MORNING CALL 12/24

MORNING CALL

Thursday, December 24th, 2015View Older Reports

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OVERNIGHT MARKETS AND NEWS

March E-mini S&Ps (ESH16 +0.05%) are down -0.05% and European stocks are down -0.15% in thin uninspired holiday trade. The U.S. equity markets shut early today at 1300 EST for Christmas Eve and markets in the U.K., France and Netherlands also close early, while Germany, Switzerland and Italy are closed all day. Weakness in crude oil is pushing energy producers lower, while miners and raw-material producers are weaker after a +1,525 MT increase in LME copper inventories to a 2-week high undercuts copper prices. Asian stocks settled mixed: Japan -0.51%, Hong Kong +0.44%, China-0.65%, Taiwan +0.10%, Australia +1.28%, Singapore +0.49%, South Korea -0.49%, India -0.04%. China's Shanghai Composite closed lower, led by weakness in health-care and property companies, on speculation that new initial public offerings (IPOs) will divert funds away from existing stocks. Japan's Nikkei Stock Index closed lower as the yen rallied to a 1-3/4 month high against the dollar, which reduces the earnings prospects of exporter stocks and pushed them lower.

The dollar index (DXY00 -0.24%) is down -0.36% at a 1-week low. EUR/USD (^EURUSD) is up +0.29%. USD/JPY (^USDJPY) is down -0.45% at a 1-3/4 month low.

Mar T-note prices (ZNH16 unch) are up +1.5 ticks.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) weekly initial unemployment claims (expected -1,000 to 270,000, previous -11,000 to 271,000) and continuing claims (expected -38,000 to 2.200 million, previous -7,000 to 2.238 million), and (2) the Treasury's announcement of next week's sale of 2, 5 and 7- year T-notes. The NYSE closes early today at 1:00 PM ET, CME equity and interest rate futures close early at 1:15 PM ET, and CME energy and metals products close early at 1:45 PM ET.

None of the Russell 3000 companies report earnings today.

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

Equity conferences this week: none.

OVERNIGHT U.S. STOCK MOVERS

Freeport-McMoRan (FCX +16.04%) is up over 1% in pre-market trading on positive carryover from Wednesday's 16% surge.

Spark Energy (SPKE +1.65%) was cut to 'Hold' from 'Buy' at Wunderlich.

TransMontaigne Partners LP (TLP +4.59%) was raised to a 'Buy' at Stifel with a price target of $27.

Billionaire investor Carl Icahn reported a 12.1% stake in Pep Boys Manny Moe & Jack (PBY +3.02%) .

Hyatt Hotels (H +2.96%) dropped over 1% in after-hours trading after it said it found malware on its payment processing computers.

Caesars Entertainment (CZR +1.75%) climbed over 2% in after-hours trading after an appeals court in Chicago ruled that two lower-court judges used faulty reasoning to deny Caesars’s request to halt a series of New York lawsuits that threaten to put its parent company into bankruptcy.

Cal-Maine Foods (CALM +1.72%) slipped nearly 4% in after-hours trading after it reported Q2 EPS of $2.26, below consensus of $2.40.

Norfolk Southern (NSC +0.91%) declined over 1% in after-hours trading after it said it rejected a higher bid from Canadian Pacific Railway saying the offer was "grossly inadequate."

MannKind (MNKD +2.67%) named Duane DeSisto, previous CEO of Insulet from 20013-2014, as its new CEO.

Agenus (AGEN +1.58%) rose over 3% in after-hours trading after it acquired PhosImmune for $9.9 million.

MARKET COMMENTS

Mar E-mini S&Ps (ESH16 +0.05%) this morning are down -1.00 point (-0.05%). Wednesday's closes: S&P 500 +1.24%, Dow Jones +1.06%, Nasdaq +0.77%. The S&P 500 on Wednesday closed higher on (1) the as-expected +0.3% increase in U.S. personal spending and the +0.3% increase in Nov personal income, stronger than expectations of +0.2%, and (2) the +0.8 point increase in the final U.S. Dec University of Michigan consumer sentiment to 92.6, stronger than expectations of +0.2 to 92.0 and a 5-month high. Stocks also received a boost from strength in energy and commodity producers after crude oil prices rallied sharply.

Mar 10-year T-notes (ZNH16 unch) this morning are up +1.5 ticks. Wednesday's closes: TYH6 -5.50, FVH6 -2.00. Mar T-notes on Wednesday closed lower on reduced safe-haven demand with the rally in stocks and on the sharp rally in crude oil prices that boosted inflation expectations as the 10-year T-note breakeven inflation rate rose to a 1-1/2 week high.

The dollar index (DXY00 -0.24%) this morning is down -0.250 (-0.36%) at a 1-week low. EUR/USD (^EURUSD) is up +0.0032 (+0.29%). USD/JPY (^USDJPY) is down -0.55 (-0.45%) at a 1-3/4 month low. Wednesday's closes: Dollar Index +0.106 (+0.11%), EUR/USD -0.0045 (-0.41%), USD/JPY-0.15 (-0.12%). The dollar index on Wednesday closed higher on (1) the stronger-than-expected U.S. Nov personal income report (+0.3% vs. expectations of +0.2%), which bolsters the case for the Fed to keep raising interest rates, and (2) the stronger-than-expected U.S. Dec University of Michigan consumer sentiment that rose to a 5-month high.

Feb crude oil (CLG16 +0.69%) this morning is down -7 cents (-0.19%) and Feb gasoline (RBG16 +1.44%) is up +0.0037 (+0.30%). Wednesday's closes: CLG6 +1.75 (+4.84%), RBG6 +0.0840 (+7.08%). Feb crude oil and gasoline on Wednesday settled sharply higher on the unexpected -5.88 million bbl decline in weekly EIA crude inventories, and the +1.11 million bbl increase in EIA gasoline supplies (vs expectations of +1.50 million bbl).

