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

MORNING CALL 11/18

MORNING CALL

Wednesday, November 18th, 2015View Older Reports

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OVERNIGHT MARKETS AND NEWS

December E-mini S&Ps (ESZ15 +0.11%) are up +0.16% ahead of the minutes of the Oct 27-28 FOMC meeting that may provide a clue as to the timing of a Fed interest rate increase. Increase M&A activity is giving U.S. stocks a lift with Fairchild Semiconductor International up nearly 7% in pre-market trading after ON Semiconductor Corp. agreed to buy the company for about $2.4 billion. European stocks are down -0.78% as a slide in metals prices has undercut mining stocks and raw material producers with the price of gold (GCZ15 +0.07%) falling to its lowest in 5-3/4 years. Asian stocks settled mixed: Japan +0.09%, Hong Kong -0.34%, China -1.01%, Taiwan -0.94%, Australia +0.29%, Singapore -1.05%, South Korea +0.07%, India -1.48%. China's Shanghai Composite closed lower after data showed China's home-price recovery slowed in Oct with new home price increases in 27 cities tracked by the government, fewer than 39 cities that rose in Sep. Japan's Nikkei Stock Index rallied up to a 2-3/4 month high as the yen remained just above the recent 2-3/4 month low, which improves the earnings prospects of Japanese exporters.

The dollar index (DXY00 -0.11%) is down -0.12%. EUR/USD (^EURUSD) is up +0.27% and recovered slightly from a 7-month low after ECB Executive Board member Mersch downplayed any negative economic aspects of the Paris terrorist attacks. USD/JPY (^USDJPY) is down -0.05%.

Dec T-note prices (ZNZ15 -0.06%) are down -1.5 ticks.

ECB Executive Board member Mersch said that "we have no indication of any economic pessimism as a result of the Paris attacks, let alone weaker hard data."

China Oct new home prices rose in 27 out of 70 cities tracked by the government m/m, less than 39 cities that rose in Sep. New home prices rose y/y n 16 of 70 cities in Oct compared with 12 cities that rose y/y in Sep.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) weekly MBA mortgage applications (previous -1.3% with purchase sub-index +0.1% and refi sub-index -2.2%), (2) an appearance by New York Fed President William Dudley, Atlanta Fed President Dennis Lockhart and Cleveland Fed President Loretta Mester on a panel about payment systems at the Clearing House Annual Conference in New York, (3) Oct housing starts (expected -3.8% to 1.160 million, Sep +6.5% to 1.206 million), (4) Dallas Fed President Rob Kaplan's speech at the University of Houston on “A Discussion of Economic Conditions and Federal Reserve Policy, and (5) minutes from the Oct 27-28 FOMC meeting.

There are 7 of the S&P 500 companies that report earnings today: Target (consensus $0.86), Lowe's (0.78), Staples (0.35), L Brands (0.53), Keurig Green Mountain (0.71), NetApp (0.57), Salesforce.com (0.19).

U.S. IPO's scheduled to price today: Square (SQ), Match Group (MTCH), Mimecast (MIME), Congatec Holding (CONG).

Equity conferences this week include: Bank of America Merrill Lynch Banking and Financial Services Conference on Tue-Wed, Morgan Stanley Global Consumer & Retail Conference on Tue-Wed, Stifel Health Care Conference on Tue-Wed, Bank of America Merrill Lynch Frontier Markets Conference on Wed, Barclays Global Automotive Conference on Wed, Vertical Research Partners Global Materials Conference on Wed, Canaccord Genuity Medical Technology and Diagnostics Forum on Thu, Jefferies Global Health Care Conference on Thu, Scotiabank Canadian Energy Infrastructure Conference on Thu, UBS Industrials and Transportation Conference on Thu-Fri.

OVERNIGHT U.S. STOCK MOVERS

Apple (AAPL -0.43%) was added to the 'Conviction Buy' list at Goldman Sachs.

Staples (SPLS -2.05%) slid 3% in pre-market trading after it lowered guidance on Q4 EPS to 26 cents-30 cents, below consensus of 29 censts, and said it sees Q4 sales down y/y due to the unfavorable impact of a stronger dollar.

Syngenta AG (SYT +9.24%) rose nearly 2% in pre-market trading after Monsanto said it's considering another takeover bid for the company.

Fairchild Semiconductor International (FCS +0.68%) climbed nearly 7% in pre-market trading after ON Semiconductor Corp. agreed to buy the company for about $2.4 billion.

Lowe's (L -0.21%) rose over 1% in pre-market trading after it reported Q3 EPS of 80 cents, better than consensus of 78 cents.

Exxon Mobile (XOM -1.16%) was downgraded to 'Underperform' from 'Market Perform' at Raymond James.

