MORNING CALL 8/3

MORNING CALL

Wednesday, August 3rd, 2016View Older Reports

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OVERNIGHT MARKETS AND NEWS

Sep E-mini S&Ps (ESU16 -0.22%) are down -0.20% ahead of data on U.S. Jul ADP employment. Losses in U.S. stock index futures were limited as energy producing stocks rose as the price of crude oil (CLU16 +0.38%) climbed +0.51% after API data late yesterday showed U.S. oil inventories fell by -1.34 million bbl. European stocks are down -0.01% at a 3-week low as automakers fell after tire manufacturer Continental AG dropped over 1% when it reported Q2 revenue that was below expectations. Losses in European stocks were contained after the Eurozone Jul Markit composite PMI unexpectedly accelerated to the highest in six months. Activity in European trading was muted ahead of tomorrow's BOE policy meeting that is expected to show the BOE boosting easing measures to contain the Brexit fallout. Asian stocks settled mostly lower: Japan -1.88%, Hong Kong -1.76%, China +0.24%, Taiwan -0.74%, Australia-1.35%, Singapore -1.02%, South Korea -1.30%, India -1.02%. Chinese stocks closed higher after brokerage-related stocks rallied after people familiar with the matter said that China's futures exchange is planning to relax trading restrictions it implemented last year after China's stock market rout. Japan's Nikkei Stock Index fell to a 3-week low as exporter stocks sold-off when USD/JPY tumbled to a 3-week low on disappointment over the size of Prime Minister Abe's stimulus package.

The dollar index (DXY00 +0.20%) is up +0.20%. EUR/USD (^EURUSD) is down -0.20%. USD/JPY (^USDJPY) is up +0.36%.

Sep T-note prices (ZNU16 -0.01%) are down -1 tick.

The Eurozone Jul Markit composite PMI was revised upward to 53.2 from the originally reported 52.9, the fastest pace of expansion in 6 months.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) weekly MBA mortgage applications (previous -11.2% with purchase sub-index -3.3% and refi sub-index -15.1%), (2) Jul ADP employment (expected +170,000, Jun +172,000), (3) revised-Jul Markit services PMI (expected +0.1 to 51.0, prelim-Jul -0.5 to 50.9), (4) Jul ISM non-manufacturing PMI (expected -0.5 to 56.0, Jun +3.6 to 56.5), (5) EIA Weekly Petroleum Status Report.

There are 29 of the S&P 500 companies that report earnings today with notable reports including: Time Warner (consensus $1.17), Marathon Oil (-0.25), Allstate (0.58), ICE (3.38), Humana (2.28), Prudential Financial (2.50), MetLife (1.35), First Solar (0.54). TripAdvisor (0.42).

U.S. IPO's scheduled to price today: At Home Group (HOME), Atomera (ATMR)

Equity conferences this week include: Wells Fargo Services Conference on Wed-Thu.

OVERNIGHT U.S. STOCK MOVERS

American International Group (AIG -0.13%) gained over 2% in pre-market trading after it reported Q2 operating EPS of 98 cents, higher than consensus of 92 cents, and then said it will add up to $3 billion to its stock buyback plan.

Verisk Analytics (VRSK -1.34%) lost over 4% in after-hours trading after it reported Q2 adjusted EPS continuing operations of 73 cents, below consensus of 76 cents.

Hanesbrands (HBI -3.39%) fell nearly 5% in after-hours trading after it reported Q2 adjusted EPS of 51 cents, weaker than consensus of 52 cents.

Phillips 66 (PSX +2.55%) was upgraded to 'Outperform' from 'Market Perform' at Cowen.

Fitbit (FIT -3.87%) rose over 5% in after-hours trading after it reported Q2 adjusted EPS of 12 cents, above consensus of 11 cents.

Qorvo (QRVO -3.18%) slid over 7% in after-hours trading after it reported fiscal-year Q1 gross margin of 48.2%, weaker than consensus of 50% and then said it sees fiscal-year Q2 gross margin of 47%, below consensus of 50.3%.

Community Health Systems (CYH -3.02%) dropped over 12% in after-hours trading after it reported Q2 adjusted EPS continuing operations of 9 cents, well below consensus of 56 cents, and then lowered its view of 2016 EPS continuing operations to $1.40-$1.90 from a prior view of $2.50-$2.80.

Hudson Technologies (HDSN +7.41%) gained over 3% in after-hours trading after it reported Q2 EPS of 14 cents, higher than consensus of 11 cents.

Oclaro (OCLR -3.99%) rose over 9% in after-hours trading after it reported Q4 adjusted EPS of 11 cents, better than consensus of 6 cents, and then forecast Q1 revenue of $126 million-$134 million, above consensus of $118.6 million.

Stone Energy (SGY -1.16%) sank 20% in after-hours trading after it reported a Q2 adjusted loss of -$7.45, a bigger loss than consensus of -$6.12.

Big 5 Sporting Goods (BGFV +1.65%) climbed nearly 10% in after-hours trading after it reported Q2 net sales of $241.4 million, above consensus of $239 million.

ZAGG Inc. (ZAGG -0.31%) jumped over 11% in after-hours trading after it reported Q2 adjusted EPS of 11 cents, well above consensus of 2 cents.

Cray (CRAY -0.92%) plunged 20% in after-hours trading after it reported a Q2 adjusted EPS loss of -29 cents, a wider loss than consensus of -2 cents, and then cut its fiscal 2016 revenue estimate to in the range of $650 million, well below consensus of $796 million.

MARKET COMMENTS

Sep E-mini S&Ps (ESU16 -0.22%) this morning are down -4.25 points (-0.20%). Tuesday's closes: S&P 500 -0.64%, Dow Jones -0.49%, Nasdaq -0.77%. The S&P on Tuesday tumbled to a 2-1/2 week low and closed lower on the weaker-than-expected +0.2% increase in U.S. Jun personal income (vs expectations of +0.3%) and weakness in energy producers due to the -1.37% drop in crude oil prices to a new 3-1/2 month low. Stocks were also undercut by long liquidation pressures after the +9.4% rally in the S&P 500 over the past month to Monday's all-time high.

