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Tuesday, January 10, 2017

MORNING CALL 1/10

Barchart Morning Call

Barchart.com - 1 hour ago

OVERNIGHT MARKETS AND NEWS

Mar E-mini S&Ps (ESH17 +0.02%) are little changed, up +0.02%, and European stocks are down -0.04% at a 1-week low. Strength in energy producers is lifting U.S. stock indexes with Feb WTI crude oil (CLG17 +0.25%) up +0.29% amid further announcements from OPEC members that they are adhering to agree upon production cuts. Rising producer prices in China have spurred inflation concerns in China after China Dec PPI rose +5.5% y/y, the largest increase in 5-1/4 years. The slump in the Chinese yuan to an 8-1/2 year low against the dollar last month has boosted imported commodity prices and increased Chinese factory-gate prices. Asian stocks settled mixed: Japan -0.79%, Hong Kong +0.83%, China -0.30%, Taiwan +0.08%, Australia -0.80%, Singapore +0.82%, South Korea unchanged, India +0.65%.

The dollar index (DXY00 -0.04%) is up +0.01%. EUR/USD (^EURUSD) is unchanged. USD/JPY (^USDJPY) is down -0.07%. GBP/USD is down -0.20% at a 2-1/2 month low on concern a hard Brexit will spur the BOE to keep interest rates lower for longer.

Mar 10-year T-note prices (ZNH17 +0.01%) are down -0.5 of a tick.

China Dec CPI rose +2.1% y/y, weaker than expectations of +2.2% y/y. Dec PPI rose +5.5% y/y stronger than expectations of +4.6% y/y and the biggest increase in 5-1/4 years.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) revised Nov wholesale inventories (prelim-Nov +0.9% m/m), (2) Nov JOLTS job openings (expected -34,000 to 5.5 million, Oct -97,000 to 5.534 million), (3) Treasury auctions $24 billion of 3-year T-notes.

Russell 1000 earnings reports today include: Lamb Weston Holdings (consensus 0.55).

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

Equity conferences this week include: J.P. Morgan Healthcare Conference on Mon-Thu, Deutsche Bank Global Auto Industry Conference on Tue-Wed, Needham & Company Growth Conference on Tue-Wed, ICR Conference on Tue-Wed, Evercore ISI Utility Conference on Thu.

OVERNIGHT U.S. STOCK MOVERS

American Express (AXP +0.52%) was upgraded to 'Outperform' from 'Market Perform' at Oppenheimer with an 18-month target price of $98.

Allstate (ALL -1.43%) was upgraded to 'Buy' from 'Neutral' at Goldman Sachs.

Travelers Cos (TRV -0.80%) was downgraded to 'Sell' from 'Neutral' at Goldman Sachs.

Williams Cos (WMB -1.51%) slumped 7% in after-hours trading after it announced a plan to increase its ownership in Williams Partners to 72% from 58% and that it will launch a 65 million share public offering in order to pay for the share purchase.

Kite Pharma (KITE +1.46%) gained 1% in after-hours trading after it entered into a joint venture licensing deal with Daiichi Sankyo to develop an experimental treatment for an aggressive type of blood cancer and will receive $50 million upfront plus an additional $200 million if developmental and regulatory milestones are met.

Boot Barn Holdings (BOOT -6.54%) dropped 5% in after-hours trading after it reported preliminary Q3 EPS of 39 cents, weaker than consensus of 43 cents.

Barracuda Networks (CUDA +4.35%) jumped 7% in after-hours trading after it reported Q3 adjusted EPS of 22 cents, well above consensus of 14 cents, and said Q3 billings for core products were up +30% y/y to $61.6 million.

Nabors Industries Ltd (NBR -1.16%) fell 4% in after-hours trading after it began an offering of $500 million of exchangeable senior unsecured notes due 2024.

Zeltiq Aesthetics (ZLTQ -1.07%) lost nearly 3% in after-hours trading after it said CCO and President Keith Sullivan will retire effective Jan 16.

