Showing posts with label QLGC. Show all posts
Showing posts with label QLGC. Show all posts

Monday, April 11, 2016

MORNING CALL 4/11

MORNING CALL
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
US0925 ETNew 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 ETUSDA weekly grain export inspections.
1300 ETDallas Fed President Rob Kaplan speaks at a community forum at Louisiana Tech University.
1600 ETUSDA Weekly Crop Progress.
UK1901 ETUK Mar BRC sales like-for-like expected +1.4% y/y, Feb +0.1% y/y.
U.S. STOCK CALENDAR04/11/2016
CompanyTickerTimeEvent DescriptionPeriodEstimate
Liberty Media CorpLMCA US15:30Extraordinary Shareholders MeetingY 2016
Alcoa IncAA US17:00Q1 2016 Earnings CallQ1 2016
Alcoa IncAA USAft-mktQ1 2016 Earnings ReleaseQ1 20160.023
Goodyear Tire & Rubber Co/TheGT USAnnual General Meeting
AO Smith CorpAOS USAnnual General Meeting
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Friday, January 29, 2016

MORNING CALL 1/29

MORNING CALL

OVERNIGHT MARKETS AND NEWS
March E-mini S&Ps (ESH16 +0.84%) are up +0.76% and European stocks are up +0.78% as global stock and bond markets rallied after the BOJ unexpectedly adopted a negative interest rate. Also, Microsoft is up over 3% in pre-market trading after it reported better-than-expected earnings results after the close of trade yesterday, which gave technology stocks a lift. The BOJ's action to adopt a negative interest rate sent global bond yield tumbling with the 10-year Japanese bond yield down to a record low .090%, the German 10-year bund yield down to a 9-month low 0.334% and the U.S. T-note yield down to a 3-1/2 month low of 1.92%. Asian stocks settled higher: Japan +2.80%, Hong Kong +2.54%, China +3.09%, Taiwan +2.22%, Australia +0.59%, Singapore +2.60%, South Korea +0.25%, India +1.64%.
The dollar index (DXY00 +0.59%) is up +0.56%. EUR/USD (^EURUSD) is down -0.16%. USD/JPY (^USDJPY) is up +1.75% at a 5-week high as the BOJ's action to adopt a negative interest rate undercut the yen.
Mar T-note prices (ZNH16 +0.39%) are up +19 ticks at a contract high.
The BOJ unexpectedly voted 5-4 to put an interest rate of -0.1% on reserves held at the BOJ worth 10 trillion yen to 30 trillion yen initially and will apply only to new reserves that financial institutions deposit at the BOJ. BOJ Governor Kuroda said the BOJ "won't hesitate" to add further monetary stimulus if needed and has scope to make deeper cuts to the negative rate or to increase its asset purchases.
Japan Dec industrial production fell -1.4% m/m, weaker than expectations of -0.3% m/m and the biggest decline in 7 months.
Japan Dec overall household spending fell -4.4% y/y, weaker than expectations of -2.5% y/y and the biggest decline in 9 months.
The Eurozone Jan CPI estimate rose +0.4% y/y, right on expectations. Jan core CPI rose +1.0% y/y, higher than expectations of +0.9% y/y.
U.S. STOCK PREVIEW
Key U.S. news today includes: (1) Q4 GDP expected +0.8% (q/q annualized), Q3 +2.0%) and Q4 personal consumption (expected +1.8%, Q3 +3.0%), (2) Q4 employment cost index (expected +0.6%, Q3 +0.6%), (3) Jan Milwaukee ISM (expected +1.47 to 50.00, Dec +3.19 to 48.53), (4) Jan Chicago PMI (expected +2.4 to 45.3, Dec -5.8 to 42.9), (5) University of Michigan final-Jan U.S. consumer sentiment index (expected -0.3 to 93.0, prelim-Jan +0.7 to 93.3), (6) San Francisco Fed President John Williams's speech at the Commonwealth Club in San Francisco.
There are 18 of the S&P 500 companies that report earnings today with notable reports including: MasterCard (consensus $0.70), American Airlines (1.97), Honeywell (1.58), Chevron (0.47), Phillips 66 (1.26),
U.S. IPO's scheduled to price today: Shimmick Construction (SCCI).
Equity conferences during the remainder of this week: none.






