BARCHART MORNING CALL 8/13

BARCHART MORNING CALL

Thursday, August 13th, 2015View Older Reports

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OVERNIGHT MARKETS AND NEWS

September E-mini S&Ps (ESU15 +0.28%)are up +0.29 % and European stocks are up +1.76% after the PBOC stepped up verbal support for the yuan. Weakness in the yuan subsided and spurred a rally in global stocks after the PBOC said in a rare press conference today that it supports a strong, stable currency in the long term and that the currency's adjustment is "basically already completed." Technology stocks also are stronger led by a 4% gain in Cisco in pre-market trading after the company late yesterday beat Q4 EPS and revenue estimates. Asian stocks closed higher: Japan +0.99%, Hong Kong +0.43%, China +1.76%, Taiwan +0.34%, Australia +0.11%, Singapore +0.99%, South Korea +0.03%, India +0.14%.
The dollar index (DXY00 +0.33%) is up +0.29%. EUR/USD (^EURUSD) is down -0.39%. USD/JPY (^USDJPY) is up +0.24%.

Sep T-note prices (ZNU15 -0.26%) are down -9.5 ticks.
In a rare press conference today, the PBOC quelled concerns that it would let the yuan freefall when Assistant PBOC Governor Zhang Xiaohui said there's no basis for the depreciation to persist and that the currency's adjustment is "basically already completed." PBOC Deputy Governor added that the current exchange rate is now more consistent with economic fundamentals and the PBOC will act "when the market's volatility is excessive, when the market begins behaving like a herd of sheep."

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) weekly initial unemployment claims (expected unch at 270,000, previous +3,000 to 270,000) and continuing claims (expected -10,000 to 2.245 million, previous -14,000 to 2.255 million), (2) July retail sales (expected +0.6% and +0.4% ex autos, Jun -0.3% and -0.1% ex autos), (3) July import price index (expected -1.2% m/m and -10.7% y/y, Jun -0.1% m/m and -10.0% y/y), (4) Jun business inventories (expected +0.3%, May +0.3%), and (5) the Treasury's auction of $16 billion of 30-year T-bonds.
There are 4 of the S&P 500 companies that report earnings today: Advance Auto Parts (consensus $2.25), Kohl's (1.16), Nordstrom (0.90), Applied Materials (0.33).
U.S. IPO's scheduled to price today include: Gores Holdings (GRSHU), Boxlight Corp (BOXL), Diamondback Energy (FANG), LDR Holding Corp (LDRH).
Equity conferences during the remainder of this week include: Jefferies Industrials Conference on Tue-Thu, Canaccord Genuity Growth Conference on Wed-Thu, Nomura Media & Telecom Conference on Thu.

OVERNIGHT U.S. STOCK MOVERS

Microsoft (MSFT +0.71%) was upgraded to 'Buy' from 'Hold' at Stifel.
Monster Beverage (MNST -0.46%) was upgraded to 'Overweight' from 'Equal Weight' at Morgan Stanley.
Kohl's (KSS +0.15%) reported Q2 EPS of $1.07, weaker than consensus of $1.16.
Green Plains (GPRE +6.59%) was upgraded to 'Buy' from 'Neutral' at Goldman Sachs.
Briggs & Stratton (BGG +1.20%) reported Q4 adjusted EPS of 51 cents, well above consensus of 38 cents, but then lowered guidance on fiscal 2016 EPS to $1.20-$1.36, below consensus of $1.38.
The Globe and Mail reported that people familiar with the situation said that Barrick Gold (ABX +5.86%) has hired Canadian Imperial Bank of Commerce to pursue a sale of its smaller U.S. gold mines.
Whitebox Advisors reports 6.0% passive stake in Layne Christensen (LAYN -2.92%) .
Flowers Foods (FLO +0.05%) reported Q2 adjusted EPS of 25 cents, higher than consensus of 22 cents, and then raised guidance on fiscal 2015 revenue to $3.786 billion-$3.861 billion, above consensus of $3.77 billion.
Copa Holdings (CPA -1.00%) slid 8% in after-hours trading after it reported Q2 EPS ex-items of 93 cents, below consensus of $1.06.
Becker Drapkin reported a 9% stake in EMCORE (EMKR +0.14%) .
Middleby (MIDD -1.03%) reported Q2 EPS of 95 cents, weaker than consensus of $1.00.
News Corp. (NWSA +1.15%) rose over 4% in after-hours trading after it reported Q4 adjusted EPS of 7 cents, higher than consensus of 5 cents.
CACI (CACI +0.32%) reported Q4 EPS of $1.68, below consensus of $1.71.
Cisco (CSCO -0.43%) climbed over 4% in after-hours trading after it reported Q4 EPS of 59 cents, above consensus of 56 cents.
Roundy's (RNDY +6.91%) reported a Q2 EPS loss of -2 cents, better than consensus for a -4 cent loss.

MARKET COMMENTS

Sep E-mini S&Ps (ESU15 +0.28%) this morning are up +6.00 points (+0.29%). Wednesday's closes: S&P 500 +0.10%, Dow Jones unch, Nasdaq +0.31%. The S&P 500 on Wednesday opened sharply lower and posted a 1-month low, but recovered and closed slightly higher. Stocks were undercut by weakness in auto makers, miners and consumer-goods companies with large sales to China after the yuan plunged to a 4-year low against the dollar. Another negative factor was the -108,000 decline in U.S. Jun JOLTS job openings, a bigger decline than expectations of -13,000 to 5.35 million. Stocks rebounded on (1) a rally in energy producers sparked by the rally in crude oil, and (2) speculation grew that the market volatility from China's yuan devaluation will prompt the Fed to delay an interest rate increase.
Sep 10-year T-note prices (ZNU15 -0.26%) this morning are down -9.5 ticks. Wednesday's closes: TYU5 +3.50, FVU5 +3.73. Sep T-notes on Wednesday rallied to a 3-1/4 month high and settled higher on the slump in global stock prices, which increased safe-haven demand for T-notes, and on reduced inflation expectations after the 10-year T-note breakeven inflation rate fell to a 4-3/4 month low. T-notes lost most of their gains after stocks recovered.
The dollar index (DXY00 +0.33%) this morning is up +0.280 (+0.29%). EUR/USD (^EURUSD) is down -0.0043 (-0.39%). USD/JPY (^USDJPY) is up +0.30 (+0.24%). Wednesday's closes: Dollar Index -1.028 (-1.06%), EUR/USD +0.0117 (+1.06%), USD/JPY -0.92 (-0.74%). The dollar index Wednesday slid to a 1-month low and closed lower on (1) concern that the Fed will delay a rate hike due to the Chinese volatility, and (2) strength in yen as USD/JPY fell to a 1-week low after the sell-off in global stocks boosted the safe-haven demand for the yen.
Sep crude oil (CLU15 -0.21%) this morning is up +15 cents (+0.35%) and Sep gasoline (RBU15 -1.00%) is down -0.0086 (-0.49%). Wednesday's closes: CLU5 +0.22 (+0.51%), RBU5 +0.0035 (+0.21%). Sep crude and gasoline on Wednesday closed higher with Sep gasoline at a 1-week high on the weak dollar and on the supportive EIA report that featured a -1.25 million bbl decline in gasoline inventories to an 8-1/4 month low (vs expectations of a -675,000 bbl decline) and the -0.7% decline in U.S. crude production.

