MORNING CALL 3/29

Barchart Morning Call

Barchart.com - 1 hour ago

OVERNIGHT MARKETS AND NEWS

Jun E-mini S&Ps (ESM17 unch) this morning are little changed, down -0.02%, and European stocks are up +0.08% at a 1-1/4 year high. Strength in crude oil prices is lifting energy producing stocks with May WTI crude oil (CLK17 +0.41%) up +0.45% at a 1 week high on disruptions in Libyan oil output after Libya's NOC said that its crude production fell to 500,000 bpd when a pipeline from the Sharara oil field, the country's biggest, stopped operating. GBP/USD fell -0.10% to a 1-week low and gains in European stocks were muted ahead of the expected signing of Article 50 of the Lisbon Treaty by UK Prime Minister May that will begin the exit of the UK from the European Union. Another negative is the potential breakup of the UK as Scotland may use Brexit and start a referendum in their push for autonomy from England. Asian stocks settled mixed: Japan +0.08%, Hong Kong +0.19%, China -0.36%, Taiwan -0.20%, Australia +0.90%, Singapore +0.85%, South Korea +0.22%, India +0.41%. Chinese stocks retreated as property stocks fell on concern the government will start imposing tighter property controls to keep the housing market from a bubble.

The dollar index (DXY00 +0.09%) is up +0.15%. EUR/USD (^EURUSD) is down -0.26%. USD/JPY (^USDJPY) is down -0.16%.

Jun 10-year T-note prices (ZNM17 +0.06%) are unchanged.

The German Feb import price index rose +0.7% m/m and +7.4% y/y, stronger than expectations of +0.4% m/m and +7.0% y/y with the +7.4%y/y gain the largest year=on-year increase in 5-3/4 years.

Japan Feb retail sales rose +0.2% m/m and +0.1% y/y, weaker than expectations of +0.3% m/m and +0.7% y/y.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) weekly MBA mortgage applications (previous -2.7% with purchase sub-index -2.1% and refi sub-index -3.3%), (2) Chicago Fed President Charles Evans (voter) speaks on current economic conditions and monetary policy at the DZ Bank-OMFIF International Capital Markets Conference in Frankfurt, (3) Feb pending home sales (expected +2.5% m/m, Jan -2.8% m/m and +2.7% y/y), (4) Treasury auctions $13 billion 2-year floating-rate notes, (5) Boston Fed President Eric Rosengren (non-voter) speaks on the economic outlook to the Economic Club of Boston, (6) Treasury auctions $28 billion of 7-year T-notes, (7) San Francisco Fed President John Williams speaks to the Forecasters Club of New York on “From Sustained Recovery to Sustainable Growth: What a Difference Four Years Makes,” (8) EIA Weekly Petroleum Status Report.

Notable Russell 1000 earnings reports today include: Paychex (consensus $0.54), Perrigo (1.81), Lululemon (1.01).

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

Equity conferences: Jefferies Animal Health Summit on Thu.

OVERNIGHT U.S. STOCK MOVERS

Groupon (GRPN +0.25%) and Twitter (TWTR -0.33%) both fell 1% in pre-market trading after Barclays PLC initiated coverage on the Internet sector with 'Underweight' ratings for both stocks.

CyberArk Software (CYBR unch) was upgraded to 'Outperform' from 'Neutral' at Evercore ISI with a price target of $60.

RH (RH +3.57%) surged 15% in after-hours trading after it forecast Q1 net revenue of $530 million-$545 million, above consensus of $485.1 million

Computer Sciences (CSC +1.50%) gained 1% in after-hours trading after it was announced that it will replace Southwestern Energy in the S&P 500 before the open of trading on Tuesday, April 4.

Wells Fargo (WFC +1.03%) reached an agreement in principle to pay $1110 million to settle a class action lawsuit concerning retail sales practices over fake accounts.

Dave & Buster's Entertainment (PLAY +2.34%) fell over 3% in after-hours trading after it reported Q4 comparable sales rose +3.2%, below consensus of +3.7%.

Ollie's Bargain Outlet Holdings (OLLI +0.46%) rose 3% in after-hours trading after it reported Q4 net sales of $283.4 million, higher than consensus of $281 million.

Western Union (WU +0.60%) was downgraded to 'Sell' from 'Hold' at Edward Jones.

