BARCHART MORNING CALL 4/28

BARCHART MORNING CALL

Monday, April 28th, 2014View Older Reports

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OVERNIGHT MARKETS AND NEWS

June E-mini S&Ps (ESM14 +0.36%) this morning are up +0.24% and European stocks are up +0.66% on increased M&A activity after Pfizer confirmed that it proposed to buy AstraZeneca, Britain's second-largest pharmaceutical company, for about 58.8 billion pounds ($98.7 billion). The U.S. and EU are expected to impose new sanctions as early as today on Russian companies and individuals close to Russian President Putin over the escalation of the Ukraine crisis. Asian stocks closed mostly lower: Japan -0.98%, Hong Kong -0.41%, China -1.52%, Taiwan +0.41%, Australia +0.09%, Singapore -0.76%, South Korea -0.24%, India -0.25%. Japanese stocks were dragged lower after Honda fell 4.5% when it forecast weaker-than-expected full-year profit. China's Shanghai Stock Index fell to a 5-week low after China's Securities Regulatory Commission late Friday said it will hold a meeting this Wednesday to review the IPOs of four companies, boosting speculation that new share sales will resume after a 3-month halt. Commodity prices are mostly higher. Jun crude oil (CLM14 +0.50%) is up +0.79%. Jun gasoline (RBM14 unch) is up +0.18%. Jun gold (GCM14 +0.01%) is up +0.02% at a 1-week high. May copper (HGK14 +0.18%) is up +0.27% at a 1-1/2 month high. Agriculture prices are higher. The dollar index (DXY00 -0.19%) is down -0.20% at a 2-week low. EUR/USD (^EURUSD) is up +0.25% at a 2-week high. USD/JPY (^USDJPY) is up +0.17%. The British pound climbed to a 4-1/3 year high against the dollar as increased M&A activity and a jump in a gauge of UK business confidence to a record high boosts the prospects for stronger British economic growth. June T-note prices (ZNM14 -0.10%) are down -2 ticks.
ECB Board member and Dutch Central Bank President, Klaas Knot, said that more evidence is needed on the effectiveness of quantitative easing and if the Eurozone inflation rate falls any further, the ECB could lower the deposit rate below 0%.
The German Mar import price index fell -0.6% m/m and -3.3% y/y, a larger decline than expectations of -0.1% m/m and -2.8% y/y
The UK Apr Lloyds business barometer rose to 66 from 44 in Mar, the highest since the survey began in 2002.
The UK Apr Hometrack weighted overall avg house price rose +0.6% m/m and +6.0% y/y.
Japan Mar retail sales rose +6.3% m/m and +16.1% y/y, stronger than expectations of +6.0% m/m and +13.8% y/y as consumers spent before the start of the Apr 1 sales tax increase.
China Mar industrial profits rose +10.1% year-to-date y/y, an improvement from the increase from the +9.4% year-to-date y/y in Feb.

U.S. STOCK PREVIEW

This will be a busy week with the likelihood of new G-7 sanctions on Russia, the 2-day FOMC meeting on Tue/Wed, Tuesday’s U.S. Q1 GDP report (expected +1.2%), Friday’s unemployment report (payrolls expected +215,000), the Treasury’s sale of $15 billion of 2-year floating-rate notes on Tuesday, and a heavy earnings week. Today’s March pending home sales report is expected to show an increase of +0.7%, reversing most of the -0.8% decline seen in February.
There are 13 of the S&P 500 companies that report earnings today. Notable reports include Lowes (consensus $0.70), National Oilwell Varco (1.38), Plum Creek Timber (0.15), Hartford Financial (0.93), General Growth Properties (0.30), Ameriprise (1.88), and Corning (0.30). Equity conferences during the week include: Milken Institute Global Conference on Mon, Nomura Retail Conference on Mon, Wunderlich Securities WasteExpo Investor Summit on Mon, Barclays Retail and Consumer Discretionary Conference on Tue-Wed, and Linley Group Mobile Conference on Wed-Thu.

