MORNING CALL 5/16

MORNING CALL

Monday, May 16th, 2016View Older Reports

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OVERNIGHT MARKETS AND NEWS

Jun E-mini S&Ps (ESM16 +0.16%) are little changed up +0.01% as a +1.95% rally in crude oil (CLM16 +2.16%) to a 6-1/2 month high underpins energy producers. Signs of increased M&A activity is another positive for stocks with Yahoo up nearly 2% in pre-market trading after people familiar with the matter said that Warren Buffett is backing a group bidding for the company's internet assets. European stocks are down -0.67% in thin trade with Germany and Switzerland closed for holiday. Asian stocks settled higher: Japan +0.33%, Hong Kong +0.84%, China +0.84%, Taiwan +0.17%, Australia +0.56%, Singapore +0.04%, South Korea +0.09%, India +0.64%. Despite weaker-than-expected Chinese economic data on Apr industrial production and retail sales, Asian stocks closed higher after the PBOC issued a statement saying that it will create appropriate monetary and financial environment to facilitate steady economic growth.

The dollar index (DXY00 -0.05%) is down -0.06%. EUR/USD (^EURUSD) is up +0.14%. USD/JPY (^USDJPY) is up +0.21%.

Jun T-note prices (ZNM16 -0.11%) are down -3 ticks after a Washington Post story quoted Richmond Fed President Lacker saying "at this point it looks to me as if the case for raising rates looks to be pretty strong in June as inflation is moving decidedly toward 2% and the labor markets have tightened significantly."

In a statement released on its website, the PBOC said the slowdown in new yuan loan growth last month was mainly due to an acceleration in local government debt swaps and that prudent monetary policy remains unchanged, overall credit supply and aggregate financing growth are steady, and the PBOC will create appropriate monetary and financial environment to facilitate steady economic growth.

China Apr industrial production rose +5.8% year-to-date y/y, unch from Mar and weaker than expectations of +6.1% year-to-date y/y.

China Apr retail sales rose +10.3% year-to-date y/y, unch from Mar and weaker than expectations of +10.4% year-to-date y/y.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) May Empire manufacturing index (expected -3.06 to 6.50, Apr +8.94 to 9.56), (2) May NAHB housing market index (expected +1 to 59, Apr unch at 58), (3) Minneapolis Fed President Neel Kashkari holds a town hall meeting on “Too Big to Fail” at the University of Minnesota, (4) USDA weekly grain export inspections, and (5) USDA Weekly Crop Progress.

There are 3 of the Russell 1000 companies that report earnings today: Urban Outfitters (consensus $0.25), Agilent Technologies (0.39), Akorn (0.54).

U.S. IPO's scheduled to price today: Cancer Prevention Pharmaceuticals (CPP).

Equity conferences today: American Gas Association Financial Forum on Mon, Electrical Products Group Investor Conference on Mon-Wed,
Bank of America Merrill Lynch Transportation Conference on Tue, Goldman Sachs Basic Materials Conference on Tue-Wed, Barclays Americas Select Franchise Conference on Tue-Wed, CBI's Life Sciences IT Governance and Cybersecurity Summit on Tue-Wed, Barclays Insurance Forum on Wed, MoffettNathanson Media and Communications Conference on Wed, BMO Capital Markets Farm to Market Conference on Wed-Thu, Citi Car of the Future Symposium on Thu, ITG Global Industrials Conference on Thu, Needham Emerging Technology Conference Thu, Business Analytics Innovation Summit on Thu-Fri, Medical Affairs Summit on Fri.

OVERNIGHT U.S. STOCK MOVERS

Yahoo! (YHOO -1.49%) climbed nearly 2% in pre-market trading after people familiar with the matter said that Warren Buffett is backing a group bidding for the company's internet assets.

Globalstar (GSAT +35.36%) jumped 16% in pre-market trading after the chairman of the FCC late Friday asked the agency to vote on Globalstar's proposal to offer mobile service on airwaves now reserved for satellite use.

Nokia OYJ (NOK unch) was upgraded to 'Buy' from 'Hold' at Canaccord Genuity with a price target of $7.

Weibo (WB +2.10%) was downgraded to 'Neutral' from 'Buy' at Goldman Sachs.

Vornado Realty Trust (VNO -1.54%) was upgraded to 'Buy' from 'Hold' at Evercore ISI with a 12-month price target of $108.

Regions Financial Corp. (RF -1.53%) was downgraded to 'Underperform' from 'Market perform' at KBW.

Infoblox (BLOX -2.99%) was downgraded to 'Underperform' from 'Neutral' at DA Davidson.

Globus Medical (GMED +0.51%) was downgraded to 'Sell' from 'Neutral' at Goldman Sachs.

Digital Realty Trust (DLR -0.29%) climbed nearly 4% in after-hours trading after it was announced that it will replace Tim Warner Cable in the S&P 500 after the close of trading on Tuesday, May 17.

Blue Buffalo Pet Products (BUFF -0.83%) slid over 4% in after-hours trading after it started a 25 million share secondary offering of common stock.

TerraForm Global (GLBL -1.50%) rose nearly 3% in after-hours trading after Appaloosa Management’s 13F filing showed it increased its stake in TerraForm Global.

