PBF Energy - Chart of the Day

PBF Energy (PBF) is the Barchart Chart of the Day. The petroleum refining company has a Trend Spotter buy signal, a Weighted Alpha of 57.20+ and gained 36.61% in the last year.

The Chart of the Day belongs to PBF Energy (PBF).  I found the petroleum refining stock by using Barchart to sort today's New High list for the highest number of new highs in the last month then used the Flipchart feature to review the charts.  Since the Trend Spotter signaled a buy on 10/1 the stock gained 29.71%.

PBF Energy Inc. operates as a petroleum refiner and supplier. The Company offers unbranded transportation fuels, heating oil, petrochemical feedstocks, lubricants and other petroleum products in the United States. Its refineries are located in Toledo, Ohio, Delaware City, Delaware and Paulsboro, New Jersey. The company sells its products in the northeast and Midwest United States, as well as in other regions of the United States and Canada. 

The status of Barchart's Opinion trading systems are listed below. Please note that the Barchart Opinion indicators are updated live during the session every 10 minutes and can therefore change during the day as the market fluctuates. The indicator numbers shown below therefore may not match what you see live on the Barchart.com web site when you read this report.

Barchart technical indicators:

• 100% Barchart technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 16 new highs and up 34.67% in the last month
• Relative Strength Index 76.01%
• Barchart computes a technical support level at 38.91
• Recently traded at 40.78 with a 50 day moving average of 32.66

Fundamental factors:

• Market Cap $3.91 billion
• P/E 8.48
• Dividend yield 2.99%
• Revenue expected to decline 33.30% this year but increase again by 19.70% next year
• Earnings estimated to decrease 11.50% this year but increase again by 12.00% next year and continue to compound at an annual rate of 7.85% for the next 5 years
• The Wall Street analysts are all over the map with 5 strong buy, 3 buy, 5 hold, 1 under perform and a sell recommendation

The 7 Day Average Directional Indicator was an effective technical trading strategy but did cause excessive trading.

BARCHART MORNING CALL 10/1

BARCHART MORNING CALL

Thursday, October 1st, 2015View Older Reports

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OVERNIGHT MARKETS AND NEWS

December E-mini S&Ps (ESZ15 +0.29%) are up +0.65% and European stocks are up +0.59% at a 1-week high on signs of stabilization in Chinese manufacturing activity that pushed up the price of oil (CLX15 +2.24%) by +2.42% and fueled a rally in energy and basic-resource companies. Copper prices (HGZ15 +0.26%) also climbed +0.56% to a 1-week high, which gave miners a lift with Anglo American Plc and BHP Billiton both up nearly 3%. Asian stocks settled higher: Japan +1.92%, Hong Kong and China closed for holiday, Taiwan +1.40%, Australia +1.80%, Singapore +0.39%, South Korea +0.81%, India +0.25%. An unexpected increase in the China Sep manufacturing PMI bolstered confidence in China's economic outlook and gave global stocks a lift, while a bigger than expected decline in Japan Q3 Tankan large manufacturing business conditions undercut the yen and gave Japanese stocks a lift on speculation that the BOJ may need to expand stimulus.

The dollar index (DXY00 -0.04%) is up +0.03%. EUR/USD (^EURUSD) is down -0.27%. USD/JPY (^USDJPY) is up +0.08%.

Dec T-note prices (ZNZ15 +0.01%) are down -2 ticks.

The China Sep manufacturing PMI unexpectedly rose +0.1 to 49.8, better than expectations of no change at 49.7. The Sep non-manufacturing PMI remained unch at 53.4.

The Japan Q3 Tankan large manufacturing business conditions fell -3 from last quarter to 12, a bigger decline than expectations of -2 to 13.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Sep Challenger job cuts (Aug +2.9% y/y), (2) weekly initial unemployment claims (expected +4,000 to 271,000, previous +3,000 to 267,000) and continuing claims (expected -12,000 to 2.230 million, previous -1,000 to 2.242 million), (3) final-Sep Markit manufacturing PMI (expected unch at 53.0, prelim-Sep unch at 53.0), (4) Aug construction spending (expected +0.5%, Jul +0.7% m/m), (5) Sep ISM manufacturing index (expected -0.5 to 50.6, Aug -1.6 to 51.1), (6) San Francisco Fed President John Williams' speech on the economic outlook to Salt Lake Area Community Leaders, and (7) Sep total vehicle sales (expected 17.60 million, Aug 17.72 million).

There are 2 of the Russell 2000 companies that report earnings today: McCormick & Co (consensus $0.87), Micron Technology (0.87).

U.S. IPO's scheduled to price today include: Novocure (NVCR), Civitas Solutions (CIVI).

Equity conferences during the remainder of this week include: Leerink Partners Rare Disease Roundtable Conference on Thu.

OVERNIGHT U.S. STOCK MOVERS

SanDisk (SNDK +10.67%) was raised to 'Overweight' from 'Equalweight' at Morgan Stanley with a price target of $75.

McCormick (MKC +1.22%) reported Q3 EPS of 85 cents, below consensus of 87 cents.

Microsoft (MSFT +1.89%) was raised to 'Neutral' from 'Underperform' at Bank of America.

Universal Health Services (UHS +3.01%) was raised to 'Overweight' from 'Sector Weight' at Keybanc Capital Markets with a $145 price target.

Celgene (CELG +2.69%) was raised to 'Overweight' from 'Neutral' at JPMorgan Chase with a $152 price target.

Bristol-Meyers Squiibb (BMY +0.42%) received approval from the U.S. FDA for its Opdivo, Yervoy regiment usedto treat metastatic melanoma.

