MORNING CALL 2/27

Barchart Morning Call

Barchart.com - Mon Feb 27, 6:45AM CST

OVERNIGHT MARKETS AND NEWS

Mar E-mini S&Ps (ESH17 -0.03%) are little changed, up +0.01% at a new record nearest-futures high, and European stocks are up +0.19%. Market activity is muted as stocks move sideways ahead of U.S. President Trump's address Tuesday before a joint session of Congress where he is expected to lay out his plans for tax and health-care reform and infrastructure spending. A +0.69% gain in Apr WTI crude oil prices (CLJ17 +0.74%) is giving energy producing stocks a boost after Russian Energy Minister Novak said that Russia had cut its oil output this month by more than the 117,000 bpd it had cut its oil production in Jan. European stocks and EUR/USD found support on favorable opinion polls for French presidential candidate Macron along with signs of confidence in the European recovery after Eurozone Feb economic confidence rose to a 5-3/4 year high. Asian stocks settled mostly lower: Japan -0.91%, Hong Kong -0.17%, China -0.76%, Taiwan closed for holiday, Australia -0.26%, Singapore -0.27%, South Korea -052%, India -0.28%. Japan's Nikkei Stock Index tumbled to a 2-week low as exporter stocks sold-off as USD/JPY fell to a 2-week low, which undercuts the earnings prospects of exporters with the stronger yen.

The dollar index (DXY00 -0.01%) is down -0.02%. EUR/USD (^EURUSD) is up +0.19%. USD/JPY (^USDJPY) is up +0.14%. GBP/USD is down -0.41% at a 1-week low after the Times of London reported that UK Prime Minister May is preparing for Scotland to potentially call an independence referendum in March to coincide with the UK's triggering of Article 50 to leave the EU.

Mar 10-year T-note prices (ZNH17 -0.11%)are down -4.5 ticks.

Eurozone Feb economic confidence rose +0.1 to 108.0, weaker than expectations of +0.2 to 108.1 but still the highest in 5-3/4 years.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Jan durable goods orders (expected +1.7% and +0.5% ex transportation, Dec -0.5% and +0.5% ex transportation), (2) Jan pending home sales (expected +1.0% m/m, Dec +1.6% m/m and -2.0% y/y), (3) Feb Dallas Fed manufacturing activity index (expected -2.7 to 19.4, Jan +4.4 to 22.1), (4) Dallas Fed President Robert Kaplan (voter) speaks at the University of Oklahoma Price College of Business, (5) USDA weekly grain export inspections.

Notable S&P 500 earnings reports today include: Priceline (consensus $12.97), TEGNA (0.66), AES (0.35), American Tower (1.38), Perrigo (1.62), Frontier Communications (-0.04), EOG Resources (-0.14), ONEOK (0.45), Albemarle (0.73).

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

Equity conferences: Goldman Sachs Technology Conference on Mon, Keefe, Bruyette, & Woods Cards, Payments & Financial Technology Symposium on Mon, Morgan Stanley Technology, Media & Telecom Conference on Mon-Tue BMO Capital Markets Global Metals & Mining Conference on Mon-Tue, JMP Securities Technology Conference on Mon-Tue, JP Morgan Leveraged Finance Conference on Mon-Tue, GSMA Mobile World Congress on Mon-Tue, Morgan Stanley MLP Diversified Natural Gas, Utilities & Clean Tech Conference on Tue, UBS Utilities and Natural Gas Conference on Tue, Barclays MLP Corporate Access Day on Tue, Pacific Crest Emerging Technology Summit on Tue, Evercore ISI Industrial Conference on Tue, CITI Asset Management, Broker Dealer & Market Structure Conference on Wed, Gabelli & Company Pump, Valve & Water Systems Symposium on Wed, Wells Fargo Real Estate Securities Conference on Wed, ABA National Conference on Wed, EnerCom The Oil & Gas Conference on Wed, J.P. Morgan Gaming, Lodging, Restaurant & Leisure Management Access Forum on Thu, Bank of America Merrill Lynch Global Agriculture and Chemicals Conference on Wed-Thu, BTIG Healthcare Conference on Thu, Capital Link Master Limited Partnership Investing Forum on Thu, Simmons Energy Conference on Thu-Fri.

OVERNIGHT U.S. STOCK MOVERS

Reynolds American (RAI -0.08%) was downgraded to 'Market Perform' from 'Outperform' at Wells Fargo Securities.

Carnival Cruise Lines (CCL +0.20%) was upgraded to 'Buy' from 'Hold' at Argus with a price target of $64.

Tesla (TSLA +0.39%) was downgraded to 'Sell' from 'Neutral' at Goldman Sachs with a price target of $185.

