MORNING CALL 8/7

MORNING CALL

Monday, August 8th, 2016View Older Reports

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OVERNIGHT MARKETS AND NEWS

Sep E-mini S&Ps (ESU16 +0.17%) are up +0.18% at a fresh all-time nearest-futures high and European stocks are up +0.66% on positive carryover from last Friday's stronger-than-expected U.S. Jul non-farm payrolls. European stocks rose and commodity prices also gained after German Jun industrial production rose more than expected at the fastest pace in 5 months. Asian stocks settled higher: Japan +2.44%, Hong Kong +1.57%, China +0.93%, Taiwan 0.64%, Australia +0.74%, Singapore +1.51%, South Korea +0.69%, India +0.37%. Chinese stocks gained after weaker than expected China Jul exports and imports bolstered speculation the government may boost stimulus measures, and Japanese stocks were led higher by a rally in exporters as USD/JPY rose.

The dollar index (DXY00 +0.17%) is up +0.14%. EUR/USD (^EURUSD) is down -0.02%. USD/JPY (^USDJPY) is up +0.49%.

Sep T-note prices (ZNU16 -0.06%) are down -1 tick, but recovered nearly all of their losses from a 1-week low after Fed Governor Powell said he sees a "very gradual" path for interest rate increases.

Eurozone Aug Sentix investor confidence rose +2.5 to 4.2, stronger than expectations of +1.3 to 3.0.

German Jun industrial production rose +0.8% m/m, was stronger than expectations of +0.7% m/m and the largest increase in 5 months.

The China Jul trade balance unexpectedly widened to a surplus of +$52.31 billion, bigger than expectations of +$47.30 billion and the most in 6 months. Jul exports fell -4.4% y/y, weaker than expectations of -3.5% y/y and Jul imports fell -12.5% y/y, weaker than expectations of -7.0% y/y and the biggest decline in 5 months.

Fed Governor Powell said he sees an increasing risk that the U.S. is trapped in a prolonged period of subdued growth that requires a "very gradual" path for interest rate increases.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) USDA weekly grain export inspections, and (2) USDA Weekly Crop Progress.

There are 7 of the S&P 500 companies that report earnings today: Tyson Foods (consensus $1.06), Allergan (3.31), Intl Flavors and Fragrances (1.40), DaVita HealthCare Partners (0.98), Endo Intl (0.74), Microchip Technology (0.75), News Corp (0.13).

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

Equity conferences this week: Cowen and Company Communications Infrastructure Summit on Mon-Tue, Pacific Crest Global Technology Leadership Forum on Mon-Tue, UBS Financial Services Conference on Tue, J.P. Morgan Auto Conference on Tue-Wed, Oppenheimer Technology, Internet & Communications Conference on Tue-Wed, Jefferies Industrials Conference on Tue-Thu, Canaccord Genuity Growth Conference on Wed-Thu, Jefferies Financial Services Conference on Wed-Thu, Goldman Sachs Power, Utilities, MLP, and Pipeline Conference on Thu.

OVERNIGHT U.S. STOCK MOVERS

U.S. Concrete (USCR -4.15%) was rated a new 'Buy' at Suntrust Robinson with a price target of $75.

EOG Resources (EOG +7.03%) was upgraded to 'Buy' from 'Hold' at Wunderlich Securities.

Wyerhaeuser (WY +0.70%) was downgraded to 'Neutral' from 'Buy' at DA Davidson.

Level 3 Communications (LVLT +0.59%) was rated a new 'Buy' at BTIG with a price target of $63.

JP Morgan Chase (JPM +2.70%) is down -0.5% in pre-market trading after it was downgraded to 'Neutral' from 'Buy' at Citigroup.

Mattress Firm Holding (MFRM +1.47%) surged 100% in pre-market trading after Steinhoff International Holdings NV bought the company for $2.4 billion.

Delta Air Lines (DAL +3.09%) fell nearly 2% in pre-market trading after a computer-system failure grounded all of the carrier's flights across the U.S.

U.S. Steel (X +1.92%) gained over 1% in after-hours trading after the U.S. International Trade Commission (ITC) said that U.S. Steel can proceed with its case that charges Chinese manufacturers of carbon and alloy steel of misappropriating U.S. Steel trade secrets that a U.S. judge had put on hold July 6.

Berkshire Hathaway ({=BRK/B=}) lost almost 1% in after-hours trading after it reported Q2 operating EPS of $2,803, below consensus of $2,911.

Rackspace Holdings (RAX +10.24%) rose nearly 3% in after-hours trading, adding to last Friday's +10% surge, on reports that Apollo Global Management LLC is reportedly offering $3.5 billion for the company.

Lantheus Holdings (LNTH +54.24%) dropped almost 3% in after-hours trading after the company registered 17.8 million shares for sale for top share holder Avista Capital Partners.

MARKET COMMENTS

Sep E-mini S&Ps (ESU16 +0.17%) this morning are up +4.00 points (+0.18%) at a new all-time high. Friday's closes: S&P 500 +0.86%, Dow Jones +1.04%, Nasdaq +1.00%. The S&P 500 on Friday climbed to a new record high and closed higher on the +255,000 increase in U.S. July payrolls (stronger than expectations of +180,000) and the +0.3% m/m increase in U.S. July average hourly earnings (stronger than expectations of +0.2% m/m) that help sustain the economic recovery.

Sep 10-year T-notes (ZNU16 -0.06%) this morning are down -1 tick. Friday's closes: TYU6 -26.00, FVU6 -17.25. Sep T-notes on Friday fell to a 1-week low and closed sharply lower on the larger-than-expected increase in U.S. July non-farm payrolls, which may prompt the Fed to raise interest rates sooner rather than later. T-notes were also undercut by reduced safe-haven demand with the rally in the S&P 500 to a record high.