Sonic (SONC +2.44%) lost nearly 3% in after-hours trading after it reported Q3 revenue of $100.2 million, weaker than consensus of $104.6 million and said Q2 system-wide comparable sales fell -7.4%, a bigger decline than consensus of -4.5%.

Landex (LNDC +0.87%) said it sees Q4 EPS of 9 cents-11 cents, well below consensus of 21 cents.

Depomed (DEPO -4.50%) slid 4% in after-hours trading after it said it sees Q1 net sales of $95 million-$100 million, below consensus of $114.7 million.

Laureate Education (LAUR +2.51%) reported Q4 EPS of 27 cents, well above consensus of 12 cents.

Verint Systems (VRNT -1.13%) jumped 8% in after-hours trading after it reported Q4 adjusted EPS of 90 cents, better than consensus of 86 cents.

Orexigen Therapeutics (OREX +2.66%) dropped 7% in after-hours trading after it reported a Q4 loss per share of -$1.69, much wider than consensus of -86 cents.

Pernix Therapeutics Holdings (PTX -2.64%) tumbled nearly 10% in after-hours trading after it said it continues to analyze various alternatives, including strategic and refinancing alternatives, to improve financial flexibility.

MARKET COMMENTS

Jun E-mini S&Ps (ESM17 unch) this morning are down -0.50 points (-0.02%). Tuesday's closes: S&P 500 +0.73%, Dow Jones +0.73%, Nasdaq +0.61%. The S&P 500 on Tuesday closed higher on the unexpected +9.5 point increase in U.S. Mar consumer confidence (Conference Board) to 125.6 (stronger than expectations of -0.8 to 114.0 and the highest in 16-1/4 years) and the unexpected +5 point increase in the Mar Richmond Fed manufacturing index to 22 (stronger than expectations of -2 to 15 and the fastest pace of expansion in 6-3/4 years). Energy producer stocks rallied due to the +1.3% rally in crude oil prices.

Jun 10-year T-notes (ZNM17 +0.06%) this morning are unch. Tuesday's closes: TYM7 -10.-0, FVM7 -7.00. Jun 10-year T-notes on Tuesday closed lower on the unexpected increase in U.S. Mar consumer confidence to a 16-1/4 year high and on reduced safe-haven demand with the strength in stocks.

The dollar index (DXY00 +0.09%) this morning is up +0.145 (+0.15%). EUR/USD (^EURUSD) is down -0.0028 (-0.26%) and USD/JPY (^USDJPY) is down -0.18 (-0.16%). Tuesday's closes: Dollar index +0.546 (+0.55%), EUR/USD -0.0050 (-0.46%), USD/JPY +0.49 (+0.44%). The dollar index on Tuesday closed higher on the unexpected increase in U.S. Mar consumer confidence to a 16-1/4 year high (+9.5 to 125.6) and on weakness in EUR/USD after ECB Executive Board member Praet said that it's too soon to start discussing when to withdraw stimulus.

May WTI crude oil prices (CLK17 +0.41%) this morning are up +22 cents (+0.45%) at a 1-week high and May gasoline (RBK17 +0.75%) is +0.0105 (+0.64%). Tuesday's closes: May crude +0.64 (+1.34%), May gasoline +0.0101 (+0.62%). May crude oil and gasoline on Tuesday closed higher with May gasoline at a 2-week high. Crude oil prices were boosted by the action by Libya's NOC to declare force majeure on loadings of Sharara crude from its Zawiya oil terminal after it closed its pipeline from the Sharara field, its biggest pipeline. Crude oil prices were undercut by expectations for EIA crude inventories to climb +2.0 million bbl on Wednesday.

