MORNING CALL 4/11

MORNING CALL

Monday, April 11th, 2016View Older Reports

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OVERNIGHT MARKETS AND NEWS

Jun E-mini S&Ps (ESM16 +0.36%) are up +0.42%, led by a +3.4% gain in Alcoa ahead of U.S. Q1 company earnings results that begin after the close of trading today. A possible increase in M&A activity is also positive for stocks with Yahoo! Inc. up over 1% in pre-market trading after the parent of the UK's Daily Mail said it is in talks with potential bidders for Yahoo. European stocks are up +1.09% as a rally in Italian bank stocks leads European equities higher on optimism a meeting today between the Italian central bank and bank executives will help lead to a reduction of banks' non-performing loans. Asian stocks settled mixed: Japan -0.44%, Hong Kong +0.35%, China +1.64%, Taiwan +0.25%, Australia -0.12%, Singapore +0.03%, South Korea +0.12%, India +1.41%. China's Shanghai Composite closed higher on signs of economic improvement in China after China Mar producer prices increased month-on-month for the first time since September 2013. A sell-off in Japanese export stocks undercut the Nikkei Stock Index after USD/JPY tumbled to a fresh 17-1/2 month low, which reduces earnings prospects of Japanese exporters.

The dollar index (DXY00 -0.16%) is down -0.08% at a 5-3/4 month low. EUR/USD (^EURUSD) is down -0.10%. USD/JPY (^USDJPY) is up +0.12%.

Jun T-note prices (ZNM16 -0.08%) are down -4 ticks.

Italian Treasury and central bank officials will meet with executives of major Italian banks today to discuss the creation of a fund that would help tackle banks' non-performing loans, according to people with knowledge of the matter. The Italian government is seeking to reduce an estimated 360 billion euros ($410 billion) in bad loans and earlier this year struck a deal with the European Commission to allow banks to bundle their bad loans into securities for sale.

China Mar CPI rose +2.3% y/y, a slower pace of increase than expectations of +2.4% y/y. Mar PPI fell -4.3% y/y, a slower pace of decline than expectations of -4.6% y/y.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) New York Fed President William Dudley's keynote speech at the Association for Neighborhood and Housing Development Annual Community Development Conference in New York, and (2) Dallas Fed President Rob Kaplan's speech at a community forum at Louisiana Tech University.

There is 1 of Russell 1000 companies that reports earnings today: Alcoa (consensus $0.02).

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

Equity conferences this week include: Goldman Sachs Alzheimer Symposium on Mon, IPAA Oil & Gas Investment Symposium on Mon-Tue, Needham Healthcare Conference on Tue, Goldman Sachs Cars Conference on Fri.

OVERNIGHT U.S. STOCK MOVERS

Alcoa (AA -1.16%) climbed over 3% in pre-market trading before it releases its Q1 earnings results after today's close.

Yahoo! (YHOO -0.28%) rose over 1% in pre-market trading after the parent company of the UK's Daily Mail said it is in talks with a number of potential bidders for Yahoo.

United Natural Foods (UNFI -1.10%) was downgraded to 'Underweight' from Equal Weight' at Morgan Stanley.

NXP Semiconductors (NXPI +1.82%) was rate a new 'Buy' at Nomura with a price target of $95.

Potash Corp. of Saskatchewan (POT -0.50%) was downgraded to 'Hold' from 'Buy' at HSBC.

Noble (NE +1.92%) was downgraded to 'Hold' from 'Buy at Societe Generale.

Restaurant Brands International (QSR -0.78%) was upgraded to 'Outperform' from 'Sector Perform' at RBC Capital Markets.

Cummins (CMI +1.13%) was downgraded to 'Neutral' from 'Outperform' at Macquarie.

Valero Energy (VLO +2.27%) was downgraded to 'Neutral' from 'Outperform' at Credit Suisse.

United Continental (UAL -0.15%) slipped nearly 1% in after-hours trading after the company reported March traffic was down -1.5% and its Mar consolidated load factor fell -1.1 points versus Mar 2015.

QLogic (QLGC +6.80%) climbed over 2% in after-hours trading after Bloomberg reported the company hired Qatalyst Partners to explore strategic alternatives for the company, including a possible sale.

Boston Scientific (BSX +0.10%) fell nearly 1% in after-hours trading after it voluntarily recalled its Fetch 2 aspiration catheter due to complaints of shaft breakage.

MARKET COMMENTS

June E-mini S&Ps (ESM16 +0.36%) this morning are up +8.50 points (+0.42%). Friday's closes: S&P 500 +0.28%, Dow Jones +0.20%, Nasdaq -0.01%. The S&P 500 on Friday closed higher on the +6.6% rally in crude oil prices to a 1-1/2 week high, which boosted energy producer stocks, and on New York Fed President Dudley's comment that the uncertainty of the U.S. economy calls for "gradual" interest rate increases. Stocks fell back from their best levels on the -0.5% decline in U.S. Feb wholesale inventories (which will undercut Q1 GDP) and on long liquidation ahead of Q1 earnings season which begins on Monday.

June 10-year T-note prices (ZNM16 -0.08%) this morning are down -4 ticks. Friday's closes: TYM6 -7.00, FVM6 -3.00. Jun T-notes on Friday closed lower on reduced safe-haven demand with the rally in stocks and on the sharp rally in crude oil to a 1-1/2 week high, which boosted inflation expectations.

The dollar index (DXY00 -0.16%) this morning is down -0.076 (-0.08%) at a 5-3/4 month low. EUR/USD (^EURUSD) is down -0.0011 (-0.10%). USD/JPY (^USDJPY) is up +0.13 (+0.12%). Friday's closes: Dollar Index -0.247 (-0.26%), EUR/USD +0.0021 (+0.18%), USD/JPY -0.14 (-0.13%). The dollar index on Friday closed lower on dovish comments from New York Fed President Dudley who said that the uncertainty of the U.S. economy calls for "gradual" interest rate increases. In addition, EUR/USD gained support from the larger-than-expected +1.3% m/m gain in German Feb exports, the biggest increase in 5 months.

