BARCHART MORNING CALL 9/2

BARCHART MORNING CALL

Wednesday, September 2nd, 2015View Older Reports

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OVERNIGHT MARKETS AND NEWS

September E-mini S&Ps (ESU15 +0.55%) are up +0.43% and European stocks are up +0.12% as prices consolidate following the sharp 2-day decline. Bargain hunting in commodity producers and mining stocks is giving the overall market a lift with BHP Billiton Ltd. and Rio Tinto Group both up over 1%, although gains were muted as a decline in oil prices pressures energy producers. Emerging markets closed lower on concern that the slowdown in China's economy will curb global growth. Asian stocks closed mostly lower as well: Japan -0.39%, Hong Kong -1.18%, China -0.20%, Taiwan +0.22%, Australia +0.10%, Singapore -0.16%, South Korea +0.16%, India -0.95%. China's Shanghai Composite pared losses again in the final hour of trade for a sixth day, rallying from down nearly 5% to under 1%, amid possible stock purchases by government-backed funds. Chinese government stock purchases over the past week in the final hour of trade are part of government efforts to ensure that nothing detracts from a military parade on Thursday to celebrate the 70th anniversary of the end of WWII. China's financial markets will be closed for the rest of this week in observance of the event.

The dollar index (DXY00 +0.26%) is up +0.24%. EUR/USD (^EURUSD) is down -0.47%. USD/JPY (^USDJPY) is up +0.56%.

Dec T-note prices (ZNZ15 +0.07%) are up +4.5 ticks.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) weekly MBA mortgage applications (previous +0.2% with purchase sub-index +1.7% and refi sub-index -1.0%), (2) Aug ADP employment change (expected +200,000, Jul +185,000), (3) revised Q2 non-farm productivity (expected +2.9%, prelim +1.3%) and revised Q2 unit labor costs (expected 1.2%, prelim +0.5%), (4) Aug New York ISM (Jul +5.7 to 68.8), (5) Jul factory orders (expected +0.9%, Jun +1.8% and +0.5% ex-transportation), and (6) the Fed's Beige Book.

None of the Russell 1000 companies report earnings today.

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

Equity conferences this week include: European Society of Cardiology Meeting on Mon-Wed, Simmons Gleneagles Energy Conference on Tue-Wed, KeyBanc Capital Markets Basic Materials and Packaging Conference on Wed, Global Hunter Securities Industrials Conference on Thu.

OVERNIGHT U.S. STOCK MOVERS

AT&T (T -2.65%) was upgraded to 'Buy' from 'Neutral' at Citigroup.

Helmerich & Payne (HP -5.24%) was downgraded to 'Underperform' from 'Market Perform' at BMO Capital.

General Mills (GIS -2.17%) was upgraded to 'Equal Weight' from 'Underweight' at Morgan Stanley.

Telefonica (TEF -3.13%) was downgraded to 'Underperform' from 'Neutral' at BofA/Merrill Lynch.

BB&T (BBT -4.31%) was upgraded to 'Outperform' from 'Neutral' at Baird.

United Continental (UAL +0.28%) will replace Hospira (HSP -0.01%) in the S&P 500 as of today's close.

PNC Financial (PNC -4.31%) was upgraded to 'Market Perform' from 'Underperform' at Keefe Bruyette.

Hologic (HOLX -4.10%) was upgraded to 'Equal Weight' from 'Underweight' at Barclays.

ARM Holdings (ARMH -2.13%) was upgraded to 'Neutral' from 'Underweight' at JPMorgan Chase.

Qihoo 360 (QIHU -6.26%) reported Q2 non-GAAP EPS of 82 cents, higher than consensus of 72 cents.

Lockheed Martin (LMT -1.77%) was awarded a $311.4 million government contract for retrofit modification hardware necessary for upgrade of a previously issued basic ordering agreement for the F-35 Lighting II Block 3F for the Air Force, Marine Corps, Navy, and the government of the United Kingdom.

CBOE Holdings (CBOE -1.07%) reported that total trading volume in August for options contracts on Chicago Board Options Exchange and C2 Options Exchange and futures contracts on CBOE Futures Exchange was 125.2 million contracts, up +26% y/y.

Integrated Core Strategies reported a 5.2% passive stake in Helix Energy (HLX -3.74%) .

Bob Evans (BOBE -0.91%) reported Q1 adjusted EPS of 51 cents, well above consensus of 30 cents, and then raised guidance on fiscal 2016 adjusted EPS to $1.85-$2.00 from $1.75-$1.95, above consensus of $1.85.

CBRE (CBG -2.72%) buys Johnson Controls (JCI -4.30%) Global Workplace Solutions business for $1.48 billion.

