc	JKHY US	Aft-mkt	Q4 2014 Earnings Release	Q4 2014	0.595
Cree Inc	CREE US	Aft-mkt	Q4 2014 Earnings Release	Q4 2014	0.409
JDS Uniphase Corp	JDSU US	Aft-mkt	Q4 2014 Earnings Release	Q4 2014	0.13
Myriad Genetics Inc	MYGN US	Aft-mkt	Q4 2014 Earnings Release	Q4 2014	0.464
Tahoe Resources Inc	THO CN	Aft-mkt	Q2 2014 Earnings Release	Q2 2014

Wednesday, February 5, 2014

BARCHART MORNING CALL 2/5

BARCHART MORNING CALL

Wednesday, February 5th, 2014View Older Reports

Everything you need to know about the markets in one free daily newsletter.

You will also receive a free subscription to the Barchart family of newsletters.

OVERNIGHT MARKETS AND NEWS

March E-mini S&Ps (ESH14 -0.19%) this morning are down -0.14% ahead of this morning's Jan ADP employment change, while European stocks are up +0.17% after most emerging-market stocks rose. Asian stocks closed mixed: Japan +1.23%, Hong Kong -0.60%, China closed for holiday, Taiwan -2.34%, Australia -0.52%, Singapore -0.19%, South Korea +0.30%, India +0.24%. Japan's Nikkei Stock Index rebounded from Tuesday's rout after a +19% surge in Panasonic led Japanese stocks higher as Japan's biggest maker of consumer electronics reported Q3 profit than was +68% higher than market estimates. Gains in European equities were muted and the 10-year German bund yield fell to a 6-month low of 1.62% after Eurozone Dec retail sales plunged -1.6% m/m, the biggest monthly decline in 2-1/2 years, which bolstered the case for more ECB stimulus. Commodity prices are mixed. Mar crude oil (CLH14 +0.59%) is up +0.72%. Mar gasoline (RBH14 +0.30%) is up +0.41%. Apr gold (GCJ14 +0.62%) is up +0.58%. March copper (HGH14 +0.42%) is up +0.47%. Agriculture and livestock prices are mixed. The dollar index (DXY00 -0.03%) is down -0.06%. EUR/USD (^EURUSD) is down -0.01%. USD/JPY (^USDJPY) is down -0.46%. March T-note prices (ZNH14 +0.10%) are up +2 ticks.
Eurozone Dec retail sales fell -1.6% m/m, more than double expectations of a -0.7% m/m drop and the largest monthly decline in 2-1/2 years. On an annual basis, Dec retail sales unexpectedly fell -1.0% y/y, weaker than expectations of +1.5% y/y.
The Eurozone Jan PMI composite was revised downward to 52.9 from the originally reported 53.2, but still was the fastest pace of expansion in 2-1/2 years.
The German Jan PMI services was revised downward to 53.1 from the originally reported 53.6.
The UK Jan PMI services unexpectedly fell -0.5 to 58.3, weaker than expectations of a +0.2 point increase to 59.0.
The UK Jan BRC shop price index fell -1.0% y/y, a bigger decline than expectations of -0.7% y/y and the largest drop since data began in 2006.
Japan Dec labor cash earnings rose +0.8% y/y, the biggest increase in 1-3/4 years, and Nov was revised up to +0.6% y/y from the originally reported +0.5% y/y.

U.S. STOCK PREVIEW

Today’s Jan ADP employment report is expected to show an increase of +190,000, falling back a bit from December’s strong report of +238,000. Today’s Jan ISM non-manufacturing index is expected to show an increase of +0.7 points to 53.7, recovering most of the -0.9 point decline to 53.0 seen in December. There are 26 of the S&P 500 companies that report earnings today. Notable reports include Time Warner (consensus $1.15), Humana (0.92), Nasdaq OMX (0.67), Merck (0.89), ADP (0.77), Coca-Cola (0.52), Ralph Lauren (2.51), Allstate (1.37), Walt Disney (0.92), Tesoro (0.31), Marathon Oil (0.71), Prudential Financial (2.23).
Equity conferences during the remainder of this week include Defexpo India 2014 on Wed, Cowen and Company Aerospace Defense & Transportation Conference on Wed-Thu, Wind Power Finance & Investment Summit 2014 on Wed-Thu, UBS Industrials Conference on Thu, and India Auto Expo 2014 on Fri.