May WTI crude oil (CLK16 -0.58%) is down -2 cents (-0.05%). May gasoline (RBK16 -0.13%) is up +0.0043 (+0.29%). Friday's closes: CLK6 +2.46 (+6.60%), RBK6 +0.0825 (+5.97%). May crude and gasoline prices on Friday closed sharply higher with May crude at a 1-1/2 week high and May gasoline at a 1-week high. Crude oil prices were boosted by a weaker dollar and the outlook for lower U.S. crude oil production after Baker Hughes reported that U.S. active oil rigs last week fell by -8 rigs to a 6-1/3 year low of 354 rigs.

GLOBAL EVENT CALENDAR04/11/2016

US	0925 ET	New York Fed President William Dudley delivers the keynote speech at the Association for Neighborhood and Housing Development Annual Community Development Conference in New York.
	1100 ET	USDA weekly grain export inspections.
	1300 ET	Dallas Fed President Rob Kaplan speaks at a community forum at Louisiana Tech University.
	1600 ET	USDA Weekly Crop Progress.
UK	1901 ET	UK Mar BRC sales like-for-like expected +1.4% y/y, Feb +0.1% y/y.

U.S. STOCK CALENDAR04/11/2016

Company	Ticker	Time	Event Description	Period	Estimate
Liberty Media Corp	LMCA US	15:30	Extraordinary Shareholders Meeting	Y 2016
Alcoa Inc	AA US	17:00	Q1 2016 Earnings Call	Q1 2016
Alcoa Inc	AA US	Aft-mkt	Q1 2016 Earnings Release	Q1 2016	0.023
Goodyear Tire & Rubber Co/The	GT US		Annual General Meeting
AO Smith Corp	AOS US		Annual General Meeting

BARCHART MORNING CALL 10/19

BARCHART MORNING CALL

Monday, October 19th, 2015View Older Reports

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OVERNIGHT MARKETS AND NEWS

December E-mini S&Ps (ESZ15 -0.23%) are down -0.10% as they fall back from a 1-3/4 month high in overnight trade. Stocks retreated after China reported its slowest pace of growth in 6-1/2 years and as Morgan Stanley dropped over 5% in pre-market trading when it reported weaker-than-expected Q3 earnings. European stocks are up +0.54% at a 5-week high led by a 4% rally in Deutsche Bank AG after it reshuffled its management in an attempt to reshape the company. Asian stocks settled mixed: Japan -0.88%, Hong Kong +0.04%, China -0.14%, Taiwan +0.31%, Australia +0.03%, Singapore-0.20%, South Korea +0.04%, India +0.55%. China's Shanghai Composite rose to a 1-3/4 month high after China Q3 GDP grew at a faster pace than expected, but the slowest pace of manufacturing activity in 6 months undercut stocks as they shed their gains and closed slightly lower.

The dollar index (DXY00 +0.30%) is up +0.32%. EUR/USD (^EURUSD) is down -0.23% at a 1-week low ahead of Thursday's ECB monetary policy meeting. USD/JPY (^USDJPY) is unchanged.

Dec T-note prices (ZNZ15 -0.15%) are down -6 ticks.

New York Fed President Dudley said "it's still too early to consider an interest-rate increase." He added that "the situation has changed in the past few months. It's true that we thought we could raise rates by the end of 2015, but turbulence in financial markets, modest global growth, energy prices and macro-prudential imbalances are slowing this process down."

China Q3 GDP rose +6.9% y/y, stronger than expectations of +6.8% y/y, but still the slowest pace of growth in 6-1/2 years.

China Sep industrial production rose +5.7% y/y, weaker than expectations of +6.0% y/y and the slowest pace on 6 months.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Oct NAHB housing market index (expected unch at 62, Sep +1 to 62), and 92) Richmond Fed President Jeffrey Lacker's speech on “Early Childhood Education in the Context of Lifetime Human Capital Investment” at the University of Richmond.

There are 7 of the S&P 500 companies that report earnings today: Morgan Stanley (consensus $0.63), IBM (3.30), Genuine Parts (1.23), Halliburton (0.27), M&T Bank (2.00), Hasbro (1.52), Zions Bancorporation (0.42).

U.S. IPO's scheduled to price today: Adesto Technologies (IOTS), Fuling Global (FORK).

Equity conferences today include: Private Wealth Latin America and The Caribbean Forum on Wed.

OVERNIGHT U.S. STOCK MOVERS

Morgan Stanley (MS +1.01%) slid over 5% in pre-market trading after it reported Q3 EPS of 34 cents, well below consensus of 63 cents.

Hasbro (HAS +3.25%) reported Q3 EPS of $1.58, better than consesnsus of $1.52.

Diebold (DBD +1.98%) jumped over 4% in pre-market trading after it offered to buy Wincor Nixdorf AG for $1.8 billion.

Halliburton (HAL -3.69%) reported Q3 EPS of 31 cents, above consensus of 27 cents.

Weight Watchers (WTW -1.59%) surged over 30% in pre-market trading after Oprah Winfrey bought 10% of the stock in a partnership.

PMC-Sierra (PMCS -0.39%) climbed 11% in pre-market trading after Microsemi offered to buy the company for $2.4 billion.

Western Digital (WDC -1.97%) rose over 1% in pre-market trading after it said a decision from China's Misitry of Commerce allows it to integrate some parts of its subsidiaries.

Potash (POT -1.04%) was raised to 'Sector Outperform' from 'Sector Perform' by CIBC with a price target of $28.

Reuters reports that Lockheed Martin (LMT +0.29%) has started a review aimed at cutting corporate overhead costs by as much as 30%.

AT&T's (T +1.02%) DirecTV said it will restate financials for Q2 as they contained an error in calculation of the Venezuelan unit's assets and associated impairment.

According to a person with knowledge of the matter, the Fresh Market (TFM +7.82%) is working with Apollo Global Management LLC to explore a possible buyout of the company.

Great Lakes Dredge & Dock (GLDD -4.31%) has withdrawn its previously announced adjusted EBITDA guidance for fiscal year 2015 and said its Board of Directors has initiated a process to review potential strategic alternatives to enhance stockholder value.