GLOBAL EVENT CALENDAR08/13/2015

US	0830 ET	Weekly initial unemployment claims expected unch at 270,000, previous +3,000 to 270,000. Weekly continuing claims expected -10,000 to 2.245 million, previous -14,000 to 2.255 million.
	0830 ET	Jul retail sales expected +0.6% and +0.4% ex autos, Jun -0.3% and -0.1% ex autos.
	0830 ET	Jul import price index expected -1.2% m/m and -10.7% y/y, Jun -0.1% m/m and -10.0% y/y.
	0830 ET	USDA weekly Export Sales.
	1000 ET	Jun business inventories expected +0.3%, May +0.3%.
	1100 ET	Treasury announces amount of 5-year TIPS to be auctioned Aug 20.
	1300 ET	Treasury auctions $16 billion 30-year T-bonds.
GER	0200 ET	Revised German Jul CPI (EU harmonized), previous +0.3% m/m and +0.1% y/y.

U.S. STOCK CALENDAR08/13/2015

Company	Ticker	Time	Event Description	Period	Estimate
Advance Auto Parts Inc	AAP US	Bef-mkt	Q2 2015 Earnings Release	Q2 2015	2.25
Kohl's Corp	KSS US	7:00	Q2 2016 Earnings Release	Q2 2016	1.163
WW Grainger Inc	GWW US	8:00	July 2015 Sales and Revenue Call	2015
WW Grainger Inc	GWW US	8:00	July 2015 Sales and Revenue Release	2015
Kohl's Corp	KSS US	8:30	Q2 2016 Earnings Call	Q2 2016
Advance Auto Parts Inc	AAP US	10:00	Q2 2015 Earnings Call	Q2 2015
Applied Materials Inc	AMAT US	16:30	Q3 2015 Earnings Call	Q3 2015
Nordstrom Inc	JWN US	16:45	Q2 2016 Earnings Call	Q2 2016
Nordstrom Inc	JWN US	Aft-mkt	Q2 2016 Earnings Release	Q2 2016	0.902
Applied Materials Inc	AMAT US	Aft-mkt	Q3 2015 Earnings Release	Q3 2015	0.331
Equifax Inc	EFX US		Investor Meeting - London	Y 2015
United Parcel Service Inc	UPS US		Roadshow - Chicago - Day2	Y 2015

BARCHART MORNING CALL 5/14

BARCHART MORNING CALL

Thursday, May 14th, 2015View Older Reports

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OVERNIGHT MARKETS AND NEWS

June E-mini S&Ps (ESM15 +0.50%) this morning are up +0.45% on speculation that Wednesday’s weaker-than-expected U.S. Apr retail sales may keep the Fed from raising interest rates. European stocks are down -0.01% amid a stronger euro as EUR/USD climbed to a 2-3/4 month high. Another negative for European stocks is an increase in the 10-year German bund yield to a 1-week high of 0.755%. Greece's ASE Stock Index is up +1.19% after Greek Finance Minister Varoufakis said his government agrees with its creditors on most issues. Asian stocks closed mostly lower: Japan -0.98%, Hong Kong +0.14%, China +0.06%, Taiwan -1.16%, Australia -0.33%, Singapore +0.08%, South Korea +0.17%, India -0.17%. Most Asian bourses weakened as exporters declined after a weak U.S. retail sales report raised concern about U.S. economic growth and demand for Asian goods.
Commodity prices are mostly higher due to a weaker dollar. Jun crude oil (CLM15 +0.13%) is up +0.12% and Jun gasoline (RBM15 +0.95%) is up +0.72%. Metals prices are mixed. Jun gold (GCM15 -0.14%) is up +0.07% at a 1-1/4 month high. Jul copper (HGN15 -0.24%) is down -0.19%. Agriculture prices are higher.
The dollar index (DXY00 -0.30%) is down -0.51% at a new 3-1/2 month low. EUR/USD (^EURUSD) is up +0.67% at a 2-3/4 month high. USD/JPY (^USDJPY) is up +0.07% and GBP/USD is up +0.31% at a 5-1/2 month high.

Jun T-note prices (ZNM15 +0.06%) are up +4 ticks.
Greek Finance Minister Varoufakis said that Greece agrees with its creditors on most issues and that Greece "will sink" without reforms. He added that Greece needs a debt "redesigning" that will substantially extend repayment deadlines, with possible solutions including bond swaps. Varoufakis insists that he will reject any deal with international bailout creditors that does not help his country exit its economic crisis. According to an official familiar with the matter, Greece has to raise at least 3 billion euros to meet minimum budget targets acceptable by creditors.

U.S. STOCK PREVIEW

Key U.S. reports today include: (1) weekly initial unemployment claims (expected +8,000 to 273,000 after last week's +3,000 to 265,000) and continuing claims (expected +4,000 to 2.232 million after last week's -28,000 to 2.228 million), (2) April final-demand PPI (expected +0.1% m/m and -0.8% y/y after March's +0.2% m/m and -0.8% y/y) and Apr PPI ex-food & energy (expected +0.1% m/m and +1.1% y/y after March's +0.2% m/m and +0.9% y/y), and (3) the Treasury's auction of $16 billion of 30-year T-bonds.
There are 10 of the Russell 100 companies that report earnings today with notable reports including: Applied Materials (consensus 0.28), Nordstrom (0.71), Kohl's (0.55), Dillard;s (2.78), Symantec (0.44).
U.S. IPO's scheduled to price today include: Landmark Infrastructure (LMRK), Code Rebel (CDRB).
Equity conferences during the remainder of this week include: Bank of America Merrill Lynch Health Care Conference on Tue-Thu, Jefferies Global Technology, Media and Telecom Conference on Tue-Thu, Morgan Stanley E&P and Oil Services Conference on Tue-Thu, MoffettNathanson Media & Communications Summit on Wed-Thu, Bank of America Merrill Lynch Transportation Conference on Thu, Barclays Biotech CEO/CFO Conference on Thu, Royal Bank of Canada Aerospace & Defense Investor Day on Thu.

OVERNIGHT U.S. STOCK MOVERS

Kohl's (KSS +0.28%) reported Q1 EPS of 63 cents, better than consensus of 55 cents.
Urban Outfitters (URBN -0.27%) was upgraded to 'Outperform' from 'Market Perform' at Telsey Advisory.
DuPont (DD -7.37%) was upgraded to 'Neutral' from 'Underperform' at BofA/Merrill Lynch.
J.B. Hunt (JBHT -0.61%) and Ingersoll-Rand (IR +0.89%) were both upgraded to 'Overweight' from 'Sector Weight' at KeyBanc.
Citigroup keeps a 'Buy' rating on Global Payments (GPN +1.23%) and raises its price target on the stock to $118.50 from $110.
CarMax (KMX -0.22%) was initiated with a 'Buy' at Sterne Agee CRT with a price target of $87.
Teekay (TK -0.62%) reported Q1 adjusted EPS of 22 cents, below consensus of 29 cents.
AOL (AOL +0.49%) was downgraded to 'Neutral' from 'Buy' at UBS.
Superior Energy (SPN -0.37%) was upgraded to 'Outperform' from 'Perform' at Oppenheimer.
Duke Energy (DUK -2.44%) was downgraded to 'Neutral' from 'Outperform' at Credit Suisse.
J.C. Penney (JCP -1.91%) reported a Q1 EPS loss of -57 cents, a smaller loss than consensus of -77 cents.
Vipshop (VIPS +3.41%) reported Q1 adjusted EPS of 13 cents, above consensus of 10 cents.
Cisco (CSCO +0.41%) reported Q3 EPS of 54 cents, higher than consensus of 53 cents.
Jack in the Box (JACK -0.05%) reported Q2 operating EPS of 69 cents, better than consensus of 67 cents.
Roundy's (RNDY -1.51%) reported a Q1 EPS loss of -1 cent, a smaller loss than consensus of -3 cents.