Sep 10-year T-notes (ZNU16 -0.01%) this morning are down -1 tick. Tuesday's closes: TYU6 -8.00, FVU6 -3.00. Sep T-notes on Tuesday closed lower on negative carry-over from a slide in German bund prices after Eurozone Jun PPI rose more than expected and the +0.4% increase in U.S. Jun personal spending (stronger than expectations of +0.3%).

The dollar index (DXY00 +0.20%) this morning is up +0.187 (+0.20%). EUR/USD (^EURUSD) is down -0.0023 (-0.20%). USD/JPY (^USDJPY) is up +0.36 (+0.36%). Tuesday's closes: Dollar index -0.649 (-0.68%), EUR/USD +0.0061 (+0.55%), USD/JPY -1.50 (-1.46%). The dollar index on Tuesday dropped to a 1-1/4 month low and closed lower on strength in EUR/USD which rallied to a 1-1/4 month high after Eurozone Jun PPI rose +0.7% m/m, the largest monthly increase in 3-3/4 years, perhaps keeping the ECB from expanding stimulus measures. In addition, USD/JPY fell to a 3-week low on a yen rally generated by some disappointment that the Japanese government announced only 4.6 trillion yen ($45 billion) in extra spending for the current fiscal year as part of its fiscal stimulus package.

Sep WTI crude oil (CLU16 +0.38%) this morning is up +20 cents (+0.51%) and Sep gasoline (RBU16 -0.41%) is down -0.0037 (-0.38%). Tuesday's closes: CLU6 -0.55 (-1.37%), RBU6 +0.0080 (+0.61%). Sep crude oil and gasoline on Tuesday settled mixed with Sep crude at a 3-1/2 month low. Crude oil was undercut by increased OPEC output as OPEC July crude production rose +130,000 bpd to a record 33.24 million bpd. Gasoline received a boost from the fall in the dollar index to a 1-1/4-month low and on increased refinery demand for gasoline as the crack spread rose to a 1-month high.

GLOBAL EVENT CALENDAR08/03/2016

		Wednesday, Aug 3
US	0700 ET	Weekly MBA mortgage applications, previous -11.2% with purchase sub-index -3.3% and refi sub-index -15.1%.
	0815 ET	Jul ADP employment change expected +170,000, Jun +172,000.
	0830 ET	Treasury announces amount of 3-year T-notes (previous $24 billion), 10-year T-notes (previous $20 billion) and 30-year T-bonds (previous $12 billion) to be auctioned Aug 9-11 in the Aug quarterly refunding.
	0945 ET	Revised Jul Markit services PMI expected +0.1 to 51.0; prelim-Jul -0.5 to 50.9. Revised Jul Markit composite PMI, prelim-Jul +0.3 to 51.5.
	1000 ET	Jul ISM non-manufacturing PMI expected -0.5 to 56.0, Jun +3.6 to 56.5.
	1030 ET	EIA Weekly Petroleum Status Report.
		Thursday, Aug 4
Thu	US	0730 ET	Jul Challenge job cuts, Jun -14.1% y/y.
		0830 ET	Weekly initial unemployment claims expected -1,000 to 265,000, previous +14,000 to 266,000. Weekly continuing claims expected-9,000 to 2.130 million, previous +7,000 to 2.139 million.
		0830 ET	USDA weekly Export Sales.
		1000 ET	Jun factory orders expected -1.9% and -0.2% ex transportation, May -1.0% and +0.1% ex-transportation.
	GER	0330 ET	German Jul Markit construction PMI, Jun 50.4.
	UK	0400 ET	UK Jul new car registrations, Jun -0.8% y/y.
		0700 ET	BOE Quarterly inflation report.
		0700 ET	BOE announces interest rate decision and asset purchase target, expected -25 bp cut to the benchmark rate to 0.25% and the asset purchase target to remain unch at 375 billion pounds.
	JPN	2000 ET	Japan Jun labor cash earnings expected +0.3% y/y, May -0.1%y/y. Jun real cash earnings, May +0.4% y/y.

