MORNING CALL 3/29

Barchart Morning Call

Barchart.com - 1 hour ago

OVERNIGHT MARKETS AND NEWS

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

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

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

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

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

U.S. STOCK PREVIEW

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

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

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

Equity conferences: Jefferies Animal Health Summit on Thu.

OVERNIGHT U.S. STOCK MOVERS

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

MARKET COMMENTS

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

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

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

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

GLOBAL EVENT CALENDAR03/29/2017

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

U.S. STOCK CALENDAR03/29/2017

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

Morning Call 12/7

Barchart Morning Call

Barchart.com - 5 hours ago

OVERNIGHT MARKETS AND NEWS

Dec E-mini S&Ps (ESZ16 +0.01%) are up +0.02% and European stocks are up +1.01% at a 7-1/4 month high on optimism the ECB will prolong QE. Expectations are for the ECB at its monthly meeting tomorrow to extend its monthly asset purchases of 80 billion euros by 6 to 9 months. Also, energy producing stocks are higher with Jan WTI crude oil (CLF17-0.55%) up +0.20% after the API reported late yesterday that U.S. oil inventories fell -2.21 million bbl last week. Market anxiety has also fallen since last month's surprise election of Donald Trump as U.S. President as the VIX volatility index dropped to a 3-1/2 month low today. Asian stocks settled mostly higher: Japan +0.74%, Hong Kong +0.55%, China +0.71%, Taiwan +0.14%, Australia +0.91%, Singapore +0.36%, South Korea +0.28%, India -0.59%. India's S&P Sensex Stock Index erased an early rally and closed down -0.59 % after the Reserve Bank of India unexpectedly kept the benchmark repurchase rate unch at 6.25% when expectations were for a -25 bp cut to 6.00%.

The dollar index (DXY00 -0.03%) is unch. EUR/USD (^EURUSD) is up +0.06%. USD/JPY (^USDJPY) is down -0.04%.

Mar 10-year T-note prices (ZNH17 +0.16%) are up +5.5 ticks.

German Oct industrial production rose +0.3% m/m and +1.2% y/y, weaker than expectations of +0.8% m/m and +1.6% y/y.

UK Oct industrial production unexpectedly fell -1.3% m/m, weaker than expectations of +0.2% m/m and the biggest decline in 4 years.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) weekly MBA mortgage applications (previous -9.4% with purchase sub-index -0.2% and refi sub-index -16.2%), (2) Oct JOLTS job openings (expected +14,000 to 5.500 million, Sep +33,000 to 5.486 million), (3) Oct consumer credit (expected +$18.3 billion, Sep +$19.292 billion), (4) EIA Weekly Petroleum Status Report.

Russell 1000 earnings reports today include: Costco (consensus $1.19), John Wiley (0.66), Brown-Forman (0.50), Casey's General Stores (1.57), H&R Block (-0.68), lululemon athletica (0.43), Orbital ATK (1.39).

U.S. IPO's scheduled to price today: Collplant Holdings (CQPTD).

Equity conferences during the remainder of this week include: UBS Global Media and Communications Conference on Mon-Wed, Goldman Sachs U.S. Financial Services Conference on Tue-Wed, Wells Fargo Pipeline, MLP and Utility Symposium on Wed, Citi Global Health Care Conference on Wed-Thu, Barclays Global Technology, Media and Telecommunications Conference on Wed-Thu, Bernstein Consumer Summit on Wed-Thu, Capital One Southcoast Energy Conference on Wed-Thu, ACI European Biopolymer Summit on Thu.

OVERNIGHT U.S. STOCK MOVERS

Discover Financial Services (DFS +1.38%) was upgraded to 'Outperform' from 'Neutral' at Wedbush with a 12-month target price of $78.

Best Buy (BBY +0.23%) was rated a new 'Buy' at Loop Capital with a price target of $58.

ABIOMED (ABMD +2.72%) was rated a new 'Buy' at Guggenheim Securities with a 12-month target price of $150.

MasterCard (MA -1.50%) gained almost 1% in after-hours trading after it boosted its quarterly dividend to 22 cents a share from 19 cents, and then approved a $4 billion stock buyback program, effective upon completion of a previous program that has $1.3 billion remaining.