Sally Beauty Holdings (SBH +4.65%) was upgraded to 'Buy' from 'Neutral' at Goldman Sachs.

Norfolk Southern (NSC -1.51%) jumped over 6% in after-hours trading after Canadian Pacific Railway proposed a merger with Norfolk and promised a "sizable premium" for the company. CSX Corp. (CSX -0.51%) also gained on the news and rose over 2%.

Universal Insurance (UVE -30.73%) jumped nearly 7% in after-hours trading after the company said statements made by short sellers Lakewood Capital are "misleading" and contain "partial" information.

Jack in the Box (JACK -0.72%) climbed over 3% in after-hours trading after it reported Q4 adjusted EPS of 62 cents, below consensus of 65 cents, but said it sees adjusted fiscal 2016 EPS of $3.55-$3.70, above the consensus estimate of $3.55.

Vipshop Holdings (VIPS +0.24%) rose nearly 2% in after-hours trading after it reported Q3 earnings per ADS were 12 cents, right on consensus, and said its board approved a $300 million stock buyback program over the next 2 years.

Citrix Systems (CTXS -1.26%) fell over 3% in after-hours trading after it said it sees 2016 non-GAAp EPS of $4.40-$4.50, above consensus of $4.22, but said it foresees 2016 revenue rising by 1% to 2%, below current consensus of a 4.7% increase.

MARKET COMMENTS

Dec E-mini S&Ps (ESZ15 +0.11%) this morning are up +3.25 points (+0.16%). Tuesday's closes: S&P 500 -0.13%, Dow Jones +0.04%, Nasdaq +0.01%. The S&P 500 on Tuesday closed slightly lower on the unexpected -0.2% decline in U.S. Oct industrial production (weaker than expectations of +0.1%) and the unexpected -2 point decline in the Nov NAHB housing market index to 62 (versus expectations of 64). Stocks found support from a rally in European stocks on optimism that the ECB may consider adding to stimulus next month when Executive Board member Praet said there's a risk of inflation expectations becoming de-anchored. There was also strength in retailers led by rallies in Wal-Mart and Home Depot after both companies reported higher-than-forecast Q3 earnings results.

Dec 10-year T-notes (ZNZ15 -0.06%) this morning are down -1.5 ticks. Tuesday's closes: TYZ5 +4.50, FVZ5 +3.50. Dec T-notes on Tuesday closed little changed. T-notes found support on the unexpected decline in U.S. Oct industrial production and the unexpected drop in the Nov NAHB housing market index. T-notes were undercut by the as-expected increase in U.S. Oct core CPI of +1.9% y/y, which bolstered expectations for the Fed to raise interest rates at next month's FOMC meeting.

The dollar index (DXY00 -0.11%) this morning is down -0.120 (-0.12%). EUR/USD (^EURUSD) is up +0.0029 (+0.27%). USD/JPY (^USDJPY) is down-0.06 (-0.05%). Tuesday's closes: Dollar Index +0.189 (+0.19%), EUR/USD -0.0044 (-0.41%), USD/JPY +0.27 (+0.22%). The dollar index on Tuesday rallied to a 7-month high and closed higher on weakness in EUR/USD, which slumped to a 7-month low after ECB Executive Board member Praet said the ECB may consider adding to stimulus next month because there's a risk of inflation expectations becoming de-anchored. Meanwhile, USD/JPY rallied to a 1-week high on carryover from Monday's gains on speculation the larger-than-expected contraction in Japan Q3 GDP will prompt the BOJ to expand stimulus.

Dec crude oil (CLZ15 +1.62%) this morning is up +63 cents (+1.55%) and Dec gasoline (RBZ15 +2.42%) is up +0.0271 (+2.19%). Tuesday's closes: CLZ5 -0.62 (-1.49%), RBZ5 +0.0094 (+0.76%). Dec crude oil and gasoline on Tuesday settled mixed. Crude oil was undercut by the rally in the dollar index to a 7-month high and comments from Iran's Oil Minister Zanganeh who said that Iran won't negotiate with or seek permission from OPEC before boosting its oil exports by a planned 500,000 bpd once sanctions are removed and is unconcerned about the impact the additional supply may have on crude prices. Crude oil prices were also undercut by expectations for Wednesday' EIA data to show crude inventories rose +2.0 million bbl. Gasoline found support on expectations for Wednesday' EIA data to show gasoline supplies fell -1.5 million bbl.

