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Friday, February 24, 2017

MORNING CALL 2/24

Barchart Morning Call

Barchart.com - Fri Feb 24, 6:37AM CST

OVERNIGHT MARKETS AND NEWS

Mar E-mini S&Ps (ESH17 -0.41%) are down -0.47% and European stocks are down -1.19%. Uncertainty ahead of France's presidential election in April and Tuesday's speech to Congress from President Trump has fueled long liquidation in stocks. European political risks have increased as far-right French presidential candidate Marine Le Penn, who wants to take France out of the EU, is seen gaining in polls, while President Trump promised something "phenomenal" with respect to tax reform three weeks ago, and his every word will be parsed when he addresses House and Senate lawmakers on Tuesday. The slide in equity markets has boosted the price of gold with Apr COMEX gold (GCJ17 +0.53%) up +0.59% to a 3-1/4 month high. Government bonds are also higher on increased safe-haven demand as German bunds climbed to a 1-1/2 month high and T-notes are at a 2-week high. Asian stocks settled mostly lower: Japan -0.45%, Hong Kong -0.62%, China +0.06%, Taiwan -0.19%, Australia -0.79%, Singapore -0.65%, South Korea -0.92%, India closed for holiday. A stronger yen undercut Japanese stocks as USD/JPY tumbled to a 2-week low.

The dollar index (DXY00 -0.26%) is down -0.24%. EUR/USD (^EURUSD) is up +0.23%. USD/JPY (^USDJPY) is down -0.26% at a 2-week low.

Mar 10-year T-note prices (ZNH17 +0.16%) are up +6 ticks at a 2-week high.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Jan new home sales (expected +6.3% to 570,000, Dec -10.4% to 536,000), (2) revised-Feb University of Michigan U.S. consumer sentiment index (expected +0.3 to 96.0, prelim-Feb -2.8 to 95.7), (3) USDA weekly Export Sales, (4) USDA Jan Cattle on Feed.

Notable S&P 500 earnings reports today include: Foot Locker (consensus $1.32), Public Service Enterprise Group (0.53), Pinnacle West Capital (0.48), Cabot Oil & Gas (0.01).

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

Equity conferences: CAGNY Investor Conference on Tue-Fri.

OVERNIGHT U.S. STOCK MOVERS

Goldman Sachs (GS -0.21%) was downgraded to 'Sell' from 'Hold' at Berenberg with a price target of $190.

Incyte (INCY +0.49%) climbed over 4% in after-hours trading after it was announced that it will replace Spectra Energy in the S&P 500 at the open of trading on Tuesday, February 28.

Nordstrom (JWN -3.11%) rallied 3% in after-hours trading after it reported Q4 adjusted EPS of $1.37, higher than consensus of $1.15.

Stamps.com (STMP -0.52%) fell almost 3% in after-hours trading after it said it sees full-year adjusted EPS of $6.00-$7.00, weaker than consensus of $7.91

Hewlett Packard Enterprise (HPE -0.48%) dropped 6% in after-hours trading after it reported Q1 net revenue of $11.4 billion, weaker than consensus of $12.1 billion, and said it sees Q2 adjusted EPS of 41 cents-45 cents, below consensus of 47 cents.

B&G Foods (BGS -1.37%) slid 6% in after-hours trading after it reported Q4 adjusted EPS of 29 cents, weaker than consensus of 40 cents.

RH US (RH -3.15%) surged 15% in after-hours trading after it reported Q4 adjusted EPS of 68 cents, above consensus of 66 cents.

MercadoLibre (MELI -0.29%) gained 2% in after-hours trading after it reported Q4 net revenue of $256.3 million, better than consensus of $250 million.

Universal Display (OLED -5.33%) jumped nearly 12% in after-hours trading after it reported Q4 EPS of 55 cents, above consensus of 43 cents.

Baidu (BIDU -0.74%) rose 3% in after-hours trading after it reported Q4 adjusted profit for ADS of $1.91, well above consensus of $1.09.

Acacia Communications (ACIA +1.94%) tumbled 11% in after-hours trading after it said it sees Q1 adjusted EPS of 63 cents-70 cents, weaker than consensus of 78 cents.

Sarepta Therapeutics (SRPT -0.76%) gained over 1% in after-hours trading after Point72 Asset Management said it raised its passive stake in the company to 5.2% from 2.5%.