OVERNIGHT U.S. STOCK MOVERS

Merck (MRK +2.75%) reported Q4 EPS of 88 cents, below consensus of 89 cents.
NASDAQ OMX Group (NDAQ +1.78%) reported Q4 EPS of 72 cents, better than consensus of 67 cents.
Humana (HUM +1.15%) reported Q4 EPS of 80 cents, well below consensus of 92 cents.
Time Warner (TWX +1.43%) reported Q4 EPS of $1.17, higher than consensus of $1.15.
The WSJ reported that oil firms Hess (HES +1.14%) , Whiting Petroleum (WLL +0.99%) and Marathon Oil (MRO +0.87%) all face civil penalties for crude-by-rail violations.
Genworth (GNW +1.61%) reported Q4 EPS of 38 cents, well above consensus of 30 cents.
BlackRock reported a 5.3% passive stake in LinkedIn (LNKD -1.43%) and a 5.5% passive stake in General Motors (GM +1.62%) .
C.H. Robinson (CHRW +1.58%) fell 9% in after-hours trading after it reported Q4 EPS of 62 cents, below consensus of 68 cents.
DeVry (DV +2.24%) reported Q2 EPS ex-items of 80 cents, above consensus of 73 cents.
Aflac (AFL +1.24%) reported Q4 EPS of $1.40, better than consensus of $1.39.
Ameriprise (AMP +2.04%) reported Q4 operating EPS of $1.87, higher than consensus of $1.81.
Myriad Genetics (MYGN -0.88%) jumped 18% in after-hours trading after it reported Q2 EPS of 66 cents, well above consensus of 46 cents, and then raised guidance on fiscal 2014 EPS view to $2.09-$2.14 from $1.92-$1.97, above consensus of $1.97.
Gilead (GILD +4.05%) reported Q4 adjusted EPS of 55 cents, stronger than consensus of 50 cents.
CSG Systems (CSGS +0.14%) lowered guidance on fiscal 2014 adjusted EPS to $2.05-$2.17, below consensus of $2.27.
Buffalo Wild Wings (BWLD +3.46%) reported Q4 EPS of $1.10, better than consensus of $1.07.
Unum Group (UNM +1.92%) reported Q4 EPS of 85 cents, higher than consensus of 84 cents.

MARKET COMMENTS

Mar E-mini S&Ps (ESH14 -0.19%) this morning are down -2.50 points (-0.14%). The S&P 500 on Tuesday rebounded from Monday’s plunge and closed higher after a recovery in emerging-market currencies eased concern about the turmoil in emerging markets. According to data from EPFR, global investors pulled $6.3 billion from developing-market equities in the week through Jan 29, the biggest outflow since Aug 2011. Another supportive factor for stocks was the CBO’s forecast that the 2014 U.S. budget deficit will fall to a 7-year low of $514 billion from $680 billion last year. Closes: S&P 500 +0.76%, Dow Jones +0.47%, Nasdaq 100 +0.86%.
Mar 10-year T-notes (ZNH14 +0.10%) this morning are up +2 ticks. Mar 10-year T-note futures prices on Tuesday closed lower after a rally in emerging-market currencies and equities reduced the safe-haven demand for Treasuries. T-note prices also fell on the comment from Richmond Fed President Lacker that the plunge in global stock markets hasn’t “affected the outlook for labor market conditions materially at this point” and probably won’t deter the Fed from further tapering QE3. Closes: TYH4 -9.00, FVH4 -3.00.
The dollar index (DXY00 -0.03%) this morning is down -0.047 (-0.06%). EUR/USD (^EURUSD) is down -0.0002 (-0.01%). USD/JPY (^USDJPY) is down -0.47 (-0.46%). The dollar index on Tuesday closed slightly higher. EUR/USD fell back after ECB President Draghi was said to consider ending the sterilization of Eurozone debt-crisis bond purchases, which would boost liquidity in the financial system and would be euro-negative. USD/JPY rallied as strength in stocks reduced the safe-haven demand for the yen. Closes: Dollar index +0.112 (+0.14%), EUR/USD -0.00069 (-0.05%), USD/JPY +0.67 (+0.66%).
Mar WTI crude oil (CLH14 +0.59%) this morning is up +70 cents (+0.72%) and Mar gasoline (RBH14 +0.30%) is up +0.0106 (+0.41%). Mar crude oil and gasoline prices on Tuesday settled mixed. Crude gained on the upward rebound in the stock market after Monday’s plunge and on the consensus for Wednesday’s weekly EIA distillate inventories to fall -2.5 million bbl as the colder-than-normal U.S. winter boosts heating oil demand. Gasoline closed lower on expectations that Wednesday’s EIA gasoline supplies will climb +1.15 million bbl. Closes: CLH4 +0.76 (+0.79%), RBH4 -0.0038 (-0.15%).

