MORNING CALL 2/6

Barchart Morning Call

Barchart.com - 1 hour ago

OVERNIGHT MARKETS AND NEWS

Mar E-mini S&Ps (ESH17 -0.04%) are up +0.01% on positive carry-over from Friday's employment data that showed U.S. employers added the most jobs in four months. European stocks are down -0.19%, led by losses in automakers, after Bank of America-Merrill Lynch downgraded the sector to underweight. Another negative for European equities is political risks from France where French presidential candidate Marine Le Pen unveiled her plans to take France out of the EU should she be elected in April. Losses in European stocks were limited after German Dec factory orders posted their largest year-on-year increase in over 5 years. Asian stocks settled mostly higher: Japan +0.31%, Hong Kong +0.95%, China +0.54%, Taiwan +0.87%, Australia -0.11%, Singapore +0.49%, South Korea +0.24%, India +0.70%.

The dollar index (DXY00 +0.14%) is up +0.14%. EUR/USD (^EURUSD) is down -0.42%. USD/JPY (^USDJPY) is down -0.12%.

Mar 10-year T-note prices (ZNH17 +0.31%) are up +12 ticks as they garner support form a rally in 10-year German bunds which rallied to a 1-1/2 week high.

Eurozone Feb Sentix investor confidence fell -0.8 to 17.4, stronger than expectations of -1.4 to 16.8.

German Dec factory orders rose +8.1% y/y, stronger than expectations of +4.2% y/y and the largest year-on-year increase in 5-1/3 years.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) USDA weekly grain export inspections, (2) Philadelphia Fed President Patrick Harker (voter) speaks at a payment conference in San Diego.

Notable S&P 500 earnings reports today include: Tyson Foods (consensus $1.27), Lowes (0.63), Newell Brands (0.80), Sysco (0.54), Hasbro (1.28), Twenty-First Century Fox (0.49), FMC (0.88), Tesoro (-0.14), Macerich 1.16).

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

Equity conferences: Credit Suisse Financial Services Forum on Tue-Wed, Cowen Aerospace/Defense & Industrials Conference on Wed-Thu.

OVERNIGHT U.S. STOCK MOVERS

American Airlines Group (AAL +0.43%) was upgraded to 'Market Perform' from 'Underperform' at Bernstein with a price target of $43.

Delta Air Lines (DAL +0.91%) was upgraded to 'Outperform' from 'Market Perform' at Bernstein with a price target of $61.

FedEx (FDX +1.95%) was upgraded to 'Outperform' from 'Market Perform' at Raymond James.

AutoNation (AN -3.86%) was downgraded to 'Hold' from 'Buy' at Evercore ISI.

Walgreens Boots Alliance (WBA -0.15%) was upgraded to 'Overweight' from 'Neutral' at Atlantic Equities with a 12-month target price of $95.

CVS Health Corp. (CVS +0.88%) was downgraded to 'Neutral' from 'Overweight' at Atlantic Equities with a 12-month target price of $84.

Barracuda Networks (CUDA +2.54%) was rated a new 'Buy' at Needham with a price target of $28.

Nvidia (NVDA -0.88%) was downgraded to 'Neutral' from 'Buy' at Roth Capital

Parexel International (PRXL -1.44%) was downgraded to 'Neutral' from 'Outperform' at Credit Suisse with a target price of $65.

CBS (CBS +0.02%) was upgraded to 'Overweight' from 'Neutral' at Atlantic Equities with a price target of $78.

U.S. Steel (X -3.07%) was upgraded to 'Buy' from 'Hold' at Argus with a price target of $39.

Lone Star boosted its stake in Edgewater Technology (EDGW -2.90%) to 6.2% from 1.4%.

Credit Acceptance Corp. (CACC +2.01%) slipped 2% in after-hours trading after the company received FTC civil investigative demand seeking information on car dealers using GPS Starter Interrupters on consumer vehicles.

Atwood Oceanics (ATW +4.37%) lost 1% in after-hours trading after it reported Q1 revenue of $157.6 million, below consensus of $159.4 million.

MARKET COMMENTS

Mar E-mini S&Ps (ESH17 -0.04%) this morning are little changed, up +0.25 of a point (+0.01%). Friday's closes: S&P 500 +0.73%, Dow Jones +0.94%, Nasdaq +0.27%. The S&P 500 on Friday closed higher on the +227,000 increase in U.S. Jan non-farm payrolls (stronger than expectations of +180,000), and the +1.3% increase in U.S. Dec factory orders (stronger than expectations of +0.5%). A negative factor was the +2.5% y/y increase in U.S. Jan average hourly earnings, weaker than expectations of +2.7% y/y.

