MORNING CALL 2/10

Barchart Morning Call

Barchart.com - Fri Feb 10, 6:33AM CST

OVERNIGHT MARKETS AND NEWS

Mar E-mini S&Ps (ESH17 +0.10%) are up +0.07% at a new record nearest-futures high on optimism President Trump's pledge to overhaul business taxes will boost economic growth. Stocks also received a boost after Chinese trade data showed China's Jan exports and imports rose more than expected, a positive sign for the global economy. European stocks erased their gains and are down -0.33% as bank stocks sold-off on political risks from French presidential elections in April along with Greek debt concerns. Asian stocks settled higher: Japan +2.49%, Hong Kong +0.21%, China +0.42%, Taiwan +0.79%, Australia +0.99%, Singapore +0.66%, South Korea +0.36%, India +0.02%. China's Shanghai Composite posted a 1-3/4 month high on signs of strength in China's economy after China Jan exports rose +7.9% y/y, the biggest increase in nearly 2 years and China Jan imports rose +16.7% y/y, the largest gain in 4-years. Japan's Nikkei Stock Index climbed to a 2-week high as exporter stocks rallied on improved earnings prospects as USD/JPY moved up to a 1-week high.

The dollar index (DXY00 +0.21%) is up +0.11% at a 1-1/2 week high. EUR/USD (^EURUSD) is down -0.17% at a 1-1/2 week low. USD/JPY (^USDJPY) is up +0.18% at a 1-week high.

Mar 10-year T-note prices (ZNH17 -0.14%) are down -5 ticks.

Japan Jan PPI rose +0.6% m/m and +0.5% y/y, stronger than expectation of +0.2% m/m and unch y/y with e +0.5% y/y gain the largest year-on-year increase in 1-3/4 years.

The China Jan trade balance widened to a $51.35 billion surplus, larger than expectations of +$48.50 billion and the biggest surplus in a year. Jan exports rose +7.9% y/y, stronger than expectations of +3.2% y/y and the largest increase in 23 months. Jan imports climbed +16.7%, stronger than expectations of +10.0% y/y and the biggest increase in 4 years.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Jan import price index (expected +0.3% m/m and +3.3% y/y, Dec +0.4% m/m and +1.8% y/y), (2) preliminary-Feb University of Michigan U.S. consumer sentiment index (expected -0.5 to 98.0, Jan +0.3 to 98.5), (3) Jan monthly budget statement (expected +$45.0 billion, Dec -$27.5 billion), (4) President Trump and Japanese Prime Minister Abe meet in Washington.

Notable S&P 500 earnings reports today include: Interpublic (consensus $0.67), Ventas (1.02), Aon (2.49), CBRE Group (0.81).

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

Equity conferences: none.

OVERNIGHT U.S. STOCK MOVERS

Activision Blizzard (ATVI +1.38%) jumped 10% in after-hours trading after it reported Q4 adjusted EPS of 92 cents, well above consensus of 73 cents, and its board authorized a $1 billion stock buyback over the next two years.

CyberArk Software Ltd (CYBR +2.90%) dropped over 3% in after-hours trading after it said it sees full-year EPS of $1.20-$1.24, weaker than consensus of $1.34.

Ellie Mae (ELLI -0.67%) climbed 5% in after-hours trading after it reported Q4 adjusted EPS of 57 cents, better than consensus of 49 cents.

VeriSign (VRSN -0.06%) gained 1% in after-hours trading after it reported Q4 adjusted EPS of 92 cents, higher than consensus of 88 cents.

Seattle Genetics (SGEN +2.11%) slid over 4% in after-hours trading after it said it sees 2017 revenue of $405 million-$445 million, below consensus of $490.5 million.

Columbia Sportswear ({=COLM =}) rose 4% in after-hours trading after it reported Q4 EPS of $1.20, above consensus of $1.10.

Monolithic Power Systems (MPWR -1.00%) slid nearly 7% in after-hours trading after it said Q4 revenue for consumer end market fell to $38 million from $38.6 million y/y, the first year-on-year decline in consumer revenue in over a year.

Trivago (TRVG +0.61%) jumped over 7% in after-hours trading after Expedia said Trivago's Q4 revenue surged +65% y/y to $183 million.