OVERNIGHT U.S. STOCK MOVERS

Corning (GLW -2.12%) reported Q1 EPS of 31 cents, higher than consensus of 30 cents.
Energy Transfer Partners (ETP -0.14%) will acquire Susser Holdings (SUSS -2.13%) for approx. $1.8 billion.
Allergan (AGN +0.92%) was downgraded to 'Hold' from 'Buy' at Stifel.
Panera Bread (PNRA -1.50%) was downgraded to 'Underperform' from 'Neutral' at Longbow.
Laboratory Corp. of America Holdings (LH -0.93%) reported Q1 EPS of $1.51, below consensus of $1.58.
Nationaol Oilwell Varco (NOV +0.71%) reported Q1 EPS of $1.40, higher than consesnsus of $1.38.
Roper Industries (ROP -1.83%) reported Q1 EPS of $1.46, better than consensus of $1.35.
Loews (L -0.68%) reported Q1 EPS of 62 cents, well below consensus of 70 cents.
Sanctions against Russia to be announced this week may include sanctions that restrict U.S. high-technology sales to the Russian defense industry, according to comments over the weekend by White House Deputy National Security Advisor Tony Blinken.
The merger between American Airlines (AML) and US Airways has been approved by a federal judge.
Merck (MRK -0.50%) is close to a deal to sell its consumer healthcare unit, according to Reuters.
Siemens (SI -1.34%) plans to compete with GE (BE) on its offer for Alstom, according to Bloomberg.

MARKET COMMENTS

June E-mini S&Ps (ESM14 +0.36%) this morning are up +4.50 points (+0.24%) on increased M&A activity. The S&P 500 index on Friday settled sharply lower due to (1) expectations for a new round of sanctions against Russia, (2) the Russian central bank’s unexpected 50 bp rate hike to 7.50% and S&P’s downgrade of Russia’s sovereign debt by one step to BBB-, the lowest investment grade level, and (3) a sharp sell-off in tech stocks driven by disappointing results from Amazon.com, which plunged -6.5% after forecasting an operating loss in Q2. The main bullish factor was the +1.5 point increase to 84.1 in the U.S. final-April U.S. consumer confidence index from the University of Michigan, which was stronger than market expectations of +0.4 to 83.0. Closes: S&P 500 -0.81%, Dow Jones -0.85%, Nasdaq -1.75%.
Jun 10-year T-notes (ZNM14 -0.10%) this morning are down -2 ticks. Jun 10-year T-note futures prices on Friday closed mildly higher on safe-haven demand with (1) the sharp sell-off in stocks, and (2) increased concern about the Ukraine-Russia situation with expectations for another round of sanctions on Russia and S&P’s downgrade of Russia’s sovereign debt rating. Closes: TYM4 +4.5, FVM4 +1.75.
The dollar index (DXY00 -0.19%) this morning is down -0.157 (-0.20%) at a 2-week low. EUR/USD (^EURUSD) is up +0.0035 (+0.25%) at a 2-week high. USD/JPY (^USDJPY) is up +0.17 (+0.17%). The dollar index on Friday closed slightly lower: Dollar index -0.05 (-0.06%), EUR/USD +0.0003 (+0.02%), USD/JPY -0.16 (-0.16%). The dollar received a little support from the stronger-than-expected U.S. consumer confidence report of +1.5 to 84.1.
Jun WTI crude oil (CLM14 +0.50%) this morning is up +79 cents (+0.79%). Jun gasoline (RBM14 unch) is up +0.0055 (+0.18%). Jun crude and gasoline prices on Friday closed lower on the sharp sell-off in global stocks and the tense Russia-Ukraine situation: Closes: CLM4 -1.34 (-1.31%). RBM4 -0.0186 (-0.61%).

GLOBAL EVENT CALENDAR04/28/2014

US	1000 ET	Mar pending home sales expected +0.7% m/m and -10.2% y/y, Feb -0.8% m/m and -10.2% y/y.
	1100 ET	USDA weekly grain export inspections.
	1600 ET	USDA weekly crop progress.
UK	0430 ET	UK Apr Lloyds business barometer, Mar 44.

