MORNING CALL 9/21

MORNING CALL

Wednesday, September 21st, 2016View Older Reports

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OVERNIGHT MARKETS AND NEWS

Dec E-mini S&Ps (ESZ16 +0.46%) are up +0.42% and European stocks are up +1.43% at a 1-week high on signs that global central banks will maintain their overly easy monetary policies in an attempt to spur economic growth and revive inflation. A rally in energy producing stocks is also giving equity markets a boost with crude oil (CLX16 +2.07%) up +2.09% after API data late Tuesday showed U.S. crude stockpiles dropped -7.5 million bbl last week. Asian stocks settled mostly higher: Japan +1.91%, Hong Kong +0.59%, China +0.10%, Taiwan +0.73%, Australia +0.68%, Singapore -0.14%, South Korea +0.56%, India -0.06%. Japan's Nikkei Stock Index rallied up to a 1-1/2 week high as banks and insurance companies led the overall market higher after the BOJ refrained from cutting interest rates further below zero and shifted the focus of its stimulus to controlling the yield curve.

The dollar index (DXY00 -0.02%) is down -0.06%. EUR/USD (^EURUSD) is down -0.06%. USD/JPY (^USDJPY) is down -0.24% at a 3-week low.

Dec T-note prices (ZNZ16 -0.02%) are down -1.5 ticks.

The BOJ kept its benchmark interest rate at -0.1% and said it will maintain its asset purchase target at 80 trillion yen a year, but announced a new package which shifts its emphasis from just managing the key interest rate and buying assets to controlling the yield curve. The BOJ said it will buy bonds in a way that ensures the 10-year government bond yield remains more or less where it is, around 0%, as part of its "yield curve management." The BOJ also said it would continue expanding its monetary base until inflation overshoots its 2% target and stays above it.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) weekly MBA mortgage applications (previous +4.2% with purchase sub-index +8.6% and refi sub-index +1.7%), (2) 2-day FOMC meeting concludes with policy announcement, updated economic projections, and a press conference by Fed Chair Yellen, and (3) EIA Weekly Petroleum Status Report.

Russell 1000 companies that report earnings today: General Mills (consensus $0.76), CarMax (0.88), Red Hat (0.54), Bed, Baty & Beyond (1.17), Jabil Circuit (0.25).

U.S. IPO's scheduled to price today: elf Beauty Inc (ELF), Capstar Financial Holdings (CSTR).

Equity conferences this week include: Finance Montreal FinTech Forum on Tue-Wed, Johnson Rice Energy Conference on Tue-Wed, Goldman Sachs Communicopia Conference on Tue-Thu, Finance Shared Services & GBS Exchange Conference on Wed.

OVERNIGHT U.S. STOCK MOVERS

Microsoft (MSFT -0.21%) rose over 1% in pre-market trading after it raised its quarterly dividend by 3 cents to 39 cents and authorized the byback of an additional $40 billion of stock on top of an existing $40 billion repurchase program.

Cooper Cos. (COO -1.09%) gained 1% in after-hours trading after it was announced that it will replace Starwood Hotels & Resorts in the S&P 500 Index at the close of trading on Thursday, September 22.

SPS Commerce (SPSC +0.78%) jumped over 5% in after-hours trading after it was announced that it will replace Northwestern in the S&P SmallCap 600 at the close of trading on Thursday, September 22.

Adobe Systems (ADBE +0.94%) climbed nearly 5% in pre-market trading after it reported Q3 adjusted EPS of 75 cents, better than consensus of 72 cents, and then raised guidance on fiscal 2016 adjusted EPS to $2.94-$3.00, higher than consensus of $2.87.

KB Home (KBH -2.42%) gained over 3% in after-hours trading after it reported Q3 net orders were up +16% y/y, well above consensus of +2.8%.

FedEx (FDX +0.86%) rose almost 3% in after-hours trading after it reported Q1 adjusted EPS of $2.90, higher than consensus of $2.79.

The Children's Place (PLCE -1.02%) was downgraded to 'Neutral' from 'Overweight' at Piper Jaffray with a 12-month target price of $88.

Clovis Oncology (CLVS +12.68%) rallied over 8% in after-hours trading after Janney said there are a "long list" of potential suitors for Clovis.

Airgain (AIRG +10.64%) gained over 4% in after-hours trading after it reported Q2 sales surged +63% y/y to $6.1 million.

CommScope Holding Co. (COMM -0.77%) slid 1% in after-hours trading after holder Carlyle said it sold 10 million common shares of CommScope.

Adamas Pharmaceuticals (ADMS +2.32%) jumped 5% in after-hours trading after the results of a Phase 3 trial of ADS-5102 for the treatment of Levodopa-induced Dyskinesia in patients with Parkinson's met its primary endpoint.

Nu Skin Enterprises (NUS -1.32%) rose over 3% in after-hours trading after it raised its Q3 revenue view to slightly above a prior forecast of $560 million-$580 million due to success of recent product introductions and "favorable" currency trends.

Mirna Therapeutics (MIRN -0.40%) plunged over 25% in after-hours trading after it said it was closing a Phase 1 study of its MRX34 in melanoma patients due to serious adverse events in patients taking the drug.

MARKET COMMENTS

Dec E-mini S&Ps (ESZ16 +0.46%) this morning are up +9.00 points (+0.42%). Tuesday's closes: S&P 500 +0.03%, Dow Jones +0.05%, Nasdaq +0.19%. The S&P 500 on Tuesday closed slightly higher as the market awaited Wednesday's outcome of the FOMC meeting, which is likely to produce hawkish language but not a rate hike. Energy producer stocks received a boost from the +0.43% rally in crude prices. Stocks were undercut by the weak Aug housing starts report of -5.8%, which implied less stimulus from the housing sector.

Dec 10-year T-notes (ZNZ16 -0.02%) this morning are down -1.5 ticks. Tuesday's closes: TYZ6 +2.50, FVZ6 +0.50. Dec T-notes on Tuesday closed higher on the weaker-than-expected U.S. Aug housing starts and building permits reports and on expectations for the FOMC on Wednesday to refrain from a rate hike.

The dollar index (DXY00 -0.02%) this morning is down -0.056 (-0.06%). EUR/USD (^EURUSD) is down -0.0007 (-0.06%). USD/JPY (^USDJPY) is down-0.24 (-0.24%). Tuesday's closes: Dollar index +0.178 (+0.19%), EUR/USD -0.0024 (-0.21%), USD/JPY -0.23 (-0.23%). The dollar index on Tuesday closed higher on speculation that the Fed may be hawkish in its post-FOMC meeting statement as it may prepare the markets for a Dec rate hike. In addition, there was weakness in EUR/USD after German Aug PPI weakened more than expected, which fueled speculation the ECB may expand stimulus.