Sina Corp China (SINA +4.35%) was downgraded to 'Neutral' from 'Accumulate' at GuoTai JunAn with a target price of $74.

Illumina (ILMN -0.63%) was upgraded to 'Buy' from 'Hold' at Evercore ISI with a price target of $190.

Hanesbrands (HBI +2.20%) was downgraded to 'Equal-Weight' from 'Overweight' at Morgan Stanley.

Terex (TEX +1.47%) was upgraded to 'Buy' from 'Hold' at Deutsche Bank.

Urban Outfitters (URBN +2.21%) was downgraded to 'Sell' from 'Neutral' at MKM Partners.

Merck (MRK +0.47%) said its V212 investigational inactivated varicella zoster virus for prevention of shingles met its primary endpoint in a Phase 3 shingles study.

Raytheon (RTN +0.12%) gained nearly 1% in after-hours trading after it received a $1.07 billion contract from the U.S. Air Force.

Earthlink (ELNK -3.76%) climbed over 3% in after-hours trading after it disclosed in a regulatory filing that shareholders approved an agreement and plan of merger with Windstream.

MARKET COMMENTS

Mar E-mini S&Ps (ESH17 -0.03%) this morning are up +0.25 of a point (+0.01%) at a new all-time nearest-futures high. Friday's closes: S&P 500 +0.15%, Dow Jones +0.05%, Nasdaq +0.21%. The S&P 500 on Friday closed higher on the +0.6 point rise in the U.S. Feb University of Michigan consumer sentiment index to 96.3 (stronger than expectations of +0.3 to 96.0) and on data from EPFR Global showing that U.S. equity funds saw net inflows of $3 billion in the week to Feb 22, the third increase in the last four weeks. Stocks were undercut by the +3.7% increase in U.S. Jan new home sales to 555,000 (weaker than expectations of +6.4% to 571,000) and the -0.84% decline in crude oil prices, which undercut energy producing stocks.

Mar 10-year T-notes (ZNH17 -0.11%) this morning are down -4.5 ticks. Friday's closes: TYH7 +18.00, FVH7 +1.25. Mar 10-year T-notes on Friday rallied to a 2-1/2 month nearest-futures high and closed higher on carry-over support from a rally in German bunds to a 1-3/4 month high on increased safe-haven demand due to political risks in France. T-notes were also boosted by the slide in crude oil prices which reduced inflation expectations and pushed the 10-year T-note breakeven inflation rate down to a 4-session low.

The dollar index (DXY00 -0.01%) this morning is down -0.02 (-0.02%). EUR/USD (^EURUSD) is up +0.0020 (+0.19%). USD/JPY (^USDJPY) is up +0.16 (+0.14%). Friday's closes: Dollar index +0.04 (+0.04%), EUR/USD -0.0019 (-0.18%), USD/JPY -0.49 (-0.44%). The dollar index on Friday closed higher on the stronger-than-expected U.S. Feb University of Michigan consumer sentiment index and on weakness in EUR/USD on European political risks from the French presidential election. Gains in the dollar were limited as the 10-year T-note yield fell to a 5-week low, which undercuts the dollar's interest rate differentials.

Apr WTI crude oil prices (CLJ17 +0.74%) this morning are up +37 cents (+0.69%) and Apr gasoline (RBJ17 +1.03%) is up +0.0149 (+0.86%). Friday's closes: Apr crude -0.46 (-0.84%), Apr gasoline -0.0111 (-0.64%). Apr crude oil and gasoline on Friday closed lower on negative carry-over from Thursday's EIA data that showed a +0.3% increase in U.S. crude production in the week ended Feb 17 to a 10-1/2 month high of 9.001 million bpd and the +564,000 bbl increase in U.S. crude inventories to a record 518.7 million bbl (EIA data from 1982). Crude oil was also undercut by data from Baker Hughes that showed U.S. active oil rigs in the week ended Feb 24 rose 5 to 602, the most in 16-1/2 months.