GLOBAL EVENT CALENDAR03/29/2017

		Wednesday, Mar 29
US	0700 ET	Weekly MBA mortgage applications, previous -2.7% with purchase sub-index -2.1% and refi sub-index -3.3%.
	0920 ET	Chicago Fed President Charles Evans (voter) speaks on current economic conditions and monetary policy at the DZ Bank-OMFIF International Capital Markets Conference in Frankfurt.
	1000 ET	Feb pending home sales expected +2.5% m/m, Jan -2.8% m/m and +2.7% y/y.
	1030 ET	EIA Weekly Petroleum Status Report.
	1130 ET	Treasury auctions $13 billion 2-year floating-rate notes.
	1130 ET	Boston Fed President Eric Rosengren (non-voter) speaks on the economic outlook to the Economic Club of Boston.
	1300 ET	Treasury auctions $28 billion of 7-year T-notes.
	1315 ET	San Francisco Fed President John Williams speaks to the Forecasters Club of New York on From Sustained Recovery to Sustainable Growth: What a Difference Four Years Makes.
		Thursday, Mar 30
US	0830 ET	Weekly initial unemployment claims expected -11,000 to 247,000, previous +15,000 to 258,000. Weekly continuing claims expected +41,000 to 2.031 million, previous -39,000 to 1.990 million.
	0830 ET	Revised Q4 GDP expected +2.0% q/q annualized, previous +1.9%. Q4 personal consumption expected unrevised from +3.0%. Q4 GDP price index expected unrevised from +2.0%. Q4 core PCE expected unrevised from +1.2%.
	0830 ET	USDA weekly Export Sales.
	1100 ET	Dallas Fed President Robert Kaplan (voter) speaks in a moderated Q&A discussion at the U.S. Chamber of Commerce at its annual capital markets summit.
	1500 ET	USDA Q1 Hogs & Pigs Inventory.
	1630 ET	New York Fed President William Dudley (voter) speaks on financial conditions and the conduct of monetary policy at an event in Sarasota, FL.

U.S. STOCK CALENDAR03/29/2017

Company	Ticker	Time	Event Description	Period	Estimate
Paychex Inc	PAYX US	Bef-mkt	Q3 2017 Earnings Release	Q3 17	0.538
Paychex Inc	PAYX US	09:30	Q3 2017 Earnings Call	Q3 17
McCormick & Co Inc/MD	MKC US	10:00	Annual General Meeting
Alaska Air Group Inc	ALK US	11:30	Investor Day
Computer Sciences Corp	CSC US		Investor Day
Perrigo Co PLC	PRGO US		Q4 2016 Earnings Release	Q4 16	1.812
Lululemon Athletica Inc	LULU US	Aft-mkt	Q4 2017 Earnings Release	Q4 17	1.006
Lululemon Athletica Inc	LULU US	16:30	Q4 2017 Earnings Call	Q4 17

MORNING CALL 7/13

MORNING CALL 

Wednesday, July 13th, 2016View Older Reports

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OVERNIGHT MARKETS AND NEWS

Sep E-mini S&Ps (ESU16 +0.03%) are up +0.12% and European stocks are up +0.30% at a 2-week high on speculation central bank actions will be sufficient to contain the fallout from the Brexit vote. The BOE is expected to lower interest rates Thursday and Japanese Prime Minister Abe has ordered more fiscal stimulus. Strength in commodity producers is leading the overall market higher as the price of copper (HGU16 +1.42%) jumped +1.42% to a 2-1/4 month high. On the negative side, energy producers are lower as the price of crude oil (CLQ16 -1.26%) is down -1.37% after API data late yesterday showed U.S. crude stockpiles unexpectedly rose +2.2 million bbl. Asian stocks settled higher: Japan +0.84%, Hong Kong +0.46%, China +0.37%, Taiwan +0.18%, Australia +0.66%, Singapore +0.30%, South Korea +0.85%, India +0.03%. Asian stock markets followed other global bourses higher as China's Shanghai Composite rose to a 2-3/4 month high and Japan's Nikkei Stock Index climbed to a 1-month high.

The dollar index (DXY00 -0.05%) is down -0.11%. EUR/USD (^EURUSD) is up +0.19%. USD/JPY (^USDJPY) is up +0.12%.

Sep T-note prices (ZNU16 +0.18%) are up +5 ticks.

Eurozone May industrial production fell -1.2% m/m, a bigger decline than expectations of -0.8% m/m.