Yelp (YELP +0.19%) tumbled 9% in after-hours trading after it said it sees Q1 revenue of $195 million-$199 million, less than consensus of $204.4 million.

Cliffs Natural Resources (CLF +19.43%) fell 4% in after-hours trading after it announced an offering of 50-million common shares.

Hortonworks (HDP +2.83%) jumped 8% in after-hours trading after it said it sees 2017 GAAP revenue of $235 million-$240 million, above consensus of $234.8 million.

Regal Entertainment Group (RGC +1.16%) gained over 2% in after-hours trading after it reported Q4 adjusted EPS of 33 cents, higher than consensus of 26 cents.

MagnaChip Semiconductor (MX -2.96%) lost 3% in after-hours trading after it said it sees Q1 revenue of $157 million-$163 million, less than consensus of $166.5 million.

Control4 Corp. (CTRL +2.94%) rallied nearly 7% in after-hours trading after it reported Q4 adjusted EPS of 31 cents, better than consensus of 24 cents, and then said it sees 2017 adjusted EPS of 90 cents-98 cents, higher than consensus of 85 cents.

Radisys (RSYS +0.24%) sank nearly 15% in after-hours trading after it said it sees 2017 adjusted EPS of 7 cents-17 cents, below consensus of 25 cents.

MARKET COMMENTS

Mar E-mini S&Ps (ESH17 +0.10%) this morning are up +1.50 points (+0.07%) at a new all-time nearest-futures high. Thursday's closes: S&P 500 +0.58%, Dow Jones +0.59%, Nasdaq +0.30%. The S&P 500 on Thursday posted a new all-time high and settled higher on an unexpected -12,000 decline in U.S. weekly initial unemployment claims to a 2-3/4 month low of 234,000 (versus expectations of +3,000 to 249,000) and on President Trump's comment that he will announce a "phenomenal" tax plan within weeks, which bolstered optimism his tax plans will boost economic growth.

Mar 10-year T-notes (ZNH17 -0.14%) this morning are down -5 ticks. Thursday's closes: TYH7 -14.00, FVH7 -8.50. Mar 10-year T-notes on Thursday closed lower on the -12,000 decline in initial unemployment claims to a 2-3/4 month low and on reduced safe-have demand with the rally in stocks to new record highs.

The dollar index (DXY00 +0.21%) this morning is up +0.11 (+0.11%) at a 1-1/2 week high. EUR/USD (^EURUSD) is down -0.0018 (-0.17%) at a 1-1/2 week low. USD/JPY (^USDJPY) is up +0.20 (+0.18%) at a 1-week high. Thursday's closes: Dollar index +0.37 (+0.37%), EUR/USD -0.0043 (-0.40%), USD/JPY +1.32 (+1.18%). The dollar index on Thursday closed higher on the unexpected decline in U.S. weekly jobless claims to a 2-3/4 month low, which bolsters the case for additional Fed rate hikes, and on optimism that the Trump administration will enact fiscal policies to boost economic growth after President Trump said he will announce a "phenomenal" tax plan within the next 2-3 weeks.

Mar WTI crude oil prices (CLH17 +1.25%) this morning are up +47 cents (+0.89%) and Mar gasoline (RBH17 +1.80%) is +0.0234 (+1.49%). Thursday's closes: Mar crude +0.6 (+1.26%), Mar gasoline +0.0020 (+0.13%). Mar crude oil and gasoline on Thursday closed higher on comments from Qatar Energy Minister Mohammed Al Sada who said OPEC may need to extend its output cuts into the second half of this year to re-balance the market. Gains in crude were limited due to a stronger dollar.

GLOBAL EVENT CALENDAR02/10/2017

		Friday, Feb 10
US	0830 ET	Jan import price index expected +0.3% m/m and +3.3% y/y, Dec +0.4% m/m and +1.8% y/y.
	1000 ET	Preliminary-Feb University of Michigan U.S. consumer sentiment index expected -0.5 to 98.0, Jan +0.3 to 98.5.
	1400 ET	Jan monthly budget statement expected +$45.0 billion, Dec -$27.5 billion.
	n/a	President Trump and Japanese Prime Minister Abe meet in Washington.
		Monday, Feb 13
US	1100 ET	USDA weekly grain export inspections.