The dollar index (DXY00 +0.17%) this morning is up +0.138 (+0.14%). EUR/USD (^EURUSD) is down -0.0002 (-0.02%). USD/JPY (^USDJPY) is up +0.50 (+0.49%). Friday's closes: Dollar index +0.436 (+0.46%), EUR/USD -0.0044 (-0.40%), USD/JPY +0.60 (+0.59%). The dollar index on Friday closed higher on the stronger-than-expected U.S. July payroll report, which bolstered the case for the Fed to raise interest rates. In addition, EUR/USD fell to a 1-week low after German Jun factory orders unexpectedly fell -0.4% m/m, weaker than expectations of +0.5% m/m.

Sep WTI crude oil (CLU16 +1.46%) this morning is up +62 cents (+1.48%) at a 1-week high and Sep gasoline (RBU16 +0.68%) is up +0.0083 (+0.60%) at a 2-week high. Friday's closes: CLU6 -0.13 (-0.31%), RBU6 +0.0083 (+0.53%). Sep crude and gasoline on Friday settled mixed. Crude oil prices were undercut by the rally in the dollar and by the Baker Hughes report that showed that active U.S. oil rigs rose by +7 rigs in the week ended Aug 5 to a 4-1/2 month high of 381, the sixth straight week of increases. Crude oil prices found support on the rally in the S&P 500 to a new record high and on strong refinery demand after the crack spread rose to a 1-1/4 month high.

GLOBAL EVENT CALENDAR08/08/2016

		Monday, Aug 8
US	1100 ET	USDA weekly grain export inspections.
	1600 ET	USDA Weekly Crop Progress.
		Tuesday, Aug 9
US	0830 ET	Q2 non-farm productivity expected +0.5%, Q1 -0.6%. Q2 unit labor costs expected +1.8%, Q1 +4.5%.
	1000 ET	Jun wholesale inventories expected unch, May unch. Jun wholesale trade sales expected +0.5%, May +0.5%.
	1300 ET	Treasury auctions $24 billion of 3-year T-notes.
JPN	0200 ET	Japan Jul machine tool orders, Jun -19.9% y/y.
	1950 ET	Japan Jun machine orders expected +3.3% m/m and -4.4% y/y, May -1.4% m/m and -11.7% y/y.
	1950 ET	Japan Jul PPI expected -0.1% m/m and -4.0% y/y, Jun -0.1% m/m and -4.2% y/y.
GER	0200 ET	German Jun trade balance expected +22.5 billion euros, May +21.0 billion euros. Jun exports expected +1.3% m/m, May -1.9% m/m. Jun imports expected +0.8% m/m, May +0.1% y/y.
UK	0430 ET	UK Jun industrial production expected unch m/m and +1.6% y/y, May -0.5% m/m and +1.4% y/y.
	0430 ET	UK Jun manufacturing production expected -0.2% m/m and +1.3% y/y, May -0.5% m/m and +1.7% y/y.
CHI	n/a	China Jul new yuan loans expected 900.0 billion yuan, Jun 1.38 trillion yuan.

U.S. STOCK CALENDAR08/08/2016

Company	Ticker	Time	Event Description	Period	Estimate
Tyson Foods Inc	TSN	7:30	Q3 2016 Earnings Release	Q3 2016	1.059
Allergan plc	AGN	7:30	Q2 2016 Earnings Release	Q2 2016	3.307
Allergan plc	AGN	8:30	Q2 2016 Earnings Call	Q2 2016
Tyson Foods Inc	TSN	9:00	Q3 2016 Earnings Call	Q3 2016
International Flavors & Fragrances Inc	IFF	16:00	Q2 2016 Earnings Release	Q2 2016	1.404
Gap Inc/The	GPS	16:15	July 2016 Sales and Revenue Release	2016
Endo International PLC	ENDP	16:30	Q2 2016 Earnings Call	Q2 2016
News Corp	NWSA	16:30	Q4 2016 Earnings Call	Q4 2016
Microchip Technology Inc	MCHP	17:00	Q1 2017 Earnings Call	Q1 2017
DaVita HealthCare Partners Inc	DVA	17:00	Q2 2016 Earnings Call	Q2 2016
DaVita HealthCare Partners Inc	DVA	Aft-mkt	Q2 2016 Earnings Release	Q2 2016	0.976
Endo International PLC	ENDP	Aft-mkt	Q2 2016 Earnings Release	Q2 2016	0.74
Southwest Airlines Co	LUV		July 2016 Sales and Revenue Release - Traffic Results	2016
Microchip Technology Inc	MCHP		Q1 2017 Earnings Release	Q1 2017	0.749
United Continental Holdings Inc	UAL		July 2016 Sales and Revenue Release - Traffic Results	2016
News Corp	NWSA		Q4 2016 Earnings Release	Q4 2016	0.127

BARCHART MORNING CALL 8/13

BARCHART MORNING CALL

Thursday, August 13th, 2015View Older Reports

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OVERNIGHT MARKETS AND NEWS

September E-mini S&Ps (ESU15 +0.28%)are up +0.29 % and European stocks are up +1.76% after the PBOC stepped up verbal support for the yuan. Weakness in the yuan subsided and spurred a rally in global stocks after the PBOC said in a rare press conference today that it supports a strong, stable currency in the long term and that the currency's adjustment is "basically already completed." Technology stocks also are stronger led by a 4% gain in Cisco in pre-market trading after the company late yesterday beat Q4 EPS and revenue estimates. Asian stocks closed higher: Japan +0.99%, Hong Kong +0.43%, China +1.76%, Taiwan +0.34%, Australia +0.11%, Singapore +0.99%, South Korea +0.03%, India +0.14%.
The dollar index (DXY00 +0.33%) is up +0.29%. EUR/USD (^EURUSD) is down -0.39%. USD/JPY (^USDJPY) is up +0.24%.

Sep T-note prices (ZNU15 -0.26%) are down -9.5 ticks.
In a rare press conference today, the PBOC quelled concerns that it would let the yuan freefall when Assistant PBOC Governor Zhang Xiaohui said there's no basis for the depreciation to persist and that the currency's adjustment is "basically already completed." PBOC Deputy Governor added that the current exchange rate is now more consistent with economic fundamentals and the PBOC will act "when the market's volatility is excessive, when the market begins behaving like a herd of sheep."