MARKET COMMENTS

Sep E-mini S&Ps (ESU15 +0.55%) this morning are up +8.25 points (+0.43%). Tuesday's closes: S&P 500 -2.96%, Dow Jones -2.84%, Nasdaq -3.09%. The S&P 500 on Tuesday closed sharply lower on the -0.3 point decline in the Chinese manufacturing PMI index to a 3-year low of 49.7 and the the -1.6point drop in the Aug U.S. ISM manufacturing index to a 2-1/4 year low of 51.1. In addition, basic-resource and energy stocks showed weakness as the slower-than-expected manufacturing data from the U.S. and China raised demand concerns and undercut commodity prices.

Dec 10-year T-notes (ZNZ15 +0.07%) this morning are up +4.5 ticks. Tuesday's closes: TYZ5 +8.00, FVZ5 +5.75. Dec T-notes on Tuesday closed higher on speculation that the weaker-than expected Aug ISM manufacturing index will keep the Fed from raising interest rates and on concern that China's economic slowdown has deepened after the China Aug manufacturing PMI fell to a 3-year low, sending global stock markets reeling and boosting the safe-haven demand for government debt.

The dollar index (DXY00 +0.26%) this morning is up +0.226 (+0.24%). EUR/USD (^EURUSD) is down -0.0053 (-0.47%). USD/JPY (^USDJPY) is up +0.67 (+0.56%). Tuesday's closes: Dollar Index -0.374 (-0.39%), EUR/USD +0.0104 (+0.93%), USD/JPY -1.86 (-1.53%). The dollar index on Tuesday closed lower on the decline in the Aug ISM manufacturing index to a 2-1/4 year low, which may keep the Fed from raising interest rates. USD/JPY slumped as the plunge in global equity markets spurred safe-haven demand for the yen.

Oct crude oil (CLV15 -2.14%) this morning is down -$1.22 a barrel (-2.69%) and Oct gasoline (RBV15 +0.09%) is down -0.0109 (-0.78%). Tuesday's closes: CLV5 -3.79 (-7.70%), RBV5 -0.1266 (-8.45%). Oct crude oil and gasoline on Tuesday closed sharply lower on global demand concerns after the China Aug manufacturing PMI fell to a 3-year low and the Aug U.S. ISM manufacturing index fell to a 2-1/4 year low. Crude oil prices were also undercut by expectations that Wednesday's weekly EIA data will show that crude inventories rose by +700,000 bbl.

GLOBAL EVENT CALENDAR09/02/2015

US	0700 ET	Weekly MBA mortgage applications, previous +0.2% with purchase sub-index +1.7% and refi sub-index -1.0%.
	0815 ET	Aug ADP employment change expected +200,000, Jul +185,000.
	0830 ET	Revised Q2 non-farm productivity expected +2.9%, prelim +1.3%. Revised Q2 unit labor costs expected 1.2%, prelim +0.5%.
	0945 ET	Aug New York ISM, Jul +5.7 to 68.8.
	1000 ET	Jul factory orders expected +0.9%, Jun +1.8% and +0.5% ex-transportation.
	1030 ET	EIA Weekly Petroleum Status Report.
	1400 ET	Fed Beige Book.
UK	0430 ET	UK Aug Markit/CIPS construction PMI expected +0.4 to 57.5, Jul 57.1.
EUR	0500 ET	Eurozone Jul PPI expected -0.1% m/m and -2.1% y/y, Jun -0.1% m/m and -2.2% y/y.
JPN	2135 ET	Japan Aug Nikkei services PMI, Jul 51.2. Aug Nikkei composite PMI, Jul 51.5.

U.S. STOCK CALENDAR09/02/2015

Company	Ticker	Time	Event Description	Period	Estimate
SPX Corp	SPW US	8:00	Analyst and Investor Meeting	Y 2015
Expeditors International of Washington Inc	EXPD US	12:00	Investor Day	Y 2015
Costco Wholesale Corp	COST US	Aft-mkt	August 2015 Sales and Revenue Release	2015
Hospira Inc	HSP US	Aft-mkt	United Continental Holdings Replaces Hospira Inc. in S&P 500
United Continental Holdings Inc	UAL US	Aft-mkt	United Continental Holdings Replaces Hospira Inc. in S&P 500
AutoNation Inc	AN US		August 2015 Sales and Revenue Release	2015
Delta Air Lines Inc	DAL US		August 2015 Sales and Revenue Release - Traffic Results	2015