OVERNIGHT U.S. STOCK MOVERS
Microsoft (MSFT +1.64%) is up over 3% in pre-market trading after it reported Q2 adjusted EPS of 78 cents, above consensus of 71 cents.
Amazon.com (AMZN +8.91%) slumped over 10% in pre-market trading after it reported Q4 EPS of $1.00, well below consensus of $1.55, and said it sees Q1 operating income pf $100 million-$700 million, below consensus of $731.7 million.
Electronic Arts (EA +0.43%) tumbled 8% in pre-market trading after it said it sees Q4 adjusted EPS of 40 cents, below consensus of 50 cents, and then forecast fiscal 2016 adjusted EPS of $3.04, below consensus of $3.11.
Colgate-Palmolive (CL +1.12%) reported Q4 EPS of 73 cents, better than consensus of 72 cents.
Phillips 66 (PSX +1.25%) reported Q4 EPS of $1.31, higher than consensus og $1.26.
Amgen (AMGN -1.41%) rose over 1% in after-hours trading after it reported Q4 adjusted EPS of $2.61, higher than consensus of $2.29, and then raised guidance on fiscal 2016 adjusted EPS to $10.60-$11.00 from a November estimate of $10.35-$10.75, above consensus of $10.66.
Western Digital (WDC +4.63%) slid over 1% in after-hours trading after it forecast Q3 sales of $2.8 billion-$2.9 billion, below consensus of $3.23 billion.
Visa (V -2.23%) gained over 2% in after-hours trading after it reported Q1 adjusted EPS of 69 cents, higher than consensus of 68 cents.
Synaptics (SYNA -1.18%) fell nearly 2% in after-hours trading after it reported Q2 revenue of $470.5 million, below consensus of $477.9 million, and then lowered guidance on Q3 revenue to $430 million-$470 million, less than consensus of $501.4 million.
QLogic (QLGC +2.38%) surged over 10% in after-hours trading after it reported Q3 non-GAAP EPS of 33 cents, above consensus of 26 cents, and then raised guidance on Q4 adjusted EPS to 23 cents-27 cents, higher than consensus of 23 cents.
Fortinet (FTNT +2.05%) jumped over 7% in after-hours trading after it raised guidance on fiscal 2016 adjusted EPS to 67 cents-69 cents, above consensus of 67 cents.
Flextronics (FLEX -0.63%) climbed 4% in after-hours trading after it reported Q3 adjusted EPS of 35 cents, higher than consensus of 30 cents.
Skyworks Solutions (SWKS +4.26%) fell over 4% in after-hours trading after it reported Q1 adjusted EPS of $1.60, better than consensus of $1.58, but then lowered guidance on Q2 adjusted EPS to $1.24, below consensus of $1.32.
According to the WSJ, Xerox (XRX unch) will split itself into two companies; one company grouping hardware operations, and another that will house its service business.
MARKET COMMENTS
Mar E-mini S&Ps (ESH16 +0.84%) this morning are up +14.25 points (+0.76%). Thursday's closes: S&P 500 +0.55%, Dow Jones +0.79%, Nasdaq +1.39%. The S&P 500 on Thursday closed higher on the rally in crude oil to a 3-week high, which lifted energy producing stocks, and the -16,000 decline in U.S. weekly initial unemployment claims to 278,000, a bigger decline than expectations of -12,000 to 281,000. Stocks were undercut by (1) concern that companies are cutting back on capital investment after U.S. Dec capital goods orders non-defense ex-aircraft fell -4.3%, weaker than expectations of -0.2% and the biggest decline in 10 months, and (2) the +0.1% m/m and +3.1% y/y increase in U.S. Dec pending home sales, weaker than expectations of +0.9% m/m and +4.8% y/y.
Mar 10-year T-notes (ZNH16 +0.39%) this morning are up +19 ticks at a contract high. Thursday's closes: TYH6 +5.50, FVH6 +4.00. Mar T-notes on Thursday closed higher on carryover support from a rally in German bunds to an 8-1/2 month high and on the weaker-than-expected U.S. Dec durable goods orders. T-notes were undercut by reduced safe-haven demand with the rally in stocks and by the rally in crude that boosted inflation expectations after the 10-year T-note breakeven inflation rate rose to a 1-week high.
The dollar index (DXY00 +0.59%) this morning is up +0.555 (+0.56%). EUR/USD (^EURUSD) is down -0.0018 (-0.16%). USD/JPY (^USDJPY) is up +2.08 (+1.75%) at a 5-week high. Thursday's closes: Dollar Index -0.392 (-0.40%), EUR/USD +0.0047 (+0.43%), USD/JPY +0.14 (+0.12%). The dollar index on Thursday dropped to a 2-week low and closed lower on negative carryover from Wednesday's post-FOMC meeting statement that adopted more dovish language and on the weaker-than-expected U.S. Dec durable goods orders report, which adds to evidence of slowing growth that may further delay additional Fed rate hikes.
Mar crude oil (CLH16 +0.93%) this morning is up +7 cents (+0.21%) and Mar gasoline (RBH16 -0.21%) is down -0.0060 (-0.55%). Thursday's closes: CLH6 +1.42 (+4.40%), RBH6 +0.0536 (+5.02%). Mar crude oil and gasoline on Thursday closed sharply higher with Mar crude at a 3-week high and Mar gasoline at a 2-1/2 week high. Crude oil prices were boosted by the fall in the dollar index to a 2-week low and by heavy fund short covering after Russia’s Energy Minister said he may meet with OPEC next month to discuss a potential coordinated cut in crude output.
GLOBAL EVENT CALENDAR01/29/2016
US0830 ETQ4 GDP expected +0.8% (q/q annualized), Q3 +2.0%. Q4 personal consumption expected +1.8%, Q3 +3.0%. Q4 GDP price index expected +0.8%, Q3 +1.3%. Q4 core PCE deflator expected +1.2% q/q, Q3 +1.4% q/q.
0830 ETQ4 employment cost index expected +0.6%, Q3 +0.6%.
0830 ETUSDA weekly Export Sales.
0900 ETJan Milwaukee ISM expected +1.47 to 50.00, Dec +3.19 to 48.53.
0945 ETJan Chicago PMI expected +2.4 to 45.3, Dec -5.8 to 42.9.
1000 ETUniversity of Michigan final-Jan U.S. consumer sentiment index expected -0.3 to 93.0, prelim-Jan +0.7 to 93.3.
1500 ETUSDA bi-annual Cattle inventory.
1530 ETSan Francisco Fed President John Williams speaks at the Commonwealth Club in San Francisco.
JPN0000 ETJapan Dec housing starts expected +0.5% y/y to 888,000 annualized, Nov +1.7% y/y to 886,000 annualized.
0000 ETJapan Dec construction orders, Nov +5.7% y/y.
n/aBOJ announces interest rate decision.
GER0200 ETGerman Dec retail sales expected +0.4% m/m and +1.9% y/y, Nov +0.4% m/m and +2.3% y/y.
EUR0400 ETEurozone Dec M3 money supply expected +5.2% y/y, Nov +5.1% y/y.
0500 ETEurozone Jan CPI estimate expected +0.4% y/y, Dec +0.2% y/y. Jan core CPI expected +0.9% y/y, Dec +0.9% y/y.
U.S. STOCK CALENDAR01/29/2016