MARKET COMMENTS

Dec E-mini S&Ps (ESZ15 -0.23%) this morning are down -2.00 points (-0.10%). Friday's closes: S&P 500 +0.46%, Dow Jones +0.43%, Nasdaq +0.46%. The S&P 500 on Friday posted a 1-3/4 month high and closed higher on carryover support from a +1.60% rally in China's Shanghai Composite to a 1-3/4 month high and on the +4.9 point increase in U.S. Oct University of Michigan consumer sentiment to 92.1, stronger than expectations of +1.8 to 89.0. Stock prices were undercut by the -0.2% drop in U.S. Sep industrial production and the -298,000 fall in U.S. Aug JOLTS job openings to 5.37 million, a larger decline than expectations of -173,000 to 5.58 million.

Dec 10-year T-notes (ZNZ15 -0.15%) this morning are down -6 ticks. Friday's closes: TYZ5 -3.00, FVZ5 -2.00. Dec T-notes on Friday closed lower on reduced safe-haven demand with the rally in the S&P 500 to a 1-3/4 month high and on the larger-than-expected increase in U.S. Oct University of Michigan consumer sentiment. T-notes found underlying support from the drop in the 10-year inflation expectations breakeven rate to a 2-week low.

The dollar index (DXY00 +0.30%) this morning is up +0.303 (+0.32%). EUR/USD (^EURUSD) is down -0.0026 (-0.23%) at a 1-week low. USD/JPY (^USDJPY) is unchanged. Friday's closes: Dollar Index +0.169 (+0.18%), EUR/USD -0.0038 (-0.33%), USD/JPY +0.54 (+0.45%). The dollar index on Friday closed higher on (1) increased safe-haven demand for the dollar on concern over escalation of Middle Eastern hostilities after Turkey shot down a drone that invaded its airspace, and (2) the stronger than expected U.S. Oct University of Michigan consumer sentiment report.

Nov crude oil (CLX15 -0.99%) this morning is down -47 cents (-0.99%) and Nov gasoline (RBX15 -1.58%) is down -0.0209 (-1.57%). Friday's closes: CLX5 +0.88 (+1.90%), RBX5 +0.0201 (+1.54%). Nov crude oil and gasoline prices on Friday closed higher on (1) the -10 rig drop to a 5-year low of 595 in Baker Hughes U.S. oil rigs for the tenth straight weekly decline, and (2) the larger-than-expected increase in U.S. Oct University of Michigan consumer sentiment. Crude oil prices were undercut by the stronger dollar.

GLOBAL EVENT CALENDAR10/19/2015

US	1000 ET	Oct NAHB housing market index expected unch at 62, Sep +1 to 62.
	1100 ET	USDA weekly grain export inspections.
	1200 ET	Richmond Fed President Jeffrey Lacker speaks on Early Childhood Education in the Context of Lifetime Human Capital Investment at the University of Richmond.
	1600 ET	USDA weekly crop progress.
EUR	0500 ET	Eurozone Aug construction output, Jul +1.0% m/m and +1.8% y/y.

U.S. STOCK CALENDAR10/19/2015

Company	Ticker	Time	Event Description	Period	Estimate
Genuine Parts Co	GPC US	Bef-mkt	Q3 2015 Earnings Release	Q3 2015	1.229
Halliburton Co	HAL US	Bef-mkt	Q3 2015 Earnings Release	Q3 2015	0.272
M&T Bank Corp	MTB US	Bef-mkt	Q3 2015 Earnings Release	Q3 2015	2.004
Hasbro Inc	HAS US	Bef-mkt	Q3 2015 Earnings Release	Q3 2015	1.521
Morgan Stanley	MS US	7:00	Q3 2015 Earnings Release	Q3 2015	0.627
Hasbro Inc	HAS US	8:30	Q3 2015 Earnings Call	Q3 2015
Morgan Stanley	MS US	8:30	Q3 2015 Earnings Call	Q3 2015
Halliburton Co	HAL US	9:00	Q3 2015 Earnings Call	Q3 2015
M&T Bank Corp	MTB US	9:30	Q3 2015 Earnings Call	Q3 2015
Genuine Parts Co	GPC US	11:00	Q3 2015 Earnings Call	Q3 2015
Aetna Inc	AET US	13:30	Extraordinary Shareholders Meeting - M&A Vote	Y 2015
Humana Inc	HUM US	15:30	Extraordinary Shareholders Meeting - M&A Vote	Y 2015
International Business Machines Corp	IBM US	17:00	Q3 2015 Earnings Call	Q3 2015
International Business Machines Corp	IBM US	Aft-mkt	Q3 2015 Earnings Release	Q3 2015	3.303
Zions Bancorporation	ZION US	Aft-mkt	Q3 2015 Earnings Release	Q3 2015	0.422
Zions Bancorporation	ZION US	17:30	Q3 2015 Earnings Call	Q3 2015

BARCHART MORNING CALL 7/9

BARCHART MORNING CALL

Wednesday, July 9th, 2014View Older Reports

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OVERNIGHT MARKETS AND NEWS

September E-mini S&Ps (ESU14 +0.06%) this morning are unchanged and European stocks are up +0.14% ahead of the minutes of the Jun 17-18 FOMC meeting. A slide in Portuguese bank stocks is limiting gains in European stocks with Banco Espirito Santo SA, Portugal's second-biggest bank by market value, down nearly 8% and Espirito Santo Financial Group down 11% after payments were missed on some corporate notes. Banque Privee Espirito Santo, a unit of Espirito Santo Financial Group SA, said Tuesday that there was a delay in payments on some short-term debt securities issued by Espirito Santo International. Tuesday's fall in the S&P 500 to a 1-week low undercut Asian stocks that closed lower with Japan's Nikkei Stock Index and China's Shanghai Stock Index at 1-week lows: Japan -0.08%, Hong Kong -1.55%, China -1.46%, Taiwan -0.43%, Australia -1.06%, Singapore -0.24%, South Korea -0.41%, India -0.54%. Commodity prices are mixed. Aug crude oil (CLQ14 -0.11%) is down -0.11%. Aug gasoline (RBQ14 -0.50%) is down -0.49% at a 4-week low. Aug gold (GCQ14 +0.70%) is up +0.73%. Sep copper (HGU14 +0.34%) is up +0.45%. Agriculture and livestock prices are mixed with Dec corn down -0.49% at a contract low and Nov soybeans down -0.56% at a fresh 5-month low. The dollar index (DXY00 +0.03%) is down -0.01%. EUR/USD (^EURUSD) is down -0.02%. USD/JPY (^USDJPY) is up +0.08%. Sep T-note prices (ZNU14 -0.01%) are up +1 tick.
China Jun CPI rose +2.3% y/y, less than expectations of +2.4% y/y. Jun PPI fell -1.1% y/y, slightly more than expectations of -1.0% y/y, but still the slowest pace of decline in 2 years.
UK Jun Halifax house prices fell -0.6% m/m and rose +8.8% 3-months/year-over-year, weaker than expectations of -0.3% m/m and +8.9% 3-months/year-over-year.
The UK Jun BRC shop price index fell -1.8% y/y, a bigger slide than the -1.4% y/y drop in May and the fastest pace of decline since the data series began in 2006.
Japan Jun machine tool orders surged +34.2% y/y, a larger increase than May's +24.1% y/y gain.