Schnitzer (SCHN +0.74%) raised guidance on Q4 adjusted continuing operation EPS to 27 cents-30 cents, above consensus of 24 cents.

Verisk Analytics (VRSK +2.30%) rose nearly 5% in after-hours trading after it was announced the company will replace Joy Global in the S&P 500 as of the close of trading on Oct 7.

Joy Global (JOY +0.95%) fell over 2% in after-hours trading after it was announced the company will be replaced in the S&P 500 by Verisk Analytics.

PBF Energy (PBF +2.21%) climbed over 4% in after-hours trading after the company said it bought the 155,000 barrel-per-day Torrance, CA, refinery from Exxon Mobil for $537.5 million plus working capital to be valued at closing.

Concho Resources (CXO +1.76%) fell 4% in after-hours trading after it announced an offering of 7 million shares of common stock.

Northrop Grumman (NOC +1.47%) won a U.S. Air Force contract worth up to $3.2 billion to build and service the Global Hawk drone.

MARKET COMMENTS

Dec E-mini S&Ps (ESZ15 +0.29%) this morning are up +12.50 points (+0.65%). Wednesday's closes: S&P 500 +1.91%, Dow Jones +1.47%, Nasdaq +2.39%. The S&P 500 on Wednesday closed sharply higher on the +200,000 increase in the Sep ADP employment change, stronger than expectations of +190,000. There was also bargain hunting in raw-material producers and health-care stocks that have been beaten down recently. The main bearish factor for stocks was the -5.7 point decline in the Sep Chicago PMI to a 4-month low of 48.7.

Dec 10-year T-notes (ZNZ15 +0.01%) this morning are down -2 ticks. Wednesday's closes: TYZ5 -2.50, FVZ5 -1.00. Dec T-note prices on Wednesday closed lower on the the sharp rally in stocks, which curbed safe-haven demand for Treasuries, and on the stronger-than-expected Sep ADP employment report of +200,000. T-notes found underlying support from the decline in the Sep Chicago PMI to a 4-month low.

The dollar index (DXY00 -0.04%) this morning is up +0.030 (+0.03%). EUR/USD (^EURUSD) is own -0.0030 (-0.27%). USD/JPY (^USDJPY) is up +0.10 (+0.08%). Wednesday's closes: Dollar Index +0.495 (+0.52%), EUR/USD -0.0072 (-0.64%), USD/JPY +0.14 (+0.12%). The dollar index on Wednesday closed higher on the larger-than-expected increase in Sep ADP employment report, which bolsters the case for a Fed interest rate increase this year. There was also weakness in EUR/USD on speculation the ECB may expand stimulus measures to fight deflation after Eurozone Sep CPI unexpectedly fell-0.1% y/y, weaker than expectations of unch y/y and the first decline in 6 months.

Nov crude oil (CLX15 +2.24%) this morning is up +$1.09 a barrel (+2.42%) and Nov gasoline (RBX15 +3.06%) is up +0.0419 (+3.07%). Wednesday's closes: CLX5 -0.14 (-0.31%), RBX5 -0.0170 (+1.26%). Nov crude oil and gasoline Wednesday settled mixed. Crude oil and gasoline were undercut by the unexpected +3.955 million bbl increase in EIA crude inventories (vs expectations of -500,000 bbl) and the unexpected +3.254 million bbl jump in EIA gasoline inventories (vs expectations of -500,000 bbl). Supportive factors included the -0.4% decline in U.S. crude production in the week ended Sep 25 to a 9-3/4 month low of 9.1 million bpd and the -1.068 million bbl decline in crude inventories at Cushing to a 6-1/2 month low.

GLOBAL EVENT CALENDAR10/01/2015

US	0730 ET	Sep Challenger job cuts, Aug +2.9% y/y.
	0830 ET	Weekly initial unemployment claims expected +4,000 to 271,000, previous +3,000 to 267,000. Weekly continuing claims expected -12,000 to 2.230 million, previous -1,000 to 2.242 million.
	0830 ET	USDA weekly Export Sales.
	0945 ET	Final-Sep Markit manufacturing PMI expected unch at 53.0, prelim-Sep unch at 53.0.
	1000 ET	Aug construction spending expected +0.5%, Jul +0.7% m/m.
	1000 ET	Sep ISM manufacturing index expected -0.5 to 50.6, Aug -1.6 to 51.1. Sep ISM new orders sub-index, Aug -4.8 to 51.7. Sep ISM employment sub-index, Aug -1.5 to 51.2. Sep ISM prices paid sub-index expected +1.0 to 40.0, Aug -5.0 to 39.0.
	1100 ET	Treasury announces amount of 3-year T-notes (previous $24 billion), 10-year T-notes (previous $21 billion) and 30-year T-bonds (previous $13 billion) to be auctioned Oct 6-8.
	1430 ET	San Francisco Fed President John Williams speaks on the economic outlook to Salt Lake Area Community Leaders.
	n/a	Sep total vehicle sales expected 17.60 million, Aug 17.72 million. Sep domestic vehicle sales expected 13.80 million, Aug 13.80 million.
JPN	0100 ET	Japan Sep vehicle sales, Aug +2.3% y/y.
	1930 ET	Japan Aug jobless rate expected unch at 3.3%. Aug job-to-applicant ratio expected unch at 1.21.
	1930 ET	Japan Aug overall household spending expected +0.3% y/y, Jul -0.2% y/y.
GER	0355 ET	Revised German Sep Markit/BME manufacturing PMI, previous -0.8 to 52.5.
EUR	0400 ET	Revised Eurozone Sep Markit manufacturing PMI, previous -0.3 to 52.0.
	0930 ET	ECB President Mario Draghi speaks at the Atlantic Council Global Citizens Award ceremony in Washington, D.C.
UK	0430 ET	UK Sep Markit manufacturing PMI expected -0.2 to 51.3, Aug 51.5.