U.S. STOCK CALENDAR04/28/2014

Company Name	Ticker	Time	Event Description	Period	Estimate
Laboratory Corp of America Holdings	LH US	Bef-mkt	Q1 2014 Earnings Release	Q1 2014	1.576
Roper Industries Inc	ROP US	Bef-mkt	Q1 2014 Earnings Release	Q1 2014	1.346
Corning Inc	GLW US	Bef-mkt	Q1 2014 Earnings Release	Q1 2014	0.303
Ecolab Inc	ECL US	Bef-mkt	Q1 2014 Earnings Release	Q1 2014	0.742
National Oilwell Varco Inc	NOV US	Bef-mkt	Q1 2014 Earnings Release	Q1 2014	1.384
Loews Corp	L US	Bef-mkt	Q1 2014 Earnings Release	Q1 2014	0.7
Franklin Resources Inc	BEN US	8:30	Q2 2014 Earnings Release	Q2 2014	0.89
Plum Creek Timber Co Inc	PCL US	Aft-mkt	Q1 2014 Earnings Release	Q1 2014	0.15
Hartford Financial Services Group Inc/The	HIG US	Aft-mkt	Q1 2014 Earnings Release	Q1 2014	0.927
General Growth Properties Inc	GGP US	Aft-mkt	Q1 2014 Earnings Release	Q1 2014	0.297
Ameriprise Financial Inc	AMP US	Aft-mkt	Q1 2014 Earnings Release	Q1 2014	1.88
Jacobs Engineering Group Inc	JEC US	Aft-mkt	Q2 2014 Earnings Release	Q2 2014	0.894
Range Resources Corp	RRC US	Aft-mkt	Q1 2014 Earnings Release	Q1 2014	0.505

BARCHART MORNNG CALL 3/17

BARCHART MORNING CALL

Monday, March 17th, 2014View Older Reports

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OVERNIGHT MARKETS AND NEWS

June E-mini S&Ps (ESM14 +0.53%) this morning are up +0.52% as they rebound from a 3-week low, and European stocks are up +0.78% on increased M&A activity after Vodaphone Group Plc, the world's second-biggest carrier, agreed to buy Spanish cable operator Grupo Corporativo Ono SA for 7.2 billion euros ($10 billion), and after Allianz SE, Europe's biggest insurer, agreed to spend 440 million euros buying assets from Unipol Gruppo Finanziario SpA. European stock rose despite Sunday's referendum vote In Crimea where 97% of voters opted to secede from Ukraine. The EU said "the referendum is illegal and illegitimate and its outcome will not be recognized." Russia has deployed about 60,000 troops along the Ukrainian border according to the Ukrainian government, which also said it closed border crossings to Russia and will mobilize as many as 15,000 volunteers in the next 2-weeks to defend the nation. Russia's Micex Stock Index rose 2.3% on reduced concern that the Crimean vote to leave Ukraine will not lead to an immediate increase in tensions between Russia and the West. Asian stocks closed mixed: Japan -0.35%, Hong Kong -0.30%, China +0.95%, Taiwan +0.14%, Australia -0.22%, Singapore +0.60%, South Korea +0.45%, India closed for holiday. Commodity prices are mixed. Apr crude oil (CLJ14 -0.20%) is down -0.23%. Apr gasoline (RBJ14 -0.55%) is down -0.46%. Apr gold (GCJ14 -0.08%) is up +0.10% at a 6-1/4 month high after the referendum in Crimea to leave Ukraine and join Russia boosted safe-haven demand for precious metals. May copper (HGK14 +0.83%) is up +0.58%. Agriculture prices are weaker. The dollar index (DXY00 +0.09%) is up +0.06%. EUR/USD (^EURUSD) is down -0.11% after Eurozone Feb CI was revised lower, which may keep the pressure on the ECB to provide additional stimulus to fight deflation risks. USD/JPY (^USDJPY) is up +0.41%. June T-note prices (ZNM14 -0.23%) are down -8 ticks.
Eurozone Feb CPI rose +0.3% m/m, less than expectations of +0.4% m/m, while on an annual basis Feb CPI was revised unexpectedly lower to +0.7% y/y from the originally reported +0.8% y/y and matched the Oct 2013 gain as the smallest year-over-year increase in 4-1/4 years. Feb core CPI was left unrevised at +1.0% y/y.
China's yuan fell to 6.1818 per dollar, the weakest in 11-months, after the PBOC widened the yuan's daily trading band to trade as much as 2% on either side of the reference rate, compared with the previous limit of 1%.