Nov crude oil (CLX16 +2.07%) this morning is up +92 cents (+2.09%) and Nov gasoline (RBX16 +2.60%) is up +0.0356 (+2.69%). Tuesday's closes: CLX6 +0.19 (+0.43%), RBX6 -0.0280 (-2.07%). Nov crude oil and gasoline on Tuesday settled mixed with Nov gasoline at a 2-week low. Crude oil prices was undercut by a stronger dollar and the slide in gasoline prices after Colonial said it will restart its damaged gasoline pipeline in Alabama one day earlier than scheduled, which should ease East Coast supply concerns. Crude oil was also undercut by expectations for Wednesday's EIA crude inventories to climb +3.25 million bbl. Crude oil recovered from a 1-1/4 month low and closed higher after Algerian Energy Minister Noureddine Bouterfa said OPEC may turn the informal meeting in Algiers on Sep 28 into a formal meeting as it seeks ways among producers to cut crude supplies by 1.0 million bpd to rebalance and stabilize the oil market.

GLOBAL EVENT CALENDAR09/21/2016

		Wednesday, Sep 21
US	0700 ET	Weekly MBA mortgage applications, previous +4.2% with purchase sub-index +8.6% and refi sub-index +1.7%.
	1030 ET	EIA Weekly Petroleum Status Report.
	1400 ET	FOMC announces interest rate decision and provides a summary of economic projections. Fed Chair Yellen holds press conference.
		Thursday, Sep 22
US	0830 ET	Weekly initial unemployment claims expected +1,000 to 261,000, previous +1,000 to 260,000. Weekly continuing claims expected -2,000 to 2.141 million, previous +1,000 to 2.143 million.
	0830 ET	Aug Chicago Fed national activity index expected -0.12 to 0.15, Jul +0.22 to 0.27.
	0830 ET	USDA weekly Export Sales.
	0900 ET	Jul FHFA house price index expected +0.3% m/m, Jun +0.2% m/m.
	1000 ET	Aug existing home sales expected +1.1% to 5.45 million, Jul -3.2% to 5.39 million.
	1000 ET	Aug leading indicators expected unchanged m/m, Jul +0.4%.
	1100 ET	Sep Kansas City Fed manufacturing survey expected +1 to -3, Aug +2 to -4.
	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 Sep 26-28.
	1300 ET	Treasury auctions $13 billion of 10-year TIPS.
	1300 ET	Atlanta Fed President Dennis Lockhart (non-voter) gives welcoming and introductory remarks at an Atlanta Fed conference on Unemployment, Wages and Productivity.
EUR	0400 ET	ECB publishes economic bulletin.
	1000 ET	Eurozone Sep consumer confidence expected +0.3 to -8.2, Aug -0.6 to -8.5.
UK	0600 ET	UK Sep CBI trends total orders expected unch at -5. Sep CBI trends selling prices expected +2 to 10, Aug 8.
JPN	n/a	Japanese markets closed for Autumnal Equinox Day.
	2230 ET	Japan Sep Nikkei manufacturing PMI, Aug +0.2 to 49.5.

U.S. STOCK CALENDAR09/21/2016

Company	Ticker	Time	Event Description	Period	Estimate
General Mills Inc	GIS US	7:00	Q1 2017 Earnings Release	Q1 2017	0.759
CarMax Inc	KMX US	7:00	Q2 2017 Earnings Release	Q2 2017	0.881
General Mills Inc	GIS US	8:30	Q1 2017 Earnings Call	Q1 2017
Allergan plc	AGN US	8:30	Acquisition of Tobira Therapeutics Inc. by Allergan plc Call
Brocade Communications Systems Inc	BRCD US	9:00	Investor Day	Y 2016
CarMax Inc	KMX US	9:00	Q2 2017 Earnings Call	Q2 2017
Intuit Inc	INTU US	11:00	Investor Day	Y 2016
Copart Inc	CPRT US	11:00	Q4 2016 Earnings Call	Q4 2016
Applied Materials Inc	AMAT US	13:30	Analyst Day	Y 2016
Retail Properties of America Inc	RPAI US	16:00	Investor and Analyst Day	Y 2016
Red Hat Inc	RHT US	16:15	Q2 2017 Earnings Release	Q2 2017	0.539
Jabil Circuit Inc	JBL US	16:30	Q4 2016 Earnings Call	Q4 2016
Bed Bath & Beyond Inc	BBBY US	17:00	Q2 2017 Earnings Call	Q2 2017
Red Hat Inc	RHT US	17:00	Q2 2017 Earnings Call	Q2 2017
Alphabet Inc	GOOGL US	17:00	ITC Due to Announce Next Step in Google vs Creative Technology Patent Case
Bed Bath & Beyond Inc	BBBY US	Aft-mkt	Q2 2017 Earnings Release	Q2 2017	1.161
Jabil Circuit Inc	JBL US	Aft-mkt	Q4 2016 Earnings Release	Q4 2016	0.249
Raymond James Financial Inc	RJF US		August 2016 Sales and Revenue Release - Operating Data	2016

BARCHART MORNING CALL 10/7

BARCHART MORNING CALL

Wednesday, October 7th, 2015View Older Reports

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

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OVERNIGHT MARKETS AND NEWS

December E-mini S&Ps (ESZ15 +0.65%) are up +0.44% and European stocks are up +0.61%, both at 2-1/2 week highs, as a +1.65% rally in Nov crude oil (CLX15 +1.94%) to a 5-week high and a +0.51% increase in Dec copper (HGZ15 +1.10%) to a 2-week high boosted energy and commodity producers. Also, Morgan Stanley upgraded their recommendation on miners to 'Attractive,' which boosted Anglo American Plc, Rio Tinto Group and BHP Billiton Ltd. to up more than 4%. In addition, increased M&A activity boosted stocks as SABMiller gained over 1% after Anheuser-Busch InBev NV raised its offer for SABMiller to $104 billion. Asian stocks settled higher: Japan +0.75%, Hong Kong +3.13%, China closed for holiday, Taiwan +1.20%, Australia +0.59%, Singapore +2.22%, South Korea +1.39%, India +0.38%. Japan's Nikkei Stock Index climbed to a 2-1/2 week high as the rally in crude oil bolstered energy producers. USD/JPY is weaker after the BOJ refrained from additional stimulus measures following today's 2-day policy meeting and after BOJ Governor Kuroda said that inflation will climb toward the BOJ's 2.0% target once the effect of lower oil prices dissipates. The BOJ will update its outlook for inflation and economic growth on Oct 30.

The dollar index (DXY00 +0.02%) is up +0.03%. EUR/USD (^EURUSD) is down -0.11%% on speculation the ECB may expand QE after German Aug industrial production unexpectedly fell. USD/JPY (^USDJPY) is down -0.12%.

Dec T-note prices (ZNZ15 -0.19%) are down -8 ticks.

German Aug industrial production unexpectedly fell -1.2%, weaker than expectations of +0.2% m/m and the biggest decline in a year. On an annual basis, Aug industrial production rose +2.3% y/y, weaker than expectations of +3.3% y/y.