U.S. STOCK CALENDAR08/03/2016

Company	Ticker	Time	Event Description	Period	Estimate
Clorox Co/The	CLX	Bef-mkt	Q4 2016 Earnings Release	Q4 2016	1.277
Dominion Resources Inc/VA	D	Bef-mkt	Q2 2016 Earnings Release	Q2 2016	0.708
Noble Energy Inc	NBL	Bef-mkt	Q2 2016 Earnings Release	Q2 2016	-0.286
Occidental Petroleum Corp	OXY	Bef-mkt	Q2 2016 Earnings Release	Q2 2016	-0.18
Time Warner Inc	TWX	Bef-mkt	Q2 2016 Earnings Release	Q2 2016	1.165
Xcel Energy Inc	XEL	Bef-mkt	Q2 2016 Earnings Release	Q2 2016	0.404
Spectra Energy Corp	SE	Bef-mkt	Q2 2016 Earnings Release	Q2 2016	0.266
Zoetis Inc	ZTS	Bef-mkt	Q2 2016 Earnings Release	Q2 2016	0.444
Delphi Automotive PLC	DLPH	6:45	Q2 2016 Earnings Release	Q2 2016	1.556
Humana Inc	HUM	7:30	Q2 2016 Earnings Release	Q2 2016	2.283
Intercontinental Exchange Inc	ICE	7:30	Q2 2016 Earnings Release	Q2 2016	3.378
American International Group Inc	AIG	8:00	Q2 2016 Earnings Call	Q2 2016
Time Warner Inc	TWX	8:30	Q2 2016 Earnings Call	Q2 2016
Intercontinental Exchange Inc	ICE	8:30	Q2 2016 Earnings Call	Q2 2016
Verisk Analytics Inc	VRSK	8:30	Q2 2016 Earnings Call	Q2 2016
Zoetis Inc	ZTS	8:30	Q2 2016 Earnings Call	Q2 2016
FMC Corp	FMC	9:00	Q2 2016 Earnings Call	Q2 2016
Spectra Energy Corp	SE	9:00	Q2 2016 Earnings Call	Q2 2016
Delphi Automotive PLC	DLPH	9:00	Q2 2016 Earnings Call	Q2 2016
Qorvo Inc	QRVO	9:00	Annual General Meeting
Concho Resources Inc	CXO	9:30	Q2 2016 Earnings Call	Q2 2016
CA Inc	CA	10:00	Annual General Meeting
Dominion Resources Inc/VA	D	10:00	Q2 2016 Earnings Call	Q2 2016
Noble Energy Inc	NBL	10:00	Q2 2016 Earnings Call	Q2 2016
Occidental Petroleum Corp	OXY	10:00	Q2 2016 Earnings Call	Q2 2016
ONEOK Inc	OKE	10:00	Q2 2016 Earnings Call	Q2 2016
Xcel Energy Inc	XEL	10:00	Q2 2016 Earnings Call	Q2 2016
Newfield Exploration Co	NFX	11:00	Q2 2016 Earnings Call	Q2 2016
Devon Energy Corp	DVN	11:00	Q2 2016 Earnings Call	Q2 2016
Clorox Co/The	CLX	13:30	Q4 2016 Earnings Call	Q4 2016
Twenty-First Century Fox Inc	FOXA	16:00	Q4 2016 Earnings Release	Q4 2016	0.369
Allstate Corp/The	ALL	16:15	Q2 2016 Earnings Release	Q2 2016	0.582
Twenty-First Century Fox Inc	FOXA	16:30	Q4 2016 Earnings Call	Q4 2016
Western Union Co/The	WU	16:30	Q2 2016 Earnings Call	Q2 2016
First Solar Inc	FSLR	16:30	Q2 2016 Earnings Call	Q2 2016
CenturyLink Inc	CTL	17:00	Q2 2016 Earnings Call	Q2 2016
CF Industries Holdings Inc	CF	17:00	Q2 2016 Earnings Release	Q2 2016	0.664
CenturyLink Inc	CTL	Aft-mkt	Q2 2016 Earnings Release	Q2 2016	0.595
Lincoln National Corp	LNC	Aft-mkt	Q2 2016 Earnings Release	Q2 2016	1.563
Tesoro Corp	TSO	Aft-mkt	Q2 2016 Earnings Release	Q2 2016	1.764
Marathon Oil Corp	MRO	Aft-mkt	Q2 2016 Earnings Release	Q2 2016	-0.245
Transocean Ltd	RIG	Aft-mkt	Q2 2016 Earnings Release	Q2 2016	-0.016
Albemarle Corp	ALB	Aft-mkt	Q2 2016 Earnings Release	Q2 2016	1.005
Prudential Financial Inc	PRU	Aft-mkt	Q2 2016 Earnings Release	Q2 2016	2.498
Western Union Co/The	WU	Aft-mkt	Q2 2016 Earnings Release	Q2 2016	0.401
MetLife Inc	MET	Aft-mkt	Q2 2016 Earnings Release	Q2 2016	1.349
Cimarex Energy Co	XEC	Aft-mkt	Q2 2016 Earnings Release	Q2 2016	-0.012
Equinix Inc	EQIX	Aft-mkt	Q2 2016 Earnings Release	Q2 2016	2.998
First Solar Inc	FSLR	Aft-mkt	Q2 2016 Earnings Release	Q2 2016	0.543
TripAdvisor Inc	TRIP	Aft-mkt	Q2 2016 Earnings Release	Q2 2016	0.418
American Water Works Co Inc	AWK	Aft-mkt	Q2 2016 Earnings Release	Q2 2016	0.73
Equinix Inc	EQIX	17:30	Q2 2016 Earnings Call	Q2 2016
Costco Wholesale Corp	COST	21:00	July 2016 Sales and Revenue Release	2016
Equifax Inc	EFX		Investor Meeting	Y 2016
Leucadia National Corp	LUK		Q2 2016 Earnings Release	Q2 2016	0.13

MORNING CALL 12/15

MORNING CALL

Tuesday, December 15th, 2015View Older Reports

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OVERNIGHT MARKETS AND NEWS

March E-mini S&Ps (ESH16 +0.81%) are up +0.83% and European stocks are up +2.37% as a rally in crude oil gives energy producers a lift. Also, European automakers moved higher after Eurozone Nov new car registrations rose more than expected at the fastest pace in 5 months. Mining stocks gained as well, led by a nearly 5% increase in Glencore Plc, after JPMorgan Chase upgraded the stock to a 'Buy,' citing its "credible" strategy update. Asian stocks settled mixed: Japan -1.68%, Hong Kong -0.17%, China -0.29%, Taiwan +0.41%, Australia -0.39%, Singapore +0.02%, South Korea +0.26%, India +0.68%. Japan's Nikkei Stock Index fell to a 1-3/4 month low as exporter stocks declined after USD/JPY slipped to a 6-week low, which reduces exporters' earnings prospects.

The dollar index (DXY00 -0.02%) is down -0.07% at a 5-week low on speculation the Fed will reiterate that it sees a gradual pace of interest rate increases even after it raises interest rates tomorrow. EUR/USD (^EURUSD) is up +0.14% at a 1-1/2 month high. USD/JPY (^USDJPY) is up +0.10%.

Mar T-note prices (ZNH16 -0.10%) are down -7 ticks.

Eurozone Nov new car registrations rose +13.7% y/y to 1.085 million units, the biggest increase in 5 months.

The German Dec ZEW survey expectations of economic growth rose +5.7 to 16.1, stronger than expectations of +4.6 to 15.0.

U.S. STOCK PREVIEW

Key U.S. news today includes: Dec Empire manufacturing survey of general business conditions (expected +3.74 to -7.00, Nov +0.62 to -10.74), (2) Nov CPI (expected unch m/m and +0.5% y/y, Oct +0.2% m/m and +0.2% y/y) and core CPI (expected +0.2% m/m and+2.0% y/y, Oct +0.2% m/m and +1.9% y/y), (3) the first day of the 2-day FOMC meeting where the market is discounting a three-quarters chance of a 25 bp rate hike, and (4) Dec NAHB housing market index (expected +1 to 63, Nov -3 to 62).