Mar 10-year T-notes (ZNH17 +0.31%) this morning are up +12 ticks. Friday's closes: TYH7 -3.00, FVH7 -1.75. Mar 10-year T-notes on Friday fell back from a 1-1/2 week high and closed lower on the larger-than-expected increase in U.S. Jan non-farm payrolls and stronger-than-expected U.S. Dec factory orders reports that bolstered the case for additional Fed rate hikes. T-notes were boosted by increased safe-haven demand with the fairly sharp rally in stocks. T-notes found some underlying support from the Jan hourly earnings report of +2.5% y/y, weaker than expectations of +2.7% y/y.

The dollar index (DXY00 +0.14%) this morning is up +0.142 (+0.14%). EUR/USD (^EURUSD) is down -0.0045 (-0.42%). USD/JPY (^USDJPY) is down -0.13 (-0.12%). Friday's closes: Dollar index +0.078 (+0.08%), EUR/USD +0.0024 (+0.22%), USD/JPY -0.19 (-0.17%). The dollar index on Friday closed higher on the stronger-than-expected U.S. payroll and factory orders reports and the increase in U.S. T-note yields, which improved the dollar's interest rate differentials.

Mar WTI crude oil prices (CLH17 +0.22%) this morning are up +17 cents (+0.32%) and Mar gasoline (RBH17 +0.83%) is +0.0074 (+0.48%). Friday's closes: Mar crude +0.29 (+0.54%), Mar gasoline +0.0208 (+1.36%). Mar crude oil and gasoline on Friday closed higher on reduced output by OPEC as OPEC Jan crude production fell -840,000 bpd to 32.2 million bpd, a 14-month low. Crude oil prices were also boosted by increased geopolitical tensions after the U.S. imposed new sanctions on Iran for conducting ballistic missile tests. Crude oil prices were undercut by the Baker Hughes report that U.S. active oil rigs in the week ended Feb 3 rose by 17 rigs to a 1-1/4 year high of 583 rigs.

GLOBAL EVENT CALENDAR02/06/2017

		Monday, Feb 6
US	1100 ET	USDA weekly grain export inspections.
	1630 ET	Philadelphia Fed President Patrick Harker (voter) speaks at a payment conference in San Diego.
		Tuesday, Feb 7
US	0830 ET	Dec trade balance expected -$45.0 billion, Nov -$45.2 billion.
	1000 ET	Dec JOLTS job openings expected +47,000 to 5.569 million, Nov +71,000 to 5.522 million.
	1300 ET	Treasury auctions $24 billion of 3-year T-notes.
	1500 ET	Dec consumer credit expected +$20.0 billion, Nov +$24.532 billion.

U.S. STOCK CALENDAR02/06/2017

Company	Ticker	Time	Event Description	Period	Estimate
Loews Corp	L US	Bf-mkt	Q4 2016 Earnings Release	Q4 2016	0.63
Newell Brands Inc	NWL US	Bf-mkt	Q4 2016 Earnings Release	Q4 2016	0.8
Sysco Corp	SYY US	Bf-mkt	Q2 2017 Earnings Release	Q2 2017	0.542
Hasbro Inc	HAS US	6:30	Q4 2016 Earnings Release	Q4 2016	1.281
Fastenal Co	FAST US	7:00	January 2017 Sales and Revenue Release	2017
Tyson Foods Inc	TSN US	7:30	Q1 2017 Earnings Release	Q1 2017	1.268
Newell Brands Inc	NWL US	8:30	Q4 2016 Earnings Call	Q4 2016
Hasbro Inc	HAS US	8:30	Q4 2016 Earnings Call	Q4 2016
Tyson Foods Inc	TSN US	9:00	Q1 2017 Earnings Call	Q1 2017
Sysco Corp	SYY US	10:00	Q2 2017 Earnings Call	Q2 2017
Loews Corp	L US	11:00	Q4 2016 Earnings Call	Q4 2016
Twenty-First Century Fox Inc	FOXA US	16:00	Q2 2017 Earnings Release	Q2 2017	0.49
Gap Inc/The	GPS US	16:15	January 2017 Sales and Revenue Release	2017
Twenty-First Century Fox Inc	FOXA US	16:30	Q2 2017 Earnings Call	Q2 2017
FMC Corp	FMC US	Aft-mkt	Q4 2016 Earnings Release	Q4 2016	0.884
Tesoro Corp	TSO US	Aft-mkt	Q4 2016 Earnings Release	Q4 2016	-0.103
Macerich Co/The	MAC US	Aft-mkt	Q4 2016 Earnings Release	Q4 2016	1.16
Credicorp Ltd	BAP US	18:00	Q4 2016 Earnings Release	Q4 2016	10.375
Viacom Inc	VIAB US		Annual General Meeting

MORNING CALL 12/15

MORNING CALL

Wednesday, December 16th, 2015View Older Reports

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OVERNIGHT MARKETS AND NEWS

March E-mini S&Ps (ESH16 +0.38%) are up +0.54% and European stocks are up +0.73% on optimism the U.S. economy is strong enough to handle an expected interest rate increase by the Fed today. The markets are expecting the FOMC to raise the federal funds rate by 25 bp and to reiterate that any subsequent rate hikes will be gradual as long as economic growth remains steady. European stocks found support on strength in manufacturing activity after the Eurozone Dec Markit manufacturing PMI climbed at the fastest pace in over 1-1/2 years. Asian stocks settled higher: Japan +2.61%, Hong Kong +2.01%, China +0.17%, Taiwan +1.38%, Australia +2.42%, Singapore +0.90%, South Korea +1.96%, India +0.69%.