UK Aug industrial production rose +1.0% m/m, stronger than expectations of +0.3% m/m and the largest increase in 18 months. On an annual basis, Aug industrial production rose +1.9% y/y, stronger than expectations of +1.2% y/y.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) weekly MBA mortgage applications (previous -6.7% with purchase sub-index -5.6% and refi sub-index -7.5%), (2) San Francisco Fed President John Williams' speech at the Gonzaga University School of Business Administration, (3) Aug consumer credit (expected +$19.500 billion, Jul +$19.097 billion), (4) the Treasury's auction of $21 billion of 10-year T-notes.

There are 7 of the Russell 2000 companies report earnings today: Monsanto (consensus -$0.03), Constellation Brands (1.32), RMP Intl (0.81), Global Payments (1.43), Acuity Brands (1.62), Lumentum Holdings (0.20).

U.S. IPO's scheduled to price today: CPI Card Group (PMTS), CytomX Therapeutics (CTMX), Allegiance Bancshares (ABTX).

Equity conferences during the remainder of this week include: Barclays Select Series Biosimilars Symposium on Wed, Capital Link Shipping Marine Services and Offshore Forum on Wed, and Goldman Sachs EMEA Leveraged Finance Conference on Thu.

OVERNIGHT U.S. STOCK MOVERS

Anglo American Plc (AAUKY +4.59%) , Rio Tinto Group (RIO +0.43%) and BHP Billiton Ltd. (BHP +1.63%) are all up more than 4% in pre-market trading after Morgan Stanley upgraded the metals and mining sectors to 'Attractive' saying the sectors trade at historically attractive valuations.

Exxon-Mobile (XOM +1.41%) and Schlumberger (SLB +2.57%) are both up over 1% in pre-market trading as the price of crude oil rose to a 5-week high.

SABMiller (SBMRY -3.45%) is up over 1% in pre-market trading after Anheuser-Busch InBev NV raised its offer for the company to $104 billion.

Ross Stores (ROST -2.97%) were rated a new 'Buy' at Citigroup with a price target of $59.

Michael Kors (KORS -1.18%) were rated a new 'Sell' at Citigroup with a price target of $38.

Team Inc. (TISI -3.22%) reported Q1 EPS of 23 cents, better than consensus of 22 cents.

Nu Skin (NUS +1.57%) sank over 12% in after-hours trading after it reported preliminary Q3 revenue of $570 million-$573 million, less than consensus of $600 million-$620 million.

Yum! Brands (YUM +0.45%) slumped over 15% in after-hours trading after it reported Q2 adjusted EPS of $1.00, lower than consensus of $1.06 and said the pace of recovery in China is below expectations.

Allegheny Technologies (ATI +2.12%) forecast a Q3 adjusted loss of -27 cents to -32 cents, wider than consensus of a -23 cent loss.

U.S. Steel (X +3.24%) fell 1% in after-hours trading after it said it was examining consolidation of its North American flat-rolled steel operations and may temporarily idle its Granite City, Il plant and cut jobs.

Adobe (ADBE -0.80%) tumbled over 7% in after-hours trading after it said it sees fiscal 2016 adjusted EPS of $2.70, well below consensus of $3.20.

MARKET COMMENTS

Dec E-mini S&Ps (ESZ15 +0.65%) this morning are up +8.75 points (+0.44%). Tuesday's closes: S&P 500 -0.36%, Dow Jones +0.08%, Nasdaq -0.57%. The S&P 500 on Tuesday closed lower on the IMF's cut its global growth forecast for 2015 to 3.1% from July's estimate of 3.3% and for 2016 to 3.6% from July's 3.8%. In addition, there was weakness in health-care companies after Celgene and Vertex Pharmaceuticals both lost more than 5%. On the positive side, energy producers rose as crude oil prices climbed to a 1-month high.

Dec 10-year T-notes (ZNZ15 -0.19%) this morning are down -8 ticks. Tuesday's closes: TYZ5 +6.50, FVZ5 +2.75. Dec T-note prices on Tuesday settled higher on weakness in stocks, which boosted the safe-haven demand for T-notes, and on global growth concerns that may further delay a Fed interest rate increase after the IMF cut its 2015/16 global GDP estimates.

The dollar index (DXY00 +0.02%) this morning is up +0.030 (+0.03%). EUR/USD (^EURUSD) is down -0.0012 (-0.11%). USD/JPY (^USDJPY) is down-0.14 (-0.12%). Tuesday's closes: Dollar Index -0.651 (-0.68%), EUR/USD +0.0084 (+0.75%), USD/JPY -0.23 (-0.19%). The dollar index on Tuesday closed lower on continued negative carryover from last Friday's weaker-than-expected U.S. Sep payroll report that pushed back expectations for a Fed interest rate increase from this year to Q1-2016. EUR/USD received a boost on reduced expectations of additional ECB stimulus after ECB Governing Council member Liikanen said speculation of additional ECB easing is "premature."

Nov crude oil (CLX15 +1.94%) this morning is up +80 cents (+1.65%) at a 2-week high and Nov gasoline (RBX15 +0.34%) is up +0.0011 (+0.08%). Tuesday's closes: CLX5 +2.27 (+4.91%), RBX5 +0.0411 (+2.97%). Nov crude oil and gasoline on Tuesday climbed to 1-month highs and settled sharply higher on a weaker dollar and on reduced U.S. crude production after the U.S. Energy Department in its Short-Term Energy Outlook said U.S. Sep crude output was down -120,000 bpd. Crude oil prices continue to see strength from Middle East tensions after at least one Russian fighter jet on Monday violated Turkish/NATO air space.

GLOBAL EVENT CALENDAR10/07/2015

US	0700 ET	Weekly MBA mortgage applications, previous -6.7% with purchase sub-index -5.6% and refi sub-index -7.5%.
	1030 ET	EIA Weekly Petroleum Status Report.
	1300 ET	Treasury auctions $21 billion of 10-year T-notes.
	1400 ET	San Francisco Fed President John Williams speaks at the Gonzaga University School of Business Administration.
	1500 ET	Aug consumer credit expected +$19.500 billion, Jul +$19.097 billion.
JPN	0100 ET	Japan Aug leading index CI expected -1.6 to 103.4, Jul 105.0. Aug coincident index expected -0.8 to 112.3, Jul 113.1.
	1950 ET	Japan Aug machine orders expected +2.3% m/m and +3.5% y/y, Jul -3.6% m/m and +2.8% y/y.
	n/a	BOJ announces interest rate decision followed by a press conference with BOJ Governor Haruhiko Kuroda.
GER	0200 ET	German Aug industrial production expected +0.2% m/m and +3.3% y/y, Jul +0.7% m/m and +0.5% y/y.
UK	0430 ET	UK Aug industrial production expected +0.3% m/m and +1.2% y/y, Jul -0.4% m/m and +0.8% y/y.
	0430 ET	UK Aug manufacturing production expected +0.3% m/m and -0.2% y/y, Jul -0.8% m/m and -0.5% y/y.
	1000 ET	UK Sep NIESR GDP estimate, Aug +0.5% q/q.
	1901 ET	UK Sep RICS house price balance expected 55%, Aug 53%.