U.S. STOCK CALENDAR02/10/2017

Company	Ticker	Time	Event Description	Period	Estimate
Interpublic Group of Cos	IPG US	Bf-Mkt	Q4 2016 Earnings Release	Q4 2016	0.665
Ventas Inc	VTR US	Bf-Mkt	Q4 2016 Earnings Release	Q4 2016	1.024
Aon PLC	AON US	6:30	Q4 2016 Earnings Release	Q4 2016	2.493
CBRE Group Inc	CBG US	6:59	Q4 2016 Earnings Release	Q4 2016	0.806
Aon PLC	AON US	8:30	Q4 2016 Earnings Call	Q4 2016
Interpublic Group of Cos	IPG US	8:30	Q4 2016 Earnings Call	Q4 2016
CBRE Group Inc	CBG US	8:30	Q4 2016 Earnings Call	Q4 2016
Ventas Inc	VTR US	10:00	Q4 2016 Earnings Call	Q4 2016
Mohawk Industries Inc	MHK US	11:00	Q4 2016 Earnings Call	Q4 2016
DENTSPLY SIRONA Inc	XRAY US		Q4 2016 Earnings Release	Q4 2016	0.652
Accenture PLC	ACN US		Annual General Meeting	Y 2017

BARCHART MORNING CALL 7/2

BARCHART MORNING CALL

Thursday, July 2nd, 2015View Older Reports

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OVERNIGHT MARKETS AND NEWS

September E-mini S&Ps (ESU15 +0.14%) are up +0.18% and European stocks are unchanged before the release of U.S. Jun payroll data. Greek Finance Minister Varoufakis said he would resign if his country votes in a referendum on Jul 5 to accept European Union bailout proposals. This signals that if Greece votes in favor of the referendum, it could lead to the collapse of the current Tsipras government and the possibility of new elections. Recent polls suggest the vote is too close to call. Asian stocks closed mixed: Japan +0.95%, Hong Kong +0.12%, China -3.48%, Taiwan +0.04%, Australia +1.53%, Singapore -0.10%, South Korea +0.17%, India -0.27%. Chinese stocks remain weak after the Shanghai Composite tumbled to a 3-month low as margin traders continue to liquidate losing stock positions. The Shanghai Composite has now fallen 24% from its 7-1/3 year high on June 12.
Commodity prices are mixed. Aug crude oil (CLQ15 +0.39%) is up +0.46%, Aug gasoline (RBQ15 +1.74%) is up +1.44%. Metals prices are mixed. Aug gold (GCQ15 -0.83%) is down -0.66% at a 3-month low on speculation today's U.S. Jun non-farm payroll data will support the prospects for a Fed interest rate increase. Sep copper (HGU15 -0.06%) is up +0.11%. Agricultural prices are mostly lower.
The dollar index (DXY00 -0.05%) is down -0.04%. EUR/USD (^EURUSD) is up +0.21%. USD/JPY (^USDJPY) is up +0.28%.

Sep T-note prices (ZNU15 -0.16%) are down -4 ticks.
The ECB on Wednesday left the Emergency Liquidity Assistance that it grants to Greek banks unchanged at 88.6 billion euros, where it has remained since it was last increased on Jun 23. This signals the ECB will wait until the outcome of the Jul 5 referendum in Greece before it decides whether to increase funding to Greek banks or raise of lower the discounts imposed on collateral the Greek banks must use to obtain funds.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) June non-farm payrolls (expected +230,000 after May's +280,000) and the June unemployment rate (expected -0.1 to 5.4% after May's +0.1 to 5.5%), (2) weekly initial unemployment claims (expected -1,000 to 270,000 after last week's +3,000 to 271,000) and continuing claims (expected -11,000 to 2.236 million after last week's +22,000 to 2.247 million), (3) June New York ISM (May was -4.1 to 54.0), (4) May factory orders (expected -0.5% after April's -0.4%), and (5) May factory orders (expected -0.5% after April's -0.4%), and (5) USDA weekly Export Sales.
None of the Russell 1000 companies report earnings today.
U.S. IPO's scheduled to price today include: none.
Equity conferences during the remainder of this week: none.