GLOBAL EVENT CALENDAR02/05/2014

US	0700 ET	Weekly MBA mortgage applications, previous -0.2% with purchase sub-index +1.5% and refi sub-index -2.2%.
	0815 ET	Jan ADP employment change expected +187,000, Dec +238,000.
	0900 ET	Treasury announces amounts of 3-year T-notes (previous $30 billion), 10-year T-notes (previous $21 billion) and 30-year T-bonds (previous $13 billion) to be auctioned in the Feds quarterly refunding Feb 11-13.
	1000 ET	Jan ISM non-manufacturing index expected +0.7 to 53.7, Dec -0.9 to 53.0.
	1030 ET	EIA Weekly Petroleum Status Report.
	1230 ET	Philadelphia Fed President Charles Plosser speaks on the economic outlook at the Simon Business Schools 35th Annual Economic Seminar.
	1340 ET	Atlanta Fed President Dennis Lockhart speaks on the economic outlook to the Rotary Club of Birmingham.
GER	0355 ET	Revised German Jan PMI services, previous 53.6.
EUR	0400 ET	Revised Eurozone Jan PMI composite, previous 53.2.
	0500 ET	Eurozone Dec retail sales expected -0.7% m/m and +1.5% y/y, Nov +1.4% m/m and +1.6% y/y.
UK	0430 ET	UK Jan PMI services expected +0.2 to 59.0, Dec 58.8.
CHI	n/a	Chinese markets are closed Monday-Thursday for Lunar New Year holiday.

U.S. STOCK CALENDAR02/05/2014

Company Name	Ticker	Time	Event Description	Period	Estimate
Time Warner Inc	TWX US	6:00	Q4 2013 Earnings Release	Q4 2013	1.151
Cognizant Technology Solutions Corp	CTSH US	6:00	Q4 2013 Earnings Release	Q4 2013	1.149
Humana Inc	HUM US	6:00	Q4 2013 Earnings Release	Q4 2013	0.917
Fastenal Co	FAST US	7:00	January 2014 Sales and Revenue Release	2014
NASDAQ OMX Group Inc/The	NDAQ US	7:00	Q4 2013 Earnings Release	Q4 2013	0.667
Merck & Co Inc	MRK US	7:00	Q4 2013 Earnings Release	Q4 2013	0.886
Automatic Data Processing Inc	ADP US	7:30	Q2 2014 Earnings Release	Q2 2014	0.77
Coca-Cola Enterprises Inc	CCE US	7:30	Q4 2013 Earnings Release	Q4 2013	0.521
Estee Lauder Cos Inc/The	EL US	7:30	Q2 2014 Earnings Release	Q2 2014	1.059
Ralph Lauren Corp	RL US	8:00	Q3 2014 Earnings Release	Q3 2014	2.508
Cognizant Technology Solutions Corp	CTSH US	8:00	Q4 2013 Earnings Call	Q4 2013
Genworth Financial Inc	GNW US	8:00	Q4 2013 Earnings Call	Q4 2013
NASDAQ OMX Group Inc/The	NDAQ US	8:00	Q4 2013 Earnings Call	Q4 2013
Merck & Co Inc	MRK US	8:00	Q4 2013 Earnings Call	Q4 2013
Automatic Data Processing Inc	ADP US	8:30	Q2 2014 Earnings Call	Q2 2014
Spectra Energy Corp	SE US	8:30	Investor Meeting	Y 2014
CH Robinson Worldwide Inc	CHRW US	8:30	Q4 2013 Earnings Call	Q4 2013
Aflac Inc	AFL US	9:00	Q4 2013 Earnings Call	Q4 2013
Allergan Inc/United States	AGN US	9:00	Q4 2013 Earnings Release	Q4 2013	1.339
AGL Resources Inc	GAS US	9:00	Q4 2013 Earnings Call	Q4 2013
Ralph Lauren Corp	RL US	9:00	Q3 2014 Earnings Call	Q3 2014
Humana Inc	HUM US	9:00	Q4 2013 Earnings Call	Q4 2013
Ameriprise Financial Inc	AMP US	9:00	Q4 2013 Earnings Call	Q4 2013
Estee Lauder Cos Inc/The	EL US	9:30	Q2 2014 Earnings Call	Q2 2014
Coca-Cola Enterprises Inc	CCE US	10:00	Q4 2013 Earnings Call	Q4 2013
Unum Group	UNM US	10:00	Q4 2013 Earnings Call	Q4 2013
Time Warner Inc	TWX US	10:30	Q4 2013 Earnings Call	Q4 2013
Equity Residential	EQR US	11:00	Q4 2013 Earnings Call	Q4 2013
Allergan Inc/United States	AGN US	11:00	Q4 2013 Earnings Call	Q4 2013
Macerich Co/The	MAC US	13:30	Q4 2013 Earnings Call	Q4 2013
American Express Co	AXP US	14:30	Financial Community Meeting	Y 2014
CBRE Group Inc	CBG US	16:00	Q4 2013 Earnings Release	Q4 2013	0.66
Lincoln National Corp	LNC US	16:00	Q4 2013 Earnings Release	Q4 2013	1.275
Fiserv Inc	FISV US	16:01	Q4 2013 Earnings Release	Q4 2013	0.8
Kimco Realty Corp	KIM US	16:01	Q4 2013 Earnings Release	Q4 2013	0.332
Cincinnati Financial Corp	CINF US	16:05	Q4 2013 Earnings Release	Q4 2013	0.728
Allstate Corp/The	ALL US	16:05	Q4 2013 Earnings Release	Q4 2013	1.373
Walt Disney Co/The	DIS US	16:15	Q1 2014 Earnings Release	Q1 2014	0.915
Akamai Technologies Inc	AKAM US	16:30	Q4 2013 Earnings Call	Q4 2013
Stericycle Inc	SRCL US	17:00	Q4 2013 Earnings Call	Q4 2013
Walt Disney Co/The	DIS US	17:00	Q1 2014 Earnings Call	Q1 2014
XL Group PLC	XL US	17:00	Q4 2013 Earnings Call	Q4 2013
CBRE Group Inc	CBG US	17:00	Q4 2013 Earnings Call	Q4 2013
Fiserv Inc	FISV US	17:00	Q4 2013 Earnings Call	Q4 2013
O'Reilly Automotive Inc	ORLY US	18:30	Q4 2013 Earnings Release	Q4 2013	1.323
Tesoro Corp	TSO US	Aft-mkt	Q4 2013 Earnings Release	Q4 2013	0.313
Stericycle Inc	SRCL US	Aft-mkt	Q4 2013 Earnings Release	Q4 2013	0.963
XL Group PLC	XL US	Aft-mkt	Q4 2013 Earnings Release	Q4 2013	0.815
Marathon Oil Corp	MRO US	Aft-mkt	Q4 2013 Earnings Release	Q4 2013	0.709
Akamai Technologies Inc	AKAM US	Aft-mkt	Q4 2013 Earnings Release	Q4 2013	0.515
FMC Corp	FMC US	Aft-mkt	Q4 2013 Earnings Release	Q4 2013	0.924
Prudential Financial Inc	PRU US	Aft-mkt	Q4 2013 Earnings Release	Q4 2013	2.228
Assurant Inc	AIZ US	Aft-mkt	Q4 2013 Earnings Release	Q4 2013	1.428
Walgreen Co	WAG US		January 2014 Sales and Revenue Release	2014