U.S. STOCK PREVIEW

The FOMC today will release the minutes from its last meeting on June 17-18. The Treasury today will sell $21 billion of 10-year T-notes. There is one Russell 1000 company that reports earnings today: MSC Industrial (consensus $1.07). Equity conferences during the remainder of this week include: Europe 2020 a Driver to Global Growth? on Tue-Wed.

OVERNIGHT U.S. STOCK MOVERS

American Express (AXP -0.87%) was upgraded to 'Buy' from 'Neutral' at Guggenheim.
Schlumberger (SLB -0.58%) was upgraded to 'Overweight' from 'Neutral' at HSBC.
Louisiana-Pacific (LPX -2.65%) was downgraded to 'Sector Perform' from 'Outperform' at RBC Capital.
BNP Paribas (BNPQY -2.04%) was downgraded to 'Neutral' from 'Overweight' at JPMorgan Chase.
Deutsche Bank (DB -1.78%) was upgraded to 'Overweight' from 'Neutral' at JPMorgan Chase.
Potash (POT -0.72%) was downgraded to 'Neutral' from 'Overweight' at JPMorgan Chase.
Marvell (MRVL +0.76%) was downgraded to 'Underperform' from 'Perform' at Oppenheimer.
Broadcom (BRCM +0.05%) was upgraded to 'Outperform' from 'Perform' at Oppenheimer.
British Petroleum (BP -0.46%) was downgraded to 'Hold from 'Buy at Deutsche Bank.
Davidson Kempner Partners reported a 7.89% passive stake in Jason Industries (JASN -0.19%) .
Healthcare Services (HCSG -0.76%) reported Q2 EPS of 20 cents, weaker than consensus of 22 cents.
Bob Evans (BOBE -0.70%) reported Q4 EPS of 48 cents, better than consensus of 41 cents.
Alcoa (AA +0.75%) rose nearly 2% in pre-market trading after it reported Q2 adjusted EPS of 18 cents, well above consensus of 12 cents.
International Paper (IP -0.83%) announced its board has authorized an additional $1.5 billion share buyback program to supplement the $1.5 billion share repurchase program authorized in September 2013.

MARKET COMMENTS

Sep E-mini S&Ps (ESU14 +0.06%) this morning are unch. The S&P 500 index on Tuesday fell to a 1-week low and closed lower. Bearish factors for stocks included (1) negative carry-over from a slide in European stocks to a 1-1/2 month low on European economic concerns after German May exports fell more than expected and after UK manufacturing unexpectedly contracted by the most in 16 months, and (2) valuation concerns with stocks in the S&P 500 trading at 16.5 times projected earnings, above the 5-yr average of 14.3. Closes: S&P 500 -0.70%, Dow Jones -0.69%, Nasdaq -1.19%.
Sep 10-year T-notes (ZNU14 -0.01%) this morning are up +1 tick. Sep 10-year T-note futures prices on Tuesday closed higher. The main bullish factor Tuesday was the slide in stocks which prompted short-covering in Treasuries on increased safe-haven demand for U.S. government debt. Closes: TYU4 +11.50, FVU4 +5.75.
The dollar index (DXY00 +0.03%) this morning is down -0.005 (-0.01%). EUR/USD (^EURUSD) is down -0.0003 (-0.02%). USD/JPY (^USDJPY) is up +0.08 (+0.08%). The dollar index on Tuesday closed lower. Negative factors included (1) weakness in USD/JPY as the fall in the S&P 500 to a 1-week low boosted safe-haven demand for the yen, and (2) the drop in the 10-year T-note yield which reduces the dollar’s interest rate differentials. Strength in EUR/USD was limited on European economic concerns after German May exports fell more than expected. Closes: Dollar index -0.039 (-0.05%), EUR/USD +0.0007 (+0.05%). USD/JPY -0.29 (-0.28%).
Aug WTI crude oil (CLQ14 -0.11%) this morning is down -11 cents (-0.11%). Aug gasoline (RBQ14 -0.50%) is down -0.0146 (-0.49%) at a 4-week low. Aug crude and gasoline prices on Tuesday posted 3-week lows and closed lower. Bearish factors included (1) the slide in stocks, which reduces confidence in the economic outlook and energy demand, and (2) a lack of disruption to oil exports in Iraq, OPEC’s second-largest producer, as militants have so far failed to extend their insurgency to southern Iraq, where 75% of the country’s oil output is located. Losses were limited on expectations that weekly EIA inventory data on Wed will show crude stockpiles fell -2.5 mln bbl. Closes: CLQ4 -0.13 (-0.13%) RBQ4 -0.0181 (-0.61%).

GLOBAL EVENT CALENDAR07/09/2014

US	0700 ET	Weekly MBA mortgage applications, previous -0.2% with purchase sub-index -0.7% and refi sub-index +0.1%.
	1030 ET	EIA Weekly Petroleum Status Report.
	1300 ET	Treasury auctions $21 billion 10-year T-notes.
	1400 ET	Jun 17-18 FOMC meeting minutes.
UK	0300 ET	UK Jun Halifax house prices expected -0.3% m/m and +8.9% y/y 3-mo/year-over-year, May +3.9% m/m and +8.7% 3-mo/year-over-year.
	1901 ET	UK Jun RICS house price balance expected 55%, May 57%.
JPN	1950 ET	Japan Jun PPI expected +0.1% m/m and +4.5% y/y, May +0.3% m/m and +4.4% y/y.
	1950 ET	Japan May tertiary industry index expected +178% m/m, Apr -5.4% m/m.
	1950 ET	Japan May machine orders expected +0.7% m/m and +10.1% y/y, Apr -9.1% m/m and +17.6% y/y.
CHI	n/a	China Jun new yuan loans expected 955.0 billion yuan, May 870.8 billion yuan.
	n/a	China Jun trade balance expected +$36.95 billion, May +$35.92 billion. Jun exports expected +10.4% y/y, May +7.0% y/y. Jun imports expected +6.0% y/y, May -1.6% y/y.

