MORNING CALL 3/15

MORNING CALL

Tuesday, March 15th, 2016View Older Reports

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OVERNIGHT MARKETS AND NEWS

Jun E-mini S&Ps (ESM16 -0.56%) are down -0.50% and European stocks are down -0.71% as a slide in commodity prices drags down raw material and energy producing stocks. Freeport-McMoRan is down over 5% in pre-market trading as the price of gold drops to a 1-1/2 week low and Schlumberger Ltd. SLB is down over 1% in pre-market trading as the price of crude oil dropped to a 1-week low. Also, long liquidation in stocks is pulling prices lower ahead of the 2-day FOMC meeting that begins today. Asian stocks settled mostly lower: Japan -0.68%, Hong Kong -0.72%, China +0.17%, Taiwan-1.56%, Australia -1.43%, Singapore -0.27%, South Korea -0.13%, India -1.02%. Japanese stocks retreated, led by a fall in exporters, as the yen strengthened against the dollar after the BOJ maintained a negative interest rate and kept asset-purchase plans unchanged following its policy meeting today.

The dollar index (DXY00 +0.11%) is up +0.19%. EUR/USD (^EURUSD) is down -0.13%. USD/JPY (^USDJPY) is down -0.62%.

Jun T-note prices (ZNM16 +0.16%) are up +6 ticks.

As expected, the BOJ refrained from additional stimulus following the conclusion of today's policy meeting and said it "will examine risks to economic activity and prices, and take additional easing measures in terms of three dimensions -- quantity, quality, and the interest rate - if it is judged necessary for achieving the price stability target."

U.S. STOCK PREVIEW

Key U.S. news today includes: Feb retail sales (expected -0.2% and -0.2% ex autos, Jan +0.2% and +0.1% ex autos), (2) Feb final-demand PPI (expected -0.2% m/m and +0.1% y/y, Jan +0.1% m/m and -0.2% y/y) and Feb PPI ex food & energy (expected +0.1% m/m and +1.2% y/y, Jan +0.4% m/m and +0.6% y/y), (3) Mar Empire manufacturing survey business conditions index (expected +6.64 to -10.00, Feb +2.73 to -16.64), (4) Mar NAHB housing market index (expected +1 to 59, Feb -3 to 58), (5) Jan business inventories (expected unch, Dec +0.1%), and (6) the first day of the FOMC's 2-day policy meeting (federal funds rate target expected unchanged at 0.25%-0.50%).

There are 6 of the Russell 1000 companies that report earnings today: Oracle (consensus $0.62), FactSet (1.52), DSW (0.07), HD Supply (0.24), Alere (0.58), TerraForm Power (-0.21).

U.S. IPO's scheduled to price today: Senseonics Holdings (SENH).

Equity conferences this week include: Citi Global Property CEO Conference on Mon-Wed, Bank of America Merrill Lynch Consumer & Retail Tech Conference on Tue-Wed, Barclays Emerging Payments Forum on Tue-Wed, Barclays Capital Global Health Care Conference on Tue-Thu,
3rd Annual Pharma Customer Experience Summit 2016 on Wed, Goldman Sachs Innovation Symposium on Wed, Bank of America Merrill Lynch Global Industrials & EU Autos Conference on Wed-Thu, Evercore ISI Retail Summit on Wed-Thu, ACI European Food & Beverage Plastic Packaging Conference on Thu, and Citigroup Retail Madness Conference on Thu.

OVERNIGHT U.S. STOCK MOVERS

Schlumberger Ltd. (SLB -2.08%) is down over 1% in pre-market trading as the price of crude oil dropped to a 1-week low.

Tiffany (TIF +0.03%) was downgraded to 'Neutral' from 'Buy' at Citigroup.

Freeport-McMoRan (FCX +4.40%) is down over 5% in pre-market trading as metals declined with the price of gold at a 1-1/2 week low.

Delphi Automotive (DLPH -0.31%) was upgraded to 'Buy' from 'Neutral' at UBS with a price target of $88.

Cardinal Health (CAH -0.32%) was downgraded to 'Market Perform' from 'Outperform' at Cowen.

TeleTech Holdings (TTEC +0.07%) reported Q4 adjusted EPS of 47 cents, below consensus of 52 cents.

Outerwall (OUTR +0.73%) rose 9% in after-hours trading after it boosted its quarterly dividend by 100% to 60 cents a share and said it hired Morgan Stanley for strategic and financial alternatives.

Black Diamond (BDE -4.50%) rallied over 12% in after-hours trading after it reported Q4 adjusted EPS of 2 cents, better than consensus of a -1 cent loss.

Dover (DOV -0.70%) may be active today after the CEO said in after-hours trading that it sees Q1 results "well below our prior expectations."

MannKind (MNKD +4.51%) slumped over 10% in after-hours trading after it reported a Q4 loss of -66 cents, a much bigger loss than consensus of -5cents.

InVivo Therapeutics Holdings (NVIV -4.74%) dropped over 8% in after-hours trading after it announced a public offering of stock and warrants, packaged as units. Prices and volumes have yet to be announced.

Biocryst Pharmaceuticals (BCRX -1.41%) rose over 5% in after-hours trading after D.E. Shaw raised his passive stake in the company to 5.1% from 3.5%.

Inigen (INGN +3.09%) jumped over 12% in after-hours trading after reported Q$ EPS of 19 cents, well above consensus of 7 cents, and raised guidance on 2016 revenue to $187 million-$191 million from a prior projection of $177 million-$181 million, above consensus of $181 million.

Amphastar Pharmaceuticals (AMPH +2.99%) climbed over 8% in after-hours trading after it reported Q4 adjusted EPS of 19 cents, well above consensus for a -5 cent loss.

Immunomedics (IMMU +3.92%) slumped over 15% in after-hours trading after it terminated a Phase 3 trial after patients with metastatic pancreatic cancer showed no improvement after receiving it its 90Y clivatuzumab tetraxetan.

