BARCHART MORNING CALL 2/12

BARCHART MORNING CALL

Thursday, February 12th, 2015View Older Reports

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OVERNIGHT MARKETS AND NEWS

March E-mini S&Ps (ESH15 +0.47%) this morning are up +0.41% and European stocks are up +1.23% at a 6-1/3 year high as stock markets around the world rallied after an agreement on a cease-fire in Ukraine was announced. Russian President Putin told reporters that after talks through the night with French, German and Ukrainian leaders in Belarus, a truce in eastern Ukraine is set to start on Feb 15. Greece's ASE Stock Index jumped over 5% on speculation that Greece was making progress on debt talks with its creditors. Eurozone finance ministers met yesterday and postponed decisions on the future of Greece's debt financing until they meet again next week. Asian stocks closed mostly higher: Japan +1.85%, Hong Kong +0.44%, China +0.25%, Taiwan +0.36%, Australia -0.44%, Singapore -0.74%, South Korea -0.28%, India +0.95%. Commodity prices are higher. Mar crude oil (CLH15 +3.15%) is up +2.62% and Mar gasoline (RBH15 +1.07%) is up +0.71%. Apr gold (GCJ15 +0.23%) is up +0.32%. Mar copper (HGH15 +1.71%) is up +1.79%. Agriculture prices are stronger. The dollar index (DXY00 -0.37%) is down -0.35%. EUR/USD (^EURUSD) is up +0.07%. USD/JPY (^USDJPY) is down -0.56%. Mar T-note prices (ZNH15 -0.32%) are down -12.5 ticks at a 5-week low.
Japan Jan PPI fell -1.3% m/m, over twice expectations of -0.6% m/m and the biggest monthly decline in 6 years. On an annual basis, Jan PPI rose +0.3% y/y, less than expectations of +1.1% y/y and the slowest pace of increase in 2-3/4 years.
Japan Dec machine orders jumped +8.3% m/m, more than expectations of +2.3% m/m and the largest monthly gain in 6 months. On an annual basis, Dec machine orders rose +11.4% y/y, better than expectations of +5.6% y/y and the largest annual increase in 8 months.
Eurozone Dec industrial production was unch m/m and fell -0.2% y/y, weaker than expectations of +0.2% m/m and +0.3% y/y.

U.S. STOCK PREVIEW

Today’s initial unemployment claims series is expected to show a +10,000 increase to 288,000, adding to last week’s increase of +11,000 to 278,000. Meanwhile, today’s continuing claims report is expected to edge higher by +1,000 to 2.401 million, adding to last week’s increase of +6,000 to 2.400 million. The Treasury today will sell $16 billion of 30-year T-bonds, concluding this week’s $64 billion coupon package. There are 17 of the S&P 500 companies that report earnings today with notable reports including: Coca-Cola Enterprises (consensus $0.56), BorgWarner (0.75), Nielsen (0.80), McGraw Hill Financial (0.90), Kellogg (0.92), Kraft Foods (0.73), AIG (1.05), CBS (0.76).
Equity conferences during the remainder of this week include: Goldman Sachs Technology & Internet Conference on Tue-Thu, Aviation Festival Asia on Wed-Thu, Bank of America Merrill Lynch Insurance Conference on Wed-Thu, Leerink Swann Global Health Care Conference on Wed-Thu, Bank of America Merrill Lynch Rates and Currencies Risk Management Conference on Wed-Thu, BB&T Capital Markets Transportation Services Conference on Wed-Thu, and Morgan Stanley Chemicals Corporate Access Day on Thu.