OVERNIGHT U.S. STOCK MOVERS

CME Group (CME +0.70%) reported that June contracts traded per day were up 15% y/y to 14.6 million.
HealthSouth (HLS +0.87%) was upgraded to 'Outperform' from 'Market Perform' at JMP Securities.
ConAgra (CAG +2.01%) was upgraded to 'Overweight' from 'Equal Weight' at Morgan Stanley.
Ryerson (RYI +5.49%) was downgraded to 'Hold' from 'Buy' at Deutsche Bank.
Kosmos (KOS -5.93%) was upgraded to 'Outperform' from 'Market Perform' at BMO Capital.
Babcock & Wilcox (BW +2.05%) was initiated with a 'Buy' at UBS with a price target of $25.
WestRock (WRK) was initiated with a 'Buy' at Goldman Sachs with a price target of $73.
Regal Entertainment (RGC -0.53%) was upgraded to 'Neutral' from 'Sell' at B. Riley.
AstraZeneca (AZN +1.46%) was upgraded to 'Buy' from 'Hold' at Berenberg.
T-Mobile (TMUS -0.36%) was initiated with a 'Buy' at Buckingham with a price target of $50.
AT&T (T +0.14%) was initiated with a 'Buy' at Buckingham with a price target of $41.
Family Dollar (FDO +0.47%) reported Q3 adjusted EPS of 74 cents, below consensus of 82 cents.
Moody's Investors Service downgraded Greece's government bond rating to Caa3 from Caa2 and placed the rating on review for further downgrade.

MARKET COMMENTS

September E-mini S&Ps (ESU15 +0.14%) this morning are up +3.75 points (+0.18%). Wednesday's closes: S&P 500 +0.69%, Dow Jones +0.79%, Nasdaq +0.74%. The S&P 500 on Wednesday closed higher on (1) hopes for an eventual Greek bailout after Greek Prime Minister Tsipras said he's willing to accept most of the Eurozone's reform demands, and (2) signs of U.S. economic strength after the Jun ADP employment rose by +237,000, stronger than expectations of +218,000, and the Jun ISM manufacturing index rose +0.7 to 53.5, stronger than expectations of +0.4 to 53.2 and the fastest pace of expansion 5 months.
Sep 10-year T-notes (ZNU15 -0.16%) this morning are down -4 ticks. Wednesday's closes: TYU5 -22.50, FVU5 -12.50. Sep T-notes Wednesday closed lower on (1) reduced safe-haven demand for T-notes after stocks rallied on signs that Greece may be ready to accept creditor demands for a bailout, and (2) stronger-than-expected Jun ADP employment and Jun ISM manufacturing reports.
The dollar index (DXY00 -0.05%) this morning is down -0.035 (-0.04%). EUR/USD (^EURUSD) is up +0.0023 (+0.21%). USD/JPY (^USDJPY) is up +0.34 (+0.28%). Wednesday's closes: Dollar Index +0.825 (+0.86%), EUR/USD -0.00864 (-0.78%), USD/JPY +0.677 (+0.55%). The dollar index on Wednesday closed higher on the stronger-than-expected U.S. ADP and ISM reports and fears of a "no" in Sunday's Greek referendum that would likely lead to Grexit.
Aug WTI crude oil (CLQ15 +0.39%) this morning is up +26 cents (+0.46%). Aug gasoline (RBQ15 +1.74%) is up +0.0289 (+1.44%). Wednesday's closes: CLQ5 -2.50 (-4.20%), RBQ5 -0.0364 (-1.78%). Aug crude oil and gasoline closed sharply lower on Wednesday with Aug crude at a 5-week low on the unexpected +2.39 million bbl increase in weekly EIA crude inventories, more than expectations of a -2.5 million bbl decline and the first increase in 9 weeks. Gasoline prices found some underlying support after EIA gasoline supplies fell -1.76 million bbl to a 7-month low of 216.7 million bbl, a bigger decline than expectations of -250,000 bbl.