GLOBAL EVENT CALENDAR11/18/2015

US	0700 ET	Weekly MBA mortgage applications, previous -1.3% with purchase sub-index +0.1% and refi sub-index -2.2%.
	0800 ET	New York Fed President William Dudley, Atlanta Fed President Dennis Lockhart and Cleveland Fed President Loretta Mester speak on a panel about payment systems at the Clearing House Annual Conference in New York.
	0830 ET	Oct housing starts expected -3.8% to 1.160 million, Sep +6.5% to 1.206 million. Oct building permits expected +3.8% to 1.147 million, Sep -4.8% to 1.105 million.
	1030 ET	EIA Weekly Petroleum Status Report.
	1200 ET	Dallas Fed President Rob Kaplan speaks at the University of Houston on A Discussion of Economic Conditions and Federal Reserve Policy.
	1400 ET	Minutes of the Oct 27-28 FOMC meeting.
EUR	0500 ET	Eurozone Sep construction output, Aug -0.2% m/m and -6.0% y/y.
JPN	1850 ET	Japan Oct trade balance expected -246.3 billion yen, Sep -115.8 billion yen. Oct exports expected -2.0% y/y, Sep +0.5% y/y. Oct imports expected -8.6% y/y, Sep -11.0% y/y.
	2330 ET	Japan Sep all-industry activity index expected +0.2% m/m, Aug -0.2% m/m.

U.S. STOCK CALENDAR11/18/2015

Company	Ticker	Time	Event Description	Period	Estimate
Target Corp	TGT US	Bef-mkt	Q3 2016 Earnings Release	Q3 2016	0.86
Lowe's Cos Inc	LOW US	Bef-mkt	Q3 2016 Earnings Release	Q3 2016	0.779
Aramark	ARMK US	Bef-mkt	Q4 2015 Earnings Release	Q4 2015	0.398
Staples Inc	SPLS US	6:00	Q3 2016 Earnings Release	Q3 2016	0.349
Staples Inc	SPLS US	8:00	Q3 2016 Earnings Call	Q3 2016
Towers Watson & Co	TW US	8:00	Extraordinary Shareholders Meeting
Towers Watson & Co	TW US	8:00	Special Meeting - M&A Vote
Owens Corning	OC US	8:30	Investor Day	Y 2015
Atmos Energy Corp	ATO US	9:00	Analysts Meeting	Y 2015
Lowe's Cos Inc	LOW US	9:00	Q3 2016 Earnings Call	C3 2016
Lowe's Cos Inc	LOW US	9:00	Q3 2016 Earnings Call	Q3 2016
Global Payments Inc	GPN US	9:00	Annual General Meeting
Monsanto Co	MON US	10:00	Analyst Meeting - Biennial Investor Event	Y 2015
Aramark	ARMK US	10:00	Q4 2015 Earnings Call	Q4 2015
Target Corp	TGT US	10:30	Q3 2016 Earnings Call	Q3 2016
Sysco Corp	SYY US	11:00	Annual General Meeting
Clorox Co/The	CLX US	12:00	Annual General Meeting
Oracle Corp	ORCL US	13:00	Annual General Meeting	Y 2015
Campbell Soup Co	CPB US	16:00	Annual General Meeting
Keurig Green Mountain Inc	GMCR US	17:00	Q4 2015 Earnings Call	Q4 2015
NetApp Inc	NTAP US	17:00	Q2 2016 Earnings Call	Q2 2016
salesforce.com inc	CRM US	17:00	Q3 2016 Earnings Call	Q3 2016
L Brands Inc	LB US	Aft-mkt	Q3 2016 Earnings Release	Q3 2016	0.528
Sigma-Aldrich Corp	SIAL US	Aft-mkt	Illumina Inc. Replaces Sigma-Aldrich Corp. in S&P 500
Keurig Green Mountain Inc	GMCR US	Aft-mkt	Q4 2015 Earnings Release	Q4 2015	0.709
NetApp Inc	NTAP US	Aft-mkt	Q2 2016 Earnings Release	Q2 2016	0.569
Illumina Inc	ILMN US	Aft-mkt	Illumina Inc. Replaces Sigma-Aldrich Corp. in S&P 500
salesforce.com inc	CRM US	Aft-mkt	Q3 2016 Earnings Release	Q3 2016	0.187
Campbell Soup Co	CPB US		Annual General Meeting
Clorox Co/The	CLX US		Annual General Meeting
Equifax Inc	EFX US		Investor Meeting - Boston	Y 2015
Progressive Corp/The	PGR US		October 2015 Sales and Revenue Release	2015
Raymond James Financial Inc	RJF US		October 2015 Sales and Revenue Release - Operating Data	2015
Sysco Corp	SYY US		Annual General Meeting
Global Payments Inc	GPN US		Annual General Meeting