MARKET COMMENTS

June E-mini S&Ps (ESM16 +0.16%) this morning are little changed, up +0.25 of a point (+0.01%). Friday's closes: S&P 500 -0.85%, Dow Jones -1.05%, Nasdaq -0.37%. The S&P 500 on Friday closed lower on concern about a sooner-than-expected Fed rate hike after the very strong U.S. retail sales and consumer sentiment reports. In addition, retail stocks moved lower, led by a -13% plunge in Nordstrom, after the retailer cut its full-year earnings forecast and added to evidence that the U.S. department-store industry is in a deep and probably permanent slump. Stocks were boosted by improved confidence about the U.S. economy after U.S. Apr retail sales rose +1.3% and +0.8% ex-autos, stronger than expectations of +0.8% and +0.5% ex-autos, and by the +6.8 point increase in the U.S. May University of Michigan U.S. consumer sentiment index to an 11-month high of 95.8, stronger than expectations of +0.5 to 89.5.

June 10-year T-note prices (ZNM16 -0.11%) this morning are down -3 ticks. Friday's closes: TYM6 +12.00, FVM6 +5.25. Jun T-notes on Friday closed higher on increased safe-haven demand with the sell-off in stocks. T-notes were above to shake off the strong U.S. retail sales and consumer sentiment reports.

The dollar index (DXY00 -0.05%) this morning is down -0.059 (-0.06%). EUR/USD (^EURUSD) is up +0.0016 (+0.14%). USD/JPY (^USDJPY) is up +0.23 (+0.21%). Friday's closes: Dollar Index +0.426 (+0.45%), EUR/USD -0.0068 (-0.60%), USD/JPY -0.39 (-0.36%). The dollar index on Friday rallied to a 2-1/2 week high and closed higher on increased chances for a Fed rate hike after the strong U.S. Apr retail sales and May U.S. consumer sentiment reports.

June WTI crude oil (CLM16 +2.16%) this morning is up +90 cents (+1.95%) at a 6-1/2 month high. June gasoline (RBM16 +1.44%) is up +0.0206 (+1.30%) at a 2-week high. Friday's closes: CLM6 -0.49 (-1.05%), RBM6 +0.0049 (+0.31%). Jun crude oil and gasoline on Friday settled mixed. Crude oil prices were undercut by the rally in the dollar index to a 2-1/2 week high and by the ongoing U.S. crude oil supply glut with U.S. crude inventories at +33% above their 5-year average. Crude oil prices received a boost from Baker Hughes' report that the number of active U.S. oil rigs fell by another -10rigs to 318 in the week ended May 13, the fewest in 6-1/2 years.

GLOBAL EVENT CALENDAR05/16/2016

US	0830 ET	May Empire manufacturing index expected -3.06 to 6.50, Apr +8.94 to 9.56.
	1000 ET	May NAHB housing market index expected +1 to 59, Apr unch at 58.
	1100 ET	USDA weekly grain export inspections.
	1600 ET	USDA Weekly Crop Progress.
	1900 ET	Minneapolis Fed President Neel Kashkari holds a town hall meeting on Too Big to Fail at the University of Minnesota.
JPN	0200 ET	Japan Apr machine tool orders, Mar -21.2% y/y.

U.S. STOCK CALENDAR05/16/2016

Company	Ticker	Time	Event Description	Period	Estimate
Reynolds American Inc	RAI US	4:00	Investor Meeting	Y 2016
RenaissanceRe Holdings Ltd	RNR US	8:00	Annual General Meeting	Y 2016
CommScope Holding Co Inc	COMM US	8:30	Investor Day	Y 2016
Liberty Interactive Corp QVC Group	QVCA US	12:15	Investor Meeting	Y 2016
PacWest Bancorp	PACW US	13:30	Annual General Meeting	Y 2016
Markel Corp	MKL US	16:30	Annual General Meeting
Agilent Technologies Inc	A US	16:30	Q2 2016 Earnings Call	Q2 2016
Motorola Solutions Inc	MSI US	17:00	Annual General Meeting
Akorn Inc	AKRX US	Aft-mkt	Q1 2016 Earnings Release	Q1 2016	0.539
Agilent Technologies Inc	A US	Aft-mkt	Q2 2016 Earnings Release	Q2 2016	0.389
American Express Co	AXP US		Credit-card Charge-offs and Delinquencies
JPMorgan Chase & Co	JPM US		Credit-card Charge-offs and Delinquencies
Consolidated Edison Inc	ED US		Annual General Meeting
Equifax Inc	EFX US		Investor Meeting - Stockholm	Y 2016
Bank of America Corp	BAC US		Credit-card Charge-offs and Delinquencies
Office Depot Inc	ODP US		Business Update Call
Citigroup Inc	C US		Credit-card Charge-offs and Delinquencies
Robert Half International Inc	RHI US		Annual General Meeting
Urban Outfitters Inc	URBN US		Q1 2017 Earnings Release	Q1 2017	0.251
Capital One Financial Corp	COF US		Credit-card Charge-offs and Delinquencies
Ultimate Software Group Inc/The	ULTI US		Annual General Meeting
Alliance Data Systems Corp	ADS US		Credit-card Charge-offs and Delinquencies
Discover Financial Services	DFS US		Credit-card Charge-offs and Delinquencies
Synchrony Financial	SYF US		Credit-card Charge-offs and Delinquencies