GLOBAL EVENT CALENDAR07/02/2015

US	0830 ET	Jun non-farm payrolls expected +230,000, May +280,000. Jun private payrolls expected +225,000, May +262,000. Jun manufacturing payrolls expected +6,000, May +7,000. Jun unemployment rate expected -0.1 to 5.4%, May +0.1 to 5.5%.
	0830 ET	Jun avg hourly earnings expected +0.2% m/m and +2.3% y/y, May +0.3% m/m and +2.3% y/y. Jun avg weekly hours all employees expected unch at 34.5 hours.
	0830 ET	Weekly initial unemployment claims expected -1,000 to 270,000, previous +3,000 to 271,000. Weekly continuing claims expected -11,000 to 2.236 million, previous +22,000 to 2.247 million.
	0830 ET	USDA weekly Export Sales.
	0945 ET	Jun New York ISM, May -4.1 to 54.0.
	1000 ET	May factory orders expected -0.5%, Apr -0.4%. May factory orders ex-transportation, Apr unch.
	1100 ET	Treasury announces amount of 3-year T-notes (previous $24 billion), 10-year T-notes (previous $21 billion), and 30-year T-bonds (previous $13 billion) to be auctioned Jul 7-9.
UK	0200 ET	UK Jun nationwide house prices expected +0.5% m/m and +4.5% y/y, May +0.3% m/m and +4.6% y/y.
	0430 ET	UK Jun Markit/CIPS construction PMI expected +0.6 to 56.5, May 55.9.
EUR	0500 ET	Eurozone May PPI expected +0.1% m/m and -2.0% y/y, Apr -0.1% m/m and -2.2% y/y.
JPN	2135 ET	Japan Jun Markit composite PMI, May 51.6.
CHI	2145 ET	China Jun Markit composite PMI, May 51.2.

U.S. STOCK CALENDAR07/02/2015

Company	Ticker	Time	Event Description	Period	Estimate
Bed Bath & Beyond Inc	BBBY US	9:00	Annual General Meeting	Y 2015
Freescale Semiconductor Ltd	FSL US	9:00	Extraordinary Shareholders Meeting - M&A Vote	Y 2015
Equifax Inc	EFX US		Investor Meeting - New York	Y 2015
AutoNation Inc	AN US		June 2015 Sales and Revenue Release	2015
Delta Air Lines Inc	DAL US		June 2015 Sales and Revenue Release - Traffic Results	2015
Kraft Foods Group Inc	KRFT US		Extraordinary Shareholders Meeting	Y 2015

BARCHART MORNING CALL 2/13

BARCHART MORNING CALL

Friday, February 13th, 2015View Older Reports

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OVERNIGHT MARKETS AND NEWS

March E-mini S&Ps (ESH15 +0.12%) this morning are up +0.17% at a record high and European stocks are up +0.83% at a 6-1/2 year high after German Q4 GDP expanded +0.7% q/q, more than twice as much as forecast. Also, optimism has increased over Greek debt talks after government officials taking part in Greece's debt negotiations said both sides are signaling willingness to compromise. That sent the yield on Greece's 10-year bond falling to a 2-week low of 9.15% and fueled gains in Italian, Spanish and Portuguese government bonds. Asian stocks closed mostly higher: Japan -0.37%, Hong Kong +1.07%, China +0.78%, Taiwan +0.35%, Australia +2.33%, Singapore +0.21%, South Korea +0.83%, India +1.01%. China's Shanghai Stock Index rose to a 1-week high on signs of stronger credit growth after China Jan new yuan loans rose by the most in 5-1/2 years. Commodity prices are mostly higher. Mar crude oil (CLH15 +1.19%) is up +1.46% and Mar gasoline (RBH15 +0.45%) is up +1.07%. Apr gold (GCJ15 +0.31%) is up +0.28%. Mar copper (HGH15 -0.04%) is up +0.17% at a 1-month high. Agriculture prices are higher. The dollar index (DXY00 +0.16%) is down -0.01%. EUR/USD (^EURUSD) is up +0.09%. USD/JPY (^USDJPY) is down -0.18%. Mar T-note prices (ZNH15 -0.15%) are down -6 ticks.
German Q4 GDP rose +0.7% q/q and +1.6% y/y (nsa), better than expectations of +0.3% q/q and +1.2% y/y (nsa).
The German Jan wholesale price index fell -0.4% m/m, the fourth straight monthly decline, and fell -2.6% y/y, the largest annual decrease in 5 years.
Eurozone Q4 GDP rose +0.3% q/q and +0.9% y/y, better than expectations of +0.2% q/q and +0.8% y/y.
UK Dec construction output rose +0.4% m/m, less than expectations of +2.7% m/m, and on an annual basis rose +5.5% y/y, right on expectations.
China Jan new yuan loans totaled 1.47 trillion yuan, more than expectations of 1.35 trillion yuan and the most in 5-1/2 years.