There is 1 of the Russell 1000 companies that report earnings today: FactSet Research Systems (1.46).

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

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

OVERNIGHT U.S. STOCK MOVERS

Amgen (AMGN +1.91%) rose nearly 2% in pre-market trading after it said it reacquired all product rights to Prolia, Xgeva and Vectibix from Glaxo in 48 countries.

Lumber Liquidators (LL +1.22%) surged over 15% in after-hours trading when short seller Whitney Tilson said he covered his short position in the company after he said he received new information that shows management wasn't aware it was selling Chinese-made laminate with high levels of formaldehyde.

Amazon.com (AMZN +2.77%) was rated a new 'Buy' at MKM Partners with a price target of $800.

Verizon Communications (VZ +1.41%) was downgraded to 'Neutral' from 'Buy' at BTIG.

Occidental Petroleum (OXY +0.94%) was rated a new 'Buy' at CLSA with a price target of $83.

Chevron (CVX +3.34%) was rated a new 'Outperform' at CLSA with a price target of $95 and ConocoPhillips (COP +2.91%) was also rated a new 'Outperform' at CLSA with a price target of $52.

VeriFone Systems (PAY unch) climbed nearly 2% in after-hours trading after it raised guidance on fiscal 2016 adjusted EPS to $2.15-$2.17, higher than consensus of $2.12.

Xerox (XRX -1.79%) rose over 1% in after-hours trading after Carl Icahn reported he raised his stake in the company to 8.1% from 7.1%.

Lockheed Martin (LMT -0.29%) was awarded a $1.09 billion U.S. Army pact modification to foreign military sales for Patriot PAC-3 production.

Boeing (BA -1.12%) raised its quarterly dividend to $1.09 a share from 91 cents, higher than expectations of a hike to $1.02, and then raised its stock buyback authorization to $14 billion from $12 billion.

Kennametal (KMT -0.12%) slumped over 20% in after-hours trading after it said it expects its fiscal 2016 revenue may fall as much as 30% to 60% due to weakness in China's auto market and in U.S. coal mining.

MARKET COMMENTS

Mar E-mini S&Ps (ESH16 +0.81%) this morning are up +16.75 points (+0.83%). Monday's closes: S&P 500 +0.48%, Dow Jones +0.60%, Nasdaq +0.72%. The S&P 500 on Monday recovered from a 2-month low and closed higher. Stocks received a boost from reduced Chinese economic concerns after China Nov industrial production rose +6.2% y/y, stronger than expectations of +5.7% y/y and the fastest pace of increase in 5 months. In addition, energy producers saw some strength after crude oil prices rebounded from a 6-3/4 year low and closed higher.

Mar 10-year T-notes (ZNH16 -0.10%) this morning are down -7 ticks. Monday's closes: TYH6 -23.50, FVH6 -13.50. Mar T-notes on Monday closed lower on long liquidation on expectations for the FOMC to raise the federal funds rate by 25 bp on Wednesday and on carryover weakness from a slide in German bund prices after ECB President Draghi said he expects inflation to return to target "without delay."

The dollar index (DXY00 -0.02%) this morning is down -0.067 (-0.07%) at a 5-week low. EUR/USD (^EURUSD) is up +0.0015 (+0.14%) at a 1-1/2 month high. USD/JPY (^USDJPY) is up +0.12 (+0.10%). Monday's closes: Dollar Index +0.039 (+0.04%), EUR/USD +0.0006 (+0.05%), USD/JPY +0.02 (+0.02%). The dollar index on Monday closed slightly higher on expectations for the Fed to raise interest rates at the conclusion of Wednesday's FOMC meeting and on the rally in stocks, which caused USD/JPY to recover from a 5-week low and close higher on reduced safe-haven demand or the yen. The dollar was undercut as EUR/USD which rose to 5-week high after Eurozone Oct industrial production rose more than expected and after ECB President Draghi said he expects inflation to return to target "without delay."

Jan crude oil (CLF16 +0.77%) this morning is up +47 cents (+1.29%) and Jan gasoline (RBF16 -1.50%) is down -0.0199 (-1.58%). Monday's closes: CLF6 +0.65 (+1.82%), RBF6 -0.0386 (-3.01%). Jan crude oil and gasoline on Monday settled mixed as Jan crude recovered from a 6-3/4 year low. Crude oil prices received a boost from short-covering on news that China Nov industrial production and retail sales rose more than expected, and optimism that Congress may lift the 40-year old U.S. crude export ban. Crude prices earlier slumped to a fresh 6-3/4 year low after Iran's deputy oil minister said that there's "absolutely no chance" Iran will delay its plan to increase crude exports even as prices decline.

 China Nov industrial production rose +6.2% y/y, stronger than expectations of +5.7% y/y and the fastest pace of increase in 5 months. In addition, energy producers saw some strength after crude oil prices rebounded from a 6-3/4 year low and closed higher.

Mar 10-year T-notes (ZNH16 -0.10%) this morning are down -7 ticks. Monday's closes: TYH6 -23.50, FVH6 -13.50. Mar T-notes on Monday closed lower on long liquidation on expectations for the FOMC to raise the federal funds rate by 25 bp on Wednesday and on carryover weakness from a slide in German bund prices after ECB President Draghi said he expects inflation to return to target "without delay."

The dollar index (DXY00 -0.02%) this morning is down -0.067 (-0.07%) at a 5-week low. EUR/USD (^EURUSD) is up +0.0015 (+0.14%) at a 1-1/2 month high. USD/JPY (^USDJPY) is up +0.12 (+0.10%). Monday's closes: Dollar Index +0.039 (+0.04%), EUR/USD +0.0006 (+0.05%), USD/JPY +0.02 (+0.02%). The dollar index on Monday closed slightly higher on expectations for the Fed to raise interest rates at the conclusion of Wednesday's FOMC meeting and on the rally in stocks, which caused USD/JPY to recover from a 5-week low and close higher on reduced safe-haven demand or the yen. The dollar was undercut as EUR/USD which rose to 5-week high after Eurozone Oct industrial production rose more than expected and after ECB President Draghi said he expects inflation to return to target "without delay."