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) weekly initial unemployment claims (expected unch at 270,000, previous +3,000 to 270,000) and continuing claims (expected -10,000 to 2.245 million, previous -14,000 to 2.255 million), (2) July retail sales (expected +0.6% and +0.4% ex autos, Jun -0.3% and -0.1% ex autos), (3) July import price index (expected -1.2% m/m and -10.7% y/y, Jun -0.1% m/m and -10.0% y/y), (4) Jun business inventories (expected +0.3%, May +0.3%), and (5) the Treasury's auction of $16 billion of 30-year T-bonds.
There are 4 of the S&P 500 companies that report earnings today: Advance Auto Parts (consensus $2.25), Kohl's (1.16), Nordstrom (0.90), Applied Materials (0.33).
U.S. IPO's scheduled to price today include: Gores Holdings (GRSHU), Boxlight Corp (BOXL), Diamondback Energy (FANG), LDR Holding Corp (LDRH).
Equity conferences during the remainder of this week include: Jefferies Industrials Conference on Tue-Thu, Canaccord Genuity Growth Conference on Wed-Thu, Nomura Media & Telecom Conference on Thu.

OVERNIGHT U.S. STOCK MOVERS

Microsoft (MSFT +0.71%) was upgraded to 'Buy' from 'Hold' at Stifel.
Monster Beverage (MNST -0.46%) was upgraded to 'Overweight' from 'Equal Weight' at Morgan Stanley.
Kohl's (KSS +0.15%) reported Q2 EPS of $1.07, weaker than consensus of $1.16.
Green Plains (GPRE +6.59%) was upgraded to 'Buy' from 'Neutral' at Goldman Sachs.
Briggs & Stratton (BGG +1.20%) reported Q4 adjusted EPS of 51 cents, well above consensus of 38 cents, but then lowered guidance on fiscal 2016 EPS to $1.20-$1.36, below consensus of $1.38.
The Globe and Mail reported that people familiar with the situation said that Barrick Gold (ABX +5.86%) has hired Canadian Imperial Bank of Commerce to pursue a sale of its smaller U.S. gold mines.
Whitebox Advisors reports 6.0% passive stake in Layne Christensen (LAYN -2.92%) .
Flowers Foods (FLO +0.05%) reported Q2 adjusted EPS of 25 cents, higher than consensus of 22 cents, and then raised guidance on fiscal 2015 revenue to $3.786 billion-$3.861 billion, above consensus of $3.77 billion.
Copa Holdings (CPA -1.00%) slid 8% in after-hours trading after it reported Q2 EPS ex-items of 93 cents, below consensus of $1.06.
Becker Drapkin reported a 9% stake in EMCORE (EMKR +0.14%) .
Middleby (MIDD -1.03%) reported Q2 EPS of 95 cents, weaker than consensus of $1.00.
News Corp. (NWSA +1.15%) rose over 4% in after-hours trading after it reported Q4 adjusted EPS of 7 cents, higher than consensus of 5 cents.
CACI (CACI +0.32%) reported Q4 EPS of $1.68, below consensus of $1.71.
Cisco (CSCO -0.43%) climbed over 4% in after-hours trading after it reported Q4 EPS of 59 cents, above consensus of 56 cents.
Roundy's (RNDY +6.91%) reported a Q2 EPS loss of -2 cents, better than consensus for a -4 cent loss.

MARKET COMMENTS

Sep E-mini S&Ps (ESU15 +0.28%) this morning are up +6.00 points (+0.29%). Wednesday's closes: S&P 500 +0.10%, Dow Jones unch, Nasdaq +0.31%. The S&P 500 on Wednesday opened sharply lower and posted a 1-month low, but recovered and closed slightly higher. Stocks were undercut by weakness in auto makers, miners and consumer-goods companies with large sales to China after the yuan plunged to a 4-year low against the dollar. Another negative factor was the -108,000 decline in U.S. Jun JOLTS job openings, a bigger decline than expectations of -13,000 to 5.35 million. Stocks rebounded on (1) a rally in energy producers sparked by the rally in crude oil, and (2) speculation grew that the market volatility from China's yuan devaluation will prompt the Fed to delay an interest rate increase.
Sep 10-year T-note prices (ZNU15 -0.26%) this morning are down -9.5 ticks. Wednesday's closes: TYU5 +3.50, FVU5 +3.73. Sep T-notes on Wednesday rallied to a 3-1/4 month high and settled higher on the slump in global stock prices, which increased safe-haven demand for T-notes, and on reduced inflation expectations after the 10-year T-note breakeven inflation rate fell to a 4-3/4 month low. T-notes lost most of their gains after stocks recovered.
The dollar index (DXY00 +0.33%) this morning is up +0.280 (+0.29%). EUR/USD (^EURUSD) is down -0.0043 (-0.39%). USD/JPY (^USDJPY) is up +0.30 (+0.24%). Wednesday's closes: Dollar Index -1.028 (-1.06%), EUR/USD +0.0117 (+1.06%), USD/JPY -0.92 (-0.74%). The dollar index Wednesday slid to a 1-month low and closed lower on (1) concern that the Fed will delay a rate hike due to the Chinese volatility, and (2) strength in yen as USD/JPY fell to a 1-week low after the sell-off in global stocks boosted the safe-haven demand for the yen.
Sep crude oil (CLU15 -0.21%) this morning is up +15 cents (+0.35%) and Sep gasoline (RBU15 -1.00%) is down -0.0086 (-0.49%). Wednesday's closes: CLU5 +0.22 (+0.51%), RBU5 +0.0035 (+0.21%). Sep crude and gasoline on Wednesday closed higher with Sep gasoline at a 1-week high on the weak dollar and on the supportive EIA report that featured a -1.25 million bbl decline in gasoline inventories to an 8-1/4 month low (vs expectations of a -675,000 bbl decline) and the -0.7% decline in U.S. crude production.