Zoe's Kitchen (ZOES -1.49%) sank 11% in after-hours trading after it said it sees full-year revenue of $325 million-$327 million, below consensus of $329.1 million.

Accelerate Diagnostics (AXDX +1.23%) rose 3% in after-hours trading after it received clearance from the FDA to market its PhenoTest BC Kit as the first test to identify organisms that cause bloodstream infections and provide information on antibiotic sensitivity.

Emergent BioSolutions (EBS -0.47%) gained over 2% in after-hours trading after it reported Q4 adjusted EPS of 74 cents, better than consensus of 61 cents.

Acadia Healthcare (ACHC +1.41%) fell over 8% in after-hours trading after it said it sees Q1 adjusted EPS of 45 cents-47 cents, below consensus of 56 cents, and then lowered guidance on full-year EPS to $2.40-$2.50, weaker than consensus of $2.53.

Hi-Crush Partners LP (HCLP -6.38%) slid over 7% in after-hours trading after it announced a primary offering of 20.5 million common units.

MARKET COMMENTS

Mar E-mini S&Ps (ESH17 -0.41%) this morning are down -11.00 points (-0.47%). Thursday's closes: S&P 500 +0.04%, Dow Jones +0.17%, Nasdaq -0.37%. The S&P 500 on Thursday posted a new record high and closed higher on strength in energy producing stocks after the price of crude oil rose +1.44% to a 1-1/2 month high and on a rally in mining stocks after the price of gold and silver climbed to 3-1/4 month highs. Stocks were undercut by weakness in technology stocks and by hawkish comments from Atlanta Fed President Lockhart who said that "two or three 25 bp rate hikes are likely this year as long as the economy remains on the track it is on."

Mar 10-year T-notes (ZNH17 +0.16%) this morning are up +6 ticks at a 2-week high. Thursday's closes: TYH7 +9.00, FVH7 +6.50. Mar 10-year T-notes on Thursday climbed to a 2-week high and closed higher on carry-over support from a rally in German bunds to a 1-1/2 month high on increased safe-haven demand due to political risks in France and on short-covering at the conclusion of this week's T-note auctions.

The dollar index (DXY00 -0.26%) this morning is down -0.24 (-0.24%). EUR/USD (^EURUSD) is up +0.0024 (+0.23%). USD/JPY (^USDJPY) is down -0.29 (-0.26%) at a 2-week low. Thursday's closes: Dollar index -0.17 (-0.17%), EUR/USD +0.0024 (+0.23%), USD/JPY -0.70 (-0.62%). The dollar index on Thursday closed lower on the slide in 10-year T-note yields to 2-week lows, which reduces the dollar's interest rate differentials. The dollar was also undercut by Treasury Secretary Mnuchin's comment that fiscal stimulus effects on the U.S. economy this year may be limited.

Apr WTI crude oil prices (CLJ17 -0.77%) this morning are down -25 cents (-0.46%) and Apr gasoline (RBJ17 -0.51%) is -0.0037 (-0.21%). Thursday's closes: Apr crude +0.77 (+1.44%), Apr gasoline +0.0128 (+0.74%). Apr crude and gasoline on Thursday closed higher with Apr crude at a 1-1/2 month high and Apr gasoline at a 1-week high. Crude oil prices were boosted by a weaker dollar, the +564,000 increase in EIA crude inventories (less than expectations of +3.25 million bbl) and the -1.528 million bbl decline in crude supplies at Cushing to a 2-1/2 month low. Crude prices fell back from their best levels after U.S. crude production in the week of Feb 17 rose +0.3% to 9.001 million bpd, a 10-1/2 month high.

GLOBAL EVENT CALENDAR02/24/2017

		Friday, Feb 24
US	0830 ET	USDA weekly Export Sales.
	1000 ET	Jan new home sales expected +6.5% to 571,000, Dec -10.4% to 536,000.
	1000 ET	Revised-Feb University of Michigan U.S. consumer sentiment expected +0.3 to 96.0, prelim-Feb -2.8 to 95.7.
	1500 ET	USDA Jan Cattle on Feed.
		Monday, Feb 27
US	0830 ET	Jan durable goods orders expected +2.0% and +0.5% ex transportation, Dec -0.5% and +0.5% ex transportation. Jan capital goods new orders non-defense ex aircraft & parts expected +0.5%, Dec +0.7%.
	1000 ET	Jan pending home sales expected +0.9% m/m, Dec +1.6% m/m and -2.0% y/y.
	1030 ET	Feb Dallas Fed manufacturing activity expected -2.1 to 20.0, Jan +4.4 to 22.1.
	1100 ET	USDA weekly grain export inspections.
	1100 ET	Dallas Fed President Robert Kaplan (voter) speaks at the University of Oklahoma Price College of Business.