Jan crude oil (CLF16 +0.77%) this morning is up +47 cents (+1.29%) and Jan gasoline (RBF16 -1.50%) is down -0.0199 (-1.58%). Monday's closes: CLF6 +0.65 (+1.82%), RBF6 -0.0386 (-3.01%). Jan crude oil and gasoline on Monday settled mixed as Jan crude recovered from a 6-3/4 year low. Crude oil prices received a boost from short-covering on news that China Nov industrial production and retail sales rose more than expected, and optimism that Congress may lift the 40-year old U.S. crude export ban. Crude prices earlier slumped to a fresh 6-3/4 year low after Iran's deputy oil minister said that there's "absolutely no chance" Iran will delay its plan to increase crude exports even as prices decline.

GLOBAL EVENT CALENDAR12/15/2015

US	0830 ET	Dec Empire manufacturing survey of general business conditions expected +3.74 to -7.00, Nov +0.62 to -10.74.
	0830 ET	Nov CPI expected unch m/m and +0.5% y/y, Oct +0.2% m/m and +0.2% y/y. Nov CPI ex food & energy expected +0.2% m/m and+2.0% y/y, Oct +0.2% m/m and +1.9% y/y.
	0930 ET	FOMC begins 2-day policy meeting.
	1000 ET	Dec NAHB housing market index expected +1 to 63, Nov -3 to 62.
EUR	0200 ET	Eurozone Nov new car registrations, Oct +2.9% y/y.
	0500 ET	Eurozone Q3 employment, Q2 +0.3% q/q and +0.8% y/y.
UK	0430 ET	UK Nov CPI expected -0.1% m/m and +0.1% y/y, Oct +0.1% m/m and -0.1% y/y. Nov core CPI expected +1.2% y/y, Oct +1.1% y/y.
	0430 ET	UK Nov RPI expected unch m/m and +0.9% y/y, Oct unch m/m and +0.7% y/y. Nov RPI ex mortgage interest payments expected +1.0% y/y, Oct +0.8% y/y.
	0430 ET	UK Nov PPI input prices expected -1.0% m/m and -12.4% y/y, Oct +0.2% m/m and -12.1% y/y.
	0430 ET	UK Nov PPI output prices expected -0.1% m/m and -1.3% y/y, Oct unch m/m and -1.3% y/y. Nov PPI output core expected unch m/m and +0.1% y/y, Oct -0.1% m/m and +0.3% y/y.
	0430 ET	UK Oct ONS house prices, Sep +6.1% y/y.
GER	0500 ET	German Dec ZEW expectations of economic growth survey expected +4.6 to 15.0, Nov 10.4. Dec ZEW survey current situation expected-0.2 to 54.2, Nov 54.4.

U.S. STOCK CALENDAR12/15/2015

Company	Ticker	Time	Event Description	Period	Estimate
FactSet Research Systems Inc	FDS US	7:00	Q1 2016 Earnings Release	Q1 2016	1.463
AGCO Corp	AGCO US	8:30	Analyst Meeting	Y 2015
Kennametal Inc	KMT US	9:00	Analyst Day	Y 2015
3M Co	MMM US	9:00	Q4 2016 Guidance Call	Q4 2016
AECOM	ACM US	9:00	Investor Day	Y 2015
American Water Works Co Inc	AWK US	9:00	Analyst Day	Y 2015
Liberty Property Trust	LPT US	10:00	Q4 2016 Guidance Call	Q4 2016
AmTrust Financial Services Inc	AFSI US	10:00	Extraordinary Shareholders Meeting
FactSet Research Systems Inc	FDS US	11:00	Q1 2016 Earnings Call	Q1 2016
WESCO International Inc	WCC US	11:00	Q4 2016 Guidance Call	Q4 2016
SolarCity Corp	SCTY US	12:30	Analyst Day	Y 2015
FactSet Research Systems Inc	FDS US	15:00	Annual General Meeting	Y 2015
Dover Corp	DOV US	18:30	Investor Meeting	Y 2015
American Express Co	AXP US		Credit-card Charge-offs and Delinquencies
Baker Hughes Inc	BHI US		U.S. Justice Department Deadline on Decision of Halliburton's Takeover of Baker
JPMorgan Chase & Co	JPM US		Credit-card Charge-offs and Delinquencies
Equifax Inc	EFX US		Investor Meeting - Baltimore	Y 2015
Halliburton Co	HAL US		U.S. Justice Department Deadline on Decision of Halliburton's Takeover of Baker
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 - Los Angeles	Y 2015
Morgan Stanley	MS US		Credit-card Charge-offs and Delinquencies
Capital One Financial Corp	COF US		Credit-card Charge-offs and Delinquencies
AmTrust Financial Services Inc	AFSI US		Special Meeting
Discover Financial Services	DFS US		Credit-card Charge-offs and Delinquencies
Synchrony Financial	SYF US		Credit-card Charge-offs and Delinquencies

BARCHART MORNING CALL 10/28

BARCHART MORNING CALL

Wednesday, October 28th, 2015View Older Reports

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OVERNIGHT MARKETS AND NEWS

December E-mini S&Ps (ESZ15 +0.23%) are up +0.19% and European stocks are up +0.65% as Apple climbed nearly 2% in pre-market trading after reporting better-than-expected quarterly profits late yesterday. The markets also await the Fed's interest rate announcement later today as to whether there will be an interest rate increase this year. European stocks also garnered support from a decline in the German 10-year bund yield to a 5-1/2 month low of 0.431% on the prospects of additional ECB easing after comments from ECB Executive Board member Coeure who said have been "lively" discussions within the ECB about additional measures to promote growth and boost inflation. Asian stocks settled mostly lower: Japan +0.67%, Hong Kong -0.80%, China -1.72%, Taiwan -0.41%, Australia -0.20%, Singapore -0.39%, South Korea -0.10%, India -0.78%. China's Shanghai Composite fell on growth concerns after the Oct Westpac-MNI consumer sentiment fell to a record low and after UBS cut its China 2016 GDP forecast to 6.2% from 6.5%. Japanese stocks were the only bright spot in Asian markets as the Nikkei Stock Index closed higher on speculation the BOJ will increase stimulus when it meets this Thursday and Friday.