Tuesday, August 13, 2013

Barchart Morning Call 8/13

Barchart Morning Call

BC - 39 mins ago

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OVERNIGHT MARKETS AND NEWS

September E-mini S&Ps (ESU13 +0.22%) this morning are up +0.28% and European stocks are up +0.34%. Asian stocks closed higher: Japan +2.57%, Hong Kong +1.21%, China +0.27%, Taiwan +1.05%, Australia +0.96%, Singapore +0.37%, South Korea +1.81%, India +1.49%. European and U.S. stocks received a boost after German investor confidence increased more than forecast to its best level in 5 months, while Japanese stocks closed higher after the Nikkei newspaper reported that unidentified government officials said Japanese Prime Minister Abe is considering a corporate-tax cut for companies. Commodity prices are mostly higher. Sep crude oil (CLU13 +0.24%) is up +0.56%, Sep gasoline (RBU13 +0.60%) is up +0.63%, Dec gold (GCZ13 -0.61%) is down -0.58%, and Sep copper (HGU13 +0.53%) is up +0.92% at a 2-month high. Agricultural and livestock prices are higher. The dollar index (DXY00 +0.33%) is up +0.31. EUR/USD (^EURUSD) is down -0.05% and USD/JPY (^USDJPY) is up +1.20%. September T-note prices (ZNU13 -0.36%) are down -13 ticks at a 1-week low on expectations for a strong U.S. July retail sales report today.
The German Aug ZEW survey expectations rose +5.7 from July to 42.0, better than expectations of +3.6 to 39.9 and its best level in 5 months. The Aug ZEW current situation survey climbed +7.6 from July to 18.3, better than expectations of +1.4 to 12.0 and its best level in 18 months.
The German July wholesale price index fell -0.3% m/m, its fifth consecutive monthly decline, and was unch y/y.
Eurozone Jun industrial production rose +0.7% m/m, weaker than expectations of +1.0% m/m, but gained +0.3% y/y, right on expectations.
UK July CPI was unch m/m and +2.8% y/y, right on expectations, while July core CPI rose +2.0% y/y, a smaller increase than expectations of +2.2% y/y and matched its smallest year-over-year gain in 3-1/2 years.
UK PPI input prices rose +1.1% m/m, right on expectations, and rose +5.0% y/y, a smaller increase than expectations of +5.5% y/y. July PPI output prices rose +0.2% m/m and +2.1% y/y, right on expectations.
Japan Jun machine orders fell -2.7% m/m and rose +4.9 y/y, stronger than expectations of -7.0% m/m and +2.6% y/y.