U.S. STOCK CALENDAR07/09/2014

Company Name	Ticker	Time	Event Description	Period	Estimate
MSC Industrial Direct Co Inc	MSM US	Bef-mkt	Q3 2014 Earnings Release	Q3 2014	1.066
MSC Industrial Direct Co Inc	MSM US	8:30	Q3 2014 Earnings Call	Q3 2014
Salix Pharmaceuticals Ltd	SLXP US	10:00	Investor Day	Y 2014
Healthcare Trust of America Inc	HTA US		Annual General Meeting

BARCHART MORNING CALL 4/1

BARCHART MORNING CALL

Tuesday, April 1st, 2014View Older Reports

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OVERNIGHT MARKETS AND NEWS

June E-mini S&Ps (ESM14 +0.23%) this morning are up +0.27% at a 1-week high and European stocks are up +0.71% on reduced geopolitical risks after Russian President Putin told German Chancellor Merkel that he ordered a partial troop pullout of troops from near Ukraine's border. European stocks also benefited from a decline in German unemployment for a fourth month as the German Mar unemployment rate remained at a two decade low. Asian stocks closed mixed: Japan -0.24%, Hong Kong +1.34%, China +0.78%, Taiwan +0.27%, Australia -0.10%, Singapore +0.31%, South Korea +0.33%, India +0.27%. Chinese stocks closed higher after a gauge of Chinese manufacturing activity last month unexpectedly rose, while Japanese stocks fell after Japan's Q1 Tankan index of sentiment among large manufacturers rose less than expected. Commodity prices are mixed. May crude oil (CLK14 -0.29%) is down -0.32%. May gasoline (RBK14 -0.22%) is down -0.25%. Jun gold (GCM14 +0.01%) is up +0.12%. May copper (HGK14 -0.13%) is down -0.02%. Agriculture and livestock prices are mixed, although May soybeans are up +1.14% at a 6-1/2 month nearest-futures high. The dollar index (DXY00 -0.03%) is down -0.03%. EUR/USD (^EURUSD) is up +0.20%. USD/JPY (^USDJPY) is up +0.16%. June T-note prices (ZNM14 -0.05%) are down -3.5 ticks.
The German Mar unemployment change fell -12,000, a bigger decline than expectations of -10,000. The Mar unemployment rate was unchanged at 6.7% from a downward revised 6.7% in Feb that was originally reported at 6.8%. The 6.7% unemployment rate is the lowest since data for a reunified Germany began in 1991.
The Eurozone Feb unemployment rate was unchanged at 11.9% from a downward revised reading in Jan of 11.9% that was originally reported at 12.0%.
The Japan Q1 Tankan large manufacturing business conditions rose +1 point to 17, less than expectations of +3 to 19, but still the best level in 6-1/4 years.
Japan Feb labor cash earnings were unchanged y/y, better than expectations of -0.1% y/y.
The China Mar manufacturing PMI unexpectedly rose +0.1 to 50.3, better than expectations of -0.1 to 50.1.

U.S. STOCK PREVIEW

Today’s March ISM manufacturing index is expected to show an increase of +0.8 to 54.0, adding to the +1.9 point increase to 53.2 seen in February. Today’s March total vehicle sales report is expected to improve to 15.80 million units from 15.27 million units in February. There are 2 of the Russell 1000 companies that report earnings today: Apollo Education (consensus $0.19), and Tech Data Corp (1.93). Equity conferences during the remainder of this week include: Pacific Crest Future Technology Investor Forum on Wed, Wolfe Research Power Gas Deep Dive Conference on Wed, Wells Fargo Tech Transformation Summit on Wed, Mitsubishi UFJ Securities Utilities Conference on Wed, Pacific Crest Future Technology Investor Forum on Wed, Wells Fargo Tech Transformation Summit on Wed-Thu, HSBC Real Estate Conference on Thu, and Wells Fargo Tech Transformation Summit on Thu.

OVERNIGHT U.S. STOCK MOVERS

According to Beverage Digest, U.S. retail sales of carbonated soft drinks shrank 1% to $76.3 billion in 2013, representing the first downturn in dollar terms in at least 15 years, with soda volumes shrinking an estimated 3% last year, the ninth straight year of contraction. Beverage makers include Coca-Cola (KO -0.74%) , PepsiCo (PEP +0.66%) , Dr. Pepper Snapple (DPS +0.95%) , Monster Beverage (MNST -0.06%) and Starbucks (SBUX -0.43%) .
Potash (POT +1.86%) was downgraded to 'Hold' from 'Buy' at Cantor.
Oasis Petroleum (OAS -0.74%) was downgraded to 'Hold' from 'Buy' at Deutsche Bank.
United Continental (UAL +3.89%) and LabCorp (LH +0.17%) were both upgraded to 'Buy' from 'Neutral' at UBS.
MetLife (MET +0.46%) was added to the U.S. 1 List at BofA/Merrill.
Huntington Ingalls Industries (HII +2.36%) said it received a $497 million government contract from the U.S. Coast Guard to build a seventh Legend-class National Security Cutter.
Crown Cork & Seal Company reported a 11.6% passive stake in AEP Industries (AEPI +0.98%) .
Strategic Value Partners reported a 9.4% passive stake in Genco Shipping (GNK +4.14%) .
Ionic Capital reported a 5.08% passive stake in LIN Media (LIN +0.72%) .
GLG Partners reported a 7.46% passive stake in Emerald Oil (EOX +0.15%) .
General Motors (GM -0.89%) said it will take a Q1 charge of up to $750 million for recall-related repairs.
Gabelli reported a 5.42% stake in BioScrip (BIOS +3.41%) .
Reuters reported that JPMorgan Chase (JPM +1.12%) failed to win dismissal of shareholder securities fraud lawsuit over "London whale" losses.