GLOBAL EVENT CALENDAR12/24/2015

US	0830 ET	Weekly initial unemployment claims expected -1,000 to 270,000, previous -11,000 to 271,000. Weekly continuing claims expected-38,000 to 2.200 million, previous -7,000 to 2.238 million.
	0830 ET	USDA weekly Export Sales.
	1100 ET	Treasury announces amount of 2-year T-notes (previous $26 billion), 5-year T-notes (previous $35 billion) and 7-year T-notes (previous $29 billion) to be auctioned Dec 28-30.
	1300 ET	NYSE closes early.
	1315 ET	Early closes for CME equity and interest rate futures markets.
	1345 ET	Early closes for CME energy, metals and DME products.
JPN	1830 ET	Japan Nov overall household spending expected -2.2% y/y, Oct -2.4% y/y.
	1830 ET	Japan Nov jobless rate expected +0.1 to 3.2%, Oct 3.1%. Nov job-to-applicant ratio expected unch at 1.24.
	1830 ET	Japan Nov national CPI expected +0.3% y/y, Oct +0.3% y/y. Nov national CPI ex-fresh food expected unch y/y, Oct -0.1% y/y. Nov national CPI ex food & energy expected +0.8% y/y, Oct +0.7% y/y.
	1830 ET	Japan Dec Tokyo CPI expected +0.1% y/y, Nov +0.2% y/y. Dec Tokyo CPI ex fresh food expected +0.1% y/y, Nov unch y/y. Dec Tokyo CPI ex food & energy expected +0.6% y/y, Nov +0.6% y/y.
	1850 ET	Japan Nov PPI services expected +0.4% y/y, Oct +0.5% y/y.

U.S. STOCK CALENDAR12/24/2015

Company	Ticker	Time	Event Description	Period	Estimate
No events

MORNING CALL 12/7

MORNING CALL

Monday, December 7th, 2015View Older Reports

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OVERNIGHT MARKETS AND NEWS

December E-mini S&Ps (ESZ15 +0.20%) are up +0.14% after Friday's stronger-than-expected U.S. Nov non-farm payrolls boosted confidence that the economy is strong enough to handle an expected interest rate increase at next week's FOMC meeting. Stock index futures fell back from their best levels as energy producers declined after the price of crude oil (CLF16 -1.58%) tumbled below $40 a barrel to a 3-week low on negative carryover from last Friday when when OPEC made no pretense of any attempt to cut production and instead raised its production target to 31.5 million bpd from 30 million bpd. European stocks are up +1.58 % on speculation last week's rout in equities was overdone after ECB stimulus measures disappointed. European stocks shrugged off the weaker-than-expected German Oct industrial production and Eurozone Dec Sentix investor confidence. Asian stocks settled mixed: Japan +0.99%, Hong Kong -0.15%, China +0.34%, Taiwan +0.66%, Australia +0.08%, Singapore +0.76%, South Korea -0.61%, India -0.42%.

The dollar index (DXY00 +0.46%) is up +0.44%. EUR/USD (^EURUSD) is down -0.64%. USD/JPY (^USDJPY) is up +0.28%.

Mar T-note prices (ZNH16 -0.02%) are little changed, up +0.5 of a tick.

German Oct industrial production rose +0.2% m/m and was unch y/y, weaker than expectations of +0.8% m/m and +0.7% y/y.

The Eurozone Dec Sentix investor confidence rose +0.6 to 15.7, less than expectations of +1.9 to 17.0.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) St. Louis Fed President James Bullard's speech about the U.S. economy and monetary policy at Ball State University in Muncie, IN, and (2) Oct consumer credit (expected +$19.0 billion, Sep +$28.918 billion).

There are 8 of the Russell 1000 companies report earnings today: H&R Block (consensus -$0.48).

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

Equity conferences this week include: American Society of Hematology Meeting on Mon, Raymond James Technology and Communications Investors Conference on Mon-Wed, UBS Global Media and Communications Conference on Mon-Wed, Business Insider's Ignition Future of Digital Conference on Tue, Citi Global Technology Conference on Tue, Barclays Global Technology, Media and Telecommunications Conference on Tue-Wed, Goldman Sachs U.S. Financial Services Conference on Tue-Wed, Oppenheimer Health Care Conference on Tue-Wed, Wells Fargo Energy Symposium, Bank of America Merrill Lynch Paper, Packaging and Builders Conference on Wed-Thu, Capital One Financial Corp Energy Conference on Wed-Thu, 10th Annual Energy Conference on Thu.

OVERNIGHT U.S. STOCK MOVERS

Vail Resorts (MTN -0.59%) reported a Q1 EPS loss of -$.163, a smaller loss than consensus of -$1.75.

Polaris industries (PII -4.19%) was downgraded to 'Neutral' from 'Buy' at UBS.

Tyson Foods (TSN +1.09%) was downgraded to 'Equal Weight' from 'Overweight' at Stephens.

Philip Morris International (PM +2.70%) fell nearly 5% in pre-market trading on a report from Tass news service that a Russian senator proposes raising the smoking age in Russia to 21 from 18.

Mattress Firm (MFRM +2.06%) said it sees fiscal 2015 sales of $2.53 billion-$2.55 billion, on the low end of estimates of $2.55 billion.

New York REIT (NYRT +2.24%) rose over 3% in after-hours trading after a person with knowledge of the negotiations said that SL Green SLG is close to acquiring the company.

Groupon (GRPN +0.66%) fell over 1% in after-hours trading after it said that its Chief Technology Officer, Sri Viswanath, resigned as of Dec 2. This follows the departure of CEO Eric Lfkofsky a month ago.

Chipotle Mexican Grill (CMG -0.73%) tumbled nearly 10% in pre-market trading after it said it sees Q4 comparable sales down 8%-11% if recent sales trends continue.

Pep Boys-Manny Moe & Jack's (PBY +3.22%) surged 12% in after-hours trading after billionaire investor Carl Icahn reported a 12% stake in the company.

Big Lots (BIG -6.32%) was downgraded to 'Neutral' from 'Overweight' at Piper Jaffray.

ARM Holdings Plc (ARMH +0.55%) was downgraded to 'Market Perform' from 'Outperform' at Northland Securities with a 12-month price target of $52.