U.S. STOCK CALENDAR02/24/2017

Company	Ticker	Time	Event Description	Period	Estimate
Cabot Oil & Gas Corp	COG US	Bf-mkt	Q4 2016 Earnings Release	Q4 2016	0.011
Pinnacle West Capital Corp	PNW US	Bf-mkt	Q4 2016 Earnings Release	Q4 2016	0.481
Foot Locker Inc	FL US	6:45	Q4 2017 Earnings Release	Q4 2017	1.328
Public Service Enterprise Group	PEG US	7:30	Q4 2016 Earnings Release	Q4 2016	0.525
Eaton Corp PLC	ETN US	8:00	Analyst Conference	Y 2017
Foot Locker Inc	FL US	9:00	Q4 2017 Earnings Call	Q4 2017
Cabot Oil & Gas Corp	COG US	9:30	Q4 2016 Earnings Call	Q4 2016
Southwestern Energy Co	SWN US	10:00	Q4 2016 Earnings Call	Q4 2016
Alliant Energy Corp	LNT US	10:00	Q4 2016 Earnings Call	Q4 2016
Pinnacle West Capital Corp	PNW US	11:00	Q4 2016 Earnings Call	Q4 2016
Public Service Enterprise Group	PEG US	11:00	Q4 2016 Earnings Call	Q4 2016

Tuesday, May 10, 2016

MORNING CALL 5/10

MORNING CALL

Tuesday, May 10th, 2016View Older Reports

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OVERNIGHT MARKETS AND NEWS

Jun E-mini S&Ps (ESM16 +0.17%) are up +0.51% and European stocks are up +1.49% as strength in crude oil and metals prices lifts energy and commodity producers. A nearly 5% gain in Credit Suisse is leading European bank stocks higher after it reported a smaller-than-expected quarterly loss. Asian stocks settled mostly higher: Japan +2.15%, Hong Kong +0.43%, China +0.02%, Taiwan +0.30%, Australia +0.42%, Singapore -0.90%, South Korea +0.60%, India +0.33%. China's Shanghai Composite shook off early losses and closed higher after Chinese economic data showed Apr consumer prices matched expectations and declines in Apr producer prices moderated. A rally in Japanese exporters lifted the Nikkei Stock Index as USD/JPY climbed to a 1-week high.

The dollar index (DXY00 +0.12%) is up +0.09% at a 1-week high. EUR/USD (^EURUSD) is down -0.17% at a 1-week low. USD/JPY (^USDJPY) is up +0.71% at a 1-week high.

Jun T-note prices (ZNM16 unch) are down -2 ticks.

San Francisco Fed President Williams said that "very low inflation in most economies is the biggest issue for central banks today." He added that "the U.S. economy is in good shape, in part because the Federal Reserve took such aggressive and, in some cases, extraordinary actions to right the ship."

China Apr CPI rose +2.3% y/y, right on expectations and the fastest pace of increase in 1-3/4 years.

China Apr PPI fell -3.4% y/y, less than expectations of -3.7% y/y and the slowest pace of decline in 16 months.

U.S. STOCK PREVIEW

Key U.S. news today includes: (1) Mar wholesale inventories (expected +0.1% m/m, Feb -0.5% m/m), (2) Mar JOLTS job openings (expected +5,000 to 5.450 million, Feb -159,000 to 5.445 million), and (3) the Treasury's auction of $24 billion of 3-year T-notes.

There are 4 of the S&P 500 companies that report earnings today: Walt Disney (consensus $1.40), CenterPoint Energy (0.31), Allergan (3.00), Electronic Arts (0.42).

U.S. IPO's scheduled to price today: Turning Point Brands (TPB).