U.S. STOCK PREVIEW

Today’s July retail sales report is expected to show a modest increase of +0.3% overall and +0.4% ex-autos following the June report of +0.4% and unchanged ex-autos. Today’s July import price index is expected to show a strong increase of +0.8% m/m, more than offsetting the -0.2% decline seen in June. On a year-on-year basis, July import prices are expected to improve to +1.5% y/y from +0.2% in June. Today’s June business inventories report is expected to show a small increase of +0.2%, adding to the +0.1% increase seen in May. There is only one S&P 500 company that reports earnings today: JDS Uniphase (consensus $0.13).
Conferences during the remainder of this week include: Pacific Crest Global Technology Leadership Forum on Mon-Tue, Jefferies Global Industrials Conference on Mon-Thu, EnerCom The Oil & Gas Conference on Mon-Wed, Needham Advanced Industrial Technologies Conference on Tue, UBS Metals & Materials Mini Conference on Tue, Wedbush Life Sciences Management Access Conference on Tue, Oppenheimer Technology, Internet & Communications Conference on Tue-Wed, JP Morgan Auto Conference on Tue-Wed, J.P. Morgan Auto Conference on Tue-Wed, Jefferies Global Clean Technology Conference on Tue-Wed, Avondale 2013 Healthcare Conference on Wed, and Canaccord Genuity Growth Conference on Wed.

OVERNIGHT U.S. STOCK MOVERS

Flowers Foods (FLO +0.04%) reported Q2 adjusted EPS of 24 cents, better than consensus of 23 cents.
J.C. Penney (JCP +2.33%) says Bill Ackman has resigned from board.
Valspar (VAL +1.22%) reported Q3 adjusted EPS of $1.07, weaker than consensus of $1.09, and then lowered guidance on fiscal 2013 EPS view to $3.45-$3.55, below consensus of $3.70.
Marvell (MRVL +0.08%) was upgraded to "Top Pick" from "Outperform" at RBC Capital.
Microsoft (MSFT +0.52%) was downgraded to "Hold" from "Buy" at Stifel.
Xerox (XRX +1.20%) was upgraded to "Buy" from "Neutral" at Citigroup.
Global Brass & Copper (BRSS +0.10%) reported Q2 adjusted EPS of 75 cents, better than consensus of 59 cents.
Lockheed Martin (LMT -0.82%) was awarded a $852.3 million government contract modification for the procurement of special tooling and special test equipment for the U.S. Navy, U.S. Air Force and international partners.
Northern Tier (NTI -1.66%) reported Q2 EPS of 70 cents, stronger than consensus of 47 cents.
The U.S. Food and Drug Administration approved Tivicay, a new drug from GlaxoSmithKline (GSK -0.41%) to treat HIV-1 infection.
Third Avenue reported a 22.78% passive stake in Cavco Industries (CVCO +1.27%) .
Yum! Brands (YUM +0.09%) fell over 3% in after-hours tradng after it reported July same-store sales declined an estimated 13% for its China Division.
Spirit AeroSystems (SPR -1.24%) reported Q2 adjusted EPS of 72 cents, well ahead of consensus of 50 cents.

