MORNING CALL 4/5

Barchart Morning Call

Barchart.com - Wed Apr 5, 6:37AM CDT

OVERNIGHT MARKETS AND NEWS

Jun E-mini S&Ps (ESM17 -0.12%) this morning are little changed, down -0.03%, and European stocks are up +0.03%. European stocks found support on reduced political risks from France's presidential election after anti-EU candidate Marine Le Pen was seen to have struggled in a televised debate among French presidential candidates on Tuesday night. A rally in crude oil is boosting energy producing stocks with May WTI crude (CLK17 +1.08%) up +0.90% at a 4-week high. Crude oil gained after API late Tuesday showed U.S. oil inventories fell -1.83 million bbl. U.S. equities are in a holding pattern ahead of today's data on Mar ADP employment and the minutes of the Mar-14-15 FOMC meeting. Asian stocks settled mostly higher: Japan +0.27%, Hong Kong +0.57%, China +1.48%, Taiwan +1.41%, Australia +0.34%, Singapore -0.08%, South Korea -0.06%, India +0.21%.

The dollar index (DXY00 -0.01%) is little changed, down -0.01%. EUR/USD (^EURUSD) is down -0.05%. USD/JPY (^USDJPY) is up +0.09%.

Jun 10-year T-note prices (ZNM17 -0.02%) are down -3 ticks.

The Eurozone Mar Markit composite PMI was revised lower to 56.4 from the originally reported 56.7, still the fastest pace of expansion since the data series began in 2014.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) weekly MBA mortgage applications (previous -0.8% with purchase sub-index +1.2% and refi sub-index -2.9%), (2) Mar ADP employment change (expected +195,000, Feb +298,000), (3) revised Mar Markit services PMI (expected +0.2 to 53.1, prelim-Mar -0.9 to 52.9), (4) Mar ISM non-manufacturing index (expected -0.6 to 57.0, Feb +1.1 to 57.6), (5) minutes of Mar 14-15 FOMC meeting, (6) EIA Weekly Petroleum Status Report.

Notable Russell 1000 earnings reports today include: Monsanto (consensus $2.79), Walgreens (1.36), Bed, Bath & Beyond (1.77), Yum China Holdings (0.38).

U.S. IPO's scheduled to price today: Elevate Credit (ELVT), Schneider National (SNDR).

Equity conferences: AACR Meeting on Mon-Wed, Jefferies Animal Health Summit on Thu.

OVERNIGHT U.S. STOCK MOVERS

Panera Bread (PNRA -3.05%) jumped 13% in pre-market trading after JAB Holding said it will acquire Panera for about $7.5 billion.

Exelon (EXC +0.89%) was downgraded to 'Market Perform' from 'Outperform' at Wells Fargo.

Wynn Resorts Ltd (WYNN +0.34%) was upgraded to 'Buy' from 'Hold' at Argus with a price target of $135.

Tenet Healthcare (THC -2.52%) was rated a new 'Buy' at Deutsche Bank with a price target of $28.

Citigroup (C unch) was upgraded to 'Outperform' from 'Market Perform' at Keefe, Bruyette & Woods with a price target of $69.

Wells Fargo & Co. (WFC -0.52%) was upgraded to 'Outperform' from 'Market Perform' at Keefe, Bruyette & Woods with a price target of $63.

A Schulman (SHLM -0.33%) rallied over % in after-hours trading after it said it sees full-year revenue of $2.5 billion to $2.6 billion, above consensus of $2.44 billion.

Sygenta AG (SYT +0.35%) rose nearly 1% in after-hours trading after China National Chemical Corp. won U.S. antitrust approval for its $43 billion takeover of Sygenta.

New Relic (NEWR +0.30%) gained almost 2% in after-hours trading after it reported preliminary Q4 revenue of $73 million-$73.1 million, above a February 7 estimate of $71.3 million.

Tenet Healthcare (THC -2.52%) gained nearly 1% in after-hour trading after it was rated a new 'Buy' at Deutsche Bank with a price target of $28.

Adecoagro (AGRO unch) slipped 3% in after-hours trading after a block of 9 million shares was offered via Morgan Stanley at $11.20 to $11.30.