BARCHART MORNING CALL 7/6

BARCHART MORNING CALL

Monday, July 6th, 2015View Older Reports

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OVERNIGHT MARKETS AND NEWS

September E-mini S&Ps (ESU15 -0.63%) are down -0.62% at a 3-month low and European stocks are down -1.73% at a 4-3/4 month low after Greek voters voted 'No' to austerity measures. The ECB will meet today to discuss its next move and German Chancellor Merkel will meet with French President Hollande today before Eurozone leaders meet on Tuesday. Stocks recovered from their worst levels after Greek Finance Minister Vaoufakis resigned, which boosted speculation a last-minute deal with Greece's creditors was possible. Another positive for European stocks was the upward revision to the Eurozone Jun Markit composite PMI which was revised higher to its best level since the data series began in 2012. Asian stocks closed mostly lower: Japan -2.08%, Hong Kong -3.18%, China +2.41%, Taiwan -1.09%, Australia -1.14%, Singapore -0.29%, South Korea -2.50%, India +0.41%. China's Shanghai Composite closed higher after the government over the weekend suspended initial public offerings and the PBOC said it would provide liquidity for margin trading.
Commodity prices are mostly lower. Aug crude oil (CLQ15 -2.32%) is down -4.67% at a 2-1/2 month low, Aug gasoline (RBQ15 -1.57%) is down -3.31%. Metals prices are mixed. Aug gold (GCQ15 -0.30%) is up +0.07%. Sep copper (HGU15 -3.04%) is down -3.93% at a 5-month low. Agricultural prices are weaker as a stronger dollar and drier weather pressured grain prices.
The dollar index (DXY00 +0.38%) is up +0.35% at a 1-month high. EUR/USD (^EURUSD) is down -0.71% at a 1-week low. USD/JPY (^USDJPY) is up +0.09%.

Sep T-note prices (ZNU15 +0.26%) are up ticks at a 5-week high as global government bonds rally after the Sunday's Greek 'No' vote to austerity increases the chances that Greece will be forced to exit the Eurozone.
In an attempt to stop the recent plunge in Chinese stocks, China's State Council suspended initial public offerings and the China Securities Regulatory Commission (CSRC) said 21 brokerages pledged not to reduce any proprietary investments in the equity market as long as the Shanghai Composite Index stays below 4,500. The PBOC also said it will offer China Securities Finance Corp., which manages China's short selling and margin trading, liquidity support, according to a statement on the CSRC website on Sunday.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) final-Jun Markit U.S. services PMI (expected +0.1 to 54.9 after prelim-Jun -1.4 to 54.8), (2) Jun ISM non-manufacturing index (expected +0.7 to 56.4 after May's -2.1 to 55.7), and (3) Jun Labor Market Conditions Index (expected 2.0 vs May's 1.3).
None of the Russell 1000 companies report earnings today.
U.S. IPO's scheduled to price today include: NephroGenex (NRX).
Equity conferences this week: none.

OVERNIGHT U.S. STOCK MOVERS

Celanese (CE +2.39%) was downgraded to 'Neutral' from 'Buy' at UBS.
Intuitive Surgical (ISRG +0.09%) was downgraded to 'Underweight' from 'Equal Weight' at Morgan Stanley.
Guess (GES -0.88%) was upgraded to 'Neutral' from 'Underweight' at Piper Jaffray.
Aegerion (AEGR -1.27%) was downgraded to 'Sell' from 'Neutral' at Guggenheim.
VMware (VMW +0.40%) was downgraded to 'Market Perform' from 'Outperform' at FBR Capital.
Bank of America (BAC -1.10%) and Citigroup (C -0.56%) both fell over 1% in pre-market trading as financial stocks fell across the globe following the results of the Greek referendum.
Humana (HUM -2.92%) jumped over 8% in pre-market trading after Aetna agreed to buy the health insurer for about $35 billion,
The Financial Times reported that Royal Bank of Scotland (RBS +0.89%) could potentially face a judgment of nearly $13 billion in a case related to the subprime mortgage crisis.
Pershing Square reported a 13.2% stake in Howard Hughes (HHC -0.81%) .
Man Group reported a 5.31% stake in Perfect World (PWRD -0.25%) .
Point72 Asset Management reported a 5.1% passive stake in SPX Corp. (SPW -0.65%) .
Frigate Ventures reported a 6.8% passive stake in Novogen (NVGN unch) .

MARKET COMMENTS

September E-mini S&Ps (ESU15 -0.63%) this morning are down -12.75 points (-0.62%0 at a 3-month low. Thursday's closes: S&P 500 -0.03%, Dow Jones -0.16%, Nasdaq +0.09%. The S&P 500 on Thursday settled slightly lower on (1) the slightly weaker-than-expected +223,000 increase in U.S. Jun payrolls and the downward revision in May payrolls to +254,000 from +280,000, and (2) the -1.0% drop in U.S. May factory orders, weaker than expectations of -0.5%. On the supportive side for stocks, the U.S. Jun unemployment rate fell -0.2 to a 7-year low of 5.3%, a bigger decline than expectations of -0.1 to 5.4%.
Sep 10-year T-notes (ZNU15 +0.26%) this morning are up +24.5 ticks at a 5-week high. Thursday's closes: TYU5 +13.00, FVU5 +10.00. Sep T-notes on Thursday closed higher on the weaker-than-expected +223,000 increase in U.S. Jun payrolls and Jun average hourly earnings, which may push back the timing of a Fed interest rate increase.
The dollar index (DXY00 +0.38%) this morning is up +0.341 (+0.35%) at a 1-month high. EUR/USD (^EURUSD) is down -0.0079 (-0.71%) at a 1-week low. USD/JPY (^USDJPY) is up +0.11 (+0.09%). Thursday's closes: Dollar Index -0.197 (-0.20%), EUR/USD +0.00312 (+0.28%), USD/JPY -0.116 (-0.09%). The dollar index on Thursday settled lower on (1) the weaker-than-expected U.S. Jun payroll and average hourly earnings reports, which may push back a Fed interest rate increase, and (2) strength in EUR/USD on short covering ahead of the July 5 Greek referendum.
Aug WTI crude oil (CLQ15 -2.32%) this morning is down sharply by -$2.66 (-4.67%) at a 2-1/2 month low. Aug gasoline (RBQ15 -1.57%) is down -0.0673 (-3.31%). Thursday's closes: CLQ5 -0.03 (-0.05%), RBQ5 +0.0275 (+1.37%). Aug crude oil and gasoline on Thursday settled mixed. Crude oil received support from a weaker dollar and the close-to-expected increase in U.S. Jun payroll report, which signals moderate economic growth that is beneficial for energy demand. Crude oil prices were undercut by the afternoon report from Baker Hughes that U.S. active oil rigs rose by +12 rigs to 640 rigs, the first increase in nearly 7 months.