U.S. STOCK CALENDAR10/01/2015

Company	Ticker	Time	Event Description	Period	Estimate
McCormick & Co Inc/MD	MKC US	Bef-mkt	Q3 2015 Earnings Release	Q3 2015	0.866
McCormick & Co Inc/MD	MKC US	8:00	Q3 2015 Earnings Call	Q3 2015
Clorox Co/The	CLX US	9:00	Analyst Day	Y 2015
Dunkin' Brands Group Inc	DNKN US	9:00	Investor & Analyst Day	Y 2015
Ford Motor Co	F US	9:15	September 2015 Sales and Revenue Release	2015
Ford Motor Co	F US	10:00	September 2015 Sales and Revenue Call	2015
Home Properties Inc	HME US	10:00	Extraordinary Shareholders Meeting - M&A Vote	Y 2015
General Motors Co	GM US	10:00	Business Update Call
Macerich Co/The	MAC US	11:00	Investor Meeting	Y 2015
Micron Technology Inc	MU US	16:30	Q4 2015 Earnings Call	Q4 2015
Micron Technology Inc	MU US	Aft-mkt	Q4 2015 Earnings Release	Q4 2015	0.335
Rite Aid Corp	RAD US		September 2015 Sales and Revenue Release
John Wiley & Sons Inc	JW/A US		Annual General Meeting
Ameren Corp	AEE US		Investor Meeting - Boston	Y 2015

5 Great Stocks

Recently I added 5 new positions to the Barchart Van Meerten New High portfolio based on superior price momentum.

The new additions are Hollyfrontier (HFC), Marathon Petroleum (MPC), Western Refining (WNR), Hooper Holmes (HH) and PBF Energy (PBF):

Hollyfrontier (HFC)

Barchart technical indicators:

• 80% Barchart technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 16 new highs and up 27.71% in the last month
• Relative Strength Index 7122%
• Barchart computes a technical support level at 42.80
• Recently traded at 43.99 with a 50 day moving average of 37.28

Marathon Petroleum (MPC)

Barchart technical indicators:

• 88% Barchart technical buy signals
• Trend Spotter buy signals
• Above its 20, 50 and 10 day moving averages
• 17 new highs an dup 18.40% in the last month
• Relative Strength Index 66.69%
• Barchart computes a technical support level at 102.79
• Recently traded at 105.00 with a 50 day moving average of 92.39

Western Refining (WNR)

Barchart technical indicators:

• 88% Barchart technical buy signals
• Trend spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 17 new highs and up 29.68% in the last month
• Relative Strength Index 83.08%
• Barchart computes a technical support level at 45.67
• Recently traded at 47.10 with a 50 day moving average of 38.20

Hooper Holmes (HH)

Barchart technical indicators:

• 72% Barchart technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 18 new highs and up 22.92% in the last month
• Relative Strength Index 69.61%
• Barchart computes a technical support level at .55
• Recently traded at .59 with  a 5 day moving average of .51

PBF Energy (PBF)

Barchart technical indicators:

• 88% Barchart technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 17 new highs and up 13.22% in the last month
• Relative Strength Index 65.23%
• Barchart computes a technical support level at 30.27
• Recently traded at 31.17 with a 50 day moving average of 27.41

BARCHART MORNING CALL 4/7

BARCHART MORNING CALL

Monday, April 7th, 2014View Older Reports

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OVERNIGHT MARKETS AND NEWS

June E-mini S&Ps (ESM14 -0.39%) this morning are down -0.34% at a 1-week low and European stocks are down -0.81% as a slide in internet and technology stocks in pre-market trading has dragged the June mini-Nasdaq futures down -0.68% to a fresh 2-month low. Friday's slide in stocks within the Nasdaq Composite Index continues today on concern that the recent rally in the index to a 13-1/2 year high has stretched valuations too far. Concern that tensions are building again in Ukraine is also undercutting European stocks after pro-Russian demonstrators seized administration buildings in Ukraine's east. Ukraine Prime Minister Yatsenyuk said Russia was sending agents into eastern Ukraine to stir up separatist unrest that would give Russian President Putin an excuse to send Russian troops into Ukraine. Asian stocks closed mostly lower: Japan -1.69%, Hong Kong -0.59%, China closed for holiday, Taiwan -0.14%, Australia -0.17%, Singapore -0.60%, South Korea +0.16%, India -0.07%. Asian stocks were undercut after the World Bank lowered its GDP forecast for developing East Asia this year to 7.1%, down from an Oct estimate of 7.2% as growth in China moderates. The World Bank also lowered its GDP forecast for China this year down to 7.6% from an Oct forecast of 7.7%. Commodity prices are mixed. May crude oil (CLK14 -0.58%) is down -0.49%. May gasoline (RBK14 -0.62%) is down -0.62%. Jun gold (GCM14 -0.28%) is down -0.20%. May copper (HGK14 -0.17%) is down -0.13% at a 1-week low after the World Bank cut its China GDP forecast. Agriculture prices are mixed. The dollar index (DXY00 -0.13%) is down -0.09%. EUR/USD (^EURUSD) is up +0.18%. USD/JPY (^USDJPY) is down -0.03%. June T-note prices (ZNM14 +0.06%) are up +2.5 ticks.
ECB Governing Council member Nowotny said he sees no "immediate need" for further ECB action on additional stimulus and ECB Executive Board member Mersch said there's no imminent risk of deflation.
The Eurozone Apr Sentix investor confidence unexpectedly rose +0.2 to 14.1, better than expectations of unchanged at 13.9 and its best level in 3 years.
German Feb industrial production rose +0.4% m/m and +4.8% y/y, better than expectations of +0.3% m/m and +4.7% y/y, although Jan was revised lower to +0.7% m/m and +4.9% y/y from the originally reported +0.8% m/m and +5.9% y/y.
The UK Mar Lloyds employment confidence was unchanged at -2, right on expectations.
The Japan Feb composite index of leading indicators fell -4.6 to 108.5, a bigger decline than expectations of -4.3 to 108.8 and the lowest level in 6-months. The Feb coincident index fell -1.8 to 113.4, right on expectations.