GLOBAL EVENT CALENDAR02/27/2017

		Monday, Feb 27
US	0830 ET	Jan durable goods orders expected +1.7% and +0.5% ex transportation, Dec -0.5% and +0.5% ex transportation. Jan capital goods new orders non-defense ex aircraft & parts expected +0.5%, Dec +0.7%.
	1000 ET	Jan pending home sales expected +1.0% m/m, Dec +1.6% m/m and -2.0% y/y.
	1030 ET	Feb Dallas Fed manufacturing activity expected -2.7 to 19.4, Jan +4.4 to 22.1.
	1100 ET	USDA weekly grain export inspections.
	1100 ET	Dallas Fed President Robert Kaplan (voter) speaks at the University of Oklahoma Price College of Business.
		Tuesday, Feb 28
US	0830 ET	Revised Q4 GDP expected +2.1% (q/q annualized), previous +1.9% (q/q annualized). Q4 personal consumption expected unrevised at +2.5%. Q4 GDP price index expected unrevised at +2.1%. Q4 core PCE expected unrevised at +1.3% q/q.
	0830 ET	Jan wholesale inventories expected +0.4%, Dec +1.0% m/m. Jan retail inventories, Dec unch m/m.
	0900 ET	Dec S&P CoreLogic composite-20 home price index expected +0.7% m/m and +5.3% y/y, Nov +0.88% m/m and +5.27% y/y.
	0945 ET	Feb Chicago PMI expected +2.7 to 53.0, Jan -3.6 to 50.3.
	1000 ET	Feb Conference Board U.S. consumer confidence index expected -0.8 to 111.0, Jan -1.5 to 111.8.
	1000 ET	Feb Richmond Fed manufacturing index expected -2 to 10, Jan +4 to 12.
	1500 ET	Philadelphia Fed President Patrick Harker (voter) speaks on the economic outlook at Temple University.
	1530 ET	San Francisco Fed President John Williams (non-voter) delivers an outlook speech to the Santa Cruz Chamber of Commerce.
	1850 ET	St. Louis Fed President James Bullard (non-voter) gives the Spring 2017 GWU Alumni Lecture in Economics at George Washington University.
	2100 ET	President Trump delivers speech to joint session of Congress.

U.S. STOCK CALENDAR02/27/2017

Company	Ticker	Time	Event Description	Period	Estimate
TEGNA Inc	TGNA US	Bf-mkt	Q4 2016 Earnings Release	Q4 2016	0.664
AES Corp/VA	AES US	6:00	Q4 2016 Earnings Release	Q4 2016	0.354
American Tower Corp	AMT US	7:00	Q4 2016 Earnings Release	Q4 2016	1.42
American Tower Corp	AMT US	8:30	Q4 2016 Earnings Call	Q4 2016
AES Corp/VA	AES US	9:00	Q4 2016 Earnings Call	Q4 2016
TEGNA Inc	TGNA US	10:00	Q4 2016 Earnings Call	Q4 2016
Perrigo Co PLC	PRGO US	16:00	Q4 2016 Earnings Release	Q4 2016	1.616
Priceline Group Inc/The	PCLN US	16:00	Q4 2016 Earnings Release	Q4 2016	12.963
Frontier Communications Corp	FTR US	16:05	Q4 2016 Earnings Release	Q4 2016	-0.035
Frontier Communications Corp	FTR US	16:30	Q4 2016 Earnings Call	Q4 2016
Perrigo Co PLC	PRGO US	16:30	Q4 2016 Earnings Call	Q4 2016
Priceline Group Inc/The	PCLN US	16:30	Q4 2016 Earnings Call	Q4 2016
EOG Resources Inc	EOG US	Aft-mkt	Q4 2016 Earnings Release	Q4 2016	-0.144
ONEOK Inc	OKE US	Aft-mkt	Q4 2016 Earnings Release	Q4 2016	0.458
Albemarle Corp	ALB US	Aft-mkt	Q4 2016 Earnings Release	Q4 2016	0.718
Berkshire Hathaway Inc	BRK/A US		Q4 2016 Earnings Release	Q4 2016	2716.6

ONEOK - Large Cap Momentum Stock

Today I used Barchart to sort the S&P 500 Large Cap Index stocks first for the most frequent new highs in the last month then again for technical buy signals  of 80% or more.  I always use the Flipchart feature to review the charts for consistency

Barchart technical indicators for ONEOK (OKE):

• 96% technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 14 new highs and up 20.19% in the last month
• Relative Strength Index 72.23%
• Technical support level at 41.40
• Recently traded at 43.21 with a 50 day moving average of 35.37

5 Large Caps for Momentum Investors

Today I used Barchart to sort the S&P 500 Large Cap Index stocks to find stocks for momentum investors.  First I sorted for the most frequent new highs in the last month then again for positive short term buy signals.  Next I used the Flipchart feature to review the charts.  Today;s watch list includes:

Oneok (OKE), Baxter International (BAX), L-3 Communications (LLL), Republic Services (RSG) and Martin Marietta Materials (MLM)

Oneok (OKE)

Barchart technical indicators:

• 96% technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 17 new highs and up 32.21% in the last month
• Relative Strength Index 79.75%
• Technical support level at 39.29
• Recently traded at 41.98 with a 50 day moving average of 32.60