Equity conferences during the remainder of this week include: Goldman Sachs Global Staples Forum on Tue, Bank of America Merrill Lynch Global Metals, Mining & Steel Conference on Tue, Credit Suisse REIT Conference on Tue, Wells Fargo Securities Gaming, Leisure & Restaurants Conference on Tue, Sterne Agee CRT Business Services Conference on Tue, The Boston Industrial and Environmental Services Conference on Tue, Citi Global Energy and Utilities Conference on Tue-Wed, Oppenheimer Industrial Growth Conference on Tue-Wed, Wells Fargo Industrial and Construction Conference on Tue-Wed, Bank of America Merrill Lynch Health Care Conference on Tue-Thu, Jefferies Technology, Media and Telecom Conference on Wed-Thu, Mitsubishi UFJ Oil & Gas Conference on Thu, Morgan Stanley Refining Corporate Access Day on Thu, RBC Capital Markets Aerospace & Defense Investor Day on Thu.

OVERNIGHT U.S. STOCK MOVERS

Rush Enterprises (RUSHA -1.96%) was upgraded to 'Buy' from 'Neutral' at Bank of America Merrill Lynch.

Hertz Global Holdings (HTZ -2.67%) fell over 1% in after-hours trading after it reported a Q1 adjusted EPS loss of -12 cents, weaker than consensus of -1cent.

The Gap (GPS +0.65%) sank 14% in pre-market trading after it reported April comparable store sales unexpectedly fell -7.0%, weaker than consensus of a +1.1% increase.

Consolidated Edison (ED +0.26%) fell 2% in after-hours trading after it announced plans for an 8.8 million share offering.

SolarCity (SCTY +3.07%) sank 18% in pre-market trading after it said Q1 bookings were 150 MW lower than expected and unlikely to be made up for by year end. The company then said it sees 2016 guidance of 1.0-1.1 GW installed, lower than a previous estimate of 1.25 GW.

Inflblox (BLOX -0.51%) dropped 9% in after-hours trading after lowered guidance on fiscal 2016 revenue to $354 million-$358 million from a prior view of $370 million-$380 million, weaker than consensus of $376.8 million.

Stamps.com (STMP +4.71%) surged over 15% in after-hours trading after it reported Q1 adjusted EPS of $1.72, well above consensus of $1.07, and then raised guidance on full-year adjusted EPS to $6.00-$6.50 from a previous estimate of $5.00-$5.50, higher than consensus of $5.27.

MaxLinear (MXL +0.37%) climbed over 3% in after-hours trading after it reported Q1 adjusted EPS of 47 cents, right on consensus, and said it will acquire Broadcom's wireless infrastructure backhaul business for $80 million.

Fiesta Restaurant Group (FRGI +1.31%) slumped over 10% in after-hours trading after it reported Q1 adjusted EPS of 37 cents, weaker than consensus of 40 cents.

Lattice Semiconductor (LSCC -2.26%) slid over 3% in after-hours trading after it reported a Q1 adjusted EPS loss of -1 cent, right on consensus, but said it sees Q2 revenue of $97 million-$103 million, below consensus of $107.3 million.

InvenSense (INVN -4.32%) fell nearly 7% in after-hours trading after it said it sees Q1 total revenue of $58 million-$62 million, well below consensus of $84.8 million.

Halozyme Therapeutics (HALO +2.32%) rose over 4% in after-hours trading after it raised guidance eon its 2016 revenue estimate to $130 million-$145 million from a previous estimate of $110 million-$125 million, above consensus of $121.8 million.

NewLink Genetics (NLNK +6.11%) plunged over 30% in after-hours trading after a Phase 3 study of its algenpantucel-L for patients with resected pancreatic cancer did not achieve the primary endpoint and found no statistical difference in overall survival.

MARKET COMMENTS

June E-mini S&Ps (ESM16 +0.17%) this morning are up +10.50 points (+0.51%). Monday's closes: S&P 500 +0.08%, Dow Jones -0.20%, Nasdaq +0.26%. The S&P 500 on Monday closed higher on positive carryover from a rally in European stocks after German Mar factory orders rose +1.9% m/m, stronger than expectations of +0.6% m/m and the biggest increase in 9 months. Stocks also received a boost from upbeat comments from Chicago Fed President Evans who said that U.S. economic fundamentals are "good." Stocks were underdcut by the -2.79% decline in China's Shanghai Composite after China Apr exports unexpectedly fell -1.8% y/y (vs expectations of unchanged) and by weakness in energy producers and mining stocks after crude oil fell -2.73% and copper prices tumbled -2.21% to a 3-1/2 week low.