MARKET COMMENTS

June E-mini S&Ps (ESM14 +0.23%) this morning are up +5.00 points (+0.27%) at a 1-week high. The S&P 500 on Monday settled higher. Supportive factors included (1) reduced geopolitical risks after U.S. Secretary of State Kerry and Russian Foreign Minister Lavrov said that the U.S. and Russia agree on the need for a diplomatic solution to tensions over Ukraine, and (2) dovish comments from Fed Chair Yellen who said that “considerable slack” in the labor market is evidence that the Fed’s extraordinary accommodation will be needed for “some time.” Closes: S&P 500 +0.79, Dow Jones +0.82%, Nasdaq +0.68%.
Jun 10-year T-notes (ZNM14 -0.05%) this morning are down -3.5 ticks. Jun 10-year T-note futures prices Monday closed slightly lower. Strength in stocks reduced safe-haven demand for Treasuries, but that was offset by the weaker-than-expected Mar Chicago PMI and from dovish comments from Fed Chair Yellen who said the Fed’s extraordinary accommodation will be needed for “some time.” Closes: TYM4 -2.00, FVM4 +2.00.
The dollar index (DXY00 -0.03%) this morning is down -0.023 (-0.03%). EUR/USD (^EURUSD) is up +0.0028 (+0.20%). USD/JPY (^USDJPY) is up +0.17 (+0.16%). The dollar index on Monday closed lower after dovish comments from Fed Chair Yellen who said the U.S. economy will need support for “some time.” The dollar remained in negative territory after the Mar Chicago PMI slipped to its slowest pace of expansion in 7 months. USD/JPY rose to a 2-1/2 week high on reduced safe-haven demand for the yen as stocks rallied. Closes: Dollar index -0.076 (-0.09%), EUR/USD +0.00171 (+0.12%), USD/JPY +0.406 (+0.39%).
May WTI crude oil (CLK14 -0.29%) this morning is down -32 cents (-0.32%) and May gasoline (RBK14 -0.22%) is down -0.0072 (-0.25%). May crude and gasoline prices on Monday closed lower. An easing of geopolitical tensions undercut crude prices after U.S. Secretary of State Kerry and Russian Foreign Minister Lavrov said that the U.S. and Russia agree on the need for a diplomatic solution to tensions over Ukraine. Losses were limited as stocks rose and the dollar weakened after Fed Chair Yellen said that extraordinary accommodation will still be needed for “some time.” Closes: CLK4 -0.09 (-0.09%). RBK4 -0.0188 (-0.64%).

GLOBAL EVENT CALENDAR04/01/2014

US	0945 ET	Revised Mar Markit manufacturing PMI expected 55.9, previous -1.6 to 55.5.
	1000 ET	Mar ISM manufacturing expected +0.8 to 54.0, Feb +1.9 to 53.2. Mar new orders index, Feb +3.3 to 54.5. Mar ISM prices paid expected -0.5 to 59.5, Feb -0.5 to 60.0.
	1000 ET	Feb construction spending expected +0.1%, Jan +0.1% m/m.
	1700 ET	Mar total vehicle sales expected 15.80 million, Feb 15.27 million. Mar domestic vehicle sales expected 12.40 million, Feb 11.98 million.
JPN	0100 ET	Japan Mar vehicle sales, Feb +15.0% y/y.
GER	0355 ET	German Mar unemployment change expected -10,000, Feb -14,000. Mar unemployment rate expected unch at 6.8%.
EUR	0500 ET	Eurozone Feb unemployment rate expected unch at 12.0%.

U.S. STOCK CALENDAR04/01/2014

Company Name	Ticker	Time	Event Description	Period	Estimate
Ford Motor Co	F US	4/1/2014	March 2014 Sales and Revenue Call	2014
Ford Motor Co	F US	4/1/2014	March 2014 Sales and Revenue Release	2014
General Motors Co	GM US	4/1/2014	GM Testifies on Vehicle Recalls
Regal Entertainment Group	RGC US	4/1/2014	Ascendiant Quarterly Management Discussion Series
Apollo Education Group Inc	APOL US	4/1/2014	Q2 2014 Earnings Call	Q2 2014
Apollo Education Group Inc	APOL US	4/1/2014	Q2 2014 Earnings Release	Q2 2014	0.191
Tech Data Corp	TECD US	4/1/2014	Q4 2014 Earnings Release	Q4 2014	1.933

Barchart Morning Call 5/16

BARCHART MORNING CALL

Thursday, May 16th, 2013View Older Reports

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OVERNIGHT MARKETS AND NEWS

June E-mini S&Ps (ESM13 unch) this morning are down % and European stocks are lower by % as equity markets consolidate their recent gains. Asian stocks closed mixed: Japan -0.39%, Hong Kong +0.17%, China +1.83%, Taiwan +0.86%, Australia -0.50%, Singapore +0.31%, South Korea +0.93%, India +0.17%. Foreign direct investment unexpectedly slowed last month in China, while the Japanese economy in Q1 expanded at its fastest pace in a year. Commodity prices are mostly lower. June WTI crude oil (CLM13 -0.50%) is down -0.60%, June gasoline (RBM13 -0.31%) is down -0.31%, June natural gas (NGM13 -0.17%) is up +0.29%, June gold (GCM13 -1.54%) is down -1.67% and July copper (HGN13 -0.80%) is down -0.84%. Agriculture prices are higher. The dollar index (DXY00 +0.06%) is up +0.11%. EUR/USD (^EURUSD) is down -0.18%. USD/JPY (^USDJPY) is up +0.40%. June 10-year T-note futures prices (ZNM13 +0.01%) are down -2 ticks.
Philadelphia Fed President Plosser said to reporters in Milan, Italy today that the current Fed QE pace was appropriate for six months ago, but recent economic data means the Fed should taper QE in June.
The Eurozone Mar trade balance widened to +18.7 billion euros, more than expectations of +11.5 billion euros. Eurozone Mar exports rose a seasonally adjusted +2.8% from Feb, while Mar imports fell -1.0% m/m.
China Apr foreign direct investment climbed +0.4% y/y, much weaker than expectations of +6.2% y/y, and raises growth concerns in China.
Japan Q1 GDP grew +0.9% q/q and +3.5% annualized, better than expectations of +0.7% q/q and +2.7% annualized, although the Q1 GDP deflator fell -1.2% y/y, weaker than expectations of -0.9% y/y and the biggest decline since Q4 2011.
Japan Mar industrial production was revised up to +0.9% m/m and -6.7% y/y, stronger than the previously reported +0.2% m/m and -7.3% y/y, although Mar capacity utilization was revised lower to -0.8% m/m from the originally reported -0.7% m/m.