Western Digital (WDC +2.83%) rallied over 5% in after-hours trading after it renewed a royalty-bearing cross licensing agreement with Samsung through 2024, and then raised guidance on Q2 adjusted EPS to $2.10-$2.15 from an October 26 view of $1.85-$1.95.

Dave & Buster's Entertainment (PLAY -1.70%) jumped 12% in after-hours trading after it reported Q3 EPS of 25 cents, well above consensus of 14 cents, and then raised guidance on fiscal 2017 comparable store sales to up +3.1%-3.6% from a prior view of +2.25%-3.25%.

Bluebird Bio (BLUE +9.42%) fell over 2% in after-hours trading after it proposed a $200 million stock offering.

HealthEquity (HQY -2.76%) dropped over 4% in after-hours trading after it reported Q3 EPS of 10 cents, below consensus of 12 cents.

AeroVironment (AVAV +2.66%) tumbled nearly 10% in after-hours trading after it reported a Q2 loss per share of -18cents, a much bigger loss than expectations of -1 cent, and then said it sees a Q3 loss per share of -34 cents to -38 cents, more than consensus of -24 cents.

Ensco PLC (ESV +4.55%) declined over 6% in after-hours trading after it started a private placement of $650 million senior notes due 2014.

Sigma Designs (SIGM +1.31%) sank over 10% in after-hours trading after it said it expects Q4 revenue of $42 million-$45 million, weaker than consensus of $57.4 million.

TerraForm Power (TERP +1.83%) slid nearly 2% in after-hours trading after it said it sees completing the rest of its 2016 filings and regaining full compliance by March.

MARKET COMMENTS

Dec E-mini S&Ps (ESZ16 +0.01%) this morning are up +0.50 of a point (+0.02%). Tuesday's closes: S&P 500 +0.34%, Dow Jones +0.18%, Nasdaq +0.22%. The S&P 500 on Tuesday closed higher on carry-over support from a rally in European stocks to a 3-week high on expectations that the ECB this Thursday will extend QE past March of next year. Stocks were also boosted by the +2.7% increase in U.S. Oct factory orders, stronger than expectations of +2.6% and the biggest increase in 16 months. Stocks were undercut by the U.S. Oct trade deficit of -$42.6 billion, which was wider than expectations of -$42.0 billion and was negative for Q4 GDP. There was also weakness in energy producer stocks as crude oil prices fell -1.70%.

Mar 10-year T-notes (ZNH17 +0.16%) this morning are up +5.5 ticks. Tuesday's closes: TYH7 unch, FVH7 +1.00. Mar 10-year T-notes on Tuesday closed little changed. T-notes were boosted by the the wider-than-expected U.S. Oct trade deficit, which was negative for Q4 GDP. T-notes were also boosted by the slide in crude oil prices, which undercut inflation expectations. T-note prices were undercut by the +2.7% increase in U.S. Oct factory orders, their biggest increase in 16 months.

The dollar index (DXY00 -0.03%) this morning is unch. EUR/USD (^EURUSD) is +0.0006 (+0.06%). USD/JPY (^USDJPY) is -0.05 (-0.04%). Tuesday's closes: Dollar index +0.400 (+0.40%), EUR/USD -0.0046 (-0.43%), USD/JPY +0.17 (+0.15%). The dollar index on Tuesday closed higher on the stronger than expected U.S. Oct factory orders report and by weakness in EUR/USD on expectations that the ECB on Thursday will announce an extension of QE beyond March of 2017.

Jan WTI crude oil prices (CLF17 -0.55%) this morning are up +10 cent s(+0.20%) and Jan gasoline (RBF17 -0.18%) is +0.0064 (+0.42%). Tuesday's closes: Jan crude -0.88 (-1.70%), Jan gasoline -0.0158 (-1.01%). Jan crude oil and gasoline on Tuesday closed lower on a stronger dollar and on news that OPEC Nov crude production rose by +200,000 bpd to a record 34.160 million bpd.