GLOBAL EVENT CALENDAR07/06/2015

US	0945 ET	Final-Jun Markit U.S. services PMI expected +0.1 to 54.9, prelim-Jun -1.4 to 54.8. Final-Jun Markit U.S. Composite PMI, prelim-Jun -1.4 to 54.6.
	1000 ET	Jun ISM non-manufacturing index expected +0.7 to 56.4, May -2.1 to 55.7.
	1000 ET	Jun Labor Market Conditions Index expected 2.0, May 1.3.
	1100 ET	USDA weekly grain export inspections.
	1600 ET	USDA weekly crop progress.
JPN	0100 ET	Japan May leading index CI expected -0.1 to 106.3, Apr 106.4. May coincident index expected -1.7 to 109.3, Apr 111.0.
GER	0200 ET	German May factory orders expected unch m/m and +4.4% y/y, Apr +1.4% m/m and +0.4% y/y.
	0330 ET	German Jun Markit construction PMI, May 50.8.
UK	0400 ET	UK Jun new car registrations, May +2.4% y/y.
EUR	0430 ET	Eurozone Jul Sentix investor confidence expected -1.6 to 15.5, Jun 17.1.

U.S. STOCK CALENDAR07/06/2015

Company	Ticker	Time	Event Description	Period	Estimate
Aetna	AET US	8:30	Acquisition of Humana Inc by Aetna Inc Call
Humana	HUM US	8:30	Acquisition of Humana Inc by Aetna Inc Call
A Schulman Inc	SHLM US	Aft-mkt	Q3 2015 Earnings Release	Q3 2015	0.77

BARCHART MORNING CALL 9/9

BARCHART MORNING CALL

Tuesday, September 9th, 2014View Older Reports

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OVERNIGHT MARKETS AND NEWS

September E-mini S&Ps (ESU14 +0.07%) this morning are up +0.02% and European stocks are down -0.26%. The EU's second package of economic sanctions against Russia was put on hold for a "few days" to allow for more time to assess the viability of a cease-fire and a peace plan in Ukraine, according to EU President Van Rompuy. Losses in European stocks were limited and the British pound recovered from a 9-1/2 month low against the dollar after UK Aug industrial production rose more than expected. GBP/USD also received support from comments from BOE Governor Carney who said "the point at which interest rates also begin to normalize is getting closer." Asian stocks closed mixed: Japan +0.28%, Hong Kong and South Korea closed for holiday, China -0.16%, Taiwan +0.29%, Australia +0.55%, Singapore +0.23%, India -0.20%. Japanese exporters rallied and led the Nikkei Stock Index higher after the yen slumped to a 5-3/4 year low against the dollar, which boosts the earnings prospects of exporters. Commodity prices are mixed. Oct crude oil (CLV14 +1.36%) is up +0.85%. Oct gasoline (RBV14 +0.30%) is down -0.25%. Dec gold (GCZ14 +0.21%) is up +0.20%. Dec copper (HGZ14 -0.79%) is down 0.79%. Agriculture and livestock prices are mixed. The dollar index (DXY00 +0.12%) is up +0.09% at a new 13-3/4 month high. EUR/USD (^EURUSD) is down -0.07% at a 13-3/4 month low. USD/JPY (^USDJPY) is up +0.15% at a 5-3/4 year high. Dec T-note prices (ZNZ14 -0.28%) are down -10 ticks.
UK Aug industrial production rose +0.5% m/m and +1.7% y/y, better than expectations of +0.2% m/m and +1.3% y/y. Aug manufacturing production rose +0.3% m/m and +2.2% y/y, right on expectations.
Japan Aug consumer confidence unexpectedly fell -0.3 to 41.2, weaker than expectations of +0.8 to 42.3.
Japan Aug machine tool orders rose +35.6% y/y, the eleventh consecutive month of year-over-year increases.
The Japan Jul tertiary industry index was unchanged m/m, weaker than expectations of +0.2% m/m.