MARKET COMMENTS

June E-mini S&Ps (ESM15 +0.50%) this morning are up +9.50 points (+0.45%). Wednesday's closes: S&P 500 -0.03%, Dow Jones -0.04%, Nasdaq +0.13%. The S&P 500 on Wednesday closed little changed. Stocks were undercut by the weaker-than-expected U.S. Apr retail sales report of unchanged and +0.1% ex-autos (vs expectations of +0.2% and +0.5% ex-autos) and by carry-over weakness from European stocks that were hurt by a lower close in German bund prices. Stocks received some support from continued M&A activity as Owens-Illinois offered to buy Vitro SAB for $2.15 billion and Danaher announced the acquisition of Pall Corp. for $13.8 billion. There was also some strength in the technology sector after Microsoft rallied on Deutsche Bank's update to "Buy" from "Hold."
Jun 10-year T-notes (ZNM15 +0.06%) this morning are up +4 ticks. Wednesday's closes: TYM5 -2.00, FVM5 +3.00. Jun 10-year T-notes on Wednesday closed lower on carry-over weakness from a lower close in German bund prices. Supportive factors included the weaker-than-expected U.S. April retail sales report of unchanged and +0.1% ex-autos and strong demand for the 10-year T-note auction with foreign buyers taking 60.2% of the auction.
The dollar index (DXY00 -0.30%) this morning is down -0.481 (-0.51%) at a 3-1/2 month low. EUR/USD (^EURUSD) is up +0.0076 (+0.67%) at a 2-3/4 month high. USD/JPY (^USDJPY) is up +0.08 (+0.07%). Wednesday's closes: Dollar Index -0.917 (-0.97%), EUR/USD +0.0141 (+1.26%), USD/JPY -0.714 (-0.60%). The dollar index on Wednesday fell to a 3-1/4 month low on the weaker-than-expected U.S. April retail sales report and on the as-expected increase in Eurozone Q1 GDP, which was supportive for EUR/USD.
Jun WTI crude oil (CLM15 +0.13%) this morning is up +7 cents (+0.12%) and Jun gasoline (RBM15 +0.95%) is up +0.0147 (+0.72%). Wednesday's closes: CLM5 -0.25 (-0.41%), RBM5 -0.0052 (-0.25%). Jun crude oil and gasoline prices on Wednesday closed lower on the EIA report showing that U.S. crude production rose +5,000 bpd and that the U.S. refinery utilization rate fell sharply by -1.8 points to 91.2%, which will reduce crude oil demand and boost inventories. Supportive factors included the decline in the dollar index to a 3-1/4 month low and the -2.19 million bbl decline in EIA crude inventories (vs expectations of -500,000 bbl).

GLOBAL EVENT CALENDAR05/14/2015

US	0830 ET	Weekly initial unemployment claims expected +8,000 to 273,000, previous +3,000 to 265,000. Weekly continuing claims expected +4,000 to 2.232 million, previous -28,000 to 2.228 million.
	0830 ET	Apr PPI final demand expected +0.1% m/m and -0.8% y/y, Mar +0.2% m/m and -0.8% y/y. Apr PPI ex-food & energy expected +0.1% m/m and +1.1% y/y, Mar +0.2% m/m and +0.9% y/y.
	0830 ET	USDA weekly Export Sales.
	1100 ET	Treasury announces amount of 10-year TIPS to be auctioned May 21.
	1300 ET	Treasury auctions $16 billion 30-year T-bonds.
JPN	0200 ET	Japan Apr machine tool orders, Mar +14.9% y/y.
	1950 ET	Japan Apr PPI expected +0.1% m/m and -2.1% y/y, Mar +0.3% m/m and +0.7% y/y.

U.S. STOCK CALENDAR05/14/2015

Company	Ticker	Time	Event Description	Period	Estimate
Kohl's Corp	KSS US	7:00	Q1 2016 Earnings Release	Q1 2016	0.55
ADT Corp/The	ADT US	8:00	Analyst and Investor Day	Y 2015
Ford Motor Co	F US	8:30	Annual General Meeting	Y 2015
Kohl's Corp	KSS US	8:30	Q1 2016 Earnings Call	Q1 2016
Norfolk Southern Corp	NSC US	8:30	Annual General Meeting	Y 2015
Simon Property Group Inc	SPG US	8:30	Annual General Meeting	Y 2015
NiSource Inc	NI US	9:00	Business Update Call
Genworth Financial Inc	GNW US	9:00	Annual General Meeting	Y 2015
Dow Chemical Co/The	DOW US	10:00	Annual General Meeting	Y 2015
Nucor Corp	NUE US	10:00	Annual General Meeting	Y 2015
Sealed Air Corp	SEE US	10:00	Annual General Meeting	Y 2015
Exxon Mobil Corp	XOM US	10:30	Executive Compensation Update Call
Apache Corp	APA US	11:00	Annual General Meeting	Y 2015
Host Hotels & Resorts Inc	HST US	11:00	Annual General Meeting
Mosaic Co/The	MOS US	11:00	Annual General Meeting	Y 2015
Progressive Corp/The	PGR US	13:00	Investor Relations Conference Call
Union Pacific Corp	UNP US	13:00	Annual General Meeting	Y 2015
Invesco Ltd	IVZ US	13:00	Annual General Meeting	Y 2015
Edwards Lifesciences Corp	EW US	13:00	Annual General Meeting	Y 2015
Kohl's Corp	KSS US	14:00	Annual General Meeting	Y 2015
Amgen Inc	AMGN US	14:00	Annual General Meeting	Y 2015
Keurig Green Mountain Inc	GMCR US	16:00	Analyst Meeting	Y 2015
Applied Materials Inc	AMAT US	16:30	Q2 2015 Earnings Call	Q2 2015
Nordstrom Inc	JWN US	16:45	Q1 2016 Earnings Call	Q1 2016
Symantec Corp	SYMC US	17:00	Q4 2015 Earnings Call	Q4 2015
Nordstrom Inc	JWN US	Aft-mkt	Q1 2016 Earnings Release	Q1 2016	0.707
Applied Materials Inc	AMAT US	Aft-mkt	Q2 2015 Earnings Release	Q2 2015	0.279
Symantec Corp	SYMC US	Aft-mkt	Q4 2015 Earnings Release	Q4 2015	0.439
Baker Hughes Inc	BHI US		Annual General Meeting
Equifax Inc	EFX US		Investor Meeting - London	Y 2015
Nucor Corp	NUE US		Annual General Meeting
Ventas Inc	VTR US		Annual General Meeting
AutoNation Inc	AN US		Annual General Meeting
Yum! Brands Inc	YUM US		Investor Conference-China-Day 2	Y 2015
Republic Services Inc	RSG US		Annual General Meeting
Cimarex Energy Co	XEC US		Annual General Meeting
Wyndham Worldwide Corp	WYN US		Annual General Meeting