Guidance Software (GUID +0.34%) was rated new 'Overweight' at Piper Jaffray with a 12-month price target of $8.50.

MARKET COMMENTS

Jun E-mini S&Ps (ESM17 -0.12%) this morning are down -0.75 points (-0.03%). Tuesday's closes: S&P 500 +0.06%, Dow Jones +0.19%, Nasdaq +0.15%. The S&P 500 on Tuesday closed higher on the U.S. Feb trade deficit of -$43.6 billion, narrower than expectations of -$44.6 billion, which is positive for Q1 GDP. There was also strength in energy producing stocks after crude oil prices climbed to a 3-week high. Stocks were undercut by reduced optimism in the U.S. economic outlook after Monday's Mar auto sales report fell to a 2-year low.

Jun 10-year T-notes (ZNM17 -0.02%) this morning are down -3 ticks. Tuesday's closes: TYM7 unch, FVM7 unch. Jun 10-year T-notes on Tuesday closed little changed. T-notes opened higher as the 10-year yield fell to a 5-week low on carry-over support from a rally in German bunds to a 1-month high. However, T-notes then fell back on the recovery in stocks and on the rally in crude oil to a 3-week high, which boosted inflation expectations.

The dollar index (DXY00 -0.01%) this morning is down -0.01 (-0.01%). EUR/USD (^EURUSD) is down -0.0005 (-0.05%) and USD/JPY (^USDJPY) is up +0.10 (+0.09%). Tuesday's closes: Dollar index -0.03 (-0.03%), EUR/USD +0.0004 (+0.04%), USD/JPY -0.16 (-0.14%). The dollar index on Tuesday rose to a 2-week high but fell back and closed little changed. The dollar found support on the smaller-than-expected U.S. Feb trade deficit, which is positive for Q1 GDP, and on early weakness in EUR/USD which fell to a 2-1/2 week low after ECB Governing Council member Nowotny said the ECB's monetary stance "has to stay accommodative." Dollar gains were limited after the 10-year T-note yield fell to a 5-week low, which undercuts the dollar's interest rate differentials.

May WTI crude oil prices (CLK17 +1.08%) this morning are up +46 cents (+0.90%) at a 4-week high and May gasoline (RBK17 +0.56%) is up +0.0070 (+0.41%) at a 1-1/2 year nearest-futures high. Tuesday's closes: May crude +0.79 (+1.57%), May gasoline +0.0280 (+1.65%). May crude oil and gasoline on Tuesday climbed to 3-week highs and settled higher on expectations that Wednesday's EIA data will show U.S. crude inventories fell -150,000 bbl and gasoline stockpiles fell -1.75 million bbl. Another supportive factor was strength in the crack spread which rose to a 5-month high and may boost refinery demand for crude to refine into gasoline.

GLOBAL EVENT CALENDAR04/05/2017

		Wednesday, April 5
US	0700 ET	Weekly MBA mortgage applications, previous -0.8% with purchase sub-index +1.2% and refi sub-index -2.9%.
	0815 ET	Mar ADP employment change expected +195,000, Feb +298,000.
	0945 ET	Revised Mar Markit services PMI expected +0.2 to 53.1, prelim-Mar -0.9 to 52.9. Revised Mar Markit composite PMI, prelim-Mar -0.9 to 53.2.
	1000 ET	Mar ISM non-manufacturing index expected -0.6 to 57.0, Feb +1.1 to 57.6.
	1030 ET	EIA Weekly Petroleum Status Report.
	1400 ET	Minutes of Mar 14-15 FOMC meeting.
		Thursday, April 6
US	n/a	President Trump and Chinese President Xi Jinping hold talks on Thu-Fri at Mar-a-Lago, Florida.
	0700 ET	Mar Challenger job cuts, Feb -40.0% y/y.
	0830 ET	Weekly initial unemployment claims expected -8,000 to 250,000, previous -3,000 to 258,000. Weekly continuing claims expected -22,000 to 2.030 million, previous +65,000 to 2.052 million.
	0830 ET	USDA weekly Export Sales.
	0930 ET	San Francisco Fed President John Williams (non-voter) speaks on a ECB panel in Frankfurt on Do monetary policy frameworks need to be adjusted in a world of (potentially) low natural interest rates? If so, how?
	1100 ET	Treasury announces amount of 3-year T-notes (previous $24 billion), 10-year T-notes (previous $20 billion) and 30-year T-bonds (previous $12 billion) to be auctioned Apr 10-12.