WD-40 (WDFC -1.64%) fell 6% in after-hours trading after it reported Q1 net sales of $89.2 million, weaker than consensus of $96.3 million.

Cray Inc. (CRAY -0.74%) lost 4% in after-hours trading after it reported 2016 revenue of $630 million, below consensus if $633.2 million, and said for 2017 it "currently believes it will be difficult to grow over 2016."

VOXX International (VOXX +6.00%) rose 3% in after-hours trading after it reported Q3 EPS of 24 cents and said Q3 net sales rose 3.3%.

Atwood Oceanics (ATW -2.04%) dropped nearly 6% in after-hours trading after it announced a public offering of 13.5 million common shares.

Shoe Carnival (SCVL +0.55%) fell 2% in after-hours trading after it cut its fiscal-year net sales estimate to $1 billion-$1.003 billion, below a November 28 forecast of $1.002 billion-$1.006 billion

City Office REIT (CIO -0.84%) slid 3% in after-hours trading after it announced a public offering of 4 million shares of common stock.

Papa Murphy's Holdings (FRSH -2.52%) tumbled 7% in after-hours trading after it reported preliminary Q4 revenue of $35.5 million, weaker than consensus of $38.3 million.

MARKET COMMENTS

Mar E-mini S&Ps (ESH17 +0.02%) this morning are up +0.50 of a point (+0.02%). Monday's closes: S&P 500 -0.35%, Dow Jones -0.38%, Nasdaq +0.36%. The S&P 500 on Monday closed lower on weakness in oil companies on the -4.07% decline in Feb WTI crude oil to a 3-week low and on heightened geopolitical concerns after a U.S. destroyer fired warning shots at four Iranian vessels that had moved too close in the Strait of Hormuz. Stocks received a boost from news that Nov consumer credit rose +$24.532 billion, stronger than expectations of +$18.4 billion, which shows confidence in the economic outlook as consumers are willing to take on more debt.

Mar 10-year T-notes (ZNH17 +0.01%) this morning are down -0.5 of a tick. Monday's closes: TYH7 +3.00, FVH7 +12.00. Mar 10-year T-notes on Monday closed higher on increased safe-haven demand with the weakness in stocks and on the -4.07% slide in crude oil prices to a 3-week low, which undercut inflation expectations.

The dollar index (DXY00 -0.04%) this morning is up +0.01 (+0.01%). EUR/USD (^EURUSD) is unchanged. USD/JPY (^USDJPY) is down -0.08 (-0.07%). Monday's closes: Dollar index -0.390 (-0.38%), EUR/USD +0.0042 (+0.40%), USD/JPY -0.99 (-0.85%). The dollar index on Monday closed lower on strength in EUR/USD after the Eurozone Jan Sentix investor confidence rose +8.2 to a 17-month high of 18.2 and on the decline in the 10-year T-note yield, which reduced the dollar's interest rate differentials.

Feb WTI crude oil prices (CLG17 +0.25%) this morning are up +15 cents (+0.29%) and Feb gasoline (RBG17 +0.71%) is +0.0122 (+0.78%). Monday's closes: Feb crude -2.20 (-4.07%), Feb gasoline -0.0667 (-4.08%). Feb crude oil and gasoline on Monday closed sharply lower with both contracts at 3-week lows. Crude oil prices were undercut by concern that increased U.S. crude oil output will offset the decline in OPEC crude production after Friday's data from Baker Hughes showed U.S. active oil rigs rose for the tenth consecutive week as they increased by 4 rigs to a 1-year high of 529 rigs.

GLOBAL EVENT CALENDAR01/10/2017

		Tuesday, Jan 10
US	1000 ET	Revised Nov wholesale inventories, prelim-Nov +0.9% m/m. Nov wholesale trade sales, Oct +1.4% m/m.
	1000 ET	Nov JOLTS job openings expected -34,000 to 5.5 million, Oct -97,000 to 5.534 million.
	1300 ET	Treasury auctions $24 billion of 3-year T-notes.
		Wednesday, Jan 11
US	0700 ET	Weekly MBA mortgage applications, previous +0.1% with purchase sub-index -1.4% and refi sub-index +1.7%.
	1030 ET	EIA Weekly Petroleum Status Report.
	1300 ET	Treasury auctions $20 billion of 10-year T-notes.
	n/a	President-elect Trump is scheduled to hold his first press conference.