CompanyTickerTimeEvent DescriptionPeriodEstimate
Air Products & Chemicals IncAPD USBef-mktQ1 2016 Earnings ReleaseQ1 20161.705
Honeywell International IncHON USBef-mktQ4 2015 Earnings ReleaseQ4 20151.584
American Airlines Group IncAAL USBef-mktQ4 2015 Earnings ReleaseQ4 20151.969
Chevron CorpCVX USBef-mktQ4 2015 Earnings ReleaseQ4 20150.473
Colgate-Palmolive CoCL USBef-mktQ4 2015 Earnings ReleaseQ4 20150.72
Newell Rubbermaid IncNWL USBef-mktQ4 2015 Earnings ReleaseQ4 20150.563
Praxair IncPX USBef-mktQ4 2015 Earnings ReleaseQ4 20151.468
Tyco International PlcTYC USBef-mktQ1 2016 Earnings ReleaseQ1 20160.42
PACCAR IncPCAR USBef-mktQ4 2015 Earnings ReleaseQ4 20151.018
Simon Property Group IncSPG USBef-mktQ4 2015 Earnings ReleaseQ4 20152.386
Seagate Technology PLCSTX USBef-mktQ2 2016 Earnings ReleaseQ2 20160.71
MasterCard IncMA USBef-mktQ4 2015 Earnings ReleaseQ4 20150.695
AbbVie IncABBV USBef-mktQ4 2015 Earnings ReleaseQ4 20151.121
Baxalta IncBXLT USBef-mktQ4 2015 Earnings ReleaseQ4 20150.556
Whirlpool CorpWHR US6:00Q4 2015 Earnings ReleaseQ4 20153.91
CONSOL Energy IncCNX US6:45Q4 2015 Earnings ReleaseQ4 2015-0.093
Xerox CorpXRX US7:00Q4 2015 Earnings ReleaseQ4 20150.283
Phillips 66PSX US7:00Q4 2015 Earnings ReleaseQ4 20151.257
Tyco International PlcTYC US8:00Q1 2016 Earnings CallQ1 2016
Eastman Chemical CoEMN US8:00Q4 2015 Earnings CallQ4 2015
American Airlines Group IncAAL US8:30Q4 2015 Earnings CallQ4 2015
Newell Rubbermaid IncNWL US8:30Q4 2015 Earnings CallQ4 2015
Seagate Technology PLCSTX US9:00Q2 2016 Earnings CallQ2 2016
MasterCard IncMA US9:00Q4 2015 Earnings CallQ4 2015
AbbVie IncABBV US9:00Q4 2015 Earnings CallQ4 2015
WestRock CoWRK US9:00Q1 2016 Earnings CallQ1 2016
Honeywell International IncHON US9:30Q4 2015 Earnings CallQ4 2015
Air Products & Chemicals IncAPD US10:00Q1 2016 Earnings CallQ1 2016
Whirlpool CorpWHR US10:00Q4 2015 Earnings CallQ4 2015
Xerox CorpXRX US10:00Q4 2015 Earnings CallQ4 2015
CONSOL Energy IncCNX US10:00Q4 2015 Earnings CallQ4 2015
Chevron CorpCVX US11:00Q4 2015 Earnings CallQ4 2015
Colgate-Palmolive CoCL US11:00Q4 2015 Earnings CallQ4 2015
Praxair IncPX US11:00Q4 2015 Earnings CallQ4 2015
Simon Property Group IncSPG US11:00Q4 2015 Earnings CallQ4 2015
PACCAR IncPCAR US12:00Q4 2015 Earnings CallQ4 2015
Phillips 66PSX US12:00Q4 2015 Earnings CallQ4 2015
Monsanto CoMON US14:30Annual General MeetingY 2016
Broadcom CorpBRCM USAft-mktFederal Realty Investment Trust Replaces Broadcom Corp in S&P 500
Walt Disney Co/TheDIS USU.S. Box Office Release of Movie The Finest Hours""
Twenty-First Century Fox IncFOXA USU.S. Box Office Release of Movie Kung Fu Panda 3""
Costco Wholesale CorpCOST USAnnual General Meeting
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Monday, September 28, 2015