U.S. STOCK CALENDAR04/05/2017

Company	Ticker	Time	Event Description	Period	Estimate
Carnival Corp	CCL US	04:30	Annual General Meeting
Monsanto Co	MON US	Bef-mkt	Q2 2017 Earnings Release	Q2 17	2.792
Walgreens Boots Alliance Inc	WBA US	07:00	Q2 2017 Earnings Release	Q2 17	1.36
Walgreens Boots Alliance Inc	WBA US	08:30	Q2 2017 Earnings Call	Q2 17
NetApp Inc	NTAP US	08:30	Analyst Day
Schlumberger Ltd	SLB US	09:00	Annual General Meeting
Monsanto Co	MON US	09:30	Q2 2017 Earnings Call	Q2 17
Sempra Energy	SRE US	12:00	Analyst Conference
LyondellBasell Industries NV	LYB US	12:30	Investor Day
Dell Technologies Inc Class V	DVMT US	13:30	Investor Meeting
Broadcom Ltd	AVGO US	14:00	Annual General Meeting
Bed Bath & Beyond Inc	BBBY US	Aft-mkt	Q4 2017 Earnings Release	Q4 17	1.773
Yum China Holdings Inc	YUMC US	16:30	Q1 2017 Earnings Release	Q1 17	0.38
Bed Bath & Beyond Inc	BBBY US	17:00	Q4 2017 Earnings Call	Q4 17
Yum China Holdings Inc	YUMC US	20:00	Q1 2017 Earnings Call	Q1 17

MORNING CALL 6/29

MORNING CALL

Wednesday, June 29th, 2016View Older Reports

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OVERNIGHT MARKETS AND NEWS

Sep E-mini S&Ps (ESU16 +0.53%) are up +0.54% and European stocks are up +2.44% on speculation central banks will provide measures to mitigate the damage done by the UK's decision to leave the European Union. Fed Governor Powell said late yesterday that global risks have shifted further to the downside, which may merit a reassessing of monetary policy. Energy producing stocks are moving up and leading the overall market higher as the price of crude oil (CLQ16 +0.79%) climbs +1.15%. Crude prices moved higher after API data late yesterday showed U.S. crude inventories fell by -3.86million bbl last week. Asian stocks settled higher: Japan +1.59%, Hong Kong +1.31%, China +0.65%, Taiwan +0.95%, Australia +0.77%, Singapore +1.31%, South Korea +0.93%, India +0.81%. China's Shanghai Composite rallied to a 3-week high led by gains in drug makers and industrial and consumer-staple companies.

The dollar index (DXY00 -0.34%) is down -0.33%. EUR/USD (^EURUSD) is up +0.24%. USD/JPY (^USDJPY) is down -0.05%.

Sep T-note prices (ZNU16 -0.01%) are down -2 ticks.

Speaking Tuesday evening to the Chicago Council on Global Affairs, Fed Governor Powell said that global risks have shifted further to the downside as "the Brexit vote has the potential to create new headwinds for economies around the world, including our own."

Eurozone Jun economic confidence unexpectedly fell -0.2 to 104.4, weaker than expectations of no change at 104.7.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) weekly MBA mortgage applications (previous +2.9% with purchase sub-index -2.4% and refi sub-index +6.5%), (2) May personal spending (expected +0.4%, Apr +1.0%) and May personal income (expected +0.3%, Apr +0.4%), (3) May PCE deflator (expected +0.2% m/m and +1.0% y/y, Apr +0.3% m/m and +1.1% y/y) and May core PCE deflator (expected +0.2% m/m and +1.7% y/y, Apr +0.2% m/m and +1.6% y/y), (4) May pending home sales (expected -1.1% m/m and +4.4% y/y, Apr +5.1% m/m and +2.9% y/y), (5) Federal Reserve Board releases results from supervisory stress tests, and (6) EIA Weekly Petroleum Status Report.