GLOBAL EVENT CALENDAR08/13/2015

US	0830 ET	Weekly initial unemployment claims expected unch at 270,000, previous +3,000 to 270,000. Weekly continuing claims expected -10,000 to 2.245 million, previous -14,000 to 2.255 million.
	0830 ET	Jul retail sales expected +0.6% and +0.4% ex autos, Jun -0.3% and -0.1% ex autos.
	0830 ET	Jul import price index expected -1.2% m/m and -10.7% y/y, Jun -0.1% m/m and -10.0% y/y.
	0830 ET	USDA weekly Export Sales.
	1000 ET	Jun business inventories expected +0.3%, May +0.3%.
	1100 ET	Treasury announces amount of 5-year TIPS to be auctioned Aug 20.
	1300 ET	Treasury auctions $16 billion 30-year T-bonds.
GER	0200 ET	Revised German Jul CPI (EU harmonized), previous +0.3% m/m and +0.1% y/y.

U.S. STOCK CALENDAR08/13/2015

Company	Ticker	Time	Event Description	Period	Estimate
Advance Auto Parts Inc	AAP US	Bef-mkt	Q2 2015 Earnings Release	Q2 2015	2.25
Kohl's Corp	KSS US	7:00	Q2 2016 Earnings Release	Q2 2016	1.163
WW Grainger Inc	GWW US	8:00	July 2015 Sales and Revenue Call	2015
WW Grainger Inc	GWW US	8:00	July 2015 Sales and Revenue Release	2015
Kohl's Corp	KSS US	8:30	Q2 2016 Earnings Call	Q2 2016
Advance Auto Parts Inc	AAP US	10:00	Q2 2015 Earnings Call	Q2 2015
Applied Materials Inc	AMAT US	16:30	Q3 2015 Earnings Call	Q3 2015
Nordstrom Inc	JWN US	16:45	Q2 2016 Earnings Call	Q2 2016
Nordstrom Inc	JWN US	Aft-mkt	Q2 2016 Earnings Release	Q2 2016	0.902
Applied Materials Inc	AMAT US	Aft-mkt	Q3 2015 Earnings Release	Q3 2015	0.331
Equifax Inc	EFX US		Investor Meeting - London	Y 2015
United Parcel Service Inc	UPS US		Roadshow - Chicago - Day2	Y 2015

BARCHART MORNING CALL 8/12

BARCHART MORNING CALL

Wednesday, August 12th, 2015View Older Reports

BARCHARTEverything 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 -0.71%) are down -0.83% at a 4-week ow and European stocks are down -1.96% at a 1-month low on concern a slowdown in China could harm global growth. The Chinese yuan plunged to a 4-year low of 6.4489 per dollar on negative carry-over from Tuesday's action by the PBOC to devalue the currency. Emerging markets stocks and currencies also fell on concern those countries will also have to devalue their currencies to keep pace with China. Asian stocks closed lower: Japan -1.58%, Hong Kong -2.38%, China -1.06%, Taiwan -1.32%, Australia -1.67%, Singapore -2.90%, South Korea -0.28%, India -1.27%. Weaker-than-expected China Jul industrial production dragged Sep copper prices (HGU15 -0.32%) down -0.04% to a fresh 6-year low, which the increased global market volatility boosted demand for gold as a safe haven with Dec gold (ESU15 -0.71%) up +0.90% at a 3-week high.
The dollar index (DXY00 -0.90%) is down -0.86% at a 1-week low on concern the devaluation of the Chinese yuan will slow inflation globally and delay a Fed interest rate increase. EUR/USD (^EURUSD) is up +0.90% at a 4-week high. USD/JPY (^USDJPY) is down -0.64%.

Sep T-note prices (ZNU15 +0.18%) are up +10.5 ticks at a 3-1/4 month high as the plunge in stocks boosts safe-haven demand for government debt. Also, inflation expectations continue to fall with the sell-off in commodities as the 10-year T-note breakeven inflation rate declined to a 4-3/4 month low.
Eurozone Jun industrial production fell -0.4% m/m and rose +1.2% y/y, weaker than expectations of -0.1% m/m and +1.7% y/y.
China Jul industrial production rose +6.0% y/y, weaker than expectations of +6.6% y/y.
Japan Jul PPI fell -0.2% m/m and -3.0% y/y, more than expectations of -0.1% m/m and -2.9% y/y with the -3.0% y/y decline the fastest annual decrease in 5-1/2 years.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) weekly MBA mortgage applications (last week +4.7% with purchase sub-index +3.3% and refi sub-index +5.9%), (2) June JOLTS job openings (expected -73,000 to 5.290 million, May +29,000 to 5.363 million), (3) July monthly budget statement (expected -$126.8.0 billion, Jun +$51.8 billion), and (4) the Treasury's auction of $24 billion of 10-year T-notes.
There are 3 of the S&P 500 companies that report earnings today: Macy's (consensus $0.76), Cisco Systems (0.56), News Corp (0.05).
U.S. IPO's scheduled to price today include: Houlihan Lokey (HLI), Shake Shack (SHAK), Inotek Pharmaceuticals (ITEK), CareTrust REIT (CTRE).
Equity conferences during the remainder of this week include: J.P. Morgan Auto Conference on Tue-Wed, Oppenheimer Technology, Internet & Communications Conference on Tue-Wed, Jefferies Industrials Conference on Tue-Thu, Cowen and Co. Communications Infrastructure Summit on Wed, Canaccord Genuity Growth Conference on Wed-Thu, Nomura Media & Telecom Conference on Thu.