U.S. STOCK CALENDAR10/07/2015

Company	Ticker	Time	Event Description	Period	Estimate
RPM International Inc	RPM US	Bef-mkt	Q1 2016 Earnings Release	Q1 2016	0.813
Constellation Brands Inc	STZ US	Bef-mkt	Q2 2016 Earnings Release	Q2 2016	1.32
Monsanto Co	MON US	Bef-mkt	Q4 2015 Earnings Release	Q4 2015	-0.026
Global Payments Inc	GPN US	Bef-mkt	Q1 2016 Earnings Release	Q1 2016	1.425
Acuity Brands Inc	AYI US	Bef-mkt	Q4 2015 Earnings Release	Q4 2015	1.621
SunEdison Inc	SUNE US	8:00	Business Update Call
Global Payments Inc	GPN US	8:00	Q1 2016 Earnings Call	Q1 2016
Accenture PLC	ACN US	8:30	Investor & Analyst Meeting	Y 2015
Flowers Foods Inc	FLO US	8:30	Acquisitions of Daves Killer Bread and Alpine Valley Bread By Flowers Foods
Yum! Brands Inc	YUM US	9:15	Q3 2015 Earnings Call	Q3 2015
Monsanto Co	MON US	9:30	Q4 2015 Earnings Call	Q4 2015
RPM International Inc	RPM US	10:00	Q1 2016 Earnings Call	Q1 2016
Acuity Brands Inc	AYI US	10:00	Q4 2015 Earnings Call	Q4 2015
Constellation Brands Inc	STZ US	10:30	Q2 2016 Earnings Call	Q2 2016
IHS Inc	IHS US	12:00	Investor Day	Y 2015
Costco Wholesale Corp	COST US	21:00	September 2015 Sales and Revenue Release	2015
Xcel Energy Inc	XEL US		Investor Meeting - Day 2	Y 2015
Lumentum Holdings Inc	LITE US		Q4 2015 Earnings Release	Q4 2015	0.2

BARCHART MORNING CALL 8/7

BARCHART MORNING CALL

Friday, August 7th, 2015View Older Reports

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

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OVERNIGHT MARKETS AND NEWS

September E-mini S&Ps (ESU15 -0.17%) are down -0.10% and European stocks are down -0.38% ahead of monthly U.S. payroll data for July that may give clues to the pace and timing of a Fed interest rate increase. European stocks also fell after German Jun industrial production unexpectedly declined at the fastest pace in 10 months. Miners and basic-resource companies also fell after the price of copper (HGU15 -0.21%) slid to a fresh 6-year low. Asian stocks closed mixed: Japan +0.29%, Hong Kong +0.73%, China +2.26%, Taiwan -0.09%, Australia -2.41%, South Korea -0.10%, India -0.22%. Japanese stocks closed higher after the BOJ maintained its overly easy monetary policies following today's 2-day meeting, while China's Shanghai Composite closed up over 2% on speculation the Chinese government will take more measures to stabilize the equity market.
The dollar index (DXY00 -0.06%) is down -0.02%. EUR/USD (^EURUSD) is up +0.03%. USD/JPY (^USDJPY) is down -0.02%.

Sep T-note prices (ZNU15 +0.06%) are up +1.5 ticks.
According to people with knowledge of the matter, the China Securities Finance Corp., the government agency mandated to buy equities to support the market, is seeking to increase its funding by an additional 2 trillion yuan ($322 billion). The extra funding would add to the 3 trillion yuan already made available by the government.
German Jun industrial production unexpectedly fell -1.4% m/m, weaker than expectations of +0.3% m/m and the largest decline in 10 months. Onan annual basis, Jun industrial production rose +0.6% y/y, weaker than expectations of +2.2% y/y.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) July non-farm payrolls (expected +225,000, Jun +223,000) and Jul unemployment rate (expected unchanged at 5.3%, Jun -0.2 to 5.3%), and (2) Jun consumer credit (expected +$17.0 billion, May +$16.086 billion).
There are 4 of the S&P 500 companies that report earnings today: Hershey (consensus $0.74), Cablevision (0.25), Harris Corp (1.23), Berkshire Hathaway (3038).
U.S. IPO's scheduled to price today include: Pixelworks (PXLW).
Equity conferences during the remainder of this week include: none.

OVERNIGHT U.S. STOCK MOVERS

Intel (INTC -0.38%) was downgraded to 'Hold' from 'Buy' at Drexel Hamilton.
Coach (COH -0.54%) was upgraded to 'Buy' from 'Neutral' at UBS.
Hershey (HSY -0.50%) reported Q2 EPS of 78 cents, better than consensus of 74 cents.
Genesis Healthcare (GEN +1.52%) reported Q2 EPS of 14 cents, higher than consensus of 9 cents.
Billionaire investor Carl Icahn reported an 8.18% stake in Cheniere (LNG -0.26%) .
Bio-Rad (BIO -2.98%) reported Q2 EPS of 97 cents, well above consensus of 78 cents.
Nu Skin (NUS -3.62%) reported Q2 EPS of 75 cents, better than consensus of 72 cents.
Sprouts Farmers Markets (SFM -2.21%) fell over 4% in after-hours trading after it reported Q2 adjusted EPS of 22 cents, right on consensus, but then lowered guidance on fiscal 2015 adjusted EPS to 80 cents-82 cents, below consensus of 85 cents.
TESARO (TSRO -5.95%) reported a Q2 EPS loss of -$1.51, a wider loss than consensus of -$1.14.
NVIDIA (NVDA -0.63%) jumped over 8% in after-hours trading after it reported Q2 EPS of 34 cents, over three times consensus of 10 cents.
Monster Beverage (MNST -5.93%) reported Q2 adjusted EPS of 79 cents, weaker than consensus of 91 cents.
EOG Resources (EOG +2.09%) reported Q2 adjusted EPS of 28 cents, well above consensus of 10 cents.
Mohawk (MHK -2.53%) reported Q2 EPS of $2.69, better than consensus of $2.62.
Century Aluminum (CENX -1.08%) reported Q2 adjusted EPS of 25 cents, below consensus of 27 cents.
Nuance (NUAN -1.59%) reported Q3 EPS of 32 cents, higher than consensus of 29 cents, and then raised guidance on fiscal 2015 EPS to $1.20-$1.24, above consensus of $1.19.