The dollar index (DXY00 +0.02%) is down -0.01%. EUR/USD (^EURUSD) is down -0.08%. USD/JPY (^USDJPY) is up +0.19%.

Mar T-note prices (ZNH16 -0.06%) are down -3 ticks.

The German Dec Markit/BME manufacturing PMI rose +0.1 to 53.0, stronger than expectations of -0.1 to 52.8.

The Eurozone Dec Markit manufacturing PMI rose +0.3 to 53.1, stronger than expectations of no change at 52.8 and the fastest pace of expansion in 20 months.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) weekly MBA mortgage applications (previous +1.2% with purchase sub-index unch and refi sub-index +3.5%), (2) Nov housing starts (expected +6.6% to 1.130 million, Oct -11.0% to 1.060 million), (3) Nov industrial production (expected -0.1% m/m, Oct -0.2%) and Nov manufacturing production (expected unch m/m, Oct +0.4%), and (4) today's end of the 2-day FOMC meeting where the FOMC is expected to raise the funds rate target by +25 bp to 0.25%-0.50% range from 0.00%-0.25%.

There are 4 of the Russell 1000 companies that report earnings today: FedEx (consensus $2.50), Oracle (0.60), Jabil Circuit (0.80), Joy Global ($0.41).

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

Equity conferences: European Society for Medical Oncology Asia Congress on Fri.

OVERNIGHT U.S. STOCK MOVERS

Chevron (CVX +3.84%) was raised to 'Buy' from 'Hold' at Argus Research.

Boyd Gaming (BYD +2.32%) was upgraded to 'Buy' from 'Hold' at Deutsche Bank.

Northrop Grumman (NOC +0.41%) was upgraded to 'Overweight' from 'Neutral' at JPMorgan Chase.

Newell Rubermaid (NWL +4.70%) was raised to 'Top Pick' from 'Outperform' at RBC Capital Markets with a 12-month price target of $60.

Valeant Pharmaceuticals (VRX +16.41%) fell over 5% in pre-market trading after it lowered guidance on Q4 adjusted EPS to $2.55-$2.65 from a prior forecast of $4.00-$4.20.

General Dynamics (GD -0.83%) was downgraded to 'Neutral' from 'Overweight' at JPMorgan Chase.

ConAgra Foods (CAG +0.81%) was rated a new 'Buy' at Jeffries with a price target of $50 and WhiteWave Foods (WWAV +3.04%) was also rated a new 'Buy' at Jeffries with a price target of $44.

Advanced Auto Parts (AAP +5.80%) rose over 1% in after-hours trading after StreetInsider, citing one unidentified person, reported the company was exploring a possible sale.

Dover (DOV +0.10%) slid over 3% in after-hours trading after the company lowered guidance on 2015 EPS continuing operations to $3.62 from a prior estimate of $3.73-$3.80, below consensus of $3.74.

AMC Entertainment Holdings (AMCX +2.43%) moved up over 1% in after-hours trading after the company named Starwood Hotels & Resorts interim CEO, Adam Aron, as the new CEO of AMC.

Heico (HEI +1.81%) rose over 4% in after-hours trading after it reported Q4 adjusted EPS of 56 cents, higher than consensus of 53 cents.

Ascent Retail Group (ASNA -2.21%) rallied nearly 5% in after-hours trading after the company reported a new $200 million stock buyback program.

Heartland Payment (HPY +2.82%) jumped nearly 12% in after-hours trading after Global Payments GPN said it will acquire the company for about $4.3 billion.

MARKET COMMENTS

Mar E-mini S&Ps (ESH16 +0.38%) this morning are up +11.00 points (+0.54%). Tuesday's closes: S&P 500 +1.06%, Dow Jones +0.90%, Nasdaq +0.59%. The S&P 500 on Tuesday closed higher on the +6.15 point increase in the Dec Empire manufacturing index (stronger than expectations of +3.74 to -7.00) and on strength in energy producing stocks after crude oil rallied.

Mar 10-year T-notes (ZNH16 -0.06%) this morning are down -3 ticks. Tuesday's closes: TYH6 -10.50, FVH6 -6.75. March T-notes on Tuesday fell to a 1-week low and closed lower on the +0.5% y/y increase in U.S. Nov CPI (stronger than expectations of +0.4% y/y) and the rally in stocks, which curbs the safe-haven demand for T-notes.