U.S. STOCK PREVIEW

Today's Feb U.S. consumer credit report is expected to show an increase of +$14.0 billion, a little stronger than Jan's report of +$13.7 billion. None of the Russell 1000 companies report earnings today. Equity and industry conferences this week include: BNEF Summit on Mon-Wed, IPAA Oil & Gas Investment Symposium on Tue, Noble Financial NAB Financial Forum on Tue, and New Economic Summit (NES) 2014 on Tue-Wed.

OVERNIGHT U.S. STOCK MOVERS

C.R. Bard (BCR -0.07%) was downgraded to 'Neutral' from 'Buy' at BofA/Merrill.
Netflix (NFLX -4.90%) was upgraded to 'Outperform' from 'Perform' at Oppenheimer.
Questcor (QCOR -5.96%) was acquired by Mallinckrodt (MNK +0.05%) for $5.6 billion.
Under Armour (UA -7.39%) was upgraded to 'Buy' from 'Neutral' at Sterne Agee.
Alcoa (AA -0.86%) and Newmont Mining (NEM +0.04%) were boths upgraded to 'Hold' from 'Sell' at Deutsche Bank.
Analog Devices (ADI -1.96%) was upgraded to 'Neutral' from 'Sell' at Goldman.
Mattel (MAT -1.23%) was downgraded to 'Underperform' from 'Market Perform' at BMO Capital.
Intel (INTC -0.95%) was upgraded to 'Outperform' from 'Sector Perform' at Pacific Crest.
PBF Energy (PBF -0.87%) was upgraded to 'Buy' from 'Neutral' at Citigroup.
Statoil (STO +0.54%) was downgraded to 'Sell' from 'Neutral' at Goldman Sachs.
Blackstone (BX -2.26%) will acquire Gates Global for $5.4 billion.
SAC Capital lowered its passive stake in Diamond Foods (DMND -3.07%) to 4.0% from 9.0%.

MARKET COMMENTS

June E-mini S&Ps (ESM14 -0.39%) this morning are down -6.25 points (-0.34%) at a 1-week low. The S&P 500 on Friday rallied to a new record high but fell back and closed lower. Bearish factors included (1) the +192,000 increase in U.S. Mar non-farm payrolls, less than expectations of +200,000, although Feb was revised +22,000 higher to +197,000 from +175,000, and (2) the plunge in biotechnology and computer and internet-related stocks as concern over their high multiples fueled profit taking and long liquidation. Closes: S&P 500 -1.25%, Dow Jones -0.96%, Nasdaq -2.70%.
Jun 10-year T-notes (ZNM14 +0.06%) this morning are up +2.5 ticks. Jun 10-year T-note futures prices on Friday rebounded from early losses and closed higher after stocks tumbled. T-notes also found support from (1) the smaller-than-expected increase in U.S. Mar non-farm payrolls, and (2) the unchanged Mar unemployment rate of 6.7%, higher than expectations of -0.1 to 6.6%. Closes: TYM4 +22.50, FVM4 +13.50.
The dollar index (DXY00 -0.13%) this morning is down -0.074 (-0.09%). EUR/USD (^EURUSD) is up +0.0024 (+0.18%). USD/JPY (^USDJPY) is down -0.03 (-0.03%). The dollar index on Friday retreated from a 5-week high and closed lower on speculation the smaller-than-expected increase in U.S. Mar payrolls may prompt the Fed to slow its pace of QE3 tapering. EUR/USD fell to a 5-week low on negative carry-over from ECB President Draghi’s comments on Thursday that the ECB may consider additional stimulus measures to stave off deflation. Closes: Dollar index -0.052 (-0.06%), EUR/USD -0.00173 (-0.13%), USD/JPY -0.614 (-0.59%).
May WTI crude oil (CLK14 -0.58%) this morning is down -50 cents (-0.49%) and May gasoline (RBK14 -0.62%) is down -0.0182 (-0.62%). May crude and gasoline prices on Friday closed higher. Bullish factors included (1) strength in the U.S. Mar payrolls report, which is positive for the economic outlook and fuel demand, and (2) the stronger-than-expected German Feb factory orders, which was a positive indicator for Eurozone energy demand. Closes: CLK4 +0.85 (+0.85%). RBK4 +0.0195 (+0.67%).

GLOBAL EVENT CALENDAR04/07/2014

US	1100 ET	USDA weekly grain export inspections.
	1145 ET	St. Louis Fed President James Bullard speaks about the U.S. economy and monetary policy to the Asia Pacific Business Outlook Conference at USC.
	1500 ET	Feb consumer credit expected +$14.0 billion, Jan +$13.698 billion.
JPN	0100 ET	Japan Feb leading index CI expected -2.3 to 108.8, Jan 113.1. Feb coincident index expected -1.8 to 113.4, Jan 115.2.
UK	0430 ET	UK Mar Lloyds employment confidence, Feb -2.
EUR	0430 ET	Eurozone Apr Sentix investor confidence expected unch at 13.9, Mar 13.9.
	0900 ET	ECB Vice President Vitor Constancio presents the ECBs annual report to the European Parliament in Brussels.
GER	0600 ET	German Feb industrial production expected +0.3% m/m and +4.7% y/y, Jan +0.8% m/m and +5.0% y/y.