Baxter International (BAX)

Barchart technical indicators:

• 88% technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 15 new highs and up 7.41% in the last month
• Relative Strength Index 68.35%
• Technical support level at 44.87
• Recently traded at 45.85 with a 50 day moving average of 42.45

L-3 Communications (LLL)

Barchart technical indicators:

• 72% technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 14 new highs and up 12.17% in the last month
• Relative Strength Index 71.20%
• Technical support level at 133.05
• Recently traded at 135.99 with a 50 day moving average of 123.89

Republic Services (RSG)

Barchart technical indicators:

• 88% technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 14 new highs and up 5.37% in the last month
• Relative Strength Index 64.10%
• Technical support level at 47.99
• Recently traded at 48.72 with a 50 day moving average of 47.21

Martin Marietta Materials (MLM)

Barchart technical indicators:

• 96% technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 13 new highs and up 13.33% in the last month
• Relative Strength Index 72.19%
• Technical support level at 181.06
• Recently traded at 187.13 with a 50 day moving average of 165.23

BARCHART MORNING CALL 5/20

BARCHART MORNING CALL

Wednesday, May 20th, 2015View Older Reports

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OVERNIGHT MARKETS AND NEWS

June E-mini S&Ps (ESM15 +0.05%) this morning are little changed as the market awaits today's FOMC meeting minutes. The Euro Stoxx 50 index this morning is mildly lower by -0.20%. Asian stocks today closed mixed: Japan +0.85%, Hong Kong -0.39%, China +0.65%, Taiwan -0.32%, Australia -0.09%, Singapore -0.42%, South Korea +0.93%, India +0.69%, Turkey -1.07%.
The dollar index (DXY00 +0.30%) this morning is up +0.21%. EUR/USD is seeing continued weakness and is down -0.0046 (-0.41%) this morning on yesterday's news that the ECB will slightly expand QE in May-June to account for lower liquidity over the summer. USD/JPY is up +0.24 (+0.20%). June 10-year T-notes (ZNM15 +0.04%) are unchanged this morning. June bunds are up +0.26 points.
Commodity prices are unchanged on net this morning. July WTI crude oil is up +0.56 (+0.97%) on some short-covering after yesterday's plunge. July gasoline is up +0.0243 (+1.23%). July natural gas is up +0.027 (+0.90%).
Precious metals prices are trading slightly higher this morning on some short-covering after Tuesday's sharp sell-off. Jun gold this morning is up +2.0 (+0.17%) and July silver is up +0.064 (+0.37%). July copper is down -0.013 (-0.44%). Grain and softs prices are trading moderately lower this morning.
The Japan Q1 GDP report of +2.4% (q/q annualized) was stronger than market expectations of +1.6%, although Q4 was revised lower to +1.1% from +1.5%.
The Bank of England policy minutes were a bit hawkish as they said that slack in the UK economy will probably be eroded within a year, which signals that potential future inflation pressures may then require a rate hike. For now, the Monetary Policy Committee voted 9-0 to keep its base rate unchanged at 0.50%.
The ECB later today will likely raise the Greek Emergency Lending Assistance (ELA) facility from the current 80 billion euros, adding to last week's hike of 2.0 billion euros.

U.S. STOCK PREVIEW

Key U.S. reports today include: (1) the weekly MBA mortgage applications report (last week was -3.5% with purchase sub-index -0.2% and refi sub-index -5.9%), (2) the minutes from the Apr 28-29 FOMC meeting, and (3) a speech by Chicago Fed President Charles Evans about the economy and monetary policy at the NABE International Symposium in Munich.
There are 7 of the S&P 500 companies report earnings today: Target (consensus $1.02), Hormel Foods (0.63), Lowe's (0.74), Staples (0.17), L Brands (0.60), NetApp (0.72), Salesforce.com (0.14).
U.S. IPO's scheduled to price today include: Press Ganey Holdings (PGND), Baozun (BZUN), Community Healthcare Trust (CHCT), Shopify (SHOP), Dicerna Pharmaceuticals (DRNA), Malibu Boats (MBUU).
Equity conferences this week include: JPMorgan Global Technology, Media and Telecom Conference on Mon-Wed, UBS Global Health Care Conference on Mon-Wed, Electrical Products Group Spring Conference on Mon-Wed, EPG Conference on Mon-Wed, Goldman Sachs Basic Materials Conference on Tue-Wed, Barclays America Select Conference on Tue-Wed, Wolfe Research Global Transportation Conference on Tue-Wed, LME Week Asia 2015 on Wed, BMO Farm to Market Conference on Wed-Thu, Janney Montgomery Scott-Company Marketing: Biotechnology-Southeast on Fri.
June E-mini S&Ps this morning are little changed as the market awaits today's FOMC meeting minutes. Tuesday's closes: S&P 500 -0.06%, Dow Jones +0.07%, Nasdaq -0.17%. The S&P 500 on Tuesday closed little changed on offsetting factors. Stocks were supported by the sharp +20.2% increase in April U.S. housing starts to a 7-1/3 year high, although that also meant the Fed might tighten sooner rather than later. U.S. stocks also received a boost from a rally in European stocks on the ECB’s statement that it will boost the size of its QE program in May-June to offset lower liquidity during the summer. Stocks were undercut by a -4.4% slump in Wal-Mart on a disappointing earnings report and by weakness in energy producers after the sharp -3.74% sell-off in crude oil prices.