BARCHART MORNING CALL 9/28


OVERNIGHT MARKETS AND NEWS
December E-mini S&Ps (ESZ15 -0.51%) are down -0.68% and European stocks are down -1.60%, led by weakness in mining companies as the price of copper (ZNZ15 +0.21%) slid to a 1-month low. Chinese growth concerns weighed on stocks as well after China Aug industrial profits fell by the most in 4 years. Weakness in European automakers was another negative for European stocks, led by a -6% decline in shares of Volkswagen AG, as the company remains embroiled in the emissions-cheating scandal. Asian stocks settled mixed: Japan -1.32%, China +0.27%, Hong Kong, Taiwan and South Korea closed for holiday, Australia +1.42%, Singapore -1.44%, India -0.95%. China's Shanghai Composite erased losses of as much as 1.6% and closed higher as a rally in technology companies overshadowed data that showed industrial companies' profits fell by the most since the data began in 2011.
The dollar index (DXY00 +0.07%) is unch. EUR/USD (^EURUSD) is down -0.18% after ECB Executive Board member Lautenschlaeger said it's "too early" to talk about expanding QE. USD/JPY (^USDJPY) is down -0.43% as eh slide in stocks boosts the safe-haven demand for the yen.
Dec T-note prices (ZNZ15 +0.21%) are up +8.5 ticks.
ECB Executive Board member Lautenschlaeger said there are "some recovery signs" in the interbank money market and "it is too early to talk about concrete measures about broadening QE."
China Aug industrial profits were down -8.8% y/y, the largest decline since the data series began in 2011. Jan through Aug industrial profits are down -1.9%y/y to 3.77 trillion yuan.