BARCHART MORNING CALL 12/18

BARCHART MORNING CALL

Thursday, December 18th, 2014View Older Reports

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OVERNIGHT MARKETS AND NEWS

March E-mini S&Ps (ESH15 +1.15%) this morning are up +1.06% and European stocks are up +2.35% as energy producers gained as crude oil rallied and on carry-over support from yesterday's FOMC meeting where the Fed pledged patience on raising interest rates. European stocks also received a boost after German investor confidence rose for a second month to a 4-month high. European government bonds rose after the Swiss National Bank (SNB) introduced negative interest rates for the first time since the 1970s as the Russian financial crisis and the threat of further ECB stimulus pressured the Swiss franc. Asian stocks closed mostly higher: Japan +2.32%, Hong Kong +1.09%, China -0.44%, Taiwan +0.57%, Australia +0.95%, Singapore +0.51%, South Korea +0.04%, India +1.56%. Commodity prices are higher. Jan crude oil (CLF15 +3.22%) is up +2.32% Jan gasoline (RBF15 +3.23%) is up +2.59%. Feb gold (GCG15 +0.95%) is up +1.05%. Mar copper (HGH15 -0.05%) is up +0.35%. Agriculture prices are stronger with Mar corn at a 5-1/2 month high and Mar wheat at a 6-3/4 month high. The dollar index (DXY00 -0.01%) is down -0.10%. EUR/USD (^EURUSD) is down -0.28% at a 1-week low as the action by the SNB to introduce negative interest rates that applies on the same date as the next ECB meeting boosted speculation the ECB will expand stimulus. USD/JPY (^USDJPY) is down -0.02%. Mar T-note prices (ZNH15 -0.21%) are down -7.5 ticks.
The German Dec IFO business climate rose +0.8 to 105.5, right on expectations and the highest in 4 months. The Dec IFO current assessment was unchanged at 110.0, weaker than expectations of +0.4 to 110.4. The Dec IFO expectations rose +1.3 to 101.1, better than expectations of +0.8 to 100.5.
The Swiss National Bank (SNB) imposed a negative interest rate of -0.25% on slight deposit account balances at the SNB that will apply as of Jan 22, The SNB also expanded the target range for the 3-month Libor to -0.75% to 0.25%.
UK Nov retail sales ex autos rose +1.7% m/m, stronger than expectations of +0.3% m/m and the largest increase in 11 months. On an annual basis, Nov retail sales ex autos rose +6.9% y/y, better than expectations of +4.5% y/y. Nov retail sales including autos rose +1.6% m/m and +6.4% y/y, with the +6.4% y/y increase the largest annual gain in 10-1/2 years.
Eurozone Oct construction output rose +1.3% m/m and +1.4% y/y.

U.S. STOCK PREVIEW

Today’s initial unemployment claims report is expected to show a small +1,000 increase to +295,000 and the continuing claims report is expected to show a -79,000 decline to 2.435 million.  Today’s Nov leading indicators report is expected to show another solid increase of +0.5%, adding to the sharp increase of +0.9% seen in October.  Today’s Dec Philadelphia Fed business outlook index is expected to show a sharp -14.8 point decline to 26.0.  There are 7 of the Russell 1000 companies that report earnings today:  Nike (consensus $0.70), Accenture (1.20), Rite Aid (0.05), ConAgra (0.61), Cintas (0.78), Red Hat (0.40), SandRidge Energy (0.04).  There are no equity conferences today.

OVERNIGHT U.S. STOCK MOVERS

Rite Aid (RAD +4.30%) reported Q3 EPS of 10 cents, double consensus of 5 cents, and then raised guidance on fiscal 2015 EPS view to 31 cents-37 cents, better than consensus of 31 cents.
Joy Global (JOY +0.20%) was upgraded to 'Neutral' from 'Underperform' at Longbow.
Starwood (HOT +1.01%) was initiated with a 'Buy' at Evercore ISI with a price target of $87.
Accenture PLC (ACN +2.93%) reported Q1 EPS of $1.29, higher than consensus of $1.20.
Exxon-Mobile (XOM +3.02%) climbed over 2% in pre-market trading as crude oil rose over +$1.00 a barrel.
Navistar (NAV +4.26%) gained over 2% in after-hours trading after activist investor Carl Icahn reported a 19.99% stake in the company.
AK Steel (AKS +6.11%) climbed over 5% in after-hours trading after it said it sees Q4 EPS of 5 cents-10 cents, above consensus of 4 cents.
Discover (DFS +3.31%) was initiated with a 'Buy' at Jefferies with a price target of $75.
Sally Beauty (SBH +2.11%) was initiated with an 'Overweight' at Piper Jaffray with a price target of $37.
Tupperware Brands (TUP -0.02%) was initiated with an 'Overweight' at Piper Jaffray with a price target of $77.
Jabil Circuit (JBL +1.93%) jumped over 4% in after-hours trading after it reported Q1 core EPS of 55 cents, higher than consensus of 48 cents, and then raised guidance on fiscal 2015 core EPS view to $1.85-$2.15, above consensus of $1.79.
Herman Miller (MLHR +3.29%) slid 6% in after-hours trading after it reported Q2 EPS ex-items of 51 cents, below consensus of 52 cents.
Oracle (ORCL +1.30%) rose over 4% in after-hours trading after it reported Q2 EPS of 69 cents, beter than consensus of 68 cents.