The China Jun trade balance shrank to a surplus of $48.11 billion, a bigger surplus than expectations of $45.65 billion. Jun exports fell -4.8% y/y, a smaller decline than expectations of -5.0% y/y, and Jun imports fell -8.4% y/y, a bigger decline than expectations of -6.2% y/y.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) weekly MBA mortgage applications (previous +14.2% with purchase sub-index +4.3% and refi sub-index +20.8%), (2) Jun import price index (expected +0.5% m/m and -4.6% y/y, May +1.4% m/m and -5.0% y/y), (3) the Treasury's auction of $12 billion of 30-year T-bonds, (4) Jun monthly budget statement (expected +$23.0 billion, May -$52.507 billion), (5) Fed Beige Book, (6) Philadelphia Fed President Patrick Harker (non-voter) speaks on the economic outlook at an event in Philadelphia, and (7) EIA Weekly Petroleum Status Report.

Russell 1000 companies reporting earnings today: CSX (consensus $0.44), Yum Brands (0.74), PacWest Bancorp (0.69).

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

Equity conferences this week include: none.

OVERNIGHT U.S. STOCK MOVERS

Bank of America (BAC +2.50%) was rated a new 'Buy' at Berenberg with a price target of $15.

Whiting Petroleum (WLL +12.53%) was upgraded to 'Outperform' from 'Neutral' at Credit Suisse.

Darden Restaurants (DRI +0.29%) was downgraded to 'Market Perform' from 'Outperform' at Wells Fargo Securities.

Alexion Pharmaceuticals (ALXN +0.04%) was rated a new 'Outperform' at RBC Capital Markets with a 12-month price target of $188.

Michaels Cos (MIK +0.14%) dropped over 3% in after-hours trading after it started a secondary offering of 11 million shares of common stock.

Chesapeake Lodging Trust (CHSP +1.09%) slipped nearly 1% in after-hours trading after it said Q2 pro forma revpar rose +2.2%, below an April 28 forecast of up +4%-6%, citing continued headwinds at the start of the second half of the year.

AAR Corp. (AIR +4.33%) sank 10% in after-hours trading after it said it sees 2017 EPS continuing operations of $1.30-$1.40, well below consensus of $2.07.

Teva Pharmaceutical Industries Ltd. (TEVA +3.00%) gained nearly 2% in after-hours trading after it raised guidance on Q2 revenue to $4.9 billion-$5.0 billion from a prior view of $4.8 billion-$4.9 billion.

Fastenal (FAST -3.46%) was downgraded to 'Hold' from 'Buy' at Edward Jones.

Minneapolis Fed President Kashkari (non-voter) said the Fed can continue to be patient on raising interest rates as "there's not a huge urgency to raise rates because inflation is coming up low."

Juno Therapeutics (JUNO +1.68%) surged 33% in after-hours trading after the FDA removed the clinical hold on Juno's Phase 2 study of JCAR015 to treat lymphoblastic leukemia.

Avinger (AVGR -0.44%) lowered guidance on 2016 revenue to $19 million-$23 million from a prior view of $25 million-$30 million.

Orexigen Therapeutics (OREX +0.50%) rallied over 4% in after-hours trading after its top shareholder, Baupost, said it may convert/exercise notes/warrants of up to 4.7 million common shares.

MARKET COMMENTS

Sep E-mini S&Ps (ESU16 +0.03%) this morning are up +2.50 points (+0.12%). Tuesday's closes: S&P 500 +0.70%, Dow Jones +0.66%, Nasdaq +0.50%. The S&P 500 on Tuesday climbed to a fresh all-time high and closed moderately higher on carry-over support from a +1.7% rally in European stocks on reduced political uncertainty in Britain with Home Secretary May prepared to take over as the UK's next prime minister. Stocks were also boosted by a good beginning to U.S. Q2 company earnings season as Alcoa jumped 5% after it reported better-than-expected Q2 earnings.

Sep 10-year T-note prices (ZNU16 +0.18%) this morning are up +5 ticks. Tuesday's closes: TYU6 -20.50, FVU6 -9.25. Sep T-notes on Tuesday fell to a 1-week low and closed sharply lower on reduced safe-haven demand with the the rally in the S&P 500 to a new record high and on hawkish comments from Cleveland Fed President Mester who said she thinks "a gradual upward tilt for interest rates is appropriate for the U.S. economy."