BARCHART MORNING ALL 3/5

BARCHART MORNING CALL

Thursday, March 5th, 2015View Older Reports

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OVERNIGHT MARKETS AND NEWS

March E-mini S&Ps (ESH15 +0.16%) this morning are up +0.12% and European stocks are up +0.79% at a 6-3/4 year high ahead of today's ECB meeting where ECB President Draghi will announce details of the ECB's bond-buying program. Increased M&A activity is also supportive for stocks after Abbvie agreed to buy Pharmacyclics for $21 billion. As expected, the BOE kept its benchmark interest rate unchanged at 0.50% and left its asset purchase target at 375 billion pounds. Asian stocks closed mixed: Japan +0.26%, Hong Kong -1.11%, China -0.98%, Taiwan -0.28%, Australia +0.04%, Singapore -0.59%, South Korea -0.06%, India +0.23%. Chinese stocks fell after Premier Li Keqiang lowered China's 2015 GDP target to 7.0%, the lowest in more than 15 years, from 7.5% in 2014, and said "the difficulties we are to encounter in the year ahead may be even more formidable than those of last year." Commodity prices are mixed. Apr crude oil (CLJ15 +0.80%) is up +1.01% at a 1-1/2 week high after Libya's National Oil Corp. declared force majeure on oil supplies from 11 Libyan oil fields due to attacks on oil infrastructure from Islamic militants. Apr gasoline (RBJ15 -0.22%) is down -0.24%. Apr gold (GCJ15 +0.02%) is down -0.11%. May copper (HGK15 +0.15%) is up +0.17%. Agriculture prices are weaker. The dollar index (DXY00 +0.22%) is up +0.25% at an 11-1/3 year high. EUR/USD (^EURUSD) is down -0.23% at an 11-1/2 year low. USD/JPY (^USDJPY) is up +0.39%. Jun T-note prices (ZNM15 -0.05%) are down -2 ticks.
German Jan factory orders fell -3.9% m/m, weaker than expectations of -1.0% m/m and the biggest monthly decline in 5 months. On an annual basis, Jan factory orders unexpectedly fell -0.1% y/y, weaker than expectations of +2.6% y/y.
UK Feb Halifax house prices fell -0.3% m/m and rose +8.3% y/y, weaker than expectations of -0.2% m/m and +8.5% y/y.

U.S. STOCK PREVIEW

Today’s Feb ADP employment report is expected to show a respectable increase of +220,000, stronger than the +213,000 increase seen in January. Today’s Feb ISM non-manufacturing index is expected to show a small -0.2 decline to 56.5, thus reversing January’s small +0.2 point increase to 56.7. The Fed today will release its Beige Book report ahead of the March 17-18 FOMC meeting. There are 3 of the S&P 500 companies that report earnings today: H&R Block (consensus $-0.17), Brown-Forman (0.86), PetSmart (1.37).
Equity conferences during the remainder of this week include: Cowen & Co. Health Care Conference on Mon-Wed, Citigroup Global Property CEO Conference on Mon-Wed, Raymond James & Associates Institutional Investors Conference on Mon-Wed, Morgan Stanley Technology Media & Telecom Conference on Mon-Thu, Bank of America Merrill Lynch Consumer & Retail Conference on Tue-Wed, J.P. Morgan Aviation, Transportation and Industrials Conference on Tue-Thu, Mitsubishi UFJ Securities 3rd Annual Seattle Consumer Conference on Wed, Morgan Stanley European MedTech & Services Conference on Wed, Simmons Energy Conference on Wed, UBS Natural Gas, Electric Power and MLP Conference on Wed, UBS Utilities and Natural Gas Conference on Wed, UBS Global Consumer Conference on Wed-Thu, Bank of America Merrill Lynch Refining Conference on Thu, Barclays Investment Grade Energy & Pipeline Conference on Thu, Pacific Crest Emerging Technology Summit on Thu, Morgan Stanley MLP/Diversified Natural Gas, Utilities Clean Tech Conference on Thu.

OVERNIGHT U.S. STOCK MOVERS

Costo Wholesale (COST -0.14%) reported Q2 EPS of $1.25, more than consensus of $1.18.
Abercrombie & Fitch (ANF -15.51%) was downgraded to 'Neutral' from 'Buy' at Nomura.
Exxon Mobil (XOM -0.50%) was downgraded to 'Hold' from 'Buy' at Evercore ISI.
McDonald's (MCD +0.51%) was downgraded to 'Neutral' from 'Overweight' at Piper Jaffray.
Joy Global (JOY -1.95%) reported Q1 EPS of 25 cents, less than consensus of 36 cents, and then lowered guidance on fiscal 2015 adjusted EPS view to $2.50-$3.00 from $3.10-$3.50, well below consensus of $3.20.
Sprouts Farmers Markets (SFM -1.22%) filed to sell 15.85 million shares of common stock for holders.
Darling (DAR -0.23%) rose over 4% in after-hours trading after it reported Q4 EPS of 42 cents, double consensus of 21 cents.
Pharmacyclics (PCYC +6.33%) jumped over 7% in pre-market trading after AbbVie agreed to buy the company fpr $21 billion.
Alon USA Partners (ALDW -0.06%) reported Q4 EPS of 67 cents, better than consensus of 60 cents.
Bristol-Myers Squibb (BMY +6.06%) announced that the FDA has approved its Opdivo injection, for intravenous use, for the treatment of patients with metastatic squamous non-small cell lung cancer.
Coca-Cola Bottling (COKE -2.00%) reported Q4 EPS of 32 cents, higher than one estimate of 13 cents.
H&R Block (HRB -0.86%) reported a Q3 adjusted EPS loss of -13 cents, a smaller loss than consensus of -17 cents.
Roundy's (RNDY -0.25%) reported Q4 adjusted EPS of 7 cents, more than twice consensus of 3 cents.

MARKET COMMENTS

Mar E-mini S&Ps (ESH15 +0.16%) this morning are up +2.50 points (+0.12%). The S&P 500 index on Wednesday tumbled to a 1-1/2 week low and closed lower: S&P 500 -0.44%, Dow Jones -0.58%, Nasdaq -0.30%. Bearish factors included (1) the +212,000 increase in Feb ADP employment, less than expectations of +220,000, (2) weakness in industrial companies led by a -5% plunge in Alcoa, and (3) a slide in transportation stocks after railroad companies sold off for a second day. Stocks recovered from their worst levels after the Feb ISM non-manufacturing index unexpectedly rose +0.2 to 56.9, stronger than expectations of -0.2 to 56.5.
Jun 10-year T-notes (ZNM15 -0.05%) this morning are down -2 ticks. Jun 10-year T-note futures prices on Wednesday recovered from a 1-week low and closed higher. Closes: TYM5 +3.00, FVM5 +3.50. Bullish factors included (1) the smaller-than-expected increase in Feb ADP employment, and (2) the fall in the S&P 500 to a 1-1/2 week low, which boosted the safe-haven demand for T-notes.
The dollar index (DXY00 +0.22%) this morning is up +0.238 (+0.25%) at a fresh 11-1/3 year high. EUR/USD (^EURUSD) is down -0.0025 (-0.23%) at an 11-1/2 year low. USD/JPY (^USDJPY) is up +0.47 (+0.39%). The dollar index on Wednesday soared to an 11-1/3 year high and closed higher: Dollar index +0.582 (+0.61%), EUR/USD -0.00975 (-0.87%), USD/JPY -0.063 (-0.05%). Bullish factors included (1) the stronger-than-expected Feb ISM non-manufacturing index, which should keep the Fed on track to raise interest rates later this year, and (2) weakness in EUR/USD/ which fell to a 11-1/3 year low after the Eurozone Feb Markit composite PMI was revised lower.
Apr WTI crude oil (CLJ15 +0.80%) this morning is up +52 cents (+1.01%) at a 1-1/2 week high and Apr gasoline (RBJ15 -0.22%) is down -0.0046 (-0.24%). Apr crude and Apr gasoline prices on Wednesday settled mixed: CLJ5 +1.01 (+2.00%), RBJ5 -0.0274 (-1.41%). Bearish factors included (1) a rally in the dollar index to an 11-1/3 year high, (2) the +10.3 million bbl increase in weekly EIA crude inventories to 444.4 million bbl, far higher than expectations of +4.0 million bbl, and (3) the +0.4% increase in U.S. crude production in the week ended Feb 27 to 9.324 million bpd, the most in over three decades. Crude oil recovered its losses and moved higher after the Fed Beige Book said the U.S. economy continued to expand from Jan through mid Feb.