GLOBAL EVENT CALENDAR12/07/2016

		Wednesday, Dec 7
US	0700 ET	Weekly MBA mortgage applications, previous -9.4% with purchase sub-index -0.2% and refi sub-index -16.2%.
	1000 ET	Oct JOLTS job openings expected +14,000 to 5.500 million, Sep +33,000 to 5.486 million.
	1030 ET	EIA Weekly Petroleum Status Report.
	1500 ET	Oct consumer credit expected +$18.3 billion, Sep +$19.292 billion.
		Thursday, Dec 8
US	0830 ET	Weekly initial unemployment claims expected -13,000 to 255,000, previous +17,000 to 268,000. Weekly continuing claims expected -33,000 to 2.048 million, previous +38,000 to 2.081 million.
	0830 ET	USDA weekly Export Sales.
	1100 ET	Treasury announces amount of 3-year T-notes (previous $24 billion), 10-year T-notes (previous $23 billion) and 30-year T-bonds (previous $15 billion) to be auctioned Dec 12-13.

U.S. STOCK CALENDAR12/07/2016

Company	Ticker	Time	Event Description	Period	Estimate
Brown-Forman Corp	BF/B US	8:00	Q2 2017 Earnings Release	Q2 2017	0.498
Starbucks Corp	SBUX US	8:00	Investor Day	Y 2016
Principal Financial Group Inc	PFG US	8:00	Roadshow	Y 2016
Xerox Corp	XRX US	9:00	Investor Conference	Y 2016
Brown-Forman Corp	BF/B US	10:00	Q2 2017 Earnings Call	Q2 2017
Lowe's Cos Inc	LOW US	10:00	Analyst & Investor Conference	Y 2016
H&R Block Inc	HRB US	16:30	Q2 2017 Earnings Call	Q2 2017
Costco Wholesale Corp	COST US	17:00	Q1 2017 Earnings Call	Q1 2017
H&R Block Inc	HRB US	Aft-mkt	Q2 2017 Earnings Release	Q2 2017	-0.675
Costco Wholesale Corp	COST US	Aft-mkt	Q1 2017 Earnings Release	Q1 2017	1.187
Baker Hughes Inc	BHI US		November 2016 Sales and Revenue Release - Rig Counts	2016
Equifax Inc	EFX US		Investor Meeting	Y 2016

MORNING CALL 6/8

MORNING CALL

Wednesday, June 8th, 2016View Older Reports

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OVERNIGHT MARKETS AND NEWS

Jun E-mini S&Ps (ESM16 +0.18%) are up +0.15% as stronger-than-expected Chinese May imports signals stabilization in China's economy, which may benefit global growth. Also, a rally in energy producing stocks has lifted the overall market as July WTI crude oil (CLN16 +1.23%) is up +1.33% at a 10-1/2 month high. A slide in the dollar index to a 1-month low has boosted most commodity prices with Aug COMEX gold (GCQ16 +0.74%) up +0.74% at a 2-week high. Gains were limited after the World Bank cut its 2016 U.S. and global GDP estimates. European stocks are down -0.49% as drugmakers led the overall market lower with Roche Holding AG and Novartis AG both down at least 1%. Asian stocks settled mixed: Japan +0.93%, Hong Kong -0.14%, China -0.30%, Taiwan +0.41%, Australia -0.02%, Singapore +0.50%, South Korea +0.88%, India +0.04%.

The dollar index (DXY00 -0.18%) is down -0.14% at a 1-month low. EUR/USD (^EURUSD) is up +0.18%. USD/JPY (^USDJPY) is down -0.29%.

Sep T-note prices (ZNU16 -0.04%) are down -1.5 ticks.

The World Bank cut its 2016 global GDP forecast to 2.4% from a January estimate of 2.9%, saying that downside risks have become more pronounced since the start of the year. The World Bank also cut its 2016 U.S. GDP estimate to 1.9% from a Jan estimate of 2.7%.