June 10-year T-note prices (ZNM16 unch) this morning are down -2 ticks. Monday's closes: TYM6 +8.50, FVM6 +5.50. Jun T-notes on Monday closed higher on global economic concerns after China Apr exports unexpectedly declined and on reduced inflation expectations after the 10-year T-note breakeven inflation rate fell to a 2-1/2 week low.

The dollar index (DXY00 +0.12%) this morning is up +0.085 (+0.09%) at a 1-week high. EUR/USD (^EURUSD) is down -0.0019 (-0.17%) at a 1-week low. USD/JPY (^USDJPY) is up +0.77 (+0.71%) at a 1-week high. Monday's closes: Dollar Index +0.240 (+0.26%), EUR/USD -0.0021 (-0.18%), USD/JPY +1.20 (+1.12%). The dollar index on Monday rallied to a 1-week high and closed higher on comments from New York Fed President Dudley who said that while Friday's U.S. employment report was "a touch softer," it remains a "reasonable expectation" that the Fed will raise interest rates twice this year. In addition, USD/JPY rallied to a 1-week high after Japanese Finance Minister Aso said that the recent strength in the yen is "undesirable" and "it's natural that Japan has means to intervene" in the currency market.

June WTI crude oil (CLM16 -0.53%) this morning is up +17 cents (+0.39%). June gasoline (RBM16 +0.55%) is up +0.0185 (+1.28%). Monday's closes: CLM6 -1.22 (-2.73%), RBM6 -0.0535 (-3.58%). Jun crude oil and gasoline on Monday closed lower with Jun gasoline at a 2-1/2 week low. Crude oil prices were undercut by the rally in the dollar index to a 1-week high, reduced fire threats to Alberta oil-sands facilities as the wildfire switched directions, and reduced refinery demand for gasoline after the crack spread fell to a 2-1/2 month low.

GLOBAL EVENT CALENDAR05/10/2016

US	1000 ET	Mar wholesale inventories expected +0.1% m/m, Feb -0.5% m/m. Mar wholesale trade sales expected +0.5% m/m, Feb -0.2% m/m.
	1000 ET	Mar JOLTS job openings expected +5,000 to 5.450 million, Feb -159,000 to 5.445 million.
	1200 ET	USDA May WASDE crop production.
	1300 ET	Treasury auctions $24 billion 3-year T-notes.
GER	0200 ET	German Mar industrial production expected -0.2% m/m and +1.1% y/y, Feb -0.5% m/m and +1.3% y/y.
	0200 ET	German Mar trade balance expected +20.6 billion euros, Feb +20.2 billion euros. Mar exports expected unch m/m, Feb +1.3% m/m. Mar imports expected -0.3% m/m, Feb +0.5% m/m.

U.S. STOCK CALENDAR05/10/2016

Company	Ticker	Time	Event Description	Period	Estimate
Pentair PLC	PNR US	3:00	Annual General Meeting	Y 2016
CenterPoint Energy Inc	CNP US	Bef-mkt	Q1 2016 Earnings Release	Q1 2016	0.312
Allergan plc	AGN US	Bef-mkt	Q1 2016 Earnings Release	Q1 2016	3.005
Walt Disney Co/The	DIS US	Aft-mkt	Q2 2016 Earnings Release	Q2 2016	1.399
Electronic Arts Inc	EA US	Aft-mkt	Q4 2016 Earnings Release	Q4 2016	0.422
Danaher Corp	DHR US		Annual General Meeting
Loews Corp	L US		Annual General Meeting
ConocoPhillips	COP US		Annual General Meeting
Prudential Financial Inc	PRU US		Annual General Meeting
Wyndham Worldwide Corp	WYN US		Annual General Meeting
Scripps Networks Interactive Inc	SNI US		Annual General Meeting
Columbia Pipeline Group Inc	CPGX US		Annual General Meeting

Monday, August 10, 2015

The 5 Best Small Caps

I wanted to find which Small Cap stocks had not only the best consistent return in the past year but which ones also had currently not run out of steam. I used Barchart to sort the S&P 600 Small Cap Index stocks first by the Weighted Alpha then looked for stocks with the highest technical buy signals.

Today's list includes Lending Tree (TREE), Abiomed (ABMD), AMN Healthcare Services (AHS), Stamps.Com (STMP) and Amedisys (AMED).

Lending Tree (TREE)