MARKET COMMENTS

Sep E-mini S&Ps (ESU15 -0.17%) this morning are down -2.00 points (-0.10%). Closes: S&P 500 -0.78%, Dow Jones -0.69%, Nasdaq -1.60%. The S&P 500 Thursday fell to a 1-week low and closed lower on a slide in media stocks on disappointing Q2 earnings results from Viacom and Twenty-First Century Fox, weakness in energy producers after crude oil tumbled to a 4-1/2 month low, and long liquidation ahead of Friday's monthly U.S. payrolls report.
Sep 10-year T-note prices (ZNU15 +0.06%) this morning are up +1.5 ticks. Closes: TYU5 +8.5, FVU5 +4.50. Sep T-note prices on Thursday closed higher on a decline in the 10-year inflation expectations rate to a 4-1/2 month low due to the continued drop in oil prices and on increased safe-haven demand for T-notes after the S&P 500 fell to a 1-week low.
The dollar index (DXY00 -0.06%) this morning is down -0.017 (-0.02%). EUR/USD (^EURUSD) is up +0.0003 (+0.03%). USD/JPY (^USDJPY) is down -0.02 (-0.02%). Closes: Dollar Index -0.125 (-0.13%), EUR/USD +0.00189 (+0.17%), USD/JPY -0.121 (-0.10%). The dollar index on Thursday closed lower on strength in EUR/USD after German Jun factory orders rose more than expected, and on long liquidation in the dollar ahead of Friday's U.S. payroll report.
Sep crude oil (CLU15 -0.11%) this morning is up +3 cents (+0.07%) and Sep gasoline (RBU15 -0.81%) is down -0.0078 (-0.47%). Closes: CLU5 -0.40 (-0.89%), RBU5 -0.0215 (-1.29%). Sep crude oil and gasoline closed lower Thursday with Sep crude at a 4-1/2 month low and Sep gasoline at a 5-1/2 month low. Negative factors included carry-over bearishness from Wednesday's EIA report that showed an unexpected +811,000 bbl increase in weekly EIA gasoline inventories (vs expectations of -200,000 bbl) and a +709,000 bbl increase in EIA distillate inventories to a 3-1/2 year high. Crude oil prices also saw weakness after Goldman Sachs said the global crude oversupply is currently 2 million bpd and that world oil storage may be filled by autumn.

GLOBAL EVENT CALENDAR08/07/2015

US	0830 ET	Jul non-farm payrolls expected +225,000, Jun +223,000. Jul private payrolls expected +212,000, Jun +223,000. Jul manufacturing payrolls expected +5,000, Jun +4,000. Jul unemployment rate expected unchanged at 5.3%, Jun -0.2 to 5.3%.
	0830 ET	Jul average hourly earnings expected +0.2% m/m and +2.3% y/y, Jun unch m/m and +2.0% y/y. Jul average weekly hours all employees expected unch at 34.5 hours.
	1500 ET	Jun consumer credit expected +$17.0 billion, May +$16.086 billion.
JPN	n/a	BOJ announces interest rate decision.
GER	0200 ET	German Jun industrial production expected +0.3% m/m and +2.2% y/y, May unch m/m and +2.1% y/y.
	0200 ET	German Jun trade balance expected +21.0 billion euros, May +19.5 billion euros. Jun exports expected -0.3% m/m, May +1.6% m/m. Jun imports expected +0.5% m/m, May +0.4% m/m.
	0200 ET	German Jun current account balance expected +16.0 billion euros, May +11.1 billion euros.
CHI	n/a	China Jul trade balance expected +$55.00 billion, Jun +$46.54 billion. Jul exports expected -1.5% y/y, Jun +2.8% y/y. Jul imports expected -7.9% y/y, Jun -6.1% y/y.

U.S. STOCK CALENDAR08/07/2015

Company	Ticker	Time	Event Description	Period	Estimate
Hershey Co/The	HSY US	Bef-mkt	Q2 2015 Earnings Release	Q2 2015	0.743
Cablevision Systems Corp	CVC US	Bef-mkt	Q2 2015 Earnings Release	Q2 2015	0.25
Harris Corp	HRS US	6:30	Q4 2015 Earnings Release	Q4 2015	1.23
Harris Corp	HRS US	8:30	Q4 2015 Earnings Call	Q4 2015
Hershey Co/The	HSY US	8:30	Q2 2015 Earnings Call	Q2 2015
EOG Resources Inc	EOG US	10:00	Q2 2015 Earnings Call	Q2 2015
Cablevision Systems Corp	CVC US	10:00	Q2 2015 Earnings Call	Q2 2015
Mohawk Industries Inc	MHK US	11:00	Q2 2015 Earnings Call	Q2 2015
Monster Beverage Corp	MNST US	16:20	Annual General Meeting	Y 2015
Berkshire Hathaway Inc	BRK/A US		Q2 2015 Earnings Release	Q2 2015	3038.09
Principal Financial Group Inc	PFG US		Roadshow - Tokyo - Day 2	Y 2015

BARCHART MORNING CALL 12/12

BARCHART MORNING CALL

Friday, December 12th, 2014View Older Reports

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OVERNIGHT MARKETS AND NEWS

March E-mini S&Ps (ESH15 -0.40%) this morning are down -0.53% at a 1-month low and European stocks are down -1.34% at a 3-week low as a drop in crude oil to a 5-1/3 year low undercuts energy producers. Chinese economic concerns also weighed on stocks after Nov China industrial output grew less than expected. The plunge in oil prices has also pressured the Russian ruble which plunged to a record low of 57.974 per dollar and has now lost over 30% of its value in the last 3 weeks. Asian stocks closed mixed: Japan +0.66%, Hong Kong -0.27%, China +0.32%, Taiwan +0.16%, Australia -0.22%, Singapore +0.16%, South Korea +0.37%, India -0.91%. Chinese stocks closed higher despite weaker-than-expected China Nov industrial production on speculation the government will boost its stimulus measures, while Japanese stocks rose ahead of Sunday's national elections in Japan where Prime Minister Abe's LDP party is expected to win in a landslide, which will allow him to push ahead with his fiscal policies. Commodity prices are mixed. Jan crude oil (CLF15 -1.07%) is down -0.88% at a 5-1/3 year low after the IEA cut its global oil demand forecast for the fourth time in five months when it said global oil demand in 2015 will grow by 900,000 bpd, 230,000 bpd less than previously forecast, to 93.3 million bpd. Jan gasoline (RBF15 +0.02%) is up +0.24%. Feb gold (GCG15 -0.24%) is down -0.16%. Mar copper (HGH15 +0.39%) is up +0.45%. Agriculture prices are higher. The dollar index (DXY00 -0.37%) is down -0.43%. EUR/USD (^EURUSD) is up +0.32%. USD/JPY (^USDJPY) is down -0.27%. Mar T-note prices (ZNH15 +0.33%) are up +15.5 ticks at a 1-1/2 week high on carry-over support from a rally in European government bonds to record highs as the 10-year German bund yield fell to an all-time low of 0.636%.
China Nov new yuan loans were 852.7 billion yuan, more than expectations of 655.0 billion yuan. Nov aggregate financing, China's broadest measure of credit, rose +1.15 trillion yuan, more than expectations of 895.0 billion yuan and the most in 5 months.
China Nov industrial production rose +7.2% y/y, less than expectations of +7.5% y/y.
China Nov retail sales climbed +11.7% y/y, stronger than expectations of +11.5% y/y.
Eurozone Q3 employment rose +0.2% q/q and +0.6% y/y with the +0.6% y/y increase the largest annual gain since Q2 of 2011.
Eurozone Oct industrial production rose +0.1% m/m, less than expectations of +0.2% m/m. On an annual basis Oct industrial production rose +0.7% y/y, right on expectations.
The German Nov wholesale price index fell -0.7% m/m and -1.1% y/y, a faster pace of decline from Oct when wholesale prices fell -0.6% m/m and -0.7% y/y.
UK Oct construction output unexpectedly fell -2.2% m/m, when expectations were for a +0.7% m/m increase. On an annual basis Oct construction output rose +0.7% y/y, less than expectations of +1.3% y/y.