There are 3 of the Russell 1000 companies report earnings today: Monsanto (consensus $2.42), Acuity Brands (2.03), General Mills (0.60).

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

Equity conferences during the remainder of this week include: J.P. Morgan Inaugural Energy Equity Investor Conference on Mon-Wed.

OVERNIGHT U.S. STOCK MOVERS

Chicago Bridge & Iron (CBI +2.91%) was rated a new 'Buy' at MKM Partners with a 12-month price target of $46.

Autoliv (ALV +2.48%) slid over 6% in pre-market trading after it confirmed that Toyota had recalled some its cars that involved the company's airbags.

Symantex (SYMC +0.90%) was upgraded to 'Hold' rom 'Sell' at Evercore ISI.

Nike (NKE +2.31%) fell nearly 4% in pre-market trading after it reported Q4 revenue of $8.24 billion, less than consensus of $8.28 billion, and said Q4 worldwide futures orders ex-FX were up 11%, below consensus of +13%.

CalAmp (CAMP +3.07%) fell -0.5% in after-hours trading after it said it sees Q2 revenue of $90 million-$95 million, below consensus of $96.5 million.

Neurocrine Biosciences (NBIX +5.00%) was rated a new 'Buy' at HC Wainwright & Co. LLC with a target price of $80.

A Schulman (SHLM -2.53%) declined over 1% in after-hours trading after it filed a lawsuit versus sellers of Citadel Plastics, saying it identified quality reporting issues affecting certain product lines at two Lucent Polymer manufacturing facilities in Evansville, IN.

Eclipse Resources (ECR +3.53%) dropped 5% in after-hours trading after it started an underwritten public offering of 37.5 million shares of common stock.

Aerovironment (AVAV +0.32%) slid over 3% in after-hours trading after t said it sees fiscal 2017 revenue of $260 million-$280 million, below consensus of $286.4 million.

Esperion Therapeutics (ESPR +8.30%) plunged over 20% in after-hours trading after the company said its experimental drug 'Bempedoic acid' may not be able to win FDA approval based solely on its ability to cut cholesterol, which raises concern it may take 6 or more years for the drug to reach the U.S. market.

Hutchinson Technology (HTCH -0.27%) fell 4% in after-hours trading after it said the FTC has not indicated when Hutchinson's merger with Headway Technologies will be approved.

Anthera Pharmaceuticals (ANTH +2.68%) fell nearly 7% in after-hours trading after it said data from "Bright-SC" study of blisibmod for IgA nephropathy failed to meet the primary endpoint at 24 weeks.

KemPharm (KMPH +6.63%) jumped over 16% in after-hours trading after it reported positive Phase 1 results in a trial of its Prodrug of Hydromorphone KP511.

MARKET COMMENTS

September E-mini S&Ps (ESU16 +0.53%) this morning are up +11.00 points (+0.54%). Tuesday's closes: S&P 500 +1.78%, Dow Jones +1.57%, Nasdaq +2.13%. The S&P 500 on Tuesday closed higher on short-covering in global equity markets following the sharp 2-day sell-off after Thursday's Brexit vote. Stocks were also supported by the upward revision in U.S. Q1 GDP to +1.1% from +0.8% and by the +5.6 point increase in U.S. June consumer confidence to 98.0, stronger than expectations of +0.9 to 93.5 and an 8-month high.

Sep 10-year T-note prices (ZNU16 -0.01%) this morning are down -2 ticks. Tuesday's closes: TYU6 -1.00. FVU6 -0.50. Sep T-notes on Tuesday closed lower on reduced safe-haven demand with the recovery in global equity markets and on the stronger-than-expected U.S. Q1 GDP and Jun consumer confidence reports. T-notes recovered from their worst levels after the Jun Richmond Fed manufacturing index contracted at the steepest pace in 3-1/3 years.

The dollar index (DXY00 -0.34%) this morning is down -0.313 (-0.33%). EUR/USD (^EURUSD) is up +0.0027 (+0.24%). USD/JPY (^USDJPY) is down-0.05 (-0.05%). Tuesday's closes: Dollar Index -0.404 (-0.42%), EUR/USD +0.0040 (+0.36%), USD/JPY +0.75 (+0.74%). The dollar index on Tuesday closed lower on the rebound in GBP/USD and EUR/USD after the recent sell-off on Brexit concerns. The dollar recovered from its worst levels after U.S. Jun consumer confidence rose to an 8-month high.