MARKET COMMENTS

Dec E-mini S&Ps (ESZ15 +0.20%) this morning are up +3.00 points (+0.14%). Friday's closes: S&P 500 +2.05%, Dow Jones +2.12%, Nasdaq +2.37%. The S&P 500 on Friday closed sharply higher on the +211,000 increase in U.S. Nov non-farm payrolls, stronger than expectations of +200,000 and the upward revision in Oct to +298,000 from +271,000, which kept the U.S. economy in a strong light.

Mar 10-year T-notes (ZNH16 -0.02%) this morning are up +0.5 of a tick. Friday's closes: TYH6 +12.00, FVH6 +4.25. Mar T-notes on Friday recovered from a 3-week low and closed higher on the as-expected +0.2% m/m and +2.3% y/y increase in U.S. Nov avg hourly earnings, which may keep the pace of Fed tightening gradual as the data shows slack wage pressures. In addition, the wider than expected U.S. trade deficit report sparked expectations for a weaker Q4 GDP report.

The dollar index (DXY00 +0.46%) this morning is up +0.428 (+0.44%). EUR/USD (^EURUSD) is down -0.0070 (-0.64%). USD/JPY (^USDJPY) is up +0.35 (+0.28%). Friday's closes: Dollar Index +0.733 (+0.75%), EUR/USD -0.0059 (-0.546%), USD/JPY +0.50 (+0.41%). The dollar index on Friday closed higher on the larger-than-expected increase in U.S. Nov non-farm payrolls, which bolsters the case for a Fed interest rate increase at the Dec 15-16 FOMC meeting, and comments from Philadelphia Fed President Harker who said the Fed should raise interest rates "sooner rather than later."

Jan crude oil (CLF16 -1.58%) this morning is down -74 cents (-1.85%) at a 3-week low and Jan gasoline (RBF16 -0.94%) is down -0.0132 (-1.04%) at a 2-week low. Friday's closes: CLF6 -0.94 (-2.29%), RBF6 -0.0120 (-0.93%). Jan crude oil and gasoline on Friday closed lower with Jan crude at a 2-1/2 week low and Jan gasoline at a 1-1/2 week low. Bearish factors included (1) a stronger dollar, and (2) the failed OPEC meeting where OPEC made no pretense of any attempt to cut production and instead raised its production target.

GLOBAL EVENT CALENDAR12/07/2015

US	1100 ET	USDA weekly grain export inspections.
	1230 ET	St. Louis Fed President James Bullard speaks about the U.S. economy and monetary policy at Ball State University in Muncie, IN.
	1500 ET	Oct consumer credit expected +$19.0 billion, Sep +$28.918 billion.
JPN	0000 ET	Japan Oct leading index CI expected +1.3 to 102.9, Sep 101.6. Oct coincident index expected +1.8 to 114.1, Sep 112.3.
	1850 ET	Revised Japan Q3 GDP expected +0.2% q/q annualized, previous -0.8% q/q annualized. Q3 deflator, previous +2.0% y/y.
	2330 ET	Japan Nov bankruptcies, Oct -7.25% y/y.
GER	0200 ET	German Oct industrial production expected +0.8% m/m and +0.6% y/y, Sep -1.1% m/m and +0.2% y/y.
EUR	0300 ET	ECB Vice President Vitor Constancio delivers opening remarks at an ECB workshop on Money Markets and Central Bank Balance Sheets.
	0430 ET	Eurozone Dec Sentix investor confidence expected +1.9 to 17.0, Nov 15.1.
UK	1901 ET	UK Nov BRC sales like-for-like expected +0.5% y/y, Oct -0.2% y/y.
CHI	n/a	China Nov trade balance expected +$64.15 billion, Oct +$61.64 billion. Nov exports expected -5.0% y/y, Oct 6.9% y/y. Nov imports expected -11.8% y/y, Oct -18.8% y/y

U.S. STOCK CALENDAR12/07/2015

Company	Ticker	Time	Event Description	Period	Estimate
Multiple Companies	PFE US	8:00	Cellectis, Pfizer and Servier UCART19 Collaboration Call
SL Green Realty Corp	SLG US	13:00	Investor Conference	Y 2015
Mallinckrodt PLC	MNK US	13:00	Investor Briefing	Y 2015
Inovalon Holdings Inc	INOV US	13:00	Investor Day	Y 2015
H&R Block Inc	HRB US	Aft-mkt	Q2 2016 Earnings Release	Q2 2016	-0.482

BARCHART MORNING CALL 4/14

BARCHART MORNING CALL

Tuesday, April 14th, 2015View Older Reports

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OVERNIGHT MARKETS AND NEWS

June E-mini S&Ps (ESM15 -0.06%) this morning are down -0.17% and European stocks are down -0.94% ahead of Q1 earnings results from JPMorgan Chase and Johnson & Johnson. Losses were limited on increased M&A Activity as Alcatel-Lucent SA jumped 12% in pre-market trading after Nokia Oyj said it was in advanced talks to buy the company. Asian stocks settled mixed: Japan +0.02%, Hong Kong -1.62%, China +0.34%, Taiwan -0.25%, Australia -0.23%, Singapore +1.05%, South Korea +0.79%. China's Shanghai Composite Index climbed to a fresh 7-year high on speculation the government will boost stimulus measures to spur economic growth.
Commodity prices are mixed. May crude oil (CLK15 +1.12%) is up +0.71% and May gasoline (RBK15 +1.11%) is up +0.65% after the EIA said late Monday that U.S. crude output from the shale oil boom will decline by -57,000 bpd in May, the first time the EIA has forecast a decline in output since it began issuing a monthly drilling productivity report in 2013. Metals prices are weaker. Jun gold (GCM15 -0.90%) is down -0.92% at a 1-1/2 week low. May copper (HGK15 -1.29%) is down -1.31% at a 3-week low. Copper prices are also being weighed down by Chinese demand concerns with tomorrow's China Q1 GDP expected to be reported at a 7.0% y/y pace, the slowest since the global recession of 2009. Agriculture prices are mixed with May wheat down -0.80% at a 2-week low after recent rains alleviated drought concerns in the U.S. Great Plains.
The dollar index (DXY00 -0.05%) is down -0.06% and EUR/USD (^EURUSD) is up +0.02%. USD/JPY (^USDJPY) is down -0.37% at a 1-week low after Koichi Hamada, a consultant to Japanese Prime Minister Abe, said that an exchange rate of 105 yen per dollar would be "appropriate," which undercut expectations for additional easing from the BOJ.
Jun T-note prices (ZNM15 +0.13%) are up +6.5 ticks on carry-over support from a rally in German bunds to a record high. The yield on the 10-year German bund fell to an all-time low of 0.134% after Moody's Investors Service warned that the ECB could run out of eligible bonds to buy from some governments around the end of the year, which may force the ECB to loosen the rules of its QE program and further suppress bond yields.