GLOBAL EVENT CALENDAR03/05/2015

US	0830 ET	Weekly initial unemployment claims expected -18,000 to 295,000, previous +31,000 to 313,000. Weekly continuing claims expected -6,000 to 2.395 million, previous 21,000 to 2.401 million.
	0830 ET	Revised Q4 non-farm productivity expected -2.3%, previous -1.8%. Revised Q4 unit labor costs expected +3.3%, previous +2.7%.
	0830 ET	USDA weekly Export Sales.
	1000 ET	Jan factory orders expected +0.2%, Dec -3.4%.
	1000 ET	San Francisco Fed President John Williams speaks on the economic outlook at the CFA Society Hawaii Economic Forecast Dinner.
	1100 ET	Treasury announces amount of 3-year T-notes (previous $24 billion), 10-year T-notes (previous $24 billion) and 30-year T-bonds (previous $16 billion) to be auctioned Mar 10-12.
	1630 ET	Fed releases results of its latest bank stress tests.
GER	0200 ET	German Jan factory orders expected -1.0% m/m and +2.6% y/y, Dec +4.2% m/m and +3.4% y/y.
UK	0400 ET	UK Feb new car registrations, Jan +6.7% y/y.
	0700 ET	BOE announces interest rate decision and asset purchase target, expected no change to the 0.50% benchmark rate or to the 375 billion pound asset purchase target.
EUR	0745 ET	ECB announces interest rate decision.
	0830 ET	ECB President Mario Draghi holds press conference following ECB meeting.

U.S. STOCK CALENDAR03/05/2015

Company	Ticker	Time	Event Description	Period	Estimate
Joy Global Inc	JOY US	Bef-mkt	Q1 2015 Earnings Release	Q1 2015	0.361
Kroger Co/The	KR US	Bef-mkt	Q4 2015 Earnings Release	Q4 2015	0.903
Costco Wholesale Corp	COST US	Bef-mkt	Q2 2015 Earnings Release	Q2 2015	1.179
L Brands Inc	LB US	7:30	February 2015 Sales and Revenue Call	2015
Verisk Analytics Inc	VRSK US	8:30	Investor Day	Y 2015
MDU Resources Group Inc	MDU US	9:00	Investor & Analyst Meeting	Y 2015
TransDigm Group Inc	TDG US	9:00	Annual General Meeting	Y 2015
Kroger Co/The	KR US	10:00	Q4 2015 Earnings Call	Q4 2015
Greif Inc	GEF US	10:00	Q1 2015 Earnings Call	Q1 2015
Joy Global Inc	JOY US	11:00	Q1 2015 Earnings Call	Q1 2015
Costco Wholesale Corp	COST US	11:00	Q2 2015 Earnings Call	Q2 2015
WESCO International Inc	WCC US	13:00	Investor Day	Y 2015
Cooper Cos Inc/The	COO US	16:00	Q1 2015 Earnings Release	Q1 2015	1.535
Fossil Group Inc	FOSL US	16:00	Investor Day	Y 2015
Cooper Cos Inc/The	COO US	17:00	Q1 2015 Earnings Call	Q1 2015
Pandora Media Inc	P US	17:00	Analyst & Investor Day	Y 2015
Paramount Group Inc	PGRE US	Aft-mkt	Q4 2014 Earnings Release	Q4 2014	0.18
Equifax Inc	EFX US		Investor Meeting	Y 2015
Gap Inc/The	GPS US		February 2015 Sales and Revenue Release	2015
L Brands Inc	LB US		February 2015 Sales and Revenue Release	2015
Rite Aid Corp	RAD US		February 2015 Sales and Revenue Release	2015
AmerisourceBergen Corp	ABC US		Annual General Meeting
Xcel Energy Inc	XEL US		Investor Meeting - New York	Y 2015
Hospira Inc	HSP US		Trial begins-U.S. Ct of Appeals: Medicines Co. vs. Hospira Patent-Infringement
Riverbed Technology Inc	RVBD US		Special Meeting - M&A Vote

BARCHART MORNING CALL 1/16

BARCHART MORNING CALL

Friday, January 16th, 2015View Older Reports

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OVERNIGHT MARKETS AND NEWS

March E-mini S&Ps (ESH15 -0.54%) this morning are down -0.15% at a 4-week low and European stocks shed losses and are up +0.55% after comments from ECB Executive Board member Coeure bolstered speculation the ECB will embark on a program of buying sovereign debt at its meeting next Thursday. The fallout from Thursday's surprise move by the Swiss National Bank (SNB) to abandon its currency cap led to huge losses in the forex market with New Zealand's Global Brokers NZ Ltd. saying that losses from the franc's surge are forcing it to shut down and British broker Alpari Ltd. said it "entered into insolvency." Also, FXCM Inc., the largest U.S. retail foreign-exchange broker, said clients owe $225 million on their accounts and threaten the firm's compliance with capital rules. Asian stocks closed mostly lower: Japan -1.43%, Hong Kong -1.02%, China +0.86%, Taiwan -0.29%, Australia -0.60%, Singapore -1.14%, South Korea -1.44%, India +0.17%. Japan's Nikkei Stock Index dropped to a 2-1/2 month low after the SNB's unexpected scrapping of its currency cap prompted investors to avert risk and dump stocks. Chinese stocks bucked the trend and rallied on speculation the PBOC will soon cut reserve-requirement ratios. Commodity prices are mixed. Feb crude oil (CLG15 +2.21%) is up +2.72%. Feb gasoline (RBG15 +1.47%) is up +2.20%. Feb gold (GCG15 -0.17%) is down -0.37%. Mar copper (HGH15 -0.23%) is unch. Agriculture prices are higher. The dollar index (DXY00 +0.16%) is up +0.13%. EUR/USD (^EURUSD) is down -0.40%. USD/JPY (^USDJPY) is up +0.46%. Mar T-note prices (ZNH15 +0.28%) are up +8 ticks.
In a sign that the ECB will implement quantitative easing at next Thursday's policy meeting, ECB Executive Board member Coeure said that for QE to be efficient "it would have to be big" and that "we will take into account the American and British experiences to determine the amounts of bonds to buy."
Eurozone Dec CPI fell -0.1% m/m, right on expectations and the third consecutive month of declines. Dec CPI of -0.2% y/y was left unrevised, although Dec core CPI was revised lower to +0.7% y/y from the originally reported +0.8% y/y and matched the slowest pace of increase since data began in 1997.
Eurozone Dec new car registrations rose +4.7% y/y to 951,000, the sixteenth consecutive month registrations have increased.
The Japan Nov tertiary industry index rose +0.2% m/m, right on expectations, although Oct was revised upward to -0.1% m/m from the originally reported -0.2% m/m.

U.S. STOCK PREVIEW

Today’s early-Jan U.S. consumer confidence index from the University of Michigan is expected to show a +0.5 point increase to 94.1, adding to December’s +4.8 point rise to an 8-year high of 93.6.  Today’s Dec CPI is expected to drop to +0.7% y/y from Nov’s +1.3% due to the plunge in oil and gasoline prices.  Today’s Dec core CPI is expected to be unchanged from November at +1.7% y/y.  Today’s Dec industrial production report is expected to show a small decline of -0.1% m/m, stalling after November’s sharp increase of +1.3% m/m.  There are 5 the S&P 500 companies that report earnings today:  Goldman Sachs (consensus $4.36), Schwab (0.24), Comerica (0.77), SunTrust Banks (0.80), PNC Financial (1.73).  Equity conferences today include:   Biomarkers from Research to Clinic Conference on Fri.