Aug WTI crude oil (CLQ16 +0.79%) this morning is up +55 cents (+1.15%). Aug gasoline (RBQ16 +0.26%) is up +0.0092 (+0.61%). Tuesday's closes: CLQ6 +1.78 (+3.84%), RBQ6 +0.0341 (+2.29%). Aug crude oil and gasoline on Tuesday closed sharply higher on a weaker dollar, a rebound in global equity markets, and expectations for Wednesday's weekly EIA crude inventories to fall -2.5 million bbl.

GLOBAL EVENT CALENDAR06/29/2016

		Wednesday, June 29, 2016
US	0700 ET	Weekly MBA mortgage applications, previous +2.9% with purchase sub-index -2.4% and refi sub-index +6.5%.
	0830 ET	May personal spending expected +0.4%, Apr +1.0%. May personal income expected +0.3%, Apr +0.4%.
	0830 ET	May PCE deflator expected +0.2% m/m and +1.0% y/y, Apr +0.3% m/m and +1.1% y/y. May core PCE deflator expected +0.2% m/m and +1.7% y/y, Apr +0.2% m/m and +1.6% y/y.
	1000 ET	May pending home sales expected -1.1% m/m and +4.4% y/y, Apr +5.1% m/m and +2.9% y/y.
	1030 ET	EIA Weekly Petroleum Status Report.
	1630 ET	Federal Reserve Board releases results from supervisory stress tests.
		Thursday, June 30, 2016
Thu	US	0830 ET	Weekly initial unemployment claims expected +8,000 to 267,000, previous -18,000 to 259,000. Weekly continuing claims expected +9,000 to 2.151 million, previous -20,000 to 2.142 million.
		0830 ET	USDA weekly Export Sales.
		0945 ET	Jun Chicago PMI expected +1.7 to 51.0, May -1.1 to 49.3.
		1100 ET	EIA Weekly Petroleum Status Report.
		1200 ET	USDA Q2 Quarterly Grain Stocks and 2016 U.S. planted acreage.
		1330 ET	St. Louis Fed President James Bullard speaks at the Society of Business Economists dinner in London.
	JPN	0000 ET	Japan May vehicle production, Apr -9.7% y/y.
		0100 ET	Japan May housing starts expected +4.9% to 972,000 annualized, Apr +9.0% y/y to 995,000 annualized.
		0100 ET	Japan May construction orders, Apr -16.9% y/y.
		1930 ET	Japan May jobless rate expected unch at 3.2%. May job-to-applicant ratio expected +0.01 to 1.35, Apr 1.34.
		1930 ET	Japan May overall household spending expected -1.0% y/y, Apr -0.4%y/y.
		1930 ET	Japan May national CPI expected -0.5% y/y, Apr -0.3% y/y. May national CPI ex fresh food expected -0.4% y/y, Apr -0.3% y/y. May national CPI ex food & energy expected +0.6% y/y, Apr +0.7% y/y.
		1930 ET	Japan Jun Tokyo CPI expected -0.4% y/y, May -0.5% y/y. Jun Tokyo CPI ex-fresh food expected -0.5% y/y, May -0.5% y/y. Jun Tokyo CPI ex food & energy expected +0.4% y/y, May +0.5% y/y.
		1950 ET	Japan Q2 Tankan business conditions large manufacturing expected-2 to 4, Q1 6.
		2200 ET	Revised Japan Jun Nikkei manufacturing PMI, prelim-Jun +0.1 to 47.8.
	GER	0200 ET	German May retail sales expected +0.6% m/m and +2.5% y/y, Apr-0.3% m/m and +2.3% y/y.
		0355 ET	German Jun unemployment change expected -5,000, May -11,000. Jun unemployment rate expected unch at 6.1%.
	UK	0430 ET	Revised UK Q1 GDP, prelm-Q1 +0.4% q/q and +2.0% y/y.
		0430 ET	UK Apr index of services expected +0.2% m/m and +0.4% 3-mon/3-mon, Mar -0.1% m/m and +0.6% 3-mon/3-mon.
	EUR	0500 ET	Eurozone Jun CPI estimate expected unch y/y, May -0.1% y/y. Jun core CPI expected +0.8% y/y, May +0.8% y/y.
	CHI	2100 ET	China Jun manufacturing PMI expected -0.1 to 50.0, May unch at 50.1. Jun non-manufacturing PMI, May -0.4 to 53.1.
		2145 ET	China Jun Caixin manufacturing PMI expected -0.1 to 49.1, May -0.2 to 49.2.