BARCHART MORNING CALL 8/18

BARCHART MORNING CALL

Monday, August 18th, 2014View Older Reports

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OVERNIGHT MARKETS AND NEWS

September E-mini S&Ps (ESU14 +0.55%) this morning are up +0.49% at a 2-week high and European stocks are up +1.06% on reduced geopolitical tensions as Ukraine and Russia met for peace talks. The yield on Ireland's 10-year bond fell to 1.949%, the lowest since Bloomberg data began in 1991, after Fitch upgraded Ireland's credit rating to A- from BBB+. Asian stocks closed mixed: Japan +0.03%, Hong Kong unchanged, China +0.59%, Taiwan -0.71%, Australia +0.37%, Singapore -0.06%, South Korea -0.62%, India +1.10%. China's Shanghai Stock Index climbed to an 8-1/4 month high on speculation that sliding property prices will prompt the PBOC to loosen monetary policy in order to support the economy. China's 7-day repurchase rate also fell to a 1-3/4 month low of 3.20% after China Jul new home prices fell in 64 out of 70 cities tracked by the government. Commodity prices are mixed. Sep crude oil (CLU14 -0.96%) is down -1.01% after Kurdish forces made progress against militants in northern Iraq and after Libyan oil production rose to 540,000 bpd from 415,000 bpd on Aug 14. Sep gasoline (RBU14 -1.05%) is down -0.96%. Dec gold (GCZ14 -0.34%) is down -0.24%. Sep copper (HGU14 +0.13%) is unchanged. Agriculture prices are mixed. The dollar index (DXY00 +0.02%) is up +0.050% (+0.06%). EUR/USD (^EURUSD) is down -0.0011 (-0.08%). USD/JPY (^USDJPY) is up +0.11 (+0.11%). Sep T-note prices (ZNU14 -0.16%) are down -7 ticks.
In its monthly report for Aug, the Bundesbank said that "the economic outlook for the German economy has clouded over in the middle of the year in response to unfavorable international news and that expectations for a strengthening of economic momentum in the second half of 2014 underlying the spring projections are called into question by current data."
China July new-home prices fell in 64 of the 70 cities tracked by the National Bureau of Statistics, the most since Jan 2011 when the government changed the way it compiles the data.
China Jul foreign direct investment unexpectedly plunged -17.0% y/y, much weaker than expectations of +0.8% y/y and the largest decline in 5 years.
The Eurozone Jun trade balance (nsa) widened to a +16.8 billion surplus from +15.4 billion euros in May, the largest surplus in 7 months.
UK Aug Rightmove house prices fell -2.9% m/m, the second straight monthly decline and the biggest fall in 20 months. On an annual basis, Aug home prices rose +5.3% y/y, the smallest gain in 9 months.

U.S. STOCK PREVIEW

The market is expecting today’s Aug NAHB housing market index to be unchanged from July’s 6-month high of 53.  There is one S&P 500 company that reports earnings today:  Urban Outfitters (consensus $0.48).  Equity conferences this week include:  Enercom, Inc Oil & Gas Conference on Mon-Thu, and 8th Annual Forum on Transparency & Aggregate Spending on Tue-Wed.

OVERNIGHT U.S. STOCK MOVERS

Hewlett-Packard (HPQ -1.46%) was upgraded to 'Buy' from 'Neutral' at Monness Crespi.
Credit Suisse rates Union Pacific (UNP +0.26%) as an 'Outperform" and recommends building positions in the company as it raises its price target on the stock to $119 from $115.
RenaissanceRe (RNR +0.49%) was downgraded to 'Sell' from 'Hold' at Deutsche Bank.
WellCare (WCG -0.35%) was downgraded to 'Neutral' from 'Outperform' at Wedbush.
General Electric (GE -0.93%) was reinstated with an 'Outperform' at Credit Suisse with a price target of $30.
CNBC reports that Dollar General (DG -0.73%) offered to buy Family Dollar Stores ({=FDO for $78.50 a share.
Monster Beverage (MNST +30.48%) was downgraded to 'Hold' from 'Buy' at Jefferies due to valuation.
Raytheon (RTN +0.04%) was awarded a $109.1 million government contract for engineering services for the Patriot System Tracking Radar.
Becker Drapkin reported a 6.4% stake in Fuel Systems (FSYS +0.76%) .
Whale Rock Capital reported a 5.2% passive stake in Textura (TXTR +3.04%) .
SAB Capital Advisors reported a 6.4% passive stake in Colony Financial (CLNY +1.09%) .

MARKET COMMENTS

Sep E-mini S&Ps (ESU14 +0.55%) this morning are up +9.50 points (+0.49%) at a 2-week high. The S&P 500 index on Friday fell back from a 2-week high and closed little changed: S&P 500 -0.01%, Dow Jones -0.30%, Nasdaq +0.46%. Bearish factors included (1) the -10.91 point drop in the Aug Empire manufacturing index, a bigger decline than expectations of -5.60 to 20.00, (2) the unexpected -2.6 point drop in the early-Aug University of Michigan U.S. consumer confidence to a 9-month low of 79.2, weaker than expectations of +0.7 to 82.5, and (3) concern about the escalation of the Ukraine conflict after Ukraine troops attacked an armed convoy that had crossed its border from Russia.
Sep 10-year T-notes (ZNU14 -0.16%) this morning are down -7 ticks. Sep 10-year T-note futures prices on Friday surged to an 8-1/2 month nearest-futures high. Bullish factors included (1) increased safe-haven demand on concern about an escalation of the Ukraine crisis after Ukraine troops attacked a military convoy that entered its country from Russia, and (2) economic concerns after the Aug Empire manufacturing index declined more than expected and the U.S. Aug University of Michigan consumer confidence unexpectedly dropped to a 9-month low. Closes: TYU4 +11.00, FVU4 +4.50.
The dollar index (DXY00 +0.02%) this morning is up +0.050 (+0.06%). EUR/USD (^EURUSD) is down -0.0011 (-0.08%) and USD/JPY (^USDJPY) is up +0.11 (+0.11%). The dollar index on Friday closed lower. Bearish factors included (1) U.S. economic concerns after the Aug Empire manufacturing index fell more than expected and the U.S. Aug University of Michigan consumer confidence unexpectedly fell to a 9-month low, and (2) strength in USD/JPY on increased safe-haven demand for the yen as stocks fell on concern about the escalation of the Ukraine crisis. Closes: Dollar index -0.164 (-0.20%), EUR/USD +0.00289 (+0.22%), USD/JPY -0.114 (-0.11%).
Sep WTI crude oil (CLU14 -0.96%) this morning is down -98 cents (-1.01%) and Sep gasoline (RBU14 -1.05%) is down -0.0258 (-0.96%). Sep crude and gasoline prices on Friday closed sharply higher: CLU4 +1.77 (+1.85%), RBU4 +0.0320 (+1.20%). Bullish factors included (1) a weaker dollar, (2) the stronger-than-expected U.S. Jul industrial production report, and (3) short-covering spurred by concern about the escalation of the Ukraine crisis after Ukraine troops attacked a convoy of Russian military vehicles entering Ukraine.