OVERNIGHT U.S. STOCK MOVERS

• Hormel Foods (HRL +0.13%) reported Q2 EPS of 67 cents, mildly above the consensus of 63 cents. Q2 revenue of $2.3 billion was slightly below the consensus of $2.40 billion.
• Lowe's (LOW -1.68%) reported Q1 EPS of 70 cents, mildly below the consensus of 74 cents. Q1 revenue of $14.13 billion was slightly below the consensus of $14.28 billion.
• Staples (SPLS -0.42%) reported Q1 non-GAAP EPS of 17 cents, matching the consensus. Q1 revenue of $5.26 billion was below the consensus of $5.47 billion.
• Northrop Grumman (NOC +0.58%) increased its quarterly dividend by 14% to 80 cents/share.
• Yahoo (YHOO -7.62%) said this morning that the IRS statement on spin-offs will not affect its previously filed requests.
• LendingClub (LC +1.50%) rallied nearly 3% in after-hours trading after Morgan Stanley upgraded the stock to Overweight from Equal Weight.
• Autodesk (ADSK -1.51%) fell 2% in after-hours trading due to a disappointing earnings report.
• Norwegian Cruise Line (NCLH +3.26%) fell -2.5% in after-hours trading after filing to sell 20 million of ordinary shares.

MARKET COMMENTS

June 10-year T-notes are unchanged this morning, awaiting today's FOMC meeting minutes. Tuesday's closes: TYM5 -11.00, FVM5 -8.50. Jun T-notes on Tuesday closed lower on the +20.2% surge in U.S. April housing starts and increased concern about a Fed rate hike. However, T-notes found support from the sharp sell-off in oil prices that undercut inflation expectations and from carry-over support from the +0.38 point rally in June Bund prices.
The dollar index this morning is up +0.21%. EUR/USD is seeing continued weakness and is down -0.0046 (-0.41%) this morning on yesterday's news that the ECB will slightly expand QE in May-June to account for lower liquidity over the summer. USD/JPY is up +0.24 (+0.20%). Tuesday's closes: Dollar Index +1.083 (+1.15%), EUR/USD -0.0165 (-1.46%), USD/JPY +0.70 (+0.58%). The dollar index on Tuesday closed sharply higher for the second straight day on the sharp +20.2% increase in U.S. April housing starts and on EUR weakness sparked by the news that the ECB is boosting the size of QE in May-June to offset reduced liquidity during the summer.
July WTI crude oil is up +0.56 (+0.97%) on some short-covering after yesterday's plunge. July gasoline is up +0.0243 (+1.23%). Tuesday's closes: CLN5 -2.25 (-3.74%), RBN5 -0.0376 (-1.85%). Jul crude oil and gasoline prices on Tuesday closed sharply lower on the sharp rally in the dollar index and on expectations for the U.S. and world oil supply glut to continue.

GLOBAL EVENT CALENDAR05/20/2015

US	0300 ET	Chicago Fed President Charles Evans speaks about the economy and monetary policy at the NABE International Symposium in Munich.
	0700 ET	Weekly MBA mortgage applications, previous -3.5% with purchase sub-index -0.2% and refi sub-index -5.9%.
	1030 ET	EIA Weekly Petroleum Status Report.
	1400 ET	Minutes of the Apr 28-29 FOMC meeting.
JPN	0100 ET	Revised Japan Mar leading index CI, previous 105.5. Revised Mar coincident index, previous 109.5.
	0200 ET	Revised Japan Apr machine tool orders, previous +10.4% y/y.
	2135 ET	Japan May Markit/JMMA manufacturing PMI expected +0.4 to 50.3, Apr 49.9.
GER	0200 ET	German Apr PPI expected +0.2% m/m and -1.4% y/y, Mar +0.1% m/m and -1.7% y/y.
UK	0430 ET	Minutes of the May 11 BOE meeting.
EUR	0500 ET	Eurozone Mar construction output, Feb -1.8% m/m and -3.7% y/y.
CHI	2145 ET	China May HSBC flash manufacturing PMI expected +0.4 to 50.3, Apr 49.9.