U.S. STOCK CALENDAR06/29/2016

Company	Ticker	Time	Event Description	Period	Estimate
Monsanto Co	MON	Bef-mkt	Q3 2016 Earnings Release	Q3 2016	2.417
Acuity Brands Inc	AYI	Bef-mkt	Q3 2016 Earnings Release	Q3 2016	2.029
Alcoa Inc	AA	8:30	Business Update Call
General Mills Inc	GIS	8:30	Q4 2016 Earnings Call	Q4 2016
McKesson Corp	MCK	9:00	Investor Day	Y 2016
Monsanto Co	MON	9:30	Q3 2016 Earnings Call	Q3 2016
Valspar Corp/The	VAL	10:00	Extraordinary Shareholders Meeting - M&A Vote	Y 2016
Acuity Brands Inc	AYI	10:00	Q3 2016 Earnings Call	Q3 2016
General Mills Inc	GIS		Q4 2016 Earnings Release	Q4 2016	0.599

MORNING CALL 4/6

MORNING CALL

Wednesday, April 6th, 2016View Older Reports Everything you need to know about the markets in one free daily newsletter. E-mail:   You will also receive a free subscription to the Barchart family of newsletters. OVERNIGHT MARKETS AND NEWS Jun E-mini S&Ps (ESM16 +0.18%) are up +0.18% and European stocks are up +0.10% as energy producing stocks are higher with a +2.90% rally in crude oil. Crude oil shot higher late yesterday after the API reported that weekly U.S. crude supplies fell -4.3 million bbl. Also, a 2% gain in Cisco Systems in pre-market trading is giving technology stocks a lift after J.P. Morgan Chase raised its recommendation on the stock to neutral from underweight. European stocks also received a boost after German Feb industrial production fell less than expected. Weakness in drug companies tempered stock index gains after Pfizer decided to terminate its $160 billion merger with Allergan Plc. Asian stocks settled mixed: Japan -0.11%, Hong Kong +0.15%, China -0.08%, Taiwan -1.67%, Australia +0.44%, Singapore +0.37%, South Korea +0.59%, India +0.07%. Japan's Nikkei Stock Index dropped to a 1-1/2 month low as a rally in the yen to a 17-month high against the dollar fueled a sell-off in exporter stocks. The dollar index (DXY00 +0.29%) is up +0.29%. EUR/USD (^EURUSD) is down -0.28%. USD/JPY (^USDJPY) is down -0.02%. Jun T-note prices (ZNM16 -0.08%) are down -3.5 ticks. German Feb industrial production fell -0.5% m/m, a smaller decline than expectations of -1.8% m/m. U.S. STOCK PREVIEW Key U.S. news today includes: (1) Key U.S. reports today include: (1) weekly MBA mortgage applications (previous -1.0% with purchase sub-index +2.1% and refi sub-index -3.3%), (2) Cleveland Fed President Loretta Mester's speech on the U.S. economic outlook and monetary policy at an event hosted by the Cleveland Associations for Business Economics, CFA Society Cleveland and Risk Management Association of Northern Ohio, (3) the minutes of the Mar 15-16 FOMC meeting, (4) St. Louis Fed President James Bullard's welcoming remarks at a lecture in St. Louis, and (5) Dallas Fed President Rob Kaplan's speech on a moderated panel at the World Affairs Council of Dallas/Fort Worth. There are 8 of the Russell 1000 companies that report earnings today: Acuity Brands (consensus $1.57), Bed Bath & Beyond (1.81), RPM International (0.15), Constellation Brands (1.15), Monsanto (2.42), Global Payments (0.67), MSC Industrial Direct (0.79), SunEdison (-0.74).ip U.S. IPO's scheduled to price today: Aeglea BioTherapeutic (AGLE). Equity conferences during the remainder of this week include: Cowen & Co Retail & Luxury Day on Thu