MORNING CALL 6/21

MORNING CALL

Tuesday, June 21st, 2016View Older Reports

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OVERNIGHT MARKETS AND NEWS

Sep E-mini S&Ps (ESU16 +0.47%) are up +0.48% and European stocks are up +0.83% at a 1-week high ahead of this morning's testimony to the Senate Banking Committee by Fed Chair Yellen and by a speech to the European Parliament by ECB President Draghi. European stocks also received a boost from an unexpected jump in the German Jun ZEW survey expectations of economic growth to a 10-month high. The British pound climbed to a 5-1/2 month high against the dollar as polls show the UK campaign to remain in the European Union are gaining ground before Thursday's referendum. Asian stocks settled mixed: Japan +1.28%, Hong Kong +0.77%, China -0.35%, Taiwan +0.68%, Australia +0.33%, Singapore -0.41%, South Korea +0.07%, India -0.20%. Japan's Nikkei Stock Index moved up to a 1-week high as exporters rallied after USD/JPY strengthened.

The dollar index (DXY00 +0.02%) is down -0.05% at a 1-1/2 month low. EUR/USD (^EURUSD) is up +0.01%. USD/JPY (^USDJPY) is up +0.67%.

Sep T-note prices (ZNU16 -0.12%) are down -3 ticks.

The German Jun ZEW survey expectations of economic growth unexpectedly rose +12.8 to 19.2, stronger than expectations of -1.6 to 4.8 and the highest in 10 months.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Fed Chair Janet Yellen testifies on monetary policy to the Senate Banking Committee, and (2) the Treasury's auction of $34 billion of 5-year T-notes.

There are 5 of the Russell 1000 companies that report earnings today: FedEx (consensus $3.28), Lennar (0.87), CarMax (0.92), Adobe (0.68), Carnival (0.39).

U.S. IPO's scheduled to price today: Selecta Biosciences (SELB), Tactile Systems Technology (TCMD)

Equity conferences this week include: Questex Sensors Expo & Conference on Tue, Real Estate Investment World Asia 2016 on Tue, Wells Fargo Convergence & Connectivity Symposium on Tue, Jefferies Consumer Conference on Tue-Wed, Wells Fargo West Coast Energy Conference on Tue-Wed, Panagora Pharma - Mobile Pharma Summit on Tue-Wed, Bernstein Global Future of Media & Telecommunications Summit on Wed, Oppenheimer Global Consumer Conference on Wed, Citigroup Insurance Conference on Thu.

OVERNIGHT U.S. STOCK MOVERS

Signature Bank/New York (SBNY +0.95%) was upgraded to 'Strong Buy' from 'Outperform' at Raymond James with a 12-month price target of $162.

Abbott Laboratories (ABT +0.96%) was upgraded to 'Buy' from 'Hold' at Edward Jones.

Imperva (IMPV +0.27%) rallied over 9% in after-hours trading after Elliott Associates disclosed a 9.8% stake in Imperva and said it began a dialogue with management and board regarding strategic and operational opportunities.

Knight Transportation (KNX +3.53%) was downgraded to 'Neutral' from 'Buy' at Bank of America/Merrill Lynch.

Prologis (PLD +0.06%) was downgraded to 'Hold' from 'Buy' at Deutsche Bank.

Kirby Corp. (KEX +0.90%) was downgraded to 'Neutral' from 'Outperform' at Credit Suisse.

CNOOC Ltd. (CEO +2.55%) was upgraded to 'Buy' from 'Neutral' at UBS.

Paratek Pharmaceuticals (PRTK -2.59%) slid over 2% in after-hours trading after it proposed an offering of 3.75 million shares of common stock.

Sunrun (RUN +2.66%) gained over 1% in after-hours trading after it was rated a new 'Outperform' at Oppenheimer,

American Superconductor (AMSC +1.21%) was rated a new 'Outperform' at Oppenheimer with an 18-month price target of $12.

Opko Health (OPK +1.55%) rose nearly 4% in after-hours trading after a FDA approved-drugs website indicated approval for Opko's Rayaldee drug came on June 17.