U.S. STOCK PREVIEW

Today’s preliminary-Feb U.S. consumer confidence index from the University of Michigan is expected to show a +0.1 point increase to 98.2, adding to January’s sharp +4.5 point increase to an 11-year high of 98.1. Today’s Jan U.S. import price index is expected to fall sharply by -3.2% m/m and -8.9% y/y, which would be even weaker than December’s report of -2.5% m/m and -5.5% y/y. There are 6 of the S&P 500 companies that report earnings today: Excelon (consensus $0.50), JM Smucker (1.51), DTE Energy (1.04), Ventas (1.13), VF Corp (0.98), Interpublic (0.58). There are no equity conferences today.

OVERNIGHT U.S. STOCK MOVERS

CBS (CBS +1.80%) gained nearly 4% in pre-market trading after it reported Q4 EPS of 77 cents, more than consensus of 76 cents.
King Digital (KING +4.24%) soared over 15% in after-hours trading after it reported Q4 adjusted EPS of 57 cents, well aboove consensus of 47 cents.
Campbell Soup (CPB -0.23%) slid 4% in after-hours trading after it lowered guidance on fiscal 2015 EPS outlook to $2.32-$2.38, less than consensus of $2.45.
ConAgra (CAG +0.69%) fell 3% in after-hours trading after it lowered guidance on fiscal 2015 EPS to $2.13-$2.18, below consensus of $2.26.
Boyd Gaming (BYD +4.36%) reported Q4 adjusted EPS of 0 cents, better than consensus of a -4 cent loss.
Regal Entertainment (RGC +0.14%) reported Q4 EPS of 30 cents, above consensus of 29 cents.
Shutterfly (SFLY +0.92%) reported Q4 adjusted EPS of $2.57, more than consensus of $2.51.
Kraft Foods (KRFT +1.69%) reported Q4 EPS ex-items of 75 cents, higher than consensus of 73 cents.
DaVita (DVA +0.58%) reported Q4 continuing operations EPS of 96 cents, better than consensus of 89 cents.
AIG (AIG +0.38%) fell over 2% in after-hours trading after it reported Q4 EPS of 97 cents, below consensus of $1.05.
Groupon (GRPN -1.58%) reported Q4 adjusted EPS of 6 cents, twice as much as consensus of 3 cents.
Columbia Sportswear (COLM +3.91%) jumped over 5% in after-hours trading after it reported Q4 EPS of 79 cents, higher than consensus of 67 cents, and then raised guidance on fiscal 2015 EPS to $2.10-$2.20, above consensus of $2.07.
American Equity (AEL +0.56%) reported Q4 EPS of 63 cents, better than consensus of 54 cents.

MARKET COMMENTS

Mar E-mini S&Ps (ESH15 +0.12%) this morning are up +3.50 points (+0.17%) at a new record high. The S&P 500 index on Thursday jumped to a 6-week high and closed higher: S&P 500 +0.96%, Dow Jones +0.62%, Nasdaq +1.18%. Bullish factors included (1) reduced geopolitical risks in Eastern Europe after Russian President Putin said that a cease-fire had been agreed to in Ukraine, and (2) speculation that Greece was making progress on debt talks with its creditors, which eased Greek default concerns. Negatives for stocks include (1) the +24,000 increase in U.S. weekly jobless claims, more than expectations of +9,000, and (2) the +0.2% increase in U.S. Jan retail sales ex autos and gasoline, less than expectations of +0.4%.
Mar 10-year T-notes (ZNH15 -0.15%) this morning are down -6 ticks. Mar 10-year T-note futures prices on Thursday recovered from a 5-week low and closed higher. Closes: TYH5 unch, FVH5 unch. Bullish factors included (1) the larger-than-expected increase in U.S. weekly jobless claims, and (2) the weaker-than-expected U.S. Jan retail sales. T-notes had opened lower on reduced safe-haven demand after geopolitical risks eased in Eastern Europe when a cease-fire was agreed upon in Ukraine.
The dollar index (DXY00 +0.16%) this morning is down -0.01%. EUR/USD (^EURUSD) is up +0.09%. USD/JPY (^USDJPY) is down -0.18%. The dollar index on Thursday closed lower: Dollar index -0.891 (-0.94%), EUR/USD +0.00688 (+0.61%), USD/JPY -1.334 (-1.11%). Bearish factors included (1) the larger than expected increase in U.S, weekly jobless claims and the larger-than-expected decline in U.S. Jan retail sales, which may prompt the Fed to delay interest rate hikes, and (2) weakness in USD/JPY as the yen rallied on speculation the BOJ may not boost stimulus after people familiar with the talks said that BOJ policy makers view further monetary easing as a counterproductive step for now.
Mar WTI crude oil (CLH15 +1.19%)this morning is up +75 cents (+1.46%) and Mar gasoline (RBH15 +0.45%) is up +0.0171 (+1.07%). Mar crude oil and Mar gasoline on Thursday closed higher: CLH5 +2.37 (+4.85%), RBH5 +0.0523 (+3.39%). Bullish factors included (1) the weaker dollar, (2 the rally in the S&P 500 to a 6-week high, which bolsters optimism in the economic outlook and energy demand, and (3) concern that the ongoing strike by United Steelworkers union who represent employees at more than 200 refineries with 10% of U.S. refining output will start to curtail gasoline and distillate production.