MARKET COMMENTS

Mar E-mini S&Ps (ESH15 +1.15%) this morning are up +21.25 points (+1.06%). The S&P 500 index on Wednesday closed sharply higher: S&P 500 +2.04%, Dow Jones +1.69%, Nasdaq +1.85%. Bullish factors included (1) slack inflation pressures after U.S. Nov CPI fell -0.3% m/m, weaker than expectations of -0.1% m/m and the largest monthly decline in nearly 6 years, (2) strength in energy producers after crude oil rallied, and (3) the post-FOMC meeting statement that said the Fed will be “patient” in its approach to raising interest rates.
Mar 10-year T-notes (ZNH15 -0.21%) this morning are down -7.5 ticks. Mar 10-year T-note futures prices on Wednesday closed lower: TYH5 -22.00, FVH5 -15.00. Bearish factors included (1) the post-FOMC statement that said the labor market “improved further” and that “underutilization of labor resources continues to diminish,” which signals policy makers are a step closer to raising interest rates, and (2) reduced safe-haven demand after stocks rallied.
The dollar index (DXY00 -0.01%) this morning is down -0.089 (-0.10%). EUR/USD (^EURUSD) is down -0.0034 (-0.28% at a 1-week low. USD/JPY (^USDJPY) is down -0.02 (-0.02%). The dollar index on Wednesday posted a 1-week high and closed higher. Closes: Dollar index +1.008 (-0.38%), EUR/USD -0.01688 (-1.35%), USD/JPY +2.240 (+1.92%). Bullish factors included (1) the post-FOMC meeting statement that said the labor market “improved further,” which signals the Fed is closer to raising interest rates, and (2) weakness in EUR/USD on signs the ECB may soon expand stimulus after ECB Executive Board member Coeure said “there is a broad consensus on the ECB Governing Council to do more and we are now discussing the instruments to use.”
Jan WTI crude oil (CLF15 +3.22%) this morning is up +$1.31 (+2.32%) a barrel and Jan gasoline (RBF15 +3.23%) is up +0.0406 (+2.59%). Jan crude and Jan gasoline prices Wednesday closed higher. Closes: CLF5 +0.54 (+0.97%), RBF5 +0.0252 (+1.64%). The main bullish factor was fund short covering after prices failed to take out Tuesday’s 5-1/2 year lows. Negative factors included (1) the +5.25 million bbl surge in weekly EIA gasoline inventories to a 9-month high of 222 million bbl, three times more than expectations of +1.75 million bbl, and (2) the +2.92 million bbl increase in crude supplies at Cushing, OK, the delivery point of WTI futures, to an 8-1/2 month high of 27.8 million bbl.

GLOBAL EVENT CALENDAR12/18/2014

US	0830 ET	Weekly initial unemployment claims expected +1,000 to 295,000, previous -3,000 to 294,000. Weekly continuing claims expected -79,000 to 2.435 million, previous +132,000 to 2.514 million.
	0830 ET	USDA weekly Export Sales.
	0945 ET	Preliminary Dec Markit U.S. services PMI expected +0.1 to 56.3, Nov -0.9 to 56.2.
	1000 ET	Nov leading indicators expected +0.5%, Oct +0.9%.
	1000 ET	Dec Philadelphia Fed business outlook expected -14.8 to 26.0, Nov +20.1 to 40.8.
	1100 ET	Treasury announces amount of 2-year T-notes (previous $28 billion), 2-year floating rate notes (previous $13 billion), 5-year T-notes (previous $35 billion) and 7-year T-notes (previous $29 billion) to be auctioned Dec 22-26.
	1300 ET	Treasury auctions $16 billion of 5-year TIPS.
GER	0400 ET	German Dec IFO business climate expected +0.8 to 105.5, Nov 104.7. Dec IFO current assessment expected +0.4 to 110.4, Nov 110.0. Dec IFO expectations expected +0.8 to 100.5, Nov 99.7.
UK	0430 ET	UK Nov retail sales ex autos expected +0.3% m/m and +4.5% y/y, Oct +0.8% m/m and +4.6% y/y.
	0430 ET	UK Nov retail sales including autos expected +0.4% m/m and +4.4% y/y, Oct +0.8% m/m and +4.3% y/y.
	1905 ET	UK Dec GfK consumer confidence expected +1 to -1, Nov -2.
EUR	0500 ET	Eurozone Oct construction output, Sep -1.8% m/m and -1.7% y/y.
JPN	2330 ET	Japan Oct all-industry activity index expected unch m/m, Sep +1.0% m/m.