U.S. STOCK PREVIEW

Today’s preliminary Dec U.S. consumer confidence index from the University of Michigan is expected to rise by +0.7 points to 89.5, adding to November’s rise of +1.9 points to a 7-1/3 year high 88.8. Today’s Nov final-demand PPI report is expected to fall to +1.4% y/y from +1.5% y/y in October. However, excluding food and energy, today’s Nov final-demand core PPI is expected to be unchanged at +1.8% y/y from October. None of the Russell 1000 companies report earnings today. There are no equity conferences today.

OVERNIGHT U.S. STOCK MOVERS

Morgan Stanley (MS +0.03%) was downgraded to 'Neutral' from 'Buy' at Buckingham.
Costco (COST +0.83%) was downgraded to 'Neutral' from 'Buy' at Janney Capital.
Sherwin-Williams (SHW +3.00%) lowered guidance on fiscal 2014 EPS to $8.75-$8.80, below consensus of $8.81, and also lowered guidance on fiscal 2015 EPS to $10.65-$10.85, below consensus of $10.87.
Mindray Medical (MR -0.28%) was downgraded to 'Underweight' from 'Equal Weight' at Morgan Stanley.
Avery Dennison (AVY +0.80%) was upgraded to 'Buy' from 'Hold' at Topeka.
Goodrich Petroleum (GDP +14.21%) was downgraded to 'Underweight' from 'Overweight' at JPMorgan Chase.
Lazard (LAZ -0.95%) was upgraded to 'Outperform' from 'Market Perform' at Keefe Bruyette.
CI Investments reported a 5.16% passive stake in Forest City (FCE.A -0.24%) .
United Technologies (UTX +0.48%) lowered guidance on fiscal 2014 EPS to approximately $6.80, below consensus of $6.87, and also lowered guidance on fiscal 2015 EPS to $7.00-$7.20, less than consensus of $7.27.
Nordson (NDSN +1.58%) reported Q4 EPS of $1.15, higher than consensus of $1.13.
Quiksilver (ZQK -2.63%) reported a Q4 EPS loss of -29 cents, a much bigger loss than consensus of -11 cents.
Esterline (ESL +0.38%) reported Q4 adjusted EPS of $1.82, less than consensus of $1.85.
Adobe (ADBE -0.16%) jumped over 7% in after-hours trading after it reported Q4 adjusted EPS of 36 cents, higher than consensus of 30 cents.

MARKET COMMENTS

Mar E-mini S&Ps (ESH15 -0.40%) this morning are down -10.75 points (-0.53%) at a 1-month low. The S&P 500 index on Thursday closed higher: S&P 500 +0.45%, Dow Jones +0.36%, Nasdaq +0.51%. Bullish factors included (1) the +0.7% increase in U.S. Nov retail sales, stronger than expectations of +0.4% and the most in 8 months, (2) the unexpected -3,000 decline in U.S. weekly initial unemployment claims, better than expectations of no change, and (3) slack price pressures after U.S. Nov import prices fell -1.5% m/m and -2.3% y/y, the fastest pace of decline in 1-1/2 years.
Mar 10-year T-notes (ZNH15 +0.33%) this morning are yp +15.5 ticks at a 1-1/2 week high. Mar 10-year T-note futures prices on Thursday fell back from a 1-week high and closed lower: TYH5 -7.00, FVH5 -6.00. Bearish factors included (1) the stronger-than-expected U.S. Nov retail sales, and (2) reduced safe-haven demand for Treasuries after stocks rallied sharply. Losses were limited on carry-over support from a rally in German bund prices to an all-time high.
The dollar index (DXY00 -0.37%) this morning is down -0.377 (-0.43%). EUR/USD (^EURUSD) is up +0.0040 (+0.32%). USD/JPY (^USDJPY) is down -0.32 (-0.27%). The dollar index on Thursday closed higher. Closes: Dollar index +0.392 (+0.44%), EUR/USD -0.00366 (-0.29%), USD/JPY +0.83 (+0.70%). Supportive factors included (1) the stronger-than-expected U.S. Nov retail sales, which may bring the Fed closer to raising interest rates, (2) weakness in the yen after USD/JPY recovered from a 3-week low and closed higher after the Kyodo News reported that Japanese Prime Minister Abe’s party may win more than 300 of 475 lower house seats in the Dec 14 election, which would give Abe a clear mandate to continue his yen-negative fiscal policies.
Jan WTI crude oil (CLF15 -1.07%) this morning is down -53 cents (-0.88%) at a new 5-1/3 year low and Jan gasoline (RBF15 +0.02%) is up +0.0039 (+0.24%). Jan crude and Jan gasoline prices Thursday closed lower with Jan crude at a 5-1/3 year low and Jan gasoline at a 5-year low. Closes: CLF5 -2.88 (-4.51%), RBF5 -0.0781 (-4.53%). Bearish factors included (1) a rally in the dollar, and (2) comments from Saudi Arabian Oil Minister Ali Al-Naimi who said Saudi Arabia will not cut oil production, “the market will correct itself.” A bullish factor was the larger-than-expected increase in U.S. Nov retail sales, which signals economic strength that is positive for fuel demand.

GLOBAL EVENT CALENDAR12/12/2014

US	0830 ET	Nov final-demand PPI expected -0.1% m/m and +1.4% y/y, Oct +0.2% m/m and +1.5% y/y. Nov final-demand PPI ex food & energy expected +0.1% m/m and +1.8% y/y, Oct +0.4% m/m and +1.8% y/y.
	0955 ET	Preliminary Dec U.S. consumer confidence (University of Michigan) expected +0.7 to 89.5, Nov +1.9 to 88.8.
CHI	0030 ET	China Nov industrial production expected +7.5% y/y, Oct +7.7% y/y
	0030 ET	China Nov retail sales expected +11.5% y/y, Oct +11.5% y/y.
UK	0430 ET	UK Oct construction output expected +0.7% m/m and +1.3% y/y, Sep +1.8% m/m and +3.5% y/y.
EUR	0500 ET	Eurozone Oct industrial production expected +0.2% m/m and +0.7% y/y, Sep +0.6% m/m and +0.6% y/y.
	0500 ET	Eurozone Q3 employment, Q2 +0.2% q/q and +0.4% y/y.