OVERNIGHT U.S. STOCK MOVERS Cisco Systems (CSCO -1.99%) rose over 2% in pre-market trading after it was upgraded to 'Neutral' from 'Underweight' at J.P. Morgan Chase. Pfizer (PFE +2.08%) climbed over 1% in pre-market trading after people familiar with the matter said the compnay is terminating its $160 billion merger with Allergan Plc after new U.S. tax proposals aimed at curbing corporate inversions. Allergan Plc (AGN -14.77%) is down over 1% in pre-market trading following the news. Wells Fargo (WFC -2.04%) was downgraded to 'Neutral' from 'Buy' at Guggenheim Securities. Fifth Third Bancorp (FITB -1.85%) was downgraded to 'Neutral' from 'Buy' at Sterne Agee CRT with a 12-month price target of $18. Apple (AAPL -1.18%) was rated a new 'Strong Buy' at Needham & Co. with a 12-month price target of $150. Huntington Bancshares (HBAN -1.05%) was upgradd to 'Buy' from 'Neutral at Sterne Agee CRT with a 12-month price target of $11.50. Nvidia (NVDA -0.14%) was downgraded to 'Hold' from 'Buy' at Stifel. Biogen (BIIB +0.61%) was rated a new 'Market Perform' at BMO Capital Markets with a 12-month price target of $283. PulteGroup (PHM +2.03%) was upgraded to 'Equal-weight' from 'Underweight' at Barclays. Wynn Resorts Ltd. (WYNN -2.66%) dropped over 1% in after-hours trading after it reported preliminary Q1 Macau revenue of $603 million-$613 million, compared to $705.4 million in Q1 of 2015. Cree (CREE -0.58%) slumped over 15% in after-hours trading after it reported preliminary Q3 adjusted EPS of 13 cents-15 cents, well below consensus of 24 cents. SEI Investments (SEIC -0.75%) was upgraded to 'Market Perform' from 'Underperform' at Keefe, Bruyette & Woods with a 12-month price target of $45. Actuity Brands (AYI +2.19%) fell over 3% in after-hours trading in sympathy with the sharp decline in Cree Inc. A Schulman (SHLM -0.38%) fell nearly 4% in after-hours trading after it reported Q2 revenue of $591.8 million, below consensus of $595.4 million. MARKET COMMENTS June E-mini S&Ps (ESM16 +0.18%) this morning are up 3.75 points (+0.18%). Tuesday's closes: S&P 500 -1.01%, Dow Jones -0.75%, Nasdaq -0.91%. The S&P 500 on Tuesday closed lower on a slide in European stocks to a 5-week low after German Feb factory orders unexpectedly fell -1.2% m/m, the most in 6 months, and on the larger-than-expected U.S. Feb trade deficit of -$47.1 billion, bigger than expectations of a -$46.2 billion, which is negative for U.S. Q1 GDP. Stocks were also undercut by global growth concerns after IMF Managing Director Lagarde said that the downside risks for growth have increased and "we don't see much by way of upside." June 10-year T-note prices (ZNM16 -0.08%) this morning are down -3.5 ticks. Tuesday's closes: TYM6 +11.50, FVM6 +7.00. Jun T-notes on Tuesday rose to a 5-week high and settled higher on carryover support from a rally in German bunds to an 11-1/4 month high and on increased safe-haven demand as stocks sold off. The dollar index (DXY00 +0.29%) this morning is up +0.273 (+0.29%). EUR/USD (^EURUSD) is down -0.0032 (-0.28%). USD/JPY (^USDJPY) is down-0.02 (-0.02%). Tuesday's closes: Dollar Index +0.121 (+0.13%), EUR/USD -0.0007 (-0.06%), USD/JPY -1.00 (-0.90%). The dollar index on Tuesday closed higher on the larger-than-expected increase in the