Celator Pharmaceuticals (CPXX +9.80%) exploded over 300% higher in after-hours trading after it announced positive results from a Phase 3 clinical trial on usage of its Vyxeos Liposome for treatment of patients with acute myeloid leukemia,

MARKET COMMENTS

Jun E-mini S&Ps (ESM16 -0.56%) this morning are down -10.00 points (-0.50%). Monday's closes: S&P 500 -0.13%, Dow Jones +0.09%, Nasdaq +0.13%. The S&P 500 on Monday closed lower on weakness in energy producer stocks after crude oil sold off by -3.4% and on position-squaring ahead of the 2-day FOMC meeting that begins Tuesday. Stocks found supported from a +1.75% rally in China's Shanghai Composite and increased M&A activity after Apollo Global offered to buy Fresh Market for $1.4 billion.

Jun 10-year T-notes (ZNM16 +0.16%) this morning are up +6 ticks. Monday's closes: TYM6 +2.50, FVM6 +0.50. Jun T-notes on Monday closed higher on increased safe-haven demand with the sell-off in stocks and on the -3.4% slide in crude oil prices that pushed inflation expectations lower.

The dollar index (DXY00 +0.11%) this morning is up +0.185 (+0.19%). EUR/USD ^EURUSD) is down -0.0014 (-0.13%). USD/JPY (^USDJPY)is down-0.71 (-0.62%). Monday's closes: Dollar Index +0.452 (+0.47%), EUR/USD -0.0053 (-0.48%), USD/JPY -0.04 (-0.04%). The dollar index on Monday settled higher on the sell-off in crude oil, which undercut the currencies of the crude exporting countries of Russia and Canada against the dollar. The dollar was also boosted by weakness in EUR/USD on the prospects for the Fed to keep raising interest rates while the ECB maintains or even expands stimulus measures.

Apr WTI crude (CLJ16 -2.50%) this morning is down -91 cents (-2.45%) at a 1-week low and Apr gasoline (RBJ16 -2.17%) is down -0.0268 (-1.88%). Monday's closes: CLJ6 -1.32 (-3.43%), RBJ6 -0.0217 (-1.50%). Apr crude oil and gasoline on Monday closed lower on the stronger dollar and on Iranian Oil Minister Bijan Namdar Zanganreh's comment that Iran plans to boost its crude production by about a third to 4 million bpd before it will consider joining any move to rebalance the market.

GLOBAL EVENT CALENDAR03/15/2016

US	0830 ET	Feb retail sales expected -0.2% and -0.2% ex autos, Jan +0.2% and +0.1% ex autos. Feb retail sales ex-autos and ex-gasoline expected +0.2%, Jan +0.4%.
	0830 ET	Feb PPI final demand expected -0.2% m/m and +0.1% y/y, Jan +0.1% m/m and -0.2% y/y. Feb PPI ex food & energy expected +0.1% m/m and +1.2% y/y, Jan +0.4% m/m and +0.6% y/y.
	0830 ET	Mar Empire manufacturing survey business conditions expected +6.64 to -10.00, Feb +2.73 to -16.64.
	1000 ET	Mar NAHB housing market index expected +1 to 59, Feb -3 to 58.
	1000 ET	Jan business inventories expected unch, Dec +0.1%.
	1100 ET	FOMC begins 2-day policy meeting.
JPN	0030 ET	Revised Japan Jan industrial production, preliminary +3.7% m/m and -3.8% y/y.
	0030 ET	Japan Jan capacity utilization, Dec -1.0% m/m.
	0030 ET	Japan Jan tertiary index expected +0.3% m/m, Dec -0.6% m/m.
	n/a	BOJ announces interest rate decision.
EUR	0600 ET	Eurozone Q4 employment, Q3 +0.3% q/q and +1.1% y/y.

U.S. STOCK CALENDAR03/15/2016

Company	Ticker	Time	Event Description	Period	Estimate
FactSet Research Systems Inc	FDS US	Bef-mkt	Q2 2016 Earnings Release	Q2 2016	1.515
DSW Inc	DSW US	Bef-mkt	Q4 2016 Earnings Release	Q4 2016	0.072
HD Supply Holdings Inc	HDS US	6:00	Q4 2016 Earnings Release	Q4 2016	0.242
LKQ Corp	LKQ US	8:00	Investor Day	Y 2016
HD Supply Holdings Inc	HDS US	8:00	Q4 2016 Earnings Call	Q4 2016
DSW Inc	DSW US	8:30	Q4 2016 Earnings Call	Q4 2016
Gaming and Leisure Properties Inc	GLPI US	10:00	Extraordinary Shareholders Meeting - M&A Vote	Y 2016
Western Digital Corp	WDC US	11:00	Extraordinary Shareholders Meeting - M&A Vote	Y 2016
SanDisk Corp	SNDK US	11:00	Extraordinary Shareholders Meeting	Y 2016
FactSet Research Systems Inc	FDS US	11:00	Q2 2016 Earnings Call	Q2 2016
CBS Corp	CBS US	14:00	Investor Day	Y 2016
Toro Co/The	TTC US	14:30	Annual General Meeting	Y 2016
Oracle Corp	ORCL US	17:00	Q3 2016 Earnings Call	Q3 2016
Oracle Corp	ORCL US	Aft-mkt	Q3 2016 Earnings Release	Q3 2016	0.62
American Express Co	AXP US		Credit-card Charge-offs and Delinquencies
JPMorgan Chase & Co	JPM US		Credit-card Charge-offs and Delinquencies
Hill-Rom Holdings Inc	HRC US		Annual General Meeting
Bank of America Corp	BAC US		Credit-card Charge-offs and Delinquencies
Citigroup Inc	C US		Credit-card Charge-offs and Delinquencies
Questar Corp	STR US		Roadshow - Boston	Y 2016
Capital One Financial Corp	COF US		Credit-card Charge-offs and Delinquencies
SanDisk Corp	SNDK US		Special Meeting - M&A Vote
Alliance Data Systems Corp	ADS US		Credit-card Charge-offs and Delinquencies
Alere Inc	ALR US		Q4 2015 Earnings Release	Q4 2015	0.576
Discover Financial Services	DFS US		Credit-card Charge-offs and Delinquencies
ADT Corp/The	ADT US		Annual General Meeting	Y 2016
Synchrony Financial	SYF US		Credit-card Charge-offs and Delinquencies
TerraForm Power Inc	TERP US		Q4 2015 Earnings Release	Q4 2015	-0.206
TerraForm Power Inc	TERP US		Q4 2015 Earnings Call	Q4 2015