U.S. STOCK CALENDAR05/20/2015

Company	Ticker	Time	Event Description	Period	Estimate
Target Corp	TGT US	Bef-mkt	Q1 2016 Earnings Release	Q1 2016	1.021
Hormel Foods Corp	HRL US	Bef-mkt	Q2 2015 Earnings Release	Q2 2015	0.625
Lowe's Cos Inc	LOW US	Bef-mkt	Q1 2016 Earnings Release	Q1 2016	0.737
Progressive Corp/The	PGR US	Bef-mkt	April 2015 Sales and Revenue Release	2015
Staples Inc	SPLS US	Bef-mkt	Q1 2016 Earnings Release	Q1 2016	0.172
Hormel Foods Corp	HRL US	8:00	Q2 2015 Earnings Call	Q2 2015
Northrop Grumman Corp	NOC US	8:00	Annual General Meeting	Y 2015
Staples Inc	SPLS US	8:00	Q1 2016 Earnings Call	Q1 2016
Johnson & Johnson	JNJ US	8:30	Investor Meeting	Y 2015
Lowe's Cos Inc	LOW US	9:00	Q1 2016 Earnings Call	C1 2016
Lowe's Cos Inc	LOW US	9:00	Q1 2016 Earnings Call	Q1 2016
Altria Group Inc	MO US	9:00	Annual General Meeting	Y 2015
Thermo Fisher Scientific Inc	TMO US	9:00	Analyst Meeting	Y 2015
Total System Services Inc	TSS US	9:00	Analyst Day	Y 2015
Xerox Corp	XRX US	9:00	Annual General Meeting	Y 2015
State Street Corp	STT US	9:00	Annual General Meeting	Y 2015
Halliburton Co	HAL US	10:00	Annual General Meeting
ONEOK Inc	OKE US	10:00	Annual General Meeting	Y 2015
Universal Health Services Inc	UHS US	10:00	Annual General Meeting
Fossil Group Inc	FOSL US	10:00	Annual General Meeting
Mondelez International Inc	MDLZ US	10:00	Annual General Meeting	Y 2015
Target Corp	TGT US	10:30	Q1 2016 Earnings Call	Q1 2016
CenturyLink Inc	CTL US	11:00	Annual General Meeting	Y 2015
Fiserv Inc	FISV US	11:00	Annual General Meeting
American Tower Corp	AMT US	11:00	Annual General Meeting
Xcel Energy Inc	XEL US	12:00	Annual General Meeting	Y 2015
Hartford Financial Services Group Inc/The	HIG US	12:30	Annual General Meeting	Y 2015
Thermo Fisher Scientific Inc	TMO US	13:00	Annual General Meeting	Y 2015
Travelers Cos Inc/The	TRV US	13:30	Annual General Meeting	Y 2015
NVIDIA Corp	NVDA US	13:30	Annual General Meeting	Y 2015
CME Group Inc/IL	CME US	16:30	Annual General Meeting	Y 2015
NetApp Inc	NTAP US	17:00	Q4 2015 Earnings Call	Q4 2015
Salesforce.com inc	CRM US	17:00	Q1 2016 Earnings Call	Q1 2016
L Brands Inc	LB US	Aft-mkt	Q1 2016 Earnings Release	Q1 2016	0.6
NetApp Inc	NTAP US	Aft-mkt	Q4 2015 Earnings Release	Q4 2015	0.723
Salesforce.com inc	CRM US	Aft-mkt	Q1 2016 Earnings Release	Q1 2016	0.138
PPL Corp	PPL US		Annual General Meeting
Pinnacle West Capital Corp	PNW US		Annual General Meeting
Ross Stores Inc	ROST US		Annual General Meeting	Y 2015
DENTSPLY International Inc	XRAY US		Annual General Meeting
Amphenol Corp	APH US		Annual General Meeting
Pioneer Natural Resources Co	PXD US		Annual General Meeting
FirstEnergy Corp	FE US		Investor Meeting	Y 2015
Discovery Communications Inc	DISCA US		Annual General Meeting
First Solar Inc	FSLR US		Annual General Meeting