U.S. STOCK PREVIEW

Key U.S. news today includes (1) March retail sales (expected +1.0%, +0.7% ex-autos, and +0.6% ex-autos and ex-gasoline), (2) March final-demand PPI (expected -0.9% m/m vs Feb's -0.6%) and March core PPI (expected +0.9% y/y vs Feb's +1.0%), (3) Feb business inventories (expected +0.2% after Jan's unchanged), (4) Minneapolis Fed President Narayan Kocherlakota's open forum at Winona State University, and (5) the IMF's release of its World Economic Outlook.
There are 8 of the S&P 500 companies that report earnings today: JPMorgan Chase (consensus $1.41), Intel (0.41), Wells Fargo (0.98), M&T Bank (1.76), Fastenal (0.42), Johnson & Johnson (1.53), CSX (0.44), Linear Technology (0.53).
U.S. IPO's scheduled to price today include: Smart & Final Stores (SFS), XBiotech (XBIT), Cidara Therapeutics (CDTX).
Equity conferences during the remainder of this week include: World Strategic Forum on Mon-Tue, Cantor Fitzgerald First Annual ETF and Indexing Forum on Wed.

OVERNIGHT U.S. STOCK MOVERS

JPMorgan Chase (JPM +0.60%) reported Q1 EPS of $1.61, better than consensus of $1.41.
Fastenal (FAST +0.02%) reported Q1 EPS of 43 cents, higher than consensus of 42 cents.
Urban Outfitters (URBN +0.25%) were upgraded to 'Outperform' from 'Market Perform' at BMO Capital.
Qualcomm (QCOM -0.62%) and Western Digital (WDC -0.41%) were both upgraded to 'Buy' from 'Neutral' at BofA/Merrill Lynch.
Ulta Salon (ULTA +0.21%) was initiated with a 'Buy' at Evercore ISI.
Molson Coors (TAP -1.63%) was initiated with a 'Positive' at Susquehanna with a price target of $97.
Pep Boys (PBY -0.10%) reported an unexpected Q4 EPS loss of -50 cents with items, well below consensus of a 3 cent profit.
Norfolk Southern (NSC -1.39%) dropped over 4% in after-hours trading after it lowered guidance on Q1 EPS to $1.00, below consensus of $1.27.
Scripps Networks (SNI +0.80%) was downgraded to 'Neutral' from 'Overweight' at Piper Jaffray.
AMC Networks (AMCX +0.20%) was initiated with an 'Overweight' at Piper Jaffray with a price target of $90.

MARKET COMMENTS

June E-mini S&Ps (ESM15 -0.06%) this morning are down -3.50 points (-0.17%). Monday's closes: S&P 500 -0.46%, Dow Jones -0.45%, Nasdaq -0.29%. The U.S. stock market on Monday fell back from a 3-week high and closed lower on concerns about the impending Q1 earnings season and on weakness in GE that weighed on industrial stocks.
Jun 10-year T-notes (ZNM15 +0.13%) this morning are up +6.5 ticks. Monday's closes: TYM5 +5.50, FVM5 +4.25. June T-notes on Monday closed higher on weakness in stocks, the sharp decline in Chinese March exports that raised worries about Chinese economic growth, and the decline in the 10-year breakeven inflation expectations rate to a 1-week low.
The dollar index (DXY00 -0.05%) this morning is down -0.057 (-0.06%). EUR/USD (^EURUSD) is up +0.0002 (+0.02%). USD/JPY (^USDJPY) is down -0.45 (-0.37%). Monday's closes: Dollar Index +0.152 (+0.15%), EUR/USD -0.0031 (-0.29%), USD/JPY -0.07 (-0.06%). The dollar index on Monday closed mildly higher on continued support from divergent monetary policies. Meanwhile, USD/JPY fell back from a 3-week high on ideas that the BOJ will not expand its stimulus further after Japanese Prime Minister Abe said that monetary policy is working and that the yen is weak in terms of purchasing power.
May WTI crude oil (CLK15 +1.12%) this morning is up 37 cents (+0.71%). May gasoline (RBK15 +1.11%) is up +0.0118 (+0.65%). Monday's closes: CLK5 +0.27 (+0.52%), RBK5 +0.0015 (+0.08%). May crude oil and gasoline on Monday closed higher as doubts continue to grow about an Iranian nuclear deal as Congress returned to session in a mood to force through legislation that would require Congressional review of any nuclear deal. However, sentiment remains bearish with the market expecting another increase in this week's weekly EIA U.S. crude oil inventories report.

GLOBAL EVENT CALENDAR04/14/2015

US	0830 ET	Mar retail sales expected +1.0% and +0.7% ex autos, Feb -0.6% and -0.1% ex autos. Mar retail sales ex-auto and ex-gasoline expected +0.6%, Feb -0.2%.
	0830 ET	Mar final demand PPI expected +0.2% m/m and -0.9% y/y, Feb -0.5% m/m and -0.6% y/y. Mar PPI ex food & energy expected +0.1% m/m and +0.9% y/y, Feb -0.5% m/m and +1.0% y/y.
	0900 ET	IMF releases its World Economic Outlook. Press briefing by IMF Chief Economist Olivier Blanchard.
	1000 ET	Feb business inventories expected +0.2%, Jan unch.
	2000 ET	Minneapolis Fed President Narayan Kocherlakota holds an open forum at Winona State University.
GER	0200 ET	German Mar wholesale price index, Feb +0.5% m/m and -2.1% y/y.
UK	0430 ET	UK Mar CPI expected +0.2% m/m and unch y/y, Feb +0.3% m/m and unch y/y. Mar core CPI expected +1.2% y/y, Feb +1.2% y/y.
	0430 ET	UK Mar RPI expected +0.3% m/m and +1.0% y/y, Feb +0.5% m/m and +1.0% y/y. Mar RPI ex-mortgage interest payments expected +1.-% y/y, Feb +1.0% y/y.
	0430 ET	UK Mar PPI input prices expected -0.4% m/m and -13.5% y/y, Feb +0.2% m/m and -13.5% y/y.
	0430 ET	UK Mar PPI output prices expected +0.1% m/m and +0.1% y/y, Feb +0.2% m/m and -1.8% y/y. Nar PPI output core, Feb +0.1% m/m and +0.2% y/y.
EUR	0500 ET	Eurozone Feb industrial production expected +0.4% m/m and +0.8% y/y, Jan -0.1% m/m and +1.2% y/y.
CHI	2200 ET	China Q1 GDP expected +7.0% y/y, Q4 +7.3% y/y.
	2200 ET	China Mar industrial production expected +7.3% y/y. Dec +7.9% y/y.
	2200 ET	China Mar retail sales expected +10.9% y/y, Dec +11.9% y/y.