Werner (WERN +1.36%) dropped over 9% in after-hours trading after it warned that Q2 EPS may be only 21 cents-35 cents, below consensus of 40 cents, due to "sluggish" freight market conditions, driver pay and contractor cost increases.

Scynexis (SCYX +6.85%) tumbled over 11% in after-hours trading after it announced it will launch a public offering of common stock and warrants.

MARKET COMMENTS

September E-mini S&Ps (ESU16 +0.47%) this morning are up +10.00 points (+0.48%). Monday's closes: S&P 500 +0.58%, Dow Jones +0.73%, Nasdaq +0.59%. The S&P 500 on Monday rallied to a 1-week high and closed higher on carryover support from a sharp rally in European stocks as Brexit concerns eased after the latest polls showed that Britons will vote to remain in the European Union at Thursday's referendum. Stocks were also boosted by strength in mining stocks and energy producers after copper rallied +2.1% and the price of crude oil climbed 2.9% to a 1-week high.

Sep 10-year T-note prices (ZNU16 -0.12%) this morning are down -3 ticks. Monday's closes: TYU6 -1300, FVU6 -6.25. Sep T-notes gapped lower Monday to a 1-week low and closed lower on reduced safe-haven demand for T-notes as stocks rallied sharply as the latest polls showed Britons favored remaining in the EU. T-notes were also undercut by slack demand for the Treasury's $26 billion 2-year T-note auction that had a 2.72 bid-to-cover ratio, below the 12-auction average of 3.01.

The dollar index (DXY00 +0.02%) this morning is down -0.046 (-0.05%) at a 1-1/2 month low. EUR/USD (^EURUSD) is up +0.0001 (+0.01%). USD/JPY (^USDJPY) is up +0.70 (+0.67%). Monday's closes: Dollar Index -0.595 (-0.63%), EUR/USD +0.0037 (+0.33%), USD/JPY -0.22 (-0.21%). The dollar index on Monday fell to a 1-week low and closed lower on an easing of Brexit concerns, which lifted EUR/USD to a 1-week high and GBP/USD to a 2-1/2 week high. The dollar index was also undercut by cautiousness ahead of Tuesday's testimony by Fed Chair Yellen to the Senate Banking Committee on monetary policy.

July WTI crude oil (CLN16 -1.13%) this morning is down -54 cents (-1.09%). July gasoline (RBN16 -1.60%) is down -0.0227 (-1.43%). Monday's closes: CLN6 +1.39 (+2.90%), RBN6 +0.0774 (+5.14%). Jul crude oil and gasoline on Monday rallied to 1-week highs and closed higher. Crude oil prices were boosted by the fall in the dollar index to a 1-week low and a report by the Joint Organizations Data Initiative saying that Saudi Arabian Apr crude exports fell to a 6-month low of 7.44 million bpd.

GLOBAL EVENT CALENDAR06/21/2016

		Tuesday, June 21, 2016
US	1000 ET	Fed Chair Janet Yellen testifies on monetary policy to the Senate Banking Committee.
	1300 ET	Treasury auctions $34 billion of 5-year T-notes.
		Wednesday, June 22, 2016
US	0700 ET	Weekly MBA mortgage applications, previous -2.4% with purchase sub-index -4.9% and refi sub-index -0.7%.
	0900 ET	Apr FHFA house price index expected +0.6%, Mar +0.7% m/m.
	1000 ET	Fed Chair Janet Yellen testifies on monetary policy to the House Financial Services Committee.
	1000 ET	May existing home sales expected +1.8% to 5.55 million, Apr +1.7% m/m to 5.45 million.
	1030 ET	EIA Weekly Petroleum Status Report.
	1130 ET	Treasury auctions $13 billion of 2-year floating rate notes.
	1230 ET	Treasury auctions $28 billion of 7-year T-notes.
	1300 ET	Treasury auctions $5 billion of 30-year TIPS.
EUR	1000 ET	Eurozone Jun consumer confidence expected unch at -7.0, May +2.3 to -7.0.
JPN	2200 ET	Japan Jun Nikkei manufacturing PMI, May -0.5 to 47.7.