BARCHART MORNING CALL 8/1

BARCHART MORNING CALL

Friday, August 1st, 2014View Older Reports

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OVERNIGHT MARKETS AND NEWS

September E-mini S&Ps (ESU14 -0.58%) this morning are down -0.57% at a 1-3/4 month low and European stocks are down -1.42% at a 4-month low as the global stock market rout continues for a second day. The Eurozone Jul manufacturing PMI was revised downward to match its slowest pace of expansion in 8 months, while developments in Latin America will be closely monitored after Argentina missed a deadline Thursday to pay $539 million in interest. The International Swaps & Derivatives Association said it will decide later this morning if credit-default swaps linked to Argentina debt have been triggered by a failure-to-pay credit event. Asian stocks closed lower: Japan -0.63%, Hong Kong -0.91%, China -0.89%, Taiwan -0.53%, Australia -1.36%, Singapore -0.88%, South Korea -0.42%, India -1.60%. China's Shanghai Stock Index initially rallied up to a 7-1/2 month high after Chinese Jul manufacturing activity expanded at the fastest pace in 2-1/4 years, but stock prices fell back and closed lower as the global stock market selloff overshadowed the better-than-expected manufacturing data. Commodity prices are mostly lower. Sep crude oil (CLU14 -0.67%) is down -0.84% at a 5-3/4 month low on fund selling and demand concerns. The CEO of the CVR Refinery in Coffeyville, Kansas, said that the refinery may be closed for four weeks because of damage from a fire. The refinery uses crude from Cushing, Oklahoma, and a prolonged shutdown of the refinery will curb demand and lead to increased stockpiles at Cushing. Sep gasoline (RBU14 -0.16%) is down -0.34%. Dec gold (GCZ14 +0.14%) is up +0.23%. Sep copper (HGU14 -0.50%) is down -0.39%. Agriculture and livestock prices are mostly lower. The dollar index (DXY00 +0.04%) is up +0.01%. EUR/USD (^EURUSD) is up +0.04%. USD/JPY (^USDJPY) is up +0.15%. Sep T-note prices (ZNU14 -0.09%) are down -5 ticks.
The China Jul manufacturing PMI rose +0.7 to 51.7, stronger than expectations of +0.4 to 51.4 and the fastest pace of expansion in 2-1/4 years.
The German Jul Markit/BME manufacturing PMI was revised downward to 52.4 from the originally reported 52.9.
The Eurozone Jul Markit manufacturing PMI was revised lower to match Jun's 8-month low of 51.8 from the originally reported 51.9.
The UK Jul Markit manufacturing PMI fell -1.8 from a downward revised 57.2 in Jun (originally reported 57.5) to 55.4, weaker than expectations of -0.3 to 57.2 and the slowest pace of expansion in a year.

U.S. STOCK PREVIEW

The market is expecting today’s July payrolls to show a solid increase of +231,000, which would be the sixth consecutive month of payroll increases in excess of +200,000. The market is expecting today’s July unemployment rate to be unchanged from June’s 6-year low of 6.1%, the lowest level since July 2008. The market is expecting today’s July ISM manufacturing index to show a +0.7 point increase to 56.0, more than overcoming June’s -0.1 point decline to 55.3. Today’s June PCE deflator, which is the Fed’s preferred inflation measure, is expected to ease slightly to +1.7% y/y from +1.8% in May. Meanwhile, the June core PCE deflator is expected to ease to +1.4% y/y from +1.5% in May. Today’s final-July U.S. consumer confidence index from the University of Michigan is expected to show an increase of +0.4 to 81.7 from the early-July level of 81.3. Today’s July total vehicle sales report is expected to ease to 16.70 million units from 16.92 million units in June.
There are 5 of the S&P 500 companies that report earnings today: Procter & Gamble (consensus $0.91), Health Care REIT (1.02), Weyerhaeuser (0.35), Chevron (2.63), Clorox (1.35). There are no equity conferences today.

OVERNIGHT U.S. STOCK MOVERS

Procter & Gamble (PG -1.07%) reported Q4 EPS of 95 cents, better than consensus of 91 cents.
Live Nation (LYV -2.68%) reported Q2 EPS of 11 cents, below consensus of 15 cents.
Boyd Gaming (BYD -2.40%) reported Q2 adjusted EPS of 5 cents, weaker than consensus of 8 cents.
DaVita (DVA -1.23%) reported Q2 adjusted EPS of 95 cents, stronger than consensus of 89 cents.
Insight Enterprises (NSIT -4.47%) reported Q2 EPS ex-items of 74 cents, better than consensus of 72 cents.
ON Semiconductor (ONNN -2.84%) reported Q2 EPS of 20 cents, better than consensus of 19 cents.
Fluor (FLR -2.89%) reported Q2 EPS of $1.02, higher than consensus of 99 cents.
Mohawk (MHK -1.54%) reported Q2 EPS ex-items of $2.21, better than consensus of $2.20.
Genpact (G -0.17%) reported Q2 adjusted EPS of 27 cents, better than consensus of 26 cents.
Montpelier Re (MRH +0.10%) was downgraded to 'Hold' from 'Buy' at Deutsche Bank.
Tesla (TSLA -2.46%) climbed 4% in after-hours trading after it reported Q2 EPS of 11 cents, nearly three times consensus of 4 cents.
Western Union ({=WU reported Q2 EPS of 36 cents, right on consensus, although Q2 revenue of $1.41 billion was slightly below consensus of $1.42 billion.
Outerwall (OUTR +2.40%) reported Q2 core EPS of $1.42, higher than consensus of $1.36.
LinkedIn (LNKD -3.55%) jumped over 5% in after-hours trading after it reported Q2 adjusted EPS of 51 cents, better than consensus of 39 cents, and then raised guidance on fiscal 2014 adjusted EPS to approximately $1.80, higher than consensus of $1.64.
Expedia (EXPE -2.77%) rose over 4% in after-houre trading after it reported Q2 EPS of $1.03, much higher than consensus of 76 cents.
Edison International (EIX -1.76%) reported Q2 adjusted EPS of $1.08, well above consensus of 83 cents.