U.S. STOCK PREVIEW
Key U.S. news today includes: (1) Aug personal spending (expected +0.3%), Aug personal income (expected 0.4%), Aug PCE deflator (expected unch m/m and +0.3% y/y), Aug PCE core deflator (expected +0.1% m/m and +1.2% y/y), (2) Aug pending home sales (expected +0.5% m/m and +7.8% y/y), (3) Sep Dallas Fed manufacturing activity (expected +6.8 to -9.0), (4) New York Fed President William Dudley speaks on monetary policy in an interview with the Wall Street Journal, (5) Chicago Fed President Charles Evans delivers a speech titled “A Perspective on Monetary Policy” at the Marquette University Business Leaders Forum in Milwaukee, WI, (6) San Francisco Fed President John Williams speaks on the economic outlook to the UCLA Anderson School of Management.
Five of the companies in the Russell 2000 index report earnings today: Cal-Maine Foods (consensus $3.14), Vail Resorts (-1.89), Comtech Communications (0.39), Synnex (1.44), Energy XXI Ltd. (-1.25).
U.S. IPO's scheduled to price today include: none.
Equity conferences this week include: BMO Capital Markets North American Real Estate Conference on Mon, Invest Japan Seminar 2015 on Mon, ESMO European Cancer Congress on Mon, Johnson Rice & Co Energy Conference on Mon-Wed, Deutsche Bank Leveraged Finance Conference on Tue, Jefferies West Coast Electronic Payments Summit on Tue, Wolfe Research Power and Gas Leaders Conference on Tue-Wed, D. A. Davidson & Co Engineering & Construction Conference on Wed, Leerink Partners Rare Disease Roundtable Conference on Thu.




OVERNIGHT U.S. STOCK MOVERS
RBC's chief market strategist cut his 2015 S&P 500 target to 2100 from 2325 and cut his 2015 EPS target to $120 from $128 due to commodity weakness and slower global growth.
Liberty Global Plc (LBTYA -0.48%) fell 2% in pre-market trading after Vodaphone Group Plc said talks about an exchange of assets with the companies have ended.
Comcast (CMCSA -0.49%) climbed nearly 3% in pre-market trading after it said it will buy a 51% stake in USJ. Co.
Cal-Maine (CALM +0.88%) reported Q1 EPS of $2.95, weaker than consensus of $3.14.
Citigroup (C +2.89%) was upgraded to 'Outperform' from 'Neutral' at Credit Suisse with a price target of $62.
Alcoa (AA -1.20%) jumped over 4% in pre-market trading after the company announced that it will separate into two public companies.
Stoneridge (SRI -5.35%) was raised to 'Bu' from 'Hold' at BB&T with a price target of $14.
A large study found that Bristol-Myers Squibb's (BMY -2.52%) drug Opdivo extended the lives of patients with advanced kidney cancer in a Phase 3 study.
Novo Nordisk A/S (NVO -0.18%) won FDA approval for its once-a-day Tresiba injection for adults with type 1 and 2 diabetes mellitus and also won approval for its Ryzodeg insulin drug.
Huntsman (HUN -0.86%) said that lower prices for titanium-dioxide, strength in the dollar, and "soft" demand in the Asia Pacific region will weigh on Q3 and Q4 earnings.
According to a Krebs on Security report, gift shops and restaurants at a "large number" of Hilton Hotel (HLT -0.43%) and franchise properties across the U.S. have been tied to a pattern of credit card fraud.
QLogic (QLGC -0.41%) said its board approved a restructuring plan that cuts jobs and consolidates and eliminates certain engineering activities.