U.S. STOCK CALENDAR06/21/2016

Company	Ticker	Time	Event Description	Period	Estimate
QIAGEN NV	QGEN US	4:30	Annual General Meeting	Y 2016
Lennar Corp	LEN US	Bef-mkt	Q2 2016 Earnings Release	Q2 2016	0.872
CarMax Inc	KMX US	7:00	Q1 2017 Earnings Release	Q1 2017	0.923
CarMax Inc	KMX US	9:00	Q1 2017 Earnings Call	C1 2017
CarMax Inc	KMX US	9:00	Q1 2017 Earnings Call	Q1 2017
Nielsen Holdings PLC	NLSN US	9:00	Annual General Meeting	Y 2015
Ingram Micro Inc	IM US	10:00	Special Meeting - M&A Vote
United Continental Holdings Inc	UAL US	10:00	Business Update Call
Lennar Corp	LEN US	11:00	Q2 2016 Earnings Call	Q2 2016
Varian Medical Systems Inc	VAR US	12:00	Investor Day	Y 2016
NetSuite Inc	N US	12:00	Annual General Meeting
FedEx Corp	FDX US	16:15	Q4 2016 Earnings Release	Q4 2016	3.282
FedEx Corp	FDX US	17:00	Q4 2016 Earnings Call	Q4 2016
Adobe Systems Inc	ADBE US	17:00	Q2 2016 Earnings Call	Q2 2016
Adobe Systems Inc	ADBE US	Aft-mkt	Q2 2016 Earnings Release	Q2 2016	0.68
Carnival Corp	CCL US		Q2 2016 Earnings Release	Q2 2016	0.386
United Therapeutics Corp	UTHR US		Annual General Meeting
GameStop Corp	GME US		Annual General Meeting
Agios Pharmaceuticals Inc	AGIO US		Annual General Meeting

MORNING CALL 3/11

MORNING CALL

Friday, March 11th, 2016View Older Reports

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OVERNIGHT MARKETS AND NEWS

March E-mini S&Ps (ESH16 +0.93%) are up +0.98% at a 2-month high and European stocks are up +2.97%. Bank stocks are higher with Goldman Sachs and Morgan Stanley both up at least 1.5% in pre-market trading, while a +2.30% jump in the price of crude to a 3-month high gives energy producing stocks a lift. Crude oil received a boost after the IEA cut its 2016 non-OPEC crude production estimate by -150,000 bpd and said that "there are signs that prices might have bottomed out." Asian stocks settled higher: Japan +0.51%, Hong Kong +1.08%, China +0.20%, Taiwan +0.52%, Australia +0.32%, Singapore +0.70%, South Korea +0.22%, India +0.38%. China's Shanghai Composite recovered from a 1-week low and closed higher and gave Asian markets a lift after the PBOC strengthened its daily reference rate for the yuan by 0.34%, which fueled a rally in the yuan to a 2-1/4 month high against the dollar.

The dollar index (DXY00 +0.50%) is up +0.54%. EUR/USD (^EURUSD) is down -0.62%. USD/JPY (^USDJPY) is up +0.49%.

Jun T-note prices (ZNM16 -0.15%) are down -5 ticks.

The IEA cut its 2016 non-OPEC crude production estimate to 750,000 bpd, down -150,000 from 900,000 bpd estimated last month, and said that "there are signs that prices might have bottomed out."

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Feb import price index (expected -0.7% m/m and -6.5% y/y, Jan -1.1% m/m and -6.2% y/y).

None of the Russell 1000 companies report earnings today.

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

Equity conferences this week include: none.

OVERNIGHT U.S. STOCK MOVERS

Morgan Stanley (MS +0.16%) and Goldman Sachs Group (GS +0.74%) are both up over 1% in pre-market trading.

Ulta Salon Cosmetics & Fragrance (ULTA +2.75%) rallied over 12% in pre-market trading after it reported Q4 adjusted EPS of $1.69, above consensus of $1.54, and then raised guidance on Q1 EPS to $1.25-$1.30, higher than consensus of $1.22.

Wynn Resorts Ltd. (WYNN +3.07%) was downgraded to 'Neutral' from 'Buy' at Sterne Agee CRT.