GLOBAL EVENT CALENDAR08/18/2014

US	1000 ET	Aug NAHB housing market index expected unch at 53, July +4 to 53.
	1100 ET	USDA weekly grain export inspections.
	1600 ET	USDA weekly crop progress.
EUR	0500 ET	Eurozone Jun trade balance expected +15.1 billion euros (nsa), May +15.4 billion euros (nsa).

U.S. STOCK CALENDAR08/18/2014

Company Name	Ticker	Time	Event Description	Period	Estimate
Urban Outfitters Inc	URBN US	16:00	Q2 2015 Earnings Release	Q2 2015	0.483
Urban Outfitters Inc	URBN US	17:00	Q2 2015 Earnings Call	Q2 2015
Regeneron Pharmaceuticals Inc	REGN US		PDUFA, Eylea, diabetic macular edema (DME)

BARCHART MORNING CALL 6/16

BARCHART MORNING CALL

Monday, June 16th, 2014View Older Reports

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OVERNIGHT MARKETS AND NEWS

September E-mini S&Ps (ESU14 -0.27%) this morning are down -0.23% and European stocks are down -0.49% as sectarian strife in Iraq spreads and threatens to throw the country into civil war. Concern is mounting that the U.S. will be forced to intervene in Iraq to stop insurgents from taking over the country. Also, violence in Ukraine escalated over the weekend after 49 Ukraine soldiers were killed after pro-Russian insurgents shot down a military transport plane. Asian stocks closed mixed: Japan -1.09%, Hong Kong -0.08%, China +0.72%, Taiwan +0.07%, Australia +0.13%, Singapore -0.09%, South Korea +0.26%, India -0.15%. China's Shanghai Stock Index rallied up to a 1-3/4 month high on signs the central bank is widening its easing measures after the PBOC expanded the group of lenders covered by a reserve-ratio cut that was announced on Jun 9. The Chinese government is trying to boost funding for small businesses and agriculture in an attempt to spur economic growth. Commodity prices are mostly higher. July crude oil (CLN14 +0.10%) is down -0.02% as crude prices shed overnight gains on speculation that the spread of violence will not disrupt crude supplies from Iraq, OPEC's second-largest producer. July gasoline (RBN14 +0.01%) is up +0.10%. Aug gold (GCQ14 +0.59%) is up +0.49% at a 2-1/2 week high as intensifying violence in Iraq spurs safe-haven demand for gold. July copper (HGN14 +0.91%) is up +0.74%. Agriculture prices are higher. The dollar index (DXY00 +0.04%) is up +0.03%. EUR/USD (^EURUSD) is up +0.03%. USD/JPY (^USDJPY) is down -0.20%. Sep T-note prices (ZNU14 +0.13%) are up +4 ticks as the slide in equities boosts the safe-haven demand for Treasuries.
UK Jun Rightmove house prices rose +0.1% m/m and +7.7% y/y, slower than May's +3.6% m/m and +8.9% y/y increase.
The Eurozone May CPI fell -0.1% m/m, right on expectations, and was left unrevised at +0.5% y/y. The May core CPI was also left unrevised at +0.7% y/y.

U.S. STOCK PREVIEW

Today’s June Empire manufacturing index is expected to show a -4.01 point decline to 15.00, falling back a bit after the +17.27 point surge to 19.01 seen in May. Today’s May industrial production report is expected to rebound higher by +0.5%, reversing most of the -0.6% decline seen in April. Today’s June NAHB housing market index is expected to show a +2 point increase to 47, recovering a bit after the -1 point drop to a 1-year low of 45 seen in May. There are no Russell 1000 companies that report earnings today.
Equity conferences this week include: American Diabetes Association Conference on Mon, Deutsche Bank 1x1 Insurance Conference on Mon, Natural Gas for Off Road Applications USA Conference on Mon, Wall Street Journal CFO Network Annual Meeting on Mon-Tue, Canadian Telecom Summit 2014 on Mon-Wed, RBC Capital Markets Global Mining & Materials Conference on Tue, Sterne Agee Executive Summit on Tue, Deutsche Bank Global Consumer Conference on Tue-Wed, Wells Fargo Securities Healthcare Conference on Tue-Wed, Predictive Analytics World Conference on Tue-Thu, Jefferies Global Consumer Conference on Wed-Thu, Nomura Corporate Day on Wed, Citi CorpGlobal Water Conference on Thu, Goldman Sachs European Chemicals Vision Conference on Thu, J.P. Morgan Oil & Gas Corporate Access Day on Thu, Morgan Stanley China Industrials Summit on Thu, and Noia Conference 2014 on Thu.