U.S. STOCK CALENDAR04/07/2014

Company Name	Ticker	Time	Event Description	Period	Estimate
Principal Financial Group Inc	PFG US	8:00	Roadshow -Tokyo Day 1	Y 2014
AO Smith Corp	AOS US		Annual General Meeting
Cheniere Energy Inc	LNG US		Analyst Day

BARCHART MORNING CALL 12/23

BARCHART MORNING CALL

Monday, December 23rd, 2013View Older Reports

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OVERNIGHT MARKETS AND NEWS

March E-mini S&Ps (ESH14 +0.39%) this morning are up +0.37% at a new record high and European stocks are up +0.05% after IMF Managing Director Lagarde, who spoke on NBC's "Meet the Press" Sunday, said the IMF sees a "stronger" U.S. economic outlook in 2014 as a budget deal in Washington and the Fed's plan to taper its bond buying will allow for a higher growth estimate. Asian stocks closed higher: Japan is closed for holiday, Hong Kong +0.48%, China +0.28%, Taiwan +0.57%, Australia +0.51%, Singapore +0.70%, South Korea +0.75%, India +0.10%. Another positive for U.S. Stocks that also helped China's Shanghai Stock Index rebound from a 3-3/4 month low and close higher was the deal that Apple struck with China Mobile to sell the iPhone in China. After 6-years of negotiations, China Mobile said it will sell the iPhone in its retail stores starting Jan 17. China's Shanghai Stock Index had posted a 3-3/4 month low on concerns of a liquidity squeeze after China's 7-day repurchase rate, a gauge of funding availability in the banking system, jumped +124 bp to 8.84% the highest in 6-months. Commodity prices are mixed. Feb crude oil (CLG14 -0.35%) is down -0.40%. Feb gasoline (RBG14 -0.33%) is down -0.31%. Feb gold (GCG14 -0.49%) is down -0.73%. March copper (HGH14 -0.12%) is up +0.03%. Agriculture prices are mixed. The dollar index (DXY00 -0.25%) is down -0.17%. EUR/USD (^EURUSD) is up +0.08%. USD/JPY (^USDJPY) is down -0.23%. March T-note prices (ZNH14 -0.08%) are down -4.5 ticks.
ECB Executive Board member Praet said in an interview in the Italian newspaper La Stampa that the ECB is monitoring an expected increase in investment in the Eurozone and "is ready to act" if credit contracts and threatens the recovery.
The German Nov import price index rose +0.1% and fell -2.9% y/y, stronger than expectations of -0.1% m/m and -3.1% y/y.
Eurozone Dec consumer confidence strengthened +1.8 points -13.6, better than expectations of a +0.4 point increase to -15.0 and the highest in 2-1/3 years.
The Chinese yuan closed at 6.0702 per dollar, according to China Foreign Exchange System prices, the strongest since the government unified the market and official exchange rates at the end of 1993 after the PBOC boosted the daily fixing rate for the yuan by +0.06% to 6.1161 per dollar.

U.S. STOCK PREVIEW

The U.S. economic schedule is heavy today and tomorrow before Wednesday’s Christmas holiday.  Today’s Nov personal income report is expected to show a strong increase of +0.5%, improving after the -0.1% decline seen in Oct.  Nov personal spending is expected to show a strong increase of +0.5%, adding to the +0.3% increase seen in October.  Today’s Nov PCE deflator is to strengthen slightly to +0.9% y/y from +0.7% y/y in October.  Meanwhile, the Fed’s preferred inflation measure, Nov core PCE deflator is expected to strengthen slightly to +1.2% y/y from +1.1% y/y in October.  Today’s final-Dec U.S. consumer confidence index from the University of Michigan is expected to be revised higher by +0.5 points from early-Dec to 83.0l, which would produce a sharp overall gain of +7.9 from November.   There are no major earnings reports today.  There are no equity conferences this week.

OVERNIGHT U.S. STOCK MOVERS

Apple (AAPL +0.84%) rose nearly 4% in pre-market trading after it announced after 6-years of negotiations with China Mobile that it will be allowed to sell its iPhone in China starting next month. The deal may bring 12 million new iPhone sales for Apple in 2014, according to an analyst from Morgan Stanley.
Tiffany (TIF +0.21%) fell 3.5% in pre-market trading after Swatch Group AG won an arbitration award of 402 million francs ($449 million) from Tiffany.
KB Home (KBH +2.67%) was upgraded to 'Neutral' from 'Sell' at Citigroup.
Xilinx (XLNX +0.90%) was upgraded to 'Buy' from 'Hold' at Drexel Hamilton.
The WSJ reported that Target (TGT +0.55%) said on Friday that it has received "very few" reports of credit card fraud following a massive data breach that compromised 40 million and debit card accounts.
Micron (MU +2.54%) was downgraded to 'Underperform' from 'Neutral' at BofA/Merrill.
Five Below (FIVE +1.09%) was upgraded to 'Outperform' from 'Neutral' at Credit Suisse.
CIT Group (CIT +0.61%) disclosed in a regulatory filing that it reached an agreement with Tyco International (TYC +1.77%) in which CIT will pay $60 million to settle claims asserted by Tyco related to a Tax Agreement that CIT and Tyco entered into in 2002 in connection with CIT’s separation from Tyco.
United Technologies (UTX +1.06%) was awarded a $231.47 million government contract modification for sustainment of F119-PW-100 Engines.
Lockheed Martin (LMT +0.85%) was awarded a $561.96 million government contract modification for nine months of sustainment activities for the F-22 air vehicle.
Levin Capital Strategies reported a 5.5% passive stake in Pinnacle Foods (PF +0.49%) .
Abrams reported a 5.99% passive stake in Global Eagle (ENT +3.24%) .
Blue Ridge Capital reported a 7.82% passive stake in PBF Energy (PBF +1.52%) .
Ronin Capital reported a 7.9% passive stake in Kingstone Companies (KINS +2.40%) .