U.S. STOCK CALENDAR12/18/2014

Company	Ticker	Time	Event Description	Period	Estimate
Accenture PLC	ACN US	Bef-mkt	Q1 2015 Earnings Release	Q1 2015	1.199
Rite Aid Corp	RAD US	7:00	Q3 2015 Earnings Release	Q3 2015	0.054
ConAgra Foods Inc	CAG US	7:30	Q2 2015 Earnings Release	Q2 2015	0.609
Accenture PLC	ACN US	8:00	Q1 2015 Earnings Call	Q1 2015
Rite Aid Corp	RAD US	8:30	Q3 2015 Earnings Call	Q3 2015
AutoZone Inc	AZO US	9:00	Annual General Meeting
AutoZone Inc	AZO US	9:00	Annual General Meeting	Y 2014
Progressive Corp/The	PGR US	9:00	Acquisition of Controlling Interest in American Strategic Insurance by Progress
ConAgra Foods Inc	CAG US	9:30	Q2 2015 Earnings Call	Q2 2015
Coca-Cola Enterprises Inc	CCE US	10:00	Q4 2015 Guidance Call	Q4 2015
NIKE Inc	NKE US	16:15	Q2 2015 Earnings Release	Q2 2015	0.701
NIKE Inc	NKE US	17:00	Q2 2015 Earnings Call	Q2 2015
Cintas Corp	CTAS US	17:00	Q2 2015 Earnings Call	Q2 2015
Red Hat Inc	RHT US	17:00	Q3 2015 Earnings Call	Q3 2015
Cintas Corp	CTAS US	Aft-mkt	Q2 2015 Earnings Release	Q2 2015	0.776
Red Hat Inc	RHT US	Aft-mkt	Q3 2015 Earnings Release	Q3 2015	0.399
SandRidge Energy Inc	SD US		Q3 2014 Earnings Release	Q3 2014	0.038
Madison Square Garden Co/The	MSG US		Annual General Meeting
Zillow Inc	Z US		Special Meeting - M&A Vote

BARCHART MORNING CALL 9/29

BARCHART MORNING CALL

Monday, September 29th, 2014View Older Reports

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OVERNIGHT MARKETS AND NEWS

December E-mini S&Ps (ESZ14 -0.62%) this morning are down -0.63% and European stocks are down -0.57% after Eurozone Sep economic confidence fell to a 10-month low. A slide in European bank stocks is weighing on the overall market as well with Commerzbank AG down nearly 4% after a person with knowledge of the matter said the bank faces a U.S. inquiry into whether it broke anti-money laundering laws. Also, HSBC and Standard Chartered PLC both fell over 1% after they closed some of their Hong Kong branches as pro-democracy protesters clashed with police. The ruble fell to a record low of 39.59 per dollar on concern that EU and U.S. sanctions against Russia will propel capital outflows out of Russia. Asian stocks closed mixed: Japan +0.50%, Hong Kong -1.90%, China +0.43%, Taiwan -0.32%, Australia -0.93%, Singapore -0.08%, South Korea -0.15%, India -0.11%. Japanese exporters rose and led Japan's Nikkei Stock Index higher as a slide in the yen to a fresh 6-year low against the dollar boosted the earnings prospects of Japanese exporters. Commodity prices are mixed. Nov crude oil (CLX14 -0.50%) is down -0.55%. Nov gasoline (RBX14 +0.42%) is up +0.28%. Dec gold (GCZ14 +0.65%) is up +0.52%. Dec copper (HGZ14 -0.18%) is down -0.21% at a 3-1/2 month low on Chinese demand concerns after China Aug industrial profits fell for the first time in 2 years. Agriculture prices are mixed with Nov soybeans down -0.22% at a 4-1/2 year low as U.S, farmers begin to harvest a record crop. The dollar index (DXY00 -0.10%) is down -0.02%. EUR/USD (^EURUSD) is up +0.02%. USD/JPY (^USDJPY) is up +0.18% at a fresh 6-year high. Dec T-note prices (ZNZ14 +0.20%)are up +5.5 ticks.
Eurozone Sep economic confidence fell -0.7 to 99.9, right on expectations and the lowest in 10 months. The Eurozone Sep business climate indicator fell -0.9 to 0.07, a larger decline than expectations of -0.06 to 0.10 and the lowest in 11 months.
UK Aug net consumer credit rose +0.9 billion pounds, more than expectations of +0.8 billion pounds.
UK Aug mortgage approvals were 64,200, less than expectations of 65,000, and Jul was revised lower to 66,100 from the originally reported 66,600.
China Aug industrial profits fell -0.6% y/y, the first decline in 2 years.