The dollar index (DXY00 -0.17%) is down -0.14%. EUR/USD (^EURUSD) is up +0.14%. USD/JPY (^USDJPY) is down -0.11%.

Dec T-note prices (ZNZ15 -0.07%) are down -2 ticks.

ECB Executive Board member Coeure said that the risks have increased that inflation will remain below the ECB's goal of 2.0% and that warrants vigilance from policy makers. He added that there have been "lively" discussions within the ECB of whether the deposit rate could be lowered from its current -0.2%or about expanding asset purchases.

The China Oct Westpac-MNI consumer sentiment fell -8.5 to 109.7, the lowest since the data series began in 2007.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) weekly MBA mortgage applications (previous +11.8% with purchase mortgage sub-index +16.4% and refi sub-index +8.8%), (2) the Treasury's auction of $15 billion of 2-year floating rate notes and $35 billion of 5-year T-notes, and (3) the FOMC's interest rate decision after its 2-day meeting concludes.

There are 44 of the S&P 500 companies that report earnings today with notable reports including: PayPal Holdings (consensus $0.29), Valero Energy (2.66), ICE Exchange (2.92), Walgreens (0.81), Hess Corp (-1.20), ADP (0.65%), General Dynamics (2.13), Northrop Grumman (2.19), Amgen (2.38), Murphy Oil *-0.93), Newmont Mining (0.17), Willaims Copmanies (0.18),

U.S. IPO's scheduled to price today: Optex Systems MyoKardia (MYOK).

Equity conferences during the remainder of this week include: Money20/20 Conference on Mon-Wed.

OVERNIGHT U.S. STOCK MOVERS

Apple (AAPL -0.63%) climbed 2% in pre-market trading after it reported Q4 EPS of $1.96, higher than consensus of $1.88.

Hewlett Packard Enterprise ({=HPE-W=}) rose nearly 3% in after-hours trading when it was reported that it will replace Hudson City Bancorp in the S&P 500 after the close of trading on Friday, Oct 30.

Intercontinental Exchange (ICE +3.36%) reported Q3 EPS of $2.91, below consensus of $2.92.

Twitter (TWTR +1.46%) dropped over 10% in pre-market trading after it reported adjusted Q3 EPS of 10 cents, double consensus of 5 cents, but then lowered guidance on Q4 revenue to $695 million to $710 million, below consensus of $748.6 million.

Gilead Sciences (GILD +2.14%) fell almost 2% in after-hours trading after it reported Q3 EPS of $3.22, well ahead of consensus of $2.88, but said it sees 2015 fiscal sales of $30 billion-$31 billion, below consensus of $31.5 billion.

Valero Energy (VLO +0.90%) reported Q3 EPS of $2.79, higher than consensus of $2.66.

Walgreens Boots Alliance (WBA +6.35%) reported Q4 EPS of 88 cents, better than consensus of 81 cents.

NCR Corp. (NCR -6.92%) rose nearly 2% in after-hours trading after it reported adjusted Q3 EPS of 78 cents, above consensus of 70 cents, and then raised guidance on fiscal 2015 EPS to $2.70-$2.80 from an earlier forecast of $2.60-$2.80, above consensus of $2.68.

Akamai (AKAM +0.24%) fell over 7% in after-hours trading after it reported adjusted Q3 EPS of 62 cents, above consensus of 57 cents, but then lowered guidance on Q4 EPS to 60 cents-64 cents, below consensus of 65 cents.

Northrop Grumman (NOC +0.17%) jumped over 8% in after-hours trading after the U.S. Air Force announced that it chose NOC to build the next-generation long-range strike bomber, beating out rivals Boeing and Lockheed Martin. The contract may be worth up to $80 billion if all 100 planes are built.

Infinera (INFN +0.05%) jumped 8% in after-hours trading after it reported adjusted Q3 EPS of 22 cents, higher than consensus of 18 cents.

Zeltiq Aesthetics (ZLTQ +3.54%) climbed 2% in after-hours trading after it reported Q3 EPS of 5 cents, better than consensus of a -5 cent loss, and then raised guidance on fiscal 2015 revenue to $252 million from a previous estimate of $245 million-$247 million, above consensus of $247.2 million.

MARKET COMMENTS

Dec E-mini S&Ps (ESZ15 +0.23%) this morning are up +4.00 points (+0.19%). Tuesday's closes: S&P 500 -0.25%, Dow Jones -0.24%, Nasdaq +0.18%. The S&P 500 index on Tuesday closed lower on signs of weak capital spending after Sep capital goods orders non-defense ex-aircraft unexpectedly fell-0.3% (vs expectations of +0.2%) and on the -5.0 point decline in U.S. Oct consumer confidence to 97.6 (vs expectations of -0.2 to 102.8). There were also some concerns that the FOMC in its post-meeting statement on Wednesday might adopt less dovish language to allow for a December rate hike, although the FOMC is unanimously expected to leave interest rates unchanged.

Dec 10-year T-notes (ZNZ15 -0.07%) this morning are down -2 ticks. Tuesday's closes: TYZ5 +10.50, FVZ5 +6.75. Dec T-notes on Tuesday settled higher on carryover support from a rally in German bunds to a 5-1/2 month high, the larger-than-expected -5.0 point decline in U.S. Oct consumer confidence, and increased safe-haven demand with the sell-off in stocks.

The dollar index (DXY00 -0.17%) this morning is down -0.139 (-0.14%). EUR/USD (^EURUSD) is up +0.0016 (+0.14%). USD/JPY (^USDJPY) is down-0.13 (-0.11%). Tuesday's closes: Dollar Index +0.045 (+0.05%), EUR/USD -0.0007 (-0.06%), USD/JPY -0.64 (-0.53%). The dollar index on Tuesday settled higher on weakness in GBP/USD, which fell to a 1-1/2 week low after UK Q3 GDP grew at a slower-than-expected pace. In addition, EUR/USD saw weakness on ECB Governing Council member Nowotny's comment that the Eurozone is "still in this situation of very low inflation rates," which bolstered speculation that the ECB may expand QE.