MARKET COMMENTS

Mar E-mini S&Ps (ESH14 +0.39%) this morning are up +6.75 points (+0.37%) at a new all-time high. The S&P 500 on Friday rallied to a new record high after U.S. Q3 GDP was revised higher to +4.1% from +3.6% and Q3 personal consumption was revised higher to +2.0% from +1.4%. U.S. stocks also found carry-over support from a rally in European bourses after German Jan GfK consumer confidence unexpectedly rose +0.2 to a 6-1/3 year high of 7.6. Closes: S&P 500 +0.48%, Dow Jones +0.26%, Nasdaq 100 +0.93%.
Mar 10-year T-notes (ZNH14 -0.08%) this morning are down -4.5 ticks. Mar 10-year T-note prices on Friday fell to a 3-1/4 month low after U.S. Q3 GDP was revised higher-than-expected. However, T-notes recovered as the Treasury curve flattened when losing steepener trades were unwound as the Fed’s action to taper QE3 Wednesday instead of waiting until next year forced traders to unwind the trades and sell the shorter-end of the Treasury curve (i.e., 2-year and 5-year T-notes) and buy the longer-end of the curve, (i.e., 10-year T-notes and 30-year T-bonds). Closes: TYH4 +2.50, FVH4 -4.25.
The dollar index (DXY00 -0.25%) this morning is down -0.137 (-0.17%). EUR/USD (^EURUSD) is up +0.0011 (+0.08%) and USD/JPY (^USDJPY) is down -0.24 (-0.23%). The dollar index on Friday fell back from a 2-week high after a rally in the S&P 500 to a record high reduced safe-haven demand for the dollar. EUR/USD closed higher after it recovered from a 2-week low after S&P downgraded the credit rating of the European Union and USD/JPY posted a fresh 5-year high after the BOJ said they will maintain stimulus until annual inflation is stable at 2%. Closes: Dollar index -0.055 (-0.07%), EUR/USD +0.00109 (+0.08%), USD/JPY -0.166 (-0.16%).
Feb WTI crude oil (CLG14 -0.35%) this morning is down -40 cents (-0.40%) and Feb gasoline (RBG14 -0.33%) is down -0.0087 (-0.31%). Feb crude oil and gasoline prices on Friday closed higher with Feb gasoline at a 3-month high. Bullish factors included (1) the larger-than-expected upward revision in U.S. Q3 GDP to a 1-3/4 year high of +4.1%, which was supportive for energy consumption and demand, and (2) the rally in the S&P 500 to a record high, which signals confidence in the economic outlook. Closes: CLG4 +0.28 (+0.28%), RBG4 +0.0379 (+1.38%).

GLOBAL EVENT CALENDAR12/23/2013

US	0830 ET	Nov Chicago Fed national activity index, Oct -0.18.
	0830 ET	Nov personal spending expected +0.5%, Oct +0.3%. Nov personal income expected +0.5%, Oct -0.1%. Nov PCE deflator expected +0.1% m/m and +0.9% y/y, Oct unch m/m and +0.7% y/y. Nov PCE core deflator expected +0.1% m/m and +1.2% y/y, Oct +0.1% m/m and +1.1% y/y.
	0955 ET	Final U.S. Dec University of Michigan consumer confidence expected +0.5 to 83.0, previous +7.4 to 82.5.
	1100 ET	USDA weekly grain export inspections.
	1500 ET	Nov USDA Cold Storage.
GER	0200 ET	German Nov import price index expected -0.1% m/m and -3.1% y/y, Oct -0.7% m/m and -3.0% y/y.
JPN	n/a	Japanese markets closed for Emperors Birthday.

U.S. STOCK CALENDAR12/23/2013

Company Name	Ticker	Time	Event Description	Period	Estimate
United Therapeutics Corp	UTHR US	9:00	Business Update Call
CalAmp Corp	CAMP US	16:30	Q3 2014 Earnings Call	Q3 2014
Puma Biotechnology Inc	PBYI US	16:30	PB272 (Neratinib) Update Call
CalAmp Corp	CAMP US	Aft-mkt	Q3 2014 Earnings Release	Q3 2014	0.213
Hain Celestial Group Inc/The	HAIN US	Aft-mkt	Green Plains Renewable Energy Replaces Hain Celestial Group in S&P SmallCap 600
Hain Celestial Group Inc/The	HAIN US	Aft-mkt	Hain Celestial Group Replaces NV Energy Inc. in S&P MidCap 400
Green Plains Renewable Energy Inc	GPRE US	Aft-mkt	Green Plains Renewable Energy Replaces Hain Celestial Group in S&P SmallCap 600