OVERNIGHT U.S. STOCK MOVERS

Norwegian Cruise Line (NCLH -0.18%) was downgraded to 'Neutral' from 'Buy' at SunTrust.
AK Steel (AKS +0.63%) was upgraded to 'Buy' from 'Neutral' at BofA/Merrill.
Williams (WMB +0.70%) was upgraded to 'Buy' from 'Hold' at Jefferies with a price target of $65.
CenterPoint Energy (CNP +0.25%) was upgraded to 'Outperform' from 'Market Perform' at BMO Capital.
DISH (DISH -0.14%) was upgraded to 'Overweight' from 'Neutral' at JPMorgan Chase.
RenaissanceRe (RNR +0.85%) was downgraded to 'Market Perform' from 'Outperform' at JMP Securities due to valuation.
Micron (MU +1.04%) was upgraded to 'Outperform' from 'Neutral' at RW Baird.
GNC Holdings (GNC -5.51%) was downgraded to 'Neutral' from 'Outperform' at RW Baird.
Medtronic (MDT -0.15%) jumped 11% in pre-market trading after Sanford C. Bernstein said that Medtronic's acquisition of Covidien will allow it to challenge Johnson & Johnson as the world's biggest medical device company.
Covidien Plc (COV -0.03%) surged 35% in pre-maket trading after Medtronic agreed to buy the company for $42.9 billion.

Eminence Capital reported a 5.1% passive stake in Allscripts (MDRX -1.63%) .

MARKET COMMENTS

Sep E-mini S&Ps (ESU14 -0.27%) this morning are down -4.50 points (-0.23%). The S&P 500 index on Friday closed higher. Bullish factors included (1) the unexpected -0.2% m/m drop in May PPI, weaker than expectations of +0.1% m/m, which boosted speculation the Fed may delay any hike in interest rates, and (2) strength in technology stocks led by a rally in Intel after the world’s largest semiconductor maker said annual sales will increase for the first time in 3 years. Strength in stocks was limited after early-June U.S. consumer confidence unexpectedly fell -0.7 to 81.2, weaker than expectations of +1.1 to 83.0. Closes: S&P 500 +0.31%, Dow Jones +0.25%, Nasdaq +0.31%.
Sep 10-year T-notes (ZNU14 +0.13%) this morning are up +4 ticks. Sep 10-year T-note futures prices on Friday closed lower. Bearish factors included (1) negative carry-over from a drop in British gilts after BOE Governor Carney said that interest rate increases “could happen sooner than markets currently expect,” and (2) reduced safe-haven demand for T-notes as stocks erased early losses and settled higher. Closes: TYU4 -8.00, FVU4 -6.00.
The dollar index (DXY00 +0.04%) this morning isup +0.022 (+0.03%). EUR/USD (^EURUSD) is up +0.0004 (+0.03%). USD/JPY (^USDJPY) is down -0.20 (-0.20%). The dollar index on Friday closed unchanged. EUR/USD weakened after ECB Executive Board member Coeure said that the ECB’s measures introduced Jun 5 created “stability and predictability of rates, with low rates close to zero for a long period of time.” Gains in the dollar were muted after stocks recovered from early losses and closed higher, which reduced safe-haven demand for the dollar. Closes: Dollar Index unch, EUR/USD -0.0017 (-0.13%), USD/JPY +0.310 (+0.30%).
July WTI crude oil (CLN14 +0.10%) this morning is down -2 cents (-0.02%). July gasoline (RBN14 +0.01%) is up +0.0030 (+0.10%). July crude and gasoline prices on Friday settled mixed. July crude posted an 8-3/4 month high and closed higher after Islamist fighters extended their advance into Iraq, which risks starting a civil war that disrupts oil supplies from Iraq, OPEC’s second-largest producer. July gasoline retreated from a 1-1/2 month high and closed lower after early-Jun U.S. consumer confidence index unexpectedly declined. Closes: CLN4 +0.38 (+0.36%) RBN4 -0.026 (-0.84%).

GLOBAL EVENT CALENDAR06/16/2014

US	0830 ET	Jun Empire manufacturing index expected -4.01 to 15.00, May +17.72 to 19.01.
	0915 ET	May industrial production expected +0.5%, Apr -0.6%. May capacity utilization expected +0.3 to 78.9%, Apr was -0.7 to 78.6%.
	1000 ET	Jun NAHB housing market index expected +2 to 47, May -1 to 45.
	1100 ET	USDA weekly grain export inspections.
	1600 ET	USDA weekly crop progress.
EUR	0500 ET	Revised Eurozone May CPI, previous +0.5% y/y. Revised May core CPI, previous +0.7% y/y.