U.S. STOCK PREVIEW

The main item on this week’s agenda will be whether Russia starts to annex Crimea and makes any further military moves in Ukraine and the sanctions response from the U.S. and Europe. Today’s Feb industrial production report is expected to show an increase of +0.2%, reversing most of the -0.3% decline seen in January. Today’s March Empire manufacturing index is expected to show a +2.5 point increase to 7.0, rebounding somewhat after the sharp -8.0 point drop to 4.5 seen in February. Today’s March NAHB housing market index is expected to show an upward rebound of +4 points to 50 after the -10 point plunge to 46 seen in February.
None of the Russell 1000 companies report earnings today. Equity conferences this week include: Consumer Analyst Group of Europe (CAGE) Conference on Mon-Wed, Bank of America Merrill Lynch Global Industrials & EU Auto Conference on Tue-Thu, Goldman Sachs TMT Leveraged Finance Conference on Wed, International Strategy & Investment Retail Summit on Wed, ISI Retail Summit on Wed-Thu, Gabelli & Company Specialty Chemicals Conference on Thu, Bloomberg Mexico Economic Summit on Thu, and Capital Link Invest in International Shipping Forum on Thu.

OVERNIGHT U.S. STOCK MOVERS

RBC Capital kept its 'Outperform' rating on Adobe (ADBE +0.16%) and increased its price target on the stock to $75 from $63.
Facebook (FB -1.61%) was downgraded to 'Hold' from 'Buy' at Argus.
JA Solar (JASO +8.25%) reported Q4 EPS of 16 cents, well above consensus of 1 cent.
GNC Holdings (GNC -0.41%) was downgraded to 'Neutral' from 'Outperform' at Credit Suisse.
SAP (SAP +0.61%) was upgraded to 'Buy' from 'Neutral' at Citigroup.
Siemens (SI +2.00%) was upgraded to 'Buy' from 'Neutral' at BofA/Merrill.
TC PipeLines (TCP +0.82%) and Martin Midstream Partners (MMLP +0.47%) were both upgraded to 'Buy' from 'Neutral' at UBS.
Amgen's (AMGN -1.15%) talimogene laherparepvec drug reduced the size of tumors in a Phase 3 study.
Keurig Green Mountain (GMCR +6.68%) rose over 1% in European trading after it was announced that it will replace WPX Energy (WPX -0.11%) in S&P 500 as of the 3/21 close.
Long Focus Capital reported a 8.933% passive stake in Lucas Energy (LEI -8.00%) .
Solus Alternative Asset reported a 8.91% passive stake in YRC Worldwide (YRCW +1.70%) .
UPS Freight (UPS -0.85%) announced a general rate increase of 4.4%, effective March 31.
Kylin reported a 5.9% passive stake in E-House (EJ +0.63%) .

MARKET COMMENTS

June E-mini S&Ps (ESM14 +0.53%) this morning are up +9.50 points (+0.52%). The S&P 500 on Friday fell to a 1-1/2-week low and closed lower. Bearish factors included (1) concern the referendum vote Sunday in Crimea may lead to escalation of the Ukraine crisis, and (2) the U.S. Mar University of Michigan consumer confidence that unexpectedly fell -1.7 to 79.9, weaker than expectations of +0.4 to 82.0 and the lowest in 4-months. Stocks recovered their losses briefly late morning after Russian Foreign Minister Lavrov said Russia had no plans to invade eastern Ukraine and would respect the will of the Crimean people. Closes: S&P 500 -0.28%, Dow Jones -0.27%, Nasdaq -0.65%.
Jun 10-year T-notes (ZNM14 -0.23%) this morning are down -8 ticks. Jun 10-year T-note futures prices on Friday fell back from a 1-week high and closed little changed. T-notes moved higher on increased safe-haven demand from the Ukraine crisis and also after U.S. Mar University of Michigan consumer confidence unexpectedly fell to a 4-month low. T-notes relinquished most of their gains when Russia's foreign minister said his country has no plans to intervene in eastern Ukraine. Closes: TYM4 +1.00, FVM4 unch.
The dollar index (DXY00 +0.09%) this morning is up +0.048 (+0.06%). EUR/USD (^EURUSD) is down -0.0015 (-0.11%). USD/JPY (^USDJPY) is up +0.42 (+0.41%). The dollar index on Friday closed lower after U.S. Mar University of Michigan consumer confidence unexpected declined to a 4-month low. Another negative for the dollar was the drop in USD/JPY fell to a 2-week low as the yen strengthened on increased safe-haven demand over concern tensions in Ukraine may increase after Sunday's referendum that may lead Russia to annex Crimea. Closes: Dollar index -0.174 (-0.22%), EUR/USD +0.00363 (+0.26%), USD/JPY -0.494 (-0.49%).
Apr WTI crude oil (CLJ14 -0.20%) this morning is down -23 cents (-0.23%) and Apr gasoline (RBJ14 -0.55%) is down -0.0137 (-0.46%). Apr crude and gasoline prices on Friday closed higher. Bullish factors included (1) a weaker dollar, (2) the action by the IEA to raise their 2014 global crude consumption estimate to a record 92.7 million bbl a day, up +95,000 bbl from a forecast last month, and (3) concern that an escalation of Ukraine crisis could lead to a disruption of global energy supplies. Closes: CLJ4 +0.69 (+0.70%), RBJ4 +0.0268 (+0.91%).