U.S. STOCK PREVIEW

Today’s July JOLTS U.S. job openings report is likely to post a new 13-1/3 year high of 4.7 million, an indication that the supply of new unfilled jobs has reached the highest level since February 2001. The Treasury today will sell $27 billion of 3-year T-notes, kicking off this week’s $61 billion coupon package. There are four Russell 1000 companies that report earnings today: John Wiley & Sons (consensus: $0.53), HD Supply Holdings 0.47, Palo Alto Networks 0.11 and Leidos Holdings 0.62.
Equity conferences the rest of this week include: Morgan Stanley Healthcare Conference on Mon-Wed, Barclays Global Financial Services Conference on Mon-Wed, D.A. Davidson Engineering & Construction Conference on Tue, KeyBanc Capital Markets Basic Materials & Packaging Conference on Tue, 4G World 2014/Tower & Small Cell Summit on Tue, Gabelli & Company Aerospace Conference on Tue, Gabelli Aircraft Suppliers Conference on Tue, Raymond James North American Equities Conference on Tue, Deutsche Bank dbAccess Technology Conference on Tue-Wed, RBC Capital Market Global Industrials Conference on Tue-Wed, UBS Best of Americas Conference on Tue-Thu, Latin Markets Mexico Energy Summit on Wed, Pareto Oil & Offshore Conference on Wed, Longbow Research - Industrial Manufacturing & Technology Investor Conference on Wed, Goldman Sachs Communacopia Conference on Wed-Fri, UBS Global Paper & Forest Products Conference on Thu, BIO Latin America Conference on Thu, and Credit Suisse Asian Technology Conference on Thu.

OVERNIGHT U.S. STOCK MOVERS

Ralph Lauren (RL -0.23%) was upgraded to 'Strong Buy' from 'Buy' at ISI Group.
Total (TOT -2.26%) was upgraded to 'Neutral' from 'Underperform' at BofA/Merrill.
HD Supply (HDS -0.83%) reported Q2 adjusted EPS of 51 cents, better than consensus of 47 cents.
Leidos (LDOS -0.89%) reported Q2 EPS of 61 cents, less than consensus of 62 cents, and then lowered guidance on fiscal 2015 EPS view to $2.10-$2.30 from $2.35-$2.55, well below consensus of $2.47.
Dick's Sporting Goods (DKS -0.46%) was downgraded to 'Market Perform' from 'Outperform' at Wells Fargo.
The U.S. airline sector, which includes United Continental (UAL +0.79%), Delta Air Lines (DAL -0.46%) and American Airlines (AAL +1.00%), were initiated with an 'Overweight' at Credit Suisse.
D.R. Horton (DHI +0.75%) and Lennar (LEN +0.44%) were both upgraded to 'Overweight' from 'Neutral' at JPMorgan.
Annie's (BNNY -1.12%) surged over 30% in after-hours trading after General Mills (GIS -0.58%) said it will buy the company for $46 per share in cash or about $820 million.
Pep Boys (PBY +1.97%) dropped over 6% in after-hours trading afte rit reported Q2 EPS of 0 cents with items, well below consensus of 16 cents.
CHC Group (HELI -1.89%) reported a Q1 EPS loss of -46 cents, less than consensus of -47 cents.
Casey's General Stores (CASY -0.54%) rose over 3% in after-hours trading after it reported Q1 EPS of $1.43, well above consensus of $1.24.

MARKET COMMENTS

Sep E-mini S&Ps (ESU14 +0.07%) this morning are up +0.50 of a point (+0.02%). The S&P 500 Index on Monday closed lower: S&P 500 -0.31%, Dow Jones -0.15%, Nasdaq +0.14%. Negative factors included (1) Chinese economic concerns after China Aug imports unexpectedly fell -2.4% y/y, weaker than expectations of +3.0% y/y and the biggest decline in 5 months, and (2) European economic concerns after the Eurozone Sep Sentix investor confidence dropped -12.5 points to -9.8, a bigger decline than expectations of -1.3 to 1.4 and the lowest in 14 months.
Dec 10-year T-notes (ZNZ14 -0.28%) this morning are down -10 ticks. Dec 10-year T-note futures prices on Monday closed lower. The main bearish factor for T-note prices is supply pressures with the Treasury set to auction $61 billion of T-notes and T-bonds this week starting with Tuesday's $27 billion auction of 3-year T-notes. Losses were limited after Morgan Stanley reduced its year-end 10-year T-note yield forecast to 2.85% from 3.00%, citing global geopolitical concerns and weakness in the European growth outlook. Closes: TYZ4 -3.50, FVZ4 -4.75.
The dollar index (DXY00 +0.12%) this morning is up +0.078 (+0.09%) at a new 13-3/4 month high. EUR/USD (^EURUSD) is down -0.0009 (-0.07%) at a 13-3/4 month low and USD/JPY (^USDJPY) is up +0.16 (+0.15%) at a fresh 5-3/4 year high. The dollar index on Monday surged to a 13-3/4 month high and closed higher. Bullish factors included (1) weakness in EUR/USD which slumped to a 13-3/4 month low after the Eurozone Sep Sentix investor confidence fell more than expected to a 14-month low, and (2) a surge in USD/JPY to a 5-3/4 year high as the yen plunged against the dollar on signs the Japanese economy is weaker than anticipated after Japan Q2 GDP was revised lower to -7.1% q/q annualized, the biggest pace of contraction in 5 years. Closes: Dollar index +0.493 (+0.59%), EUR/USD -0.0054 (-0.42%), USD/JPY +0.989 (+0.94%).
Oct WTI crude oil (CLV14 +1.36%) this morning is up +79 cents (+0.85%) and Oct gasoline (RBV14 +0.30%) is down -0.0064 (-0.25%). Oct crude and gasoline prices on Monday closed lower for a third day with Oct crude at a 7-3/4 month low and Oct gasoline at a 2-1/2 week low: CLV4 -0.63 (-0.68%), RBV4 -0.0184 (-0.71%). Bearish factors included (1) the rally in the dollar index to a 13-3/4 month high, and (2) Chinese demand concerns after China Aug imports unexpectedly fell by the most in 5 months.