Arctic Cat (ACAT +2.85%) was downgraded to 'Sell' from 'Hold' at Wunderlich Securities.

Zumiez (ZUMZ +2.10%) fell 8% in after-hours trading after it lowered guidance on Q1 sales to $172 million-$175 million, below consensus of $176.7 million.

Finisar (FNSR +0.07%) jumped over 8% in after-hours trading after it reported Q3 adjusted EPS of 25 cents, higher than consensus of 22 cents, and said it sees Q4 adjusted EPS of 22 cents-28 cents, above consensus of 21 cents.

El Pollo Loco Holdings (LOCO +1.54%) declined nearly 6% in after-hours trading after it said it sees 2016 pro-forma EPS of 70 cents-74 cents, at the lower end of consensus of 74 cents.

BioDelivery Sciences International (BDSI -8.11%) dropped over 5% in after-hours trading after it reported Q4 EPS of 19 cents, well below consensus of 55 cents.

Bojangles' (BOJA -0.20%) gained 6% in after-hours trading after it reported Q4 EPS of 22 cents, better than consensus of 19 cents, and then raised guidance on 2016 adjusted Ebitda to $83.5 million-$86.5 million, higher than consensus of $80.2 million.

Kratos Defense & Security Solutions (KTOS -2.90%) jumped over 6% in after-hours trading after it reported Q4 ongoing adjusted EPS of 2 cents, better than consensus of a -4 cent loss.

Sunrun (RUN +7.52%) plunged over 10% in after-hours trading after it reported Q4 revenue of $99.6 million, below consensus of $101.8 million.

Bonanza Creek Energy (BCEI -2.42%) slipped 5% in after-hours trading after it elected to draw down $209 million on its credit facility.

Strata Skin Sciences (SSKN +2.80%) catapulted up over 30% in after-hours trading after the FDA approved Strata's PMA supplement for the MelaFind System that aids in detection of melanoma.

MARKET COMMENTS

Mar E-mini S&Ps (ESH16 +0.93%) this morning are up +19.50 points (+0.98%) at a 2-month high. Thursday's closes: S&P 500 +0.02%, Dow Jones-0.03%, Nasdaq -0.15%. The S&P 500 on Thursday gave up early gains and fell to a 1-week low on global economic concerns after the ECB cut its Eurozone 2016 GDP forecast to +1.4% from +1.7% and ECB President Draghi said that risks to economic growth are still to the downside. Stocks were also undercut by weakness in energy producers after the price of crude fell. Stocks saw strength early on the -18,000 drop in U.S. weekly jobless claims and on the ECB's interest rate cut and QE expansion to 80 billion euros from 60 billion euros a month.

Jun 10-year T-notes (ZNM16 -0.15%) this morning are down -5 ticks. Thursday's closes: TYM6 -13.50, FVM6 -8.50. Jun T-notes on Thursday slid to a 1-1/4 month low and closed lower on the larger-than-expected drop in weekly U.S. jobless claims to a 4-3/4 month low and on negative carryover from a decline in German bund prices to a 1-1/4 month low.

The dollar index (DXY00 +0.50%) this morning is up +0.522 (+0.54%). EUR/USD ^EURUSD) is down -0.0069 (-0.62%). USD/JPY (^USDJPY) is up +0.56 (+0.49%). Thursday's closes: Dollar Index -1.107 (-1.14%), EUR/USD +0.0178 (+1.62%), USD/JPY -0.16 (-0.14%). The dollar index on Thursday whipsawed up to a 1-week high and then down to a 3-week low and closed lower. The dollar was undercut by strength in EUR/USD which recovered from a 5-week low and rallied up to a 3-week high when ECB President Draghi said that he "doesn’t anticipate" more rate cuts from the ECB. EUR/USD initially saw weakness after the ECB cut interest rates and expanded QE to 80 billion euros a month from 60 billion euros.