OVERNIGHT U.S. STOCK MOVERS

Cisco (CSCO -2.04%) jumped over 6% in pre-market trading after it reported Q2 EPS of 53 cents, better than consensus of 51 cents.
Whole Foods Markets (WFM +0.91%) rose more than 2% in pre-market trading after it reported Q1 EPS of 46 cents, higher than consensus of 45 cents.
Oceaneering (OII -0.57%) fell over 3% in after-hours trading after it reported Q4 EPS of 99 cents, right on consensus, but then lowered guidance on fiscal 2015 EPS to $3.10-$3.50, well below consensus of $3.92.
Baidu (BIDU -2.17%) dropped 9% in after-hours trading after it reported Q4 EPS of $1.61, below consensus of $1.65.
Tesla (TSLA -1.61%) slid over 7% in after-hours trading after it reported a Q4 adjusted EPS loss of -13 cents, much weaker than consensus of 31 cents.
Equifax (EFX unch) reported Q4 EPS of $1.02, higher than consensus of $1.01.
Tesoro (TSO -0.92%) reported Q4 EPS of $1.46, below consensus of $1.51.
NVIDIA (NVDA -0.67%) jumped 5% in after-hours trading after it reported Q4 EPS of 43 cents, well above consensus of 29 cents.
Northeast Utilities (NU -2.51%) reported Q4 EPS ex-items of 72 cents, higher than consensus of 69 cents.
C&J Energy (CJES -0.95%) reported Q4 adjusted EPS of 54 cents, stronger than consensus of 43 cents.
Catalent (CTLT +5.16%) reported Q2 adjusted EPS of 44 cents, well above consensus of 34 cents.
NetApp (NTAP +0.89%) slid over 5% in after-hours trading after it reported Q3 EPS of 75 cents, less than consensus of 77 cents.
MetLife (MET +0.76%) reported Q4 operating EPS of $1.38, above consensus of $1.36.
Applied Materials (AMAT -0.08%) reported Q1 adjusted EPS of 27 cents, right on consensus, although Q1 revenue of $2.36 billion was above consensus of $2.33 billion.
Insight Enterprises (NSIT +0.54%) reported Q4 adjusted EPS of 55 cents, below consensus of 58 cents.
Skechers (SKX +5.15%) reported Q4 EPS of 43 cents, right on consensus, although Q4 revenue of $569.7 million was better than consensus of $542.75 million.

MARKET COMMENTS

Mar E-mini S&Ps (ESH15 +0.47%) this morning are up +8.50 points (+0.41%). The S&P 500 index on Wednesday closed unchanged: S&P 500 unch, Dow Jones -0.04%, Nasdaq +0.38%. Stocks traded lower most of the day after an emergency meeting of Eurozone finance ministers failed to find a solution to Greece's debt problems as Germany remains steadfast in its insistence that Greece comply with the original terms of its bailout agreement. Prices rebounded in late trading, however, and closed little changed after several unnamed Eurozone officials said that the Eurozone finance ministers were closing in on an extension of Greece's rescue agreement with its creditors.
Mar 10-year T-notes (ZNH15 -0.32%) this morning are down -12.5 ticks at a 5-week low. Mar 10-year T-note futures prices on Wednesday closed unchanged. Closes: TYH5 unch, FVH5 unch. Bullish factors included (1) increased safe-haven demand as stocks fell early, and (2) strong foreign demand for the Treasury's $24 billion 10-year T-note auction after indirect bidders, a class of investors that includes foreign central banks, purchased 59.5% of the total auction, above the 12-auction average of 46.3% and the most in 3 years. T-notes shed their gains late in the day after stocks recovered.
The dollar index (DXY00 -0.37%) this morning is down -0.333 (-0.35%). EUR/USD (^EURUSD) is up +0.0008 (+0.07%). USD/JPY (^USDJPY) is down -0.67 (-0.56%). The dollar index on Wednesday rose to a 2-week high and closed higher: Dollar index +0.227 (+0.24%), EUR/USD +0.00139 (+0.12%), USD/JPY +1.017 (+0.85%). Bullish factors included (1) the ongoing Greek debt financing situation along with concern that a failure in the Ukraine/Russian peace talks may lead to an expanding conflict in Ukraine, and (2) the rally in USD/JPY to a 5-week high as a rally in stocks curbed the safe-haven demand for the yen.
Mar WTI crude oil (CLH15 +3.15%) this morning is up +$1.28 a barrel (+2.62%) and Mar gasoline (RBH15 +1.07%) is up +0.0109 (+0.71%). Mar crude oil and Mar gasoline on Wednesday closed lower: CLH5 -1.18 (-2.36%), RBH5 -0.0091 (-0.59%). Bearish factors included (1) the rally in the dollar index to a 2-week high, (2) the +4.87 million bbl increase in EIA crude inventories to a record high of 417.9 million bbl, (3) the +1.98 million bbl increase in EIA gasoline supplies to 242.7 million bbl, a 15-year high, and (4) the +1.2 million bbl increase in crude stockpiles at Cushing, OK, delivery point of WTI futures, to 42.6 million bbl, a 1-1/2 year high.

GLOBAL EVENT CALENDAR02/12/2015

US	0830 ET	Weekly initial unemployment claims expected +9,000 to 287,000, previous +11,000 to 278,000. Weekly continuing claims expected unch at 2.400 million, previous +6,000 to 2.400 million.
	0830 ET	Jan retail sales expected -0.4% and -0.5% ex autos, Dec -0.9% and -1.0% ex autos. Jan retail sales ex-autos and gas expected +0.4%, Dec -0.3%.
	0830 ET	USDA weekly Export Sales.
	1000 ET	Dec business inventories expected +0.2%, Nov +0.2%.
	1100 ET	Treasury announces amount of 30-year TIPS to be auctioned Feb 19.
	1300 ET	Treasury auctions $16 billion 30-year T-bonds.
JPN	0100 ET	Japan Jan machine tool orders, Dec +33.9% y/y.
GER	0200 ET	Revised German Jan CPI (EU harmonized), previous -1.3% m/m and -0.5% y/y.
EUR	0500 ET	Eurozone Dec industrial production expected +0.2% m/m and +0.3% y/y, Nov +0.2% m/m and -0.4% y/y.
UK	0530 ET	BOE releases quarterly inflation report.