U.S. STOCK CALENDAR12/12/2014

Company	Ticker	Time	Event Description	Period	Estimate
WW Grainger Inc	GWW US	8:00	November 2014 Sales and Revenue Call	2014
WW Grainger Inc	GWW US	8:00	November 2014 Sales and Revenue Release	2014
Principal Financial Group Inc	PFG US	8:00	Roadshow - Europe - Day 2	Y 2014
MetLife Inc	MET US	8:00	Business Update Call
Alnylam Pharmaceuticals Inc	ALNY US	8:00	R&D Day	Y 2014
Nordson Corp	NDSN US	8:30	Q4 2014 Earnings Call	Q4 2014
Centene Corp	CNC US	8:30	Investor Meeting	Y 2014
Nu Skin Enterprises Inc	NUS US	12:00	Investor Day	Y 2014
Twenty-First Century Fox Inc	FOXA US		U.S. Box Office Release of Movie Exodus: Gods and Kings""
Palo Alto Networks Inc	PANW US		Annual General Meeting

BARCHART MORNING CALL 3/3

BARCHART MORNING CALL

Monday, March 3rd, 2014View Older Reports

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OVERNIGHT MARKETS AND NEWS

March E-mini S&Ps (ESH14 -1.05%) this morning are down -1.10% and European stocks are down sharply by -2.69% after Russian troops seized control of Ukraine's Crimea region. The situation threatens to escalate after Russian servicemen attacked Ukrainian army units in the last 24 hours, according to Ukraine's border guard service. U.S. Secretary of State Kerry is traveling to Kiev after discussing sanctions against Russia, and European Union foreign ministers will hold an emergency meeting. The Russian ruble tumbled to a record low, which prompted Bank Rossii, Russia's central bank, to unexpectedly hike the 1-week auction rate, the benchmark rate introduced in Sep, by 150 bp to 7.00%. Asian stocks closed mostly lower: Japan -1.27%, Hong Kong -1.47%, China +0.52%, Taiwan -0.44%, Australia -0.38%, Singapore -0.75%, South Korea -0.82%, India -0.82%. Commodity prices are sharply higher as escalating tension in Ukraine fuel concern that energy and agricultural supplies will be disrupted. Apr crude oil (CLJ14 +2.00%) is up +1.94% at a 5-1/4 month high. Apr gasoline (RBJ14 +1.95%) is up +1.97%. Apr gold (GCJ14 +1.82%) is up +1.73% at a 4-month high on increased safe-haven demand from the Ukraine crisis. May copper (HGK14 -0.71%) is down -0.86% at a 3-1/2 month low after manufacturing activity in China weakened to its slowest pace in 8-months. Agriculture prices are sharply higher with May corn up +3.24% at a 5-3/4 month high and May wheat up +5.35% at a 2-1/2 month high. The dollar index (DXY00 +0.27%) is up +0.24%. EUR/USD (^EURUSD) is down -0.29%. USD/JPY (^USDJPY) is down -0.53%. June T-note prices (ZNM14 +0.36%) are up +16 ticks on surge in safe-haven demand as global stocks slump on the Ukraine crisis.
The China Feb manufacturing PMI fell -0.3 to 50.2, a smaller decline than expectations of -0.4 to 50.1, but still the slowest pace of expansion in 8-months. The Feb non-manufacturing PMI rose +1.6 to 55.0.
The German Feb PMI manufacturing index was revised up to 54.8 from the originally reported 54.7.
The Eurozone Feb manufacturing PMI index was revised higher to 53.2 from the originally reported 53.0.
The UK Feb PMI manufacturing index rose +0.3 to 56.9 from an upward revised 56.6 in Jan, a faster pace of expansion than expectations of +0.1 to 56.8.
UK Jan mortgage approvals rose 76,900, more than expectations of 74,500 and the most in 6-years.
UK Jan net consumer credit rose +0.7 billion pounds, right on expectations.

U.S. STOCK PREVIEW

Today’s Feb ISM manufacturing index is expected to show a recovery of +0.7 points to 52.0 after the sharp -5.2 point drop to 51.3 seen in January. Today’s Feb total vehicle sales report is expected to improve to 15.40 million from 15.16 million in January. Today’s Jan personal income and consumption report is expected to be modest and show increases of +0.2% and +0.1%, respectively. Today’s Jan PCE deflator is expected to be unchanged from December at +1.1% y/y. Meanwhile, the Jan core PCE deflator is expected to ease to +1.1% y/y from +1.2% in December. There are 8 of the Russell 1000 companies that report earnins today: Nu Skin Enterprises (consensus $2.01), WP Carey (0.79), Ascena Retail Group (0.21), MBIA (0.17), McDermott International (0.16), URS Corp (0.18), Rockwood Holdings (0.32), Stratasys (0.49).
Equity conferences this week include: Morgan Stanley Utilities Conference on Mon, Citi Korea Investor Conference on Mon, JMP Securities Technology Research Conference on Mon-Tue,
Morgan Stanley Technology, Media & Telecom Conference on Mon-Thu, Citi Global Property CEO Conference on Mon-Wed, Cowen & Co. Healthcare Conference on Mon-Wed, Raymond James Institutional Investor Conference on Mon-Wed, Credit Suisse Healthcare Conference on Tue, IHS Energy CERAWeek Conference on Tue, UBS Natural Gas Electric Power and MLP Conference, Morgan Stanley European Medtech & Services Conference on Tue-Wed, Canadian Energy Research Institure (CERI) National Gas Conference on Tue, Pacific Crest Emerging Tech Summit conference on Wed, ISI Enterprise Infrastructure Conference on Wed, Mitsubishi Seattle Consumer Conference on Wed, Seattle Consumer Conference on Wed, Bank of America Merrill Lynch Refining Conference on Thu, and Jefferies Industrial Leaders Day on Thu.

OVERNIGHT U.S. STOCK MOVERS

Autodesk (ADSK -3.32%) was downgraded to 'Sell' from 'Neutral' at Citigroup.
Superior Energy (SPN +2.00%) was downgraded to 'Neutral' from 'Buy' at Guggenheim.
Darden (DRI +2.53%) lowered guidance on Q3 EPS to 82 cents, below consensus of 93 cents, citing severe winter weather that undercut restaurant sales.
Tyco (TYC -0.66%) said it will sell its security business in South Korea to Carlyle Group (CG +0.58%) for $1.93 billion.
Intuit INTU=}) was upgraded to 'Buy' from 'Neutral' at Citigroup.
U.S. Cellular (USM -3.81%) and Telephone and Data (TDS -2.36%) were both upgraded to 'Overweight' from 'Neutral' at JPMorgan.
Magna (MGA +2.21%) reported Q4 EPS of $2.03, well above consensus of $1.54.
Bloomberg reported that Las Vegas Sands (LVS +0.14%) said customer data was stolen recently in a cyber-attack on systems at its Pennsylvania property.
Raytheon (RTN +0.33%) was awarded $655.41 million government contract for two PATRIOT fire units and associated initial spares for the military of Kuwait.
In a regulatory filing, billionare investor Carl Icahn disclosed the purchase of an additional 33,515 shares of Herbalife (HLF -1.01%) .
VA Partners reported a 6.6% stake in Dresser-Rand (DRC +0.06%) .
Cooper Tire (CTB +0.08%) reported Q3 EPS of 0 cents, well below consensus of 38 cents, as the company said there was unusual items related to the terminated merger agreement with Apollo Tyres.
Moody's Investors Service raised its outlook on Germany's Aaa government bond rating to stable from negative.
Michael Weiss reported a 15.0% stake in Coronado (CNDO -3.73%) .
River Road Asset reported a 9.2% stake in Miller Energy (MILL +0.73%) .