OVERNIGHT U.S. STOCK MOVERS

Starwood (HOT -1.00%) was downgraded to 'Neutral' from 'Buy' at BofA/Merrill Lynch.
Gap (GPS -2.37%) was downgraded to 'Neutral' from 'Overweight' at Atlantic Equities.
CSX (CSX +1.37%) was upgraded to 'Positive' from 'Neutral' at Susquehanna.
PNC Financial Services Group (PNC -0.70%) reported Q4 EPS of $1.84, stronger than consensus of $1.73.
Family Dollar (FDO -1.52%) was downgraded to 'Hold' from 'Buy' at Jefferies.
Comerica (CMA -1.09%) reported Q4 EPS of 82 cents, better than consensus of 77 cents.
SunTrust Banks (STI -1.77%) reported Q4 EPS of 88 cents, higher than consensus of 80 cents.
The WSJ reported that British Petroleum (BP +0.17%) may pay up to $13.7 billion in fines for the 2010 Deepwater Horizon Gulf spill case.
Time Warner (TWX +0.04%) was downgraded to 'Hold' from 'Buy' at Stifel.
Viacom (VIAB -1.95%) was initiated with a 'Buy' at Stifel with a price target of $89.
21st Century Fox (FOXA -0.77%) was initiated with a 'Buy' at Stifel with a price target of $41.
GrubHub (GRUB -1.98%) was initiated with a 'Buy' at Stifel with a price target of $46.
Target (TGT +1.80%) was upgraded to 'Neutral' from 'Underperform' at BofA/Merrill Lynch.
Schlumberger (SLB -2.25%) reported Q4 adjusted EPS of $1.50, higher than consensus of $1.46, although Q4 revenue of $12.6 billion was less than consensus of $12.72 billion. Schlumberger then said it plans to cut 9,000 jobs in 2015.
Roundy's (RNDY -5.29%) lowered guidance on Q1 EPS to -5 cents to zero, weaker than consensus of 3 cents, and then cut guidance on full-year fiscal 2015 EPS to a loss of -18 cents to -7 cents, well below consensus of 6 cents.
Intel (INTC -0.44%) reported Q4 EPS of 74 cents, better than consensus of 66 cents, but then said Q1 revenue would be $13.7 billion, plus or minus $500 million, which is less than consensus of $13.77 billion.

MARKET COMMENTS

Mar E-mini S&Ps (ESH15 -0.54%) this morning are down -3.00 points (-0.15%) and posted a 4-week low. The S&P 500 index on Thursday closed lower: S&P 500 -0.92%, Dow Jones -0.61%, Nasdaq -1.36%. Bearish factors included (1) the unexpected +19,000 increase in U.S. weekly unemployment claims to a 4-month high of 316,000, more than expectations for a -4,000 decline to 290,000, (2) the -18.0 point plunge in the Jan Philadelphia Fed business outlook survey to 6.3, weaker than expectations of -5.8 to 18.7 and the lowest in 11 months, and (3) a slide in U.S. bank stocks after Citigroup, Bank of America and JPMorgan Chase reported the worst combined quarterly trading revenue since 2011.
Mar 10-year T-notes (ZNH15 +0.28%) this morning are up +8 ticks. Mar 10-year T-note futures prices on Thursday posted a new contract high and closed higher. Closes: TYH5 +18.50, FVH5 +12.50. Bullish factors included (1) the end of the Swiss National Bank’s exchange-rate cap against the euro, which roiled global stock and currency markets and boosted safe-haven demand for T-notes, (2) the unexpected increase in U.S. weekly jobless claims to a 4-month high, and (3) the larger-than-expected decline in the Jan Philadelphia Fed business outlook survey to an 11-month low.
The dollar index (DXY00 +0.16%) this morning is up +0.119 (+0.13%). EUR/USD (^EURUSD) is down -0.0046 (-0.40%). USD/JPY (^USDJPY) is up +0.53 (+0.46%). The dollar index on Thursday surged to an 11-year high and closed higher: Dollar index +0.191 (+0.21%), EUR/USD -0.01586 (-1.35%), USD/JPY -1.17 (-1.00%). Bullish factors included (1) the plunge in EUR/USD to an 11-year low after the Swiss National Bank ended its 3-year minimum exchange rate of 1.20 franc per euro, and (2) improved dollar interest rate differentials versus the euro on expectations for the ECB to announce QE when it meets next Thursday.
Feb WTI crude oil (CLG15 +2.21%) this morning is up +$1.26 a barrel (+2.72%) and Feb gasoline (RBG15 +1.47%) is up +0.0286 (+2.20%). Feb crude oil and Feb gasoline on Thursday climbed to 1-week highs but relinquished their gains and closed lower: CLG5 -2.23 (-4.60%), RBG5 -0.0512 (-3.79%). Bearish factors included (1) the rally in the dollar index to an 11-year high, (2) OPEC’s cut in its 2015 global demand forecast for its crude to 28.8 million bpd, -100,000 bpd less than last month’s forecast.

GLOBAL EVENT CALENDAR01/16/2015

US	0830 ET	Dec CPI expected -0.4% m/m and +0.7% y/y, Nov -0.3% m/m and +1.3% y/y. Dec CPI ex food & energy expected +0.1% m/m and +1.7% y/y, Nov +0.1% m/m and +1.7% y/y.
	0815 ET	Dec industrial production expected -0.1% m/m, Nov +1.3% m/m. Dec capacity utilization expected -0.2 to 79.9%, Nov +0.8 to 80.1%.
	0850 ET	Minneapolis Fed President Narayana Kocherlakota delivers a Goal-Based Monetary Policy Report and speaks on the economy to the Financial Planners Association of Minnesota.
	0955 ET	Preliminary U.S. Jan University of Michigan consumer confidence expected +0.5 to 94.1, Dec +4.8 to 93.6.
	1100 ET	San Francisco Fed President John Williams gives opening remarks and does an audience Q&A for the Bay Area Council Economic Institute 8th Annual Forecast.
EUR	0200 ET	Eurozone Dec new car registrations, Nov +1.4% y/y.
	0500 ET	Revised Eurozone Dec CPI, previous -0.2% y/y and core CPI +0.8% y/y.
GER	0200 ET	Revised German Dec CPI (EU harmonized), previous +0.1% m/m and +0.1% y/y.