Apr WTI crude (CLJ16 +2.14%) this morning is up +87 cents (+2.30%) and Apr gasoline (RBJ16 +0.55%) is up +0.0079 (+0.55%). Thursday's closes: CLJ6 -0.45 (-1.18%), RBJ6 -0.0315 (-2.14%). Apr crude and gasoline on Thursday closed lower on reduced optimism about a freeze in crude production after Russian Energy Minister Novak said that a time and date for a meeting among major oil producers remains uncertain and on negative carryover from Wednesday's EIA data that showed an increase in EIA crude stockpiles to a record high 521.8 million bbl and the rise in oil inventories at Cushing, OK, the delivery point for WTI futures, to a record 66.9 million bbl.

GLOBAL EVENT CALENDAR03/11/2016

US	0830 ET	Feb import price index expected -0.7% m/m and -6.5% y/y, Jan -1.1% m/m and -6.2% y/y.
GER	0200 ET	Revised German Feb CPI (EU harmonized), previous +0.4% m/m and -0.2% y/y.
	0200 ET	German Feb wholesale price index, Jan -0.4% m/m and -1.0% y/y.
UK	0430 ET	UK Jan construction output expected +0.2% m/m and -1.7% y/y, Dec +1.5% m/m and +0.5% y/y.

U.S. STOCK CALENDAR03/11/2016

Company	Ticker	Time	Event Description	Period	Estimate
Genesco Inc	GCO US	Bef-mkt	Q4 2016 Earnings Release	Q4 2016	2.134
Buckle Inc/The	BKE US	Bef-mkt	Q4 2016 Earnings Release	Q4 2016	1.073
Hibbett Sports Inc	HIBB US	Bef-mkt	Q4 2016 Earnings Release	Q4 2016	0.732
Progenics Pharmaceuticals Inc	PGNX US	Bef-mkt	Q4 2015 Earnings Release	Q4 2015	-0.142
Kirkland's Inc	KIRK US	Bef-mkt	Q4 2016 Earnings Release	Q4 2016	0.898
Citi Trends Inc	CTRN US	Bef-mkt	Q4 2016 Earnings Release	Q4 2016	0.25
Straight Path Communications Inc	STRP US	Bef-mkt	Q2 2016 Earnings Release	Q2 2016	-0.07
Lifetime Brands Inc	LCUT US	7:00	Q4 2015 Earnings Release	Q4 2015	0.64
WW Grainger Inc	GWW US	8:00	February 2016 Sales and Revenue Call	2016
WW Grainger Inc	GWW US	8:00	February 2016 Sales and Revenue Release	2016
Public Service Enterprise Group Inc	PEG US	8:00	Financial Community Meeting
Providence Service Corp/The	PRSC US	8:00	Q4 2015 Earnings Call	Q4 2015
Genesco Inc	GCO US	8:30	Q4 2016 Earnings Call	Q4 2016
Progenics Pharmaceuticals Inc	PGNX US	8:30	Q4 2015 Earnings Call	Q4 2015
Surgery Partners Inc	SGRY US	8:30	Q4 2015 Earnings Call	Q4 2015
General Electric Co	GE US	9:00	Investor Meeting - Healthcare	Y 2016
Citi Trends Inc	CTRN US	9:00	Q4 2016 Earnings Call	Q4 2016
Gastar Exploration Inc	GST US	9:30	Q4 2015 Earnings Call	Q4 2015
AEP Industries Inc	AEPI US	10:00	Q1 2016 Earnings Call	Q1 2016
Buckle Inc/The	BKE US	10:00	Q4 2016 Earnings Call	Q4 2016
Hibbett Sports Inc	HIBB US	10:00	Q4 2016 Earnings Call	Q4 2016
Investors Real Estate Trust	IRET US	10:00	Q3 2016 Earnings Call	Q3 2016
Commercial Vehicle Group Inc	CVGI US	10:00	Q4 2015 Earnings Call	Q4 2015
State National Cos Inc	SZTNZ US	10:00	Q4 2015 Earnings Call	Q4 2015
Lifetime Brands Inc	LCUT US	11:00	Q4 2015 Earnings Call	Q4 2015
Kirkland's Inc	KIRK US	11:00	Q4 2016 Earnings Call	Q4 2016
Green Brick Partners Inc	GRBK US	12:00	Q4 2015 Earnings Call	Q4 2015
Straight Path Communications Inc	STRP US	16:15	Q2 2016 Earnings Call	Q2 2016
Earthstone Energy Inc	ESTE US	Aft-mkt	Q4 2015 Earnings Release	Q4 2015	-0.125
Hallador Energy Co	HNRG US	Aft-mkt	Q4 2015 Earnings Release	Q4 2015	0.18
Park-Ohio Holdings Corp	PKOH US	Aft-mkt	Q4 2015 Earnings Release	Q4 2015	0.89
Equifax Inc	EFX US		Investor Meeting - New York	Y 2016
Valhi Inc	VHI US		Q4 2015 Earnings Release	Q4 2015	-0.04
EMCORE Corp	EMKR US		Annual General Meeting
Tangoe Inc	TNGO US		Q4 2015 Earnings Release	Q4 2015	0.035
Stemline Therapeutics Inc	STML US		Q4 2015 Earnings Release	Q4 2015	-0.57
Carbylan Therapeutics Inc	CBYL US		Q4 2015 Earnings Release	Q4 2015	-0.247
Zynerba Pharmaceuticals Inc	ZYNE US		Q4 2015 Earnings Release	Q4 2015	-0.625