The dollar index (DXY00 +0.02%) this morning is down -0.014 (-0.01%). EUR/USD (^EURUSD) is down -0.0009 (-0.08%). USD/JPY (^USDJPY) is up +0.23 (+0.19%). Tuesday's closes: Dollar Index +0.613 (+0.63%), EUR/USD -0.0061 (-0.55%), USD/JPY +0.65 (+0.54%). The dollar index on Tuesday recovered from a 6-week low and closed higher on the jump in U.S. 10-year T-note yield to a 1-week high, which improves the dollar's interest rate differentials, and on the stronger-than-expected U.S. Nov CPI report of +0.5% y/y which bolsters the case for a Fed interest rate increase.

Jan crude oil (CLF16 -0.67%) this morning is down -24 cents (-0.64%) and Jan gasoline (RBF16 +0.38%) is up +0.0033 (+0.27%). Tuesday's closes: CLF6 +0.43 (+1.18%), RBF6 -0.0112 (-0.89%). Jan crude oil and gasoline on Tuesday settled mixed. Crude oil prices were boosted by expectations that Wednesday's weekly EIA crude inventories will fall -1.5 million bbl and optimism that Congress may lift the 40-year old U.S. crude export ban, thus increasing demand for U.S. oil. Crude oil prices were undercut by a stronger dollar and expectations for Wednesday's weekly EIA gasoline inventories to climb by +1.0 million bbl.

GLOBAL EVENT CALENDAR12/16/2015

US	0700 ET	Weekly MBA mortgage applications, previous +1.2% with purchase sub-index unch and refi sub-index +3.5%.
	0830 ET	Nov housing starts expected +6.6% to 1.130 million, Oct -11.0% to 1.060 million. Nov building permits expected -0.7% to 1.153 million, Oct +5.1% to 1.161 million.
	0915 ET	Nov industrial production expected -0.1% m/m, Oct -0.2%. Nov capacity utilization expected -0.1 to 74.4%, Oct 77.5%. Nov manufacturing production expected unch m/m, Oct +0.4%.
	1030 ET	EIA Weekly Petroleum Status Report.
	1400 ET	FOMC announces interest rate decision expected +25 bp rate hike to 0.25%-0.50% range from 0.00%-0.25%.
JPN	0100 ET	Revised Japan Nov machine tool orders, preliminary -17.9% y/y.
	1850 ET	Japan Nov trade balance expected -449.7 billion yen, Oct +108.3 billion yen. Nov exports expected -1.6% y/y, Oct -2.2% y/y. Nov imports expected -7.3% y/y, Oct -13.4% y/y.
GER	0330 ET	German Dec Markit/BME manufacturing PMI expected -0.1 to 52.8, Nov 52.9. Dec Markit services PMI expected -0.1 to 55.5, Nov 55.6.
EUR	0400 ET	Eurozone Dec Markit manufacturing PMI expected unch at 52.8. Dec composite PMI expected unch at 54.2.
	0500 ET	Revised Eurozone Nov CPI, previous +0.1% y/y. Revised Nov core CPI, previous +0.9% y/y.
UK	0430 ET	UK Nov jobless claims change expected +800, Oct +3,300. Nov claimant count rate expected unch at 2.3%.
	0430 ET	UK Oct avg weekly earnings expected +2.5% 3-mon avg y/y, Sep +3.0% 3-mon avg y/y. Oct weekly earnings ex-bonus expected +2.3% 3-mon avg y/y, Sep +3.0% 3-mon avg y/y.
	0430 ET	UK Oct ILO unemployment rate expected +5.3% 3-months through Oct, previous +5.3% 3-months through Sep.

U.S. STOCK CALENDAR12/16/2015

Company	Ticker	Time	Event Description	Period	Estimate
Joy Global Inc	JOY US	Bef-mkt	Q4 2015 Earnings Release	Q4 2015	0.41
Progressive Corp/The	PGR US	Bef-mkt	November 2015 Sales and Revenue Release	2015
Arthur J Gallagher & Co	AJG US	8:00	Investor Meeting	Y 2015
CVS Health Corp	CVS US	8:00	Analyst Day	Y 2015
Honeywell International Inc	HON US	9:00	Q4 2016 Guidance Call	Q4 2016
AutoZone Inc	AZO US	9:00	Annual General Meeting	Y 2015
Lennox International Inc	LII US	9:00	Investment Community Meeting	Y 2015
Danaher Corp	DHR US	11:00	Investor and Analyst Meeting	Y 2015
Joy Global Inc	JOY US	11:00	Q4 2015 Earnings Call	Q4 2015
General Electric Co	GE US	15:30	Investor Meeting	Y 2015
FedEx Corp	FDX US	16:15	Q2 2016 Earnings Release	Q2 2016	2.5
Jabil Circuit Inc	JBL US	16:30	Q1 2016 Earnings Call	Q1 2016
Pandora Media Inc	P US	16:30	Business Update Call
FedEx Corp	FDX US	17:00	Q2 2016 Earnings Call	Q2 2016
Oracle Corp	ORCL US	17:00	Q2 2016 Earnings Call	Q2 2016
Oracle Corp	ORCL US	Aft-mkt	Q2 2016 Earnings Release	Q2 2016	0.6
Jabil Circuit Inc	JBL US	Aft-mkt	Q1 2016 Earnings Release	Q1 2016	0.8
Equifax Inc	EFX US		Investor Meeting - Boston	Y 2015
Pepco Holdings Inc	POM US		Annual General Meeting
Tesla Motors Inc	TSLA US		Elon Musk's SpaceX Testing of Engines of Falcon 9 Rocket