MARKET COMMENTS

Sep E-mini S&Ps (ESU13 +0.22%) this morning are up +4.75 points (+0.28%). The S&P 500 index on Monday slipped to a 2-week low on signs of slower global growth after Japan Q2 GDP grew +0.6% q/q and +2.6% annualized, weaker than expectations of +0.9% q/q and +3.6% annualized. Stock prices recovered and closed little changed, however, on strong stock earnings results with 72% of the 448 S&P 500 companies that have reported Q2 earnings results beating expectations. Closes: S&P 500 -0.12%, Dow Jones -0.04%, Nasdaq 100 +0.24%.
Sep 10-year T-notes (ZNU13 -0.36%) this morning are down -13 ticks at a 1-week low. Sep 10-year T-note prices on Monday posted a 2-week high early but erased their advance and closed lower on concern that Tuesday’s U.S. July retail sales report will be strong enough to prompt the Fed to cut its bond purchases. T-note prices had rallied early on concerns over global economic growth after Japan Q2 GDP grew less than expected. Closes: TYU3 -6.0, FVU3 -2.25.
The dollar index (DXY00 +0.33%) this morning is up +0.250 (+0.31%). EUR/USD (^EURUSD) is down -0.0006 (-0.05%) and USD/JPY (^USDJPY) is up +1.16 (+1.20%). The dollar index on Monday closed higher as USD/JPY strengthened after Japan’s economy grew less than expected in Q2. Another positive for the dollar is the expectation for Tuesday’s U.S. July retail sales to show strength in consumer spending that bolsters the case for the Fed to begin tapering its stimulus. Closes: Dollar index +0.207 (+0.26%), EUR/USD -0.0042 (-0.32%), USD/JPY +0.73 (+0.76%).
Sep WTI crude oil (CLU13 +0.24%) this morning is up +59 cents (+0.56%) and Sep gasoline (RBU13 +0.60%) is up +1.83 cents (+0.63%). Sep crude oil and gasoline prices on Monday closed little changed. Negative factors included a stronger dollar and weaker-than-expected Japan Q2 GDP. Supportive factors include a recovery in equity prices and supply concerns after the 8,000 barrel a day Ekofisk oil field in the North Sea was closed due to mechanical problems. Closes: CLU3 +2.63 (+2.54%), RBU3 +0.0512 (+1.79%).

GLOBAL EVENT CALENDAR08/13/2013

US	0830 ET	July retail sales expected +0.3% and +0.4% ex autos, Jun +0.4% and unch ex autos.
	0830 ET	July import price index expected +0.8% m/m and +1.5% y/y, Jun -0.2% m/m and +0.2% y/y.
	1000 ET	Jun business inventories expected +0.2%, May +0.1%.
	1245 ET	Atlanta Fed President Dennis Lockhart speaks at the Kiwanis Club of Atlanta on the economic outlook.
	1630 ET	API weekly U.S. oil statistics.
GER	0200 ET	Revised German July CPI (EU harmonized), previous +0.4% m/m and +1.9% y/y.
	0200 ET	German July wholesale price index, Jun -0.4% m/m and +0.7% y/y.
	0500 ET	German Aug ZEW survey of economic sentiment expected +3.6 to 39.9, July 36.3. Aug ZEW current situation expected +1.4 to 12.0, July 10.6.
UK	0430 ET	UK July PPI input prices expected +1.4% m/m and +5.6% y/y, Jun +0.2% m/m and +4.2% y/y.
	0430 ET	UK July PPI output prices expected +0.2% m/m and +2.1% y/y, Jun +0.1% m/m and +2.0% y/y. July PPI output core, Jun unch m/m an +1.0% y/y.
	0430 ET	UK July CPI expected unch m/m and +2.8% y/y, Jun -0.2% m/m and +2.9% y/y. UK July core CPI expected +2.2% y/y, Jun +2.3% y/y.
	0430 ET	UK July RPI expected unch m/m and +3.2% y/y, Jun -0.1% m/m and +3.3% y/y. July RPI ex mortgage interest payments expected +3.1% y/y, Jun +3.3% y/y.
EUR	0500 ET	Eurozone Jun industrial production expected +1.0% m/m and +0.3% y/y, May -0.3% m/m and -1.3% y/y.