U.S. STOCK CALENDAR02/12/2015

Company	Ticker	Time	Event Description	Period	Estimate
Scripps Networks Interactive Inc	SNI US	Bef-mkt	Q4 2014 Earnings Release	Q4 2014	0.971
Dr Pepper Snapple Group Inc	DPS US	Bef-mkt	Q4 2014 Earnings Release	Q4 2014	0.881
BorgWarner Inc	BWA US	Bef-mkt	Q4 2014 Earnings Release	Q4 2014	0.752
Hospira Inc	HSP US	Bef-mkt	Q4 2014 Earnings Release	Q4 2014	0.418
Avon Products Inc	AVP US	Bef-mkt	Q4 2014 Earnings Release	Q4 2014	0.249
Nielsen NV	NLSN US	Bef-mkt	Q4 2014 Earnings Release	Q4 2014	0.797
Coca-Cola Enterprises Inc	CCE US	Bef-mkt	Q4 2014 Earnings Release	Q4 2014	0.562
International Flavors & Fragrances Inc	IFF US	Bef-mkt	Q4 2014 Earnings Release	Q4 2014	1.03
McGraw Hill Financial Inc	MHFI US	7:15	Q4 2014 Earnings Release	Q4 2014	0.9
Apache Corp	APA US	8:00	Q4 2014 Earnings Release	Q4 2014	0.757
Nielsen NV	NLSN US	8:00	Q4 2014 Earnings Call	Q4 2014
WW Grainger Inc	GWW US	8:00	January 2015 Sales and Revenue Call	2015
WW Grainger Inc	GWW US	8:00	January 2015 Sales and Revenue Release	2015
Kellogg Co	K US	8:00	Q4 2014 Earnings Release	Q4 2014	0.924
MetLife Inc	MET US	8:00	Q4 2014 Earnings Call	Q4 2014
Tesoro Corp	TSO US	8:30	Q4 2014 Earnings Call	Q4 2014
Equifax Inc	EFX US	8:30	Q4 2014 Earnings Call	Q4 2014
McGraw Hill Financial Inc	MHFI US	8:30	Q4 2014 Earnings Call	Q4 2014
Northeast Utilities	NU US	9:00	Q4 2014 Earnings Call	Q4 2014
Martin Marietta Materials Inc	MLM US	9:00	Analyst and Investor Day	Y 2015
Hospira Inc	HSP US	9:00	Q4 2014 Earnings Call	Q4 2014
AGL Resources Inc	GAS US	9:00	Q4 2014 Earnings Call	Q4 2014
Avon Products Inc	AVP US	9:00	Q4 2014 Earnings Call	Q4 2014
BorgWarner Inc	BWA US	9:30	Q4 2014 Earnings Call	Q4 2014
Kellogg Co	K US	9:30	Q4 2014 Earnings Call	Q4 2014
Scripps Networks Interactive Inc	SNI US	10:00	Q4 2014 Earnings Call	Q4 2014
Coca-Cola Enterprises Inc	CCE US	10:00	Q4 2014 Earnings Call	Q4 2014
International Flavors & Fragrances Inc	IFF US	10:00	Q4 2014 Earnings Call	Q4 2014
Dr Pepper Snapple Group Inc	DPS US	11:00	Q4 2014 Earnings Call	Q4 2014
Charles Schwab Corp/The	SCHW US	11:30	Investor Conference	Y 2015
Apache Corp	APA US	14:00	Q4 2014 Earnings Call	Q4 2014
Kraft Foods Group Inc	KRFT US	16:00	Q4 2014 Earnings Release	Q4 2014	0.73
CBS Corp	CBS US	16:30	Q4 2014 Earnings Call	Q4 2014
Republic Services Inc	RSG US	17:00	Q4 2014 Earnings Call	Q4 2014
DaVita HealthCare Partners Inc	DVA US	17:00	Q4 2014 Earnings Call	Q4 2014
Kraft Foods Group Inc	KRFT US	17:00	Q4 2014 Earnings Call	Q4 2014
American International Group Inc	AIG US	Aft-mkt	Q4 2014 Earnings Release	Q4 2014	1.045
Republic Services Inc	RSG US	Aft-mkt	Q4 2014 Earnings Release	Q4 2014	0.481
DaVita HealthCare Partners Inc	DVA US	Aft-mkt	Q4 2014 Earnings Release	Q4 2014	0.896
CBS Corp	CBS US	Aft-mkt	Q4 2014 Earnings Release	Q4 2014	0.762
Assurant Inc	AIZ US	Aft-mkt	Q4 2014 Earnings Release	Q4 2014	1.663
Varian Medical Systems Inc	VAR US	19:30	Annual General Meeting	Y 2015