MARKET COMMENTS

Sep E-mini S&Ps (ESU14 -0.58%) this morning are down -11.00 points (-0.57%) at a 1-3/4 month low. The S&P 500 index on Thursday plunged to a 1-1/4 month low and closed sharply lower: S&P 500 -2.00%, Dow Jones -1.88%, Nasdaq -2.10%. Negative factors included (1) Argentine debt concerns after S&P said Argentina was in default after it missed an interest payment on $13 billion of debt, (2) the unexpected -10.0 point decline in the Chicago Jul PMI to a 13-month low of 52.6, weaker than expectations of +0.4 to 63.0, and (3) concern that labor costs may be on the rise after the +0.7% in the Q2 employment cost index, higher than expectations of +0.5% and the fastest growth rate in 5-3/4 years.
Sep 10-year T-notes (ZNU14 -0.09%) this morning are down -5 ticks. Sep 10-year T-note futures prices on Thursday posted a 3-week low but pared most of their losses and closed just slightly lower. Bearish factors included (1) technical selling with the 3-week low, and (2) the +0.7% increase in the U.S. Q2 employment cost index, the most in 5-3/4 years. T-notes recovered from their worst levels after the a plunge in stocks boosted safe-haven demand for T-notes. Closes: TYU4 -1.50, FVU4 +1.00.
The dollar index (DXY00 +0.04%) this morning is up +0.009 (+0.01%). EUR/USD (^EURUSD) is up 0.0006 (+0.04%) and USD/JPY (^USDJPY) is up +0.15 (+0.15%). The dollar index on Thursday rose to a 10-1/2 month high and closed higher. Bullish factors included (1) increased safe-haven demand after the S&P 500 plunged to a 1-1/4 month low, and (2) weakness in EUR/USD on speculation the ECB may expand stimulus measures after Eurozone Jul CPI unexpectedly weakened to +0.4% y/y, lower than expectations of unch at +0.5% y/y and the slowest growth rate in 4-3/4 years. Closes: Dollar index +0.024 (+0.03%), EUR/USD -0.00067 (-0.05%), USD/JPY unch.
Sep WTI crude oil (CLU14 -0.67%) this morning is down -82 cents (-0.84%) at a 5-3/4 month low and Sep gasoline (RBU14 -0.16%) is down -0.0094 (-0.34%). Sep crude and gasoline prices on Thursday closed sharply lower with Sep crude at a 2-week low and Sep gasoline at a 3-1/2 month low: CLU4 -2.10 (-2.09%), RBU4 -0.0345 (-1.23%). Bearish factors included (1) the rally in the dollar index to a 10-1/2 month high, and (2) negative carry-over from Wednesday’s EIA data that showed a +789,000 bbl increase in EIA distillate inventories to a 10-month high and a +365,000 bbl increase in gasoline inventories to a 4-month high.

GLOBAL EVENT CALENDAR08/01/2014

US	0830 ET	Jul non-farm payrolls expected +231,000, Jun +288,000. Jul private payrolls expected +230,000, Jun +262,000. Jul manufacturing payrolls expected +14,000, Jun +16,000. Jul unemployment rate expected unchanged at 6.1%, Jun -0.2 to 6.1%.
	0830 ET	Jul avg hourly earnings expected +0.2% m/m and +2.2% y/y, Jun +0.2% m/m and +2.0% y/y. Jul avg weekly hours expected 34.5 hours, Jun 34.5.
	0830 ET	Jun personal spending expected +0.4%, May +0.2%. Jun personal income expected +0.4%, May +0.4%.
	0830 ET	Jun PCE deflator expected +0.2% m/m and +1.7% y/y, May +0.2% m/m and +1.8% y/y. Jun PCE core deflator expected +0.1% m/m and +1.4% y/y, May +0.2% m/m and +1.5% y/y.
	0945 ET	Revised Jul Markit manufacturing PMI expected +0.2 to 56.5.
	0955 ET	Final-July U.S. consumer confidence index (University of Michigan) expected +0.4 to 81.7, early-July -1.2 to 81.3.
	1000 ET	Jul ISM manufacturing index expected +0.7 to 56.0, Jun -0.1 to 55.3. Jul ISM new orders, Jun +2.0 to 58.9. Jul ISM employment, Jun unch at 52.8. Jul ISM prices paid expected +0.5 to 58.5, Jun -2.0 to 58.0.
	1000 ET	Jun construction spending expected +0.5%, May +0.1% m/m.
	n/a	Jul total vehicle sales expected 16.70 million, Jun 16.92 million. Jul domestic vehicle sales expected 13.20 million, Jun 13.25 million.
JPN	0100 ET	Japan Jul vehicle sales, Jun -0.7% y/y.
GER	0355 ET	Revised German Jul Markit/BME manufacturing PMI expected unrevised at 52.9.
EUR	0400 ET	Revised Eurozone Jul Markit manufacturing PMI expected unrevised at 51.9.
UK	0430 ET	UK Jul Markit manufacturing PMI expected -0.3 to 57.2, Jun 57.5.

U.S. STOCK CALENDAR08/01/2014

Company Name	Ticker	Time	Event Description	Period	Estimate
Procter & Gamble Co/The	PG US	Bef-mkt	Q4 2014 Earnings Release	Q4 2014	0.908
Health Care REIT Inc	HCN US	Bef-mkt	Q2 2014 Earnings Release	Q2 2014	1.016
Weyerhaeuser Co	WY US	Bef-mkt	Q2 2014 Earnings Release	Q2 2014	0.345
Procter & Gamble Co/The	PG US	8:30	Q4 2014 Earnings Call	Q4 2014
Chevron Corp	CVX US	8:30	Q2 2014 Earnings Release	Q2 2014	2.632
Clorox Co/The	CLX US	8:30	Q4 2014 Earnings Release	Q4 2014	1.351
Northeast Utilities	NU US	9:00	Q2 2014 Earnings Call	Q2 2014
Morgan Stanley	MS US	9:00	Fixed Income Investor Conference Call
Ford Motor Co	F US	9:00	July 2014 Sales and Revenue Release	2014
Ford Motor Co	F US	9:30	July 2014 Sales and Revenue Call	2014
Health Care REIT Inc	HCN US	10:00	Q2 2014 Earnings Call	Q2 2014
Southwestern Energy Co	SWN US	10:00	Q2 2014 Earnings Call	Q2 2014
Weyerhaeuser Co	WY US	10:00	Q2 2014 Earnings Call	Q2 2014
Mohawk Industries Inc	MHK US	11:00	Q2 2014 Earnings Call	Q2 2014
Chevron Corp	CVX US	11:00	Q2 2014 Earnings Call	Q2 2014
Public Storage	PSA US	13:00	Q2 2014 Earnings Call	Q2 2014
Apartment Investment & Management Co	AIV US	13:00	Q2 2014 Earnings Call	Q2 2014
Clorox Co/The	CLX US	13:15	Q4 2014 Earnings Call	Q4 2014