The 5 Best Large Caps

I wanted to find the 5 best large cap stocks so I used Barchart to sort the S&P 500 Large Cap Index stocks first by a Weighted Alpha of 50.00+ or more, then a 50-100 Day MACD Oscillator buy signal then for technical buy signals of 80% or better.  I always use the Flipchart feature to review the charts.  The stocks with the highest technical buy signals were Molson Coors Brewing (TAP), Scana (SCG), Newell Rubbermaid (NWL), General Electric (GE) and Verisign (VRSN).

Molson Coors Brewing (TAP)

Barchart technical indicators:

• 100% Barchart technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 3 new highs and up 17.10% in the last month
• Relative Strength Index 70.96%
• Barchart computes a technical support level at 84.76
• Recently traded at 92.22 with a 50 day moving average of 82.94

Scana (SCG)

Barchart technical indicators:

• 100% Barchart technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 11 new highs and up 7.94% in the last month
• Relative Strength Index 63.73%
• Barchart computes a technical support level at 59.26
• Recently traded at 60.11 with a 50 day moving average of 55.48

Newell Rubbermaid (NWL)

Barchart technical indicators:

• 100% Barchart technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 11 new highs and up 6.54% in the last month
• Relative Strength Index 65.55%
• Barchart computes a technical support level at 43.81
• Recently traded at 44.98 with a 50 day moving average of 42.32

General Electric (GE)

Barchart technical indicators:

• 100% Barchart technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 9 new highs and up 8.51% in the last month
• Relative Strength Index 71.38%
• Barchart computes a technical support level at 29.94
• Recently traded at 30.48 with a 50 day moving average of 27.28

Verisign (VRSN)

Barchart technical indicators:

• 96% Barchart technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 10 new highs and up 9.94% in the last month
• Relative Strength Index 69.49%
• Barchart computes a technical support level at 81.14
• Recently traded at 82.53 with a 50 day moving average of 74.25

BARCHART MORNING CALL 10/30

BARCHART MORNING CALL

Friday, October 30th, 2015View Older Reports

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OVERNIGHT MARKETS AND NEWS

December E-mini S&Ps (ESZ15 +0.12%) are up +0.13 at a 2-1/4 month high as better-than-expected Q3 earnings results from Linkedin and Expedia gave stocks a boost, while European stocks are down -0.24% after German Sep retail sales came in weaker than expected. Also, European personal and household goods makers declined, led by a 5% fall in L'Oreal, after it reported weaker-than-expected quarterly sales. European stocks also fell after Eurozone Sep core CPI rose a more than expected +1.0% y/y, and the Eurozone Sep unemployment rate unexpectedly fell to a 3-1/2 year low, which may keep the ECB from expanding QE. Asian stocks settled mostly lower: Japan +0.78%, Hong Kong -0.79%, China -0.14%, Taiwan -0.20%, Australia -0.52%, Singapore -0.11%, South Korea +0.19%, India -0.68%. Japan's Nikkei Stock Index rose to a 2-1/4 month high after the Nikkei newspaper reported that the government may introduce additional budget measures if Japan Q3 GDP, due to be released on Nov 16, shows the economy needs aid. The BOJ refrained from expanding stimulus measures following today's 2-day policy meeting after BOJ Governor Kuroda and his fellow policy makers blamed the slide in oil prices for keeping inflation from reaching the BOJ's 2.0% target. The BOJ now expects inflation to rise to its target around the 6-month period through Mar 2017, 1 year later than a previous estimate of Mar 2016.

The dollar index (DXY00 -0.30%) is down -0.29%. EUR/USD (^EURUSD) is up +0.33% after Eurozone Oct core CPI rose more than expected and the Eurozone unemployment rate unexpectedly fell to a 3-1/2 year low, which reduces the chances that the ECB will boost QE. USD/JPY (^USDJPY) is down-0.63% as the yen strengthened after the BOJ refrained from expanding stimulus.

Dec T-note prices (ZNZ15 +0.10%) are up +4 ticks.

Eurozone Oct CPI was unch y/y, right on expectations. Oct core CPI rose +1.0% y/y, more than expectations of +0.9% y/y.