The dollar index (DXY00 -0.05%) this morning is down -0.110 (-0.11%), EUR/USD (^EURUSD) is up +0.0021 (+0.19%) and USD/JPY (^USDJPY) is up +0.13 (+0.12%). Tuesday's closes: Dollar Index -0.130 (-0.13%), EUR/USD +0.0003 (+0.03%), USD/JPY +1.89 (+1.84%). The dollar index on Tuesday closed lower on the larger-than-expected decline in U.S. May JOLTS job openings to a 5-month low and strength in GBP/USD on reduced political uncertainty in Britain as Home Secretary May is prepared to take over as the UK's next prime minister. USD/JPY jumped to a 2-week high after Japanese Prime Minister Abe said he wants to "accelerate" Japan's exit from deflation, which suggests he favors additional yen-negative stimulus measures.

Aug WTI crude oil (CLQ16 -1.26%) prices this morning are down -64 cents (-1.37%) and Aug gasoline prices (RBQ16 -1.84%) are down -0.0268 (-1.87%). Tuesday's closes: CLQ6 +2.04 (+4.56%), RBQ6 +0.0466 (+3.37%). Aug crude oil and gasoline on Tuesday closed sharply higher on a weaker dollar, the rally in the S&P 500 to a record high, and expectations for Wednesday's weekly EIA data to show that U.S. crude inventories fell -3.5 million bbl.

GLOBAL EVENT CALENDAR07/13/2016

		Wednesday, July 13, 2016
US	0700 ET	Weekly MBA mortgage applications, previous +14.2% with purchase sub-index +4.3% and refi sub-index +20.8%.
	0830 ET	Jun import price index expected +0.5% m/m and -4.6% y/y, May +1.4% m/m and -5.0% y/y.
	1030 ET	EIA Weekly Petroleum Status Report.
	1300 ET	Treasury auctions $12 billion of 30-year T-bonds.
	1400 ET	Jun monthly budget statement expected +$23.0 billion, May -$52.507 billion.
	1400 ET	Fed Beige Book.
	1800 ET	Philadelphia Fed President Patrick Harker (non-voter) speaks on the economic outlook at an event in Philadelphia.
		Thursday, July 14, 2016
US	0830 ET	Weekly initial unemployment claims expected +11,000 to 265,000, previous -16,000 to 254,000. Weekly continuing claims expected +6,000 to 2.130 million, previous -44,000 to 2.124 million.
	0830 ET	Jun PPI final demand expected +0.3% m/m and -0.1% y/y, May +0.4% m/m and -0.1% y/y. Jun PPI ex food & energy expected +0.1% m/m and +1.0% y/y, May +0.3% m/m and +1.2% y/y.
	0830 ET	USDA weekly Export Sales.
	1100 ET	Treasury announces amount of 10-year TIPS (previous $11 billion) to be auctioned Jul 21.
	1115 ET	Atlanta Fed President Dennis Lockhart (non-voter) speaks at the Rocky Mountain Economic Summit in Victor, Idaho.
	1900 ET	Dallas Fed President Robert Kaplan (non-voter) speaks at the Official Monetary and Financial Institutions Forum in St. Louis about economic conditions and the role of monetary policy.
UK	0700 ET	BOE announces interest rate decision and asset purchase target, expected -25 bp cut in benchmark rate to 0.25% from 0.50% and asset purchase target to remain unchanged at 375 billion pounds.
CHI	2200 ET	China Q2 GDP expected +1.6% q/q and +6.6% y/y, Q1 +1.1% q/q and +6.7% y/y.
	2200 ET	China Jun industrial production expected +5.9% y/y, May +6.0% y/y.
	2200 ET	China Jun retail sales expected +9.9% y/y, May +10.0% y/y.

U.S. STOCK CALENDAR07/13/2016

Company	Ticker	Time	Event Description	Period	Estimate
Ionis Pharmaceuticals Inc	IONS	8:30	R&D Day	Y 2016
General Mills Inc	GIS	10:00	Investor Day	Y 2016
CSX Corp	CSX	Aft-mkt	Q2 2016 Earnings Release	Q2 2016	0.439
Yum! Brands Inc	YUM	Aft-mkt	Q2 2016 Earnings Release	Q2 2016	0.74
JetBlue Airways Corp	JBLU		June 2016 Sales and Revenue Release - Traffic Results	2016
PacWest Bancorp	PACW		Q2 2016 Earnings Release	Q2 2016	0.689