MORNING CALL 3/10

MORNING CALL

Thursday, March 10th, 2016View Older Reports

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OVERNIGHT MARKETS AND NEWS

March E-mini S&Ps (ESH16 +0.44%) are up +0.29% and European stocks are up +0.14% as the markets await the ECB's decision today on possible additional stimulus measures. The markets are expecting at least an interest rate cut by the ECB today and or an expansion of its quantitative easing. Weakness in crude oil and metals undercut energy and raw-material producing stocks, while an unexpected decline in German Jan exports pressured European stocks. Asian stocks settled mixed: Japan +1.26%, Hong Kong -0.06%, China -2.02%, Taiwan +0.31%, Australia -0.14%, Singapore -0.05%, South Korea +0.96%, India -0.69%. China's Shanghai Composite closed down over 2% after Chinese consumer prices rose at the fastest pace in 19 months, which may limit further stimulus measures by the government.

The dollar index (DXY00 +0.14%) is up +0.20%. EUR/USD (^EURUSD)is down -0.21%. USD/JPY (^USDJPY) is up +0.26%.

Jun T-note prices (ZNM16 +0.15%) are up +7 ticks.

The German Jan trade balance shrank to a surplus of 13.6 billion euros, less than expectations of +17.0 billion euros and the smallest surplus in 17 months. Jan exports unexpectedly fell -0.5% m/m, weaker than of +0.8% m/m. Jan imports rose +1.2% m/m, stronger than expectations of +0.8% m/m.

China Feb CPI rose +2.3% y/y, stronger than expectations of +1.8% y/y and the fastest pace of increase in 19 months.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) weekly initial unemployment claims (expected -3,000 to 275,000, previous +6,000 to 278,000) and continuing claims (expected -7,000 to 2.250 million, previous +3,000 to 2.257 million), (2) the Treasury's auction of $12 billion of 30-year T-bonds, and (3) Feb monthly budget statement (expected -$196.3 billion, Jan +$55.163 billion).

There are 5 of the Russell 1000 companies that report earnings today: Dollar General (consensus $1.26), Care Capital Properties (0.79), Four Corners Property Trust (0.45), VeriFone Systems (0.46), Ulta Salon (1.54).

U.S. IPO's scheduled to price today: Biolight Life Sciences (BOLT).

Equity conferences this week include: UBS Global Consumer Conference on Wed-Thu, JPMorgan Chase & Co., Inc Aviation, Transportation and Industrials Conference on Tue-Thu, J.P. Morgan Gaming, Lodging, Restaurant & Leisure Management Access Forum on Thu.

OVERNIGHT U.S. STOCK MOVERS

Expedia (EXPE +0.79%) was upgraded to 'Overweight' from 'Neutral' at Piper Jaffray with a 12-month price target of $140.

Sally Beauty Holdings (SBH +0.03%) was downgraded to 'Neutral' from 'Overweight' at Piper Jaffray with a 12-month price target of $31.