The China May trade balance widened to a surplus of +$49.98 billion, smaller than expectations of +$55.7 billion. May exports fell -4.1% y/y, weaker than expectations of -4.0% y/y. May imports fell -0.4% y/y, stronger than expectations of -6.8% y/y and the smallest decline in 19 months.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) weekly MBA mortgage applications (previous -4.1% with purchase sub-index -4.7% and refi sub-index -3.9%), (2) Apr JOLTS job openings (expected -82,000 to 5.675 million, Mar +149,000 to 5.757 million), (3) Treasury auctions $20 billion of 10-year T-notes, and (4) EIA Weekly Petroleum Status Report.

There are 2 of the Russell 1000 companies that report earnings today: lululemon athletica (consensus $0.31), Brown-Forman (0.72).

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

Equity conferences during the remainder of this week include: American Society of Clinical Oncology Annual Meeting on Mon-Thu, NAREIT REITWeek Investor Forum on Tue-Wed, Stephens Spring Investment Conference on Tue-Wed, Goldman Sachs Global Health Care Conference on Tue-Thu, Jefferies Global Health Care Conference on Tue-Thu, Baird Global Consumer, Technology and Services Conference on Tue-Thu, BioTechnology Industry Organization International Convention on Wed, Deutsche Bank Global Industrials and Materials Summit on Wed-Thu, Sandler O'Neill Global Exchange and Brokerage Conference on Wed-Thu, Gabelli & Company Movie & Entertainment Conference on Thu, Susquehanna Financial Group Energy and Industrials Conference on Thu.

OVERNIGHT U.S. STOCK MOVERS

Fiat Chrysler Automobiles NV (FCAU +3.85%) rose nearly 3% in pre-market trading after it was said to habe started talks on a partnership with Uber Technologies.

Lending Club (LC -7.38%) climbed over 3% in pre-market trading after a report that its former CEO and chairman has spoken to buyout firms and banks about a possible takeover of the company.

Lululemon (LULU -0.89%) reported Q1 EPS of 30 cents, below consensus of 31 cents, and said it expectd Q2 EPS of 36 cents-38 cents, below consensus of 39 cents.

Dave & Buster's Entertainment (PLAY +0.94%) rallied over 3% in pre-market trading after it reported Q1 adjusted EPS of 72 cents, higher than consensus of 59 cents, and then boosted its full-year revenue forecast to $983 million-$995 million from a March 29 estimate of $967 million-$987 million.

Verint Systems (VRNT +2.55%) slid over 1% in after-hours trading after it reported Q1 adjusted EPS of 46 cents, above consensus of 40 cents, but reported Q1 adjusted revenue of $249 million, below consensus of $250.7 million

Ardmore Shipping (ASC -0.61%) dropped over 8% in after-hours trading after it proposed a 7.5 million share public offering of common stock.

Lending Club (LC -7.38%) gained over 2% in after-hours trading after it was raised to 'Market Perform' at KBW.

VeriFone Systems (PAY +1.33%) sank 30% in after-hours trading after it reported Q2 adjusted EPS of 47 cents, weaker than consensus of 52 cents, and then cut its fiscal 2016 adjusted EPS estimate to $1.85 from a March 10 view of $2.21-$2.24.

Duluth Holdings (DLTH -1.95%) dropped over 3% in pre-market trading after it reported Q1 sales of $68.6 million, below consensus of $69.7 million.

HealthEquity (HQY +2.26%) climbed over 4% in after-hours trading after it reported Q1 adjusted EPS of 15 cents, better than consensus of 13 cents, and then raised guidance on full-year adjusted EPS to 47 cents-49 cents from a March 22 view of 45 cents-47 cents.

Oxford Industries (OXM -0.47%) slipped over 7% in after-hours trading after it reported Q1 adjusted EPS continuing operations of $1.26, below consensus of $1.33, and then lowered its fiscal 2017 adjusted EPS view to $3.60-$3.80 from a March 23 estimate of $3.75-$3.95.

Flexion Therapeutics (FLXN -3.83%) tumbled over 11% in after-hours trading after it announced a $60 million offering of common stock.

MARKET COMMENTS

June E-mini S&Ps (ESM16 +0.18%) this morning are up +3.25 points (+0.15%). Tuesday's closes: S&P 500 +0.13%, Dow Jones +0.10%, Nasdaq-0.23%. The S&P 500 on Tuesday rallied to a 10-1/2 month high and closed higher on carryover support from a rally in European stocks on positive European economic data after Eurozone Q1 GDP was revised upward and after German Apr industrial production rose more than expected. Stocks were also boosted by gains in energy-producers after crude oil prices climbed to an 8-month high.