BARCHART MORNING CALL 10/12

BARCHART MORNING CALL

Monday, October 12th, 2015View Older Reports

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OVERNIGHT MARKETS AND NEWS

December E-mini S&Ps (ESZ15 unch) are little changed, up +0.06%, and European stocks are down -0.17% as the markets await U.S. Q3 company earnings results this week to gauge whether the economy is strong enough to handle an interest rate increase from the Fed. U.S. government offices and government bond trading are closed today for the Columbus Day Holiday. Losses in stocks were contained on signs of increased M&A activity with EMC Corp. up over 7% in pre-market trading after a person with knowledge of the matter said that Dell is offering about $33 a share to acquire the company. Also, a slide in the dollar index to a 3-week low gave commodity prices a lift and boosted the shares of commodity producers. Asian stocks settled mostly higher: Japan closed for holiday, Hong Kong +1.21%, China +3.28%, Taiwan +1.51%, Australia -0.89%, Singapore +1.12%, South Korea +0.19%, India-0.65%. China's Shanghai Composite rose over 3% to a 1-1/2 month high on speculation the PBOC will cut interest rates or reserve-requirement ratios as Chinese economic data this week will likely show a slowdown in exports and a deceleration in inflation.

The dollar index (DXY00 -0.09%) is down -0.06% at a 3-week low. EUR/USD (^EURUSD) is up +0.10% at a 3-week high. USD/JPY (^USDJPY)is down-0.12%.

Dec T-note prices (ZNZ15 +0.04%) are up +2.5 ticks.

Speaking Sunday at the International Monetary Fund's annual meeting in Lima, Peru, Fed Vice Chair Fischer said that the U.S. economy may be strong enough to merit an interest rate increase by year end, although policy makers are monitoring slower domestic job growth and international developments in deciding the precise timing of liftoff.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Atlanta Fed President Dennis Lockhart's speech on the economic outlook to the Association for University Business and Economic Research in Orlando, FL, (2) Chicago Fed President Charles Evans' speech on on monetary policy and the economy at the World Steel Association conference, (3) and Fed Governor Lael Brainard's speech on the economic outlook and monetary policy at the annual meeting of the National Association for Business Economic. U.S. government offices and the cash government bond market is closed today for Columbus Day. Interest rate futures trade regular hours on Globex and U.S. stock market is open during regular hours.

None of the Russell 2000 companies report earnings today.

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

Equity conferences this week include: Bloomberg-The Future of Energy Summit 2015 on Mon-Tue, Energy Storage North America Conference on Thu, and Moody's UK Water Sector Conference on Thu.

OVERNIGHT U.S. STOCK MOVERS

EMC Corp. (EMC +2.50%) climbed over 6% in pre-market trading after a person with knowledge of the matter said that Dell is offering about $33 a share to acquire the company.

Tech Data (TECD -2.26%) was downgraded to 'Underperform' from 'Market Perform' at Raymond James.

Raytheon (RTN -0.17%) was upgraded to 'Overweight' from 'Neutral' at JPMorgan Chase.

Northrop Grumman (NOC +1.15%) was raised to 'Neutral' from 'Underweight' at JPMorgan Chase with a price target of $198.

Ralph Lauren (RL -0.59%) was rated a new 'Outperform' at Telsey Advisory with a price target of $142.

Citigroup raised its ecommendation of Goldman Sachs (GS -1.04%) to 'Buy' from 'Neutral.'

Buffalo Wild Wings (BWLD -0.54%) and Darden Restaurants (DRI -0.12%) were both downgraded to 'Market Perform' from 'Outperform' at Raymond James.

The Advisory Board (ABCO +2.65%) was raised to 'Outperform' from 'Market Perform' at FBR Capital Markets.

Radius Health ({=RDUS climbed nearly 4% in pre-market trading after saying Phase 3 Active trial data of its daily abaloparatide subcutaneous injection showed a 70% reduction in incidence of major osteoporotic fractures versus a placebo.

Twitter (TWTR +1.75%) fell nearly 3% in after-hours trading after Re/Code reported a person familiar with the matter said that new CEO Jack Dorsey plans company-wide job cuts.

Sientra (SIEN -2.77%) fell over 8% in after-hours trading after the company placed a temporary halt on U.S. sale devices made by Silimed and recommended that plastic surgeons stop implanting them until further notice.