The Eurozone Sep unemployment rate unexpectedly fell -0.1 from a downward revised 10.9% in Aug to 10.8%, better than expectations of no change ay 11.0% and the lowest in 3-1/2 years.

German Sep retail sales were unch m/m and rose +3.4% y/y, weaker than expectations of +0.4% m/m and +4.1% y/y.

Japan Sep national CPI was unch y/y, right on expectations. Sep national CPI ex-fresh food fell -0.1% y/y, a smaller decline than expectations of -0.2% y/y. Sep national CPI ex food & energy rose +0.9% y/y, right on expectations and the fastest pace of increase in 6 months.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Q3 employment cost index (expected +0.6%, Q2 +0.2%), (2) Sep personal spending (expected +0.2%, Aug +0.4%) and Sep personal income (expected +0.2%, Aug +0.3%), (3) Sep PCE deflator (expected -0.1% m/m and +0.2% y/y, Aug unch m/m and +0.3% y/y) and Sep PCE core deflator (expected +0.2% m/m and +1.4% y/y, Aug +0.1% m/m and +1.3% y/y), (4) Oct Milwaukee ISM (expected +4.56 to 44.00, Sep -8.23 to 39.44), (5) Oct Chicago PMI (expected +0.8 to 49.5, Sep -5.7 to 48.7), (6) San Francisco Fed President John Williams's speech at an event at the Brookings Institute on the natural rate of interest and the economy’s trend growth rate, and (7) final-Oct U.S. consumer sentiment index from the University of Michigan (expected +0.4 to 92.5, prelim-Oct +4.9 to 92.1).

There are 21 of the S&P 500 companies that report earnings today with notable reports including: Exxon (consensus $0.89), Chevron (0.76), Moody's (1.06), AbbVie (1.08).

U.S. IPO's scheduled to price today: Ardelyx (ARDX), Innovation Economy (MYIE).

Equity conferences during the remainder of this week include: none.

OVERNIGHT U.S. STOCK MOVERS

Weyerhaeuser (WY -0.38%) reported Q3 EPS of 35 cents, higher than consensus of 25 cents.

Phillips 66 (PSX +1.81%) reported Q3 EPS of $3.02, well above consensus of $2.25.

Valeant Pharmaceuticals International (VRX -4.70%) slid 7% in pre-market trading after Phildor RX Services LLC, a pharmacy that fills prescriptions for Valeant, was said to have altered doctors' prescriptions in order to get more reimbursements out of insurers.

Linkedin (LNKD +1.78%) surged 13% in pre-market trading after it reported Q3 adjusted EPS of 78 cents, well ahead of consensus of 45 cents, and then raised guidance on fiscal 2015 EPS to $2.63 from a previous estimate of $2.19, higher than consensus of $2.23.

Live Nation (LYV -1.10%) jumped over 7% in after-hours trading after it reported Q3 adjusted EPS of 44 cents, better than consensus of 43 cents.

Starbucks (SBUX -1.59%) fell over 1% in after-hours trading after it said it sees Q1 EPS of 44 cents-45 cents, below consensus of 47 cents, and said it sees revenue growth of 10% on a 52-week basis, below consensus of 12%.

Expedia (EXPE +1.00%) rose 7% in after-hours trading after it reported Q3 adjusted EPS of $2.07, better than consensus of $2.02.

Fluor (FLR -1.42%) dropped over 1% in after-hours trading after it lowered guidance on fiscal 2016 EPS to $3.50-$4.00, below consensus of $4.07.

Genworth Financial (GNW -0.95%) slumped over 12% in after-hours trading after it reported Q3 operating EPS of 13 cents, weaker than consensus of 22 cents.

Solarcity (SCTY -0.70%) tumbled over 15% in after-hours trading after it reported a Q3 EPS loss of -$2.10, a wider loss than consensus of -$1.91.

Lending Club (LC -2.71%) climbed over 5% in after-hours trading after it reported Q3 adjusted EPS of 4 cents, double consensus of 2 cents, and then raised guidance on fiscal 2015 operating revenue to $420 million-$422 million from a previous estimate of $405 million-$409 million, above consensus of $408.5 million.

Fiesta Restaurant Group (FRGI -3.79%) dropped nearly 7% in after-hours trading after it reported Q3 adjusted EPS of 33 cents, below consensus of 37 cents.

Deckers Outdoor (DECK -0.44%) jumped over 10% in after-hours trading after it reported Q2 EPS of $1.11, higher than consensus of $1.06, and then raised guidance on fiscal 2015 EPS to $5.18 from a July estimate of $5.15, above consensus of $5.14.

YRC Worldwide (YRCW +3.13%) surged over 15% in after-hours trading after it reported Q3 EPS of 61 cents, nearly double consensus of 31 cents.