BARCHART MORNING CALL 8/1

BARCHART MORNING CALL

Friday, August 1st, 2014View Older Reports

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OVERNIGHT MARKETS AND NEWS

September E-mini S&Ps (ESU14 -0.58%) this morning are down -0.57% at a 1-3/4 month low and European stocks are down -1.42% at a 4-month low as the global stock market rout continues for a second day. The Eurozone Jul manufacturing PMI was revised downward to match its slowest pace of expansion in 8 months, while developments in Latin America will be closely monitored after Argentina missed a deadline Thursday to pay $539 million in interest. The International Swaps & Derivatives Association said it will decide later this morning if credit-default swaps linked to Argentina debt have been triggered by a failure-to-pay credit event. Asian stocks closed lower: Japan -0.63%, Hong Kong -0.91%, China -0.89%, Taiwan -0.53%, Australia -1.36%, Singapore -0.88%, South Korea -0.42%, India -1.60%. China's Shanghai Stock Index initially rallied up to a 7-1/2 month high after Chinese Jul manufacturing activity expanded at the fastest pace in 2-1/4 years, but stock prices fell back and closed lower as the global stock market selloff overshadowed the better-than-expected manufacturing data. Commodity prices are mostly lower. Sep crude oil (CLU14 -0.67%) is down -0.84% at a 5-3/4 month low on fund selling and demand concerns. The CEO of the CVR Refinery in Coffeyville, Kansas, said that the refinery may be closed for four weeks because of damage from a fire. The refinery uses crude from Cushing, Oklahoma, and a prolonged shutdown of the refinery will curb demand and lead to increased stockpiles at Cushing. Sep gasoline (RBU14 -0.16%) is down -0.34%. Dec gold (GCZ14 +0.14%) is up +0.23%. Sep copper (HGU14 -0.50%) is down -0.39%. Agriculture and livestock prices are mostly lower. The dollar index (DXY00 +0.04%) is up +0.01%. EUR/USD (^EURUSD) is up +0.04%. USD/JPY (^USDJPY) is up +0.15%. Sep T-note prices (ZNU14 -0.09%) are down -5 ticks.
The China Jul manufacturing PMI rose +0.7 to 51.7, stronger than expectations of +0.4 to 51.4 and the fastest pace of expansion in 2-1/4 years.
The German Jul Markit/BME manufacturing PMI was revised downward to 52.4 from the originally reported 52.9.
The Eurozone Jul Markit manufacturing PMI was revised lower to match Jun's 8-month low of 51.8 from the originally reported 51.9.
The UK Jul Markit manufacturing PMI fell -1.8 from a downward revised 57.2 in Jun (originally reported 57.5) to 55.4, weaker than expectations of -0.3 to 57.2 and the slowest pace of expansion in a year.

U.S. STOCK PREVIEW

The market is expecting today’s July payrolls to show a solid increase of +231,000, which would be the sixth consecutive month of payroll increases in excess of +200,000. The market is expecting today’s July unemployment rate to be unchanged from June’s 6-year low of 6.1%, the lowest level since July 2008. The market is expecting today’s July ISM manufacturing index to show a +0.7 point increase to 56.0, more than overcoming June’s -0.1 point decline to 55.3. Today’s June PCE deflator, which is the Fed’s preferred inflation measure, is expected to ease slightly to +1.7% y/y from +1.8% in May. Meanwhile, the June core PCE deflator is expected to ease to +1.4% y/y from +1.5% in May. Today’s final-July U.S. consumer confidence index from the University of Michigan is expected to show an increase of +0.4 to 81.7 from the early-July level of 81.3. Today’s July total vehicle sales report is expected to ease to 16.70 million units from 16.92 million units in June.
There are 5 of the S&P 500 companies that report earnings today: Procter & Gamble (consensus $0.91), Health Care REIT (1.02), Weyerhaeuser (0.35), Chevron (2.63), Clorox (1.35). There are no equity conferences today.