U.S. STOCK CALENDAR01/10/2017

Company	Ticker	Time	Event Description	Period	Estimate
Lamb Weston Holdings Inc	LW US	8:30	Q2 2017 Earnings Release	Q2 2017	0.55
Lamb Weston Holdings Inc	LW US	10:00	Q2 2017 Earnings Call	Q2 2017
Lions Gate Entertainment Corp	LGF/A US	11:00	Investor Day	Y 2017

Tuesday, November 29, 2016

Morning Call 11/29

Barchart Morning Call

Barchart.com - 25 minutes ago

OVERNIGHT MARKETS AND NEWS

Dec E-mini S&Ps (ESZ16 +0.22%) are up +0.14% and European stocks are up +0.33%. Equities received a boost after Eurozone Nov economic confidence rose to the highest in 11 months, although trading was subdued ahead of the OPEC meeting Wednesday and Sunday's referendum in Italy on constitutional reforms. On the negative side, Jan WTI crude oil (CLF17 -2.36%) is down -1.81% as OPEC remains split before its meeting tomorrow in Vienna. Iraq and Iran continue to resist calls to curb output, while Russia said it will not attend the OPEC talks. Asian stocks settled mixed: Japan -0.27%, Hong Kong -0.41%, China +0.18%, Taiwan -0.32%, Australia -0.13%, Singapore +0.16%, South Korea -0.02%, India +0.17%. Japanese stocks closed lower as a stronger yen undercut exporting companies, while China's Shanghai Composite climbed to a 10-1/2 month high on speculation that government curbs on the real estate market will prompt funds to move into stocks.

The dollar index (DXY00 +0.12%) is down -0.02%. EUR/USD (^EURUSD) is down -0.17%. USD/JPY (^USDJPY) is up +0.65%.

Dec 10-year T-note prices (ZNZ16 -0.10%) are down -1 tick.

Eurozone Nov economic confidence rose +0.1 to 106.5, weaker than expectations of +0.5 to 106.8 but still the highest in 11 months. The Nov business climate indicator unexpectedly fell -0.14 to 0.42, weaker than expectations of +0.05 to 0.60.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) revised Q3 GDP (expected +3.0% q/q annualized, previous +2.9%), (2) Sep S&P CoreLogic composite-20 home price index (expected +0.4% m/m and +5.2% y/y, Aug +0.24% m/m and +5.13% y/y), (3) Nov Conferenc Board U.S. consumer confidence index (expected +2.7 to 101.3, Oct -4.9 to 98.6).

Russell 1000 earnings reports today include: Tiffany (consensus $0.68), Autodesk (-0.24), Guidewire Software (-0.05), Splunk (0.08), Berry Plastics (1.89).

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

Equity conferences during the remainder of this week include: Credit Suisse Technology, Media, and Telecom Conference on Mon-Wed, MUFG Securities Energy Tour on Tue, UBS Global Real Estate Conference on Tue, Citi Basic Materials Conference on Tue-Wed, Jefferies Energy Conference on Tue-Wed, Piper Jaffray Health Care Conference on Tue-Wed, Bank of America Merrill Lynch Leveraged Finance Conference on Tue-Wed, NASDAQ Investor Conference on Tue-Wed, J.P. Morgan FinTech & Specialty Finance Forum on Wed, Credit Suisse Industrials Conference on Tue-Thu.

OVERNIGHT U.S. STOCK MOVERS

Pfizer (PFE -0.47%) was upgraded to 'Overweight' from 'Equalweight' at Barclays with a 12-month price target of $38.

U.S. Steel (X -3.19%) was downgraded to 'Hold' from 'Buy' at Argus.