BARCHART MORNING CALL 2/23

BARCHART MORNING CALL

Monday, February 23rd, 2015View Older Reports

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OVERNIGHT MARKETS AND NEWS

March E-mini S&Ps (ESH15 -0.20%) this morning are down -0.20% as they consolidate Friday's rally to an all-time high, while European stocks are up +0.26% at a 6-1/2 year high after Greece received a 4-month extension on its bailout. The Greek government has until the end of the day today to complete a list of policies in return for continued funding. The Eurozone finance ministers will then meet and decide whether the Greek policies go far enough or trigger another round of emergency negotiations this week. European stocks fell back from their best levels after the German Feb IFO business confidence rose less than expected. The extension of bailout funds to Greece also fueled a rally in Italian and Portuguese government bonds that sent their yields falling to record lows. Asian stocks closed mixed: Japan +0.73%, Australia +0.45%, Singapore -0.42%, South Korea +0.17%, India -0.88%, China and Taiwan closed for holiday. Japan's Nikkei Stock Index rose to a 14-3/4 year high as the positive news on a Greek debt deal lifted most global stocks. Commodity prices are mostly lower. Apr crude oil (CLJ15 -3.01%) is down -2.40% at a 1-week low and Apr gasoline (RBJ15 -0.91%) is down -0.85%. Apr gold (GCJ15 -0.79%) is down -0.87%. Mar copper (HGH15 -0.64%) is down -0.79%. Agriculture prices are mixed. The dollar index (DXY00 +0.52%) is up +0.56% at a 1-week high on speculation that Fed Chair Yellen's testimony to Congress tomorrow will be dollar supportive. EUR/USD (^EURUSD) is down -0.60%. USD/JPY (^USDJPY) is unchanged. Mar T-note prices (ZNH15 +0.12%) are up +3.5 ticks.
The German Feb IFO business climate rose +0.1 to 106.8, less than expectations of +1.0 to 107.7 but still the highest in 7 months. The Feb IFO current assessment unexpectedly fell -0.4 to 111.3, weaker than expectations of +0.8 to 112.5. The Feb IFO expectations rose +0.5 to 102.5, less than expectations of +1.0 to 103.0.
The UK Feb CBI reported sales slumped -38 to 1, a much bigger decline than expectations of -4 to 35 and the lowest in 15 months.

U.S. STOCK PREVIEW

Today’s Jan existing home sales report is expected to show a decline of -1.8% to 4.95 million, giving back most of December’s +2.4% increase to 5.04 million. There are 3 of the S&P 500 companies that report earnings today: Tenet Healthcare (consensus $1.19), ONEOK (0.35), and Express Scripts (1.38).
Equity conferences this week include: JPMorgan High Yield & Leveraged Finance Conference on Mon-Wed, BMO Capital Markets Global Metals & Mining Conference on Mon-Tue, Cantor Fitzgerald 2nd Annual Internet and Technology Conference on Tue, Susquehanna Semi, Storage & Tech Summit on Tue, Credit Suisse Energy Summit on Tue-Wed, RBC Capital Markets Global Healthcare Conference on Tue-Wed, Robert W. Baird Business Solutions Conference on Tue-Wed, Wells Fargo Cyber Security Forum on Wed, Bank of America Merrill Lynch Global Agriculture Conference on Wed-Thu, Auerbach Grayson & Morgan Stanley's Inaugural Frontier Markets Conference on Thu, Gabelli & Company Pump, Valve & Water Systems Symposium on Thu, Gabelli & Company Inaugural Waste & Environmental Services Symposium on Fri.

OVERNIGHT U.S. STOCK MOVERS

Precision Castparts (PCP +2.53%) was downgraded to 'Neutral' from 'Buy' at Goldman Sachs.
Boeing (BA +2.97%) was downgraded to 'Sell' from 'Neutral' at Goldman Sachs.
Raytheon (RTN +0.75%) was upgraded to 'Buy' from 'Neutral' at Buckingham.
AerCap (AER +1.42%) reported Q4 adjusted EPS of $1.40, higher than consensus of $1.30.
Colgate-Palmolive (CL +0.04%) was upgraded to 'Buy' from 'Neutral' at Citigroup.
CSX (CSX +0.06%) was initiated with an 'Overweight' at JPMorgan Chase with a price target of $41.
Penn National (PENN -1.80%) was upgraded to 'Buy' from 'Neutral' at BofA/Merrill Lynch.
Honda (HMC +0.42%) announced that Takanobu Ito is stepping down as president and CEO of Honda and Takahiro Hachigo, Honda's managing officer, will take over as president and CEO in June.
CyberArk (CYBR +9.44%) was downgraded to 'Underweight' from 'Neutral' at JPMorgan Chase.
LabCorp (LH +3.36%) was upgraded to 'Overweight' from 'Neutral' at Piper Jaffray.
Antofagasta (ANFGY +2.00%) was downgraded to 'Sell' from 'Neutral' at Goldman Sachs.
DirecTV (DTV +0.06%) was downgraded to 'Hold' from 'Buy' at Brean Capital.
Rio Tinto (RIO +0.67%) was downgraded to 'Neutral' from 'Buy' at UBS.
Exxon Mobil (XOM +0.54%) was awarded a $1.01 billion government contract for aviation turbine fuel.