OVERNIGHT U.S. STOCK MOVERS

Procter & Gamble (PG -1.07%) reported Q4 EPS of 95 cents, better than consensus of 91 cents.
Live Nation (LYV -2.68%) reported Q2 EPS of 11 cents, below consensus of 15 cents.
Boyd Gaming (BYD -2.40%) reported Q2 adjusted EPS of 5 cents, weaker than consensus of 8 cents.
DaVita (DVA -1.23%) reported Q2 adjusted EPS of 95 cents, stronger than consensus of 89 cents.
Insight Enterprises (NSIT -4.47%) reported Q2 EPS ex-items of 74 cents, better than consensus of 72 cents.
ON Semiconductor (ONNN -2.84%) reported Q2 EPS of 20 cents, better than consensus of 19 cents.
Fluor (FLR -2.89%) reported Q2 EPS of $1.02, higher than consensus of 99 cents.
Mohawk (MHK -1.54%) reported Q2 EPS ex-items of $2.21, better than consensus of $2.20.
Genpact (G -0.17%) reported Q2 adjusted EPS of 27 cents, better than consensus of 26 cents.
Montpelier Re (MRH +0.10%) was downgraded to 'Hold' from 'Buy' at Deutsche Bank.
Tesla (TSLA -2.46%) climbed 4% in after-hours trading after it reported Q2 EPS of 11 cents, nearly three times consensus of 4 cents.
Western Union ({=WU reported Q2 EPS of 36 cents, right on consensus, although Q2 revenue of $1.41 billion was slightly below consensus of $1.42 billion.
Outerwall (OUTR +2.40%) reported Q2 core EPS of $1.42, higher than consensus of $1.36.
LinkedIn (LNKD -3.55%) jumped over 5% in after-hours trading after it reported Q2 adjusted EPS of 51 cents, better than consensus of 39 cents, and then raised guidance on fiscal 2014 adjusted EPS to approximately $1.80, higher than consensus of $1.64.
Expedia (EXPE -2.77%) rose over 4% in after-houre trading after it reported Q2 EPS of $1.03, much higher than consensus of 76 cents.
Edison International (EIX -1.76%) reported Q2 adjusted EPS of $1.08, well above consensus of 83 cents.

MARKET COMMENTS

Sep E-mini S&Ps (ESU14 -0.58%) this morning are down -11.00 points (-0.57%) at a 1-3/4 month low. The S&P 500 index on Thursday plunged to a 1-1/4 month low and closed sharply lower: S&P 500 -2.00%, Dow Jones -1.88%, Nasdaq -2.10%. Negative factors included (1) Argentine debt concerns after S&P said Argentina was in default after it missed an interest payment on $13 billion of debt, (2) the unexpected -10.0 point decline in the Chicago Jul PMI to a 13-month low of 52.6, weaker than expectations of +0.4 to 63.0, and (3) concern that labor costs may be on the rise after the +0.7% in the Q2 employment cost index, higher than expectations of +0.5% and the fastest growth rate in 5-3/4 years.
Sep 10-year T-notes (ZNU14 -0.09%) this morning are down -5 ticks. Sep 10-year T-note futures prices on Thursday posted a 3-week low but pared most of their losses and closed just slightly lower. Bearish factors included (1) technical selling with the 3-week low, and (2) the +0.7% increase in the U.S. Q2 employment cost index, the most in 5-3/4 years. T-notes recovered from their worst levels after the a plunge in stocks boosted safe-haven demand for T-notes. Closes: TYU4 -1.50, FVU4 +1.00.
The dollar index (DXY00 +0.04%) this morning is up +0.009 (+0.01%). EUR/USD (^EURUSD) is up 0.0006 (+0.04%) and USD/JPY (^USDJPY) is up +0.15 (+0.15%). The dollar index on Thursday rose to a 10-1/2 month high and closed higher. Bullish factors included (1) increased safe-haven demand after the S&P 500 plunged to a 1-1/4 month low, and (2) weakness in EUR/USD on speculation the ECB may expand stimulus measures after Eurozone Jul CPI unexpectedly weakened to +0.4% y/y, lower than expectations of unch at +0.5% y/y and the slowest growth rate in 4-3/4 years. Closes: Dollar index +0.024 (+0.03%), EUR/USD -0.00067 (-0.05%), USD/JPY unch.
Sep WTI crude oil (CLU14 -0.67%) this morning is down -82 cents (-0.84%) at a 5-3/4 month low and Sep gasoline (RBU14 -0.16%) is down -0.0094 (-0.34%). Sep crude and gasoline prices on Thursday closed sharply lower with Sep crude at a 2-week low and Sep gasoline at a 3-1/2 month low: CLU4 -2.10 (-2.09%), RBU4 -0.0345 (-1.23%). Bearish factors included (1) the rally in the dollar index to a 10-1/2 month high, and (2) negative carry-over from Wednesday’s EIA data that showed a +789,000 bbl increase in EIA distillate inventories to a 10-month high and a +365,000 bbl increase in gasoline inventories to a 4-month high.