U.S. STOCK CALENDAR06/16/2014

Company Name	Ticker	Time	Event Description	Period	Estimate
Affiliated Managers Group Inc	AMG US	9:00	Annual General Meeting
Principal Financial Group Inc	PFG US		Roadshow - Boston	Y 2014

5 Great Mid Caps

Today I used Barchart to sort the S&P 400 Mid Cap Index stocks for the stocks with the best Barchart technical indicators.  Next I used the Flipchart feature to review the charts.  My list today includes Cimarex Energy (XEC), UGI Corp (UGI), Skyworks Solutions (SWKS), Superior Energy Services (SPN) and RenaissanceRE Holdings (RNR):

Cimarex Energy (XEC)

Barchart technical indicators:

• 100% technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 4 new highs and up 3.67% in the last month
• Relative Strength Index 65.54
• Barchart computes a technical support level at 118.42
• Recently traded at 123.99 with a 50 day moving average of 114.82

UGI Corp (UGI)

Barchart technical indicators:

• 100% technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 7 new highs and up 4.19% in the last month
• Relative Strength Index 66.20%
• Barchart computes a technical support level at 45.55
• Recently traded at 46.37 with a 50 day moving average of 44.73

Skyworks Solutions (SWKS)

Barchart technical indicators:

• 100% Technical buy signal
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 4 new highs and up 9.27% in the last month
• Relative Strength Index 72.70%
• Barchart computes a technical support level at 36.50
• Recently traded at 41.04 with a 50 day moving average of 35.92

Superior Energy Services (SPN)

Barchart technical indicators:

• 100% technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 10 new highs and up 11.61% in the last month
• Relative Strength Index 67.15%
• Barchart computes a technical support level at 31.67
• Recently traded at 32.79 with a 50 day moving average of 29.37

RenaissanceRE Holdings (RNR)

Barchart technical indicators:

• 100% technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 10 new highs and up 5.45% in the last month
• Relative Strength Index 73.93%
• Barchart computes a technical support level at 100.39
• Recently traded at 102.25 with a 50 day moving average of 96.70

5 Great Mid Caps

Today I use Barchart to sort the S&P 400 Mid Cap Index stocks to find the stocks with the best technical indicators and charts.  Today's list includes Tech Data (TECD), RenaisseanceRe Holdings (RNR), Omega Healthcare Holdings (OHI), MSC Industrial Direct (MSM) and Hospitality Properties Trust (HPT):

Tech Data (TECD)

Barchart technical indicators:

• 100% Barchart technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 11 new highs and up 12.38% in the last month
• Relative Strength Index 74.64
• Barchart computes a technical support level at 61.37
• Recently traded at 64.65 with a 50 day moving average of 57.58

RenaisseanceRe Holdings (RNR)

Barchart technical indicators:

• 100% Barchart technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 10 new highs and up 2.83% in the last month
• Relative Strength Index 68.46%
• Barchart computes a technical support level at 97.16
• Recently traded at 99.19 with a 50 day moving average of 95.23

Omega Healthcare Holdings (OHI)

Barchart technical indicators:

• 100% Barchart technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 7 new highs and up 6.23% in the last month
• Relative Strength Index 66.25%
• Barchart computes a technical support level at 33.43
• Recently traded at 34.44 with a 50 day moving average of 32.41

MSC Industrial Direct (MSM)

Barchart technical indicators:

• 100% Barchart technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 4 new highs and up 1.90% in the last month
• Relative Strength Index 67.80%
• Barchart computes a technical support level at 86.87
• Recently traded at 90.00 with a 50 day moving average of 85.63

Hospitality Properties Trust (HPT)

Barchart technical indicators:

• 100% Barchart technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 11 new highs and up 7.87% in the last month
• Relative Strength Index 73.43%
• Barchart computes a technical support level at 28.58
• Recently traded at 29.37 with a 50 day moving average of 27.24

Today's 5 Best Mid Caps

Today I used Barchart to find the S&P 400 Mid Cap Index stocks that had the best technical indicators and charts.  I sorted the Index for new high frequency in the last month, skipped the stocks that didn't have positive gains for both the last week and month, then used the Flipchart feature to review the charts.

Today's list includes The Cheesecake Factory (CAKE), Skyworks Solutions (SWKS), Primerica (PRI), Renaissancere Holdings (RNR) and Intersil Corp (ISIL):

The Cheesecake Factory (CAKE)

Barchart technical indicators:

• 80% Barchart technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 13 new highs and up 6.61% in the last month
• Relative Strength Index 62.01%
• Barchart computes a technical support level at 47.10
• Recently traded at 48.87 with a 50 day moving average of 46.42

Skyworks Solutions (SWKS)

Barchart technical indicators:

• 88% Barchart technical buy signals
• Trend spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 13 new highs and up 15.00% in the last month
• Relative Strength Index 68.06%
• Barchart computes a technical support level at 36.33
• Recently traded at 36.83 with a 50 day moving average of 32.06

Primerica (PRI)

Barchart technical indicators:

• 100% Barchart technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 13 new highs and up 9.35% in the last month
• Relative Strength Index 76.57%
• Barchart computes a technical support level at 46.23
• Recently traded at 48.35 with a 50 day moving average of 43.86

Renaissancere Holdings (RNR)

Barchart technical indicators:

• 88% Barchart technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 13 new highs and up 4.93% in the last month
• Relative Strength Index 71.90%
• Barchart computes a technical support level at 96.43
• Recently traded at 97.56 with a 50 day moving average of 92.98

Intersil Corp (ISIL)

Barchart technical indicators:

• 80% Barchart technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 13 new highs and up 11.15% in the last month
• Relative Strength Index 64.18%
• Barchart computes a technical support level at 12.00
• Recently traded at 12.96 with a 50 day moving average of 11.76