U.S. STOCK PREVIEW

Today’s initial unemployment claims report is expected to show an increase of +7,000 to 330,000, more than reversing last week’s -4,000 decline to 323,000. Continuing claims are expected to fall by -2,000 to 3.003 million, adding to last week’s decline of -27,000 to 3.005 million. Today’s April CPI report is expected to show a decline of -0.3% m/m, adding to the -0.2% decline seen in March. The April core CPI is expected to show an increase of +0.2% m/m after the +0.1% increase seen in March. Today’s April housing starts report is expected to show a decline of -5.4% to 980,000, reversing most of the +7.0% increase to 1.036 million seen in March. Today’s May Philadelphia Fed manufacturing index is expected to show a small +1.0 point increase to 2.3 after the -0.7 point decline to 1.3 seen in April.
Today is a big day for retailer earnings reports including Wal-Mart (consensus $1.15), Kohl's (0.57), JC Penney (-1.05), and Nordstrom (0.76). Other reports today include Applied Materials (0.13), Autodesk (0.45), and Dell (0.35). Dell's report will be watched the implications for further data on the fall-out from the recent plunge in desktop computer sales.
Conferences during the remainder of this week include Citi Global Energy and Utilities Conference on Tue-Thu, JPMorgan Global Technology, Media and Telecom Conference on Tue-Thu, Bank of America Merrill Lynch Health Care Conference on Tue-Thu, Bank of America Merrill Lynch Global Transportation Conference on Wed-Thu, RBC Capital Markets Aerospace & Defense Conference on Wed-Thu, 15th Annual Medicaid and GP Congress on Wed-Thu, Morgan Stanley Refining Conference on Thu, 19th International Cash, Treasury and Risk for Finance Professionals in Asia Co on Wed-Fri, and Google Developers Conference on Wed-Fri.

OVERNIGHT U.S. STOCK MOVERS

Both Molson Coors (TAP -0.06%) and Constellation Brands (STZ +0.22%) were upgraded to "Buy" from "Hold" at Stifel.
Coca-Cola Enterprises (CCE +2.68%) was downgraded to "Hold" from "Buy" at Stifel because of valuation.
WalMart (WMT +1.37%) reported Q1 EPS of $1.14, slightly weaker than consensus of $1.15, and said it sees Q2 EPS of $1.22-$1,27, weaker than consensus of $1.29.
Kohl's (KSS +1.00%) reported Q1 EPS of 66 cents, better than expectations of 57 cents.
Actavis (ACT +1.81%) rose nearly 6% in pre-market trading after the WSJ reported that Novartis AG my bid for the largest U.S. maker of generic drugs.
The WSJ reported that General Electric (GE +1.00%) said more than 70 Boeing (BA +0.95%) 777 models may be affected by an engine manufacturing defect.
Potash (POT +0.70%) increased its quarterly dividend to 35 cents per share from 28 cents.
The U.S. Food and Drug Administration approved a new use for Simponi, a drug marketed by Janssen, a unit of Johnson & Johnson (JNJ +0.77%) , to treat adults with moderate to severe ulcerative colitis.
Berkshire Hathaway reported a 5.03% passive stake in Liberty Media (LMCA +1.76%) and a 5.8% passive stake in DirecTV (DTV +1.18%) .
Aegean Marine (ANW +2.04%) reported Q1 adjusted EPS of 13 cents, weaker than consensus of 14 cents.
Sapient (SAPE +0.27%) reported Q1 adjusted EPS of 12 cents, better than consensus of9 cents.
Monthly data from ComScore showed Google (GOOG +3.25%) sites led U.S. April searches on the internet with 66.5% of search queries conducted, followed by Microsoft (MSFT +0.95%) sites with 17.4%, and Yahoo! (YHOO +2.63%) sites with 12%.
Jack in the Box (JACK +0.29%) reported Q2 adjusted EPS of 33 cents, better than consensus of 31 cents.
Cisco (CSCO -0.28%) rallied over 8% in after-hours trading after it reported Q3 EPS of 51 cents, higher than consensus of 49 cents.

MARKET COMMENTS

June E-mini S&Ps (ESM13 unch) this morning are little changed, down -0.50 (-0.03%). The S&P 500 index on Wednesday recovered from early losses tied to a weaker-than-expected May Empire manufacturing index (-1.43 vs. expectations of 4.00) and Apr industrial production (-0.5% vs., expectations of -0.2%). The market rallied to a new all-time high and closed higher on speculation the weak economic data will keep the Fed from scaling back QE3. Closes: S&P 500 +0.51%, Dow Jones +0.40%, Nasdaq 100 +0.22%.
June 10-year T-notes (ZNM13 +0.01%) this morning are down -2 ticks. June 10-year T-note futures prices on Wednesday recovered from a 1-1/2 month low and settled higher after the weaker-than-expected May Empire manufacturing index and April industrial production report. However, a rally in the Dow and S&P 500 to record highs undercut the safe-haven demand for Treasuries. Closes: TYM3 -8.0, FVM3 -3.0.
The dollar index (DXY00 +0.06%) this morning is up +0.094 (+0.11%). EUR/USD (^EURUSD) is down -0.0023 (-0.18%) and USD/JPY (^USDJPY) is up +0.41 (+0.40%). The dollar index on Wednesday rallied to a new 9-1/2 month high as a weaker-than-expected Eurozone Q1 GDP report sent EUR/USD falling to a 1-1/4 month low on speculation the ECB will expand its easing measures, which will further undercut the euro’s interest-rate differentials. USD/JPY fell back from a 4-1/2 year high as strength in stocks undercut the safe-haven demand for the yen. Closes: Dollar index +0.235 (+0.28%), EUR/USD -0.00337 (-0.26%), USD/JPY -0.156 (-0.15%).
June WTI crude oil (CLM13 -0.50%) this morning is down -57 cents (-0.60%) and June gasoline (RBM13 -0.31%) is down -0.0090 (-0.31%). June crude oil and gasoline shook off early losses and closed higher as a rally in the S&P 500 to a record high boosted economic optimism. Crude and gasoline had earlier fallen to 2-week lows on bearish factors that included (1) the rally in the dollar index to a 9-1/2 month high, (2) the weaker-than-expected Eurozone Q1 GDP report (-0.2% q/q vs. expectations of -0.1% q/q) and U.S. Apr industrial production (-0.5% vs. expectations of -0.2%), and (3) EIA data showing that U.S. fuel consumption fell -584,000 bbl to 18.5 million bpd in the week ended May 10. Closes: CLM3 +0.09 (+0.10%), RBM3 +0.0294 (+1.04%).