Royal Bank of Scotland Group PLC (RBS +0.46%) was downgraded to 'Market Perform' from 'Outperform' at Bernstein.

Ryerson Holding (RYI +0.22%) reported Q4 sales of $668.8 million, below consensus of $711.4 million.

American Eagle Outfitters (AEO +1.13%) lost nearly 2% in after-hours trading after it announced that CFO Mary Boland plans to retire April 1 and Chief Accounting Officer Scott Hurd will be interim CFO.

B&G Foods (BGS -0.54%) fell over 2% in after-hours trading after it announced a public offering of 4 million shares of its common stock.

Square (SQ +4.79%) rose nearly 2% in after-hours trading after it reported Q4 revenue of $374.4 million, higher than consensus of $344.7 million.

Box Inc. (BOX +3.73%) jumped over 10% in after-hours trading after it said it sees Q1 revenue of $88 million-$89 million, above consensus of $86.4 million, and then said it sees a fiscal 2017 adjusted loss of -83 cents to -85 cents, narrower than consensus of a loss of -90 cents.

Gulfport Energy (GPOR +4.01%) slid over 2% in after-hours trading after it announced a public offering of 14 million shares of its common stock.

Spectrum Pharmaceuticals (SPPI -1.18%) gained nearly 3% in after-hours trading after it reported a Q4 loss of -6 cents a share, a smaller loss than consensus of -18 cents.

Nasdaq (NDAQ +0.77%) agreed to buy International Securities Exchange from Deutsche Borse for $1.1 billion.

Sunrun (RUN -0.45%) climbed 3% in after-hours trading after it was rated a new 'Buy' at Deutsche Bank with a price target of $15.

Omega Protein (OME +6.46%) slumped over 20% in after-hours trading after it reported Q4 adjusted EPS of 29 cents, well below consensus of 53 cents.

Energy XXI Ltd. (EXXI +12.50%) plunged over 30% in after-hours trading when it said it may seek Chapter 11 bankruptcy protection as soon as next week.

MARKET COMMENTS

Mar E-mini S&Ps (ESH16 +0.44%) this morning are up +5.75 points (+0.29%). Wednesday's closes: S&P 500 +0.51%, Dow Jones +0.21%, Nasdaq +0.65%. The S&P on Wednesday closed higher on strength in energy producers with the rally in crude oil and on expectations that the ECB on Thursday will expand stimulus measures in an attempt to bolster economic growth. Stocks were undercut by news that the Jan wholesale inventory-to-sales ratio rose to a 6-3/4 year high of 1.35 months, which is a sign of tepid demand that is causing an unwanted buildup of inventories.

Jun 10-year T-notes (ZNM16 +0.15%) this morning are up +7 ticks. Wednesday's closes: TYM6 -14.00, FVM6 -51.75. Jun T-notes on Wednesday closed lower on reduced safe-haven demand for T-notes and on carryover weakness from a slide in German bund prices to a 2-week low.

The dollar index (DXY00 +0.14%) this morning is up +0.198 (+0.20%). EUR/USD (^EURUSD) is down -0.0023 (-0.21%). USD/JPY (^USDJPY) is up +0.30 (+0.26%). Wednesday's closes: Dollar Index -0.036 (-0.04%), EUR/USD -0.0012 (-0.11%), USD/JPY +0.73 (+0.65%). The dollar index on Wednesday closed lower on strength in the Canadian dollar (which climbed to a 3-3/4 month high against the dollar) and in the Russian ruble (which rose to a 2-1/2 month high against the dollar) as a rally in crude oil supported the currencies of crude-exporting countries. In addition, EUR/USD showed strength on short-covering ahead of Thursday's ECB meeting.