U.S. STOCK CALENDAR04/14/2015

Company	Ticker	Time	Event Description	Period	Estimate
JPMorgan Chase & Co	JPM US	7:00	Q1 2015 Earnings Release	Q1 2015	1.412
Fastenal Co	FAST US	7:00	Q1 2015 Earnings Release	Q1 2015	0.416
Johnson & Johnson	JNJ US	7:45	Q1 2015 Earnings Release	Q1 2015	1.533
Wells Fargo & Co	WFC US	8:00	Q1 2015 Earnings Release	Q1 2015	0.977
JPMorgan Chase & Co	JPM US	8:30	Q1 2015 Earnings Call	Q1 2015
Johnson & Johnson	JNJ US	8:30	Q1 2015 Earnings Call	Q1 2015
Norfolk Southern Corp	NSC US	8:45	Q1 2015 Guidance Call	Q1 2015
Bank of New York Mellon Corp/The	BK US	9:00	Annual General Meeting
Moody's Corp	MCO US	9:30	Annual General Meeting
Wells Fargo & Co	WFC US	10:00	Q1 2015 Earnings Call	Q1 2015
Fastenal Co	FAST US	10:00	Q1 2015 Earnings Call	Q1 2015
Cerner Corp	CERN US	10:30	Investment Community Meeting	Y 2015
Fifth Third Bancorp	FITB US	11:30	Annual General Meeting
Intel Corp	INTC US	17:00	Q1 2015 Earnings Call	Q1 2015
CSX Corp	CSX US	Aft-mkt	Q1 2015 Earnings Release	Q1 2015	0.439
Intel Corp	INTC US	Aft-mkt	Q1 2015 Earnings Release	Q1 2015	0.405
Linear Technology Corp	LLTC US	Aft-mkt	Q3 2015 Earnings Release	Q3 2015	0.529
Carnival Corp	CCL US		Annual General Meeting
M&T Bank Corp	MTB US		Q1 2015 Earnings Release	Q1 2015	1.763
Actavis plc	ACT US		FDA Adcomm, alogliptin, results of cardiovascular outcomes trial

BARCHART MORNING CALL 11/14

BARCHART MORNING CALL

Friday, November 14th, 2014View Older Reports

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OVERNIGHT MARKETS AND NEWS

December E-mini S&Ps (ESZ14 +0.02%) this morning are up +0.01% on increased M&A activity with Baker Hughes up over 5% in pre-market trading after it confirmed that it was in talks with Halliburton for a potential "business combination." European stocks were down -0.76 % as a slide in commodity producers outweighed economic data that showed Eurozone Q3 GDP grew more than expected. Asian stocks closed mostly higher: Japan +0.56%, Hong Kong +0.28%, China +0.05%, Taiwan +0.02%, Australia +0.21%, Singapore +0.32%, South Korea -0.77%, India +0.38%. Japan's Nikkei Stock Index rose to the highest in 7-1/4 years, led by strength in exporters, as a plunge in the yen to a 7-year low against the dollar bolstered the earnings prospects of exporters. Commodity prices are mixed. Dec crude oil (CLZ14 +0.22%) is up +0.19%. Dec gasoline (RBZ14 +0.81%) is up +0.83%. Dec gold (GCZ14 -0.70%) is down -0.86%. Dec copper (HGZ14 +0.18%) is up +0.07%. Agriculture prices are weaker. The dollar index (DXY00 +0.35%) is up +0.35%. EUR/USD (^EURUSD) is down -0.25%. USD/JPY (^USDJPY) is up +0.57% at a 7-year high on speculation Prime Minister Abe may announce a delay of a national sales tax increase and decide to dissolve parliament and call for snap elections, which are yen negative. Dec T-note prices (ZNZ14 -0.02%) are down -0.5 of a tick.
ECB Governing Council member Noyer told the French newspaper Les Echos that "inflation risks being too weak for too long" and that the ECB could begin to buy state of company debt if it decided that its policies weren't having any effect.
Eurozone Q3 GDP rose +0.2% q/q and +0.8% y/y, a faster pace of increase than expectations of +0.1% q/q and +0.7% y/y.
German Q3 GDP rose +0.1% q/q and +1.2% y/y (nsa), slightly stronger than expectations of +0.1% q/q and +1.0% y/y (nsa).
China Oct new yuan loans were 548.3 billion yuan, less than expectations of 626.40 billion yuan. Oct aggregate financing, China's broadest measure of credit, increased by 662.7 billion yuan, less than expectations of 887.5 billion yuan.
UK Sep construction output rose +1.8% m/m and +3.5% y/y, less than expectations of +4.0% m/m and +4.3% y/y.

U.S. STOCK PREVIEW

Today’s preliminary-Nov U.S. consumer confidence index from the University of Michigan is expected to show a +0.6 point increase of 87.5, which would be a new 7-1/3 year high. Today’s Oct retail sales report is expected to show a modest increase of +0.2% both overall and ex-autos, which would largely reverse September’s declines of -0.3% overall and -0.2% ex-autos. Today’s Oct import price index is expected to show a decline of -1.5% m/m and -1.6% y/y, which would be even weaker than the September report of -0.5% m/m and -0.9% y/y.
None of the Russell 1000 companies report earnings today. Equity conferences today include: Bank of America Merrill Lynch Global Energy Conference on Wed-Fri, Goldman Sachs Technology and Internet Conference on Fri.