U.S. STOCK PREVIEW

Today's Aug personal income and spending reports is expected to improve to +0.3% and +0.4%, respectively, from the July reports of +0.2% and -0.1%. Today's Aug PCE deflator is expected to ease to +1.4% y/y from +1.6% y/y in July. Meanwhile, today's Aug core PCE deflator is expected to ease to +1.4% y/y from +1.5% in July. Today’s Aug pending home sales report is expected to show a decline of -0.5% m/m, falling back after the +3.3% increase seen in July. There is one of the Russell 1000 companies that report earnings today: Cintas (consensus $0.75).
Equity conferences this week include APICS Supply Chain Council - Europe conference 2014 on Mon, European Society for Medical Oncology (ESMO) Meeting on Mon, Oracle OpenWorld 2014 on Mon-Wed, Johnson Rice Energy Conference on Mon-Tue, Bloomberg Canadian Fixed Income Conference on Tue, SACHS ASSOCIATES - Biotech in Europe Forum For Global Partnering & Investment on Tue, Deutsche Bank Leveraged Finance Conference on Tue, Leerink Partners Rare Disease Roundtable on Tue, JMP Securities Financial Services & Real Estate Conference on Tue, TAG Fall Consumer Conference on Tue, Unconventional Resources Conference Canada 2014 on Wed, and Paris Motor Show 2014-Press Days on Thu.

OVERNIGHT U.S. STOCK MOVERS

Ferrellgas Partners LP (FGP +1.44%) reported a Q4 EPS loss of -58 cents, wider than consensus of a -31 cent loss.
Mattel (MAT -1.25%) was downgraded to 'Neutral' from 'Buy' at MKM Partners.
Baidu (BIDU +0.68%) was upgraded to 'Buy' from 'Neutral' at UBS.
FedEx (FDX +1.67%) was upgraded to 'Outperform' from 'Market Perform' at Cowen.
Rent-A-Center (RCII +0.03%) was upgraded to 'Buy' from 'Hold' at KeyBanc.
Janus Capital (JNS +43.02%) was upgraded to 'Equal Weight' from 'Underweight' at Morgan Stanley.
Encana (ECA +0.86%) acquires Athlon Energy (ATHL +2.61%) for $58.50 per share or $5.93 billion.
Nike (NKE +12.23%) was upgraded to 'Outperform' from 'Neutral' at Credit Suisse.
Allianz (AZSEY -6.14%) was downgraded to 'Neutral' from 'Outperform' at Credit Suisse.
The U.S. Navy awarded Raytheon (RTN +1.33%) a $251 million contract to procure Tomahawk Block IV tactical cruise missiles for fiscal year 2014 with an option for 2015 for the U.S. Navy and for the U.K. Royal Navy.
HealthCor Management reported a 4.0% stake in Allscripts (MDRX +1.04%) .
Point72 Asset reported a 5.1% passive stake in Stage Stores (SSI +1.95%) .
Meritage Group reported a 5.0% passive stake in Sally Beauty Supply (SBH +0.47%) .
Alimera Sciences (ALIM -3.90%) soared over 25% in after-hours trading after it announced that the FDA has approved its Iluvien drug for the treatment of diabetic macular edema.

MARKET COMMENTS

Dec E-mini S&Ps (ESZ14 -0.62%) this morning are down -12.50 points (-0.63%). The S&P 500 index on Friday closed higher: S&P 500 +0.86%, Dow Jones +0.99%, Nasdaq +1.15%. The main bullish factor Friday was the upward revision in U.S. Q2 GDP to +4.6% q/q annualized from +4.2%, right on expectations and the fastest pace of expansion since Q4 of 2011. On the negative side was the final-Sep U.S. consumer confidence index from the University of Michigan, which came in unchanged at 84.6, weaker than expectations of +0.2 to 84.8.
Dec 10-year T-notes (ZNZ14 +0.20%) this morning are up +5.5 ticks. Dec 10-year T-note futures prices on Friday fell back from a 2-week high and closed lower. Bearish factors included (1) reduced safe-haven demand for Treasuries after stocks rallied, and (2) concern that the departure of Bill Gross, the manager of the world’s largest bond fund at PIMCO, may lead to reduced exposure in the fund to U.S. Treasury securities. Closes: TYZ4 -10.00, FVZ4 -6.75.
The dollar index (DXY00 -0.10%) this morning is down -0.014 (-0.02%). EUR/USD (^EURUSD) is up +0.0003 (+0.02%) and USD/JPY (^USDJPY) is up +0.20 (+0.18%) at a 6-year high. The dollar index on Friday climbed to a new 4-year high and closed higher. Bullish factors included (1) the upward revision to U.S. Q2 GDP to +4.6%, the fastest pace of growth since Q4 of 2011, and (2) weakness in EUR/USD which dropped to a 1-3/4 year low after German Oct GfK consumer confidence fell to a 9-month low and after ECB Governing Council member Coene said the situation in the Eurozone “remains fragile.” Closes: Dollar index +0.445 (+0.52%), EUR/USD -0.00684 (-0.54%), USD/JPY +0.522 (+0.48%).
Nov WTI crude oil (CLX14 -0.50%) this morning is down -51 cents (-0.55%) and Nov gasoline (RBX14 +0.42%) is up +0.0069 (+0.28%). Nov crude and gasoline prices on Friday settled mixed: CLX4 +1.01 (+1.09%), RBXX4 -0.0517 (-2.04%). Crude prices rose on signs of increased U.S. fuel demand after Q2 GDP was revised higher to +4.6%, the fastest pace of expansion since Q4 of 2011. Gasoline prices fell after the dollar index rose to a 4-year high and on speculation that gasoline supplies in the U.S. Northeast will be adequate despite the shutdown of Irving Oil’s 146,000 bpd St. John, New Brunswick, refinery.