Orexigen (OREX +6.30%) surged 10% in after-hours trading after Baupost Group reported a 17.17% passive stake in the company.

MARKET COMMENTS

Dec E-mini S&Ps (ESZ15 unch) this morning are up +1.25 points (+0.06%). Friday's closes: S&P 500 +0.07%, Dow Jones +0.20, Nasdaq +0.46%. The S&P 500 on Friday rose to a 3-week high and closed higher on carryover support from a rally in Asian and European stocks, gains in technology companies led by a +2.4% rally in Apple, and strength in health-care stocks as the beaten-down biotechnology sector rallied. Stocks were undercut by Atlanta Fed President Lockhart's comment that an interest rate increase at the Oct or Dec FOMC meeting will likely be warranted as the economy "remains on a satisfactory tract" and weakness in industrial companies led by a -6.8% loss in Alcoa after it reported weaker-than-expected Q3 sales and profits.

Dec 10-year T-notes (ZNZ15 +0.04%) this morning are up +2.5 ticks. Friday's closes: TYZ5 +0.5, FVZ5 -1.25. Dec T-notes on Friday declined to a 1-1/2 week low but recovered and closed little changed. T-note prices were undercut by the rally in the S&P 500 to a 3-week high and Atlanta Fed President Lockhart's comment that he sees a Fed rate hike at the October or December FOMC meeting as likely "appropriate." T-note prices recovered from earlier losses after stocks gave up most of their advance.

The dollar index (DXY00 -0.09%) this morning is down -0.067 (-0.06%) at a 3-week low. EUR/USD (^EURUSD) is up +0.0011 (+0.10%) at a 3-week high. USD/JPY (^USDJPY) is down -0.15 (-0.12%. Friday's closes: Dollar Index -0.505 (-0.53%), EUR/USD +0.0082 (+0.73%), USD/JPY +0.34 (+0.28%). The dollar index on Friday fell to a 3-week low and closed lower on negative carryover from Thursday's dovish FOMC Sep 16-17 minutes and on Atlanta Fed President Lockhart's dovish comment that he is "less confident today than six weeks ago" as economic risks are "a bit more to the downside."

Nov crude oil (CLX15 +0.44%) this morning is up +11 cents (+0.22%) and Nov gasoline (RBX15 +0.54%) is up +0.0048 (+0.34%). Friday's closes: CLX5 +0.34 (+0.28%), RBX5 +0.0063 (+0.45%). Nov crude oil and gasoline prices on Friday closed higher with Nov crude at a 2-1/2 month nearest-futures high. Crude oil prices found support from the fall in the dollar index to a 3-week low and from Russia's ongoing intervention in Syria's civil war, which could cause the war to spread and disrupt crude supplies.

GLOBAL EVENT CALENDAR10/12/2015

US	0810 ET	Atlanta Fed President Dennis Lockhart speaks on the economic outlook to the Association for University Business and Economic Research in Orlando, FL.
	1030 ET	Chicago Fed President Charles Evans speaks on monetary policy and the economy at the World Steel Association conference.
	1630 ET	Fed Governor Lael Brainard delivers a speech on the economic outlook and monetary policy at the annual meeting of the National Association for Business Economic.
	n/a	U.S. government offices and cash government bond trading closed for Columbus Day. Interest rate futures trade regular hours on Globex.
UK	1901 ET	UK Sep BRC sales like-for-like expected +1.5% y/y, Aug -1.0% y/y.
CHI	n/a	China Sep trade balance expected +$47.90 billion, Aug +$60.24 billion. Sep exports expected -6.0% y/y, Aug 5.5% y/y. Sep imports expected -15.9% y/y, Aug -13.8% y/y.
JPN	n/a	Japanese markets closed for Health-sports Day.

U.S. STOCK CALENDAR10/12/2015

Company	Ticker	Time	Event Description	Period	Estimate
SunCoke Energy Inc	SXC US	Bef-mkt	Q3 2015 Earnings Release	Q3 2015	0.018
SunCoke Energy Inc	SXC US	9:00	Q3 2015 Earnings Call	Q3 2015
Herman Miller Inc	MLHR US		Annual General Meeting
Collegium Pharmaceutical Inc	COLL US		PDUFA, Xtampza ER, abuse-deterrent, extended-release formulation for pain