OVERNIGHT U.S. STOCK MOVERS

Alibaba (BABA -3.89%) slid over 5% in pre-market trading after it reported Q1 EPS of 59 cents, better than consensus of 58 cents, but Q1 revenue of $3.27 billion was below consensus of $3.39 billion.
Aramark (ARMK -0.62%) reported Q3 adjusted EPS of 29 cents, above consensus of 28 cents.
Cash America (CSH -3.26%) was upgraded to 'Buy' from 'Neutral' at Sterne Agee CRT.
L Brands (LB -1.08%) was downgraded to 'Market Perform' from 'Outperform' at BMO Capital.
Johnson Controls (JCI -3.59%) was upgraded to 'Buy' from 'Neutral' at Goldman Sachs.
Tenneco (TEN -2.79%) was upgraded to 'Neutral' from 'Sell' at Goldman Sachs.
Applied Industrial (AIT -0.10%) reported Q4 EPS of 70 cents, below consensus of 73 cents.
The WSJ reports that Credit Suisse (CS -2.09%) and Barclays (BCS -1.42%) are in settlement talks with the SEC and the New York Attorney General over allegations of wrongdoing at their "dark pools."
CDK Global (CDK -3.23%) rose over 9% in after-hours trading after Bloomberg reported that the company is said to be working with bankers to explore a sale.
CSC (CSC -1.77%) reported Q1 adjusted EPS of $1.11, higher than consensus of $1.01, and then was upgraded to 'Buy' from 'Neutral' at SunTrust.
Gabelli reported a 6.47% stake in Southwest Gas (SWX +1.27%) .
Viavi (VIAV -5.80%) reported Q4 EPS of 13 cents, better than consensus of 8 cents.
Fossil (FOSL -3.74%) reported Q2 EPS of $1.12, above consensus of 82 cents, and then raised guidance on fiscal 2015 EPS to $6.20-$7.00, well above consensus of $5.57.

MARKET COMMENTS

Sep E-mini S&Ps (ESU15 -0.71%) this morning are down -17.25 points (-0.83%) at a 4-week low. Tuesday's closes: S&P 500 -0.96%, Dow Jones -1.21%, Nasdaq -1.29%. The S&P 500 on Tuesday closed lower on weakness in Chinese exporters after the PBOC unexpectedly devalued the yuan. Stocks also saw weakness in commodity producers as crude oil fell to a 4-3/4 month low, and on concern about U.S. consumer demand after June wholesale inventories rose by +0.9% m/m, the biggest increase in 14 months.
Sep 10-year T-note prices (ZNU15 +0.18%) this morning are up +10.5 ticks at a new 3-1/4 month high. Tuesday's closes: TYU5 +27.0, FVU5 +15.00. Sep T-notes Tuesday rallied sharply to a 3-1/4 month nearest-futures high on talk that the Chinese economy may be even weaker than the market thinks after the Chinese central bank devalued the yuan by 1.9%. T-notes also received a boost on the decline in the 10-year T-note breakeven inflation rate to a 4-3/4 month low, and increased safe-haven demand for T-notes after stocks fell.
The dollar index (DXY00 -0.90%) this morning is down -0.835 (-0.86%) at a 1-week low. EUR/USD (^EURUSD) is up +0.0099 (+0.90%) at a 4-week high. USD/JPY (^USDJPY) is down -0.80 (-0.64%). Tuesday's closes: Dollar Index +0.131 (+0.13%), EUR/USD +0.00227 (+0.21%), USD/JPY +0.495 (+0.40%). The dollar index on Tuesday fell to a 1-week low but rebounded and closed slightly higher. The dollar found strength on the Chinese central bank's -1.9% devaluation of the yuan, which dragged other Asian currencies lower and boosted the dollar. Meanwhile, the dollar was undercut by euro strength after Greece reached an accord with creditors on the terms for a third bailout.
Sep crude oil (CLU15 +0.81%) this morning is up +70 cents (+1.62%) and Sep gasoline (RBU15 +1.34%) is up +0.0299 (+1.77%). Tuesday's closes: CLU5 -1.58 (-3.51%), RBU5 +0.0035 (+0.21%). Sep crude oil and gasoline settled mixed on Tuesday with Sep crude at a 4-3/4 month low. Crude oil closed lower on Chinese demand concerns after China devalued the yuan, which fueled concern that Chinese demand for foreign crude may fall as the weaker yuan boosts import costs. Crude oil prices also fell on OPEC data showing that Iran's July oil production rose +32,300 bpd to 2.86 million bpd, a 3-year high. Gasoline closed higher on production concerns after British Petroleum said its Whiting, Indiana refinery will be at reduced output for a month due to unplanned maintenance and Phillips 66 said its Bayway, New Jersey refinery will shut gasoline production for up to two weeks.

GLOBAL EVENT CALENDAR08/12/2015

US	0700 ET	Weekly MBA mortgage applications, previous +4.7% with purchase sub-index +3.3% and refi sub-index +5.9%.
	1000 ET	Jun JOLTS job openings expected -13,000 to 5.350 million, May +29,000 to 5.363 million.
	1030 ET	EIA Weekly Petroleum Status Report.
	1200 ET	USDA Aug WASDE crop production.
	1300 ET	Treasury auctions $24 billion 10-year T-notes.
	1400 ET	Jul monthly budget statement expected -$137.0 billion, Jun +$51.8 billion.
JPN	0030 ET	Revised Japan Jun industrial production, previous+0.8% m/m and +2.0% y/y. Jun capacity utilization, May 3.0% m/m.
	0030 ET	Japan Jun tertiary industry index expected +0.1% m/m, May -0.7% m/m.
	1950 ET	Japan Jun machine orders expected -4.8% m/m and +17.6% y/y, May +0.6% m/m and +19.3% y/y.
CHI	0130 ET	China Jul industrial production expected +6.6% y/y, Jun +6.8% y/y.
	0130 ET	China Jul retail sales expected +10.6% y/y, Jun +10.6% y/y.
UK	0430 ET	UK Jul jobless claims change expected +1,000, Jun +7,000. Jul claimant count rate expected unch at 2.3%.
	0430 ET	UK Jun avg weekly earnings expected +2.8% 3-mo avg, May +3.2% 3-mo avg. Jun weekly earnings ex-bonus expected +2.8% 3-mo avg, May +2.8% 3-mo avg.
	0430 ET	UK Jun ILO unemployment rate expected 5.6% for the 3-months though Jun, previous 5.6% for the 3-months through May.
	1901 ET	UK Jul RICS house price balance expected 42%, Jun 40%.
EUR	0500 ET	Eurozone Jun industrial production expected -0.1% m/m and +1.7% y/y, May -0.4% m/m and +1.6% y/y.