September 10-year T-note prices (ZNU16 -0.04%) this morning are down -1.5 ticks. Tuesday's closes: TYU6 +2.50, FVU6 +2.00. Sep T-notes on Tuesday closed higher on positive carryover from a rally in German bunds as the 10-year bund yield fell to a record low 0.045%. T-notes also continued to receive support from the reduced prospects for a near-term Fed rate hike after Fed Chair Yellen on Monday refused to set any time line for when the Fed may raise rates again.

The dollar index (DXY00 -0.18%) this morning is down -0.134 (-0.14%) at a 1-month low. EUR/USD (^EURUSD) is up +0.0020 (+0.18%). USD/JPY (^USDJPY) is down -0.31 (-0.29%). Tuesday's closes: Dollar Index -0.074 (-0.08%), EUR/USD +0.0003 (+0.03%), USD/JPY -0.19 (-0.18%). The dollar index on Tuesday closed lower on continued bearishness after Fed Chair Yellen on Monday expressed concern about last Friday's payroll report and backed off her previous comment that a rate hike would be appropriate in "coming months." The dollar index was also undercut by strength in EUR/USD after Eurozone Q1 GDP was revised upward and after German Apr industrial production rose more than expected.

July WTI crude oil (CLN16 +1.23%) this morning is up +67 cents (+1.33%) at a 10-1/2 month high. July gasoline (RBN16 +1.18%) is up +0.0214 (+1.35%). Tuesday's closes: CLN6 +0.67 (+1.35%), RBN6 -0.0016 (-0.10%). July crude oil and gasoline on Tuesday settled mixed with July crude at an 8-month high. Crude oil prices were boosted by a weaker dollar and by continued support from Monday's news that Nigerian oil production has been slashed by 700,000-800,000 bpd by militant attacks on pipelines and installations. Crude oil prices were also boosted by expectations that Wednesday's weekly EIA report would show that U.S. crude oil inventories fell by -3.0 million bbls.

GLOBAL EVENT CALENDAR06/08/2016

		Wednesday, June 8
US	0700 ET	Weekly MBA mortgage applications, previous -4.1% with purchase sub-index -4.7% and refi sub-index -3.9%.
	1000 ET	Apr JOLTS job openings expected -82,000 to 5.675 million, Mar +149,000 to 5.757 million.
	1030 ET	EIA Weekly Petroleum Status Report.
	1300 ET	Treasury auctions $20 billion of 10-year T-notes.
JPN	0030 ET	Japan May bankruptcies, Apr -7.08% y/y.
	0100 ET	Japan May eco watchers survey current expected -0.1 to 43.4, Apr 43.5. May eco watchers survey outlook expected +0.4 to 45.9, Apr 45.5.
	1950 ET	Japan Apr machine orders expected -3.0% m/m and -1.8% y/y, Mar +5.5% m/m and +3.2% y/y.
UK	0430 ET	UK Apr industrial production expected unch m/m and -0.4% y/y, Mar +0.3% m/m and -0.2% y/y.
	0430 ET	UK Apr manufacturing production expected -0.1% m/m and -1.5% y/y, Mar +0.1% m/m and -1.9% y/y.
	1901 ET	UK May RICS house price balance expected 35%, Apr 41%.
CHI	2130 ET	China May CPI expected +2.2% y/y, Apr +2.3% y/y. May PPI expected -3.2% y/y, Apr -3.4% y/y.
		Thursday, June 9
US	0830 ET	Weekly initial unemployment claims expected +3,000 to 270,000, previous -1,000 to 267,000. Weekly continuing claims expected-1,000 to 2.171 million, previous +12,000 to 2.172 million.
	0830 ET	USDA weekly Export Sales.
	1000 ET	Apr wholesale inventories expected +0.1% m/m, Mar +0.1% m/m. Apr wholesale trade sales expected +1.1% m/m, Mar +0.7% m/m.
	1300 ET	Treasury auctions $12 billion of 30-year T-bonds.
GER	0200 ET	German Apr trade balance expected +22.8 billion euros, Mar +26.2 billion euros. Apr exports expected -0.8% m/m, Mar +1.9% m/m. Apr imports expected +1.3% m/m, Mar -2.3% m/m.
	0200 ET	German Apr current account balance expected +20.5 billion euros, Mar +30.4 billion euros.
	0200 ET	German Q1 labor costs, Q4 +0.5% q/q and +2.1% y/y.
EUR	0300 ET	ECB President Mario Draghi speaks at an economic forum in Brussels.
JPN	0200 ET	Japan May machine tool orders, Apr -26.3% y/y.
	1950 ET	Japan May PPI expected +0.1% m/m and -4.2% y/y, Apr -0.3% m/m and -4.2% y/y.
CHI	n/a	China May new yuan loans expected 750 billion yuan, Apr 555.6 billion yuan.