TiVo (TIVO +0.24%) rallied almost 5% in after-hours trading after it signed IP licensing pacts with Netflix.

Thor Industries (THO -0.25%) jumped almost 10% in after-hours trading after it reported Q1 EPS continuing operations of $1.49, higher than consensus of $1.23.

SiteOne Landscape Supply (SITE -1.49%) slipped 3% in after-hours trading after it announced a secondary offering of 8 million shares of common stock.

Allstate (ALL -0.47%) fell over 1% in after-hours trading after it said it will buy SquareTrade for $1.4 billion in cash.

Texas Capital Bancshares (TCBI -3.11%) dropped 3% in after-hours trading after it announced an offering of 3 million shares of common stock.

Shoe Carnival (SCVL -3.75%) sank 10% in after-hours trading after it reported Q3 WPS of 54 cents, weaker than consensus of 56 cents, and then cut its view on fiscal 2017 EPS to $1.46-$1.51 from an August 31 view of $1.58-$1.65.

ZTO Express Cayman (ZTO -0.57%) gained over 3% in after-hours trading after it reported Q3 earnings per ADS were 12 cents, higher than consensus of 11 cents.

Cotiviti Holdings (COTV -1.35%) lost over 1% in after-hours trading after it announced a secondary public offering of 10 million shares of common stock.

21Vianet Group (VNET -1.17%) rose over 3% in after-hours trading aft it reported a Q3 loss/ADR of -13 cents, a smaller decline than consensus of -15 cents.

Cherokee Global (CHKE -4.76%) lost over 2% in after-hours trading after it announced plans to buy Hi-Tec Sports International Holdings for $95.8 million.

Bojangles' Inc. (BOJA -1.75%) slid 4% in after-hours trading after holders proposed a secondary offering of 6 million shares of common stock.

Nivalis Therapeutics (NVLS -0.48%) plunged over 50% in after-hours trading after it said its Phase 2 study evaluating cavosonstat failed to meet the primary endpoint in adult patients with cystic fibrosis.

MARKET COMMENTS

Dec E-mini S&Ps (ESZ16 +0.22%) this morning are up +3.00 points (+0.14%). Monday's closes: S&P 500 -0.53%, Dow Jones -0.28%, Nasdaq -0.27%. The S&P 500 on Monday closed lower on carry-over weakness from a slide in European stocks led by a sell-off in Italian bank stocks on concern Italian voters may vote "no" for Prime Minister Renzi's referendum on Sunday on constitutional reforms. The Financial Times reports that as many as 8 Italian banks risk failing if Renzi loses that vote. Stocks were also undercut by a slide in consumer discretionary stocks led by a -1.7% drop in Amazon.com after Citigroup cut its price target on the stock, citing deep discounting by the retailer to compete during the holiday season. Energy producer stocks received a boost from the +1.82% gain in crude oil prices.

Dec 10-year T-notes (ZNZ16 -0.10%) this morning are up +1 tick. Monday's closes: TYZ6 +14.00, FVZ6 +6.75. Dec 10-year T-note futures on Monday closed higher on carry-over support from a rally in German bund prices to a 2-week high and on higher safe-haven demand with the sell-off in stocks.

The dollar index (DXY00 +0.12%) this morning is down -0.020 (-0.02%). EUR/USD (^EURUSD) is -0.0018 (-0.17%). USD/JPY (^USDJPY) is up +0.73 (+0.65%). Monday's closes: Dollar index -0.160 (-0.16%), EUR/USD +0.0025 (+0.24%), USD/JPY -1.28(-1.13%). The dollar index on Monday fell to a 1-week low and closed lower on the decline in 10-year T-note yields, which reduced the dollar's interest rate differentials. In addition, USD/JPY showed weakness as a sell-off in stocks boosted he safe-haven demand for the yen.