GLOBAL EVENT CALENDAR03/17/2014

US	0830 ET	Mar Empire manufacturing index expected +2.52 to 7.00, Feb -8.03 to 4.48.
	0915 ET	Feb industrial production expected +0.2%, Jan -0.3%. Feb capacity utilization expected +0.1 to 78.6%, Jan -0.4 to 78.5%.
	1000 ET	Mar NAHB housing market index expected +4 to 50, Feb -10 to 46.
	1100 ET	USDA weekly grain export inspections.
EUR	0600 ET	Revised Eurozone Feb CPI, previous +0.8% y/y. Revised Feb core CPI, previous +1.0% y/y.
CHI	2130 ET	China Feb property prices.

U.S. STOCK CALENDAR03/17/2014

Company Name	Ticker	Time	Event Description	Period	Estimate
Ford Motor Co	F US	9:00	Ford University Call	Y 2014
Cooper Cos Inc/The	COO US		Annual General Meeting	Y 2014
LSI Corp	LSI US		ITC Due to Release Findings in Realtek vs. LSI Patent-Infringement Case
Viacom Inc	VIAB US		Annual General Meeting

Barchart Morning Call 3/18

BARCHART MORNING CALL 3/18

Monday, March 18th, 2013View Older Reports

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OVERNIGHT MARKETS AND NEWS

June E-mini S&Ps (ESM13 -0.79%) this morning are sharply lower by -0.95% after Eurozone officials with their Cyprus bailout agreement on Saturday managed to spark contagion concerns for other Eurozone countries with an ill-advised tax on bank deposits. The Euro Stoxx 50 index is down sharply by -1.90% today. The Euro Stoxx 600 Bank stock index this morning is down -2.21%. Asian stocks closed sharply lower across the board thanks to the Cyprus bank deposit tax plan. The Japanese Nikkei index closed -2.71% today, the Hong Kong Hang Seng closed -2.00%, and the Chinese CSI 300 index closed -1.47%. Global stocks are also reacting negatively to the strong Chinese property price report released on Sunday night, which is likely to attract further government measures to try to halt the rise in prices. Commodity prices are sharply lower by -0.80% on the sharp rally in the dollar index and fears about weaker economic growth and commodity demand. April crude oil (CLJ13 -1.02%) is down -1.22%, April gasoline (RBJ13 -1.38%) is down -1.88%, April gold (GCJ13 +0.62%) is up +0.43%, May copper (HGK13 -2.26%) is down -2.51%, and grain and softs prices are lower across the board. The dollar index (DXY00 +0.50%) is up +0.43% this morning, while EUR/USD (^EURUSD) is down -0.94% and USD/JPY (^USDJPY) is down -0.40%. June 10-year T-notes (ZNM13 +0.36%) are sharply higher by +17 ticks.
The Cyprus parliament is due to vote today on a tax levy on bank deposits that would effectively confiscate part of depositor funds in banks to contribute toward the bailout that the Cyprus government and banking system needs to stay afloat. The tax will be 6.75% on deposits up to 100,000 billion euros and 9.9% on deposits in accounts with more than 100,000 euros. There is a report that the president of Cyprus is trying to get those tax rates reduced by Eurozone officials to make the plan more palatable to the Cyprus parliament. Eurozone officials made the deposit tax a condition of a 10 billion euro bailout package agreed upon on Saturday. Cypriot depositors lined up over the weekend at ATMs to try to withdraw cash from bank accounts before the tax takes effect. However, a bank holiday has been declared for today to allow time for the tax to be approved by the Cypriot parliament and for the tax to be withheld. There is no guarantee that the Cyprus parliament today will approve the tax. If the tax is not approved, then there will be an even bigger mess since there will be a huge bank run as soon as the banks reopen. The tax on depositors is the first time that a Eurozone bailout has forced depositors to contribute to a bank and government bailout that was caused, not by the depositors, but by the government and bank management. The deposit tax is likely to cause a continued slow bank run at other banks in the Eurozone such as in Italy and Spain as depositors fear that their cash might be next for a tax. Eurozone officials have once again shot themselves in the foot in trying to contain the Eurozone debt crisis as politics intrudes on sensible solutions.
The bank deposit levy in Cyprus has caused the Italian 10-year bond yield today to rise by 9 bp to 4.68% and the Spanish 10-year bond yield to rise by 9 bp to 5.00%. Meanwhile, the German 10-year bond yield today fell by 6 bp to 1.39% on safe-haven demand.
The Eurozone Jan trade balance (seasonally adjusted) of 9.0 billion euros was narrower than market expectations of 10.9 billion euros and was down from a revised 10.3 billion euros in Dec (prelim 12.0 bln euros).
UK March Rightmove house prices rose by +1.7% m/m and +1.2% y/y, which was stronger than market expectations of +1.7% m/m and +1.1% y/y.
China's Feb property price report, released Sunday night NY time, showed a further increase in Chinese property prices that is likely to cause the government to institute further controls to try to halt the surge in property prices. Prices on new residential apartments rose on a year-on-year basis in 62 of the 70 cities surveyed, up from 53 in Jan, 40 in Dec, 25 in Nov and 12 in Oct. Prices on existing residential prices rose in 49 of the 70 cities surveyed, up from 36 in Jan and 25 in Dec. On a month-on-month basis, prices in Feb rose in 66 of 70 cities surveyed on new residential apartments and in 66 of 70 cities surveyed on existing residential apartments.