GLOBAL EVENT CALENDAR09/09/2014

US	1000 ET	Jul JOLTS job openings expected 4.700 million, Jun 4.671 million.
	1300 ET	Treasury auctions $27 billion 3-year T-notes.
JPN	0100 ET	Japan Aug consumer confidence index expected +0.8 to 42.3, Jul 41.5.
	0200 ET	Japan Aug machine tool orders, Jul +37.7% y/y.
	1950 ET	Japan Aug PPI expected unch m/m and +4.1% y/y, Jul +0.3% m/m and +4.3% y/y.
	1950 ET	Japan Jul machine orders expected +4.0% m/m and +0.5% y/y, Jun +8.8% m/m and -3.0% y/y.
UK	0430 ET	UK Jul industrial production expected +0.2% m/m and +1.3% y/y, Jun +0.3% m/m and +1.2% y/y.
	0430 ET	UK manufacturing production expected +0.3% m/m and +2.2% y/y, Jun +0.3% m/m and +1.9% y/y.
CHI	n/a	China Aug new yuan loans expected +700.0 billion yuan, Jul +385.2 billion yuan. Aug M2 money supply expected +13.5% y/y, Jul +13.5% y/y.

U.S. STOCK CALENDAR09/09/2014

Company Name	Ticker	Time	Event Description	Period	Estimate
John Wiley & Sons Inc	JW/A US	Bef-mkt	Q1 2015 Earnings Release	Q1 2015	0.53
HD Supply Holdings Inc	HDS US	6:00	Q2 2015 Earnings Release	Q2 2015	0.468
Leidos Holdings Inc	LDOS US	8:00	Q2 2015 Earnings Call	Q2 2015
HD Supply Holdings Inc	HDS US	8:00	Q2 2015 Earnings Call	Q2 2015
SPX Corp	SPW US	9:00	Investor and Analyst Meeting - Day 2	Y 2014
Tyco International Ltd	TYC US	9:00	Extraordinary Shareholders Meeting - Reincorporation Vote	Y 2014
John Wiley & Sons Inc	JW/A US	10:00	Q1 2015 Earnings Call	Q1 2015
Chico's FAS Inc	CHS US	10:00	Analyst Meeting	Y 2014
Lions Gate Entertainment Corp	LGF US	10:00	Annual General Meeting	Y 2014
Tableau Software Inc	DATA US	12:00	Analyst Day	Y 2014
Apple Inc	AAPL US	13:00	Special Media Event-Debut of Latest iPhones
Palo Alto Networks Inc	PANW US	16:30	Q4 2014 Earnings Call	Q4 2014
Palo Alto Networks Inc	PANW US	Aft-mkt	Q4 2014 Earnings Release	Q4 2014	0.108
McDonald's Corp	MCD US		August 2014 Sales and Revenue Release	2014
Actavis plc	ACT US		FDA Adcomm, nebivolol/valsartan fixed-dose combo, hypertension
Leidos Holdings Inc	LDOS US		Q2 2015 Earnings Release	Q2 2015	0.619