U.S. STOCK CALENDAR08/13/2013

Company Name	Symbol	Time	Event Description	Period	EPS Est (US$)
CST Brands Inc	CST US	Bef-mkt	Q2 2013 Earnings Release	Q2 2013	0.653
Valspar Corp/The	VAL US	7:30	Q3 2013 Earnings Release	Q3 2013	1.091
IHS Inc	IHS US	8:00	Acquisition of R.L. Polk & Co by IHS Inc Call
Flowers Foods Inc	FLO US	8:30	Q2 2013 Earnings Call	Q2 2013
Valspar Corp/The	VAL US	11:00	Q3 2013 Earnings Call	Q3 2013
CST Brands Inc	CST US	11:00	Q2 2013 Earnings Call	Q2 2013
Cree Inc	CREE US	16:00	Q4 2013 Earnings Release	Q4 2013	0.375
Taylor Morrison Home Corp	TMHC US	16:01	Q2 2013 Earnings Release	Q2 2013	0.321
SeaWorld Entertainment Inc	SEAS US	16:01	Q2 2013 Earnings Release	Q2 2013	0.41
JDS Uniphase Corp	JDSU US	16:05	Q4 2013 Earnings Release	Q4 2013	0.131
Myriad Genetics Inc	MYGN US	16:05	Q4 2013 Earnings Release	Q4 2013	0.438
Myriad Genetics Inc	MYGN US	16:30	Q4 2013 Earnings Call	Q4 2013
Taylor Morrison Home Corp	TMHC US	16:30	Q2 2013 Earnings Call	Q2 2013
Cree Inc	CREE US	17:00	Q4 2013 Earnings Call	Q4 2013
JDS Uniphase Corp	JDSU US	17:00	Q4 2013 Earnings Call	Q4 2013
SeaWorld Entertainment Inc	SEAS US	17:00	Q2 2013 Earnings Call	Q2 2013
Brocade Communications Systems Inc	BRCD US	17:30	Q3 2013 Earnings Call	Q3 2013
Jack Henry & Associates Inc	JKHY US	Aft-mkt	Q4 2013 Earnings Release	Q4 2013	0.513
Brocade Communications Systems Inc	BRCD US	Aft-mkt	Q3 2013 Earnings Release	Q3 2013	0.12
Computer Sciences Corp	CSC US		Annual General Meeting
Equifax Inc	EFX US		Investor Meeting	Y 2013
Humana Inc	HUM US		Investor Meeting	Y 2013
Precision Castparts Corp	PCP US		Annual General Meeting
Flowers Foods Inc	FLO US		Q2 2013 Earnings Release	Q2 2013	0.234

Tuesday, August 14, 2012

Barchart Moring Call 8/14

Barchart Morning Call

BC - 2 hrs 16 mins ago

Overnight Developments

Sep E-mini S&Ps this morning are up +0.18% at a 4-1/4 month high and the Euro Stoxx 50 is up +0.53% after Germany's economy in Q2 expanded at a faster pace than expected. Commodity prices are stronger with Sep crude up +0.30% and Sep copper up +0.39%, while the grain markets are higher with Dec corn up +0.92% and Nov soybeans up +0.66%. The dollar index this morning is lower with EUR/USD up +0.14% and Sep T-notes are down -1.5 ticks.
Asian stocks today closed higher after minutes of last month's BOJ policy meeting showed policy makers weren't ruling out any options to boost growth: Japan +0.50%, Hong Kong +1.05%, China +0.22%, Taiwan +0.58%, Australia +0.21%, Singapore +0.75%, South Korea +1.35%, India +0.54%.
German Q2 GDP expanded at a +0.3% q/q and +1.0% y/y pace, stronger than expectations of +0.2% q/q and +0.9% y/y.
Euro-Zone Q2 GDP fell -0.2% q/q and -0.4% y/y, right on expectations.
German Aug ZEW economic sentiment unexpectedly fell for a fourth month as it declined -5.9 to -25.5, its weakest pace in 8 months and worse than expectations of a +0.3 increase to -19.3, although the Aug ZEW current situation fell -2.9 to 18.2, a 2-year low but stronger than expectations of -4.1 to 17.5.
U.K. July CPI rose +0.1 m/m and +2.6% y/y, stronger than expectations of -0.1% m/m and +2.3% y/y, while July core CPI climbed +2.3% y/y, also stronger than expectations of +2.1% y/y.
Greece sold 4.06 billion euros of 3-month bills, more than its maximum target of 3.125 billion euros.
Monthly data from the Bank of Spain showed Spanish banks' ECB borrowings surged to a record 375.5 billion euros in July, up +11.4% from June.

Minutes of the July 11-12 BOJ policy meeting showed some BOJ board members said the central bank should not dismiss any policy options in combating risks to the economy from the European sovereign debt crisis, and that the bank has been "pursuing powerful monetary easing" and would "continue to conduct monetary policy in an appropriate manner."
Market Comments