BARCHART MORNING CALL 5/2

BARCHART MORNING CALL

Friday, May 2nd, 2014View Older Reports

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OVERNIGHT MARKETS AND NEWS

June E-mini S&Ps (ESM14 +0.07%) this morning are up +0.05% ahead of this morning's U.S. Apr non-farm payrolls report and European stocks are down -0.32% as the Ukraine crisis intensified when two Ukrainian helicopters were shot down as government forces launched a military offensive to retake Slovyansk, a stronghold for pro-separatist forces. Losses in European stocks were limited after Royal Bank of Scotland jumped nearly 7% when it reported Q1 profit of 1.2 billion pounds, six times better than consensus of 200 million pounds. Another positive for European stocks is reduced European sovereign debt concerns as Eurozone government bond yields fell to record lows after Italy's 10-year government bond yield fell to 3.047% and Spain's 10-year bond yield dropped to 2.98%, both the lowest since data began in 1993. Asian stocks closed mixed: Japan -0.19%, Hong Kong +0.57%, China closed for holiday, Taiwan +0.86%, Australia +0.17%, Singapore -0.37%, South Korea -0.10%, India -0.06%. Commodity prices are mostly higher. Jun crude oil (CLM14 +0.42%) is up +0.42%. Jun gasoline (RBM14 +0.27%) is up +0.28%. Jun gold (GCM14 +0.26%) is up +0.25%. July copper (HGN14 +0.58%) is up +0.60%. Agriculture and livestock prices are mixed. The dollar index (DXY00 +0.04%) is up +0.07%. EUR/USD (^EURUSD) is down -0.07%. USD/JPY (^USDJPY) is up +0.18%. June T-note prices (ZNM14 -0.06%) are down -4 ticks.
The Eurozone Mar unemployment rate was unchanged from Feb at 11.8%, which was revised lower from the originally reported 11.9%.
The Eurozone Apr Markit manufacturing PMI was revised upward to 53.4 from the originally reported 53.3.
The German Apr Markit/BME manufacturing PMI was revised down to 54.1 from the originally reported 54.2.
The Japan Mar jobless rate held steady at a 16-1/3 year low of 3.6%, right on expectations. The Mar job-to-applicant ration rose +0.02 to 1.07, better than expectations of +0.01 to 1.06 and the most in 7-1/2 years.
Japan Mar overall household spending jumped +7.2% y/y, over three times expectations of +2.0% y/y and the largest increase since the data series began in 2001.

U.S. STOCK PREVIEW

Today’s April payroll report is expected to show an increase of +215,000, strengthening from +192,000 in March. Today’s April unemployment rate is expected to fall -0.1 point to 6.6%, thus matching the 5-1/2 year low posted in January. Today’s March factory orders report is expected to show a +1.5% increase, adding to the +1.6% increase seen in February.
There are 10 of the S&P 500 companies that report earnings today. Notable reports include Berkshire Hathaway (cosnensus $2171.39), Chevron (2.52), Sempra Energy (0.95), Newell Rubbermaid (0.32), CVS Caremark (1.04), Estee Lauder (0.55). There are no equity conferences today.

OVERNIGHT U.S. STOCK MOVERS

Newell Rubbermaid (NWL -0.23%) reported Q1 EPS of 35 cents, higher than consensus of 32 cents.
CVS Caremark (CVS +0.51%) reported Q1 EPS of $1.02, weaker than consensus of $1.04.
XL Group (XL +1.28%) reported Q1 EPS of 85 cents, better than consensus of 74 cents.
Manitowoc (MTW +1.57%) reported Q1 adjusted EPS of 17 cents, below consensus of 20 cents.
Fluor (FLR -0.21%) reported Q1 EPS of 92 cents, weaker than consensus of 97 cents.
Tempur Sealy (TPX +0.74%) reported Q1 adjusted EPS of 53 cents, better than consensus of 51 cents.
Southwestern Energy (SWN -0.98%) reported Q1 adjusted EPS of 66 cents, stronger than consensus of 63 cents.
Akamai (AKAM +2.75%) reported Q1 adjusted EPS of 58 cents, higher than consensus of 53 cents.
Covance (CVD -0.28%) reported Q1 EPS ex-items of 90 cents, better than consensus of 89 cents.
Mohawk (MHK +0.69%) reported Q1 EPS ex-items of $1.23, stronger than consensus of $1.17.
DaVita (DVA +0.91%) reported Q1 adjusted EPS of 85 cents, less than consensus of 86 cents, although Q1 revenue of $3.04 billion was slightly above consensus of $3.03 billion.
Outerwall (OUTR -2.86%) reported Q1 EPS of 94 cents, better than consensus of 93 cents.
Avon Products (AVP -10.21%) was downgraded to 'Neutral' from 'Buy' at BTIG.
Western Union (WU -0.13%) reported Q1 EPS of 37 cents, better than consensus of 35 cents.
Wynn Resorts (WYNN +1.34%) reported Q1 adjusted EPS of $2.32, well ahead of consensus of $2.07.
LinkedIn (LNKD +5.05%) fell nearly 3% in pre-market trading after it reported Q1 adjusted EPS of 38 cents, better than consensus of 34 cents, but then said it sees fiscal 2014 revenue of $2.05 billion-$2.06 billion, lower than cosnensus of $2.11 billion.
Kraft Foods (KRFT -0.30%) reported Q1 EPS ex-items of 78 cents, higher than consensus of 76 cents.
Expedia (EXPE +4.06%) reported Q1 adjusted EPS of 16 cents, better than consensus of 15 cents.