GLOBAL EVENT CALENDAR09/29/2014

US	0830 ET	Aug personal spending expected +0.4%, Jul -0.1%. Aug personal income expected +0.3%, Jul +0.2%. Aug PCE deflator expected -0.1% m/m and +1.4% y/y, Jul +0.1% m/m and +1.6% y/y. Aug core PCE deflator expected unch m/m and +1.4% y/y, Jul +0.1% m/m and +1.5% y/y.
	0900 ET	Chicago Fed President Charles Evans speaks to the NABE on current economic conditions and monetary policy.
	1000 ET	Aug pending home sales expected -0.5% m/m and -1.4% y/y, Jul +3.3% m/m and -2.7% y/y.
	1030 ET	Sep Dallas Fed manufacturing activity expected +3.4 to 10.5, Aug -5.6 to 7.1.
	1100 ET	USDA weekly grain export inspections.
	1600 ET	USDA weekly crop progress.
UK	0430 ET	UK Aug net consumer credit expected +0.8 billion pounds, Jul +1.1 billion pounds.
	0430 ET	UK Aug mortgage approvals expected 65,000, Jul 66,600.
	0430 ET	UK Aug M4 money supply, Jul +0.3% m/m and -1.0% y/y.
	1905 ET	UK Sep GfK consumer confidence expected -1 to 0, Aug 1.
EUR	0500 ET	Eurozone Sep economic confidence expected -0.7 to 99.9, Aug 100.6. Sep business climate indicator expected 0.06 to 0.10, Aug 0.16.
	0500 ET	Revised Eurozone Sep consumer confidence, previous -1.4 to -11.4.
GER	0800 ET	German Sep CPI (EU harmonized) expected -0.1% m/m and +0.7% y/y, Aug unch m/m and +0.8% y/y.
JPN	1930 ET	Japan Aug jobless rate expected unch at 3.8%. Aug job-to-applicant ratio expected unch at 1.10.
	1930 ET	Japan Aug overall household spending expected -3.6% y/y, Jul -5.9% y/y.
	1950 ET	Japan Aug retail sales expected +0.7% m/m and +0.3% y/y, Jul -0.5% m/m and +0.6% y/y.
	1950 ET	Japan Aug industrial production expected +0.2% m/m and -1.1% y/y, Jul +0.4% m/m and -0.7% y/y.
	2130 ET	Japan Aug labor cash earnings expected +1.0% y/y, Jul +2.4% y/y.
CHI	2145 ET	Final-Sep China HSBC manufacturing PMI, prelim-Sep +0.3 to 50.5.

U.S. STOCK CALENDAR09/29/2014

Company Name	Ticker	Time	Event Description	Period	Estimate
NiSource Inc	NI US	8:30	Investor Day
Seattle Genetics Inc	SGEN US	8:30	ADCETRIS Phase 3 AETHERA Clinical Trial Results Call
FedEx Corp	FDX US	9:00	Annual General Meeting	Y 2014
Corporate Office Properties Trust	OFC US	9:30	Analyst & Investor Day	Y 2014
Ford Motor Co	F US	13:00	Investor Day	Y 2014
Cintas Corp	CTAS US	17:00	Q1 2015 Earnings Call	Q1 2015
Cintas Corp	CTAS US	Aft-mkt	Q1 2015 Earnings Release	Q1 2015	0.746
Salix Pharmaceuticals Ltd	SLXP US		PDUFA, Relistor subcu, opioid-induced constipation in chronic pain setting