Barchart Morning call 9/11

Barchart Morning Call

BC - Wed Sep 11, 6:43AM CDT

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OVERNIGHT MARKETS AND NEWS

September E-mini S&Ps (ESU13 -0.06%) this morning are little changed, down -0.01%, while European stocks are up +0.40%. Asian stocks closed mostly higher: Japan +0.01%, Hong Kong -0.17%, China +0.32%, Taiwan unch, Australia +0.64%, Singapore -0.50%, South Korea +0.45%, India unch. Most global stocks are higher on reduced concern of a U.S. military strike against Syria after President Obama Tuesday night said he will pursue a Russian proposal to have Syria surrender its stockpiles of chemical weapons to international authorities. Commodity prices are mixed. Oct crude oil (CLV13 -0.09%) is down -0.07% and Oct gasoline (RBV13 +0.16%) is up +0.22%. Dec gold (GCZ13 -0.28%) is down -0.28% and Dec copper (HGZ13 +0.46%) is up +0.41%. Agricultural and livestock prices are higher. The dollar index (DXY00 unch) is unch. EUR/USD (^EURUSD) is down -0.09% and USD/JPY (^USDJPY) is down -0.09%. The British pound surged to a 7-month high against the dollar after the UK unemployment rate unexpectedly fell. December T-note prices (ZNZ13 +0.13%) are up +5.5 ticks.
UK Aug jobless claims fell -32,600, a bigger decline than expectations of -21,000, while Jun was revised to show a -36,300 decline, more than the originally reported -29,200. The Aug claimant count rate unexpectedly fell -0.1 to 4.2%, better than expectations of unch at 4.3% and the lowest in 4-1/2 years.
The UK July ILO unemployment rate averaged over 3-months unexpectedly fell -0.1 to 7.7%, better than expectations of unch at 7.8% and matched a 4-year low.
ECB Governing Council member Coene raised concern that Greece will need additional aid when he said that "It's clear that we haven't reached the end of the Greece problem for the moment, and that additional efforts will have to be made, one time for certain, possibly two times."
Japan Q3 BSI business condition large all industry jumped to 12.0 from 5.9 in Q2, the highest since data began in 2004. The Q3 BSI business condition large manufacturing climbed to 15.2 from 5.0 in Q2, the highest since Q3 2009.
The Japan Aug domestic CGPI rose +0.3% m/m and +2.4% y/y, close to expectations of +0.4% m/m and +2.4% y/y, while July was revised upward to +0.6% m/m and +2.3% y/y from the originally reported +0.5% m/m and +2.2% y/y.

U.S. STOCK PREVIEW

The global stock markets are benefiting as the chances recede for a U.S. military attack on Syria with Congressional opposition combined with the new Russian plan for Syria to give up control of its chemical weapons. The focus is shifting to the continuing resolution that is necessary by Oct 1 as House Republican leaders have a plan for getting a continuing resolution through the House, except that Tea Party members of the House are not happy about the plan. The Treasury today will sell $21 billion in 10-year T-notes as this week's $66 billion coupon package continues. There are no major earnings reports today.
Equity conferences during the remainder of this week include the following: Barclays Global Financial Services Conference on Mon-Wed, Morgan Stanley Healthcare Conference on Mon-Wed, Vertical Research Partners Industrial Conference on Mon-Wed, Clinical Trial Supply USA on Tue-Wed, Rodman & Renshaw Health Care Conference on Tue-Wed, DA Davidson & Co Engineering & Construction Conference on Tue-Wed, Robert W Baird and Co Health Care Conference on Tue-Wed, KeyBanc Capital Markets Basic Materials & Packaging Conference on Tue-Wed, Goldman Sachs Global Retailing Conference on Tue-Wed, Deutsche Bank Access Technology Conference on Tue-Wed, RBC Capital Markets Global Industrials Conference on Tue-Wed, Stifel Nicolaus & Co Health Care Conference on Tue-Thu, Biofuels International 2013 Conference on Wed, Credit Suisse Asian Technology Conference on Wed, UBS Global Paper & Forest Products Conference on Thu, UBS Best of Americas Conference on Thu-Fri, Bank of America Merrill Lynch Global Real Estate Conference on Wed-Fri, Bank of America Merrill Lynch Healthcare Conference on Wed-Thu, Goldman Sachs Global Commodities Conference on Wed-Thu, Bank of America Merrill Lynch Media, Communications & Entertainment Conference on Wed-Thu, Barclays Capital CEO Energy - Power Conference on Wed-Thu, Barclays CEO Energy Power Conference on Wed-Thu, CL King & Associates Inc Best Ideas Conference on Wed-Thu, Bank of America Merrill Lynch Canada Mining Conference on Thu, and Bloomberg Canadian Fixed Income Conference on Thu.