GLOBAL EVENT CALENDAR08/01/2014

US	0830 ET	Jul non-farm payrolls expected +231,000, Jun +288,000. Jul private payrolls expected +230,000, Jun +262,000. Jul manufacturing payrolls expected +14,000, Jun +16,000. Jul unemployment rate expected unchanged at 6.1%, Jun -0.2 to 6.1%.
	0830 ET	Jul avg hourly earnings expected +0.2% m/m and +2.2% y/y, Jun +0.2% m/m and +2.0% y/y. Jul avg weekly hours expected 34.5 hours, Jun 34.5.
	0830 ET	Jun personal spending expected +0.4%, May +0.2%. Jun personal income expected +0.4%, May +0.4%.
	0830 ET	Jun PCE deflator expected +0.2% m/m and +1.7% y/y, May +0.2% m/m and +1.8% y/y. Jun PCE core deflator expected +0.1% m/m and +1.4% y/y, May +0.2% m/m and +1.5% y/y.
	0945 ET	Revised Jul Markit manufacturing PMI expected +0.2 to 56.5.
	0955 ET	Final-July U.S. consumer confidence index (University of Michigan) expected +0.4 to 81.7, early-July -1.2 to 81.3.
	1000 ET	Jul ISM manufacturing index expected +0.7 to 56.0, Jun -0.1 to 55.3. Jul ISM new orders, Jun +2.0 to 58.9. Jul ISM employment, Jun unch at 52.8. Jul ISM prices paid expected +0.5 to 58.5, Jun -2.0 to 58.0.
	1000 ET	Jun construction spending expected +0.5%, May +0.1% m/m.
	n/a	Jul total vehicle sales expected 16.70 million, Jun 16.92 million. Jul domestic vehicle sales expected 13.20 million, Jun 13.25 million.
JPN	0100 ET	Japan Jul vehicle sales, Jun -0.7% y/y.
GER	0355 ET	Revised German Jul Markit/BME manufacturing PMI expected unrevised at 52.9.
EUR	0400 ET	Revised Eurozone Jul Markit manufacturing PMI expected unrevised at 51.9.
UK	0430 ET	UK Jul Markit manufacturing PMI expected -0.3 to 57.2, Jun 57.5.

U.S. STOCK CALENDAR08/01/2014

Company Name	Ticker	Time	Event Description	Period	Estimate
Procter & Gamble Co/The	PG US	Bef-mkt	Q4 2014 Earnings Release	Q4 2014	0.908
Health Care REIT Inc	HCN US	Bef-mkt	Q2 2014 Earnings Release	Q2 2014	1.016
Weyerhaeuser Co	WY US	Bef-mkt	Q2 2014 Earnings Release	Q2 2014	0.345
Procter & Gamble Co/The	PG US	8:30	Q4 2014 Earnings Call	Q4 2014
Chevron Corp	CVX US	8:30	Q2 2014 Earnings Release	Q2 2014	2.632
Clorox Co/The	CLX US	8:30	Q4 2014 Earnings Release	Q4 2014	1.351
Northeast Utilities	NU US	9:00	Q2 2014 Earnings Call	Q2 2014
Morgan Stanley	MS US	9:00	Fixed Income Investor Conference Call
Ford Motor Co	F US	9:00	July 2014 Sales and Revenue Release	2014
Ford Motor Co	F US	9:30	July 2014 Sales and Revenue Call	2014
Health Care REIT Inc	HCN US	10:00	Q2 2014 Earnings Call	Q2 2014
Southwestern Energy Co	SWN US	10:00	Q2 2014 Earnings Call	Q2 2014
Weyerhaeuser Co	WY US	10:00	Q2 2014 Earnings Call	Q2 2014
Mohawk Industries Inc	MHK US	11:00	Q2 2014 Earnings Call	Q2 2014
Chevron Corp	CVX US	11:00	Q2 2014 Earnings Call	Q2 2014
Public Storage	PSA US	13:00	Q2 2014 Earnings Call	Q2 2014
Apartment Investment & Management Co	AIV US	13:00	Q2 2014 Earnings Call	Q2 2014
Clorox Co/The	CLX US	13:15	Q4 2014 Earnings Call	Q4 2014