Apr WTI crude (CLJ16 -0.08%) this morning is down -11 cents (-0.29%) and Apr gasoline (RBJ16 +0.01%) is down -0.0077 (-0.52%). Wednesday's closes: CLJ6 +1.79 (+4.90%), RBJ6 +0.0827 (+5.96%). Apr crude and gasoline on Wednesday closed higher with Apr gasoline at a 4-month nearest-futures high. Crude oil prices were boosted by a weaker dollar and by the -4.53 million bbl drop in weekly EIA gasoline supplies (vs. expectations of-1.5million bbl). Crude oil prices were undercut by the rise in EIA crude stockpiles by +3.88 million bbl to a record high 521.8 million bbl and by the rise in oil inventories at Cushing, OK, the delivery point for WTI futures, by +690,000 bbl to a record 66.9 million bbl.

GLOBAL EVENT CALENDAR03/10/2016

US	0830 ET	Weekly initial unemployment claims expected -3,000 to 275,000, previous +6,000 to 278,000. Weekly continuing claims expected-7,000 to 2.250 million, previous +3,000 to 2.257 million.
	0830 ET	USDA weekly Export Sales.
	1100 ET	Treasury announces amount of 10-year TIPS to be auctioned Mar 17 (previous $15 billion).
	1300 ET	Treasury auctions $12 billion 30-year T-bonds.
	1400 ET	Feb monthly budget statement expected -$196.3 billion, Jan +$55.163 billion.
GER	0200 ET	German Jan trade balance expected +17.0 billion euros, Dec +19.0 billion euros. Jan exports expected +0.8% m/m, Dec -1.4% m/m. Jan imports expected +0.8% m/m, Dec -1.6% m/m.
	0200 ET	German Jan current account balance, Dec +25.6 billion euros.
	0200 ET	German Q4 labor costs, Q3 unch q/q and +2.4% y/y.
EUR	0745 ET	ECB announces interest rate decision expected -10 bp cut in deposit facility rate to -0.4% from -0.3%.
	0830 ET	ECB President Mario Draghi holds press conference following ECB meeting.
JPN	1850 ET	Japan Q1 BSI all-industry business conditions, Q4 4.6.

U.S. STOCK CALENDAR03/10/2016

Company	Ticker	Time	Event Description	Period	Estimate
Dollar General Corp	DG US	Bef-mkt	Q4 2016 Earnings Release	Q4 2016	1.261
Care Capital Properties Inc	CCP US	Bef-mkt	Q4 2015 Earnings Release	Q4 2015	0.787
Four Corners Property Trust Inc	FCPT US	Bef-mkt	Q4 2015 Earnings Release	Q4 2015	0.445
Armstrong World Industries Inc	AWI US	8:00	Investor Meeting	Y 2016
Western Union Co/The	WU US	8:30	Investor Day	Y 2016
Genpact Ltd	G US	9:00	Analyst & Investor Day	Y 2016
Dollar General Corp	DG US	10:00	Q4 2016 Earnings Call	Q4 2016
Tahoe Resources Inc	THO CN	10:00	Q4 2015 Earnings Call	Q4 2015
Care Capital Properties Inc	CCP US	10:00	Q4 2015 Earnings Call	Q4 2015
Applied Materials Inc	AMAT US	13:00	Annual General Meeting	Y 2016
American Express Co	AXP US	13:30	Investor Day	Y 2016
United Technologies Corp	UTX US	14:00	Investor and Analyst Meeting	Y 2016
F5 Networks Inc	FFIV US	14:00	Annual General Meeting	Y 2016
Four Corners Property Trust Inc	FCPT US	14:00	Q4 2015 Earnings Call	Q4 2015
VeriFone Systems Inc	PAY US	16:01	Q1 2016 Earnings Release	Q1 2016	0.461
VeriFone Systems Inc	PAY US	16:30	Q1 2016 Earnings Call	Q1 2016
Ulta Salon Cosmetics & Fragrance Inc	ULTA US	17:00	Q4 2016 Earnings Call	Q4 2016
Ulta Salon Cosmetics & Fragrance Inc	ULTA US	Aft-mkt	Q4 2016 Earnings Release	Q4 2016	1.535
Cabot Corp	CBT US		Annual General Meeting
Equifax Inc	EFX US		Investor Meeting - Boston	Y 2016
National Fuel Gas Co	NFG US		Annual General Meeting
Xcel Energy Inc	XEL US		Investor Meeting - Day 2	Y 2016