Mar ISM non-manufacturing index and on hawkish comments by Chicago Fed President Evans who said it would be "appropriate" for two more interest rate hikes this year. Gains in the dollar were limited after USD/JPY plunged to a 17-month low. May WTI crude oil (CLK16 +2.65%) is up +$1.04 a barrel (+2.90%). May gasoline (RBK16 +0.55%) is up +0.0061 (+0.44%). Tuesday's closes: CLK6 +0.19 (+0.50%), RBK6 +0.0101 (+0.73%). May crude and gasoline on Tuesday closed higher on comments from Kuwait's OPEC governor who said that oil-producing countries can come to an agreement to cap crude production at January levels even if Iran doesn't join the move. Crude oil prices were undercut by expectations that Wednesday's weekly EIA data will show that U.S. crude inventories rose +3.0 million bbl. GLOBAL EVENT CALENDAR04/06/2016 US 0700 ET Weekly MBA mortgage applications, previous -1.0% with purchase sub-index +2.1% and refi sub-index -3.3%. 1030 ET EIA Weekly Petroleum Status Report. 1220 ET Cleveland Fed President Loretta Mester speaks on the U.S. economic outlook and monetary policy at an event hosted by the Cleveland Associations for Business Economics, CFA Society Cleveland and Risk Management Association of Northern Ohio. 1400 ET Minutes of the Mar 15-16 FOMC meeting. 1830 ET St. Louis Fed President James Bullard delivers welcoming remarks at a lecture in St. Louis. 2000 ET Dallas Fed President Rob Kaplan speaks on a moderated panel at the World Affairs Council of Dallas/Fort Worth. JPN 0100 ET Japan Feb leading index CI expected -2.0 to 99.8, Jan 101.8. Feb coincident index expected -3.2 to 110.3, Jan 113.5. GER 0200 ET German Feb industrial production expected -1.8% m/m and +0.4% y/y, Jan +3.3% m/m and +2.2% y/y. 0330 ET German Mar Markit construction PMI, Feb 59.6. UK 0400 ET UK Mar new car registrations, Feb +8.4% y/y. U.S. STOCK CALENDAR04/06/2016 Company Ticker Time Event Description Period Estimate RPM International Inc RPM US Bef-mkt Q3 2016 Earnings Release Q3 2016 0.146 Constellation Brands Inc STZ US Bef-mkt Q4 2016 Earnings Release Q4 2016 1.146 Monsanto Co MON US Bef-mkt Q2 2016 Earnings Release Q2 2016 2.417 Global Payments Inc GPN US Bef-mkt Q3 2016 Earnings Release Q3 2016 0.668 Acuity Brands Inc AYI US Bef-mkt Q2 2016 Earnings Release Q2 2016 1.568 Global Payments Inc GPN US 8:00 Q3 2016 Earnings Call Q3 2016 MSC Industrial Direct Co Inc MSM US 8:30 Q2 2016 Earnings Call Q2 2016 Monsanto Co MON US 9:30 Q2 2016 Earnings Call Q2 2016 IDEX Corp IEX US 10:00 Annual General Meeting Y 2016 Schlumberger Ltd SLB US 10:00 Annual General Meeting RPM International Inc RPM US 10:00 Q3 2016 Earnings Call Q3 2016 Acuity Brands Inc AYI US 10:00 Q2 2016 Earnings Call Q2 2016 Constellation Brands Inc STZ US 10:30 Q4 2016 Earnings Call Q4 2016 Broadcom Ltd AVGO US 14:00 Annual General Meeting Y 2015 Bed Bath & Beyond Inc BBBY US 17:00 Q4 2016 Earnings Call Q4 2016 Wynn Resorts Ltd WYNN US 17:00 Investor Day Y 2016 Bed Bath & Beyond Inc BBBY US Aft-mkt Q4 2016 Earnings Release Q4 2016 1.808 Costco Wholesale Corp COST US 21:00 March 2016 Sales and Revenue Release 2016 SunEdison Inc SUNE US Q4 2015 Earnings Release Q4 2015 -0.744 MSC Industrial Direct Co Inc MSM US Q2 2016 Earnings Release Q2 2016 0.784 IHS Inc IHS US Annual General Meeting