BARCHART MORNING CALL 9/8

BARCHART MORNING CALL

Monday, September 8th, 2014View Older Reports

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OVERNIGHT MARKETS AND NEWS

September E-mini S&Ps (ESU14 -0.14%) this morning are down -0.16% and European stocks are down -0.41%, led by a slide in UK bank stocks after a poll showed a majority of voters favored Scottish independence. According to the YouGov Plc poll for the Sunday Times, 51% of Scottish voters favor breaking away from the UK, less than 2 weeks before Scottish voters vote on the referendum on Sep 18. Another negative for European stocks was the plunge in the Eurozone Sep Sentix investor confidence to a 14-month low. Asian stocks closed mixed: Japan +0.23%, Hong Kong -0.20%, China, Taiwan and South Korea closed for holiday, Australia -0.39%, Singapore -0.20%, India +1.08%. Commodity prices are mixed. Oct crude oil (CLV14 -0.62%) is down -0.66% at a 7-3/4 month low on Chinese demand concerns after China Aug imports unexpectedly fell by the most in 5 months. Oct gasoline (RBV14 -0.60%) is down -0.82%. Dec gold (GCZ14 -0.02%) is down -0.11%. Dec copper (HGZ14 +0.87%) is up +0.90% at a 1-week high. Agriculture prices are weaker. The dollar index (DXY00 +0.21%) is up +0.24%. EUR/USD (^EURUSD) is down -0.03%. USD/JPY (^USDJPY) is up +0.11%. GBP/USD is down -1.24% as the British pound sank to a 9-1/2 month low against the dollar amid speculation a Scotland breakaway from the UK would encourage the BOE to keep interest rates lower for longer. Dec T-note prices (ZNZ14 +0.14%) are up +5.5 ticks.
The China Aug trade balance unexpectedly widened to a record surplus of $49.84 billion from $47.30 billion in July, more than expectations for the trade balance to shrink to a $40.00 billion surplus. Aug exports rose +9.4% y/y, stronger than expectations of +9.0% y/y, and Aug imports unexpectedly fell -2.4% y/y, weaker than expectations of +3.0% y/y and the biggest decline in 5 months.
The Eurozone Sep Sentix investor confidence dropped -12.5 points to -9.8, a bigger decline than expectations of -1.3 to 1.4 and the lowest in 14 months.
The German Jul trade balance widened to a record 23.4 billion euro surplus from a 16.6 billion euro surplus in Jun, a larger surplus than expectations of 16.8 billion euros. Jul exports rose +4.7% m/m, stronger than expectations of +0.6% m/m and the biggest increase in 2 years. Jul imports unexpectedly fell -1.8% m/m, weaker than expectations of +0.2% m/m.
The German Jul current account balance unexpectedly widened to a 21.7 billion euros surplus from an upward revised +17.2 billion euro surplus in Jun, a bigger surplus than expectations of 14.0 billion euros and the most in 8 months.
UK Aug Halifax house prices rose +0.1% m/m and +9.7% y/y, less than expectations of +0.3% m/m and +10.0% y/y.
Japan Q2 GDP was revised lower to -7.1% q/q annualized from the previously reported -6.8% q/q annualized, a larger decline than expectations of -7.0% q/q annualized and the biggest pace of contraction in 5 years.

U.S. STOCK PREVIEW

The markets this week will focus on the situation in the Ukraine, anticipation of next week’s FOMC meeting, the Treasury’s sale of 3, 10 and 30-year securities, and this week’s light U.S. economic calendar. There is one Russell 1000 companie that reports earnings today: Campbell Soup (consensus: $0.49).
Equity conferences this week include: Jefferies Big Data and Cloud Summit on Mon, Morgan Stanley Healthcare Conference on Mon-Wed, Barclays Global Financial Services Conference on Mon-Wed, D.A. Davidson Engineering & Construction Conference on Tue, KeyBanc Capital Markets Basic Materials & Packaging Conference on Tue, 4G World 2014/Tower & Small Cell Summit on Tue, Gabelli & Company Aerospace Conference on Tue, Gabelli Aircraft Suppliers Conference on Tue, Raymond James North American Equities Conference on Tue, Deutsche Bank dbAccess Technology Conference on Tue-Wed, RBC Capital Market Global Industrials Conference on Tue-Wed, UBS Best of Americas Conference on Tue-Thu, Latin Markets Mexico Energy Summit on Wed, Pareto Oil & Offshore Conference on Wed, Longbow Research - Industrial Manufacturing & Technology Investor Conference on Wed, Goldman Sachs Communacopia Conference on Wed-Fri, UBS Global Paper & Forest Products Conference on Thu, BIO Latin America Conference on Thu, and Credit Suisse Asian Technology Conference on Thu.

OVERNIGHT U.S. STOCK MOVERS

Ford (F -0.75%) slipped over 2% in pre-market trading after Morgan Stanley downgraded the stock to 'Underweight' from 'Equal Weight.'
Campbell Soup (CPB +0.66%) reported Q4 adjusted continuing operating EPS of 49 cents, right on consensus, although Q4 revenue of $1.85 billion was less than consensus of $1.87 billion.
Citigroup initiated a 'Buy' rating on AIG (AIG -0.34%) with a price target of $68.
Bank of America (BAC -0.56%) was upgraded to 'Buy' from 'Neutral' at Goldman Sachs.
General Electric (GE +0.54%) will sell its appliances business to Electrolux AB (ELUXY -1.84%) for $3.3 billion.
Yahoo! (YHOO +1.02%) climbed over 3% in pre-market trading after Alibaba Group Holding Ltd. said it plans to raise as much as $21.1 billion in an intial public offering.
Facebook (FB +1.72%) rose over 2% in pre-market trading after it reported that daily views on its platform exceeded 1 billion.
Biotechnology Value Fund reported a 19.7% stake in Targacept (TRGT -3.31%) .
Starboard Value raises its stake in RealD (RLD +0.83%) to 9.1% from 7.9%.
Teledyne Technologies reported a 5.65% stake in Bolt Technology (BOLT -0.09%) .