Jan crude oil prices (CLF17 -2.36%) this morning are down -85 cents (-1.81%) and Jan gasoline (RBF17 -1.61%) is -0.0157(-1.11%). Monday's closes: Jan crude +0.84 (+1.82%), Jan gasoline -0.0355 (+2.58%). Jan crude oil and gasoline on Monday closed higher on the slide in the dollar index to a 1-week low and on comments from Iraq Oil Minister Jabbar al-Luaibi who said he's "optimistic" a deal can be reached on oil production cuts when OPEC meets Wednesday in Vienna.

GLOBAL EVENT CALENDAR11/29/2016

		Tuesday, Nov 29
US	0830 ET	Revised Q3 GDP expected +3.0% (q/q annualized), previous +2.9% (q/q annualized). Q3 personal consumption expected +2.3%, previous +2.1%. Q3 price index expected unrevised at +1.5%. Q3 core PCE expected unrevised at +1.7% q/q.
	0900 ET	Sep S&P CoreLogic composite-20 home price index expected +0.4% m/m and +5.2% y/y, Aug +0.24% m/m and +5.13% y/y.
	1000 ET	Nov consumer confidence (Conference Board) expected +2.7 to 101.3, Oct -4.9 to 98.6.
		Wednesday, Nov 30
US	0700 ET	Weekly MBA mortgage applications, previous +5.5% with purchase sub-index +18.8% and refi sub-index -3.1%.
	0800 ET	Dallas Fed President Robert Kaplan (non-voter) speaks to the Economic Club of New York.
	0815 ET	Nov ADP employment change expected +169,000, Oct +147,000.
	0830 ET	Oct personal spending expected +0.5%, Sep +0.5%. Oct personal income expected +0.4%, Sep +0.3%.
	0830 ET	Oct PCE deflator expected +0.3% m/m and +1.5% y/y, Sep +0.2% m/m and +1.2% y/y. Oct core PCE expected +0.1% m/m and +1.7% y/y, Sep +0.1% m/m and +1.7% y/y.
	0945 ET	Nov Chicago PMI expected +1.9 to 52.5, Oct -3.6 to 50.6.
	1000 ET	Oct pending home sales expected unch m/m, Sep +1.5% m/m and +2.0% y/y.
	1030 ET	EIA Weekly Petroleum Status Report.
	1145 ET	Fed Governor Jerome Powell speaks at the Brookings Institute in Washington, D.C.
	1400 ET	Fed Beige Book.
	n/a	OPEC meeting in Vienna.

U.S. STOCK CALENDAR11/29/2016

Company	Ticker	Time	Event Description	Period	Estimate
Berry Plastics Group Inc	BERY US	Bef-mkt	Q4 2016 Earnings Release	Q4 2016	0.588
Mallinckrodt PLC	MNK US	6:00	Q4 2016 Earnings Release	Q4 2016	1.887
Tiffany & Co	TIF US	6:40	Q3 2017 Earnings Release	Q3 2017	0.675
UnitedHealth Group Inc	UNH US	8:00	Investor Conference	Y 2016
Tiffany & Co	TIF US	8:30	Q3 2017 Earnings Call	Q3 2017
Mallinckrodt PLC	MNK US	8:30	Q4 2016 Earnings Call	Q4 2016
Berry Plastics Group Inc	BERY US	10:00	Q4 2016 Earnings Call	Q4 2016
Autodesk Inc	ADSK US	16:01	Q3 2017 Earnings Release	Q3 2017	-0.24
Splunk Inc	SPLK US	16:30	Q3 2017 Earnings Call	Q3 2017
Autodesk Inc	ADSK US	17:00	Q3 2017 Earnings Call	Q3 2017
Guidewire Software Inc	GWRE US	17:00	Q1 2017 Earnings Call	Q1 2017
Guidewire Software Inc	GWRE US	Aft-mkt	Q1 2017 Earnings Release	Q1 2017	-0.045
Splunk Inc	SPLK US	Aft-mkt	Q3 2017 Earnings Release	Q3 2017	0.079

Thursday, September 1, 2016

MORNING CALL 9/1

Thursday, September 1st, 2016View Older Reports

Everything you need to know about the markets in one free daily newsletter.