MARKET COMMENTS

Dec E-mini S&Ps (ESZ15 +0.12%) this morning are up +2.75 points (+0.13%) at a fresh 2-1/4 month high. Thursday's closes: S&P 500 -0.04%, Dow Jones-0.13%, Nasdaq -0.17%. The S&P 500 on Thursday closed slightly lower on the +1.5% increase in U.S. Q3 GDP (weaker than expectations of +1.6%) and the unexpected -2.3% m/m decline in U.S. Sep pending home sales (weaker than expectations of +1.0% m/m and the biggest decline in 1-3/4 years).

Dec 10-year T-notes (ZNZ15 +0.10%) this morning are up +4 ticks. Thursday's closes: TYZ5 -19.00, FVZ5 -8.75. Dec T-notes on Thursday tumbled to a 1-month low and closed lower on negative carryover from Wednesday's post-FOMC meeting statement that left open the possibility of an interest rate increase at the Dec FOMC meeting.

The dollar index (DXY00 -0.30%) this morning is down -0.282 (-0.29%). EUR/USD (^EURUSD) is up +0.0036 (+0.33%). USD/JPY (^USDJPY) is down-0.76 (-0.63%). Thursday's closes: Dollar Index -0.500 (-0.51%), EUR/USD +0.0054 (+0.49%), USD/JPY +0.04 (+0.03%). The dollar index on Thursday closed lower on the weaker-than-expected U.S Q3 GDP and Sep pending home sales reports, which may further delay an Fed interest rate increase. In addition, there was strength in EUR/USD after Eurozone Oct economic confidence unexpectedly rose +0.3 to a 4-1/2 year high of 105.9, and after German Oct CPI rose +0.2% y/y, stronger than expectations of unch y/y, which reduces the chances of the ECB expanding QE.

Dec crude oil (CLZ15 +0.35%) this morning is up +19 cents (+0.41%) and Dec gasoline (RBZ15 +1.09%) is up +0.0188 (+1.40%). Thursday's closes: CLZ5-0.19 (-0.41%), RBZ5 +0.0017 (+0.13%). Dec crude oil and gasoline prices on Thursday settled mixed with Dec gasoline at a 2-week high. Crude oil and gasoline prices received a boost from a weaker dollar and expectations that refinery utilization rates will increase, and refinery demand for crude will climb, now that refineries are nearly finished with their seasonal maintenance. Negative factors included the weaker-than-expected U.S. Q3 GDP and Sep pending home sales reports.

GLOBAL EVENT CALENDAR10/30/2015

US	0830 ET	Q3 employment cost index expected +0.6%, Q2 +0.2%.
	0830 ET	Sep personal spending expected +0.2%, Aug +0.4%. Sep personal income expected +0.2%, Aug +0.3%.
	0830 ET	Sep PCE deflator expected -0.1% m/m and +0.2% y/y, Aug unch m/m and +0.3% y/y. Sep PCE core deflator expected +0.2% m/m and +1.4% y/y, Aug +0.1% m/m and +1.3% y/y.
	0900 ET	Oct Milwaukee ISM expected +4.56 to 44.00, Sep -8.23 to 39.44.
	0945 ET	Oct Chicago PMI expected +0.7 to 49.4, Sep -5.7 to 48.7.
	1000 ET	San Francisco Fed President John Williams speaks at an event at the Brookings Institute on the natural rate of interest and the economys trend growth rate.
	1000 ET	Final-Oct U.S. consumer sentiment index (University of Michigan) expected +0.4 to 92.5, prelim-Oct +4.9 to 92.1.
JPN	0000 ET	Japan Sep vehicle production, Aug -4.7% y/y.
	0100 ET	Japan Sep housing starts expected +5.8% y/y to 936,000 annualized, Aug +8.8% y/y to 931,000 annualized.
	0100 ET	Japan Sep construction orders, Aug -15.6% y/y.
	n/a	BOJ announces interest rate decision.
GER	0300 ET	German Sep retail sales expected +0.4% m/m and +4.1% y/y, Aug -0.6% m/m and +2.5% y/y.
UK	0530 ET	UK Oct Lloyds business barometer, Sep 42.
EUR	0600 ET	Eurozone Sep unemployment rate expected unch at 11.0%.
	0600 ET	Eurozone Oct CPI estimate expected unch y/y, Sep -0.1% y/y. Oct core CPI expected +0.9% y/y, Sep +0.9% y/y.