MARKET COMMENTS

Sep E-mini S&Ps (ESU14 -0.14%) this morning are down -3.25 points (-0.16%). The S&P 500 Index on Friday recovered from a 2-week low and closed higher: S&P 500 +0.50%, Dow Jones +0.40%, Nasdaq +0.59%. Bullish factors included (1) speculation the Fed will be slow to raise interest rates after the weaker-than-expected Aug payrolls report, and (2) reduced tensions in Ukraine after the Ukraine government and pro-Russian separatists agreed to a cease-fire. Stocks had opened lower after the Aug payroll report showed (1) a +142,000 increase in Aug non-farm payrolls, less than expectations of +225,000 and the fewest in 8 months, and (2) no increase in Aug manufacturing payrolls, less than expectations of +18,000 and the fewest in 13 months.
Dec 10-year T-notes (ZNZ14 +0.14%) this morning are up +5.5 ticks. Dec 10-year T-note futures prices on Friday closed higher. The main bullish factor Friday was the smaller-than-expected increase in Aug non-farm payrolls that rose by the least in 8 months, which bolstered speculation the Fed will maintain record stimulus well into next year. Prices came off of their best levels on (1) reduced safe-haven demand after Ukraine and pro-Russian separatists agreed to a cease-fire, and (2) after stocks shook off early losses and closed higher. Closes: TYZ4 +2.50, FVZ4 +5.25.
The dollar index (DXY00 +0.21%) this morning is up +0.203 (+0.24%). EUR/USD (^EURUSD) is down -0.0004 (-0.03%) and USD/JPY (^USDJPY) is up +0.12 (+0.11%). The dollar index on Friday fell back from a 13-3/4 month high and closed lower. Bearish factors included (1) long liquidation in the dollar on speculation the Fed will be slow to raise interest rates after Aug non-farm payrolls rose less than expected, and (2) the larger-than-expected +1.9% increase in German Jul industrial production, the most in 2-1/3 years and also supportive for EUR/USD. Closes: Dollar index -0.081 (-0.10%), EUR/USD +0.0005 (+0.04%), USD/JPY -0.230 (-0.22%).
Oct WTI crude oil (CLV14 -0.62%) this morning is down -62 cents (-0.66%) at a 7-3/4 month low and Oct gasoline (RBV14 -0.60%) is down -0.0211 (-0.82%). Oct crude and gasoline prices on Friday closed lower: CLV4 -1.16 (-1.23%), RBV4 -0.0165 (-0.63%). Bearish factors included (1) the smaller-than-expected increase in U.S. Aug non-farm payrolls, which suggests slower economic growth and energy demand, and (2) speculation that scheduled autumn U.S. refinery maintenance will reduce refinery demand for crude.

GLOBAL EVENT CALENDAR09/08/2014

US	1100 ET	USDA weekly grain export inspections.
	1500 ET	Jul consumer credit expected +$17.200 billion, Jun +$17.255 billion.
	1600 ET	USDA weekly crop progress.
JPN	0030 ET	Japan Aug bankruptcies, Jul -13.95% y/y.
	0100 ET	Japan Aug eco-watchers survey current expected -0.3 to 51.0. Aug eco-watchers survey outlook, Jul 51.5.
	1950 ET	Japan Jul tertiary industry index expected +0.3% m/m, Jun -0.1% m/m.
GER	0200 ET	German Q2 labor costs, Q1 +1.1% y/y.
	0200 ET	German Jul trade balance expected +16.8 billion euros, Jun +16.6 billion euros. Jul exports expected +0.6% m/m, Jun +0.9% m/m. Jul imports expected +0.2% m/m, Jun +4.5% m/m.
	0200 ET	German Jul current account balance expected +14.0 billion euros, Jun +15.0 billion euros.
EUR	0430 ET	Eurozone Sep Sentix investor confidence expected -1.3 to 1.4, Aug 2.7.
UK	0430 ET	UK Aug Lloyds employment confidence, Jul 6.
	1901 ET	UK Aug BRC retail sales monitor like-for-like, Jul -0.3% y/y.

U.S. STOCK CALENDAR09/08/2014

Company Name	Ticker	Time	Event Description	Period	Estimate
Campbell Soup Co	CPB US	8:30	Q4 2014 Earnings Call	Q4 2014
Stratasys Ltd	SSYS US	8:30	Analyst Day	Y 2014
Marriott International Inc/DE	MAR US	10:00	Analyst Meeting	Y 2014
Campbell Soup Co	CPB US		Q4 2014 Earnings Release	Q4 2014	0.494
SPX Corp	SPW US		Investor and Analyst Meeting - Day 1	Y 2014
Patterson Cos Inc	PDCO US		Annual General Meeting