MARKET COMMENTS

Mar E-mini S&Ps (ESH15 -0.20%) this morning are down -4.25 points (-0.20%). The S&P 500 index on Friday rose to a new all-time high and closed higher: S&P 500 +0.61%, Dow Jones +0.86%, Nasdaq +0.71%. Bullish factors included (1) optimism about a Eurozone agreement with Greece to keep bailout funds flowing to Greece, and (2) signs of strength in the U.S. economy after the U.S. Feb Markit manufacturing PMI unexpectedly rose +0.4 to 54.3, better than expectations of -0.3 to 53.6.
Mar 10-year T-notes (ZNH15 +0.12%) this morning are up +3.5 ticks. Mar 10-year T-note futures prices on Friday closed lower. Closes: TYH5 -6.00, FVH5 -4.75. Bearish factors included (1) the unexpected increase in the Feb Markit manufacturing PMI, and (2) the rally in the S&P 500 to a new record high, which reduced safe-haven demand for Treasuries.
The dollar index (DXY00 +0.52%) this morning is up +0.529 (+0.56%) at a 1-week high. EUR/USD (^EURUSD) is down -0.0068 (-0.60%). USD/JPY (^USDJPY) is unchanged. The dollar index on Friday fell back from a 1-week high and closed lower: Dollar index -0.095 (-0.10%), EUR/USD +0.00087 (+0.08%), USD/JPY +0.026 (+0.02%). The main bearish factor was a rebound in EUR/USD, which recovered from a 1-week low and closed higher after Eurozone finance ministers reached a deal to extend bailout funds to Greece for four months in return for a commitment on budget targets. The dollar had risen to a 1-week high on bullish factors that included (1) the unexpected increase in the U.S. Feb Markit manufacturing PMI, and (2) early weakness in EUR/USD which fell to a 1-week low after the Eurozone Feb Markit manufacturing PMI was weaker than expected and German Jan producer prices fell more than expected.
Apr WTI crude oil (CLJ15 -3.01%) this morning is down -$1.22 a barrel (-2.40%) at a 1-week low and Apr gasoline (RBJ15 -0.91%) is down -0.0156 (-0.85%). Apr crude and Apr gasoline prices on Friday settled mixed: CLJ5 -1.02 (-1.97%), RBJ5 +0.0049 (+0.27%). The main bearish factor was ample supplies after Wednesday’s EIA data showed U.S. crude inventories at their highest level since weekly EIA data began in 1982. Gasoline closed higher on bullish factors that included (1) the ongoing strike by the United Steelworkers union that represents more than 30,000 oil refinery workers and 13% of U.S. refining output, which may reduce gasoline and distillate production, and (2) frigid weather in the U.S. Northeast that boosted demand for heating fuels and also shuttered two refineries in Pennsylvania because of the sub-zero cold.

GLOBAL EVENT CALENDAR02/23/2015

US	0830 ET	Jan Chicago national activity index expected +0.10 to 0.05, Dec -0.05.
	1000 ET	Jan existing home sales expected -1.8% to 4.95 million, Dec +2.4% to 5.04 million.
	1030 ET	Feb Dallas Fed manufacturing outlook level of general business activity expected +0.4 to -4.0, Jan -7.9 to -4.4.
	1100 ET	USDA weekly grain export inspections.
GER	0400 ET	German Feb IFO business climate expected +1.0 to 107.7, Jan 106.7. Feb IFO current assessment expected +0.8 to 112.5, Jan 111.7. Feb IFO expectations expected +1.0 to 103.0, Jan 102.0.
UK	0600 ET	UK Feb CBI reported sales expected -4 to 35, Jan 39.
JPN	1850 ET	Japan Jan PPI services expected +3.6% y/y, Dec +3.6% y/y.

U.S. STOCK CALENDAR02/23/2015

Company	Ticker	Time	Event Description	Period	Estimate
Tenet Healthcare Corp	THC US	Aft-mkt	Q4 2014 Earnings Release	Q4 2014	1.186
ONEOK Inc	OKE US	Aft-mkt	Q4 2014 Earnings Release	Q4 2014	0.348
Express Scripts Holding Co	ESRX US	Aft-mkt	Q4 2014 Earnings Release	Q4 2014	1.381