Barchart Morning Call 5/6

BARCHART MORNING CALL

Monday, May 6th, 2013View Older Reports

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OVERNIGHT MARKETS AND NEWS

June E-mini S&Ps (ESM13 -0.05%) this morning are down -0.05% and European stocks are down -0.45%. Asian stocks closed mostly higher: Japan closed for holiday, Hong Kong +0.99%, China +1.33%, Taiwan +0.42%, Australia +0.52%,Singapore +0.37%, South Korea -0.32%, India +0.50%. Commodity prices are mixed. June WTI crude oil (CLM13 +0.09%) is up +0.56% and jumped to a 1-month high in overnight trade after Israeli aircraft reportedly attacked a Syrian military research center on Sunday, which raises geopolitical risks in the Middle East. June gasoline (RBM13 -0.10%) is up +0.32%, June natural gas (NGM13 -0.49%) is down -0.84%, June gold (GCM13 +0.66%) is up +0.72%, July copper (HGN13 -0.57%) is down -0.26%. Agriculture prices are lower. The dollar index (DXY00 +0.06%) is up +0.07%. EUR/USD (^EURUSD) is down -0.10% after dovish comments from ECB Executive Board member Coeure weakened the euro. USD/JPY (^USDJPY) is up +0.19% as the yen posted a 1-week low. June 10-year T-note futures prices (ZNM13 -0.01%) are up +2 ticks.
Syria's Deputy Foreign Minister Mekdad said that recent Israeli airstrikes on his country were a "declaration of war" and that his government would retaliate in its own time. Israel has staged air strikes into Syria twice over the past 3 days reportedly targeting a shipment of missiles thought to be bound for Hezbollah militants in Lebanon, according to the Associated Press who cited unidentified Israeli officials.
The German Apr PMI Services index was unexpectedly revised up to 49.6 from the originally reported 49.2.
Eurozone Mar retail sales fell -0.1% m/m, right on expectations, and fell -2.4% y/y, weaker than expectations of -2.2% y/y.
The Eurozone Apr PMI Composite index was unexpectedly revised up to 46.9 from the originally reported 46.6.
The Eurozone May Sentix investor confidence rose +1.7 to -15.6, weaker than expectations of +2.1 to -15.2.
ECB Executive Board member Coeure said the ECB is ready to cut interest rates further if the economic outlook in the Eurozone worsens.
The China April HSBC Services PMI fell -3.2 points to 51.1 from 54.3 in March.
The Chinese yuan fell back from a 19-year high of 6.1521 against the dollar after China's currency regulator said it will increase scrutiny of cross-border capital flows entering the country disguised as trade bills.

U.S. STOCK PREVIEW

This week’s U.S. economic schedule is relatively light and is focused on this week’s $72 billion Treasury coupon package, Fed Chairman Bernanke’s keynote address on Friday, and another heavy earnings week. Q1 earnings season has peaked but there are still 46 of the S&P 500 companies that are scheduled to report this week. Q2 earnings growth for the S&P 500 companies is now expected at +5.1% y/y, better than +1.5% as of April 1, according to Thomson I/B/E/S. There are 6 of the S&P 500 companies that report earnings today: Sysco (consensus $0.43), Tyson Foods (0.45), Andarko (0.95), Frontier Communications (0.06), First Solar (0.75), EOG Resources (1.19), Vornado Realty (1.71).
Conferences this week include American Gas Association (AGA) Financial Forum on Mon, Mizuho Securities USA Healthcare Access Day on Tue, Barclays Chemical ROC Star Conference on Tue, Robert W. Baird Growth Stock Conference on Tue-Thu, Jefferies Global Technology, Media and Telecom Conference on Tue-Thu, ISI Bermuda Energy Conference on Wed, 17th Annual International Cash and Treasury Management Conference on Wed-Thu, Wells Fargo Industrial and Construction Conference on Wed-Thu, Skybridge Alternatives Conference (SALT)-Las Vegas on Wed-Thu, Sanford C. Bernstein & Co IT Services Conference on Thu.

OVERNIGHT U.S. STOCK MOVERS

Tyson Foods (TSN +1.30%) reported Q1 adjusted EPS of 36 cents, weaker than expectations of 45 cents.
Cognizant (CTSH +3.53%) was added to Evercore's "Conviction Buy List" with a $96 a share price target.
Dollar General (DG +0.19%) was upgraded to a "Buy" from "Neutral" at BofA/Merril and they raised their price target on the stock to $60 a share from $55.
Comerica (CMA +2.26%) was downgraded to "Neutral" from "Buy" at BTIG due to valuation.
Jefferies reaffirmed its "Buy" rating on Kraft Foods (KRFT +5.11%) and raised its price target on the stock to $60 a share from $52.
ADT Corp. (ADT +2.47%) was upgraded to "Equal Weight" from "Underweight" at Morgan Stanley based on valuation.
Harley-Davidson (HOG +0.35%) was initiated with an "Overweight" at Morgan Stanley with a price target of $62.
Apollo Global (APO +1.30%) reported Q1 EPS of $1.60, well ahead of consensus of $1.24.
Retailers including J.C. Penney (JCP +2.74%), Best Buy (BBY +0.99%), Barnes & Noble (BKS +1.37%), McDonald's (MCD +0.84%), Home Depot (HD +0.86%), and Gap (GPS +2.21%), lost a court bid to invalidate patents held by Alexsam related to systems that activate and recharge gift cards, according to a report by Bloomberg.
Lord, Abbett & Co. reported a 12.1% stake in Overhill Farms (OFI -1.30%).
Berkshire Hathaway (BRK) reported Q1 operating EPS of $2,302, better than consensus of $1,995.
Southwest Gas (SWX +0.42%) reported Q1 EPS of $1.73, better than consensus of $1.67.
Bunge North America reported a 10.14% passive stake in Renewable Energy (REGI +4.41%).
SAC Capital reported a 5.3% passive stake in RenaissanceRe (RNR -0.35%).