U.S. STOCK CALENDAR08/12/2015

Company	Ticker	Time	Event Description	Period	Estimate
Macy's Inc	M US	Bef-mkt	Q2 2016 Earnings Release	Q2 2016	0.76
Macy's Inc	M US	9:00	Q2 2016 Earnings Call	Q2 2016
AT&T Inc	T US	10:00	Analyst Conference	Y 2015
JM Smucker Co/The	SJM US	11:00	Annual General Meeting	Y 2015
Cisco Systems Inc	CSCO US	16:30	Q4 2015 Earnings Call	Q4 2015
Cisco Systems Inc	CSCO US	Aft-mkt	Q4 2015 Earnings Release	Q4 2015	0.563
News Corp	NWSA US	Aft-mkt	Q4 2015 Earnings Release	Q4 2015	0.05
News Corp	NWSA US	18:00	Q4 2015 Earnings Call	Q4 2015
Equifax Inc	EFX US		Investor Meeting - Paris	Y 2015
Xilinx Inc	XLNX US		Annual General Meeting
United Parcel Service Inc	UPS US		Roadshow - Chicago - Day1	Y 2015

BARCHART MORNING CALL 5/6

BARCHART MORNING CALL

Wednesday, May 6th, 2015View Older Reports

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OVERNIGHT MARKETS AND NEWS

June E-mini S&Ps (ESM15 +0.24%) this morning are up +0.18% and European stocks are up +0.74% ahead of this morning’s U.S. Apr ADP employment change that may gauge whether the U.S. economy recovered from a winter slowdown. European stocks also received a boost after the Eurozone Apr Markit composite PMI was revised higher by +0.4 to 53.9 from the originally reported 53.5. The 10-year Greek bond yield rose to a 3-session high of 11.25% after Greek President Tsipras blamed international creditors for a failure to end an impasse in his country's bailout talks. The next meeting of European finance ministers is on Monday, May 11 to discuss Greece's debt situation and a breakdown of talks then may prompt the ECB to tighten collateral rules on Greek debt. Asian stocks closed lower: Japan closed for holiday, Hong Kong -0.41%, China -1.62%, Taiwan -0.02%, Australia -2.31%, Singapore -0.33%, South Korea -1.23%, India -2.63%.
Commodity prices are mixed. Jun crude oil (CLM15 +2.33%) is up +2.37% at a 4-3/4 month high and Jun gasoline (RBM15 +1.19%) is up +1.11% at a 5-3/4 month high on expectations that today's EIA data will show crude supplies at Cushing, OK, the delivery point of WTI futures, fell -580,000 bbl. Metals prices are lower. Jun gold (GCM15 -0.28%)is down -0.42%. Jul copper (HGN15 -0.72%) is down -0.73%. Agriculture prices are higher.
The dollar index (DXY00 -0.27%) is down -0.29%. EUR/USD (^EURUSD) is up +0.43%. USD/JPY (^USDJPY) is down -0.07%.

Jun T-note prices (ZNM15 -0.15%) are down -3.5 ticks at a 1-1/2 month low on carry-over weakness from the plunge in German bund prices to a 4-month low.
According to two people familiar with the matter, the ECB will discuss today whether to raise discounts on the collateral Greek banks pledge in exchange for emergency funding as well as how much more Emergency Liquidity Assistance to offer Greek banks.
Minneapolis Fed President Kocherlakota said "softening" of the U.S. economy in Q1 "is a matter for some concern" and underscores his view that the Fed should not raise rates until 2016.

U.S. STOCK PREVIEW

Key U.S. reports today include: (1) weekly MBA mortgage applications (previous -2.3% with purchase sub-index unch and refi sub-index -3.7%), (2) Apr ADP employment (expected +200,000 after March's +189,000), (3) Q1 non-farm productivity (expected -1.9% after Q4's -2.2%) and Q1 unit labor costs (expected +4.5% after Q4's +4.1%), (4) comments by Fed Chair Janet Yellen and IMF Managing Director Christine Lagarde on topics in finance, governance, and society on a panel discussion at an Institute for New Economic Thinking conference in Washington, D.C., (5) Kansas City Fed President Esther George's speech on “Credit Markets: Booms, Busts and Distortions” on a panel discussion at an Institute for New Economic Thinking conference in Washington, D.C., (6) Atlanta Fed President Dennis Lockhart's speech on the economic outlook and monetary policy to the Baton Rouge Rotary, and (7) the Treasury's announcement of the May 12-14 sale of 3-year, 10-year and 30-year securities.
There are 17 of the S&P 500 companies that report earnings today with notable reports including: Marathon Oil (consensus $-0.45), Whole Foods (0.43), MetLife (1.41), TripAdvisor (0.55), Transocean (0.59).
U.S. IPO's scheduled to price today include: Tallgrass Energy (TEGP), Commercial Credit (CCR), Collegium Pharmaceutical (COLL), aTyr Pharma (LIFE), Klox Technologies (KLOX), HTG Molecular Diagnostics (HTGM), Forest City Enterprises (FCE/A).
Equity conferences during the remainder of this week include: Internet & Television Expo on Tue-Wed, Wells Fargo Industrial and Construction Conference on Tue-Wed, Baird Growth Stock Conference on Tue-Thu, Power & Electricity World Asia 2015 on Wed, Sanford C. Bernstein & Co. Energy Conference on Wed, Deutsche Bank Health Care Conference on Wed-Thu, ICI General Membership Meeting on Wed-Thu, Citi Car of the Future Conference on Thu, Mitsubishi UFJ Securities Oil & Gas Conference on Thu, and RBC Capital Markets Mobile & Cloud Networking Investor Day on Thu.