U.S. STOCK CALENDAR10/30/2015

Company	Ticker	Time	Event Description	Period	Estimate
Aon PLC	AON US	Bef-mkt	Q3 2015 Earnings Release	Q3 2015	1.24
Chevron Corp	CVX US	Bef-mkt	Q3 2015 Earnings Release	Q3 2015	0.758
Colgate-Palmolive Co	CL US	Bef-mkt	Q3 2015 Earnings Release	Q3 2015	0.721
Eaton Corp PLC	ETN US	Bef-mkt	Q3 2015 Earnings Release	Q3 2015	0.967
Mylan NV	MYL US	Bef-mkt	Q3 2015 Earnings Release	Q3 2015	1.376
Newell Rubbermaid Inc	NWL US	Bef-mkt	Q3 2015 Earnings Release	Q3 2015	0.613
Exelon Corp	EXC US	Bef-mkt	Q3 2015 Earnings Release	Q3 2015	0.707
Pinnacle West Capital Corp	PNW US	Bef-mkt	Q3 2015 Earnings Release	Q3 2015	2.318
Weyerhaeuser Co	WY US	Bef-mkt	Q3 2015 Earnings Release	Q3 2015	0.247
Welltower Inc	HCN US	Bef-mkt	Q3 2015 Earnings Release	Q3 2015	1.1
Iron Mountain Inc	IRM US	Bef-mkt	Q3 2015 Earnings Release	Q3 2015	0.495
Moody's Corp	MCO US	Bef-mkt	Q3 2015 Earnings Release	Q3 2015	1.06
Seagate Technology PLC	STX US	Bef-mkt	Q1 2016 Earnings Release	Q1 2016	0.488
AbbVie Inc	ABBV US	Bef-mkt	Q3 2015 Earnings Release	Q3 2015	1.081
Legg Mason Inc	LM US	7:00	Q2 2016 Earnings Release	Q2 2016	0.663
CVS Health Corp	CVS US	7:00	Q3 2015 Earnings Release	Q3 2015	1.29
Phillips 66	PSX US	7:00	Q3 2015 Earnings Release	Q3 2015	2.251
Public Service Enterprise Group Inc	PEG US	7:30	Q3 2015 Earnings Release	Q3 2015	0.811
Rockwell Collins Inc	COL US	7:30	Q4 2015 Earnings Release	Q4 2015	1.401
Exxon Mobil Corp	XOM US	8:00	Q3 2015 Earnings Release	Q3 2015	0.886
Legg Mason Inc	LM US	8:00	Q2 2016 Earnings Call	Q2 2016
Eastman Chemical Co	EMN US	8:00	Q3 2015 Earnings Call	Q3 2015
Genworth Financial Inc	GNW US	8:00	Q3 2015 Earnings Call	Q3 2015
Aon PLC	AON US	8:30	Q3 2015 Earnings Call	Q3 2015
Ford Motor Co	F US	8:30	Investor Day	Y 2015
CVS Health Corp	CVS US	8:30	Q3 2015 Earnings Call	Q3 2015
Newell Rubbermaid Inc	NWL US	8:30	Q3 2015 Earnings Call	Q3 2015
Iron Mountain Inc	IRM US	8:30	Q3 2015 Earnings Call	Q3 2015
American Tower Corp	AMT US	8:30	Q3 2015 Earnings Call	Q3 2015
Leggett & Platt Inc	LEG US	9:00	Q3 2015 Earnings Call	Q3 2015
Rockwell Collins Inc	COL US	9:00	Q4 2015 Earnings Call	Q4 2015
Seagate Technology PLC	STX US	9:00	Q1 2016 Earnings Call	Q1 2016
AbbVie Inc	ABBV US	9:00	Q3 2015 Earnings Call	Q3 2015
Exxon Mobil Corp	XOM US	9:30	Q3 2015 Earnings Call	Q3 2015
Eaton Corp PLC	ETN US	10:00	Q3 2015 Earnings Call	Q3 2015
Mylan NV	MYL US	10:00	Q3 2015 Earnings Call	Q3 2015
Weyerhaeuser Co	WY US	10:00	Q3 2015 Earnings Call	Q3 2015
Welltower Inc	HCN US	10:00	Q3 2015 Earnings Call	Q3 2015
Boston Properties Inc	BXP US	10:00	Q3 2015 Earnings Call	Q3 2015
FirstEnergy Corp	FE US	10:00	Q3 2015 Earnings Call	Q3 2015
Chevron Corp	CVX US	11:00	Q3 2015 Earnings Call	Q3 2015
Colgate-Palmolive Co	CL US	11:00	Q3 2015 Earnings Call	Q3 2015
Exelon Corp	EXC US	11:00	Q3 2015 Earnings Call	Q3 2015
Public Service Enterprise Group Inc	PEG US	11:00	Q3 2015 Earnings Call	Q3 2015
Flowserve Corp	FLS US	11:00	Q3 2015 Earnings Call	Q3 2015
Moody's Corp	MCO US	11:30	Q3 2015 Earnings Call	Q3 2015
Pinnacle West Capital Corp	PNW US	12:00	Q3 2015 Earnings Call	Q3 2015
Phillips 66	PSX US	12:00	Q3 2015 Earnings Call	Q3 2015
Essex Property Trust Inc	ESS US	14:00	Q3 2015 Earnings Call	Q3 2015
Microchip Technology Inc	MCHP US		Q2 2016 Earnings Release	Q2 2016	0.629