MARKET COMMENTS

June E-mini S&Ps (ESM13 -0.05%) this morning are little changed, down -0.75 of a point (-0.05%). The S&P 500 index on Friday rallied to a record high and closed higher. Stocks found support from a larger-than-expected +165,000 increase in Apr non-farm payrolls (vs expectations of +140,000). March and Feb payrolls were revised upward by an additional +114,000. Also, the Apr unemployment rate unexpectedly fell -0.1 to a 4-1/3 year low of 7.5%. Stocks shook off the -4.0% fall in Mar factory orders (vs expectations of -2.9%), and the -1.3 point slide in the Apr ISM non-manufacturing index to 53.1, a bigger drop than expectations of -0.4 to 54.0. Closes: S&P 500 +1.05%, Dow Jones +0.96%, Nasdaq 100 +1.15%.
June 10-year T-notes (ZNM13 -0.01%) this morning are up +2 ticks. June 10-year T-note futures prices on Friday tumbled to a 3-week low and closed sharply lower. The stronger-than-expected Apr non-farm payrolls boosted the outlook for economic growth and sent the S&P 500 soaring to a record high, thus reducing the safe-haven demand for Treasuries. Closes: TYM3 -25.0, FVM3 -11.5.
The dollar index (DXY00 +0.06%) this morning is up slightly by +0.054 (+0.07%). EUR/USD (^EURUSD) is down -0.0013 (-0.10%) and USD/JPY (^USDJPY) is up +0.19 (+0.19%). The dollar index on Friday rallied initially on the stronger-than-expected Apr non-farm payrolls, but then shed its gains and closed lower on speculation the data wasn’t strong enough for the Fed to reduce its dollar-negative stimulus. EUR/USD received a boost after ECB Governing Council member Nowotny said markets “over-interpreted” ECB President Draghi’s comments Thursday that the ECB would consider a deposit rate below zero. Closes: Dollar index -0.099 (-0.12%), EUR/USD +0.00501 (+0.38%), USD/JPY +1.064 (+1.09%).
June WTI crude oil (CLM13 +0.09%) this morning is up +0.54 (+0.56%) and posted a fresh 1-month high in overnight trade after Israeli airstrikes into Syria over the weekend raised geopolitical risks in the Middle East. June gasoline (RBM13 -0.10%) is up +0.0090 (+0.32%). June crude oil and gasoline on Friday closed higher as June crude posted a 1-month high. Economic optimism boosted energy prices after U.S. Apr non-farm payrolls rose more than expected, which boosted the S&P 500 to a record high and stoked speculation that fuel demand will increase. Closes: CLM3 +1.62 (+1.72%), RBM3 +0.0448 (+1.61%).

GLOBAL EVENT CALENDAR05/06/2013

US	1100 ET	USDA weekly grain export inspections.
	1600 ET	USDA Crop Progress.
GER	0355 ET	Revised German Apr PMI services expected unch at 49.2.
EUR	0400 ET	Revised Eurozone Apr PMI composite expected unch at 46.5.
	0430 ET	Eurozone May Sentix investor confidence expected -15.0, Apr -17.3.
	0500 ET	Eurozone Mar retail sales expected -0.1% m/m and -2.2% y/y, Feb -0.3% /m and -1.4% y/y.
UK	1901 ET	UK Apr Lloyds employment confidence, Mar -45.
JPN	n/a	Markets closed for final day of Golden Week holiday.

U.S. STOCK CALENDAR05/06/2013

Company Name	Symbol	Time	Event Description	Period	EPS Est (US$)
Sysco Corp	SYY US	Bef-mkt	Q3 2013 Earnings Release	Q3 2013	0.428
Tyson Foods Inc	TSN US	Bef-mkt	Q2 2013 Earnings Release	Q2 2013	0.452
Covidien PLC	COV US	8:00	Q4 2013 Guidance Call	Q4 2013
Tyson Foods Inc	TSN US	9:00	Q2 2013 Earnings Call	Q2 2013
Sysco Corp	SYY US	10:00	Q3 2013 Earnings Call	Q3 2013
Celgene Corp	CELG US	13:00	Analyst & Investor Day	Y 2013
Target Corp	TGT US	16:15	Vancouver Board of Trade Presents President, Tony Fisher, Target Canada
Frontier Communications Corp	FTR US	16:30	Q1 2013 Earnings Call	Q1 2013
First Solar Inc	FSLR US	16:30	Q1 2013 Earnings Call	Q1 2013
Adobe Systems Inc	ADBE US	17:30	Analyst and Investor Meeting	Y 2013
Anadarko Petroleum Corp	APC US	Aft-mkt	Q1 2013 Earnings Release	Q1 2013	0.945
Frontier Communications Corp	FTR US	Aft-mkt	Q1 2013 Earnings Release	Q1 2013	0.058
First Solar Inc	FSLR US	Aft-mkt	Q1 2013 Earnings Release	Q1 2013	0.747
EOG Resources Inc	EOG US	Aft-mkt	Q1 2013 Earnings Release	Q1 2013	1.185
Vornado Realty Trust	VNO US	Aft-mkt	Q1 2013 Earnings Release	Q1 2013	1.712
Aflac Inc	AFL US		Annual General Meeting	Y 2013