OVERNIGHT U.S. STOCK MOVERS

UBS reiterates its 'Buy' rating on Best Buy (BBY +0.82%) and raised its price target on the stock to $36 from $32.
Wal-Mart (WMT +4.72%) was downgraded to 'Underperform' from 'Market Perform' at BMO Capital.
Nike (NKE +0.32%) was downgraded to 'Neutral' from 'Buy' at Sterne Agee.
TJX (TJX -0.36%) and Ross Stores (ROST -0.28%) were both downgraded to 'Sell' from 'Hold' at Canaccord.
Baker Hughes (BHI +15.24%) climbed over 5% and Halliburton (HAL +1.05%) rose over 1% in pre-market trading after Baker Hughes confirmed that "it has engaged in preliminay duscussions with Halliburton regarding a potential business combination transaction."
Harley-Davidson (HOG +0.80%) rose 1.4% in pre-market trading after Goldman Sachs upgraded the stock to 'Buy' from 'Neutral.'
Gabelli reported a 17.34% stake in Pep Boys (PBY -1.49%) .
Pennant Capital reported a 7.0% passive stake in WellCare (WCG -0.10%) .
Trinseo S.A. (TSE +1.40%) reported Q3 adjusted EPS of 1 cents, well below consensus of 14 cents.
Meritage Group reported a 5.0% passive stake in Discovery (DISCA +3.14%) .
Carter's (CRI -0.81%) was initiated with a 'Buy' at Sterne Agee with a price target of $91.
Nordstrom (JWN +0.55%) reported Q3 EPS of 73 cents, higher than consensus of 71 cents, but then lowered guidance on fiscal 2014 EPS view to $3.70-$3.75 from $3.80-$3.90, weaker than consensus of $3.86.
Applied Materials (AMAT +0.58%) slipped 3% in after-hours trading after it reported Q4 adjusted EPS of 27 cents, right on consensus, although Q4 revenue of $2.26 billion was less than consensus of $2.27 billion.

MARKET COMMENTS

Dec E-mini S&Ps (ESZ14 +0.02%) this morning are up +0.25 of a point (+0.01%). The S&P 500 index on Thursday posted a new record high and closed higher: S&P 500 +0.05%, Dow Jones +0.23%, Nasdaq +0.43%. Bullish factors included (1) positive Q3 stock earnings results after Wal-Mart, Cisco and Viacom all reported better-than-expected earnings, and (2) increased M&A activity after Berkshire Hathaway bought the Duracell battery business from Procter & Gamble and after Hasbro was said to be in talks to acquire DreamWorks Animation SKG. Stocks fell back from their best levels after (1) U.S. weekly jobless claims rose +12,000 to 290,000, a larger increase than expectations of +2,000 to 280,000, and (2) energy producers declined as the price of crude oil tumbled to a 4-year low.
Dec 10-year T-notes (ZNZ14 -0.02%) this morning are down -0.5 of a tick. Dec 10-year T-note futures prices on Wednesday closed higher: TYZ4 +5.00, FVZ4 +3.50. Bullish factors included (1) the larger-than-expected increase in U.S. weekly initial unemployment claims, and (2) short-covering by bond dealers after the Treasury concluded this week’s $66 billion of Treasury auctions with the sale of $16 billion of 30-year T-bonds.
The dollar index (DXY00 +0.35%) this morning is up +0.307 (+0.35%). EUR/USD (^EURUSD) is down -0.0031 (-0.25%). USD/JPY (^USDJPY) is up +0.66 (+0.57%) at a new 7-year high. The dollar index on Thursday closed lower. Closes: Dollar index -0.148 (-0.17%), EUR/USD +0.0038 (+0.03%), USD/JPY +0.28 (+0.24%). Bearish factors included (1) comments from New York Fed President Dudley who said that raising interest rates too early poses a bigger risk to the economy than acting too late, and (2) the larger-than-expected increase in U.S. weekly jobless claims.
Dec WTI crude oil (CLZ14 +0.22%) this morning is up +14 cents (+0.19%) and Dec gasoline (RBZ14 +0.81%) is up +0.0166 (+0.83%). Dec crude and Dec gasoline on Thursday closed sharply lower with Dec crude and Dec gasoline at 4-year lows. Closes: CLZ4 -2.97 (-3.85%), RBZ4 -0.1054 (-5.00%). Bearish factors included (1) the +1.7 million bbl increase in crude inventories at Cushing, OK, the delivery point of WTI futures, to a 5-1/2 month high of 22.5 million bbl, and (2) the +1.0% increase in U.S. crude production in the week ended Nov 7 to 9.063 million bpd, the most in 40 years.

GLOBAL EVENT CALENDAR11/14/2014

US	0830 ET	Oct retail sales expected +0.2% and +0.2% ex autos, Sep -0.3% and -0.2% ex autos.
	0830 ET	Oct import price index expected -1.5% m/m and -1.6% y/y, Sep -0.5% m/m and -0.9% y/y.
	0830 ET	USDA weekly Export Sales.
	0910 ET	St. Louis Fed President James Bullard speaks on the U.S. economy and monetary policy to the St. Louis Regional Chamber.
	0955 ET	Preliminary-Nov U.S. consumer confidence (University of Michigan) expected +0.6 to 87.5, Oct +2.3 to 86.9.
	1000 ET	Sep business inventories expected +0.2%, Aug +0.2%.
		1000 ET
GER	0200 ET	German Q3 GDP expected +0.1% q/q and +1.0% y/y (nsa), Q2 -0.2% q/q and +0.8% y/y (nsa).
UK	0430 ET	UK Sep construction output expected +4.0% m/m and +4.3% y/y, Aug -3.9% m/m and -0.3% y/y.
EUR	0500 ET	Revised Eurozone Oct CPI, previous +0.3% y/y and core CPI +0.7% y/y.
	0500 ET	Eurozone Q3 GDP expected +0.1% q/q and +0.7% y/y, Q2 unch q/q and +0.7% y/y.
	1600 ET	ECB Executive Board member Benoit Coeure speaks on a policy panel at the Global Research Forum on International Economics and Finance in Washington D.C. on Monetary Policy Spillovers and Cooperation in a Global Economy.