MARKET COMMENTS

Mar E-mini S&Ps (ESH14 -1.05%) this morning are down sharply by -20.50 points (-1.10%) as escalating tensions in Ukraine prompts a sell-off in global stocks. The S&P 500 on Friday opened lower after U.S. Q4 GDP was revised lower to +2.4% from +3.2%, which was a slightly larger decline than expectations of +2.5%. Stocks recovered and rallied to a fresh record high and closed higher, however, on bullish factors that included (1) the unexpected +0.2 point rise in the Chicago Feb PMI that to 59.8, better than expectations of -3.2 to 56.4, and (2) the +0.4 point increase in the final-Feb University of Michigan U.S. consumer confidence index to 81.6, stronger than expectations of unch at 81.2. Closes: S&P 500 +0.49%, Dow Jones +0.46%, Nasdaq 100 +0.63%.
Jun 10-year T-notes (ZNM14 +0.36%) this morning are up +16 ticks at a 1-month high. Jun 10-year T-note futures prices Friday fell back from a 1-month high and closed lower. Bearish factors included (1) signs of economic growth after the unexpected increases in the Feb Chicago PMI and the U.S. Feb University of Michigan consumer confidence, and (2) the rally in the S&P 500 to a record high, which reduced safe-haven demand for T-notes. Closes: TYM4 -7.00, FVM4 -3.75.
The dollar index (DXY00 +0.27%) this morning is up +0.192 (+0.24%). EUR/USD (^EURUSD) is down -0.004 (-0.29%). USD/JPY (^USDJPY) is down -0.54 (-0.53%). The dollar index on Friday fell to a 2-month low and closed lower. Negative factors included (1) the rally in the S&P 500 to a record high, which reduced safe-haven demand for the dollar, and (2) strength in EUR/USD, which rallied to a 2-month high after the Feb Eurozone CPI estimate of +0.8% y/y was higher than expectations of +0.7% y/y and dampened speculation the ECB will expand its stimulus measures when it meets on Thursday. Closes: Dollar index -0.594 (-0.74%), EUR/USD +0.00912 (+0.67%), USD/JPY -0.384 (-0.38%).
Apr WTI crude oil (CLJ14 +2.00%) this morning is up +$1.99 a barrel (+1.94%) at a 5-1/4 month high and Apr gasoline (RBJ14 +1.95%) is up +0.0588 (+1.97%). Apr crude and gasoline prices Friday closed higher. Bullish factors included (1) the slide in the dollar index to a 2-month low, (2) the unexpected increase in the Feb Chicago PMI, and (3) the unexpected increase in the U.S. Feb University of Michigan consumer confidence. Gains were limited after U.S. Q4 GDP was revised lower than expected, a sign of weaker energy demand. Closes: CLJ4 +0.19 (+0.19%), RBJ4 +0.0169 (+0.57%).

GLOBAL EVENT CALENDAR03/03/2014

US	0830 ET	Jan personal spending expected +0.1%, Dec +0.4%. Jan personal income expected +0.2%, Dec unch. Jan PCE deflator expected +0.1% m/m and +1.1% y/y, Dec +0.2% m/m and +1/1% y/y. Jan PCE core deflator expected +0.1% m/m and +1.1% y/y, Dec +0.1% m/m and +1.2% y/y.
	1000 ET	Feb ISM manufacturing index expected +0.7 to 52.0, Jan -5.2 to 51.3. Feb ISM prices paid expected -3.1 to 57.4, Jan +7.0 to 60.5. Feb ISM new orders sub-index, Jan -13.2 to 51.2.
	1000 ET	Jan construction spending expected -0.5% m/m, Dec +0.1% m/m.
	1100 ET	USDA weekly grain export inspections.
	n/a	Feb total vehicle sales expected 15.40 million, Jan 15.16 million. Feb domestic vehicle sales expected 11.90 million, Jan 11.94 million.
JPN	0000 ET	Japan Feb vehicle sales, Jan +27.5% y/y.
	2030 ET	Japan Jan labor cash earnings expected +0.3% y/y, Dec +0.5% y/y.
GER	0355 ET	Revised German Feb PMI manufacturing, previous 54.7.
EUR	0400 ET	Revised Eurozone Feb PMI manufacturing, previous 53.0.
	0900 ET	ECB President Mario Draghi speaks at the Quarterly Hearing before the Committee on Economic and Monetary Affairs of the European Parliament.
UK	0430 ET	UK Feb PMI manufacturing expected +0.3 to 57.0, Jan 56.7.
	0430 ET	UK Jan net consumer credit expected +0.7 billion pounds, Dec +0.6 billion pounds.
	0430 ET	UK Jan mortgage approvals expected 74,500, Dec 71,600.
	0430 ET	UK Jan M4 money supply, Dec -1.4% m/m and +0.2% y/y.

U.S. STOCK CALENDAR03/03/2014

Company Name	Ticker	Time	Event Description	Period	Estimate
Nu Skin Enterprises Inc	NUS US	3/3/2014	Q4 2013 Earnings Release	Q4 2013	2.012
WP Carey Inc	WPC US	3/3/2014	Q4 2013 Earnings Release	Q4 2013	0.79
BioMarin Pharmaceutical Inc	BMRN US	3/3/2014	Q4 2013 Earnings Call	Q4 2013
Stratasys Ltd	SSYS US	3/3/2014	Q4 2013 Earnings Call	Q4 2013
Ford Motor Co	F US	3/3/2014	February 2014 Sales and Revenue Release	2014
Ford Motor Co	F US	3/3/2014	February 2014 Sales and Revenue Call	2014
Rockwood Holdings Inc	ROC US	3/3/2014	Q4 2013 Earnings Call	Q4 2013
Nu Skin Enterprises Inc	NUS US	3/3/2014	Q4 2013 Earnings Call	Q4 2013
WP Carey Inc	WPC US	3/3/2014	Q4 2013 Earnings Call	Q4 2013
Ascena Retail Group Inc	ASNA US	3/3/2014	Q2 2014 Earnings Release	Q2 2014	0.213
Ascena Retail Group Inc	ASNA US	3/3/2014	Q2 2014 Earnings Call	Q2 2014
McDermott International Inc	MDR US	3/3/2014	Q4 2013 Earnings Call	Q4 2013
URS Corp	URS US	3/3/2014	Q4 2013 Earnings Call	Q4 2013
MBIA Inc	MBI US	3/3/2014	Q4 2013 Earnings Release	Q4 2013	0.17
McDermott International Inc	MDR US	3/3/2014	Q4 2013 Earnings Release	Q4 2013	0.163
URS Corp	URS US	3/3/2014	Q4 2013 Earnings Release	Q4 2013	0.175
Rockwood Holdings Inc	ROC US	3/3/2014	Q4 2013 Earnings Release	Q4 2013	0.321
Stratasys Ltd	SSYS US	3/3/2014	Q4 2013 Earnings Release	Q4 2013	0.494