Dec crude oil (CLZ15 +0.88%) this morning is up +34 cents (+0.79%) and Dec gasoline (RBZ15 +0.91%) is up +0.0088 (+0.69%). Tuesday's closes: CLZ5-0.59 (-1.34%), RBZ5 -0.0018 (-0.14%). Dec crude oil and gasoline on Tuesday closed lower with Dec crude at a 2-month low. Crude oil prices were undercut by the stronger dollar, the sharp -5.0 point drop in U.S. consumer confidence, and expectations for Wednesday's weekly EIA report to show that crude inventories rose by +3.5 million bbl.

GLOBAL EVENT CALENDAR10/28/2015

US	0700 ET	Weekly MBA mortgage applications, previous +11.8% with purchase mortgage sub-index +16.4% and refi sub-index +8.8%.
	0730 ET	Sep advance U.S. goods trade deficit expected -$64.3 billion, Aug -$66.6 billion.
	1030 ET	EIA Weekly Petroleum Status Report.
	1130 ET	Treasury auctions $15 billion 2-year floating rate notes.
	1300 ET	Treasury auctions $35 billion 5-year T-notes.
	1400 ET	FOMC interest rate decision.
GER	0300 ET	German Nov GfK consumer confidence expected -0.2 to 9.4, Oct 9.6.
	0300 ET	German Sep import price index expected -0.2% m/m and -3.5% y/y, Aug -1.5% m/m and -3.1% y/y.
EUR	0515 ET	ECB Executive Board member Peter Praet speaks on a panel discussion on What Challenges High Public Debts Pose for Monetary Policy at a banking conference in Riga, Latvia.
	1045 ET	ECB Vice President Vitor Constancio delivers keynote speech on Macroprudential Policy in Europe: Ensuring Financial Stability in a Banking and Capital Markets Union at a conference in Berlin.
JPN	1950 ET	Japan Sep industrial production expected -0.6% m/m and -2.6% y/y, Aug -1.2% m/m and -0.4% y/y.