U.S. STOCK CALENDAR06/08/2016

Company	Ticker	Time	Event Description	Period	Estimate
Teekay Corp	TK US	6/8/2016	Annual General Meeting	Y 2016
lululemon athletica Inc	LULU US	6/8/2016	Q1 2017 Earnings Release	Q1 2017	0.306
Brown-Forman Corp	BF/B US	6/8/2016	Q4 2016 Earnings Release	Q4 2016	0.719
American Airlines Group Inc	AAL US	6/8/2016	Annual General Meeting
Biogen Inc	BIIB US	6/8/2016	Annual General Meeting	Y 2016
Devon Energy Corp	DVN US	6/8/2016	Annual General Meeting	Y 2016
lululemon athletica Inc	LULU US	6/8/2016	Q1 2017 Earnings Call	Q1 2017
Skechers U.S.A. Inc	SKX US	6/8/2016	Analyst and Investor Meeting	Y 2016
Brown-Forman Corp	BF/B US	6/8/2016	Q4 2016 Earnings Call	Q4 2016
Freeport-McMoRan Inc	FCX US	6/8/2016	Annual General Meeting
Pfizer Inc	PFE US	6/8/2016	Analyst and Investor Call
United Continental Holdings Inc	UAL US	6/8/2016	Annual General Meeting
AMERCO	UHAL US	6/8/2016	Special Meeting
DSW Inc	DSW US	6/8/2016	Annual General Meeting
Allegion PLC	ALLE US	6/8/2016	Annual General Meeting	Y 2016
Target Corp	TGT US	6/8/2016	Annual General Meeting
Alphabet Inc	GOOGL US	6/8/2016	Annual General Meeting	Y 2016
Molson Coors Brewing Co	TAP US	6/8/2016	Investor Meeting	Y 2016
ServiceNow Inc	NOW US	6/8/2016	Annual General Meeting
Caterpillar Inc	CAT US	6/8/2016	Annual General Meeting
Public Service Enterprise Group Inc	PEG US	6/8/2016	Investor Meeting	Y 2016
Southwest Airlines Co	LUV US	6/8/2016	May 2016 Sales and Revenue Release - Traffic Results	2016
Clean Harbors Inc	CLH US	6/8/2016	Annual General Meeting	Y 2016
Ingram Micro Inc	IM US	6/8/2016	Annual General Meeting	Y 2016
AMC Networks Inc	AMCX US	6/8/2016	Annual General Meeting
Spirit Airlines Inc	SAVE US	6/8/2016	May 2016 Sales and Revenue Release - Traffic Results	2016
FleetCor Technologies Inc	FLT US	6/8/2016	Annual General Meeting
United Continental Holdings Inc	UAL US	6/8/2016	May 2016 Sales and Revenue Release - Traffic Results	2016
KAR Auction Services Inc	KAR US	6/8/2016	Annual General Meeting
CVR Energy Inc	CVI US	6/8/2016	Annual General Meeting
Groupon Inc	GRPN US	6/8/2016	Annual General Meeting
Diamondback Energy Inc	FANG US	6/8/2016	Annual General Meeting
GoDaddy Inc	GDDY US	6/8/2016	Annual General Meeting