MARKET COMMENTS

June E-mini S&Ps (ESM14 +0.07%) this morning are up +1.00 point (+0.05%). The S&P 500 index on Thursday rose to a 3-week high but fell back and closed little changed. Bullish factors included (1) the +0.9% increase in Mar personal spending, more than expectations of +0.6% and the largest increase in 4-1/2 years, and (2) the +1.2 point increase in the Apr ISM manufacturing index, a larger increase than expectations of +0.6 to 54.3. Limiting strength in stocks was the unexpected +14,000 jump in weekly initial unemployment claims to a 2-month high of 344,000, more than expectations of a -9,000 decline to 320,000. Closes: S&P 500 -0.01%, Dow Jones -0.13%, Nasdaq +0.34%.
Jun 10-year T-notes (ZNM14 -0.06%) this morning are down -4 ticks. Jun 10-year T-note futures prices on Thursday climbed to a 2-week high and closed higher. Bullish factors included (1) the unexpected increase in weekly U.S. jobless claims to a 2-month high, and (2) scant inflation pressures after the Mar core PCE deflator of +1.2% y/y remained far below the Fed’s inflation target of +2.0% y/y. Closes: TYM4 +7.50, FVM4 +4.00.
The dollar index (DXY00 +0.04%) this morning is up +0.055 (+0.07%). EUR/USD (^EURUSD) is down -0.0010 (-0.07%). USD/JPY (^USDJPY) is up +0.18 (+0.18%). The dollar index on Thursday rebounded from a 2-week low and closed higher: Dollar index +0.053 (+0.07%), EUR/USD +0.0002 (+0.02%), USD/JPY +0.092 (+0.09%). Bullish factors for the dollar included signs of strength in the U.S. economy after (1) U.S. Mar personal spending rose more than expected by +0.9% at the fastest pace in 4-1/2 years, and (2) the larger-than-expected increase in the Apr ISM manufacturing index.
Jun WTI crude oil (CLM14 +0.42%) this morning is up +42 cents (+0.42%). Jun gasoline (RBM14 +0.27%) is up +0.0083 (+0.28%). Jun crude and gasoline prices on Thursday closed lower with Jun crude at a 4-week low and Jun gasoline at a 3-week low. Bearish factors included (1) negative carry-over from Wednesday’s EIA data where U.S. crude inventories rose to their highest since EIA data began in 1982 and monthly government data began in 1920, and (2) the recovery in the dollar which rebounded from a 2-1/2 week low and closed higher. Closes: CLM4 -1.54 (-1.52%). RBM4 -0.0436 (-1.45%).

GLOBAL EVENT CALENDAR05/02/2014

US	0830 ET	Apr non-farm payrolls expected +215,000, Mar +192,000. Apr private payrolls expected +215,000, Mar +192,000. Apr manufacturing payrolls expected +8,000, Mar 1,000. Apr unemployment rate expected -0.1 to 6.6%, Mar unch at 6.7%.
	0830 ET	Apr avg hourly earnings expected +0.2% m/m and +2.1% y/y, Mar unch m/m and +2.1% y/y. Apr avg weekly hours expected unch at 34.5 hours, Mar 34.5 hours.
	0945 ET	Apr New York ISM expected +2.0 to 54.0, Mar 52.0.
	1000 ET	Mar factory orders expected +1.5%, Feb +1.6%.
EUR	0400 ET	Eurozone Apr Markit manufacturing PMI, Mar 53.4.
	0500 ET	Eurozone Mar unemployment rate expected unch at 11.9%, Feb 11.9%.
UK	0430 ET	UK Apr Markit/CIPS construction PMI, Mar 62.5.
CHI	2100 ET	China Apr non-manufacturing PMI (National Bureau of Statistics), Mar -0.5 to 54.5.
	n/a	Chinese markets closed for Labour Day holiday.

U.S. STOCK CALENDAR05/02/2014

Company Name	Ticker	Time	Event Description	Period	Estimate
Newell Rubbermaid Inc	NWL US	Bef-mkt	Q1 2014 Earnings Release	Q1 2014	0.321
Pinnacle West Capital Corp	PNW US	Bef-mkt	Q1 2014 Earnings Release	Q1 2014	0.129
Marsh & McLennan Cos Inc	MMC US	Bef-mkt	Q1 2014 Earnings Release	Q1 2014	0.803
CVS Caremark Corp	CVS US	Bef-mkt	Q1 2014 Earnings Release	Q1 2014	1.044
Estee Lauder Cos Inc/The	EL US	7:30	Q3 2014 Earnings Release	Q3 2014	0.55
Newell Rubbermaid Inc	NWL US	8:00	Q1 2014 Earnings Call	Q1 2014
XL Group PLC	XL US	8:00	Q1 2014 Earnings Call	Q1 2014
Chevron Corp	CVX US	8:30	Q1 2014 Earnings Release	Q1 2014	2.524
Graham Holdings Co	GHC US	8:30	Q1 2014 Earnings Release	Q1 2014
Marsh & McLennan Cos Inc	MMC US	8:30	Q1 2014 Earnings Call	Q1 2014
CVS Caremark Corp	CVS US	8:30	Q1 2014 Earnings Call	Q1 2014
Northeast Utilities	NU US	9:00	Q1 2014 Earnings Call	Q1 2014
Integrys Energy Group Inc	TEG US	9:00	Q1 2014 Earnings Call	Q1 2014
Sempra Energy	SRE US	9:00	Q1 2014 Earnings Release	Q1 2014	0.948
Alcoa Inc	AA US	9:30	Annual General Meeting	Y 2014
Equifax Inc	EFX US	9:30	Annual General Meeting
Estee Lauder Cos Inc/The	EL US	9:30	Q3 2014 Earnings Call	Q3 2014
Southwestern Energy Co	SWN US	10:00	Q1 2014 Earnings Call	Q1 2014
Mohawk Industries Inc	MHK US	11:00	Q1 2014 Earnings Call	Q1 2014
Chevron Corp	CVX US	11:00	Q1 2014 Earnings Call	Q1 2014
Entergy Corp	ETR US	11:00	Annual General Meeting
Wisconsin Energy Corp	WEC US	11:00	Annual General Meeting
Pinnacle West Capital Corp	PNW US	12:00	Q1 2014 Earnings Call	Q1 2014
Public Storage	PSA US	13:00	Q1 2014 Earnings Call	Q1 2014
Apartment Investment & Management Co	AIV US	13:00	Q1 2014 Earnings Call	Q1 2014
Sempra Energy	SRE US	13:00	Q1 2014 Earnings Call	Q1 2014
Illinois Tool Works Inc	ITW US	16:00	Annual General Meeting	Y 2014
Occidental Petroleum Corp	OXY US		Annual General Meeting
Berkshire Hathaway Inc	BRK/A US		Q1 2014 Earnings Release	Q1 2014	2171.37
Ryder System Inc	R US		Annual General Meeting
Consolidated Edison Inc	ED US		Q1 2014 Earnings Release	Q1 2014	1.048
AutoNation Inc	AN US		April 2014 Sales and Revenue Release	2014
FMC Technologies Inc	FTI US		Annual General Meeting
Merck & Co Inc	MRK US		FDA Adcomm, Singulair Allergy (montelukast 10mg tablet) OTC, allergy