BARCHART MORNING CALL 11/1

BARCHART MORNING CALL

Friday, November 1st, 2013View Older Reports

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OVERNIGHT MARKETS AND NEWS

December E-mini S&Ps (ESZ13 +0.19%) this morning are up +0.10% and European stocks are down -0.38%. Asian stocks closed mixed: Japan -0.88%, Hong Kong +0.19%, China +0.47%, Taiwan -0.73%, Australia -0.26%, Singapore -0.29%, South Korea +0.64%, India +0.15%. Supporting stock prices today is strength in Chinese manufacturing activity which expanded last month at the fastest pace in 15-months. European stocks were undercut by a -3.1% decline in Royal Bank of Scotland after Britain's biggest publicly owned bank said it will write down as much as 4.5 billion pounds ($7.2 billion) in Q4, which will result in a "substantial" full-year loss. Also, Renault SA, France's second-biggest carmaker, dropped 3.5% after its partner Nissan Motor cut its full-year profit forecast by 15% due to weak sales in Europe and Asia. Japanese stocks were dragged lower by an 11% slump in Sony after the company lowered its full-year profit forecast by 40% on weak television and digital camera demand. Chinese stocks received a boost from a -0.41 point decline in China's 7-day repurchase rate to a 1-week low of 4.636% after the PBOC added a net 29.1 billion yuan ($4.8 billion) via money-market operations in the last 4 days. Commodity prices are mostly lower. Dec crude oil (CLZ13 -0.19%) is down -0.15%. Dec gasoline (RBZ13 +0.03%) is down -0.05%. Dec gold (GCZ13 -0.54%) is down -0.66% at a 1-week low and Dec copper (HGZ13 +0.50%) is up +0.48%. Agricultural and livestock prices are mixed. The dollar index (DXY00 +0.40%) is up +0.34% at a 2-week high. EUR/USD (^EURUSD) is down -0.37% at a 2-week low on speculation that slowing inflation and record unemployment in the Eurozone may prompt the ECB to lower interest rates as soon as its meeting next week. USD/JPY (^USDJPY) is down -0.08%. December T-note prices (ZNZ13 -0.27%) are down -8 ticks.
The China Oct manufacturing PMI rose +0.3 to 51.4, better than expectations of +0.1 to 51.2 and the fastest pace of expansion in 1-1/2 years.
UK Oct manufacturing PMI fell -0.3 from a downward revised 56.3 in Sep to 56.0, lower than expectations of -0.3 to 56.4.
Japan Oct vehicle sales climbed +17.3% y/y, the most in 15-months.

U.S. STOCK PREVIEW

Today’s Oct ISM manufacturing index is expected to show a -1.2 point decline to 55.0, more than reversing the +0.5 point increase to 56.2 seen in September. Today’s Oct total vehicle sales report is expected to improve to 15.40 million units from 15.21 million units in September. There are 5 of the S&P 500 companies that report earnings today: NextEra (consensus $1.39), Chevron (2.70), Washington Post, Berkshire Hathaway (2402.90), and Life Technologies (0.96). There are no equity conferences today.

OVERNIGHT U.S. STOCK MOVERS

Facebook (FB +2.45%) was upgraded to 'Buy' from 'Hold' at Argus with a price target of $64.
Netflix (NFLX +1.36%) was upgraded to 'Outperform' from 'Neutral' at RW Baird who raised their price target on the stock to $420 from $383.
WellCare (WCG +0.68%) reported Q3 adjusted EPS of $1.56, better than consensus of $1.52, but then lowered guidance on fiscal 2013 EPS to $4.70-$4.80 from $4.70-$4.90, below consensus of $4.91.
Citigroup reiterated its 'Buy' raing on Mastercard (MA -1.18%) and raised its price target oon the stock to $835 from $710.
Bebe stores (BEBE +0.33%) was downgraded to 'Neutral' from 'Buy' at Janney Capital.
PetSmart (PETM -0.07%) was downgraded to 'Neutral' from 'Buy' at BofA/Merrill.
Greenbrier ({=GBX was upgraded to 'Buy' from 'Underperform' at BofA/Merrill.
MDU Resources (MDU -0.17%) reported Q3 adjusted EPS of 49 cents, better than consensus of 46 cents, and then raised guidance on fiscal 2013 adjusted EPS view to $1.35-$1.45 from $1.30-$1.40.
Barrick Gold (ABX -5.41%) filed to sell 163.5 million shares of common stock.
Northeast Utilities (NU -0.53%) reported Q3 EPS of 66 cents, weaker than consensus of 73 cents.
Gabelli reported a 5.05% stake in Global Sources (GSOL -3.48%) .
Republic Services (RSG +0.36%) reported Q3 EPS of 55 cents, higher than consensus of 50 cents.
Newmont Mining (NEM -2.78%) reported Q3 EPS of 46 cents, well ahead of consensus of 32 cents.
Oaktree Capital reported a 6.8% stake in Contango Oil & Gas (MCF -2.08%) .
MRC Global (MRC -0.78%) reported Q3 adjusted EPS of 40 cents, weaker than consensus of 45 cents.
First Solar (FSLR -2.12%) climbed 8% in pre-market trading after it reported Q3 EPS ex-charges of $2.28, more than double consensus of $1.00, and then raised guidance on fiscal 2013 EPS view to $4.25-$4.50 from $3.75-$4.25, well above consensus of $3.77.
Fluor (FLR -2.35%) reported Q3 EPS of $1.05, better than consensus of $1.04.
Mohawk (MHK -0.38%) reported Q3 EPS ex-items of $2.02, well above consensus of $1.90.
AIG (AIG -0.62%) reported Q3 EPS of 96 cents, higher than consensus of 95 cents.