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OVERNIGHT MARKETS AND NEWS

Sep E-mini S&Ps (ESU16 +0.15%) are up +0.16% and European stocks are up +1.00% at a 2-week high amid positive signs for global growth. Manufacturing activity in China unexpectedly expanded at the fastest pace in nearly 2 years last month and manufacturing activity in the UK expanded at the fastest pace in 10 months. Mining stocks are leading gains in the overall market with Glencore Plc and Rio Tinto up over 1% as signs of stronger global manufacturing activity boosts copper prices. Asian stocks settled mixed: Japan +0.23%, Hong Kong +0.81%, China -0.72%, Taiwan -0.75%, Australia-0.32%, Singapore -0.15%, South Korea -0.33%, India -0.10%. Despite the stronger-than-expected Chinese manufacturing data, Chinese stocks closed lower on speculation the stronger data will reduce the chances of additional government stimulus. Japan's Nikkei Stock Index climbed to a 2-1/2 week high as exporter stocks rallied after USD/JPY rose to a 1-month high, which improves the earnings prospects of exporter companies.

The dollar index (DXY00 -0.03%) is down -0.03%. EUR/USD (^EURUSD) is down -0.08%. USD/JPY (^USDJPY) is up +0.25% at a 1-month high.

Dec T-note prices (ZNZ16 -0.16%) are down -8 ticks.

The UK Aug Markit manufacturing PMI rose +5.0 to 53.3, stronger than expectations of +0.8 to 49.0 and the fastest pace of expansion in 10 months.

The China Aug manufacturing PMI unexpectedly rose +0.5 to 50.4, stronger than expectations of -0.1 to 49.8 and the fastest pace of expansion in 1-3/4 years.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Aug Challenger job cuts (Jul -57.1% y/y), (2) weekly initial unemployment claims (expected +4,000 to 265,000, previous-1,000 to 261,000) and continuing claims (expected -2,000 to 2.143 million, previous -30,000 to 2.145 million), (3) revised Q2 non-farm productivity (expected -0.6%, prelim-Q1 -0.5%) and revised Q2 unit labor costs (expected +2.0%, prelim-Q2 +2.0%), (4) final-Aug Markit U.S. manufacturing PMI (expected unch at 52.1, prelim-Aug -0.8 to 52.1), (5) Jul construction spending (expected +0.5%, Jun -0.6% m/m), (6) Aug ISM manufacturing index (expected -0.6 to 52.0, Jul -0.6 to 52.6), (7) Aug total vehicle sales (expected 17.20 million, Jul 17.77 million), and (8) USDA weekly Export Sales.

Russell 1000 companies that report earnings today: Campbell Soup (consensus $0.50), Cooper Cos (2.28), VeriFone (0.40), lululemon athletica (0.38), Broadcom (2.76), Piedmont Natural Gas (-0.10), Hain Celestial Group (0.56).

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

Equity conferences during the remainder of this week include: none.

OVERNIGHT U.S. STOCK MOVERS

Charter Communications (CHTR +0.46%) rose nearly 4% in after-hours trading after it was announced that it will replace EMC in the S&P 500 after the close of trading on Wednesday, September 7.

Wynn Resorts (WYNN -0.92%) is up over 3% and Las Vegas Sands (LVS -1.47%) is up nearly 2% in pre-market trading after data showed Macau gross gaming revenue unexpectedly rose +1.1% in Aug, better than expectations of a -1.5% decline.

Ctrip.com International Ltd (CTRP unch) reported Q2 revenue of $683.5 million, above consensus of $656.7 million.

Box (BOX +3.15%) rallied 4% in after-hours trading after it raised guidance on full-year revenue to $394 million-$396 million from a prior view of $391 million-$395 million.

Semtech (SMTC +1.29%) gained over 2% in after-hours trading after it reported Q2 adjusted EPS of 35 cents, higher than consensus of 33 cents.