U.S. STOCK PREVIEW

This week’s main focus will be on (1) the Eurozone debt crisis with the weekend Cyprus bailout announcement, and (2) the 2-day FOMC meeting that concludes on Wednesday. The Senate and House this week need to iron out the continuing spending resolution that is necessary to keep the government operating past next Wednesday (March 27). Today’s March NAHB housing market index is expected to show a +1 point increase to 47, reversing the -1 point dip to 46 seen in February. This is a light earnings week with only 14 of the S&P 500 companies scheduled to release earnings. Key reports include Adobe on Tuesday; Lennar, FedEx and Oracle on Wednesday; Nike, Ross stores, and Discover Financial Services on Thursday; and Darden Restaurants and Tiffany on Friday.
Conferences this week include Barclays Select Series Insurance Forum on Monday, ROTH OC Growth Stock Conference on Mon, Consumer Analyst Group of Europe (CAGE) Conference on Mon-Wed, Howard Weil Energy Conference on Mon-Wed, ISI Group Retail Summit on Tue, Barclays Emerging Payments Forum on Tue-Wed, Bank of America Merrill Lynch Global Industrials & EU Autos Conference on Tue-Thu, Gabelli Asset Management Specialty Chemicals & Agriculture Conference on Wed, International Strategy & Investment Group (ISI) Retail Summit on Wed, BB&T Commercial & Industrial Conference on Wed-Thu, J.P. Morgan Insurance Conference on Thu, National Coffee Association Annual Conference on Thu, Nomura Global Chemical Industry Leaders Conference on Thu, and The Future of Utilities - 18th Annual Conference on Tue-Thu.

June E-mini S&Ps this morning are sharply lower by -14.75 points (-0.95%) on the flare-up in the Eurozone debt crisis thanks to the Eurozone bailout for Cyprus that requires a tax on bank deposits. The S&P 500 index on Friday closed slightly lower. The S&P 500 eked out a fresh 5-1/3 year high early after Feb U.S. industrial production rose +0.7% m/m, better than expectations of +0.4%, but stocks fell back and closed lower after an unexpected drop in Mar U.S. University of Michigan consumer confidence to a 15-month low (-4.8 to 71.8 versus expectations of +0.4 to 78.0) led to profit taking. Limiting declines was the larger-than-expected increase in Feb capacity utilization to its best level in 4-3/4 years (+0.4 to 79.6% versus expectations of +0.3 to 79.4%). Closes: S&P 500 -0.16%, Dow Jones -0.17%, Nasdaq -0.28%.