MARKET COMMENTS

Dec E-mini S&Ps (ESZ13 +0.19%) this morning are up +1.75 points (+0.10%). The S&P 500 index on Thursday closed lower. Strong Q3 earnings results gave stocks an early lift as 76% of the 356 reporting S&P 500 companies have beaten estimates. Stocks fell back, though, on concern the Fed may start to taper QE3 as soon as next month after the Chicago Oct PMI unexpectedly jumped +10.2 to 65.9, stronger than expectations of a -0.7 point decline to a 2-1/2 year high of 55.0. Closes: S&P 500 -0.38%, Dow Jones -0.47%, Nasdaq 100 -0.23%.
Dec 10-year T-notes (ZNZ13 -0.27%) this morning are down -8 ticks. Dec 10-year T-note prices on Thursday dropped to a 1-week low and closed lower. The surge in the Chicago Oct PMI to its fastest pace of expansion in 2-1/2 years undercut T-note prices as it bolstered speculation the Fed may taper QE3 as soon as next month. Closes: TYZ3 -5.0, FVZ3 +0.25.
The dollar index (DXY00 +0.40%) this morning is up +0.272 (+0.34%) at a 2-week high. EUR/USD (^EURUSD) is down -0.0050 (-0.37%) at a 2-week low. USD/JPY (^USDJPY) is down -0.08 (-0.08%). The dollar index on Thursday rallied sharply to a 2-week high and closed higher. An unexpected increase in the Chicago Oct PMI to its fastest pace of expansion in 2-1/2 years boosted the dollar as it bolstered speculation the Fed may start to taper QE3 as soon as the Dec 17-18 FOMC meeting. EUR/USD tumbled to a 2-week low on speculation the ECB may cut interest rates further after the Eurozone Oct CPI eased to a 3-3/4 year low of +0.7% y/y, weaker than expectations of +1.1% y/y. Closes: Dollar index +0.418 (+0.52%), EUR/USD -0.01521 (-1.11%), USD/JPY -0.154 (-0.16%).
Dec WTI crude oil (CLZ13 -0.19%) this morning is down -14 cents (-0.15%) and Dec gasoline (RBZ13 +0.03%) is down -0.0012 (-0.05%). Dec crude oil and gasoline prices on Thursday closed lower. Negative factors included (1) the rally in the dollar index to a 2-week high, and (2) negative carry-over from Wednesday’s EIA report that showed weekly crude stockpiles climbed +4.09 million bbls to a 4-month high of 383.9 million bbls. Closes: CLZ3 -0.39 (-0.40%), RBZ3 -0.0286 (-1.09%).

GLOBAL EVENT CALENDAR11/01/2013

US	0910 ET	St. Louis Fed President James Bullard speaks to the St. Louis Regional Chambers Financial Forum about U.S. monetary policy and the economy.
	1000 ET	Oct ISM manufacturing expected -1.2 to 55.0, Sep +0.5 to 56.2. Oct ISM prices paid expected -1.5 to 55.0, Sep +2.5 to 56.5.
	1200 ET	Richmond Fed President Jeffrey Lacker speaks to the Global Independence Center in Philadelphia, PA.
	1700 ET	Oct total vehicle sales expected 15.43 million, Sep 15.21 million. Oct domestic vehicle sales expected 11.90 million, Sep 11.66 million.
JPN	0100 ET	Japan Oct vehicle sales, Sep +12.4% y/y.
UK	0530 ET	UK Oct PMI manufacturing expected -0.3 to 56.4, Sep 56.7.

U.S. STOCK CALENDAR11/01/2013

Company Name	Ticker	Time	Event Description	Period	Estimate
NextEra Energy Inc	NEE US	Bef-mkt		Q3 2013	1.394
American International Group Inc	AIG US	8:00		Q3 2013
Chevron Corp	CVX US	8:30		Q3 2013	2.698
Washington Post Co/The	WPO US	8:30		Q3 2013
Northeast Utilities	NU US	9:00		Q3 2013
NextEra Energy Inc	NEE US	9:00		Q3 2013
Ford Motor Co	F US	9:30		2013
NYSE Euronext	NYX US	Aft-mkt
Netflix Inc	NFLX US
Berkshire Hathaway Inc	BRK/A US			Q3 2013	2402.9
Life Technologies Corp	LIFE US			Q3 2013	0.962
General Motors Co	GM US			2013