MARKET COMMENTS
Dec E-mini S&Ps (ESZ15 -0.51%) this morning are down -13.00 points (-0.68%). Friday's closes: S&P 500 -0.05%, Dow Jones +0.70%, Nasdaq -0.85%. The S&P 500 Friday erased an early rally and settled little changed after a slide in the biotechnology sector dragged down health-care stocks. A 1.60% fall in China's Shanghai Composite also undercut the market. Stocks had opened higher after Fed Chair Yellen said the Fed is on course to raise interest rates this year, which suggests the U.S. economy is strong enough to handle higher interest rates. Another supportive factor was the upward revision to U.S. Q2 GDP to 3.9% q/q annualized from +3.7% q/q annualized as Q2 personal consumption was revised upward to +3.6% from +3.2%.
Dec 10-year T-notes (ZNZ15 +0.21%) this morning are up +8.5 ticks. Friday's closes: TYZ5 -9.00, FVZ5 -5.00. Dec T-notes Friday closed lower after Fed Chair Yellen said she expects the Fed to raise interest rates sometime this year. T-notes remained lower after U.S. Q2 GDP was revised higher and after the Sep University of Michigan consumer sentiment rose more than expected.
The dollar index (DXY00 +0.07%) this morning is unchanged. EUR/USD (^EURUSD) is down -0.0020 (-0.19%). USD/JPY (^USDJPY) is down -0.52(-0.18%). Friday's closes: Dollar Index +0.275 (+0.29%), EUR/USD -0.0035 (-0.31%), USD/JPY +0.52 (+0.43%). The dollar index rose to a 5-week high Friday on comments from Fed Chair Yellen who said she expects the Fed to raise interest rates this year and on the upward revision to U.S. Q2 GDP. Also, a rally in USD/JPY to a 2-week high boosted the dollar as an early rally in stocks curbed the safe-haven demand for the yen.
Nov crude oil (CLX15 -2.01%) this morning is down -83 cents (-1.82%)and Nov gasoline (RBX15 -2.06%) is down -0.0282 (-2.04%). Friday's closes: CLX5 +0.79 (+1.76%), RBX5 +0.0214 (+1.58%). Nov crude oil and gasoline closed higher Friday as stocks rallied, which bolstered confidence in the economic outlook and energy demand. Energy prices also found support after U.S. Q2 GDP was revised upward to +3.9% q/q annualized from +3.7% q/q annualized, which signals stronger energy consumption and demand. Gains were limited after the dollar index rose to a 5-week high.

GLOBAL EVENT CALENDAR09/28/2015
US0830 ETAug personal spending expected +0.3%, Jul +0.2%. Aug personal income expected +0.4%, Jul +0.4%.
0830 ETAug PCE deflator expected unch m/m and +0.3% y/y, Jul +0.1% m/m and +0.3% y/y. Aug PCE core deflator expected +0.1% m/m and +1.3% y/y, Jul +0.1% m/m and +1.2% y/y.
0830 ETNew York Fed President William Dudley speaks on monetary policy in an interview with the Wall Street Journal.
1000 ETAug pending home sales expected +0.4% m/m and +8.0% y/y, Jul +0.5% m/m and +7.2% y/y.
1030 ETSep Dallas Fed manufacturing activity expected +7.8 to -10.0, Aug -11.2 to -15.8.
1100 ETUSDA weekly grain export inspections.
1330 ETChicago Fed President Charles Evans delivers a speech titled A Perspective on Monetary Policy at the Marquette University Business Leaders Forum in Milwaukee, WI.
1600 ETUSDA weekly crop progress.
1700 ETSan Francisco Fed President John Williams speaks on the economic outlook to the UCLA Anderson School of Management.
JPN0100 ETRevised Japan Jul leading index CI, previous 104.9. Revised Jul coincident index, previous 112.2.

U.S. STOCK CALENDAR09/28/2015

CompanyTickerTimeEvent DescriptionPeriodEstimate
FedEx CorpFDX US9:00Annual General MeetingY 2015
DTE Energy CoDTE US11:30Investor DayY 2015
Exelon CorpEXC USExelon Corp Final Day to Appeal Decision to Reject Proposal of Pepco Holdings
Questar CorpSTR USRoadshow - San FranciscoY 2015
United Parcel Service IncUPS USRoadshow - ParisY 2015
King Digital Entertainment PlcKING USAnnual General Meeting
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