OVERNIGHT U.S. STOCK MOVERS

Convergys (CVG -0.74%) reported Q1 adjusted EPS of 47 cents, better than consensus of 40 cents
News Corp. (NWSA -0.93%) reported Q3 adjusted EPS of 5 cents, less than consensus of 7 cents.
CenturyLink (CTL -1.42%) reported Q1 adjusted EPS of 67 cents, above consensus of 59 cents.
Trinseo (TSE -2.02%) reported Q1 adjusted EPS of 80 cents, below consensus of 81 cents.
Team Health (TMH -1.67%) reported Q1 adjusted EPS of 68 cents, better than consensus of 60 cents.
Community Health (CYH -3.63%) reported Q1 EPS of 79 cents, above consensus of 66 cents, but Q1 revenue of $4.911 billion was below consensus of $5.010 billion
Frontier Communications (FTR -1.89%) reported Q1 adjusted EPS of 2 cents, half as much as consensus of 4 cents.
Andersons (ANDE -0.83%) reported Q1 adjusted EPS of 42 cents, higher than consensus of 34 cents, but Q1 revenue of $950 million was less than consensus of $962.05 million.
Allstate (ALL +0.26%) reported Q1 EPS of $1.46, above consensus of $1.44.
Herbalife (HLF -4.71%) jumped 13% in after-hours trading after it reported Q1 adjusted EPS of $1.29, higher than consensus of $1.01, and then raised guidance on fiscal 2015 adjusted EPS outlook to $4.30-$4.60, better than consensus of $4.22.
Groupon (GRPN -2.84%) fell over 4% in after-hours trading after it reported Q1 EPS of 3 cents, better than consensus of 1 cent, although Q1 revenue of $750.4 million was less than consensus of $812.19 million.
Electronic Arts (EA -0.25%) climbed nearly 5% in after-hours trading after it reported Q4 adjusted EPS of 39 cents, well above consensus of 25 cents, and then raised guidance on fiscal 2016 adjusted EPS to $2.75, better than consensus of $2.64.
Mylan (MYL -0.22%) reported Q1 adjusted EPS of 70 cents, above consensus of 69 cents, but Q1 revenue of $1.87 billion was below consensus of $2.06 billion.
AmSurg (AMSG -2.42%) reported Q1 adjusted EPS of 62 cents, higher than consensus of 57 cents, and then raised guidance on fiscal 2015 EPS outlook to $3.31-$3.39 from $3.24-$3.32, above consensus of $3.26.
Fiserv (FISV -1.45%) reported Q1 adjusted EPS of 89 cents, better than consensus of 86 cents, although Q1 revenue of $1.28 billion was below consensus of $1.29 billion.

MARKET COMMENTS

June E-mini S&Ps (ESM15 +0.24%) this morning are up +3.75 points (+0.18%). Tuesday's closes: S&P 500 -1.18%, Dow Jones -0.79%, Nasdaq -1.63%. The S&P 500 on Tuesday closed lower on expectations for a downward revision in Q1 GDP due to the much wider-than-expected U.S. March trade deficit report of -$51.4 billion. In addition, the broad market was dragged down by weakness in semiconductor and biotechnology stocks.
Jun 10-year T-notes (ZNM15 -0.15%) this morning are down -3.5 ticks at a fresh 1-1/2 month low. Tuesday's closes: TYM5 -11.00, FVM5 -7.00. June T-bonds on Tuesday slid to a new 1-1/2 month low due to the unexpected increase in the Apr ISM non-manufacturing index to a 5-month high and carry-over weakness from a slump in German bund prices to a 3-1/4 month low.
The dollar index (DXY00 -0.27%) this morning is down -0.271 (-0.29%). EUR/USD (^EURUSD) is up +0.0048 (+0.43%). USD/JPY (^USDJPY) is down -0.08 (-0.07%). Tuesday's closes: Dollar Index -0.404 (-0.42%), EUR/USD +0.00385 (+0.35%), USD/JPY -0.26 (-0.22%). The dollar index on Tuesday closed lower on expectations that an expected downward revision in Q1 GDP from the much wider-than-expected U.S. Mar trade deficit report of -$51.4 billion could delay a Fed rate hike. EUR/USD saw strength after the European Commission raised its Eurozone 2015 GDP forecast to 1.5% from Feb's estimate of 1.3%.
Jun WTI crude oil (CLM15 +2.33%) this morning is up +$1.43 a barrel (+2.37%) at a 4-3/4 month high and Jun gasoline (RBM15 +1.19%) is up +0.0230 (+1.11%) at a 5-3/4 month high. Tuesday's closes: CLM5 +1.47 (+2.49%), RBM5 +0.0345 (+1.70%). Jun crude oil and gasoline closed higher on Monday with Jun crude at a 4-3/4 month high and Jun gasoline at a 5-1/4 month high as the market is hoping for Wednesday's EIA report to show the second weekly decline in Cushing crude oil inventories and on ideas that U.S. oil production may drop as well.

GLOBAL EVENT CALENDAR05/06/2015

US	0700 ET	Weekly MBA mortgage applications, previous -2.3% with purchase sub-index unch and refi sub-index -3.7%.
	0815 ET	Apr ADP employment change expected +200,000, Mar +189,000.
	0830 ET	Treasury announces amount of 3-year T-notes (previous $24 billion), 10-year T-notes (previous $21 billion) and 30-year T-bonds (previous $13 billion) to be auctioned May 12-14 in the Treasurys quarterly refunding.
	0830 ET	Q1 non-farm productivity expected -1.9%, Q4 -2.2%. Q1 unit labor costs expected +4.5%, Q4 +4.1%.
	0915 ET	Fed Chair Janet Yellen and IMF Managing Director Christine Lagarde speak on topics in finance, governance, and society on a panel discussion at an Institute for New Economic Thinking conference in Washington, D.C.
	1030 ET	EIA Weekly Petroleum Status Report.
	1315 ET	Kansas City Fed President Esther George speaks on Credit Markets: Booms, Busts and Distortions on a panel discussion at an Institute for New Economic Thinking conference in Washington, D.C.
	1330 ET	Atlanta Fed President Dennis Lockhart speaks on the economic outlook and monetary policy to the Baton Rouge Rotary.
GER	0355 ET	Revised German Apr Markit services PMI, previous 54.4.
EUR	0400 ET	Revised Eurozone Apr Markit composite PMI, previous 53.5.
	0500 ET	Eurozone Mar retail sales expected -0.7% m/m and +2.4% y/y, Feb -0.2% m/m and +3.0% y/y.
UK	0430 ET	UK Apr Markit/CIPS services PMI expected -0.4 to 58.5, Mar 58.9.
JPN	2135 ET	Japan Apr Markit services PMI, Mar 48.4.
	n/a	Japanese markets closed for National Holiday.