U.S. STOCK CALENDAR10/28/2015

Company	Ticker	Time	Event Description	Period	Estimate
Hess Corp	HES US	Bef-mkt	Q3 2015 Earnings Release	Q3 2015	-1.197
Automatic Data Processing Inc	ADP US	Bef-mkt	Q1 2016 Earnings Release	Q1 2016	0.652
Boston Scientific Corp	BSX US	Bef-mkt	Q3 2015 Earnings Release	Q3 2015	0.225
NextEra Energy Inc	NEE US	Bef-mkt	Q3 2015 Earnings Release	Q3 2015	1.649
General Dynamics Corp	GD US	Bef-mkt	Q3 2015 Earnings Release	Q3 2015	2.127
Hershey Co/The	HSY US	Bef-mkt	Q3 2015 Earnings Release	Q3 2015	1.124
International Paper Co	IP US	Bef-mkt	Q3 2015 Earnings Release	Q3 2015	0.88
Northrop Grumman Corp	NOC US	Bef-mkt	Q3 2015 Earnings Release	Q3 2015	2.194
Occidental Petroleum Corp	OXY US	Bef-mkt	Q3 2015 Earnings Release	Q3 2015	-0.003
PG&E Corp	PCG US	Bef-mkt	Q3 2015 Earnings Release	Q3 2015	0.955
AutoNation Inc	AN US	Bef-mkt	Q3 2015 Earnings Release	Q3 2015	1.058
Level 3 Communications Inc	LVLT US	Bef-mkt	Q3 2015 Earnings Release	Q3 2015	0.46
Valero Energy Corp	VLO US	Bef-mkt	Q3 2015 Earnings Release	Q3 2015	2.664
Garmin Ltd	GRMN US	Bef-mkt	Q3 2015 Earnings Release	Q3 2015	0.519
Intercontinental Exchange Inc	ICE US	Bef-mkt	Q3 2015 Earnings Release	Q3 2015	2.919
TE Connectivity Ltd	TEL US	Bef-mkt	Q4 2015 Earnings Release	Q4 2015	0.922
Anthem Inc	ANTM US	6:00	Q3 2015 Earnings Release	Q3 2015	2.325
Starwood Hotels & Resorts Worldwide Inc	HOT US	6:30	Q3 2015 Earnings Release	Q3 2015	0.718
Walgreens Boots Alliance Inc	WBA US	7:00	Q4 2015 Earnings Release	Q4 2015	0.813
DENTSPLY International Inc	XRAY US	7:00	Q3 2015 Earnings Release	Q3 2015	0.634
National Oilwell Varco Inc	NOV US	7:00	Q3 2015 Earnings Release	Q3 2015	0.556
Southern Co/The	SO US	7:30	Q3 2015 Earnings Release	Q3 2015	1.162
FLIR Systems Inc	FLIR US	7:30	Q3 2015 Earnings Release	Q3 2015	0.412
Boston Scientific Corp	BSX US	8:00	Q3 2015 Earnings Call	Q3 2015
Norfolk Southern Corp	NSC US	8:00	Q3 2015 Earnings Release	Q3 2015	1.414
Owens-Illinois Inc	OI US	8:00	Q3 2015 Earnings Call	Q3 2015
Mondelez International Inc	MDLZ US	8:00	Q3 2015 Earnings Release	Q3 2015	0.406
Assurant Inc	AIZ US	8:00	Q3 2015 Earnings Call	Q3 2015
Automatic Data Processing Inc	ADP US	8:30	Q1 2016 Earnings Call	Q1 2016
Hershey Co/The	HSY US	8:30	Q3 2015 Earnings Call	Q3 2015
Walgreens Boots Alliance Inc	WBA US	8:30	Q4 2015 Earnings Call	Q4 2015
Express Scripts Holding Co	ESRX US	8:30	Q3 2015 Earnings Call	Q3 2015
DENTSPLY International Inc	XRAY US	8:30	Q3 2015 Earnings Call	Q3 2015
CH Robinson Worldwide Inc	CHRW US	8:30	Q3 2015 Earnings Call	Q3 2015
Anthem Inc	ANTM US	8:30	Q3 2015 Earnings Call	Q3 2015
Intercontinental Exchange Inc	ICE US	8:30	Q3 2015 Earnings Call	Q3 2015
TE Connectivity Ltd	TEL US	8:30	Q4 2015 Earnings Call	Q4 2015
Verisk Analytics Inc	VRSK US	8:30	Q3 2015 Earnings Call	Q3 2015
Norfolk Southern Corp	NSC US	8:45	Q3 2015 Earnings Call	Q3 2015
Aflac Inc	AFL US	9:00	Q3 2015 Earnings Call	Q3 2015
Anadarko Petroleum Corp	APC US	9:00	Q3 2015 Earnings Call	Q3 2015
NextEra Energy Inc	NEE US	9:00	Q3 2015 Earnings Call	Q3 2015
General Dynamics Corp	GD US	9:00	Q3 2015 Earnings Call	Q3 2015
International Paper Co	IP US	9:00	Q3 2015 Earnings Call	Q3 2015
Parker-Hannifin Corp	PH US	9:00	Annual General Meeting	Y 2015
Universal Health Services Inc	UHS US	9:00	Q3 2015 Earnings Call	Q3 2015
National Oilwell Varco Inc	NOV US	9:00	Q3 2015 Earnings Call	Q3 2015
Hess Corp	HES US	10:00	Q3 2015 Earnings Call	Q3 2015
Level 3 Communications Inc	LVLT US	10:00	Q3 2015 Earnings Call	Q3 2015
Mondelez International Inc	MDLZ US	10:00	Q3 2015 Earnings Call	Q3 2015
Garmin Ltd	GRMN US	10:30	Q3 2015 Earnings Call	Q3 2015
Occidental Petroleum Corp	OXY US	11:00	Q3 2015 Earnings Call	Q3 2015
PG&E Corp	PCG US	11:00	Q3 2015 Earnings Call	Q3 2015
Cincinnati Financial Corp	CINF US	11:00	Q3 2015 Earnings Call	Q3 2015
AutoNation Inc	AN US	11:00	Q3 2015 Earnings Call	Q3 2015
FLIR Systems Inc	FLIR US	11:00	Q3 2015 Earnings Call	Q3 2015
Valero Energy Corp	VLO US	11:00	Q3 2015 Earnings Call	Q3 2015
Northrop Grumman Corp	NOC US	11:45	Q3 2015 Earnings Call	Q3 2015
Starwood Hotels & Resorts Worldwide Inc	HOT US	13:00	Q3 2015 Earnings Call	Q3 2015
Southern Co/The	SO US	13:00	Q3 2015 Earnings Call	Q3 2015
Macerich Co/The	MAC US	13:30	Q3 2015 Earnings Call	Q3 2015
Realty Income Corp	O US	16:00	Q3 2015 Earnings Release	Q3 2015	0.697
F5 Networks Inc	FFIV US	16:00	Q4 2015 Earnings Release	Q4 2015	1.745
O'Reilly Automotive Inc	ORLY US	16:30	Q3 2015 Earnings Release	Q3 2015	2.38
F5 Networks Inc	FFIV US	16:30	Q4 2015 Earnings Call	Q4 2015
Hanesbrands Inc	HBI US	16:30	Q3 2015 Earnings Call	Q3 2015
Varian Medical Systems Inc	VAR US	17:00	Q4 2015 Earnings Call	Q4 2015
Western Digital Corp	WDC US	17:00	Q1 2016 Earnings Call	Q1 2016
Amgen Inc	AMGN US	17:00	Q3 2015 Earnings Release	Q3 2015	2.383
Amgen Inc	AMGN US	17:00	Q3 2015 Earnings Call	Q3 2015
Vertex Pharmaceuticals Inc	VRTX US	17:00	Q3 2015 Earnings Call	Q3 2015
Marriott International Inc/MD	MAR US	17:00	Q3 2015 Earnings Release	Q3 2015	0.743
PayPal Holdings Inc	PYPL US	17:00	Q3 2015 Earnings Call	Q3 2015
FMC Corp	FMC US	Aft-mkt	Q3 2015 Earnings Release	Q3 2015	0.381
Lincoln National Corp	LNC US	Aft-mkt	Q3 2015 Earnings Release	Q3 2015	1.524
Murphy Oil Corp	MUR US	Aft-mkt	Q3 2015 Earnings Release	Q3 2015	-0.93
Newmont Mining Corp	NEM US	Aft-mkt	Q3 2015 Earnings Release	Q3 2015	0.174
Public Storage	PSA US	Aft-mkt	Q3 2015 Earnings Release	Q3 2015	2.262
Tesoro Corp	TSO US	Aft-mkt	Q3 2015 Earnings Release	Q3 2015	6.081
Unum Group	UNM US	Aft-mkt	Q3 2015 Earnings Release	Q3 2015	0.904
Varian Medical Systems Inc	VAR US	Aft-mkt	Q4 2015 Earnings Release	Q4 2015	1.02
Williams Cos Inc/The	WMB US	Aft-mkt	Q3 2015 Earnings Release	Q3 2015	0.177
Range Resources Corp	RRC US	Aft-mkt	Q3 2015 Earnings Release	Q3 2015	-0.047
Vertex Pharmaceuticals Inc	VRTX US	Aft-mkt	Q3 2015 Earnings Release	Q3 2015	-0.312
Equinix Inc	EQIX US	Aft-mkt	Q3 2015 Earnings Release	Q3 2015	3.064
Hanesbrands Inc	HBI US	Aft-mkt	Q3 2015 Earnings Release	Q3 2015	0.449
PayPal Holdings Inc	PYPL US	Aft-mkt	Q3 2015 Earnings Release	Q3 2015	0.289
Equinix Inc	EQIX US	17:30	Q3 2015 Earnings Call	Q3 2015