Sep E-mini S&Ps this morning are up +2.50 points (+0.18%) at a fresh 4-1/4 month high and the Euro Stoxx 50 is up +0.53%. The stock market on Monday traded mostly lower and settled mixed on concerns over the global economy after Japan's Q2 GDP was weaker than expected: S&P 500 -0.13%, Dow Jones -0.29%, Nasdaq 100 +0.21%. Stock losses were limited on speculation global central banks will increase their stimulus measures to support economic growth.
Sep 10-year T-notes this morning are down -1.5 ticks. T-note prices on Monday traded slightly lower as a recovery in stocks limited the safe-haven demand for Treasuries: TYU2 -3.5, FVU2 -0.5. Another factor that reduced safe-haven demand for T-notes was Italy's action to sell all the debt it planned at an auction of Treasury bills, which eased European debt concerns.
The dollar index this morning is down -0.10%. EUR/USD is up +0.14% and USD/JPY is +0.26%. The yen weakened overnight after minutes of the BOJ's July meeting signaled policy makers are considering ways to expand stimulus. The dollar index on Monday settled lower as the euro recovered its losses and settled little changed after Italy sold the maximum amount of debt offered for sale, which reduced European debt concerns : Dollar index -0.118 (-0.14%), EUR/USD unchanged, USD/JPY unchanged. Dollar losses were limited on an increase in safe-haven demand as stocks fell early along with comments from ECB Council member Coene who said European sovereign bond yields have been rising because financial markets don't trust Spanish and Italian authorities to take the measures necessary to repair their economies.
Sep WTI crude oil prices this morning are up 28 cents a barrel (+0.30%) and Sep gasoline is up 0.0069 of a cent a gallon (+0.23%). Crude oil and gasoline prices on Monday closed slightly lower as weaker-than-expected Japan Q2 GDP bolstered concern that global economic growth and energy demand may slow: CLU2 -0.14 (-0.15%), RBU2 -0.0132 (00.44%). Sep gasoline had posted a 3-1/2 month nearest-futures high before erasing its gains and closing lower on supply concerns due to diminished fuel production at Chevron's 240,000 bpd refinery in Richmond, California along with reduced output in the North Sea due to ongoing seasonal maintenance. Another supportive factor for energy prices was the report from the Haaretz daily that Israeli leaders are leaning toward a military strike on Iran over its nuclear program before U.S. elections in November.

For the complete subscription version of this daily report (plus a 13-page big-picture weekly report), along with the earliest possible delivery in the morning, please visit http://www.barchart.com/register/crbfms_usmc.php
Today's U.S. Earnings Reports Earnings reports (ranked by market cap): HD-Home Depot (Consensus $0.97), TJX-TJX Cos. (0.55), EL-Estee Lauder (0.16), KORS-Michael Kors Holdings Ltd. (0.20), DKS-Dick's Sporting Goods (0.64), VAL-Valspar (0.96), TW-Towers Watson & Co. (1.24), JKHY-Jack Henry & Associates (0.46), FLO-Flowers Foods (0.22), JDSU-JDS Uniphase (0.12), NSM-Nationstar Mortgage Holdings (0.34), MYGN-Myriad Genetics (0.34), SKS-Saks (-0.09), NGL-NGL Energy Partners LP (-0.41), BOBE-Bob Evans Farms (0.60).
Global Financial Calendar

Tuesday 8/14/12
United States
0745 ET	ICSC (Int'l Council of Shopping Centers) weekly retailer sales.
0830 ET	July PPI expected +0.2% m/m and +0.5% y/y, June +0.1% m/m and +0.7% y/y. July core PPI expected +0.2% m/m and +2.3% y/y, June +0.2% m/m and +2.6% y/y.
0830 ET	July retail sales expected +0.3% m/m, June -0.5% m/m. July retail sales ex-autos expected +0.3% m/m, June was -0.4% m/m. July retail sales ex-autos and gas, June -0.2% m/m.
0855 ET	Redbook weekly retailer sales.
1000 ET	June business inventories expected +0.2% m/m, May +0.3% m/m.
1130 ET	Weekly 4-week T-bill auction.
1630 ET	API weekly U.S. oil statistics.
Germany
0200 ET	German Q2 GDP expected +0.2% q/q and +0.9% y/y, Q1 was +0.5% q/q and +1.7% y/y.
0500 ET	German Aug ZEW current situation index expected -4.1 to 17.5, July 21.1. Aug ZEW economic sentiment index expected +0.3 to -19.3, July -19.6.
United Kingdom
0430 ET	UK June ONS house price expected +1.5% y/y, May +2.3% y/y.
0430 ET	UK July CPI expected -0.1% m/m and +2.3% y/y, June -0.4% m/m and +2.4% y/y. UK July core CPI expected +2.1% y/y, June +2.1% y/y.
0430 ET	UK July RPI expected -0.2% m/m and +2.8% y/y, June -0.2% m/m and +2.8% y/y. July RPI ex-mortgage interest payments expected +2.9% y/y, June +2.8% y/y.
Euro-Zone
0500 ET	Eurozone Q2 GDP expected -0.2% q/q and -0.4% y/y, Q1 unch q/q and -0.1% y/y.
0500 ET	Eurozone June industrial production expected -0.7% m/m and -2.1% y/y, May +0.9% m/m and -2.6% y/y.

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