Barchart Morning Call 9/17

Barchart Morning Call

Tuesday, September 17th, 2013View Older Reports

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OVERNIGHT MARKETS AND NEWS

December E-mini S&Ps (ESZ13 -0.10%) this morning are down -0.13% and European stocks are down -0.34%. Asian stocks closed mostly lower: Japan -0.65%, Hong Kong -0.31%, China -2.06%, Taiwan -0.07%, Australia +0.06%, Singapore +0.05%, South Korea -0.49%, India +0.31%. Asian stocks slid after foreign direct investment in China trailed estimates, while U.S. stocks fell back ahead of the start of the 2-day FOMC meeting later today. European stocks failed to garner much support from the jump in German investor confidence to a 3-1/3 year high. Commodity prices are mixed. Oct crude oil (CLV13 -0.20%) is down -0.39% at a 2-week low and Oct gasoline (RBV13 +0.04%) is down -0.10% at a 5-week low. Dec gold (GCZ13 +0.30%) is up +0.09% and Dec copper (HGZ13 unch) is down -0.02%. Agricultural prices are higher and livestock prices are lower. The dollar index (DXY00 -0.18%) is down -0.18%. EUR/USD (^EURUSD) is up +0.19% and USD/JPY (^USDJPY) is unch. December T-note prices (ZNZ13 +0.18%) are up +9 ticks.
The German Sep ZEW survey of expectations of economic growth rose +7.0 from Aug to 49.6, stronger than expectations of +3.0 to 45.0 and the highest in 3-1/3 years. The Sep ZEW survey current situation rose +12.3 from Aug to 30.6, stronger than expectations of +1.7 to 20.0 and the highest in 15-months.
UK Aug PPI input prices fell -0.2% m/m and rose +2.8% y/y, weaker than expectations of +0.2% m/m and +3.0% y/y. Aug PPI output prices rose +0.1% m/m and +1.6% y/y, smaller increases than expectations of +0.2% m/m and +1.8% y/y. Aug PPI output core prices were unchanged m/m and +1.0% y/y, weaker than expectations of +0.1% m/m and +1.1% y/y.
UK Aug CPI rose +0.4% m/m and +2.7% y/y, close to expectations of +0.5% m/m and +2.7% y/y. Aug core CPI rose +2.0% y/y, a smaller increase than expectations of +2.1% y/y. The Aug RPI rose +0.5% m/m and +3.3% y/y, bigger increases than expectations of +0.4% m/m and +3.2% y/y. Aug RPI ex-mortgage interest payments rose +3.3% y/y, stronger than expectations of +3.2% y/y.
China Aug foreign direct investment rose +0.6% y/y, much weaker than expectations of +12.5% y/y.

U.S. STOCK PREVIEW

The FOMC today begins its 2-day meeting. The FOMC will announce its decision tomorrow and Fed Chairman Bernanke will give a news conference tomorrow as well. The market consensus is that the FOMC tomorrow will announce a $10 billion cut in its $85 billion per month QE3 program to $75 billion. Today’s Aug CPI report is expected to ease to +1.6% y/y from +2.0% y/y in July. Meanwhile, the Aug core CPI is expected to edge higher to +1.8% y/y from +1.7% in July. Today’s Sep NAHB housing market index is expected to show a small -1 point decline to 58, reversing part of the +3 point increase to August’s 7-3/4 year high of 59. There are two of the Russell 1000 companies that report earnings today: FactSet (consensus $1.19) and Adobe Systems (0.34).
Equity conferences during the remainder of this week include: Morgan Stanley Industrials & Autos Conference on Mon-Wed, Capital Link Global Commodities Energy Freight Forum on Tue, Home Delivery World 2013 on Tue, Citi Global Industrials Conference on Tue-Wed, RBC Capital Markets Financial Institutions Conference on Tue-Wed, Credit Suisse Chemical & Ag Science Conference on Tue-Thu, BMO Capital Markets North American Real Estate Conference on Wed, Jefferies Advanced Analytics & Big Data Intelligence Summit on Wed, Mitsubishi UFJ Securities-Utility Corporate Access Day on Wed, 28th International Aluminum Conference on Wed-Thu, UBS Houston Energy Symposium on Wed-Thu, Credit Suisse Global Mining & Steel Conference on Thu, Mitsubishi UFJ Securities- Industrials Corporate Access Day on Thu.

OVERNIGHT U.S. STOCK MOVERS

ConAgra (CAG +0.66%) was downgraded to "Neutral" from "Overweight" at JPMorgan.
Kellogg (K +0.56%) was downgraded to "Underweight" from "Neutral" at JPMorgan.
US Airways (LCC +1.12%) and Delta Air Lines (DAL +3.03%) were both pgraded to "Overweight" from "Neutral" at JPMorgan.
Verizon (VZ +1.13%) was upgraded to "Outperform" from "Sector Perform" at RBC Capital.
The WSJ report that JPMorgan (JPM +1.05%) is expected to pay $800 million in 'London Whale' fines.
Fifth Third Bancorp (FITB +0.60%) was downgraded to "Neutral" from "Buy" at Goldman.
Huntsman (HUN -0.67%) will acquire Rockwood (ROC +0.94%) TiO2 business for $1.1 billion.
Chico's FAS (CHS +1.98%) was upgraded to "Buy" from "Hold" at KeyBanc.
Altria Group (MO +0.83%) raised guidance on fiscal 2013 EPS view to $2.57-$2.62 from $2.51-$2.56, well above consensus of $2.39.
Pandora (P unch) filed to sell 14 million shares of common stock.
Outerwall (OUTR -2.32%) plunged over 17% in after-hours trading after it lowered guidance on fiscal 2013 EPS view to $4.72-$5.12 from $5.76-$6.26, well below consensus of $5.91.