Ollie's Bargain Outlet Holdings (OLLI -1.17%) climbed 6% in after-hours trading after it reported Q2 adjusted EPS of 21 cents, better than consensus of 18 cents, and then raised guidance on full-year adjusted EPS to 88 cents-90 cents from a prior view of 85 cents-87 cents.

salesforce.com (CRM -0.51%) tumbled over 8% in after-hours trading after it said it sees Q3 adjusted EPS of 20 cents-21 cents, below consensus of 24 cents.

Shoe Carnival (SCVL +0.64%) fell nearly 6% in after-hours trading after it reported Q2 EPS of 22 cents, weaker than consensus of 27 cents, and then said it sees fiscal year comparable sales up +1.5% -2.0%, below a May 19 view of up 1% to 3%.

Impinj (PI +0.31%) rose 5% in after-hours trading after it reported Q2 adjusted EPS of 6 cents, double consensus of 3 cents.

Five Below (FIVE -0.56%) slid over 4% in after-hours trading after it reported Q2 comparable sales rose +3.1%, below consensus of +3.4%.

Oxford Industries (OXM -2.01%) jumped nearly 10% in after-hours trading after it reported Q2 adjusted EPS continuing operations of $1.48, better than expectations of $1.38.

MARKET COMMENTS

Sep E-mini S&Ps (ESU16 +0.15%) this morning are up +3.50 points (+0.16%). Wednesday's closes: S&P 500 -0.24%, Dow Jones -0.29%, Nasdaq -0.10%. The S&P 500 on Wednesday closed lower on the -4.3 point decline in the Aug Chicago PMI to 51.5, weaker than expectations of -1.8 to 54.0. There was also weakness in energy producer stocks as crude oil tumbled -3.56% to a 2-week low. In addition, there was increased concern about a Fed rate hike after the Aug ADP employment report showed an increase of +177,000 and July was revised upward to +194,000 from +179,000.

Dec 10-year T-notes (ZNZ16 -0.16%) this morning are down -8 ticks. Wednesday's closes: TYZ6 unch, FVZ6 +0.50. Dec T-notes on Wednesday closed little changed. T-note prices were undercut by the slightly larger-than-expected increase in the Aug ADM employment report of +177,000 and by the stronger-than-expected U.S. July pending home sales report. T-notes received a boost from the slide in stocks and the weaker-than-expected Aug Chicago PMI.

The dollar index (DXY00 -0.03%) this morning is down -0.033 (-0.03%). EUR/USD (^EURUSD) is down -0.0009 (-0.08%). USD/JPY (^USDJPY) is up +0.26 (+0.25%) at a new 1-month high. Wednesday's closes: Dollar index -00324 (-0.03%), EUR/USD +0.0015 (+0.13%), USD/JPY +0.47 (+0.46%). The dollar index on Wednesday climbed to a 3-week high but fell back and closed slightly lower. The dollar was boosted by the stronger-than-expected Aug ADP employment change and weakness in the yen after USD/JPY soared to a 1-month high on expectations for further BOJ stimulus measures in September. The dollar shed its advance after the Aug Chicago PMI fell more than expected.

Oct crude oil (CLV16 -0.13%) this morning is down -3 cents (-0.07%) and Oct gasoline (RBV16 -0.94%) is down -0.0124 (-0.93%). Wednesday's closes: CLV6 -1.65 (-3.56%), RBV6 -0.0356 (-2.59%). Oct crude oil and gasoline on Wednesday sold off to new 2-week lows and closed lower. Crude oil prices were undercut by the rally in the dollar index to a 3-week high and the +2.28 million bbl increase in EIA crude inventories, more than expectations of +1.5 million bbl.