OVERNIGHT U.S. STOCK MOVERS

Morgan Stanley (MS +2.19%) was upgraded to "Buy" from "Neutral" at UBS.
Procter & Gamble (PG -0.27%) was downgraded to "Neutral" from "Buy" at SunTrust.
Nokia (NOK +2.54%) was upgraded to "Buy" from "Neutral" at BofA/Merrill.
Apple (AAPL -2.28%) was downgraded to "Neutral" from "Buy" at BofA/Merrill and was downgraded to "Neutral" from "Outperform" at Credit Suisse.
Brocade (BRCD -0.13%) said it will cut 300 jobs, consolidate facilities, and take $30 million-$40 million in charges in Q4.
Raytheon (RTN +1.37%) was awarded a $136.25 million government contract for MK15 Phalanx Close-In Weapon System upgrades and conversions, system overhauls and associated hardware.
Bloomberg reported that Verizon (VZ +1.22%) plans to sell between $45 billion-$49 billion of debt to finance its acquisition of Vodafone's (VOD -0.99%) stake in Verizon Wireless.
S&P cuts Argentina's debt rating to CCC+ from B- with a Negative Outlook.
Southeastern Asset reported a 11.9% passive stake in News Corp (NWSA +1.41%) .
International Paper (IP +0.24%) announced a $1.5 billion share repurchase plan and raised its quarterly dividend to 35 cents from 30 cents.
Waddell & Reed reported a 10.1% passive stake in Harman (HAR +0.98%) .
Cohen & Steers reported a 10.47% passive stake in Healthcare Trust (HTA -0.09%) .
Restoration Hardware (RH -0.96%) reported Q2 adjusted EPS of 49 cents, stronger than consensus of 43 cents, and raised guidance on fiscal 2013 EPS view to $1.65-$1.70, better than consensus of $1.48.
Select Equity Group reported a 11.7% passive stake in PBF Energy (PBF +0.09%) .
Oxford Industries (OXM +1.35%) reported Q2 adjusted EPS of $1.01, better than consensus of 98 cents, but then lowered guidance on fiscal 2013 EPS view to $2.90-$3.05 from $3.00-$3.15, lower than consensus of $3.12.

MARKET COMMENTS

Sep E-mini S&Ps (ESU13 -0.06%) this morning are down -0.25 of a point (-0.01%). The S&P 500 index on Tuesday rose to a 3-1/2 week high and closed higher. Bullish factors included (1) strong Chinese economic data that boosted global economic prospects after China Aug industrial production climbed +10.4% y/y, the most in 17 months, and after China Aug retail sales rose +13.4% y/y, the fastest pace in 8 months, and (2) hopes that a U.S. attack on Syria will be averted with Russia’s proposal for Syria to relinquish control of its chemical weapons and with no assurance of Congressional approval of a U.S. attack in any case. Closes: S&P 500 +0.73%, Dow Jones +0.85%, Nasdaq 100 +0.48%.
Dec 10-year T-notes (ZNZ13 +0.13%) this morning are up +5.5 ticks. Dec 10-year T-note prices on Tuesday closed lower on reduced safe-haven demand as the S&P 500 rallied to a 3-1/2 week high on strong Chinese economic data and speculation that a Russian proposal for Syria to put its chemical weapons under international control will avert a U.S. military strike. Closes: TYZ3 -13.50, FVZ3 -9.25.
The dollar index (DXY00 unch) this morning is unch. EUR/USD (^EURUSD) is down -0.0012 (-0.09%) and USD/JPY (^USDJPY) is down -0.09 (-0.09%). The dollar index on Tuesday closed slightly higher. The dollar rose on expectations that the Fed will taper QE3 at next week’s FOMC meeting along with weakness in the yen after USD/JPY climbed to a 1-1/2 month high after the minutes of the BOJ’s Aug 7-8 policy meeting showed policy board members said BOJ bond purchases were putting downward pressure on yields and that consumer-price expectations had turned positive. Closes: Dollar index +0.016 (+0.02%), EUR/USD +0.00127 (+0.10%), USD/JPY +0.801 (+0.80%).
Oct WTI crude oil (CLV13 -0.09%) this morning is down -8 cents (-0.07%) and Oct gasoline (RBV13 +0.16%) is up +0.0059 (+0.22%). Oct crude oil and gasoline prices on Tuesday closed lower with Oct gasoline at a 1-month low. The main bearish factor for crude prices was the report that Syria will agree to a Russian proposal that Syria puts its chemical weapons stockpiles under international control, which reduces concern of a U.S. military strike on Syria that could cause wider conflict in the Middle East and possibly disrupt oil shipments. Closes: CLV3 -2.13 (-1.94%), RBV3 -0.0655 (-2.34%).

GLOBAL EVENT CALENDAR09/11/2013

US	0700 ET	Weekly MBA mortgage applications, previous +1.3% with purchase sub-index -0.4% and refi sub-index +2.4%.
	1000 ET	July wholesale inventories expected +0.3%, Jun -0.2%. July wholesales trade sales expected +0.5%, Jun +0.4%.
	1030 ET	EIA Weekly Petroleum Status Report.
	1300 ET	Treasury auctions $21 billion 10-year T-notes.
GER	0200 ET	Revised German Aug CPI (EU harmonized), previous unch m/m and +1.6% y/y.
UK	0430 ET	UK Aug jobless claims change expected -21,000, July -29,200. Aug claimant count rate expected unch at 4.3%, July 4.3%.
	0430 ET	UK July avg weekly earnings expected +1.3% 3-mo/year-over-year, Jun +2.1% 3-mo/year-over-year. July weekly earnings ex-bonus expected +1.0% 3-mo/year-over-year, Jun +1.1% 3-mo/year-over-year.
	0430 ET	UK July ILO unemployment rate expected 7.8% 3-mo, June 7.8% 3-mo.
JPN	1950 ET	Japan July machine orders expected +2.4% m/m and +7.7% y/y, Jun -2.7% m/m and +4.9% y/y.

U.S. STOCK CALENDAR09/11/2013

Company Name	Ticker	Time	Event Description	Period	Estimate
SAIC Inc	SAI US	8:30	Investor Day	Y 2013
Apple Inc	AAPL US	10:00	US Court of Appeals Hears Arguments on Apple vs Motorola Mobility
Google Inc	GOOG US	10:00	US Court of Appeals Hears Arguments on Apple vs Motorola Mobility
Mastercard Inc	MA US	10:00	Investment Community Meeting	Y 2013
Legg Mason Inc	LM US	12:30	Investors and Analysts Meeting	Y 2013
United Parcel Service Inc	UPS US		Roadshow - Baltimore	Y 2013