U.S. STOCK CALENDAR01/16/2015

Company	Ticker	Time	Event Description	Period	Estimate
PNC Financial Services Group Inc/The	PNC US	Bef-mkt	Q4 2014 Earnings Release	Q4 2014	1.733
SunTrust Banks Inc	STI US	6:00	Q4 2014 Earnings Release	Q4 2014	0.803
Comerica Inc	CMA US	6:40	Q4 2014 Earnings Release	Q4 2014	0.77
Goldman Sachs Group Inc/The	GS US	7:30	Q4 2014 Earnings Release	Q4 2014	4.357
Schlumberger Ltd	SLB US	8:00	Q4 2014 Earnings Call	Q4 2014
SunTrust Banks Inc	STI US	8:00	Q4 2014 Earnings Call	Q4 2014
Comerica Inc	CMA US	9:00	Q4 2014 Earnings Call	Q4 2014
Goldman Sachs Group Inc/The	GS US	9:30	Q4 2014 Earnings Call	Q4 2014
PNC Financial Services Group Inc/The	PNC US	10:00	Q4 2014 Earnings Call	Q4 2014
Charles Schwab Corp/The	SCHW US		Q4 2014 Earnings Release	Q4 2014	0.244

BARCHART MORNING CALL 5/9

BARCHART MORNING CALL

Thursday, May 8th, 2014View Older Reports

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OVERNIGHT MARKETS AND NEWS

June E-mini S&Ps (ESM14 +0.07%) this morning are up +0.03% and European stocks are up +0.54% after China Apr exports unexpectedly rose, a sign of improvement in global demand. Gains in European stocks were muted after German Mar industrial production unexpectedly fell and ahead of the outcome of today's ECB policy meeting. At the conclusion of its policy meeting today, the BOE as expected maintained its benchmark rate at 0.50% and kept its asset purchase target at 375 billion pounds. Asian stocks closed mostly higher: Japan +0.93%, Hong Kong +0.42%, China -0.09%, Taiwan +0.42%, Australia +0.75%, Singapore +0.35%, South Korea +0.59%, India +0.09%. Asian markets found support on stronger-than-expected Chinese Apr exports along with dovish comments from Fed Chair Yellen who said the Fed will continue to support the U.S. economy. Commodity prices are mixed. Jun crude oil (CLM14 -0.12%) is down -0.40%. Jun gasoline (RBM14 +0.14%) is up +0.03%. Jun gold (GCM14 +0.34%) is up +0.26%. July copper (HGN14 +0.03%) is down -0.05%. Agriculture and livestock prices are mixed. The dollar index (DXY00 -0.13%) is down -0.16%. EUR/USD (^EURUSD) is up +0.24%, just below Tuesday's 1-3/4 month high, amid speculation the ECB will refrain from announcing additional stimulus measures at today's policy meeting. USD/JPY (^USDJPY) is down -0.12%. June T-note prices (ZNM14 -0.06%) are down -2 ticks.
The China Apr trade balance widened to a +$18.46 billion surplus, more than expectations of a +$16.70 billion surplus. Apr exports unexpectedly increased by +0.9% y/y, better than expectations of -3.0% y/y, and Apr imports rose by +0.8% y/y, also better than expectations of -2.1% y/y.
German Mar industrial production unexpectedly fell -0.5% m/m, weaker than expectations of +0.2% m/m. On an annual basis, Mar industrial production climbed +3.0% y/y, less than expectations of +4.4% y/y.
UK Apr Halifax house prices fell -0.2% m/m and rose +8.5% y/y, weaker than expectations of +0.9% m/m and +9.1% y/y.

U.S. STOCK PREVIEW

Today’s weekly initial unemployment claims report is expected to show a -19,000 decline to 325,000, more than reversing last week’s increase of +14,000 to 344,000. Meanwhile, continuing claims are expected to fall -11,000 to 2.760 million, reversing part of last week’s increase of +97,000 to 2.771 million. The Treasury today will sell $16 billion of 30-year T-bonds, concluding this week’s $69 billion quarterly refunding operation.
There are 17 of the S&P 500 companies that report earnings today. Notable reports include Computer Sciences (consensus $1.04), Regeneron (2.27), ICE Group (2.61), Priceline (6.84), Apache (1.60), Symantec (0.42). Equity conferences during the remainder of this week include: Bank of America Merrill Lynch Global Transportation Conference on Wed-Thu, Wells Fargo Industrial & Construction Conference on Wed-Thu, Jefferies Global Technology, Media & Telecom Conference on Tue-Thu, and Deutsche Bank Healthcare Conference on Wed-Fri.

OVERNIGHT U.S. STOCK MOVERS

Priceline Group (PCLN -3.13%) reported Q1 EPS of $7.81, well above consensus of $6.84.
The WSJ reported that DirecTV (DTV +7.96%) has engaged Goldman Sachs (GS +0.63%) to evaluate a potential deal with AT&T (T +0.76%) .
Kindred Healthcare (KND +0.80%) reported Q1 EPS ex-items of 32 cents, below consensus of 33 cents.
JP Morgan Chase reported a 10.2% passive stake in Cross Country Healthcare (CCRN -5.96%) .
Transocean (RIG +0.63%) climbed more than 3% in pre-market trading after it reported Q1 adjusted EPS of $1.43, well above consensus of $1.02.
CF Industries (CF +0.55%) reported Q1 adjusted EPS of $4.51, below consensus of $4.54.
Avis Budget (CAR +0.28%) reported Q1 EPS ex-items of 16 cents, double consensus of 8 cents.
CenturyLink (CTL +0.55%) reported Q1 adjusted EPS of 66 cents, better than consensus of 61 cents.
Caesar's (CZR +14.12%) reported a Q1 EPS loss of -$2.82, a much wider loss than consensus of -$1.15.
Prudential (PRU +0.99%) reported Q1 EPS of $2.40, higher than consensus of $2.26.
McDermott (MDR unch) reported a Q1 EPS loss of -21 cents, a wider loss than consensus of -12 cents.
Tesla (TSLA -2.86%) dropped over 5% in after-hours trading after it reported Q1 EPS of 12 cents, better than consensus of 10 cents, but then said battery cell supply will constrain Q2 production.
21st Century Fox (FOXA -0.89%) reportED Q3 adjusted EPS OF 47 cents, stronger than consensus of 35 cents.
Roundy's (RNDY -2.86%) reported Q1 EPS of 1 cents, weaker than consensus of 3 cents.
Unum Group (UNM +1.57%) reported Q1 adjusted EPS of 87 cents, better than consensus of 85 cents.
Keurig Green Mountain (GMCR -3.21%) jumped over 6% in after-hours trading after it reported Q2 adjusted EPS of $1.08, higher than consensus of 94 cents.

MARKET COMMENTS

June E-mini S&Ps (ESM14 +0.07%) this morning are up +0.50 of a point (+0.03%). The S&P 500 index on Wednesday recovered from a 1-week low and closed higher: S&P 500 +0.56%, Dow Jones +0.72%, Nasdaq -0.28%. Bullish factors included (1) reduced interest rate concerns after Fed Chair Yellen said that the Fed must continue to spur growth as employment and inflation indicators remain below the Fed’s goals, and (2) upbeat earnings results with 75% of the 422 S&P 500 companies that have already reported Q1 earnings beating estimates. A negative factor was the -1.7% drop in U.S. Q2 non-farm productivity, the biggest decline in a year and weaker than expectations of -1.2%.
Jun 10-year T-notes (ZNM14 -0.06%) this morning are down -2 ticks. Jun 10-year T-note futures prices on Wednesday closed higher on comments from Fed Chair Yellen who said a “high degree” of accommodation remains warranted: TYM4 +7.50, FVM4 +6.00. T-note prices also found support from strong foreign demand for the Treasury’s $24 billion 10-year T-note auction as indirect bidders, an investor class that includes foreign central banks, bought 49.3% of the notes at auction, higher than the 12-auction average of 43.9%.
The dollar index (DXY00 -0.13%) this morning is down -0.124 (-0.16%). EUR/USD (^EURUSD) is up +0.0033 (+0.24%). USD/JPY (^USDJPY) is down -0.12 (-0.12%). The dollar index on Wednesday closed higher. Dollar index +0.109 (+0.14%), EUR/USD -0.0017 (-0.12%), USD/JPY +0.218 (+0.21%). The main bullish factor for the dollar was weakness in EUR/USD on long liquidation ahead of Thursday’s ECB meeting and after German Mar factory orders unexpectedly declined. Dollar strength was limited after Fed Chair Yellen said that a “high degree” of accommodation remains warranted.
Jun WTI crude oil (CLM14 -0.12%) this morning is down -40 cents (-0.40%). Jun gasoline (RBM14 +0.14%) is up +0.0008 (+0.03%). Jun crude and gasoline prices on Wednesday closed higher with Jun crude at a 1-week high. Bullish factors included (1) the -1.395 million bbl decline in crude inventories at Cushing, OK, the delivery point of WTI futures, to a 5-1/3 yr low of 24.03 million bbl, and (2) the unexpected -1.781 mln bbl decline in weekly EIA crude inventories versus expectations for a +1.15 million bbl build. Closes: CLM4 +1.27 (+1.28%). RBM4 +0.0324 (+1.12%).