GLOBAL EVENT CALENDAR02/13/2015

US	0830 ET	Jan import price index expected -3.2% m/m and -8.9% y/y, Dec -2.5% m/m and -5.5% y/y.
	1000 ET	Preliminary U.S. Feb University of Michigan consumer confidence expected unch at 98.1, Jan +4.5 to 98.1.
	1330 ET	Dallas Fed President Richard Fisher speaks at a community luncheon in San Antonio.
GER	0200 ET	German Jan wholesale price index, Dec -1.0% m/m and -2.3% y/y.
	0300 ET	German Q4 GDP expected +0.3% q/q and +1.2% y/y (nsa), Q3 +0.1% q/q and +1.2% y/y (nsa).
UK	0430 ET	UK Dec construction output expected +2.7% m/m and +5.5% y/y, Nov -2.0% m/m and +3.6% y/y.
EUR	0500 ET	Eurozone Q4 GDP expected +0.2% q/q and +0.8% y/y, Q3 +0.2% q/q and +0.8% y/y.
	1315 ET	ECB Governing Council member and Bundesbank President Jens Weidmann speaks at an event in London on Heading for stability and prosperity Bringing the Eurozone back on track.

U.S. STOCK CALENDAR02/13/2015

Company	Ticker	Time	Event Description	Period	Estimate
Exelon Corp	EXC US	Bef-mkt	Q4 2014 Earnings Release	Q4 2014	0.499
JM Smucker Co/The	SJM US	Bef-mkt	Q3 2015 Earnings Release	Q3 2015	1.511
DTE Energy Co	DTE US	Bef-mkt	Q4 2014 Earnings Release	Q4 2014	1.043
Ventas Inc	VTR US	Bef-mkt	Q4 2014 Earnings Release	Q4 2014	1.134
VF Corp	VFC US	7:00	Q4 2014 Earnings Release	Q4 2014	0.984
American International Group Inc	AIG US	8:00	Q4 2014 Earnings Call	Q4 2014
Hasbro Inc	HAS US	8:00	Investor Update	Y 2015
JM Smucker Co/The	SJM US	8:30	Q3 2015 Earnings Call	Q3 2015
VF Corp	VFC US	8:30	Q4 2014 Earnings Call	Q4 2014
Interpublic Group of Cos Inc/The	IPG US	8:30	Q4 2014 Earnings Call	Q4 2014
DTE Energy Co	DTE US	9:00	Q4 2014 Earnings Call	Q4 2014
Assurant Inc	AIZ US	9:00	Q4 2014 Earnings Call	Q4 2014
Micron Technology Inc	MU US	10:00	Analyst Conference	Y 2015
Ventas Inc	VTR US	10:00	Q4 2014 Earnings Call	Q4 2014
Exelon Corp	EXC US	11:00	Q4 2014 Earnings Call	Q4 2014
Mattel Inc	MAT US	13:30	Analyst Meeting - Toy Fair	Y 2015
Interpublic Group of Cos Inc/The	IPG US		Q4 2014 Earnings Release	Q4 2014	0.579

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