GLOBAL EVENT CALENDAR09/01/2016

		Thursday, Sep 1
US	0730 ET	Aug Challenger job cuts, Jul -57.1% y/y.
	0830 ET	Weekly initial unemployment claims expected +4,000 to 265,000, previous -1,000 to 261,000. Weekly continuing claims expected unch at 2.145 million, previous -30,000 to 2.145 million.
	0830 ET	Revised Q2 non-farm productivity expected -0.6%, prelim-Q1 -0.5%. Revised Q2 unit labor costs expected +2.0%, prelim-Q2 +2.0%.
	0830 ET	USDA weekly Export Sales.
	0945 ET	Revised Aug Markit manufacturing PMI expected unch at 52.1, prelim-Aug -0.8 to 52.1.
	1000 ET	Jul construction spending expected +0.5%, Jun -0.6% m/m.
	1000 ET	Aug ISM manufacturing index expected -0.6 to 52.0, Jul -0.6 to 52.6. Aug ISM new orders, Jul +0.4 to 60.3. Aug ISM employment, Jul -1.3to 51.4. Aug ISM prices paid expected -0.2 to 54.8, Jul -5.5 to 55.0.
	n/a	Aug total vehicle sales expected 17.20 million, Jul 17.77 million. Aug domestic vehicle sales expected 13.50 million, Jul 13.77 million.
		Friday, Sep 2
US	0830 ET	Aug non-farm payrolls expected +180,000, Jul +255,000. Aug private payrolls expected +180,000, Jul +217,000. Aug manufacturing payrolls expected -4,000, Jul +9,000. Aug unemployment rate expected -0.1 to 4.8%, Jul unch at 4.9%.
	0830 ET	Aug avg hourly earnings expected +0.2% m/m and +2.5% y/y, Jul +0.3% m/m and +2.6% y/y. Aug avg weekly hours all-employees expected unch at 34.5 hours, Jul unch at 34.5 hours.
	0830 ET	Jul trade balance expected -$41.5 billion, Jun -$44.5 billion.
	0945 ET	Aug New York ISM, Jul +15.3 to 60.7.
	1000 ET	Jul factory orders expected +2.0%, Jun -1.5% and +0.4% ex transportation.
	1300 ET	Richmond Fed President Jeffrey Lacker (non-voter) speaks to the Virginia Association of Economists and the Richmond Association for Business Economics on Interest Rate Benchmarks.
JPN	0100 ET	Japan Aug consumer confidence index expected +0.5 to 41.8, Jul -0.5 to 41.3.
UK	0430 ET	UK Aug Markit/CIPS construction PMI expected +0.4 to 46.3, Jul -0.1 to 45.9.
EUR	0200 ET	ECB Governing Council member Ardo Hansson takes part in a parliamentary hearing about EU future outlook in the aftermath of the Brexit referendum.
	0500 ET	Eurozone Jul PPI expected +0.1% m/m and -2.9% y/y, Jun +0.7% m/m and -3.1% y/y.

U.S. STOCK CALENDAR09/01/2016

Company	Ticker	Time	Event Description	Period	Estimate
Campbell Soup Co	CPB US	7:15	Q4 2016 Earnings Release	Q4 2016	0.498
L Brands Inc	LB US	7:30	August 2016 Sales and Revenue Call - Pre-Recorded	2016
Campbell Soup Co	CPB US	8:30	Q4 2016 Earnings Call	Q4 2016
Ford Motor Co	F US	9:15	August 2016 Sales and Revenue Release	2016
Ford Motor Co	F US	10:00	August 2016 Sales and Revenue Call	2016
VeriFone Systems Inc	PAY US	Aft-mkt	Q3 2016 Earnings Release	Q3 2016	0.404
lululemon athletica Inc	LULU US	Aft-mkt	Q2 2017 Earnings Release	Q2 2017	0.38
Broadcom Ltd	AVGO US	Aft-mkt	Q3 2016 Earnings Release	Q3 2016	2.762
L Brands Inc	LB US		August 2016 Sales and Revenue Release	2016
Piedmont Natural Gas Co Inc	PNY US		Q3 2016 Earnings Release	Q3 2016	-0.095
Hain Celestial Group Inc/The	HAIN US		Q4 2016 Earnings Release	Q4 2016	0.559
General Motors Co	GM US		August 2016 Sales and Revenue Release	2016