GLOBAL EVENT CALENDAR05/08/2014

US	0800 ET	Philadelphia Fed President Charles Plosser speaks on Communication and Transparency in the Conduct of Systematic Monetary Policy to the Council on Foreign Relations in New York.
	0830 ET	Weekly initial unemployment claims expected -19,000 to 325,000, previous +14,000 to 344,000. Weekly continuing claims expected -13,000 to 2.758 million, previous +97,000 to 2.771 million.
	0830 ET	USDA weekly Export Sales.
	0925 ET	Chicago Fed President Charles Evans delivers welcoming remarks to the Chicago Feds Bank Regulation Conference.
	0930 ET	Fed Chair Janet Yellen testifies to the Senate Budget Committee on the economic outlook.
	0930 ET	Fed Governor Daniel Tarullo delivers keynote address at to the Chicago Feds Bank Regulation Conference.
	1300 ET	Treasury auctions $16 billion 30-year T-bonds.
	1400 ET	St. Louis Fed President James Bullard delivers welcoming remarks at a St. Louis Fed conference title The Balance Sheets of Younger Americans: Is the American Dream at Risk?
GER	0200 ET	German Mar industrial production expected +0.2% m/m and +4.4% y/y, Feb +0.4% m/m and +4.8% y/y.
UK	0700 ET	BOE announces interest rate decision and asset purchase target, expected no change to the 0.50% benchmark rate or to the 375 billion pound asset purchase target.
EUR	0745 ET	ECB announces interest rate decision.
	0830 ET	ECB President Mario Draghi holds monthly press conference following ECB meeting.
CHI	2130 ET	China Apr CPI expected +2.1% y/y, Mar +2.4% y/y. Apr PPI expected -1.9% y/y, Mar -2.3% y/y.

U.S. STOCK CALENDAR05/08/2014

Company Name	Ticker	Time	Event Description	Period	Estimate
Scripps Networks Interactive Inc	SNI US	Bef-mkt	Q1 2014 Earnings Release	Q1 2014	0.812
Cablevision Systems Corp	CVC US	Bef-mkt	Q1 2014 Earnings Release	Q1 2014	0.047
Precision Castparts Corp	PCP US	Bef-mkt	Q4 2014 Earnings Release	Q4 2014	3.198
Teradata Corp	TDC US	Bef-mkt	Q1 2014 Earnings Release	Q1 2014	0.473
Health Care REIT Inc	HCN US	Bef-mkt	Q1 2014 Earnings Release	Q1 2014	0.982
Regeneron Pharmaceuticals Inc	REGN US	Bef-mkt	Q1 2014 Earnings Release	Q1 2014	2.269
IntercontinentalExchange Group Inc	ICE US	Bef-mkt	Q1 2014 Earnings Release	Q1 2014	2.612
AES Corp/VA	AES US	Bef-mkt	Q1 2014 Earnings Release	Q1 2014	0.272
Windstream Holdings Inc	WIN US	Bef-mkt	Q1 2014 Earnings Release	Q1 2014	0.087
Ameren Corp	AEE US	Bef-mkt	Q1 2014 Earnings Release	Q1 2014	0.318
Priceline Group Inc/The	PCLN US	7:00	Q1 2014 Earnings Release	Q1 2014	6.844
Priceline Group Inc/The	PCLN US	7:30	Q1 2014 Earnings Call	Q1 2014
L Brands Inc	LB US	7:30	April 2014 Sales and Revenue Call	2014
Apache Corp	APA US	8:00	Q1 2014 Earnings Release	Q1 2014	1.604
United Parcel Service Inc	UPS US	8:00	Annual General Meeting	Y 2014
Norfolk Southern Corp	NSC US	8:30	Annual General Meeting	Y 2014
Teradata Corp	TDC US	8:30	Q1 2014 Earnings Call	Q1 2014
Regeneron Pharmaceuticals Inc	REGN US	8:30	Q1 2014 Earnings Call	Q1 2014
IntercontinentalExchange Group Inc	ICE US	8:30	Q1 2014 Earnings Call	Q1 2014
Ford Motor Co	F US	8:30	Annual General Meeting	Y 2014
Windstream Holdings Inc	WIN US	8:30	Q1 2014 Earnings Call	Q1 2014
Unum Group	UNM US	9:00	Q1 2014 Earnings Call	Q1 2014
NRG Energy Inc	NRG US	9:00	Annual General Meeting
Graham Holdings Co	GHC US	9:00	Annual General Meeting	Y 2014
AES Corp/VA	AES US	9:00	Q1 2014 Earnings Call	Q1 2014
QEP Resources Inc	QEP US	9:00	Q1 2014 Earnings Call	Q1 2014
Reynolds American Inc	RAI US	9:00	Annual General Meeting	Y 2014
Assurant Inc	AIZ US	9:00	Annual General Meeting
CVS Caremark Corp	CVS US	9:00	Annual General Meeting	Y 2014
Scripps Networks Interactive Inc	SNI US	10:00	Q1 2014 Earnings Call	Q1 2014
Nucor Corp	NUE US	10:00	Annual General Meeting
Cablevision Systems Corp	CVC US	10:00	Q1 2014 Earnings Call	Q1 2014
Precision Castparts Corp	PCP US	10:00	Q4 2014 Earnings Call	Q4 2014
Health Care REIT Inc	HCN US	10:00	Q1 2014 Earnings Call	Q1 2014
Transocean Ltd	RIG US	10:00	Q1 2014 Earnings Call	Q1 2014
CF Industries Holdings Inc	CF US	10:00	Q1 2014 Earnings Call	Q1 2014
Ameren Corp	AEE US	10:00	Q1 2014 Earnings Call	Q1 2014
Kimco Realty Corp	KIM US	10:00	Q1 2014 Earnings Call	Q1 2014
Ecolab Inc	ECL US	11:00	Annual General Meeting	Y 2014
Peabody Energy Corp	BTU US	11:00	Annual General Meeting	Y 2014
Prudential Financial Inc	PRU US	11:00	Q1 2014 Earnings Call	Q1 2014
Monster Beverage Corp	MNST US	Aft-mkt	Q1 2014 Earnings Release	Q1 2014	0.49
CBS Corp	CBS US	Aft-mkt	Q1 2014 Earnings Release	Q1 2014	0.744
News Corp	NWSA US	Aft-mkt	Q3 2014 Earnings Release	Q3 2014	0.03
Symantec Corp	SYMC US	Aft-mkt	Q4 2014 Earnings Release	Q4 2014	0.417
Tenet Healthcare Corp	THC US		Annual General Meeting
Republic Services Inc	RSG US		Annual General Meeting
Gap Inc/The	GPS US		April 2014 Sales and Revenue Release	2014
Costco Wholesale Corp	COST US		April 2014 Sales and Revenue Release	2014
AMETEK Inc	AME US		Annual General Meeting
CH Robinson Worldwide Inc	CHRW US		Annual General Meeting
L Brands Inc	LB US		April 2014 Sales and Revenue Release	2014
McDonald's Corp	MCD US		April 2014 Sales and Revenue Release	2014