GLOBAL EVENT CALENDAR05/16/2013

US	0345 ET	Philadelphia Fed President Charles Plosser speaks on monetary policy and the economic outlook at the Global Interdependence Center on Milan.
	0745 ET	Boston Fed President Eric Rosengren speaks on monetary policy and the economic outlook at the Global Interdependence Center on Milan.
	0830 ET	Weekly initial unemployment claims expected +7,000 to 330,000, previous -4,000 to 323,000. Weekly continuing claims expected -2,000 to 3.003 million, previous -27,000 to 3.005 million.
	0830 ET	Apr CPI expected -0.3% m/m and +1.3% y/y, Mar -0.2% m/m and +1.5% y/y. Apr CPI ex food & energy expected +0.2% m/m and +1.8% y/y, Mar +0.1% m/m and +1.9% y/y.
	0830 ET	Apr housing starts expected -5.4% to 980,000, Mar +7.0% to 1.036 million. Apr building permits expected +3.6% to 940,000, Mar -3.4% to 907,000.
	0830 ET	USDA weekly Export Sales.
	0900 ET	Dallas Fed President Richard Fisher speaks at the NABE 2013 Industry Conference in Houston, TX.
	1000 ET	May Philadelphia Fed manufacturing index expected +1.0 to 2.3, Apr -0.7 to 1.3.
	1100 ET	Treasury announces amount of 10-year TIPS to be auctioned on May 23.
	1505 ET	San Francisco Fed President John Williams delivers a speech on the economy and monetary policy to the Portland Business Journal 2013 CFO of the Year awards luncheon.
JPN	0030 ET	Revised Japan Mar industrial production, previous +0.2% m/m and -7.3% y/y. Revised Mar capacity utilization, previous +0.7% m/m.
	1950 ET	Japan Mar machine orders expected +3.3% m/m and -4.9% y/y, Feb +7.5% m/m and -11.3% y/y.
EUR	0500 ET	Revised Eurozone Apr CPI, previous +1.2% y/y. Revised Apr CPI core, previous +1.0% y/y.

U.S. STOCK CALENDAR05/16/2013

Company Name	Symbol	Time	Event Description	Period	EPS Est (US$)
Wal-Mart Stores Inc	WMT US	Bef-mkt	Q1 2014 Earnings Release	Q1 2014	1.145
Flowers Foods Inc	FLO US	Bef-mkt	Q1 2013 Earnings Release	Q1 2013	0.429
Wal-Mart Stores Inc	WMT US	7:00	Q1 2014 Earnings Call	Q1 2014
Kohl's Corp	KSS US	7:30	Q1 2014 Earnings Release	Q1 2014	0.566
Kohl's Corp	KSS US	8:30	Q1 2014 Earnings Call	Q1 2014
KeyCorp	KEY US	8:30	Annual General Meeting	Y 2013
Flowers Foods Inc	FLO US	8:30	Q1 2013 Earnings Call	Q1 2013
Advanced Micro Devices Inc	AMD US	9:00	Annual General Meeting	Y 2013
Altria Group Inc	MO US	9:00	Annual General Meeting	Y 2013
Bruker Corp	BRKR US	9:30	Annual General Meeting	Y 2013
Hess Corp	HES US	10:00	Annual General Meeting	2013
Host Hotels & Resorts Inc	HST US	10:00	Annual General Meeting	Y 2013
Marsh & McLennan Cos Inc	MMC US	10:00	Annual General Meeting	Y 2013
Sealed Air Corp	SEE US	10:00	Annual General Meeting	Y 2013
Regions Financial Corp	RF US	10:00	Annual General Meeting	Y 2013
Apache Corp	APA US	11:00	Annual General Meeting	Y 2013
OGE Energy Corp	OGE US	11:00	Annual General Meeting	Y 2013
St Joe Co/The	JOE US	11:00	Annual General Meeting	Y 2013
Westar Energy Inc	WR US	11:00	Annual General Meeting	Y 2013
Covanta Holding Corp	CVA US	11:00	Annual General Meeting	Y 2013
Dr Pepper Snapple Group Inc	DPS US	11:00	Annual General Meeting	Y 2013
Intel Corp	INTC US	11:30	Annual General Meeting	Y 2013
Autodesk Inc	ADSK US	Aft-mkt	Q1 2014 Earnings Release	Q1 2014	0.446
Dell Inc	DELL US	Aft-mkt	Q1 2014 Earnings Release	Q1 2014	0.346
Nordstrom Inc	JWN US	Aft-mkt	Q1 2014 Earnings Release	Q1 2014	0.759
Applied Materials Inc	AMAT US	Aft-mkt	Q2 2013 Earnings Release	Q2 2013	0.13
Brocade Communications Systems Inc	BRCD US	Aft-mkt	Q2 2013 Earnings Release	Q2 2013	0.151
Questar Corp	STR US		Analyst Day - New York	Y 2013
Hasbro Inc	HAS US		ITC Hearing on Patent-Infrigement of Laminated Packaging
ACE Ltd	ACE US		Annual General Meeting	Y 2013
Lear Corp	LEA US		Annual General Meeting	Y 2013