MARKET COMMENTS

Dec E-mini S&Ps (ESZ13 -0.10%) this morning are down -2.25 points (-0.13%). The S&P 500 index on Monday gapped up to a 1-1/4 month high and closed higher. Bullish factors included (1) former Treasury Secretary Summers’ withdrawal from consideration as the next Fed Chairman, which bolstered speculation that Janet Yellen will get the job and she will maintain the Fed’s easy monetary policies and be less aggressive in tapering QE3, and (2) reduced threats of an imminent U.S. military attack on Syria after U.S. Secretary of State Kerry and Russian Foreign Minister Lavrov agreed on a framework for locating and destroying Syria’s stockpiles of chemical weapons. Closes: S&P 500 +0.57%, Dow Jones +0.77%, Nasdaq 100 -0.30%.
Dec 10-year T-notes (ZNZ13 +0.18%) this morning are up +9 ticks. Dec 10-year T-note prices on Monday gapped up to a 1-month high and the 10-year T-note yield fell to a 2-week low on speculation that Fed Vice Chair Janet Yellen will be the next Fed chairman and will withdraw stimulus more slowly than former Treasury Secretary Summers would have done. Other bullish factors include (1) the unexpected decline in the Sep Empire manufacturing index (-1.9 to 6.3), and (2) the smaller-than-expected +0.4% in Aug industrial production (vs expectations of +0.5%). Closes: TYZ3 +13.50, FVZ3 +12.50.
The dollar index (DXY00 -0.18%) this morning is down -0.144 (-0.18%). EUR/USD (^EURUSD) is up +0.0026 (+0.19%) and USD/JPY (^USDJPY) is unch. The dollar index on Monday dropped to a 2-week low and closed lower on former Treasury Secretary Summers’ rejection of consideration of the Fed chairmanship. Mr. Summers famously questioned the efficacy of quantitative easing and probably would have ended QE3 faster than Fed Vice Chair Janet Yellen. Closes: Dollar index -0.157 (-0.19%), EUR/USD +.00356 (+0.27%), USD/JPY -0.319 (-0.32%).
Oct WTI crude oil (CLV13 -0.20%) this morning is down -42 cents (-0.39%) at a 2-week low and Oct gasoline (RBV13 +0.04%) is down -0.0026 (-0.10%) at a 5-week low. Oct crude oil and gasoline prices on Monday closed lower with Oct crude at a 2-week low. The main bearish factor for crude prices was the reduced threat of an imminent U.S. attack on Syria after U.S. Secretary of State Kerry and Russian Foreign Minister Lavrov over the weekend agreed on a framework for locating and destroying Syria’s stockpiles of chemical weapons by mid-2014. Crude prices climbed from their worst levels after the dollar index fell to a 2-week low and the S&P 500 rallied to a 1-1/4 month high. Closes: CLV3 -1.62 (-1.50%), RBV3 -0.0530 (-1.91%).

GLOBAL EVENT CALENDAR09/17/2013

US	0815 ET	U.S. Treasury Secretary Jacob Lew speaks at the Economic Club of Washington on The state of the U.S. economy and the need for Washington to avoid self-inflicted wounds that could impede economic growth.
	0830 ET	Aug CPI expected +0.2% m/m and +1.6% y/y, July +0.2% m/m and +2.0% y/y. Aug CPI ex food & energy expected +0.1% m/m and +1.8% y/y, July +0.2% m/m and +1.7% y/y.
	1000 ET	Sep NAHB housing market index expected -1 to 58, Aug +3 to 59.
	1000 ET	CBO releases federal budget outlook.
	1030 ET	FOMC begins 2-day meeting.
	1630 ET	API weekly U.S. oil statistics.
EUR	0200 ET	Eurozone Aug new car registrations, July -5.6%.
	0500 ET	Eurozone July trade balance expected +15.0 billion euros, Jun +14.9 billion euros.
UK	0430 ET	UK Aug PPI input prices expected +0.2% m/m and +3.0% y/y, July +1.1% m/m and +5.0% y/y. Aug PPI output prices expected +0.2% m/m and +1.8% y/y, July +0.2% m/m and +2.1% y/y. Aug PPI core output prices expected +0.1% m/m and +1.1% y/y, July +0.1% m/m and +1.1% y/y.
	0430 ET	UK Aug CPI expected +0.5% m/m and +2.7% y/y, July unch m/m and +2.8% y/y. Aug core CPI expected +2.1% y/y, July +2.0% y/y.
	0430 ET	UK Aug RPI expected +0.4% m/m and +3.2% y/y, July unch m/m and +3.1% y/y. Aug RPI ex-mortgage interest payments expected +3.2% y/y, July +3.2% y/y.
GER	0500 ET	German Sep ZEW survey expectations of economic growth expected +3.0 to 45.0, Aug 42.0. Sep ZEW survey current situation expected +1.7 to 20.0. Aug 18.3.
CHI	2130 ET	China Aug property prices.

U.S. STOCK CALENDAR09/17/2013

Company Name	Ticker	Time	Event Description	Period	Estimate
FactSet Research Systems Inc	FDS US	Bef-mkt	Q4 2013 Earnings Release	Q4 2013	1.19
BioMarin Pharmaceutical Inc	BMRN US	8:00	Research and Development Day	Y 2013
Laredo Petroleum Holdings Inc	LPI US	8:30	Investor Meeting	Y 2013
Cummins Inc	CMI US	9:00	Analyst Day	Y 2013
Reliance Steel & Aluminum Co	RS US	9:30	Analyst & Investor Day	Y 2013
Adobe Systems Inc	ADBE US	Aft-mkt	Q3 2013 Earnings Release	Q3 2013	0.337