OVERNIGHT U.S. STOCK MOVERS

• Siemens (SI -0.06%) was upgraded to Buy from Neutral at BofA/Merrill.
• Nike's (NKE +0.16%) price target was raised by BoA/Merrill to $68 from $60 and a Buy was reiterated on positive pricing and sales trends.
• Krispy Kreme (KKD -2.74%) issued FY2014 guidance of an adjusted EPS 53-57 cents, below the consensus of 58 cents.
• Toyota (TM +0.38%) is recalling 209,000 FJ Cruiser SUVs, according to a report in the Detroit News.
• Airbus (EADSY +1.47%) won a $20 billion order from Lion Air, according to a report by Reuters.
• Amerseco (AMRC -0.52%) reported Q4 EPS of 11 cents, below the consensus of 14 cents.
• Quicksilver Resources (KWK +1.09%) disclosed in a regulatory filing that on Friday that it will restate its quarterly reports for 2012 due to non-cash related errors to derivative accounting treatment. The restatement is expected to produce an overall increase to net income of $133 million.
• Crimson Exploration (CXPO +1.59%) reported a Q4 EPS loss ex-charges of -8 cents, worse than consensus of -4 cents.
• Boeing (BA +2.14%) was awarded a $99.9 million government contract for production assets, spares, repairs and sustainment for the joint direct attack munitions system. Work is expected to be completed by Jan. 31, 2016.
• Lockheed Martin (LMT +0.22%) is being awarded a $105.87 million government contract for contractor logistics support, legacy sustainment and combined task force support for the Space Based Infrared Systems. Work is expected to be completed by Sept. 30, 2016.
• Vascular Solutions (VASC -2.28%) issued a nationwide recall of Guardian II hemostasis valves used in catheterization procedures due to a defect in certain lots that pose a slightly increased risk of air leakage that may lead to an air embolism, which could result in serious injury or death. No injuries have been reported in association with this issue.

MARKET COMMENTS

June 10-year T-notes this morning are trading sharply higher by 17 ticks on increased safe-haven demand with the sharp sell-off in stocks and flare-up in the Eurozone debt crisis. June 10-year T-note prices on Friday climbed to a 1-week high and closed higher. Bullish factors included (1) the unexpected decline in Mar U.S. University of Michigan consumer confidence to a 15-month low, which undercut stocks and boosted the safe-haven demand for Treasuries, and (2) Treasury data that showed China, the world's biggest holder of U.S. debt, increased its U.S. debt holdings in Jan by $44.1 billion, the biggest increase in 1-1/2 years. Closes: TYM3 +13.0, FVM3 +7.0.
The dollar index this morning is up +0.36 points (+0.43%) on the Eurozone debt ceiling flare-up while EUR/USD is down -0.0123 (-0.94%. USD/JPY is down -0.38 yen (-0.40%). The dollar index on Friday slipped to a 1-week low and closed lower as an unexpected drop in the March U.S. University of Michigan consumer confidence fueled speculation the Fed will keep its dollar negative easy monetary policies in place. EUR/USD received a boost after EU members endorsed an easing of austerity terms for France and several other countries. Closes: Dollar index -0.333 (-0.40%), EUR/USD +0.00706 (+0.54%), USD/JPY -0.839 (-0.87%).
April WTI crude oil this morning is down -1.14 (-1.22%) while April gasoline is down -0.0595 (-1.88%). Crude oil and gasoline prices on Friday closed higher. The slide in the dollar index to a 1-week low helped propel April crude to a 2-1/2 week high, while the stronger-than-expected U.S. Feb industrial production bolstered the economic outlook and the prospects for energy demand. Closes: CLJ3 +0.42 (+0.45%), RBJ3 +0.0225 (+0.72%).

GLOBAL EVENT CALENDAR03/18/2013

US	1000 ET	Mar NAHB housing market index expected +1 to 47, Feb -1 to 46.
	1100 ET	USDA weekly grain export inspections.
	n/a	Iran expert-level nuclear talks with world powers in Istanbul.
EUR	0600 ET	Eurozone Jan trade balance (sa) expected +10.9 bln euros, Dec +12.0 bln euros. Jan trade balance expected -3.5 bln euros, Dec +11.7 bln euros.
CHI	2200 ET	China Feb leading economic index from Conference Board.