U.S. STOCK CALENDAR11/14/2014

Company Name	Ticker	Time	Event Description	Period	Estimate
Albemarle Corp	ALB US	9:00	Extraordinary Shareholders Meeting	Y 2014
Rockwood Holdings Inc	ROC US	9:00	Extraordinary Shareholders Meeting - M&A Vote	Y 2014
Estee Lauder Cos Inc/The	EL US	10:00	Annual General Meeting	Y 2014
Royal Gold Inc	RGLD US	11:00	Annual General Meeting	Y 2014
Principal Financial Group Inc	PFG US	13:00	Investor Meeting	Y 2014

BARCHART MORNING CALL 9/9

BARCHART MORNING CALL

Tuesday, September 9th, 2014View Older Reports

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OVERNIGHT MARKETS AND NEWS

September E-mini S&Ps (ESU14 +0.07%) this morning are up +0.02% and European stocks are down -0.26%. The EU's second package of economic sanctions against Russia was put on hold for a "few days" to allow for more time to assess the viability of a cease-fire and a peace plan in Ukraine, according to EU President Van Rompuy. Losses in European stocks were limited and the British pound recovered from a 9-1/2 month low against the dollar after UK Aug industrial production rose more than expected. GBP/USD also received support from comments from BOE Governor Carney who said "the point at which interest rates also begin to normalize is getting closer." Asian stocks closed mixed: Japan +0.28%, Hong Kong and South Korea closed for holiday, China -0.16%, Taiwan +0.29%, Australia +0.55%, Singapore +0.23%, India -0.20%. Japanese exporters rallied and led the Nikkei Stock Index higher after the yen slumped to a 5-3/4 year low against the dollar, which boosts the earnings prospects of exporters. Commodity prices are mixed. Oct crude oil (CLV14 +1.36%) is up +0.85%. Oct gasoline (RBV14 +0.30%) is down -0.25%. Dec gold (GCZ14 +0.21%) is up +0.20%. Dec copper (HGZ14 -0.79%) is down 0.79%. Agriculture and livestock prices are mixed. The dollar index (DXY00 +0.12%) is up +0.09% at a new 13-3/4 month high. EUR/USD (^EURUSD) is down -0.07% at a 13-3/4 month low. USD/JPY (^USDJPY) is up +0.15% at a 5-3/4 year high. Dec T-note prices (ZNZ14 -0.28%) are down -10 ticks.
UK Aug industrial production rose +0.5% m/m and +1.7% y/y, better than expectations of +0.2% m/m and +1.3% y/y. Aug manufacturing production rose +0.3% m/m and +2.2% y/y, right on expectations.
Japan Aug consumer confidence unexpectedly fell -0.3 to 41.2, weaker than expectations of +0.8 to 42.3.
Japan Aug machine tool orders rose +35.6% y/y, the eleventh consecutive month of year-over-year increases.
The Japan Jul tertiary industry index was unchanged m/m, weaker than expectations of +0.2% m/m.

U.S. STOCK PREVIEW

Today’s July JOLTS U.S. job openings report is likely to post a new 13-1/3 year high of 4.7 million, an indication that the supply of new unfilled jobs has reached the highest level since February 2001. The Treasury today will sell $27 billion of 3-year T-notes, kicking off this week’s $61 billion coupon package. There are four Russell 1000 companies that report earnings today: John Wiley & Sons (consensus: $0.53), HD Supply Holdings 0.47, Palo Alto Networks 0.11 and Leidos Holdings 0.62.
Equity conferences the rest of this week include: Morgan Stanley Healthcare Conference on Mon-Wed, Barclays Global Financial Services Conference on Mon-Wed, D.A. Davidson Engineering & Construction Conference on Tue, KeyBanc Capital Markets Basic Materials & Packaging Conference on Tue, 4G World 2014/Tower & Small Cell Summit on Tue, Gabelli & Company Aerospace Conference on Tue, Gabelli Aircraft Suppliers Conference on Tue, Raymond James North American Equities Conference on Tue, Deutsche Bank dbAccess Technology Conference on Tue-Wed, RBC Capital Market Global Industrials Conference on Tue-Wed, UBS Best of Americas Conference on Tue-Thu, Latin Markets Mexico Energy Summit on Wed, Pareto Oil & Offshore Conference on Wed, Longbow Research - Industrial Manufacturing & Technology Investor Conference on Wed, Goldman Sachs Communacopia Conference on Wed-Fri, UBS Global Paper & Forest Products Conference on Thu, BIO Latin America Conference on Thu, and Credit Suisse Asian Technology Conference on Thu.

OVERNIGHT U.S. STOCK MOVERS

Ralph Lauren (RL -0.23%) was upgraded to 'Strong Buy' from 'Buy' at ISI Group.
Total (TOT -2.26%) was upgraded to 'Neutral' from 'Underperform' at BofA/Merrill.
HD Supply (HDS -0.83%) reported Q2 adjusted EPS of 51 cents, better than consensus of 47 cents.
Leidos (LDOS -0.89%) reported Q2 EPS of 61 cents, less than consensus of 62 cents, and then lowered guidance on fiscal 2015 EPS view to $2.10-$2.30 from $2.35-$2.55, well below consensus of $2.47.
Dick's Sporting Goods (DKS -0.46%) was downgraded to 'Market Perform' from 'Outperform' at Wells Fargo.
The U.S. airline sector, which includes United Continental (UAL +0.79%), Delta Air Lines (DAL -0.46%) and American Airlines (AAL +1.00%), were initiated with an 'Overweight' at Credit Suisse.
D.R. Horton (DHI +0.75%) and Lennar (LEN +0.44%) were both upgraded to 'Overweight' from 'Neutral' at JPMorgan.
Annie's (BNNY -1.12%) surged over 30% in after-hours trading after General Mills (GIS -0.58%) said it will buy the company for $46 per share in cash or about $820 million.
Pep Boys (PBY +1.97%) dropped over 6% in after-hours trading afte rit reported Q2 EPS of 0 cents with items, well below consensus of 16 cents.
CHC Group (HELI -1.89%) reported a Q1 EPS loss of -46 cents, less than consensus of -47 cents.
Casey's General Stores (CASY -0.54%) rose over 3% in after-hours trading after it reported Q1 EPS of $1.43, well above consensus of $1.24.