U.S. STOCK CALENDAR05/06/2015

Company	Ticker	Time	Event Description	Period	Estimate
LyondellBasell Industries NV	LYB US	3:30	Annual General Meeting	Y 2015
Occidental Petroleum Corp	OXY US	Bef-mkt	Q1 2015 Earnings Release	Q1 2015	0.041
Chesapeake Energy Corp	CHK US	Bef-mkt	Q1 2015 Earnings Release	Q1 2015	0.036
Spectra Energy Corp	SE US	Bef-mkt	Q1 2015 Earnings Release	Q1 2015	0.426
Motorola Solutions Inc	MSI US	7:00	Q1 2015 Earnings Release	Q1 2015	0.249
DENTSPLY International Inc	XRAY US	7:00	Q1 2015 Earnings Release	Q1 2015	0.573
Masco Corp	MAS US	8:00	Investor Day	Y 2015
Motorola Solutions Inc	MSI US	8:00	Q1 2015 Earnings Call	Q1 2015
Dun & Bradstreet Corp/The	DNB US	8:00	Annual General Meeting
Assurant Inc	AIZ US	8:00	Q1 2015 Earnings Call	Q1 2015
DENTSPLY International Inc	XRAY US	8:30	Q1 2015 Earnings Call	Q1 2015
Dominion Resources Inc/VA	D US	9:00	Annual General Meeting	Y 2015
General Dynamics Corp	GD US	9:00	Annual General Meeting	Y 2015
PepsiCo Inc	PEP US	9:00	Annual General Meeting	Y 2015
Chesapeake Energy Corp	CHK US	9:00	Q1 2015 Earnings Call	Q1 2015
Allstate Corp/The	ALL US	9:00	Q1 2015 Earnings Call	Q1 2015
NASDAQ OMX Group Inc/The	NDAQ US	9:00	Annual General Meeting	Y 2015
Philip Morris International Inc	PM US	9:00	Annual General Meeting	Y 2015
Spectra Energy Corp	SE US	9:00	Q1 2015 Earnings Call	Q1 2015
Hess Corp	HES US	10:00	Annual General Meeting
CSX Corp	CSX US	10:00	Annual General Meeting	Y 2015
International Flavors & Fragrances Inc	IFF US	10:00	Annual General Meeting	Y 2015
Bank of America Corp	BAC US	10:00	Annual General Meeting	Y 2015
Occidental Petroleum Corp	OXY US	10:00	Q1 2015 Earnings Call	Q1 2015
Pioneer Natural Resources Co	PXD US	10:00	Q1 2015 Earnings Call	Q1 2015
Phillips 66	PSX US	10:00	Annual General Meeting
ONEOK Inc	OKE US	11:00	Q1 2015 Earnings Call	Q1 2015
Newfield Exploration Co	NFX US	11:00	Q1 2015 Earnings Call	Q1 2015
Devon Energy Corp	DVN US	11:00	Q1 2015 Earnings Call	Q1 2015
FMC Technologies Inc	FTI US	12:00	Annual General Meeting
Hospira Inc	HSP US	12:00	Annual General Meeting	Y 2015
Twenty-First Century Fox Inc	FOXA US	16:00	Q3 2015 Earnings Release	Q3 2015	0.391
Twenty-First Century Fox Inc	FOXA US	16:30	Q3 2015 Earnings Call	Q3 2015
TripAdvisor Inc	TRIP US	16:30	Q1 2015 Earnings Call	Q1 2015
Whole Foods Market Inc	WFM US	17:00	Q2 2015 Earnings Call	Q2 2015
Keurig Green Mountain Inc	GMCR US	17:00	Q2 2015 Earnings Call	Q2 2015
Kimco Realty Corp	KIM US	Aft-mkt	Q1 2015 Earnings Release	Q1 2015	0.352
Marathon Oil Corp	MRO US	Aft-mkt	Q1 2015 Earnings Release	Q1 2015	-0.454
Whole Foods Market Inc	WFM US	Aft-mkt	Q2 2015 Earnings Release	Q2 2015	0.426
Transocean Ltd	RIG US	Aft-mkt	Q1 2015 Earnings Release	Q1 2015	0.586
Keurig Green Mountain Inc	GMCR US	Aft-mkt	Q2 2015 Earnings Release	Q2 2015	1.049
Prudential Financial Inc	PRU US	Aft-mkt	Q1 2015 Earnings Release	Q1 2015	2.391
Essex Property Trust Inc	ESS US	Aft-mkt	Q1 2015 Earnings Release	Q1 2015	2.251
MetLife Inc	MET US	Aft-mkt	Q1 2015 Earnings Release	Q1 2015	1.414
CF Industries Holdings Inc	CF US	Aft-mkt	Q1 2015 Earnings Release	Q1 2015	4.625
TripAdvisor Inc	TRIP US	Aft-mkt	Q1 2015 Earnings Release	Q1 2015	0.551
PulteGroup Inc	PHM US		Annual General Meeting
Costco Wholesale Corp	COST US		April 2015 Sales and Revenue Release	2015
Express Scripts Holding Co	ESRX US		Annual General Meeting
Expeditors International of Washington Inc	EXPD US		Q1 2015 Earnings Release	Q1 2015	0.485
Gilead Sciences Inc	GILD US		Annual General Meeting	Y 2015
Alexion Pharmaceuticals Inc	ALXN US		Annual General Meeting
AMETEK Inc	AME US		Annual General Meeting
United Rentals Inc	URI US		Annual General Meeting
CONSOL Energy Inc	CNX US		Annual General Meeting