U.S. STOCK CALENDAR03/18/2013

Company Name	Symbol	Time	Event Description	Period	EPS Est (US$)
Numerex Corp	NMRX US	Bef-mkt	Q4 2012 Earnings Release	Q4 2012	0.125
Pernix Therapeutics Holdings	PTX US	Bef-mkt	Q4 2012 Earnings Release	Q4 2012	0.021
Ameresco Inc	AMRC US	Bef-mkt	Q4 2012 Earnings Release	Q4 2012	0.135
KiOR Inc	KIOR US	Bef-mkt	Q4 2012 Earnings Release	Q4 2012	-0.322
Sterling Construction Co Inc	STRL US	6:00	Q4 2012 Earnings Release	Q4 2012	0.036
Horizon Pharma Inc	HZNP US	8:00	Q4 2012 Earnings Call	Q4 2012
Ameresco Inc	AMRC US	8:30	Q4 2012 Earnings Call	Q4 2012
Numerex Corp	NMRX US	9:00	Q4 2012 Earnings Call	Q4 2012
Pernix Therapeutics Holdings	PTX US	9:00	Q4 2012 Earnings Call	Q4 2012
Cumulus Media Inc	CMLS US	9:00	Q4 2012 Earnings Release	Q4 2012	0.06
KCAP Financial Inc	KCAP US	9:00	Q4 2012 Earnings Call	Q4 2012
MDC Holdings Inc	MDC US	10:00	Annual General Meeting
Sterling Construction Co Inc	STRL US	10:00	Q4 2012 Earnings Call	Q4 2012
Miller Energy Resources Inc	MILL US	10:00	Annual General Meeting
KiOR Inc	KIOR US	10:00	Q4 2012 Earnings Call	Q4 2012
Crimson Exploration Inc	CXPO US	10:30	Q4 2012 Earnings Call	Q4 2012
Vantage Drilling Co	VTG US	10:30	Extraordinary Shareholders Meeting
Cumulus Media Inc	CMLS US	11:00	Q4 2012 Earnings Call	Q4 2012
Houston Wire & Cable Co	HWCC US	11:00	Q4 2012 Earnings Call	Q4 2012
West Coast Bancorp/OR	WCBO US	11:30	Extraordinary Shareholders Meeting
Greatbatch Inc	GB US	13:00	Investor Day	Y 2013
Parkervision Inc	PRKR US	16:30	Q4 2012 Earnings Call	Q4 2012
FalconStor Software Inc	FALC US	16:30	Q4 2012 Earnings Call	Q4 2012
Rockwell Medical Technologies Inc	RMTI US	16:30	Q4 2012 Earnings Call	Q4 2012
Intersections Inc	INTX US	17:00	Q4 2012 Earnings Call	Q4 2012
Towerstream Corp	TWER US	17:00	Q4 2012 Earnings Call	Q4 2012
Acorn Energy Inc	ACFN US	Aft-mkt	Q4 2012 Earnings Release	Q4 2012	-0.22
Parkervision Inc	PRKR US	Aft-mkt	Q4 2012 Earnings Release	Q4 2012
FalconStor Software Inc	FALC US	Aft-mkt	Q4 2012 Earnings Release	Q4 2012
Rockwell Medical Technologies Inc	RMTI US	Aft-mkt	Q4 2012 Earnings Release	Q4 2012	-0.657
Intersections Inc	INTX US	Aft-mkt	Q4 2012 Earnings Release	Q4 2012
FutureFuel Corp	FF US	Aft-mkt	Q4 2012 Earnings Release	Q4 2012	0.19
Towerstream Corp	TWER US	Aft-mkt	Q4 2012 Earnings Release	Q4 2012	-0.107
CH Energy Group Inc	CHG US		Q4 2012 Earnings Release	Q4 2012	0.82
Maxwell Technologies Inc	MXWL US		Q4 2012 Earnings Release	Q4 2012	0.077
Central European Distribution Corp	CEDC US		Q4 2012 Earnings Release	Q4 2012
Cross Country Healthcare Inc	CCRN US		Q4 2012 Earnings Release	Q4 2012	-0.021
Gold Resource Corp	GORO US		Q4 2012 Earnings Release	Q4 2012	0.22
Houston Wire & Cable Co	HWCC US		Q4 2012 Earnings Release	Q4 2012	0.208
Employers Holdings Inc	EIG US		Investor Meeting -Day2	Y 2013
Horizon Pharma Inc	HZNP US		Q4 2012 Earnings Release	Q4 2012	-0.467