MARKET COMMENTS

Sep E-mini S&Ps (ESU14 +0.07%) this morning are up +0.50 of a point (+0.02%). The S&P 500 Index on Monday closed lower: S&P 500 -0.31%, Dow Jones -0.15%, Nasdaq +0.14%. Negative factors included (1) Chinese economic concerns after China Aug imports unexpectedly fell -2.4% y/y, weaker than expectations of +3.0% y/y and the biggest decline in 5 months, and (2) European economic concerns after the Eurozone Sep Sentix investor confidence dropped -12.5 points to -9.8, a bigger decline than expectations of -1.3 to 1.4 and the lowest in 14 months.
Dec 10-year T-notes (ZNZ14 -0.28%) this morning are down -10 ticks. Dec 10-year T-note futures prices on Monday closed lower. The main bearish factor for T-note prices is supply pressures with the Treasury set to auction $61 billion of T-notes and T-bonds this week starting with Tuesday's $27 billion auction of 3-year T-notes. Losses were limited after Morgan Stanley reduced its year-end 10-year T-note yield forecast to 2.85% from 3.00%, citing global geopolitical concerns and weakness in the European growth outlook. Closes: TYZ4 -3.50, FVZ4 -4.75.
The dollar index (DXY00 +0.12%) this morning is up +0.078 (+0.09%) at a new 13-3/4 month high. EUR/USD (^EURUSD) is down -0.0009 (-0.07%) at a 13-3/4 month low and USD/JPY (^USDJPY) is up +0.16 (+0.15%) at a fresh 5-3/4 year high. The dollar index on Monday surged to a 13-3/4 month high and closed higher. Bullish factors included (1) weakness in EUR/USD which slumped to a 13-3/4 month low after the Eurozone Sep Sentix investor confidence fell more than expected to a 14-month low, and (2) a surge in USD/JPY to a 5-3/4 year high as the yen plunged against the dollar on signs the Japanese economy is weaker than anticipated after Japan Q2 GDP was revised lower to -7.1% q/q annualized, the biggest pace of contraction in 5 years. Closes: Dollar index +0.493 (+0.59%), EUR/USD -0.0054 (-0.42%), USD/JPY +0.989 (+0.94%).
Oct WTI crude oil (CLV14 +1.36%) this morning is up +79 cents (+0.85%) and Oct gasoline (RBV14 +0.30%) is down -0.0064 (-0.25%). Oct crude and gasoline prices on Monday closed lower for a third day with Oct crude at a 7-3/4 month low and Oct gasoline at a 2-1/2 week low: CLV4 -0.63 (-0.68%), RBV4 -0.0184 (-0.71%). Bearish factors included (1) the rally in the dollar index to a 13-3/4 month high, and (2) Chinese demand concerns after China Aug imports unexpectedly fell by the most in 5 months.

GLOBAL EVENT CALENDAR09/09/2014

US	1000 ET	Jul JOLTS job openings expected 4.700 million, Jun 4.671 million.
	1300 ET	Treasury auctions $27 billion 3-year T-notes.
JPN	0100 ET	Japan Aug consumer confidence index expected +0.8 to 42.3, Jul 41.5.
	0200 ET	Japan Aug machine tool orders, Jul +37.7% y/y.
	1950 ET	Japan Aug PPI expected unch m/m and +4.1% y/y, Jul +0.3% m/m and +4.3% y/y.
	1950 ET	Japan Jul machine orders expected +4.0% m/m and +0.5% y/y, Jun +8.8% m/m and -3.0% y/y.
UK	0430 ET	UK Jul industrial production expected +0.2% m/m and +1.3% y/y, Jun +0.3% m/m and +1.2% y/y.
	0430 ET	UK manufacturing production expected +0.3% m/m and +2.2% y/y, Jun +0.3% m/m and +1.9% y/y.
CHI	n/a	China Aug new yuan loans expected +700.0 billion yuan, Jul +385.2 billion yuan. Aug M2 money supply expected +13.5% y/y, Jul +13.5% y/y.

U.S. STOCK CALENDAR09/09/2014

Company Name	Ticker	Time	Event Description	Period	Estimate
John Wiley & Sons Inc	JW/A US	Bef-mkt	Q1 2015 Earnings Release	Q1 2015	0.53
HD Supply Holdings Inc	HDS US	6:00	Q2 2015 Earnings Release	Q2 2015	0.468
Leidos Holdings Inc	LDOS US	8:00	Q2 2015 Earnings Call	Q2 2015
HD Supply Holdings Inc	HDS US	8:00	Q2 2015 Earnings Call	Q2 2015
SPX Corp	SPW US	9:00	Investor and Analyst Meeting - Day 2	Y 2014
Tyco International Ltd	TYC US	9:00	Extraordinary Shareholders Meeting - Reincorporation Vote	Y 2014
John Wiley & Sons Inc	JW/A US	10:00	Q1 2015 Earnings Call	Q1 2015
Chico's FAS Inc	CHS US	10:00	Analyst Meeting	Y 2014
Lions Gate Entertainment Corp	LGF US	10:00	Annual General Meeting	Y 2014
Tableau Software Inc	DATA US	12:00	Analyst Day	Y 2014
Apple Inc	AAPL US	13:00	Special Media Event-Debut of Latest iPhones
Palo Alto Networks Inc	PANW US	16:30	Q4 2014 Earnings Call	Q4 2014
Palo Alto Networks Inc	PANW US	Aft-mkt	Q4 2014 Earnings Release	Q4 2014	0.108
McDonald's Corp	MCD US		August 2014 Sales and Revenue Release	2014
Actavis plc	ACT US		FDA Adcomm, nebivolol/valsartan fixed-dose combo, hypertension
Leidos Holdings Inc	LDOS US		Q2 2015 Earnings Release	Q2 2015	0.619